Strategy Under Woke Capitalism

31 Pages Posted: 10 Apr 2023

See all articles by Nicolai J. Foss

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation

Peter G. Klein

Baylor University - Hankamer School of Business; Norwegian School of Economics (NHH) - Department of Strategy and Management; Ludwig von Mises Institute

Date Written: March 24, 2023

Abstract

Companies are under increasing pressure to make their strategies and behaviors conform to broader social, cultural, and political trends. A manifestation is the recent emergence of what has been called the “woke corporation” or “woke capitalism.” Adopting an institutional perspective informed by economics and sociology, we analyze how changes in key values and beliefs among key strata of society have impacted firms’ business models, workplace organization, hiring practices, rewards, marketing, and more. We discuss first the impact of wokeism on the company’s business environment, then its effect on the company’s internal resources and organizational structure. Finally, we bring external and internal forces together, identifying conditions under which wokeism is most likely to influence company behavior.

Keywords: firm strategy, institutional theory, woke

JEL Classification: M10, M50, L20, M14, K31

Suggested Citation

Foss, Nicolai J. and Klein, Peter G., Strategy Under Woke Capitalism (March 24, 2023). Available at SSRN: https://ssrn.com/abstract=4399629 or http://dx.doi.org/10.2139/ssrn.4399629

Nicolai J. Foss

Copenhagen Business School - Department of Strategy and Innovation ( email )

Kilen
Frederiksberg, 2000
Denmark

Peter G. Klein (Contact Author)

Baylor University - Hankamer School of Business ( email )

Waco, TX 76798
United States
254-710-4903 (Phone)

Norwegian School of Economics (NHH) - Department of Strategy and Management ( email )

Breiviksveien 40
N-5045 Bergen
Norway

Ludwig von Mises Institute ( email )

Auburn, AL
United States

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