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The Wikimedia Foundation has developed an approach to strategy formulation that can help firms align their activities with the interests of their communities.

After analyzing more than 15 years' worth of investment data, the authors have found one way that information gets around and improves investing performance: through alumni networks.

Do ads that break into your television programs annoy you? Surprising new research by the Haas School's Leif Nelson reveals that commercials may actually make your viewing experience more enjoyable. In recent studies he conducted, subjects rated programs with ads much higher than programs without them. The phenomenon at work here is adaptation: The longer an experience lasts, the more people get used to it, and the less they enjoy it. But if that experience is interrupted (for instance, with a commercial), people's initial feelings of pleasure are retriggered.

Get ready: In the near future, companies will be held accountable not just for financial performance but for their societal impact up and down the value chain-the supplies they use and where they came from; what customers do with their purchase and whether it improves their lives; and the costs and benefits to communities touched along the way.

When asked to design the job of a pirate captain in the 17th century, MBA students and executives lump together two areas of responsibility: star tasks-strategic work such as target identification, command during battle, and negotiating alliances to form fleets-and guardian tasks, which are operational work such as allocating arms, punishing indiscipline, and distributing loot. But candidates who can do both kinds of work well are rare, because star tasks require risk taking and entrepreneurship, whereas guardian tasks require conscientiousness and systematic effort. Pirates made the captain responsible for the former and elected a quartermaster general to perform the latter.

This map demonstrates how 12 major cities' workdays overlap - and shows that the American workday is a terrible time to try to get the rest of the world on the phone.

The purpose of this Executive Digest is to (1) examine the predictions made for the 21st century, (2) identify what has occurred in the first 10 years of this new century, and (3) recommend approaches to the strategic leadership of organizations needed for survival and success as the 21st century progresses.

Our goal in this article is to provide some guidance for organizations that wish to assess the benefits and costs of CSR. Knowledge of these benefits and costs can inform managers' decisions on their companies' positions on CSR and provide input on CSR endeavors. Because accounting plays a vital measurement role in organizations, we focus on the interplay between accounting and corporate social responsibility.

Many executives and scholars have argued that effective strategy implementation is at least as important as-if not more important than-developing a brilliant strategy. While there are several extant viewpoints regarding what is required for successful strategy implementation, perhaps the most influential perspective is that business success requires a fit between strategy and organizational architecture. Organizational architecture subsumes structural variables and capabilities. For the past 10 years, we have studied the performance implications of matching marketing's organizational architecture to four generic business strategies: Prospectors, Analyzers, Low-Cost Defenders, and Differentiated Defenders. Through six empirical studies we have identified best practice matches between these strategy types and: (1) marketing organization culture, (2) marketing strategy, (3) market strategy formation process, (4) market-focused strategic organizational behaviors, (5) marketing organization structure, and (6) marketing control systems. In this article, we bring together findings from each of these studies to provide a comprehensive overview of those marketing actions and policies that are associated with superior firm performance.

Despite the fact that most developing countries now generally welcome multinational companies, political risk still represents a huge concern for international business. In fact, multinational companies today probably face a much broader array of risks than during the nationalization wave of the 1960s and 1970s. To substantiate this claim, a theoretical framework is presented herein which outlines the key causal relationships in the political risk landscape. It is explained why a discernible attitude change in the developing and emerging world does not necessarily equal a reduced overall level of political risk. To illustrate the framework and the complexity of the political risk phenomenon, a number of recent case examples are presented from the international bauxite and aluminum industry-an industry whose wide-ranging value chain, international focus, global significance, and natural exposure to risks make it very suitable for analysis. The conceptual discussion and the empirical examples presented in this article suggest that political risk is now surely a highly complex, multidimensional phenomenon. This trait poses major challenges for the global business community, particularly in terms of accurately assessing these risks.

Social networking sites, such as Facebook, have exploded on to the cultural and business landscape. Not only can firms use social networking sites to present organizational information to interested parties, but also perhaps gather information regarding job applicants. As an employer, checking out an applicant's Facebook page-much like Googling a candidate's name-is very tempting. It is understandable that managers would like to know as much about a candidate as possible. Facebook pages can provide a wealth of information beyond, or even possibly contradicting, an applicant's submitted documents. While this may represent a potentially useful tool, there are several reasons for caution. For instance, an organization's selection process may be biased if an applicant's Facebook page contains inaccurate information, if some applicants do not have Facebook pages, and/or if legally protected demographic information ends up being part of the selection process. Facebook's own policies suggest that an organization may face legal challenges if it considers an applicant's Facebook page as part of the selection process. Just as importantly, there are ethical issues-in particular, an individual's right to privacy-which must be considered. We wish to encourage organizations to develop guidelines regarding the use of social networking sites in the application process, based on the practical, legal, and ethical issues covered in this article.

Managers have long understood the rationale for investing in new products. Now, however, they face an even more compelling need: to invest in targeting new markets, specifically those in less developed countries (LDCs). The argument presented in this article, for initiating or increasing marketing efforts in these nations, makes two related points. First, a healthy world economy requires consumers in developing nations-particularly China-to spend more, because trade imbalances between the United States and LDCs cannot be sustained. Second, in order to foster consumption in LDCs and to profit from it, marketing expertise in the developed world must refocus. Success will require devising, promoting, and distributing products that will overcome economic constraints in some markets, and in others will overcome an understandable reluctance to spend rather than save. We suggest that lessons may be gleaned from examples regarding recent efforts targeting LDCs by a pharmaceutical company (Pfizer) and a food supplement marketer (Procter & Gamble), as well as efforts pioneered in less developed countries themselves (including low-cost private schools and $2,500 automobiles).

During the past quarter of a century, Asia has risen to become the world's factory. This trend has, however, coincided with the relative decline in value of manufacturing compared to other value adding activities, including R&D, design, and branding. This significant "value shift" has eroded the margins of manufacturing firms and sparked considerable interest among executives in Asia to design, brand, and market their own products. To date, though, this transition from being manufacturing oriented to becoming brand owners has largely only been accomplished by Japanese and Korean firms. In the rest of Asia-including in the rising giants of China and India-there are very few valuable brands. In fact, there is not a single Asian brand from a country other than Japan and Korea in Interbrand's 2008 valuation of the world's top 100 brands. Our article discusses, in depth, the challenges that Asian manufacturing firms encounter as they try to become "branders" and how these challenges can be overcome. Based on our collaboration spanning academia and consulting, we have been able to tap a wealth of information made available through research, case studies, and Interbrand's database of completed brand related assignments across Asia.

Swartz awoke on June 1, 2009, to find the first of what, over time, would amount to 65,000 angry e-mails accusing Timberland of destroying Amazon rain forests and exacerbating global warming. The senders were reacting to a Greenpeace report alleging that Brazilian cattle farmers were illegally clearcutting forests to create pastures, and leather from their cows might be winding up in Timberland's boots. Swartz and his team had to craft a response immediately: The brand's reputation was at stake. He realized that the underlying question-Where did Timberland's leather come from?-was legitimate, and that he didn't know the answer. The idea of tracing hides back from tannery to pasture was daunting, but he saw the issue as a battle for the hearts and minds of environmental activists. The company opened a dialogue with Greenpeace and worked with its Brazilian supplier to get the origin of its hides certified. Meanwhile, Swartz made sure that all those e-mails received replies. In the end, Timberland praised Greenpeace for bringing the issue to the industry's attention, and Greenpeace acknowledged that Timberland had taken a leadership position on it.

Individual judgment and initiative are essential to the success of the modern capitalist economy. At the same time, rules and centralized systems are needed to bring order and prevent waste. Balancing decentralization and command-and-control modes of decision making has always been a struggle, and organizations have experience managing the tension. In recent times, though, a new form of centralized control has taken root: mechanistic decision making based on top-down statistical models and algorithms. This has been especially true in finance, where risk models have replaced the judgments of thousands of individual bankers and investors, to disastrous effect. The problem with the statistical approach is that it cannot adequately account for the uncertainty inherent in economic decisions or the idiosyncratic nature of human activity. What finance in particular needs is a return to judgment. The author offers some broad guidelines for this: Computerized controls work best with inanimate products and processes that can be physically shielded so that the variations of conditions can be minimized. Computers also shine when, like the configuration of pieces on a chess set, the number of possible outcomes is vast-in fact, this vastness often gives the computer its edge-but they all conform to well-specified rules. Conversely, human judgment is favored when shielding is difficult, outcomes are ambiguous, and the possibilities are open-ended. Ultimately, however, the "right-sizing" of judgment is itself a matter of judgment.

The citizen sector, composed of millions of groups worldwide that are attempting to address critical social needs, has long been regarded as understaffed and inefficient. But it has grown and matured over the past three decades, say the authors, both of Ashoka: Innovators for the Public. Citizen sector organizations (CSOs) are attracting talented and creative leaders, and their work is changing the game in critical industries such as energy and health care. For-profit companies now have an opportunity to collaborate with CSOs to create new markets for reaching the four billion people who are not yet part of the world's formal economy. The power of such collaborations lies in the complementary strengths of the partners: Business offers scale, expertise in manufacturing and operations, and financing. Social entrepreneurs offer lower costs, strong social networks, and deep insights into potential customers and communities. The authors call this framework the hybrid value chain. In one example, Colceramica, a Colombian manufacturer of kitchen and bathroom tile, collaborated with the human-rights organization Kairos, which recruited and managed a sales force of previously unemployed women, to reach a low-income market. Within three years sales had grown to nearly $12 million; the living conditions of more than 28,000 families had been improved; and 179 saleswomen were each earning $230 a month.

Entrepreneurs can play a central role in finding solutions to the world's toughest social problems. The failure rate for start-ups, however, is high. And new ventures in emerging economies face such challenges as uncertain prices and costs, nonexistent or unreliable infrastructure, and unpredictable competitive responses. The authors offer guidelines for launching successful businesses in uncertain markets. One of those guidelines, discovery-driven planning (a well-known process developed by MacMillan and Rita Gunther McGrath), helps managers test their assumptions about preliminary business models and revise them on the basis of emerging data. The remainder were informed by the authors' efforts, with the Wharton Societal Wealth Program, to help launch socially beneficial ventures in Africa and the United States. Those guidelines include outlining the minimum number of people a venture should serve and the minimum level of profitability it should achieve; identifying important stakeholders; planning how to terminate the venture in an acceptable manner; and anticipating unintended consequences of the enterprise. The lessons aren't just for entrepreneurs. The management teams of multinationals, foundations, and NGOs can apply them to any challenging and highly uncertain business situation. In doing so, they can better control their costs, minimize the effects of surprises, and increase their impact on society.

The popular take on entrepreneurs in the developing world is that they are few in number and run only microbusinesses. But in a two-year study of entrepreneurship in emerging markets, Habiby and Coyle, of AllWorld Network, uncovered hundreds of high-potential ventures poised for significant growth. Many were in surprising markets like South Africa, Saudi Arabia, and Jordan-economies dominated by top-down government policy, large business groups, and social elites. The ventures AllWorld encountered were far from microenterprises. They included companies like Bayt.com, the leading job search site in the Middle East, which attracts 4.5 million job seekers; and Airblue, of Pakistan, the world's first totally paperless airline. They generate large numbers of jobs, create industries, and open new markets. When it comes to educational and employment backgrounds, the entrepreneurs running these companies look just like their Western counterparts. But notable differences do exist: The company builders that AllWorld identified in emerging markets launch 25% more businesses; they have higher success rates; and the vast majority are serial entrepreneurs. These ventures represent new channels for growth for multinationals and investors. For developing nations, they could be the path to progress and prosperity. To realize their potential, however, these firms need global customers, talent, and capital, and that means getting on the global radar screen.

Though companies now invest heavily in mentoring and developing their best female talent, all that attention doesn't translate into promotions. A Catalyst survey of over 4,000 high potentials shows that more women than men have mentors-yet women are paid $4,600 less in their first post-MBA jobs, hold lower-level positions, and feel less career satisfaction. To better understand why, the authors conducted in-depth interviews with 40 participants in a mentoring program at a large multinational. All mentoring is not created equal, they discovered. Only sponsorship involves advocacy for advancement. The interviews and survey alike indicate that, compared with their male peers, high potential women are overmentored, undersponsored, and not advancing in their organizations. Without sponsorship, women not only are less likely than men to be appointed to top roles but may also be more reluctant to go for them. Organizations such as Deutsche Bank, Unilever, Sodexo, and IBM Europe have established sponsorship programs to facilitate the promotion of high-potential women. Programs that get results clarify and communicate their goals, match sponsors and mentees on the basis of those goals, coordinate corporate and regional efforts, train sponsors, and hold those sponsors accountable.

Again and again, senior managers fall into four behavioral traps that thwart organizational change. The behaviors are difficult to recognize and reverse because they serve to protect egos and prevent anxiety-but executives can overcome them. First, managers fail to set proper expectations. When they announce major directional changes or new goals, they don't spell out credible plans or specify who's accountable. Second, they excuse subordinates from the pursuit of overall goals, allowing people to remain preoccupied with their own units. Third, executives essentially collude with staff experts and consultants by going along with a deeply flawed contract: The experts agree to deliver and implement a "product" (a new system, for instance) but don't include measurable gains as part of the deal. Fourth, managers wait while associates overprepare. After challenging their employees to make needed improvements, they accept the response "Yes, but first we have to..." Finish the sentence: Train our people. Set up focus groups. Bring in Six Sigma. And so on. The best way to confront the traps is to conduct small personal experiments that rapidly produce tangible results, incur little risk of failure, and are confined enough to demonstrate a clear link between trial and outcome. For example, one iron plant addressed quality problems by targeting five areas for improvement, setting clear and measurable goals for each, and holding team leaders accountable for outcomes. All five experiments succeeded and were extended to the rest of the plant. Quality problems eased up within 100 days and virtually disappeared a few months later.