This article integrates the literature on strategic cognition (SC) within a framework that links the antecedents, structure, and process of SC with outcomes. Reviewing the literature from 1993 (two years prior to Walsh’s review of managerial and organizational cognition) until 2007, this article identifies three elements of SC structure (organizational identity, strategy frames, and organizational routines) and four SC processes (strategy formulation, strategy implementation, strategic change, and organizational learning). The literature portrays strategy formulation as a complex activity consisting of scanning, sensemaking, and decision making. Strategy implementation is composed of sensegiving, sensemaking, and issue selling. This review identifies five streams of empirical research with three well-developed themes (the antecedents and outcomes of strategy frames, determinants and consequences of strategy formulation, and cognitive construction of competitive/industry dynamics) and two emerging themes (the determinants and consequences of strategy implementation and the antecedents and outcomes of organizational identity). This review identifies several opportunities to extend the literature and outlines key methodological implications. Finally, the review addresses the need to build linkages to the ongoing theoretical conversations within strategic management literature.

Our study draws on institutional and signalling theories to postulate relationships between board characteristics and corporate reputation. Based on a sample of 324 firms featured in Fortune's list of most admired corporations in the USA, our findings indicate that board characteristics significantly influence the assessment of firm reputation by the business community. Specifically, we found that firms with a greater proportion of outside directors and those with larger boards exhibited better reputation than those with smaller boards and a higher proportion of insiders. In addition, we observed an inverted‐U relationship between the average tenure of outside directors and corporate reputation. However, contrary to expectations, our findings indicate a negative association between independent leadership structure (i.e. absence of duality) and corporate reputation.

The resource‐based view (RBV) is one of the most influential perspectives in the organizational sciences. Although entrepreneurship researchers are increasingly leveraging the RBV's tenets, it emerged in strategic management. Despite some important similarities between entrepreneurship and strategic management, there are also important differences, raising questions as to whether and to what extent the RBV needs to be adapted for the entrepreneurship field. As a first step toward answering these questions, this study focuses on resources as the fundamental building block of the RBV and presents a content‐analytical comparison of researchers' and practicing entrepreneurs' resource conceptualizations to derive similarities and differences between established theory and entrepreneurial practice. We find that although the two conceptualizations exhibit some overlap, there are also important differences in the emphasis on different dimensions of resources and ownership requirements, as well as in the understanding of how those resources shape outcomes. These results suggest important contextual conditions when applying the RBV's tenets within the field of entrepreneurship.