Professor Montgomery's current research centers on the human side of strategy, and in particular the unique and abiding role leaders play in the formulation and implementation of strategy. Her article "Putting Leadership Back into Strategy," published in Harvard Business Review, January 2008, presents an overview of this stream of work. A book is in process.
Cynthia A. Montgomery
Timken Professor of Business Administration
Charles B. (Tex) Thornton Chair of the Advanced Management Program
Timken Professor of Business Administration
Charles B. (Tex) Thornton Chair of the Advanced Management Program
Strategy
Professor Montgomery and Professor Deepak Malhotra (HBS), together with scientists from Harvard's Program on Evolutionary Dynamics, are studying risk-related decision making of owner managers in newly-founded and established companies. This experimental research examines contextual and biological influences on managerial risk taking. Topics being investigated include the risk taking behavior of first and second generation entrepreneurs, the impact of family business heritages on risk taking propensity, and the relationship between industry competitiveness and individual risk-taking behavior.
This research, with co-author Emilie Feldman, examines the performance of firms whose boards include directors with sizeable ownership stakes and relatively low levels of business experience. In contrast to theories that predict a strong positive correlation between share ownership and firm performance, this research shows that that relationship is moderated by talent: directors with high levels of ownership coupled with low levels of talent are associated with low, not high, levels of firm performance. These results raise a number of concerns about the composition of corporate boards and the opportunity costs of directors who are highly motivated but lack the talent to deliver.
Professor Montgomery's research centers on strategy and corporate governance. Of particular interest are the unique roles leaders play in developing and implementing strategy; the means organizations use to create value across multiple lines of business; and issues related to corporate boards of directors. Her work has appeared in nearly a dozen top-tier managerial and academic outlets, including Harvard Business Review, Financial Times, American Economic Review, Rand Journal of Economics, Strategic Management Journal, The Academy of Management Journal, Management Science, The Journal of Business, The Journal of Economic Perspectives, and others. She is the author of The Strategist: Be the Leader your Business Needs (HarperBusiness, 2012), which has been translated into 14 languages; the co-author of Corporate Strategy: Resources and the Scope of the Firm (with David J. Collis); the editor of Resource-Based and Evolutionary Theories of the Firm; and the co-editor of Strategy: Seeking and Securing Competitive Advantage (with Michael E. Porter).
At Harvard Business School, Professor Montgomery twice received the Greenhill Award for her contributions to the School’s pedagogical mission. Prior to Harvard, Montgomery taught at the Graduate School of Business at the University of Michigan and at Northwestern's Kellogg School of Management where she was recognized with its Outstanding Teacher of the Year award. Her dissertation work on corporate level strategy won the General Electric Award for Outstanding Research in Strategic Management.
Montgomery has served on the Board of Directors of two Fortune 500 companies--NewellRubbermaid, Inc. and UnumProvident--and a number of mutual funds managed by BlackRock, Inc. She has also served on several not-for-profit boards, including Harvard Business Publishing and McLean Hospital.
- Books
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- Montgomery, Cynthia A. The Strategist: Be the Leader Your Business Needs. New York: HarperCollins, 2012. View Details
- Collis, David J., and Cynthia A. Montgomery. Corporate Strategy: A Resource-Based Approach. 2nd ed. Boston: McGraw-Hill/Irwin, 2005. (Available in Chinese, Korean, and Italian versions.) View Details
- Collis, D. J., and C. A. Montgomery. Corporate Strategy: Resources and the Scope of the Firm. IL: Irwin, 1997. View Details
- Montgomery, C. A., ed. Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis. Norwell, MA: Kluwer Academic Publishers, 1995. View Details
- Montgomery, C. A. and M. E. Porter, eds. Strategy: Seeking and Securing Competitive Advantage. Boston, MA: Harvard Business School Press, 1991. View Details
- Journal Articles
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- Feldman, Emilie R., and Cynthia A. Montgomery. "Are Incentives Without Expertise Sufficient? Evidence from Fortune 500 Firms." Strategic Management Journal 36, no. 1 (January 2015): 113–122. View Details
- Montgomery, Cynthia A. "Putting Leadership Back into Strategy." Special Issue on HBS Centennial. Harvard Business Review 86, no. 1 (January 2008): 54–60. View Details
- Montgomery, Cynthia A., and Rhonda Kaufman. "The Board's Missing Link." Harvard Business Review 81, no. 3 (March 2003): 86–93. View Details
- Montgomery, Cynthia A., and Rhonda Kaufman. "Put Directors on the Record." Inside Track. Financial Times (August 8, 2002), 7. View Details
- Collis, David J., and Cynthia A. Montgomery. "Creating Corporate Advantage." Harvard Business Review 76, no. 3 (May–June 1998): 70–83. View Details
- Collis, D. J., and C. A. Montgomery. "Competing on Resources: Strategy in the 1990s." Harvard Business Review 73, no. 4 (July–August 1995): 118–128. View Details
- Montgomery, C. A. "Corporate Diversification." Journal of Economic Perspectives 8, no. 3 (Summer 1994): 163–178. View Details
- Montgomery, C. A., and B. Wernerfelt. "Risk Reduction and Umbrella Branding." Journal of Business 65, no. 1 (January 1992): 31–50. View Details
- Montgomery, C. A., and B. Wernerfelt. "Sources of Superior Performance: Market Share versus Industry Effects in the U.S. Brewing Industry." Management Science 37, no. 8 (August 1991): 954–959. View Details
- Montgomery, C. A., and S. Hariharan. "Diversified Expansion by Large Established Firms." Journal of Economic Behavior & Organization 15, no. 1 (January 1991): 71–89. View Details
- Montgomery, C. A., B. Wernerfelt, and S. Balakrishnan. "Strategy and the Research Process: A Reply." Strategic Management Journal 12, no. 1 (January 1991): 83–84. View Details
- Montgomery, Cynthia A., and Birger Wernerfelt. "Diversification, Ricardian rents, and Tobin's q." RAND Journal of Economics 19, no. 4 (winter 1988). View Details
- Montgomery, Cynthia A., and Birger Wernerfelt. "Tobin's q and the Importance of Focus in Firm Performance." American Economic Review 78, no. 1 (March 1988). View Details
- Book Chapters
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- Montgomery, C. A., N. Juul Foss, and C. Knudsen. "An Exploration of Common Ground: Integrating Evolutionary and Strategic Theories of the Firm." In Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis, edited by C. A. Montgomery, 1–17. Norwell, MA: Kluwer Academic Publishers, 1995. View Details
- Montgomery, Cynthia A. "Of Diamonds and Rust: A New Look at Resources." In Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis, edited by C. A. Montgomery, 251–26. Norwell, MA: Kluwer Academic Publishers, 1995. View Details
- Working Papers
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- Baker, George P., and Cynthia A. Montgomery. "Conglomerates and LBO Associations: A Comparison of Organizational Forms." Harvard Business School Working Paper, No. 10-024, September 2009. View Details
- Cases and Teaching Materials
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- Montgomery, Cynthia A., Dante Roscini, Elena Corsi, and Hugo Etchegoyhen. "Edizione." Harvard Business School Case 725-395, October 2024. View Details
- Gulati, Ranjay, Cynthia A. Montgomery, Ashley Whillans, Allison Ciechanover, and Emily Grandjean. "WeightWatchers: Promoting Weight Health." Harvard Business School Case 424-029, March 2024. (Revised July 2024.) View Details
- Montgomery, Cynthia A., and Max Hancock. "BYD, China, and Global Electric Vehicle Rivalry." Harvard Business School Case 724-358, August 2023. View Details
- Montgomery, Cynthia A., and Maria Roche. "Assets, Capabilities, and Other Resources." Harvard Business School Background Note 722-392, March 2022. View Details
- Montgomery, Cynthia A., and James Weber. "Coca-Cola: Preparing for the Next 100 Years." Harvard Business School Case 721-359, April 2021. View Details
- Montgomery, Cynthia A., and Ashley V. Whillans. "France Télécom (C): An Unprecedented Trial." Harvard Business School Supplement 721-422, December 2020. View Details
- Montgomery, Cynthia A., and Ashley V. Whillans. "France Télécom (B): A Wave of Staff Suicides." Harvard Business School Supplement 721-421, December 2020. View Details
- Montgomery, Cynthia A., and Ashley V. Whillans. "France Télécom (A): A Challenging Restructuring." Harvard Business School Case 721-420, December 2020. (Revised June 2021.) View Details
- Alcácer, Juan, Cynthia A. Montgomery, Emilie Billaud, and Vincent Dessain. "What IKEA Do We Want?" Harvard Business School Case 720-429, June 2020. View Details
- Montgomery, Cynthia A., James Weber, and Elizabeth Anne Watkins. "The On-Demand Economy." Harvard Business School Technical Note 716-405, September 2015. View Details
- Montgomery, Cynthia A., and David B. Yoffie. "Steve Jobs: Leader Strategist." Harvard Business School Teaching Note 716-413, November 2015. View Details
- Montgomery, Cynthia A., and David B. Yoffie. "Steve Jobs: Leader Strategist." Harvard Business School Case 715-454, April 2015. (Revised December 2018.) View Details
- Montgomery, Cynthia A., and Keith Chi-ho Wong. "Indigo Telecom Australia." Harvard Business School Case 712-492, May 2012. View Details
- Montgomery, Cynthia A., Michael Shih-Ta Chen, and Dawn Lau. "CARD Group: Mutually Reinforcing Institutions." Harvard Business School Case 712-414, September 2011. (Revised December 2011.) View Details
- "Strategy: Building and Sustaining Competitive Advantage." Harvard Business School Class Lecture 705-509, June 2005. (Revised September 2008.) View Details
- Montgomery, Cynthia A., and Elizabeth Gordon. "Tyco International TN." Harvard Business School Teaching Note 701-134, June 2001. (Revised September 2007.) View Details
- Montgomery, Cynthia A., Robert E. Kennedy, Lisa J. Chadderdon, and Hal Hogan. "Tyco International." Harvard Business School Case 798-061, March 1998. (Revised May 2007.) View Details
- Montgomery, Cynthia A., and Carole Winkler. HNA Group: "A Miracle in Civil Aviation". Harvard Business School Case 705-426, May 2005. (Revised February 2007.) View Details
- Montgomery, Cynthia A., Rhonda Kaufman, and Carole Winkler. "Newell Rubbermaid: Strategy in Transition." Harvard Business School Case 704-491, March 2004. (Revised September 2005.) View Details
- Montgomery, Cynthia A., and Elizabeth Gordon. "Newell Company: Corporate Strategy." Harvard Business School Case 799-139, March 1999. (Revised January 2005.) View Details
- Montgomery, Cynthia A. "Resources and Corporate Strategy." Boston: Harvard Business School Publishing Class Lecture, 2005. Electronic. (Faculty Lecture: HBSP Product Number 9-156-8C.) View Details
- Montgomery, Cynthia A., and John M. Turner. "Vivendi (A): Revitalizing a French Conglomerate." Harvard Business School Case 799-019, December 1998. (Revised May 2003.) View Details
- Montgomery, Cynthia A., and Rhonda Kaufman. "Vivendi (B): Revitalizing a French Conglomerate." Harvard Business School Case 703-418, October 2002. (Revised May 2003.) View Details
- Montgomery, Cynthia A., and Elizabeth Gordon. "Vivendi: Revitalizing a French Conglomerate (A) & (B) TN." Harvard Business School Teaching Note 700-005, July 1999. (Revised May 2003.) View Details
- Montgomery, Cynthia A. "Newell Company: Corporate Strategy TN." Harvard Business School Teaching Note 702-401, July 2001. View Details
- Montgomery, Cynthia A. "PepsiCo's Restaurants." Harvard Business School Case 794-078, January 1994. (Revised February 2001.) View Details
- Porter, Michael E., and Cynthia A. Montgomery. "Masco Corp. (A)." Harvard Business School Case 389-186, April 1989. (Revised December 1998.) View Details
- Porter, Michael E., and Cynthia A. Montgomery. "Household Furniture Industry in 1986." Harvard Business School Background Note 389-189, April 1989. (Revised December 1998.) View Details
- Porter, Michael E., and Cynthia A. Montgomery. "Masco Corp. (B)." Harvard Business School Supplement 389-187, April 1989. (Revised November 1998.) View Details
- Montgomery, Cynthia A. "Banc One Corporation, 1989 TN." Harvard Business School Teaching Note 796-085, December 1995. (Revised July 1996.) View Details
- Lorsch, Jay W., Cynthia A. Montgomery, and Lisa J. Chadderdon. "General Mills Board and Strategic Planning and Lukens Inc., The: The Melters' Committee (A) & (B) TN." Harvard Business School Teaching Note 796-082, February 1996. (Revised June 1996.) View Details
- Montgomery, Cynthia A., and David J. Collis. "Berkshire Partners TN." Harvard Business School Teaching Note 796-113, January 1996. (Revised May 1996.) View Details
- Montgomery, Cynthia A., and Michael E. Porter. "Masco Corporation (A) & (B) TN." Harvard Business School Teaching Note 396-242, January 1996. View Details
- Montgomery, Cynthia A. "Marks and Spencer Ltd. (A)." Harvard Business School Case 391-089, March 1991. (Revised December 1994.) View Details
- Montgomery, Cynthia A. "Marks and Spencer Ltd. (B)." Harvard Business School Case 391-090, March 1991. (Revised December 1994.) View Details
- Montgomery, Cynthia A. "Marks and Spencer Ltd. (C)." Harvard Business School Supplement 792-007, August 1991. (Revised December 1994.) View Details
- Montgomery, Cynthia A. "Berkshire Partners." Harvard Business School Case 391-091, March 1991. (Revised August 1994.) View Details
- Montgomery, Cynthia A. "ISS--International Service System A/S." Harvard Business School Case 391-093, March 1991. (Revised August 1993.) View Details
- Montgomery, Cynthia A. "Resources: The Essence of Corporate Advantage." Harvard Business School Background Note 792-064, February 1992. View Details
- Montgomery, Cynthia A. "Sears, Roebuck and Co. in 1989." Harvard Business School Case 391-147, May 1991. View Details
- Other Publications and Materials
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- Montgomery, Cynthia A., Dennis Yao, and Toby E. Stuart. "Roundtable Discussion: Business Strategy and Antitrust." Antitrust (American Bar Association) 21, no. 1 (Fall 2006): 6–13. View Details
- Research Summary
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Professor Montgomery's current research centers on the human side of strategy, and in particular the unique and abiding role leaders play in the formulation and implementation of strategy. Her article "Putting Leadership Back into Strategy," published in Harvard Business Review, January 2008, presents an overview of this stream of work. A book is in process.
Professor Montgomery and Professor Deepak Malhotra (HBS), together with scientists from Harvard's Program on Evolutionary Dynamics, are studying risk-related decision making of owner managers in newly-founded and established companies. This experimental research examines contextual and biological influences on managerial risk taking. Topics being investigated include the risk taking behavior of first and second generation entrepreneurs, the impact of family business heritages on risk taking propensity, and the relationship between industry competitiveness and individual risk-taking behavior.This research, with co-author Emilie Feldman, examines the performance of firms whose boards include directors with sizeable ownership stakes and relatively low levels of business experience. In contrast to theories that predict a strong positive correlation between share ownership and firm performance, this research shows that that relationship is moderated by talent: directors with high levels of ownership coupled with low levels of talent are associated with low, not high, levels of firm performance. These results raise a number of concerns about the composition of corporate boards and the opportunity costs of directors who are highly motivated but lack the talent to deliver.
- Areas of Interest
- In The News