Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/19263
Title: Measuring Firms’ Market Orientation Using Textual Analysis of 10‐K Filings
Authors: Andreou, Panayiotis 
Harris, Terry 
Philip, Dennis 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Market orientation;Marketing capabilities;Customer ties
Issue Date: Oct-2020
Source: British Journal of Management, 2020, vol. 31, no. 4, pp. 872-895
Volume: 31
Issue: 4
Start page: 872
End page: 895
Journal: British Journal of Management 
Abstract: Market-oriented firms are committed to understanding their customers’ evolving expectations and meeting their needs, while outwitting competitors, to achieve a sustainable competitive advantage and improve performance. This paper develops a measure for market orientation based on textual analysis of 10-K filings. It utilizes a bag-of-words method to identify relevant information from the management's disclosure that underpins the corporate traits measured by the MKTOR scale, a renowned survey instrument for measuring market orientation. Unlike previous studies that rely extensively on small-scale survey data to estimate market orientation, this novel method leverages instead on the use of big public archival data. We empirically establish strong construct validity for the measures of market orientation and its components, namely customer orientation and competitor orientation. Furthermore, our analyses demonstrate that firms’ performance is positively affected by market orientation and that this relationship is more pronounced in competitive environments. We contribute to the literature by developing an elegant measure of market orientation, which allows for conducting large-scale longitudinal analyses of its antecedents and consequences.
URI: https://hdl.handle.net/20.500.14279/19263
ISSN: 14678551
DOI: 10.1111/1467-8551.12391
Rights: © Wiley
Attribution-NonCommercial-NoDerivatives 4.0 International
Type: Article
Affiliation : Cyprus University of Technology 
Durham University Business School 
Publication Type: Peer Reviewed
Appears in Collections:Άρθρα/Articles

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