Corporate Web Sites 1

CONTENT ANALYSIS OF CORPORATE WEB SITES

Content Analysis of Corporate Web Sites: Methodological Foundations, Software Solutions, and Implementation Issues

Vincent J. Duriau R.H. Smith School of Business University of Maryland College Park, MD 20742 Tel: 1-301-405-2162 Fax:1-301-314-8787 vduriau@rhsmith.umd.edu Rhonda K. Reger R.H. Smith School of Business University of Maryland College Park, MD 20742 Tel: 1-301-405-4267 rreger@rhsmith.umd.edu Hermann Ndofor R.H. Smith School of Business University of Maryland College Park, MD 20742 Tel: 1-301-405-3338 hndofor@rhsmith.umd.edu

Under review at Organizational Research Methods, May 2000

The authors wish to thank Dante DiGregorio, Jon Eckardt, Anne Huff, and Don Knight for their comments and help on this paper. The feedback from three anonymous Academy of Management Meetings reviewers is gratefully acknowledged.

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Abstract This paper addresses the issues confronting management scholars in content analyzing corporate web sites. First, we briefly review the methodological literature on content analysis. Then, we examine the burgeoning field of computer-aided text analysis (CATA). To illustrate the opportunities and challenges of computer-aided text analysis of corporate web sites, we apply three of the best software packages among the 57 we studied to analyze a representative web site. This comparison allows us to investigate some of the unique challenges posed when performing content analysis on real data. We offer some suggested solutions. The goal of this paper is to provide management researchers with an up-to-date and comprehensive introduction to the potential and issues associated with the methodology and data source.

Corporate Web Sites 3 Corporate web sites provide management scholars an intriguing new data source. Firms use web sites to communicate with stakeholders including customers, investors, employees, suppliers, and the general public. They contain both qualitative and quantitative data on firms products, markets, and strategy. Many run to hundreds and even thousands of pages of text, graphic, audio, and video data, containing information on virtually every aspect of the corporation, its officers, history, and identity. Many sites also provide previously difficult to obtain executive speeches and press releases intended for investors and other publics. To date, this rich data source has remained largely untapped in management research. In preparation for a major study exploring issues of organizational identity, corporate reputation, strategic action, and performance, we examine several fundamental questions. These questions pertain to accessing corporate web sites and analyzing this vast store of data in a way that meets the requirements of rigorous social science. Content analysis, a class of methods at the intersection of qualitative and quantitative traditions, is promising for this purpose. The past decade has seen an increasing scholarly interest in qualitative methodologies to study complex business phenomena, borrowing and adapting from more established disciplines (Miles & Huberman, 1994; Tesch, 1990). Therefore, the first section summarizes fundamental concepts of content analysis. The computer revolution has contributed to the proliferation of qualitative methodologies (Weitzman & Miles, 1995; Kelle, 1995; Roberts, 1997; Tesch, 1991). New programs with enhanced capabilities have made subtle analysis of large amounts of quantitative and qualitative data possible (Gephardt, 1993; Lissack, 1998). We review 57 of the leading computer-aided text analysis (CATA) packages available today and use multidimensional scaling (MDS) to make

Corporate Web Sites 4 sense of this vast array. With the breathtaking pace of new feature introductions, we use the MDS results to develop criteria that will help researchers evaluate future software releases. Finally, we choose three CATA packages, one of the best from each of three major categories. We pilot test each to determine the opportunities and challenges of using them with real data to address management research questions. Thus, the third section of the paper provides a test of dtSearch, TATOE, and NVivo using the web site of Sprint, the telecommunications giant, as an illustration of the principles discussed in the first two sections. We conclude with issues and opportunities of using corporate web sites for management research. Principles of Content Analysis Basic Content Analysis Definition of content analysis. A wide range of theoretical frameworks, methods, and analytic techniques have been labeled content analysis. Shapiro and Markoff (1997) review six major definitions from various sources in the social sciences. They then propose a minimal and encompassing definition that we also adopt: any methodological measurement applied to text (or other symbolic materials) for social science purposes (Shapiro & Markoff, 1997). We believe that the Shapiro-Markoff definition provides an acceptable conceptual background for our attempt to evaluate alternative approaches for analyzing corporate web sites. Central to the value of content analysis as a research methodology is the recognition of the importance of language in human cognition (Sapir, 1956; Whorf, 1944). The key assumption is that analysis of text lets the researcher understand other peoples cognitive schemas (Huff, 1990; Gephardt, 1993; Woodrum, 1984). At its most basic, word frequency has been considered to be an indicator of cognitive centrality (Huff, 1990) or importance (Abrahamson & Hambrick,

Corporate Web Sites 5 1997). Scholars have also assumed that the change in the use of words reflects at least a change in attention, if not in cognitive schema (Barr, Stimpert, & Huff, 1992). In addition, content analysis assumes that words can be grouped to reveal underlying themes (Sussman, Ricchio, & Belohlav, 1983), and co-occurrences of key words can also be interpreted as reflecting association between the underlying concepts (Huff, 1990; Kabanoff, Waldersee, & Cohen 1995). Challenges to content analysis. Scholars using content analysis have been concerned to draw the method out of its methodological ghetto into the research mainstream (Roberts, 1997; Woodrum, 1984). Despite its merits, which are discussed below, the use of content analysis remains subsidiary in social science research and has often yielded studies of marginal quality (Woodrum, 1984). The reasons for these concerns vary, but the majority arises from poorly implemented studies, not from limitations inherent in the method. One concern is that research procedures often lack documentation, making replication difficult and rendering results suspect. Another source of concern is the under-utilization of reliability and validity tests, which creates the serious risk of coder bias. Surprisingly, being at the frontier between qualitative and quantitative research may also hinder rather than foster the development of content analysis due to factionalism. Finally, in many studies, the content of the messages studied is disconnected from the characteristics of the informants and the source materials, which introduces additional ambiguity associated with the inferences drawn. Benefits of content analysis. Content analysis offers significant advantages for social science research that in our opinion outweighs potential limitations. Most of the limitations can be minimized through carefully implemented research. Foremost, content analysis provides a replicable methodology to access cognitive processes (Huff, 1990; Carley, 1997). Another key strength is its ability to combine rich meaning associated with text with powerful quantitative

Corporate Web Sites 6 analysis. In that, it differs from other purely qualitative procedures such as hermeneutics and literary interpretation (Kabanoff et al., 1995; Tesch, 1990). Third, longitudinal research design can be implemented due to the availability of documents over time (Fiol, 1995; Kabanoff, 1996; Weber, 1990). Fourth, content analysis is applicable to a broad range of phenomena. Applications in management have included corporate social responsibility, industrial accidents, corporate values, managerial cognition, and organizational effectiveness (Huff, 1990; Wolfe, Gephardt, & Johnson, 1993). Finally, content analysis can be non-intrusive and therefore does not suffer from researcher demand bias (Woodrum, 1984). (Note: this advantage only applies to content analysis of existing texts or other source materials. It does not apply to content analysis of interviews or open-ended responses to surveys). Being non-intrusive is particularly relevant to management research and the study of senior executives where access to informants is a serious research issue (Morris, 1994). Several additional benefits have been noted in implementing content analysis (Kabanoff et al., 1995; Woodrum, 1984). First, costs can be kept low and content analysis can easily be used for small-scale studies with minimal requirements (Erdener & Dunn, 1990; Woodrum, 1984). In addition, the advent of CATA has greatly increased the cost-effective scalability of content analysis to include quite ambitious projects, as discussed in the next section. Second, content analysis is a safe methodology since the coding scheme can be corrected if flaws are detected as the research proceeds (Tallerico, 1991; Woodrum, 1984). Third, when content analysis is done correctly, it entails the specification of category criteria for reliability and validity checks to foster the creation of a replicable database (Lissack, 1998; Woodrum, 1984). Finally, content analysis can be used with other methods for the purpose of triangulation (Erdener and Dunn, 1990; Kabanoff, 1996; Mossholder, Settoon, Harris, & Armenakis, 1995).

Corporate Web Sites 7 Reliability and validity. As with all methodologies, reliability and validity are the most fundamental issues associated with content analysis (Huff, 1990; Morris, 1994; Weber, 1990). To complicate matters, content analysis can be conducted at two levels (Erdener & Dunn, 1990). At one level, the manifest content of the text is captured and revealed in a number of text statistics. At a second level, the researcher is interested in the latent content and deeper meaning embodied in the text. In general, reliability is easier to achieve at the manifest level, but validity is likely to be higher at the latent level. To date, as the appendix to this paper documents, most content analysis in management research has focused on manifest content. While the implementation of content analysis varies considerably, there are commonalities in the methodology that cut across the various approaches (Fielding & Lee, 1995; Gephardt, 1993; Carley, 1993; Kelle, 1995; Weber, 1990; Wolfe et al., 1993). The basic phases of data collection, coding, analysis of content, and interpretation of results each introduce unique reliability and validity concerns (Weber, 1990). Regarding data collection, Weber (1990) identifies three critical sampling decisions. When it is not possible to work with the entire population, researchers have to define their information sources, select the type of documents for the project, and choose specific text within these documents. In exemplar content analysis research, Gephardt (1993, 1997) discusses in great detail the theoretical rationale for the sampling decisions followed to assemble a comprehensive and valid database from multiple sources. Lissack (1998, 484) introduced concept sampling, a new twist for content analysis enabled by parsing software. This approach will be further discussed in the CATA section. Regarding coding, Weber (1990) suggests eight steps for creating and testing a coding scheme to overcome concerns about researcher bias at this key phase in content analysis. The

Corporate Web Sites 8 Weber protocol is widely referenced in the literature and in CATA software developers documentation, sometimes with minor modifications (see, e.g., Wolfe, 1991). We therefore list these steps in Table 1. ------------------------------Table 1 about here ------------------------------The development, refinement, and testing of the coding scheme is central to the quality of textual analysis, especially for latent content analysis (Gephardt, 1993). Weber (1990) provides a comprehensive discussion and suggests numerous ways to address reliability and validity concerns. Kabanoff (1996) observes that no consensus has emerged yet regarding a standard procedure to establish coding reliability and validity. Morris (1994) particularly examines the issues associated with computerized content analysis. These items are discussed in greater details in the next section. The third phase, analysis of content, shows considerable variation depending upon the purposes of the research. For example, focusing on manifest content analysis, Weber (1990) suggests four possible outputs of content analysis: key words in context lists, word frequency lists, retrieval from the coded text, and category counts (see, also, Fielding & Lee, 1995; Morris, 1994). The fourth phase of any content analytic research project is the interpretation of results within the theoretical framework guiding the research endeavor. The intellectual product may be measurement, description, or inference, depending on the research purpose (Tesch, 1990). For example, researchers interested in manifest content can apply multivariate data analysis techniques to numeric output culled from phase three (Weber, 1990). Delving into latent content

Corporate Web Sites 9 requires greater interpretation by the researcher. For example, researchers may choose to qualitatively interpret results of textual analysis (Gephardt, 1993; Gioia & Chittipedi, 1991). Weber (1990) identified two additional measurement problems that researchers interested in analyzing corporate web sites must consider. First, he notes that it is necessary to control for length when comparing across documents. This is always a concern, because a document that is significantly longer than a comparison piece is likely to include a greater number of key words based on length alone. Determining length is straightforward with discrete documents such as transcription of a speech or a letter to shareholders. However, in corporate web sites, hundreds of pages, often stored on different servers, are linked in such a way that it is often a judgment call to define and compare documents. A second concern is that most content analysis gives equal weight to each occurrence of a coding unit (e.g., key word or phrase). Again, this assumption is suspect in all content analysis, but may be especially problematic when analyzing web sites, because some are organized with significant redundancy to maximize hits by web browsers conducting key word searches. Computer-aided Text Analysis (CATA) Definition of computer-aided text analysis. Several definitions of computer-aided text analysis have been proposed (see, e.g., Kabanoff, 1997; Mossholder et al., 1995; Wolfe et al., 1993). Since multiple methodologies and technologies have been included under the CATA rubric, we have adopted Wolfe et al.s inclusive definition: CATA is constituted by software programs that facilitate the analysis of textual data (Wolfe et al., 1993, 638). Most authors use the expression computer-aided textual analysis (CATA) because its short form is preferred to the unfortunate acronym for computer-aided content analysis. Nonetheless, the terms are interchangeable.

Corporate Web Sites 10 Strengths of CATA. One way to understand the contribution of computers to content analysis is to contrast computer-aided and manual approaches (Kelle, 1995). In addition to easier data manipulation, the use of software affords several analytical advantages that greatly enhance the methodology. First, computerization allows the manipulation of large data sets (Gephart, 1991; Lissack, 1998; Morris, 1994; Wolfe et al., 1993). The complexity and potential interrelationships of concepts increase exponentially with the quantity of data. Software programs offer features for organizing, searching, retrieving, and linking data that renders the process of handling a large project much more manageable. For instance, Lissack (1998) describes how parsing software can be used to sample concepts from a large corpus. This sampling approach allows the researcher to content analyze a reasonable amount of data representative of the initial corpus. Second, computers reduce the time and cost of undertaking content analysis projects (Mossholder et al., 1995). Time savings using computers stem from the minimization of the coding task, the reduction in coder training, the elimination of inter-rater checks, and the ease of running multiple analyses (Carley, 1997). Third, the analytical flexibility afforded by CATA is a recurring theme in the literature (Gephart 1997; Tesch, 1991). Importantly, the use of computers addresses many of the reliability concerns associated with manual coding (Morris, 1994; Gephart & Wolfe, 1989; Wolfe et al., 1993). Coding rules are made explicit which ensures perfect reliability and comparability of results across texts. There are encouraging results that the semantic validity possible with manual coding using multiple coders can be achieved at lower overall cost with CATA (Kabanoff, 1996; Kelle, 1995; Morris, 1994). Morris (1994) tested the validity and reliability of manual and computerized approaches. Using mission statement data from Pearce and David (1987), she compared the outcome of computerized coding in ZyIndex, a text management software, with

Corporate Web Sites 11 that of a panel of six graduate business students. She found that results from ZyIndex and the human coders agreed at an acceptable level and that computerized coding yielded an acceptable level of semantic validity (Morris, 1994). The use of network concepts have been one of the most exciting developments of the past few years in CATA research (Kelle, 1995). New linkage features between text, memos, and codes such as hyperlinks and graphical tools apply to the areas of theory building, hypothesis testing, and integration of qualitative and quantitative analysis. These developments of CATA seem particularly apt to quell concerns about the decontextualization of results that is inherent to a methodology based on coding and retrieval (Dey; 1995, Prein & Kelle, 1995). Gephart (1993) also observed the methodological fit of computer-aided text analysis with grounded theorizing because information can be retrieved in meaningful ways that allows for the emergence of grounded hypotheses (see, also, Wolfe et al., 1993). Limitations of CATA. There are still a number of questions associated with the use of CATA (Carley, 1997; Gephardt, 1991; Morris, 1994; Tallerico, 1991). The debate regarding manifest versus latent content comes first and foremost (Woodrum, 1984). Although CATA software is increasing in sophistication, measuring content with computers will miss some latent aspects within texts such as tone or irony of expression (Morris, 1994). However, human coders also exhibit low reliability for latent content. Further, we believe that the significance of these problems may be over-estimated for business texts appearing on corporate web sites. These sites usually are written for clarity because they are read by people from around the globe. Still, validity may be a particularly critical issue when dealing with metaphors, homonyms, colloquialisms (Carley, 1997), and other aspects of natural language (Morris, 1994).

Corporate Web Sites 12 There are three additional issues in implementing CATA. First, retrieval capabilities may be insufficient in certain software categories (Gephart & Wolfe, 1989). Second, researchers should avoid the pitfalls of the false sense of security afforded by a computer and the justification fallacy of using a computer program (Tallerico, 1991). Computerization will never replace human judgement in all cases. Finally, the fragmentation of the field of CATA software makes the choice of the appropriate package difficult (Kabanoff, 1996). Categorization of CATA software. Several interesting CATA typologies have been proposed. Tesch (1991, 1990) introduced a typology based on the two dimensions of methodology and technology that has been adapted by others (see, e.g., Wolfe et al., 1993; Roberts, 1997). She made the - now blurring - distinction between commercial and academic software (Tesch, 1991; Tesch, 1990). Then, she categorized the academic packages. More recently, Weitzman and Miles (1995) established a practical list of types of CATA packages, ranging from simple to more complex programs. Their typologies are summarized in Table 2. ------------------------------Table 2 about here ------------------------------In his introduction to the Journal of Organizational Behaviors special issue, Kabanoff (1997) suggested a typology of CATA-based management research using two dimensions: data sources and analytic methods. Data sources can be evoked collected by the researcher in questionnaires or surveys, or natural documents such as annual reports or newspaper articles. The second dimension ranges from quantitative to qualitative (Kabanoff, 1997, 1996). We used dimensions from these three typologies and additional practical considerations to compare 57 software packages referenced on the Georgia State University web site on content analysis (http://www.gsu.edu/~wwwcom/content/csoftware/software_menu.html). For that

Corporate Web Sites 13 purpose, we conducted a multidimensional scaling (MDS) analysis. While it is difficult to list all CATA packages, the GSU site is the most exhaustive listing that we could find. Altogether, we uncovered 70 software in the content analysis literature, some of which are unavailable today. Among the 57 CATA packages, 24 were excluded from the MDS analysis because they did not operate on Windows 95 or more recent platforms, were no longer supported, had a broader functional scope, or did not have an English version. We then established criteria on which to evaluate these packages. The choice of features was based on extant typologies (Kabanoff, 1997; Tesch, 1991; Weitzman & Miles, 1995), the purpose of our research project, as well as a review of the documentation downloaded from CATA software suppliers web sites. A comprehensive database of CATA packages was compiled using web sites information, software demo versions, users manuals, and contacts by e-mail with software suppliers when needed. Due to its size, the complete database cannot be rendered in this paper, but an evaluation of dtSearch, TATOE, and NVivo according to 30 major features is shown on Table 3. ------------------------------Table 3 about here ------------------------------To prepare the data for statistical processing, we indicated the presence of each feature in a software package by a binary count. To clarify the MDS analysis, features were then grouped in seven categories: price, technical support, data input, text management, content analytical functionalities, statistical analysis, and data output. Consistent with extant typologies, we maintained the distinction between the functionalities of searching, basic text statistics, content analysis, and qualitative data analysis.

Corporate Web Sites 14 The results of the MDS analysis confirm and enrich the typologies previously discussed. First, the two-dimension analysis reveals several categorization dimensions: quantitativequalitative, standard-advanced, unbundled-integrated, and economic-expensive (see Figure 1). Second, three clusters differentiating qualitative, quantitative, and search CATA packages also appear, which are consistent with Teschs (1991) and Weitzman and Miles (1995) typologies. These results counter our expectations that the market for CATA packages was converging and that the segmentation valid ten years ago was blurring. In addition, CATPAC, SphinxSurvey, and TextSmart cluster in a new group of integrated content analysis packages. While the use of three dimensions improve the quality of the MDS analysis (stress=0.158 and R2=0.901 versus stress=0.254 and R2=0.814), we show the results for the two-dimension model, which provides a simpler taxonomy of CATA software packages for practical purposes. ------------------------------Figure 1 about here ------------------------------Content Analysis Software Solutions The management researcher will be confronted with the same complexity when implementing CATA as encountered in manual content analysis (Tesch, 1991). We chose to focus on three packages representative of the two major schools of content analysis (manifest content) and qualitative data analysis (latent content), and also added the third category of search (knowledge management) uncovered in our MDS analysis of CATA packages. We selected dtSearch, based on previous scholarly evaluation of knowledge management software (Knight, 1999). TATOE represents the content analysis category. This software has long been reputed among researchers (Weitzman & Miles, 1995). The recent development of a version for Windows 95 (and higher) and the HTML page import feature make it particularly appealing.

Corporate Web Sites 15 NVivo, one of the qualitative data analysis packages, is ideal for latent content analysis and theory development. This package is the most recent offering of the Australian firm QSR and represents a step forward from their leading NUD*IST software in terms of modeling and hypothesis testing. Testing of CATA Packages Sprint web site. We chose to test the packages in the wireless telecommunications industry. Wireless telecommunications is a high velocity industry characterized by fast technology change, sweeping deregulation, intense competition, and massive globalization (Economist, 1999). Our preliminary investigation showed significant sophistication, but also variance, of corporate web sites. First, we used Alexa (http://www.Alexa.com) to obtain basic statistics on Sprints web site (http://www.sprint.com). Alexa is a freeware software package that operates in conjunction with web browsers to provide information on the web sites visited by the user. According to Alexa, the Sprint web site had 208 pages and links into 14,236 other web sites on December 30, 1999. Top related links included US West, Southwestern Bell, MCI, Concert Global Communications, AT&T, Ameritech, Sprintbiz, France Telecom, Deutche Telecom, and BellSouth. Alexa also provides ratings on a five-point scale for speed, freshness, and overall quality. On these dimensions, the Sprint web site scored 3, 5, and 3 respectively, with 5 being the top rating. We downloaded relevant files from the Sprint web site as pilot data to input into our three CATA packages. The first challenge was to identify a specific date on which to download files. Some documents on company web sites are rarely updated (e.g., organizational history, statement of values), but others are updated as often as daily (e.g., press releases, whats new).

Corporate Web Sites 16 Especially in high velocity environments like the wireless telecommunications industry, data comparability across firms can best be achieved by downloading all files of interest in close temporal proximity. We searched the site following a pre-defined protocol in order to locate documents containing concepts of interest. For example, we used the key words mission, vision, values, purpose, and culture to identify pages relating to corporate culture. Each document was downloaded as a separate MS-Word file. By saving each occurrence as a separate document, each can be analyzed independently and the richness of the original data is maintained. This procedure also makes it easier to re-verify the validity of each result as research progresses, especially if additional key words are identified. In total, 65 documents were downloaded. Evaluation of dtSearch. DtSearch is a knowledge management search tool that sells for $199/copy. The software has a broad base of users worldwide and support resources are available through the company web site, telephone, and e-mail contact at the firms headquarters in Arlington, Virginia (http://www.dtseach.com). DtSearch is designed for high performance search in large databases. It is an excellent program for structured content analysis of manifest content, especially when searching very large text data sets. In addition to lightening speed, it offers a wide array of search features. DtSearch uses a Microsoft window-based menu system that immediately provides a familiar interface to the user. This is advantageous over TATOE that features a custom interface. To use dtSearch, files must first be loaded into the program. DtSearch refers to this operation as indexing. Each time a file is loaded into dtSearch, the software builds an index of the location of all the words in the file. There is no limit to the number of files that dtSearch can

Corporate Web Sites 17 process in a single index or the number of indexes that can be built. Indexing tremendously reduces searching time. DtSearch prompted us to create our first index folder corresponding to all 65 files, which we called Sprint. We could either load files individually or grouped in folders. This later option was time effective in indexing our Sprint files that were archived in folders named identity, acquisitions, merger, alliances, partnerships, joint-ventures, and consortia. In addition, dtSearch offers a file type option that let us discriminate between duplicate files saved in different formats DOC and TXT in this instance. Once all the necessary files were indexed, we tested the main function searching. The search screen is divided into three parts. In one window are listed all the existing indexes while another window shows a word list for the selected index. For example, we had 65 occurrences of acquisition, 19 of acquisitions, 128 of merger, and 18 of mergers in the Sprint index. The final window is an easy and intuitive interface to the search functions. In addition to the basic search functions such as phrase (natural language) search, Boolean operators, proximity searching, wildcards and placeholders, dtSearch offers more advanced and user-friendly features that we found invaluable in analyzing the Sprint web site. These features include:
1.

Stemming let the researcher find words with identical roots, e.g. alliance would also find alliances.

2.

Fuzzy searching allows finding terms even if they are misspelled. The 'fuzziness' of a word can be adjusted from 0 to 10 to specify the level of dissimilarity tolerated. In using this feature, we found that higher levels of fuzziness led to unintended search results. For

Corporate Web Sites 18 example at fuzziness of 3, a search for vision found occurrences of mission, lotion, and potion in addition to vission and vition, two misspellings we inserted to test this feature.
3.

Thesaurus/concept searching offers automatic or customizable synonym expansion. The provided thesaurus can be browsed to selectively choose and add words to a search query. For example, we customized a search for alliances to include partnerships. This feature greatly added to the ease of simultaneous search for multiple words representing one concept. DtSearch offers a variety of options to handle search results. The documents and search

results can be viewed on screen in either a horizontal split window, a vertical split window, or two separate windows. One window showed the location of the files containing the key words. Another window displayed the hits within a selected file. In addition, search results can also be exported to DBF, CSV (for spreadsheet or database use), and RTF (for word processing use) by using the 'save as' function. These features facilitate moving from qualitative data analysis to a statistical analysis package such as SPSS. DtSearch's forte is its speed and ability to search large databases containing gigabytes of text. However, unless a researcher is interested in data mining massive databases, the speed advantage is a barely perceptible split second. As such, we think dtSearch's appeal for management researchers is in its user friendliness and search functions. In addition, it supports most popular file formats including word processing, HTML, PDF, ZIP, and Eudora messages. This saved up front time that would otherwise have been used to convert files into compatible formats. For example, since our Sprint files were already in MS-Word, they were directly indexed in dtSearch without having to be resaved in an intermediary format. At the functional level, dtSearch's usefulness to a management researcher is limited to data search functions. As such, it would be most useful, (if not only useful) for doing structured content analysis where

Corporate Web Sites 19 concepts, models, and relationships have already been identified and designed. We could envision a research project that develops grounded theory using a sample of data in a more advanced product such as NVivo or even TATOE, and subsequently testing the model in larger data sets using programs such as dtSearch. Evaluation of TATOE. The second package we pilot tested was TATOE, or Text Analysis Tool with Object Encoding for computer-assisted text analysis. This package was selected to represent the content analysis category, useful for quantitative measurement and description of manifest content. It was developed in VisualWorks SmallTalk, which renders it quite user-friendly, although it provides a different look-and-feel from standard Microsoft windowing. TATOE is the result of a collaboration of Melina Alexa of ZUMA and Lothar Rostek of GMD/IPSI, both based in Germany. The Windows 95 version, which is still in Beta testing, is free for researchers. It can be downloaded from the developers web site at http://www.darsmadt.gmd.de/~rostek/tatoe.htm. Because TATOE is loaded by opening a bat extension file in the directory in which the rest of the TATOE files are located, it is impossible to create shortcuts or use a windows 'start' menu item to open the program. TATOE opens up with the Notebook screen, which provides access to seven major functions: Textbase, Scheme, Styles, Pattern, List, Import, and Export. The other major TATOE screen displays the content analytical features. Related files or documents in a TATOE project are held within a given Textbase. This is equivalent to an index in dtSearch or a document set in NVivo. The Textbase screen serves two functions. First, it allows the creation of Textbases and second, it provides summary statistics for a selected Textbase. Once the Textbase is created, the Import option can be used to load documents. After we had created a Textbase called Sprint and imported all the documents, the

Corporate Web Sites 20 screen correctly indicated the following statistics: 65 texts, 635 paragraphs, and 1,225kb of memory used. TATOE provides the option to import texts, schemes, categories and styles. We did not test this feature, but it is useful for research utilizing complex coding schemes. The Import option recognizes ASCII text, XML files, or HTML pages. In particular, the software recognizes markers in a saved HTML document which, if present, will help extract portions of text and display other elements. This feature allowed us to work directly with HTML pages saved from the Sprint web site, rather than use MS-Word files. Once the documents have been imported into the Textbase, the next step is to setup the coding categories in the Scheme screen. In the case of the Sprint Textbase, we created the categories of mission, vision, alliances and identity as one scheme. Categories can be configured with various styles (fonts, colors) which enhances the visual presentation of the coded sections of the text in TATOEs Screen, a helpful feature for hybrid human/automated coding. After completing the categories, we began coding and analyzing the files from TATOEs screen. The text is loaded into the central window and previously defined categorization schemes are used to code the text. TATOE provides standard search options including Boolean, sequence, proximity, and wildcard searches. Several options are available such as sorting by name, frequency, number of paragraphs, and number of texts. Counts are possible for coded text segments as well as individual words, and can be disaggregated by category. Concordances can be displayed for a selected word, a whole category, a coded text segment, a user-defined search, and an occurrence list. Co-occurrences (words or phrases) on the left and the right of a word or string of words may be created. Finally, going back to the Notebook screen, the results of the

Corporate Web Sites 21 word search and coding can be exported using the Export function as either XML file (for text) or SPSS file (for statistics). Based on our test, we conclude that this version of TATOE provides a comprehensive package of content analytic features of noteworthy user-friendliness. Although it does not use Microsofts windowing, its object-orientation design makes it easy to manipulate. However, researchers developing specialized search protocols would probably prefer dtSearch or would favor the more sophisticated coding capabilities of NVivo if engaged in complex modeling activities. In addition, we were concerned about using a software package in Beta version. While we encountered a few minor difficulties such as persistent errors in importing files, we did not encounter any major and devastating bugs. Evaluation of NVivo. NVivo was introduced by QSR in 1999. NVivo was chosen to represent sophisticated content analytic packages for uncovering latent content and sophisticated coding of complex causal and argument mapping. Although positioned as different from QSRs leading NUD*IST program, it appeared to be an extension of NUD*IST. The standard version sells in the United States for $701 (single copy educational price = $425). The software benefits from significant technical support and training resources and is distributed worldwide by Scolari/Sage Publications Software. On opening NVivo, the researcher notices the sensitized (hyperlinked) buttons in the welcome screen to navigate the program. It became obvious as we familiarized ourselves with the program that this approach (as opposed to menu bars that are also present) provides a more interactive interface for researchers as they progress in the analysis. The welcome screen has four buttoned options to create a new project, open a project, open a tutorial project or exit NVivo. Creating a new project activates a wizard with the options for a typical setup or a

Corporate Web Sites 22 custom setup. A typical setup prompts for the name and description of a new project. Selecting a custom setup provides additional options for project administration, which are valuable on large projects involving participants with different degrees of research authority. After a new project is created, or an existing project is opened, the user is taken to the project pad screen, which is NVivos main screen. It contains two page markers at the top that lead to the two main systems of NVivo. The document system is the area where the project's documents reside. The node system houses the concepts, ideas, and themes developed by the researchers. For example, in this project, the node system contained such nodes as vision, history, mission, alliances and image. In both the document and the node systems, NVivo provides a modeling approach to guide the researcher through the project. It identifies the main functions (sensitized buttons) to be performed and uses directional arrows to link functions in a sequential order. For example, within the document system, the first function is to create documents. This is linked to the next function, explore documents, which in turn is linked to the Browse, Change, Link and Code functions. The same sequence is followed with the node system. We first imported all the Sprint files into the document system. As in TATOE, we first had to convert all MS-Word files into a text format, since NVivo accepts only text (TXT) or rich text formats (RTF). Once created, all documentation in NVivo is handled as editable rich text. This allows an 'edit-while-you-code' feature that enables users to edit documents without upsetting or invalidating existing codes or links. Thus, documents can be updated in terms of codes, text, content, and links even for already coded text. This feature is very helpful for iterative coding of multiple concepts where each round of coding builds on the previous one. For example, in our testing, we edited a document several times, each time coding new material

Corporate Web Sites 23 or unmarking previously coded material. The software easily handled this coding test, which surpassed anything we foresee when implementing an actual study. The editable rich text format also enables visual coding whereby documents can be processed on screen simply by highlighting or changing fonts. This feature greatly facilitates the coding process. NVivo documents support hyperlinks to any computer files. For example, in analyzing Sprint documents, we embedded hyperlinks in some documents to their original web site locations. These links are useful for validity checks and cross-referencing. NVivo can also support any font or language written from left to right, top to bottom. We did not test this feature, but it may prove useful as we expand our sample to include international sites. NVivo's node system is similar to the Scheme window of TATOE. The node system provides structured and unstructured ways to represent information. Both the node and the document systems supplement each other. For example, through the exploration of documents in the document system, we identified the important and prevalent concepts to be coded. These concepts were used as the nodes in the node system. We then coded the documents in the document system using the nodes created in the node system. NVivo also allows nodes and documents to be collected into any number of nonexclusive sets. For example, we collected the nodes of 'mission', 'vision', and 'history' into a set we called 'identity' and the associated documents into another set of all Sprint documents. Nodes and documents can also be cross-referenced and linked together into networks by hyperlinks. NVivo supports three types of links. The DocLink feature is useful in linking concepts back to their document of origin. For example, by clicking on a DocLink in a concept, the researcher is taken to the segment of the original document from which the concept is derived. NodeLinks are helpful for creating super-ordinate categories by linking nodes. For example by clicking on the

Corporate Web Sites 24 NodeLink of the set identity, we were taken to the various nodes of 'mission', 'vision' and 'history' that made up this set. Finally, a DataBite can open any file system supported by the user's computer and provide links to external databases or files. Inasmuch as we did not use this feature, it is easy to conceive of a scenario in which transcribed text is used and a DataBite serves as a link to the specific tape exert. NVivo provides another useful feature, a box-and-line or directed graphs facility for drawing models. This option makes it possible to create representations of models and hypotheses at different levels of detail. The ability to Clone a model made it relatively easy to develop and manage models, especially layered ones, and saved time in reconstructing models. Before using NVivo, we held the common misconception that advanced QDA packages would automatically diagram models from the nodes we specified. This is not the case. NVivo provides the tools such as advanced drawing and linking capabilities for modeling, but the researcher must construct the models. A researcher who is familiar with MS-PowerPoint and MS-Word would find the modeling features of NVivo easy to use. NVivo not only provides powerful qualitative data analysis tools, but also has basic content analysis functionalities. Its search tools are part of a fully integrated project analysis process for coding attribute values, word patterns, phrases, and frequencies. Search results can be reported in a variety of ways such as editable rich text documents and profiles (on-screen tables) which are exportable to statistical programs for quantitative analysis. Overall, although NVivo has some content analysis capabilities, a researcher who is mostly interested in manifest content analysis would find NVivo cumbersome, like using a jackhammer to nail a picture to a wall. It is too complex, expensive, difficult to learn, and time consuming in terms of start up costs compared to TATOE and other packages designed

Corporate Web Sites 25 specifically for manifest content analysis. However, for researchers who wish to explore latent content and develop grounded theory, NVivo is a powerful and useful research tool. Conclusion The goal of this research was to provide an up-to-date and comprehensive introduction to the potential and issues associated with content analysis of corporate web sites. We first focused on the strengths and challenges of the content analysis methodology in general. Content analysis implemented with care should be of particular interest to management researchers due to several factors including access to managerial cognitive processes, non-intrusiveness, combination of quantitative and qualitative approaches, and the ability to implement longitudinal designs. We then turned our attention on the burgeoning computer-aided text analysis (CATA) field. The advent of CATA software has led to significant benefits in terms of cost, flexibility, and reliability, while maintaining satisfactory levels of validity (Morris, 1994). This paper highlights several empirical challenges facing researchers and suggests theoretically sound, yet practical, solutions. In our opinion, the highest quality and most interesting content analytic research has used a combination of computer automation and human intervention to increase efficiency and perform more subtle and powerful analyses (see, e.g., Abrahamson & Park, 1994). We believe that this is the optimal approach to conduct sophisticated content analysis with the necessary level of scientific rigor. But, as with all research, the choice of methodology and research design must be driven by the research purpose. Next, we provided practical insights for the evaluation and selection of a CATA solution. We identified and empirically tested the typologies proposed in the literature. The results of a multidimensional scaling (MDS) analysis largely confirm the utility of previously proposed

Corporate Web Sites 26 typologies, but also suggest refinements. Additionally, the placement in multidimensional space of over 30 current and widely available CATA software packages should benefit researchers in selecting the package that is optimal for their research. Finally, we tested three popular CATA packages, one from each of the three major groups that emerged from the MDS analysis. It would be difficult to design a comprehensive test of even one CATA package that anticipates every managerially relevant research use of content analysis. Before designing our tests of these three packages, we searched and evaluated the myriad uses of content analysis represented in the management literature. Appendix 1 provides a table of the results of our search. We hope this table is helpful to future researchers interested in the state of the art of content analysis applications in management research. The examination of the management literature shows that content analysis has been a valuable methodology to study such important organizational phenomena as managerial cognition (e.g., Carley, 1997), competitive dynamics (e.g., Smith et al., 1992), corporate social responsibility (e.g. Wolfe, 1991), industrial accidents (e.g., Gephardt, 1993), and organizational change (e.g., Kabanoff et al., 1995). While multiple data sources have been leveraged in this research, a striking observation is that corporate web sites have not been used in any major published study to date. We tested the three CATA packages using real data from the Sprint web site. The test of dtSearch, TATOE, and NVivo shows the range of capabilities and the challenges of using these CATA packages. Our test suggests that content analysis will be a powerful methodology to apply to corporate web sites. Like all methodology, it requires careful implementation. First, all of the issues inherent in designing any rigorous content analytic study must be carefully taken into account. The rationale for each decision should be documented and evaluated by objective

Corporate Web Sites 27 observers. In addition, the paper highlights how using corporate web sites as data sources poses a number of unique challenges. For instance, researchers need to control for site size and site design, as well as clarify site boundaries. In our opinion, the richness, complexity, and impact of the Internet cannot be ignored. CATA provides an excellent and reliable way for researchers to begin untangling the implications of this medium on a wide range of organizational and managerial issues. Future research should further investigate and report on the difficult empirical issues involved in studying corporate web sites. We hope many researchers will take on the challenges of pioneering research using this vast yet largely untapped data source. We realize the breadth of material covered in this paper can be daunting. We sought to strike a balance between comprehensiveness and richness of detail. Our aim has been to show the promise of the method while also alert potential adopters to key research issues. We caution researchers for the need to delve more deeply into these issues when designing a study. The review of the literature, and especially Appendix 1, provides extensive references to the state of the art for the reader interested in developing a deeper understanding of the issues addressed in this paper.

Corporate Web Sites 28 References Abrahamson, E., & Hambrick, D.C. (1997). Attentional Homogeneity in Industries: the Effect of Discretion. Journal of Organizational Behavior, 18, 513-532. Abrahamson, E., & Park, C. (1994). Concealment of Negative Organizational Outcome: an Agency Theory Perspective. Academy of Management Journal, 37, 1302-1334. Barr, P.S., J.L. Stimpert, & Huff, A.S. (1992). Cognitive change, strategic action, and organizational renewal. Strategic Management Journal, 13, 15-36. Carley, K. (1993). Coding Choices for Textual Analysis: A Comparison of Content Analysis and Map Analysis. Sociological Methodology, 23, 75-126. Dey, I. (1995). Reducing Fragmentation in Qualitative Research. In Kelle, U. (ed.), Computer Qualitative Data Analysis: Theory, Methods, and Practice (pp. 69-79). Sage Publications, London. Erdener, C.B., & Dunn, C.P. (1990). Content Analysis. In Huff, A.S. (ed.), Mapping Strategic Thought, (pp. 291-300). John Wileys and Sons, Chichester. Economist, (1999). A Survey of Telecommunications. October 9. Fielding, N.G., & Lee, R.M. (1998). Computer Analysis and Qualitative Research. Sage Publications, London, United Kingdom. Fiol, M. (1995). Corporate Communications: Comparing Executives Private and Public Statements. Academy of Management Journal, 38, 522-536. Gephart, R.P. (1997). Hazardous Measures: an Interpretive Textual Analysis of Quantitative Sense-making During Crises. Journal of Organizational Behavior, 18, 559-582. Gephart, R.P. (1993). The Textual Approach: Risk and Blame in Disaster Sensemaking, Academy of Management Journal, 36, 1465-1514. Gephardt, R.P. (1991). Multiple approaches for tracking corporate social performance: insights from a study of major industrial accidents. Research in Corporate Social Performance and Policy, 12, 359-383. Gephardt, R.P., & Wolfe, R.A. (1989). Qualitative Data Analysis: Three Micro-Supported Approaches. Academy of Management Proceedings, 382-386. Gioia, D.A., & Chittipeddi, K. (1991). Sense-making and sense-giving in strategic change initiation. Strategic Management Journal, 12, 433-448.

Corporate Web Sites 29 Grimm C.M., & Smith, K.G. (1997). Strategy as Action: Industry Rivalry and Coordination. South-Western Publishing, Cincinnati, Ohio. Huff, A.S. (1990). Mapping Strategic Thought, John Wileys and Sons, Chichester. Jauch, L.R., Osborn, R.N., & Martin, T.N. (1980). Structured Content Analysis of Cases: A Complementary Method for Organizational Research. Academy of Management Review, 5, 517-525. Kabanoff, B. (1997). Introduction. Computers can read as well as count: Computer-aided text analysis in organizational research. Journal of Organizational Behavior, 18, 507-511. Kabanoff, B. (1996). Computers can Read as well as Count: How Computer-Aided Text Analysis can Benefit Organizational Research. Trends in Organizational Behavior, 3, 1-21. Kabanoff, B., Waldersee, R., & Cohen M. (1995). Espoused Values and Organizational Change Themes. Academy of Management Journal, 38, 1075-1104. Kelle, U. (1995). Computer-aided Qualitative Data Analysis: Theory, Methods, and Practices. Sage Publications, London, United Kingdom. Knight, D. (1999). Mental models and firm actions. Unpublished dissertation, University of Maryland. Lissack, M.R. (1998). Concept Sampling: A New Twist for Content Analysis. Organizational Research Methods, 1, 484-504. Miles, M.B., & Huberman A.M. (1994). Qualitative Data Analysis (2nd edition). Sage Publication, Thousand Oaks, CA. Morris, R. (1994). Computerized Content Analysis in Management Research: a Demonstration of Advantages and Limitations. Journal of Management, 20, 903-931. Mossholder, K.W., Settoon, R.P., Harris, S.G., & Armenakis A.A. (1995). Measuring Emotion in Open-ended Survey Responses: an Application of Textual Data Analysis. Journal of Management, 21, 335-355. Pearce, J.A., & David, F. (1987). Corporate Mission Statements: the Bottom Line. Academy of Management Executive, 1, 109-116. Porter, M.E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. The Free Press, New York. Prein, G., & Kelle, U. (1995). Using Linkages and Networks for Theory Building. In Kelle, U. (ed.), Computer Qualitative Data Analysis: Theory, Methods, and Practice, (pp. 69-79). Sage Publications, London.

Corporate Web Sites 30

Roberts, C.W. (1997). Text Analysis for the Social Sciences: Methods for Drawing Statistical Inferences from Text and Transcripts. Lawrence Erlbaum Associates, Mahwah, New Jersey. Sapir, E. (1944). Grading: a study in semantic. Philosophy of Science, 11, 93-116. Shapiro, & Markoff. (1997). In Roberts, C. W (ed.). Text Analysis for the Social Sciences: Methods for Drawing Statistical Inferences from Text and Transcripts. Lawrence Erlbaum Associates, Mahwah, New Jersey. Smith, K.G., Grimm, C.M., & Gannon, M.J. (1992). Dynamics of Competitive Strategy. Sage Publications, Newbury Park. Sussman, L., Ricchio P., & Belohlav J. (1983). Corporate Speeches as a Source of Corporate Values: an Analysis across Years, Themes, and Industries. Strategic Management Journal, 187196. Tallerico, M. (1991). Applications of Qualitative Analysis Software: A View from the Field. Qualitative Sociology, 14, 275-285. Tesch, R. (1991). Introduction. Qualitative Sociology, 14, 225-243. Tesch, R. (1990). Qualitative Research: Analysis Types and Software Tools. The Falmer Press, New York, NY. Weber, R.P. (1990). Basis Content Analysis (2nd edition). Sage Publications, Thousand Oaks, CA. Weitzman, E.A., & Miles, M.B. (1995). Computer Programs for Qualitative Data Analysis. Sage Publications, Thousand Oaks, CA. Whorf, B. L. (1956). Science and Linguistics. In Carroll, J.B. (ed.), Language, Thought, and Reality : Selected Writings of Benjamin Lee Whorf. MIT Press, Cambridge, MA. Wolfe, R.A. (1991). The use of content analysis to assess corporate social responsibility. In Post, J. (ed.), Research in Corporate Social Performance and Policy, 13, (pp. 281-307). JAI, Greenwich, CT. Wolfe, R.A., Gephart, R.P., & Johnson, T.E. (1993). Computer-facilitated Qualitative Data Analysis: Potential Contributions to Management Research. Journal of Management, 19, 637660. Woodrum, E. (1984). Mainstreaming Content Analysis in the Social Science: Methodological Advantages, Obstacles, and Solutions. Social Science Research, 13, 1-19.

Corporate Web Sites 31 Table 1: Steps in Coding Text The Weber Protocol (Weber, 1990)

1) Definition of the recording units (e.g., word, phrase, sentence, paragraph). 2) Definition of the coding categories. 3) Test of coding on a sample of text. 4) Assessment of the accuracy and reliability of the sample coding. 5) Revision of the coding rules. 6) Return to step 3 until sufficient reliability is achieved. 7) Coding of all the text. 8) Assess the achieved reliability or accuracy.

Corporate Web Sites 32 Table 2: CATA Typologies Tesch Typology (Tesch, 1991) Type of software, main features Examples* Descriptive/interpretive analysis. The main Ethnograph, Qualpro, Textbase Alpha, goal is to discover the meaning of the phenomena (patterns, types). Data is kept unstructured and is flexibly manipulated. Main functions are coding and retrieval of text. Enhancements may include frequency count, chain, co-occurrence, advanced search, memoing, and quantitative option. Theory-building research. The objective is to elicit concepts/linkages in the data. Basic functions of text coding and retrieval are included. Key functions are concept identification, co-occurrence. Traditional content analysis or cultural analysis. Expansion of the traditional search function of word processors. Linguistic Programs. Linguistic aspects of data. * In 1991, these programs were running on MS-DOS or MacIntosh personal computers. Examples are given for the MS-DOS platform only. General Inquirer, TextPack, WordCruncher, FlexText CODEF, PLCA Kwalitan, HyperRESEARCH, NUDIST, AQUAD, ATLAS.Ti TAP, MARTIN, LTT Ethnoscript

Table 2 (cont.) Weitzman and Miles Typology (Weitzmann and Miles, 1995)

Corporate Web Sites 33

1. Word processors, such as Word and WordPerfect, can be used for a variety of support tasks

including handling field notes, transcribing interviews, preparing files, taking project notes (memoing), and writing reports.
2. Text retrievers specialize in finding and retrieving words, phrases, and characters strings.

Some, such as ZyIndex, have content analytical features.

3. Text base managers are focused on the organization of textual data, including features such

as sorting, searching, and retrieving. Asksam and WinMax are examples.

4. Code and retrieve programs are geared toward the coding and manipulation of text.

Ethnograph is an example.
5. Code-based theory builders, such as NUD*IST, provide additional features including theory

building tools, such as connections between codes, coding hierarchies, and formulation and testing of hypotheses.
6. Conceptual network builders focus on the network aspects of theory development and

provide graphical features to support theoretical development.

Corporate Web Sites 34 Table 3: Comparison of dtSearch, TATOE, and NVivo

SOFTWARE PACKAGE Price Orders Technical support Website Fax E-mail User group Demo version Data Input ASCII Productivity software HTML Other Text manipulation Preparation Memoing/coding Coding Dictionaries Project management Functionalities Searching Basic text statistics Content Analysis Qualitative Data Analysis Statistical Analysis Multiple regression Cluster analysis Multidimensional scaling Other Data output ASCII Productivity software HTML Statistical packages Other

DTSEARCH $199 1-800-483-4637 (703) 413-3670 www.dtsearch.com (703) 413-3473 sales@dtsearch.com N/A YES

TATOE Free N/A N/A http://www.darmstadt.g md.de/~rostek/tatoe.htm N/A alexa@zumamanheim.de; rostek @darmasdt.gmb.de N/A YES

NVIVO $425 Online/phone 805-499-1325 www.qsr-software.com 805 499 0871 nudist@sagepub.com YES YES

YES YES YES N/A

YES N/A YES XML

YES N/A N/A RTF

YES N/A N/A YES N/A

YES YES YES YES YES

YES YES YES YES YES

YES YES N/A N/A

YES YES YES N/A

YES YES N/A YES

N/A N/A N/A N/A

N/A N/A N/A N/A

N/A N/A N/A N/A

N/A N/A N/A N/A DBV, CSV, RTF

N/A N/A YES YES XML

YES YES N/A YES RTF

Corporate Web Sites 35 Appendix 1: Content Analysis in Management Research

To comprehensively review empirical articles using content analysis in the management literature, we employed a two-stage search strategy. First, we conducted a key word search of the top journals in management on the ABI/INFORM database. Journals searched included Academy of Management Journal, Administrative Science Quarterly, Journal of Management, Journal of Organizational Behavior, Organization Science, Organizational Research Methods, and Strategic Management Journal. Second, we checked the reference lists of the papers obtained through the ABI/INFORM search. References from articles in the 1997 Special Issue of the Journal of Organizational Behavior were especially valuable for uncovering additional work using CATA. In total, this search yielded 41 papers from 1986 to 1999; these articles are summarized in Table 4. Unfortunately, and surprisingly, none of this work used corporate web sites as their data source. ------------------------------Table 4 about here ------------------------------Next, we discuss sources of data, themes investigated, and lessons that we believe can be applied to management research using corporate web sites. Sources of Data The contribution of content analysis to the increased use of annual reports in management research is well reflected in our review. Among the 41 papers, fourteen list annual reports or proxy statements as a data source. Other sources of textual data include: trade magazines (10), survey questionnaires (6), other company documents (6), databases (4), government documents

Corporate Web Sites 36 (3), field data (3), mission statements (2), transcription of videos (1), and scholarly journals (1). Among the 41 articles, 12 adopted a longitudinal design. Research Themes Content analysis has been associated with several emerging areas of research such corporate social responsibility, industrial accidents, corporate values, and organizational effectiveness (Wolfe, 1991; Wolfe et al., 1993). Here, we highlight recent research in managerial cognition and competitive dynamics because the use of content analysis in these two areas has yielded significant results in the past decade. Managerial cognition. Recent literature using content analysis has particularly contributed in the areas of collective cognition and sensemaking. One example is Abrahamson and Hambricks (1997) study of the effect of discretion on the attentional homogeneity of executives across industries. Their argument is that variation of managerial discretion across industries will result in different levels of attentional homogeneity. Their paper is valuable methodologically for its careful development of lexical commonality and lexical density of letters to shareholders as measures of managerial attentional homogeneity. One of the criticisms of this line of research has been that documents used as data sources for inferring managerial cognitive maps, such as speeches, industry publications, and annual reports, are intentionally biased for specific audiences (Huff, 1990; Morris, 1994). Huff (1990) also notes that measures such as word centrality may not reflect the hidden intent of the strategist and that the themes elicited through content analysis may not capture real-time dimensions of strategic decision-making. She therefore recommends the use of more fine-grain approaches such as causal and argument mapping to capture the intricacies of strategic thinking (Huff,

Corporate Web Sites 37 1990). In other words, Huff (1990) recommends moving beyond manifest content to also examine latent content. At the group level of analysis, Carley (1997) presents the latest results of her work on team mental models. This paper is interesting for the introduction of new refinements in her methodology of cognitive map analysis, including automation through the use of the Automap software. Team cognitive maps are constructed by examining the intersections between individual maps. Her work spans manifest and latent content (Carley, 1997). Gephart (1997, 1993) is an exemplar of content analytic work focusing on latent content. He explores the social construction aspects of sensemaking. One of his contributions to latent content analysis has been to carefully delineate the steps of a textual approach. His structured approach allows researchers to retain the richness of the original data while developing grounded theory. Competitive Dynamics. One of the challenges of management research in recent years has been to bridge the gap between macro and micro perspectives (Smith, Grimm, & Gannon, 1992). Macro models such as Porters (1980) five forces do not capture the dynamic nature of competitive interactions, and predictions on firm-level behavior from game theory are difficult to study empirically. Content analysis has provided one answer to these challenges. The most representative and relevant competitive dynamics papers applying content analysis appear in Table 4. Structured content analysis (SCA) has been used with significant success in this domain (Jauch, Osborn, & Martin, 1980; Smith et al., 1992). SCA, as the name suggests, is a structured method for examining manifest content, here competitive actions. It has allowed for the investigation of many interesting hypotheses including the impact on firm performance of firm reputation, action characteristics, and responders timing, imitation, order,

Corporate Web Sites 38 and likelihood of responses (Chen, Smith, & Grimm, 1992; Smith et al. 1991, 1992). Schomburg, Grimm, and Smith (1994) studied the influence of industry characteristics on new product introductions. Chen and Hambrick (1995) showed that small firms tend to be more active, speedier, more low key, and more secretive in their actions than large firms, and that their responses are less likely and slower. Young, Smith, and Grimm (1996) tested how the S/C/P and Schumpeterian economic paradigms explained differences in competitive moves. Lee, Smith, Grimm, and Schomburg (2000) showed that lack of imitation and speed of product introduction favorably impacted market returns. Recent work (Miller & Chen, 1996; Ferrier; Smith, & Grimm, 1999) has begun to use SCA data to examine patterns of competitive interactions. To date, none of this research has moved to the level of studying latent content of competitive moves; a potentially fertile research ground. Lessons from the Management Literature Reliability and validity of content analysis. Much of the empirical literature in management extensively illustrates and justifies the reliability and validity of content analysis. Reliability has been addressed primarily through multiple raters. One key validity concern is whether content analyses of documents such as letters to shareholders are indicative of executive cognition. Researchers have thoroughly addressed this issue (see, e.g., Bowman,1984, 1978; Huff, 1990; Abrahamson & Hambrick, 1997), but skeptics will continue to raise the concern. Content analysis process. The development of categorization (or coding) schemes is a critical issue in implementing content analysis (Doucet & Jehn, 1997; Weber, 1990). In their study of conflict across cultures, Doucet and Jehn (1997) provide an illustration of the impact of inductive and deductive categorization techniques on analytical results. They first used an inductive approach by performing frequency counts and context ratings on their data. Conflict

Corporate Web Sites 39 related words were identified by three judges, and then categorized. In a separate analysis, Doucet and Jehn (1997) applied a deductive approach to examine the degree of hostility implied by the texts. Following Weber (1990) they developed custom dictionaries of terms using various construction techniques. Methodologies to create dictionaries are also discussed in other management work (see, e.g., Smith et al., 1991; Gephart, 1993; Gioia & Chittipeddi, 1991). The different results from inductive and deductive approaches reflect an important difference between exploratory and confirmatory research purposes (Gephart, 1993, 1997; Smith et al., 1991; Weber, 1990). The key lesson learned is that the analytic approach to coding texts should be driven by the research purpose. Many types of analyses have been used in conjunction with content analysis. Due to the qualitative nature of much of this work, a number of studies report only descriptive statistics to convey their results (see, e.g., DAveni & McMillan; 1990, David, 1989; Pearce & David, 1987; Salancik & Meindl 1983). Recently, more sophisticated quantitative analyses have come into vogue. For example, factor and cluster analyses are natural fits with content analysis (see, e.g., Doucet & Jehn,1997; Kabanoff & Holt, 1996; Kabanoff et al., 1995; Mossholder et al., 1995). Variables measured through content analysis have also been incorporated into multiple regression analysis (see, e.g., Abrahamson & Hambrick, 1997; Fombrun and Shanley, 1990). Value of CATA. Examination of the management literature confirms the multiple advantages associated with the use of computers when conducting content analysis also found in other social science research, as discussed earlier. Here, we briefly highlight a few exemplars that illustrate the value of CATA in terms of quantity of data, economy, flexibility of manipulation, and analytical sophistication.

Corporate Web Sites 40 In the area of competitive dynamics, computers and computerized databases have allowed researchers to access and code hundreds of trade magazines longitudinally using Boolean algorithmic searches (Grimm & Smith, 1997), saving countless hours of graduate assistant time. For instance, Salancik and Meindl (1983) employed 23 raters to code 324 letters to shareholders. Today, this work could be done via CATA with higher reliability, lower cost, and greater speed. As a general characterization, most recent exemplar recent work uses a combination of manual and computerized approaches to coding. Mossholder and colleagues (1995) provide a detailed illustration of the flexibility afforded by CATA in the analysis of open-ended responses to a survey. Prior to the advent of CATA, it is safe to say that much survey research focused on developing easy-to-analyze closedended questions, avoided open-ended questions, and often failed to analyze open-ended responses systematically. Finally, as a result of the increased ease of use of content analysis, more complex treatments have been introduced, such as linguistic indicators (see, e.g., Abrahamson & Hambrick, 1997).

Corporate Web Sites 41 Table 4: Content Analysis in Management Research

Authors Berg, Donald D, and Gordon F. Holbein (1997)**

Title Assessment and redirection of longitudinal analysis: demonstration with a study of the diversification and divestiture relationship.

Source Strategic Management Journal, Vol. 18:7, 557571.

Type of data 203 longitudinal strategic management studies as reported in SMJ between 1980 and 1993. Diversification and divestiture decisions of 180 Fortune 500 companies over 1985-1988. Compustat database.

Bowman, Edward H. (1984)**

Content Analysis of Annual Reports for Corporate Strategy and Risk.

Interfaces, Vol. 14, January-February, 61-71.

Bowman, Edward H. (1978)**

Strategy, Annual Report, and Alchemy.

California Management Review, Vol. 20, No 3, 6471.

Annual reports of: 82 firms in the food processing industry test of several issues and validity of content analysis. 46 firms in the computer periphericals and PC industries (1974); 26 firms in the container industry (1976) growth and risk. 46 1974 annual reports from firms in the computer industry (SIC 3573).

Method and key findings Most researchers: 1) did not test and control for violations in data assumptions underlying longitudinal analysis, 2) did not test the stability and the form of the relationship over time. Illustration of the impact of such shortfalls with a study of divestiture and diversification at 180 companies between 1985 and 1988. Counts and quotes. Reveals the negative correlation between risk and return of companies within industries and tendency of troubled companies to seek risk.

Count of key words indicative of the independent variables. Environmental coping,

Corporate Web Sites 42 customer orientation, internationalization, control growth, and vertical integration and value added explain firm performance. Two types of frequency: 1) propositions in each period (salience of theme), 2) % of respondents (consensus). Evidence of construction of Burrs image as the People Express drama unfolded.

Chen, C.C., and J.R. Meindl (1991)**

The Construction of Leadership Image in the Public Press: the Case of Donald Burr and People Express.

Administrative Science Quarterly, 36, 521-551.

Chen, Ming Jer, and Donald Hambrick (1995)** Chen, Ming Jer, Ken G. Smith, and Curtis M. Grimm (1992)** Cochran, Daniel S. and , Fred R. David (1986)**

Speed, Stealth and Selective Attack: How Small firms Differ from Large Firms in Competitive Behavior. Action Characteristics as Predictors of Competitive Responses. Communication effectiveness of organizational mission statements.

Academy of Management Journal, Vol. 38, No. 2, 452-482. Management Science, Vol. 38, No. 3, 439-455. Journal of Applied Communication Research, 14, 2, 108-118.

22 articles over a six-year period w/ Donald Burrs name included in the title used as a stimulus. Image of Burr rendered by 75 undergraduate business students based on their reading of the 22 articles. 28 major airlines between 1985-86. 396 moves in 17 types. SCA of Aviation Daily.

DAveni, Richard A., and Ian MacMillan (1990)**

Crisis and the Content of Managerial Communications: a Study of the Focus of Attention

Administrative Science Quarterly, 35, 634-657.

Manual SCA of competitive actions and responses. Small firms differ from large firms in their competitive strategy. Competitive moves by 32 Manual SCA. Competitive major US domestic airlines actions characteristics 1/79 to 12/86. determine the nature of the response. 135 usable mission Measure of inspiration and statements out of Fortune readability of the mission 500 and AACB universities statements. Both firms and contacted. universities have potential to improve the readability and inspiration of their mission statements. Letters to shareholders of Manually counted the 57 failing firms and 57 number of sentences in successful firms between each letter referring to 1972 and 1982. Five-year seven elements of the

Corporate Web Sites 43 of Top Managers in Surviving and Failing Firms. David, Fred R. (1989)** Dirsmith, Mark W., and Mark A. Covaleski (1983)** How companies define their mission. Strategy, external communication, and environmental context. Long Range Planning, 22, 1, 90-97. Strategic Management Journal, 137-151. period leading to the bankruptcy. 75 exploitable mission statements obtained from CEOs of large companies Business Week 1000. 1613 survey instruments mailed to study participants. 116 usable analyst and investor responses. Letters to shareholders and internal planning documents of 10 firms in the forest product industry between 1979 and 1988. environment. Study reveals different patterns of attention of managers of failing and surviving firms. Two raters using categories. Guidelines to write and use mission statements. Environmental contexts influence the emergence of organizational strategies; external stakeholders use sources reflecting context in their evaluation of the firm. Documents processed by two coders: threat/opportunity categorization with five types of attribution coding (Table 1). No significant correlation between evaluations of events and situation. Positive and significant for perception of control. Executive public statements may not be believable. Content analysis of the titles of 15,400 articles to measure media exposure positive or negative news about a firm. 1 principal

Fiol, Marlene (1995)**

Corporate Communications: Comparing Executives Private and Public Statements.

Academy of Management Journal, Vol. 38, No. 2, 522-536.

Fombrun, Charles and Mark Shanley (1990)**

Whats in a name? Reputation building and corporate strategy.

Academy of Management Journal, Vol. 33, No. 2, 233-258.

292 firms included in the Fortunes 1985 study of corporate reputation.

Corporate Web Sites 44 rater and 3 additional ones for reliability. Antecedents of reputations: structural position, conformance to norms, and strategic postures. Methodology for qualitative content analysis as part of the ethnographic study. Identifies sensemaking and sense-giving as CEOs primary role. Coded reactions based on the newness of the information provided and accommodative or defensive character. Identified conditions for the emergence of corporate crises. Manual SCA. Environmental and organizational factors lead to repertoire simplicity; repertoire simplicity is negatively related to performance. Structured content analysis (SCA) content analysis schedules used by three raters. Six significant predictors of succession: prior profits, financial

Gioia, Dennis A, and Kumar Chittipedi (1991)**

Sense-making and sensegiving in strategic change initiation.

Strategic Management Journal, Vol., 12, 433-448.

Marcus, Alfred A., and Robert S. Goodman (1991)**

Victims and shareholders: the dilemmas of presenting corporate policy during a crisis.

Academy of Management Journal, Vol. 34, 281-305.

Multiple tape-recorded interviews with the senior executives of a large public university. Diary of events. Internal planning documents. Fifteen crises documented in case studies and monographs accidents, scandals, safety and health. Identified firms reactions to the crisis as reported in the Wall Street Journal. 18 largest airlines between 1979-86 SCA of Aviation Daily.

Miller, Danny and Ming-Jer Chen (1996)**

The Simplicity of Competitive Repertoire: an Empirical Analysis.

Strategic Management Journal, Vol. 17, 419-439.

Osborn, Richard N., Lawrence R. Jauch, Thomas N. Martin and William F. Glueck (1981)**

The event of CEO succession, performance, and environmental conditions.

Academy of Management Journal, Vol. 24, No. 1, 183-191.

Non random sample of 313 large industrial corporations from 1930 to 1974. Executive succession events as rendered in Fortune

Corporate Web Sites 45 Magazine. strategies, merger strategy, socioeconomic volatility supplier volatility, and owner volatility. Identification of the eight possible themes by three raters. Statistical difference was found for philosophy, self-concept, and public image between low and high performers. Letters to shareholders coded by 2 students. Unstable firms manipulate causal attribution to manage impression of their control. Showed that dyads in negotiations were more likely to reach agreement when utility was viewed as a subjective preference. Manual SCA. The nature of the competitive response is affected by organizational and managerial characteristics. Manual study. Found that unsuccessful firms relied more heavily on external explanatory factors to explain poor performance.

Pearce, John A. and Fred David, (1987)**

Corporate Mission Statements: the Bottom Line.

Academy of Management Executive, Vol. 1, No. 2, 109-116.

Mailed questionnaire to the CEO of all Fortune 500 companies, 44% response rate, resulting in 61 usable mission statements. Letters to shareholders of US corporations over 18 years. Sample of management controlled firms. Study 1: Transcribed videotapes of 24 dyads of undergraduate students. Study 2: 55 transcribed videotapes. Competitive moves by 32 major US domestic airlines 1/79 to 12/86. 49 high performing and 32 low performing organizations. Explanations of companys performance in the annual letters to shareholders.

Salancik, Gerald R. and James R. Meindl (1984)**

Corporate attribution as strategic illusions of management control.

Administrative Science Quarterly, 29, 238-254.

Simons, Tony (1993)**

Academy of Management Speech Patterns and the Journal, Vol. 36, no 1, 139- Concept of Utility in 156. Cognitive Maps: the Case of Integrative Bargaining. Organizational Information Processing: Competitive Response and Performance in the US Domestic Airline Industry. The justification of organizational performance. Academy of Management Journal, 34: 60-85.

Smith Ken G., Curt Grimm, Marty Gannon, and Ming Jer Chen (1991)** Staw, Barry M., Pamela McKechnie, and Sheila M. Puffer (1983)**

Administrative Science Quarterly, 28, 582-600.

Corporate Web Sites 46 Sussman, Lyle, Penny Ricchio, and James Belohlav (1983)** Corporate Speeches as a Source of Corporate Values: an Analysis across Years, Themes, and Industries. Attentional Homogeneity in Industries: the Effect of Discretion. Strategic Management Journal, 187-196. 882 speeches in 265 companies selected from 1950-75 Vital Speeches based on three criteria. Identification of the theme of corporate speeches by reviewers. Found that a total of 28 industries addressed a total of 8 themes value of corporate speeches. Sample of firms in Variables: lexical Compact Disclosure commonality and lexical Database (1985-89), 14 density to measure industries with > 20 nonattentional homogeneity. diversified companies. A Used CRUNCH software. little more than 2 letters per Industry-level discretion firm for a total of 1920. has a strong and significant effect on attentional homogeneity. Validity of lexical homogeneity and density as measures of attentional homogeneity. 1,118 firms listed on Proceeded in three steps: 1) NYSE and AME from the definition of negative Compact Disclosure words, 2) selection of computerized database. negative outcomes, 3) March 1989. President coding of negative letters. outcomes. Used custom software programs. Outside directors, large institutional investors, and accountants limit concealment of negative outcomes, but small institutional investors and outside directors who are

Abrahamson, Eric, and Donald Hambrick (1997)

Journal of Organizational Behavior, Vol. 18, Special Issue, 513-532.

Abrahamson, Eric, Concealment of Negative and Choelsoon Park Organizational Outcome: (1994) an Agency Theory Perspective.

Academy of Management Journal, Vol. 37, No. 5, 1302-1334.

Corporate Web Sites 47 shareholders prompt it. Coded interviews to identify competitive actions. Used TextPack. 24 competitive actions identified. Concentration, compounded growth, and batch size explained significant portions of variance in every mentioned group of competitive actions. Procedural mapping analysis. The program used in AUTOMAP, designed by K. Carley, which features an automated procedure to coding. Key findings pertain to the impact of coding choices on results regarding collective mental map. Comparison of different methodologies (factor analysis of context ratings, multidimensional scaling, dictionary-based content analysis) in predicting the categorization of intra- and inter-cultural conflicts. Unspecified software. Computerized SCA. By

Birnbaum-More, Philip H. and A. R. Weiss (1990)

Discovering the basis of competition in 12 Industries: computerized content analysis of interview data from the US and Europe.

In Huff (ed.), Mapping Strategic Thought, John Wileys and Sons, Chichester, 291-300.

158 firms in 12 industrial sectors between 1974 and 1984. Interviews with 72 individuals involved in the 12 industries.

Carley, Kathleen M. (1997)

Extracting Team Mental Models through Textual Analysis.

Journal of Organizational Behavior, Vol. 18, SI, 533558.

Doucet, Lorna and Karen A. Jehn (1997)

Analyzing Harsh Words in a Sensitive Setting: American Expatriates in Communist China.

Journal of Organizational Behavior, Vol. 18, SI, 533558.

41 students at a private university in an information system course. Students were organized in 8 teams dealing with the (fictive) information system need of a client. Two open-ended questions of a questionnaire administered three times during a semester. 76 American managers currently or recently working in Sino-American joint-ventures. Each manager described an intra- and inter-cultural conflict based on 5 questions. 41 industry leaders and

Ferrier, Walter J.,

Role of Competitive

Academy of Management

Corporate Web Sites 48 Ken G. Smith, and Curtis M. Grimm (1998) Gephart, Jr., Robert (1997) Action in Market Share Erosion and Dethronement A Study of Industry Leaders and Challengers. Hazardous Measures: an Interpretive Textual Analysis of Quantitative Sense-making During Crises. Journal, Vol. 42, no. 4, 372-388. respective challengers between 1987-93 SCA of Predicast F&S Index by SIC codes. 1977-78 Lodgepole sour gas well blow-out and inquiry. Used official proceedings (217p.) and final report (16p.) of the Energy Resources Conservation Board. Official proceedings of the inquiry, company documents, field notes, energy board final report, newspaper articles, other documents. taking certain competitive actions, leaders can limit market share erosion and dethronement by challenger. Used TACT software. Quantitative practices and terms where found to be playing an important role for the government (ERCB) and the operator company (AMOCO) in the interpretation of the crisis. Used TACT version 1.2. to create database: textual exhibits and tables, key words, etc. in support of the implementation of the textual approach. Validation of ethnomethodology and textual approach for management research. Findings include evidence of social construction in industrial crisis sensemaking, contradictory interpretation, sensemaking as mythmaking, and role performance of organizational members. Methodologies used: ethnography, documentary

Journal of Organizational Behavior, Vol. 18, SI, 559582.

Gephart, Robert P. (1993)

The Textual Approach: Risk and Blame in Disaster Sensemaking.

Academy of Management Journal, Vol. 36, No 6, 1465-1514.

Gephart, Robert P. (1991)

Multiple approaches for tracking corporate social

Research in Corporate Social Performance and

Report on the variety of data collected as part of the

Corporate Web Sites 49 performance: insights from a study of major industrial accidents. Policy, Vol. 12, 359-383. research program launched in 1983 at the University of Alberta to investigate the organizational basis of industrial accidents in Canada. Included transcripts of four inquiries, company documents such as annual reports, and newspaper articles. Event of a major pipeline fire. 1765 pages of the official government inquiry proceedings. analysis, literary deconstruction, microcomputer supported methods, quantitative secondary data analysis, case studies, and grounded theory.

Gephart, Robert, and Robert Pitter (1995)

Textual Analysis in Technology Research: an Investigation of the Management of Technology Risk.

Technology Studies, Vol. 2, 325-356.

Kabanoff Boris, and Holt, John (1996)

Changes in the espoused values of Australian Organizations 1986-1990.

Journal of Organizational Behavior, Vol. 17, 201219.

85 organizations out of 150 initially. Sources of text data included annual reports, company-wide internal magazines, mission statements, other company-wide documents produced by organizations. 88 large Australian firms. Annual reports, internal magazines, mission statements, other

Kabanoff, Boris, Waldersee, Robert, and Marcus Cohen (1995)

Espoused Values and Organizational Change Themes.

Academy of Management Journal, Vol. 38, No. 4, 1075-1104.

Used TACT software package. Demonstrated how textual approach can be used in technology studies. Illustrative study shows how problemsolving technology can lead to new problems. Three sources for the dictionaries: Harvard IV Psycho social, Lasswell Value Dictionaries and custom. Used TextPack 4. Unit of analysis was the sentence. Four firm clusters of Elite, Meritocratic, Leadership and Collegial. Used TextPack4. Created custom dictionary of 9 categories: authority, leadership, teamwork,

Corporate Web Sites 50 organization-wide documents. participation, commitment, performance, reward, affiliation, normative. Found four clusters of elite, leadership, meritocratic, or collegial firms. 45 first movers, 22 second Computerized SCA. First movers, and 38 late movers movers suffer from product in the brewing, imitation of their rival, telecommunications and more so from early than PC industries late movers. SCA of Predicast F&S Index United States. Fortune 100 based in the Used the Dictionary of Midwest and undertaking Affect in Language (DAL). organizational Qualitative and quantitative transformation. 173 measurement of emotions. responses from top Showed that content echelons to the open-ended analytical measure of questions of a survey. emotion corresponded to more traditional measures. Content analysis of 502 Both manual and annual reports of computerized content Australian organizations analysis. ISYS software over the 1986-92 time package. 9 downsizing period. 87 firms involved. themes grouped in 3 major dimensions: strategic language, process language and cost versus consideration. 83 new product Computerized SCA. introductions and 632 Importance of industry responses in the brewing, variables in explaining

Lee, Hun, Ken G. Smith, and Curtis M. Grimm, and August Schomburg (2000) Mossholder, Kevin W., Randall P. Settoon, Stanley G. Harris, and Achilles A. Armenakis (1995) Palmer, Ian, Boris Kabanoff and Richard Dunford (1997)

Timing, order and durability of new product advantages with imitation.

Strategic Management Journal, forthcoming.

Measuring Emotion in Open-ended Survey Responses: an Application of Textual Data Analysis.

Journal of Management, Vol. 21, No. 2, 335-355.

Managerial Account of Downsizing.

Journal of Organizational Behavior, Vol. 18, SI, 623640.

Schomburg, August, Ken G. Smith, and Curtis

Avoiding New Product Warfare: The Role of Industry Structure.

Advances in Strategic Management, Vol. 10B, 145-173.

Corporate Web Sites 51 M. Grimm (1994) LD communications and PC industries between 1975-90 SCA of Predicast F&S Index by SIC codes. 266 companies drawn from the S&P500 end of 1992. Proxy statements and S&P Compustat. Letters to shareholders in electronic format were accessed from the Disclosure Database. 1,903 competitive moves in the software industry (SIC 7371, 7372, 7373) from 1983 to 1991.Citations in Predicast F&S Index. intensity of product rivalry at the product level.

Wade, James B., Joseph F. Porac, and Timothy G. Pollock (1997) Wolfe, Richard A. (1991)

Worth, Words and the Justification of Executive Pay. The use of content analysis to assess corporate social responsibility. Austrian and Industrial Organization Perspectives on Firm-level Competitive Activity and Performance.

Journal of Organizational Behavior, Vol. 18, SI, 641664. In Jim Post (ed.), Research in Corporate Social Performance and Policy, Vol. 13, Greenwich, CT, JAI, 281-307. Organization Science, Vol. 7, No. 3, 243-254.

Used VBPro software. Tested relationships between type of justification, executive pay, and performance measures. Illustration of a seven step methodology to conduct content analysis.
Computerized SCA. Test of Austrian versus S/C/P

Young, Greg, Ken G. Smith, and Curtis M. Grimm (1996)

Models: competitive activity increase performance, industry competition decreases performance, and cooperation increases firm competitive activity.

** Indicates manual content analysis.

Corporate Web Sites 52

CatPac Diction DIMAP Childes SphinxSurvey Tatoe TextAnalyst TextPack TextSmart WinAta WordStat Aquad5 ATLASti EZText CodeAText Ethnograph HyperResearch Storyspace NUDIST NVIVO WinMax AskSam Concordance Dataflight CrossReader dtSearch ISYS Metamorph MonoConc PL SonarPro Prospector ZyIndex

Figure 1: Map of 33 CATA packages

2.0 Qualitatitve 18 Qualitative Data Analysis Unbundled -2.0 Dimension 2 d 22 C 24 " dtSearch 31 25 30 Standard 27 28 Search 33 Quantitative Integrated Expensive 19 NVivo 13 17 14 16 10 4 12 8 15 11 Integrated 5 9 b 3.0 Advanced

Tatoe 3 23

21 7 Content Analysis 2 29

32

Economical -4.0 Dimension 1

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Corporate Web Sites 54