Based on different views of strategy formulation found in the literature review, this
empirical research studied the behaviors and thoughts of business leaders: how they
determine the basic goals and objectives of their companies, how they adopt courses of
action, and how they allocate resources necessary for carrying out these goals
(Chandler, 1962 in Feurer and Chaharbaghi, 1997). The study also aims to learn more
about how the business leaders identify opportunities and risks, how they determine
the company’s resources, the roles of their personal values, and how they acknowledge
the non-economic responsibilities towards the society (Andrews, 1980).