Keio Research Highlights

By applying machine learning techniques to thousands of corporate reports, a Keio researcher and co-authors show that when companies focus on issues overlooked by competitors, they can spark "growth actions" and achieve superior performance.

In the world of business strategy, following the crowd often leads to average results. What truly matters is a company's ability to focus on issues that others miss. A new study led by Associate Professor Takumi Shimizu of Keio University's Faculty of Policy Management reveals how machine learning can be used to measure this "attentional uniqueness" and demonstrate its link to firm action and performance.

Visualizing Corporate Attention with AI
The research team applied AI-driven text analysis to annual securities reports from 986 firms listed on the Tokyo Stock Exchange between 2004 and 2016. These reports include a mandatory section where companies describe management policies, their business environment, and future challenges―an ideal repository for uncovering what leaders truly prioritize.

From this dataset, the researchers identified 45 recurring themes, including "technology management," "overseas expansion," and "cost reduction." Using structural topic modelling, a form of machine learning, they quantified how much attention each firm devoted to each theme. This produced an attention profile for each company, allowing the team to compare how similar, or different, each firm's focus was relative to its competitors. The result was a new metric: attentional uniqueness.

The Sweet Spot of Being Different
The study found that attentional uniqueness has an inverted U-shaped relationship with performance. Firms that stand out moderately from their peers are more likely to identify opportunities others miss and to act on them. These growth actions, such as entering new markets, developing innovative products, or forming alliances, lead to improved results.

But too much uniqueness can backfire. Companies that focus on issues far removed from industry norms risk losing touch with shared realities, misjudging competitor reactions, or overextending resources. In these cases, uniqueness stifles performance rather than enhancing it.

Growth Actions as the Bridge to Success
The research showed that growth actions act as the bridge between unique perspectives and business success. Firms with moderate attentional uniqueness are more likely to take growth actions that drive expansion and competitiveness, translating their insights into tangible results.

Context Matters
The benefits of attentional uniqueness depend on the environment. In industries full of opportunities, even conventional strategies can work, making uniqueness less critical. But in more challenging environments, having a distinct focus becomes far more valuable; up to a point.

Practical Insights for Leaders and Investors
For executives, the findings highlight a clear lesson: originality matters, but only in balance with industry awareness. For investors, attentional uniqueness offers a new lens to assess which companies may be best positioned for innovative growth.

Reflecting on the study, Shimizu explains:

"Our findings show that uniqueness in strategic attention can be a source of competitive advantage, but only when combined with an understanding of industry realities. Using machine learning, we can now measure this balance in a way that provides both theoretical insight and practical guidance."

By using machine learning to transform corporate reports into measurable maps of strategic focus, Shimizu and his colleagues have created a powerful tool for understanding how companies succeed. Their work shows that in business strategy, the key to advantage lies not just in what firms see, but in how uniquely―and intelligently―they see it.

Published online 27 October 2025

About the researcher