In 2017, five years after the Global Strategy Journal was launched, an annual best paper award was established by co-sponsors Wiley and the Strategic Management Society to honor substantial work published in the GSJ. As with the Dan and Mary Lou Schendel Best Paper Prize, the award is for a paper published five or more years prior to the recognition. This delay allows time for the impact of papers to be assessed in terms of citations and influence of the paper on teaching, research, and/or practice. Once eligible, a paper remains eligible until selected as the best paper. Continued eligibility allows recognition to be made for those insights and findings that sometimes occur before their time and only become widely recognized as significant after other work is published.

The award committee consists of the Editorial Board of the Global Strategy Journal.

Authors of the winning paper receive a monetary award of US$ 5,000. The award is given and the authors are recognized at the SMS Annual Conference and are invited to particpate in the SMS Awards & Honors Webinar Series.