The new product development (NPD) process has been long conceptualized as an intense information processing task, yet several questions about the role of information in shaping NPD decisions remain open. For instance, the persistent representation of NPD decisions as a single decision-maker outcome in existing theory; it limits our understanding of decisions that involve multiple and heterogeneous organizational stakeholders (persons or units), and it appears distant from the managerial realities. This dissertation focuses on managerial decisions where information acquisition, ownership and interpretation exhibit heterogeneity. The first essay (Chapter 2) examines the role of informational asymmetries (e.g., varying degrees of uncertainty) that competing firms face when investing in R&D The study underlines the strong path dependency that informational spillovers cause to R&D decisions. The second essay (Chapter 3) reveals the detrimental effects of interpretive diversity (i.e., different people may interpret differently the same information) on project termination decisions. Interestingly, the detrimental impact of such interpretive diversity is higher when the project progress information is deemed to be, on average, reliable by the team members. The third essay (Chapter 4) examines how consumers’ information regarding future market conditions can affect a firm's strategy on striking a balance between its primary and secondary markets. The analysis shows that, in the presence of such information, seemingly competing companies (e.g., an Original Equipment Manufacturer and a third-party entrant) could develop synergies that benefit both of them.