Variable organizational risk preferences: Tests of the March-Shapira model

• 成果类型: Article
• 署名作者: Miller, KD; Chen, WR
• 署名单位: Purdue University System; Purdue University; INSEAD Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/20159563
• 发表日期: 2004
• 页码: 105-115
• 关键词: PROSPECT-THEORY; EMPIRICAL-EXAMINATION; RETURN RELATIONS; Downside risk; performance; BEHAVIOR; industry; decline; explanations; PERSPECTIVES

摘要

March and Shapira's (1987, 1992) model of managers' risk preferences allows for shifts in attention between survival and aspiration levels. Our study provides initial empirical tests of their model using organizational data. We found that the variables affecting risk and the sizes (but not the signs) of these effects differed across performance categories. Organizations performing poorly showed increased risk as they neared bankruptcy. Other firms showed lower risk as performance improved relative to aspirations.