Corporate risk-return relations: Returns variability versus downside risk

• 成果类型: Article
• 署名作者: Miller, KD; Leiblein, MJ
• 署名单位: University of South Carolina System; University of South Carolina Columbia
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256632
• 发表日期: 1996
• 页码: 91-122
• 关键词: BELOW-TARGET RETURNS; prospect-theory; PARADOX LOST; STRATEGIC MANAGEMENT; BUSINESS RISK; performance; MODEL; ORGANIZATIONS; PRODUCTS; DECISION

摘要

This study tested a model of firm risk-return relations in which risk was conceptualized in terms of downside outcomes. Drawing on the behavioral theory of the firm, we developed a set of hypotheses involving downside risk, return, and organizational slack, The hypothesized risk and return relations were tested using both downside risk and the conventional standard deviation of returns. The results indicate downside risk results in improved subsequent performance, Performance shows a negative relation with subsequent downside risk.