Strategic responsiveness and Bowman's risk-return paradox

• 成果类型: Article
• 署名作者: Andersen, Torben J.; Denrell, Jerker; Bettis, Richard A.
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; Stanford University; Copenhagen Business School
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.596
• 发表日期: 2007
• 页码: 407-429
• 关键词: environmental analysis; inverse risk-return relationships; risk management

摘要

One of the most enduring puzzles in the strategy literature is the negative association between risk and return known as the Bowman paradox. This paper formalizes a model of strategic conduct based on the concept of strategic fit and the heterogeneity of firm strategic capabilities. This model is shown mathematically to yield the negative association of the Bowman paradox. Furthermore, the model makes several other testable predictions. To examine these predictions, simulated data from the model are compared with a large empirical study of 45 industries during 1991-2000. The predictions of the model are consistent with the empirical data. Copyright (c) 2007 John Wiley & Sons, Ltd.