Risk measures in strategic management research: Auld lang syne?

• 成果类型: Review
• 署名作者: Ruefli, TW; Collins, JM; Lacugna, JR
• 署名单位: University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin; University of Alaska System; University of Alaska Fairbanks
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199902)20:2<167::AID-SMJ9>3.0.CO;2-Q
• 发表日期: 1999
• 页码: 167-194
• 关键词: risk; beta; MEAN-VARIANCE; methodology

摘要

Risk is an integral component of strategic management decisions and often appears as an element of empirical studies reported in the strategic management literature. Recent methodological research in the financial economics and management science literatures has, however, raised serious questions about the strategic management literature's two most widely used measures of firm and business-level risk: beta (or its derivatives) from the Capital Asset Pricing Model and simple variance (or its variants). This research reviews risk studies published in leading management journals in the past 15 years and summarizes the recent methodological findings in the adjacent literatures. We discuss the implications of these findings for our understanding of risk in strategic management and assess alternative measures of risk and conclude with a discussion of directions for future strategy research. Copyright (C) 1999 John Wiley & Sons, Ltd.