Risk measures in strategic management research: Auld lang syne?

Citation
Tw. Ruefli et al., Risk measures in strategic management research: Auld lang syne?, STRAT MANAG, 20(2), 1999, pp. 167-194
Citations number
197
Language
INGLESE
art.tipo
Review
Categorie Soggetti
Management
Journal title
STRATEGIC MANAGEMENT JOURNAL
ISSN journal
0143-2095 → ACNP
Volume
20
Issue
2
Year of publication
1999
Pages
167 - 194
Database
ISI
SICI code
0143-2095(199902)20:2<167:RMISMR>2.0.ZU;2-G
Abstract
Risk is an integral component of strategic management decisions and often a ppears as an element of empirical studies reported in the strategic managem ent literature. Recent methodological research in the financial economics a nd management science literatures has, however, raised serious questions ab out the strategic management literature's two most widely used measures of firm and business-level risk: beta (or its derivatives) from the Capital As set Pricing Model and simple variance (or its variants). This research revi ews risk studies published in leading management journals in the past 15 ye ars and summarizes the recent methodological findings in the adjacent liter atures. We discuss the implications of these findings for our understanding of risk in strategic management and assess alternative measures of risk an d conclude with a discussion of directions for future strategy research. Co pyright (C) 1999 John Wiley & Sons, Ltd.