Article1985

Toward a Contingency Model of Strategic Risk Taking

191 citations0/0 files storedAcademy of Management Review

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Leadership, Behavior, and Decision-Making Studies Decision-Making and Behavioral Economics Organizational Management and Leadership

Abstract

While the concept of risk is embedded in the process of strategic decision making, there has been little systematic treatment of risk in the strategic management field.Most often, risk is conceptualized in terms of uncertainty about financial returns or some equivalent performance measure.In this paper, the need for a wider concept of strategic risk is discussed and a model of strategic risk taking incorporating environmental, industry, organizational, decision maker and problem variables is put forward.The model is intended both as a preliminary conceptualization of strategic risk taking and as a stimulant for future research about risk taking and strategic management.Relevant research from a number of disciplines is summarized and the potential impacts of particular variables on the propensity to take strategic risks are examined both diagrammatically and in tabular form.

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References

1974Judgment under Uncertainty: Heuristics and Biases 1971Industrial Market Structure and Economic Performance.2013Analytic Hierarchy Process 1976The Structure of "Unstructured" Decision Processes 1972Characteristics of Organizational Environments and Perceived Environmental Uncertainty 1978Patterns in Strategy Formation 1981Risk Reduction as a Managerial Motive for Conglomerate Mergers 1977From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition*

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