Strategic Risk

A State-Defined Approach
1996
ISBN: 978-0-7923-9661-1
Verlag: Springer US

Buch, Englisch, 218 Seiten, Format (B × H): 160 mm x 241 mm, Gewicht: 1140 g

examines a fundamental issue in the field of strategic management and organizations: how to study changes in the competitive outcomes of firms. Collins and Ruefli develop the concept of ordinal risk and extend this concept and its associated measures to the more general framework of state-defined systems. The book makes the state-defined risk methodology more accessible to strategic management researchers, and to social scientists in general. The need for quantitative frameworks with which to analyze the dynamics of strategic management has been apparent for some time. The state-defined risk methodology has the advantage of being based on a common usage definition of risk, and is also based on a mathematically well-behaved function. It permits investigation of the chance of gain while yielding a measure of environmental uncertainty. Finally, the development is general and permits applications employing a variety of performance dimensions over a range of entities in a diversity of contexts. The authors demonstrate the practicability and reliability of this approach by applying the model to mutual funds, large mining and manufacturing firms, and public firms on an industry by industry basis.

Zielgruppe

Research

Autoren/Hrsg.

Ruefli, Timothy W.

Collins, James M.

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Ökonometrie
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensforschung
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensführung
• Wirtschaftswissenschaften Betriebswirtschaft Wirtschaftsmathematik und -statistik
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Bankwirtschaft
• Mathematik | Informatik Mathematik Operations Research
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensorganisation & Entwicklungsstrategien

Inhaltsverzeichnis

1: Introduction.- The Strategic Context for a New Approach to Risk.- The Academic Context for a New Approach to Risk.- A Research Perspective on Strategic Risk.- Longitudinal Perspective.- Ordinal Analysis.- General Definition of Risk.- Structure of the Book.- Appendix A.- 2: Review and Analysis of Traditional Conceptualizations and Related Measures of Risk.- Antecedent Concepts and Measures of Risk.- Review and Analysis of Prior Risk-Related Strategy Research.- Traditional Analysis of the Example Data.- Conclusion.- 3: A Concept of State-Defined Risk.- Everyday Usage of Risk.- A State-Defined Perspective.- General Definition of Strategic Risk.- A Framework for Strategic Risk.- Conclusion.- 4: A Measure of State-Defined Risk.- Description of Relative System Behavior.- Development of a General Entropic Measure of System.- Uncertainty.- Interval Data.- Conclusion.- 5: A Generalized Measure of State-Defined Uncertainty.- Weighted Category Shifts.- A Generalized Measure of State-Defined Risk.- A Measure of State-Defined Risk for an Entity.- Computational Bias Due to Limited Observations.- Conclusion.- Appendix B: Weight Systems.- 6: Concepts and Measures of State-Defined Prospect and Hold.- The Concept of Prospect.- Observations.- The Measure.- A Measure of State-Defined Prospect for an Entity.- A Measure of Uncertainty of Holding Position.- A Measure of State-Defined Hold for an Entity.- Weight Functions.- Conclusion.- 7: Recapitulation.- The Numerical Example Summarized.- Advantages of Ordinal Categorical Analysis.- Limitations.- Conclusion.- 8: Two Illustrative Examples.- State-Defined Risk, Prospect and Performance in the Airline Industry.- State-Defined Risk and State-Defined Prospect of The Fortune 500.- Conclusions.- 9: Ex Post Risk and Return Relationships.- RecentFindings and a Conjecture.- Examples.- Theoretical Arguments.- Empirical Evidence.- Methodology.- Results.- Implications.- Conclusions.- 10: Asymmetries in State-Defined Risk and Prospect.- The Problem.- Prior Examination of Symmetry Issues.- Traditional Risk Measures in Strategic Management.- Methodology.- Application of the State-Defined Measures.- Results.- Limitations and Implications.- Conclusion.- 11: Implications, Contributions, Limitations, and Directions for Future Research.- Implications.- Contribution of the Research.- Limitations of the Approach.- Directions for Further Research.