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Despite widespread incorporation of risk measures in strategy research, there is little consensus regarding the meaning and measurement of risk. In contrast to the variability measures widely used in strategy studies, this paper draws from behavioral decision theory, finance, and management theory to present an alternative perspective on organizational risk—downside risk. The paper explains three categories of organizational downside risk measures based on the concept of lower partial moments. The latter sections of the paper present considerations involved in specifying operational measures of downside risk and an empirical comparison of alternative downside risk measures. 相似文献
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Glenn Hoetker 《战略管理杂志》2005,26(1):75-96
How do firms select a supplier for an innovative component? Three literatures speak to this question. Transaction cost economics focuses on the value of internalization, the literature on inter‐firm relationships on the value of past relationships, and the firm capabilities literature on the value of superior capabilities. Choosing a supplier means choosing a bundle of these characteristics—internal vs. external, amount of prior transactions, and capabilities—but no study has integrated all three characteristics, making it impossible to understand the trade‐offs involved either theoretically or managerially. I propose and test a model integrating all three factors, allowing us to understand the trade‐offs involved. I find that when uncertainty is low, the decision is made primarily on the basis of differences in technical capabilities. As uncertainty increases, prior relationships and a supplier being internal take on greater positive significance relative to the importance of technical capabilities. At extreme levels of uncertainty, the value of internal supply relationships becomes very high and past relationships lose their significance. While adherents of each literature have criticized the others for what they omit, this model moves beyond this mutual recrimination by incorporating the key concerns of each literature, setting the stage for future research that draws upon the strength of each. The model provides guidance for any situation where a firm must chose a partner under uncertainty. Lastly, it addresses the strategic question of how companies should organize in the long run to access the capabilities needed for competitive success. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献
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Our study of 267 U.S. firms shows that improved environmental risk management is associated with a lower cost of capital. Our findings provide an alternative perspective on the environmental‐economic performance relationship, which has been dominated by the view that improvements in economic performance stem from better resource utilization. Firms also benefit from improved environmental risk management through a reduction in their cost of equity capital, a shift from equity to debt financing, and higher tax benefits associated with the ability to add debt. These findings help build better theory regarding the outcomes of strategic improvements in environmental risk management. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
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Glenn Hoetker 《战略管理杂志》2006,27(6):501-518
The tacit assumption that increased product modularity is associated with advantageous increases in organizational modularity underlies much of the literature on modularity. Previous empirical investigations of this assumption, few in number, have faced numerous confounding factors and generated conflicting results. I build a causal model for the relationship between product and organizational modularity, which I test using a distinctive empirical setting that controls for confounding factors present in previous studies. I find support for only part of the assumed relationship, showing that modularity is a more multifaceted concept than previously recognized. In particular, increased product modularity enhances reconfigurability of organizations more quickly than it allows firms to move activities out of hierarchy. The paper contributes to the emerging stream of research that focuses on the previously underappreciated costs of designing and maintaining a modular organization. Copyright © 2006 John Wiley & Sons, Ltd. 相似文献
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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 © 1999 John Wiley & Sons, Ltd. 相似文献
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都宏伟 《石油化工技术经济》2003,19(5):28-32
通过对大庆石化公司200kt／aLDPE项目的市场环境、竞争环境、项目建设实施能力的分析,总结归纳出项目在工程建设和生产运营中蕴涵的几种风险,然后对项目进行风险评价,最后通过风险处置,从而减少风险带来的损失。 相似文献
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EPC总承包模式的风险管理 总被引：12，自引：0，他引：12
目前，国际工程承包市场上越来越倾向于使用EPC(设计-采购-施工)方式承发包大型工程项目。与传统的承发包方式相比，总承包商在EPC项目的实施过程中承担着更多的风险因素。基于EPC模式的特点，对EPC项目实施的各个阶段进行风险分析，并提出一些建议，有助于总承包商控制和防范风险。 相似文献
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Information acquisition and optimal project management 总被引：1，自引：0，他引：1
This paper provides a rationale for why an organization often generates a bias in favor of a new project even after learning that its profitability will be certainly below more conventional ones. We analyze a principal–agent model with two alternative projects, one of which is to be chosen by the principal. In our model, the profitability of a project is determined by the cost of implementation. All parties are familiar with one of the projects (the known project), and thus the implementation cost of this project is common knowledge. Information on the other project (the new project), however, must be acquired by the agent. We find that the new project may be chosen in the optimal contract even when it turns out to be more costly to implement than the known project, if acquiring information is costly enough and the realized implementation cost of the new project is below a particular level. We also discuss distortion in the new project's output schedule when it is selected. 相似文献
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煤炭产业的健康成长是我国社会经济发展的重要保障,但是随着我国市场经济体制改革的不断深化以及海外经济的持续拓展,煤炭企业的竞争压力不断增加。在这种形势下,煤炭企业需要正视市场竞争的压力,完善对企业的经营管理制度,以满足煤炭企业现代化发展的需求。在这一过程当中,以企业内部风险管控的视角对煤炭企业财务管理进行分析,对完善煤炭企业管理制度有着重要促进作用。从风险管控和财务管理视角出发,对当前煤炭企业财务管理中存在的问题进行分析和探讨,并为煤炭企业财务管理的提升提出一些可行性建议。 相似文献
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This study focuses on control mechanisms used by multinational corporations (MNCs) to manage their extra‐national R&D units. Drawing on both the literature on organizational power and contingency theory, this study develops and empirically tests a set of hypotheses aimed at explaining how headquarters control their overseas R&D units. Data collected from 134 R&D units of German MNCs serve to test the hypotheses. Results highlight the importance of the units' R&D mandate and its interdependence in explaining control mechanisms. Moreover, they indicate a relatively weak predictive power of political approaches compared to contingency approaches. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
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This study investigates how component technological change affects the relationship between product modularity and organizational modularity (the across‐firm mirroring hypothesis). Studying the air conditioning industry, we show that the across‐firm mirroring hypothesis does not hold for technologically dynamic components and the associated supply relationships. In this case, the mirror gets “misted up” with buyers and suppliers having recourse to information sharing even in the presence of highly modular components. Our study contributes to the debate on the organizational implications of modularity and its ramifications for the theory of the firm. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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由于项目融资时间长、规模大、参与方多、结构复杂,导致融资风险极大,因而项目融资要求从前期的项目可行性研究开始到项目的谈判、签约、建设、施工直至运营,实行全过程的监督和严格的风险管理。项目融资风险管理是融资项目成败的关键,如何有效地进行融资风险管理是每一项目方都须考虑的问题。目前我国项目融资风险管理中存在一些问题,极大地制约了项目风险管理在我国的发展。必须建立新颖、极具创意的风险管理方法,真正发挥风险管理在项目融资中的作用。 相似文献
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Based on boundary theory, this study analysed the cues and rituals home‐based teleworkers use to facilitate transitions between work and home roles. Qualitative findings revealed that teleworkers primarily engage in strategies aimed at segmenting work from home roles, although some utilise cues to integrate work and home. Teleworkers used time, space, technology and communication as cues to aid role transitions and manage the work–home boundary. Overall, teleworkers appeared to grapple with the tension between the desire for flexibility and the need for structure, and use cues and rites of passage in order to facilitate this balance. Female teleworkers were more likely to use segmenting cues relative to male teleworkers. Teleworkers with children living in the home were less likely to integrate work and home roles. Extensive teleworkers used space more frequently than less extensive teleworkers, but otherwise, both groups reported similar use of cues. 相似文献
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长期以来,传统观点一直认为,当环境治理的市场机制与社会机制失灵时,利用政府机制可以有效弥补二者的缺陷。然而,环境治理的政府机制是否总是有效,在环境治理的理论研究中,很少有涉及到对此问题的深入研究。通过利用制度分析的框架对环境治理中政府机制的作用机理、有效性、作用条件等展开了广泛的探讨,并就提高政府机制在环境治理中的有效性,给出了具体对策。 相似文献
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投资项目风险估测和风险分析 总被引：3，自引：0，他引：3
本详细阐述了投资险管理的相关理论及项目可行性研究中的不确定分析与风险分析的主要区别,介绍了投资项目风险估测和风险分析的方法,重点讨论了概率法和调整折现率法两种风险分析方法。得出了借助风险分析手段可以使投资项目的风险控制在最小程度,使投资发挥出最大效益的结论。 相似文献
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设计-施工总承包建设项目的风险管理 总被引：4，自引：2，他引：4
首先分析了设计-施工总承包模式的特点和优点,然后分析了在设计-施工总承包建设项目中业主和承包商面临的风险因素,总承包商的风险大于施工总承包或分项直接发包的风险。在设计-施工总承包建设项目的风险分析的基础上,阐述了完整的风险管理流程,以及风险识别、评估、预防和控制要点。最后提出了降低风险的措施建议。 相似文献
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风险贴现率法是风险决策分析中常用的方法。章根据工程项目的特点,论述了在工程项目决策中引入风险贴现率法的可能性,以及针对实际情况调整风险贴现率的几种方法,同时也指出了风险贴现率法的局限性。 相似文献