Strategic orientation and firm risk |
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| Institution: | 1. University of Groningen, Faculty of Economics and Business, Duisenberg Bldg., Nettlebosje 2, Groningen NL 9700 AK, the Netherlands;2. Grenoble Ecole de Management, Univ Grenoble Alpes ComUE, Marketing and Sales Department, B.P. 127 - 12, rue Pierre-Sémard, F - 38003 Grenoble, Cedex 01, France;3. Coggin College of Business, University of North Florida, 1 UNF Drive, Building 42, Office 3407, Jacksonville, FL 32224, United States of America;1. Department of Marketing and Consumer Studies, University of Guelph, 50 Stone Road, Guelph, Ontario N1G 2W1, Canada;2. Department of Mathematics, University of Bergen, P.O. Box 7800, 5020 Bergen, Norway;3. Department of Design and Innovation, Case Western Reserve University, Cleveland, OH, USA;4. Institut für Mathematik und Informatik, Universität Greifswald, Walther-Rathenau-Straße 47, 17487 Greifswald, Germany;5. Gutenbergstraße 3, 37075 Göttingen, Germany;6. Department of Psychiatry and Psychotherapy, University Regensburg, Universitätsstraße 84, 93053 Regensburg, Germany;1. Department of Marketing, Belk College of Business, University of North Carolina-Charlotte, 9201 University City Blvd., Charlotte, NC 28223, United States of America;2. Sheldon B. Lubar School of Business Administration, University of Wisconsin-Milwaukee, Milwaukee, WI 53211, United States of America;1. Department of Marketing, Jones Graduate School of Business Rice University, 6100 Main St, Houston, TX 77005, United States of America;2. Department of Marketing, Trulaske College of Business University of Missouri Columbia, MO 65211, United States of America;1. Nanjing University, Jiangsu 210093, China;2. Xiamen University, Fujian 361005, China |
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| Abstract: | Entrepreneurial orientation (EO) and market orientation (MO) have received substantial conceptual and empirical attention in the marketing and management literature and both orientations have consistently been linked to stronger financial performance. Yet the way in which market-oriented firms seek to achieve superior rents is substantively different from that of entrepreneurially oriented firms which could lead to differential impacts of EO and MO on firm risk. In this study, the authors employ a text mining technique to assess firms' EO and MO and examine the impact of these two strategic orientations on shareholder risk outcomes. The results show that while EO increases idiosyncratic risk, MO decreases it. However, only EO decreases systematic risk. Overall, the results of this study demonstrate that a firm's decisions regarding strategic orientation should be examined in light of both likely risks and returns in order to make appropriate resource allocation decisions. |
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