All risk-taking is not the same: examining the competing effects of firm risk-taking with meta-analysis

Mathias Arrfelt (), Michael Mannor (), Jennifer D. Nahrgang () and Amanda L. Christensen ()
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Mathias Arrfelt: Arizona State University
Michael Mannor: University of Notre Dame
Jennifer D. Nahrgang: Arizona State University
Amanda L. Christensen: University of Cincinnati

Review of Managerial Science, 2018, vol. 12, issue 3, No 3, 660 pages

Abstract: Abstract Although researchers have vigorously studied organizational risk-taking for over 35 years, relatively little emphasis has been placed on theoretically differentiating the unique relationships between the many risk-taking choices organizations make and firm risk or firm performance. In this research, we propose a new framework that builds from March’s exploration–exploitation model to argue that different risk-taking choices can have substantially different influences on firm outcomes. We use meta-analysis to examine the unique and at times competing effects of four of the most commonly studied risk-taking choices on firm risk and firm performance. Results from a meta-analysis of 257 unique studies (N = 499,808) demonstrate support for our proposed framework and cast significant doubt on the idea that commonly studied firm risk-taking choices theoretically aggregate into one overarching risk-taking construct.

Keywords: Firm risk; Risk-taking; Meta-analysis (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s11846-016-0225-9

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