Impact of strategic and operational risk management practices on firm performance: An empirical investigation |
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| Affiliation: | 1. Department of Management and Marketing, Franklin P. Perdue School of Business, Salisbury University, 319 Perdue Hall, 1101 Camden Ave. Salisbury, MD, 21801, USA;2. Distinguished University Professor of Global Supply Chain Management and Asian Studies, College of Business and Innovation, The University of Toledo, 4042 Stranahan Hall, 2801 W Bancroft, Toledo, OH, 43606-3390, USA |
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| Abstract: | Increasingly, creating and delivering value through complex supply chain networks involves substantial risks. However, strategy development under business risk conditions is not well-understood. This cross-country research examines how, under conditions of supply chain network risk, firms develop effective risk management practices. Using a literature review and survey research of managers from global firms; we present a research model, and empirically test the hypothesized relationships. The results show that under conditions of uncertainty, management decision-making is more likely to be cautious until visible forms of risks emerge, and prudent response mechanisms are put in place. This study identifies the crucial role of supply chain exploration and exploitation practices, and their influence in development of network risk management practices, leading to competitive financial outcomes. |
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| Keywords: | Global supply chain Strategy Exploration practices Exploitation practices Network risk management Firm financial performance |
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