All risk-taking is not the same: examining the competing effects of firm risk-taking with meta-analysis |
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| Authors: | Mathias Arrfelt Michael Mannor Jennifer D Nahrgang Amanda L Christensen |
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| Institution: | 1.W. P. Carey School of Business,Arizona State University,Tempe,USA;2.Mendoza College of Business,University of Notre Dame,Notre Dame,USA;3.Carl H. Lindner College of Business,University of Cincinnati,Cincinnati,USA |
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| 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. |
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