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| Author: | Chatterjee, S. (et al.) |
| Title: | Integrating behavioural and economic concepts of risk into strategic management: the twain shall meet |
| Journal: | Long Range Planning
2003 : FEB, VOL. 36:1, p. 61-79 |
| Index terms: | Strategic management Corporate planning Risk management |
| Language: | eng |
| Abstract: | The authors develop an integrated framework of risk management and strategic competitive advantage that incorporates behaviourial and economic notions of risk. The resulting model argues for the importance of risk-taking to sustainable competitive advantage and ultimately to firm performance. The model integrates framing effects of attainment discrepancy, transaction costs from implicit contracts theory and capital costs from finance theory. It suggests that continuous risk-taking by firms may help sustain competitive advantage and thus lower firm risk. |
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