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Managerial risk taking: A multi-theoretical review and future research agenda
Rice University, Houston, Texas, USA.
Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).ORCID iD: 0000-0002-3742-542X
Rice University, Houston, Texas, USA.
Rice University, Houston, Texas, USA.
2017 (English)In: Journal of management, ISSN 0149-2063, E-ISSN 1557-1211, Vol. 43, no 1, 137-169 p.Article in journal (Refereed) Published
Abstract [en]

Managerial risk taking is a critical aspect of strategic management. To improve competitive advantage and performance, managers need to take risks, often in an uncertain environment. Formal economic assumptions of risk taking suggest that if the expected values for two strategies are similar but one is a greater gamble (uncertain), managers will choose the strategy with a more certain outcome. Based on these assumptions, agency theory assumes that top managers should be compensated or monitored to achieve better outcomes. We review the theory and research on agency theory and managerial risk taking along with theories that challenge this basic assumption about risk taking: the behavioral theory of the firm, prospect theory, the behavioral agency model and the related socioemotional wealth perspective, and upper echelons theory. We contribute to the literature by reviewing and suggesting research opportunities within and across these theories to develop a comprehensive research agenda on managerial risk taking.

Place, publisher, year, edition, pages
Sage Publications, 2017. Vol. 43, no 1, 137-169 p.
Keyword [en]
agency theory; macro topics; behavioral theory of the firm; decisions under risk/uncertainty; top management teams/upper echelon
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-31738DOI: 10.1177/0149206316671583ISI: 000390573400007Scopus ID: 2-s2.0-85004074785Local ID: JIBSCeFEOISOAI: oai:DiVA.org:hj-31738DiVA: diva2:968078
Available from: 2016-09-12 Created: 2016-09-12 Last updated: 2017-03-17Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
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  • Other style
More styles
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  • de-DE
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  • Other locale
More languages
Output format
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