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Comprehensive Strategic Management
Type: Book
ISBN: 978-1-78714-225-1

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Article
Publication date: 12 October 2012

Thomas Cooper

The purpose of this paper is to examine the management of strategic public sector risks in communities and municipalities.

Abstract

Purpose

The purpose of this paper is to examine the management of strategic public sector risks in communities and municipalities.

Design/methodology/approach

This research collates information on public sector risk management through a series of key informant interviews and content analysis of municipal plans.

Findings

Financial, environmental, social and other strategic risks were found to be important by communities but not necessarily managed as part of the strategic planning process.

Social implications

The paper explores the question: what are the strategic risks that communities report on and how they are managed? What risks are identified in communities and how they are managed, if they have significant practical and social implications.

Originality/value

It is an interesting time to study public sector risk management. From a regional policy development perspective, public sector organizations will be facing substantial strategic risks in the coming years due to demographic changes (implications of the graying population), urbanization, economic downturns (or booms in certain regions of North America), as well as changes from advances in technology and communication.

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Journal of Enterprising Communities: People and Places in the Global Economy, vol. 6 no. 4
Type: Research Article
ISSN: 1750-6204

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Book part
Publication date: 6 September 2021

Line Ettrich and Torben Juul Andersen

The world in which companies operate today is volatile, uncertain, complex, and ambiguous, thus subjecting contemporary forms to an array of risks that challenge their…

Abstract

The world in which companies operate today is volatile, uncertain, complex, and ambiguous, thus subjecting contemporary forms to an array of risks that challenge their viability in an increasingly competitive landscape. Organizations that cling to their traditional ways of operating impede their ability to survive while those able to embrace evolving changes and lever their strategic response capabilities (SRCs) will thrive against the odds. The possession of such capabilities has become a prominent explanation for effective adaptation to the impending changes but is rarely analyzed and tested empirically. Strategic adaptation typically assumes innovation as an important component, but we know little about how the innovative processes interact with the firm’s SRCs. Hence, this study investigates these implied relationships to discern their effects on organizational performance and risk outcomes. It explores the effects of SRCs and the role of innovation as intertwined adaptive mechanisms supporting strategic renewal that can attain superior performance and risk effects. The relationships are analyzed based on a large sample of US manufacturing firms over the decade 2010–2019. The study reveals that firms possessing effective SRCs have the ability to exploit opportunities and deflect risky situations to gain favorable performance and risk outcomes. While innovation indeed plays a role, the precise nature and dynamic effect thereof remain inconclusive.

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Strategic Responses for a Sustainable Future: New Research in International Management
Type: Book
ISBN: 978-1-80071-929-3

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Book part
Publication date: 21 July 2020

Stefan Linder and Johanna Sax

Today, long-term success requires firms to sense changes in their environments early and react efficiently to them. Increasing middle managers’ participation in…

Abstract

Today, long-term success requires firms to sense changes in their environments early and react efficiently to them. Increasing middle managers’ participation in decision-making about market-related and product-related questions has been suggested as one way of enhancing this strategic responsiveness; abandoning formal planning, such as annual budgets, has been another. Yet, empirical evidence on the matter is scarce and conflicting. Drawing on data from Denmark’s 500 largest firms, we show that participation of middle managers in decision-making about new products and markets to serve, in-deed, increases firms’ strategic responsiveness as assessed by a reduction in firms’ downside risk. However, this effect is not a direct one. Nor does it interact positively or negatively with the emphasis put on formal planning as submitted in literature. Our evidence suggests that emphasis on planning mediates the relation between stronger participation of middle managers in decision-making and the increase in firms’ strategic responsiveness. This has implications for ongoing theory building and practice.

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Adapting to Environmental Challenges: New Research in Strategy and International Business
Type: Book
ISBN: 978-1-83982-477-7

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Article
Publication date: 23 October 2009

Torben Juul Andersen

The purpose of this paper is to argue that strategic responsiveness is of paramount importance for effective risk management outcomes and to introduce an empirical study…

Abstract

Purpose

The purpose of this paper is to argue that strategic responsiveness is of paramount importance for effective risk management outcomes and to introduce an empirical study to demonstrate this.

Design/methodology/approach

Real options logic is adopted to explain how effective risk management capabilities improve performance and how innovation and financial slack enhance this effect. The propositions are examined across 896 companies using two‐stage least square regressions.

Findings

The study reveals that risk management effectiveness combines both the ability to exploit opportunities and avoid adverse economic impacts, and has a significant positive relationship to performance. This effect is moderated favorably by investment in innovation and lower financial leverage.

Research limitations/implications

The analysis is based on a sample of large firms, which may affect the generalizability of results. Nonetheless, the study shows that effective risk management capabilities differentiate the firms and determine success and failure. It further underscores the importance of combined innovation policy and capital structure decisions as firms deal effectively with risk and uncertainty.

Practical implications

The findings indicate that corporate management must consider commitments for innovation and financial slack to enhance positive risk management effects. This result is in dire contrast to traditional beliefs that tighter resource management and higher financial leverage lead to better economies.

Originality/value

This is one of few studies to explicitly consider strategic responsiveness as instrumental for effective risk management outcomes while investigating the economic effects associated with the ability to combine generation of upside gains and downside loss avoidance.

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Journal of Strategy and Management, vol. 2 no. 4
Type: Research Article
ISSN: 1755-425X

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Article
Publication date: 20 August 2021

Aqueeb Sohail Shaik and Sanjay Dhir

The purpose of this study is to explain the interrelationships between the elements of strategic thinking, technological change and strategic risks. The main objective of…

Abstract

Purpose

The purpose of this study is to explain the interrelationships between the elements of strategic thinking, technological change and strategic risks. The main objective of this research is to identify the hierarchy for the elements of thinking, technological change and strategic risk and also to identify the driving powers of these elements.

Design/methodology/approach

The methodology used in this study is modified total interpretive structural modelling and MICMAC analysis which gives the interrelationships and also the driving powers of the elements by analysing the relationships between the elements from the existing literature. This method helps us in answering/understanding the “what”, “how” and “why” of the research. Modified total Interpretive structural modeling is considered in this study, which helps in doing both the paired comparisons and transitivity checks simultaneously. A digraph is constructed at the end of the analysis, which shows the links between the elements, and a driver dependence matrix is constructed, which shows the driving powers.

Findings

This study gives an understanding of the role of the elements, the relationships between them and the hierarchy of addressing these elements, and also the driving and dependence power. Findings of this research give us an understanding of how strategic thinking/technological change/strategic drives the performance of the firm.

Research limitations/implications

This study is conducted with the help of existing literature; this can be further extended by considering the expert opinion.

Practical implications

The model explains the direct and transitive links of the elements and the strength of the relation between them, which helps the researchers and the practitioners to understand the driving power and importance of these constructs. It also helps us to understand the role of these elements and, if implemented in an organisation, which elements need to be prioritised for enhancing the performance of the firm.

Originality/value

Research done in the past has individually analysed the elements effecting strategic thinking; this study identifies the relationships between the elements of all three constructs and helps in understanding the levels of hierarchy.

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Journal of Indian Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4195

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Article
Publication date: 9 November 2010

Pekka Aula

This paper aims to discuss the emergence of corporate reputational risk in terms of social media, exploring its threats to and possibilities for organizations' strategic

Abstract

Purpose

This paper aims to discuss the emergence of corporate reputational risk in terms of social media, exploring its threats to and possibilities for organizations' strategic reputation management.

Design/methodology/approach

Reputation risk, the possibility of damaging one's reputation, presents a threat to organizations in many ways. Little is known, however, about the connections between reputation risk management and social media as a mediated business environment. Following the latest conceptualizations of strategic reputation management and social media, the paper identifies several challenges for organizations. To make sense of this issue, the paper proposes a novel context for strategic reputation management, founded on the metaphor of ambient publicity, which involves not only social media, but also organizations and their stakeholders.

Findings

The paper argues that social media expands the spectrum of reputation risks and boosts risk dynamics, and that social media can have notable effects on corporate‐level strategic endeavors, which must be considered in order to be successful in the modern business environment. Nine tenets for corporate leaders involved in strategic reputation management are presented.

Originality/value

The paper offers new insights on social media's relation to reputation risk and its management. The ambient publicity, for example, has value to leaders involved in strategic reputation management when trying to identify factors characterizing the changing business environment. Understanding ambient publicity as an environment of meaning indicates that organizations, their stakeholders, and the public create a “complex narrative web” surrounding reputation. The more unified this web is, the stronger the organization is in terms of reputation risk.

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Strategy & Leadership, vol. 38 no. 6
Type: Research Article
ISSN: 1087-8572

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Article
Publication date: 20 January 2012

Udechukwu Ojiako

The purpose of this paper is exploratory. The author seeks to put forward propositions on how firms may best conceive business risks in an environment characterised by…

Abstract

Purpose

The purpose of this paper is exploratory. The author seeks to put forward propositions on how firms may best conceive business risks in an environment characterised by constant change and uncertainty. To construct such a reality, the author examines how the military manages its engagement with strategic risk and uncertainty.

Design/methodology/approach

The paper presents a summated examination of literature published over the last four decades covering three major areas of management literature; risk management, competitive strategy and military tactics are conducted.

Findings

The propositions which are put forward provide the foundation for the empirical development of an appropriate framework for strategic risk management.

Originality/value

The major contribution of the study is that it has focused readers on not only strategic risk and competition, but on how lessons can be drawn from the military's experience of dealing with irregular forms of competition.

Details

Management Research Review, vol. 35 no. 2
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 5 May 2020

Sehrish Huma, Waqar Ahmed and Arsalan Najmi

In the era of market turbulence, sourcing specialists consistently face challenges to keep the availability of the material efficiently and effectively without any…

Abstract

Purpose

In the era of market turbulence, sourcing specialists consistently face challenges to keep the availability of the material efficiently and effectively without any disruption. Sourcing strategies and planning have a huge impact on procurement performance. The purpose of this paper is to examine the relationships among different sourcing strategies and supply risk management and performance and additionally, the role of procurement practices in different strategic settings.

Design/methodology/approach

This is empirical research that collected data gathered from 223 procurement specialists working in various manufacturing firms through a structured questionnaire. Valid data is then analyzed through the structure equation modeling technique for hypotheses testing.

Findings

The findings of this study reveal that supplier development is a partial complementary mediator between multiple supplier strategy and supply-side risk management. While in a volatile business environment, strategic supplier strategy has a significant negative impact on supply-side risk management, and in this case supplier development acts as a competing partial mediator between the two. Contract management has resulted in an important mechanism to be deployed in a strategic sourcing strategy. It is also shown that supplier risk management is also associated with improved supply management performance.

Practical implications

This paper establishes an explanation of theoretical and practical understanding of sourcing strategies and empirically shows that supplier development is the appropriate mechanism to deal with supply-side risk management, which in turn positively impacts on supplier management performance.

Originality/value

This study contributes to supply chain risk management literature, especially in the context of strategic risk management and explains how a strategic decision can impact supply risk management. This provides a piece of empirical evidence regarding the use of well-established procurement practices to improve supply performance.

Details

Benchmarking: An International Journal, vol. 27 no. 5
Type: Research Article
ISSN: 1463-5771

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Article
Publication date: 11 December 2018

Alasdair Marshall, Udechukwu Ojiako and Maxwell Chipulu

Risk appetite is widely accepted as a guiding metaphor for strategic risk management, yet metaphors for complex practice are hard to critique. This paper aims to apply an…

Abstract

Purpose

Risk appetite is widely accepted as a guiding metaphor for strategic risk management, yet metaphors for complex practice are hard to critique. This paper aims to apply an analytical framework comprising three categories of flaw – futility, perversity and jeopardy – to critically explore the risk appetite metaphor. Taking stock of management literature emphasising the need for metaphor to give ideation to complex management challenges and activities and recognising the need for high-level metaphor within strategic risk management in particular, the authors propose a means to scrutinise the risk appetite metaphor and thereby illustrate its use for further management metaphors.

Design/methodology/approach

The authors apply a structured analytical perspective designed to scrutinise conceivably any purportedly progressive social measure. The three flaw categories are used to warn that organisational risk appetite specifications can be: futile vis-a-vis their goals, productive of perverse outcomes with respect to these goals and so misleading about the true potential for risk management as to jeopardise superior alternative use of risk management resource. These flaw categories are used to structure a critical review of the risk appetite metaphor, which moves towards identifying its most fundamental flaws.

Findings

Two closely interrelated antecedents to flaws discussed within the three flaw categories are proposed: first, false confidence in organisational risk assessment and, second, organisational blindness towards contributions of behavioural risk-taking to true organisational risk exposure. A theory of high (over-optimistic, excessive or inappropriate) risk-taking organisations explores flaws within the three flaw categories with reference to these antecedents under organisational-cultural circumstances where the risk appetite metaphor is most needed and yet most problematic.

Originality/value

The paper is highly original in its representation of risk management as an organisational practice reliant on metaphor and in proposing a structured means to challenge it as a dominant guiding metaphor where it has gained widespread uncritical acceptance. The discussion is also innovative in its representation of high risk-taking organisations as likely to harbour strong managerial motives, aptitudes and capacities for covert and illicit forms of risk-taking which, being subversive and sometimes reactionary towards risk appetite specifications, may cause particularly serious futility, perversity and jeopardy problems. To conclude, the theory and its implications are summarised for practitioner and educational use.

Details

International Journal of Organizational Analysis, vol. 27 no. 1
Type: Research Article
ISSN: 1934-8835

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