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Why Managers and Companies Take Risks

  • Book
  • © 2006

Overview

Authors:
  1. Les Coleman

    1. Department of Finance, The University of Melbourne, Parkville, Australia

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Part of the book series: Contributions to Management Science (MANAGEMENT SC.)

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Table of contents (11 chapters)

  1. Front Matter

    Pages I-X
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  2. Introduction

    Pages 1-19

  3. Theory of Risk and Decision Making in Management

    Pages 21-39

  4. Behavioural Evidence on Risk and Decision Making

    Pages 41-61

  5. Real-World Decision Making Under Risk

    Pages 63-89

  6. Risk-Taking and Organisation Performance

    Pages 91-113

  7. Published Models of Decision Making Under Risk

    Pages 115-147

  8. Why Managers Take Risks

    Pages 149-184

  9. How Companies Control Risks

    Pages 185-224

  10. Summary and Discussion

    Pages 225-247

  11. Risk Budget Theory

    Pages 249-276

  12. Conclusions

    Pages 277-290

  13. Back Matter

    Pages 291-349
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Keywords

About this book

This book uses risk in its dictionary meaning as the probabiHty of an unde­ sirable outcome, and has two research questions: when managers make de­ cisions, what leads them to choose a risky alternative? and: what deter­ mines whether the decision proves correct? Answers to these questions form a model of decision making that explains the process and results of managers' risk-taking in the real world. There is an extensive literature on risk and decision making because the topic has been of interest in many disciplines since at least the 18^^ century. Thus insights on the research questions are available from studies of ani­ mals, humans and organisations; and have been drawn by scholars in biol­ ogy, psychology, finance and management. Even so, there is a large gap as most studies are conducted away from corporate settings and use subjects with limited decision experience. The few studies set in real-world condi­ tions tend to concentrate on just a single aspect of decision makers' attrib­ utes, setting and behaviour, and on either decision choices or outcomes. The empirical work in this book is designed to fill part of this gap.

Authors and Affiliations

  • Department of Finance, The University of Melbourne, Parkville, Australia

    Les Coleman

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