Exploring the Corporate Risk Outcomes of Effective Dynamic Capabilities

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Exploring the Corporate Risk Outcomes of Effective Dynamic Capabilities

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Title: Exploring the Corporate Risk Outcomes of Effective Dynamic Capabilities
Author: Østergaard Hansen, Anders; Juul Andersen, Torben
Abstract: The economic turmoil over the past decade has accentuated the focus on corporate risk management and organizational adaptability under turbulent market conditions. However, there is little empirical evidence assessing whether promoted risk approaches are in fact associated with favourable corporate risk outcomes. Here we introduce the concept of dynamic capabilities as firm-specific adaptation under environmental turbulence that avoids extreme loss situations and provides stable business development. We test the relationship between effective dynamic capabilities and corporate risk outcomes in two large samples over two 10-year periods (1991-2000 and 2001-2010) representing distinctly different macro-economic conditions. The analysis uncovers significant positive risk outcomes effects in both periods, which suggests that dynamic capabilities may serve as a conceptual foundation to better understand effective risk management practices.
URI: http://hdl.handle.net/10398/8785
Date: 2013-11-14
Notes: Paper presented at the 6th International Risk Management Conference (IRMC) Copenhagen, Denmark, June 21-22, 2013.

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