Why Managers and Companies Take Risks (Contributions to Management Science) - Softcover

Coleman, Les

Softcover

ISBN 10: 3790816957 ISBN 13: 9783790816952

Verlag: Springer, 2008

Inhaltsangabe

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.

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Über die Autorin bzw. den Autor

Les Coleman is a Senior Lecturer in Finance at the University of Melbourne, Australia. His main research interest is financial decision making by firms and investment funds, and his finance publications include three research monographs, four book chapters and nearly 30 journal articles. Les trained originally as an engineer, and spent almost 30 years in senior management positions with Anglo American and ExxonMobil Corporations in Australia and overseas.

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The book answers a simple question: when managers and companies face a decision with two outcomes that are safe and risky, what leads them to choose the risky alternative? The answer starts with a detailed review of the theory behind risk and decision making by managers. The book then gathers real-world evidence using two surveys of senior managers and directors to analyse why they take risks, and how companies control risks. Integrating theory and evidence the book develops a model of risk taking that draws from academic thinking across multiple disciplines and the actual practice of experienced managers. The last section of the book discusses how managers can apply its findings to dialling up the required level of risk inside their firm.

Details zur Ausgabe

• Verlag: Springer
• Erscheinungsdatum: 2008
• Sprache: Englisch
• ISBN 10: 3790816957
• ISBN 13: 9783790816952
• Einband: Taschenbuch
• Anzahl der Seiten: 360
• Kontakt zum Hersteller: GPSR Kontakt; ProductSafety@springernature.com; ; Tiergartenstr. 17; Heidelberg; 69121; Deutschland