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- catalog abstract "This paper explores the relationship between a firm's organizational form and its strategic risk taking behavior, measured as its propensity to expand horizontally in the face of increasing levels of environmental turbulence. Multinomial logistic regression analysis of 1986-1995 data for 201 U.S. cable television companies indicates that after controlling for factors such as company scale, two dimensions of organizational form -- a firm's level of diversification, and its CEO's status as an agent versus owner-manager -- predict a company's propensity to either expand horizontally through acquisition or to exit the cable industry (which is interpreted as risk avoidance behavior). The relationship between management equity ownership and risk taking behavior is positive and unambiguous: as turbulence increases, compared to agent-led companies, owner-managed firms exhibit a greater propensity to expand horizontally and a reduced propensity to exit the cable industry. The relationship between diversification and risk taking behavior is more complex: as turbulence increases, compared to firms focused exclusively on the cable business, firms engaged in unrelated diversification outside of cable exhibit both a greater propensity to expand horizontally and a greater propensity to exit the cable industry. In other words, compared to focused firms, in the face of increasing turbulence, diversified companies are likely to take strategicaction of some sort; they are less likely to idle. Drawing on agency theory, hypotheses are advanced that may explain this somewhat counterintuiti".
- catalog contributor b10889922.
- catalog contributor b10889923.
- catalog created "c1998.".
- catalog date "1998".
- catalog date "c1998.".
- catalog dateCopyrighted "c1998.".
- catalog description "Includes bibliographical references (p. 31-33).".
- catalog description "This paper explores the relationship between a firm's organizational form and its strategic risk taking behavior, measured as its propensity to expand horizontally in the face of increasing levels of environmental turbulence. Multinomial logistic regression analysis of 1986-1995 data for 201 U.S. cable television companies indicates that after controlling for factors such as company scale, two dimensions of organizational form -- a firm's level of diversification, and its CEO's status as an agent versus owner-manager -- predict a company's propensity to either expand horizontally through acquisition or to exit the cable industry (which is interpreted as risk avoidance behavior). The relationship between management equity ownership and risk taking behavior is positive and unambiguous: as turbulence increases, compared to agent-led companies, owner-managed firms exhibit a greater propensity to expand horizontally and a reduced propensity to exit the cable industry. The relationship between diversification and risk taking behavior is more complex: as turbulence increases, compared to firms focused exclusively on the cable business, firms engaged in unrelated diversification outside of cable exhibit both a greater propensity to expand horizontally and a greater propensity to exit the cable industry. In other words, compared to focused firms, in the face of increasing turbulence, diversified companies are likely to take strategicaction of some sort; they are less likely to idle. Drawing on agency theory, hypotheses are advanced that may explain this somewhat counterintuiti".
- catalog extent "45 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 99-004.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 99-004".
- catalog issued "1998".
- catalog issued "c1998.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Organizational form and risk taking in the U.S. cable television industry / Thomas R. Eisenmann.".
- catalog type "text".