Shifts of Reference Points for Framing of Strategic Decisions and Changing Risk-Return Associations

References

• Akerlof G. The market for lemons: Quality uncertainty and the market mechanism. Quart. J. Econom. (1970) 84:488–500Crossref, Google Scholar
• Amit R., Livnat J. Diversification and the risk-return tradeoff. Acad. Management J. (1988) 31:154–166Crossref, Google Scholar
• Baird I. S., Thomas H. Toward a contingency model of strategic risk taking. Acad. Management Rev. (1985) 10:230–243Crossref, Google Scholar
• Bateson G.Steps to an Ecology of Mind (1972) (Ballantine Books, New York) Google Scholar
• Baucus D. A., Golec J. H., Cooper J. R. Estimating risk-return relationships: An analysis of measures. Strategic Management J. (1993) 14:387–396Crossref, Google Scholar
• Bettis R. A., Mahajin V. Risk/return performance of diversified firms. Management Sci. (1985) 31:785–799Link, Google Scholar
• Bowman E. H. A risk/return paradox for strategic management. Sloan Management Rev. (1980) 21:17–31Google Scholar
• Bowman E. H. Content analysis of annual reports for corporate strategy and risk. Interfaces (1984) 14:61–72Link, Google Scholar
• Bromiley P. Testing a causal model of corporate risk taking and performance. Acad. Management J. (1991a) 34:37–59Crossref, Google Scholar
• Bromiley P. Paradox or at least variance found: A comment on “Mean-variance approaches to risk-return relationships in strategy: Paradox lost”. Management Sci. (1991b) 37:1206–1210Link, Google Scholar
• Chang Y., Thomas H. The impact of diversification strategy on risk-return performance. Strategic Management J. (1989) 10:271–284Crossref, Google Scholar
• Clarke R. N. SICs as delineators of economic markets. J. Bus. (1989) 62:17–31Crossref, Google Scholar
• Cool K., Schendel D. Strategic group formation and performance: The case of the U.S. pharmaceutical industry, 1963–1982. Management Sci. (1987) 33:1102–1124Link, Google Scholar
• Cool K., Schendel D. Performance differences among strategic group members. Strategic Management J. (1988) 9:207–223Crossref, Google Scholar
• Cool K., Dierickx I., Jemison D. Business strategy, market structure, and risk-return relationships: A structural approach. Strategic Management J. (1989) 10:507–522Crossref, Google Scholar
• Donaldson G., Lorsch J.Decision Making at the Top: The Shaping of Strategic Direction (1983) (Basic Books, New York) Google Scholar
• Fiegenbaum A. Prospect theory and the risk-return association. J. Econom. Behavior and Organ. (1990) 14:187–203Crossref, Google Scholar
• Fiegenbaum A., Thomas H. Attitudes toward risk and the risk-return paradox: Prospect theory explanations. Acad. Management J. (1988) 31:85–106Crossref, Google Scholar
• Fiegenbaum A., Hart S., Schendel D. Strategic reference point theory. Strategic Management J. (1996) 17:219–235Crossref, Google Scholar
• Fomby T. B., Carter Hill R., Johnson S. R.Advanced Econometric Methods (1984) (Springer, New York) Crossref, Google Scholar
• Frecka T. J., Lee C. F. Generalized financial ratio adjustment processes and their implications. J. Accounting Res. (1983) 21:308–316Crossref, Google Scholar
• Freeman E. R.Strategic Management: A Stakeholder Approach (1984) (Pitman, Marshfield) Google Scholar
• Gregory R., Lichtenstein S., MacGregor D. The role of past states in determining reference points for policy decisions. Organizational Behavior and Human Decision Processes (1993) 55:195–206Crossref, Google Scholar
• Hoppe F. Untersuchungen zur Handlungs— und Affektpsychologie. Psych. Forschung (1930) 14:1–63Crossref, Google Scholar
• Jemison D. B. Risk and the relationship among strategy, organizational process, and performance. Management Sci. (1987) 33:1087–1101Link, Google Scholar
• Kahneman D. Reference points, anchors, norms, and mixed feelings. Organ. Behavior and Human Decision Processes (1992) 51:296–312Crossref, Google Scholar
• Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica (1979) 47:263–291Crossref, Google Scholar
• Kahneman D., Knetsch J., Thaler R. Fairness of a constraint on profit seeking: Entitlements in the market. Amer. Econom. Rev. (1986) 76:728–741Google Scholar
• Kameda T., Davis J. H. The function of the reference point in individual and group risk decision making. Organ. Behavior and Human Decision Processes (1990) 46:55–76Crossref, Google Scholar
• Lev B. Industry averages as targets for financial ratios. J. Accounting Res. (1969) 7:290–299Crossref, Google Scholar
• Lewin K., Dembo T., Festinger L., Sears P. S., Hunt J. M. Level of aspiration. Personality and the Behavior Disorders (1944) 1.(Ronald Press, New York) 333–378Google Scholar
• Lopes L. Between hope and fear: The psychology of risk. Adv. Experiment. Social Psych. (1987) 20:255–295Crossref, Google Scholar
• March J. G., Shapira Z. Managerial perspectives on risk and risk taking. Management Sci. (1987) 33:1404–1418Link, Google Scholar
• March J. G., Shapira Z. Variable risk preferences and the focus of attention. Psych. Rev. (1992) 99:172–183Crossref, Google Scholar
• Markowitz H. Portfolio selection. J. of Finance (1952) 7:77–91Google Scholar
• Miller K. D., Bromiley P. Strategic risk and corporate performance: An analysis of alternative risk measures. Acad. Management J. (1990) 33:756–779Crossref, Google Scholar
• Morris C. N. Parametric empirical bayes inference: Theory and applications. J. Amer. Statist. Assoc. (1983) 78:47–55Crossref, Google Scholar
• Neale M. A., Bazerman M. H.Cognition and Rationality in Negotiation (1991) (Free Press, New York) Google Scholar
• Oviatt B. M., Bauerschmidt A. D. Business risk and return: A test of simultaneous relationships. Management Sci. (1991) 37:1405–1423Link, Google Scholar
• Panzano P. C., Billings R. S. The influence of issue frame and organizational slack on risky decision making: A field study. Acad. Management Proc. (1994) 54:377–381Crossref, Google Scholar
• Ruefli T. Mean variance approaches to risk-return relationships in strategy: Paradox lost. Management Sci. (1990) 36:368–380Link, Google Scholar
• Ruefli T. Reply to Bromiley's comment and further results: Paradox lost becomes dilemma found. Management Sci. (1991) 37:1210–1215Link, Google Scholar
• Sen A., Srivastava M.Regression Analysis. Theory, Methods, and Applications (1990) (Springer, New York) Google Scholar
• Sharpe W. F. Capital asset prices: A theory of market equilibrium under conditions of risk. J. Finance (1964) 19:425–442Google Scholar
• Weitzman M. The ratchet principle and performance incentives. Bell J. Econom. (1980) 11:302–308Crossref, Google Scholar
• Wiseman R. M., Bromiley P. Risk-return associations: Paradox or artifact? An empirically tested explanation. Strategic Management J. (1991) 12:231–241Crossref, Google Scholar
• Yates S., Aronson E. A social psychological perspective on energy conservation in residential buildings. Amer. Psych. (1983) 38:435–444Crossref, Google Scholar