Analysis strategy configurations in risk taking using fuzzy set qualitative comparative analysis model
Abstract
Risk-taking is a key factor in corporate competitive advantage, and economic development. The type of strategic configuration that can drive high-level risk-taking is a problem worthy of attention. This study takes 2,219 listed firms in China as samples and performs a fuzzy set qualitative comparative analysis (fsQCA) to explore the linkage effect and path choice of strategic change, corporate social responsibility, innovation, diversification, and financialization with corporate risk-taking (CRT). It finds that: (a) a single strategy does not constitute a necessary condition for high-level CRT; (b) three types of adaptive schemes exist for high-level CRT, among which the risk-taking level is the highest under the path of “Innovation, diversification, and financialization”; and (c) the driving paths of CRT in different regions, industries, and ownership show obvious differences.
Keyword : risk-taking, corporate strategy, fsQCA, innovation, corporate social responsibility, strategic change, diversification, financialization
How to Cite
Yang, G., Bai, X., & Yang, S. (2023). Analysis strategy configurations in risk taking using fuzzy set qualitative comparative analysis model. Technological and Economic Development of Economy, 29(3), 981–1004. https://doi.org/10.3846/tede.2023.18779
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008
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Đặng, R., Le, N. T., Reddy, K., & Vu, M. C. (2022). Foreign ownership and corporate risk-taking: Panel threshold evidence from a transactional economy. Finance Research Letters, 45, 102190. https://doi.org/10.1016/j.frl.2021.102190
Davis, L. E. (2018). Financialization and the non-financial corporation: An investigation of firm-level investment behavior in the United States. Metroeconomica, 69(1), 270–307. https://doi.org/10.1111/meca.12179
Delmas, M. A., & Pekovic, S. (2018). Organizational configurations for sustainability and employee productivity: A qualitative comparative analysis approach. Business and Society, 57(1), 216–251. https://doi.org/10.1177/0007650317703648
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/j.jdeveco.2008.04.002
Du, Y., & Kim, P. H. (2021). One size does not fit all: Strategy configurations, complex environments, and new venture performance in emerging economies. Journal of Business Research, 124, 272–285. https://doi.org/10.1016/j.jbusres.2020.11.059
Eisenmann, T. R. (2002). The effects of CEO equity ownership and firm diversification on risk taking. Strategic Management Journal, 23(6), 513–534. https://doi.org/10.1002/smj.236
Ellouze, D., & Mnasri, K. (2020). Risk-taking behaviour of family firms: Evidence from Tunisia. International Journal of Entrepreneurship and Small Business, 39(1–2), 192–221. https://doi.org/10.1504/ijesb.2020.104250
Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
Fainshmidt, S., Witt, M. A., Aguilera, R. V., & Verbeke, A. (2020). The contributions of qualitative comparative analysis (QCA) to international business research. Journal of International Business Studies, 51(4), 455–466. https://doi.org/10.1057/s41267-020-00313-1
Feng, Y., Yao, S., Wang, C., Liao, J., & Cheng, F. (2021). Diversification and financialization of non-financial corporations: Evidence from China. Emerging Markets Review. https://doi.org/10.1016/j.ememar.2021.100834
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