Enables critical thinking about the current state of risk management and ERM Demonstrates contemporary shortcomings and challenges from real life cases Draws from a global selection of cases from well-known organisations Provides a basis for developing more effective risk management approaches

Contemporary firms face complex dynamic environments notoriously difficult to predict, even impossible to foresee, where extraordinary events can inflict major disruptions. Interactive collaborative decision processes appear as better drivers of strategic adaptation. Yet, firms show vastly different ways of dealing with the challenges imposed by extreme exposures as environmental conditions change. The research presented here is developed from analyses of extensive European and North American datasets (1995-2019) spanning periods of economic expansion, recession, and recovery and explores how firms manage in a world with extreme exposures and how their failure and success affect the distribution of financial returns. Refined analyses show how left-skewed returns are associated with negative risk-return relations where high-performers generate better average returns at lower levels of risk. These results can also derive from firms with heterogeneous adaptive capabilities, which we model and use in computational simulations to show how it produces negatively skewed performance distributions and inverse risk-return outcomes.; The Emerald Studies in Global Strategic Responsiveness aspires to disseminate new inspiring research insights as a potential catalyst for the development of effective approaches to deal with the exposures imposed by dynamic complexities in the global business environment.

Organizations face challenges in adapting their current business and operational activities to dynamic contexts. Successful companies share a common characteristic of dealing with the emergent risks and threats in responses that generate viable solutions. Strategic risk management (SRM) is a multidisciplinary and rather fractured field of study, which creates significant challenges for research. This short-form book provides an expert overview of the topic, providing insight into the theory and practice. Essential reading for strategic management researchers, the authors frame the fundamental principles, emerging challenges and responses for the future, which will also provide valuable insights for adjacent business disciplines and beyond.

Enables critical thinking about the current state of risk management and ERM Demonstrates contemporary shortcomings and challenges from real life cases Draws from a global selection of cases from well-known organisations Provides a basis for developing more effective risk management approaches

A number of truly disruptive events have occurred in recent times, from the financial crisis and the pandemic to political conflict with broad ramifications for international business conduct. National borders have been severely constrained with radical effects on global value-chains and supply conditions. We must respond to these unpredictable developments in ways that create resilience and advance sustainable solutions. The global business environment is highly uncertain, fractured by unforeseen events and making decisions that deal with a largely unknown future. Following the global scale of COVID-19, the divergent uncoordinated actions of regimes around the world, and the more recent demonstration of brutal military interventions in Ukraine, the long-term belief that globalization is the bedrock of future wealth-creation is being questioned. As the system scrambles to cope with the costs of necessary adjustments to realign the international economic system, we realize that organizations must improve their ability to respond. To support these considerations and foster constructive thinking about effective response capabilities, this volume of articles presents a new set of studies that attempt to better understand and address this very need. The contributions consider the diverse effects of institutional settings and subtle organizational strategy-making contexts gauging ways to gain flexibility and strategic adaptability that can generate sustainable performance outcomes.

Global firms must operate in turbulent conditions, facing relentless pressure to be efficient, whilst also accommodating local factors and ways of thinking. This book offers an insight into how an adaptive multinational enterprise can achieve a sustainable competitive advantage in an uncertain environment. Drawing on ground-breaking research into adaptive strategy, this book introduces compelling tools to help design responsive strategic organizations by cultivating global strategic democracy. Written by two leading scholars, this book provides models to inform strategic decisions through the aggregation of frontline information. With a wealth of illustrative case examples supplementing unique research, this text is essential reading for students of strategic management and provides illuminating insights for the reflective practitioner.

The past decade has seen global business conditions affected by major socio-economic crises. These have highlighted a pressing need to build resilient organizational structures with effective responsive processes. Businesses are more exposed to uncertain and unknown factors, as well as significant environmental exposures, making the call for resilient and responsive capabilities ever more urgent. The ability to engage in responsive strategy-making under rapid and potentially extreme environmental changes requires a leadership approach that prioritises specialized experiential knowledge of internal and external stakeholders and a capacity to develop organizational settings that enable collaborative ways of working. Strategic Responses for a Sustainable Future considers how modern organizations can respond to deal with increasingly uncertain environmental conditions. Chapters cover adaptive processes to enhance responsiveness, the adoption of green and open strategies, as well as "maverick" methods of resource management and driving innovation, all with the aim of creating effective solutions that can sustain business growth and performance.

The global business environment is becoming increasingly volatile and unpredictable, reflecting the consequences of operating in a dynamic and complex business environment in constant flux with the potential of extreme outcomes. As a consequence, corporate performance data generally displays very few high-performers and a fat tail of many underperforming firms. This business context means that contemporary managers need to be equipped to deal effectively with implied uncertainty, abrupt events, and extreme outcome effects. This volume presents a number of promising ideas about how to deal with the strategic challenges of global business turbulence, as presented at the 2018 EURAM Conference held in Reykjavik, Iceland. There is a need for effective adaptive strategies to survive and prosper in the unpredictable contexts of corporate activities. The various contributions are grounded in prior strategy research but adopt multiple methodological approaches to engage diverse relevant knowledge that can advance this increasingly important field of study. The book presents new perspectives in the study of responsive adaptive processes in organizational settings that has high relevance for social science researchers with interests in these issues. Intelligent and curious managers and management students can likewise gain access to new ideas that may inspire their current thinking on effective organizational practices.

The responsive global organization can adapt business operations across multinational markets in response to unpredictable changes in the turbulent global marketplace. This book deals with different aspects of the effective multinational corporation (MNC) pointing to new ways in which the MNC can enhance responsiveness faced with increasing market turbulence. Drawing on contemporary research in strategy and international business, the book considers relevant aspects including subsidiary autonomy, individual and team engagement, local knowledge, knowledge-based innovation, dynamic integrative processes, cross-cultural management, crisis handling, and the impact of abrupt events.The diversity of multinational business provides many opportunities, but also distinct challenges that must be managed effectively. Here an interactive dynamic between headquarters and local business units is driving responsiveness and adaptive behaviors. Corporate headquarters must structure a multinational organization so adaptive initiatives exploit local market insights where opportunities evolve from autonomous responses around the world. This can entail crisis responses involving both local and corporate efforts as a robust way to handle unexpected incidents. Such interactive approaches constitute a combination of central integration and decentralized local responses as the basis for a dynamic adaptive system. To make this work in a multinational context, we must consider the intricate interplay between corporate values and local cultures, and understand how leadership philosophies influence how diverse employees act as team players and global corporate citizens. The book provides relevant insights on all these important issues.

At a time when corporate scandals and major financial failures dominate newspaper headlines, the importance of good risk management practices has never been more obvious. The absence or mismanagement of such practices can have devastating effects on exposed organizations and the wider economy (Barings Bank, Enron, Lehmann Brothers, Northern Rock, to name but a few). Today's organizations and corporate leaders must learn the lessons of such failures by developing practices to deal effectively with risk. This book is an important step towards this end. Written from a European perspective, it brings together ideas, concepts and practices developed in various risk markets and academic fields to provide a much-needed overview of different approaches to risk management. It critiques prevailing enterprise risk management frameworks (ERMs) and proposes a suitable alternative. Combining academic rigour and practical experience, this is an important resource for graduate students and professionals concerned with strategic risk management.

Organizations face challenges in adapting their current business and operational activities to dynamic contexts. Successful companies share a common characteristic of dealing with the emergent risks and threats in responses that generate viable solutions. Strategic risk management (SRM) is a multidisciplinary and rather fractured field of study, which creates significant challenges for research. This short-form book provides an expert overview of the topic, providing insight into the theory and practice. Essential reading for strategic management researchers, the authors frame the fundamental principles, emerging challenges and responses for the future, which will also provide valuable insights for adjacent business disciplines and beyond.

Global firms must operate in turbulent conditions, facing relentless pressure to be efficient, whilst also accommodating local factors and ways of thinking. This book offers an insight into how an adaptive multinational enterprise can achieve a sustainable competitive advantage in an uncertain environment. Drawing on ground-breaking research into adaptive strategy, this book introduces compelling tools to help design responsive strategic organizations by cultivating global strategic democracy. Written by two leading scholars, this book provides models to inform strategic decisions through the aggregation of frontline information. With a wealth of illustrative case examples supplementing unique research, this text is essential reading for students of strategic management and provides illuminating insights for the reflective practitioner.

At a time when corporate scandals and major financial failures dominate newspaper headlines, the importance of good risk management practices has never been more obvious. The absence or mismanagement of such practices can have devastating effects on exposed organizations and the wider economy (Barings Bank, Enron, Lehmann Brothers, Northern Rock, to name but a few). Today's organizations and corporate leaders must learn the lessons of such failures by developing practices to deal effectively with risk. This book is an important step towards this end. Written from a European perspective, it brings together ideas, concepts and practices developed in various risk markets and academic fields to provide a much-needed overview of different approaches to risk management. It critiques prevailing enterprise risk management frameworks (ERMs) and proposes a suitable alternative. Combining academic rigour and practical experience, this is an important resource for graduate students and professionals concerned with strategic risk management.

The global business environment is as turbulent as ever and organizations must adapt to the changing conditions to survive and persevere. Adapting To Environmental Challenges: New Research In Strategy And International Business provides new promising insights on the effects of middle management involvement in adaptive strategy-making processes and applications of interactive control systems in the pursuit of more durable corporate outcomes. The empirical evidence suggests that responsible corporate behaviour drives higher market-valuations of firms and the application of green technologies is associated with more sustainable performance outcomes. For international organizations that operate across a multiplicity of cultural contexts, the ability to manage responsible corporate behavior must be interpreted in the local contexts and not only in a headquarter context, which is the norm. Hence, multinational managers must appreciate and understand the cultural differences to disentangle the managerial challenges in dynamic global markets where resource-poor firms can forge their international market positions by offering advantageous value-to-price trade-offs induced by supportive cultural values. Adapting To Environmental Challenges: New Research In Strategy And International Business provide new relevant perspectives and insights to understand strategic adaptation in international business contexts based on corporate responsible behavior and cultural sensitivity as the ingredients for agile operations and a resilient multinational organization.

The Short Introduction to Strategic Management provides an authoritative yet accessible account of strategic management and its contemporary challenges. It explains the roots and key rationales of the strategy field, discussing common models, tools and practices, to provide a complete overview of conventional analytical techniques in strategic management. Andersen extends the discussion to consider dynamic strategy making and how it can enable organizations to respond effectively to turbulent and unpredictable global business environments. There is a specific focus on multinational corporate strategy issues relevant to organizations operating across multiple international markets. Written in a clear and direct style, it will appeal to students and practising managers and executives alike.

Modern risk management as practiced today faces significant obstacles-we argue-primarily due to the fundamental premise of the concept itself. It asserts that we are mainly dealing with measurable, quantifiable risks and that we can manage the uncontrollable by relying on formal control-based systems, which has produced a general view that (enterprise) risk management is a technical-scientific discipline. Strategic Risk Leadership offers a critique of the status quo, and encourages leaders, executives, and chief risk officers to find fresh approaches that can help them deal more proactively with what the future may hold. The book provides an overview of the history of risk management and current risk governance approaches as prescribed by leading risk management standards, such as COSO and ISO31000. This enables practitioners to challenge the frameworks and improve their adoption in practice introducing sustainable resilience as a (more) meaningful response to uncertain and unknowable conditions. The book shows how traditional thinking downplays the significance of human behavior and judgmental biases as key elements of major organizational exposures illustrated and explained through numerous case examples and studies. This book is essential reading for strategic risk managers to understand the requirements for effective risk governance practices in the contemporary and rapidly changing global risk landscape. Indeed, it is a valuable resource for all risk executives, leaders, and chief risk officers, as well as advanced students of risk management.

The Short Introduction to Strategic Management provides an authoritative yet accessible account of strategic management and its contemporary challenges. It explains the roots and key rationales of the strategy field, discussing common models, tools and practices, to provide a complete overview of conventional analytical techniques in strategic management. Andersen extends the discussion to consider dynamic strategy making and how it can enable organizations to respond effectively to turbulent and unpredictable global business environments. There is a specific focus on multinational corporate strategy issues relevant to organizations operating across multiple international markets. Written in a clear and direct style, it will appeal to students and practising managers and executives alike.

This book promotes good risk governance and risk management practices to corporate managers, executives, and directors wherever they operate around the world. The major corporate scandals have their roots in governance failure pointing to the link between risk governance and good performance outcomes. This topic is timely and of interest both to the academic community as well as to practicing managers, executives, and directors.
The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment. The underlying logic is built on the principles of financial economics where benefits derive from reducing bankruptcy costs and increasing future cash inflows. This provides a stringent framework for analyzing the effect of different risk management actions and behaviors in effective risk-taking organizations. Hence, the book addresses the potential for upside gains as much as the threats of downside losses that represent the conventional risk perspectives. It states the simple fact that you must be willing to take risk to increase strategic responsiveness and corporate manoeuverability. The text builds the arguments in logical steps explicating relevant techniques and practices along the way that invite to immediate applications and practical thinking