title: Managerial Theory of Firm: Towards a Synthesis of Finance and Strategic Management
metadata.name: dc.contributor.author
metadata.value: Bukhvalov, Alexander V.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2017-06-26T16:03:46Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2017-06-26T16:03:46Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2016-12
metadata.lang: -
metadata.name: dc.identifier.other
metadata.value: 10.21638/11701/spbu18.2016.405
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/6504
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Modern strategic management explains competitive position of a company through manager’s
  efforts in searching and constructing firm-specific resources and capabilities. Corporate finance
  claims that an investor forms a diversified portfolio taking into account systematic risk only
  (no link to management) whereas firm-specific risk is completely ignored. We have arrived to a
  paradox, which affirms that company’s value does not depend on manager’s efforts. In essence
  everything depends on industry (industry beta is a recommended proxy for systematic risk).
  The survey is devoted to recent progress in solving the paradox. The breakdown is based on
  consideration of shocks in idiosyncratic cash flows, which leads to a new systematic risk model
  being grounded on managers’ actions. These shocks are related to exercising of growth options,
  which are the major tool for adaptation to uncertainty of external environment recommended
  by strategic management.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Vol. 14; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: systematic risk
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: firm-specific risk
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: CAPM
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: idiosyncratic cash flows
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: real options
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: strategic management
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: managerial theory of firm
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Managerial Theory of Firm: Towards a Synthesis of Finance and Strategic Management
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 05-Bukhvalov.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/6504/1/05-Bukhvalov.pdf
resources.format: Adobe PDF
resources.size: 239,81 kB