Capital Structure, Environmental Dynamism, Innovation Strategy, and Strategic Risk Management

38 Pages Posted: 23 Apr 2007

See all articles by Torben Juul Andersen

Torben Juul Andersen

Copenhagen Business School - Department of Strategic Management and Globalization

Date Written: September 2005

Abstract

Previous research found that capital structure affects performance when it is adapted to the level of environmental dynamism and pursuit of an innovation strategy. The current study reproduces some of these relationships in a more recent dataset but also identifies significant nuances across industrial environments. Analyses of a large cross sectional sample and various industry sub-samples suggest that other factors have influenced capital structure effects in recent years including flexibilities in multinational organization and effective strategic risk management capabilities.

Keywords: Financial leverage, Derivatives, Real options

Suggested Citation

Andersen, Torben Juul, Capital Structure, Environmental Dynamism, Innovation Strategy, and Strategic Risk Management (September 2005). Available at SSRN: https://ssrn.com/abstract=981415 or http://dx.doi.org/10.2139/ssrn.981415

Torben Juul Andersen (Contact Author)

Copenhagen Business School - Department of Strategic Management and Globalization ( email )

Porcelænshaven 24
Frederiksberg, 2000
Denmark
+45 3815 3030 (Phone)
+45 3815 3035 (Fax)

HOME PAGE: http://www.cbs.dk/staff/torben_juul_andersen

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