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The dynamics of risk in innovation: a premiere or an encore?

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  • Stoyan V. Sgourev

Abstract

This study examines the mechanisms of risk management in innovation by relating several types of innovation at different risk levels to micro- and macro-level ageing processes. Using archival data from the "Metropolitan Opera" in New York, a time-series analysis reveals how the rate and type of artistic innovation are influenced by ageing at the industry/organizational and executive levels. If the opera repertory has hardened over time, innovation has not stalled, but become of a less risky kind, shifting to reinterpretation of works by way of new conductors and productions, and trying to reconcile pressures toward creativity and stability. New managers tend to promote moderate changes in repertory, without assuming excessive risks. While distinct in nature, opera manifests practices of risk management that seem similar to those observed in other industries. Copyright 2013 The Author 2012. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

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  • Stoyan V. Sgourev, 2013. "The dynamics of risk in innovation: a premiere or an encore?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(2), pages 549-575, April.
    • Handle: RePEc:oup:indcch:v:22:y:2013:i:2:p:549-575
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    File URL: http://hdl.handle.net/10.1093/icc/dts021
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    Cited by:

    1. Efstathios Tapinos & Graham Leask & Mike Brown, 2023. "Perceived environmental turbulence and corporate strategy: The case of the UK recession," Futures & Foresight Science, John Wiley & Sons, vol. 5(3-4), September.
    2. Fabrizio Montanari & Claudio Giachetti & Fabrizio Castellucci & Stefano Li Pira, 2016. "The moderating effect of economic reputation on middle-status conformity: A study on the Italian film industry," Working Papers 9, Department of Management, Università Ca' Foscari Venezia.
    3. Nicola Bellini & Marina Raglianti, 2023. "Reluctant Innovators: Dynamic Capabilities and Digital Transformation of Italian Opera Houses in the Pandemic Crisis," Administrative Sciences, MDPI, vol. 13(3), pages 1-12, March.

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