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Las tres caras del riesgo estratégico: riesgo sistemático, riesgo táctico y riesgo idiosincrásico

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  • Núñez-Nickel, Manuel
  • Cano Rodríguez, Manuel

Abstract

Tradicionalmente, el riesgo total de la empresa se ha desglosado en dos componentes: riesgo sistemático y riesgo específico. No obstante, la investigación sobre el concepto de riesgo ha estado claramente volcada sobre el primero de ellos. La causa de este sesgo en la investigación viene motivada por la conclusión financiera de que el riesgo sistemático es el único relevante para el inversor, puesto que el específico puede ser eliminado por simple diversificación. En cuanto al riesgo específico, está empezando a ser tenido en cuenta en los últimos años dentro de la teoría de la organización, debido a la relevancia de este tipo de riesgo para el directivo. Este artículo demuestra que, a pesar de que, según la teoría financiera, los directivos deben centrarse en la gestión del riesgo sistemático, el directivo tiende a gestionar el riesgo específico, si bien, solo una parte de este riesgo -a la que hemos denominado riesgo táctico- depende de la mayor o menor propensión del directivo frente al riesgo, mientras que otra parte riesgo idiosincrásico se mantiene constante e independiente de la actitud frente al riesgo del empresario. Sin embargo, no se obtiene influencia del directivo alguna sobre el riesgo sistemático.

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  • Núñez-Nickel, Manuel & Cano Rodríguez, Manuel, 2002. "Las tres caras del riesgo estratégico: riesgo sistemático, riesgo táctico y riesgo idiosincrásico," DEE - Documentos de Trabajo. Economía de la Empresa. DB db021508, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    • Handle: RePEc:cte:dbrepe:db021508
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