The temporal perspective of risk in management: A theoretical framework.

Abstract

The temporal perspective of risk in management lacks analysis when considering its evolution and implications for business and firm’s performance. Earlier literature discussed aspects of risk in management limited to a cross-sectional temporal perspective. We collected papers and data available in databases, such as EBSCO, Scopus, Web-of-Science and conducted a systematic-temporal analysis. We combined both empirical and conceptual papers in our theoretical review to elaborate the conceptual framework. The authors contribute to the literature by (i) defining and classifying risk in management, (ii) analyzing the concept of managing risk from a temporal perspective, (iii) explaining the actors that use risk, such as society (macro level), market (second macro level) and firm (economic, technical, price, product, etc.), (v) presenting main scales used for measuring risk and uncertainty and (vi) discussing risk based on per se and based on perception. We conclude the paper with managerial implications and limitations.