Strategic responsiveness and Bowman's risk–return paradox
构建了一个基于战略匹配和企业战略能力异质性的模型，从数学上推导出鲍曼悖论（风险与回报负相关），并用45个行业1991-2000年的数据验证了模型的预测。
Abstract One of the most enduring puzzles in the strategy literature is the negative association between risk and return known as the Bowman paradox. This paper formalizes a model of strategic conduct based on the concept of strategic fit and the heterogeneity of firm strategic capabilities. This model is shown mathematically to yield the negative association of the Bowman paradox. Furthermore, the model makes several other testable predictions. To examine these predictions, simulated data from the model are compared with a large empirical study of 45 industries during 1991–2000. The predictions of the model are consistent with the empirical data. Copyright © 2007 John Wiley & Sons, Ltd.