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Financial Institutions Center Acceptable Risk : A Study of Global Currency Trading Rooms in the US and Japan

In this study, I explore the idea of "acceptable risk" at the organizational level of analysis in a sample of currency-trading rooms embedded in different national cultures, and develop and test a multi-level model of how national culture and the organizational context, in particular the control strategies and the norms of acceptable risk within risktaking units, shape their risk-taking behavior and performance. The results show that "acceptable risk" as defined within the micro-environment of the trading room does influence actual organizational risk-taking, though national culture does not. In addition, market control strategies were related to better risk-transformation in these trading rooms. This paper was presented at the Wharton Financial Institutions Center’s conference on The Performance of Financial Institutions, May 8-10, 1997.