This study examines the relationship between strategic deviation and idiosyncratic return volatility (IRV). Using a large sample of U.S. public firms, we find that firms that strategically deviate from industry peers are related to higher IRV. This relationship is weaker for firms with transparent information environments and better corporate governance. Robustness tests show that our results are not affected by endogeneity problems. Additional analyses reveal that strategically deviant firms are associated with higher earnings volatility and cash flow volatility. Taken together, we reveal that strategic deviation has important implications for firms’ risk.

中文翻译：

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战略偏差和特殊回报波动


本研究探讨了战略偏差与特殊回报波动率（IRV）之间的关系。通过使用大量美国上市公司样本，我们发现战略上偏离行业同行的公司与较高的 IRV 相关。对于拥有透明信息环境和更好公司治理的公司来说，这种关系较弱。稳健性测试表明我们的结果不受内生性问题的影响。其他分析表明，战略偏离的公司与较高的盈利波动性和现金流波动性相关。综上所述，我们发现战略偏差对企业风险具有重要影响。