<![CDATA[This study analyzes the effect of organizational risk and managerial risk-taking on abnormal returns for companies listed on the Indonesia Stock Exchange for 2019–2023. Using 540 observations selected through purposive sampling, companies are categorized into high-performing (HPF) and low-performing (LPF) companies. The analysis used multiple linear regression. The results show that managerial risk-taking has a significant positive effect on abnormal returns in HPF, but a significant negative effect in LPF. Conversely, organizational risk has a significant positive effect on abnormal returns in both groups. These findings indicate that the relationship between risk and return depends on the state of company performance, especially in the context of managerial risk-taking. The results support Prospect Theory, particularly the Reflection Effect, and confirm that company performance is an important factor moderating the direction and magnitude of risk's influence on abnormal returns. These findings are useful for investors and managers in making strategic and investment decisions.]]>
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