Managing Risk and Decision Making in Times of Economic Distress, Part A: Volume 108A

Cover of Managing Risk and Decision Making in Times of Economic Distress, Part A

Table of contents

(15 chapters)

Introduction: Public administration has always been at the forefront of promoting sound and ethical values in society. The myriad of events that are shaping our world, such as global warming, deforestation, poverty and economic instability, calls for a shift from government to governance. This change demands a collaborative type of governance on the quest to implement sustainability. Collaborative governance can be initiated by its workforce, who are the individuals closest to the structures of public administration and can act as agents of change in this mission. Thus, personnel need to be equipped with the required knowledge, attitudes and skills, about and for, sustainable development. This can be addressed through education for sustainable development (ESD), a lifelong tool which requires adaption to national requirements, but most importantly to societal needs.

Aim: This research focusses on a longitudinal case study from the Maltese islands, the smallest state of the European Union. Since enacting the Sustainable Development Act in 2012, through which sustainable development has been mainstreamed in the Maltese public sector, never was the need felt to educate public officers for sustainable development. Hence, this research aims at shedding light on the curriculum design process of an education module called ‘Public Administration and Sustainability’ as part of a Bachelor of Art’s programme at the University of Malta.

Method: Framing an educational module in a tertiary institution requires tact in aligning the syllabus, not only to the pedagogical requirements, but also to the place of work. In this exploratory study, two research questions, each linked with a set of original hypotheses are tackled through a pool of data obtained from a variety of methodological tools employed, by analysing two important variables – the curriculum and the student. The former is reviewed through a content analysis exercise whereas feedback from the latter is scrutinised through a questionnaire.

Findings: Data triangulation demonstrates that the curriculum design of the educational module promotes a holistic learning experience, since it integrates effectively the cognitive, affective and psychomotor domains of the Bloom’s Taxonomy. Furthermore, the different student cohorts share common positive views about this module.

Originality of Study: Previous studies indicate that there is a lacuna in research regarding curriculum design and review, especially regarding sustainable development. This research is significant as it attempts at filling this void by scrutinising closely curriculum design in higher ESD.

Implications: Drawing upon the results, a number of recommendations are provided, among them is ‘The Multiplier Transformation Triad Model’, which portrays the institutional, educational and individual transformations needed to promote sustainability. Moreover, this research might provide more insights about governments’ commitment towards sustainability but should also serve useful to researchers or practitioners in various fields such as public administration, governance, sustainability and even higher education.


Purpose: This chapter looks specifically at the sources of economic policy uncertainty in Nigeria, and discusses their impact on the Nigerian economy while drawing implications for Africa. It identifies factors that transmit uncertainty in economic policy in Nigeria and draw implications for other African countries.

Methodology: This chapter uses a literature survey methodology to identify the sources of economic policy uncertainty in Nigeria.

Findings: The identified sources of economic policy uncertainty in Nigeria are: the frequent changes in central bank policy, unexpected changes in government policy, political interference, unexpected fall in global oil price, recession, and unethical practices.

Implications: The implication of the study is that rising economic policy uncertainty in Nigeria can have a significant effect on the Nigerian economy and for connected African countries.

Originality: Previous studies have not examined the sources of economic policy uncertainty in Nigeria.


Purpose: Construction in Malta is generally characterised by small projects operated through fragmented contractual ties and limited technological advances. Through this study, the authors aim to examine the impact of changing client requirements on local construction, analyse the impact of these shifts on project expectations and explore how client requirements can be integrated into the ongoing design phases during the life cycle of the structure. Using a multi-million-euro, multi-phase residential, commercial, and redevelopment construction project as a case study, this paper presents an in-depth analysis of the short-term disruptions and long-term impacts while considering the implications for trade-offs.

Methodology: A mixed-methods approach was used to conduct the analysis. Qualitative data collected from semi-structured interviews showed that projects have different impacts on relationships even when the same organisations work on different trades within the same project. The quantitative data collected was used to analyse the variations caused by trade-offs from the original contracted work packages. The case study setting represents an example of a phenomenological methodology. It adapts existing theories to interpret what happens by examining an example of a phenomenon of interest. Although the conclusions cannot be generalised to the whole construction industry, its merit is that it addresses relationships and processes and is therefore ‘holistic’ rather than limited to isolated factors.

Findings: The findings, illustrate the effects or factors supported by the empirical data towards the main framework that supports the research study model for mapping trade-offs. The model is presented as a three-dimensional framework illustrating the dynamics of objectives, considerations, and time across project life cycles, and goes beyond the control parameters of the project management, cost, quality, and time triangle.

Conclusion: A set of recommendations are presented in relation to the drawing up of project briefs, procurement strategies, and the limitations and implications of embedding client changes.


Purpose: There have been continuous developments in the production industry to meet the increasing customer demand from the past to the present. At this point, supply chain management (SCM) systems emerge as an important topic. SCM is a set of systems that manages the entire process from the production of a product to its delivery to the end user. Industry 4.0 aims to improve the production industry by increasing the quality, efficiency, and performance of the production process. Therefore, in this chapter, the authors highlight the challenges, benefits, and future trends of the combination of Industry 4.0 and SCM systems.

Methodology: In this chapter, the integration of Industry 4.0 and SCM systems was investigated. For this purpose, the Industry 4.0 position of the countries and the current status of SCM systems have been examined. In addition, the key technologies in the Industry 4.0 transformation, the possible problems encountered in the transformation, the deficiencies encountered in SCM systems, and how these deficiencies can be solved with Industry 4.0 were investigated.

Findings: The results of this study show that companies that use an SCM system can separate themselves from their competitors by using Industry 4.0 technologies.

Significance: This can allow them to achieve their strategic goals and to ensure the maintenance of their competitive advantage.


IntroductionIn today’s intense competitive environment, businesses that want to have a sustainable competitive advantage must put the customer at the centre of all their activities and create customer loyalty by offering products and services that will provide customer satisfaction. One of the key elements of ensuring customer satisfaction is the effective handling of customer complaints, which is defined as the customers expressing their dissatisfaction with unmet expectations and unsatisfied needs verbally or in writing. The concept of a complaint as a response of customers’ dissatisfaction with the products and services they experience is an invaluable feedback mechanism for businesses to resolve issues relating to their products and services.

AimThe aim of this chapter is to emphasise the importance of the concept of complaint as an important part of customer relations management and an effective marketing tool for the tourism sector. As a service sub-sector, the simultaneous production and consumption of services in the tourism sector ensures customer satisfaction more than concrete products, due to their inseparable nature. For this reason, handling, evaluating and finalising customer complaints has an important function and value in providing the necessary information for tourism enterprises to become aware of their deficiencies and mistakes. Complaint management has started to play an even more critical role for the tourism industry in preventing customer losses due to dissatisfaction, especially considering the shrinkage in demand in the sector due to the COVID-19 pandemic.

MethodFirstly the concept of complaint and the importance of complaints for businesses were explained, customer complaint behaviour and the factors affecting this behaviour were examined in detail, the concept of online complaint was mentioned and the subject was evaluated in terms of tourism businesses.

ResultsWhile the effective management and resolution of complaints should be seen as a goal by every tourism business, it is vital that they understand customer complaint behaviours, the factors affecting this behaviour and how complaints should be managed in a way that will result in favour of the business.

ConclusionA complaint management process that enables customers to easily report their complaints to businesses and produces solutions as soon as possible will positively affect customer satisfaction. In this context, in order to reduce the negative effects on tourism enterprises, especially through the pandemic, business need to have clear and easy-to-access procedures, provide a quick response, show reliability and consistency in providing a solution, keeping the complainant informed of progress, have employees who can communicate with empathy and courtesy, have enough employees to deal with the situation, and adopt proactive approaches to prevent complaints rather than reducing the volume of complaints.

Originality/ValueThis research contributes to the literature in terms of complaining behaviour, examining the factors affecting this behaviour and emphasising the importance of the concept of complaints in the tourism sector. In addition, the research is important in terms of examining the contributions of an effective complaint management system in reducing the negative effects of the COVID-19 pandemic on the tourism sector, which is one of the sectors mostly affected on a global scale.


IntroductionBologna’s summit guidelines regarding the Bachelor/Master structure, which is currently used in most Colleges and Universities, were mostly aimed at standardising the educational system in European higher education. Educational institutions use these guidelines as a basis for setting up their educational model.

AimThis chapter aims to review models of learning management systems (LMSs), the stage of activity of every method applied at Universities, as well as the strengths and weaknesses of these prototypes. The literature review in question identifies and classifies strategic methods of LMS, differentiates method type and categorises common activities.

ResultsThe results show that higher education institutions are in the preparatory phase regarding the application of e-learning, whereas private institutions have applied this system since their foundation and use it on a daily basis across all services.

ConclusionHowever, different educational institutions in our country are at different stages in implementing new learning models. A strategic plan for developing knowledge management systems can be determined by using some of the information system strategic methods.

Originality/ValueThis chapter contributes to the literature by providing additional evidence for existing studies in LMS in the Universities of the Republic of Kosovo. Studies suggest the implementation of different models and highlight the impact of technology especially during this pandemic whereby we should mainly focus and implement curricula using these kinds of technology. Also, this study identifies a major weakness in existing Kosovar studies, which have identified concepts but they are not implemented at all.


Purpose: Like other Southeast European countries, Kosova applies the principles of a market economy. Despite the difficulties, in the efforts to create a free and competitive market economy, Kosovo must undertake reforms to face the reality of economic integration and global markets in general. In this regard, an important aspect is the implementation of economic reforms, the justice system, and the effective implementation of competition law under the ‘Acquis communautaire’. Therefore, the purpose of the research is to analyse the issues related to the regulation and protection of competition in Kosovo, with particular attention to controlling the concentration of enterprises based on EU practices.

Methodology: In answering the above questions, we carried out a desk review of comprehensive professional literature, EU treaties and directives, international competition institutions standards and requirements as well as other national laws and legal acts.

Findings: Moderate progress has been made, but the necessary steps are still taken to have a competitive economy and to be in the right position for EU integration. Concentrations are one of the important parts of competition law where through this practice it is possible to merge and acquire enterprises. Many cases of abuse can be encountered in this type of practice, so the role of competent supervisory authorities is necessary to regulate them. Concentration problems have been addressed since the establishment of joint ventures and their operation within the market modernisation becomes more complex both in the application and in the investigation by the competent controlling authorities. The analysis and functioning of the internal market, as well as the lack of practices in the field of concentration within an effective competition, is the focus of this chapter.

Significance: This chapter addresses issues raised in terms of competition law and possible improvements that can be made through the implementation of European regulations, creating market stability and sustainable economies in the long-run.


Introduction: Contrary to the past when we used to pick among destinations based on our personal preferences, we have had to ignore our preferences due to the COVID-19 pandemic. Tourists’ buying behaviour and patterns may differ in the pandemic conditions.

Purpose: During the early pandemic period, filled with panic and fear, consumers shopped for pasta and toilet paper so much so that stores ran out of these consumables, and people started a fight for survival. It was extremely difficult to answer the question of when these consumers, who were shopping as if they would never get out of their homes ever again, would go on vacation as tourists again. In this chapter, it is aimed to reveal how much tourists’ choices of destination affect the number of cases and deaths caused by the pandemic.

Methodology: To understand the effects of the COVID-19 pandemic on tourist destination choices, correlations between the numbers of cases and deaths in 2020 and the changes in tourist arrival numbers for the previous year were analysed.

Findings: Based on the results of the analyses, consumers generally want to participate in tourism even in pandemic conditions. Therefore, at the end of the chapter, precautions and recommendations are put forward to adapt to the pandemic process and enable the dynamism in the tourism sector to be maintained.


Introduction: Just as the tourism event begins with the human element, it again ends with the human element. Therefore, the existence, behaviours and attitudes of the human factor is an issue that should be prioritised much more when compared to other sectors. Consumer behaviour involves certain decisions, activities, ideas or experiences that meet the needs and desires of the consumer. Prior to these actions, consumer behaviour is concerned with all the activities directly related to the attainment, consumption and disposition of the products and services. In this chapter, touristic consumer behaviour, consumer choice and behaviour of the relevant destination, and the management of the destination choice process are presented.

Aim: The chapter aims to reveal how important it is to know the consumer’s destination choice behaviour in both ensuring that the consumer has had a satisfied holiday during the holiday process, and that employers and employees, as service providers, experience the peace and pride of providing a good and quality service. Knowing the behaviour patterns of potential consumers and developing their marketing activities accordingly will provide great convenience to service marketers in the future.

Method: To do this a literature review has been carried out on the issues of destination choice behaviour and tourist travel behaviour.

Result: Tourist behaviour is the most significant indicator or predictor of future tourist behaviour. Considering the social role of the tourist, the behaviour of a tourist can also be an indicator of the behaviour of others. With their behaviours, tourists determine the norms of social behaviour within the context of tourism. These norms are also followed by other consumers such as engaging in tourist behaviour, as well as those who have not travelled yet. Tourist behaviour is the context of the consumer behaviour in the purchasing and abandoning the tourist services.

Implication: The characteristics of the consumer, their past experiences, the level of influence from other consumers, etc. In the future, knowing the behaviour patterns of potential consumers and developing their marketing activities in this direction will provide great convenience to service marketers.

Originality of Study: In the study, it is desired to draw attention to the importance of knowing consumer behaviours in their destination selection. Therefore, this study is thought to be useful in future studies, especially in terms of shedding light on the consumer behaviours and roles that play a role in determining the factors that play a role in destination selection.


Purpose: This chapter offers a conceptual contribution to the development of sustainability accounting. Sustainability accounting is the contribution of accounting to sustainable development. Sustainability accounting has grown in importance in many countries.

Methodology: This chapter uses discourse analysis to analyse sustainability at the conceptual level.

Findings: This chapter highlights the motivation for sustainability accounting, the definition of sustainability accounting, the objectives of sustainability accounting and the tools of sustainability accounting. The findings are significant in that they show that sustainability accounting can provide a reporting framework that allows organisations to commit significant resources to promote continuing sustainability in the interest of society and the environment.

Originality: This chapter considers sustainability accounting as the contribution of accounting to sustainable development.


Introduction Summary: Archaeological heritages are very important attractions and are highly promoted as a tourism product. Due to the negative consequences of high visitor flows and lack of management, the conservation and development of archaeological heritages raises concerns for destinations aiming at sustainable archaeological heritage management.

Purpose: This study provides an extensive literature review for archaeological heritage management to emphasise the importance of bringing heritage sites to tourism in a sustainable way, Also aims to provide a guideline for destinations suffering the archeological heritage management issues or for developing tourism destination to prevent themselves suffering from the same issues. Accordingly, the literature review is divided into three sections: the role and impacts of tourism on archaeological heritage; sustainable tourism development; and planning are mentioned in the first section. Then, planning for preservation and conservation activities for archaeological heritage and international heritage protection and conservation programmes are mentioned in the second section. Finally, the literature provides the content of tourism planning and policy for sustainable archaeological heritages.

Findings: Tourism uses archaeological assets to attract tourists and tourism damages archaeological sites when there is high demand, lack of information and control. But, in general, the relationship between tourism and archaeological heritage is strongly interlinked and need each other. And without the community and stakeholder’s involvement, archeological heritage management will not be successfully achieved.

Originality/Value: Tourism authorities and archaeologists should work together and develop practical ideas for archaeological heritage. Highly promoted and demanded archaeological heritage resources cannot be part of sustainable tourism development without serious conservation and conservation efforts or minimal/inappropriate recoveries due to government lack of care and supervision, so these valuable treasures are doomed to irreversible damage.


Purpose: COVID-19 pandemic is among the most important events of the 21st Century. Its global character and the multi-dimensional fallouts it has on communities worldwide further increase the importance of the pandemic. During the period of more than one year since the declaration of the pandemic, the communities failed to provide a lasting solution other than the face masks, social distance, and hygiene. Failure to fight the pandemic with considerable success subsequently raised the topic of revising the policymakers’ previous predictions at the start of the pandemic based on incomplete information. So, the calendar put forward for the pandemic went forward day by day, and the authorities who failed to adopt a prudent approach were obliged to pay increasingly higher costs for their mistakes. In the chapter, the financial and economic effects of the pandemic in selected countries are examined. While examining the policies followed in these countries, in terms of fiscal stimulus packages and monetary expansion packages, it is aimed to shed light on the pandemic experience in the Turkish economy and to develop policy recommendations. Thus the persistence of the pandemic pushes all countries to update their current policies and seek new methods. This chapter aims to examine developed and emerging economies in the covid-19 era that have implemented policies to struggle with the pandemic and whose policy framework can be accessed.

Methodology: To do this we carried out a literature review of the Economic and Fiscal Effects of COVID-19 Pandemic during 2020 and early 2021.

Findings: Countries like the United States, United Kingdom, and Germany are believed to have taken strong measures to minimize the damages on the economy due to the pandemic, while other countries like Russia, India, and Brazil are deemed to have mounded new policies within the framework of their internal dynamics. One should also note that, in addition to the individual efforts of each European country, the European Union has also played a decisive role in the policies of its member states for crisis management institutionally.


Purpose: Due to technological developments, industrialisation, irregular urbanisation, rapid population growth, and unconscious consumption, environmental problems have been on the agenda of activists, not for profit organisations, businesses, and governments for the last 20 years. Global warming, climate change, and ozone layer depletion are among the environmental problems which are the most threatening to life on earth. What is underlying these three problems is greenhouse gases emitted into atmosphere. Carbon footprint is a measure of carbon emission. The amount of carbon footprint is closely related to consumption styles as well as production. Unconscious life styles and consumption habits of consumers increase the amount of carbon footprint produced. Together with the rise of environmental problems, the concept of sustainable consumption has become very important. In the most simple of terms, sustainable consumption means consumption without consuming natural resources and this will play an important role in reducing carbon footprint.

Aim: In this chapter, keeping in mind the context of sustainable consumption, the concept of carbon footprint is explained as well as the methods for reducing carbon footprint arising from consumption, in a bid to bring strong awareness of these issues to consumers.

Methodology: To do this a literature review was carried out and methods of reducing carbon footprint were examined and discussed.

Findings: Consumers play an important role in reducing the amount of carbon footprint arising from individual consumption.

Originality of the Study: Most studies are carried out on the carbon footprint resulting from businesses and on carbon footprint calculation and determination of carbon footprint of products. Therefore, this study is specific in that it focusses on the carbon footprint of consumers.

Implications: Studies show that one of the important factors increasing carbon footprint is the unconscious acts of consumers relating to the environment. As long as this unconscious consumption model continues, the amount of carbon footprint will also increase. Hence, consumers need to know which activities reduce the amount of carbon footprint.

Cover of Managing Risk and Decision Making in Times of Economic Distress, Part A
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Contemporary Studies in Economic and Financial Analysis
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Emerald Publishing Limited
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