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This paper aims to investigate the impact of risk culture on employee performance by exploring the mediating roles of employee satisfaction and employee engagement in the relationship between risk culture and employee performance.

The study employed partial least squares-based structural equation modeling (PLS-SEM) to assess both the direct effects and mediation effects, using a sample of 311 employees from the banking and insurance sectors. In contrast to PLS-SEM, a fuzzy set qualitative comparative analysis (fsQCA) technique was also applied to discern the causal configurations that lead to improved employee performance.

The findings revealed a significant direct effect of risk culture on employee performance, employee satisfaction and employee engagement. The findings also revealed that employee satisfaction significantly mediated the relationship between risk culture and employee performance, whereas the mediating role of employee engagement is partially significant. The fsQCA findings illustrated that a diverse combination of risk culture dimensions, employee satisfaction and employee engagement can result in enhanced employee performance.

This study provides important implications for the banking and insurance industries, suggesting that organizations should prioritize the development of a strong risk culture to improve employee-related outcomes such as performance, satisfaction and engagement, which are key factors for achieving optimal organizational success.

The paper specifically highlights the importance of integrating risk culture into human resource management, providing valuable insights for organizations seeking to enhance their risk management practices and culture.

The aim of this chapter is to examine and problematize the taken-for-granted conceptual understanding of risk practices in sport cultures. By inspecting the mainstay, and one might argue relatively stagnant, constructions of risk in the sociological study of sport, a case for attending to a wider range of risk-based ideologies and cultural practices is presented. The chapter ventures away from viewing risk as predominantly physical in sport settings and constructing athletes as oppressed agents who naively acquiesce to practices of self-injury and self-alienation in sport cultures. Emphasis is given to a broad spectrum of risks undertaken in the practice of sport, and the reflexive, personal nature by which risk may be understood by sports and physical culture participants.

In the first part of the chapter, the relatively simplistic or unidimensional construction of risk in sociological research in sport is reviewed. In the second part, the complexity of the concept of risk is then discussed alongside case examples that push the analytical boundaries of how risk is a multidimensional construct of athletes’ minds, bodies, selves, beliefs, values, and identities in a host of relational contexts.

Risk is best understood as a set of practices and belief that exists on a continuum in sport and physical cultures. Risk-taking in sport, however, can be personally injurious and detrimental along a number of lines but is also often calculated, personally/group satisfying and existentially rewarding at times. If the concept of risk is to be applied and interrogated in sport and physical cultures, it should be done so, therefore, in radically contextual manners.

This chapter illustrates the need for new and exploratory theoretical understandings of what risk means to athletes and other participants in sport and physical culture. New substantive topics are proposed, as are methodological suggestions for representations of the unfolding risk in the process of “doing” sport.

Although risk culture is a key determinant for an effective risk management, identifying the risk culture of a firm can be challenging due to the abstract concept of culture. This paper proposes a novel approach that uses unsupervised machine learning techniques to identify significant features needed to assess and differentiate between different forms of risk culture.

To convert the unstructured text in our sample of banks' 10K reports into structured data, a two-dimensional dictionary for text mining is built to capture risk culture characteristics and the bank's attitude towards the risk culture characteristics. A principal component analysis (PCA) reduction technique is applied to extract the significant features that define risk culture, before using a K-means unsupervised learning to cluster the reports into distinct risk culture groups.

The PCA identifies uncertainty, litigious and constraining sentiments among risk culture features to be significant in defining the risk culture of banks. Cluster analysis on the PCA factors proposes three distinct risk culture clusters: good, fair and poor. Consistent with regulatory expectations, a good or fair risk culture in banks is characterized by high profitability ratios, bank stability, lower default risk and good governance.

The relationship between culture and risk management can be difficult to study given that it is hard to measure culture from traditional data sources that are messy and diverse. This study offers a better understanding of risk culture using an unsupervised machine learning approach.

The purpose of this paper is to empirically explore the impact of culture (using individualism, power distance and uncertainty avoidance) on entrepreneurial risk taking behavior which leads to the opportunity exploitation decision. Moreover, it also uses risk taking behavior of entrepreneurial as the mediation variable between culture and opportunity exploitations decisions.

The study took place in Tanzania, which is allocated in East Africa and is one of under researched countries. In total, 140 entrepreneurs who own venture of 5-99 employees were able to be interviewed using a survey questionnaire. In this study, structural equation modeling (SEM) was used to examine the direct and indirect relationship of culture in entrepreneurial opportunity exploitation decisions.

After hypothesis testing, the empirical results showed that Tanzania’s culture has an impact on entrepreneurial risk taking behavior, which influences entrepreneurial opportunity exploitation decision. It also showed culture through individualism and uncertainty avoidance measurements affect entrepreneurial opportunity exploitation decisions. The empirical results on power distance were insignificant.

This study is a wake-up call to policy makers and formal institutions such as government authorities, education institutions and religion institutions. Thus, culture has an ability to influence the behavior of entrepreneurs and so the performance of ventures if it is consistent and well structured. Therefore it should be not taken for granted. Data for our study are based on only two cities and therefore the results should not be generalized as the whole country’s inference. Generalizability is questioned because the data are from only two cities in Tanzania and therefore future research should include more cities to be able to validate the generalizability.

This study is a wake-up call to policymakers and formal institutions such as government authorities, education institutions and religion institutions. Thus culture has an ability to influence the behavior of entrepreneurs and so the performance of ventures if it is consistent and well structured. Therefore it should be not taken for granted. Data for our study are based on only two cities and therefore the results should not be generalized as the whole country’s inference.

In the country which has well-structured culture, influence the behavior of entrepreneurs to exploit opportunities.

This is the first empirical study to use SEM for exploring the culture of individualism, power distance and uncertainty avoidance impact on entrepreneurial opportunity exploitation in Tanzania.

This paper includes a systematic and bibliometric review of research products that address risk culture published between 1996 and 2019.

The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol has been followed for the systematic literature review. As to the bibliometric analysis, a network helps the readers to identify the most prominent research, if any, in terms of mutual references.

Risk culture has been extensively investigated under different perspectives by scholars who belong to a research community not so much integrated in terms of reciprocal references.

Managers, policy makers and politicians should learn that it is important to understand risk culture because the effectiveness of corporate strategies and reforms pass also through cultural values of people that determine their conduct in the everyday lives.

Being still lacking, this article contributes to the literature by providing a novel theoretical framework that reconciles the different approaches through which risk culture has been investigated. The framework explains that behind risk culture there are always people and their behaviour facing risk and uncertainty. In the extent, bounded rationality might produce (mis)perceptions of risks, a large variety of human behaviour, and so different risk cultures can be observed.

This paper aims to analyzing the main risk culture traits of a sample of Central Banks and Supervisory Authorities in Europe as well as of the European Central Bank (ECB).

Risk culture is measured through text data processing of the official discourses made by the head Supervisory Authorities, during the years from 1999 to 2012.

Results highlight heterogeneous but converging risk cultures for European Union (EU) supervisors and the presence of a “distance” between these cultures and the risk culture of the ECB.

The paper points out that cultural differences, especially in presence of credit markets still characterized by poor integration, could create unwanted distortion effects during the initial stages of the Banking Union.

This study aims to explore the controllability of risk culture, identify and categorize risk culture controls used in firms and explore how industry and ownership structure affect the use of different risk culture controls.

This explorative study is based on 32 semi-structured interviews with 37 participants who are heads of risk management or top managers in German firms from different industries with different ownership structures.

Interviewees perceive risk culture to be largely controllable. The authors identify a wide spectrum of risk culture controls, ranging from leadership and motivational controls to risk competence controls; in each category, the authors find value-, symbol- and clan-based controls. Leadership controls were most extensively discussed by the interviewees. The use of risk culture controls varied based on industry and ownership structure.

Due to the explorative character of the approach, the authors cannot claim representativeness for the results. The study is limited to one point in time and to a German sample. The findings imply that companies should select risk culture controls according to their own context and that implementation requires support by the top and middle management.

The authors respond to the call for more organizational studies on risk management that consider cultural paradigms (Arena et al., 2010; Mikes, 2011; Power, 2009). The study systematically identifies risk culture controls used in corporate practice and categorizes them. It provides tentative evidence of the relevance of context-specific factors for the use of risk culture controls.

The purpose of this study is to explore the best practices for improving risk culture and defining the role of actors in risk governance.

This paper presents an exemplar case of a British insurance company by using a qualitative case research approach.

The case study shows how the company was successful in changing from a compliance-based and defensive risk culture to a cognitive risk culture by using a systems thinking approach. Cognitive risk culture ensures that everybody understands risks and their own roles in risk governance. The change was accomplished by adding an operational layer between the first and second lines of defense and developing tools to better communicate risks throughout the organization.

Practitioners can potentially improve risk governance by using the company’s approach. The UK regulator’s initiative to improve risk culture can potentially be followed by other regulators.

This is among the few studies that describe actual examples of how a company can improve risk culture using the systems approach and how systems thinking simultaneously resolves several other issues such as poor risk reporting and lack of clarity in roles and responsibilities.

This paper aims to investigate the impact of corporate culture on stock price crash risk and explore the underlying mechanisms.

This paper uses a novel firm-level culture measure of Li et al. (2020), which evaluates corporate culture from the perspectives of integrity, teamwork, innovation, respect and quality. Using a sample of 4,017 US firms from 2001 to 2018, this paper uses panel data regressions to explore the impact of corporate culture on stock price crash risk.

This paper finds that among five cultural dimensions, integrity reduces crash risk and quality increases crash risk. The mitigating effect of integrity culture on crash risk is concentrated among firms with a strong incentive or ability to hoard bad news. The exacerbating effect of quality culture on crash risk is concentrated among firms with low managerial flexibility.

This paper helps investors and regulators to understand the determinants of stock price crash risk, which facilitates investors’ wealth management and stabilizes social welfare.

To the best of the authors’ knowledge, this is the first study that uses time-varying firm-level measure of corporate culture to investigate its impact on stock price crash risk, contributing to the literature on the determinants of crash risk. Besides, this is the first study that explores the possible mechanism of managerial flexibility in influencing stock price crash risk.

An attitude survey developed by Harvey et al. was used to measure responses from employees in the nuclear industry before and after a safety training intervention which all employees attended in their work teams. The first administration of the survey yielded 417responses, and the second, administered 16 months later following the training intervention, yielded 460 responses, representing response rates of over 69 per cent in both cases. Using six factors derived earlier from the survey, significant improvements in attitudes and beliefs were found for two of the factors (and a further three factors showed rises in the same direction) for management/professional employees. For shop floor employees, only one factor showed a significant change, which was a reduction in job satisfaction over the same time period. It was concluded that the hypotheses that management would respond to the safety initiative but that shop floor would not were supported. A further hypothesis concerning grade differences in culture and attitudes was also supported. These findings are discussed in terms of culture and risk, risk taking and training, where the implications for safety training are crucial.