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The study focuses on drug safety regulation capture, reveals the inner mechanism and evolutionary characteristics of drug safety regulation capture and provides suggestions for effective regulation by pharmacovigilance.

The article introduces prospect theory into the game strategy analysis of drug safety events, constructs a benefit perception matrix based on psychological perception and analyzes the risk selection strategies and constraints on stable outcomes for both drug companies and drug regulatory authorities. Moreover, simulation was used to analyze the choice of results of different parameters on the game strategy.

The results found that the system does not have a stable equilibrium strategy under the role of cognitive psychology. The risk transfer coefficient, penalty cost, risk loss, regulatory benefit, regulatory success probability and risk discount coefficient directly acted in the direction of system evolution toward the system stable strategy. There is a critical effect on the behavioral strategies of drug manufacturers and drug supervisors, which exceeds a certain intensity before the behavioral strategies in repeated games tend to stabilize.

In this article, the authors constructed the perceived benefit matrix through the prospect value function to analyze the behavioral evolution game strategies of drug companies and FDA in the regulatory process, and to evaluate the evolution law of each factor.

This paper aims to minimize the mean-risk cost of sustainable and resilient supplier selection, order allocation and production scheduling (SS,OA&PS) problem under uncertainty of disruptions. The authors use conditional value at risk (CVaR) as a risk measure in optimizing the combined objective function of the total expected value and CVaR cost. A sustainable supply chain can create significant competitive advantages for companies through social justice, human rights and environmental progress. To control disruptions, the authors applied (proactive and reactive) resilient strategies. In this study, the authors combine resilience and social responsibility issues that lead to synergy in supply chain activities.

The present paper proposes a risk-averse two-stage mixed-integer stochastic programming model for sustainable and resilient SS,OA&PS problem under supply disruptions. In this decision-making process, determining the primary supplier portfolio according to the minimum sustainable-resilient score establishes the first-stage decisions. The recourse or second-stage decisions are: determining the amount of order allocation and scheduling of parts by each supplier, determining the reactive risk management strategies, determining the amount of order allocation and scheduling by each of reaction strategies and determining the number of products and scheduling of products on the planning time horizon. Uncertain parameters of this study are the start time of disruption, remaining capacity rate of suppliers and lead times associated with each reactive strategy.

In this paper, several numerical examples along with different sensitivity analyses (on risk parameters, minimum sustainable-resilience score of suppliers and shortage costs) were presented to evaluate the applicability of the proposed model. The results showed that the two-stage risk-averse stochastic mixed-integer programming model for designing the SS,OA&PS problem by considering economic and social aspects and resilience strategies is an effective and flexible tool and leads to optimal decisions with the least cost. In addition, the managerial insights obtained from this study are extracted and stated in Section 4.6.

This work proposes a risk-averse stochastic programming approach for a new multi-product sustainable and resilient SS,OA&PS problem. The planning horizon includes three periods before the disruption, during the disruption period and the recovery period. Other contributions of this work are: selecting the main supply portfolio based on the minimum score of sustainable-resilient criteria of suppliers, allocating and scheduling suppliers orders before and after disruptions, considering the balance constraint in receiving parts and using proactive and reactive risk management strategies simultaneously. Also, the scheduling of reactive strategies in different investment modes is applied to this problem.

Urban rail projects are typically large-scale transport infrastructure projects (megaprojects) which have many potential risks that can influence the strategic goals of owners. However, there is a paucity of studies which explore the impact of risks on both “urban rail” project time and cost together considering quantitative assessments. Therefore, this paper focuses on investigating critical risks and quantifying such risk impacts on urban railway project schedule and cost in practice.

A combination of qualitative and quantitative research methods comprising semi-interviews with five experts and a questionnaire survey of 132 professional respondents is used. The data were modeled using Monte Carlo Simulation to predict the probability of project schedule and cost.

The results show that 30 risk variables are categorized into seven main groups which have significant impacts on both project time and cost. Outstanding five risk variables were highlighted as follows: (1) project site clearance and land compensation; (2) design changes; (3) physical project resources; (4) contractors’ competencies and (5) project finance. Such findings were supported by Monte Carlo simulation which predicted in the worst case that the project may suffer 11.03 months’ delays and have cost overrun with a contingency of US$287.68 million.

This study expands our knowledge about time and cost contingency of urban metro railway implementation across developing economies and particularly within the context of Vietnam. Policymakers will not only gain an understanding about risk structure but will also recognize the significant impacts of critical risk through risk impact modeling and simulation. Such an approach provides insights into risk treatment priorities for planners so that they can proactively establish suitable strategies for risk mitigation in practice.

This research aims to measure the public sector comparator (PSC) to reach public–private partnership (PPP) projects' negotiable price range for water and sewage companies in Iran. PSC measurement drives the public sector to make valid decisions about costs.

Around 170 risks were primarily determined through studying numerous articles. Then, risk effects were specified by distributing questionnaires in two steps. The questionnaires are distributed among experts on PPP-related projects and the Monte Carlo simulation method is used for confidence factors of 70, 80 and 90%. PSC is measured based on these results to study cases of Sirjan’s sewerage and sewage purification systems.

11 risks were identified as the main risks that are effective on PSC, and project implementation costs were specified based on the modeling. The corruption of the private and public sectors was identified as the most effective risk in this research. It can affect a project’s cost up to 158% in the construction period and up to 134% in the operation period. Based on the obtained results, 63% of this risk’s cost goes to the public sector.

The originality of this research is the PSC measurement method and appointing the risk share of each private and public sector. The results of this research can be applied to all the infrastructure and PPP projects in Iran and other developing countries as a way for employers to estimate accurate negotiable price ranges.

This study aims to verify the significance of Andersen (2008) corporate risk management (CRM) framework in Asian emerging markets (AEMs) to control firm risk and improve firm performance.

The cross-sectional analyses are performed on a sample of 4,609 firms across nine Asian emerging countries using 2SLS estimation technique.

The empirical findings show that the adoption of CRM not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. The findings of this study assert that by institutionalizing risk management practices into an integrated CRM framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders.

The study shifts the focus of CRM away from Western countries toward AEMs, which has been afflicted by high risks and uncertainties. The effectiveness of CRM against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, this study also establishes that CRM not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy.

This research aims to examine the moderating role of the existence of risk management committee between risk-taking behavior and companies’ performance.

Research sample includes 383 manufacturing company-year that listed on the Indonesian Stock Exchange period of 2017–2020. The risk-taking behavior includes the use of leverage, capital intensity, research and development intensity, and earnings uncertainty. The hypothesis test uses company fixed-effect regression.

The result shows that risk management committee moderates the effect of risk-taking behavior on companies’ performance. This research also finds the similar result when risk management committee and risk-taking behavior are examined on the future performance. In the further analysis, the result also finds that the expertise of risk management committee moderates the effect of risk-taking behavior on companies’ performance.

This research contributes to fill the previous gap of risk-taking behavior and companies’ performance by considering the existence of risk management committee to promote oversight role on risk-taking behavior. This research also contributes to give new evidence in Indonesia about the role of risk management committee to improve the benefits or to reduce the costs of risk-taking behavior.

Despite the unparalleled importance of value within healthcare, value-based models remain underutilised in the procurement of medical devices. Research is needed to understand what factors incentivise standard, low-priced device purchasing as opposed to value-adding devices with potentially higher overall health outcomes. Framed in agency theory, we examine the conditions under which different actors involved in purchasing decisions select premium-priced, value-adding medical devices over low-priced, standard medical devices.

We conducted 2 × 2 × 2 between-subjects scenario-based vignette experiments on three UK-based online samples of managers (n = 599), medical professionals (n = 279) and purchasing managers (n = 449) with subjects randomly assigned to three treatments: (1) cost-saving incentives, (2) risk-sharing contracts and (3) stronger (versus weaker) clinical evidence.

Our analysis demonstrates the harmful effects of intra-organisational cost-saving incentives on value-based purchasing (VBP) adoption; the positive impact of inter-organisational risk-sharing contracts, especially when medical professionals are involved in decision-making; and the challenge of leveraging clinical evidence to support value claims.

Our results demonstrate the need to align incentives in a context with multiple intra- and inter-organisational agency relationships at play, as well as the difficulty of reducing information asymmetry when information is not easily interpretable to all decision-makers. Overall, the intra-organisational agency factors strongly influenced the choices for the inter-organisational agency relationship.

We contribute to VBP in healthcare by examining the role of intra- and inter-organisational agency relationships and incentives concerning VBP (non-) adoption. We also examine how the impact of such mechanisms differs between medical and purchasing (management) professionals.

This study aims to empirically examine environment, social, and governance (ESG) as an effective strategy to reduce major impediments for a corporation in the form of costs of capital (COC) and systematic risk, especially for emerging markets such as India.

A sample of 114 Indian firms from eight prominent industries based on Thomson Reuters classification (TRBC) are used in the study. A panel regression with industry-fixed effects is carried out to account for industry heterogeneity. For robustness, the authors also carry out a matched sample analysis.

The authors observe a negative and significant relationship between ESG performance with COC and systematic risk, respectively. For the pillar-wise analysis, the authors observe that only governance performance is negatively and significantly related to COC whereas the environmental and social performances are negative and insignificant. For ESG pillar level analysis for beta, the authors observe that all pillars are negative and significant, thus making a case for how firms can fine-tune their ESG strategies according to each pillar.

As the ESG concept is still in a very nascent stage, data availability is a definite challenge in India.

As ESG is increasingly becoming relevant for multiple stakeholders, this study aims to provide evidence that can potentially guide the regulators, practitioners, and academicians to address the contemporary needs of these stakeholders, while also doing good for the firm in the traditional sense.

The transition to a sustainable economy is a challenge for emerging economies, especially for a country like India where stakeholders are not only varied but also huge in number. With this study's contribution towards an incremental understanding of ESG, Indian regulators and policymakers can bring forward mandates as to ESG compliances that are rewarding for the firms and give them enough impetus towards complying with ESG norms.

The extant literature on ESG majorly discusses the relationship between ESG performance and financial performance. This study addresses the lacuna of the relationship of ESG with COC and beta in the Indian context.

Construction projects, and particularly highway infrastructures, are known to be major contributors to the socio-economic growth of developing countries. However, these types of projects are infamous for being highly risky due to the interplay of numerous risk factors. This study aims to explore the key risk factors impacting on the performance of highway infrastructure projects in Nigeria from the contextual viewpoint of key industry stakeholders.

Qualitative data was collected using semi-structured interviews. Specifically, 17 in-depth expert interviews were conducted with experienced stakeholders in the highway sector of the Nigerian construction industry. The collected data was transcribed and analysed using an established coding framework (grounded on case study approach, principles of thematic analysis and saliency analysis).

Overall, 17 key risks were identified from the data analysis process, and 6 risks were recognised as the most significant, based on the combination of prevalence of occurrence and significance of the coded information. The six top risks were: change in government, corruption, cost of construction materials, inflation, project funding issues and construction project delay. However, the first two of these risks (change in government and corruption) are politically related, which is specific and unique to the setting of Nigeria and thus might be seen as discouraging indicators that could have an impact on attracting foreign investors/contractors to Nigeria.

The study addressed the gap related with identifying context-specific risk factors impeding the performance of highway projects in Nigeria from the viewpoints of industry experts. It is expected that the findings will provide a better insight into the various risk factors and thus aid relevant policymakers to provide context-specific mitigating strategies.

This paper aims to study the impact of tax avoidance on corporate risk. It also examines the moderating impact of tax risk on the relationship between tax avoidance and firm risk.

Based on available information in the DATASTREAM database about a sample of French firms listed in the CAC 40 from 2010 to 2022, the study uses the feasible generalized least squares method to investigate the impact of tax avoidance on firm risk and the moderating impact of tax risk. To check the robustness of our results, the authors changed the measurement of variables to identify potential biases and they significantly mitigated the endogeneity concerns using instrumental variable regression. Additional estimations were performed, first by using book-tax differences (BTD) and its components, i.e. temporary and permanent, and second by retesting hypotheses of years before the outbreak of the corona virus disease 2019 (COVID-19) pandemic.

The results show that tax avoidance negatively affects the firm risk while tax risk has a positive effect on firm risk. More importantly, tax risk moderates the negative impact of tax avoidance on the firm risk. When tax avoidance is associated with a high level of tax risk, it leads to a high firm risk. Accordingly, tax avoidance should be considered in conjunction with tax risk when studying the effect put on the firm risk. Further analyses indicate that tax risk moderates the negative relationship between permanent BTD and firm risk.

The major limitation of this study is that it focuses only on French-listed firms, which make it difficult to generalize the results. Furthermore, the authors did not introduce governance variables into our models. An effective governance system and transparent information can reduce some of the perverse effects of risky tax avoidance by reducing the tax avoidance costs. The obtained results are of great interest to researchers who need to include the tax risk concept in their examination of the tax avoidance impacts.

The results are useful for investors wishing to make sound decisions regarding risky tax avoidance practices. Furthermore, the results may signal the need for French policymakers to make more efforts to reduce risky tax avoidance activities that are harmful to investors. They must enforce the existence and the reporting of a tax risk management strategy by firms.

This study contributes to the growing body of literature on the tax avoidance effects with a special focus on firm risk. This study provides the first French evidence of the role of tax risk in the relationship between tax avoidance and firm risk.