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Integrated project delivery (IPD) project that does not use multiparty agreement is identified as IPD-ish. The use of IPD-ish arrangement by incorporating integration practices in conventional contract can be viewed as the part of the adoption process of IPD. Moreover, inappropriate integration practices invite new forms of risks and the absence of multiparty agreement adds to the challenges of risk management in IPD-ish projects. This study discusses such challenges and proposes the use of joint risk management to address the potential pitfalls in IPD-ish arrangement.

A mixed research method was applied. First, the criticality of IPD-ish general and integration-specific risks was examined through a survey. Second, a real IPD-ish project was used to exemplify the use of joint risk management (JRM) to manage IPD-ish risks.

Two types of risks, namely integration risks (IRs) and general risks (GRs), are identified in IPD-ish projects. Two major findings for the IRs: (1) the most critical IRs are related to unbalanced incentivization and inefficient multidisciplinary teams; and (2) only team formation related pre-contract JRM strategies affect IRs. As for the GRs, the most critical ones are associated with design issues and can be effectively mitigated by post-contract JRM.

Using IPD-ish arrangement is an inevitable part of implementation of full IPD. This happens as many change-averse owners would like to test the integration principles using a conventional contract that they are familiar with. In fact, success in IPD-ish would pave the path for further adoption of IPD. This study offers insight into categorization of risks in IPD-ish projects. Appropriate use of post-contract and organization related pre-contract JRM would improve the chance of teasing out the values of IPD through IPD-ish arrangements. Care should be taken to introduce some contracting integration initiatives, such as risk/reward sharing incentive.

The purpose of this study is to extend previous literature and examine risk management efficiency among Takaful (TI) and conventional insurance (CI) firms in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). This study also aims to determine whether Takaful firms are more efficient in managing risks, compared to CI firms.

This study examines risk management efficiency among Takaful and CI firms in the KSA and the UAE for a sample of 20 insurance firms comprising 10 TI firms and 10 CI firms for the period 2018–2020. The authors use Data Envelopment Analysis to estimate efficiency scores among insurance companies to compare risk management efficiency between CI and TI companies and apply two-way analysis of variance to statistically analyze the data.

The results of this study show that TI firms have a higher efficiency score than CI firms, but not significantly and that insurance firms in KSA have higher efficiency scores than insurance firms in UAE. The results also reveal that TI firms did not significantly outperform CI firms in managing risks; however, there is a significant difference in efficiency scores among insurance firms in KSA and UAE.

The authors also contribute to the literature by providing important insights into how the operational business environment of the country can influence the risk management efficiency of CI and TI companies.

This study promotes understanding the insurance industry, its efficiency and risk management, thus offering key implications for decision-makers, regulators and managers associated with the insurance industry in UAE, KSA and other emerging insurance markets. Regulators could provide enabling policies that foster and promote the business environment, as there is a need to improve risk management efficiency in the insurance industry. Also, the results of this study show that the operating status of the UAE insurance industry in terms of efficiency and risk management is lower than that of KSA. Hence, it would be useful for UAE managers and regulators in taking steps to improve the overall insurance industry market.

The results of this study make significant contributions by providing new insights to the existing literature on the risk management efficiency in the insurance industry, as it adopts a different methodological approach that examines risk management efficiency among TI and CI companies.

In this study, the authors demonstrate the inherent connections between bank risk-taking, performance and executive compensation in the banking sector of China by developing a theoretical model and performing empirical tests with simultaneous equation models.

The authors construct a multi-task principal-agent model to capture agency problems in China, and the model can be extended to various cases. In empirical tests, simultaneous equation models are used to examine the theoretical predictions by eliminating endogenous concerns efficiently compared with the methods in the existing literature.

The results indicate that the regulator fails to provide bank managers with positive incentives to control risk, whereas the compensation guidance policy (2010) proposed by the CBRC alleviates this problem in China. Additionally, the authors established that shareholders reward bank managers for better and more stable performance. The authors propose the introduction of restricted stock options into the compensation design, as the existing compensation design fails to balance the performance and risk-taking of banks.

First, the executive compensation structure and details in China are not available. In addition, the equity-based incentive compensation is forbidden. Therefore, this paper cannot provide more details about how the compensation structure affects bank manager behaviours. Secondly, the database consists only 25 listed commercial banks. Luckily, the assets of these banks could account for the vast majority of China's banking assets. The authors also expect that new methodologies such as machine learning and deep learning will be adopted in the research on bank risk management.

First, the regulator should optimise the compositions and payment rule of bank executive compensations. Secondly, it is advisable to adopt restricted deferred share reward or stock option compensation in due course. Thirdly, the regulator can require the banks that undertake excessive risks and troubled by moral hazard to increase the independent director proportion on the bank board according to the authors' empirical tests that higher independent proportion prevents the risk accumulations effectively. Fourthly, except for absolute compensation, the gap between executives' salary and average employee's income should be taken account.

This study provides a theoretical framework that incorporates the manager behaviours, executive compensation and bank regulations, and it provides empirical tests by solving endogenous concerns. Additionally, this study examines the effects of China's compensation guidelines issued in 2010. The authors believe that this study adds value to the existing literature by illustrating the compensation mechanism in China.

This paper explores whether the Euro-area sovereign credit default swap market is prone to contagion effects. It investigates whether the sharp increase in sovereign CDS spread of a given country is due to a deterioration of the macroeconomic variables or some form of contagion.

For this purpose, the authors use an innovative approach, i.e. spatial econometrics. Although modeling spatial dependence is an attractive challenge, its application in the field of finance remains limited.

The empirical findings show strong evidence of spatial dependence highlighting the presence of pure contagion. Furthermore, evidence of wake-up call contagion-increased sensitivity of investors to fundamentals of neighboring countries and shift contagion-increased sensitivity to common factors are well recorded.

This study aims to study a crucial financial issue that gained increased research interest, i.e. financial contagion. A methodological contribution is made by extending the standard spatial Durbin model (SDM) to analyze and differentiate between several forms of contagion. The results can be used to understand how shocks are spreading through countries.

This paper aims to examine the conditions under which small and medium enterprises (SMEs) invest in security services when they migrate their e-commerce applications to the cloud environment. Using a risk management perspective, the paper assesses the impact of security service pricing, security incident prevalence and virulence to estimate SME security spending at the market level and draw out implications for SMEs and security service providers.

Security risks are inherently characterized by uncertainty. This study uses a Monte Carlo approach to understand the role of uncertainty in the decision to adopt security services. A model relating key security constructs is assembled based on key constructs from the domain. By manipulating security service costs and security incident types, the model estimates the market-level adoption of services, security incidents and damages incurred, along with measures of their relative dispersion.

Three key findings emerge from this study. First, adoption of services and protection is higher when tiered security services are provided, indicating that SMEs prefer to choose their security services rather than accept uniformly priced products. Second, SMEs are considered price-sensitive, resulting in a maximum level of spending in the market. Third, results indicate that security incidents and damages can be much higher than the mean in some cases, and this should serve as a cautionary note to SMEs.

Security spending has been modeled at the firm level. Adopting a market-level perspective represents a novel contribution. Additionally, the Monte Carlo approach provides managers with tangible measures of uncertainty, affording additional information and insight when making security service adoption decisions.

In a rapidly changing world, organisations are constantly presented with threats and opportunities and the need to be responsive and resilient. This necessitates developing risk and uncertainty management capabilities within organisations. This article aims to consider risk and uncertainty competence, knowledge, skills, attitudes and the behaviours required by contemporary managers to protect their organisations from threat and harm, whilst seizing opportunity and reward.

This article presents answers to three fundamental questions: (1) Do all managers (those not specialising in risk management) need to be competent in risk and uncertainty management? (2) What does risk competence mean? and (3) How can managers develop the capabilities to become risk competent? The content can be used by practicing managers or educators to develop individual and ultimately organisational risk competence.

All contemporary managers should have some degree of risk competence. Risk competence behavioural indicators and requisite risk knowledge and skills are identified and discussed.

This article provides a contemporary view on risk and uncertainty management competence, drawing on relevant competence frameworks and the existing risk literature.

This study examines whether green buildings enjoy more favorable financing terms compared to their non-green counterparts, exploring the presence of a green discount in commercial real estate lending. Despite the extensive research on green premiums on the equity side, lending has received limited attention in the existing literature, even as regulations have increased and ambitious net-zero targets have been set in the banking sector.

In this study, the authors leverage a unique dataset comprising European commercial loan data spanning from 2018 to 2023, with a total loan value exceeding €30 billion. Hedonic regression analysis is used to isolate a potential green discount. Specifically, the authors rely on property assessments conducted by lenders to investigate whether green properties exhibit lower interest rate spreads and higher loan-to-value (LTV) ratios.

The findings reveal the existence of a green discount in European commercial real estate lending, with green buildings enjoying a 5.35% lower contracted loan spread and a 3.92% lower target spread compared to their non-green counterparts. However, this analysis does not indicate any distinct advantage in terms of LTV ratios for green buildings.

This research contributes to a deeper understanding of the interaction between green properties and commercial real estate lending, offering valuable insights for both lenders and investors.

This study, to the best of the authors’ knowledge, represents the first of its kind in a European context and provides empirical evidence for the presence of a green discount.

The purpose of this study is to develop a conceptual framework which takes into account the perceived risk (PR) and the perceived benefits (PB) of using mobile payment systems (MPS) in the context of COVID-19 pandemic.

The study proposes a conceptual framework incorporating the uncertainties/risks associated with MPS like perceived technology uncertainty (PTU), perceived regulatory uncertainty (PRU), perceived service intangibility (PSI) and perceived information asymmetry (PIA), along with the benefits of using MPS such as trust, mobility, health consciousness (HC) and fear of Coronavirus (FOC). A survey comprising 1,253 participants was conducted in India. The proposed model was empirically examined through partial least square structural equation modelling.

The outcomes of the study revealed a significant positive influence of PTU, PRU, PIA and PSI on PR. On the other hand, HC and FOC were identified as the major antecedents having a significant positive influence on PB. Both PR and PB had a significant influence on the intention to adopt MPS, but the influence of PB was greater than the influence of PR.

The enablers and inhibitors play a crucial role in understanding the intention to adopt MPS. HC and fear of acquiring Coronavirus can be aggressively marketed by the government and service providers as a strategy to maintain social distancing. Government should address the regulatory concerns associated with the usage of MPS so as to alleviate any negative perception among the general public.

The current study is a novel attempt to understand the intention to adopt MPS in India as precautionary health behaviour to curb the transmission of Coronavirus pandemic. The study uses two constructs, HC and FOC, to better understand the behaviour of the people and explain the intention to adopt MPS during the COVID-19 pandemic.

This study aims to understand independence in internal auditing by investigating how internal auditor independence is constructed when analysed in its corporate governance context.

A critical discourse analysis (CDA) of the corporate governance reports of Swedish large stock market listed non-financial companies, for three consecutive years, is undertaken, using a theoretical lens of organisational embeddedness and operational coupling to understand independence as a situated practice.

The study develops four archetypes of internal auditor independence – autarchic, instrumental, symbiotic and subservient – and discusses each archetype's implications for independence, related to tripartite relations with management and the audit committee, regarding who has the mandate to direct work and how the work is done. It finds that internal auditors always have a capacity to be independent. Although they are not independent in relation to agents in the subservient archetype, they are independent of those down the organisational chain of command, suggesting independence is both situational and relational.

The analysis contributes a novel approach to the literature and develops a conception of independence using the dimensions of embeddedness and coupling. The archetypes offer an analytical framework for future studies on independence.

Internal auditors may understand their practice differently through the archetypes that result from this study.

Internal auditors' power relations within corporate governance further an understanding of the pressures on internal auditors and their role.

This study contributes new knowledge on the situatedness of independence by showing how internal auditors are embedded and coupled helps build their independence.