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Article
Publication date: 1 March 1991

Understanding the Relationship between Business Risk and Inherent Risk

Janet L. Colbert

Business risk and inherent risk both bear on the audit; the auditrisk model; and the nature, timing, and extent of work performed.Inherent risk and business risk bear an…

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Abstract

Business risk and inherent risk both bear on the audit; the audit risk model; and the nature, timing, and extent of work performed. Inherent risk and business risk bear an inverse relationship to detec‐tion risk and have a direct effect on the level of work performed. Neither risk can be eliminated totally and neither is controllable by the auditor. Business risk relates to the financial statements and affects overall audit risk; inherent risk applies to an individual audit area. Inherent risk is explicitly included in the professional standards and the audit‐risk model while business risk is not and has only an indirect bearing on the model. Management can take steps to affect the level of inherent risk, but the perceptions of users of the financial statements bear on business risk.

Details

Managerial Auditing Journal, vol. 6 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/02686909110006543
ISSN: 0268-6902

Keywords

  • Audit
  • Models
  • Risk
  • Standards

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Article
Publication date: 1 June 2010

The impact of risk management practice on the development of African businesses

Edna Stan‐Maduka

Against the backdrop of the fledgling entrepreneurship development and the imperatives of risk management to mitigate failure, this chapter discusses the impact of risk…

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Abstract

Against the backdrop of the fledgling entrepreneurship development and the imperatives of risk management to mitigate failure, this chapter discusses the impact of risk management practice on the development of African businesses. It also considers how best to align the practice of risk management in order to achieve business continuity. More than ever before, global competitiveness and the need to trade‐out of declining profits are currently driving businesses into risk management efficiencies in order to continue achieving increased returns on assets employed/equities for their shareholders. The attainment of these growth objectives can often be affected by several types of business risk (financial and operational) coupled with unpredicted movements in prices. These movements especially in times of high volatilities impact materially on profit growth potentials regardless of how well a business is managed. This chapter suggests how African business executives can evolve their business management styles to imbed risk management at all stages.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 6 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/20425961201000016
ISSN: 2042-5961

Keywords

  • Risk
  • Management
  • Business development
  • Price‐volatility
  • Financial growth
  • Proactive Risk
  • Market Share

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Article
Publication date: 9 July 2018

Eurocentric conceptualisation of risk in international business

Bhabani Shankar Nayak

The purpose of this paper is to deal with the Eurocentric conceptualisation of “risk” which reinforces rent-seeking language, culture and practices of doing business that…

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Abstract

Purpose

The purpose of this paper is to deal with the Eurocentric conceptualisation of “risk” which reinforces rent-seeking language, culture and practices of doing business that are alien to non-European societies. This paper also attempts to engage with Eurocentric methods and strategies that sustain hegemony in international business by promoting “risk” and perpetuating “uncertainty” within the non-European business culture. Such territoriality within basic conceptualisation of in international business is central to manufactured “risks” that reinforces crisis, while state deals successfully or fails to deal with it, the global corporations extract resources and expand their capital and market base in non-European societies while doing business. This paper is divided into two parts: the first part presents the philosophical basis of risks and its historical foundations and the second part deals with the neo-colonial business methods, languages, cultures and strategies which are Eurocentric by nature. This paper argues that manufacturing risk is the Eurocentric business strategy.

Design/methodology/approach

This paper draws its methodological lineages to nonlinear historical narrative around the concept and construction of the idea and language of “risk” and “uncertainty”. This paper follows discourse analysis (Fairclough, 2003) to locate the way in which the Eurocentric concept of risk was exported and incorporated within the language of international business in non-Western business traditions. While engaging with conceptual discourses, it focusses on the power of language in the process of conceptualisation where “authority comes to language from outside” (Bourdieu, 1991, p. 109). As a result of which the concept does not reflect the objective reality of non-European business culture and its uniqueness while assimilating it within the Western European theoretical traditions of “risk and uncertainty” in international business practice.

Findings

The understanding of risk in business within the non-European context needs new ways of conceptualising risk. The updated version of Eurocentric theories, languages and methods of international business and associated risk narrative can never be a starting point. The duality of philosophy in which “economic growth” and “backwardness” measures progress and reduces human experience and objectives of business to seek and expand profit. The starting point of any theoretical analysis on risk in doing business in non-European societies must acknowledge the specificities of their context in terms of local ideas, knowledge, history, language and methods of business practice which is different from Europe.

Originality/value

This paper outlines the Eurocentric conceptualisation of “risk” which reinforces rent-seeking language, culture and practices of doing business that are alien to non-European societies. It engages with the Eurocentric methods and strategies that sustain hegemony in international business by promoting “risk” and perpetuating “uncertainty” within the non-European business culture. Such territoriality within basic conceptualisation of in international business is central to manufactured “risks” that reinforces crisis; while state deals successfully or fails to deal with it; the global corporations extract resources and expand their capital and market base in non-European societies while doing business. This paper is divided into two parts: the first part presents the philosophical basis of risks and its historical foundations; the second part deals with the neo-colonial business methods, languages, cultures and strategies which are Eurocentric by nature. This paper argues that manufacturing risk is the Eurocentric business strategy. This paper argues for a new language, a new method and a new strategy of doing business by decolonising the discipline of international business.

Details

Society and Business Review, vol. 13 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/SBR-10-2017-0083
ISSN: 1746-5680

Keywords

  • Eurocentric
  • Manufactured
  • Risk
  • Resource-seeking
  • Non-European societies

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Article
Publication date: 1 September 2001

Business discontinuity – a risk too far

Vicky Kubitscheck

The author considers the issue of business continuity planning and asks whether it can cope with the emerging risks of a new century and whether it fits with the move to…

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Abstract

The author considers the issue of business continuity planning and asks whether it can cope with the emerging risks of a new century and whether it fits with the move to an enterprise risk approach. She assesses all the many risks involved from outsourcing to reputation risk and from the loss of intellectual assets to the loss of information systems. Her conclusion is that more concentration on a enterprise risk model is required.

Details

Balance Sheet, vol. 9 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/09657960110696032
ISSN: 0965-7967

Keywords

  • Business continuity
  • Risk
  • Outsourcing
  • Succession planning
  • Globalization

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Article
Publication date: 9 September 2014

Risk aversion in the family business: the dark side of caution

Martin R.W. Hiebl

This paper aims to shed light on the potential downsides of risk aversion in family firms. Moreover, it seeks to provide measures on how to balance risk taking and risk…

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Abstract

Purpose

This paper aims to shed light on the potential downsides of risk aversion in family firms. Moreover, it seeks to provide measures on how to balance risk taking and risk aversion in family businesses.

Design/methodology/approach

The article first presents four “dark sides” of risk aversion in family businesses and then describes three groups of measures to balance risk aversion and risk taking. Both the dark sides as well as the measures to balance risk aversion and risk taking are derived from recent scientific research.

Findings

Family businesses may decrease risk aversion and foster risk taking and innovativeness by creating transparency on their risk profiles and including outside knowledge in the form of non-family managers, directors or shareholders. Moreover, properly educating and integrating younger family generations might also alleviate an overly high focus on short-term risk aversion.

Practical implications

Family business leaders might find the approach and findings presented in this paper helpful for securing the longer-term survivability of their firms and for improving innovativeness.

Originality/value

This article is among the first to deal with the dark sides of risk aversion in family businesses, which might endanger their longer-term survivability.

Details

Journal of Business Strategy, vol. 35 no. 5
Type: Research Article
DOI: https://doi.org/10.1108/JBS-09-2013-0087
ISSN: 0275-6668

Keywords

  • Family business
  • Family firm
  • Risk aversion
  • Survivability
  • Risk taking
  • Threats

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Book part
Publication date: 17 September 2014

CSR: A Perspective of Non-Financial Risk Management in China

Anson Wong

Emphasising the significance of managing environmental and social issues for businesses, the chapter aims at highlighting the need of developing a non-financial risk…

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Abstract

Purpose

Emphasising the significance of managing environmental and social issues for businesses, the chapter aims at highlighting the need of developing a non-financial risk management system for elevating corporate social responsibility (CSR) performance in China. Particularly, through discussing its importance, opportunities, and challenges.

Design and approach

Analysis and discussion of the chapter are based on multiple sources of information. Review of literature includes authoritative academic articles, reports from renowned global organisations, media coverage of corporations, and examples of business cases in China.

Findings

Several key findings are covered in the chapter. First of all, environmental and social concerns are usually being deemed as intangible issues that need to be properly articulated and managed by an effective non-financial risk management system for enhancing corporate sustainability in China. Secondly, through different interpretations of sustainability, links could be drawn for non-financial risk management and sustainability. Thirdly, by explaining the impacts from non-financial risk management to sustainable development and profits, the chapter has argued CSR as a clear business case for any company in China. Fourthly, challenges are also portrayed for the effective management of non-financial risk management by corporations. Finally, the need of a well-defined non-financial risk management system for helping businesses to be more competitive, thus, moving closer to sustainability in China and elsewhere is provided.

Social implications

Integrating environmental and social risks is critical to the effective management of any corporation’s real risks and to improve resource allocation in a sustainable fashion. This demands a systematic and strategic identification of issues through non-financial risk management. Most significantly, this chapter has shown the way this can be achieved by any corporation in China, and the concepts can be applied into other societies.

Originality/value

The contribution of the chapter is thought to be significant. Although there exists a wide body of research on sustainable development, risk management and CSR in China, there is limited insight into how corporations can effectively conceptualise such intangible or non-financial risks in relation to sustainability.

Details

Corporate Social Responsibility and Sustainability: Emerging Trends in Developing Economies
Type: Book
DOI: https://doi.org/10.1108/S2043-905920140000008016
ISBN: 978-1-78441-152-7

Keywords

  • China
  • CSR
  • environmental and social risks
  • non-financial risk management
  • sustainability
  • triple bottom line

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Book part
Publication date: 20 December 2000

TEACHING A RISK ASSESSMENT COURSE

Paul L. Walker and William G. Shenkir

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Abstract

Details

Advances in Accounting Education Teaching and Curriculum Innovations
Type: Book
DOI: https://doi.org/10.1108/S1085-4622(2000)0000003005
ISBN: 978-0-76230-758-6

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Article
Publication date: 26 April 2011

Performance and risk management in strategic cooperation: A comparative study of business and military sectors

Lars Ehrengren and Bengt Hörnsten

The purpose of this paper is to investigate if business practices for performance through risk control methods can be applied by defence forces in peace missions called…

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Abstract

Purpose

The purpose of this paper is to investigate if business practices for performance through risk control methods can be applied by defence forces in peace missions called for by the United Nations (UN) in order to improve the efficiency of such missions.

Design/methodology/approach

Extensive studies of existing theories on business cooperation risk control were performed as well as studies of the organizational and legal structures for Swedish participation in international military missions. These studies were followed by interviews with politicians and military officers of high ranks regarding cooperation in such missions and the interviews were analyzed with respect to the theoretical methods and their validity for the military sector.

Findings

The authors' conclusion is that an adoption of some of the existing business risk control management methods could improve the efficiency of military risk management. The first step in such organizational knowledge transfer is to improve the form for and the formulation of more stringent objectives for the military mission.

Originality/value

The study indicates how the performance of international peace missions can be improved by application of risk control methods from the business sector.

Details

International Journal of Productivity and Performance Management, vol. 60 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/17410401111123553
ISSN: 1741-0401

Keywords

  • Sweden
  • Defence sector
  • Risk analysis
  • International cooperation
  • Peace

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Article
Publication date: 22 March 2013

Leveraging enterprise risk management (ERM) for boosting competitive business advantages in Bahrain

Akram Jalal‐Karim

Recently, the energetic and enormously competitive business environment has seen a stage of failure, from natural disasters to business crisis. Global competition and…

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Abstract

Purpose

Recently, the energetic and enormously competitive business environment has seen a stage of failure, from natural disasters to business crisis. Global competition and economic instability leads to errors, to unsuccessful business decisions, to defective performance and, finally, to failure. Conversely, effective anticipation of emerging risks can yield competitive advantage. The aim of this paper is to measure a proposed conceptual research model, based on various existing ERM frameworks.

Design/methodology/approach

The current study measures a proposed conceptual research model, based on various existing ERM frameworks, which provides a wide range of consulting services that assist companies in boosting competitive business advantage using enhanced risk response capabilities. Due to the nature of the current study and its hypothesis, the primary research purpose is, thus, explanatory. This model was empirically tested to measure the five proposed variables: identifying risks, estimating risks, treating risks, monitoring and communication, which are considered as independent variables that affect boosting competitive business advantage, which is considered as dependent variable.

Findings

The analytical results show that there is a highly significant relationship between all identified factors of the independent variables and the boosting competitive business advantage. It also indicates that, overall, the model applied is significantly good enough in predicting the successful preparedness for any potential risk.

Originality/value

Enterprise risk management (ERM) is a new management notion for rapidly enhancing the business plan globally. Its relevancy and popularity as a management technique are abetted by the changing business practices and burgeoning regulatory requirements of risk management. The aim of this paper is to evaluate the extent to which public listed companies (PLCs) in Bahrain have adopted ERM programmes and, then, to evaluate the significance of these programmes in adding distinctive competitiveness for these firms.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 9 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/20425961311315728
ISSN: 2042-5961

Keywords

  • Enterprise risk management
  • Competitive business advantages
  • Risk management
  • Bahrain

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Article
Publication date: 13 November 2020

Legal and Sharīʿah non-compliance risks in Nigerian Islamic finance industry: a review of the literature

Zakariya Mustapha, Sherin Binti Kunhibava and Aishath Muneeza

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute…

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Abstract

Purpose

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.

Design/methodology/approach

This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.

Findings

Undeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.

Research limitations/implications

Based on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.

Practical implications

This study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.

Originality/value

The findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.

Details

International Journal of Law and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/IJLMA-03-2020-0075
ISSN: 1754-243X

Keywords

  • Nigeria
  • Islamic finance
  • Legal framework
  • Sharīʿah risk
  • Legal risk
  • Conflict of laws
  • Sharīʿah non-compliance risk
  • Literature review
  • Judicial dispute resolution

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