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1 – 10 of over 1000Godslove Ampratwum, Vivian W.Y. Tam and Robert Osei-Kyei
Public–private partnership (PPP) has been adopted in many areas especially within the architecture, engineering and construction research domain. However, the PPP in critical…
Abstract
Purpose
Public–private partnership (PPP) has been adopted in many areas especially within the architecture, engineering and construction research domain. However, the PPP in critical infrastructure resilience (CIR) has not received the needed attention even though it has been acclaimed to be the panacea for building infrastructure resilience. This paper aims to adopt a systematic review to proactively identify the risks factors that pertains to using PPP as a mechanism to build the resilience of critical infrastructure.
Design/methodology/approach
Using a systematic methodology, a total record of 51 academic publications and 5 institutional reports from reputable organizations were identified and analyzed.
Findings
The selected literature was subjected to content analysis to retrieve 46 risk factors in PPP in CIR. The outcome of the systematic revealed the topmost risks as corruption, natural and unavoidable catastrophes, wars, terrorism, sabotage, cost overrun issues, a lack of centralized mechanism for coordinating integrated actions, inconsistent government policies, inadequate supervision, high operational cost due to robust and redundant measure, lack of supporting infrastructure, lack of open and integrated communication, unstable government, political interference, lack of PPP experience and legislation change. A conceptual framework was developed by grouping the identified risks under 13 categories.
Research limitations/implications
The outcome of this study will be a guide for decision makers and stakeholders with the responsibility of building the resilience of critical infrastructure.
Originality/value
The study contributes to CIR research area by providing an in-depth knowledge on risks that are inherent in PPP in CIR.
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M.K.S. Al-Mhdawi, Alan O'connor, Abroon Qazi, Farzad Rahimian and Nicholas Dacre
This research aims to systematically review studies on significant risks for Critical Infrastructure Projects (CIPs) from selected top-tier academic journals from 2011 to 2023.
Abstract
Purpose
This research aims to systematically review studies on significant risks for Critical Infrastructure Projects (CIPs) from selected top-tier academic journals from 2011 to 2023.
Design/methodology/approach
In this research, a three-step systematic literature review methodology was employed to analyse 55 selected articles on Critical Infrastructure Risks (CIRs) from well-regarded and relevant academic journals published from 2011 to 2023.
Findings
The findings highlight a growing research focus on CIRs from 2011 to 2023. A total of 128 risks were identified and grouped into ten distinct categories: construction, cultural, environmental, financial, legal, management, market, political, safety and technical risks. In addition, literature reviews combined with questionnaire surveys were more frequently used to identify CIRs than any other method. Moreover, oil and gas projects were the subjects most often explored in the reviewed papers. Furthermore, it was observed that publications from Iran, the USA and China dominated CIRs research, making significant contributions, accounting for 49.65% of the analysed articles.
Research limitations/implications
This research specifically focuses on five types of CIPs (i.e. roadways, bridges, water supply systems, dams and oil and gas projects). Other CIPs like cyber-physical systems or electric power systems, were not considered in this research.
Practical implications
Governments and contracting firms can benefit from the findings of this study by understanding the significant risks associated with the execution of CIPs, irrespective of the nation, industry or type of project. The results of this investigation can offer construction professionals valuable insights to formulate and implement risk response plans in the early stages of a project.
Originality/value
As a novel literature review related to CIRs, it lays the groundwork for future research and deepens the understanding of the multi-faceted effects of these risks, as well as sets practical response strategies.
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Anis Daghar, Leila Alinaghian and Neil Turner
The purpose of this paper is to systematically review, synthesize and critically evaluate the current research status on the role of collaborative interorganizational…
Abstract
Purpose
The purpose of this paper is to systematically review, synthesize and critically evaluate the current research status on the role of collaborative interorganizational relationships (CIRs) in supply chain risks (SCRs) from a social capital perspective and provide an organizing lens for future scholarship in this area.
Design/methodology/approach
This study adopts a systematic literature review approach to investigate 126 articles from 27 peer-reviewed journals between 1995 and 2020.
Findings
This paper investigates supply chain CIRs using a social capital perspective to explain the role of structural, relational and cognitive capital that resides in these relationships in various SCRs (i.e. environmental, supply, manufacturing, demand, information, financial and transportation). The review reveals that the three social capital dimensions uniquely and both positively and negatively affect different SCRs. The findings further suggest that the perceived SCRs can influence the structural and relational capital.
Practical implications
This study calls for practitioners to consider the cognitive alignment with their supply network partners, their relational investments, as well as the interorganizational processes and systems in managing and alleviating SCRs.
Originality/value
This review offers a theoretical articulation of how various aspects of CIRs affect SCRs. Specifically, this study extends the existing understanding of the role of social capital in SCRs through offering a synthesis of dominant findings and discourses, and avenues for future research.
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Efthimia Pantzartzis, Lipika Deka, Andrew D.F. Price, Chris Tann, Grant R.W. Mills and Sameedha Rich-Mahadkar
Lord Carter’s (2015) “Review of Operational Productivity in NHS providers” stated that to improve National Health Service (NHS) England’s efficiency, operational productivity…
Abstract
Purpose
Lord Carter’s (2015) “Review of Operational Productivity in NHS providers” stated that to improve National Health Service (NHS) England’s efficiency, operational productivity should be targeted in four main areas, one being estates management. NHS England’s estate includes a variety of buildings some of which are considered no longer fit-for-purpose, thus creating risk to patients and staff. These built assets require continuous maintenance, adding pressures to NHS England’s precarious financial situation. The purpose of this paper is to identify positive strategies and major constraints to achieving sustainable management of backlog maintenance (BM) across the NHS assets, and thus suggest balanced actions.
Design/methodology/approach
The research adopts a qualitative approach and combines: literature review of current BM methodologies; interviews with estates and facilities directors from seven NHS trusts on BM strategies; and a NHS trust detailed case study.
Findings
The major finding is that sustainable management of BM is achievable if there is a consistent, pro-active and long-term strategic approach where critical levels of BM are prioritised. Additional issues (i.e. appropriate methodology, performance metrics and links with clinical service delivery strategies) also need to be considered.
Practical implications
This study is relevant to the management of the NHS estate including development and adoption of sustainable strategies.
Originality/value
This paper offers original insights to the factors influencing healthcare estates’ BM at a time when the UK policy agenda is targeting infrastructure operational efficiency and organisations are seeking more comprehensive methodologies.
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Abstract
Purpose
The purpose of this paper is to analyze different behaviors between long-term options’ implied volatilities and realized volatilities.
Design/methodology/approach
This paper uses a widely adopted short interest rate model that describes a stochastic process of the short interest rate to capture interest rate risk. Price a long-term option by a system of two stochastic processes to capture both underlying asset and interest rate volatilities. Model capital charges according to the Basel III regulatory specified approach. S&P 500 index and relevant data are used to illustrate how the proposed model works. Coup with the low interest rate scenario by first choosing an optimal time segment obtained by a multiple change-point detection method, and then using the data from the chosen time segment to estimate the CIR model parameters, and finally obtaining the final option price by incorporating the capital charge costs.
Findings
Monotonic increase in long-term option implied volatility can be explained mainly by interest rate risk, and the level of implied volatility can be explained by various valuation adjustments, particularly risk capital costs, which differ from existing published literatures that typically explained the differences in behaviors of long-term implied volatilities by the volatility of volatility or risk premium. The empirical results well explain long-term volatility behaviors.
Research limitations/implications
The authors only consider the market risk capital in this paper for demonstration purpose. Dealers may price the long-term options with the credit risk. It appears that other than the market risks such as underlying asset volatility and interest rate volatility, the market risk capital is a main nonmarket risk factor that significantly affects the long-term option prices.
Practical implications
Analysis helps readers and/or users of long-term options to understand why long-term option implied equity volatilities are much higher than observed. The framework offered in the paper provides some guidance if one would like to check if a long-term option is priced reasonable.
Originality/value
It is the first time to analyze mathematically long-term options’ volatility behavior in comparison with historically observed volatility.
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Ramona Rupeika-Apoga, Inna Romānova and Simon Grima
Introduction – Stability of commercial banks is on the back stone of a country’s economy and its development, making bank stability one of the main concerns of financial…
Abstract
Introduction – Stability of commercial banks is on the back stone of a country’s economy and its development, making bank stability one of the main concerns of financial regulators. The bank stability models for large and small economies differ significantly.
Purpose – In this chapter we examine the determinants of bank stability in a small post-transition economy, based on the case of Latvia. Latvia has a well-organized banking system, providing a wide range of services to local and international customers. Besides, the Latvian banking sector is quite unique in Europe as it comprises two sets of banks with radically different target groups of customers and sources of revenue.
Methodology – To carry out this study we analysed panel data of the quarterly financial statements of Latvian banks operating during the period 2012-2017.
Findings – We found evidence of a negative significant relationship between size and bank stability, negative significant impact of liquidity risk on bank stability, a positive significant relationship between capital adequacy and bank stability, as well as a positive significant relationship between credit risk and stability. These results increase the importance of a sufficient level of capital adequacy ratio and liquidity to maintain bank stability. In general, the results of the study confirm the results of other studies on bank stability of small economies, with some exceptions due to the unique situation in term bank business models applied by Latvian banks. The current study provides valuable policy implications to small post-transition economies and stakeholders in general.
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Benedetta Esposito, Maria Rosaria Sessa, Daniela Sica and Ornella Malandrino
This paper investigates the extent to which the COVID-19 pandemic has accelerated service innovation in the restaurant sector. It explores the use of digital technologies (DT) as…
Abstract
Purpose
This paper investigates the extent to which the COVID-19 pandemic has accelerated service innovation in the restaurant sector. It explores the use of digital technologies (DT) as a safety-empowerment and resilient strategy in the food-service industry during the pandemic. It also investigates the impact of DT on customers' risk perception (CRP) and customers' intention to go to restaurants (CIR) in Italy.
Design/methodology/approach
Based on the theory of planned behaviour and perceived risk theory, this study investigates a sample of customers residing in Italy. Multiple regression and mediation analyses are conducted to test the research hypotheses, adapting the logic model developed. Using the bootstrapping technique, this study also explores whether the pandemic has moderated the relationship among several variables adapted from the literature. Robustness tests are also performed to corroborate the analysis.
Findings
The pandemic has accelerated the food-service industry's digital transformation, forcing restauranteurs to implement DT to survive. Findings show that DT support restauranteurs in implementing innovative services that reduce interactions and empower cleanliness among workers and customers, reducing CRP and preserving CIR. Thus, managing risk perception is helping the restaurant sector to recover.
Practical implications
Practical implications are presented for policymakers to catalyse the digital transformation in small- and medium-sized restaurants. The results may also be beneficial for entrepreneurs who can implement innovative service practices in order to reduce interaction and empower cleanliness levels. Moreover, academics can use these results to conduct similar research in other geographical contexts.
Originality/value
The present research represents the first study investigating the relationship between the use of digital technologies and the intentions of customers to go out for dinner during the ongoing pandemic in Italy.
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HOWARD SCHNEIDER, MICHAEL R. BUTOWSKY and MICHELE M. LEW
This article provides a comprehensive look at suitability rules, first in the traditional brokerage context and then in terms of their application to online brokerages in general…
Abstract
This article provides a comprehensive look at suitability rules, first in the traditional brokerage context and then in terms of their application to online brokerages in general. It outlines the arguments made by the online brokerages to differentiate their world from traditional broker‐dealers, and offers hypothetical scenarios in which suitability concepts may apply in the online brokerage setting. The authors suggest that online brokerages should be allowed time to determine the appropriate rules in light of how the technology itself evolves over the next several years.
Gia Sirbiladze, Harish Garg, Irina Khutsishvili, Bezhan Ghvaberidze and Bidzina Midodashvili
The attributes that influence the selection of applicants and the relevant crediting decisions are naturally distinguished by interactions and interdependencies. A new method of…
Abstract
Purpose
The attributes that influence the selection of applicants and the relevant crediting decisions are naturally distinguished by interactions and interdependencies. A new method of possibilistic discrimination analysis (MPDA) was developed for the second stage to address this phenomenon. The method generates positive and negative discrimination measures for each alternative applicant in relation to a particular attribute. The obtained discrimination pair reflects the interaction of attributes and represents intuitionistic fuzzy numbers (IFNs). For the aggregation of applicant's discrimination intuitionistic fuzzy assessments (with respect to attributes), new intuitionistic aggregation operators, such as AsP-IFOWA and AsP-IFOWG, are defined and studied. The new operators are certain extensions of the well-known Choquet integral and Yager OWA operators. The extensions, in contrast to the Choquet aggregation, take into account all possible interactions of the attributes by introducing associated probabilities of a fuzzy measure.
Design/methodology/approach
For optimal planning of investments distribution and decreasing of credit risks, it is crucial to have selected projects ranked within deeply detailed investment model. To achieve this, a new approach developed in this article involves three stages. The first stage is to reduce a possibly large number of applicants for credit, and here, the method of expertons is used. At the second stage, a model of improved decisions is built, which reduces the risks of decision making. In this model, as it is in multi-attribute decision-making (MADM) + multi-objective decision-making (MODM), expert evaluations are presented in terms of utility, gain, and more. At the third stage, the authors construct the bi-criteria discrete intuitionistic fuzzy optimization problem for making the most profitable investment portfolio with new criterion: 1) Maximization of total ranking index of selected applicants' group and classical criterion and 2) Maximization of total profit of selected applicants' group.
Findings
The example gives the Pareto fronts obtained by both new operators, the Choquet integral and Yager OWA operators also well-known TOPSIS approach, for selecting applicants and awarding credits. For a fuzzy measure, the possibility measure defined on the expert evaluations of attributes is taken.
Originality/value
The comparative analysis identifies the applicants who will receive the funding sequentially based on crediting resources and their requirements. It has become apparent that the use of the new criterion has given more credibility to applicants in making optimal credit decisions in the environment of extended new operators, where the phenomenon of interaction of all attributes was also taken into account.
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The case that the industrial buyer is a risk avoider is not difficult to sustain. Every buying organisation, to a greater or lesser degree, demonstrates symptoms of such behaviour…
Abstract
The case that the industrial buyer is a risk avoider is not difficult to sustain. Every buying organisation, to a greater or lesser degree, demonstrates symptoms of such behaviour every day. Among these symptoms, the most apparent to the observer is the tendency to retain established suppliers even when competitive alternatives are available. Clearly, to take on a new supplier involves some aspect of risk of failure—even if only of a “teething trouble” nature. A second symptom in production organisations is that which is implied in the statement “we must keep the line moving”. One consequence of this is the tendency to maintain raw material and component inventory levels which err on the high side. In flow production situations involving expensive capital equipment, for example, it is reasonably easy to defend such behaviour. As one Materials Manager put it: “If I stop the line for one hour it costs this company £x,000. There would need to be remarkable cost savings to interest me in changing our present level of stocks or our major suppliers”. Another symptom is a tendency to over‐specify, or to pay “a little more” to ensure that the supplier performs within the required parameters.