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This paper sets out to corroborate the existing literature on investors' risk tolerance and to assess how the 2008 financial crisis has affected risk tolerance among Italian investors.

Based on a unique dataset of real-world portfolio choices made by 1,245 Italian investors over a period of 15 years (from 2003 to 2017), this paper presents two steps of analysis. In step 1, the whole period 2003–2017 is considered with the aim to integrate and corroborate the existing literature on the topic of risk tolerance, considering a complete economic and financial cycle. Step 2 took 2008 as the pivotal point between pre-crisis (2003–2008) and crisis (2009–2017) with the aim to observe the influence on risk appetite of the economic and financial effects of the crisis.

The results obtained confirm that men are more risk tolerant than women and older people are less risk-taking than their younger counterparts, although the relationship between age and risk tolerance is not necessarily linear. Moreover, our paper demonstrates that a crisis scenario has an influence on Italian investors' risk tolerance.

Our results are of interest to financial advisors, financial planners, asset managers, psychologists, behavioral researchers and more in general to providers of financial products and services.

The results presented in this paper are relevant and original because they are based on real investors who made real choices concerning their portfolio asset allocations.

This study examines the impact of cultural dimensions on entrepreneurial intentions (EIs) and the mediating role of planned behavior (TPB) determinants between change tolerance (CT), group focus (GF), and EIs for both men and women in the context of international business schools.

Using a quantitative research design, data were collected in France through anonymous questionnaires. The data consisted of responses from 480 business students. Structural equation modeling (SEM) and the bootstrap method with PROCESS macro were used to determine the significance of the mediation effects.

Results reveal the strong impact of CT on the EIs of both men and women through TPB antecedents. They also indicate that GF has an indirect effect on EIs through TPB antecedents for men and an indirect multiple mediation effect on EIs through CT and TPB antecedents for both men and women.

The extended TPB model is original in that it supports both the determinants of planned behavior and cultural dimensions and provides a valuable perspective through its findings on cultural and gender diversity in entrepreneurship.

本研究擬探討文化維度對創業意向的影響；研究亦探討在國際商學院的背景下，對改變的容忍度，群體焦點及男性和女性的創業意向三者之間的計劃行為決定因素所起的調節作用。

透過量化研究設計，研究人員使用匿名問卷，在法國收集數據；數據包括480名商學院學生的囘應。研究使用結構方程模型及自助法，並附上總體過程，來判斷調節效應的重要性。

研究結果顯示、透過計劃行為的前身，對改變的容忍度會對不論男性或女性的創業意向均有重大的影響。研究結果亦顯示，群體焦點對男性而言，會透過計劃行為的前身，對創業意向會有間接的影響，而群體焦點對無論是男性抑或是女性，會透過對改變的容忍度及計劃行為的前身，對創業意向會產生多個間接的調節效應。

伸延的計劃行為模型是富有創意的，因其為計劃行為及文化維度提供支援論據，亦透過研究創業上的文化與性別的多樣性所得到的結果，提供了一個寳貴的觀點。

The authors analyze the equilibrium effects of non-tradable assets on optimal policy portfolios. They study how the existence of non-tradable assets impacts optimal asset allocation decisions of investors who own such assets and of investors who do not have access to non-tradable assets.

In this theoretical analysis, the authors analyze a model with tradable and non-tradable asset classes whose cash flows are jointly normally distributed. There are two types of investors, with and without access to non-tradable assets. All investors have constant absolute risk aversion preferences. The authors derive closed form solutions for optimal investor demand and equilibrium asset prices. They calibrated the model using US data for listed equity, bonds and private equity. Further, the authors illustrate the sensitivities of quantities and prices with respect to the main parameters.

The study finds that the existence of non-tradable assets has a large impact on optimal asset allocation. Investors with (without) access to non-tradable assets tilt their portfolios of tradable assets away from (toward) assets to which non-tradable assets exhibit positive betas.

The model provides important insights not only for investors holding non-tradable assets such as private equity but also for investors who do not have access to non-tradable assets. Investors who ignore the effect of non-tradable assets when reverse-engineering risk premia from asset covariances and market capitalizations might severely underestimate the equity risk premium.

The authors provide the first comprehensive analysis of the equilibrium effects of non-tradability of some assets on optimal policy portfolios. Thus, this paper goes beyond analyzing the effects of market imperfections on individual portfolio choices.

The monetary valuation of cultural heritage of a selection of 16 major public, not-for-profit Australian cultural institutions is examined over a period of almost three decades (1992–2019) to understand how they have responded to the paradoxical tensions of heritage valuation for financial reporting purposes.

Accounting for cultural heritage is an intrinsically paradoxical practice; it involves a conflict of two opposite ways of attributing value: the traditional accounting and the heritage professionals (or curatorial) approaches. In analysing the annual reports and other documentary sources through qualitative content analysis, the study explores how different actors responded to the conceptual and technical contradictions posed by the monetary valuation of “heritage assets”, the accounting phraseology of accounting standards.

Four phases emerge from the analysis undertaken of the empirical material, each characterised by a distinctive nature of the paradox, the institutional responses discerned and the outcomes. Although a persisting heterogeneity in the practice of accounting for cultural heritage is evident, responses by cultural institutions are shown to have minimised, so far, the negative impacts of monetary valuation in terms of commercialisation of deaccessioning decisions and distorted accountability.

In applying the theoretical lens of paradox theory in the context of the financial reporting of heritage, as assets, the study enhances an understanding of the challenges and responses by major public cultural institutions in a country that has led this development globally, providing insights to accounting standard setters arising from the accounting practices observed.

We investigated the relationship between personality and managerial assessment center (AC) dimensions, emphasizing age’s moderating role within volatility, uncertainty, complexity, ambiguity (VUCA) simulations.

We analyzed 327 managers and applied the AC method, examining areas like social skills, problem-solving, management and goal striving, openness to change, employee development using the VUCA framework.

We assessed personality metatraits through a questionnaire based on the circumplex model (CPM; Strus, Cieciuch, & Rowinski, 2014), identifying four bipolar metatraits. Results highlighted passiveness and disharmony as negatively correlated with all managerial AC dimensions, with passiveness adversely affecting social skills and problem-solving.

Age’s moderating role emerged as pivotal in the relationship between personality and managerial AC dimensions, especially in specific VUCA contexts. This underscores age’s influence on the interplay between personality and managerial efficacy, suggesting varying predictive capabilities across age groups. The research illuminates the complexities of these relationships, spotlighting age’s nuanced impact.

The study sought to fit managerial competencies in the metatraits of the Circumplex Personality Metatraits Model (CPM) by Strus, Cieciuch and Rowinski (2014). The authors assumed that managerial competencies would be located in the sector of personality metatraits, specifically, the plus poles: Integration (Gamma-Plus) through Stability (Alpha-Plus) and Self-restraint (Delta-Plus) to Plasticity (Beta-Plus).

A group of 327 managers took part in this study. Managerial competencies related to social skills, problem-solving, management and goal striving, openness to change and employee development were evaluated via the assessment center (AC).

The results revealed a negative relationship between all managerial competencies and negative metatraits of Disharmony (Gamma-Minus) and Passiveness (Beta-Minus). On the other hand, Integration (Gamma-Plus) and Plasticity (Beta-Plus) appeared to be positively related to two competencies only: openness to change and problem-solving.

All managerial competencies fitted well in the CPM pattern with adequate degrees of fit. The discussion indicates the role of managerial competencies and personality assessment in the selection process.

Industry 4.0 is assumed to yield extensive industry-spanning opportunities. However, exploiting these opportunities requires a targeted implementation of Industry 4.0. The purpose of this paper is to generate a deeper understanding of relevant implementation action. Existing recommendations are mostly general, highly aggregated and difficult to grasp. Yet, specific and concrete actions that need to be taken to accelerate the realization of Industry 4.0 are essential.

The article uses 13 semi-structured in-depth expert interviews as the source of empirical data. The interviews were conducted with managers from Industry 4.0-experienced German manufacturing companies. All interviews are analyzed using qualitative content analysis.

The study reveals relevant and targeted aspects for Industry 4.0 implementation: the development of Industry 4.0-specific know-how, securing financial resources, integrating employees into the implementation process and establishing an open-minded and flexible corporate culture. Further aspects include comprehensive planning processes, cooperation with external partners, proper handling of data interfaces, interdisciplinary communication, an adaptable organizational structure and data security.

The paper is limited to German manufacturing enterprises and should be transferred to other industries and countries.

The study supports managers to effectively implement Industry 4.0 within their organizations and consequently benefit from Industry 4.0 and derives recommendations for future research.

The paper is among the first to give specific and concrete examples for lessons learned from Industry 4.0 implementation, directly obtained from industrial application.

Climate change poses diverse, often fundamental, challenges to livelihoods of island peoples. The purpose of this study is to demonstrate that these challenges must be better understood before effective and sustainable adaptation is possible.

Understanding past livelihood impacts from climate change can help design and operationalize future interventions. In addition, globalization has had uneven effects on island countries/jurisdictions, producing situations especially in archipelagoes where there are significant differences between core and peripheral communities. This approach overcomes the problems that have characterized many recent interventions for climate-change adaptation in island contexts which have resulted in uneven and at best only marginal livelihood improvements in preparedness for future climate change.

Island contexts have a range of unique vulnerability and resilience characteristics that help explain recent and proposed responses to climate change. These include the sensitivity of coastal fringes to climate-environmental changes: and in island societies, the comparatively high degrees of social coherence, closeness to nature and spirituality that are uncommon in western contexts.

Enhanced understanding of island environmental and social contexts, as well as insights from past climate impacts and peripherality, all contribute to more effective and sustainable future interventions for adaptation.

The need for more effective and sustainable adaptation in island contexts is becoming ever more exigent as the pace of twenty-first-century climate change increases.

Existing research evidence shows a fragmented understanding of the roles of first-line employees (FLEs) as essential factors for successful lean implementation in small- and medium-sized enterprises (SMEs), provoking recent calls for additional research on the identification of enablers and barriers for lean acceptance among workers. Therefore, this paper aims to identify related enablers and barriers to lean implementation among FLEs and determine future research avenues for improving the understanding of lean methodology implementation in SMEs.

Relying on a systematic literature review methodology, the authors aimed to synthesize and evaluate available peer-reviewed papers on the role of FLEs in lean implementation in SMEs. General descriptive and thematic analysis comprehensively depicted the selected research topic and identified the main themes within collected papers and potential future research questions.

The authors identified four main themes related to FLEs’ role in lean implementation: cultural change factors, employee characteristics, management involvement and lean job design. Within each theme, the authors present a comprehensive overview of FLE-related factors and associated enablers and barriers that should be considered for a successful lean implementation in SMEs.

The research outcomes are important to practicing managers in SMEs, helping them facilitate lean acceptance and enhance the likelihood of successful lean implementation.

The insights from this study present building blocks in developing a lean implementation model for SMEs that considers the FLEs’ role more comprehensively.

Since the 1980s, governments worldwide have been implementing the move from cash to accrual accounting. Scholars initially considered the appropriateness of this accounting reform to be self-evident, but later they have expressed critical views. This paper systematises the existing literature intending to reflect on the adverse effects of adopting accrual accounting in the public sector and identify implications for future research.

The present study builds on a systematic literature review of 106 academic articles published between 1980 and 2021. It is based on the “preferred reporting items for systematic reviews and meta-analyses” (PRISMA) method. Synthesising research through a transparent, rigorous and replicable process makes it possible to identify and discuss the adverse effects of adopting public sector accrual accounting.

Significant issues are linked to organisational impacts and accountability. Resistance to change is the main negative consequence and is more likely in countries that have chosen to adopt accrual accounting without maintaining cash accounting. The new accounting rules make accounting information more complex and arbitrary for citizens and politicians. How these criticalities should be addressed deserves further investigation.

This paper offers a comprehensive literature review on the drawbacks of adopting accrual accounting in the public sector. It could provide a general lesson to be applied to policymakers of other jurisdictions currently considering this transition to prevent the adverse effects and act proactively.