Search results

The aim of this study is to investigate whether and how Spanish listed companies adopt formalized and integrated models of risk management during the period 2016–2018 and disclose them inside annual reports. Such investigation rebuilds the international regulatory and self-regulatory framework about risk management and examines the pressures and constraints influencing the adoption and implementation of ERM model in Spain. Indeed, the instability and uncertainty of the global macroeconomic context and the new threats to the corporate profitability and survival are now contributing to the development of a new dimension of risk management system more updated, dynamic and integrated. The results of the content analysis on ERM disclosure in annual reports show that Spanish listed companies are not equipped with structured and integrated risk management systems and their risk management approach is not aligned with any ERM framework. Notwithstanding, the Spanish companies are taking remarkable steps to strengthen the risk management systems towards a higher level of integration and systematization.

The environmental exposures to humankind have increased in number and intensity over past decades introducing the possibility of extreme incidents with irreversible impacts on business and society. The global integration of business and cross-border financial flows supported by digital technology increase the complexity and uncertainty of the business environment. In this context, the behaviors of individual players are interdependent with potentially nonlinear and unpredictable outcomes ascribed to complex wicked problems. As a consequence, organizational decision-makers may pursue false objectives from misinformed causation where stringent score-card controls will exacerbate the problems. The resolution to wicked problems requires cross-functional and collective interactions supported by a collaborative corporate mindset. The conventional control-based management practices fall short in dealing with disruptive developments where value-based stakeholder collaboration can provide resilient responses to unexpected abrupt events.

The origin of perfumery can be traced back to the true cradle of human civilization and culture in ancient Mesopotamia and Egypt. The world’s first referenced chemist was a perfumer named Tapputi-Belatekallim who lived in Babylon more than 3,000 years ago. She used her intimate knowledge of chemistry to develop various formulations and techniques to revolutionize the process of perfumery creation. Similarly, Ajmal is one of the first companies in the Gulf Cooperation Council (GCC) to have pioneered the science and art of perfumery creation. This case study describes the inspiring journey of Ajmal Perfumes which began in the farms of a small village located in Hojai, Assam, to becoming a world-class perfumer with a global reach of over 45 countries. From “Farm to Flacon,” (Flacon a.k.a glass bottle) the company’s perfect control over their seamless value chain has enabled them to sustainably grow their business while maintaining high standards of quality. Their performance across five major dimensions (finance, market, processes, people, and corporate social responsibility [CSR]) is used to gauge their success. In this case analysis, the strategic framework behind the success of Ajmal Perfumes is captured. Transformational Leadership (TL), Customer Centricity (CC), Intrapreneurial Behavior (IB), Total Quality Management (TQM), Innovation Success (IS), Absorptive Capacity (AC), and CSR are identified as their key drivers of success. A critical review of existing literature related to success drivers was also undertaken that brought forward knowledge gaps and future areas of research in the domain of TQM and AC.