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Article
Publication date: 2 November 2015

Erwin Wauters, Yann de Mey, Frankwin van Winsen, Steven Van Passel, Mark Vancauteren and Ludwig Lauwers

Building on the risk balancing theory and on recent discussions the appropriateness of using farm income maximization as behavioural assumption, this paper extends the risk

Abstract

Purpose

Building on the risk balancing theory and on recent discussions the appropriateness of using farm income maximization as behavioural assumption, this paper extends the risk balancing framework by accounting for business-household interactions. The purpose of this paper is to theoretically introduce the concept of farm household risk balancing, a theoretical framework in which the farm household sets a constraint on the total household-level risk and balances farm-level and off-farm-level risk.

Design/methodology/approach

The paper argues that the risk behaviour of farmers is better understood by considering risk at the household level. Using an analytical framework, equations are derived linking the farm activities, off-farm activities, consumption and business and private liquidity.

Findings

The framework shows that a farm household that wants to minimize the risk that total household cash flow falls below consumption needs, may exhibit a wide variety of behavioural responses to changes in the policy and economic environment.

Social implications

The framework suggests multiple ways for policy makers and individual farmers to support risk management.

Originality/value

Risk management is at the core of the agricultural policy and it is of paramount importance to be able to understand behavioural responses to market and policy instruments. This paper contributes to that by suggesting that the focus of current risk analysis and management studies may be too narrowly focused at the farm level.

Details

Agricultural Finance Review, vol. 75 no. 4
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 29 April 2014

Anthony J. Perrenoud, Brian C. Lines and Kenneth T. Sullivan

The purpose of this study is to describe how the University of Minnesota's capital program implemented risk management metrics on 266 construction projects and to present…

Abstract

Purpose

The purpose of this study is to describe how the University of Minnesota's capital program implemented risk management metrics on 266 construction projects and to present the results of the risk metrics.

Design/methodology/approach

The implementation of Weekly Risk Reports (WRR) on the university construction projects captured information on the internal and external efforts related to minimizing project risks. The report implemented captured project risks, management plans, cost changes and schedule delays.

Findings

Findings reveal that the university was able to effectively capture project risk metrics through the WRR. The risk metrics identified the risks categories that impacted the 266 project costs and schedules. Through these findings, the university has a better understanding of how their internal stakeholders create the greatest risk to impacting the project cost and schedule. This paper presents the risk impacts collected from the 266 projects.

Research limitations/implications

A complete analysis of the risk metrics was limited in this research due to the extensive measurements collected. Future analysis will provide additional findings from the risk information.

Originality/value

The paper presents both the implementation and the risk management measurements used within a capital program of a major university to provide understanding of the common risks that are involved with capital projects.

Details

Journal of Facilities Management, vol. 12 no. 2
Type: Research Article
ISSN: 1472-5967

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Article
Publication date: 9 January 2017

Rofyanto Kurniawan, Suhaiza Hanim Zailani, Mohammad Iranmanesh and Premkumar Rajagopal

The vulnerability issue in supply chains is among the most pressing concerns that firms are currently facing. As a preliminary attempt to address the lack of empirical…

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3056

Abstract

Purpose

The vulnerability issue in supply chains is among the most pressing concerns that firms are currently facing. As a preliminary attempt to address the lack of empirical research, this paper aims to primarily explore the relationship between vulnerability mitigation strategies and supply chain effectiveness with security culture as a moderator.

Design/methodology/approach

Data are gathered via a survey of 209 Indonesian manufacturing firms. The data are analyzed using partial least squares technique.

Findings

Results indicate that supply chain visibility, supply chain flexibility and supplier development strategies positively affect supply chain effectiveness. Moreover, risk culture positively moderates the effects of supply chain visibility and supplier development on supply chain effectiveness.

Practical implications

The findings may improve supply chain effectiveness by mitigating the effects of vulnerability causes.

Originality/value

This study contributes to the advancement of knowledge on the relationships between vulnerability mitigation strategies and supply chain effectiveness.

Details

Supply Chain Management: An International Journal, vol. 22 no. 1
Type: Research Article
ISSN: 1359-8546

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Article
Publication date: 4 July 2016

Irene Kilubi

The purpose of this paper is to analyse the intellectual structure and research fronts of discipline of supply chain risk management (SCRM), in order to identify the…

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1314

Abstract

Purpose

The purpose of this paper is to analyse the intellectual structure and research fronts of discipline of supply chain risk management (SCRM), in order to identify the knowledge groups in the research area to date, as well as to reveal any relationships between these subfields and the central influential trends.

Design/methodology/approach

By means of a bibliometric study, the 32 most co-cited articles on SCRM published in 16 top business-related academic journals are analysed using multivariate statistical techniques, i.e. multi-dimensional scaling, cluster analysis and correspondence factor analysis.

Findings

The results demonstrate a clearly identifiable structure as a result of the performed co-citation analysis. The conducted cluster analysis and factor bring forward that the research field is arranged in five different areas of interest: explaining supply chain (SC) risk phenomena, concepts, frameworks and insights of SCRM; modelling risks for SCs; inventory risks affecting supply efficiency; SC and product design methods; and SC risk mitigating strategies.

Originality/value

Overall, the intellectual structure of SCRM is first examined through a bibliometric approach using quantitative techniques – for improved understanding of its origins, and to identify the state of the science – and to offer suggestions for future studies that could cover current gaps. This study represents the potential to advance the SCRM literature landscape.

Details

Business Process Management Journal, vol. 22 no. 4
Type: Research Article
ISSN: 1463-7154

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Article
Publication date: 25 November 2013

Juerg Hagmann

This paper aims to discuss the still immature concept of information governance (IG) from a records and information management (RIM) perspective and attempts to identify

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5433

Abstract

Purpose

This paper aims to discuss the still immature concept of information governance (IG) from a records and information management (RIM) perspective and attempts to identify some critical aspects, essential elements and challenges, drawing on lessons learned from corporate experience in a global setup.

Design/methodology/approach

After a critical consideration of the notion “information governance” the paper reports some issues which turned out to be major barriers to success during IG implementation within a given organisation.

Findings

Practical experience highlights the importance of carefully scoping IG frameworks in larger organisations; in particular, balancing the representation of all relevant stakeholders (especially lines of business) and targeting investment in initiatives that foster an information management culture. Equally critical to success is corporate communication which truly values information as a corporate asset and highlights the importance of information lifecycle management rather than technology under the motto “putting the ‘I’ into IT”.

Research limitations/implications

This paper draws on experience from a single case study to discuss some of the cultural factors that influence the design and implementation of IG in general. However, more empirical research is needed in order to broaden the understanding of the impact of IG programmes in real-world organisations.

Practical implications

When implementing IG programmes in global organisations it should not be limited to an IT perspective alone. The biggest challenge is the fact that no department or discipline alone can achieve the desired results. Success is only possible in an orchestrated scenario with clear value propositions for specific business functions.

Originality/value

Based on a small selection of professional literature on the IG approach, the paper presents findings about issues and pitfalls when setting up and implementing an IG programme. It is hoped that it will inspire more exploratory research of this kind from members of the records management community to encourage them to raise the need for IG in their own organisations.

Details

Records Management Journal, vol. 23 no. 3
Type: Research Article
ISSN: 0956-5698

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Article
Publication date: 1 January 2006

Darrell L. Ross and Madhava R. Bodapati

The purpose of this paper is to show that claims filed against law enforcement agencies alleging the violation of constitutional rights continue to plague police…

Abstract

Purpose

The purpose of this paper is to show that claims filed against law enforcement agencies alleging the violation of constitutional rights continue to plague police administrators, officers, agency trainers, and risk managers. This technical paper seeks to report on the analysis of 151 police and sheriff departments' claims, losses, and litigation in order to assess the trends, costs, and nature of these claims.

Design/methodology/approach

Using official records of a risk management entity in Michigan, 15 years of incidents were analyzed in order to identify the trends in third‐party claims, liability, and losses of police and detention centers.

Findings

The general findings of 11,273 claims are provided as well as a detailed analysis of 2,929 claims, representing 25 common categories in police work and detention facilities. The findings illustrate the current trends in police liability and reveal important managerial concerns which can direct administrators in revising policy and procedures, in focusing training endeavors, and incorporating risk management strategies in order to reduce the risk of police liability.

Originality/value

The findings will be useful for police trainers in structuring their training efforts. Suggestions for future research which examine successful risk management practices and avert liability are also discussed.

Details

Policing: An International Journal of Police Strategies & Management, vol. 29 no. 1
Type: Research Article
ISSN: 1363-951X

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Article
Publication date: 1 January 2006

Mazin A.M. Al Janabi

This paper seeks to provide foreign exchange risk measurement/management techniques and strategies that can be applied to investment and trading portfolios in emerging…

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1550

Abstract

Purpose

This paper seeks to provide foreign exchange risk measurement/management techniques and strategies that can be applied to investment and trading portfolios in emerging financial markets, such as the Moroccan foreign exchange market, with the objective of setting up the basis of a methodology/procedure for the measurement, management and control of foreign exchange exposures in the day‐to‐day trading operations.

Design/methodology/approach

Demonstrates a proactive approach for the measurements, management and control of market risk exposure for financial trading portfolios that contain foreign exchange securities. This approach is based on the renowned concept of value‐at‐risk (VAR) along with the creation of a software tool utilizing matrix‐algebra technique. In order to illustrate the proper use of VAR and stress‐testing methods, real‐world examples and practical reports of foreign exchange trading risk management are presented for the Moroccan Dirham.

Findings

To this end, several case studies were achieved with the objective of setting up a practical framework of trading risk measurement and control reports in addition to the inception of procedures for the calculation of VAR's limits. Moreover, the effects of hedging of foreign exchange trading exposures with reciprocal equity trading positions were explored and quantified. Finally, initial empirical tests of the long‐term behavior of the Moroccan foreign exchange and debt markets were quantified and analyzed.

Practical implications

In this work, key foreign exchange trading risk management methods, rules and procedures that financial entities, regulators and policymakers should consider in setting up their daily foreign exchange trading risk management objectives are examined and adapted to the specific needs of emerging markets, such as in the context of the Moroccan foreign exchange market.

Originality/value

This paper fills a gap in the foreign exchange risk management literature especially in the emerging markets perspective. The risk management procedures that are discussed in this work will aid financial markets' participants, regulators and policymakers in founding sound and up‐to‐date policies to handle foreign exchange risk exposures.

Details

Journal of Financial Regulation and Compliance, vol. 14 no. 1
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 31 July 2017

Alberto De Marco and Giulio Mangano

This paper aims to contribute to understanding the crucial influence of risks on the capital structure of project financing (PF) initiatives in the energy sector.

Abstract

Purpose

This paper aims to contribute to understanding the crucial influence of risks on the capital structure of project financing (PF) initiatives in the energy sector.

Design/methodology/approach

The debt leverage of a capital investment is selected as the response variable, and its relation with select identified risk factors is examined using a regression analysis on a data set of 72 projects carried out all over the world in the energy industry.

Findings

Results have highlighted that the debt leverage is significantly influenced by several sources of risk measured through specific indicators, namely, country stability index, the construction duration, the concession period and the average size of partners. Therefore, country, project and special purpose vehicle-related risks have been shown to have an impact on the debt leverage of a PF scheme.

Research limitations/implications

The results could support both investors and lenders to better define the financial leverage of projects delivered under a PF mechanism. In particular, the study could help to have a better understanding of the main factors that influence the debt leverage in PF initiatives.

Originality/value

This paper contributes to filling the lack of works addressing the relationship between risk factors and capital structure in PF projects. In this way, this research leads to a better understanding of the risk factors that influence the capital structure of a PF initiative, and they have, therefore, been proposed as a basis for the establishment of improved methods to design refined capital structures.

Details

International Journal of Energy Sector Management, vol. 11 no. 3
Type: Research Article
ISSN: 1750-6220

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Article
Publication date: 1 May 2006

Mazin A.M. Al Janabi

The aim of this paper is to fill a gap in the foreign‐exchange trading risk‐management literature and particularly from the perspective of emerging and illiquid markets…

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3190

Abstract

Purpose

The aim of this paper is to fill a gap in the foreign‐exchange trading risk‐management literature and particularly from the perspective of emerging and illiquid markets, such as in the context of the Moroccan foreign‐exchange market.

Design/methodology/approach

This paper, demonstrates a constructive approach, for the management of trading risk exposure of foreign‐exchange securities, which takes into account proper adjustments for the illiquidity of both long and short trading positions. The approach is based on the renowned concept of value at risk (VaR) along with the innovation of a software tool utilizing matrix‐algebra and other optimization techniques.

Findings

Several case studies, on the Moroccan Dirham, were achieved with the objective of setting‐up a practical framework of trading risk measurement, management and control reports, in addition to the inception of a practical procedure for the calculation of optimum VaR limits structure.

Practical implications

In this work, the risk‐management procedures that are discussed will aid financial markets' participants, regulators and policymakers, operating within emerging economies, in founding sound and proactive policies to handle foreign‐exchange trading risk exposures. The document includes comprehensive theory, analyses sections, conclusions and recommendations, and full real‐world foreign‐exchange trading risk‐management reports.

Originality/value

Although a substantial literature has examined the statistical and economic meaning of VaR models, this article provides real‐world techniques and optimum asset allocation strategies that are useful for trading portfolios in emerging and illiquid financial markets. This is with the objective of setting‐up the basis of a proactive methodology/procedure for the measurement, management and control of foreign‐exchange exposures in the day‐to‐day trading operations.

Details

The Journal of Risk Finance, vol. 7 no. 3
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 12 May 2021

Walid Chkili and Manel Hamdi

The purpose of this study is to investigate the volatility and forecast accuracy of the Islamic stock market for the period 1999–2017. This period is characterized by the…

Abstract

Purpose

The purpose of this study is to investigate the volatility and forecast accuracy of the Islamic stock market for the period 1999–2017. This period is characterized by the occurrence of several economic and political events such as the September 11, 2001, terrorist attack and the 2007–2008 global financial crisis.

Design/methodology/approach

This study constructs a new hybrid generalized autoregressive conditional heteroskedasticity (GARCH)-type model based on an artificial neural network (ANN). This model is applied to the daily Dow Jones Islamic Market World Index during the period June 1999–January 2017.

Findings

The in-sample results show that the volatility of the Islamic stock market can be better described by the fractionally integrated asymmetric power ARCH (FIAPARCH) approach that takes into account asymmetry and long memory features. Considering the out-of-sample analysis, this paper has applied a hybrid forecasting model, which combines the FIAPARCH approach and the ANN. Empirical results reveal that the proposed hybrid model (FIAPARCH-ANN) outperforms all other single models such as GARCH, fractional integrated GARCH and FIAPARCH in terms of all performance criteria used in the study.

Practical implications

The results have some implications for Islamic investors, portfolio managers and policymakers. These implications are related to the optimal portfolio diversification decision, the hedging strategy choice and the risk management analysis.

Originality/value

The paper develops a new framework that combines an ANN and FIAPARCH model that introduces two important features of time series, namely, asymmetry and long memory.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 14 no. 5
Type: Research Article
ISSN: 1753-8394

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