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The recent COVID-19 virus outbreak, as well as many other global risks, has put the tourism industry on the brink of collapse. Even if interesting advances have been seen the light of publicity based on risk perception, no less true seems to be that the current theory is not enough to understand and describe the impacts of new global risks that may destroy the industry in question of weeks. This introductory chapter gives a snapshot on the fragile conditions we are moving today and interrogates further the future of tourism.

Since it was adopted from psychology just after the turn of twentieth century, risk perception theory has multiplied and successfully evolved in the fields of tourism research. A dearth of studies has focused on risk perception over the recent decades. We have certainly identified three clear-cut traditions: demographical school, psychological school and critical perspective. With benefits and problems each theory has shed light trying to measure the impact of global risks in the tourism and hospitality industries.

This book keeps the originality to update what has been published in the earlier decades. We are incorporating new topics to the discussion as well as new epistemologies and methodologies. Gathering different high-quality products authored by well-renowned authors coming from different countries, it lays the foundations to a new understanding of risk perception and tourism safety-security debating the next steps and the real challenges posed on the industry in a not so long near future.

The primary purpose of this paper is to investigate how opportunity for control and firm capability interact to moderate the amount of risk that managers associate with various international entry‐mode strategies. A secondary goal is to investigate how managers perceive the need to retain control over three core functional areas (marketing, production, and R&D) when making entry‐mode decisions.

A field experiment design was implemented in a sample of US business owner/executives. Using an online data collection method, the study asked a sample of small‐business owners and managers to assess the amount of risk they associated with three modes of entering the Japanese market: non‐ownership (export), equal partnership (50/50 joint‐venture), and sole‐ownership. They were also asked how much control they needed to retain over R&D, production, and marketing for the venture to be successful.

Ownership‐provided control interacts with capability to influence managerial risk perceptions. Managers in lower‐capability firms see the least risk in the non‐ownership entry mode while those in higher‐capability firms see the least risk in the equal‐partnership entry mode. Managers believe that for a new venture in a foreign market to be successful, control should be retained over the R&D function, regardless of entry mode.

The findings appear to reconcile some of the conflicting predictions of the transaction cost and resource‐based theoretical perspectives, because it appears that international managers consider both control (internationalization theory) and capability (resource‐based theory) when judging the perceived risk of an entry strategy.

For firms that are incapable of managing in an international context, a low‐control no‐ownership entry mode is perceived as the least risky approach; for firms that have some capability for international management, then a partial‐ownership mode such as a 50/50 joint‐venture is perceived as having lower risk than no‐ownership. In non‐ownership and joint‐venture type entry modes, managers are more apt to outsource the marketing function to an agent/partner, but not R&D. In contrast, managers believe that marketing needs to be maintained in‐house when utilizing a sole‐ownership entry mode.

By illustrating the role of perceived risk in foreign‐market entry‐mode decisions and demonstrating how capabilities interact with ownership‐provided control to moderate these perceptions, the paper's findings suggest that managers' risk perceptions may mediate the effects of firm‐specific factors, and thus contributes significantly to both theory and practice.

The purpose of this paper is to examine the potential of cultural theory as a tool for identifying patterns in the stakeholders' perception of risk and its effect on information system (IS) risk management.

Risk management involves a number of human activities which are based on the way the various stakeholders perceive risk associated with IS assets. Cultural theory claims that risk perception within social groups and structures is predictable according to group and individual worldviews; therefore this paper examines the implications of cultural theory on IS risk management as a means for security experts to manage stakeholders perceptions.

A basic theoretical element of cultural theory is the grid/group typology, where four cultural groups with differentiating worldviews are identified. This paper presents how these worldviews affect the process of IS risk management and suggests key issues to be considered in developing strategies of risk management according to the different perceptions cultural groups have.

The findings of this research are based on theoretical analysis and are not supported by relevant empirical research. Further research is also required for incorporating the identified key issues into information security management systems (ISMS).

IS security management overlooks stakeholders' risk perception; for example, there is no scheme developed to understand and manage the perception of IS stakeholders. This paper proposes some key issues that should be taken into account when developing strategies for addressing the issue of understanding and managing the perception of IS stakeholders.

This chapter discusses the current risk perception literature in the tourism field. The chapter critiques the literature and offers a solution through a more conceptual and operational definition of risk perceptions. Specifically, the inclusion of affective risk perceptions will be added to the literature via the risk-as-feelings hypothesis. Extension of the current literature will enhance research moving forward.

The chapter will provide a literature review, propose a conceptual model, and operationalize the risk perception variables.

The outcome of this chapter is to provide a conceptual model as a framework to address risk perception studies in tourism and hospitality in the future. The model will provide clear measurement scales to be tested.

This chapter gives a much needed theoretical and conceptual foundation to the study of risk perceptions in the travel and tourism literature.

This introductory chapter synthesises an extensive and hot debate revolving around the role of precautionary doctrine in tourism fields. Although the industry faces serious risks and dangers, terrorism – just after 9/11 – situates as the most dangerous hazard and as a challenge for policymakers and practitioners. We have reviewed the pros and cons of the most important academic schools that focused on tourism security and risk perception theory. The urgency is given in creating a bridge between theory and practice in order to articulate the policies to the nature of each risk. Today risk perception theory lacks a robust methodological background that invariably led to a gridlock. Whether the demographic school advances in the multivariable correlation between class, ideology, income or education with risk perception, the sociological school lays the foundations towards a much deeper understanding of the impacts of risks in society. Rather, the radical turn – coming from a Marxist tradition – focuses on the limitations of risk perception theory. Finally, authors who form the psychological tradition, as stated in this chapter, highlight on the complexity of emotions and the inner world. All chapters in this book aim to provide fresh practical cases that reflect the socio-cultural background of the four continents.

Investor risk perception is a personalized judgement on the uncertainty of returns pertaining to a financial instrument. This study identifies key psychological and demographic factors that influence risk perception. It also unravels the complex relationship between demographic attributes and investor's risk attitude towards equity investment.

Exploratory factor analysis is used to identify factors that define investor risk perception. Multiple regression is used to assess the relationship between demographic traits and factor groups. Kruskal–Wallis test is used to ascertain whether the factors extracted differ across demographic categories. A risk perception framework based on these findings is developed to provide deeper insight.

There is evidence of the relationship and influence of demographic factors on risk propensity and behavioural bias. From this study, it is apparent that return expectation, time horizon and loss aversion, which define the risk propensity construct, vary significantly based on demographic traits. Familiarity, overconfidence, anchoring and experiential biases which define the behavioural bias construct differ across demographic categories. These factors influence the risk perception of an individual with respect to equity investments.

The reference for the framework of this study is limited as there has been no precedence of similar work in academia.

This paper establishes that information seekers make rational decisions. The paper iterates the need for portfolio managers to develop and align investment strategies after evaluation of investors' risk by including these behavioural factors, this can particularly be advantageous during extreme volatility in markets that concedes the possibility of irrational decision making.

This study highlights that regulators need to acknowledge the investor's affective, cognitive and demographic impact on equity markets and align risk control measures that are conducive to market evolution. It also creates awareness among market participants that psychological factors and behavioural biases can have an impact on investment decisions.

This is the only study that looks at a three-dimensional perspective of the investor risk perception framework. The study presents the relationship between risk propensity, behavioural bias and demographic factors in the backdrop of “information” being the mediating variable. This paper covers five characteristics of risk propensity and eight behavioural biases, such a vast coverage has not been attempted within the academic realm earlier with the aforesaid perspective.

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.

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.

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 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.

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.

The purpose of this paper is to develop and test a dynamic model of security-based consumer purchasing intentions and empirically addresses gaps in online purchasing theory by examining how loyalty intention may become stronger or weaker over time as a result of prior relationship evaluations.

Using a longitudinal study (three-time waves) of commercial website consumers, the authors investigate the proposed model by depicting the relationships among perceived security, perceived risk, website trust and loyalty intentions.

The results show that two relationships, namely the perceived security-perceived risk link and the perceived risk-website trust link, which have been little investigated on a longitudinal basis in previous studies, change over time. Interestingly, while social network service (SNS) information perceptions do not have direct effects on perceived risk or loyalty intention, the relationships in which either perceived security and website trust are involved are more important for positively improving perceived security and building website trust.

The authors suggest that managers may actually benefit from handling SNS information or social communities by delivering well-designed information at strategic stages, targeting key constructs.

The research contributes to the establishment and testing of temporal carryover effects of various online purchasing-related constructs: perceived security, perceived risk, trust and loyalty intention. More specifically, the longitudinal approach provides new insights regarding the role, potential impact and limitations of two types of perception. It thus highlights how understanding loyalty intention requires reevaluating consumer perceptions as consumers’ judgments evolve.

At least 35 years have passed since Slovic's (1987) seminal article on the ‘Perception of Risk’, wherein the conceptual foundations for understanding general risk and the psychometric properties underlying how individuals perceive risks were laid. Over the same time span, research on risk perception in the context of travel has become voluminous and recurrent. It is therefore fitting that in a modern, post-COVID age, Slovic's theory of risk perception is re-examined in the travel context, given the recent dramatic transformation of travel, the emergence of novel tourism-related risks and persistent scholarly attempts to understand travel risk theory. Using modern data mining methods and content analysis techniques, this chapter examines the stability and validity of long-standing categories and taxonomies of perceived travel risks, based on data archived in a sizeable database of scholarly studies related to travel risk (n = 17,790 studies), across an extensive 35-year period from 1990 to 2022. Findings infer two higher-order dimensions that likely underpin the taxonomic organization and relational ordering of different travel risk types and clusters. Findings also suggest a possible shift from Slovic's original theory in the way risks are perceived, at least in the travel context.

A longstanding quantitative finding from surveys of public perceptions of hazardous technologies is that women and men respondents tend to express different levels of concern when asked about environmental and technological hazards. Traditional psychometric risk perception research has provided extensive empirical descriptions of this “gender effect”, but is criticised for having less success in developing substantive theory linking observations to socio‐cultural explanations to explicate this effect. The purpose of this paper is to build a theoretical platform to account for the existing empirical findings on gender and perceptions of risk.

The paper presents a critical synthesis, drawing upon theory in contemporary risk research, gender theory, social studies of science and feminist studies of epistemology.

A theoretical platform is developed concerning the operation of gender as a regulatory process involving norms and discourse. The role is identified of moral discourses, hegemonic masculinities/gender authenticity, and epistemic subjectivities as plausible ways of understanding the gender–risk effect in risk perception.

A novel theoretical exploration is provided of the relationship between gender and risk perceptions. Conceptual development in the gender and risk arena could be further refined by applying the theoretical platform developed here to empirical analyses and, to investigate its relevance to understanding how people discuss, deliberate and reason about risk issues.

Much of the existing literature fails to offer adequately grounded theoretical explanations for the observed empirical finding on gender and risk. This paper is the first to utilise a non‐essentialist reading of the gender‐risk effect by developing the “effects made by gender” approach.