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This study aims to examine the key entrepreneurial roles (financial literacy, risk tolerance and competency) in the financial performance of small and medium enterprises (SMEs) in Pakistan and the mediating effects of locus of control and spiritual and emotional quotients.

The study data was collected from 541 SMEs in Pakistan (the target population) through a survey and analysed with partial least squares structural equation modelling.

The findings revealed that the key entrepreneurial characteristics were positively related to locus of control and spiritual quotient and elevated the financial performance in entrepreneurship. It was also reported that locus of control and spiritual quotient mediated between key entrepreneurial characteristics and financial performance. In this regard, emotional quotient strengthened the existing relationships between key characteristics, locus of control and spiritual quotient.

This study highlighted sustainable implications for SMEs to develop an effective mechanism and improve financial performance through guidelines that emphasized entrepreneurial characteristics and behaviours towards positive entrepreneurial ventures. This study also enabled policymakers to design policies that catalysed SME performance in Pakistan.

This study contributed a novel concept of key entrepreneurial characteristics by introducing a characteristics tool kit. Consequently, information on a unique framework (by integrating entrepreneurial characteristics and financial performance) and literature on spiritual quotient and locus of control in entrepreneurship were enriched. Contributions to the regulatory focus theory and four-phase Rubicon model in the study context were also made.

Air quality and its assessment in urban areas has become a necessity. This is attributed to the increasing air pollution in urban landscape from anthropogenic activities necessary for economic growth and development. This study investigates air quality and potential health risk posed from nitrogen dioxide (NO₂) to the residents of low town of Mohammedia city, Morocco.

The NO₂ concentration was measured on an hourly basis for the winter season of the year 2014, 2015 and 2016. The air quality was assessed in terms of Air Quality Index (AQI). Noncarcinogenic risk assessment was done to evaluate possible health risk to the inhabitant of low town from NO₂ exposure.

The maximum concentration reached 85–96 µg/m³ (at 6 p.m., 2014), 96–104 µg/m³ (7–9 p.m., 2015) and 102–117 (8–11 p.m., 2016). The AQI during maximum NO₂ levels (peak hours) ranged between 0–50 µg/m³ (good) to 51–100 µg/m³ (unhealthy for sensitive group). The risk quotient (RQ) was calculated for average daily intake and average hourly intake of NO₂. RQ was found to be less than 1 (no potential health risk, lifetime and hourly) for all three years. However, increase in RQ value from 0.84 (2014) to 0.98 (2016) indicates increase in potential health risk. Hence, policy and measures should be adopted to reduce the potential health risk.

This study is very first of its kind for the area and hence can serve as reference study for future works. Further studies are required to assess air pollution in other seasons (summer, spring, autumn), impact of climatic condition and parameters on air quality. Also, for direct impact assessment number of cases attributed to air pollution needs to be investigated.

Pharmaceutical and personal care products (PPCPs) and phosphorus are pollutants that can cause a wide array of negative environmental impacts. Phosphorus is a regulated pollutant in many industrial countries, while PPCPs are widely unregulated. Many technologies designed to remove phosphorus from wastewater can remove PPCPs, therefore the purpose of this paper is to explore the ability of these technologies to also reduce the emission of unregulated PPCPs.

Through meta-analysis, the authors use the PPCPs’ risk quotient (RQ) to measure and compare the effectiveness of different wastewater treatment technologies. The RQ data are then applied via a case study that uses phosphorus effluent regulations to determine the ability of the recommended technologies to also mitigate PPCPs.

The tertiary membrane bioreactor and nanofiltration processes recommended to remove phosphorus can reduce the median RQ from PPCPs by 71 and 81 percent, respectively. The ultrafiltration technology was estimated to reduce the median RQ from PPCPs by 28 percent with no cost in addition to the costs expected under the current phosphorus effluent regulations. RQ reduction is expected with a membrane bioreactor and the cost of upgrading to this technology was found to be $11.76 per capita/year.

The authors discuss the management implications, including watershed management, alternative PPCPs reduction strategies, and water quality trading.

The evaluation of the co-management of priority and emerging pollutants illuminates how the removal of regulated pollutants from wastewater could significantly reduce the emission of unregulated PPCPs.

Shared leadership is a management model based on the shared governance philosophy. Assumes those individuals or teams performing tasks are best equipped to provide meaningful improvement. The changing image of the current leadership model is one that resides in relationships rather than with a singular person. The key concepts are accountability, partnership, equity, and ownership.When shared leadership was initiated at St Joseph’s Health Care, London, Ontario, in 1998, there was a commitment by management and staff to ensure that it was successfully implemented. In order to determine areas for improvement in the implementation process, continual evaluation is necessary. Reports from various staff members, prior to the project, indicated that the shared leadership implementation plan had not been fully realised. Therefore, a qualitative evaluation project, utilising focus groups and interviews, was completed. The purpose of the study was to identify the drivers, as well as the barriers affecting the implementation process. Several recommendations for improving the process were determined by the participants of the study. The result of the project was a collection of four themes, common to the discussions of barriers, drivers and recommendations. The internalisation of the concepts specific to the shared leadership model was found to be vital. The effectiveness of the council framework, including the council structure, processes and membership was also important. Communication of outcomes arising from the council was crucial. The final theme to be identified included those Humanistic Needs that addressed the relationship aspects of this model. Furthermore, the relationship between these themes was explored in the context of the external forces affecting the shared leadership model.

Global proliferation had a noteworthy impact on the Indian retail banking industry and mushrooming banks have entailed to emphasize on customer satisfaction (CS) quotient to remain competitive. This study aims to illuminate determinants of CS and customer trust (CT) and their denouement in Indian retail banking.

The top six Indian private sector banks were selected hinged on market capitalization. A total of 460 responses from retail bank customers were gathered using a structured questionnaire. Direct and indirect relationships were analyzed with mediation and moderation by using structural equation modeling.

The study identifies determinants of CS and CT. The results manifest that perceived service innovation (PSI) and bank reputation (BR) considerably aggrandize CS and CT. Furthermore, CS strikingly magnifies customer loyalty (CL). The study also posits that CT partially mediates between the nexus of PSI and BR on the one side and CS on the other. Moreover, perceived risk moderates the association between CS and loyalty.

The study demonstrates indispensable drivers of CS, CT and CL which may encourage bank professionals to hold on to their customers and enhance profitability.

Here is a dearth of literature on PSI and BR in the Indian banking industry. Thus, the study supplements literature by assimilating these constructs through a compendious conceptual model. The study is distinct as it evaluates mediating effects of CT in unfurling complexities of relationships among the underlying constructs.

The purpose of this paper is to study the risk of misspecifying solvency models for insurance companies.

Based on a basic solvency model, the authors examine the sensitivity of different risk measures with respect to model misspecification. An analysis considers the effects of introducing stochastic jumps and linear, as well as non‐linear dependencies into the basic setting on the solvency capital requirements, shortfall probability and expected policyholder deficit. Additionally, the authors take a regulatory view and consider the degree to which the deviations in risk measures, due to the different model specifications, can be diminished by means of requiring interim financial reports.

The simulation results suggest that the sensitivity of solvency capital as a risk measure – as it is in regulatory practice – underestimates the actual misspecification risk that policyholders are exposed to. It is also found that semi‐annual mandatory interim reports can already reduce the model uncertainty faced by a regulator, significantly. This has important implications for the design of risk‐based capital standards and the implementation of internal solvency models.

The results from the Monte Carlo simulation show that changes in the specification of a solvency model have a much greater impact on shortfall probabilities and expected policyholder deficits than they have on capital requirements. The shortfall risk measures react much more sensitively to small changes in the model assumptions, than the capital requirements. This leads us to the conclusion that regulators should not solely rely on capital requirements to monitor the solvency situation of an insurer, but should additionally consider shortfall risk measures. More precisely, an analysis of model risk focusing on the sensitivity of capital requirements will typically underestimate the relevant risk of model misspecification from a policyholder's perspective. Finally, the simulation results suggest that mandatory interim reports on the solvency and financial situation of an insurance company are a powerful tool in order to reduce the model uncertainty faced by regulators.

This article urges executives to expand their view of risk. Instead of just defending against bad risk events, leading companies define and anticipate the upside risks that, when well managed, can deliver the maximum rewards. The discipline of strategic risk management allows firms to raise their growth potential in addition to reducing their economic volatility. The author shows executives how to avoid the biggest risk of all – not taking the right growth risks for the business. Businesses today are exposed to greater risks across the board, ranging from political risks to product liability and environmental hazard risks. There also are a set of strategic risks that have become increasingly disruptive. These include not just the obvious high‐probability risks that a new ad campaign or new product launch will fail, but other less‐obvious risks as well in areas such as technology and customer needs. Failure to anticipate and manage this spectrum of strategic risks can expose a company to dramatic decreases in shareholder value and severe swings in stock prices. In today’s risk‐intense environment, firms must manage their economic and risk profiles more actively. The goal is not to eradicate risk, but to deliver the maximum reward for an acceptable level of risk. The author addresses some of the most important forms of strategic risk and the countermeasures that can be used to address them.

The purpose of this paper is to analyse the determinants of the survival of Spanish companies.

Two approaches are used and they are complementary. The first approach analyses the determinants of survival probability. For this purpose, a binary choice model is built and estimated using a sample of companies from the main economic sectors taken from the SABI database. Likewise, the Blinder–Oaxaca decomposition is applied to quantify the difference between companies with employees and without employees and the proportion of this difference that owes to observed factors or unobserved factors. Finally, the second approach is a survival analysis carried out through the Cox proportional hazard model that identifies the determinants of the duration of business activity.

The results of the empirical analysis show that companies without employees present less favourable conditions for survival at all stages of their evolution than companies with employees.

The contribution of this study to the empirical literature consists in analysing the difference between companies with and without employees. Due to the structure of Spanish companies, this aspect and the determinants of such difference are essential for policymakers to increase the survival for companies.

The Private Finance Initiative (PFI) is a recent development in the UK in which private sector organisations, design, build, finance and operate assets to deliver a service to public sector clients. The initiative is expected to bring the private sector's finance, management skills and expertise into projects which would normally be undertaken by the public sector. Equivalents of this initiative, also found outside the UK, include DBFO (Design Build Finance Operate), BOO (Build Own Operate) and turnkey projects. Two important considerations for a project to receive an approval for the initiative are that it must represent value for money and there must be sufficient transfer of risk to the private sector. This paper, based on a questionnaire survey, provided the perceptions of clients, contractors and financial institutions on risk associated with PFI and how these determine their approach to PFI schemes. The analysis shows that design changes and the level of information on functional, performance and output requirements for PFI schemes are of major concern to the parties involved in this procurement route.

The purpose of this paper is to appraise the current status of enterprise risk management (ERM) in the Gulf Co‐operation Council (GCC) oil and gas entities to develop a practical, region‐specific, and systematic action plan for the GCC oil and gas industry that can transform the existing ERM models to a mature and robust framework.

The paper reviews current relevant literature on Committee of Sponsoring Organization of the Treadway Commission ERM Framework; and enterprise wide risk framework within the precincts of the GCC oil and gas industry to identify the knowledge gaps which form the basis for the research questions. The paper then empirically investigates the GCC oil industry through six case studies, encompassing the six countries in the GCC (GCC comprising of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates). The case study has focused by exploring the ERM system per se through comparative case studies to answer the research questions. The research questions and the work have been done from the perspective of the naturalistic (inductive) research paradigm.

This paper establishes the understanding of the current existing ERM models while identifying the determinants of ERM adoption and the most significant challenges for its implementation. Furthermore, the paper also develops the best practice approach for successful ERM implementation in the GCC oil and gas entities.

The use of a case study has been made precluding the use of other direct methods such as survey questionnaires. The analytical methods used are deductive and discursive in nature, limited to the nature of the methodology of case study used. Rigorous statistical methods could not be applied owing to the limitations of the case study method. The paper explores and compares the industry structure of oil and gas sector in GCC countries, for this purpose, only a few selected entities in the upstream and downstream oil and gas sector are discussed.

Although ERM is conceptually straightforward, its implementation in practice is not. Furthermore, ERM is accepted as a contemporary hot topic and also a board room priority in most industries. The present paper steers the way forward for an improved understanding of the ERM system in a strategic industry dealing with a strategic commodity.

There is a need for a proactive ERM program in the oil and gas industry and also a need for additional research especially in terms of its implementation. Nevertheless, an apparent caveat in the ERM system is that there is no standard approach to implementing and entities grapple with how they should go about putting together an ERM program. The findings provide useful and timely analysis of the GCC oil and gas industry from the perspective of implementation of an ERM framework which is contemporaneous business priority item in most entities in the GCC hydrocarbon sector.