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The consideration of the substitution phenomenon in the project portfolio selection problem can improve the robustness of project portfolio selection and help enterprises better achieve their strategic objectives. However, the existence of inter-project risk propagation will have a negative impact on project substitution. This paper proposes a new framework for project portfolio selection and constructs a risk propagation model based on strategic objectives to study the impact of risk propagation on substitution in the project portfolio.

The authors first construct a risk propagation model based on strategic objectives to describe the risk propagation between projects. Then the project substitution phenomenon based on risk propagation is put forward, and the calculation method of substitution loss is given. Finally, a robust project portfolio selection framework based on strategic objectives considering risk propagation is constructed.

The analysis of a case study demonstrates that (1) With the increase of risk intensity, the strategic loss of the same project portfolio increases linearly, and under the same risk intensity, the more projects in the portfolio, the stronger the robustness. (2) Considering risk propagation, the effect of project substitution is significantly weakened, and the strategic loss rate of the project portfolio is significantly increased compared with that of a direct attack.

This study is the first to take the project substitution into account in the project portfolio selection process. Moreover, the authors describe inter-project risk propagation and analyze the impact of risk propagation on the project substitution phenomenon. Finally, the authors extend the evaluation index of robustness. This paper puts forward a new way to solve the problem of project portfolio selection.

The first alternative is to enrich shareholding by management. The basic theory of this research is the agency theory. This study aims to examine the institutional ownership, dividend policy, debt policy, and risk that are interconnected directly or indirectly. The research sample was a non-financial company from 2010 to 2014. Four variables will be tested using Two-stage Least Square (2SLS) in the SPSS application. The result of this study represents the overall interdependency relationship among institutional ownership, dividend policy, debt policy, and risk. The research outcome signifies an interdependency relation for endogenous variables, even if some exogenous variables have no significant relation. In addition, the effects of substitution between institutional ownership and dividend policy, debt policy and dividend policy, and institutional ownership and risk. Meanwhile, institutional ownership and dividend policy, risk and dividend policy, and risk and debt policy have no substitution effect.

This article aims to describe and analyze the results of efforts to improve patient‐centered care (PCC) in psychiatric healthcare.

Using the methodology of a qualitative case study, the authors studied three Swedish child and adolescent psychiatric care (CAP) units in order to describe how patient‐centered actions are performed. They conducted 62 interviews, made 11 half‐day observations, and shadowed employees for two days.

The article shows that the increased focus on accountability for unit performance and medical risks results in unintended consequences. The patient's medical risk is transformed to a personal risk for the psychiatrist and the resource risk is transformed to a personal risk for the unit manager. Patients become risk objects for both psychiatrists and unit managers, which creates an alignment between them to try to send patients elsewhere. New public management (NPM) reforms may consequently lead to the institutionalization of unintended healthcare practices.

The article shows that accountability pressure to reduce patient risk may create new risks for patients.

The study uses theoretical concepts of risk tradeoffs (risk substitution and risk transformation), which were developed for the macro level, to explain the unintended consequences of NPM reforms at the micro level.

Identifying the perception of competition between public and private providers in the national hospital market can help authorities to develop appropriate management strategies applicable to the hospital sector and increase the efficiency of public hospital institutions.

A mixed selective descriptive study including quantitative and qualitative components was carried out on in the Republic of Moldova between 12/2021 and 03/2022. The study included all hospitals in the country. The study revealed the hospital manager's perception of the hospital's competition as respondents to the questionnaire were only the directors and managers of hospital institutions. The concept of evaluation of the perception of competition was carried out through the lens of “Porter's 5 forces” from “Competitive strategies” by Michael E. Porter. The authors used a questionnaire as an instrument for studying the perception of competition. All study participants responded to both the quantitative and qualitative questionnaire.

Interhospital competition perceived by managers using model framework of “Porter's 5 forces” reveals high danger from service providers and high perception of rivalry; hospital directors perceived as low: the patient's bargaining power; the danger of new competitors entering the market; the danger of substitution, which constitutes competitive advantages; the lack of autonomy in the selection of services and patients and legislative barriers are the main perceived dissensions. The perception of competition between public and private hospitals is one with high rivalry, especially in the country's municipalities.

The national public hospital system takes up to 65% of the health budget being extremely expensive, a fact that indicates a rather low competitiveness of them. The European average indicates figures of 30–40%. The private hospital sector is less developed compared to most European countries, being represented by 17 institutions, in comparison Romania has 104 private hospitals representing about 25% of the market share. Private hospitals also occupy a considerable part of the European hospital healthcare market, continuing to increase, reaching over 30% in Germany.

This paper attempts to summarize the information contained in bank financial statements on the risk management capabilities of banks and then ascertains the sensitivity of bank stocks to risk management.

The theoretical framework is derived from a bank's accounting identities. The paper interprets the selected accounting ratios as risk management variables and attempts to gauge the overall risk management capability of banks by summarizing these accounting ratios as scores through the application of multivariate statistical techniques. Finally, the paper analyzes the impact of these risk management scores on stock returns through regression analysis.

The results based on data for Indian banks reveal that banks' risk management capabilities have been improving over time except for in the last two years. Returns on the banks' stocks appear to be sensitive to risk management capability of banks.

The results suggest that banks that want to enhance shareholder wealth have to focus on successfully managing various underlying risks. The findings have implications for investors who may benefit by going long on shares of banks that are better risk managers. The findings are useful for the regulator in developing quantitative indicators of soundness of the banking system.

First, this study suggests a novel way of looking at bank financial statements, i.e. from the risk management perspective. Second, the study develops summary scores of risk management capabilities of banks. Third, risk management is shown to be an important determinant of stock returns of banks.

Good planning is key to good project performance. However, for the sub-class of round-the-clock projects requiring mixed mode planning a suitable planning approach does not exist. The purpose of this paper is to develop and validate such an approach.

Development of the approach builds on a synthesis and extensions of previous work related to projects with round-the-clock schedules, containing multiple workflows (sequential/cyclical). This approach considers the interdependence among shift-schedule, productivity, calendar duration, and risk registers. It quantifies the confidence in those strategies using a Monte Carlo and a multi-dimensional joint confidence limit (JCL) simulation platform.

n of workflows and their interdependencies. Also, the platform results show that the deviation between the deterministic outcomes and the simulated ones are a good indicator when dealing with projects with minimal tolerance for possible imposed mitigation strategies (e.g. round-the-clock projects).

The validation of the approach is limited to a multi-billion dollar nuclear refurbishment case study and functional demonstration. The applicable class of projects is limited, and includes those for which failure of cost, schedule, or quality implies project failure.

It is anticipated that the proposed approach will assist with developing a realistic planning strategy by incorporating various factors and constraints under the impact of risks and uncertainty. This may lead to a more reliable determination of outcomes for round-the-clock projects.

The purpose of this paper is to devise recommendations for firms to formulate modes of value capture for their product innovations, ex ante. More specifically, the research question is: how can innovators try to maximize, ex ante, the appropriation of the rent they can derive from their innovating projects?

A theoretical framework is developed and proposed to assess modes of value capture of product innovations and two illustrations are provided to show how the framework can work in practice for innovation projects.

This paper presents a practitioner's view based on the development of an original concept of rent configuration and appropriable rent.

In terms of research limitations, the possible endogeneity of intellectual property protection and the timing of were not considered.

The framework allows a set of predictions regarding modes of value capture for product innovators.

The paper's contribution lies in the proposal of an integrative framework based on the concept of rent configuration, separating analytically three dimensions of innovation value, namely volume, profit and duration. This concept allows the authors to present a richer set of recommendations in comparison to previous frameworks, in order to avoid adopting the form of a yes/no decision tree that tends to over simplify the issues at stake. The authors also contemplate not only erosion effects, but also amplification effects on the rent, which constitutes another contribution of this paper.

The purpose of this paper is to investigate whether there are differences between the determinants of the capital structure in financial and manufacturing firms and also assess how the speed of adjustment differs.

This study employed balanced panels data procedure using pooled ordinary least square, the random effects and fixed effects on manufacturing firms and banks that are listed on Nigeria Stock Exchange. The use of the three estimation method is in order to make a meaningful comparison between the models.

The findings indicate that there are similarities and differences in the capital structure determinants on the two sets of firms: banks tend to be more leveraged when they are more profitable and manufacturing firms tend to be less leveraged when they are profitable. In addition, banks adjust their leverage faster at a speed of 69 per cent than manufacturing firms at 46 per cent. The study also shows that changes in the economy influence the capital structure of financial firms more than that of manufacturing firms.

The study only focused on one economy.

As a result of 2008 global financial crisis, there has been intense debate on the significance of regulatory capital. The study demonstrate the need for regulatory capital in banks to be procyclical rather than being static.

To the best of the knowledge, this is the first paper to empirically test how capital structure differ between banks and non-financial institutions.

This study aims to use the Timmons model to identify the pattern of entrepreneurial activity at micro‐level in China.

The paper employs a self‐administered questionnaire survey approach, involving a sample of MBA students and general public in China.

The analysis suggests that personality characteristics, cultural environment and economic environment are external factors influencing new venture creation.

The findings of this study suggest that supportive cultural environment and economic environment is more important for MBA entrepreneurs than for general public to encourage the former to start new businesses as they bear higher entrepreneurial opportunity cost.

The paper extends the macro approach of the GEM China Report to examine entrepreneurial activity in China at micro‐level.

A humanoid intelligent robot (HIR) possessing a human-like appearance can undertake human jobs, interact, communicate and even transmit emotions to human beings. Such robots have gradually been integrated into people's daily life and production scenarios. However, it is unclear whether and by what mechanism HIRs can stimulate people’s risk perception and its impact on consumption attitudes. Based on the risk decision theory, this study aims to take the social value substitution attribute of a HIR as the incentive and analyzes the influence of social value substitution and risk perception on the customers’ consumption attitudes.

Three experiments were conducted to investigate the related questions about the social value substitution attribute of a HIR, its impact on risk perception and the customers’ consumption attitudes.

The results reveal that physical labor, intellectual labor, friendship, kinship and the ego constitute the hierarchical elements of social value substitution. Among them, physical labor and intellectual labor pertain to the dimension of social function value substitution, while friendship, kinship and ego pertain to the dimension of social presence value substitution; social function value substitution and social presence value substitution affect the subjects’ risk perception positively, but the latter arouses a stronger risk perception; the 2 (risk perception of social function value: security/danger) × 2 (risk perception of social presence value: security/danger) condition corresponds to diverse consumption attitudes.

The results enrich the theories of the “cha-xu pattern” and “uncanny valley” and provide reference for the healthy development of the HIR industry.