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Article
Publication date: 20 August 2021

Ali Sari and Umid Azimov

Accidental loadings such as fire constitute a great majority of potential and actual fatalities in both onshore and offshore installations. In order to prevent human loss…

Abstract

Purpose

Accidental loadings such as fire constitute a great majority of potential and actual fatalities in both onshore and offshore installations. In order to prevent human loss and for a safe design of an asset, the risk of fire loading needs to be quantified, in terms of both probability/frequency and consequence aspects. In this paper the authors propose a novel risk-based approach for the assessment against accidental fire loading.

Design/methodology/approach

In a conventional passive fire protection (PFP) analysis using ductility level analysis (DLA), fire loads are deterministically applied to a structure whose response is then analyzed. The initial PFP scheme is developed based on the analysis and then optimized. This approach is sometimes misinterpreted as a “risk-based” approach; however, it does not take into account the frequency aspect of the risk assessment. In a risk-based PFP analysis using DLA, fire scenarios are developed in a particular target zone. Then DLA is performed to determine the structural consequence. If personnel safety is of interest, the consequence of the structure is then linked to individual risk (IR) to determine fatalities. The amount of PFP to be applied on the structure is fully based on the risk that is produced by the fire scenarios in target zones.

Findings

A new perspective on safe design of onshore/offshore structures for accidental loadings is outlined to estimate the associated risk to potential targets such as personnel as well as asset. The proposed assessment methodology will contribute toward identifying the mitigation measures and safety-critical procedures and equipment and toward a safer design.

Originality/value

This paper presents a new perspective in a safer design of onshore and offshore structures for a fire accidental loading based on risk calculation. Risk is defined as a combination of the frequency and consequence. An event frequency analysis is carried out to determine how often one should expect the event to occur. A consequence analysis is carried out to determine the severity levels of the event. In a risk-based consequence analysis, the severity levels are fully determined based on the risk associated with the event. The proposed novel risk-based assessment methodology against accidental fire loading contributes toward fully understanding the risk from an impact to personnel and to asset perspectives and leads toward safer and optimal design.

Details

Journal of Structural Fire Engineering, vol. 12 no. 4
Type: Research Article
ISSN: 2040-2317

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Article
Publication date: 4 October 2021

Mohammad Hassan Shakil and Nor Shaipah Abdul Wahab

This study aims to examine the effects of top management team (TMT) heterogeneity and corporate social responsibility (CSR) on the firm risk of Bursa Malaysia listed…

Abstract

Purpose

This study aims to examine the effects of top management team (TMT) heterogeneity and corporate social responsibility (CSR) on the firm risk of Bursa Malaysia listed firms. Also, this study examines the moderating effect of CSR between TMT heterogeneity and firm risk.

Design/methodology/approach

This study uses panel regression models to test the hypotheses. The sample of this study is Bursa Malaysia non-financial listed firms from 2013 to 2017 with 3,055 observations.

Findings

This study finds significant effects of TMT age and tenure heterogeneities on total risk. Effects on idiosyncratic risk are evident only within age heterogeneity. Further, this study finds negative effects of CSR on total and idiosyncratic risks. CSR significantly moderates the relationship between total TMT heterogeneity and firm systematic risk.

Practical implications

This study reduces the literature gap by providing useful insights on the effects of CSR activities and TMT heterogeneity on firm risk. The findings can also provide hints to investors to assist them in assessing firm risk based on TMT heterogeneity and firms’ CSR. This study can also benefit shareholders in their attempts to mitigate the risk of their portfolio by investing in firms that are socially responsible as firms with high CSR suffer lower total and idiosyncratic risks.

Originality/value

Previous studies have emphasised on the influence of TMT characteristics and CSR on firm performance. However, studies that investigate the effects of TMT heterogeneity and CSR on firm risk are limited in the context of Malaysia.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 18 October 2021

Simon Adamtey and James Ogechi Kereri

Residential projects frequently suffer from low-risk management (RM) implementation and, consequently, are more likely to fail to meet performance objectives. With RM…

Abstract

Purpose

Residential projects frequently suffer from low-risk management (RM) implementation and, consequently, are more likely to fail to meet performance objectives. With RM becoming an essential requirement, the purpose of this study is to investigate RM implementation in terms of status, risk analysis techniques, barriers and impact of RM on residential projects across the USA.

Design/methodology/approach

Data were collected from 105 general contractors who had completed 3,265 residential projects in the past five years. Data collection was through a US national survey sent out through emails between August and November 2019 to residential general contractor firms. The firms were randomly selected from national organizations, such as the National Association of Home Builders, Associated General Contractors of America and Associated Builders and Contractors.

Findings

The analysis indicated that RM implementation is still extremely low at 22.27%. However, there was an increase in RM implementation as the cost and duration of projects increased. Direct judgment is the most used technique. Also, the one-sample t-test indicated that the barriers have a significant impact on RM implementation. Multinomial logistic regression results indicated that the impact of lack of management support, lack of money or budget, the complexity of analytical tools and lack of time to perform analysis predict the impact on the overall performance of construction projects. Overall, the results provide empirical evidence, which can influence management’s decision-making regarding RM and improve implementation in residential projects.

Originality/value

There is a lack of empirical evidence on the impact of barriers to RM implementation on the performance of construction projects. This research contributes to the body of knowledge by bridging this gap through a robust analysis of data collected from real residential projects.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

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Article
Publication date: 18 October 2021

Gideon Oluwasogo Odewale, Mosudi Babatunde Sosan, John Adekunle Oyedele Oyekunle and Adeoluwa Oluwaseyi Adeleye

The study assessed the levels of organochlorine pesticides (OCPs) and their potential non-carcinogenic and carcinogenic health risks in four regularly consumed fruit vegetables.

Abstract

Purpose

The study assessed the levels of organochlorine pesticides (OCPs) and their potential non-carcinogenic and carcinogenic health risks in four regularly consumed fruit vegetables.

Design/methodology/approach

The OCPs’ residues were quantified using a gas chromatograph coupled with an electron capture detector (GC-ECD) and the dietary exposure of children, and adult consumers to the detected OCPs was evaluated using carcinogenic and systemic health risk estimations.

Findings

Aldrin, endrin, endrin aldehyde, a-endosulfan, β-endosulfan, endosulfan sulphate, heptachlor, heptachlor epoxide and dieldrin were detected in the four fruit vegetables. The predominant OCP residue in carrot, cucumber, tomatoes and watermelon was endosulfan sulphate with mean concentrations of 2.532 mg kg−1, 1.729 mg kg−1, 2.363 mg kg−1 and 1.154 mg kg−1, respectively. The residues levels in some of the fruit vegetables were higher than their respective maximum residue levels (MRLs) of 0.01–0.05 mg kg−1 set by the European Commission with concentrations above MRLs ranging between 25.5% and 100%. The systemic health risk estimations showed that the hazard index (HI) values for carrot (3.20), cucumber (9.25), tomatoes (50.21) and watermelon (16.76) were >1 for children consumers and the respective HI values of 2.87, 15.57 and 5.20 for adult consumers of cucumber, tomatoes and watermelon were >1 which implies potential systemic health risks. Four carcinogens (aldrin, dieldrin, heptachlor and heptachlor epoxide) had cancer risk index values greater than the acceptable risk of 1 in 1 million for both adult and children consumers.

Originality/value

The paper shows that despite the ban on the use of OCPs in Nigeria, they are still being used for agricultural production especially on some locally produced and regularly consumed fruit vegetables as reported in the present study. The non-existence of surveillance programmes on pesticide usage and the lack of proper monitoring of pesticide residues in food products including fruit and vegetables must have contributed to the levels of the detected OCP in the samples analysed. The current daily intake of OCP via contaminated vegetables may pose potential health risks to both the children and adult consumers of the fruit vegetables.

Details

British Food Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 October 2021

Bechir Ben Ghozzi and Hasna Chaibi

The authors provide a comparative analysis between emerging and developed financial markets in terms of the effects of political risks on stock market returns and…

Abstract

Purpose

The authors provide a comparative analysis between emerging and developed financial markets in terms of the effects of political risks on stock market returns and volatility. The authors also examine whether this impact depends on the nature of political risks. Therefore, this study aims to detect which financial markets are the most profitable and the riskiest in terms of political risks.

Design/methodology/approach

The authors investigate the impact of political risks on the excess stock market return and its conditional volatility using the generalized ARCH model for a sample of 46 developed and emerging markets over a period ranging from 1995 to 2019. In order to test how the nature of political risks affects equity excess returns and volatility differently in different markets, the authors employ (1) a composite political risk score, (2) the four subgroups of political risks as defined by Bekaert et al. (2005, 2014) and (3) the individual dimensions of political risks.

Findings

The findings indicate that the composite political risk is priced into both stock markets. The effect of political risks is positive for excess returns and negative for volatility. The authors show that the political risk leads to more volatility in developed markets. Nevertheless, the effect of individual components varies according to the market category.

Practical implications

The authors provide a framework for predicting market returns and volatility using changes in the political risk of the country. The findings help investors make investment decisions based on the political decisions of governments. In other words, investors should consider political uncertainty when determining their expected earnings.

Originality/value

The authors engage monthly panel data methodology in terms of the political risk stock market relationship. In addition, the authors consider recent and very long data covering the period 1995–2019. Furthermore, this study combines three various political risk measures, and both equity returns and volatility.

Details

EuroMed Journal of Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1450-2194

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Article
Publication date: 11 October 2021

Lorren Kirsty Haywood

This research investigates what is driving corporate sustainability within South African organisations and to what extent these drivers intersect with risk management…

Abstract

Purpose

This research investigates what is driving corporate sustainability within South African organisations and to what extent these drivers intersect with risk management. This is important as new and emerging business risks are proving to be directly linked to sustainability issues having implication on long-term organisational performance. This implies that sustainability and risk should not be mutually exclusive.

Design/methodology/approach

By means of semi-structured interviews, sustainability managers of 11 South African organisations were engaged to gain insight relating to the immediate sustainability issues, risk landscape and the possible intersection between these issues within their organisations. Questions posed were around drivers of sustainability, risks to an organisation, changes in risks, relationship between sustainability and risk. By means of thematic analysis key issues emerging from the responses of the sustainability managers could be identified and themes determined based on similarities. This was followed by trend analysis of the frequency of responses to different sustainability and risk themes to interpret the data.

Findings

Results reveal that sustainability and risk management are similar in their intent purpose and output both aligned towards reducing impacts and managing uncertainty. However even though sustainability has increasingly become integral to business its value contribution and linkage with risk management differ significantly amongst organisations. This suggests that sustainability and risk management remain two distinct frameworks for managing uncertainty in business.

Originality/value

Research on integrating a sustainability perspective in risk management is at an early stage. To understand and respond to emerging risks, organisations need to integrate sustainability and risk management into their decision strategies – not only to minimize potential losses but also to exploit new business opportunities arising from the sustainability agenda. Future research should be directed towards advancing systematic methods for identifying and managing sustainability risks such that key sustainability challenges are firmly embedded in the risk management of the business. In this regard, organisations would be in a position to build resilience into their business models and operations.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 7 October 2021

Hong Luo, Junfeng Wu, Wan Huang and Yongliang Zeng

This paper aims to investigate the impact of executives’ self-interested behaviors induced by the pay bandwagon on stock price crash risk in Chinese listed firms and…

Abstract

Purpose

This paper aims to investigate the impact of executives’ self-interested behaviors induced by the pay bandwagon on stock price crash risk in Chinese listed firms and attempt to shed light on the influencing channels of this effect.

Design/methodology/approach

The empirical analysis is based on the panel data set which contains information on the executives and stock price of 11,710 firm-year observations over the period 2007–2015. The multiple linear regression models are implemented to examine whether the executive pay bandwagon affects corporate future stock price crash risk. Then, earnings management, tax avoidance and overinvestment are applied as the behavior choice of executive pay bandwagon to analyze the potential influencing channels.

Findings

Results indicate that the lower the executives’ pay is than the median pay level of executives in firms of similar size and industry, incentives of pay bandwagon are stronger, leading to a higher future stock price crash risk. Moreover, evidence shows that the positive relationship between executive pay bandwagon and crash risk is attenuated when firms have strong external monitoring mechanisms such as Big Four auditors, cross-listing in the Hong Kong stock exchange, high marketization process and high institutional ownership. Then, some weak evidence supports that internal governance such as internal control plays the same moderating role. In addition, based on the path test, the stock price crash effect of the executive pay bandwagon has a complete tax avoidance intermediary effect and a partial earnings management intermediary effect.

Originality/value

This study contributes to the executive compensation literature from a psychological perspective on the economic consequences research brought about by the pay bandwagon for China’s listed firms. Moreover, this paper provides a supplement to the literature on factors which is completely different from previous studies that affect the future stock price crash risk.

Details

Nankai Business Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8749

Keywords

Content available
Article
Publication date: 1 October 2021

Thao Phuong Tran and Anh-Tuan Le

This paper examines how the degree of happiness affects corporate risk-taking and the moderating influence of family ownership of firms on this relationship.

Abstract

Purpose

This paper examines how the degree of happiness affects corporate risk-taking and the moderating influence of family ownership of firms on this relationship.

Design/methodology/approach

The authors use an international sample of 17,654 firm-year observations from 24 countries around the world from 2008 to 2016.

Findings

Using the happiness index from the World Happiness Report developed by the United Nations Sustainable Development Solutions Network, the authors show that a country's overall happiness is negatively correlated with risk-taking behavior by firms. The findings are robust to an alternative measure of risk-taking by firms. Further analyses document that the negative influence of happiness on firm risk-taking is more pronounced for family-owned firms.

Practical implications

The paper is consistent with the notion that happier people are likely to be more risk-averse in making financial decisions, which, in turn, reduces corporate risk-taking.

Originality/value

This study contributes to the broad literature on the determinants of corporate risk-taking and the growing literature on the role of sentiment on investment decisions. The authors contribute to the current debate about family-owned firms by demonstrating that the presence of family trust strengthens the negative influence of happiness on corporate risk-taking, a topic that has been unexplored in previous studies.

Details

Journal of Asian Business and Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2515-964X

Keywords

Content available
Article
Publication date: 13 October 2021

Sonja Cindori

The purpose of this paper is to present the risk of the non-financial sector in Croatia concerning the threats of money laundering through the prism of national and…

Abstract

Purpose

The purpose of this paper is to present the risk of the non-financial sector in Croatia concerning the threats of money laundering through the prism of national and supranational risk assessment. In addition to a brief overview of the financial sector, the specifics of the non-financial sector have been highlighted. This paper aims to emphasize the peculiarities of the non-financial sector, focusing on the consequences of arbitrary application on the right to professional secrecy and independence.

Design/methodology/approach

Specifics of the national risk assessment in Croatia have been analyzed using deductive and inductive methods. To provide an overview of the non-financial sector, the risk assessment at the supranational level has been discussed and compared with the national one. Particular attention has been paid to the areas of increased risk.

Findings

The effectiveness of risk assessment depends on several factors such as the characteristic of the sector being observed, the specifics of each profession or business, changes at the level of awareness-raising and efficient and coherent supervision. Most deficiencies were observed in the area of beneficial ownership identification, conducting due diligence, awareness of the risk exposure and permanent education.

Originality/value

By recognizing the risk profile faced by the non-financial sector, this paper seeks to point out their role as “Gatekeepers” that is far from being negligible. By analyzing the risk of money laundering in Croatia, the tendencies of harmonization with international standards are pointed out along with the occurrences indicated by the practice.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 11 October 2021

Kris Deering, Jo Williams and Rob Williams

The purpose of this paper is to outline several critical risk theories and explore their application to risk concerns in mental health care. This will contribute to the…

Abstract

Purpose

The purpose of this paper is to outline several critical risk theories and explore their application to risk concerns in mental health care. This will contribute to the on-going debate about risk management practices and the impact these might have on recovery and social inclusion. Notably, while risks like suicide can be therapeutically addressed, risk management may involve paternalistic practices that exclude the participation needed for recovery.

Design/methodology/approach

A viewpoint of key risk theories will be presented to provide a critical eye about some clinical risk concerns in mental health care. Implications for recovery and social inclusion will then be discussed alongside direction for practice and research.

Findings

Clinical concerns seemed to involve difficulties with uncertainty, holding onto expertise, and the othering of patients through risk. These concerns suggest the patient voice might become lost, particularly within the backdrop of clinical fears about blame. Alternatively, a relational approach to risk management could have merit, while patient expertise may develop understanding in how to improve risk management practices.

Originality/value

Clinical concerns appear more than managing potential harms; it can involve appraising behaviours around societal norms, explaining to an extent why mental illness might be addressed in terms of risks. While the points raised in the paper support existing findings about risk management, the underlying reasons drawing on the critical risk theories are less explored.

Details

Mental Health and Social Inclusion, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-8308

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