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Although most of the traditional economic theories used to explain investor behaviour assume full investor rationality, experience proves otherwise. In this study, we examine a number of important determinants of risk appetite and tolerance, including gender, education and knowledge of financial services and loss aversion. We do this by designing a questionnaire to measure the level of risk appetite and tolerance, together with various demographic characteristics and loss aversion. The survey is administered among a random sample of 1,648 respondents from Turkey. We find that on average men exhibit a higher level of risk appetite and tolerance than women, thus suggesting a clear gender divide in terms of investment behaviour. Furthermore, knowledge of financial services is associated with higher levels of both risk appetite and tolerance, with younger respondents also exhibiting similar patterns of behaviour. By contrast, loss-averse respondents are less open and tolerant of risk, which indicates that behavioural biases such as loss aversion can have a meaningful impact on investment decisions, at odds with traditional models based on rational choice theory. The findings have a number of important implications for investment behaviour and education, including the importance of gender balance within investment committees in order to ensure a more even distribution of risk behaviour, as well as the need to incorporate considerations related to loss aversion in all aspects of policymaking and regulation.

The aim of this paper is to create the nexus between political culture, citizens' perception of the political system and democratic order. In academic literature, one of the most important determinants of the democratic order is considered the cultural dimension. Beyond the political institutions and economic indicators, democracy is based on historical heritage, cultural patterns, political attitudes and behaviours. In correlation with all these premises, this article aims to (1) identify associations between social values and political participation; (2) estimate the impact of the political participation in creating premises for tolerance and democracy and (3) observe the relation between political beliefs, ideological position and political participation. Data are collected from secondary sources as World Values Survey, Wave 6. We use as research method the comprehensive case study for post-communist Romania. Empirical results demonstrate weak statistical correlations between personal values and active membership in political and civic associations (r = −0.150, p < 0.001). Traditional dimension of the Romanian post-communist society could be observed in three main variables which reflect personal values and preferences: family, work and religion. Low rates of tolerance are related with the inactivity in the social or political sphere, generating a syndrome of political apathy and alienation. In correlation with personal values, social implication and tolerance we have emphasize the respondents' cognitive bias regarding the meaning and directions of the democratic order.

Polychronicity is the extent to which people prefer to be engaged in two or more tasks simultaneously. Relationships between polychronicity and four variables were examined in data from four samples totaling 1,173 participants. Only one statistically significant relationship occurred between polychronicity and propensity for creativity after controlling for other variables. Consistent significant relationships were found, however, between polychronicity and orientation to change (positive), tolerance for ambiguity (positive), and organizational attractiveness (positive or negative depending on whether the organization demonstrated a high or low level of polychronicity, respectively). Concatenated replications reproduced each of these three relationships in at least two samples.

Scanning both the academic and popular business literature of the last 40 years puzzles the alert reader. The variety of prescriptions of how to be successful (effective, performing, etc.) 1 Organizational performance, organizational success and organizational effectiveness will be used interchangeably throughout this paper.1 in business is hardly comprehensible: “Being close to the customer,” Total Quality Management, corporate social responsibility, shareholder value maximization, efficient consumer response, management reward systems or employee involvement programs are but a few of the slogans introduced as means to increase organizational effectiveness. Management scholars have made little effort to integrate the various performance-enhancing strategies or to assess them in an orderly manner.

This study classifies organizational strategies by the importance each strategy attaches to different constituencies in the firm’s environment. A number of researchers divide an organization’s environment into various constituency groups and argue that these groups constitute – as providers and recipients of resources – the basis for organizational survival and well-being. Some theoretical schools argue for the foremost importance of responsiveness to certain constituencies while stakeholder theory calls for a – situation-contingent – balance in these responsiveness levels. Given that maximum responsiveness levels to different groups may be limited by an organization’s resource endowment or even counterbalanced, the need exists for a concurrent assessment of these competing claims by jointly evaluating the effect of the respective behaviors towards constituencies on performance. Thus, this study investigates the competing merits of implementing alternative business philosophies (e.g. balanced versus focused responsiveness to constituencies). Such a concurrent assessment provides a “critical test” of multiple, opposing theories rather than testing the merits of one theory (Carlsmith, Ellsworth & Aronson, 1976).

In the high tolerance level applied for this study (be among the top 80% of the industry) only a handful of organizations managed to sustain such a balanced strategy over the whole observation period. Continuously monitoring stakeholder demands and crafting suitable responsiveness strategies must therefore be a focus of successful business strategies. While such behavior may not be a sufficient explanation for organizational success, it certainly is a necessary one.

Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited perception rather than the full value and meaning of what risk is, as a result, the way it is being tackled is incorrect. The individuals are often limited in their perceptions and ideas and do not embrace the full multifaceted nature of risk. Regulators and individuals want to follow norms and checklists or overuse models, simulations, and templates, thereby reducing responsibility for decision-making. At the same time, the wider use of technology and rules reduces the critical thinking of individuals. We advance the automation process by building robots that follow protocols and forget about the part of risk assessment that cannot be programed. Therefore, with this study, the objective of this study was to discover how people define risk, the influencing factors of risk perception and how they behave toward this perception. The authors also determine how the perception differed with age, gender, marital status, education level and region. The novelty of the research is related to individual risk perception during COVID-19, as this is a new and unknown phenomenon. Methodology: The research is based on the analysis of the self-administered purposely designed questionnaires we distributed across different social media platforms between February and June 2020 in Europe and in some cases was carried out as a interview over communication platforms such as “Skype,” “Zoom” and “Microsoft Teams.” The questionnaire was divided into four parts: Section 1 was designed to collect demographic information from the participants; Section 2 included risk definition statements obtained from literature and a preliminary discussion with peers; Section 3 included risk behavior statements; and Section 4 included statements on risk perception experiences. A five-point Likert Scale was provided, and participants were required to answer along a scale of “1” for “Strongly Agree” to “5” for “Strongly Disagree.” Participants also had the option to elaborate further and provide additional comments in an open-ended box provided at the end of the section. 466 valid responses were received. Thematic analysis was carried out to analyze the interviews and the open-ended questions, while the questionnaire responses were analyzed using various quantitative methods on IBM SPSS (version 23). Findings: The results of the analysis indicate that individuals evaluate the risk before making a decision and view risk as both a loss and opportunity. The study identifies nine factors influencing risk perception. Nevertheless, it must be emphasized that we can continue to develop models and rules, but as long as the risk is not understood, we will never achieve anything.

Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and non-economic activities. Researchers have increasingly focused on the adoption and use of ICT by small and medium enterprises (SMEs) as the economic development of a country is largely dependent on them. Following the success of ICT utilisation in SMEs in developed countries, many developing countries are looking to utilise the potential of the technology to develop SMEs. Past studies have shown that the contribution of ICT to the performance of SMEs is not clear and certain. Thus, it is crucial to determine the effectiveness of ICT in generating firm performance since this has implications for SMEs’ expenditure on the technology. This research examines the diffusion of ICT among SMEs with respect to the typical stages from innovation adoption to post-adoption, by analysing the actual usage of ICT and value creation. The mediating effects of integration and utilisation on SME performance are also studied. Grounded in the innovation diffusion literature, institutional theory and resource-based theory, this study has developed a comprehensive integrated research model focused on the research objectives. Following a positivist research paradigm, this study employs a mixed-method research approach. A preliminary conceptual framework is developed through an extensive literature review and is refined by results from an in-depth field study. During the field study, a total of 11 SME owners or decision-makers were interviewed. The recorded interviews were transcribed and analysed using NVivo 10 to refine the model to develop the research hypotheses. The final research model is composed of 30 first-order and five higher-order constructs which involve both reflective and formative measures. Partial least squares-based structural equation modelling (PLS-SEM) is employed to test the theoretical model with a cross-sectional data set of 282 SMEs in Bangladesh. Survey data were collected using a structured questionnaire issued to SMEs selected by applying a stratified random sampling technique. The structural equation modelling utilises a two-step procedure of data analysis. Prior to estimating the structural model, the measurement model is examined for construct validity of the study variables (i.e. convergent and discriminant validity).

The estimates show cognitive evaluation as an important antecedent for expectation which is shaped primarily by the entrepreneurs’ beliefs (perception) and also influenced by the owners’ innovativeness and culture. Culture further influences expectation. The study finds that facilitating condition, environmental pressure and country readiness are important antecedents of expectation and ICT use. The results also reveal that integration and the degree of ICT utilisation significantly affect SMEs’ performance. Surprisingly, the findings do not reveal any significant impact of ICT usage on performance which apparently suggests the possibility of the ICT productivity paradox. However, the analysis finally proves the non-existence of the paradox by demonstrating the mediating role of ICT integration and degree of utilisation explain the influence of information technology (IT) usage on firm performance which is consistent with the resource-based theory. The results suggest that the use of ICT can enhance SMEs’ performance if the technology is integrated and properly utilised. SME owners or managers, interested stakeholders and policy makers may follow the study’s outcomes and focus on ICT integration and degree of utilisation with a view to attaining superior organisational performance.

This study urges concerned business enterprises and government to look at the environmental and cultural factors with a view to achieving ICT usage success in terms of enhanced firm performance. In particular, improving organisational practices and procedures by eliminating the traditional power distance inside organisations and implementing necessary rules and regulations are important actions for managing environmental and cultural uncertainties. The application of a Bengali user interface may help to ensure the productivity of ICT use by SMEs in Bangladesh. Establishing a favourable national technology infrastructure and legal environment may contribute positively to improving the overall situation. This study also suggests some changes and modifications in the country’s existing policies and strategies. The government and policy makers should undertake mass promotional programs to disseminate information about the various uses of computers and their contribution in developing better organisational performance. Organising specialised training programs for SME capacity building may succeed in attaining the motivation for SMEs to use ICT. Ensuring easy access to the technology by providing loans, grants and subsidies is important. Various stakeholders, partners and related organisations should come forward to support government policies and priorities in order to ensure the productive use of ICT among SMEs which finally will help to foster Bangladesh’s economic development.