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Article
Publication date: 1 March 2011

Ranjit Singh and Amalesh Bhowal

The purpose of this paper is to measure the risk perception of the employees in respect of equity shares, from the perspective of elements of marketing mix and to…

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1823

Abstract

Purpose

The purpose of this paper is to measure the risk perception of the employees in respect of equity shares, from the perspective of elements of marketing mix and to ascertain the degree of influence of elements of marketing mix on equity‐related risk perception.

Design/methodology/approach

Primary data based on the interview schedule were collected from the employees of Oil India Limited and various tables prepared. For analysis of data, Cronbach's alpha and Friedman test analysis were employed.

Findings

Out of the four elements of marketing mix considered in the study, the degree of influence of price driven measure of risk perception is highest and others in order are product, promotion and place driven measure of risk perception, respectively.

Originality/value

The paper is the first of its kind and hence original in nature.

Details

The Journal of Risk Finance, vol. 12 no. 2
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 1 April 2014

Robert A. Olsen

– The purpose of this paper is to investigate the implications of human consciousness relative to financial risk perceptions.

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1047

Abstract

Purpose

The purpose of this paper is to investigate the implications of human consciousness relative to financial risk perceptions.

Design/methodology/approach

After conceptually identifying that risk perceptions qualify as a Qualia, survey data are gathered from investment experts to clarify the implications.

Findings

Financial risk perceptions are Qualia and as such should have a strong affective influence on risk perceptions. This suggests that aggregate market measures of financial risk may be difficult to obtain and utilize.

Research limitations/implications

Sample size could be larger and more complete implications need to be investigated. Sample unlikely to exhibit significant bias.

Practical implications

Going to be difficult to devise aggregate measures of financial risk across market participants.

Social implications

Risk is going to be heavily affective in orientation and interpersonal Trust is a financial risk attribute.

Originality/value

Is quite original as the author has never seen another paper look to the implications of consciousness for financial risk perceptions or even Trust. Breaks new ground!

Details

Qualitative Research in Financial Markets, vol. 6 no. 1
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 9 August 2021

Raquel Camprubí and Joan B. Garau-Vadell

Peer-to-peer (P2P) vacation accommodation has recently emerged as a disruptive new form of tourism development. Its potential negative impacts (economic, socio-cultural…

Abstract

Purpose

Peer-to-peer (P2P) vacation accommodation has recently emerged as a disruptive new form of tourism development. Its potential negative impacts (economic, socio-cultural and environmental) may make residents feel at risk. Therefore, this paper aims to explore residents’ risk perceptions related to the growth of P2P vacation accommodation.

Design/methodology/approach

The empirical study was conducted in Mallorca (Spain) among 529 residents and a cluster analysis was carried out.

Findings

Results indicate clearly differentiated sociodemographic and attitudinal profiles, which can be classified into four tourist types. The conclusions of the paper suggest implications for tourist managers.

Originality/value

In the field of tourism studies, risk perception has been explored from the perspective of both tourists and hosts. To date, however, residents’ perception of risk has received little attention. Given the importance of resident-tourist interaction in fostering successful destinations this paper focusing on this arena.

Details

Journal of Place Management and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8335

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Book part
Publication date: 28 December 2016

Ashley Schroeder, Lori Pennington-Gray, Maximiliano Korstanje and Geoffrey Skoll

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…

Abstract

Purpose

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.

Methodology/approach

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

Findings

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.

Originality/value

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

Details

The Handbook of Managing and Marketing Tourism Experiences
Type: Book
ISBN: 978-1-78635-289-7

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Book part
Publication date: 25 May 2021

Alessandra Girlando, Simon Grima, Engin Boztepe, Sharon Seychell, Ramona Rupeika-Apoga and Inna Romanova

Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on…

Abstract

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.

Details

Contemporary Issues in Social Science
Type: Book
ISBN: 978-1-80043-931-3

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Article
Publication date: 6 November 2020

Yujia Ge, Caiyun Cui, Chunqing Zhang, Yongjian Ke and Yong Liu

To test a social-psychological model of public acceptance of highway infrastructure projects in the Chinese architecture/engineering/construction industry.

Abstract

Purpose

To test a social-psychological model of public acceptance of highway infrastructure projects in the Chinese architecture/engineering/construction industry.

Design/methodology/approach

Through a comprehensive literature review, we established a social-psychological model of public acceptance related to benefit perception, risk perception and public trust. We empirically validated our model by using structural equation model analysis based on a questionnaire survey in the S35 Yongjin Highway Infrastructure Project in Yunnan Province, China.

Findings

Benefit, trust and risk perception had a significant influence on local residents' public acceptance of highway infrastructure projects; benefit perception and trust perception had a greater influence than risk perception. Public acceptance among local male residents over the age of 35 or those with higher education levels was more likely to be determined by the relative dominance of risk and benefit perceived.

Research limitations/implications

This study contributes empirical evidence to the theoretical literature related to locally unwanted land use (LULU) siting and stakeholders in the field of project management from the public perspective. This study also suggests valuable practical implications to authorities, project managers and the public in decision-making and risk communication.

Originality/value

Although previous studies addressed factors affecting public acceptance towards potentially hazardous facilities, understanding of the implications of these social-psychological factors and their effects are still far from sufficient. This study bridges this gap by exploring the determinants of public acceptance towards highway infrastructure projects based on a selected case in China.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 4 November 2020

Tzu-Ling Chen

The purpose of this paper is to explore the effects of place attachment and risk perception with bounded rationality on the willingness to live in a high-earthquake-risk area.

Abstract

Purpose

The purpose of this paper is to explore the effects of place attachment and risk perception with bounded rationality on the willingness to live in a high-earthquake-risk area.

Design/methodology/approach

The study establishes a hypothetical model on the basis of the theory of planned behavior, place attachment and risk perception. A structural equation model (SEM) measures the relationships between the variables.

Findings

Place attachment affects individuals and their preferences; it makes them willing to continue living in high-earthquake-risk areas. Additionally, risk perception with bounded rationality (fatalism and optimism bias) might make people believe there is only a slight risk of physical injury or property damage. The overall findings moderately suggest that land-use regulations along fault zone areas are not necessarily driving households away, and such allowance of residential use in the current zoning regulation might mislead people that it is a safe area.

Research limitations/implications

This study uses questionnaires in fault zone-regulated areas where only the fault line has zoning regulations. In addition, the application of SEM has to build upon theory and further examine both direct and indirect effects. The assessment criteria of the model might be limited by the sample amount, causing certain model-fitting results, which are not that significant. The overall findings might be limited by the geographical location and cannot be generalized to other areas in Taiwan.

Practical implications

A more thorough assessment of land-use planning in earthquake-risk areas should consider households’ risk perceptions and adaptation behaviors.

Originality/value

Land-use regulations along fault zone areas might reveal earthquake risk in such areas or mislead people that it is a safe area. Place attachment and risk perceptions might affect individuals’ judgments of whether such risk exists or not. The results could be referred to disaster management in high-earthquake-risk areas.

Details

Disaster Prevention and Management: An International Journal, vol. 29 no. 4
Type: Research Article
ISSN: 0965-3562

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Article
Publication date: 21 December 2020

Maqsood Ahmad and Syed Zulfiqar Ali Shah

This paper aims to show how overconfidence influences the decisions and performance of individual investors trading on the Pakistan Stock Exchange (PSX), with the…

Abstract

Purpose

This paper aims to show how overconfidence influences the decisions and performance of individual investors trading on the Pakistan Stock Exchange (PSX), with the mediating role of risk perception and moderating role of financial literacy.

Design/methodology/approach

The deductive approach was used, as the research is based on the theoretical framework of behavioural finance. A questionnaire and cross-sectional design were employed for data collection from the sample of 183 individual investors trading on the PSX. Hypotheses were tested through correlation and regression analysis. The Baron and Kenny method was used to test the mediation effect of risk perception and the moderation effect of financial literacy. The results of mediation and moderation were also authenticated through the PROCESS and structural equation modelling (SEM) technique.

Findings

The results suggest that risk perception fully mediates the relationships between the overconfidence heuristic on the one hand, and investment decisions and performance on the other. At the same time, financial literacy appears to moderate these relationships. The results suggest that overconfidence can impair the quality of investment decisions and performance, while financial literacy and risk perception can improve their quality.

Practical implications

The paper encourages investors to base decisions on their financial capability and experience levels and to avoid relying on heuristics or their sentiments when making investments. It provides awareness and understanding of heuristic biases in investment management, which could be very useful for decision makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating the expensive errors that occur due to heuristic biases. They can improve their performance by recognizing their biases and errors of judgment, to which we are all prone, resulting in better investment decisions and a more efficient market. The paper also highlights the importance on relying on professional knowledge, giving it greater weight than feelings and biases.

Originality/value

The current study is the first to focus on links between overconfidence, financial literacy, risk perception and individual investors' decisions and performance. This article enhanced the understanding of the role that heuristic-driven bias plays in the investment management, and more importantly, it went some way towards enhancing understanding of behavioural aspects and their influence on the investment decision-making and performance in an emerging market. It also adds to the literature in the area of behavioural finance specifically the role of heuristics in investment strategies; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Content available
Article
Publication date: 27 January 2021

Maksim Godovykh, Abraham Pizam and Frida Bahja

The purpose of this paper is to clarify the concept of perceived risks, identify the main antecedents and outcomes of health risk perceptions and propose a conceptual…

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1171

Abstract

Purpose

The purpose of this paper is to clarify the concept of perceived risks, identify the main antecedents and outcomes of health risk perceptions and propose a conceptual model of health risk perceptions in tourism.

Design/methodology/approach

This paper provides a review of the literature on customer risk perceptions, along with their antecedents and outcomes, and proposes a conceptual model of health risk perceptions in tourism.

Findings

Key findings reveal that the main factors of health risk perceptions can be broadly classified into cognitive, affective, individual and contextual components. The proposed conceptual model of health risk perceptions provides a theoretically integrated overview of relationships between all groups of factors, tourists’ risk perceptions and travel intentions.

Originality/value

The paper contributes to theory by offering a new approach to health risk perceptions in tourism, which remain underexplored in previous studies. The literature review adds to the body of knowledge by introducing four main groups of factors affecting tourists’ health risk perceptions, while the conceptual model proposes relationships between these factors, tourists’ risk perceptions and travel intentions.

目的

本文的目的是阐明可感知风险的概念, 确定健康风险感知的主要前提和結果, 并提出旅遊业健康风险感知的概念模型。

设计/方法/途径

本文提供了一份关于顾客风险认知的文献综述, 连同他们的前提和结果, 并提出了一个旅遊业健康风险感知的概念模型。

发现

主要发现揭示了健康风险感知的主要因素可以大致分为认知, 情感, 个体和情境成分。所提出的健康风险感知概念模型提供了一个理论上的关于各个成分之间, 游客风险感知, 和出游意向之间综合关系的概况。

创意/价值

本文通过提供一种在以前研究中未被探索的新的旅遊业健康风险感知方法, 为理论发展做出了贡献。文献综述通过介绍影响遊客健康风险感知的四个主要因素丰富了相关知识体系, 所提概念模型则建议了这些因素, 遊客风险感知以及出游意向之间的关系。

Antecedentes y resultados de las percepciones de riesgos para la salud en el turismo: Un modelo conceptual

Objetivo

El propósito de este artículo es clarificar el concepto de riesgos percibidos, identificar los principales antecedentes y resultados de las percepciones de riesgos para la salud, y proponer un modelo conceptual de las percepciones de riesgo para la salud en el turismo.

Diseño/metodología/método

Este artículo provee una revisión de la literatura sobre las percepciones de riesgo de los clientes, junto con sus antecedentes y resultados, y propone un modelo conceptual de las percepciones de riesgo para la salud en el turismo.

Resultados

Los resultados clave revelan que los principales factores de las percepciones de riesgos para la salud pueden clasificarse generalmente en componentes cognitivos, afectivos, individuales, y contextuales. El modelo conceptual propuesto de las percepciones de riesgos para la salud provee una perspectiva teoréticamente integrada de la relación entre todos los grupos de factores, las percepciones de riesgo de los turistas, y las intenciones de viaje.

Originalidad/valor

El artículo contribuye teoréticamente al ofrecer un nuevo enfoque sobre las percepciones de riesgos para la salud en el turismo, que siguen sin ser exploradas en estudios anteriores. La revisión de literatura contribuye al cuerpo de conocimiento al introducir los cuatro principales grupos de factores que afectan las percepciones de riesgo para la salud de los turistas, mientras que el modelo conceptual propone la relación entre estos factores, las percepciones de riesgo de los turistas, y las intenciones de viaje.

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Article
Publication date: 28 July 2020

Rasha ElShafei

This study investigates the relationship between managers' risk perception and the adoption of sustainable water consumption strategies and analyzes the moderating effect…

Abstract

Purpose

This study investigates the relationship between managers' risk perception and the adoption of sustainable water consumption strategies and analyzes the moderating effect of stakeholders' salience attributes on this relationship.

Design/methodology/approach

A conceptual framework that builds on the stakeholder theory was developed to illustrate the direct and moderating role of the study variables. The derived hypotheses were tested quantitatively using multiple regression analysis.

Findings

Results indicate that managers' risk perception and the three stakeholder salience attributes were significantly associated with sustainable water consumption strategies, and that the legitimacy attribute was a successful moderator between the study variables.

Research limitations/implications

The limited ability to generalize results as the study is centered on the hospitality sector. Although the results were comparable to other studies, it is not possible to claim that the findings represent the views of the majority of managers in different industry sectors.

Practical implications

The research highlights to managers in the hospitality sector, the significant influence of risk perception and stakeholder salience attributes on the adoption of sustainable water consumption strategies.

Social implications

The research revealed that media, consumers and competitors are powerful, legitimate and urgent stakeholders, respectively. Therefore, the research findings will guide policymakers and nonprofit organizations to support those stakeholders in order to strengthen their power, legitimacy and urgency attributes.

Originality/value

Although it has been claimed that risk perception has the potential to influence sustainable consumption of natural resources, few studies empirically investigated the association of risk perception of a specific environmental threat with responsible consumption. Moreover, even though there is general agreement in the literature that the adoption of sustainable water consumption strategies is shaped by the degree to which stakeholders exercise their salience attributes, studies that empirically examine the influence of these attributes within the hospitality sector are lacking. Therefore, this study fills a gap in the current literature by empirically examining the influence of managers' risk perception and stakeholder's salience attributes on firms' adoption of sustainable consumption strategies.

Details

Smart and Sustainable Built Environment, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2046-6099

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