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Article
Publication date: 21 March 2019

Yue Song, Naiding Yang, Yanlu Zhang and Jingbei Wang

The purpose of this paper is twofold: first, to explore how the number of structural holes influences the possibility of risk propagation in R&D networks; and second, to…

Abstract

Purpose

The purpose of this paper is twofold: first, to explore how the number of structural holes influences the possibility of risk propagation in R&D networks; and second, to investigate how the specific context of tie strength and common cognition moderate the association between structural holes and risk propagation.

Design/methodology/approach

This study focuses on how structural holes influence risk propagation under the specific context of relationship and cognitive dimension by drawing on social capital theory. Risk sharing and risk perception as mediating variables are employed in the proposed conceptual model. The authors issued questionnaires to managers and R&D personnel participating in R&D projects and collaboration in Shanghai and Jiangsu province through e-mail and face to face. The data were used to carry out multiple regression analysis to test hypotheses.

Findings

The results show that relationship between structural holes and risk propagation of R&D network is U-shaped. Risk perception and risk sharing partially mediate the relationship between structural holes and risk propagation. Tie strength significantly moderates the relationship between structural holes and risk sharing, but insignificantly moderates the association between structural holes and risk perception. Common cognition significantly moderates the associations between structural holes and risk sharing, and structural holes and risk perception, respectively.

Originality/value

This study provides a distinctive theoretical perspective for social capital and risk management. It also offers managers a clear understanding of how to reduce or to avoid risk propagation by jointly leveraging the number of structural holes, tie strength and common cognition.

Details

Management Decision, vol. 58 no. 1
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 19 November 2021

Prodosh E. Simlai

The purpose of this study is to investigate whether the surprise components of systematic risk, which are useful in forecasting future investment opportunities, help explain the…

Abstract

Purpose

The purpose of this study is to investigate whether the surprise components of systematic risk, which are useful in forecasting future investment opportunities, help explain the cross-section of average returns associated with portfolios sorted on size, book-to-market and accruals. This study also aims to examine the mispricing attributes of the size, value and accrual effects by investigating the relative economic relevance of aggregate risk factors, which are related to exogenous shocks in state variables, in the cross-sectional returns of triple-sorted portfolios.

Design/methodology/approach

This study uses innovations of systematic risk, which affect the cash flows and risk-adjusted discount rates of all firms in an economy and determines the expected returns of portfolios based on firm characteristics. This study uses independent sorts based on size, book-to-market and total accruals – all of which are measured at the firm level – and construct three-dimensional test portfolios. For unobserved innovations, this study estimates a triangular structural vector autoregressive system and obtain the exogenous innovations in state variables. The author uses Fama-MacBeth two-pass cross-sectional regressions and examines whether the structural innovations explain a significant part of the cross-sectional variation in the average returns of the test portfolios.

Findings

This study finds that variations in expected returns of testing assets are determined by differences in the underlying assets’ exposure to systematic risk innovation. The empirical evidence also shows that exogenous innovation in Fama-French (FF) risk factors leaves out important cross-sectional information about expected returns, and additionally, the FF-factor betas have lower cross-sectional power than the proxy for innovation betas. The cross-sectional differences in the test portfolios’ sensitivity to instruments such as the short-term Treasury bill rate and term spread survive the presence of FF-factor betas.

Originality/value

In contrast to the existing literature, this study uses structural innovations that are uncorrelated and thus exogenous in nature. The author creates test portfolios that display a wide range of average returns and are unlikely to show spurious variability in risk exposures. Unlike the existing research, where size, value and accrual anomalies have been analyzed in isolation, this study examine these pricing patterns jointly, focusing on the possible contributing role of structural innovation in economy-wide predictor variables. To the best of the author’s knowledge, this paper is the first attempt to link the sensitivity of portfolios sorted on size, book-to-market and accruals to exogenous structural innovation.

Details

Managerial Finance, vol. 48 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 30 September 2021

Muhammad Shehzad Hanif, Min Wang, Muhammad Usman Mumtaz, Zeeshan Ahmed and Waqas Zaki

Acceptance and use of mobile shopping as the preferred shopping medium is becoming the new normal today. The proliferation of mobile shopping practices follows unsteady growth…

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Abstract

Purpose

Acceptance and use of mobile shopping as the preferred shopping medium is becoming the new normal today. The proliferation of mobile shopping practices follows unsteady growth patterns in different countries. Despite challenges of price, quality and privacy matters, young consumers still lead the race to engage in mobile shopping activity in developing countries. This research investigates the determinants that either support or hinder the mobile shopping intentions of aspirant young consumers in Pakistan.

Design/methodology/approach

The present research applies a consumer-centric approach to the technology adoption framework to unearth the behavioral patterns of these young consumers in Pakistan. Employing the structural equation modeling technique, this research examines the significant effect of structural assurance, perceived risk, trust and various unified theory of acceptance and use of technology (UTAUT) model constructs on behavioral intention to engage in mobile shopping.

Findings

This research examines the significant effect of structural assurance, perceived risk, trust and various UTAUT model constructs on behavioral intention to engage in mobile shopping. Results also demonstrate a significant moderating effect of structural assurance and prior shopping experience on the relationship between perceived risk, trust and mobile shopping intentions. Further, the mobile shopping patterns for the male and female segment indicate a significant difference for perceived risk, trust structural assurance and social influence. The research contributes to the growing body of knowledge which advocates the application of consumer-centric customized model approach to explore various factors that either facilitate or impede the adoption of mobile shopping in a developing economy.

Research limitations/implications

The study validates the need to enforce structural assurance mechanism for facilitating mobile shopping in a developing country. It also offers practical implications for online businesses and marketers striving to attract and retain more mobile customers.

Practical implications

The study offers practical implications for online businesses and marketers striving to attract and retain more mobile customers.

Originality/value

This study offers fresh insights about driving elements and impediments of mobile shopping behavioral intentions. Structural assurance and prior shopping experience appear to influence the mobile shopping behavior through direct and indirect effect.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 34 no. 5
Type: Research Article
ISSN: 1355-5855

Keywords

Article
Publication date: 1 April 2006

John Holland

This paper aims to explore how fund managers (FMs) deal with major problems of ignorance and uncertainty in stock selection and in asset allocation decisions.

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Abstract

Purpose

This paper aims to explore how fund managers (FMs) deal with major problems of ignorance and uncertainty in stock selection and in asset allocation decisions.

Design/methodology/approach

Interviews were conducted with 40 fund managers in the period October 1997 to January 2000. A seven stage approach was adopted to sift through and process the large volumes of case data. The interview case data formed the basis for identifying common patterns and themes across the cases.

Findings

The case data revealed the nature of this private information agenda concerning intellectual capital or intangibles and the dynamic connections between these variables in the value creation process. The case data provided insight into how the book value and market value gap arose and the special role of information on intangibles and intellectual capital in valuing the company.

Practical implications

The fund management behaviour has important implications for regulatory policy issues on insider information, on corporate disclosure, the corporate governance role of financial institutions, and for the governance of financial institutions.

Originality/value

The paper focuses on issues of importance in an increasingly concentrated and global FM industry.

Details

Managerial Finance, vol. 32 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 23 August 2013

Sandeeka Mannakkara and Suzanne Wilkinson

The purpose of the paper is to inform stakeholders involved in post‐disaster reconstruction how to incorporate Build Back Better (BBB) principles when implementing structural

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Abstract

Purpose

The purpose of the paper is to inform stakeholders involved in post‐disaster reconstruction how to incorporate Build Back Better (BBB) principles when implementing structural design improvements to achieve efficiency and effectiveness in the rebuilding process.

Design/methodology/approach

Literature review was used to establish BBB principles required for post‐disaster structural changes. The application of these principles was then tested in the Indian Ocean Tsunami reconstruction in Sri Lanka, and the Victorian Bushfires in Australia. Qualitative data were collected in each country by conducting interviews with stakeholders from governmental authorities, and non‐governmental and community‐level organisations who were directly involved in recovery activities along with other documentation. Results were compared to understand how/to what extent BBB principles were applied and their implications, to finally determine the applicability of these principles in different environments.

Findings

Proposed BBB principles for post‐disaster structural changes from literature were grouped under: building codes and regulations, cost and time, and quality. Principles such as multi‐hazard‐based building codes, education and support for communities, long‐term funding and quality assurance through inspections were applicable in both case studies. Experiences in Australia and Sri Lanka also presented a few extra principles to add practicality based on local contextualisation. These included avoiding high‐risk lands using buy‐back/land‐swap schemes, incentives to attract skilled builders, and the use of comfortable temporary accommodation to relieve time pressures.

Research limitations/implications

The study does not look into detail at the administrative, regulative and social systems which contributed towards the inability of the built environment to withstand the respective hazards. A general understanding of these systems was gained and taken into consideration when analysing the results. The findings show that despite the differences found between Australia and Sri Lanka the relevance of the principles for structural improvements remained intact.

Practical implications

The government, engineers and building practitioners involved in reconstruction will benefit from learning from the experiences of others, and understanding how implementing structural changes can be done more successfully by applying BBB principles.

Originality/value

This research takes a unique look at how BBB principles drawn from international experiences can be incorporated when implementing structural changes in post‐disaster rebuilding to further improve the outcome.

Details

Structural Survey, vol. 31 no. 4
Type: Research Article
ISSN: 0263-080X

Keywords

Article
Publication date: 8 February 2018

Naif Adel Haddad, Leen Adeeb Fakhoury and Talal S. Akasheh

Ancient theatres and odea are one of the most significant and creative socio-cultural edutainment centres of human history that are still in use. They stood and served as huge…

Abstract

Purpose

Ancient theatres and odea are one of the most significant and creative socio-cultural edutainment centres of human history that are still in use. They stood and served as huge multi-functional structures for social, religious, propaganda and political meeting space. Meanwhile, ancient theatres’ sites have an intrinsic value for all people, and as a vital basis for cultural diversity, social and economic development, they should continue to be a source of information for future generations. Though, all places with ancient theatre heritage should be assessed as to their potential risk from any anthropogenic or natural process. The paper aims to discuss these issues.

Design/methodology/approach

The main paper’s objective is to discuss mainly the anthropogenic and technical risks, vulnerability and impact issues on the ancient classical theatres. While elaborating on relevant recent studies, where the authors were involved in ERATO and ATHENA European projects for ancient theatres and odea, this paper provides a brief overview of the main aspects of the anthropogenic qualitative risks and related issues for selected classical antiquity theatres. Some relevant cases are critically presented and investigated in order to examine and clarify the main risk mitigation issues as an essential prerequisite for theatre heritage preservation and its interface with heritage reuse.

Findings

Theatre risk mitigation is an ongoing and challenging task. By preventive conservation, theatre anthropogenic qualitative risks’ management can provide a framework for decision making. The needed related guidelines and recommendations that provide a systematic approach for sustainable management and planning in relation mainly to “ancient theatre compatible use” and “theatre technical risks” are analysed and presented. This is based on identification, classification and assessment of the theatre risk causes and contributing factors and their mitigation.

Originality/value

The paper also suggests a new methodological approach for the theatre anthropogenic qualitative risk assessment and mitigation management, and develop some recommendations that provide a systematic approach for theatre site managers and heritage experts to understand, assess, and mitigate risks mainly due to anthropogenic and technical threats.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 8 no. 3
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 26 October 2020

Nuala F. Ryan, Michelle Hammond, Sarah MacCurtain and Christine Cross

The purpose of this paper is to advance our understanding of the role of risk in leader identity development for women by identifying processes women leaders employ to overcome…

Abstract

Purpose

The purpose of this paper is to advance our understanding of the role of risk in leader identity development for women by identifying processes women leaders employ to overcome perceived risk.

Design/methodology/approach

Twenty-five women leaders in the Irish healthcare sector took part in an 18-month long identity-based leadership development program. Qualitative data from interviews, focus groups, critical incident diaries and individual exit surveys and observations were analyzed using the constant comparative method.

Findings

Four key processes are identified as women leaders work through risks associated with structural elements (perceiving and mitigating structural risk) and agency of the leader (accepting agentic risks and developing agency).

Research limitations/implications

Like many focused qualitative studies, generalizability to a larger population might be limited. The authors, therefore, recommend future research to consider these issues in other industries, levels and national contexts.

Practical implications

Organizational members should pay attention to structural factors that affect women's perceptions of risks in internalizing a leader identity such as perceptions of organizational support for development, role models, mentoring and behavioral norms. Programs should aim to increase individual agency through personal reflection and freedom to experiment.

Originality/value

This paper offers an original and nuanced perspective on the role of risk in the leader identity development process for women.

Details

Journal of Managerial Psychology, vol. 36 no. 1
Type: Research Article
ISSN: 0268-3946

Keywords

Book part
Publication date: 14 September 2007

Haibin Yang and Gregory G. Dess

This paper explores the origin of entrepreneurial orientations (EO) from an organizational embeddedness perspective. It examines the impacts of firms’ network embeddedness such as…

Abstract

This paper explores the origin of entrepreneurial orientations (EO) from an organizational embeddedness perspective. It examines the impacts of firms’ network embeddedness such as structural, positional and relational on three dimensions of EO, namely, risk-taking, proactiveness and innovativeness. After a brief review of the EO construct and social network theory, we derive a set of testable propositions that relate embeddedness properties such as centrality, structural holes, direct/indirect ties, and network density, to the magnitude of three key EO dimensions. We argue that each dimension may vary independently with each other and has its own formation mechanism, which entails rich implications for entrepreneurial network research.

Details

Entrepreneurial Strategic Processes
Type: Book
ISBN: 978-0-7623-1429-4

Article
Publication date: 1 September 2006

Andreas A. Jobst

The paper surveys the risks and rewards of asset securitisation and illustrates how this structured finance technique can lift credit constraints to small‐ and medium‐sized…

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Abstract

Purpose

The paper surveys the risks and rewards of asset securitisation and illustrates how this structured finance technique can lift credit constraints to small‐ and medium‐sized enterprises (SMEs) as banks to turn more conservative in their lending in response to more risk‐sensitive capital requirements for credit risk.

Design/methodology/approach

The mechanics of securitisation provide an analytical framework and perspective for our analysis of conditions for sustainable SME securitisation and its potential contribution to greater risk diversification of both issuers and investors. The paper also elicits lessons to be learned for essential regulatory and policy measures to guide a sound development of securitisation markets from an empirical review of SME securitisation in Germany.

Findings

The paper finds that the structural versatility of securitisation offers economic benefits irrespective of the configuration of the financial system. The development of a viable securitisation market for SME‐related claims in a bank‐based financial system is likely to require financial sector initiatives, whose scope and intensity might be enhanced by development agencies. Orchestrated policy efforts make for a benign strategy to incubate SME securitisation in a timely fashion, while keeping legal uncertainty and economic attrition to a minimum.

Originality/value

As opposed to previous papers, the paper defines and discusses SME securitisation from both the perspective of bank‐ and firm‐sponsored securitisation and issue hands‐on recommendations for its efficient implementation.

Details

Managerial Finance, vol. 32 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 10 August 2020

Tomáš Konečný and Lukáš Pfeifer

This paper aims to focus on capital-related macroprudential policies in the context of recent policy discussions on the removal of barriers to the mobility of capital and…

Abstract

Purpose

This paper aims to focus on capital-related macroprudential policies in the context of recent policy discussions on the removal of barriers to the mobility of capital and liquidity of cross-border banks in the European Union (EU).

Design/methodology/approach

This study first discusses the link between financial stability and internal resource mobility of cross-border banks. Then, it examines past heterogeneity in structural capital buffers as key macroprudential capital instruments applied in the EU and relate them to costs of policy action, degree of foreign penetration and membership in the Banking Union.

Findings

Observed phase-in patterns of structural capital buffers in the EU are broadly consistent with costs of policy action, degree of foreign penetration and membership in the Banking Union as potential factors. The process of financial integration could be further enhanced through reduced uncertainty in the application of macroprudential policies that constrain capital mobility of cross-border banks.

Originality/value

This paper anchors macroprudential policies into a wider discussion on the mechanism and implications of ring-fencing in the EU over time. It discusses two policy areas, macroprudential policies and proposals for deeper financial integration, that share the same financial stability objective but tend to emphasize different implications of the mobility of capital and liquidity of cross-border banks in the EU. The study provides a discussion of potential implications of the recent adoption of the CRRII/CRDV legislation for future heterogeneity of macroprudential policies in the EU.

Details

Journal of Financial Regulation and Compliance, vol. 29 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

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