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The aims of this Editorial are twofold: (i) synthesise emergent themes from the special issue (ii) tender four theoretical frameworks toward examination of crises in tourism.

The thematic analysis of papers highlights a diversity of COVID-19 related crises contexts and research approaches. The need for robust theoretical interventions is highlighted through the four proposed conceptual frameworks.

Crises provides a valuable seam from which to draw new empirical and theoretical insights. Papers in this special issue address the unfolding of crises in tourism and demonstrate how its theorization demands multi and cross-disciplinary entreaties. This special issue is an invitation to examine how global crises in tourism can be more clearly appraised and theorised. The nature of crisis, and the extent to which the global tourism community can continue to adapt remains in question, as dialogues juxtapose the contradictions between tourism growth and tourism sustainability, and between building back better and returning to normal.

The appraisal of four conceptual frameworks, little used in tourism research provides markers of the theoretical rigour and novelty so often sought. Beck’s risk society reconceptualises risk and the extent to which risk is manmade. Biopolitics refers to the power over the production and reproduction of life itself, where the political stake corresponds to power over society. The political ecology of crisis denaturalises “natural” disasters and their subsequent crises. Justice complements an ethic of care and values like conative empathy to advance social justice and well-being.

The purpose of this paper is to examine the impact of structural breaks on the conditional variance of carbon emission allowance prices.

The authors employ the symmetric GARCH model, and two asymmetric models, namely the exponential GARCH and the threshold GARCH.

The authors show that the forecast performance of GARCH models improves after accounting for potential structural changes. Importantly, we observe a significant drop in the volatility persistence of emission prices. In addition, the effects of positive and negative shocks on carbon market volatility increase when breaks are taken into account. Overall, the findings reveal that when structural breaks are ignored in the emission price risk, the volatility persistence is overestimated and the news impact is underestimated.

The authors are the first to examine how the conditional variance of carbon emission allowance prices reacts to structural breaks.

The current fire protection measures in buildings do not account for all contemporary fire hazard issues, which has made fire safety a growing concern. Therefore, this paper aims to present a critical review of current fire protection measures and their applicability to address current challenges relating to fire hazards in buildings.

To overcome fire hazards in buildings, impact of fire hazards is also reviewed to set the context for fire protection measures. Based on the review, an integrated framework for mitigation of fire hazards is proposed. The proposed framework involves enhancement of fire safety in four key areas: fire protection features in buildings, regulation and enforcement, consumer awareness and technology and resources advancement. Detailed strategies on improving fire safety in buildings in these four key areas are presented, and future research and training needs are identified.

Current fire protection measures lead to an unquantified level of fire safety in buildings, provide minimal strategies to mitigate fire hazard and do not account for contemporary fire hazard issues. Implementing key measures that include reliable fire protection systems, proper regulation and enforcement of building code provisions, enhancement of public awareness and proper use of technology and resources is key to mitigating fire hazard in buildings. Major research and training required to improve fire safety in buildings include developing cost-effective fire suppression systems and rational fire design approaches, characterizing new materials and developing performance-based codes.

The proposed framework encompasses both prevention and management of fire hazard. To demonstrate the applicability of this framework in improving fire safety in buildings, major limitations of current fire protection measures are identified, and detailed strategies are provided to address these limitations using proposed fire safety framework.

Fire represents a severe hazard in both developing and developed countries and poses significant threat to life, structure, property and environment. The proposed framework has social implications as it addresses some of the current challenges relating to fire hazard in buildings and will enhance overall fire safety.

The novelty of proposed framework lies in encompassing both prevention and management of fire hazard. This is unlike current fire safety improvement strategies, which focus only on improving fire protection features in buildings (i.e. managing impact of fire hazard) using performance-based codes. To demonstrate the applicability of this framework in improving fire safety in buildings, major limitations of current fire protection measures are identified and detailed strategies are provided to address these limitations using proposed fire safety framework. Special emphasis is given to cost-effectiveness of proposed strategies, and research and training needs for further enhancing building fire safety are identified.

This paper aims to analyze the risks faced by the Cambodian rice supply chain (RSC), including risk identification, risk investigation and risk management.

The first qualitative area of exploration from this exploratory sequential design is to identify the potential risks, in which the authors conduct in-depth interviews with ten different experts in Cambodia. Using the structural equation model (SEM) in AMOS and descriptive statistics analysis, this study investigates the risks that affect the RSC performance on an environmental, social and economic basis and subsequently proposes risk management strategies. The authors collect quantitative data from 200 Cambodian farmers through interviews and surveys.

The results illustrate that the farm households face 18 risk factors. The researchers consolidate 18 risk factors into four classifications: supply risks, production risks, demand risks and environmental risks. Nine experts out of the ten who were interviewed (90%) consider themselves “highly vulnerable” (with a rating of 4 or 5 on the Likert scale), while only one expert has a “neutral” stance (with a rating of 3 on the Likert scale); these results concerning risk identification are visualized in the likelihood effect matrix of the RSC. After investigating the risks, the authors found that RSC performance is significantly affected by the RSC risks. In particular, four groups are created, representing two different approaches to mitigate, avoid, transfer and cope with agricultural risks, i.e. ex ante and ex post risk management strategies.

This study fully answers research questions regarding risk identification, risk investigation and risk management.

This paper aims to provide a maturity model for information security awareness (MMISA), based on the literature, expert interviews and feedback. In addition to developing the MMISA, the authors investigate the role of the three decisive factors that affect ISA maturity level: risk management mechanism, organizational structure and ISA.

The research methodology is a combined one; qualitative and quantitative methods were applied, including surveying the literature, interviews and developing a survey to collect quantitative data about decisive factors that affect ISA maturity level. The authors perform a variance-based partial least squares-structural equation modeling (PLS-SEM) investigation of the relationships between these factors.

The investigation of decisive factors of ISA maturity levels revealed that if the authors identify a strong risk assessment mechanism (through a documented methodology and reliable results), the authors can expect a high level of ISA. If there is a well-defined organizational structure with clear responsibilities, this supports the linking of a risk management mechanism with the level of ISA. The connection between organizational structure and ISA maturity level is supported by ISA activities: an increased level of awareness actions strengthens an organizational structure via the best practices learned by the staff.

The main contribution of the proposed MMISA model is that the model offers controls and audit evidence for maturity levels. Beyond that, the authors distinguish in the MMISA model controls supporting knowledge and controls supporting attitude, emphasizing that this is not enough to know what to do, but the proper attitude is required too. The authors didn't find any other ISA maturity model which has a similar feature. The contribution of the authors' work is that the authors provide a method for solving this complex measurement problem via the MMISA, which also offers direct guidance for the daily practices of organizations.

This study investigates the effect of COVID-19 pandemic perceived health risk on traveller's post-pandemic perception and future travel intention. The study aims to provide insight into the unprecedented COVID-19 pandemic and its potential influence on tourist behaviour.

Two hundred and forty-four responses were gathered quantitatively through an online survey. The research hypotheses were analysed using the partial least square structural equation modelling (PLS-SEM).

This study found that COVID-19 affects tourists' travel behaviour. Key findings found that perceived health risk discourages travel attitudes and eventually lessens their future travel intentions. Results also suggest future strategies/directions for restarting the tourism industry.

The study outcome assists tourism stakeholders in understanding the changes in tourist behaviour amid the heightened perceived health risk of COVID-19. Tourism policymakers and industry players should consider exploring how to mitigate similar health crises in the future.

By extending the theory of planned behaviour (TPB), this study establishes a theoretical framework in exploring the interrelationships between perceived risk, post-pandemic perception and future travel intention. This study sets a significant research agenda for future tourism research in understanding the mechanism behind health risk perceptions and tourist behaviour.

Global crises have become increasingly recurrent events that jeopardize public-private partnerships (PPPs). In this context, the purpose of this paper is to expose the PPP-crisis research agenda by combining bibliometric and network analyses.

The PPP literature associated with global crises between the 2008 global financial crisis and 2022 was analyzed in three stages: (1) paper selection and screening for the inclusion/exclusion of articles relevant to this research, (2) semantic network development for examining thematic relationships among selected papers by considering the co-occurrence of keywords within the chosen studies and (3) calculation of network metrics for analysis.

The paper identified six research avenues for the PPP-crisis agenda: public interest, relational governance, risk management, user-pay PPPs, crisis management and financial performance. The PPP-crisis literature has spread significantly in the last five years driven by the case study approaches on a national or regional basis. Conversely, non-crisis periods generate room to strengthen user-pay PPPs and relational governance. The pandemic and post-pandemic times shared the priorities of the 2008 financial crisis but also strengthened the management of the risks and the structural drivers of the global crisis.

This study demonstrates that during global crisis periods, the public interest and financial performance gain relevance in a detriment of structural solutions to social legitimacy erosion of PPPs because of the urgency of giving tools to the public and private sectors to tackle the financial issues, which steer future issues for PPPs.

Global value changes continued to expand until the late 2000s. On the other hand, regional value chains have formed around major regional hubs due to the expansion of domestic demand in emerging economies, such as China, and strengthened trade protectionism since the global financial crisis. Such changes lead to the reorganisation of value chains, focusing on domestic markets (reshoring) or neighbouring countries (nearshoring). In particular, the importance of supply chain risk management has been highlighted following disruptions to the supply network due to the COVID-19 outbreak in December 2019. In this regard, major countries such as the USA and the EU are rapidly shifting to regional value chains for stable and sustainable production, rather than primarily aiming for production efficiency targeted at reducing costs. Industries in particular are more exposed to such supply chain risks under the existing structure and it now has become extremely important for businesses to take reaction to such risks. This is especially important for major industries in a country such as automobile or semiconductor manufacturing industries in South Korea. The aim of this study, therefore, is to establish the basis for the simultaneous growth of ports and linked industries by examining the existing structure of the global value chain for the automotive industry, which has a strong presence in South Korea’s domestic economy. In this regard, this research carries out a supply chain analysis focusing on the imports and exports of automotive parts. It also analyses the current structural risks and suggests risk management measures to secure a stable supply chain.

The authors combine options logic with transaction cost economics to explain why firms maintain, divest or buy out their international joint ventures (IJVs). It is suggested that a decline in environmental risk and higher partner-related risk makes a firm more likely to acquire an IJV but less likely to divest an IJV. The study also investigates how IJV age moderates the effects of a decline in environmental risk and higher partner-related risk.

The study employs competing risks analyses to examine the drivers of different termination outcomes using a dataset consisting of 459 IJVs in the People's Republic of China, of which 110 were either acquired or divested by their foreign parent.

The study finds that changes in environmental risk and partner-related risk affect how firms terminate their IJVs in the People's Republic of China. Specifically, the authors find that the effect of exogenous and endogenous risk are more pronounced for the acquisition of IJVs than for the divestment of IJVs.

The study contributes to international marketing research by complementing options logic with transaction cost economics to provide a theoretical explanation of the different ways in which IJVs in the People's Republic of China are terminated.

IJVs continue to be an important yet often unstable method to serve international markets. Our findings increase managers' awareness of the effect that two important sources of risk may have on the termination of IJVs in the People's Republic of China.

The study provides novel insights into the effect that changes in exogenous and endogenous risk have on a firm's choice of termination mode drawing on novel data on the different ways in which foreign firms have terminated their IJVs in the Peoples' Republic of China.

This study investigates the influence of theoretical determinants on the Korea sovereign CDS spreads from January 2007 to September 2009 based on structural credit risk model. For the analysis of determinants on the sovereign CDS spread, this study adopts interest swap rate as reference interest rate, and decomposes yields curve into two components, ie, interest level and slope. Considering multivariate regression in level and difference variables, Stock returns and Interest rates have a significant effect on the CDS spreads among the theoretical determinants of structural credit risk models. CDS spreads may behave quite differently during volatile regime compared with their behavior in tranquil regime. We therefore apply Markov switching model to investigate the possibility that the influence of theoretical determinants of CDS spread has a regime dependent behavior. In all regimes Korean sovereign CDS spreads are highly sensitive to stock market returns, whereas in tranquil regime interest rates also have influence on CDS spreads. We conclude that for the efficient hedging of CDS exposure trader should adjust equity hedge ratio to the relevant regime.