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Emerging Topics in Business Risk
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Emerging Topics in Business Risk

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 31 October 2025 | Viewed by 4240

Special Issue Editors

Dr. Hui Liang James

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Guest Editor
Department of Accounting, Finance & Business Law, University of Texas at Tyler, SCOB 350.06, 3900 University Blvd, Tyler, TX 75799, USA
Interests: executive compensation; board structure; trade credit; payout policy; working capital management; supply chain
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Vivek K. Pandey

E-Mail Website
Guest Editor
Department of Accounting, Finance & Business Law, University of Texas at Tyler, SCOB 350.06, 3900 University Blvd, Tyler, TX 75799, USA
Interests: business decisions; international studies; M&As
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Hongxia Wang

E-Mail Website
Guest Editor
Wall College of Business, Coastal Carolina University, Conway, SC 29528, USA
Interests: finance; corporate governance; CEO succession; executive compensation
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The business environment is becoming increasingly complex, with new risks arising from various aspects, including technological advancements, geopolitical shifts, regulation intensity, decentralized finance, supply chains, and evolving consumer behaviors. Traditional risk management frameworks often struggle to keep pace with these changes, making it crucial for academics, practitioners, and policymakers to explore emerging trends in business risk. This Special Issue, titled “Emerging Topics in Business Risk”, aims to bring together cutting-edge research on contemporary and forward-looking risks facing businesses across different industries and regions. By assembling diverse contributions, it aims to provide a comprehensive understanding of novel risks, their implications, and innovative approaches to managing them. It should inspire further research into how businesses can navigate an increasingly uncertain world.

We seek research on the heterogenous effect of risk factors on corporations, the link between business risk and aggregate economic output, and how firms hedge against risk under various circumstances. We also encourage research on the effect of regulation conditional on firm-specific characteristics at the micro level and during different time frames at the macro level, which may potentially help us reconcile the positive and negative views of regulation on economic development. Both empirical and theoretical studies are welcome, with a preference for the former.

Dr. Hui Liang James
Prof. Dr. Vivek K. Pandey
Prof. Dr. Hongxia Wang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • business risk
  • risk management
  • geopolitical risk
  • supply chain disruption
  • technological disruption
  • cybersecurity threats
  • regulatory compliance
  • reputational risk
  • digital transformation risks
  • ESG (environmental, social, and governance) risks
  • emerging market risks
  • M&A (mergers and acquisitions) risk

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (3 papers)

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Research

14 pages, 601 KB  
Article
The Effect of Currency Misalignment on Income Inequality
by Sarah R. Crane, Uyen T. Le and Scott A. Miller
J. Risk Financial Manag. 2025, 18(9), 504; https://doi.org/10.3390/jrfm18090504 - 11 Sep 2025
Viewed by 459
Abstract
This paper examines the relationship between currency misalignment and income inequality across 70 countries from 1998 to 2021. Currency misalignment occurs when the actual exchange rate diverges significantly from the equilibrium exchange rate. Using fixed-effects and random-effects regressions, we find that currency overvaluation [...] Read more.
This paper examines the relationship between currency misalignment and income inequality across 70 countries from 1998 to 2021. Currency misalignment occurs when the actual exchange rate diverges significantly from the equilibrium exchange rate. Using fixed-effects and random-effects regressions, we find that currency overvaluation is associated with higher income inequality, while undervaluation is linked to lower income inequality. These findings are strongest in emerging markets and upper-middle-income countries, where undervalued currencies may be associated with stronger tradable-sector activity and narrower income gaps. In contrast, lower-income countries experience increasing levels of inequality during the early stages of development, even with growth, which is consistent with the Kuznets hypothesis. For advanced markets and higher-income nations, currency misalignment is not statistically related to income inequality, which is likely due to the presence of stronger financial systems and more stable institutions that reduce the effects of currency misalignment. The results are robust across the two grouping methods—development level (IMF) and income level (World Bank). Overall, the study highlights that while undervaluation may be associated with equitable growth in emerging markets, its benefits likely depend on a country’s development stage and are more likely when accompanied by appropriate social and economic policies to mitigate potential risks. Full article
(This article belongs to the Special Issue Emerging Topics in Business Risk)
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30 pages, 526 KB  
Article
TMT Family Members’ Education and Firm Innovation: Evidence from Chinese Family Firms
by Yi Yang, Zishao Huang, Zhenyuan Weng and Jianing Zhang
J. Risk Financial Manag. 2025, 18(9), 485; https://doi.org/10.3390/jrfm18090485 - 30 Aug 2025
Viewed by 674
Abstract
This study investigates the effect of the educational level of top management team (TMT) family members on firm innovation among publicly listed family firms in China. Using a panel of 14,338 firm-year observations from 2015 to 2023, this study employs fixed effects regressions [...] Read more.
This study investigates the effect of the educational level of top management team (TMT) family members on firm innovation among publicly listed family firms in China. Using a panel of 14,338 firm-year observations from 2015 to 2023, this study employs fixed effects regressions to show that the educational background of family members positively influences firm innovation, measured by the proportion of R&D personnel and capitalized R&D expenditures. Moreover, this positive effect is more pronounced under greater industry competition, higher transparency, and smaller firms. The mediation analysis identifies potential channels of asset tangibility, ownership concentration, and management fees through which family education influences firm innovation. Sectoral heterogeneity reveals a more pronounced effect within the manufacturing and service sectors, while no statistically significant relationship emerges in the agriculture sector. Concerns over endogeneity are mitigated using lagged family education, two-stage least squares regressions, and panel vector autoregressions. The baseline result remains robust when firm innovation is alternatively measured by the number of patents. These findings contribute to the literature on innovation in family firms and offer implications for investors, corporate decision-makers, and policymakers in emerging markets. Full article
(This article belongs to the Special Issue Emerging Topics in Business Risk)
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25 pages, 340 KB  
Article
Firm-Level Regulatory Intensity and Labor Investment Efficiency
by Hui Liang James, Thanh Ngo and Hongxia Wang
J. Risk Financial Manag. 2025, 18(1), 6; https://doi.org/10.3390/jrfm18010006 - 26 Dec 2024
Cited by 5 | Viewed by 2616
Abstract
We examine the impact of firm-level regulatory intensity on corporate labor investment efficiency in U.S. firms using a sample from 1995 to 2019. We find that labor investment inefficiency decreases with regulatory intensity, providing evidence that greater regulatory burden pushes managers to make [...] Read more.
We examine the impact of firm-level regulatory intensity on corporate labor investment efficiency in U.S. firms using a sample from 1995 to 2019. We find that labor investment inefficiency decreases with regulatory intensity, providing evidence that greater regulatory burden pushes managers to make better labor investment decisions. This finding is robust to subsample analyses and various model specifications, suggesting that regulations, though seemingly costly, generate efficiencies and positive externalities. We conclude that regulatory requirements prompt firms to invest in labor more accurately to absorb regulatory compliance costs, and U.S. firms can lift their regulatory burden to some extent through improved labor investment. Full article
(This article belongs to the Special Issue Emerging Topics in Business Risk)
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