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Special Issue "Business Performance"

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: 10 February 2023 | Viewed by 47375

Special Issue Editor

Prof. Dr. Cristina Raluca Gh. Popescu
E-Mail Website
Guest Editor
1. Department of Economic and Administrative Sciences, Faculty of Business and Administration, University of Bucharest, 030018 Bucharest, Romania
2. Department of Economics and Economic Policy, Economy I Doctoral School, Faculty of Theoretical and Applied Economics, The Bucharest University of Economic Studies, 010374 Bucharest, Romania
Interests: economics; management; finance; auditing; accounting; business counseling; financial analysis; control and evaluation; intellectual capital; corporate governance; sustainability; sustainable development; business environment; business process management; quality management; human resources management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the broad topic of “Business Performance” and includes novel research on the emerging challenges that are currently occurring, especially as a result of the pandemic context, in terms of corporate governance and corporate responsibility, innovation, intellectual capital, and green and sustainable finance as key drivers for business performance and excellence, successful business process management, and quality management.

Theoretical and empirical articles on the topic of corporate responsibility, innovation, intellectual capital, and green and sustainable finance as key drivers for business performance and excellence are welcome.

Contributions focusing on the implications of both tangible and intangible assets, corporate governance and corporate responsibility, and green and sustainable finance as key drivers for business performance and excellence, successful business process management, and quality management are encouraged.

We are interested in conceptual, theoretical, methodological, empirical, and systematic review studies.

Prof. Dr. Cristina Raluca Gh. Popescu
Guest Editor

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 1200 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

  • Auditing
  • Accounting
  • Business counseling
  • Business environment
  • Business excellence
  • Business performance
  • Business process management
  • Corporate reporting
  • Corporate responsibility
  • Control and evaluation
  • Corporate governance
  • Economics
  • Human resource management
  • Intangible assets
  • Intellectual capital
  • Intellectual property
  • Innovation
  • Finance
  • Financial analysis
  • Green finance
  • Quality management
  • Management
  • Pandemic context
  • Risk management
  • Sustainability
  • Sustainability assessment
  • Sustainable development
  • Sustainable finance
  • Sustainability risks
  • Tangible assets

Published Papers (38 papers)

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Research

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Article
The Impact of Women’s Empowerment on Their Entrepreneurship Intention in the Saudi Food Industry
J. Risk Financial Manag. 2022, 15(12), 571; https://doi.org/10.3390/jrfm15120571 (registering DOI) - 01 Dec 2022
Viewed by 94
Abstract
This study takes a novel attempt to examine the impact of women’s empowerment in the Kingdom of Saudi Arabia, which has been prioritized recently by the country’s leadership as a part of the Saudi Vision 2030, on women’s intention towards entrepreneurship. A pre-examined [...] Read more.
This study takes a novel attempt to examine the impact of women’s empowerment in the Kingdom of Saudi Arabia, which has been prioritized recently by the country’s leadership as a part of the Saudi Vision 2030, on women’s intention towards entrepreneurship. A pre-examined survey was directed to the Saudi women working in KSA’s food and beverage businesses. The structural equation modeling results showed a significant positive impact of psychosocial, economic, and political empowerment on Saudi women’s intention to engage in entrepreneurship activities. However, the results confirmed a significant negative influence of social empowerment on entrepreneurship intentions. This is because Saudi women did not perceive the proper social empowerment by their community, which negatively influenced their entrepreneurship intention. Hence, interventions by decision-makers are crucial to adopt a media campaign regarding gender equality and the vital contribution of women in the labor market and entrepreneurship. Other implications were discussed for scholars and decision-makers. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Market Orientation and Hotel Industry: Literature Review and Implications for Periods of Market Turmoil
J. Risk Financial Manag. 2022, 15(11), 497; https://doi.org/10.3390/jrfm15110497 - 26 Oct 2022
Cited by 1 | Viewed by 399
Abstract
This study seeks to evaluate the market orientation literature within the scope of the hotel industry. It uses bibliometric methods, particularly a co-citation analysis combined with a literature review. Data were obtained from the Web of Science database and 136 unique documents were [...] Read more.
This study seeks to evaluate the market orientation literature within the scope of the hotel industry. It uses bibliometric methods, particularly a co-citation analysis combined with a literature review. Data were obtained from the Web of Science database and 136 unique documents were used in the analysis. The results show that market orientation literature using data from the hotel industry has been focused on assessing the relationship with hotel business performance and involves three background subjects: methodological aspects regarding the statistical analysis, market orientation theoretical framework and measurement scales, and innovation-related issues, particularly concerning the provided service, including incremental and radical innovations, which are critical over periods of market turmoil. A proposal for future research is presented. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Idiosyncratic Risk Volatility: Stock Price Informativeness or Price Error?
J. Risk Financial Manag. 2022, 15(10), 479; https://doi.org/10.3390/jrfm15100479 - 20 Oct 2022
Viewed by 464
Abstract
Research on idiosyncratic volatility in developing countries, particularly Indonesia, is scant. This study is the first to explain idiosyncratic concepts through an information environment approach and an examination of information asymmetry. This study aims to analyze the phenomenon of idiosyncratic risk in Indonesia, [...] Read more.
Research on idiosyncratic volatility in developing countries, particularly Indonesia, is scant. This study is the first to explain idiosyncratic concepts through an information environment approach and an examination of information asymmetry. This study aims to analyze the phenomenon of idiosyncratic risk in Indonesia, whether it is related to price informativeness or price error, by considering the information environment. We identified the information environment based on the liquidity levels and stock liquidity risk. Our research revealed the relationship between information asymmetry in the information environment and idiosyncratic volatility by using a sample of 499 companies listed on the Indonesia Stock Exchange during the period 2017–2019. One thousand, two hundred and twenty-nine (firm_year) observation data were obtained. The dependent variable was idiosyncratic volatility, and the independent variable used an information environment consisting of stock liquidity, liquidity risk, and information asymmetry. The findings of this study are expected to contribute to the literature on idiosyncratic volatility by showing how it can predict the development of the information environment, and how the latter is a consequence of information asymmetry. Moreover, this study should also complement views that are related to the concept of idiosyncratic volatility equivalent to price errors; this research has been carried out in previous studies. Full article
(This article belongs to the Special Issue Business Performance)
Article
Would You like to Work More Hours?—An Investigation on South Africa
J. Risk Financial Manag. 2022, 15(10), 466; https://doi.org/10.3390/jrfm15100466 - 17 Oct 2022
Viewed by 481
Abstract
To begin with, Sustainable Development Goals are of tremendous importance in all areas, being seen as vital aims in all domains, which makes them indispensable when it comes to addressing the particularities of the labour market these days. Subsequently, human resources occupy a [...] Read more.
To begin with, Sustainable Development Goals are of tremendous importance in all areas, being seen as vital aims in all domains, which makes them indispensable when it comes to addressing the particularities of the labour market these days. Subsequently, human resources occupy a distinctive and unique position when referring to the implications derived from targeting Sustainable Development Goals, especially in the context represented by the period specific to the COVID-19 pandemic and the international events that followed immediately after that. This study investigates the work motivation of individuals, and whether they would be willing to work more hours if they are paid. Motivation and attitudes towards working more hours might be affected by several factors, and they are important contributors to business performance. Not only business performance is to be affected, but this is also a part of Sustainable Development Goals where labour market conditions and productivity concerns are addressed, along with several other factors. Using the Quarterly Labour Force Survey from 2017 to 2022 that is conducted by Statistics South Africa, this study attempts to shed light on individual preferences for working more hours in the case of South Africa. Considering the dichotomous dependent variable, a binary response model is utilised to explore the determinants of such behaviour. Findings of the probit model reveal that socio-demographic factors such as gender, marital status, education level, and work experience are important indicators to explain this preference. More precisely, being female increases the likelihood of willingness to work more hours if paid by 1.1 percentage points, and being never married increases that probability by 2.7 percentage points. Within education categories, the highest coefficient in magnitude, having tertiary education decreases the probability of willingness to work more hours by 8.2 percentage points. As an important labour market indicator, one more year to commence working increases the probability of willingness to work more hours by 0.4 percentage points. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Social Networks Marketing, Value Co-Creation, and Consumer Purchase Behavior: Combining PLS-SEM and NCA
J. Risk Financial Manag. 2022, 15(10), 440; https://doi.org/10.3390/jrfm15100440 - 28 Sep 2022
Viewed by 623
Abstract
Given the mediating role of value co-creation, this paper tries to demonstrate how social network marketing (SNM) could influence consumer purchase behavior (CPB). The proposed hypotheses are empirically tested in this study using a PLS-SEM and Necessary Condition Analysis (NCA) method combination. The [...] Read more.
Given the mediating role of value co-creation, this paper tries to demonstrate how social network marketing (SNM) could influence consumer purchase behavior (CPB). The proposed hypotheses are empirically tested in this study using a PLS-SEM and Necessary Condition Analysis (NCA) method combination. The novel methodology adopted in this study includes the use of NCA, IPMA matrix, permutation test, CTA, and FIMIX. The assessment of the outer model, the inner model, the NCA matrix, and the IPMA matrix are the four steps that the paper takes. Instagram users with prior experience making purchases online made up the statistical population of the study. Four hundred twenty-seven questionnaires were analyzed by SmartPLS3 software. Based on the findings, SNM positively and significantly influenced economic, enjoyment, and relational values. Furthermore, these three types of values significantly and directly influenced CPB. For CPB, the model accounted for 73.8% of the variance. The model had high predictive power because it outperformed the PLS-SEM benchmark for all of the target construct’s indicators in terms of root mean square error (RMSE). According to the NCA’s findings, SNM, economic, recreational, and relational values are necessary conditions for CPB that are meaningful (d ≥ 0.1) and significant (p < 0.05). Four prerequisites must be met for CPB to reach a 50% level: relational value at no less than 8.3%, enjoyment value at no less than 16.7%, economic value at no less than 33.3%, and SNM at no less than 31.1%. The highest importance score for SNM is shown to be 0.738, which means that if Instagram channels improve their SNM performance by one unit point, their overall SNM will also improve by 0.738. Full article
(This article belongs to the Special Issue Business Performance)
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Article
ERP and Performance of Companies in Romania
J. Risk Financial Manag. 2022, 15(10), 433; https://doi.org/10.3390/jrfm15100433 - 27 Sep 2022
Viewed by 672
Abstract
How does the implementation of ERP solutions influence the financial performance of companies? Using data for 406 of companies from Romania, we assessed the impact of the implementation of ERP solutions on the profitability and productivity of companies. We performed this analysis using [...] Read more.
How does the implementation of ERP solutions influence the financial performance of companies? Using data for 406 of companies from Romania, we assessed the impact of the implementation of ERP solutions on the profitability and productivity of companies. We performed this analysis using companies’ financial data for the period between 1999 and 2000. The analysis of the influence of ERP implementation on the two indicators was carried out both from the perspective of users’ perception and from the perspective of the evolution over time of these financial indicators. Our results revealed a limited impact of the implementation of ERP systems on profitability and productivity, in line with the expectations of managers. Full article
(This article belongs to the Special Issue Business Performance)
Article
Attaining Standardization in Islamic Banking Institutions in Pakistan: Analysis on Ijarah Financing
J. Risk Financial Manag. 2022, 15(10), 430; https://doi.org/10.3390/jrfm15100430 - 26 Sep 2022
Viewed by 460
Abstract
This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining to compliance with the AAOIFI Shariah Standard (9) on Ijarah financing. Primary data were gathered from the respondents of the five (5) full-fledged Islamic banks in Pakistan [...] Read more.
This paper aims to explore the practices of Ijarah financing by Islamic banks in Pakistan pertaining to compliance with the AAOIFI Shariah Standard (9) on Ijarah financing. Primary data were gathered from the respondents of the five (5) full-fledged Islamic banks in Pakistan by administering semi-structured face-to-face interviews along with secondary data obtained from the contractual agreements on Ijarah financing. Qualitative content analysis was undertaken by employing NVivo software. The findings reveal discrepancies in the practices of Ijarah financing pertaining to two clauses of the AAOIFI Shariah Standard and emerging major challenges and/or problems facing the Islamic banking industry, including (1) a lack of standardization, (2) an insufficient regulatory and supervisory framework, and (3) a dearth of awareness of the Islamic banking products and/or takaful operations (especially among corporate customers). The study accrues both academic and practical implications. It not only adds value to the existing literature on Islamic finance but also serves as a guide for the Islamic banking industry in Pakistan. The study is useful to harmonize and standardize the practices of Ijarah financing by the contemporary Islamic banks in Pakistan as the Islamic Banking Division (IBD) of the State Bank of Pakistan (SBP) made it compulsory for Islamic banks to adopt AAOIFI Shariah Standard No. (9) on Ijarah financing. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Direct and Indirect Implications of the COVID-19 Pandemic on Amazon’s Financial Situation
J. Risk Financial Manag. 2022, 15(9), 414; https://doi.org/10.3390/jrfm15090414 - 19 Sep 2022
Cited by 1 | Viewed by 965
Abstract
We provide theoretical and empirical insights into the impact of COVID-19 on Amazon’s financial position. A longitudinal case study of Amazon’s financial situation during the 2016–2020 period, and time-series analysis, ratio analysis, and DuPont analysis, are employed as a quantitative methodology to explore [...] Read more.
We provide theoretical and empirical insights into the impact of COVID-19 on Amazon’s financial position. A longitudinal case study of Amazon’s financial situation during the 2016–2020 period, and time-series analysis, ratio analysis, and DuPont analysis, are employed as a quantitative methodology to explore Amazon’s financial situation changes before and after the COVID-19 pandemic. As for the robustness of the in-depth analysis, we compare Amazon’s financial performance and position with Walmart. The result shows that the COVID-19 pandemic did not have a huge negative impact on the companies’ financial performance because of its promotion of their development. However, this study provides an in-depth analysis of the influence of COVID-19 on Amazon’s financial situation, which financial aspects are most affected by COVID-19, which are not, and the company’s response to COVID-19. Therefore, this study sheds light on the accounting literature to demonstrate the impact of COVID-19 on Internet companies’ financial performance and provides some reference values for subsequent academic research. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Human Resource Skill Adjustment in Service Sector: Predicting Dynamic Capability in Post COVID-19 Work Environment
J. Risk Financial Manag. 2022, 15(9), 402; https://doi.org/10.3390/jrfm15090402 - 09 Sep 2022
Cited by 1 | Viewed by 790
Abstract
The havoc caused by the COVID-19 pandemic on hospitality businesses across the world affected the human resource skills of the industry to the extent that managers and industry experts are still finding difficult how best to upgrade the skills of their workforce and [...] Read more.
The havoc caused by the COVID-19 pandemic on hospitality businesses across the world affected the human resource skills of the industry to the extent that managers and industry experts are still finding difficult how best to upgrade the skills of their workforce and enhance their capability to withstand future disruptions. It is based on this problem that this research investigated the effect of human resource skill adjustment on the dynamic capability of hospitality businesses in sub-Saharan Africa post the COVID-19 work environment. The study employed cross-sectional survey design with a total population of two hundred and twenty participants drawn from sixty hospitality businesses in the south-eastern part of Nigeria. Formulated research hypotheses were analysed with linear regression. The results of the research demonstrated that human resource skill adjustment predicted the dynamic capability of hospitality businesses. The study concludes that human resource skill adjustment measured with upskilling and reskilling methodologies predicted the dynamic capability. The implication of the finding is that managers and operators of hospitality businesses should implement human resource skill adjustment in all the functional areas of their management to enable each section or department to attain its goals equally, and enhance the dynamic capability of the industry. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Corporate Governance and CSR Disclosure: International Evidence for the Period 2006–2016
J. Risk Financial Manag. 2022, 15(9), 398; https://doi.org/10.3390/jrfm15090398 - 07 Sep 2022
Viewed by 603
Abstract
In this paper, the authors examine the impact of corporate governance mechanisms on corporate social responsibility (CSR) disclosure in European and Anglo-Saxon contexts. The study is based on 324 Anglo-Saxon listed corporations and 310 European listed corporations for 11 years from 2006 to [...] Read more.
In this paper, the authors examine the impact of corporate governance mechanisms on corporate social responsibility (CSR) disclosure in European and Anglo-Saxon contexts. The study is based on 324 Anglo-Saxon listed corporations and 310 European listed corporations for 11 years from 2006 to 2016 (6813 year-observations). The regression analysis shows that board gender and board age affect CSR disclosure. This study also finds that CEO duality negatively affects CSR disclosure in both contexts. Finally, the study found that the existence of a CSR committee and CSR experts positively affect CSR disclosure in both contexts. Full article
(This article belongs to the Special Issue Business Performance)
Article
The Determinants of Immigrants’ Skill Composition
J. Risk Financial Manag. 2022, 15(9), 391; https://doi.org/10.3390/jrfm15090391 - 02 Sep 2022
Viewed by 520
Abstract
Movements of labor across the world is an ongoing debate in the literature in terms of its drivers and results in sending and receiving areas. Skill composition of immigrant labor has been discussed by several papers, although they generally focused on visa policies [...] Read more.
Movements of labor across the world is an ongoing debate in the literature in terms of its drivers and results in sending and receiving areas. Skill composition of immigrant labor has been discussed by several papers, although they generally focused on visa policies or firm level productivity. However, this paper focuses on the relationship between immigrants’ educational attainment and government budgeting on research and development (R&D). Panel data analysis is applied for European countries, along with instrumental variable approach as a robustness check. Findings reveal that higher budget allocation for R&D is associated with higher skill level of immigrants within overall immigrant population. This finding is driven by young immigrants whose ages are between 25 and 34 and female immigrants in these countries, suggesting that this relationship varies among sub-groups of immigrants, which would have significant policy implications. Hence, the novel and original approach of the paper resides in the deciding factors of immigrants’ skill composition. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Analysing Drivers of Knowledge Leakage in Collaborative Agreements: A Magnetic Processing Case Firm
J. Risk Financial Manag. 2022, 15(9), 389; https://doi.org/10.3390/jrfm15090389 - 01 Sep 2022
Viewed by 600
Abstract
Due to the embeddedness of organisations in networks, collaborations, and business relationships, knowledge leakage has become a common concern. In this regard, this paper aims to investigate drivers of knowledge leakage in collaborative agreements using an integrated ISM-MICMAC model. Based on insights from [...] Read more.
Due to the embeddedness of organisations in networks, collaborations, and business relationships, knowledge leakage has become a common concern. In this regard, this paper aims to investigate drivers of knowledge leakage in collaborative agreements using an integrated ISM-MICMAC model. Based on insights from employees including the CEO of a magnetic processing firm, we validate the proposed model. The findings of our study reveal nine key drivers that influence knowledge leakage in collaborative agreements. In terms of level of influence, incomplete contract is the most influential driver, followed by sub-contracting activities. Last, the nine drivers are classified into two main clusters: independency cluster—weak dependence power with high driving power—and linkage cluster—strong dependence and driving power. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Breaking Cournot: The Effects of Capacity-Adjusting Technology
J. Risk Financial Manag. 2022, 15(9), 385; https://doi.org/10.3390/jrfm15090385 - 28 Aug 2022
Viewed by 399
Abstract
The technological improvements modeled for Cournot competition have primarily focused on production cost reductions and scope effects. We consider a case where the technology improves the ability to affect the production capacity constraints instead. We find that although such technological progress entails public [...] Read more.
The technological improvements modeled for Cournot competition have primarily focused on production cost reductions and scope effects. We consider a case where the technology improves the ability to affect the production capacity constraints instead. We find that although such technological progress entails public benefits in the form of greater consumer surplus and social welfare, it is likely to have limited and even sometimes harmful private effects (e.g., to firm profits). We formally model this technological improvement possibility through the relevant variants of oligopolies and rival technological asymmetries. We describe and discuss the strategic implications for managers and policy-makers considering investing and exploiting such capacity-adjusting technologies. We also flesh out the many core areas for future work to follow up on in our initial unique results. Full article
(This article belongs to the Special Issue Business Performance)
Article
Earnings Less Risk-Free Interest Charge (ERIC) and Stock Returns—A Value-Based Management Perspective on ERIC’s Relative and Incremental Information Content
J. Risk Financial Manag. 2022, 15(8), 368; https://doi.org/10.3390/jrfm15080368 - 19 Aug 2022
Viewed by 518
Abstract
This paper investigates the relative and incremental information content of KPMG’s recently developed metric for shareholder value creation: earnings less risk-free interest charge (ERIC). We assess if ERIC has a better ability to predict stock returns than earnings, cash flow from operations [...] Read more.
This paper investigates the relative and incremental information content of KPMG’s recently developed metric for shareholder value creation: earnings less risk-free interest charge (ERIC). We assess if ERIC has a better ability to predict stock returns than earnings, cash flow from operations (CFO), earnings before extraordinary items (EBEI), residual income (RI), or economic value added (EVA). We evaluate data from 214 companies listed on the U.S. Standard & Poor’s 500 Index from 2003 to 2012 (2354 firm-year observations). Similar to previous studies, we confirm that CFO and EBEI have the strongest association with stock returns in the short term, while EVA trails behind all other metrics. In terms of new findings, ERIC is the best predictor of stock returns over a 5-year period, as well as during times of crises (from 2009 to 2010). In this period, ERIC also adds incremental information content beyond that of EBEI. However, the low-short-/mid-term predictive ability of shareholder value metrics (EVA, ERIC) raises concerns regarding their reliable use in future research on shareholder value creation. We consequently propose a research agenda that focuses less on the measurement and more on the management of shareholder value. Full article
(This article belongs to the Special Issue Business Performance)
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Article
How Did Amazon Achieve CSR and Some Sustainable Development Goals (SDGs)—Climate Change, Circular Economy, Water Resources and Employee Rights during COVID-19?
J. Risk Financial Manag. 2022, 15(8), 364; https://doi.org/10.3390/jrfm15080364 - 16 Aug 2022
Cited by 1 | Viewed by 2572
Abstract
Stakeholders’ demand for corporate social responsibility (CSR) not only creates pressure on the corporation, but corporations are also themselves aware about leading CSR activities’ reporting and embedding sustainable activities to create value for the short, medium, and long-term. This research investigates the sustainable [...] Read more.
Stakeholders’ demand for corporate social responsibility (CSR) not only creates pressure on the corporation, but corporations are also themselves aware about leading CSR activities’ reporting and embedding sustainable activities to create value for the short, medium, and long-term. This research investigates the sustainable development and corporate social responsibility of Amazon as one of the most influential multinational enterprises in the world. In this regard, this study sheds light on how Amazon has combined its own interests with corporate social responsibility and sustainable development, and how they have responded to a series of challenges brought by economic globalization to corporate social responsibility and sustainable development. The results of this detailed investigation of Amazon from 2018 to 2020 show that Amazon has performed very well in terms of social responsibility and sustainable development. In particular, climate, environment, carbon emissions and other natural measures. However, there are some shortages in terms of human rights, such as insufficient protection and care for employees during the COVID-19 pandemic, and labor union issues. In addition, the study concluded that Amazon has sufficient experience to balance profit and corporate social responsibility. In response to the challenges of globalization, Amazon has also adjusted its sustainable development strategy in a timely manner, which can be used as a reference for other multinational enterprises. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Do You Feel Safe Here? The Role of Psychological Safety in the Relationship between Transformational Leadership and Turnover Intention Amid COVID-19 Pandemic
J. Risk Financial Manag. 2022, 15(8), 340; https://doi.org/10.3390/jrfm15080340 - 03 Aug 2022
Viewed by 878
Abstract
Despite their significant role in the performance of hotel industry, hotel workers are suffering from high rates of turnover, due to several reasons, particularly amid the COVID-19 pandemic. The pandemic has had numerous negative consequences on hotel workers, including their intention to leave [...] Read more.
Despite their significant role in the performance of hotel industry, hotel workers are suffering from high rates of turnover, due to several reasons, particularly amid the COVID-19 pandemic. The pandemic has had numerous negative consequences on hotel workers, including their intention to leave the job or/and career. This study is an attempt to investigate the impact of transformational leadership on turnover intention amid COVID-19 and how psychological safety can intermediate this relationship. The study used a quantitative research approach via a pre-test instrument, self-distributed and collected from hotel workers at different regions in the Kingdom of Saudi Arabia (KSA). Valid responses from 1228 workers, analyzed through a structural equation modeling (SEM) of AMOS version 23, showed that transformational leadership has a significant negative impact on turnover intention as hypothesized. Nevertheless, it has a significant positive impact on psychological safety, whereas psychological safety has a significant negative impact on turnover intention. The most important finding of this study was the perfect mediating effect of psychological safety in the link between transformational leadership and workers’ turnover intention. This finding confirms that psychological safety has the ability to change the above-mentioned link. In other words, the presence of psychological safety ensures negative turnover intention, even if transformational leadership practices do not exist. The findings have implications for scholars and practitioners, especially in tourism and hotel context, in relation to the role of psychological safety and transformational leadership in creating a sustainable working environment to maintain a lower turnover intention. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies
J. Risk Financial Manag. 2022, 15(8), 325; https://doi.org/10.3390/jrfm15080325 - 22 Jul 2022
Viewed by 643
Abstract
Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse of modern business. Applying linear regression and comparison of intervals of beta-coefficients, we focused on the mediating role of CSR in the relations between capital structure and its [...] Read more.
Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse of modern business. Applying linear regression and comparison of intervals of beta-coefficients, we focused on the mediating role of CSR in the relations between capital structure and its determinants. Examining the sample of European large caps, we observed that CSR companies are significantly more leveraged than non-CSR ones. The influence of the corporate income tax rate and depreciation and amortization on leverage does not differ significantly between CSR and non-CSR companies. Moreover, tax shields seem to be insignificant for both CSR and non-CSR companies. However, we should stress that, for depreciation and amortization, the beta coefficient has a different significance in the model of CSR companies, compared to the model of non-CSR companies. Also, the difference between the models regarding the relations of leverage and asset tangibility is worth noting. Non-CSR companies with a higher proportion of fixed assets have lower leverage. This result was not confirmed for CSR companies. The hypothesis that CSR replaces the role of collateral cannot be confirmed. Available cash influences leverage negatively in both models, supporting the pecking-order theory. This result is much stronger for non-CSR companies compared to CSR ones. This study found fewer statistically significant differences between CSR and non-CSR companies regarding capital structure determinants than were expected. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Predicting Innovation Capability through Knowledge Management in the Banking Sector
J. Risk Financial Manag. 2022, 15(7), 312; https://doi.org/10.3390/jrfm15070312 - 17 Jul 2022
Cited by 4 | Viewed by 928
Abstract
Purpose: The purpose of this study was to investigate the effects of knowledge management on innovation capability in the banking sector. Research methodology: Cross-sectional research design was employed in this study as it supports the use of questionnaire for data collection. Fifteen deposit [...] Read more.
Purpose: The purpose of this study was to investigate the effects of knowledge management on innovation capability in the banking sector. Research methodology: Cross-sectional research design was employed in this study as it supports the use of questionnaire for data collection. Fifteen deposit money banks constitute the accessible population. Questionnaire was used as an instrument for data collection. A sample size of 272 was drawn from the overall population of 920. Overall, 259 staff participated in the study. Demographic characteristics of participants were analysed with frequency distribution while linear regression was used to analyse formulated hypotheses with the aid SPSS. Findings: This study found that knowledge management has significant positive effects on innovation capability. Research limitations: The research limitation is associated with cross-sectional survey and geographical scope. Future studies should employ longitudinal survey that support data collection for a year. Secondly, future studies should be carried out in other countries other than Africa. Practical implications: The implication of the finding is that managers and directors of banks should encourage knowledge management practices in their workplaces as this has proven by this study to improve innovation capability in terms of marketing innovation capability, product innovation capability and process innovation capability. Originality/Value: There is no research that has investigated the effects of knowledge management on innovation capability. Thus, this study provides new insight on promoting innovation capability through knowledge management. Full article
(This article belongs to the Special Issue Business Performance)
Article
A Discourse on Foresight and the Valuation of Explicit and Tacit Synergies in Strategic Collaborations
J. Risk Financial Manag. 2022, 15(7), 305; https://doi.org/10.3390/jrfm15070305 - 12 Jul 2022
Viewed by 747
Abstract
One of the most important questions in business partners’ collaboration is whether their strategies create a collaborative synergy and thus add market value. This paper aims to develop a conceptual framework that will be useful for scholars and practitioners in developing foresight for [...] Read more.
One of the most important questions in business partners’ collaboration is whether their strategies create a collaborative synergy and thus add market value. This paper aims to develop a conceptual framework that will be useful for scholars and practitioners in developing foresight for explicit synergies and valuing tacit synergy in strategic collaborative ventures. The paper comprises a novel theoretical and empirical contribution to the foresight that is required for an explicit competence-based synergy in collaborative ventures from a resource-based view. It employs the ARCTIC framework and values a tacit competence-based synergy using simple and compound real options. Moreover, the paper makes several theoretical and empirical contributions to the study of strategic management, international business, and corporate finance disciplines. Finally, the paper discusses research limitations and future work. Full article
(This article belongs to the Special Issue Business Performance)
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Article
A Revised Technology–Organisation–Environment Framework for Brick-and-Mortar Retailers Adopting M-Commerce
J. Risk Financial Manag. 2022, 15(7), 289; https://doi.org/10.3390/jrfm15070289 - 29 Jun 2022
Viewed by 809
Abstract
This paper argues that brick-and-mortar retail Small and Medium Enterprises (SMEs) can benefit significantly from the capabilities of mobile commerce (m-commerce) to respond to the unpredictable changes in the business environment, accommodate new consumer experiences, boost sales of products/services, and achieve a competitive [...] Read more.
This paper argues that brick-and-mortar retail Small and Medium Enterprises (SMEs) can benefit significantly from the capabilities of mobile commerce (m-commerce) to respond to the unpredictable changes in the business environment, accommodate new consumer experiences, boost sales of products/services, and achieve a competitive advantage. Consequently, this study explored the potential application of the Technology–Organisation–Environment (TOE) framework for m-commerce by brick-and-mortar retail SMEs. The study adopted the positivist paradigm and followed a cross-sectional study design. A structured questionnaire was used to collect data from a sample of 263 retail business personnel. The Analysis of Moment Structures (AMOS) software was used to analyse the data. The findings unveil that all the proposed constructs associated with the organisational context and technological context are critical for the use of m-commerce. The proposed framework provides a fresh set of contextual variables which align with brick-and-mortar retailer operations and mobile commerce practices. It is envisaged that the extended framework may help conventional businesses to understand and identify the requisite factors in the adoption and use of m-commerce and assist business supporters in the process of technological innovation transfer. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Challenges for Corporate Reputation—Online Reputation Management in Times of Global Pandemic
J. Risk Financial Manag. 2022, 15(6), 250; https://doi.org/10.3390/jrfm15060250 - 02 Jun 2022
Cited by 1 | Viewed by 973
Abstract
The issue of corporate reputation management in the time of accelerated digitization has been a subject of research by academics and practitioners for more than a decade. The aim of this study was to provide an insight into the issue of reputation management [...] Read more.
The issue of corporate reputation management in the time of accelerated digitization has been a subject of research by academics and practitioners for more than a decade. The aim of this study was to provide an insight into the issue of reputation management in the Internet environment in the time of global pandemic. As for the structure of the research, the study mapped two horizons of events, the first one being the onset of the pandemic in the first half of 2020, and the second one the period of cancellation of antipandemic measures after 24 months. The research was localized in the market of Central Europe, specifically in the online market of the Slovak Republic. This market synthesized two important factors, namely the highly developmental nature and at the same time the increased degree of restraint it experienced during the two years of the pandemic. A sophisticated online reputation analysis (sentiment analysis, analysis of reputation determinants, and data synthesis through the TOR indicator) was performed on a significant sample of e-commerce representatives, the results of which provided relevant findings on reputational challenges and reputational threats. Based on the findings, it can be stated that the market has adapted relatively quickly to the changed conditions. The pandemic represented a market opportunity rather than an existential threat for the subjects examined. It also played the role of an imaginary accelerator in the evolutionary transition from offline to online. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Founding Family Ownership and Firm Performance: Some Evidence from the Italian Stock Market
J. Risk Financial Manag. 2022, 15(5), 231; https://doi.org/10.3390/jrfm15050231 - 23 May 2022
Viewed by 871
Abstract
This study investigates the relationship between founding family ownership and firm performance in the Italian stock market. Making use of a precise definition of Founding family ownership factor, an empirical analysis on the stock monthly returns has been carried out, from an investor’s [...] Read more.
This study investigates the relationship between founding family ownership and firm performance in the Italian stock market. Making use of a precise definition of Founding family ownership factor, an empirical analysis on the stock monthly returns has been carried out, from an investor’s point of view facing an asset allocation problem. Portfolios built on the basis of the Founding family factor show superior returns with respect to both a benchmark index and a portfolio strategy based on alternative (non-family-owned) firms on the market. Furthermore, there is evidence that an active role of family in the company governance, at least in Italy, may be beneficial for the superior performance of the Founding family portfolio. The results may suggest that the Founding family feature deserves attention in asset allocation. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Does Ownership Structure Moderate the Relationship between Systemic Risk and Corporate Governance? Evidence from Gulf Cooperation Council Countries
J. Risk Financial Manag. 2022, 15(5), 216; https://doi.org/10.3390/jrfm15050216 - 12 May 2022
Viewed by 1051
Abstract
The objective of this paper is to empirically examine the moderating effect of ownership structure on the relationship between systemic risk and corporate governance. It complements prior research by studying the relationship between the proportion of capital held by state institutions and systemic [...] Read more.
The objective of this paper is to empirically examine the moderating effect of ownership structure on the relationship between systemic risk and corporate governance. It complements prior research by studying the relationship between the proportion of capital held by state institutions and systemic risk. It also examines the internal governance mechanisms that mitigate systemic risk. For this purpose, this research used a dataset consisting of 22 banks from Gulf Cooperation Council (GCC) countries (10 Islamic banks and 12 conventional banks) over the period 2004–2018. We used a three-stage least squares (3SLS) regression to test our research hypotheses. The findings revealed that the structure of the board of directors (BOD) reduced systemic risk in the banking sector. In particular, we provide evidence that board composition and board meetings negatively affect systematic risk. In addition, we provide empirical evidence that the state plays a key role in moderating the relationship between governance mechanisms and systemic risk. As such, our paper provides significant contributions to the governance and corporate finance literature. Full article
(This article belongs to the Special Issue Business Performance)
Article
Deployment of Interpretive Structural Modeling in Barriers to Industry 4.0: A Case of Small and Medium Enterprises
J. Risk Financial Manag. 2022, 15(4), 171; https://doi.org/10.3390/jrfm15040171 - 07 Apr 2022
Cited by 3 | Viewed by 1360
Abstract
Small and medium enterprises (SMEs) are vital contributors and significant drivers of any manufacturing sector. The Industry 4.0 (I 4.0) revolution has made the global economy highly competitive and automated, requiring Indian SMEs to adapt more quickly. Therefore, this study aimed to identify [...] Read more.
Small and medium enterprises (SMEs) are vital contributors and significant drivers of any manufacturing sector. The Industry 4.0 (I 4.0) revolution has made the global economy highly competitive and automated, requiring Indian SMEs to adapt more quickly. Therefore, this study aimed to identify the barriers to implementing I 4.0, simplifying the complex interrelationship among such barriers with the help of a suitable model, categorizing them as independent and dependent ones, and, ultimately, leveling the same drivers, autonomous linkages, and dependent forces. The present investigation thoroughly examined the existing literature and summarized the list of barriers into fifteen significant barriers to the smooth establishment of Industry 4.0 in India. The identified barriers were analyzed with the help of Interpretive Structural Modeling (ISM) Diagraph and Cross-Impact Matrix Multiplication Applied to Classification (MICMAC) analysis. This study was able to explore the interrelationship among these barriers. The study has found found a lack of support from stakeholders, and insufficient managerial support emerged as a major factor neglected by Indian SMEs. However, uncertainty in the predicted demand for products, the lack of an alternate solution to the technological breakdown, and doubt about the sustainability of Industry 4.0 (relating to its potential to lead to unemployment in society, etc.) are significant contingent barriers. These barriers can impact the other strategic choices related to the successful implementation of Industry 4.0. This study’s observations can help decision-makers make strategic decisions to manage the barriers affecting Industry 4.0 in Indian SMEs. This research revealed a scope that can be extended to other South Asian and developing nations. The results of the present work can be further studied with structural equation modeling (SEM) and multiple regression analysis (MRA). Full article
(This article belongs to the Special Issue Business Performance)
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Article
The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence
J. Risk Financial Manag. 2022, 15(4), 170; https://doi.org/10.3390/jrfm15040170 - 07 Apr 2022
Cited by 2 | Viewed by 1729
Abstract
This study investigates the impact of investment efficiency on firm value with a moderating role of institutional ownership and board independence for companies listed on the Tehran Stock Exchange (TSE). The information from 177 companies in 2014–2021 was examined. Tobin’s Q is a [...] Read more.
This study investigates the impact of investment efficiency on firm value with a moderating role of institutional ownership and board independence for companies listed on the Tehran Stock Exchange (TSE). The information from 177 companies in 2014–2021 was examined. Tobin’s Q is a common measure for firm value, and it is a market-based measure and provides a good tool of comparison. The results show that investment efficiency has an impact on firm value. In addition, institutional ownership and board independence moderate this impact. There is a gap between the impact of investment efficiency on firm value and the moderating role of institutional ownership and board independence. This gap creates an opportunity for carrying out in-depth research on those variables. Since the impact of investment efficiency on firm value emphasizing the role of institutional ownership and board independence has not been studied, the study’s findings can show the importance and necessity of this study and fill the gap in this field. Full article
(This article belongs to the Special Issue Business Performance)
Article
Customers’ Risk Tolerance and Suppliers’ Investment Inefficiency
J. Risk Financial Manag. 2022, 15(2), 63; https://doi.org/10.3390/jrfm15020063 - 01 Feb 2022
Cited by 2 | Viewed by 1372
Abstract
We examine the effect of the risk tolerance of downstream firms (i.e., customers) on the investment inefficiency of upstream firms (i.e., suppliers). Using the pilot licensing status of the CEOs as a proxy for their inherent risk tolerance, we find that customer firms [...] Read more.
We examine the effect of the risk tolerance of downstream firms (i.e., customers) on the investment inefficiency of upstream firms (i.e., suppliers). Using the pilot licensing status of the CEOs as a proxy for their inherent risk tolerance, we find that customer firms led by pilot CEOs are associated with suppliers’ investment inefficiency, where investment inefficiency is more pronounced when the suppliers have less bargaining power over their customers. Our dynamic analysis confirms the causative relation between customer risk tolerance and supplier investment inefficiency and suggests that customers’ risk tolerance plays a significant role in shaping suppliers’ relationship-specific investment strategies. Full article
(This article belongs to the Special Issue Business Performance)
Article
Factors Influencing Investments into Human Resources to Support Company Performance
J. Risk Financial Manag. 2022, 15(1), 19; https://doi.org/10.3390/jrfm15010019 - 06 Jan 2022
Cited by 4 | Viewed by 2504
Abstract
Human resources are very important in a business; however, the return on investment in human resources is longer than in fixed assets, so entrepreneurs frequently consider how much to actually invest. This article, based on primary research, examines the motivations for investment when [...] Read more.
Human resources are very important in a business; however, the return on investment in human resources is longer than in fixed assets, so entrepreneurs frequently consider how much to actually invest. This article, based on primary research, examines the motivations for investment when a 20% profit is typically invested with a model return of around 14%. Those findings are supported by the results presented in Archetype models based on similarity clustering. The results are based on an empirical study (278 respondents, omnibus survey) in the Czech Republic. Moreover, the study concludes that the business experience positively influences human resource management and future development to increase the investment share. In essence, this article displays the paramount importance of human resources and human resource management in the international business environment, demonstrating that investments in human resources are crucial to the success of all businesses, positively and consistently supporting organizations’ performance, and entrepreneurship will continue to remain a vital component of the activities belonging to the post COVID-19 era. In addition, in an era governed by the influences specific to the knowledge-based society and the knowledge-based economy, in which intellectual capital will be considered one of the most relevant intangible assets of entities all over the world, the measurement of human resources investment will turn out to be essential for the success of all businesses, while taking the necessary steps in supporting sustainability, sustainability assessment and Sustainable Development Goals (SDGs). Full article
(This article belongs to the Special Issue Business Performance)
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Article
Project Management Maturity Models for Construction Firms
J. Risk Financial Manag. 2021, 14(12), 571; https://doi.org/10.3390/jrfm14120571 - 25 Nov 2021
Viewed by 1853
Abstract
This paper aims to identify and analyze project management maturity models in order to identify those best suited to be adopted in construction firms. To do so, models from papers available in academic repositories were analyzed. To be successful, the construction business deeply [...] Read more.
This paper aims to identify and analyze project management maturity models in order to identify those best suited to be adopted in construction firms. To do so, models from papers available in academic repositories were analyzed. To be successful, the construction business deeply depends on projects outcomes; thus, the implementation of project management maturity models is important for this sector. A maturity model is a valuable technique to assess project management capabilities within a single part of an organization or to assess an organization as a whole. Its main purpose is to provide a means to create a more organized and predictable way for organizations to achieve their goals, increasing their chances of success regarding the outputs, outcomes, and benefits. In this paper, documentary research was performed to identify available project management maturity models and togather information about their performance. The information gathered was used to find elements to be compared with the identified models. Reviewing the literature, 39 project management maturity models were identified. The authors selected two PMMMs that were well fitted to assess the project management capabilities in construction firms: OPM3 and MMGP Prado. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Determinants of the Economic Vulnerability of Businesses to Pandemics and Similar Events
J. Risk Financial Manag. 2021, 14(11), 532; https://doi.org/10.3390/jrfm14110532 - 08 Nov 2021
Viewed by 1113
Abstract
After providing a general overview of factors that make businesses economically vulnerable to pandemics (such as COVID-19), this article identifies specific elements that increase the vulnerability of businesses to pandemics. These specifics include the extent to which the demand for their production declines, [...] Read more.
After providing a general overview of factors that make businesses economically vulnerable to pandemics (such as COVID-19), this article identifies specific elements that increase the vulnerability of businesses to pandemics. These specifics include the extent to which the demand for their production declines, how easy it is for them to reduce the costs of their production (cost escapability), the importance of disruptions or breaks in the supply chains of inputs utilized by businesses, and their ability to sustain their liquidity. Businesses that rely on personal contacts for sales are especially threatened, for example, those in the hospitality and tourism sector. However, others are also vulnerable for the reasons given. Nevertheless, some businesses do gain as a result of pandemics and similar events. Their economic gain adds to GDP. However, it could be more appropriate to regard their gains as a part of the cost of a pandemic rather than a benefit of it. The effect on the vulnerability of businesses if government policies designed to control pandemics is also considered. The main original contribution of this article is to show how the microeconomic theory of the firm can be adapted to conceptualize the vulnerability of individual businesses to pandemics, particularly COVID-19, while also noting the limitations of this approach. Full article
(This article belongs to the Special Issue Business Performance)
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Article
A Focus on Ethical Value under the Vision of Leadership, Teamwork, Effective Communication and Productivity
J. Risk Financial Manag. 2021, 14(11), 522; https://doi.org/10.3390/jrfm14110522 - 01 Nov 2021
Cited by 3 | Viewed by 4316
Abstract
The new economy and the knowledge-based society brought significant changes in all the areas of our daily lives. Also, the COVID-19 pandemic and the COVID-19 crisis implicated tremendous transformations in all the domains, on the one hand, threatening the balance of our society [...] Read more.
The new economy and the knowledge-based society brought significant changes in all the areas of our daily lives. Also, the COVID-19 pandemic and the COVID-19 crisis implicated tremendous transformations in all the domains, on the one hand, threatening the balance of our society and, on the other hand, challenging the dynamic of the new economy development and the rhythm of the societal modernization. In these delicate times, the all-important relationship between ethics, leadership, teamwork, effective communication, productivity, and performance is brought to the attention, in particular, due to its benefits for our society, taking into consideration the pivotal advancement that a well governed relationship of this type could provide to the knowledge-based economy. The present research describes the implication of ethics in leadership, teamwork, effective communication, and productivity, which includes the application of ethical values as university graduates assume the role of each of the mentioned dimensions of study in the organizations. The absence of research that relates ethics to these four elements simultaneously was noticed. This information is essential to know how these dimensions influence the organizational level. The sample that included 410 university graduates was applied in Baja California, Mexico, and the industrial nucleus of great relevance, bordering California in the United States of America. The data was obtained using a questionnaire. A reliability and validity analysis of the measurement instrument was carried out in terms of the ethical values associated with the dimensions mentioned using the exploratory factor analysis by the principal components method. Qualitative items were also analyzed using the constant comparison method. The results obtained in this research provide a greater perspective and practical knowledge and support of usefulness and practical reality to businesspeople and employees, leaders and university graduates; and also extensive to students, teachers, and human beings in general, in order to be better prepared to give and apply solutions with their consequent ethical and productive achievements desired by all. Additionally, this current research has the purpose to raise the will to understand, at a higher level and at a more in-depth degree of knowledge, the relationship between ethics, leadership, teamwork, effective communication, productivity, and performance, in the attempt to foster a creative and innovative business environment, based on a robust and sustainable business administration and business competencies, capable to position at higher ranks the strengths, opportunities, aspirations and outcomes that today’s new economy is due to offer and diminish the dangerous effects of the COVID-19 pandemic and the COVID-19 crisis in all the domains. Full article
(This article belongs to the Special Issue Business Performance)
Article
Misfit? The Use of Metrics in Innovation
J. Risk Financial Manag. 2021, 14(8), 388; https://doi.org/10.3390/jrfm14080388 - 19 Aug 2021
Viewed by 1090
Abstract
Measuring innovation is a challenging but essential task to improve business performance. To tackle this task, key performance indicators (KPIs) can be used to measure and monitor innovation. The objective of this study is to explore how KPIs, designed for measuring innovation, are [...] Read more.
Measuring innovation is a challenging but essential task to improve business performance. To tackle this task, key performance indicators (KPIs) can be used to measure and monitor innovation. The objective of this study is to explore how KPIs, designed for measuring innovation, are used in practice. To achieve this objective, the author draws upon literature on business performance in accounting and innovation, yet moves away from the functional view. Instead, the author focuses explicitly on how organizational members, through their use of KPIs in innovation, make sense of conflicting interpretations and integrate them into their practices. A qualitative in-depth case study was conducted at the innovation department of an organization in the process industry that operates production sites and sales organizations worldwide. In total, 28 interviews and complementary observations were undertaken at several organizational levels (multi-level). The empirical evidence suggests that strategic change, attributed to commoditization, affects the predetermined KPIs in use. Notably, these KPIs in innovation are used, despite their poor fit to innovation subject to commoditization. From a relational perspective, this study indicates that in innovation, KPIs are usually complemented by or supplemented with other information, as stand-alone KPIs exhibit a significant degree of incompleteness. In contrast to conventional studies in innovation and management accounting, this study explores the use of key performance indicators (KPIs) in innovation from an interpretative perspective. This perspective advances our understanding of the actual use of KPIs and uncovers the complexity of accounting and innovation, which involve numerous angles and organizational levels. Practically, the findings of this study will inform managers in innovation about the use of KPIs in innovation and the challenges individual organizational members face when using them. In innovation, KPIs appear to be subjective and used in unintended ways. Thus, understanding how KPIs are used in innovation is a game of reading between the lines, and these KPIs can be regarded as misfits. Full article
(This article belongs to the Special Issue Business Performance)
Article
Exploring Critical Success Factors of Competence-Based Synergy in Strategic Alliances: The Renault–Nissan–Mitsubishi Strategic Alliance
J. Risk Financial Manag. 2021, 14(8), 385; https://doi.org/10.3390/jrfm14080385 - 19 Aug 2021
Cited by 3 | Viewed by 3116
Abstract
This paper aims to unbundle the antecedents of competence-based synergy in the strategic alliance formation process by employing the ARCTIC framework. The current research provides a new empirical application of the ARCTIC framework to reveal the success factors of reciprocal synergies of the [...] Read more.
This paper aims to unbundle the antecedents of competence-based synergy in the strategic alliance formation process by employing the ARCTIC framework. The current research provides a new empirical application of the ARCTIC framework to reveal the success factors of reciprocal synergies of the Renault–Nissan–Mitsubishi strategic alliance in the automotive industry. By taking a resource-based view on the sources of competitive advantage, the current paper contributes to theoretical and practical issues of global strategic alliances as part of the existing literature on strategic management, international business, and corporate finance. By bridging qualitative and quantitative research methods, the paper provides validity to the ARCTIC framework with an application of the real option valuation. A conceptual model of research helps practitioners and scholars to explore critical success factors of alliance formation and to predict a competence-based synergy of strategic alliances. Future research may explore the institutional context of strategic alliances, specifically, exploring the impact of the French and Japanese governments on the Renault–Nissan–Mitsubishi alliance’s synergies. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Managing Risks in the Improved Model of Rolling Mill Loading: A Case Study
J. Risk Financial Manag. 2021, 14(8), 359; https://doi.org/10.3390/jrfm14080359 - 06 Aug 2021
Cited by 3 | Viewed by 1024
Abstract
This article reflects the main sources of risks for metallurgical enterprises in Russia, presenting the implementation of an innovative approach to increasing the competitiveness of an industrial enterprise, which is a typical representative of large enterprises of the metallurgical industry, based on the [...] Read more.
This article reflects the main sources of risks for metallurgical enterprises in Russia, presenting the implementation of an innovative approach to increasing the competitiveness of an industrial enterprise, which is a typical representative of large enterprises of the metallurgical industry, based on the development of risk-oriented thinking when loading rolling mills with orders of intersecting assortment according to a new model. To reduce the emerging risks of a new model of the loading process of rolling mills of a metallurgical enterprise, it is proposed to take into account the risks in a complex way, taking into account their interactions with the use of integrated risk management (IRM). Practical development of the implemented approach was carried out by identifying the risks of the new improved loading process and their causes at each stage of the process. Risks were identified by analysis, qualitative and quantitative assessment of the likelihood of risks and the severity of consequences from their implementation with the establishment of events with a high potential hazard. Possible causes of hazardous events have been identified. To reduce the likelihood of unfavorable events, measures have been developed to influence significant risks and their effectiveness has been determined. The development of an innovative approach using risk-based thinking in a previously unexplored field of the application provides competitive advantages for enterprises of the metallurgical industry, increases income by reducing the cost of manufacturing products and production volumes by reducing time costs, achieving an economic efficiency of up to 10 million rubles per year. The practical significance of the dissemination of development results in similar industries is obvious and relevant for metallurgy as a whole. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Digitization, Epistemic Proximity, and the Education System: Insights from a Bibliometric Analysis
J. Risk Financial Manag. 2021, 14(6), 267; https://doi.org/10.3390/jrfm14060267 - 12 Jun 2021
Cited by 1 | Viewed by 1393
Abstract
Advances in IoT, AI, Cyber-Physical Systems, Computational Intelligence, and Big Data Analytics require organizations and workforce to be able and willing to learn how to interact with digital technology. In organizations, coordination and cooperation between actors with expertise in business and technology is [...] Read more.
Advances in IoT, AI, Cyber-Physical Systems, Computational Intelligence, and Big Data Analytics require organizations and workforce to be able and willing to learn how to interact with digital technology. In organizations, coordination and cooperation between actors with expertise in business and technology is fundamental, but integration is hard without understanding the terminology and problems of the interlocutor. Epistemic proximity becomes prominent, underlining the importance of an education focused on flexibility, willingness to cope with the unknown, and interdisciplinarity. The main goal of this work is to provide a perspective on how the education system is evolving to support organizations in the digitization era through a quantitative analysis of literature. More than 170,000 papers were selected from the Scopus database, matching a wide set of keywords related with innovation, problem solving, and organizational change. Patterns in the co-occurrence of keywords were studied. In addition, similarities and differences in the distribution of relevant themes across disciplinary areas, as well as their evolution since 2000, were analyzed. Academic interest is found to be generally increasing over the years in all disciplines, although considerable fluctuations can be observed. This variation is found to be nonuniform in the macroareas. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Structural Failures Risk Analysis as a Tool Supporting Corporate Responsibility
J. Risk Financial Manag. 2021, 14(4), 187; https://doi.org/10.3390/jrfm14040187 - 20 Apr 2021
Cited by 3 | Viewed by 1601
Abstract
The problem of the structural failures is inextricably linked with the construction industry. A structural failure can be defined as the unintentional, violent destruction of a building object or its part, as well as structural elements of scaffolding, forming elements, sheet piling and [...] Read more.
The problem of the structural failures is inextricably linked with the construction industry. A structural failure can be defined as the unintentional, violent destruction of a building object or its part, as well as structural elements of scaffolding, forming elements, sheet piling and excavation linings. Structural failures always entail financial and environmental losses that cause a big problem for companies. The analysis of the structural failures allows to indicate the causes that led to them, but also to introduce actions to help avoid them or decrease their appearance in the future. From the point of view of sustainability risk, human life, corporate responsibility, but also possible financial penalties, it is a very important element of the business process management in an enterprise. In the paper the structural failures occurring in Poland in 2015–2019 were analyzed based on data from the General Office of Building Control (GUNB). They are divided into two categories: caused by random factors and resulting from human error. Failures caused by human error were divided into those related to construction, used material and building operation (exploitation). The structural failures occurring during construction works, e.g., construction, renovation, demolition works, as well as in existing facilities, e.g., during the use of the facility but also in facilities excluded from use, were analyzed. Then, the individual causes of the structural failures were analyzed in terms of repeatability in each category. The risk priority number was calculated for the causes in the group “random events” and nine causes related to “human error”. Actions aimed at reducing the risk of future failures were proposed. The results of the analysis provide conclusions that constitute input data for the improvement of both the processes themselves and the procedures for design, construction and exploitation, or methods and frequency of inspections. Full article
(This article belongs to the Special Issue Business Performance)
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Article
Draft Methodology of the Age Management Implementation in Human Resource Management in a Transport Company
J. Risk Financial Manag. 2021, 14(4), 183; https://doi.org/10.3390/jrfm14040183 - 17 Apr 2021
Cited by 1 | Viewed by 1674
Abstract
At present, companies should definitely be able to adapt to their environment. It entails being able to successfully predict and eliminate flaws and undesirable steps which may result in negative consequences. It can only be executed by careful consideration of three basic enterprise’s [...] Read more.
At present, companies should definitely be able to adapt to their environment. It entails being able to successfully predict and eliminate flaws and undesirable steps which may result in negative consequences. It can only be executed by careful consideration of three basic enterprise’s components which comprise the following: material resources, financial resources and human resources. An effective corporate coordination and human resource management is a cornerstone of the enterprise’s success while these components are of the same importance to this success. To this end, the aim of this manuscript is to design innovative recruitment procedures when using age management approach for a specific transport company; in particular, its human resource management is taken into consideration. In the initial parts of the manuscript, an analysis of quantitative and qualitative data is performed, wherein introduction into the addressed subject, relevant literature review, as well as description of utilized data and methods within the conducted research are elaborated. Consequently, in a case study section, the Work Ability Index (WAI) method is used to focus on the chosen group of employees in order to profoundly investigate their work abilities. The very examination of employees’ life cycle encompasses multiple age categories and measures a decrease in their work ability level. As for the ensuing (final) parts of the manuscript, a thorough evaluation of results obtained, appropriate discussion and, last but not least, conclusion section are compiled, in which the most imperative findings of the performed investigation are comprehensively summarized. Following the above, the purpose of this study is to compile a novel methodological procedure in terms of using the principles of age management in human resource management; specifically, in an opted transport company, and thus helping towards more effective and sustainable corporate recruitment strategy. Full article
(This article belongs to the Special Issue Business Performance)
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Article
State-of-the-Art Analysis of Intrapreneurship: A Review of the Theoretical Construct and Its Bibliometrics
J. Risk Financial Manag. 2021, 14(4), 148; https://doi.org/10.3390/jrfm14040148 - 01 Apr 2021
Cited by 4 | Viewed by 2130
Abstract
Business complexity demands that companies look for alternative ways to ensure their survival. Thus, one means to generate a competitive position, growth and development is intrapreneurship, which refers to entrepreneurship that arises within established organizations. However, current studies of the phenomenon are sometimes [...] Read more.
Business complexity demands that companies look for alternative ways to ensure their survival. Thus, one means to generate a competitive position, growth and development is intrapreneurship, which refers to entrepreneurship that arises within established organizations. However, current studies of the phenomenon are sometimes limited to contributions that lack substantive theory. Given this problem, the objective of this study was to determine the current state of the art of intrapreneurship based on a documentary analysis. Similarly, a bibliometric analysis was carried out that evaluated the existing publications. A total of 133 documents related to the term were found. After analyzing these documents, we concluded that new studies on the matter need to be developed. Therefore, a future agenda is proposed and the implications of this phenomenon on the performance of current companies are discussed. Full article
(This article belongs to the Special Issue Business Performance)
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Review

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Review
A Taxonomy of Product–Service System Perturbations through a Systematic Literature Review
J. Risk Financial Manag. 2022, 15(10), 443; https://doi.org/10.3390/jrfm15100443 - 30 Sep 2022
Viewed by 502
Abstract
Perturbations have a negative influence on the operation of the business system, which may weaken business performance. However, in the field of the product–service system (PSS), perturbation is still a rarely discussed concept. Researchers and managers have a limited understanding of perturbations in [...] Read more.
Perturbations have a negative influence on the operation of the business system, which may weaken business performance. However, in the field of the product–service system (PSS), perturbation is still a rarely discussed concept. Researchers and managers have a limited understanding of perturbations in the context of PSS. This hinders PSS designers and managers to prepare for mitigation due to a lack of knowledge and information. Thus, this paper aims to build a taxonomy of PSS perturbation through a systematic literature review. To achieve this target, the authors have reviewed 171 papers and found 18 effective papers. Twenty-five items are considered effective ones that are directly related to PSS perturbation. The result of the review shows that PSS perturbations could be classified into six categories, namely, behavioral, social, environmental, competence, resource, and organizational perturbations. The proposed terminology and taxonomy appear to be effective, which could enable researchers to understand the scope of PSS perturbations on a conceptual level. This finding is also expected to provide useful knowledge and information for researchers who are interested in vulnerability analysis and the robust design of PSS. Full article
(This article belongs to the Special Issue Business Performance)
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