Special Issue "Innovation, Internationalization and Entrepreneurship"

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: closed (28 February 2021).

Special Issue Editors

Dr. Renata Korsakienė
E-Mail Website
Guest Editor
Department of Management, Business Management Faculty, Vilnius Gediminas Technical University, Saulėtekio av. 11, LT–10223 Vilnius, Lithuania
Interests: Internationalization and International Entrepreneurship; Entrepreneurship and Human Capital; Entrepreneurship and Social Capital; Regional development; Strategic management; Human resource management
Prof. Hasan Dinçer
E-Mail Website
Guest Editor
Istanbul Medipol University, School of Business, Istanbul, Turkey
Interests: energy economics; business; finance; banking
Special Issues and Collections in MDPI journals
Dr. Serhat Yüksel
E-Mail Website
Guest Editor
Department or Institute, University, Zip code City, Country: The School of Business, İstanbul Medipol University, 34815, Turkey
Interests: finance; banking; financial crisis; risk management; energy economics

Special Issue Information

Dear Colleagues,

The development of information and telecommunication technologies has changed the financial ecosystem over the last few decades. First, digitalization changed the financial industry and led to new financial instruments. Second, the ways customers interact with banks changed due to social networks, mobile banking, etc. Third, new technologies led to the growth and internationalization of new entrepreneurial firms which provide innovative financial services.

The numerous changes in the global financial market triggered research on innovations, which are focused on disruptive innovations, and a number of scholars set up to investigate this phenomenon. The benefits of innovations are related to lower costs, improved efficiency, reduced risk, and better response to the customers’ needs due to new products, services or processes. On the other hand, new business models expose various risks, such as cyber risks, operational risks, regulatory risks, and others. However, we believe that financial innovations significantly benefit by closing the prevailing gap between developed and developing countries. Thus, this Special Issue on “Innovation, Internationalization, and Entrepreneurship” contributes to closing the research gap in the scientific literature. We will welcome papers that are related but are not limited to the following themes:

  • Financial innovations and performance in the traditional financial industry;
  • The nexus of financial innovations and economy growth;
  • The future of financial technology;
  • Risk management and analysis;
  • Uncertainty and decision-making;
  • Current applications in finance and risk management;
  • Entrepreneurial firms in the financial market.

Prof. Renata Korsakienė
Dr. Hasan Dinçer
Dr. Serhat Yüksel
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 papers will be 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

  • Financial innovations
  • Financial technology
  • Current applications in finance
  • Risk management and analysis
  • Uncertainty and decision-making
  • Entrepreneurship

Published Papers (9 papers)

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Research

Article
Innovative Work Behavior—A Key Factor in Business Performance? The Role of Team Cognitive Diversity and Teamwork Climate in This Relationship
J. Risk Financial Manag. 2021, 14(4), 185; https://doi.org/10.3390/jrfm14040185 - 19 Apr 2021
Viewed by 511
Abstract
The aim of our paper is to examine whether the support of innovative work behavior by management is positively related to business performance and at the same time, whether this relationship is mediated by the teamwork climate and cognitive diversity of teams. Cognitive [...] Read more.
The aim of our paper is to examine whether the support of innovative work behavior by management is positively related to business performance and at the same time, whether this relationship is mediated by the teamwork climate and cognitive diversity of teams. Cognitive diversity is defined as differences in knowledge and perspective, which arise from professional diversity and account for its positive effects. A teamwork climate represents staff perceptions of collaboration between personnel. Business performance is defined by the level of sales. Our sample consisted of 211 managers of companies operating in Slovakia, and data collection took place in the form of a questionnaire. The main tool for examining the mechanism of operation of the investigated relationships is mediation using regression analysis and the Sobel test to determine the significance of the indirect effect of mediation variables. The findings point to a significant direct relationship between the innovative work behavior of company employees and business performance. The intensity of this relationship can be partly influenced by promoting cognitive diversity, especially in the area of knowledge and ways of thinking. The significant role of a teamwork climate was not demonstrated in the examined model. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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Article
Impact of Capital Structure on Corporate Value—Review of Literature
J. Risk Financial Manag. 2021, 14(4), 155; https://doi.org/10.3390/jrfm14040155 - 01 Apr 2021
Viewed by 527
Abstract
The issue of capital structure in an enterprise is often described in the literature on the subject; however, theories are classified into various approaches, and their characteristics are often limited to selected theories. This work is an attempt at a synthetic presentation of [...] Read more.
The issue of capital structure in an enterprise is often described in the literature on the subject; however, theories are classified into various approaches, and their characteristics are often limited to selected theories. This work is an attempt at a synthetic presentation of the theory of capital structure. The aim of the article was to review and try to organise the most important theories of capital structure, paying attention to the influence of capital structure on the processes of creating value. The paper also highlights the most important theoretical works in this area. The study consists of two main parts. The first part indicates the diversity of defining the concepts of capital structure and indicates the approaches in classifying this structure. The second part characterises the theories of capital structure in the context of value creation. Based on the presented theories, it can be stated that there is no agreement as to whether and to what extent capital structure translates into the process of creating enterprise value. Therefore, it seems justified to conduct appropriate empirical research in this respect. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
Article
Valuing Dynamic Capabilities-Based Synergies with Real Options
J. Risk Financial Manag. 2021, 14(2), 69; https://doi.org/10.3390/jrfm14020069 - 07 Feb 2021
Cited by 1 | Viewed by 687
Abstract
Acquisition-based dynamic capabilities have become well established as a new imperative for organizing mergers and acquisitions (M&A) processes. However, understanding the full benefits and possible limits of real options applications to measure a dynamic capability-based synergy in M&A deals remains a challenge. This [...] Read more.
Acquisition-based dynamic capabilities have become well established as a new imperative for organizing mergers and acquisitions (M&A) processes. However, understanding the full benefits and possible limits of real options applications to measure a dynamic capability-based synergy in M&A deals remains a challenge. This paper draws on real options theory to explore some of these benefits and limits to value a synergy in two highly strategic M&A deals. More specifically, the author develops the proposition that justifies the role of dynamic capabilities as antecedents of the success of M&A deals in the information and communications technology industry and demonstrates real options application to measure M&A synergies. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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Article
Emergency Management in Resolving an Emergency Situation
J. Risk Financial Manag. 2020, 13(11), 262; https://doi.org/10.3390/jrfm13110262 - 30 Oct 2020
Cited by 2 | Viewed by 449
Abstract
Experience gained from NATO operations shows that the basis for an effective solution to a crisis is a combination of a comprehensive political, civilian and military approach. The cooperation of all stakeholders is thus a basic prerequisite for the effective resolution of crisis [...] Read more.
Experience gained from NATO operations shows that the basis for an effective solution to a crisis is a combination of a comprehensive political, civilian and military approach. The cooperation of all stakeholders is thus a basic prerequisite for the effective resolution of crisis situations. These aspects and stakeholders include emergency management. This paper deals with civil-military cooperation in times of emergency caused by the COVID-19 pandemic in the Czech Republic. It qualitatively evaluates the findings resulting from the questionnaire survey focused on the state of crisis preparedness of the Army of the Czech Republic and the functionality of emergency management in cooperation with rescue work with other teams of the rescue system. The questionnaire was carried out at military units in all regions of the Czech Republic; organizational units of the Ministry of Defence with nationwide competence, which were directly involved in securing measures related to the declaration of a state of emergency due to the COVID-19 pandemic in March—May, 2020; Operations Command, which currently manages operations in the Czech Republic designed to manage the consequences of a pandemic; and members of the Ministry of Defence participating in the activities of the Strategic Command and Control Group. A total of 21 stakeholders took part. The experience in managing the consequences of the COVID-19 pandemic have shown that armed forces around the world have an irreplaceable position in dealing with nonmilitary crises. The conclusions and recommendations obtained from the research survey are the content of this paper. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
Article
Mixed Methods Utilisation in Innovation Management Research: A Systematic Literature Review and Meta-Summary
J. Risk Financial Manag. 2020, 13(11), 252; https://doi.org/10.3390/jrfm13110252 - 27 Oct 2020
Viewed by 682
Abstract
The main purpose of this article is to explore the application of mixed methods research in the innovation management sub-discipline utilizing a systematic literature review and meta-summary analysis. Regardless of the growing number of studies in innovation management there is still a lack [...] Read more.
The main purpose of this article is to explore the application of mixed methods research in the innovation management sub-discipline utilizing a systematic literature review and meta-summary analysis. Regardless of the growing number of studies in innovation management there is still a lack of research that integrates and synthesizes this body of knowledge. Our review of 93 articles from Web of Science and Scopus databases, including content analysis, presents trends and research background in innovation management that use the mixed methods approach. This study addresses the inconsistencies in the literature and presents a holistic picture of what existing empirical studies have found to date. In addition, we have developed an innovation management model based on selected theoretical lenses to enable future researchers in a given area to choose the appropriate method. The results of the meta-summary show that 50.54% articles from our dataset are related to partially mixed dominant sequential methods, 12.90% fully mixed dominant sequential methods and 11.83% fully mixed dominant concurrent methods. We identified several research gaps and provided a future research avenue in the context of innovation management. The article analyzes empirical papers, enables identification of problems in the current research and identifies trends in the area of the studied phenomenon. The results on the topic of mixed methods in innovation management and used tools have indicated that this issue is still in a premature phase but with an upward trend of research development. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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Communication
The Link between Business Process Management and Quality Management
J. Risk Financial Manag. 2020, 13(10), 225; https://doi.org/10.3390/jrfm13100225 - 25 Sep 2020
Cited by 1 | Viewed by 921
Abstract
In an environment of intense globalization and digitalization, business organizations are increasingly faced with various challenges such as rising costs, strong competition, rapidly evolving technologies, increasingly demanding and whimsical consumers, and, in social terms, changing societal demands. It is within this context that [...] Read more.
In an environment of intense globalization and digitalization, business organizations are increasingly faced with various challenges such as rising costs, strong competition, rapidly evolving technologies, increasingly demanding and whimsical consumers, and, in social terms, changing societal demands. It is within this context that the effectiveness and efficiency of the management of business organizations is actualized. The paper addresses the following fundamental questions regarding the scientific problem at the theoretical level: What is the place of Business Process Management (BPM) in the context of Quality Management (QM)? Should BPM be the axis of QM? There is a lack of interdisciplinary research on the link between Business Process Management and Quality Management, and this study aims to ground this link. Methods of the research are literature review and the critical analysis of the scientific sources on the issue. The findings show that there exists confusion, overlaps among different paradigms of QM and BPM. The BPM paradigm might be considered as an integral part of almost all essential quality management paradigms. BPM is like a horizontal area “crossing” different paradigms of quality management (e.g., TQM, SMS, Lean, Six Sigma). The conclusions drawn are useful for organizations that implement quality management systems. The integration of BPM into quality management systems and tools creates preconditions for the development of an effective and efficient organization. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
Article
Impact of Value Co-Creation on International Customer Satisfaction in the Airsoft Industry: Does Country of Origin Matter?
J. Risk Financial Manag. 2020, 13(10), 223; https://doi.org/10.3390/jrfm13100223 - 24 Sep 2020
Viewed by 803
Abstract
The paper’s objective is to investigate the impact of value proposition co-creation on international customer satisfaction in the airsoft industry. This empirical paper aims at answering a question “Which factors influence satisfaction of the international customers involved in the process of value co-creation [...] Read more.
The paper’s objective is to investigate the impact of value proposition co-creation on international customer satisfaction in the airsoft industry. This empirical paper aims at answering a question “Which factors influence satisfaction of the international customers involved in the process of value co-creation in the airsoft industry” and sets a hypothesis that value co-creators’ country of origin has a positive impact on customers’ satisfaction. A case study approach of an entrepreneurial company (GATE) was supplemented with data collected via a survey (n = 176), where consumers’ perception of the firm’s value proposition and its influence on their satisfaction were investigated. The study contributes to the value creation theory by identifying the main factors influencing customer satisfaction in the airsoft industry and verifying whether the co-creators’ origin affects the factors’ ratings. The results indicate that the most crucial factors influencing international customer satisfaction in this industry are quality level and product functionality and that the country of origin of customers has no significant impact on international customer satisfaction. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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Article
Mapping the Scientific Research on Mass Customization Domain: A Critical Review and Bibliometric Analysis
J. Risk Financial Manag. 2020, 13(9), 220; https://doi.org/10.3390/jrfm13090220 - 21 Sep 2020
Cited by 1 | Viewed by 719
Abstract
Researchers of the Mass Customization domain face not only challenges of proper and timeless identification of latest practical trends, but also difficulties in rational analyses on the numerous existing scientific studies in this field as well as a need for a comprehensive and [...] Read more.
Researchers of the Mass Customization domain face not only challenges of proper and timeless identification of latest practical trends, but also difficulties in rational analyses on the numerous existing scientific studies in this field as well as a need for a comprehensive and multidimensional state-of-the-art overview of the Mass Customization research domain in the last three decades. Therefore, the present research article aims to provide a critical standpoint and reveal the main research directions and content at systemic, bibliometric and historical research levels in the period of 1990–2020. Four types of bibliometric clustering techniques and a visualization of results in a format of two-dimensional maps by the VOSviewer software were applied in the analysis on 1783 scientific papers from the Clarivate Analytics Web of Science Core Collection. The analysis reveals six historical periods in the Mass Customization research domain, from which, in the last three decades, three are identified as influencing modern Mass Customization research areas and objects. Results confirmed a shift from a stand-alone scientific approach to the customization of tangible products in the manufacturing field and their risk management, to a hybrid scientific approach with a focus on the customization of non-tangible products and personalized customer behavior in online environments. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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Article
Current Research Trends on Interrelationships of Eco-Innovation and Internationalisation: A Bibliometric Analysis
J. Risk Financial Manag. 2020, 13(5), 85; https://doi.org/10.3390/jrfm13050085 - 27 Apr 2020
Viewed by 848
Abstract
In this paper, bibliometric analysis is conducted on eco-innovation and internationalisation, since in the scientific literature, both research fields have been considered as being interrelated. Although the adoption of eco-innovation and internationalisation are risky processes, they reduce competitive risk and increase performance in [...] Read more.
In this paper, bibliometric analysis is conducted on eco-innovation and internationalisation, since in the scientific literature, both research fields have been considered as being interrelated. Although the adoption of eco-innovation and internationalisation are risky processes, they reduce competitive risk and increase performance in a highly competitive business environment. The main objective of this study is to identify current research trends on the interrelationships of eco-innovations and internationalisation as well as the main areas of knowledge and to provide a general overview of research streams that can be classified using by papers, authors and journals found in the Web of Science database. In total, 1677 publications published between 1991 and 2020 related to eco-innovations and internationalisation were taken into consideration. For the visualisation of bibliographic material, VOSviewer software was used. These findings provide valuable insights by revealing the trends and highlighting the possible research streams for future investigations in the field of eco-innovations and internationalisation research. Full article
(This article belongs to the Special Issue Innovation, Internationalization and Entrepreneurship)
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