Special Issue "Risk Management Challenges for Sustainability and Wellbeing"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (30 April 2021).

Special Issue Editor

Prof. Dr. Simon Grima
E-Mail Website
Guest Editor
Insurance Department, Faculty of Economics, Management and Accountancy, University of Malta, Msida (MSD2080), Malta
Interests: governance; insurance; assurance; banking; investments; risk management; audit management; compliance; IT risk management; portfolio management; derivatives
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

The great challenge of our time is to create a sustainable and desirable future—one that the achieves Sustainable Development Goals (SDGs). In today’s “Anthropocene” world, human impacts on ecological life support systems are increasingly complex and far-reaching. At the same time, there are increased demands on the planet’s life support functions to maintain living standards in developed nations, and to reduce poverty in developing nations. In this “full” world, the emphasis in research, education, and policy needs to shift from addressing problems in isolation to studying whole, complex, and interconnected systems and the dynamic interactions between the parts. Several scholars have focused on how the concepts of vulnerability and resilience may be employed in the analysis of and to ensure future sustainability and wellbeing. Various approaches have been proposed, concerning different fields of applications spreading from environmental to financial settings. While much of the existing literature on vulnerability and resilience is sector- or country-specific, in this volume, we are proposing a more holistic approach that allows for the sustainability of human well-being to be analyzed as a whole. Our understanding is that well-being equals sustainability, where several domains are interlinked. Moreover, while the majority of studies consider vulnerability and resilience as aspects of the sustainability of a “system”, that is a society, a country, an organization, or even the whole planet; this volume’s focus is on the interrelated dimension of well-being, considering the exposure to risk and the ability to manage it. We are seeking the use of both objective and subjective indicators of well-being, in case studies, theory, and practice.

Dr. Simon Grima
Guest Editor

Manuscript Submission Information

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1900 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

  • air pollution
  • climate change
  • water pollution and sanitation
  • pandemics, finance and the economy
  • industrial development
  • energy crisis
  • toxic chemicals and hazardous and radioactive wastes
  • population explosion and urbanization
  • impact of globalization
  • degradation of ecosystems and species
  • education
  • health

Published Papers (7 papers)

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Research

Article
Consumer Financial Knowledge and Cashless Payment Behavior for Sustainable Development in Poland
Sustainability 2021, 13(11), 6401; https://doi.org/10.3390/su13116401 - 04 Jun 2021
Viewed by 626
Abstract
Financial knowledge is the main element of financial literacy, which is important for the sustainable development of individuals and society. Sustainability is a complex concept that spans many fields, including financial knowledge for all ages. Financial knowledge requires significant scientific research showing its [...] Read more.
Financial knowledge is the main element of financial literacy, which is important for the sustainable development of individuals and society. Sustainability is a complex concept that spans many fields, including financial knowledge for all ages. Financial knowledge requires significant scientific research showing its impact on individuals and the economy, including non-cash payments. Consumer payment knowledge and its association with consumer financial behavior have long been a matter of widespread interest by researchers, but no in-depth, empirically based scientific research has been completed for Poland. The objective of this study was to examine factors associated with cashless payment behavior with an emphasis on the role of consumer financial knowledge. A total of 1100 interviews were carried out with Polish nationals aged 15 and above. The collected data were analyzed with the use of statistical methods, including analysis of variances (ANOVA), in order to examine consumers’ financial knowledge by basic economic and non-economic factors. Additionally, a data-mining method known as Random Forests was implemented for finding the variable importance in correlations between consumer financial knowledge and preferred methods of payment. The results revealed the diversity of factors influencing consumer behavior. Among the consumers’ personal traits, financial knowledge was one of the most important determinants of their payment choices. The results have implications for the design of payment processes. The results can be used by central banks to determine the directions of financial inclusion, as well as for stakeholders in the payments market. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
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Article
The Impact of Macroeconomic, Social and Governance Factors on the Sustainability and Well-Being of the Economic Environment and the Robustness of the Banking System
Sustainability 2021, 13(10), 5713; https://doi.org/10.3390/su13105713 - 19 May 2021
Cited by 1 | Viewed by 471
Abstract
The paper highlights the connection between the European Union banking system and a set of representative factors—macroeconomic, social, and governance factors—selected from the perspective of sustainability and well-being. The analysis is carried out as a panel regression on EU member countries with annual [...] Read more.
The paper highlights the connection between the European Union banking system and a set of representative factors—macroeconomic, social, and governance factors—selected from the perspective of sustainability and well-being. The analysis is carried out as a panel regression on EU member countries with annual data for 2005–2018, and it explores the impact of the selected factors on the robustness of the banking systems in the European Union countries. The analyzed variables to reflect the robustness of the banking system were the domestic credit to the private sector and the nonperforming loans (NPL) rate. Those indicators are of high relevance and concern within the current pandemic context. The results show that the banking development degree influences the increase of private-sector lending and the decrease of the NPL rate. Social and governance factors impact differently the level of private sector and NPL rate. All macroeconomic indicators used to influence the level of private-sector lending. The research reflects the fact that to promote and adopt a culture of sustainability and to ensure well-being, a close collaboration between all sectors of an economy is needed, together with a strong policy interconnection and harmonization between micro and macro. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
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Article
Risk Management and Learning Climate in Emergency Contexts: A Qualitative Study
Sustainability 2021, 13(10), 5485; https://doi.org/10.3390/su13105485 - 14 May 2021
Viewed by 382
Abstract
Background: Several researchers have questioned the strategies necessary for effective risk management as well as of human error and its consequences, looking at both positive and negative consequences. Starting from this perspective, this study intended to investigate risk management in the emergency context [...] Read more.
Background: Several researchers have questioned the strategies necessary for effective risk management as well as of human error and its consequences, looking at both positive and negative consequences. Starting from this perspective, this study intended to investigate risk management in the emergency context due to the COVID-19 pandemic. Methods: A total of five in-depth interviews were conducted with senior managers of multinationals, asking them to talk about the management of their human capital and the policies of error and safety management adopted in their organizations before, during, and after the pandemic. Results: Qualitative interviews analysis revealed three interesting clusters related to crisis, trust, and risk management; quantitative results, instead, confirmed the existent link between crisis and error management and the strategic role of organizational management in the diffusion of a climate in which is possible to learn from both success and failure. Conclusion: In summary, preliminary results seemed to confirm what emerged from the most recent literature, which is the urgency for organizations to create a culture of intelligent risk-taking that leads to learning and improved knowledge and that includes the participation of all workers. Moreover, this study also underlines the possibility of extending the advantages of Error Management Training in emergency context. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
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Article
The Role of Appreciative Inquiry to Supporting Students’ Healthy Transition into the Post-Graduate World: A Case Study at the University of Malta
Sustainability 2021, 13(10), 5365; https://doi.org/10.3390/su13105365 - 11 May 2021
Viewed by 345
Abstract
The purpose of this study is to explore ways to integrate student self-development into preparation for a post-graduate internship. The research problem to be investigated is the identified gap in support services for student wellbeing and self-esteem alongside academic development prior to entering [...] Read more.
The purpose of this study is to explore ways to integrate student self-development into preparation for a post-graduate internship. The research problem to be investigated is the identified gap in support services for student wellbeing and self-esteem alongside academic development prior to entering the professional sphere. The Faculty for the Built Environment within the University of Malta conducted this as a pilot study in collaboration with the Counselling Services Unit to support students in finding ways to improve their work/study balance. The methodology used was an appreciative inquiry through workshops and focus groups over two academic years. The main findings suggest that students requested time management and resilience techniques to strengthen their study–work–life balance and develop an improved work ethic once university life is complete. Students who felt valued throughout the study period appreciated their ideas and self-identity more than others. Results were presented to the faculty staff who suggested an action–response approach to transition management. Conclusions indicated that the strength of the approach undertaken served to manage students’ transition from academic life to career entry, conduct a gap analysis to identify issues between students and staff, and facilitate a discussion of values and ethics in preparation for post-graduation career performance. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
Article
The Influence of Liberalization on Innovation, Performance, and Competition Level of Insurance Industry in Indonesia
Sustainability 2020, 12(24), 10620; https://doi.org/10.3390/su122410620 - 18 Dec 2020
Viewed by 752
Abstract
This study aims to reveal the impact of liberalization on innovation, performance, and the level of competition for insurance industry players in Indonesia based on insurance data from 2006 to 2018. The research method used is quantitative with the support of panel data. [...] Read more.
This study aims to reveal the impact of liberalization on innovation, performance, and the level of competition for insurance industry players in Indonesia based on insurance data from 2006 to 2018. The research method used is quantitative with the support of panel data. The analysis technique to explain the findings uses an aggregate model and Threshold Regression analysis. Descriptive and econometric research types were chosen to make it easier to explain the findings. From the results of data analysis using three experimental models, it shows three findings. First, in the aggregate, there is a significant negative relationship between liberalization and innovation. In the Threshold Regression model, a negative impact occurs on companies with low premium income, whereas in high premium income companies, the result is positive. This is due to the availability of resources to large companies to optimize the adaptation of liberalization in terms of innovation. Second, higher liberalization can encourage insurance companies to perform more efficiently and increase net premium income. Third, the negative impact of liberalization on competition shows that the higher the deregulation, the lower the game. These findings indicate that in the aggregate, global insurance financial liberalization has had a significant impact on the development of the insurance industry sector in Indonesia. However, liberalization can be different for groups of small companies and groups of large companies. The expected implication is that the government needs to adopt a long-term policy strategy that can encourage the sustainability of insurance companies: both high-income companies and low-premium-income companies. Besides this, it is hoped that insurance companies pay more attention to innovation, significantly improving the quality of human resources as a competitive advantage in facing global competition. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
Article
Modeling the Risk of Extreme Value Dependence in Chinese Regional Carbon Emission Markets
Sustainability 2020, 12(19), 7911; https://doi.org/10.3390/su12197911 - 24 Sep 2020
Cited by 1 | Viewed by 500
Abstract
In this study, we analyze the risk of extreme value dependence in Chinese regional carbon emission markets. After filtering the daily return data of six carbon markets in China using a generalized autoregressive conditional heteroscedasticity (GARCH) model, we obtain the standardized residual series. [...] Read more.
In this study, we analyze the risk of extreme value dependence in Chinese regional carbon emission markets. After filtering the daily return data of six carbon markets in China using a generalized autoregressive conditional heteroscedasticity (GARCH) model, we obtain the standardized residual series. Next, the dependence structures in the markets are captured by the Copula function and the Extreme Value theory (EVT). We report high peaks, heavy tails and fluctuation aggregation in the logarithm return series of the markets, as well as significant dependent structures. There are significant extreme value risks in Chinese regional carbon markets, but the risks can be mitigated through appropriate portfolio diversification. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
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Article
Resilience through the Financialisation of Risks? The Case of a Dairy System in Northwest Germany
Sustainability 2020, 12(15), 6226; https://doi.org/10.3390/su12156226 - 03 Aug 2020
Cited by 1 | Viewed by 1261
Abstract
State support for financial risk management schemes has been introduced in numerous agricultural policies to enhance farming system resilience in response to increased income fluctuations and partially reduced producer support levels in the agricultural sector. In order to better understand how financialisation of [...] Read more.
State support for financial risk management schemes has been introduced in numerous agricultural policies to enhance farming system resilience in response to increased income fluctuations and partially reduced producer support levels in the agricultural sector. In order to better understand how financialisation of risks can contribute to an actual improvement of specific farming systems’ resilience, this study investigates its effects with regards to dairy farming. Based on an in-depth case study of a dairy system in Northwest Germany, multilayered challenges faced by the farm system are identified, resilience strategies investigated and the role of financial risk management evaluated. In doing so, the resilience assessment framework developed by Meuwissen et al. (2019) is applied in order to analyse the systems’ capacity to resist, adapt or transform in response to external challenges threatening the provision of system’ functions. The results indicate a high relevance of insurances and savings with regards to the system’s robustness against short-term shocks. However, to address the various long-term pressures, resilience-enhancing attributes that increase the system’s capacity to adapt and transform would need to be strengthened. In particular, more cooperation and knowledge transfer beyond system boundaries could contribute to a holistic risk management allowing for improved farming system resilience. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing)
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