Journal of Risk and Financial Management

Editorial

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3 pages, 186 KiB

Open AccessEditorial

Special Issue: Advances in International Management Research

by Juan Manuel Ramon Jeronimo and Raquel Flórez López

J. Risk Financial Manag. 2024, 17(1), 24; https://doi.org/10.3390/jrfm17010024 - 9 Jan 2024

Viewed by 1879

Abstract

Departing from barriers faced by firms in their international entrepreneurship strategies, the establishment of collaborative networks has proven to be a facilitating mechanism of these processes, having in recent years overcome the focus on the supply chain (i [...] Full article

(This article belongs to the Special Issue Advances in International Management Research)

Research

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12 pages, 1058 KiB

Open AccessArticle

Measuring Value in Development with Advanced Real Options for International Sequential Acquisitions

by Andrejs Čirjevskis

J. Risk Financial Manag. 2023, 16(9), 404; https://doi.org/10.3390/jrfm16090404 - 11 Sep 2023

Cited by 2 | Viewed by 1226

Abstract

Even though the application of real options theory in international business research has increased substantially, the measurement of collaborative synergies in international sequential acquisition by means of advanced real options is still the theoreticall gap which needs to be filled by new research [...] Read more.

Even though the application of real options theory in international business research has increased substantially, the measurement of collaborative synergies in international sequential acquisition by means of advanced real options is still the theoreticall gap which needs to be filled by new research and promising area for empirical research. This paper moves the field forward and highlights the fact that strategic synergies can be considered as compound real options for growth that are opened by an international sequential acquisition and, thus, add market value to the acquirer. Our research is presented as a theory-building inductive case-based study. This paper aims to integrate sequential compound real options with real options that have changing volatility in order to evaluate collaborative tacit synergies (a value in development) of sequential international acquisitions; thus, it contributes to corporate finance, international business, and strategic management theory with a fresh evaluation of the applications of advanced real options. Full article

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23 pages, 387 KiB

Open AccessArticle

Management Control Systems and International Entrepreneurship in Small, Young Firms from Resource-Based Theory, Contingence, and Effectuation Approach Perspectives

by Marta Pérez Sigüenza, Laura Rodríguez-León Rodríguez, Juan Manuel Ramon Jeronimo and Raquel Flórez López

J. Risk Financial Manag. 2022, 15(8), 363; https://doi.org/10.3390/jrfm15080363 - 15 Aug 2022

Cited by 3 | Viewed by 3409

Abstract

This study analyses how entrepreneurs adapt or change international control management and organisation structures in response to their resources and capabilities and the context of the situation, from the resource-based theory (RBT) and contingency and effectuation framework approaches, taking the dynamism from knowledge-intensive [...] Read more.

This study analyses how entrepreneurs adapt or change international control management and organisation structures in response to their resources and capabilities and the context of the situation, from the resource-based theory (RBT) and contingency and effectuation framework approaches, taking the dynamism from knowledge-intensive services (KIS) into consideration. A multiple case study has been performed, based on semi-structured interviews with nine founders (entrepreneurs) of less-than 5-year-old international businesses who are actively involved in the management. All the interviews have been recorded, coded, and analysed through factsheets. The findings suggest that there is a relation between entrepreneurship and the characteristics of the entrepreneur; the character of owners or founders is key to embarking on this kind of business challenge. Furthermore, the age and nature of the manager—entrepreneur or non-entrepreneur—influence the business direction. This research analyses the role of the founder, owner, and/or management depending on the resources, capabilities, and uncertain contexts of the small, young firms. The age of the organisation’s and the degree of professionalism of the management’s impact on the management style and the use of control mechanisms are scarcely analysed yet, which could improve the relationships in MCS to achieve local and global control needs. Full article

(This article belongs to the Special Issue Advances in International Management Research)

21 pages, 632 KiB

Open AccessArticle

Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies

by Ana Cruz González Calzadilla, María Segovia Villarreal, Juan Manuel Ramón Jerónimo and Raquel Flórez López

J. Risk Financial Manag. 2022, 15(8), 361; https://doi.org/10.3390/jrfm15080361 - 15 Aug 2022

Cited by 7 | Viewed by 4378

Abstract

The aim of this study is to analyze how Spanish small and medium-sized enterprises (hereinafter SMEs) manage risks derived from internationalization to improve performance. For this purpose, a case study was elaborated to understand the different risk management strategies used by Spanish SMEs [...] Read more.

The aim of this study is to analyze how Spanish small and medium-sized enterprises (hereinafter SMEs) manage risks derived from internationalization to improve performance. For this purpose, a case study was elaborated to understand the different risk management strategies used by Spanish SMEs in order to improve performance. Data were collected through sixteen semi-structured interviews. Findings suggest that although the internationalization process involves risk, SMEs, despite their size, can develop a proper risk management which leads to improve performance. Additionally, it is suggested that internationalization risks are not an impediment for SMEs to become involved in international activity, but that it is the way they manage them which makes SMEs improve their performance. Furthermore, the internationalization strategy becomes more efficient when a differentiation and innovation strategy are followed simultaneously. Full article

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22 pages, 1529 KiB

Open AccessArticle

Valuing Collaborative Synergies with Real Options Application: From Dynamic Political Capabilities Perspective

by Andrejs Čirjevskis

J. Risk Financial Manag. 2022, 15(7), 281; https://doi.org/10.3390/jrfm15070281 - 24 Jun 2022

Cited by 5 | Viewed by 3083

Abstract

This paper aims to justify propositions that the dynamic political capabilities of collaborative partners to manage their institutional contexts are important drivers of collaborative synergies which can be valued by real options. To date, the institutional context of collaborative corporate strategies (strategic alliances, [...] Read more.

This paper aims to justify propositions that the dynamic political capabilities of collaborative partners to manage their institutional contexts are important drivers of collaborative synergies which can be valued by real options. To date, the institutional context of collaborative corporate strategies (strategic alliances, mergers, and acquisitions), particularly the analysis of the influence of government agencies on the synergies or unrealized synergies of collaborative ventures, remains unexplored. Moreover, the interdependence between the institutional dimensions of the collaborative strategies, the dynamic political capabilities of the collaborating partners, and collaborative synergies are needed to be integrated into new conceptual models and a new framework. This paper contributes to this request by providing a cohesive framework of micro-foundations with dynamic political capabilities and demonstrating an application of simple and compound sequentially combined real options for collaborative synergies’ valuation in the findings and discussion section. This paper makes several theoretical and empirical contributions to international business, strategic management, and corporate finance. The practical implication of the research is evidence that food retailers who want to grow with the latest consumer trends will need dynamic political capabilities to deal with the impact of an institutional context. Finally, this paper discusses research limitations and future work. Full article

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16 pages, 346 KiB

Open AccessArticle

Attributes of Business Incubators: A Conjoint Analysis of Venture Capitalist’s Decision Making

by Michele Manconi, Salvatore Bellomo, Anna Nosella and Lara Agostini

J. Risk Financial Manag. 2022, 15(5), 213; https://doi.org/10.3390/jrfm15050213 - 6 May 2022

Cited by 3 | Viewed by 3094

Abstract

Startups contribute significantly to the economic development of a country. Despite their importance and promising future, they are extremely fragile, mainly for their lack of tangible and intangible resources. Since this can be obtained through an incubation process, business incubators (BIs) could have [...] Read more.

Startups contribute significantly to the economic development of a country. Despite their importance and promising future, they are extremely fragile, mainly for their lack of tangible and intangible resources. Since this can be obtained through an incubation process, business incubators (BIs) could have a significant impact on the survival rate of startups. Once defined their core structure and value proposition, there are other players, such as venture capitalists who could guarantee the funds necessary to make the startup’s business grow over time. Drawing on the resource-based view theory, this research explores whether some BIs could represent a certification of startup quality for venture capitalists (VCs). Specifically, we investigate whether some specific attributes of BIs increase the probability that a VC funds startups after being incubated; to this purpose, we carry out an experiment on a European sample of VCs. Results demonstrate that some characteristics of the BI can produce a sort of certification effect to the incubated startups, increasing the probability of being funded by VCs. Full article

(This article belongs to the Special Issue Advances in International Management Research)

20 pages, 6907 KiB

Open AccessArticle

Framework on Performance Management in Automotive Industry: A Case Study

by Elena Lascu, Irina Severin, Florina Daniela Lascu, Razvan Adrian Gudana, Gabriela Nalbitoru and Nicoleta Daniela Ignat

J. Risk Financial Manag. 2021, 14(10), 480; https://doi.org/10.3390/jrfm14100480 - 12 Oct 2021

Cited by 3 | Viewed by 3795

Abstract

The purpose of this research is to identify the risks and deficiencies that affect the performance of companies that provide vehicle after-sales services. Thus, this paper highlights the results of a comparative study based on a questionnaire conducted at the level of six [...] Read more.

The purpose of this research is to identify the risks and deficiencies that affect the performance of companies that provide vehicle after-sales services. Thus, this paper highlights the results of a comparative study based on a questionnaire conducted at the level of six brands in the automotive industry. A model was developed to investigate the factors that affect the global performance of the after-sales sector and the authenticity of the information related to the issue studied. Moreover, based on the collected data, this study evaluates the strategies related to performance management used by the organizations studied. In the end, even if the results showed a score of 81% on the questionnaire, we found that companies that provide vehicle after-sales services have not implemented and do not maintain totally the strategies related to performance management. Consequently, the need for change can be emphasized. Based on the analyzed data in the second part of the paper, we identified deficiencies and risks in terms of the organization, operation and management of the service units. These results confirm that the vehicle repair service has a significant influence on employee and customer satisfaction, on the quality of the vehicles repaired and the repair completion time. Full article

(This article belongs to the Special Issue Advances in International Management Research)

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Review

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20 pages, 848 KiB

Open AccessReview

Auditor Judgements after Withdrawal of the Materiality Accounting Standard in Australia

by Raul David and Indra Abeysekera

J. Risk Financial Manag. 2021, 14(6), 268; https://doi.org/10.3390/jrfm14060268 - 13 Jun 2021

Cited by 5 | Viewed by 6924

Abstract

The concept of materiality, originating in the accounting domain and applied in the auditing domain, is an essential tool for improving audit quality. A renewed interest in materiality research emerged in Australia after submitting Exposure Draft no. 243 by the Australian Accounting Standards [...] Read more.

The concept of materiality, originating in the accounting domain and applied in the auditing domain, is an essential tool for improving audit quality. A renewed interest in materiality research emerged in Australia after submitting Exposure Draft no. 243 by the Australian Accounting Standards Board (AASB) proposing the withdrawal of AASB 1031 Materiality, which became effective in July 2015. The purpose of this paper is to review the audit literature to examine how the materiality concept is located in the regulatory framework, the standards and guidance that support the application of this concept, and research undertaken using different research methods. As our review reveals significant gaps in recent research on the subject, gaps need to be addressed. The paper concludes by proposing research propositions that fit into the audit triangle for materiality research developed in this paper. Full article

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18 pages, 1450 KiB

Open AccessReview

Intellectual Capital and Knowledge Management Research towards Value Creation. From the Past to the Future

by Indra Abeysekera

J. Risk Financial Manag. 2021, 14(6), 238; https://doi.org/10.3390/jrfm14060238 - 28 May 2021

Cited by 21 | Viewed by 5548

Abstract

Over the past decade, the body of literature on intellectual capital and knowledge management has grown exponentially, responding to the growing knowledge-based and digital economy. This article reviews the concepts and applications proposed at the initial stages of the launch of these two [...] Read more.

Over the past decade, the body of literature on intellectual capital and knowledge management has grown exponentially, responding to the growing knowledge-based and digital economy. This article reviews the concepts and applications proposed at the initial stages of the launch of these two research paradigms. It then examines the interconnection between the two. The study selected a set of articles on intellectual capital and knowledge management that forward concepts and applications vital to the inception of these two research domains. The analytical review demonstrates that these concepts and applications, although considered separately in research, are interconnected and inform each other. The paper analyzes, discusses, and forms conclusions based on the self-selected literature with informed research knowledge. Full article

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