• Safety and Health at Work
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• v.9 no.1
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• pp.115-124
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• 2018

Background: Substantial empirical research has shown conflicting results regarding the influence of organizational external factors on construction risk management, suggesting the necessity to introduce a moderator into the study. The present research confirmed whether rules and regulations matter on the relationships between organizational external factors and construction risk management. Methods: Based on discouragement and organizational control theory, this research examined the effects of organizational external factors and rules and regulations on construction risk management among 238 employees operating in construction companies in Abuja and Lagos, Nigeria. A personally administered questionnaire was used to acquire the data. The data were analyzed using partial least squares structural equation modeling. Results: A significant positive relationship between organizational external factors and construction risk management was asserted. This study also found a significant positive relationship between rules and regulations and construction risk management. As anticipated, rules and regulations were found to moderate the relationship between organizational external factors and construction risk management, with a significant positive result. Similarly, a significant interaction effect was also found between rules and regulations and organizational external factors. Implications of the research from a Nigerian point of view have also been discussed. Conclusion: Political, economy, and technology factors helped the construction companies to reduce the chance of risk occurrence during the construction activities. Rules and regulations also helped to lessen the rate of accidents involving construction workers as well as the duration of the projects. Similarly, the influence of the organizational external factors with rules and regulations on construction risk management has proven that most of the construction companies that implement the aforementioned factors have the chance to deliver their projects within the stipulated time, cost, and qualities, which can be used as a yardstick to measure a good project.

• Proceedings of the Safety Management and Science Conference
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• 2012.04a
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• pp.1-11
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• 2012

Risk Assessment, a basis of health and safety management system, is an calamity prevention activity which regularly measure the level of a risk to passively improve potential hazard. A problem, the assessment not being improved to be applied to the construction work site where requires diversity and complexity, causes the assessment to be inefficient to bring quality results. A study on the investigates and compares the surveyed degree of recognitions of workers who works in companies executing the risk assessment By the investigation and comparison, it is expected to bring the better solution for early and efficient application for those companies which are not taking the risk assessment.

• Korean Journal of Construction Engineering and Management
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• v.5 no.2 s.18
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• pp.136-143
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• 2004

This study presents a risk management methodology using fuzzy theory for early construction stage and is focused on risk identification and risk analysis. This study identifies various risk factors associated with activities clearly construction stage, then establishes the Risk Breakdown Structure(RBS) by classifying the risks into the three groups; Common risks, risks for Earth works, and risks for Foundation works. The risk analysis method presented in this study is based on the RBS that has two levels such as upper level and lower level. The risk exposure of lower level risk factors is assessed by fuzzy inference. The weight of risks is estimated by fuzzy measure. Then, the estimated risk exposures and weights are aggregated to assess the risk exposure of upper level risks by Choquet fuzzy integral. The risk exposure of upper level risks determine the priority of risk factors in view of risk management. This study performs case study to validate the proposed method. The result of case study shows that the methodology suggested in this thesis would be utilized well in evaluating risk exposure.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.25-39
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• 2021

This purpose of this study is to investigate the association among mutual funds (MFs) risk measures and return parameters, evaluate mutual fund performance and also explore the best appropriate mutual fund performance measure for investment in Pakistan. Therefore, thirty-five mutual funds have been selected for the period 2007-2015. The Sharpe, Treynor, Jensen Alpha, Information ratio and Fama's Net Selectivity measures has been used to analyze MF performance. Our study findings show significant positive relation exist between Sharpe and Jenson alpha & information ratio (IR); Treynor ratio is negatively correlated to Jenson alpha and Jenson alpha is positively allied with IR. Moreover, association among performance measures, Fama's net selectivity is a major driver in leading to other measures but Sharpe and IR lead to Treynor ratio as well. Furthermore, performance measures are ranked in accordance standard deviation with the arrangement of Fama's net selectivity at top, Jenson Alpha at second, Sharpe ratio at third, IR at fourth and Treynor ratio at fifth position according to risk parameters in Pakistan. Overall, Jensen Alpha measure appears to be the best suitable mutual fund performance measure in Pakistan due to its practical nature. Finally, the Pakistani stock market index KSE100 (as benchmark) performs better than MF industry of Pakistan.

• Proceedings of the Safety Management and Science Conference
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• 2002.11a
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• pp.285-294
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• 2002

The size of state in Korea is like Israel, this country's venture capital is ruled by government. This venture capital's character is below: the concentration on research of venturer affect positively at qualify of products, This paper lies with venture capital's risk character & performance. The results show that Korean venture capitals have lager unsystematic risk than systematic risk, which implies they specialize in specific business and/or regional areas instead of diversification. The Sharpe measure reveals that the performances of Korean venture capitals are very low relative to even the market portfolio(Kospi) and Kosdaq.

• Industrial Engineering and Management Systems
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• v.9 no.1
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• pp.41-53
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• 2010

An existing risk diagnosing methodology (RDM) diagnoses corporate risk for product-innovation projects. However, it cannot evaluate and compare the risk levels of multiple alternatives in the product development stage. This paper proposes a modified risk diagnosis method to fill the gap of risk evaluation in selections of innovative product alternatives and the application of the method will be also illustrated by a case problem on alternative selections in electrical dimmer designs. With RDM as the foundation, a modified RDM (MRDM) is proposed to deal with the problem of selecting innovative project alternatives during the early stages of product development. The Bayesian network; a probabilistic graphical model, is adopted to support the risk pre-assessment stage in the MRDM. The MRDM is proposed by incorporating the risk pre-assessment stage into the foundation. By evaluating the engineering design risks in two electrical dimmer switches, an application of the MRDM in product innovation development is successfully exemplified. This paper strengthens the existing methodology for RDM in innovative product development projects to accommodate innovative alternatives. It is advantageous for companies to identify and measure the risks associated in product development so as to plan for appropriate risk mitigation strategies.

• Safety and Health at Work
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• v.6 no.4
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• pp.345-352
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• 2015

Background: Goal-oriented communication of risk of hazards is necessary in order to reduce risk of workers' exposure to chemicals. Adequate training of workers and enterprise priority setting are essential elements. Cleaning enterprises have many challenges and the existing paradigms influence the risk levels of these enterprises. Methods: Information on organization and enterprises' prioritization in training programs was gathered from cleaning enterprises. A measure of enterprises' conceptual level of importance of chemical health hazards and a model for working out the risk index (RI) indicating enterprises' conceptual risk level was established and used to categorize the enterprises. Results: In 72.3% of cases, training takes place concurrently with task performances and in 67.4% experienced workers conduct the trainings. There is disparity between employers' opinion on competence level of the workers and reality. Lower conceptual level of importance was observed for cleaning enterprises of different sizes compared with regional safety delegates and occupational hygienists. Risk index values show no difference in risk level between small and large enterprises. Conclusion: Training of cleaning workers lacks the prerequisite for suitability and effectiveness to counter risks of chemical health hazards. There is dereliction of duty by management in the sector resulting in a lack of competence among the cleaning workers. Instituting acceptable easily attainable safety competence level for cleaners will conduce to risk reduction, and enforcement of attainment of the competence level would be a positive step.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.459-466
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• 2013

Risk exists in all construction projects and resides among the collection of subcontractors and their array of individual activities. Wherever risk resides, the interrelation of participants to one another becomes paramount for the way in which risk is measured. Inherent risk becomes recognizable and quantifiable within network schedules in the form of consuming float - the flexibility to absorb delays. Allocating, owning, valuing, and expending such float in network schedules has been debated since the inception of the critical path method itself. This research investigates the foundational element of a three-part approach that examines how float can be traded as a commodity, a concept whose promise remains unfulfilled for lack of a holistic approach. The Capital Asset Pricing Model (CAPM) of financial portfolio theory, which describes the relationship between risk and expected return of individual stocks, is explored as an analogy to quantify the inherent risk of the participants in construction projects. The inherent relationship between them and their impact on overall schedule performance, defined as schedule risk -the likelihood of failing to meet schedule plans and the effect of such failure, is matched with the use of CAPM's beta component - the risk correlation measure of an individual stock to that of the entire market - to determine parallels with respect to the inner workings and risks represented by each entity or activity within a schedule. This correlation is the initial theoretical extension that is required to identify where risk resides within construction projects, allocate and commoditize it, and achieve actual tradability.

• Journal of East Asia Management
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• v.4 no.1
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• pp.23-51
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• 2023

We investigate whether the association between management overconfident tone and the level of audit effort measured by audit fees and hours differs depending on the level of earnings management. Prior studies suggest that firms led by overconfident managers are likely to initiate risky investments, report low quality financial statements, and have material weaknesses in internal control system. These characteristics, combined together, result in higher audit risk. At the same time, auditors assess audit risk based on the quality of financial reporting, measured by level of earnings management. As a result, the assess audit risk is likely to reflect the combined effect of management overconfidence and the level of earnings management. In this paper, we investigate whether auditors differentiate the effects of real earnings management (REM) and accrual-based earnings management (AEM) when they assess the audit risk related management overconfident. Using the CEO's letter published in 2018, we measure the CEO's tone representing the degree of overconfidence (i.e., activity). Based on this measure, we find that the positive association between managerial overconfident tone and audit effort is more pronounced as the level of REM is higher. However, we find that the baseline association does not vary depending on the level of AEM. These results suggest that auditors consider the managerial overconfident severer when such characteristic accompany the higher level of REM, which can be outcome of aggressive business decisions possibly leading to the higher audit risks. We further find that these results are stronger for Big 4 auditors and continuing auditors. This paper contributes to the literature and practice as follows. First, we provide contextual evidence on how auditors reflect managerial characteristics in the audit process by documenting that auditors actively increase their audit efforts only when overconfident managerial characteristics are highly likely to lead to audit risk. This result suggests that auditors conduct external auditing considering both the efficiency and effectiveness of the audit process. Second, we suggest that auditors use information obtained from a wide range of sources to identify audit risks. Our results provide evidence of how the auditing standards, which do not provide detailed guidelines for audit risk assessment, are being applied in practice. Finally, our results also enhance the understanding of how audit fees are determined. Combined with the studies related to audit pricing, we provide the important reference for discussion between the auditor and the auditee about the audit fee that has created acute tension after the enforcement of the new External Audit Act.

• Korean Management Science Review
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• v.28 no.3
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• pp.73-82
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• 2011

Basel II advanced measurement approaches for operational risk need to estimate the frequency and severity distribution of operational losses. Due to lack of internal loss data, the estimation is impossible in many cases and so external loss data might be used by scaling on asset or gross income. To get around lack of loss data, scenario analysis combined with loss distribution approach can be useful in calculating the capital charge of operational risk. However, scenario based loss distribution approach requires much time and effort. Instead we may apply the analytic hierarchy process to measure operational risk of financial institutions. The analytic hierarchy process combined with loss distribution approach is to estimate the capital charge of operational risk in other areas based on the operational VaR in an area with sufficient loss data. AHP provides a tool for timely measurement of operational risk in this rapidly changing global environment.