Current Issue : July - September Volume : 2015 Issue Number : 3 Articles : 4 Articles
As part of his Ph.D. studies, the author researches risk management in project business and focuses on the construction industry. This paper deals with the intra-company organization of risk management. In particular, it examines advantages and disadvantages of centralization and decentralization of risk management. First, the paper deals with various aspects of risk management on theoretical level, ways of organizing risk management structures and relating decision criteria as well as the relevant tasks of specialist departments. Methodology of further research is based on a case study that explores details of centralization and decentralization in business practice. In the center of the case study is the company Bilfinger Berger Civil, a large, international construction company, which is an active player in the project business and has already carried out a variety of construction projects successfully. On the one hand, the company units and persons involved in Bilfinger�s risk management are introduced; on the other hand the tasks of the Group�s centralized departments are illuminated in detail. This includes the Corporate Legal, Internal Auditing, Corporate Treasury, Group Controlling and Project Controlling departments. The risk management of Bilfinger Berger Civil is finally assessed in form of a summary. As a main result the reader gains information about theories on structuring risk management within business companies and numerous impressions on the practical application in a real construction company....
This paper proposes a fuzzy binomial valuation model to estimate leveraged firm value while\nconditioning its continuity or liquidation in cash flow generation after taxes to attend debt\npayments. It includes two triangular fuzzy variables. Thus, we incorporate ambiguity in the\nfirm valuation process characterized by uncertainty in projections of both growth and\nfinancial costs. Our proposed model is presented, developed, and exemplified through a case\nwhich results complement both the DCF (under the adjusted present value) and the traditional\nreal option binomial method. This occurs because, in one hand, DCF method assumes\ndecisions� irreversibility and operating firms� situation. On the other hand, traditional\nbinomial model weakens previous restrictions but does not incorporate ambiguous variables\nin the analysis. Hence, fuzzy logic applied to option models allows us to complement\nprobabilistic valuation approach working on a frame of possibilities....
Despite the significance of effective risk management practices in deepening prudent\nfinancial management in Ghana's Rural and Community Banks (RCBs) there appear to be a\npaucity of empirical studies highlighting the various kinds of risks faced by RCBs. Such\nstudies will enhance RCBs understanding of the extent to which Ghana's RCBs operations are\naffected by ineffective risk management practices. The purpose of this paper therefore is to\nexamine the extent to which Ghanaian Rural and Community Banks deploy risk management\npractices in addressing the types of risk affecting their operations using data through a survey\ninvolving respondents from Rural and Community Banks and Bank of Ghana/ARB Apex\nbank. The study uses primary data collected through survey questionnaire from respondents\nsampled from the RCBs and the Bank of Ghana/ARB/Apex Bank. The research also uses\nsecondary data collected from the ARB/Apex Bank quarterly reports on Rural and\nCommunity Banks operations in Ghana. Our empirical findings indicate that credit risk,\nliquidity risk, operational risk and legal /regulatory risk are the major forms of risk affecting\nrural and community banks in Ghana. The paper recommends the enforcement of risk\nmanagement regulations by the ARB Apex Bank and the Bank of Ghana. On the other hand,\nRural and community banks should create risk management department and recruit qualified\nand experience personnel to ensure effective and efficient risk management practices. The\nresearch focused on Rural and Community Banks in Ghana and as such the results may not\nnecessarily represent RCBs in other countries....
This study aims to examine the effects of organizational performance on the relationship between perceived organizational support (POS) and career satisfaction (CSAT) of employees. Our research question facilitates to understand how the interaction between POS and CSAT changes in the process of adaptation to environmental pressures. In order to find answers to our research question we carried out quantitative research and applied questionnaire as our method of data collection. Research sample is constituted with 10 insurance companies and 194 employees working in these companies. At the end of the study, our findings support that perceived organizational support effects career satisfaction more in high performance organizations, compared to low performance organizations....
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