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Financial and Systematic Risks of Enterprises
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Financial and Systematic Risks of Enterprises

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 (15 July 2022) | Viewed by 23370

Special Issue Editors

Prof. Dr. Tomas Kliestik

E-Mail Website
Guest Editor
Faculty of Operation and Economics of Transport and Communications, University of Zilina, Univerzitna 1, 010 26 Zilina, Slovakia
Interests: financial management; behavioral finance; econometric models; credit risk
Special Issues, Collections and Topics in MDPI journals
Dr. Katarina Valaskova

E-Mail Website
Guest Editor
Faculty of Operation and Economics of Transport and Communications, University of Zilina, Univerzitna 1, 010 26 Zilina, Slovakia
Interests: international financial markets; behavioural decision making; risk modelling; risk analysis; financial statistics
Special Issues, Collections and Topics in MDPI journals
Dr. Lucia Svabova

E-Mail Website1 Website2
Guest Editor
Department of Economics, Faculty of Operation and Economics of Transport and Communications, University of Zilina, 010 26 Zilina, Slovak Republic
Interests: data analysis; statistical analysis; econometrics; counterfactual evaluations; financial derivatives
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Risk and uncertainty are key attributes of all human activities, especially business ones. Research and development of new products, the introduction of modern technologies, entrances to new markets, mergers and acquisitions, large investment projects, corporate restructuring, etc. are examples of activities whose future results are uncertain and may deviate from planned or anticipated results. A prerequisite for a prosperous business is a successful risk management, so risk analysis in the current global and dynamically changing market environment has become an integral part of business analysis. The importance of the financial and systematic risks management is intensified in the current conditions, when the global spread of COVID-19 is affecting the enterprises; knowing how to reduce the accompanying risks is key.

This Special Issue is particularly interested in papers focusing on (1) entrepreneurship in small and medium-sized enterprises; (2) mathematical modeling in economics and management; and (3) impact of COVID-19 on the operation of enterprises.

We invite authors to contribute original research articles in theory, practice, and applications on financial and systematic risks of enterprises with emphasis on the invisible business risks of COVID-19. All submissions must contain original unpublished work not being considered for publication elsewhere.

Prof. Dr. Tomas Kliestik
Dr. Katarina Valaskova
Dr. Lucia Svabova
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 submissions that pass pre-check are 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 1400 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

  • Small and medium-sized enterprises
  • Entrepreneurship
  • Financial markets
  • COVID-19
  • Financial structure
  • Systematics risks
  • Risk management
  • Regional economic growth
  • Economic development
  • International studies
  • Emerging countries
  • Corporate finance
  • Mathematical modeling
  • Consumer behavior
  • Organizational behavior
  • Innovation management
  • Transfer pricing
  • Earnings management

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (5 papers)

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Research

13 pages, 875 KiB  
Article
Shopping Behavior in the Context of the Digital Economy
by Katarina Repkova Stofkova, Dominik Laitkep and Zuzana Stofkova
J. Risk Financial Manag. 2022, 15(2), 39; https://doi.org/10.3390/jrfm15020039 - 18 Jan 2022
Cited by 8 | Viewed by 5290
Abstract
Consumers shop to meet their needs. When buying, they always compare and evaluate the available alternatives to the goods. The purchasing process involves various factors. These factors can also be described as attributes that can affect consumers during the purchasing process. Identifying important [...] Read more.
Consumers shop to meet their needs. When buying, they always compare and evaluate the available alternatives to the goods. The purchasing process involves various factors. These factors can also be described as attributes that can affect consumers during the purchasing process. Identifying important attributes can be really challenging for the digital economy and global markets. Most retailers do not have accurate knowledge of the attitudes and characteristics of their customers, which greatly affects purchasing processes. Combining accurate knowledge of the combination of attributes can increase revenue and improve retailers’ market position. The aim of this paper is to present the results of primary research, processed by reducing the number of attributes influencing purchasing behavior using factor analysis. The target group of the primary research was women who bought mostly online. The most important factors influencing women’s shopping behavior are traditional influences such as online payment for orders, diversity of delivery options, nicely crafted sites, and store reviews, but also the influences of social networks. Another important factor is the possibility of in-store purchases and payments for cash purchases. The results of this research will complement the view of women’s consumer behavior, thus creating the conditions for retailers to react to this target group. Full article
(This article belongs to the Special Issue Financial and Systematic Risks of Enterprises)
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12 pages, 283 KiB  
Article
Creative Accounting and the Possibility of Its Detection in the Evaluation of the Company by Expert
by Eva Adámiková and Tatiana Čorejová
J. Risk Financial Manag. 2021, 14(7), 327; https://doi.org/10.3390/jrfm14070327 - 15 Jul 2021
Cited by 11 | Viewed by 2873
Abstract
The value of the company is influenced by a large group of factors that experts should take into account, in the evaluation process, and incorporate into their calculations. The paper is based on the knowledge and experience gained from more than 15 years [...] Read more.
The value of the company is influenced by a large group of factors that experts should take into account, in the evaluation process, and incorporate into their calculations. The paper is based on the knowledge and experience gained from more than 15 years of forensic practice and more than 60 expert opinions related to determining the value of the company. It clearly states, in selected two representative companies, how significantly creative accounting can influence the final value of the company. Therefore, it is necessary to think about how to eliminate these possible interventions in the process of valuing the company. Background: Creative accounting is an important issue that is being addressed worldwide. It can have significant impacts in many areas, but in the article, we focus specifically on the area of determining the value of the company in the companies of the Slovak Republic. Methods: Several methods are used, such as specifically selected methods of creative accounting, methods of determining the general value of the company’s assets, specifically the property method, and the business method were applied to companies. Subsequently, selected methods of determining creative accounting were used in the work. The Beneish model and the Piotroski model were selected for the needs of the expert’s methodological procedures. Results: From all the findings in our study, it follows that interventions in accounting can have a significant impact on the resulting value of the company. It depends on what kind of intervention is applied to the accounts and whether the expert is able to detect it. Conclusions: The result of the research, which is described in the article, is a proposal for the use of selected methods of detection of creative accounting by experts in the evaluation process. The paper proposes a coefficient of creative accounting, which adjusts the resulting value of the company. It is the first design created by longer-term research. In the process of determining the value of the company in the conditions of the Slovak Republic, interventions of this kind have not yet been applied to the final value. The proposed coefficient is one of several proposals that were the result of the dissertation. Full article
(This article belongs to the Special Issue Financial and Systematic Risks of Enterprises)
23 pages, 928 KiB  
Article
The Impact of Institutional Dimensions on Entrepreneurial Intentions of Students—International Evidence
by Yassine Bakkar, Susanne Durst and Wolfgang Gerstlberger
J. Risk Financial Manag. 2021, 14(4), 174; https://doi.org/10.3390/jrfm14040174 - 10 Apr 2021
Cited by 4 | Viewed by 3789
Abstract
Acknowledging the role of different forms of entrepreneurship to continued economic prosper-ity and the role of institutional dimensions on entrepreneurship, this paper investigates if and to what extent a selected number of institutional dimensions influence students’ intentions to ei-ther start a company or [...] Read more.
Acknowledging the role of different forms of entrepreneurship to continued economic prosper-ity and the role of institutional dimensions on entrepreneurship, this paper investigates if and to what extent a selected number of institutional dimensions influence students’ intentions to ei-ther start a company or take over an existing one. Based on a Global University Entrepreneurial Spirit Students’ Survey (GUESS) dataset and international country-level databases, evidence shows that both entrepreneurship options are hampered by corruption and limited business freedom while promoted through favourable labour regulations and trade freedom. Property rights, fiscal freedom, government spending, monetary freedom, and investment freedom only affect start-ups, while financial freedom adversely affects both options. The study provides new insight into the impact of institutional dimensions on different types of entrepreneurship. Thus, in contrast to extant research in this area, it goes beyond the typical focus on start-ups. Evidence also suggests that male students prefer starting a new company, while female students seem to prefer a takeover. This improved understanding could help in not only designing more targeted entrepreneurship and entrepreneurial financing policies but also in improving entrepreneurship education. Full article
(This article belongs to the Special Issue Financial and Systematic Risks of Enterprises)
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15 pages, 1814 KiB  
Article
Portfolio Optimalization on Digital Currency Market
by Jaroslav Mazanec
J. Risk Financial Manag. 2021, 14(4), 160; https://doi.org/10.3390/jrfm14040160 - 3 Apr 2021
Cited by 8 | Viewed by 5552
Abstract
Virtual currency represents a specific technological innovation on financial markets. Bitcoin and other cryptocurrencies are popular alternatives to traditional cash and investment. We indicate a research gap in the literature review. We find out that current research focused rarely on portfolio diversification using [...] Read more.
Virtual currency represents a specific technological innovation on financial markets. Bitcoin and other cryptocurrencies are popular alternatives to traditional cash and investment. We indicate a research gap in the literature review. We find out that current research focused rarely on portfolio diversification using bibliographic analysis in VOSviewer. We think that portfolio diversification is extremely important on the crypto market for most investors because virtual currencies are very risky compared to traditional assets. The primary aim is to construct an optimal portfolio consisting of several cryptocurrencies without traditional assets using a modern theory portfolio. The total sample consists of 16 virtual currencies from 1 October 2017 to 13 January 2020. We mainly obtain historical data on the daily close price of cryptocurrencies from Yahoo Finance. The results show that the optimal portfolio using Markowitz approach consists of Cardano, Binance Coin, and Bitcoin. In addition, virtual currencies are moderately Correlated, with the exception of Tether based on correlation analysis. The high correlation is dangerous for cryptocurrency in portfolio diversification. However, Tether is an atypical virtual currency compared to other cryptocurrencies. Full article
(This article belongs to the Special Issue Financial and Systematic Risks of Enterprises)
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19 pages, 1705 KiB  
Article
Creative Accounting as an Apparatus for Reporting Profits in Agribusiness
by Roman Blazek, Pavol Durana and Katarina Valaskova
J. Risk Financial Manag. 2020, 13(11), 261; https://doi.org/10.3390/jrfm13110261 - 30 Oct 2020
Cited by 17 | Viewed by 4544
Abstract
The economic results of a company are an important tool for many entities, e.g., for internal entities as well as for external entities. As the economic results of a company are often the only source of information that informs the company’s partners about [...] Read more.
The economic results of a company are an important tool for many entities, e.g., for internal entities as well as for external entities. As the economic results of a company are often the only source of information that informs the company’s partners about the managerial activities of their company, it is necessary to present these economic results using real numbers. However, companies prefer to achieve better results by applying the principles of creative accounting, which leads to improved economic values being shown to be achieved during an accounting period. The purpose of this article is to apply models that have been developed to detect creative accounting, which occurs under conditions that help enterprises to adjust their financial statements and tax bases and involves using creative accounting techniques to become competitive or to be able to take advantage of deductions. These models were applied to the Slovak Republic’s agriculture, forestry, and fishing sector (sector A), which is highly affected by earnings manipulation. This article provides a numerical expression of companies, which were previously, with some probability level, involved in conducting financial statement manipulation. Subsequently, the results that were obtained have been displayed using receiver operating characteristic (ROC) curves. The outputs of the analysis show that a large proportion of the companies in this sector tend to use creative accounting, which is not only harmful for entrepreneurs and their business partners in sector A, but also for the Slovak Republic at large, as the Slovak government cannot determine whether the reported accounting results reflect a company’s real financial situation. Full article
(This article belongs to the Special Issue Financial and Systematic Risks of Enterprises)
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