Search results for: Financial Risk

Authors: Roman Graf, Sergiu Gordea, Heather M. Ryan

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This paper presents an approach for easy creation and classification of institutional risk profiles supporting endangerment analysis of file formats. The main contribution of this work is the employment of data mining techniques to support set up of the most important risk factors. Subsequently, risk profiles employ risk factors classifier and associated configurations to support digital preservation experts with a semi-automatic estimation of endangerment group for file format risk profiles. Our goal is to make use of an expert knowledge base, accuired through a digital preservation survey in order to detect preservation risks for a particular institution. Another contribution is support for visualisation of risk factors for a requried dimension for analysis. Using the naive Bayes method, the decision support system recommends to an expert the matching risk profile group for the previously selected institutional risk profile. The proposed methods improve the visibility of risk factor values and the quality of a digital preservation process. The presented approach is designed to facilitate decision making for the preservation of digital content in libraries and archives using domain expert knowledge and values of file format risk profiles. To facilitate decision-making, the aggregated information about the risk factors is presented as a multidimensional vector. The goal is to visualise particular dimensions of this vector for analysis by an expert and to define its profile group. The sample risk profile calculation and the visualisation of some risk factor dimensions is presented in the evaluation section.

Keywords: linked open data, information integration, digital libraries, data mining.

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Authors: Hromada Martin

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Risk analysis is considered as a fundamental aspect relevant for ensuring the level of critical infrastructure protection, where the critical infrastructure is seen as system, asset or its part which is important for maintaining the vital societal functions. Article actually discusses and analyzes the potential application of selected tools of information support for the implementation and within the framework of risk analysis and critical infrastructure protection. Use of the information in relation to their risk analysis can be viewed as a form of simplifying the analytical process. It is clear that these instruments (information support) for these purposes are countless, so they were selected representatives who have already been applied in the selected area of critical infrastructure, or they can be used. All presented fact were the basis for critical infrastructure resilience evaluation methodology development.

Keywords: Critical infrastructure, Protection, Resilience, Risk Analysis.

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Authors: S. Kotsiantis, E. Koumanakos, D. Tzelepis, V. Tampakas

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This paper explores the effectiveness of machine learning techniques in detecting firms that issue fraudulent financial statements (FFS) and deals with the identification of factors associated to FFS. To this end, a number of experiments have been conducted using representative learning algorithms, which were trained using a data set of 164 fraud and non-fraud Greek firms in the recent period 2001-2002. The decision of which particular method to choose is a complicated problem. A good alternative to choosing only one method is to create a hybrid forecasting system incorporating a number of possible solution methods as components (an ensemble of classifiers). For this purpose, we have implemented a hybrid decision support system that combines the representative algorithms using a stacking variant methodology and achieves better performance than any examined simple and ensemble method. To sum up, this study indicates that the investigation of financial information can be used in the identification of FFS and underline the importance of financial ratios.

Keywords: Machine learning, stacking, classifier.

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Authors: Monica Dudian , Raluca Andreea Popa

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This article analyses the relationship between sovereign credit risk rating and gross domestic product for Central and Eastern European Countries for the period 1996 – 2010. In order to study the metioned relationship, we have used a numerical transformation of the risk qualification, thus: we marked 0 the lowest risk; then, we went on ascending, with a pace of 5, up to the score of 355 corresponding to the maximum risk. The used method of analysis is that of econometric modelling with EViews 7.0. programme. This software allows the analysis of data into a pannel type system, involving a mix of periods of time and series of data for different entities. The main conclusion of the work is the one confirming the negative relationship between the sovereign credit risk and the gross domestic product for the Central European and Eastern countries during the reviewed period.

Keywords: credit rating agencies, economic growth, gross domestic product, sovereign credit risk rating.

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Authors: Mohammed Sani Abdulai

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Ghana’s Public Financial Management reforms have been going on for some two decades now (1997/98 to 2017/18). Given this long period of reforms, Ghana in 2019 is putting together both a Public Financial Management (PFM) strategy and a Ghana Integrated Financial Management Information System (GIFMIS) strategy for the next 5-years (2020-2024). The primary aim of these dual strategies is assisting the country in moving beyond reforms to consolidation and sustainability. In this paper we, first, examined the evolution of Ghana’s PFM reforms. We, secondly, reviewed the legal and institutional reforms undertaken to strengthen the country’s key PFM institutions. Thirdly, we summarized the strengths and weaknesses identified by the 2018 Public Expenditure and Financial Accountability (PEFA) assessment of Ghana’s PFM system relating to its macro-fiscal framework, budget preparation and approval, budget execution, accounting and fiscal reporting as well as external scrutiny and audit. We, finally, considered what the country should be doing to achieve its intended goal of PFM consolidation and sustainability. Using a qualitative method of review and analysis of existing documents, we, through this paper, brought to the fore the lessons that could be learnt by other developing countries from Ghana’s PFM reforms experiences. These lessons included the need to: (a) undergird any PFM reform with a comprehensive PFM reform strategy; (b) undertake a legal and institutional reforms of the key PFM institutions; (c) assess the strengths and weaknesses of those reforms using PFM performance evaluation tools such as PEFA framework; and (d) move beyond reforms to consolidation and sustainability.

Keywords: Public financial management, public expenditure and financial accountability (PEFA), reforms, consolidation, sustainability.

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Authors: Avelino Mondlane, Karin Hansson, Oliver Popov, Xavier Muianga

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This paper discusses the role and importance of Information and Communication Technologies (ICT) and social Networking (SN) in the process of decision making for Flood Risk and Knowledge Management Strategies. We use Mozambique Red Cross (CVM) as the case study and further more we address scenarios for flood risk management strategies, using earlier warning and social networking and we argue that a sustainable desirable stage of life can be achieved by developing scenario strategic planning based on backcasting.

Keywords: ICT, KM, scenario planning, backcasting and flood risk management.

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Authors: Atousa Khodadadyan, Gabe Mythen, Hirbod Assa, Beverley Bishop

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Risk assessment and the knowledge provided through this process is a crucial part of any decision-making process in the management of risks and uncertainties. Failure in assessment of risks can cause inadequacy in the entire process of risk management, which in turn can lead to failure in achieving organisational objectives as well as having significant damaging consequences on populations affected by the potential risks being assessed. The choice of tools and techniques in risk assessment can influence the degree and scope of decision-making and subsequently the risk response strategy. There are various available qualitative and quantitative tools and techniques that are deployed within the broad process of risk assessment. The sheer diversity of tools and techniques available to practitioners makes it difficult for organisations to consistently employ the most appropriate methods. This tools and techniques adaptation is rendered more difficult in public risk regulation organisations due to the sensitive and complex nature of their activities. This is particularly the case in areas relating to the environment, food, and human health and safety, when organisational goals are tied up with societal, political and individuals’ goals at national and international levels. Hence, recognising, analysing and evaluating different decision support tools and techniques employed in assessing risks in public risk management organisations was considered. This research is part of a mixed method study which aimed to examine the perception of risk assessment and the extent to which organisations practise risk assessment’ tools and techniques. The study adopted a semi-structured questionnaire with qualitative and quantitative data analysis to include a range of public risk regulation organisations from the UK, Germany, France, Belgium and the Netherlands. The results indicated the public risk management organisations mainly use diverse tools and techniques in the risk assessment process. The primary hazard analysis; brainstorming; hazard analysis and critical control points were described as the most practiced risk identification techniques. Within qualitative and quantitative risk analysis, the participants named the expert judgement, risk probability and impact assessment, sensitivity analysis and data gathering and representation as the most practised techniques.

Keywords: Decision-making, public risk management organisations, risk assessment, tools and techniques.

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Authors: B. O. Diyaolu, O. O. Oyerinde

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This study examined the effect of sexuality education training programs on the knowledge and practice of sexual risk behavior among secondary school adolescents in Ibadan North Local Government area of Oyo State. A total of 105 students were sampled from two schools in the Local Government area. 70 students constituted the experimental group while 35 constituted the control group. Pretest-Posttest control group quasi-experimental design was adopted. A self-developed questionnaire was used to test participants’ knowledge and practice of sexual risk behavior before and after the training (α = .62, .82 and .74). Analysis indicated a significant effect of sexuality education training on participants’ knowledge and practice of sexual risk behavior, a significant gender difference in knowledge of sexual risk behavior but no significant age and gender difference in the practice of sexual risk behavior. It was thus concluded that sexuality education should be taught in schools and emphasized at homes with no age or gender restrictions.

Keywords: Early adolescent, health risk, sexual risk behavior, sexuality education.

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Fractional quadratic programming, Markowitz model, Portfolio optimization, Transaction costs.

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Authors: Hsiu-Pi Lin, Wen-Chen Huang, Hui-Fang Chen, Yan-Pin Ke

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Corporate Social Responsibility (CSR) has become a new trend of business governance. Few research studies on CSR published in Taiwanese academia, especially for medical settings, we were interested in probing the relationship of CSR and financial performance in medical settings in Taiwan. The results illustrate that: (1) a time delay effect exists with a lag between CSR effort and its performance in the hospital foundation, (2) input into the internal domains of CSR will be helpful to improve employee productivity in the hospital foundation, and (3) input into the external domains of CSR will be helpful in improving financial performance in the hospital foundation. This study overviews CSR in the medical industry in Taiwan and the relationship of CSR and financial performance. Discussions of possible implications from the study results are applied to consult the CSR concept that will be transferred into a business strategy for the organization manager.

Keywords: Corporate Social Responsibility (CSR), financialperformance, hospital foundation,

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Authors: Ali E. Abbas

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This paper highlights some of the normative issues that might result by setting independent thresholds in risk analyses and particularly with safety regions. A second objective is to explain how such regions can be specified appropriately in a meaningful way. We start with a review of the importance of setting deterministic trade-offs among target requirements. We then show how to determine safety regions for risk analysis appropriately using utility functions.

Keywords: Decision analysis, thresholds, risk, reliability.

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Authors: Vladimir Simovic, Matija Varga, Predrag Oreski

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XHTML and XBRL are the standard languages for creating a database for the purpose of displaying financial statements on web applications. Today, XBRL is one of the most popular languages for business reporting. A large number of countries in the world recognize the role of XBRL language for financial reporting and the benefits that the reporting format provides in the collection, analysis, preparation, publication and the exchange of data (information) which is the positive side of this language. Here we present all advantages and opportunities that a company may have by using the XBRL format for business reporting. Also, this paper presents XBRL and other languages that are used for creating the database, such XML, XHTML, etc. The role of the AJAX complex model and technology will be explained in detail, and during the exchange of financial data between the web client and web server. Here will be mentioned basic layers of the network for data exchange via the web.

Keywords: XHTML, XBRL, XML, JavaScript, AJAX technology, data exchange.

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Authors: Petr Seďa

Abstract:

This paper deals with heterogeneous autoregressive models of realized volatility (HAR-RV models) on high-frequency data of stock indices in the USA. Its aim is to capture the behavior of three groups of market participants trading on a daily, weekly and monthly basis and assess their role in predicting the daily realized volatility. The benefits of this work lies mainly in the application of heterogeneous autoregressive models of realized volatility on stock indices in the USA with a special aim to analyze an impact of the global financial crisis on applied models forecasting performance. We use three data sets, the first one from the period before the global financial crisis occurred in the years 2006-2007, the second one from the period when the global financial crisis fully hit the U.S. financial market in 2008-2009 years, and the last period was defined over 2010-2011 years. The model output indicates that estimated realized volatility in the market is very much determined by daily traders and in some cases excludes the impact of those market participants who trade on monthly basis.

Keywords: Global financial crisis, heterogeneous autoregressive model, in-sample forecast, realized volatility, U.S. stock market.

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Authors: MP. Mulaudzi, MA. Petersen, J. Mukuddem-Petersen , IM. Schoeman, B. de Waal, JM. Manale

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This conference paper discusses a risk allocation problem for subprime investing banks involving investment in subprime structured mortgage products (SMPs) and Treasuries. In order to solve this problem, we develop a L'evy process-based model of jump diffusion-type for investment choice in subprime SMPs and Treasuries. This model incorporates subprime SMP losses for which credit default insurance in the form of credit default swaps (CDSs) can be purchased. In essence, we solve a mean swap-at-risk (SaR) optimization problem for investment which determines optimal allocation between SMPs and Treasuries subject to credit risk protection via CDSs. In this regard, SaR is indicative of how much protection investors must purchase from swap protection sellers in order to cover possible losses from SMP default. Here, SaR is defined in terms of value-at-risk (VaR). Finally, we provide an analysis of the aforementioned optimization problem and its connections with the subprime mortgage crisis (SMC).

Keywords: Investors; Jump Diffusion Process, Structured Mortgage Products, Treasuries, Credit Risk, Credit Default Swaps, Tranching Risk, Counterparty Risk, Value-at-Risk, Swaps-at-Risk, Subprime Mortgage Crisis.

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Authors: Gabriela-Andreea Despescu, Mădălina-Elena Mavrodin, Gheorghe Lăzăroiu, Florin Adrian Grădinaru

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The purpose of this paper is to contribute to the enhancement of a hydroelectric plant protection by coordinating protection measures / existing security and introducing new measures under a risk management process. In addition, plan identifies key critical elements of a hydroelectric plant, from its level vulnerabilities and threats it is subjected to in order to achieve the necessary protection measures to reduce the level of risk.

Keywords: Critical infrastructure, risk analysis, critical infrastructure protection, vulnerability, risk management, turbine, Impact analysis.

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Authors: Hasimah Sapiri, Anton Abdulbasah Kamil, Razman Mat Tahar, Hanafi Tumin

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Salary risk and demographic risk have been identified as main risks in analyzing pension expenditure particularly in Defined Benefit pension plan. Therefore, public pension plan in Malaysia is studied to analyze pension expenditure due to salary and demographic risk. Through the literature review and interview session with several officers in public sector, factors affecting pension expenditure are determined. Then, the inter-relationships between these factors are analyzed through causal loop diagram. The System Dynamics model is later developed using iThink software to show how demographic and salary changes affect the pension expenditure. Then, by using actual data, the impact of different policy scenarios on pension expenditure is analyzed. It is shown that dynamics simulation model of pension expenditure is useful to evaluate the impact of changes and policy decisions on risk particularly involving demographic and salary risk.

Keywords: Demographic and Salary risk, Pension Expenditure, Public Policy, System Dynamics.

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Authors: R. A. Temah, L. A. Nkengla-Asi

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Planning for future disasters sets the stage for a variety of activities that may trigger multiple recurring operations and expose the community to opportunities to minimize risks. Local communities are increasingly embracing the necessity for planning based on local risks, but are also significantly challenged to effectively plan and response to disasters. This research examines basic risk-based disaster planning model and compares it with advanced risk-based planning that introduces the identification and alignment of varieties of local capabilities within and out of the local community that can be pivotal to facilitate the management of local risks and cascading effects prior to a disaster. A critical review shows that the identification and alignment of capabilities can potentially enhance risk-based disaster planning. A tailored holistic approach to risk based disaster planning is pivotal to enhance collective action and a reduction in disaster collective cost.

Keywords: Capabilities, disaster planning, hazards, local community, risk-based.

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Authors: Gerard E. Sleefe

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There is significant interest in achieving technology innovation through new product development activities. It is recognized, however, that traditional project management practices focused only on performance, cost, and schedule attributes, can often lead to risk mitigation strategies that limit new technology innovation. In this paper, a new approach is proposed for formally managing and quantifying technology innovation. This approach uses a risk-based framework that simultaneously optimizes innovation attributes along with traditional project management and system engineering attributes. To demonstrate the efficacy of the new riskbased approach, a comprehensive product development experiment was conducted. This experiment simultaneously managed the innovation risks and the product delivery risks through the proposed risk-based framework. Quantitative metrics for technology innovation were tracked and the experimental results indicate that the risk-based approach can simultaneously achieve both project deliverable and innovation objectives.

Keywords: innovation, risk assessment, product development, technology management.

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Authors: Ya-Fen Lee, Yun-Yao Chi

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The study aims to explore the relationship between risk perception of rockfall and revisit intention using a Structural Equation Modeling (SEM) analysis. A total of 573 valid questionnaires are collected from travelers to Taroko National Park, Taiwan. The findings show the majority of travelers have the medium perception of rockfall risk, and are willing to revisit the Taroko National Park. The revisit intention to Taroko National Park is influenced by hazardous preferences, willingness-to-pay, obstruction and attraction. The risk perception has an indirect effect on revisit intention through influencing willingness-to-pay. The study results can be a reference for mitigation the rockfall disaster.

Keywords: Risk perception, rockfall, revisit intention, structural equation modeling.

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Authors: Simeon Karafolas, Maciej Woźniak

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Mostly of public financing programs at national and regional level are funded from European Union sources. EU can participate directly to a national and regional program (example LEADER initiative, URBAN…) or indirectly by funding regional or national funds.Funds from European Union are provided from EU multiannual financial framework form which the annual budget is programmed. The adjusted program 2007-2013 of the EU considered commitments of almost 1 trillion Euros for the EU-28 countries. Provisions of the new program 2014-2020 consider commitments of more than 1 trillion Euros. Sustainable growth, divided to Cohesion and Competitiveness for Growth an Employment, is one of the two principal categories; the other is the preservation and management of natural resources.Through this financing process SMEs benefited of EU and public sources by receiving grants for their investments. Most of the financial instruments are available indirectly through the national financial intermediaries. Part of them is managed by the European Investment Fund.The paper focuses on the public financing to SMEs by examining case studies on divers forms of public help. It tries to distinguish the efficiency of the examined good practices and therefore try to have some conclusions on the possibility of application to other regions.

Keywords: DIFASS, financing, grants, SMEs.

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Authors: Morakot Worachairungreung

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The objectives of the research are to study patterns of fire location distribution and develop techniques of Geographic Information System application in fire risk assessment for fire planning and management. Fire risk assessment was based on two factors: the vulnerability factor such as building material types, building height, building density and capacity for mitigation factor such as accessibility by road, distance to fire station, distance to hydrants and it was obtained from four groups of stakeholders including firemen, city planners, local government officers and local residents. Factors obtained from all stakeholders were converted into Raster data of GIS and then were superimposed on the data in order to prepare fire risk map of the area showing level of fire risk ranging from high to low. The level of fire risk was obtained from weighted mean of each factor based on the stakeholders. Weighted mean for each factor was obtained by Analytical Hierarchy Analysis.

Keywords: Fire Risk Assessment, Geographic Information System: GIS, Raster Analysis and Analytical Hierarchy Analysis.

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Authors: A. Kablan

Abstract:

The prediction of financial time series is a very complicated process. If the efficient market hypothesis holds, then the predictability of most financial time series would be a rather controversial issue, due to the fact that the current price contains already all available information in the market. This paper extends the Adaptive Neuro Fuzzy Inference System for High Frequency Trading which is an expert system that is capable of using fuzzy reasoning combined with the pattern recognition capability of neural networks to be used in financial forecasting and trading in high frequency. However, in order to eliminate unnecessary input in the training phase a new event based volatility model was proposed. Taking volatility and the scaling laws of financial time series into consideration has brought about the development of the Intraday Seasonality Observation Model. This new model allows the observation of specific events and seasonalities in data and subsequently removes any unnecessary data. This new event based volatility model provides the ANFIS system with more accurate input and has increased the overall performance of the system.

Keywords: Adaptive Neuro-fuzzy Inference system, High Frequency Trading, Intraday Seasonality Observation Model.

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Authors: Maithem Al-Saadi, Min An

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During airport planning and design stages, the major issues of capacity and safety in construction and operation of an airport need to be taken into consideration. The airside of an airport is a major and critical infrastructure that usually consists of runway(s), taxiway system, and apron(s) etc., which have to be designed according to the international standards and recommendations, and local limitations to accommodate the forecasted demands. However, in many cases, airport airsides are suffering from unexpected risks that occurred during airport operations. Therefore, safety risk assessment should be applied in the planning and design of airsides to cope with the probability of risks and their consequences, and to make decisions to reduce the risks to as low as reasonably practicable (ALARP) based on safety risk assessment. This paper presents a combination approach of Failure Modes, Effect, and Criticality Analysis (FMECA), Fuzzy Reasoning Approach (FRA), and Fuzzy Analytic Hierarchy Process (FAHP) to develop a risk analysis model for safety risk assessment. An illustrated example is used to the demonstrate risk assessment process on how the design of an airside in an airport can be analysed by using the proposed safety design risk assessment model.

Keywords: Airport airside planning and design, design for safety, fuzzy reasoning approach, fuzzy AHP, risk assessment.

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Authors: Chung-Hung Tsai

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Global environmental changes lead to increased frequency and scale of natural disaster, Taiwan is under the influence of global warming and extreme weather. Therefore, the vulnerability was increased and variability and complexity of disasters is relatively enhanced. The purpose of this study is to consider the source and magnitude of hazard characteristics on the tourism industry. Using modern risk management concepts, integration of related domestic and international basic research, this goes beyond the Taiwan typhoon disaster risk assessment model and evaluation of loss. This loss evaluation index system considers the impact of extreme weather, in particular heavy rain on the tourism industry in Taiwan. Consider the extreme climate of the compound impact of disaster for the tourism industry; we try to make multi-hazard risk assessment model, strategies and suggestions. Related risk analysis results are expected to provide government department, the tourism industry asset owners, insurance companies and banking include tourist disaster risk necessary information to help its tourism industry for effective natural disaster risk management.

Keywords: Tourism industry, extreme weather, multi-hazard, vulnerability analysis, loss exceeding probability, risk management.

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Authors: Jadwiga Królikowska, Andrzej Królikowski, Jarosław Bajer

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The work delineates the threats of maladjustment of the capacity of rain canals, designed and built in the early 20th century, in connection to heavy rainfall, especially in summer. This is the cause of the so called 'urban floods.' It directly relates to fierce raise of paving in the cities. Resolving this problem requires a change in philosophy of draining the rainfall by wider use of retention, infiltration and usage of rainwater.

In systemic approach to managing the safety of urban drainage systems the risk, which is directly connected to safety failures, has been accepted as a measure. The risk level defines the probability of occurrence of losses greater than the ones forecast for a given time frame. The procedure of risk modelling, enabling its numeric analysis by using appropriate weights, is a significant issue in this paper.

Keywords: Drainage system, urban areas, risk measurement.

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Authors: Siripen Yiamjanya, Kevin Wongleedee

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Food safety is an important concern for holiday makers in foreign and unfamiliar tourist destinations. In fact, risk from food in these tourist destinations has an influence on tourist perception. This risk can potentially affect physical health and lead to an inability to pursue planned activities. The objective of this paper was to compare foreign tourists- demographics including gender, age and education level, with the level of perceived risk towards food safety. A total of 222 foreign tourists during their stay at Khao San Road in Bangkok were used as the sample. Independent- samples ttest, analysis of variance, and Least Significant Difference or LSD post hoc test were utilized. The findings revealed that there were few demographic differences in level of perceived risk among the foreign tourists. The post hoc test indicated a significant difference among the old and the young tourists, and between the higher and lower level of education. Ranks of tourists- perceived risk towards food safety unveiled some interesting results. Tourists- perceived risk of food safety in established restaurants can be ranked as i) cleanliness of dining utensils, ii) sanitation of food preparation area, and iii) cleanliness of food seasoning and ingredients. Whereas, the tourists- perceived risk of food safety in street food and drink can be ranked as i) cleanliness of stalls and pushcarts, ii) cleanliness of food sold, and iii) personal hygiene of street food hawkers or vendors.

Keywords: Food Safety, Foreign Tourists, Perceived Risk, Khao San Road.

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Authors: Kateřina Struhařová

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The paper gives the evidence of quality of accounting information of Czech private companies. In general the private companies in the Czech Republic do not see the benefits of providing accounting information of high quality. Based on the research of financial statements of entrepreneurs and companies in Zlin region it was confirmed that the quality of accounting information differs among the private entities and that the major impact on the accounting information quality has the fact if the financial statements are audited as well as the size of the entity. Also the foreign shareholders and lenders have some impact on the accounting information quality.

Keywords: Accounting information quality, Financial Statements, Czech Republic.

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Authors: M. Ndaw, G. Mendy, S. Ouya

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Information system risk management helps to reduce or eliminate risk by implementing appropriate controls. In this paper, we propose a quantification model of controls impact on information system risks by automatizing the residual criticality estimation step of FMECA which is based on a inductive reasoning. For this, we defined three equations based on type and maturity of controls. For testing, the values obtained with the model were compared to estimated values given by interlocutors during different working sessions and the result is satisfactory. This model allows an optimal assessment of controls maturity and facilitates risk analysis of information system.

Keywords: Information System, Risk, Control, FMECA.

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Authors: Mouna Benfssahi, Zoubir El Felsoufi

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For many enterprises, the delocalization of a part or the totality of their supply chain to low cost countries is the best way to reduce costs and remain competitive against the growing globalized market. This new tendency is driven by logistics advantages, as well as, financial and tax discount offered by the host countries. The objective of this article is to examine the new financial challenges introduced by the project of base erosion and profits shifting (BEPS), published in 2015, and also their impact on the decision of delocalization. In fact, the strategy adopted by multinational firms for determining the transfer price (TP) of goods and services, as well as the shared amount of revenues and expenses have a major impact upon group profit and may contribute to divergent results. In order to get more profit, a coherent decision of delocalization should be based on an evaluation of all the operational and financial characteristics associated with such movement. Therefore, it is interesting to model these new constraints and integrate them in a more global decision model. The established model will enable to measure how much these financial constraints impact the decision of delocalization and will give new helpful directives for enterprise managers.

Keywords: Delocalization, intragroup transaction, multinational firms, optimization model, supply chain management, transfer pricing.

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Authors: Hasnida Abdul Wahab, Shahrina Md Nordin, Lai Fong Woon, Hasrina Mustafa

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There has been a growing emphasis in communication management from simple coordination of promotional tools to a complex strategic process. This study will examine the current marketing communications and engagement strategies used in addressing the key stakeholders. In the case of fertilizer industry in Malaysia, there has been little empirical research on stakeholder communication when major challenges facing the modern corporation is the need to communicate its identity, its values and products in order to distinguish itself from competitors. The study will employ both quantitative and qualitative methods and the use of Structural Equation Modeling (SEM) to establish a causal relationship amongst the key factors of stakeholder communication strategies and increment in consumers- choice/acceptance and impact on financial performance. One of the major contributions is a conceptual framework for communication strategies and engagement in increasing consumers- acceptance level and the firm-s financial performance.

Keywords: Consumers' acceptance, financial performance, stakeholder communication strategies.

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