Financial Management and Risk Analysis Strategies for Business Sustainability PDF
Preview Financial Management and Risk Analysis Strategies for Business Sustainability
Financial Management and Risk Analysis Strategies for Business Sustainability Joaquín Enríquez-Díaz University of A Coruña, Spain Laura Castro-Santos University of A Coruña, Spain Félix Puime-Guillén University of A Coruña, Spain A volume in the Advances in Finance, Accounting, and Economics (AFAE) Book Series Published in the United States of America by IGI Global Business Science Reference (an imprint of IGI Global) 701 E. Chocolate Avenue Hershey PA, USA 17033 Tel: 717-533-8845 Fax: 717-533-8661 E-mail: [email protected] Web site: http://www.igi-global.com Copyright © 2021 by IGI Global. All rights reserved. No part of this publication may be reproduced, stored or distributed in any form or by any means, electronic or mechanical, including photocopying, without written permission from the publisher. Product or company names used in this set are for identification purposes only. Inclusion of the names of the products or companies does not indicate a claim of ownership by IGI Global of the trademark or registered trademark. Library of Congress Cataloging-in-Publication Data Names: Enríquez-Díaz, Joaquín, 1991- editor. | Castro-Santos, Laura, editor. | Puime-Guillén, Félix, 1963- editor. Title: Financial management and risk analysis strategies for business sustainability / Joaquín Enríquez-Díaz, Laura Castro-Santos, and Félix Puime-Guillén. Description: Hershey, PA : Business Science Reference, [2021] | Includes bibliographical references and index. | Summary: “This book proposes a series of practical and theoretical perspectives on how the business world has to evolve to adapt the new situation caused by the undeniable climate change, presenting productive processes and the internal organization of companies with the tools to navigate the costly and complex transition”-- Provided by publisher. Identifiers: LCCN 2020049321 (print) | LCCN 2020049322 (ebook) | ISBN 9781799876342 (hardcover) | ISBN 9781799876359 (paperback) | ISBN 9781799876366 (ebook) Subjects: LCSH: Management--Environmental aspects. | Organizational change. | Sustainable development. | Risk management. Classification: LCC HD30.255 .F556 2021 (print) | LCC HD30.255 (ebook) | DDC 658.15--dc23 LC record available at https://lccn.loc.gov/2020049321 LC ebook record available at https://lccn.loc.gov/2020049322 This book is published in the IGI Global book series Advances in Finance, Accounting, and Economics (AFAE) (ISSN: 2327-5677; eISSN: 2327-5685) British Cataloguing in Publication Data A Cataloguing in Publication record for this book is available from the British Library. All work contributed to this book is new, previously-unpublished material. The views expressed in this book are those of the authors, but not necessarily of the publisher. For electronic access to this publication, please contact: [email protected]. Advances in Finance, Accounting, and Economics (AFAE) Book Series Ahmed Driouchi Al Akhawayn University, Morocco ISSN:2327-5677 EISSN:2327-5685 Mission In our changing economic and business environment, it is important to consider the financial changes occurring internationally as well as within individual organizations and business environments. Under- standing these changes as well as the factors that influence them is crucial in preparing for our financial future and ensuring economic sustainability and growth. The Advances in Finance, Accounting, and Economics (AFAE) book series aims to publish com- prehensive and informative titles in all areas of economics and economic theory, finance, and accounting to assist in advancing the available knowledge and providing for further research development in these dynamic fields. Coverage • International Trade IGI Global is currently accepting manuscripts • Economic Policy for publication within this series. To submit a pro- • Finance posal for a volume in this series, please contact our • Economics of Innovation and Knowledge Acquisition Editors at [email protected] • Investments and Derivatives or visit: http://www.igi-global.com/publish/. • Economics of Migration and Spatial Mobility • E-finance • Economic Theory • Economics Geography • Corporate Finance The Advances in Finance, Accounting, and Economics (AFAE) Book Series (ISSN 2327-5677) is published by IGI Global, 701 E. Chocolate Avenue, Hershey, PA 17033-1240, USA, www.igi-global.com. This series is composed of titles available for purchase individually; each title is edited to be contextually exclusive from any other title within the series. For pricing and ordering information please visit http:// www.igi-global.com/book-series/advances-finance-accounting-economics/73685. Postmaster: Send all address changes to above address. © © 2021 IGI Global. All rights, including translation in other languages reserved by the publisher. No part of this series may be reproduced or used in any form or by any means – graphics, electronic, or mechanical, including photocopying, recording, taping, or information and retrieval systems – without written permission from the publisher, except for non commercial, educational use, including classroom teaching purposes. The views expressed in this series are those of the authors, but not necessarily of IGI Global. Titles in this Series For a list of additional titles in this series, please visit: http://www.igi-global.com/book-series/advances-finance-accounting- economics/73685 Comparative Research on Earnings Management, Corporate Governance, and Economic Value Elisabete S. 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701 East Chocolate Avenue, Hershey, PA 17033, USA Tel: 717-533-8845 x100 • Fax: 717-533-8661 E-Mail: [email protected] • www.igi-global.com Editorial Advisory Board José-PabloAbeal-Vázquez,University of A Coruña, Spain BegoñaÁlvarez-García,University of A Coruña, Spain LucíaBoedoVilabella,University of A Coruña, Spain PilarCibránFerráz,University of Vigo, Spain PatriciaCupeiro-López,EASD Ramón Falcon, Spain CeliaFernándezAlvariño,University of A Coruña, Spain MaríaTeresaFernándezRodríguez,University of A Coruña, Spain AlmudenaFilgueiraVizoso,University of A Coruña, Spain AriadnaMonjeAmor,Cesuga, Centro Adscrito Universidad San Jorge, Spain IsabelLamasGaldo,University of A Coruña, Spain RaisaPérezVas,University of Vigo, Spain IreneClaraPisónFernández,University of Vigo, Spain FranciscoRodríguezdePrado,University of Vigo, Spain AndreaRodríguezGonzález,University of A Coruña, Spain SoniaMargaritaRodríguezParada,University of Vigo, Spain IsabelSuárezMassa,University of A Coruña, Spain LauraVarela-Candamio,University of A Coruña, Spain Table of Contents Preface.................................................................................................................................................xiv Section 1 Financial Management and Risk Analysis Chapter 1 TheRoleofFinancialEducationinthePathTowardsSustainableDevelopment:APractical ExperienceWithStudentsofSecondaryEducation...............................................................................1 Raquel González Castro, University of A Coruña, Spain Joaquín Enríquez-Diaz, University of A Coruña, Spain Begoña Alvarez García, University of A Coruña, Spain Chapter 2 RealOptionsfortheValuationofInvestmentProjects:PracticalCase................................................20 Raisa Pérez-Vas, University of Vigo, Spain Chapter 3 ComparativeAnalysisofValueatRisk(VaR)ofMSCI-EMIWithTraditionalTimeSeries MethodsandANN................................................................................................................................34 Emre Çevik, Kırklareli University, Turkey Suzan Kantarcı Savaş, Kırklareli University, Turkey Esin Cumhur Yalçın, Kırklareli University, Turkey Chapter 4 FinancialLiteracyandInnovationPerformanceinSMEs:TheMediatingEffectofRisk-Taking.......58 Marta Campos Valenzuela, University of Malaga, Spain Sofía Louise Martínez-Martínez, University of Malaga, Spain Julio Diéguez Soto, University of Malaga, Spain Section 2 Business Sustainability Chapter 5 TheConfluenceofSustainabilityandGovernanceattheUniversidadedaCoruña(Spain):ACase Study.....................................................................................................................................................83 Ángeles Longarela-Ares, University of A Coruña, Spain Estefanía Mourelle, University of A Coruña, Spain Carmen Gago-Cortés, University of A Coruña, Spain Chapter 6 EvolutionandFutureoftheMarketingandSustainabilityLinkage:TowardsaCivilMarketing Approach.............................................................................................................................................105 Sandra Lizzeth Hernández-Zelaya, Pontifical University of Salamanca, Spain Fernando Reyes-Reina, Pontifical University of Salamanca, Spain María Elena Rodríguez Benito, Pontifical University of Salamanca, Spain Chapter 7 BreakingBarrierstoPromoteSustainableDevelopmentintheWineIndustry:ATheoretical StudyontheRoleoftheEntrepreneurialEcosystemApproach.........................................................124 Eloi Jorge, Universidade de Vigo, Spain Carlos Herves-Beloso, Universidade de Vigo, Spain Antonio Monteiro Oliveira, ISCAP, Polytechnic of Porto, Portugal Chapter 8 OpenInnovationasaStrategytoSustainablyCompeteintheTextileIndustry.................................146 Sara Santos, Polytechnic Institute of Cávado and Ave, Portugal Teresa Dieguez, Polytechnic Institute of Cávado and Ave, Portugal Chapter 9 TheCountry-LevelDeterminantsofSustainabilityReportinginEmergingMarkets........................173 Sinem Ates, Yalova University, Turkey Chapter 10 AdvancementofCircularEconomy:TheEuropeanPerspective........................................................194 Barbara Bradač Hojnik, Faculty of Economics and Business, University of Maribor, Slovenia Chapter 11 TheCorporateSocialResponsibilityonCapitalMarket:MythorReality?.......................................219 Mirela Panait, Petroleum-Gas University of Ploiesti, Romania & Institute of National Economy, Romanian Academy, Romania Razvan Ionescu, Independent Researcher, Romania Irina Gabriela Radulescu, Petroleum-Gas University of Ploiesti, Romania Husam Rjoub, Cyprus International University, Cyprus Chapter 12 OffshoreWindasaBaseforaNewSustainableBusiness.................................................................254 Almudena Filgueira-Vizoso, University of A Coruña, Spain Joaquín Enríquez-Díaz, University of A Coruña, Spain Isabel Lamas-Galdo, University of A Coruña, Spain Félix Puime Guillén, University of A Coruña, Spain David Cordal-Iglesias, University of A Coruña, Spain Begoña Álvarez García, University of A Coruña, Spain Laura Castro-Santos, University of A Coruña, Spain Compilation of References...............................................................................................................271 About the Contributors....................................................................................................................312 Index...................................................................................................................................................318 Detailed Table of Contents Preface.................................................................................................................................................xiv Section 1 Financial Management and Risk Analysis Chapter 1 TheRoleofFinancialEducationinthePathTowardsSustainableDevelopment:APractical ExperienceWithStudentsofSecondaryEducation...............................................................................1 Raquel González Castro, University of A Coruña, Spain Joaquín Enríquez-Diaz, University of A Coruña, Spain Begoña Alvarez García, University of A Coruña, Spain Financialdecisionsarepresentineveryone’sdailylife.However,citizensdonotalwayshavesufficient knowledgetounderstandtheconsequencesoftheirdecisionsandtheriskstaken.Thelackoffinancial literacycancontribute,alongwithotherfactors,tomakingwrongfinancialdecisions.Thisiswhyfinancial educationbecomesakeyelementtoachieveamoresustainableandegalitarianfuture.Thisresearch presentsapracticalexperienceintendedtofosterfinancialeducationamonghighschoolstudents.The experienceconsistedinprovidingtrainingworkshopsaboutfinancialtopics,specificallyadaptedtothe students’needs.Thestudents’leveloffinancialknowledgewasevaluatedandalsotheirlevelofsatisfaction withtheexperience.Resultsshowedahighlevelofsatisfactionandasignificantimprovementintheir levelofknowledge.Theresearchalsohelpedtoidentifythestudents’socio-demographiccharacteristics thatexplainthedifferencesintheirleveloffinancialcultureandtheircapacityforimprovement. Chapter 2 RealOptionsfortheValuationofInvestmentProjects:PracticalCase................................................20 Raisa Pérez-Vas, University of Vigo, Spain Theobjectiveofthischapteristoanalyzethemethodologyforevaluatinginvestmentprojectsthrough realoptions.Thelimitationsoftraditionalmodelsbasedoncashflowsandthecurrentenvironmentthat presentsconstantchangesandhighuncertaintyhaveledtoanewfieldofresearch,realoptions.The valuationofinvestmentprojectscarriesinherentdecision-making,wherethebestoptionsforthecompany areanalyzed,therealoptionsprovidingadecisionflexibilitythatclassicmodelsdonotprovide.This chaptercontainsthemostimportanttheoreticalframework,wherethebeginningsofthismethodology, themostimportanttypesofoptions,andthemethodologyfortheirevaluationarediscussed,aswellas twopracticalexamplesforabetterunderstandingofthismethodology.
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