The Impact of Chief Risk Officer Appointments on Firm Risk and Operational Efficiency

To exercise risk control at the corporate level, firms often appoint Chief Risk Officers (CROs) to their top management team. By establishing CRO positions, firms can reduce firm risk and potential financial losses caused by operational disruptions. Yet, by inducing stringent control measures on risks, security, and compliance, CRO appointments might create unwieldy bureaucracies with operational hurdles and incur burdensome costs that offset efficiency. Using longitudinal secondary data collected from multiple sources, we analyze the impact of CRO appointments on firm risk and operational efficiency of 435 publicly listed firms in the U.S. from 2006 to 2016. Our results indicate that CRO appointments not only reduce risks, but also improve efficiency in operations. We delve into the power of CROs and find that more powerful CROs are more effective in enhancing the operational efficiency of firms. We further examine the contextual factors and reveal that firms operating under high industry litigation threats and industry dynamism improve operational efficiency to a greater extent after CRO appointments. Overall, CROs’ appointments are more beneficial to firms when they have stronger power in the top management team and when the operating environments are uncertain and volatile

Firms' operational and logistics characteristics and realisation of business analytics benefits: evidence from stock markets

202201 bcrcNot applicableRGC155009/15BPublished12 month

Return to the United States: Impact of Reshoring Announcements and Reshoring Risks on Market Valuation

With soaring labor and logistics costs in developing countries, supply chain disruptions during the COVID-19 pandemic triggered Western firms to “reshore” some of their offshore operations (performed in-house or outsourced) for certain strategically important products or production processes from foreign countries to their home countries. Although reshoring can create more domestic jobs and reduce supply chain risks, the impact of various external and internal risks associated with reshoring on market reaction remains unclear. This observation motivates us first to conduct a text mining analysis, revealing four important types of reshoring risks inherent to (1) foreign currency fluctuation, (2) intellectual property (IP) protection, (3) reshoring types (in-house, insourced, or outsourcing-to-outsourcing [OTO]), and (4) reshoring location choice (Republican- vs. Democratic-led states). We then examine how these risk factors help explain the variations in reshoring’s market valuation based on 281 reshoring initiatives of 132 publicly traded firms in the United States announced between 2009 and 2022. Our empirical analysis reveals that the market reacts more positively to a firm’s reshoring announcement when the firm reshores under a high-currency-fluctuation environment or from countries with weak IP protection. However, the market’s reaction is more negative when the firm’s reshoring announcement entails insourced reshoring operations or when the reshored location is a Democratic- rather than Republican-led state. We do not find a significant market reaction to OTO reshoring

Proceedings of The HKIE Geotechnical Division 43rd Annual Seminar: Towards a Smart-Green-Resilient Geo-Future for World-class City

This seminar proceedings contain articles on the various research ideas of the academic community and practitioners presented at The HKIE Geotechnical Division 43rd Annual Seminar (GDAS2023). This seminarprovides a platform for policymakers, practitioners, and academia to share their insights and brainstorm ideas with a view to seizing future opportunities and shaping the new future of Hong Kong. GDAS2023 was organized by the Geotechnical Division, The Hong Kong Institution of Engineers on 19th May 2023. Seminar Title: The HKIE Geotechnical Division 43rd Annual SeminarSeminar Acronym: GDAS2023Seminar Date: 19 May 2023Seminar Location:  Hong KongSeminar Organizers: Geotechnical Division, The Hong Kong Institution of Engineers Link to the GDAS2021 Proceedings: Proceedings of The HKIE Geotechnical Division 41st Annual Seminar Link to the GDAS2022 Proceedings: Proceedings of The HKIE Geotechnical Division 42nd Annual Semina

The value of open-source clinical science in pandemic response: lessons from ISARIC

International audienc