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Article
Publication date: 3 July 2020

Mariarosaria Coppola, Maria Russolillo and Rosaria Simone

This paper aims to measure the financial impact on social security system of a recently proposed indexation mechanism for retirement age by considering the Italian longevity…

262

Abstract

Purpose

This paper aims to measure the financial impact on social security system of a recently proposed indexation mechanism for retirement age by considering the Italian longevity experience. The analysis is motivated by the progressive increase in life expectancy at advanced age, which is rapidly bringing to the fore noticeable socio-economic consequences in most industrialized countries. Among those, the impact on National Social Security systems is particularly relevant if people live longer than expected; this will lead to greater financial exposure for pension providers.

Design/methodology/approach

Referring to the Italian population for illustrative purposes, the authors contemplate different scenarios for mortality projection methods and for the implementation of pension age shift while accounting for gender and cohort gaps and model risk. Synthetic indicators to measure the impact of the indexation mechanism on social security system are introduced on the basis of pension cash flows.

Findings

An indexation policy that manages gender gap while adjusting retirement age for varying life expectancy is proposed. As a result, sustainability of public retirement expenditure is improved.

Originality/value

The paper is a concise scenario analysis of the reduction of costs and risks that pension providers would have if the system resorted to link retirement age to life expectancy. The ideas fostered by the paper follow a recent proposal of the Authors on a flexible retirement scheme that deals with model risk for mortality projection and accounts for gender gap in mortality rates.

Details

The Journal of Risk Finance, vol. 21 no. 3
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 16 January 2017

Valeria D’Amato, Mariarosaria Coppola, Susanna Levantesi, Massimiliano Menzietti and Maria Russolillo

The improvements of longevity are intensifying the need for capital markets to be used to manage and transfer the risk through longevity-linked securities. Nevertheless, the…

301

Abstract

Purpose

The improvements of longevity are intensifying the need for capital markets to be used to manage and transfer the risk through longevity-linked securities. Nevertheless, the difference between the reference population of the hedging instrument and the population of members of a pension plan, or the beneficiaries of an annuity portfolio, determines a significant heterogeneity causing the so-called basis risk. In particular, it is shown that if insurers use financial instruments based on national indices to hedge longevity risk, this hedge can become imperfect. For this reason, it is fundamental to arrange a model allowing to quantify the basis risk for minimising it through a correct calibration of the hedging instrument.

Design/methodology/approach

The paper provides a framework for measuring the basis risk impact on the. To this aim, we propose a model that measures the population basis risk involved in a longevity hedge, in the functional data model setting. hedging strategies.

Findings

The innovative contribution of the paper occurs in two key points: the modelling of mortality and the hedging strategy. Regarding the first point, the paper proposes a functional demographic model framework (FDMF) for capturing the basis risk. The FDMF model generally designed for single population combines functional data analysis, nonparametric smoothing and robust statistics. It allows to capture the variability of the mortality trend, by separating out the effects of several orthogonal components. The novelty is to set the FDMF for modelling the mortality of the two populations, the hedging and the exposed one. Regarding the second point, the basic idea is to calibrate the hedging strategy determining a suitable mixture of q-forwards linked to mortality rates to maximise the degree of longevity risk reduction. This calibration is based on the key q-duration intended as a measure allowing to estimate the price sensitivity of the annuity portfolio to the changes in the underlying mortality curve.

Originality/value

The novelty lies in linking the shift in the mortality curve to the standard deviation of the historical mortality rates of the exposed population. This choice has been determined by the observation that the shock in a mortality rate is age dependent. The main advantage of the presented framework is its strong versatility, being the functional demographic setting a generalisation of the Lee-Carter model commonly used in mortality forecasting, it allows to adapt to different demographic scenarios. In the next developments, we set out to compare other common factor models to assess the most effective longevity hedge. Moreover, the parsimony for considering together two trajectories of the populations under consideration and the convergence of long-term forecast are important aspects of our approach.

Details

The Journal of Risk Finance, vol. 18 no. 1
Type: Research Article
ISSN: 1526-5943

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Article
Publication date: 5 June 2023

María Isabel Barba-Aragón and Daniel Jiménez-Jiménez

The purpose of this study is to contribute to empirical research on green innovation drivers. This paper analyzes the relationships between training, knowledge acquisition, green…

646

Abstract

Purpose

The purpose of this study is to contribute to empirical research on green innovation drivers. This paper analyzes the relationships between training, knowledge acquisition, green innovation and firm performance.

Design/methodology/approach

The analysis is carried out on a sample of 373 Spanish companies from a wide variety of sectors. This research has used the partial least squares (PLS) model to test the hypotheses.

Findings

It is found that green innovation and knowledge acquisition improve firm performance, and that knowledge acquisition has a mediating effect between training and green innovation.

Practical implications

The findings of this article indicate that green innovation allows the company to obtain benefits while reducing the negative environmental impact, then managers should bet on ecological innovation. This study also shows that there is an indirect effect of training on green innovation and, therefore, managers must invest in training as a mechanism to increase knowledge acquisition and, thus, green innovation.

Originality/value

This paper analyzes two research areas that have received little attention: the role of human resource management in green innovation and the relationship between a given driver and green innovation. In the first, it analyzes whether training increases green innovation, and in the second, it considers the effect of training on knowledge acquisition and on green innovation, specifically, it studies whether knowledge acquisition mediates the relationship between training and green innovation.

Details

Journal of Knowledge Management, vol. 28 no. 2
Type: Research Article
ISSN: 1367-3270

Keywords

Available. Open Access. Open Access
Article
Publication date: 18 March 2021

Francesca De Canio, Maria Fuentes-Blasco and Elisa Martinelli

The purpose of this paper is to examine the influence of several intrinsic motivations driving consumers' intention to buy using a mobile app, namely: shopping gamification…

17884

Abstract

Purpose

The purpose of this paper is to examine the influence of several intrinsic motivations driving consumers' intention to buy using a mobile app, namely: shopping gamification, focussed attention, shopping enjoyment and socialness, through the mediating role of shopping engagement. The online shopping experience is investigated in its dual role as direct driver of the intention to buy using a mobile app and as moderator of the shopping engagement – intention to buy using a mobile app path.

Design/methodology/approach

The empirical analysis was performed in China due to the extensive usage of mobile shopping apps amongst the Chinese population. A structural equation model was estimated on 893 valid and complete structured questionnaires collected amongst a sample of Chinese consumers.

Findings

Findings confirm that intrinsic motivations (i.e. shopping gamification, focussed attention, shopping enjoyment and socialness) indirectly influence the intention to buy using a mobile app channelled by shopping engagement. Most remarkably, results show that the online shopping experience positively moderates the shopping engagement – intention to buy using a mobile app path.

Originality/value

The novelty of the paper lies in the conceptual and empirical evidence provided on shopping gamification, within the retailing marketing domain. The study investigates other related intrinsic motivations that jointly with shopping gamification directly influence shopping engagement and indirectly impact mobile shopping intention. The paper provides insights into the moderating role of online shopping experience, a key aspect when the challenge concerning gamification is considered.

Details

International Journal of Retail & Distribution Management, vol. 49 no. 7
Type: Research Article
ISSN: 0959-0552

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Article
Publication date: 13 January 2025

Juan-Gabriel Cegarra-Navarro, Aurora Martínez-Martínez, David Cegarra-Leiva and María Eugenia Sánchez-Vidal

Being open-minded means listening to others’ proposals, even if they go against our criteria. Although having an open mindset is the key to “open innovation,” we find that many…

26

Abstract

Purpose

Being open-minded means listening to others’ proposals, even if they go against our criteria. Although having an open mindset is the key to “open innovation,” we find that many managers are reluctant to make sustainable changes, either because they prefer to stick to what they know and prefer to stay in their comfort zone or just because they are embarrassed to assume errors or ignorance in certain issues of an environmental nature. The study aims to examine the role of green skills in overcoming defensive rigidity and defensive embarrassment barriers that hinder open innovation.

Design/methodology/approach

A questionnaire-based survey was administered to 208 SMEs in the Spanish textile industry. The data collected were processed and analyzed using the partial least squares structural equation modeling technique (PLS-SEM) and SmartPLS 4.

Findings

The study reveals that green skills significantly contribute to the development of open innovation and the mitigation of defensive routines among managers. This indicates that equipping managers with green skills can reduce their defensive rigidity and embarrassment, thereby fostering a more open and innovative organizational culture.

Originality/value

This research is original in its focus on the Spanish textile industry and its exploration of the specific psychological barriers that managers face in adopting sustainable innovations. By highlighting the importance of green skills, it provides a novel perspective on overcoming defensive routines to promote open innovation.

Details

Business Process Management Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-7154

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Article
Publication date: 12 March 2018

Maria Joao Pinho Moreira, Ana Silva, Cristina Saraiva and José Manuel Marques Martins de Almeida

Consumption of game meat is growing when compared to other meats. It is susceptible to adulteration because of its cost and availability. Spectroscopy may lead to rapid…

221

Abstract

Purpose

Consumption of game meat is growing when compared to other meats. It is susceptible to adulteration because of its cost and availability. Spectroscopy may lead to rapid methodologies for detecting adulteration. The purpose of this study is to detect the adulteration of wild fallow deer (Dama dama) meat with domestic goat (G) (Capra aegagrus hircus) meat, for samples stored for different periods of time using Fourier transform infrared (FTIR) spectroscopy coupled with chemometric.

Design/methodology/approach

Meat was cut and mixed in different percentages, transformed into mini-burgers and stored at 3°C from 12 to 432 h and periodically examined for FTIR, pH and microbial analysis. Principal component analysis (PCA) and partial least squares discriminant analysis (PLS-DA) were applied to detect adulteration.

Findings

The PCA model, applied to the spectral region from 1,138 to 1,180, 1,314 to 1,477, 1,535 to 1,556 and from 1,728 to 1,759 cm−1, describes the adulteration using four principal components which explained 95 per cent of variance. For the levels of Adulteration A1 (pure meat), A2 (25 and 50 %w/wG) and A3 (75 and 100 %w/wG) for an external set of samples, the correlation coefficients for prediction were 0.979, 0.941 and 0.971, and the room mean square error were 8.58, 12.46 and 9.47 per cent, respectively.

Originality/value

The PLS-DA model predicted the adulteration for an external set of samples with high accuracy. The proposed method has the advantage of allowing rapid results, despite the storage time of the adulterated meat. It was shown that FTIR combined with chemometrics can be used to establish a methodology for the identification of adulteration of game meat, not only for fresh meat but also for meat stored for different periods of time.

Details

Nutrition & Food Science, vol. 48 no. 2
Type: Research Article
ISSN: 0034-6659

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Article
Publication date: 24 July 2024

Jiaxin Huang, Wenbo Li, Xiu Cheng and Ke Cui

This study aims to identify the key factors that influence household pro-environmental behaviors (HPEBs) and explore the differences caused by the same influencing factors between…

60

Abstract

Purpose

This study aims to identify the key factors that influence household pro-environmental behaviors (HPEBs) and explore the differences caused by the same influencing factors between household waste management behavior (HWM) and household energy-saving behavior (HES).

Design/methodology/approach

A meta-analysis was conducted on 90 articles about HPEBs published between 2009 and 2023 to find the key factors. HPEBs were further categorized into HWM and HES to investigate the difference influenced by the above factors on two behaviors. The correlation coefficient was used as the unified effect size, and the random-effect model was adopted to conduct both main effect and moderating effect tests.

Findings

The results showed that attitude, subjective norms, and perceived behavioral control all positively influenced intention and HPEBs, but their effects were stronger on intention than on HPEBs. Intention was found to be the strongest predictor of HPEBs. Subjective norms were found to have a more positive effect on HES compared to HWM, while habits had a more positive effect on HWM. Furthermore, household size was negatively correlated with HWM but positively correlated with HES.

Originality/value

The same variables have different influences on HWM and HES. These results can help develop targeted incentives to increase the adoption of HPEBs, ultimately reducing household energy consumption and greenhouse gas emissions and contributing to the mitigation of global warming.

Details

Management of Environmental Quality: An International Journal, vol. 35 no. 8
Type: Research Article
ISSN: 1477-7835

Keywords

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