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Does Risk Culture Matter for Sustaining the Business? Evidence from Malaysian Environmentally Sensitive Listed Companies

Author

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  • Nazliatul Aniza Abdul Aziz
  • Norlida Abdul Manab

Abstract

The aim of this paper is to examine how organisational risk culture and good risk management practices contribute to the sustainable business. Sustaining business requires a strong foundational of risk culture to address all types of risks. Having a sound risk culture is vital as it influences the way organisations respond to risks and hazards. A poor risk culture and weak risk management practices have triggered many business collapsed and lost with huge amounts. Drawing on the post-modern portfolio theory and stakeholder theory, the model in this study is empirically validated by means of the partial least squares approach to structural equation modelling (PLS-SEM) based on survey data from environmentally sensitive companies in Malaysia. Based on the analysis, the study revealed that risk culture moderates the relationship between the role of leadership and risk resilience of sustainability risk management (SRM) implementation and company survival. This result extend previous research by not only highlighting the importance of risk culture in driving effective SRM practices but also indicating the significance of risk resilience and leadership in sustaining the business.

Suggested Citation

  • Nazliatul Aniza Abdul Aziz & Norlida Abdul Manab, 2020. "Does Risk Culture Matter for Sustaining the Business? Evidence from Malaysian Environmentally Sensitive Listed Companies," International Journal of Management and Sustainability, Conscientia Beam, vol. 9(2), pages 91-100.
    • Handle: RePEc:pkp:ijomas:v:9:y:2020:i:2:p:91-100:id:1077
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    Citations

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    Cited by:

    1. Zhanna Mingaleva & Elena Shironina & Elena Lobova & Vasiliy Olenev & Lyubov Plyusnina & Anna Oborina, 2022. "Organizational Culture Management as an Element of Innovative and Sustainable Development of Enterprises," Sustainability, MDPI, vol. 14(10), pages 1-28, May.
    2. Husna Purnama & Toto Gunarto & Ida Budiarty, 2020. "Effects of Energy Consumption, Economic Growth and Urbanization on Indonesian Environmental Quality," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 580-587.
    3. Magdalena Zioło & Iwona Bąk & Anna Spoz, 2023. "Incorporating ESG Risk in Companies’ Business Models: State of Research and Energy Sector Case Studies," Energies, MDPI, vol. 16(4), pages 1-25, February.

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