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Risk Management and Viability of Public Organizations. Development of a Risk Measurement Tool: The Case of Greece

Author

Listed:
  • Iordanis Eleftheriadis

    (University of Macedonia, 156 Egnatia Street, Thessaloniki, Greece)

  • Vasilios Vyttas

    (University of Macedonia, 156 Egnatia Street, Thessaloniki, Greece)

Abstract

Purpose: This paper provides an important contribution towards the development of a valid, reliable and cost-effective instrument that reduces operational and economic risk levels in public sector organizations. Design/methodology/approach: A quantitative methodology based on the collection of primary data via a questionnaire has been adopted in this research. Findings: The research results showed that the measurement tool selected, applied, presented and proposed is comprised of three (3) scales. The reliability analysis proved that all three scales are reliable; therefore, they are suitable for use as a risk measurement instrument. Research limitations/implications: The study's academic contribution is the application and testing of the aforementioned measurement instruments, which can now be utilised by researchers in the field of risk management, to further advance the study of risk management in public organizations in Greece. On the empirical level, the implementation of these three measurement instruments can assist public organizations in Greece via an easy and fast assessment of economic and operational risks. Originality/value: This tool can help public organizations gain insight into the level of risk they face at any given point in time in order plan their actions accordingly. At the same time, central state administration will have the necessary tools to monitor and support the organizations it evaluates.

Suggested Citation

  • Iordanis Eleftheriadis & Vasilios Vyttas, 2017. "Risk Management and Viability of Public Organizations. Development of a Risk Measurement Tool: The Case of Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 10(1), pages 55-59, March.
    • Handle: RePEc:tei:journl:v:10:y:2017:i:1:p:55-59
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    References listed on IDEAS

    as
    1. Knechel, W. Robert, 2007. "The business risk audit: Origins, obstacles and opportunities," Accounting, Organizations and Society, Elsevier, vol. 32(4-5), pages 383-408.
    2. Rebekka Christopoulou & Vassilis Monastiriotis, 2014. "The Greek Public Sector Wage Premium before the Crisis: Size, Selection and Relative Valuation of Characteristics," British Journal of Industrial Relations, London School of Economics, vol. 52(3), pages 579-602, September.
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    More about this item

    Keywords

    Risk; economic risk; operational risk; Public sector organizations;
    All these keywords.

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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