Allocation of resources for risk management activities by business organisations in developing countries: Evidence from Zambia

Peter Silwimba and Olajide Solomon Fadun
Additional contact information
Peter Silwimba: International Consult, Lusaka, Zambia
Olajide Solomon Fadun: Department of Actuarial Science and Insurance, Faculty of Management Sciences, University of Lagos, Akoka Lagos, Nigeria

Bussecon Review of Social Sciences (2687-2285), 2022, vol. 4, issue 2, 15-24

Abstract: This study evaluates resources allocated for risk management by business organisations (financial and non-financial firms) in developing countries, using Zambia as a case study. Primary data collected from 158 organisations were analysed using MegaStat. The findings revealed that the majority (54.5%) of organisations, especially non-financial institutions, only commit resources to risk mitigation on an Adhoc or post-event basis, while 45.5% showed a budgeted approach. A significant part of the budgeted 45.5% was used for risk management activities, and 54.5% was used for regular daily operations. Despite this variation, all organisations engaged reported a significant expenditure on risk management, at least on Adhoc. At 4 degrees of freedom (df), which was one less than the total number of possible outcomes, a non-parametric test for significance yielded a scientific P-value of 1.57e-0.7, (a numerical magnitude of 0.0014, P

Keywords: Risk management; Risk Resource Allocation; Zambia; Developing Countries (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.bussecon.com/ojs/index.php/brss/article/view/381/192 (application/pdf)
https://doi.org/10.36096/brss.v4i2.381 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:adi:bsrsss:v:4:y:2022:i:2:p:15-24

Access Statistics for this article

Bussecon Review of Social Sciences (2687-2285) is currently edited by Umit Hacioglu

More articles in Bussecon Review of Social Sciences (2687-2285) from Bussecon International Academy Bussecon International Academy, School of Business, IHU, Ordu cad. F-05 Blok No 3, 34480 Basaksehir, Istanbul, Turkey. Contact information at EDIRC.
Bibliographic data for series maintained by Umit Hacioglu ().