Literature review analyses research on mobile banking adoption. Abstract Electronic commerce e-commerce continues to have a profound impact on the global business environment, but technologies and applications also have begun to focus more on mobile computing, the wireless Web, and mobile commerce.
By Richard Friberg Already in the s Frank Knight distinguished risk randomness with known probabilities from uncertainty unknown probabilities and possibility for unforeseen events.
Only recently is the distinction starting to have an impact in mainstream academic thinking. In this article we draw out implications of risk and uncertainty for firm strategy — using four stylised strategies as an organising device financial hedging, operational hedging and flexibility in addition to a benchmark strategy.
The ongoing emissions testing scandal for Volkswagen is a vivid reminder of events that may have been hard to foresee that can rock the profitability of firms and threaten survival.
A car producer is not only subject to randomness in this form but shocks due to shifting exchange rates, business cycles and technological development will new highly efficient batteries develop?
Executives clearly need to make forward looking decisions in the face of all these vagaries — how should that be done? A key foundation for such decisions is our view of how to conceptually think of randomness.
The mainstream teachings in economics, finance and related fields have for a long time followed the path belatedly suggested by John Maynard Keynes: The game of roulette is not subject, in this sense, to uncertainty; nor is the prospect of a Victory bond being drawn.
About these matters there is no scientific basis on which to form any calculable probability whatever. We simply do not know. Nevertheless, the necessity for action and for decision compels us as practical men to do our best to overlook this awkward fact and to behave exactly as we should if we had behind us a good Benthamite [after British economist Jeremy Bentham — in this case meaning expected utility] calculation of a series of prospective advantages and disadvantages, each multiplied by its appropriate probability, waiting to be summed.
The Chicago economist Frank Knight highlighted the distinction between risk objective probabilities and uncertainty defined essentially as in the Keynes passage above already in Nevertheless these distinctions did not have much impact until recently when advances in economic theory4 and the crisis starkly illustrated the dangers of relying on short backward looking time series data to model risk.
The rapid spread of N. Four highly stylised strategies are used as an organising device and we will briefly outline them in the following. We define risk as referring not only to variables that are normally distributed such as height but also to real world variables that follow distributions very different from the normal — such as box office revenue for movies or firm size, variables which have a long upward tail in their distributions.
I am also enclined to use risk to describe movements in the prices of commodities and financial assets even if it deserves to be stressed that almost invariably to these empirical distributions have fat tails. We associate higher risk with more volatile prices of inputs or outputs. We associate more uncertainty with situations where there is greater scope for strategic interaction, unpredictable regulation or potential for drastic innovations.
We may schematically think of firms operating in markets marked by different levels of risk and uncertainty in the Risk-Uncertainty Matrix RUM below. An example of a situation with low risk and low uncertainty would thus be a toll road with a large number of small customers, stable input prices and little potential for competition.
Oil production would be a typical example of a situation characterised by low uncertainty and high risk. A pharmaceutical firm active in a segment characterised by rapid innovation and changing alliances would be an example of high uncertainty and low risk. Finally, as indicated by the introduction competition in car markets, at least in some segments, can be an example of a situation with both high uncertainty sensitive to regulatory changes, fickle consumer tastes and new model introductions and of high risk affected by exchange rates and interest rates.
Clearly the position in the matrix can change with conditions. We assume that shocks which are due to risk are hedgeable using derivatives, whereas shocks due to uncertainty are not hedgeable, but by diversifying or adjusting flexible production patterns the firm can partly manage those risks.
The key question addressed in the book is how, if at all, strategy should be modified in the face of risk and uncertainty?
We assume that shocks which are due to risk are hedgeable using derivatives such as forwards or swaps. In contrast, shocks due to uncertainty are not hedgeable on financial markets but by diversifying or adjusting flexible production patterns the firm can partly manage those risks.American literature is literature written or produced in the United States and its preceding colonies (for specific discussions of poetry and theater, see Poetry of the United States and Theater in the United States).Before the founding of the United States, the British colonies on the eastern coast of the present-day United States were heavily influenced by English literature.
In the last decade ‘sectoral systems of innovation’ have emerged as a new approach in innovation studies. This article makes four contributions to the approach by addressing some open issues.
A literature review of theoretical models of Internet banking adoption at the individual level Article (PDF Available) in Journal of Financial Services Marketing 17(3) · July with.
El-Sherbini et al. () investigated through his study on,”Bank customer Behavior perspectives towards internet banking services in Kuwait “the customers perspectives of internet banking, their perceived importance for it, usage patterns and problems rising on its utilization.4/4(4).
How many older users are online? The Eurostat community survey on ICT usage in households and by individuals found declining access to the Internet with age, and only 10% of people over 65 years having Internet access (Figure 1; Table 1) [Eurostat ].However, this is low by many countries' measurements, and more detailed country-based statistics are provided in the Appendix.
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