A SYSTEMATIC LITERATURE REVIEW ON RISK APPETITE STUDIES: CONCEPTS, PERSPECTIVES, AND INSIGHTS

Yıl 2025, Cilt: 7 Sayı: 2, 155 - 206, 31.12.2025

Caner Erşan , Hakan Karabacak

Öz

Studies on risk appetite, which reflects the willingness to take risk during the decision-making process, are not limited to financial matters in the literature; they are also discussed in various scientific fields such as psychology, business, management, engineering, and information systems. The fact that risk appetite is examined across multiple scientific disciplines underscores the need for a systematic review. This study examines risk appetite through the behavioral and managerial tendencies of individual and institutional decision-makers rather than technical financial models. The aim of this study is to classify publications on risk appetite according to research areas and perspectives and to evaluate risk appetite within the framework of conceptual discussions, measurement approaches, and individual factors and institutional dynamics. For this purpose, a systematic review was conducted, utilizing a total of 82 publications published between 2006 and 2025. These publications were analyzed using content analysis and thematic analysis methods. The findings reveal the research areas and perspectives of studies in the risk appetite literature; they also provide a holistic explanation of the conceptual and measurement dimensions of risk appetite and the factors that determine it.

Anahtar Kelimeler

Risk Appetite , Decision-Making , Individual , Corporate , Risk Management

RİSK İŞTAHI ÇALIŞMALARINA YÖNELİK SİSTEMATİK BİR LİTERATÜR İNCELEMESİ: KAVRAM, PERSPEKTİF VE GÖRÜŞLER

Öz

Karar alma sürecinde risk alma istekliliğini yansıtan risk iştahına yönelik çalışmalar, literatürde yalnızca finansal konularla sınırlı kalmayıp; psikoloji, işletme, yönetim, mühendislik ve bilgi sistemleri gibi çeşitli bilimsel alanlarda ele alınmaktadır. Risk iştahının birçok bilim dalına konu olması, sistematik bir inceleme gereksinimini ortaya koymaktadır. Bu çalışmada risk iştahı teknik finansal modellerden ziyade, bireysel ve kurumsal karar vericilerin davranışsal ve yönetsel eğilimleri üzerinden incelenmektedir. Bu çalışmanın amacı; risk iştahına yönelik yapılan yayınları araştırma alanları ve perspektiflerine göre sınıflandırmak, risk iştahını; kavramsal tartışmalar, ölçüm yaklaşımları ile bireysel unsurlar ve kurumsal dinamikler çerçevesinde değerlendirmektir. Bu amaçla yapılan sistematik incelemede, 2006-2025 yılları arasında yayımlanmış olan toplam 82 yayından faydalanılmıştır. Bu yayınlar içerik analizi ve tematik analiz yöntemleri kullanılarak analiz edilmiştir. Bulgular, risk iştahı literatüründe yer alan çalışmaların, araştırma alanlarını ve perspektiflerini ortaya koymakta; ayrıca risk iştahının kavramsal ve ölçümsel boyutları ile risk iştahını belirleyen unsurları bütüncül bir biçimde açıklamaktadır.

Anahtar Kelimeler

Risk İştahı , Karar Verme , Bireysel , Kurumsal , Risk Yönetimi

Kaynakça

• Alanko, E. (2009). What drives investors’ risk appetite: Empirical evidence from private Finnish investors 2007–2008 [Yüksek lisans tezi, Helsinki School of Economics]. http://hsepubl.lib.hse.fi (Erişim tarihi: 18.08.2025)
• Alix, M., Venkat, S., Mogul, Z., Leung, S. I., Banks, M. A., & Saary-Littman, J. (2015). Risk appetite frameworks: Insights into evolving global practices. Global Credit Review, 5(1), 1–17. https://doi.org/10.1142/S2010493615500014
• Allan, N., Cantle, N., Godfrey, P., & Yin, Y. (2013). A review of the use of complex systems applied to risk appetite and emerging risks in ERM practice: Recommendations for practical tools to help risk professionals tackle the problems of risk appetite and emerging risk. British Actuarial Journal, 18(1), 163–234. https://doi.org/10.1017/S135732171200030X
• Alviniussen, A., & Jankensgård, H. (2013). Have you got the risk right? On risk appetite, strategic planning, and a truly holistic approach to risk management. SSRN Electronic Journal. https://ssrn.com/abstract=2233830
• Alviniussen, A., & Jankensgård, H. (2018). The risk-return tradeoff: A six-step guide to ending the curse of risk appetite. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3174591
• Aravind, M., & Manojkrishnan, C. G. (2024). Risk appetite and hedging strategies: The impact of age cohorts in financial markets. Cogent Economics & Finance, 12(1), 2382354. https://doi.org/10.1080/23322039.2024.2382354
• Aven, T. (2013). On the meaning and use of the risk appetite concept. Risk Analysis, 33(3), 462–468. https://doi.org/10.1111/j.1539-6924.2012.01887.x
• Bansal, S., Agarwal, D. K., & Jain, S. (2023). Psychological factors influencing risk appetite: A study of mutual fund investors. International Journal of Creative Research Thoughts, 11(9), 543–545.
• Baunan, H., & Berge, J. (2016). Understanding risk appetite: What is it, what pressures shape it and how is it institutionalized. SNF. https://openaccess.nhh.no/nhhxmlui/bitstream/handle/11250/2407203/masterthesis.PDF?sequence=1&isAllowed=y
• Berlinger, E., & Váradi, K. (2015). Risk appetite. Public Finance Quarterly, 60(1), 49–62.
• Bernoulli, D. (1738/1954). Exposition of a new theory on the measurement of risk. Econometrica, 22(1), 23–36. https://doi.org/10.2307/1909829
• Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101.
• Braun, V., & Clarke, V. (2021). Thematic analysis: A practical guide. SAGE Publications.
• Brink, A. G., Gouldman, A., & Victoravich, L. M. (2014). The effects of organizational risk appetite, social pressure and honesty-humility on financial reporting decisions. SSRN. https://ssrn.com/abstract=2482778
• Bromiley, P., McShane, M. K., Nair, A., & Rustambekov, E. (2014). Enterprise risk management: Review, critique, and research directions forthcoming. Long Range Planning. http://dx.doi.org/10.2139/ssrn.2376261
• Buttriss, K. (2020). A framework for assessing organisational risk appetite [Doktora tezi, University of Portsmouth]. https://pure.port.ac.uk/ws/portalfiles/portal/48885656/butriss_k.pdf (Erişim tarihi: 12.08.2025)
• Chen, Z. S., Zhang, X., Rodríguez, R. M., & Martínez, L. (2022). Expertise-structure and risk-appetite-integrated two-tiered collective opinion generation framework for large-scale group decision making. IEEE Transactions on Fuzzy Systems. https://doi.org/10.1109/TFUZZ.2022.3179594
• Coates, J. M., & Herbert, J. (2008). Endogenous steroids and financial risk taking on a London trading floor. Proceedings of the National Academy of Sciences, 105(16), 6167–6172. https://doi.org/10.1073/pnas.0704025105
• Committee of Sponsoring Organizations of the Treadway Commission. (2017). Enterprise risk management: Integrating with strategy and performance – Executive summary. https://www.coso.org
• Coyne, T. (2013). A practical approach to the vexing issue of risk appetite. SSRN. https://doi.org/10.2139/ssrn.2277964
• Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE.
• Croce, A., Ughetto, E., & Cowling, M. (2019). Investment motivations and UK business angels’ appetite for risk taking: The moderating role of experience. British Journal of Management. https://doi.org/10.1111/1467-8551.12380
• Das, R. (2024). The correlative study between financial literacy, risk appetite and technical dependencies amongst academic professionals. Journal of Informatics Education and Research, 4(2).
• Dinu, A.-M. (2014). General concepts regarding risk appetite. Knowledge Horizons — Economics, 6(2), 157–159.
• Dresner, D. G., & Garfield, J. E. (2014). Balancing risk appetite and risk attitude in requirements: A framework for user liberation. University of Manchester & University of Worcester.
• Epetimehin, F. M. (2013). Impact of risk appetite on the value of a firm. European Scientific Journal, 9(22), 331–339.
• Fecteau, S., Pascual-Leone, A., Zald, D. H., Liguori, P., Théoret, H., Boggio, P. S., & Fregni, F. (2007). Activation of prefrontal cortex by transcranial direct current stimulation reduces appetite for risk during ambiguous decision making. The Journal of Neuroscience, 27(23), 6212–6218. https://doi.org/10.1523/JNEUROSCI.0314-07.2007
• Fedulova, I. V., & Sagaydack, J. A. (2018). Forming company’s risk appetite. Scientific Bulletin of Polissia, 1(13), 47–52.
• Felton, K. (2010). Understanding the connection between risk appetite and risk analytics. Journal of Healthcare Risk Management, 30(1), 29–35. https://doi.org/10.1002/jhrm.20041
• Feng, C. Q., & Wang, T. (2018). Does CIO risk appetite matter? Evidence from information security breach incidents. SSRN Electronic Journal. https://ssrn.com/abstract=3262063
• Festjens, A., Bruyneel, S., & Dewitte, S. (2018). An appetite for risk? Failure to replicate the effect of hunger cues on risk taking. Food Quality and Preference, 68, 415–419. https://doi.org/10.1016/j.foodqual.2018.02.014
• Firmansyah, E. A., & Andanawari, N. (2020). Risk appetite and investment behavior: A study on Indonesia Muslim investors. Etikonomi: Jurnal Ekonomi, 19(2), 287–298. https://doi.org/10.15408/etk.v19i2.16062
• FSB. (2013). Principles for an Effective risk appetite framework. Financial Stability Board. http://www.fsb.org/wp-content/uploads/r_131118.pdf (Erişim tarihi: 06.08.2025)
• Gontarek, W. (2016). Risk governance of financial institutions: The growing importance of risk appetite and culture. Journal of Risk Management in Financial Institutions, 9(2), 120–129.
• Gontarek, W., & Bender, R. (2018). Examining risk governance practices in global financial institutions: The adoption of risk appetite statements. Journal of Banking Regulation, 19, 306–322. https://doi.org/10.1057/s41261-018-0067-2
• Gorovoy, A., & Grigoryev, I. (2024). Differentiated risk appetite of an innovative company. In A. Hamdan & A. Harraf (Eds.), Business development via AI and digitalization (Studies in Systems, Decision and Control, Vol. 537, pp. 399–408). Springer. https://doi.org/10.1007/978-3-031-62106-2_31
• Govender, A. (2012). The extent to which CEO risk appetite influences company performance [Tez, University of Pretoria, South Africa].
• Govindarajan, D. (2011). Corporate risk appetite: Ensuring board and senior management accountability for risk.
• Hartmann, F. G. H., & Hunton, J. E. (2010). The effect of long-term bonus frame and perceived justification pressure on managerial risk appetite in a continuous monitoring environment [Working paper]. Rotterdam School of Management, Erasmus University.
• Herbert, J. (2018). Testosterone, cortisol and financial risk-taking. Frontiers in Behavioral Neuroscience, 12, 101. https://doi.org/10.3389/fnbeh.2018.00101
• Hillebrink, T., & Sifat, I. (2023). The contingent effects of age and gender diversity on corporate risk appetite. SSRN Working Paper. https://ssrn.com/abstract=4518696
• Hillson, D., & Murray-Webster, R. (2011). Using risk appetite and risk attitude to support appropriate risk taking: A new taxonomy and model. Journal of Project, Program & Portfolio Management, 2(1), 29–46.
• Hubbard, D. W. (2020). The failure of risk management: Why it’s broken and how to fix it. John Wiley & Sons. https://doi.org/10.1002/9781119521914
• Hunziker, S. (2021). Enterprise risk management: Modern approaches to balancing risk and reward (2nd ed.). Springer Nature.
• Institute of Internal Auditors. (2019). Risk appetite - the board’s role. Chartered IIA.
• Institute of Internal Auditors. (2022). Quantitative risk appetite. Chartered IIA. https://www.iia.org.uk/resources/risk-management/quantitative-risk-appetite/ (Erişim tarihi: 21.06.2025)
• Institute of Risk Management. (2011). Risk appetite and tolerance: Guidance paper. IRM. https://www.theirm.org/media/7239/64355_riskapp_a4_web.pdf (Erişim tarihi: 15.08.2025)
• International Organization for Standardization. (2009). ISO Guide 73:2009: Risk management—Vocabulary.
• International Organization for Standardization. (2018). ISO 31000: Risk management—Principles and guidelines.
• Jackson, P. (2018). Risk accountability and risk appetite: Enhancing risk culture. The Journal of Financial Perspectives. https://ssrn.com/abstract=3154344
• Jain, M. (2022). Importance of risk appetite in risk management. In N. P. C. Neena (Ed.), Fundamentals of risk management (pp. 191–198). Alexis Press.
• Jasmeen, S. (2009). Perceived risk appetite among individual investors: A study. Indian Journal of Accounting, 39(2), 44–52.
• Johannesson, M. (2018). The role of automatic mood on risk appetite [Tez, University of Mississippi]. https://egrove.olemiss.edu/hon_thesis/621 (Erişim tarihi: 07.07.2025)
• Kahneman, D., & Tversky, A. (1984). Choices, values, and frames. American Psychologist, 39(4), 341–350. https://doi.org/10.1037/0003-066X.39.4.341
• Kaplan, R. S., & Mikes, A. (2012). Managing risks: A new framework. Harvard Business Review, 72(6). https://hbr.org/2012/06/managing-risks-a-newframework
• Kaufmann, C., Weber, M., & Haisley, E. (2012). The role of experience sampling and graphical displays on one’s investment risk appetite. Management Science (Forthcoming). https://ssrn.com/abstract=1616186
• Knoch, D., Gianotti, L. R. R., Pascual-Leone, A., Treyer, V., Regard, M., Hohmann, M., & Brugger, P. (2006). Disruption of right prefrontal cortex by low-frequency repetitive transcranial magnetic stimulation induces risk-taking behavior. The Journal of Neuroscience, 26(24), 6469–6472. https://doi.org/10.1523/JNEUROSCI.0804-06.2006
• Lamanda, G., & Tamásné Vőneki, Z. (2015). Hungry for risk–a risk appetite framework for operational risks. Public Finance Quarterly = Pénzügyi Szemle, 60(2), 212–225. https://unipub.lib.uni-corvinus.hu/8843/1/a_lamandat_2015_2_m.pdf
• Lee, H. (2021). Risk management: Fundamentals, theory and practice in Asia. Springer.
• Leitch, M. (2017). The risk management gap. Board Leadership, (154), 1–6. https://doi.org/10.1002/bl.30088
• Li, Z., Ying, Q., Chen, Y., & Zhang, X. (2020). Managerial risk appetite and asymmetry cost behavior: Evidence from China. Accounting & Finance, 60(4), 3651–3679. https://doi.org/10.1111/acfi.12692
• Liang, D., Wang, M., Xu, Z., & Liu, D. (2018). Risk appetite dual hesitant fuzzy three-way decisions with TODIM. Information Sciences. https://doi.org/10.1016/j.ins.2018.12.017
• Lippi, A., & Rossi, S. (2020). Run for the hills: Italian investors’ risk appetite before and during the financial crisis. International Journal of Bank Marketing, 38(5), 1195–1213. https://doi.org/10.1108/IJBM-02-2020-0058
• Lundberg, J., Craig, A., & Peloza, J. (2023). Strike while the iron is hot: Temperature affects consumers’ appetite for risk. Psychology & Marketing, 40(12), 2653–2667. https://doi.org/10.1002/mar.21905
• Mahmood, U., Khalid, U., & Khan, U. (2024). Implementing risk appetite frameworks: Navigating challenges in corporate environments. The Regional Tribune, 3(1), 45–54. https://doi.org/10.63062/trt/V24.024
• Makarchuk, I., Fedulova, I., & Mykolaichuk, I. (2023). Formation of the system of integrated risk appetite management during IT project implementation. Eastern-European Journal of Enterprise Technologies, 2(13), 114–124. https://doi.org/10.15587/1729-4061.2023.277819
• Malik, P., & Sharma, S. C. (2021). Individual investors’ financial risk appetite and demographic attributes: An empirical study. Vidyabharati International Interdisciplinary Research Journal (Special Issue), 1–3.
• Mandel, C. E., & Parija, S. (2024). Risk appetite: A crucial consideration for effective board risk oversight. Journal of Risk Management in Financial Institutions, 17(2), 168–182.
• Marshall, A., Ojiako, U., & Chipulu, M. (2019). A futility, perversity and jeopardy critique of risk appetite. International Journal of Organizational Analysis, 27(1), 51–73. https://doi.org/10.1108/IJOA-06-2017-1175
• Martens, F., & Rittenberg, L. (2020). Risk appetite – critical to success. COSO.
• McConnell, K. (2020). The importance of risk appetite in risk assessment. Minimum Viable Protection Ltd.
• McDonald, T. T. A. (2022). Appetite for risk in the C-19 policy environment. International Nursing Review, 69(1), 51–58. https://doi.org/10.1111/inr.12743
• Meier, C. (2018). Aggregate investor confidence in the stock market. SSRN Electronic Journal. https://ssrn.com/abstract=2721519
• Mikes, A. (2009). Risk management and calculative cultures. Management Accounting Research, 20(1), 18–40.
• Mikes, A. (2018). Field-level confusion, local beginnings and the dynamics of new accounting: The case of making up “risk appetite” [Working paper]. HEC Lausanne.
• Morren, K. (2014). Capturing the way in which risk appetite is integrated within the bid/no bid heuristics of a contractor’s business unit [Yüksek lisans tezi, University of Twente].
• Muralidhar, S., & Berlik, E. (2017). What’s your risk appetite? Helping financial advisors better serve clients (by quantifying Kahneman-Tversky’s value function). Journal of Personal Finance, 16(2), 20–35.
• Nazari, S., Basati, M., & Jamshidinavid, B. (2017). The effect of institutional ownership on the relationship between risk appetite and financial performance. Specialty Journal of Accounting and Economics, 2(2), 66–73.
• Nicholson, N., Soane, E., Fenton-O’Creevy, M., & Willman, P. (2005). Personality and domain-specific risk taking. Journal of Risk Research, 8(2), 157–176. https://doi.org/10.1080/1366987032000123856
• Oliva, F. L., Bution, J. L., Motta, F. G., Fenner, G., Randolph-Seng, B., Papa, M., & Naqshbandi, M. (2025). Appetite for risk: Theoretical framework and practical application in a technology-based environment. Journal of Intellectual Capital, 26(1), 71–103. https://doi.org/10.1108/JIC-04-2024-0108
• Oterholm, T. R. (2024). Risk appetite on a strategic and operational level [Yüksek lisans tezi, Delft NTNU]. (Erişim tarihi: 12.07.2025)
• Paape, L., & Speklé, R. F. (2012). The adoption and design of enterprise risk management practices: An empirical study. European Accounting Review, 21(3), 533–564. https://doi.org/10.1080/09638180.2012.661937
• Power, M. (2009). The risk management of nothing. Accounting, Organizations and Society, 34(6–7), 849–855. https://doi.org/10.1016/j.aos.2009.06.001
• Purdy, G. (2011). Risk appetite, is this concept worth the risk? RiskPost. https://broadleaf.com.au/wp-content/uploads/2011/09/NZSRM_Risk-Appetite_Aug11_ver5.pdf
• Qazi, A., Akhtar, P., & Wieland, A. (2018). Risk matrix driven supply chain risk management: Adapting risk matrix-based tools to modelling interdependent risks and risk appetite. Computers & Industrial Engineering. https://doi.org/10.1016/j.cie.2018.08.002
• Quail, R. (2012). Defining your risk appetite. Corporate Risk Canada. https://erm.ncsu.edu/wp-content/uploads/sites/41/migrated-files/338_Corporate_Risk_Canada_Risk_Appetite_2012.pdf
• Raja, A., & Dave, N. (2017). Quantification of risk appetite for young professionals: An empirical study. Optimization: Journal of Research in Management, 9(2), 62–67.
• Ramamoorti, S., & Stover, R. (2018). Risk consumption. Accounting Faculty Publications, 75(2), 36–41. https://ecommons.udayton.edu/acc_fac_pub/96
• Rasshyvalov, D., & Rushkovskyi, M. (2019). Risk appetite statement as multinational enterprises’ innovative risk management tool. Actual Problems of International Relations, 1(141), 67–74.
• Rittenberg, L., & Martens, F. (2012). Enterprise risk management: Understanding and communicating risk appetite. COSO.
• Rizzi, J. V. (2008). Behavioral bias of the financial crisis. Journal of Applied Finance (Fall/Winter), 1–12. https://ssrn.com/abstract=2698652
• Saunders, M. N. K., Lewis, P., & Thornhill, A. (2019). Research methods for business students (8th ed.). Pearson.
• Sharma, M., Nanda, S., & Gupta, S. (2024). A systematic review of investment confidence, risk appetite and dependence status of women. International Journal of System Assurance Engineering and Management. https://doi.org/10.1007/s13198-024-02295-x
• Singh, B., Rekha, K., & Sharma, S. (2023). The influence of risk appetite and investment decision-making on the various demographic profiles of informative rural investors using Kruskall-Wallis H Test. Frontiers in Health Informatics, 13(3), 8857–8895. https://www.researchgate.net/publication/386280591 (Erişim tarihi: 07.06.2025)
• Smart, A., & Creelman, J. (2013). Defining strategy: The question of appetite. In A. Smart & J. Creelman (Eds.), Risk-based performance management (pp. 85–98). Springer. https://doi.org/10.1057/9781137356150_4
• Spaniol, J., Di Muro, F., & Ciaramelli, E. (2019). Differential impact of ventromedial prefrontal cortex damage on “hot” and “cold” decisions under risk. Cognitive, Affective, & Behavioral Neuroscience, 19, 477–489. https://doi.org/10.3758/s13415-018-00680-1
• Sotiropoulos, E. (2013). The risk appetite of pension funds: The case of Greece [Yüksek lisans tezi, Erasmus University Rotterdam].
• Stevens, M. W., Friðgeirsdotir, A., Majevskjis, K., Hansen, K. S., Laidinen, R., & Kraučenkienė, Ž. (2020). Good practice guidelines for the enterprise risk management function. IIA. https://iia.no/wp-content/uploads/2020/04/2020-Risk-management-final-web.pdf
• Sudhahar, M., & Maivadivu, T. (2023). Risk appetite of youngsters: A study with special reference to investment risk. Journal of Contemporary Research in Management, 18(2), 57–67.
• Tattam, D., & McLaughlin, B. (2024). Risk appetite. https://www.protechtgroup.com/en-us/ebooks/risk-appetite-for-dummies (Erişim tarihi: 03.07.2025)
• Terry, G., & Hayfield, N. (2021). Essentials of thematic analysis. American Psychological Association. https://doi.org/10.1037/0000238-000
• Torraco, R. J. (2005). Writing integrative literature reviews: Guidelines and examples. Human Resource Development Review, 4(3), 356–367. https://doi.org/10.1177/1534484305278283
• Shenkir, W. G., & Walker, P. L. (2011). Enterprise risk management: Frameworks, elements, and integration. IMA (Institute of Management Accountants).
• Ullah, S., Mufti, N. A., Saleem, M. Q., Hussain, A., Lodhi, R. N., & Asad, R. (2022). Identification of factors affecting risk appetite of organizations in selection of mega construction projects. Buildings, 12(1), 2. https://doi.org/10.3390/buildings12010002
• Vrolijk, W. J. G. (2021). Risk appetite of the Dutch social housing sector – Insights from a survey-based research [Yüksek lisans tezi, Maastricht University].
• Wild, A. (2013). Unraveling risk appetite: Applications of decision theory in the evaluation of organizational risk appetite [Doktora tezi, Erasmus University Rotterdam]. Açık Erişim Sistemi. https://repub.eur.nl/pub/38243/DeWild2013-B.pdf (Erişim tarihi: 29.06.2025)
• Wu, S., & Wang, D. (2017). The influence of local government decision-making competition on enterprise innovation investment under information asymmetry and multiple risk appetite type. Kybernetes, 46(5), 877–894. https://doi.org/10.1108/K-07-2016-0177
• Yadav, R. K. (2023). Determinants of risk appetite among young adults for startups. In S. Dhar, U. Dhar, & N. Katariya (Eds.), Emerging strategies in research: Going beyond disciplinary boundaries (pp. 41–52). Allied Publishers.
• Young, J. (2010). Towards developing guiding principles for managing operational risk appetite. Corporate Ownership & Control, 8(1), 176–187.
• Young, J. (2014). Practical guidelines to formulate an operational risk appetite statement for corporate organisations: A South African perspective. Corporate Ownership & Control, 12(1), 47–59.
• Zaplavnyi, V., Amirov, A., Kubekova, A., & Mamina, V. (2020). Individual and psychological characteristics of medical university students with risk appetite. Advances in Social Science, Education and Humanities Research, 527, ISPC-CPSLR 2020 Proceedings.
• Zhang, N., Paraskevas, A., & Altinay, L. (2019). Factors that shape a hotel company’s risk appetite. International Journal of Hospitality Management, 77, 217–225.
• Zhang, X. (2016). Factors That Shape An Organisation’s Risk Appetite: Insights From The International Hotel Industry [Doktora tezi, Oxford Brookes University].
• Zindani, D., Maity, S. R., & Bhowmik, S. (2020). A concurrent decision-making approach toward uncertainty, vagueness and risk appetite for sustainable manufacturing systems. Clean Technologies and Environmental Policy. https://doi.org/10.1007/s10098-020-01989-7