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Purpose The purpose of this paper is to propose a method to address the problem of selecting risk response actions (RRAs) considering the risk dependency that is seldom considered in the existing studies. Design/methodology/approach First, a method based on the Measuring Attractiveness by a Categorical-Based Evaluation Technique (MACBETH) is proposed to measure the dependencies between the risks, and then a preference coefficient denoting the relative importance of the risk dependency is introduced. Besides, an exponential utility function is used to describe the project manager’s (PM) risk-averse behaviour. Finally, a mathematical model that incorporates the risk dependency and risk preference of the PM is constructed for selecting the RRAs. Findings Risk dependency plays an important role in the process of RRA selection. First, more expected utility can be obtained when the risk dependency is considered. Second, more attention should be paid to the risk dependency for coping with critical risks when the budget is tight. Practical implications This method can be applied to determine the RRAs when the risk dependency exists between the project risks. Originality/value This paper proposes a model to select RRAs with consideration of the risk dependency, which is an important issue from a theoretical as well as a practical perspective in project risk management.

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Corporate green transformation is important for the realization of China’s “double carbon” goal and the construction of a green economy, but existing studies only explored the role of policy factors or internal corporate factors in influencing them, ignoring the driving factors of corporate green transformation in an industry. Based on the perspective of inter-industry enterprise linkage, combined with principal–agent theory and signaling theory, this study uses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2021 and employs multiple linear regression to investigate the impact of common institutional ownership on corporate green transformation and its mechanism of action. The empirical findings show that common institutional ownership can significantly promote corporate green transformation, and the findings still hold after robustness tests. Principal–agent costs, total factor productivity, financing constraints, and business credit play a partial mediating role in this, and common institutional ownership has a better promotion effect on the enhancement of the degree of the green transformation of enterprises in non-heavily polluted industries. The results of this study not only can enrich the research on the economic consequences of joint institutional ownership but also have important guiding significance for China to promote the green transformation of enterprises and build a green economic system.

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Catastrophe Risk Securitization has risen as a promising solution to the increasingly severe problem of risk financing and compensation in the recent two decades. In the special structure of Catastrophe Risk Securitization, the relationship between the reinsurer and Special Purpose Vehicle is a decisive yet sensitive one, as principal and agent, potential incentive disorder between them can render the securitization mechanism fail to fulfill its task. This paper sets out to examine the optimal structure of incentive between the reinsurer and the SPV, by the use of expected utility maximization paradigm, this paper developed the necessary condition for a dynamic catastrophe risk securitization mechanism, including individual rationality condition and incentive-compatibility condition, and further discovered that the optimal incentive parameter and the risk averse extent is negatively correlated. Based on these findings, this paper propose advice concerning the world risk securitization practice and suggest that the Special Purpose Vehicle in this operation should have its independent interest and compete for the right to securitize.

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