This thesis studies the change process of risk management practices associated with the implementation of Enterprise Risk Management (ERM) and the extent to which it can lead to changes in capital allocation practices. The study develops a theoretical framework to study risk management changes, which draws on structuration theory (Giddens, 1979, 1984) and institutional theory, particularly the institutional framework of Burns and Scapens (2000), as well as new institutional sociology theory. A two-stage empirical study was undertaken in non-life insurance companies. The first stage was a field study of 10 listed non-life insurance companies, while the second stage was a case study of a large non-life insurance company. Multiple data collection methods were used including semi-structured interviews, documentary evidence, annual reports, and publicly available data. Findings show internal, coercive, and normative pressures have mainly driven the ERM adoption decision. The literature supports the impact of coercive, mimetic, and normative pressures on the trend toward ERM in financial industries. However, the study finds that internal pressures related to achieving the company's objectives are either equal to or surpass the external pressures. The study also provides empirical evidence of the changes in risk management practices, which include capital allocation change process associated with ERM implementation. Effective capital allocation requires the incorporation of ERM elements in the whole process of allocating capital. Furthermore, new capital allocation routines and institutions are produced. The study shows that the risk-based capital allocation method is intra- and extra-institutionalised at the company level. The main contribution of this thesis is to identify the nature of ERM adoption and implementation in insurance companies. More specifically, this study provides a better understanding of the institutional forces driving ERM adoption and offers empirical evidence on ERM implementation and the change in risk management practices (routines) within nonlife insurance companies. Moreover, this study avoids the limitations of previous research that was based on surveys, and it does so by conducting an exploratory field study and explanatory case study to address the changes in risk management practices. Practices and process need to be located in their institutional context and hence cannot be reflected in surveys.

Many farms in the United States impose negative externalities on society. Population growth and the accompanying increase in demand for food further promote this trend of environmental degradation as a by-product of food production. The USDA's Environmental Quality Incentives Program (EQIP) provides financial assistance to farmers who wish to address natural resource concerns by making structural improvements or implementing best management practices (BMPs) on their farms. Regional examinations of program implementation and incentive levels are needed to evaluate the effectiveness of EQIP at both the farm and environmental level. This research addresses this need in the following two ways. First, conjoint analysis was used to calculate the willingness to accept incentive levels desired by Vermont farmers for implementing three common BMPs and the relative importance of each attribute in their adoption decisions. Next, a survey was conducted to document Vermont farmers' experiences, or choices not to engage, with EQIP. The results of the conjoint analysis indicated that farmers' adoption decisions are most heavily influenced by the available implementation incentives and that the higher the incentive level offered, the more willing farmers are to adopt a practice. The survey results triangulated these findings as cost was the most frequently cited challenge farmers face when implementing BMPs and one third of respondents felt the cost-share amount they had received was inadequate. Although 46% of respondents reported receiving nonmonetary benefits, 43% had encountered challenges when enrolling or participating in EQIP. In addition, though contracts are designed to address specific resource concerns, 30% of respondents had not fully fixed the original issues with their contracts. This also indicates that the incentive levels offered in EQIP contracts may be lower than Vermont farmers' preferred incentive levels, affecting the adoption rate of BMPs and subsequently the environmental health and long term sustainability of Vermont's agricultural systems. Program areas ripe for improvement, key points for farmers weighing the costs and benefits of program participation, and future research opportunities are discussed in order to guide efforts to improve the effectiveness of EQIP in Vermont. This research also raises awareness of how much it costs to simultaneously support environmental health and food production in our current food system and who ultimately should bear this financial burden.

Master of Science / Department of Agronomy / Phillip W. Stahlman / Kochia [Kochia scoparia (L.) Schrad.] is an invasive weed that is common in cropland, pastures and rangeland, rights-of-way, and disturbed areas throughout the western and northern United States and southern Canada. This species aggressively competes with crops, especially in no-till cropping systems, and has evolved resistance to multiple herbicide modes of action. Thus, it has become highly problematic and is difficult to manage. Roundup Ready 2 Xtend™ (Monsanto Co.) soybeans with resistance to dicamba herbicide are expected to be commercialized in 2016, and will offer a new management practice for controlling kochia and other susceptible broadleaf weeds in soybeans. Objectives of this research were to (1) determine whether greenhouse-grown plants from various kochia populations from the central Great Plains differ in susceptibility to postemergence-applied dicamba; (2) compare preemergence versus postemergence control of kochia with dicamba in a greenhouse environment; and (3) investigate various management practices in a systems approach to control kochia in soybeans. GR[subscript]50 values (dose required to reduce plant biomass by 50%) indicated at least an 8-fold difference among 11 kochia populations in susceptibility to postemergence-applied dicamba. Additionally, dicamba at 210 g ha[superscript]-1 applied preemergence caused 95, 88 and 84% mortality and reduced plant biomass (fresh wt.) of the most susceptible and two least susceptible kochia populations from a previous dicamba dose-response study by 99, 68 and 60%, respectively. In comparison, <10% of kochia plants from those populations died and biomass was reduced only 39, 15 and 7%, respectively, when dicamba was applied postemergence. Field experiments demonstrated that preplant conventional tillage followed by nine different in-crop herbicide treatments, and shallow early-spring tillage followed by preplant herbicides (reduced-till) along with the same in-crop herbicides provided greater kochia control than three no-till systems involving early preplant herbicide treatments followed by the same in-crop herbicides. However, despite greater kochia control with the tillage-based systems in 2013, soybean yields were less compared to the three no-till systems. Consequently, in some years the most effective kochia control practices may not result in the highest soybean yields.

Thesis (M.B.A.)--Boston University / A case study of a rural area wage and benefit survey in the Monadnock region of Southwestern New Hampshire, illustrating the conception, development, and scope of the survey and its effect on management practices and procedures in that area.

The monitoring of nitrate mass load through the unsaturated zone below agricultural land was proposed as a novel technique to assess the effect of agricultural best management practices (BMPs). The objectives of the study were to: develop field techniques and apply computational models for the quantification of unsaturated zone nitrate mass flux; scale the point mass flux results to a nitrate mass load across an agricultural parcel; and assess the resulting nitrate mass load measurements as indicators to evaluate the effect of a BMP. At several locations across the study site, groundwater quality and profiles of soil water content and temperature were regularly monitored, and several rounds of geologic cores were collected for analysis of bulk soil nitrate and an applied bromide tracer. The field data were applied in several analytical techniques for estimating recharge, and in two unsaturated zone numerical models used to refine the recharge estimates. The recharge rate at each measurement location was then combined with unsaturated zone nitrate data to quantify nitrate mass flux. Upscaling of the flux values to field-scale mass load was based mainly on topography, geology and field observations. The calculation of stored nitrate mass in the shallow subsurface showed some correlation to changes in surface nitrogen application, with the greatest decreases in stored mass observed at locations underlain by sand where there was a switch to a grass crop. In contrast, the calculation of nitrate mass load suggested that the post-BMP value (4.1 t NO3-N/yr) was greater than the pre-BMP value (2.2 t NO3-N/yr). However, the calculation of nitrate mass load was limited by several factors, including a lack of nitrate concentration data from the deep unsaturated zone and an above-average annual precipitation rate; as a result, the findings suggesting an increase in nitrate mass load in response to decreasing nutrient inputs should be interpreted with caution. Continued monitoring of nitrate mass load and stored nitrate mass in the unsaturated zone is recommended to determine whether further benefits from the BMPs are observed as the measurement period lengthens and the unsaturated zone is progressively flushed.

The Ontario Nutrient Management Act (2002) recommends agricultural Beneficial Management Practices (BMPs) that involve reductions in nutrient applications of nitrogen (N) to fields to improve underlying groundwater quality, but little is known regarding how to best evaluate their success, and how quickly and to what extent groundwater quality will be improved. This study focuses on a 54 ha hog farm located on the southern flank of the Oak Ridges Moraine near Port Hope, Ontario, where, beginning in 1997, the farm operator reduced nutrient application of N by 46% (from 286 kg-N/ha to 153 kg-N/ha). This site provided a unique opportunity to study the long-term effects of reducing nutrient loading of N because of the availability of historical groundwater quality data and records of yearly, field-by-field applications of N (as liquid swine manure and commercial fertilizers such as urea and ammonium sulphate), crop types (corn and soybeans), and crop yields. The objective of this study was to determine how the reduction in nutrients has altered the nitrate loading to the subsurface and its effect on groundwater quality. It was hypothesized that analysis of unsaturated zone soil and the shallow groundwater following 10 years of nutrient reductions should provide insight into the long-term effects of BMPs. A multifaceted characterization of the site was undertaken that included yearly N-budget calculations for four individual fields on the farm to determine the potentially leachable N and the hydrogeological characterization of flow and transport of N through the unsaturated zone and underlying groundwater. Field investigations included: installation of new monitoring wells (9); datalogging of water levels (12 wells); water quality monitoring (32 wells); multiple soil coring events; analysis of nitrate isotopes for characterization of N sources in soil and groundwater using 15N and 18O isotopic ratios; bromide tracer tests (3 sites); soil moisture profiles measured in 5 neutron access tubes; and installation of a meteorological station. Investigations focused on a surficial aquitard unit, which was a ~10 m thick, stony, sandy, silty, till (Newmarket Till), and an underlying aquifer unit, which was a ~7m thick, semi-confined sand and gravel aquifer. These two units make up the local flow system at the site and are underlain by another aquitard and a deeper aquifer. The study concentrated on Field B where the 1997 change in nutrient application coincided with a change from swine manure to commercial fertilizer, and the area upgradient of it. This change meant that the isotopic signature of the nitrate could be used as an additional “tracer” to distinguish “BMP applied N” from previous or upgradient applications. A comparison between 1997 and present groundwater nitrate concentrations in the shallow aquifer and aquitard show that farm wide concentrations have decreased by an average of 35% from an average of ~32 mg/L to and average of ~21 mg/L. The most significant improvements were observed in wells screened at or near the watertable, where concentrations below 10 mg/L were observed. The recharge rate was estimated from bromide tracer tests and water balance calculations to be 160 mm/yr, which suggests that water infiltrating in 1997 should have reached the watertable (~6 m deep) prior to the start of this study in 2005. Isotopic values 15N and 18O in NO3- further confirm this result. Estimations of the groundwater nitrate concentrations from N-budget calculations provided reasonable estimates of changes in groundwater quality over time, but were very sensitive to site-specific groundwater recharge rates. Nitrate loading beneath the site were estimated to have decreased by 43% since 1997. This decrease in nitrate loading has significantly decreased the concentration of nitrate exiting the farm property. These results suggest that historical applications of N likely exceeded crop nutrient requirements and therefore a reduction in N applications to the land surface have the capacity to reduce nitrate loading to the groundwater. To date, crop yields have not been significantly altered from the changes in land-use practices. If N application rates at the Allin Farm are maintained, it is likely that further improvements will be observed in the groundwater, although the full extent of these improvements may not be observed for many years. The fact that the improvements in groundwater nitrate concentrations can be achieved at a local scale within a larger flow system may provide encouragement for more widespread adoption of agricultural BMPs.

The monitoring of nitrate mass load through the unsaturated zone below agricultural land was proposed as a novel technique to assess the effect of agricultural best management practices (BMPs). The objectives of the study were to: develop field techniques and apply computational models for the quantification of unsaturated zone nitrate mass flux; scale the point mass flux results to a nitrate mass load across an agricultural parcel; and assess the resulting nitrate mass load measurements as indicators to evaluate the effect of a BMP. At several locations across the study site, groundwater quality and profiles of soil water content and temperature were regularly monitored, and several rounds of geologic cores were collected for analysis of bulk soil nitrate and an applied bromide tracer. The field data were applied in several analytical techniques for estimating recharge, and in two unsaturated zone numerical models used to refine the recharge estimates. The recharge rate at each measurement location was then combined with unsaturated zone nitrate data to quantify nitrate mass flux. Upscaling of the flux values to field-scale mass load was based mainly on topography, geology and field observations. The calculation of stored nitrate mass in the shallow subsurface showed some correlation to changes in surface nitrogen application, with the greatest decreases in stored mass observed at locations underlain by sand where there was a switch to a grass crop. In contrast, the calculation of nitrate mass load suggested that the post-BMP value (4.1 t NO3-N/yr) was greater than the pre-BMP value (2.2 t NO3-N/yr). However, the calculation of nitrate mass load was limited by several factors, including a lack of nitrate concentration data from the deep unsaturated zone and an above-average annual precipitation rate; as a result, the findings suggesting an increase in nitrate mass load in response to decreasing nutrient inputs should be interpreted with caution. Continued monitoring of nitrate mass load and stored nitrate mass in the unsaturated zone is recommended to determine whether further benefits from the BMPs are observed as the measurement period lengthens and the unsaturated zone is progressively flushed.

The Ontario Nutrient Management Act (2002) recommends agricultural Beneficial Management Practices (BMPs) that involve reductions in nutrient applications of nitrogen (N) to fields to improve underlying groundwater quality, but little is known regarding how to best evaluate their success, and how quickly and to what extent groundwater quality will be improved. This study focuses on a 54 ha hog farm located on the southern flank of the Oak Ridges Moraine near Port Hope, Ontario, where, beginning in 1997, the farm operator reduced nutrient application of N by 46% (from 286 kg-N/ha to 153 kg-N/ha). This site provided a unique opportunity to study the long-term effects of reducing nutrient loading of N because of the availability of historical groundwater quality data and records of yearly, field-by-field applications of N (as liquid swine manure and commercial fertilizers such as urea and ammonium sulphate), crop types (corn and soybeans), and crop yields. The objective of this study was to determine how the reduction in nutrients has altered the nitrate loading to the subsurface and its effect on groundwater quality. It was hypothesized that analysis of unsaturated zone soil and the shallow groundwater following 10 years of nutrient reductions should provide insight into the long-term effects of BMPs. A multifaceted characterization of the site was undertaken that included yearly N-budget calculations for four individual fields on the farm to determine the potentially leachable N and the hydrogeological characterization of flow and transport of N through the unsaturated zone and underlying groundwater. Field investigations included: installation of new monitoring wells (9); datalogging of water levels (12 wells); water quality monitoring (32 wells); multiple soil coring events; analysis of nitrate isotopes for characterization of N sources in soil and groundwater using 15N and 18O isotopic ratios; bromide tracer tests (3 sites); soil moisture profiles measured in 5 neutron access tubes; and installation of a meteorological station. Investigations focused on a surficial aquitard unit, which was a ~10 m thick, stony, sandy, silty, till (Newmarket Till), and an underlying aquifer unit, which was a ~7m thick, semi-confined sand and gravel aquifer. These two units make up the local flow system at the site and are underlain by another aquitard and a deeper aquifer. The study concentrated on Field B where the 1997 change in nutrient application coincided with a change from swine manure to commercial fertilizer, and the area upgradient of it. This change meant that the isotopic signature of the nitrate could be used as an additional “tracer” to distinguish “BMP applied N” from previous or upgradient applications. A comparison between 1997 and present groundwater nitrate concentrations in the shallow aquifer and aquitard show that farm wide concentrations have decreased by an average of 35% from an average of ~32 mg/L to and average of ~21 mg/L. The most significant improvements were observed in wells screened at or near the watertable, where concentrations below 10 mg/L were observed. The recharge rate was estimated from bromide tracer tests and water balance calculations to be 160 mm/yr, which suggests that water infiltrating in 1997 should have reached the watertable (~6 m deep) prior to the start of this study in 2005. Isotopic values 15N and 18O in NO3- further confirm this result. Estimations of the groundwater nitrate concentrations from N-budget calculations provided reasonable estimates of changes in groundwater quality over time, but were very sensitive to site-specific groundwater recharge rates. Nitrate loading beneath the site were estimated to have decreased by 43% since 1997. This decrease in nitrate loading has significantly decreased the concentration of nitrate exiting the farm property. These results suggest that historical applications of N likely exceeded crop nutrient requirements and therefore a reduction in N applications to the land surface have the capacity to reduce nitrate loading to the groundwater. To date, crop yields have not been significantly altered from the changes in land-use practices. If N application rates at the Allin Farm are maintained, it is likely that further improvements will be observed in the groundwater, although the full extent of these improvements may not be observed for many years. The fact that the improvements in groundwater nitrate concentrations can be achieved at a local scale within a larger flow system may provide encouragement for more widespread adoption of agricultural BMPs.

The debate over allocation of rangeland resources has gained increasing momentum in the 1990’s. These days, several constraints are facing landowners, including high estate taxes, reduced profit margins of agricultural/ranching operations and increased legal restrictions in land use. Previous studies point out to strong private property rights among landowners, which have often been assumed to lead to short-term land management goals that are not particularly beneficial to society. This study analyses the multidimensionality of property rights and how this determines the variation in willingness to undertake various ecologically sustainable management practices without compensation and the variation in the perception of threats by the landowner. A study was conducted on randomly selected landowners in three states, Texas, Utah and Colorado in 2001; an average response rate of 51.3% was obtained across all three states. A descriptive analysis was conducted, tabulating the identifying characteristics of the respondent rancher/farmer and their property, their opinion regarding the rights and responsibilities of landowner, their likely willingness to implement different management practices and threats to the future viability of their ranching operation, searching for testable hypotheses. In analysis of effect of multidimensionality of property rights on the willingness to undertake management practices without compensation, results confirmed the significance of three property rights except the individual property rights scale. Respondent’s perception of the threats to the future viability of future operation was analyzed using directed acyclic graphs (DAG). The DAG revealed several directed edges (causal effects), but the presence of several bi-directed edges (cause and effect being indeterminable) were also identified. The subsequent regression analysis showed no significant property rights scales, but component analyses identified a few significant property rights orientations. The low significance is attributed to the presence of bi-directed edges.

Eutrophic conditions caused Severn Sound to be listed as an Area of Concern in the 1980’s, it was then delisted in 2002 after implementing a number of agricultural Best Management Practices (BMPs). The focus of this research is to evaluate BMP effectiveness on a watershed scale using both monitoring and modelling. The monitoring data clearly shows that the BMPs significantly reduced the sediment loadings. It also showed that BMPs affect only the intercept and not the slope of the sediment rating curves meaning that BMPs reduce sediment loadings in a linear fashion and at a constant percentage for all sizes of storms. The literature review and associated BMP reduction factors used to model the applied BMPs clearly show that observed and predicted reductions in sediment were experienced and that the model is validated for use on a watershed scale for BMP implementation. The results from this research will further the understanding of how sediment transport curves are affected by Best Management Practices. / Chapter 1 defines the problem and scope of the research study to be examined in this thesis. The literature review presents the current state of knowledge related to the effectiveness of BMPs, sampling techniques, and the use of sediment transport curves, and watershed modelling as a tool to evaluate the use of BMPs. Chapter 3 explains the goals and objectives as well as the study area for this research. Outlined in Chapter 4 are the standard methods used for water quality monitoring and setting-up and calibrating a watershed model. Research results are presented in Chapter 5 and include measured streamflow and water quality results for the respective rivers along with results from watershed modelling. The results section also reflects on the implications for BMP effectiveness and areas of future research. Chapter 6 concludes with a summary of the new information gained from this research and the success of Severn Sound in leading the way in improved use of BMPs for a healthier watershed. / Severn Sound Environmental Association, Greenland International Consulting Ltd., University of Guelph School of Engineering