Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The urbanization process in Brazil is characterized by its fast and disorderly drivingthe occupation of houses in fragile physical environments characterized as the use and occupation. This dynamic puts the population, especially low purchasing power in a situation of environmental risks they are hydrological and / or geomorphological features. The risk is that the probability of loss and / or damage to the social and environmental point of view which the population is exposed. In this context, the present study was to examine the environmental risks physical geomorphological and hydrological and consolidated in the urban expansion area of Aracaju in the prevention of accidents. To achieve this and other proposed objectives was made using different procedures, focusing initially the literature survey and mapping for the systematization of the knowledge produced on the subject in various sources and public institutions, in addition to field work to show and record the risks geomorphological and hydrological. The methodology used allowed the crossing of the environmental variables considered basic to identify the level of vulnerability in Aracaju. The investigative analysis shows that in the places of occurrence of the events / accidents dominate the standard urban periphery, except in the expansion area of the municipality. Floods and flooding are common in many locations mainly in expansion and in the more consolidated, as well as near the drainage channels, whether natural or rectified. The areas with the greatest evidence of geomorphological hazards Floods and flooding are common in many locations mainly in expansion and in the more consolidated, as well as near the drainage channels, whether natural or rectified. The areas with the greatest evidence of geomorphological hazards (erosion and mass movements) are tied to insecurity or lack of basic infrastructure, mainly present in the Santa Maria neighborhoods, Jabotiana, America, Cidade Nova, Port Dantas / Coqueiral and Soledade. The absence of detailed studies and a plan to manage environmental risks in difficult decision making framework for ensuring the combat and / or mitigation of environmental risks in Aracaju. Therefore, it is necessary that the Government undertake preventive actions to avoid the uncontrolled growth of the city, as of works of sanitation, to ensure the safety population, and the development and implementation of structural measures (technical control) and non-structural (prevention plans and alerts, risk zoning, flood insurance) to combat the risk / O processo de urbanização brasileira se caracteriza pela sua forma rápida e desordenada impulsionando a ocupação de moradias em ambientes físicos caracterizados como frágeis ao uso e ocupação.Essa dinâmica coloca a população, principalmente de poder aquisitivo baixo, em situação de riscos ambientais sejam eles hidrológicos e/ou geomorfológicos. O risco se constitui na probabilidade de perda e/ou danos do ponto de vista socioambiental a qual a população esteja exposta. Nesse contexto, o presente estudo buscou analisar os riscos ambientais físicos geomorfológicos e hidrológicos na malha urbana consolidada e zona de expansão de Aracaju, visando à prevenção de ocorrência de acidentes. Para o alcance desse e outros objetivos propostos fez-se o uso de procedimentos distintos, priorizando inicialmente o levantamento bibliográfico e cartográfico para sistematização do conhecimento produzido sobre o assunto em diversas fontes e instituições públicas, além do trabalho de campo para evidenciar e registrar os riscos geomorfológicos e hidrológicos. A metodologia utilizada permitiu o cruzamento das variáveis ambientais consideradas básicas para identificação do nível de vulnerabilidade em Aracaju.A análise investigativa evidencia que nos lugares de ocorrência dos eventos/acidentes predominam o padrão urbano periférico, exceto na área de expansão do município. As enchentes e os alagamentos são frequentes em diversas localidades principalmente na área de expansão e na área mais consolidada, bem como nas proximidades dos canais de drenagem, sejam eles naturais ou retificados. Já as áreas com maiores evidências de riscos geomorfológicos (erosão e movimentos de massas) estão atreladas a precarização ou inexistência de infraestrutura básica, presentes principalmente nos bairros Santa Maria, Jabotiana, América, Cidade Nova, Porto Dantas/Coqueiral e Soledade. A ausência de estudos detalhados e de um plano de gestão dos riscos ambientais dificulta na tomada de decisão coerente para a garantia do combate e/ou mitigação dos riscos ambientais em Aracaju. Sendo assim, é necessário que o Poder Público estabeleça ações preventivas afim de evitar o crescimento desordenado do município, a partir da realização das obras de saneamento básico, que garantam segurança a população residente, além da elaboração e execução de medidas estruturais (técnicas de controle) e não estruturais (planos de prevenção e alerta, zoneamento do risco, seguro enchentes) para combate ao risco

Introduction: This study considered the role that safety, health and environmental (SHE) risk culture should play in the improvement of SHE risk management. The study focused on the perception of SHE risk culture at management and non-management levels in a manufacturing organisation in South Africa. SHE risk culture was viewed in terms of tone from the top and operational understanding of the risk management process. Method: A SHE risk culture questionnaire was created based on information available in the academic literature. The aim of this exploratory questionnaire was to assess the status of the SHE risk culture within the targeted organisation and to recommend improvements. The questionnaire included items designed to assess five aspects of SHE risk culture: understanding of the SHE risk approach; understanding of SHE risks and controls; SHE risk involvement and buy-in; communication; and governance, leadership and accountability. The target group for this study consisted of operations personnel and risk and SHE employees at different levels in the company. Survey data were obtained from 224 employees from a wide range of jobs in the company. Results: The data from the Likert-scale items in the questionnaire showed a number of significant differences between the perceptions of managers and non-managers with respect to the status of the SHE risk culture in the organisation. These differences indicated that management felt more comfortable with their understanding of the SHE risk approach, of the actual SHE risks, and of risk management controls than the non-management group. Also, management showed greater support for, and buy-in to, the SHE risk approach than the non-management group. In addition, participants shared their views of how the SHE risk culture in the organisation may be improved. The top five recommendations were: improve communication on SHE risk culture; standardise the SHE risk management approach; enhance SHE risk-related training to build capacity and understanding; emphasize the significance of leadership’s approach to embedding the SHE risk culture; and acknowledge the importance of involving employees in the development and implementation of the desired SHE risk culture. Conclusion: This study illustrated the importance of a number of factors required to improve the SHE risk culture in the organisation both in terms of tone from the top and operational understanding of SHE risks: they include well-structured communication; standardising and simplifying SHE risk management; SHE risk capacity building; and encouraging employee participation when developing and improving the desired SHE risk culture. The central role played by leadership to set the tone from the top and lead by example when implementing the desired organisational SHE risk culture was also highlighted by the participants. Practical application: This study provides evidence-based guidance for the manufacturing sector on how to evaluate and improve a desired SHE risk culture. The paper also shows how the concept of risk culture can be applied to SHE risk culture. The questionnaire used in this study can be used by management teams wishing to get an understanding of the prevailing SHE risk culture in their organisations. The results of the survey can be used to inform change interventions to improve the existing SHE risk culture in the organisation studied. The questionnaire should also be useful for further research on the concept of risk culture and in particular SHE risk culture.

Introduction: This study considered the role that safety, health and environmental (SHE) risk culture should play in the improvement of SHE risk management. The study focused on the perception of SHE risk culture at management and non-management levels in a manufacturing organisation in South Africa. SHE risk culture was viewed in terms of tone from the top and operational understanding of the risk management process. Method: A SHE risk culture questionnaire was created based on information available in the academic literature. The aim of this exploratory questionnaire was to assess the status of the SHE risk culture within the targeted organisation and to recommend improvements. The questionnaire included items designed to assess five aspects of SHE risk culture: understanding of the SHE risk approach; understanding of SHE risks and controls; SHE risk involvement and buy-in; communication; and governance, leadership and accountability. The target group for this study consisted of operations personnel and risk and SHE employees at different levels in the company. Survey data were obtained from 224 employees from a wide range of jobs in the company. Results: The data from the Likert-scale items in the questionnaire showed a number of significant differences between the perceptions of managers and non-managers with respect to the status of the SHE risk culture in the organisation. These differences indicated that management felt more comfortable with their understanding of the SHE risk approach, of the actual SHE risks, and of risk management controls than the non-management group. Also, management showed greater support for, and buy-in to, the SHE risk approach than the non-management group. In addition, participants shared their views of how the SHE risk culture in the organisation may be improved. The top five recommendations were: improve communication on SHE risk culture; standardise the SHE risk management approach; enhance SHE risk-related training to build capacity and understanding; emphasize the significance of leadership’s approach to embedding the SHE risk culture; and acknowledge the importance of involving employees in the development and implementation of the desired SHE risk culture. Conclusion: This study illustrated the importance of a number of factors required to improve the SHE risk culture in the organisation both in terms of tone from the top and operational understanding of SHE risks: they include well-structured communication; standardising and simplifying SHE risk management; SHE risk capacity building; and encouraging employee participation when developing and improving the desired SHE risk culture. The central role played by leadership to set the tone from the top and lead by example when implementing the desired organisational SHE risk culture was also highlighted by the participants. Practical application: This study provides evidence-based guidance for the manufacturing sector on how to evaluate and improve a desired SHE risk culture. The paper also shows how the concept of risk culture can be applied to SHE risk culture. The questionnaire used in this study can be used by management teams wishing to get an understanding of the prevailing SHE risk culture in their organisations. The results of the survey can be used to inform change interventions to improve the existing SHE risk culture in the organisation studied. The questionnaire should also be useful for further research on the concept of risk culture and in particular SHE risk culture.

For business organizations the concept of risk has always been important. Lately, this importance has been enhanced due to a number of corporate and societal circumstances. New and previously unconsidered risks are gaining increased significance in the overall risk management of many companies. This doctoral thesis takes a wide approach and examines factors relating to the evolving area of operational risk management. It focuses on risks that concern firms’ operations rather than merely financial risk exposures. The thesis consists of four empirical studies that address diverse but interrelated aspects of operational risk in Swedish industry settings. Building on four sets of independent data collections, they apply both quantitative and qualitative methods. The thesis reports results of operational risk management regarding organizational aspects, perceived challenges, the regulative environment, current societal and business trends, and various stakeholders. Issues like trust, risk perception, risk communication, corporate value, reputation, and brand value are also discussed. On the whole, the empirical findings indicate that a new risk paradigm has emerged. As society has boosted the management of various risks as a corporate responsibility, the costs of failing to manage such risks have increased substantially. / Diss. Stockholm : Handelshögskolan, 2009 Sammanfattning jämte 4 uppsatser

Construction is one of the oldest of industries in the world, with the first establishedconstruction company being established around 230 BC. One of the biggest industries inEurope, at an estimated €900 billion a year, it also accounts for 40% of total energy consumption and 40% of total waste generation in the EU1 . Although the majority ofthese are from the use phase of the built environment, there is a lack of a comprehensiveenvironmental risk management system for the construction phase. This study proposesan environmental risk management framework based on the Beer-Ziolkowski model of risk management for both site specific and non-site specific construction operations witha stakeholder centric approach. It proposes stakeholder involvement to identify the risksaided with trend analysis of strategic regulatory implications from the concernedauthority - Norwegian Ministry of Local Government and Regional Development and thecurrent orgnisational practice of objective environmental risk identification from ISO14001 guidance. Scope of site specific and non-site specific risks are narrowed down tosite operational setup and construction materials respectively, consistent with theorganisations view of the most important risks from those two classes of risks. Riskassessment is suggested through Fault Tree Analysis (FTA) method for site specific risksand European Union System for the Evaluation of Substances (EUSES) for non-sitespecific risks. Total Cost Accounting (TCA) of project alternative evaluation isrecommended with a view to internalise the external costs. A two tiered integration ofrisk information in the buisess process is suggested – categorised risk reduction processat the level of projects and general good practice aided with risk information at the policylevel. Being a framework for management of environmental risk as opposed to a methodfor a specific environmental risk, the principles and suggestions are broadly scoped withcase studies for identification and analysis of risks.Through the practice of prudent engagement of stakeholders and scientific risk assessments, this framework would help the organisation enable safer operational practices in the context of environmental effects. In foresight this in turn will have rendered the host firm more competent in terms of making sustainable business decisions. / Byggindustrin är en av de äldsta industrierna i världen. Det första företaget etabeleradesca 230 BC. Byggindustrin är även en av de största industrierna i Europa med €900miljarder i omsättning varje år, men ansvarar även för ungefar 40% av energiförbrukningen och 40% utav den totalla avfallsgeneringen i EU1. Trots att det mesta av dessa miljöfarliga aspekter kommer ifrån användningsphasen av den byggdamiljön, finns det en brist på omfattande hanteringssystem för miljörisker vid uppbyggnadsphasen. Denna studie föreslår en hanteringsmodell, baserad på Beer-Ziolkowski-modellen för riskhantering, som innehåller både byggplats baserade och icke byggplatsbaserade risker med en centrerad orientering vid just aktieägare samt andraberörda.Denna modell föreslår, att alla som skulle bli berörda vid förändring, engagerar sig för att identifiera risker med assistering utav strategisk vägledning hos den lämpliga förvaltningen - Kommunal- og regionaldepartementet samt med det närvarande organisationspraxisesn av indentifiering av de objektiva miljöriskerna med råd ifrån ISO140001. Omfattningarna av byggplats-beroende och icke byggplatsberoende riskkategorier fokuseras på layouten av byggplats och byggmaterial, enligt företagetsåsikt vilken av dessa två riskgrupper som är viktigast. Riskshantering föreslås med fel träanlys (FTA) metoden till byggplats beroende risker och European Union System for the Evaluation of Substances (EUSES) till icke byggplats beroende risker.Helkostnadsbokföring (TCA) för projektets olika alternativ rekommenderas som åtgärd för att inkludera de vanliga ytterliggande kostnaderna. En två spårig integration av risksbeskedet föreslås – katagoriserad riskminskning vid projektsnivå och vanliga goda affärsprincipier tillsammans med riskmedvetenhet på policy nivå.På grund av att modellen är en ram för riskhantering, som skilljer sig ifrån en metod fören särskild risk, granskas priciperna så som föreslaget med fallstudier för identifieringoch analys av risker.Genom att engagera aktieägare och andra intressenter men även natuvetenskaplig riskbedömning, ska denna modell hjälpa företaget till att möjligöra en säker bedrivningutav företagspraxisen i kombination med ett stärkt intresse utav miljöaspekter. I framtiden ska detta i sin tur ge företaget större kompetens när det gäller att planera och skapa en hållbar affärsplanering. / www.ima.kth.se

本研究探討台灣企業實施環境風險管理與資金成本及財務績效之關係。以ISO14001環境管理系統認證做為實施環境風險管理的指標，研究實施環境風險管理的企業在資金成本與財務績效上是否具有較佳之表現。本研究以截至2011年4月通過ISO14001認證之上市櫃公司為實驗組，以及未曾通過認證之公司為對照組。並分為三部份進行迴歸分析，其主要研究結果如下： (一) 實施環境風險管理對債劵資金成本有負向影響。但對股東權益資金成本是正向顯著的影響。因股東權益占公司資金比重較大，故加權平均資金成本亦為正向顯著影響。 (二) 在財務績效的部份，大都支持企業實施環境風險管理時，與財務槓桿呈負向關係。並且實驗組均支持通過年數越長對稅盾有負向影響。此外，實驗組全體產業與實驗組非高污染性產業，通過認證時間越長，則對系統性風險有負向顯著影響。但實驗組高污染性產業之環境風險管理與系統性風險則無顯著相關。 (三) 由實驗組與對照組之研究比較，發現支持實施環境風險管理之公司具有較低之大股東持股比。 (四) 根據實驗組之研究，發現公司通過環境風險管理之認證，與外資法人投資比率有正向關係。但實驗組與對照組之比較，通過認證與否則對外資呈負向顯著的關係。實驗組高低汙染性產業比較中，高污染性產業僅通過認證年數與外資投資比率呈顯著相關，但非高污染性產業則不論是否通過認證與通過年數，均與外資投資比率呈正向顯著相關。 關鍵字：ISO14001環境管理系統、環境風險管理、資金成本、財務績效。 / This study investigates the relationship between implementing environmental risk management and cost of capital and financial performance for the public companies in Taiwan. Using the ISO14001 environmental management system certification as the indicator of environmental management, this thesis explores whether the companies implementing the environmental risk management system will possess lower the cost of capital and better financial performance. Among the sample firms, the companies with ISO14001 certification in year 2011 are regarded as the experimental group, and the companies have not been certified as the controlled group. Then this study conducts regression analyses for environmental risk management. The major findings are as follows: 1. Implementation of environmental risk management and the capital cost of bonds have a significantly negative relationship. However, the capital cost of equity shows a significantly positive relationship. Since shareholders' equity is a greater proportion on the company's funds in the sample firms, so the weighted average cost of capital also presents a significantly positive relationship. 2. Regarding the relationship between firm’s financial performance and its environmental risk management, this study finds that financial leverage exhibits a negative relationship. The experimental group supports that the companies with ISO14001 certification for longer years have a negative relationship with their tax shields. Besides, in the entire experimental group and experimental group of non-highly-polluting industries, the systemic risk shows a negative relationship with the longer years of certification. However, environmental risk management and the systemic risk do not present significant correlation in the experimental group of highly-polluting industries. 3. The comparison between the experimental group compared and the controlled group support the hypothesis that implementation of environmental risk management can have a lower ratio of large shareholdings. 4. The study of experimental group supports that foreign investors’ shareholdings have a positive relationship with the firms passing the certification. However, the comparison between the experimental group and the controlled group shows certification and foreign investor negatively related. In highly-polluting industries, the number of certified years is the only factor influencing foreign investors’ shareholdings. In non-highly-polluting industries, passing the certification and number of certified years both are positively associated with foreign investors’ shareholdings. Keywords：ISO14001 environmental management system, environmental risk management, cost of capital, financial performance.