This document summarizes a research article that examines the relationships between enterprise risk management practices, competitive advantage, financial literacy, and firm performance in small- and medium-sized enterprises. The study tests a model with enterprise risk management practices influencing competitive advantage and firm performance, competitive advantage partially mediating the relationship between enterprise risk management practices and firm performance, and financial literacy moderating the relationship between enterprise risk management practices and competitive advantage. The results indicate that enterprise risk management practices positively impact competitive advantage and firm performance, and financial literacy strengthens the effect of enterprise risk management practices on competitive advantage.
This document provides an overview of some key differences between Hinduism and Islam. Both religions believe in a supreme god, either Brahma or Allah, but they differ in their central texts (Vedas vs. Quran) and views on the afterlife. Hindus believe in samsara and moksha, while Muslims believe in judgment after death. They also have different traditions, with Hindus practicing rituals, yoga, and allowing for multiple manifestations of gods, while Islam strictly follows the teachings of Allah and prohibits idolatry.
Hinduism is the world's oldest living religion originating in India over 5,000 years ago. It developed from the Vedas, Upanishads, and was influenced by movements like Jainism and Buddhism. Islam was introduced in the 7th century, causing changes like the destruction of temples. Hindu practices include puja worship, non-violence, vegetarianism, and seeking Dharma and Moksha through karma and reincarnation. The caste system and family roles are also important to Hindu beliefs and culture. Today, Hinduism has over 1 billion followers worldwide, most residing in India.
REL133 v8Hinduism, Jainism, and SikhismREL133 v8Page 2 o.docxcarlt3
REL/133 v8
Hinduism, Jainism, and Sikhism
REL/133 v8
Page 2 of 4
Religion Comparison
Part 1: Hinduism Overview
Hinduism has no founder, but an integration of different beliefs. Its development was influenced by the nomadic Aryan Indo-European races that occupied Northern India. The religions originated from Russia and Central Asia as they attacked the Harappans residing in the area. Veda is the oldest scripture in Hindu that means wisdom and knowledge. It has hymns, prayers and ritual texts introduced during in the ancient times. The secret teachings in Hindu are known as the Upanishads, and it includes the mystical concepts of man and the universe.
Hinduism has a term known as Ramayan and is one of the significant Indian tales. Puranas is a vital source used to understand Hinduism, and it includes the legends, gods, and demons. A common feature between Hinduism and other religions is that most of its festivals fall in two classes (Doniger, 2010). There are those who celebrate saints and others celebrating notable scriptural events. Om is a symbol in Hinduism and used in meditation. The swastika is another symbol associated with a negative connotation in other parts across the world while in Hinduism, it is a sign of luck and fortune.
Part 2: Compare and Contrast Two Religions
Religion 1
Hinduism
Religion 2
Jainism
Similarities
Differences
Points of origin
Jainism and Hinduism came from India. Moreover, they are all knows as the traditional faiths of the Indians.
The existence of Atma
The two religions accept the reality of Atma, also known as the soul. They believe in the immortality of the soul. In the contexts of both religions, the physical body can die, but the spirit that inhabits it lives on and leads to reincarnation.
The ideas of Moska, Karma, and Reincarnation
Jainism and Hinduism both believe in Karma. Karma can refer to the good or bad. They also believe in reincarnation, the idea of life after death (Babb, 2015). Both religions also believe in moska, the liberation from the cycle of life and death. However, the meaning of these concepts is different in each religion.
Temples and Idols
The religious activities in both religions are similar. They both have temples and conduct idol worshiping. They also have times when they fast as a way of worship and purification of the soul.
The concept of Karma
In Hindu, Karma is an essence of transgression to atone for blessings to get in the next life. Jains consider Karma a kind of activity that attaches to the soul in each life. While Hindus try to do the right thing to atone for the spiritual debt, Jains follow actions intended to clean the soul of a polluting nature.
The idea of Moksha
Hindus believe that Moksha and liberation take place where the soul meets the universal soul and results to eternal life in Vishnu’s territory. The Jains considers moksha an activity-less and tranquil that is said to take place in Siddhabhumi.
Animal Sacrifices
Jainism do not engage in ani.
Hinduism is one of the world's oldest religions, originating in India over 1500 BC. It is practiced by approximately 900 million adherents worldwide, and recognizes a single supreme deity that can be experienced through various gods and goddesses. Key beliefs include reincarnation, dharma, and the concepts of karma and moksha. The religion is characterized by diversity in philosophy and practice yet also emphasizes the oneness of all existence.
Hinduism is one of the oldest religions in the world originating in India. It has no single founder or religious authorities but includes a diversity of spiritual beliefs and traditions. Key texts include the Vedas, Upanishads, and Bhagavad Gita. Central concepts are dharma, karma, moksha, and samsara. Hindus worship many personal gods like Vishnu, Shiva, Ganesha and Devi. Yoga originated in ancient India and has four main paths - jnana, bhakti, karma, and raja yoga. Issues in Hinduism include the role of women, poverty, and child marriage.
Hinduism is an ancient religion originating in India with over 1 billion followers worldwide. It is a diverse set of traditions with no single founder or belief system. Core concepts include dharma (duty), samsara (reincarnation), and karma (the effects of one's actions). Hindus revere deities like Brahma, Vishnu, Shiva and their consorts and see them as aspects of the supreme Brahman. They worship in temples and home shrines, and some practice yoga, meditation, or other spiritual disciplines. Hindu scriptures include the Vedas and Upanishads, and epics like the Ramayana and Mahabharata shape Hindu mythology.
Discuss three (3) ways that large organizations are increasingly eng.docxrhetttrevannion
Discuss three (3) ways that large organizations are increasingly engaging in social entrepreneurship and the importance of stakeholder relationships in this effort.
Describe the concept of ‘Third Sector’ innovation and reflect on the motive of non-profit entrepreneurial organizations to service these social needs. Next explain how the concept of uneven global distribution of innovation influences this sector. Provide examples to support your rationale.
I am adding a web link for you to review, here are a few web links on Social Entrepreneurship
1. From Forbes.com here is a list of several young social entrepreneurs.
http://www.forbes.com/special-report/2012/30-under-30/30-under-30_social.html
2.
From Stanford University:
Social Entrepreneurship: the case for Definition.
http://ssir.org/articles/entry/social_entrepreneurship_the_case_for_definition
.
This document provides an overview of some key differences between Hinduism and Islam. Both religions believe in a supreme god, either Brahma or Allah, but they differ in their central texts (Vedas vs. Quran) and views on the afterlife. Hindus believe in samsara and moksha, while Muslims believe in judgment after death. They also have different traditions, with Hindus practicing rituals, yoga, and allowing for multiple manifestations of gods, while Islam strictly follows the teachings of Allah and prohibits idolatry.
Hinduism is the world's oldest living religion originating in India over 5,000 years ago. It developed from the Vedas, Upanishads, and was influenced by movements like Jainism and Buddhism. Islam was introduced in the 7th century, causing changes like the destruction of temples. Hindu practices include puja worship, non-violence, vegetarianism, and seeking Dharma and Moksha through karma and reincarnation. The caste system and family roles are also important to Hindu beliefs and culture. Today, Hinduism has over 1 billion followers worldwide, most residing in India.
REL133 v8Hinduism, Jainism, and SikhismREL133 v8Page 2 o.docxcarlt3
REL/133 v8
Hinduism, Jainism, and Sikhism
REL/133 v8
Page 2 of 4
Religion Comparison
Part 1: Hinduism Overview
Hinduism has no founder, but an integration of different beliefs. Its development was influenced by the nomadic Aryan Indo-European races that occupied Northern India. The religions originated from Russia and Central Asia as they attacked the Harappans residing in the area. Veda is the oldest scripture in Hindu that means wisdom and knowledge. It has hymns, prayers and ritual texts introduced during in the ancient times. The secret teachings in Hindu are known as the Upanishads, and it includes the mystical concepts of man and the universe.
Hinduism has a term known as Ramayan and is one of the significant Indian tales. Puranas is a vital source used to understand Hinduism, and it includes the legends, gods, and demons. A common feature between Hinduism and other religions is that most of its festivals fall in two classes (Doniger, 2010). There are those who celebrate saints and others celebrating notable scriptural events. Om is a symbol in Hinduism and used in meditation. The swastika is another symbol associated with a negative connotation in other parts across the world while in Hinduism, it is a sign of luck and fortune.
Part 2: Compare and Contrast Two Religions
Religion 1
Hinduism
Religion 2
Jainism
Similarities
Differences
Points of origin
Jainism and Hinduism came from India. Moreover, they are all knows as the traditional faiths of the Indians.
The existence of Atma
The two religions accept the reality of Atma, also known as the soul. They believe in the immortality of the soul. In the contexts of both religions, the physical body can die, but the spirit that inhabits it lives on and leads to reincarnation.
The ideas of Moska, Karma, and Reincarnation
Jainism and Hinduism both believe in Karma. Karma can refer to the good or bad. They also believe in reincarnation, the idea of life after death (Babb, 2015). Both religions also believe in moska, the liberation from the cycle of life and death. However, the meaning of these concepts is different in each religion.
Temples and Idols
The religious activities in both religions are similar. They both have temples and conduct idol worshiping. They also have times when they fast as a way of worship and purification of the soul.
The concept of Karma
In Hindu, Karma is an essence of transgression to atone for blessings to get in the next life. Jains consider Karma a kind of activity that attaches to the soul in each life. While Hindus try to do the right thing to atone for the spiritual debt, Jains follow actions intended to clean the soul of a polluting nature.
The idea of Moksha
Hindus believe that Moksha and liberation take place where the soul meets the universal soul and results to eternal life in Vishnu’s territory. The Jains considers moksha an activity-less and tranquil that is said to take place in Siddhabhumi.
Animal Sacrifices
Jainism do not engage in ani.
Hinduism is one of the world's oldest religions, originating in India over 1500 BC. It is practiced by approximately 900 million adherents worldwide, and recognizes a single supreme deity that can be experienced through various gods and goddesses. Key beliefs include reincarnation, dharma, and the concepts of karma and moksha. The religion is characterized by diversity in philosophy and practice yet also emphasizes the oneness of all existence.
Hinduism is one of the oldest religions in the world originating in India. It has no single founder or religious authorities but includes a diversity of spiritual beliefs and traditions. Key texts include the Vedas, Upanishads, and Bhagavad Gita. Central concepts are dharma, karma, moksha, and samsara. Hindus worship many personal gods like Vishnu, Shiva, Ganesha and Devi. Yoga originated in ancient India and has four main paths - jnana, bhakti, karma, and raja yoga. Issues in Hinduism include the role of women, poverty, and child marriage.
Hinduism is an ancient religion originating in India with over 1 billion followers worldwide. It is a diverse set of traditions with no single founder or belief system. Core concepts include dharma (duty), samsara (reincarnation), and karma (the effects of one's actions). Hindus revere deities like Brahma, Vishnu, Shiva and their consorts and see them as aspects of the supreme Brahman. They worship in temples and home shrines, and some practice yoga, meditation, or other spiritual disciplines. Hindu scriptures include the Vedas and Upanishads, and epics like the Ramayana and Mahabharata shape Hindu mythology.
Discuss three (3) ways that large organizations are increasingly eng.docxrhetttrevannion
Discuss three (3) ways that large organizations are increasingly engaging in social entrepreneurship and the importance of stakeholder relationships in this effort.
Describe the concept of ‘Third Sector’ innovation and reflect on the motive of non-profit entrepreneurial organizations to service these social needs. Next explain how the concept of uneven global distribution of innovation influences this sector. Provide examples to support your rationale.
I am adding a web link for you to review, here are a few web links on Social Entrepreneurship
1. From Forbes.com here is a list of several young social entrepreneurs.
http://www.forbes.com/special-report/2012/30-under-30/30-under-30_social.html
2.
From Stanford University:
Social Entrepreneurship: the case for Definition.
http://ssir.org/articles/entry/social_entrepreneurship_the_case_for_definition
.
Discuss this week’s objectives with your team sharing related rese.docxrhetttrevannion
Discuss
this week’s objectives with your team sharing related research, connections and applications made by individual team members.
Prepare
a 350- to 1,050- word Reflection from the learning that took place in your team forum with:
·
An introduction
·
A body that uses the objectives as headings (2.1, 2.2, 2.3, & 2.4 spelled out). After commenting on or defining the objectives (no names) include a couple of individual team member’s specific connections and/or applications by name.
·
A conclusion that highlights a few specifics from the body of the Reflection.
·
A reference page that lists the e-text plus at least two other sources.
.
Discuss theoretical considerations or assumptions relevant to yo.docxrhetttrevannion
Discuss theoretical considerations or assumptions relevant to your issue. To determine these, consider the research hypothesis you developed in earlier units. What theory or theories (e.g., social learning theory, critical theory, constructivism theory, human behavioral theory, network theory, routine activities theory, etc.) would help to explain the relationship you hypothesize exists between your independent and dependent variables?
.
Discuss theprinciple events of PROCESS AND THREAD used in both t.docxrhetttrevannion
Discuss the
principle events of PROCESS AND THREAD used in both the hosting OS and the OS management of the appropriate QUEUES. OS may only include Linux, Windows, Unix, ROS, RTOS, and Mainframe.
Initial Discussion - 300 words
2 Responses - each 250 words.
.
Discuss the Windows Registry System Hive1) What information.docxrhetttrevannion
The Windows Registry System Hive stores important system configuration settings and security incident information. Specifically, the System Hive retains logon events, user account changes, installed programs, network connections and security policy modifications. Forensic analysis of the System Hive can extract valuable evidence such as unauthorized logins, malware infections, and changes to user permissions that are critical for cybersecurity investigations.
Discuss the way the idea of heroism develops from Gilgamesh th.docxrhetttrevannion
Discuss the way the idea of heroism develops from
Gilgamesh
through
The Iliad
/
The Odyssey
, and
The Aeneid.
Focus your discussion of heroism in each text around both the connection between heroic action and divine will and the relationship between the hero and his people. THREE PARAGRAPHS
Compare the role of vengeance in
Agamemnon
,
Medea
, and
Beowulf
. In what ways does the avenger stand for justice? In what ways does the avenger pose a threat to the continuance of society? What does each text lead you to conclude about the viability of revenge in a civilized society? THREE PARAGRAPHS
Compare the depiction of love in
The Aeneid
,
Sir Gawain and the Green Knight
, and the Wife of Bath's Prologue and Tale. What place does love have in society in each text? What problems does it pose? How, if at all, are those problems resolved? THREE PARAGRAPHS
1 PAGE
.
Discuss the ways in which the history of the U.S. was presented in t.docxrhetttrevannion
Discuss the ways in which the history of the U.S. was presented in the stock certificate for the 1876 Centennial International Exhibition in Philadelphia by F. O. C. Darley and S. J. Ferris. Compare it with the overall narrative of nationhood contained in the early 19th century relief sculptures above the doorways in the Capitol Rotunda in Washington, D. C. Be sure to comment on the ways in which these images would have been influenced by the locations in which they were viewed.
200-300 words, work sited
.
Discuss the value of Lean Systems Engineering to systems develop.docxrhetttrevannion
Discuss the value of Lean Systems Engineering to systems development (1 – 2 pages).
This assignment will be graded on two factors: 1.) the degree to which the response depicts clear and comprehensive understanding of the topic/material (80 points); and 2.) the degree to which the response is well thought through and clearly articulated (20 points).
.
discuss the various pathways interest groups use to influence politi.docxrhetttrevannion
discuss the various pathways interest groups use to influence politics and policy in the U.S. Discuss three way interest groups influence government. What are these methods, how do they work, and why are they effective at influencing government.
discuss the three components of political parties. Discuss party-in-the-electorate, party organization, and party-in-government. Briefly describe who makes up each component and what each component does.
.
Discuss the various tools and techniques used by an HCO to incre.docxrhetttrevannion
An healthcare organization (HCO) uses various tools and techniques to increase logistical efficiency, such as measuring the capacity (throughput) of resources like x-ray equipment and exam rooms. Measuring capacity allows an HCO to understand utilization and support decision making about resource allocation and patient flow. (Dobrzykowski & Tarafdar, 2015)
Discuss the various means by which slaves resisted the slave system..docxrhetttrevannion
Discuss the various means by which slaves resisted the slave system. How widespread was such resistance? What were the most common and effective tactics? What does the prevalence of resistance reveal not only about slaves’ attitude toward slavery but also their ability to shape the conditions under which they lived and worked?
one page, doubled spaced, in Times New Roman font, with standard
1 inch margins on all sides
.
Discuss the typica l clinical presentation of the diagnosis , Hip Os.docxrhetttrevannion
Discuss the typica l clinical presentation of the diagnosis , Hip Osteoarthritis(OA), included possible therapeutic exercise treatment intervention, also recommendations for the management of the condition.
Introduction: First about OA and then write about Hip OA
Describe the pathophysiology of the diagnosis and the expected clinical presentation anticipated. If it varies, them describe common variations.
Discuss
etiology
and
demographics
related to the diagnosis(I.e., is this dx more common in men than women, what age, group ect)
Very important only use the articles provides, not citation work submitted via turnitin!!!!
.
Discuss the types of resources, tools, and methods that are availabl.docxrhetttrevannion
Discuss the types of resources, tools, and methods that are available to leaders for data collection and analysis, including organization assessments such as Baldrige, SWOT, and others. What techniques does your organization utilize to make decisions?
You can use US Navy for the organization.
.
Discuss the types of items that should be examined in a firewall log.docxrhetttrevannion
Discuss the types of items that should be examined in a firewall log:
a. IP addresses that are being rejected and dropped
b. Probes to ports that have no application services running on them
c. Source-routed packets
d. Suspicious outbound connections
e. Unsuccessful logins
.
Discuss the types of property, providing an example of each an.docxrhetttrevannion
Discuss the types of property, providing an example of each and why each falls into its classification.
Provide an instance of when you have seen eminent domain in action in your community. If you have not seen this situation, create an example of how this may occur.
.
Discuss the type of personality it takes to become a police officer..docxrhetttrevannion
Discuss the type of personality it takes to become a police officer. Why is this type of individual personality required for police work? What are the dangers to having this type of individual in police work?
Be sure to support your position with a very detailed explanation or a source citation.
.
Discuss the two major sources of crime statistics for the United Sta.docxrhetttrevannion
Discuss the two major sources of crime statistics for the United States. Uniform Crime Report (UCR), National Crime Victim Survey (NCVS), and the National Incident-Based Reporting System (NIBRS), including
but not limited to
: the Part I and II offenses, UCR terminology, how the UCR and NCVS collect crime data, types of information collected and not collected by the NCVS, accuracy issues with the UCR and NCVS, and the role and purpose of the NIBRS
.
Discuss the two most prominent theories related to the stage of adul.docxrhetttrevannion
Discuss the two most prominent theories related to the stage of adulthood: Erikson’s Stage of Generativity vs. Stagnation and Levinson’s Season’s of a Man’s Life. Describe how theory conceptualizes middle adulthood and explain the growth of development changes that occur during this stage. Using Figure 16.7 as your reference, describe the impact of daily hassles and daily uplifts on the midlife stage of adulthood. In your post, please address the role of stress and personal control on life satisfaction and happiness during midlife development.
.
Discuss the two elements required for the consent defense. In ad.docxrhetttrevannion
Discuss the two elements required for the consent defense. In addition, please identify three situations where consent can operate as a legal defense.
The paper must be 1-2 pages.
Use proper APA formatting and citations, including ‘in-text’ citations.
Reference at least 2 outside credible resources.
DUE SUNDAY MORNING STAND PACIFIC TIME
.
Discuss the Truth in Lending Act and what role it places in financia.docxrhetttrevannion
Discuss the Truth in Lending Act and what role it places in financial and regulatory reports requirements in regards to funds acquisition strategies. What are various important terms which must be disclosed and their meaning?
Rose, P.S., & Marquis, M.H., chap. 4, 17, & 21
Due Date:
7/13/2014 11:59:59 PM (5 Days)
Total Pts:
125
Points Earned:
n/a
Deliverable Length:
600-800 words
Assignment Type:
Individual Project
.
Discuss the traits, behaviors, and leadership style you would expect.docxrhetttrevannion
Discuss the traits, behaviors, and leadership style you would expect to see in a person who identifies as a servant leader. In your response, include discussion about the following:
In what ways can servant leadership be considered a calling?
When people commit to being servant leaders, what does that mean about the types of behaviors they exhibit and prohibit personally and within the organizations they are leading?
How does servant leadership differ from traditional forms of leadership?
.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
Discuss this week’s objectives with your team sharing related rese.docxrhetttrevannion
Discuss
this week’s objectives with your team sharing related research, connections and applications made by individual team members.
Prepare
a 350- to 1,050- word Reflection from the learning that took place in your team forum with:
·
An introduction
·
A body that uses the objectives as headings (2.1, 2.2, 2.3, & 2.4 spelled out). After commenting on or defining the objectives (no names) include a couple of individual team member’s specific connections and/or applications by name.
·
A conclusion that highlights a few specifics from the body of the Reflection.
·
A reference page that lists the e-text plus at least two other sources.
.
Discuss theoretical considerations or assumptions relevant to yo.docxrhetttrevannion
Discuss theoretical considerations or assumptions relevant to your issue. To determine these, consider the research hypothesis you developed in earlier units. What theory or theories (e.g., social learning theory, critical theory, constructivism theory, human behavioral theory, network theory, routine activities theory, etc.) would help to explain the relationship you hypothesize exists between your independent and dependent variables?
.
Discuss theprinciple events of PROCESS AND THREAD used in both t.docxrhetttrevannion
Discuss the
principle events of PROCESS AND THREAD used in both the hosting OS and the OS management of the appropriate QUEUES. OS may only include Linux, Windows, Unix, ROS, RTOS, and Mainframe.
Initial Discussion - 300 words
2 Responses - each 250 words.
.
Discuss the Windows Registry System Hive1) What information.docxrhetttrevannion
The Windows Registry System Hive stores important system configuration settings and security incident information. Specifically, the System Hive retains logon events, user account changes, installed programs, network connections and security policy modifications. Forensic analysis of the System Hive can extract valuable evidence such as unauthorized logins, malware infections, and changes to user permissions that are critical for cybersecurity investigations.
Discuss the way the idea of heroism develops from Gilgamesh th.docxrhetttrevannion
Discuss the way the idea of heroism develops from
Gilgamesh
through
The Iliad
/
The Odyssey
, and
The Aeneid.
Focus your discussion of heroism in each text around both the connection between heroic action and divine will and the relationship between the hero and his people. THREE PARAGRAPHS
Compare the role of vengeance in
Agamemnon
,
Medea
, and
Beowulf
. In what ways does the avenger stand for justice? In what ways does the avenger pose a threat to the continuance of society? What does each text lead you to conclude about the viability of revenge in a civilized society? THREE PARAGRAPHS
Compare the depiction of love in
The Aeneid
,
Sir Gawain and the Green Knight
, and the Wife of Bath's Prologue and Tale. What place does love have in society in each text? What problems does it pose? How, if at all, are those problems resolved? THREE PARAGRAPHS
1 PAGE
.
Discuss the ways in which the history of the U.S. was presented in t.docxrhetttrevannion
Discuss the ways in which the history of the U.S. was presented in the stock certificate for the 1876 Centennial International Exhibition in Philadelphia by F. O. C. Darley and S. J. Ferris. Compare it with the overall narrative of nationhood contained in the early 19th century relief sculptures above the doorways in the Capitol Rotunda in Washington, D. C. Be sure to comment on the ways in which these images would have been influenced by the locations in which they were viewed.
200-300 words, work sited
.
Discuss the value of Lean Systems Engineering to systems develop.docxrhetttrevannion
Discuss the value of Lean Systems Engineering to systems development (1 – 2 pages).
This assignment will be graded on two factors: 1.) the degree to which the response depicts clear and comprehensive understanding of the topic/material (80 points); and 2.) the degree to which the response is well thought through and clearly articulated (20 points).
.
discuss the various pathways interest groups use to influence politi.docxrhetttrevannion
discuss the various pathways interest groups use to influence politics and policy in the U.S. Discuss three way interest groups influence government. What are these methods, how do they work, and why are they effective at influencing government.
discuss the three components of political parties. Discuss party-in-the-electorate, party organization, and party-in-government. Briefly describe who makes up each component and what each component does.
.
Discuss the various tools and techniques used by an HCO to incre.docxrhetttrevannion
An healthcare organization (HCO) uses various tools and techniques to increase logistical efficiency, such as measuring the capacity (throughput) of resources like x-ray equipment and exam rooms. Measuring capacity allows an HCO to understand utilization and support decision making about resource allocation and patient flow. (Dobrzykowski & Tarafdar, 2015)
Discuss the various means by which slaves resisted the slave system..docxrhetttrevannion
Discuss the various means by which slaves resisted the slave system. How widespread was such resistance? What were the most common and effective tactics? What does the prevalence of resistance reveal not only about slaves’ attitude toward slavery but also their ability to shape the conditions under which they lived and worked?
one page, doubled spaced, in Times New Roman font, with standard
1 inch margins on all sides
.
Discuss the typica l clinical presentation of the diagnosis , Hip Os.docxrhetttrevannion
Discuss the typica l clinical presentation of the diagnosis , Hip Osteoarthritis(OA), included possible therapeutic exercise treatment intervention, also recommendations for the management of the condition.
Introduction: First about OA and then write about Hip OA
Describe the pathophysiology of the diagnosis and the expected clinical presentation anticipated. If it varies, them describe common variations.
Discuss
etiology
and
demographics
related to the diagnosis(I.e., is this dx more common in men than women, what age, group ect)
Very important only use the articles provides, not citation work submitted via turnitin!!!!
.
Discuss the types of resources, tools, and methods that are availabl.docxrhetttrevannion
Discuss the types of resources, tools, and methods that are available to leaders for data collection and analysis, including organization assessments such as Baldrige, SWOT, and others. What techniques does your organization utilize to make decisions?
You can use US Navy for the organization.
.
Discuss the types of items that should be examined in a firewall log.docxrhetttrevannion
Discuss the types of items that should be examined in a firewall log:
a. IP addresses that are being rejected and dropped
b. Probes to ports that have no application services running on them
c. Source-routed packets
d. Suspicious outbound connections
e. Unsuccessful logins
.
Discuss the types of property, providing an example of each an.docxrhetttrevannion
Discuss the types of property, providing an example of each and why each falls into its classification.
Provide an instance of when you have seen eminent domain in action in your community. If you have not seen this situation, create an example of how this may occur.
.
Discuss the type of personality it takes to become a police officer..docxrhetttrevannion
Discuss the type of personality it takes to become a police officer. Why is this type of individual personality required for police work? What are the dangers to having this type of individual in police work?
Be sure to support your position with a very detailed explanation or a source citation.
.
Discuss the two major sources of crime statistics for the United Sta.docxrhetttrevannion
Discuss the two major sources of crime statistics for the United States. Uniform Crime Report (UCR), National Crime Victim Survey (NCVS), and the National Incident-Based Reporting System (NIBRS), including
but not limited to
: the Part I and II offenses, UCR terminology, how the UCR and NCVS collect crime data, types of information collected and not collected by the NCVS, accuracy issues with the UCR and NCVS, and the role and purpose of the NIBRS
.
Discuss the two most prominent theories related to the stage of adul.docxrhetttrevannion
Discuss the two most prominent theories related to the stage of adulthood: Erikson’s Stage of Generativity vs. Stagnation and Levinson’s Season’s of a Man’s Life. Describe how theory conceptualizes middle adulthood and explain the growth of development changes that occur during this stage. Using Figure 16.7 as your reference, describe the impact of daily hassles and daily uplifts on the midlife stage of adulthood. In your post, please address the role of stress and personal control on life satisfaction and happiness during midlife development.
.
Discuss the two elements required for the consent defense. In ad.docxrhetttrevannion
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Use proper APA formatting and citations, including ‘in-text’ citations.
Reference at least 2 outside credible resources.
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7/13/2014 11:59:59 PM (5 Days)
Total Pts:
125
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n/a
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600-800 words
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Individual Project
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core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
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significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
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these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
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3. Hinduism ArticleHinduism Religion Of Humanity and Peaceby p.docx
1. 3. Hinduism Article
Hinduism Religion Of Humanity and Peace
by pendem srinivas
Hinduism History Date and Founder:
Hinduism is an ancient religion. Every religion has their own
founders and origin of the dates also available from their
ancient scriptures and from the scholar’s writings. But
Hinduism is a religion of people. Hinduism is a way of life.
There are no evidence to know about Hindu religion. It is also
difficult to trace the origin Hindu religion of the date from
chronological or archaeological.
But we have only available some scriptures about the origin of
Hinduism, they are the religion scriptures of Hinduism, Jainism,
and Buddhism.
In western countries, the Greeks and the Egyptians, the
scholars, the kings and the historians stored the scriptures of
their religions, historical events, and everything which related
to their societies. so that it became very easy to know the other
religious facts of origin and dates. But the Indian kings and
Scholars concentrated very little about the things, what the
western people did. The another mistake in Indian religion
history, that the religious scholars revised some texts and
scriptures without their names. These are all some causes to
estimate perfect dates about Origin of Hinduism and the
founders of Hindu religion. Some scholars say that Hinduism is
only the way of life, it has been moulding itself according to the
beliefs and changes in the society.
Hindu Religion:
The archaeological evidence of Hinduism was founded in the
excavations at Harappa and Mohanjo-Daro. The archaeologists
gathered some seals of bull and a seated Yogi, the mother
goddess and the Phallus symbols. These symbols resemble the
present Hindus following God symbols.
2. It is difficult to come to the point that Hinduism only born in
Indus Valley Civilization. Hinduism is definitely much older
than the Indus Valley Civilization. According to the many
Historians of the old European school, the Vedic people, Aryans
migrated to the Indian subcontinent from outside during the
decline of the Indus Valley civilization. Some historians say,
probably the Aryans came to India from central Asia and Iran
and settled present day Afghanistan and Punjab. To strengthen
this theory there are some evidence in religious traditions
between Persians and Indians.
Hinduism Beliefs:
About 80 percent of Indian population and 30 million more
Hindus live outside of India, total 900 million Hindus are living
all over the world. So Hinduism became a third largest religion
in the world after Christianity and Islam.
The word Hinduism has no real meaning because there was no
founder to call the religion as Hinduism. Probably the name
‘Hindu’ is given by the people of Greeks and Arabs. Aryans
lived on the bank of the River Sindhu. Those who followed the
way of life was called Hinduism.
Hindu Spirituality:
There are so many Gods and Goddesses in Hindu religion. But
they believe in one God named ‘Brahman’. Therefore Hindus
worship more than one God. Hindus worship the God in many
forms, they are idols, rivers, mountains, trees and animals
which are useful for the humans. Which are useful to the
humans those are worshiping by the Hindus. The cow is the
most sacred animal for Hindus.
Hindu Religion Concept:
According to Hindu beliefs, the human body is perishable but
the soul is eternal. Human body melt into the earth or turn as
ash into the flames but the soul is not like that after the death of
any living thing the soul left the body and enter into the new
body. This is like a living person changes his clothes. So death
is just a transformation of the soul from one body to another.
This process of cycle continuous birth after birth so Soul suffers
3. endlessly. So Hindus ultimate goal is to attain
salvation(Moksha). Here the Moksha means freedom from birth
to rebirth. If a person attained salvation his soul united with the
supreme spirit ‘Brahman’ or God.
Temple and Deities:
The place of worship of Hindus is called Temple. Lord Brahma
the creator, Lord Vishnu the protector and Lord Shiva destroyer.
These Gods are the main three deities in Hinduism. Besides
them Goddess Saraswati for education, Lakshmi for wealth,
Parvathi for power. And there are so many Gods and Goddesses
among them Lord Ganesha, Lord Krishna, Lord Hanuman, Lord
Rama. According to Hindu beliefs, the incarnations of Vishnu
Gods are also popular Gods and worship them as Lord Vishnu.
Yugas:
There are four Yugas in Hinduism. They are Satya-yuga, Treta-
Yuga, Dvapara-Yuga and Kali-Yuga. The present Yuga is Kali-
Yuga. Hindus believe that one cycle of Yuga completed another
Yuga follows it. After four yugas completed the life on the
Earth comes to an end and new Era starts.
Sects in Hindu religion:
There are three different sects in Hinduism, they are Shaivism,
Vaishnavism, and Shaktism. Hindus follow all the sects
collectively worship all Gods as equal.
Stages of life in Hinduism:
According to Hinduism four stages in one life cycle. They are
Brahmcharyashram-early and student life. Grihastahshram-
Living with wife and children. Vanprasthashram-leaving the
home and pray God, continue contacts with family.
Sanyasashram-discard everything in life including wife,
children, and wealth.
Symbols:
The sacred symbols in Hinduism are Aum, Swastika, Kalash,
Trishul, Tilak and Lingam. The saffron is the colour for Hindus.
The Saffron flag is the official flag of Hindus.
4. Sacred Books:
Four Vedas, Upanishadas, eighteen Puranas, Ramayana,
Mahabharata and Bhagavad Geeta.
Caste System:
Originally there are no castes in Hinduism. There are only
Varnas. They are Brahmin – Priests. Kshatriya – warriors.
Vaishya – Businessmen. Shudra – Labour
Dashavatar:
1.Matsyavatar 2. Kurmavatar 3. Varahavatar 4. Narasimhavatar
5. Vamanavatar 6. Parshuramavatar 7. Ramavatar 8. Krishna 9.
Buddha 10. Kalki.
Basic concept f Hindu religion:
According to Hinduism human body is perishable but the soul is
eternal. human body melt into the earth or turn as ash into the
flames but the soul is not like that after the death of any living
thing the soul left the body and enter into the new body. This is
like a living person changes his clothes. So death is just a
transformation of the soul from one body to another. This
process of cycle continuous birth after birth so Soul suffers
endlessly. So Hindus ultimate goal is to attain
salvation(Moksha). Here the Moksha means freedom from birth
to rebirth. If a person attained salvation his soul united with the
supreme spirit ‘Brahman’ or God.
Journal of
Risk and Financial
Management
Article
Enterprise Risk Management Practices and Firm
Performance, the Mediating Role of Competitive
5. Advantage and the Moderating Role of
Financial Literacy
Songling Yang 1, Muhammad Ishtiaq 1,* ID and Muhammad
Anwar 2 ID
1 School of Management and Economic, Beijing University of
Technology, Beijing 100124, China;
[email protected]
2 Faculty of Management Sciences, International Islamic
University Islamabad 44000, Pakistan;
[email protected]
* Correspondence: [email protected]
Received: 14 June 2018; Accepted: 26 June 2018; Published: 29
June 2018
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Abstract: In the current turbulent market, firms spend lots of
tangible and intangible resources
to gain competitive advantage and superior performance. Prior
studies have discussed several
determinants of competitive advantage and performance,
particularly in developed economies,
whereas small- and medium-sized enterprises (SMEs) in
emerging economies have received minor
attention. This study examines the mediating role of competitive
advantage between enterprise risk
management practices and SME performance and the
moderating role of financial literacy between
enterprise risk management practices and competitive
advantage. A structured questionnaire is used
to collect data from 304 SMEs operating in the emerging market
of Pakistan. The hypotheses of the
proposed study are tested through Structural Equation Modeling
(SEM) in Analysis of a Moment
6. Structures (AMOS). The results indicate that enterprise risk
management practices significantly
influence competitive advantage and SME performance.
Competitive advantage partially mediates
the relationship between enterprise risk management practices
and SME performance. Additionally,
financial literacy significantly moderates the relationship
between enterprise risk management
practices and competitive advantage. Firms are advised to
implement formal enterprise risk
management practices to gain competitive advantage and
superior performance. Top managers need
to have enough financial education that they will be able to
perform risk management practices in
an efficient way to gain a competitive position in the market.
Implications for practices have been
discussed in detail.
Keywords: enterprise risk management practices; competitive
advantage; financial literacy;
SMEs performance
1. Introduction
Interest in Enterprise Risk Management (ERM) has been
growing since the 1990s as businesses
face several shocks in competitive environments (Arena et al.
2010). In response to unexpected threats,
one school of thought believed in the direct impact of ERM on
firm performance (Callahan and Soileau
2017; Florio and Leoni 2017; Zou and Hassan 2017) while
another group of researchers claimed that
the relationship of ERM and firm performance could be affected
by some internal factors (Khan and
Ali 2017; Wang et al. 2010). Much research has discussed the
importance of ERM practices among
7. businesses (Eckles et al. 2014; Florio and Leoni 2017; Yilmaz
and Flouris 2017). In fact, most of the
studies have been conducted particularly in developed
economies (Florio and Leoni 2017) while
J. Risk Financial Manag. 2018, 11, 35;
doi:10.3390/jrfm11030035 www.mdpi.com/journal/jrfm
http://www.mdpi.com/journal/jrfm
http://www.mdpi.com
https://orcid.org/0000-0001-9208-6339
https://orcid.org/0000-0002-2685-4747
http://dx.doi.org/10.3390/jrfm11030035
http://www.mdpi.com/journal/jrfm
http://www.mdpi.com/1911-
8074/11/3/35?type=check_update&version=1
J. Risk Financial Manag. 2018, 11, 35 2 of 17
SMEs in emerging economies have received comparatively
limited attention. Additionally, empirical
studies on the relationship between ERM and SME performance
are still lacking (Farrell and Gallagher
2015). Therefore, this study aims to check the impact of ERM
practices on SME performance with
the mediating role of Competitive Advantage (CA). A manager
cannot gain competitive position by
using ERM approaches until he/she is aware of financial
regulations and financial policies. Hereafter,
this study also examines the moderating role of Financial
Literacy (FL) between ERM practices and
CA. To put it into another way, FL has been unexamined by
researchers despite its significant role in
the implementation of ERM practices and in the survival of
SMEs.
8. ERM is defined in many ways but the accepted definition is:
“a process, effected by an entity’s board of directors,
management and other personnel, applied in
strategy setting and across the enterprise, designed to identify
potential events that may affect the
entity, and manage risks to be within its risk appetite, to
provide reasonable assurance regarding the
achievement of the entity’s objectives”.
(Committee of Sponsoring Organizations of the Treadway
Commission COSO)
ERM is supposed to minimize direct and indirect costs of
financial distress, earnings volatility,
and negative shocks in financial markets, as well as improve the
decision-making process to select
the best investment opportunities (Beasley et al. 2008; Hoyt and
Liebenberg 2011; Paape and Speklè
2012). Numerous internal fences and lack of resources compel
SMEs to approach ERM practices to
avoid poor performance and to enhance their survival in
competitive markets (Unnikrishnan et al.
2015). SMEs, due to the lack of management capabilities and
lack of resources, are more likely focused
on ERM practices. In fact, ERM practices enable a firm to
reduce different types of costs associated
with firms’ operational and non-operational activities (Khan et
al. 2016). However, in contrast, many
small firms are unable to support risk management activities
due to lack of resources and capabilities
(Brustbauer 2016). ERM is crucial for everyday business
activities and organizational practices in the
current era as it facilitates business firms to control their
internal system. Risk management is deemed
9. a core factor for business competitiveness. It facilitates a firm
to develop a unique strategy to minimize
the potential losses and open a door for the exploitation of new
opportunities (Radner and Shepp 1996).
ERM helps top management to manage different types of risk
effectively (Annamalah et al. 2018).
Effective ERM practices help to reply to unexpected threats, to
ensure flexibility and to take the benefits
of opportunities which in turn facilitate firms to gain
competitive advantage (Armeanu et al. 2017).
It is doubtless that organizations with risk-related practices can
smooth their income volatility and
decrease the impact of financial crises to enhance their
performance (Ashraf et al. 2017). Meanwhile,
especially in SMEs, top management needs to have enough
financial knowledge to smooth operation
in the dynamic markets (Bongomin et al. 2017). In the current
churning market, ERM practices and
financial literacy are required to acquire a sustainable
competitive position and high profitability.
The novelty of this paper can be demonstrated in two major
ways. First, this study assesses
the moderating role of FL between ERM and CA, which has
been ignored in prior studies. Second,
the mediating role of CA between ERM and SME performance
is checked to establish whether ERM
practices facilitate in gaining competitive advantage.
Furthermore, this research contributes to the
existing literature in several ways. For instance, this study uses
empirical evidence collected from SMEs
operating in the emerging market of Pakistan to test the model.
Resource Based View (RBV) theory
suggests that a firm’s tangible and intangible resources have a
significant influence on its performance
(Barney 1991). This study assesses that the theory (RBV) in
10. term of risk management and competitive
advantage and clarifies the understanding of these capabilities
toward SME performance. The findings
of this study enable owners and managers of SMEs to focus on
ERM practices and financial education
and competitive strategy to gain superior performance in the
intense markets.
J. Risk Financial Manag. 2018, 11, 35 3 of 17
Theoretical Background
ERM has quite similar meanings to business risk management,
corporate risk management,
holistic risk management, enterprise-wide risk management,
integrated risk management, and strategic
risk management (Daud and Yazid 2009; Manab et al. 2010).
Risk management theory demonstrates the reduction of different
accounting costs which help
in the improvement of a firm performance. This evidence posits
that in reality, ERM is based on
competitive advantage (Stulz 1996). Academia, in this regard,
has favored the arguments that ERM
practices reduce costs associated with a business operation and
facilitate competitive advantage and
superior performance (Krause and Tse 2016). This research
discusses how ERM practices facilitate a
firm competitive advantage and performance in the presence of
top management financial awareness.
A few studies such as (Abd Razak et al. 2016; Bogodistov and
Wohlgemuth 2017; Krause and Tse
2016) have claimed that ERM practices are aligned with firm
resources and capabilities; however,
11. they have missed the actual relationship between ERM and SME
performance. In fact, a business
firm operates for the main purpose of earning a profit, thus
using different strategies to achieve this
goal. As posited by RBV theory, a firm with unique resources
(tangible and intangible) acquires
competitiveness and superior performance over other firms
which lack resources and capabilities
(Barney 1991). Studies agree (Porter 1980) that competitive
strategy, where a firm can reduce different
costs and offer unique products to their customers, is the main
tool to gain a competitive advantage
in a turbulent market (Anwar 2018; Lechner and Gudmundsson
2014). We hereby suggest that ERM
practices are the internal capabilities through which a firm can
reduce different types of costs related
to material, operational, supply and marketing to increase its
value. The same theme has emerged in
RBV theory where business organizations are engaged in the
achievement of competitive advantage
and superior profitability by reducing financial costs. However,
as aforementioned, ERM practices
do not always lead directly to superior performance; some
internal managerial capabilities are also
required. From this perspective, Standard and Poor’s (2008)
developed an ERM framework which
demonstrates that ERM practices are significantly aligned with
managers behaviors in everyday
decision-making. In fact, ERM practices are influenced by
managerial mindsets and behaviors when
they face uncertainty in turbulent markets (Arena et al. 2010).
We argue that top management financial
education is associated with ERM practices, which in turn can
influence a firm’s competitiveness
and performance.
12. 2. Hypothesis Development
2.1. ERM and Firm Performance
ERM practices are not only essential for the improvement of a
firm’s performance but also
help to reduce different types of risk exposure (Florio and Leoni
2017). Successful ERM practices
enable firms to enhance their values and manage risk in an
effective way (Lechner and Gatzert 2018).
It increases a firm’s profitability by reducing different
operational and marginal costs as well as reduce
the uncertainty of stock market returns (Eckles et al. 2014). A
firm that has a formal implementation of
ERM practices can enjoy the high operational performance and
earns over those who have lack of ERM
practices (Callahan and Soileau 2017). Hence, managers are
strongly encouraged and advised to work
in the implementation of ERM practices to improve the firm
values and performance (Lajili 2009; Liu
et al. 2017). It is doubtless that there is a significant positive
association between ERM practices and
firm performance (Callahan and Soileau 2017; Florio and Leoni
2017; Zou and Hassan 2017). Therefore,
the first hypothesis is proposed:
Hypothesis 1 (H1). ERM practices are significantly related to
firm performance.
J. Risk Financial Manag. 2018, 11, 35 4 of 17
2.2. ERM and Competitive Advantage
An organization develops different strategies to enhance its
13. reputation and to reduce its risk.
To do that, implementation of ERM is indispensable in terms of
building a strategy (Yilmaz and Flouris
2017). For decision-making, planning and organization control
system, ERM is essential within an
organization. In addition, ERM practices are not only vital for
financial performance but also improve
the non-financial performance of firms (Rasid et al. 2014). The
top management team is responsible for
organizational strategy, cost reduction and long-term planning,
and from this perspective, they need to
be aware of ERM practices, which had a direct influence on the
organizational strategic decision-making
process, costs, and activities (Meidell and Kaarbøe 2017). It is
argued that implementation of ERM
practices can move an organization toward different means of
success. For instance, it reduces
accounting costs, efficiently manages the operational costs, and
can take responsibility for accounting
accuracy (Soin and Collier 2013). To respond to challenges and
unexpected loss, top management
needs long-range planning, strategy and effective ERM
practices (Krause and Tse 2016). In short, a firm
performs several practices to gain CA, though ERM practices
are used fundamentally for the reduction
of different types of risk and facilitate firms to enhance their
sustainable CA (Elahi 2013). Therefore,
the second hypothesis is:
Hypothesis 2 (H2). ERM practices are significantly related to
competitive advantage.
2.3. Competitive Advantage and SME Performance
Porter (1980) suggested that a firm can gain cost leadership-
based advantage by reducing
14. different operational, marketing, management, and material
cost. Similarly, a firm can acquire
differentiation-based competitive advantage by differentiating
its products and services from
competitors. In an intense market, competitive advantage is
necessary for SME operation, especially
in the emerging market, to sustain high performance (Anwar
2018). Both competitive strategies are
associated with high performance of SMEs but not always
(Parnell 2010). For instance, Chinese firms
often tend to follow cost-based competitive strategies instead of
a differentiating-based strategy which
may require high financial capabilities and resources (Parnell et
al. 2015). Both strategies of Porter—cost
leadership and differentiation-based—have a significant
influence on the financial and non-financial
performance of SMEs (Oyewobi et al. 2015). Empirical
evidence indicated that competitive strategy
has a significant influence on firm performance (Anwar et al.
2018; González-Rodríguez et al. 2018;
Lechner and Gudmundsson 2014). Therefore, the third
hypothesis is:
Hypothesis 3 (H3). Competitive advantage is significantly
related to firm performance.
2.4. Mediating Role of CA between ERM and SMEs
Performance
SMEs either follow passive or active ERM approaches that can
influence their outcomes. In fact,
ERM practices have a significance impact on strategic decisions
which in turn may influence a
firms’ performance (Brustbauer 2016). From this perspective,
(Chang et al. 2015) claimed that ERM
practices do not always have a direct influence on firm values
15. but some internal factors such as
corporate governance can affect the relationship. Managers use
different earning management activities
(accrual-based and real-based) when they are engaged in equity
financing activities. However, weak
ERM practices can result in systemically poor approaches to
earning control mechanism, which can
affect firms’ values in long run (Wang et al. 2018). As
suggested by Porter (1980), a firm can gain
cost-based and differentiation-based competitive advantage by
reducing different types of costs related
to material, labor, and operation etc. as well as by
differentiating its products and services from its
competitors. We assume that competitive advantage can be
easily gained through the implementation
of effective ERM practices. For instance, a firm with strong
ERM practices can reduce different types of
operational cost including cost management, asset management,
inventory management and cash flow
J. Risk Financial Manag. 2018, 11, 35 5 of 17
management. The reduction of the aforementioned costs can
enhance and improve the performance of
firms (Zou and Hassan 2017).
However, ERM is not only concerned with reduction of cost but
also aligned with different
strategic postures of organizations which may directly or
indirectly influence the organization’s
outcomes (Wang et al. 2010). In a slightly similar approach, it
is argued that ERM is a significant
mediator between business strategy and firm performance.
However, it plays a significant mediating
16. role between cost strategy and firm performance while it does
not mediate the relationship between
differentiation strategy and firm performance (Soltanizadeh et
al. 2016). In fact, ERM practices facilitate
a firm to reduce different types of costs during operation, which
in turn enhance the performance
of the firm (Wang et al. 2018; Zou and Hassan 2017). For
instance, ERM allows firms to minimize
unnecessary costs which in turn facilitate the achievement of
competitive advantage and superior
performance. Therefore, based on the above statement we can
say that:
Hypothesis 4 (H4). Competitive advantage mediates the
relationship between ERM and firm performance.
2.5. Moderating Role of Financial Literacy between ERM and
CA
ERM is considered a major source to achieve competitive
advantage for a firm. However, simple
ERM practices do not always ensure competitive advantage of a
firm (Standard and Poor’s 2008) but
need some capabilities to facilitate and achieve organizations
goals (Arena et al. 2010). Organizations
often implement good ERM approaches to link ERM with their
strategy, cost management, policies,
accounting, and long-term planning, for the purpose of
adjusting everything in an efficient way (Arena
et al. 2010). Financially educated managers and directors are
encouraged to participate in different risk
reduction strategies including hedging and corporate financial
policies. In other way, high performance
of firms can be feasible by high financially educated managers
who reduce risk by modifying risk
management strategies (Dionne and Triki 2005). It may be
17. reasonable to say that business education
(hereby deemed financial education) can help entrepreneurs to
be aware of risk regulations and policies.
Therefore, the alternative influence of the education, through
which an entrepreneur adjusts risks
in a better way, leads to the high performance of a firm
(Hommel and King 2013). It is claimed that
managers’ education can influence the firms’ strategies and risk
management practices (Shanahan and
McParlane 2005). We argue that entrepreneurs’ financial
education can influence the relationship of
ERM and firm performance, as noted by Herbane (2010), and
that entrepreneur’s perception about risk
can influence the overall approach of risk toward firm
operational activities. Therefore, the hypothesis
can be stated as:
Hypothesis 5 (H5). Financial literacy moderates the relationship
between ERM and competitive advantage in
the way that the relationship will be stronger when there is high
financial literacy.
The hypothesized relationship and the variables are shown in
Figure 1.
J. Risk Financial Manag. 2017, 5, x FOR PEER REVIEW 5 of
17
differentiation strategy and firm performance (Soltanizadeh et
al. 2016). In fact, ERM practices
facilitate a firm to reduce different types of costs during
operation, which in turn enhance the
performance of the firm (Wang et al. 2018; Zou and Hassan
2017). For instance, ERM allows firms to
minimize unnecessary costs which in turn facilitate the
18. achievement of competitive advantage and
superior performance. Therefore, based on the above statement
we can say that:
Hypothesis 4 (H4). Competitive advantage mediates the
relationship between ERM and firm performance.
2.5. Moderating Role of Financial Literacy between ERM and
CA
ERM is considered a major source to achieve competitive
advantage for a firm. However, simple
ERM practices do not always ensure competitive advantage of a
firm (Standard and Poor’s 2008) but
need some capabilities to facilitate and achieve organizations
goals (Arena et al. 2010). Organizations
often implement good ERM approaches to link ERM with their
strategy, cost management, policies,
accounting, and long-term planning, for the purpose of
adjusting everything in an efficient way
(Arena et al. 2010). Financially educated managers and
directors are encouraged to participate in
different risk reduction strategies including hedging and
corporate financial policies. In other way,
high performance of firms can be feasible by high financially
educated managers who reduce risk by
modifying risk management strategies (Dionne and Triki 2005).
It may be reasonable to say that
business education (hereby deemed financial education) can
help entrepreneurs to be aware of risk
regulations and policies. Therefore, the alternative influence of
the education, through which an
entrepreneur adjusts risks in a better way, leads to the high
performance of a firm (Hommel and King
2013). It is claimed that managers’ education can influence the
firms’ strategies and risk management
19. practices (Shanahan and McParlane 2005). We argue that
entrepreneurs’ financial education can
influence the relationship of ERM and firm performance, as
noted by Herbane (2010), and that
entrepreneur’s perception about risk can influence the overall
approach of risk toward firm
operational activities. Therefore, the hypothesis can be stated
as:
Hypothesis 5 (H5). Financial literacy moderates the relationship
between ERM and competitive advantage
in the way that the relationship will be stronger when there is
high financial literacy.
The hypothesized relationship and the variables are shown in
Figure 1.
Figure 1. Research Model.
3. Methodology
3.1. Sample and Population
The study used a structured questionnaire to collect data from
SMEs. Since there is no single
definition of SMEs, we surveyed only those firms having less
than 250 employees, lying in the
definition of SMEs by Small and Medium Enterprises Authority
(SMEDA) Pakistan. Three big cities
of Pakistan have been targeted, namely Rawalpindi, Islamabad,
and Karachi. Registered firm lists
were obtained from the Rawalpindi Chamber of Commerce and
Industry, the Islamabad Chamber of
Commerce and Industry and the Karachi Chamber of Commerce
and Industry. We requested the
20. owners and top managers as they are more responsible for
strategic planning and performance of their
Figure 1. Research Model.
J. Risk Financial Manag. 2018, 11, 35 6 of 17
3. Methodology
3.1. Sample and Population
The study used a structured questionnaire to collect data from
SMEs. Since there is no single
definition of SMEs, we surveyed only those firms having less
than 250 employees, lying in the definition
of SMEs by Small and Medium Enterprises Authority (SMEDA)
Pakistan. Three big cities of Pakistan
have been targeted, namely Rawalpindi, Islamabad, and
Karachi. Registered firm lists were obtained
from the Rawalpindi Chamber of Commerce and Industry, the
Islamabad Chamber of Commerce and
Industry and the Karachi Chamber of Commerce and Industry.
We requested the owners and top
managers as they are more responsible for strategic planning
and performance of their firms (Anwar
2018). 900 questionnaires were distributed of which 336 were
received back. Some questionnaires were
completed incorrectly, so those were excluded from analyses.
304 usable responses were received, with
a response rate of 33.78%.
The firms participating in the study have shown in Table 1. The
most number of firms is from
trading, followed by manufacturing and services respectively. A
21. majority of the firms had 20 to
50 employees and only 69 firms were those where 101 to 250
employees were working. It is also clear
from the sample that a majority of the firms were established in
the past 20 years.
Table 1. Profile of the Firms.
Frequency Percentage
Industry
Manufacturing 110 36.2
Trading 120 39.5
Services 74 24.3
Size
20–50 employees 123 40.5
51–100 employees 112 36.8
101–250 employees 69 22.7
Age
10 years and less 117 38.5
11–20 years 109 35.9
21 and above years 78 25.7
Total 304 100
3.2. Measurement of Variables
Enterprise Risk Management Practices: it is true that ERM
practices have been measured with
different dimensions. However, in case of SMEs, it is vital to
consider major dimensions of risk.
22. Therefore, this research relied on the measure of ERM practices
used by (Sax and Torp 2015) in their
study using 6 items. A sample item indicates “We have standard
procedures in place for launching
risk-reducing measures”.
Competitive Advantage: The most-used proxy for competitive
advantage is the Porter (1980)
competitive strategy. Porter suggested two major competitive
strategies, namely cost leadership
strategy and differentiation-based strategy. In this study, we
used Porter’s strategy as a competitive
advantage and measures were adopted from prior study of (Su et
al. 2017). 8 items were used, of which
4 were items for differentiation strategy with a sample item
“We took great efforts in building a strong
brand name, and nobody could easily copy that” and 4 were
items for cost leadership strategy which
having a sample item of “Our economy of scale enabled us to
achieve a cost advantage”.
Financial Literacy: In prior studies, financial literacy is often
measured by asking questions about
inflation, interest rate and future value. However, in the case of
SMEs, it is important for managers to
manage the financial matter in an effective way. Hence, we
relied on more suitable measures related to
J. Risk Financial Manag. 2018, 11, 35 7 of 17
SMEs. To measure financial literacy of a top management team,
we used 13 items that have validated in
the prior study conducted by Bongomin et al. (2017) in SME
sector. A sample item indicates “The firm
23. is able to correctly calculate interest rates on my loan
payments”.
All the measures were based on five-point Likert scale ranging
from strongly disagree 1 to strongly
agree 5.
SME performance: measurement of SME performance is a
challenge for researchers, because of the
non-existence of financial data (Anwar 2018). However, where
data are not available, researchers have
recommended the use of self-reported measures. Additionally, it
is argued that self-reported measures
give more reliable results in emerging economies such as China
and India etc. (Semrau et al. 2016).
Hence, we relied on self-reported measures where managers
were asked to rate their performance
based on Return On Equity (ROE) and Return On Assets (ROA)
etc. compared to performance in the
past three years. 8 items were used of which 4 items for
financial performance and 4 for non-financial
performance are adopted from Kantur (2016). To measure
financial performance, items such as ROE,
ROA and return on investment etc. are used whereas, for non-
financial performance, customer
satisfaction, employees’ satisfaction and employees’ loyalty are
used. Five Likert scales were used
representing extremely declined 1 to extremely improved 5.
3.3. Control Variables
For the purpose of minimizing spurious results, we controlled
for firm size, age, and nature of the
industry. The size and age of firms were assessed directly in
models while the nature of the industry is
a categorical variable, and this study created a separate group
24. for manufacturing, trading, and services.
After analysis, we compared each group with another to check if
there was any significant difference.
The results found no significant difference between the results;
hence this study dropped the nature of
industry because of its insignificant role in the study.
4. Data Analyses
We executed Confirmatory Factor Analysis (CFA) and
structural models in AMOS to analyze
the data for creating results. Several screening tests including
normality and multicollinearity were
executed, which are shown in Table 2.
Descriptive statistics of Statistical Package for the Social
Sciences (SPSS) analyzed are shown in
Table 2. The table shows that all the items have their mean
values above 3 and standard deviation (SD)
values above 0.40. It shows that data are normal as none of the
items has skewness and kurtosis values
greater than ±2 as recommended by George and Mallery (2010).
Table 2. Descriptive Statistics.
Minimum Maximum Mean S.D Skewness Kurtosis
Statistic Statistic Statistic Statistic Statistic Std. Error Statistic
Std. Error
erm1 2 5 3.76 0.539 −0.623 0.140 0.685 0.279
erm2 2 5 3.71 0.508 −0.782 0.140 0.177 0.279
erm3 2 5 3.75 0.511 −0.749 0.140 0.594 0.279
erm4 2 5 3.72 0.538 −0.741 0.140 0.536 0.279
erm5 2 5 3.78 0.515 −0.846 0.140 1.210 0.279
erm6 2 5 3.71 0.547 −0.651 0.140 0.413 0.279
26. fp4 3 5 3.81 0.441 −0.858 0.140 0.513 0.279
fp5 2 5 3.77 0.482 −0.883 0.140 0.661 0.279
fp6 3 5 3.83 0.424 −0.967 0.140 1.004 0.279
fp7 2 5 3.82 0.470 −0.728 0.140 1.026 0.279
fp8 2 5 3.78 0.460 −0.928 0.140 0.529 0.279
Note: N = 304.
4.1. Confirmatory Factor Analysis
The study executed CFA to check standardized factor loading,
validity and reliability of the
variables and concepts. Figure 2 shows the measurement model,
where all the items are presented
related to their specific constructs with factor loading, after
dropping two items from financial literacy
due to low factor loading. The study found acceptable model
fits after drawing covariance among the
error terms of the few redundant items. Chisq/df = 2.04 is
acceptable as suggested by Hair et al. (2010)
and Hu and Bentler (1999), in that the value less than 3
indicates acceptable model fits. Goodness of
Fit Index (GFI) = 0.84, Adjusted Goodness of Fit Index (AGFI)
= 0.81 and Normative Fit Index (NFI) =
0.88 gave acceptable model fit as per recommended by Hair et
al. (2010) and Hu and Bentler (1999).
RMR = 0.012 and RMSEA = 0.059 also provided acceptable
values as suggested by Hair et al. (2010)
and Hu and Bentler (1999).
Additionally, the current study checked convergent validity (see
Table 3) to establish if the items
explained sufficient variance in their respective constructs. The
results found that all the constructs
have convergent validity above 0.50, hereby ensuring sufficient
Average Variance Explained (AVE)
27. Hair et al. (2010) and Hu and Bentler (1999). The study also
concluded acceptable value of discriminant
validity for all the factors as recommended by Hair et al. (2010)
that the value of discriminant validity
will be above 0.70.
The composite reliability is also has been checked (see Table 3)
to assess the internal consistency
of the constructs. All the factors provided acceptable CR as
suggested by Nunnally and Bernstein
(1994) that the value of CR will be above 0.70 to acquire
acceptable CR. Thus, the study moved to a
structural model to test the hypotheses.
J. Risk Financial Manag. 2018, 11, 35 9 of 17
J. Risk Financial Manag. 2017, 5, x FOR PEER REVIEW 9 of
17
fl5 0.871
fl4 0.862
fl2 0.803
fl1 0.710
Firm Performance 0.59 0.77 0.92
fp8 0.893
fp7 0.670
fp6 0.670
fp5 0.910
fp4 0.661
fp3 0.899
fp2 0.718
fp1 0.669
28. Note: AVE = Average Variance Extracted, CR = Composite
Reliability, erm1 = enterprise risk
management question 1, ca1 = competitive advantage question
1, fl1 = financial literacy question 1,
fp1 = firm performance question 1 and so on.
Figure 2. Measurement Model. Figure 2. Measurement Model.
4.2. Correlation
This particular study executed Pearson correlation in SPSS to
test the relationship among the
variables. The Pearson correlation values provide initial support
for the proposed hypotheses.
The results are shown in Table 4. results indicate that there is a
significant relationship between ERM
and firm performance (r = 0.606, p < 0.01), a significant
positive relationship is found between CA and
firm performance (r = 0.302, p < 0.01) and there is a significant
positive relationship between ERM and
CA (r = 0.319, p < 0.01).
J. Risk Financial Manag. 2018, 11, 35 10 of 17
Table 3. Factor loadings, Validity and Reliability.
Estimate AVE
√
AVE CR
Enterprise Risk Management 0.56 0.75 0.88
30. fp3 0.899
fp2 0.718
fp1 0.669
Note: AVE = Average Variance Extracted, CR = Composite
Reliability, erm1 = enterprise risk management question 1,
ca1 = competitive advantage question 1, fl1 = financial literacy
question 1, fp1 = firm performance question 1 and
so on.
Table 4. Correlation Coefficient.
Size Age ERM CA FL FP
Size 1
Age 0.113 * 1
ERM 0.245 ** 0.291 ** 1
CA 0.055 0.140 * 0.234 ** 1
FL 0.158 ** 0.126 * 0.319 ** 0.168 ** 1
FP 0.389 ** 0.444 ** 0.606 ** 0.302 ** 0.341 ** 1
Note: * Significant at the 0.05 level (2-tailed). ** Significant at
the 0.01 level (2-tailed). ERM = Enterprise Risk
Management, CA = Competitive Advantage, FL = Financial
Literacy, FP = Firm Performance.
J. Risk Financial Manag. 2018, 11, 35 11 of 17
4.3. Common Method Bias
Common Method Bias (CMB) may arise when data is collected
from a single source and at the
same time from the same respondent (Podsakoff and Organ
1986). Since there is a chance of CMB in
31. this data as the data is collected through questionnaire from the
same respondent at the same time.
Harmon’s One Factor test is executed in SPSS to check for the
potential problem of CMB. Our results
revealed that the first factor explains only 31.00% variance
which is less than 50% hereby confirmed the
absence of CMB in our data. Additionally, we checked the
impact of a latent factor in the measurement
model to establish if CMB exists. The results confirmed that
CMB does not exist in the data.
4.4. Structural Model (Mediation Test)
To test the hypothesis, we executed a structural model in
AMOS. Though we have a mediator
and a moderator in the model, to gain more clear results,
separate models for the mediator and for the
moderator were assessed. The mediator model is as shown
below in Figure 3, where the influence of
ERM on firm performance in the presence of CA as a mediator
is checked. We found acceptable model
fits as Chisq/df = 2.455, GFI = 0.86, AGFI = 0.83 and NFI =
0.88 as per the recommendation of Hair
et al. (2010) and Hu and Bentler (1999). RMR = 0.027 and
RMSEA = 0.069 also provided acceptable
values suggested by Hair et al. (2010) and Hu and Bentler
(1999).J. Risk Financial Manag. 2017, 5, x FOR PEER REVIEW
11 of 17
Figure 3. Structural Model.
Table 5. Hypotheses testing (with mediation).
Hypotheses Direct Effect p Indirect Effect p Total Effect p
32. H4. FP<---ERM (through CA) 0.401 0.001 0.033 0.006 0.434
0.001
CA<---ERM 0.193 0.005 - - 0.193 0.005
FP<---CA 0.169 0.007 - - 0.007
FP<---Size (through CA) 0.147 0.001 - - 0.147 0.001
FP<---Age (through CA) 0.156 0.001 - - 0.156 0.001
Note: ERM = Enterprise Risk Management, CA = Competitive
Advantage, FL = Financial Literacy, FP
= Firm Performance.
4.5. Structural Model 2 (Moderation Test)
The model in Figure 4 is performed to check the moderating
role of financial literacy between
ERM and CA in the presence of the two control variables size
and age of the firms. The results (see
Table 6) indicate that FL significantly moderates the
relationship between ERM and CA (β = 0.029, p
< 0.05) which supported the fifth hypothesis (H5) of this study.
Both the control variables e.g., size
and age of the firms have not significantly influenced CA in this
model.
Figure 4. Structural Model.
Figure 3. Structural Model.
The results shown in Table 5 indicate that the direct impact of
ERM on firm performance remained
significant (β = 0.401, p < 0.05) which supported the first
hypothesis (H1) of the study. The direct
33. influence of CA on firm performance is also significant (β =
0.193, p < 0.05) which supported the
second hypothesis (H2) of the proposed study. The indirect
influence of ERM on firm performance is
significant (β = 0.033, p < 0.05) (while the direct influence has
also remained significant), so the third
hypothesis (H3) of the study is partially supported. Age and size
of the firms as control variables
plays a significant role in the model. R-square value indicates
that ERM, through CA, accounts for 42%
variance in firm performance.
J. Risk Financial Manag. 2018, 11, 35 12 of 17
Table 5. Hypotheses testing (with mediation).
Hypotheses Direct Effect p IndirectEffect p Total Effect p
H4. FP<—ERM (through CA) 0.401 0.001 0.033 0.006 0.434
0.001
CA<—ERM 0.193 0.005 - - 0.193 0.005
FP<—CA 0.169 0.007 - - 0.007
FP<—Size (through CA) 0.147 0.001 - - 0.147 0.001
FP<—Age (through CA) 0.156 0.001 - - 0.156 0.001
Note: ERM = Enterprise Risk Management, CA = Competitive
Advantage, FL = Financial Literacy, FP =
Firm Performance.
4.5. Structural Model 2 (Moderation Test)
The model in Figure 4 is performed to check the moderating
34. role of financial literacy between ERM
and CA in the presence of the two control variables size and age
of the firms. The results (see Table 6)
indicate that FL significantly moderates the relationship
between ERM and CA (β = 0.029, p < 0.05)
which supported the fifth hypothesis (H5) of this study. Both
the control variables e.g., size and age of
the firms have not significantly influenced CA in this model.
J. Risk Financial Manag. 2017, 5, x FOR PEER REVIEW 11 of
17
Figure 3. Structural Model.
Table 5. Hypotheses testing (with mediation).
Hypotheses Direct Effect p Indirect Effect p Total Effect p
H4. FP<---ERM (through CA) 0.401 0.001 0.033 0.006 0.434
0.001
CA<---ERM 0.193 0.005 - - 0.193 0.005
FP<---CA 0.169 0.007 - - 0.007
FP<---Size (through CA) 0.147 0.001 - - 0.147 0.001
FP<---Age (through CA) 0.156 0.001 - - 0.156 0.001
Note: ERM = Enterprise Risk Management, CA = Competitive
Advantage, FL = Financial Literacy, FP
= Firm Performance.
4.5. Structural Model 2 (Moderation Test)
The model in Figure 4 is performed to check the moderating
role of financial literacy between
35. ERM and CA in the presence of the two control variables size
and age of the firms. The results (see
Table 6) indicate that FL significantly moderates the
relationship between ERM and CA (β = 0.029, p
< 0.05) which supported the fifth hypothesis (H5) of this study.
Both the control variables e.g., size
and age of the firms have not significantly influenced CA in this
model.
Figure 4. Structural Model.
Figure 4. Structural Model.
Table 6. Hypotheses testing (with Moderation).
Estimate S.E. C.R. P
CA <— FLxERM 0.029 0.010 2.826 0.005
CA <— Age 0.031 0.023 1.362 0.173
CA <— Size −0.006 0.024 −0.248 0.804
CA <— ERM 0.081 0.050 1.617 0.106
Note: ERM = Enterprise Risk Management, CA = Competitive
Advantage, FL = Financial Literacy, FP =
Firm Performance.
5. Discussion
Steered by the growing interest of ERM in SMEs, this study
examined the role of ERM practices
on SME performance with competitive advantage as a mediator
and financial literacy as a moderator.
We collected empirical evidence from SMEs operating in the
emerging market Pakistan.
36. Our findings indicate that ERM practices have a significant
influence on SME performance,
which supported H1 of this study. This is consistent with Florio
and Leoni (2017), who examined
those SMEs who succeed in the markets which have formal
policies and ERM practices. Therefore,
in the competitive environment, SMEs need to focus on risk
reduction approaches to gain superior
performance (Callahan and Soileau 2017; Florio and Leoni
2017). Our results strongly support Zou
and Hassan (2017) who argued that in emerging economies, the
performance of SMEs is significantly
positively related to ERM practices.
J. Risk Financial Manag. 2018, 11, 35 13 of 17
We found that ERM practices have a significant influence on
CA, which supported H2 of this
study. This is in line with Meidell and Kaarbøe (2017) who
revealed that ERM reduces different types
of cost related to operation, material, and supply, which in turn
leads to production of products and
services at lower cost; thus, the firm can gain competitive
advantage. Similarly, Yilmaz and Flouris
(2017) also claimed that ERM practices facilitate SMEs to gain
a competitive position in the market by
offering lower-priced products. Our findings strongly favor
Soltanizadeh et al. (2016) who argued that
there is a significant relationship between ERM and business
strategy.
Our results revealed that CA has a significant influence on firm
performance, thus H3 of the
37. study is positively supported. Our findings strongly supported
Anwar (2018) who found that CA
is a significant factor that can enhance the performance of
SMEs in Pakistan. Similarly, Parnell
et al. (2015) also argued that a firm with a sustainable
competitive position in the market enjoys
superior profitability.
The study found that CA partially mediates the relationship
between ERM and firm performance,
which partially supported H4 of our study. We reveal that ERM
influences firm performance more
than competitive advantage first. Unlike Wang et al. (2010) who
argued that ERM first reduce the
cost and then improve SME performance, our results favor
Chang et al. (2015) who claimed that ERM
is not significantly leading a firm to gain competitive position
but in fact it facilities a firm to gain
superior performance.
Finally, our results show that financial literacy significantly
moderates the relationship between
ERM and CA, which supported the H5 of the study. This is in
the line with Dionne and Triki (2005)
who found that managers with high financial education are
familiar with different approaches of
risk and financial concepts; hence, they can achieve a better
position in the markets over those who
have low financial education. Additionally, Hommel and King
(2013) and Shanahan and McParlane
(2005) claimed that top management teams with high financial
education can reduce different types of
accounting costs and are more likely inclined towards
competitive advantage.
5.1. Contributions and Implications
38. The contributions made by the prior studies in the field of ERM
practices, CA and SMEs
performance are significant. In fact, prior studies have
examined the direct impact of ERM on
performance and mix results have been generated. However, this
study contributes to the existing
literature in several ways. For instance, this research examines
the mediating role of CA between
ERM and firm performance that has been rarely touched
especially in the SME sector. Similarly,
the moderating role of FL between ERM and CA has remained
untouched. Moreover, many studies in
terms of ERM and CA are focused on European regions while
emerging markets have received minor
attention. This research is examined in the emerging market of
Pakistan by testing the hypotheses
using AMOS. Our findings reveal that firms, where there are
formal ERM practices, can achieve a
competitive position and enjoy superior performance. Unlike
prior studies, where often financial
performance has been targeted, this study reveals that ERM
practices are essential for gaining financial
and non-financial performance. Additionally, this research
supports the RBV theory and claims
that ERM practices and financial literacy, as firm internal skills
can facilitate sustainable competitive
advantage and performance.
This study suggests several practical implications for owners,
top management, and CEOs of
business organizations to give considerable attention to ERM
practices and financial education to gain
competitive advantage and high profit. It is undoubted that
every business organization is inclined
towards profit earning. For this purpose, every small-, large- or
39. medium-sized firm is persistently
struggling to gain an advantageous position in the market and
therefore better performance. To achieve
this goal, a firm may need huge resources which may lead high
to risk. From this perspective, small
firms in particular, due to limited resources, are looking for less
risky attempts to achieve their goals.
This study advised owners and managers to give enough time to
ERM to reduce different types of costs
related to material, supply, and wages. It is also argued that
ERM does not automatically give proper
J. Risk Financial Manag. 2018, 11, 35 14 of 17
results until top management are aware of financial affairs and
policies. Hence, firms are advised to
consider highly financially literate managers for their strategic
policies and planning. Additionally, the
Small and Medium Enterprise Authority (SMEDA), being a
responsible authority of SMEs in Pakistan,
is advised to formulate its strategies and is recommended to
initiate programs for top management
to educate them in ERM and financial literacy. The implications
are not only limited to emerging
economies; other developed economies can benefit equally from
the findings of this research.
5.2. Limitations and Future Research Directions
Despite the fact that this study has several important
contributions to the existing literature, it is
still not beyond limitations that can be addressed in future
studies. We focused on SMEs operating
in the emerging market of Pakistan, which may not be a suitable
40. representative of the whole world
including emerging and developed markets. Hence, the model
can be tested in other emerging
and developed economies to gain more fruitful insights.
Moreover, researchers are advised to do
a comparative study between emerging and developed
economies to explore more useful results.
This study can be extended in large firms where CEO and audit
committee policies can be considered
as suggest by Ludin et al. (2017) so that there is a significant
relationship between CEO characteristics,
audit work and risk management. Though we examined the
moderating role of financial literacy
between ERM and CA, future researchers can test the moderator
between ERM practices and firm
performance. Further research is needed to check the mediating
role of each competitive strategy, e.g.,
cost leadership strategy and differentiation strategy, to disclose
how ERM provides cost-based and
differentiation-based competitive advantage.
6. Conclusions
This study examines the impact of ERM practices on SME
performance with the mediating role of
CA between ERM and SME performance as well as the
moderating role of financial literacy between
ERM practices and CA. Data were collected from 304 Pakistani
SMEs using a structured questionnaire.
The hypotheses of the research were tested through AMOS. The
results indicate that ERM practices have
a significant influence on CA and SME performance. CA
partially mediates the relationship between
ERM practices and SMEs performance. Financial literacy
significantly moderates the relationship
between ERM and CA. SMEs in emerging economies such as
41. Pakistan are advised to implement formal
ERM practices as well as they are advised to financially educate
their top management teams to gain
CA and superior performance. ERM framework seems to be well
suited for gaining a sustainable
competitive position and superior performance in dynamic
markets. Similarly, financially educated
owners and managers can enjoy unbeatable status in a turbulent
market which in turn can help to
increase their profitability. Implications have been discussed in
detail.
Author Contributions: S.Y. supervised the paper, wrote
literature review and proofread the paper. M.I. Performed
the data analyses, worked on the introduction and theoretical
framework and revised the whole paper. M.A. collect
the data and conceived it. All the authors have proofread final
version of the paper and finalized for publication.
Funding: School of Management and Economics, Beijing
University of Technology.
Conflicts of Interest: The authors declare no conflicts of
interest.
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53. Read the attached research paper (Yang et al. 2018) and conduct
research using the
University of Cumberland’s library system and/or Google
Scholar on Enterprise Risk
Management and Firm Performance. Write a 6 page (double
space, Font - Georgia
with font size 12) research paper on your findings on enterprise
risk management and
firm performance. The research paper needs to refer to the
following references
Management Practices and Firm
Performance, the Mediating Role of Competitive Advantage and
the Moderating
Role of Financial Literacy. J. Risk Financ. Manag. 2018, 11-
35.
In addition the research paper needs to minimally refer to 3
peer reviewed journal
papers. The bibliography should be included as a separate page
and is not part of the 6
page requirement. Student assignments will be run through Safe
Assignment. Please
54. ensure to check the safe assignment result prior to submitting.
The university of Cumberland library can be assessed at
https://www.ucumberlands.edu/library
The research paper should include the following components
inimum 6 page requirement)
limited to 200-350
words)
-2 pages, provides a broad overview of the
topic and basic
background information)
-3 pages, describes the research papers
that you find in
reference to enterprise risk management and firm performance,
it can list
theories about the subject, findings from other studies and
research directions.
Please ensure to refer to the case studies from this week and the
attached
research paper Yang et al. 2018)
-2 pages -This should include your thoughts on
the topic and
55. implications in reference to ERM and firm performance. Please
draw on
examples/other studies to support your thoughts)
-2 paragraphs, This provides a final summary
of your research
paper)
https://www.ucumberlands.edu/library
The following rubric will be included to grade your assessment
Evaluation Parameters Percentage
Weight
Did the student respond to the research topic 20
Did the conduct sufficient literature review of the topic 20
Did the student provide relevant examples to support viewpoints
20
Did the student meet the content requirements of the assignment
20
Did the student refer and discuss about the case study chapter
56. readings
from week 4 and the assigned research paper
10
Did the student create a professional, well-developed report
with proper
grammar, spelling, punctuation and APA formatting
10
Total 100%
Please refer to the following for APA guidelines
https://owl.purdue.edu/owl/research_and_citation/apa_style/apa
_formatting_and_st
yle_guide/general_format.html
https://owl.purdue.edu/owl/research_and_citation/apa_style/apa
_formatting_and_style_guide/general_format.html
https://owl.purdue.edu/owl/research_and_citation/apa_style/apa
_formatting_and_style_guide/general_format.html
1Scientific RepoRts | 6:26555 | DOI: 10.1038/srep26555
www.nature.com/scientificreports
57. Oxygen isotope in archaeological
bioapatites from India: Implications
to climate change and decline of
Bronze Age Harappan civilization
Anindya Sarkar1, Arati Deshpande Mukherjee2, M. K. Bera1, B.
Das1, Navin Juyal3,
P. Morthekai4, R. D. Deshpande3, V. S. Shinde2 & L. S. Rao5,†
The antiquity and decline of the Bronze Age Harappan
civilization in the Indus-Ghaggar-Hakra
river valleys is an enigma in archaeology. Weakening of the
monsoon after ~5 ka BP (and droughts
throughout the Asia) is a strong contender for the Harappan
collapse, although controversy exists about
the synchroneity of climate change and collapse of civilization.
One reason for this controversy is lack of
a continuous record of cultural levels and palaeomonsoon
change in close proximity. We report a high
resolution oxygen isotope (δ18O) record of animal teeth-bone
phosphates from an archaeological trench
itself at Bhirrana, NW India, preserving all cultural levels of
this civilization. Bhirrana was part of a high
concentration of settlements along the dried up mythical Vedic
river valley ‘Saraswati’, an extension
of Ghaggar river in the Thar desert. Isotope and archaeological
data suggest that the pre-Harappans
started inhabiting this area along the mighty Ghaggar-Hakra
rivers fed by intensified monsoon from 9 to
7 ka BP. The monsoon monotonically declined after 7 ka yet the
settlements continued to survive from
early to mature Harappan time. Our study suggests that other
cause like change in subsistence strategy
by shifting crop patterns rather than climate change was
responsible for Harappan collapse.
The rise of the post-Neolithic Bronze Age Harappan civilization
58. 5.7–3.3 ka BP (ca. 2500 to 1900 year BC; all
ages henceforth mentioned are in cal year BP) spread along the
Indus Valley of Pakistan through the plains
of NW India, including into the state of Gujarat and up to the
Arabian Sea and its decline has remained an
enigma in archaeological investigation1–6. In the Indian
subcontinent the major centers of this civilization include
Harappa and Mohenjo-Daro in Pakistan and Lothal, Dholavira
and Kalibangan in India (Fig. 1A). In recent
years excavation at Rakhigarhi and few other places indicate
that the civilization probably was more expansive
than thought before7–9. Whatever may be the extent most
Harappan settlements grew in the floodplains of river
systems including those of the Indus or now defunct Ghaggar-
Hakra (mythical river Saraswati?). Climatically
although these regions fall under the influence of the Indian
summer monsoon, they are currently semi-arid
receiving much lesser rainfall than the mainland India. Because
the monsoon showed significant variation over,
both on short and long term time scale, throughout the Holocene
period, attempts have been made to relate the
evolution of the Harappan civilization to the changes in
monsoon. Accordingly, the flourishing Harappan civili-
zation and its decline have been linked to the intensification of
monsoon during the Mid-Holocene climate opti-
mum and its subsequent weakening, respectively. The evidence
comes from a variety of sources like distant lake
sediments in the Thar desert10,11, foraminiferal oxygen
isotopes in Arabian sea cores12, fluvial morphodynamics3,
and climate models13. Although the collapse of the Harappan as
well as several contemporary civilisations like
Akkadian (Mesopotamia), Minoan (Crete), Yangtze (China) has
been attributed to either weakening of monsoon
or pan-Asian aridification (drought events) at ~4.1 ka6,10,11,
the evidence is both contradictory and incomplete.
Either the climatic events and cultural levels are
59. asynchronous11,14,15 or the climate change events themselves
are
regionally diachronous16 and references therein).
1Department of Geology and Geophysics, Indian Institute of
Technology, Kharagpur 721302, India. 2Deccan College
Post Graduate and Research Instiute, Pune 411006, India.
3Physical Research Laboratory Navrangpura, Ahmedabad
380009, India. 4Birbal Sahni Institute of Palaeosciences,
Lucknow, India. 5Archaeological Survey of India, Nagpur,
440006, India. †Deceased. Correspondence and requests for
materials should be addressed to A.S. (email:
[email protected])
Received: 05 November 2015
Accepted: 29 April 2016
Published: 25 May 2016
OPEN
mailto:[email protected]
www.nature.com/scientificreports/
2Scientific RepoRts | 6:26555 | DOI: 10.1038/srep26555
Potential reasons for these conflicting interpretations is that the
climate reconstructions were made from
locations (e.g., Thar Desert or Arabian Sea) distant from the
main Harappan settlement areas or that the climate
proxies (e.g., sedimentology and geochemistry in lakes) could
have been influenced by multiple local parame-
ters apart from mere rainfall or temperature. To date no
60. continuous climate record has existed close to or from
the Harappan settlements. Here we report a high resolution bulk
oxygen isotope (δ 18O) record of animal teeth
and bone phosphates (bioapatites) from an excavated
archaeological trench at Bhirrana, state of Haryana, NW
India, to reconstruct a paleomonsoonal history of the settlement
site itself. Based on radiocarbon ages from dif-
ferent trenches and levels the settlement at Bhirrana has been
inferred to be the oldest (> 9 ka BP) in the Indian
sub-continent8,17,18. To check its validity we dated
archaeological pottery from two cultural levels using optically
stimulated luminescence (OSL) method and thus investigated
the interrelationship between the cultural levels
and climate change that occurred right at the settlement, a
critical gap in information that exists in our present
understanding of the Harappan civilization.
Harappan civilization and archaeology of Bhirrana
Archaeological chronologies of Harappan (Indus) civilization in
South Asia2,16,19 are given in SI. Conventionally
the Harappan cultural levels have been classified into 1) an
Early Ravi Phase (~5.7–4.8 ka BP), 2) Transitional Kot
Diji phase (~4.8–4.6 ka BP), 3) Mature phase (~4.6–3.9 ka BP)
and 4) Late declining (painted Grey Ware) phase
(3.9–3.3 ka BP13,19,20). This chronology is based on more than
100 14C dates from the site of Harappa and nearby
localities. These periodization is temporally correlatable with
the Indus valley civilisations from Baluchistan
and Helmand province proposed by Shaffer21. While the first
two phases were represented by pastoral and early
village farming communities, the mature Harappan settlements
were highly urbanized with several organized
cities, developed material and craft culture having trans-Asiatic
trading to regions as distant as Arabia and
Mesopotamia. The late Harappan phase witnessed large scale
deurbanization, population decrease, abandonment
61. of many established settlements, lack of basic amenities,
interpersonal violence and disappearance of Harappan
script22–24. Although referred to as a ‘collapse’ of Harappan
civilization, evidences rather suggest that smaller
settlements continued albeit dispersed from original river
valleys of Indus and Ghaggar-Hakra (Fig. 1A) to more
distant areas of the Himalayan foothills and Ganga-Yamuna
interfluves or Gujarat and Rajasthan25–27.
Based on the spatio-temporal distribution of the archaeological
remains spread throughout the subcontinent a
much older chronology has, however, been advocated by
Possehl2,16. Accordingly the time spans of the above four
phases have been suggested as ~9–6.3 ka BP, 6.3–5.2 ka BP,
5.2–3 ka BP and 3–2.5 ka BP respectively. Clearly the
later time scale pushes back the Harappan chronology to at least
1–2 ka older. Evidences of a post-Neolithic-Pre
Harappan (often referred to as the Hakra ware) phase were first
reported by Mughal28,29 in the Cholistan region
east of the Indus valley along the Indo-Pakistan border, but
have now been found from several localities in India.
The Hakra settlements, spread along the Ghaggar-Hakra river
valleys have been found at Kalibangan, Farmana,
Girawad, Rakhigarhi and Bhirrana, the present site of
investigation (Fig. 1A 30–33). A large number (~70) of
conventional and AMS radiocarbon dates indeed support the
antiquity of this phase in different parts of the
Indus-Ghaggar Hakra river belts viz. Girawad (Pit-23, 6.2 ka
BP), Mithathal (Trench A-1, 8.2 ka BP), Kalibangan
Figure 1. (A) Map of Northwest India and Pakistan (created by
Coreldraw x7; http://www.coreldraw.com)
showing the locations of main Harappan settlements including
phosphate sampling site of Bhirrana, Haryana,
IWIN precipitation sampling station at Hisar and two paleo-
lakes Riwasa and Kotla Dahar studied earlier (see
62. Fig. 3 and text for details). Black dotted lines represent 100 mm
rainfall isohyets. Approximate trace of dried
paleo-channel of ‘Saraswati’ (dashed white lines in Fig. 1A) is
also shown. Black arrow indicates the direction
of monsoon moisture transport from Bay of Bengal. (For
interpretation of the references to color in this figure
legend, the reader is referred to the web version of this article).
Figure created by CorelDRAW Graphics Suite
X7 (http://www.coreldraw.com) (B) Panoramic view of the
excavation of mature Harappan stage at Bhirrana
view from North-east (photograph reproduced with the
permission of Archeological Survey of India).
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3Scientific RepoRts | 6:26555 | DOI: 10.1038/srep26555
(sample TF-439, 7.6 ka BP). The recent excavations at
Rakhigarhi suggest hitherto unknown largest Harappan
settlement in India preserving all the cultural levels including
the Hakra phase (sample S-4173, 6.4 ka BP8,9,34,35).
A compilation of calibrated radiocarbon dates of the charcoal
samples and OSL dates of pottery (see later dis-
cussion) from various cultural levels of Bhirrana (Lat. 29°33′ N;
Long. 75°33′ E), retrieved during the excavation
of 2005, is given in SI8,18. At Bhirrana the earliest level has
provided mean 14C age of 8.35 ± 0.14 ka BP (8597 to
8171 years BP8). The successive cultural levels at Bhirrana, as
deciphered from archeological artefacts along with
these 14C ages, are Pre-Harappan Hakra phase (~9.5–8 ka BP),
Early Harappan (~8–6.5 ka BP), Early mature
63. Harappan (~6.5–5 ka BP) and mature Harappan (~5–2.8 ka
BP8,17,18,20,34). Cultural stratigraphy of Bhirrana set-
tlement depicting the periods, cultural levels, ages based on
calibrated radiocarbon ages in different trenches and
characteristic archeological artefacts and attributes are given in
SI8,17,20. A panoramic view of the excavation of
the mature Harappan level at Bhirrana view from north-east is
shown in Fig. 1B. Figure 2A shows the settlement
pattern of pre-Harappan Hakra phase (period 1A 8) along with
locations of three major trenches at Bhirrana
mound YF-2, A-1, and ZE-10. A schematic E-W cross section of
the trench YF-2 depicting the cultural levels at
Bhirrana is shown in SI. Fig. 2B (inset) shows the tentative
lateral time correlation based on radiocarbon and OSL
dates generated during present investigation (see later
discussion). The Bhirrana settlement, close to the presently
dried up Ghaggar-Hakra (Saraswati) river bed preserves all the
major laterally traceable and time correlatable
cultural levels. As expected in trench A-1, the central part of
the archaeological mound, the Hakra or other
phases are much thicker (> 3 m) compared to the flanking
trenches of YF-2 and ZE-10. At Bhirrana the Hakra
ware culture period is the earliest and occurs as an independent
stratigraphic horizon17,34. The Hakra phase was
primarily identified by ceramics such as mud appliqué ware,
incised ware, and bi-chrome ware, much similar to
the Pre-Harappan phase in Cholistan (Figs 1A and 3C 36) and
was characterized by its subterranean dwelling,
sacrificial and industrial pits8,17,34. The Early Harappan phase
shows settlement expansion, mud brick houses with
advanced material culture including arrow heads, rings and
bangles of copper; beads of carnelian, jasper, and
shell; bull figurines; chert blades; terracotta bangles, etc.
(Fig. 3C) 17,32,34). The early mature to mature Harappan
phases yielded ceramics with geometric, floral and faunal
motifs; steatite bull seals; beads of semi-precious stone,
64. shell and terracotta; animal figurines; bangles of faience and
shell; copper bangles, chisels, rings, rods, etc.17,34.
The excavations also yielded large quantities of faunal remains
comprising bones, teeth, horn cores, etc. from all
the four periods at Bhirrana and were identified at species
levels37. Detail methods of faunal analysis for materials
from the Bhirrana trench YF2 are given in the SI. Preliminary
faunal investigations suggest presence of domestic
cattle e.g., cow/ox (Bos indicus), buffalo (Bubalus bubalis),
goat (Capra hircus) and sheep (Ovis aries) from the
earliest levels. Besides the dietary use of cattle and goats, wild
fauna such as nilgai (Boselaphas tragocamelus),
Indian spotted deer (Axis axis) and antelope (Antilope
cervicapra) were also a part of the diet37–40. Representative
photographs of the artefacts and animal remains from various
cultural levels of Bhirrana are shown in SI.
Figure 2. (A) Settlement pattern of period 1A (pre-Harappan
Hakra) along with locations of trenches at
Bhirrana mound. Figure created by CorelDRAW Graphics Suite
X7 (http://www.coreldraw.com) (B) Tentative
lateral time correlation of different cultural levels between the
trenches based on radiocarbon and OSL dates.
Contours are in cm. above msl. Only the trench YF-2 yielded
continuous bioapatite samples (see text).
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For retrieving information on past climatic changes we
isotopically analysed bulk (see SI text) teeth and bone
phosphates, wherever available, from the trench YF-2 which has
65. both stratigraphic and sampling continuity (SI
Table 2). To check the validity of the radiocarbon dates and the
antiquity of the Bhirrana settlement we dated two
pottery fragments (SI Fig. 1) in the same trench by OSL
technique from both early mature and mature Harappan
intervals. Detail methodology is given in SI text. The pottery at
42 cm, identified as mature Harappan level yielded
mean 4.8 ± 0.3 (1σ ) ka BP age (range 5120 to 4520 year BP)
while the pottery from deeper level corresponding
to early mature Harappan at 143 cm yielded 5.9 ± 0.25 (1σ ) ka
BP age (range 6185 to 5695 year BP). Within the
experimental errors both the stratigraphically controlled new
ages agree with the time scale based on archaeolog-
ical evidences (as well as 14C ages) proposed by earlier
workers8,17,18,34; Fig. 3C,D) and suggest that the Bhirrana
settlements are the oldest of known sites in the Ghaggar-Hakra
tract. Figure 3D,E show the comparison between
the conventional chronology of the Harappan civilization with
the proposed chronology at Bhirrana. Clearly
the Bhirrana levels are few thousand years older. The 5.9 ka age
at 143 cm along with the 8.38 ka age of the Hakra
level below suggest that the base of the Bhirrana section,
representing initiation of Harappan settlements (Hakra
phase), is older than 8 ka BP. Below we show that isotope based
paleoclimatic information also lends supports to
the antiquity of Harappan settlements at Bhirrana.
Oxygen isotope (δ 18O) in bioapatites and past monsoon record
at Bhirrana
excavation site
δ 18O [defined as δ (%) = {(Rsample −
Rreference)/Rreference} × 1000; R = 18O/16O ratio]
composition of fossil bone or
tooth enamel bioapatite [carbonated hydroxyapatite41] is a
robust tool for estimating the past meteoric water com-
position (drinking water for land animals41–46) compared to
66. carbonates which are prone to diagenetic alteration.
Near-continuous teeth and bone samples were available only in
trench YF-2 and have been analysed. SI Fig. 4
shows the representative teeth and bone samples analysed from
all the four cultural levels of Bhirrana. The sam-
ples comprise a large variety of bioapatites from mandibular
and maxillary molar teeth of cattle, goat, deer and
antelope to rib and vertebra bones. Since diagenetic alteration
can alter isotopic signals we investigated the animal
bones under electron microprobe that suggests preservation of
original bioapatites suitable for isotopic analysis
(see diagenetic investigation of bioapatites in SI). Detail
methods of δ 18O analysis of bioapatites are given in SI
text. Under a constant body temperature of ~37 °C, the δ 18O in
mammalian phosphate (δ 18Op) essentially depends
on the δ 18O value of water (δ 18Ow) ingested by the organism.
Between the water and phosphate, oxygen isotope is
fractionated in two steps, i.e., between environmental and body
water and between body water and phosphate in
teeth and bones47,48. Large numbers of studies have been made
on modern mammalian phosphates to constrain
the interrelationship between δ 18Op and δ 18Ow41,49–51.
Although in general most large mammals have been found
to preserve equilibrium isotopic signature, species specific
fractionation equations have also been proposed by
Figure 3. (A) Arabian Sea upwelling intensity as monsoon
index57. (B) Carbonate δ 18O and lake level records
from paleo-lakes Riwasa and Kotla Dahar, Haryana (refs 5 and
6). (C) Bioapatite based paleo-meteoric
water δ 18O (monsoon proxy) record at Bhirrana along with
characteristic archaeological and faunal elements
from different cultural levels. Note monsoon intensification
from ~9 ka to 7 ka BP (blue shaded region and
arrows) and monotonous decline from ~7 ka to 2.8 ka BP
(brown shaded region, red arrows); dotted pink lines
67. denote approximate time correlation of these two phases across
the sites. (D) Bhirrana chronology based on
archaeological evidences17,18,32, 14C and new OSL dates.
OSL dates are from trench YF-2; the oldest 14C date
is from correlatable level of trench ZE-10 (E) Conventional
chronology19,20; note new dates, archaeological
evidences and climate pattern are all suggestive of a much older
age for the beginning of Harappan civilization
at Bhirrana.
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5Scientific RepoRts | 6:26555 | DOI: 10.1038/srep26555
several workers (ibid). For the Bhirrana mammals we used the
taxon specific herbivorous mammal equations of
Bryant and Froelich47. Because these equations are dependent
on body mass it is desirable to infer paleoclimate
from large body sized mammals. All Bhirrana mammals satisfy
this criterion representing only cattle, deer or
goats. δ 18Op data of bioapatites and calculated δ 18OW are
given in Table 1 of SI.
Figure 3C shows δ 18OW variation as a function of depth and
against Harappan chronology at Bhirrana pro-
posed by Rao et al.17 and Mani18. In general the bulk
bioapatite δ 18O in large mammals reflects the integrated
mean annual δ 18O of local meteoric water ingested by the
animal during its life time. At several cultural levels we
analysed multiple samples of either teeth or both teeth and
bones. The spread in estimated δ 18OW ranges from
< 1‰ to maximum ~4‰ and are probably due to the seasonal
variation in δ 18OW52–56. Because our purpose was
to retrieve the mean meteoric water δ 18OW value from
68. successive layers, we sampled bulk enamel or phosphate
along the entire length of a single tooth or a bone (see SI text),
yet the inter-sample seasonal signature might
have been preserved in some cases. In spite of the inter-sample
spread, the mean δ 18OW values (dotted line in
Fig. 3C) through the levels show a clear trend. At the base of
the trench section (355 cm), equivalent to ~9 ka
Pre-Harappan Hakra level, the δ 18OW values are enriched (+
3.75‰). The δ 18OW values rapidly decreases towards
the early Harappan phase reaching δ 18O minimum of − 9.01‰
at ~8 ka (trench depth ~308 cm). Thereafter the
δ 18OW monotonically gets enriched from early Harappan
through early mature Harappan to mature Harappan, a
time span from ~8 ka BP to 2.8 ka BP. We interpret this δ
18OW variation through all the cultural levels at Bhirrana
as major change in monsoonal precipitation during the last 9.5
ka. We compare the Bhirrana record with available
monsoon records from Arabian Sea (G. bulloides upwelling
index; Fig. 3A 57) and composite gastropod-carbonate
δ 18O records from two inland lakes Riwasa and Kotla Dahar,
proximal to Bhirrana (Fig. 3B; re-plotted from sup-
plementary information in refs 5 and 6). A weak monsoon phase
is identified before 9 ka BP (lower part of Hakra
phase). The well constrained monsoon intensification phase
from 9 ka BP to 7 ka BP (late Hakra to middle part
of early Harappan) is clearly discernible in all three records
(blue shaded bars in Fig. 3A–C). Monsoon mono-
tonically declined from 7 ka BP to 2 ka BP, i.e., during later
part of the early Harappan to mature Harappan phase
(brown shaded bar) with concomitant lowering of lake levels
(Fig. 3B). The early Holocene monsoon intensifica-
tion and its subsequent decline, as recorded in Bhirrana
archaeological bioapatites, have been widely documented
in Asia and were principally driven by boreal summer
insolation5,54,56. Presence of aeolian sands in lake Riwasa,
higher salinity in Bay of Bengal, lower G. bulloides upwelling
69. intensity and enriched δ 18O in Arabian speleothems
suggest a weak monsoon phase before 10 ka BP throughout the
Asia5,55–60. Correspondingly the 9–7 ka monsoon
intensification phase is recorded in high lake levels (negative δ
18O), lower oceanic salinity, increased upwelling,
reduction in δ 18O in speleothems from Arabia to Tibet, higher
erosion rate in the Himalayas, and increased
sedimentation in the Ganges deltaic plains (ibid61–66). The late
Holocene (7 ka onwards) gradual reduction in
monsoon is also amply evident throughout the Asia.
Although compared to marine or lake archives the time
resolution of the archaeological bioapatite based
monsoon record is poor, preservation of the major phases of
Holocene monsoon change combined with the OSL
dates of potteries lend strong support to the antiquity of the
Bhirrana settlement. To further constrain the change
in paleo-meteoric water composition we generated time series δ
18O of modern precipitation for successive three
years at Hisar, a place 50 km SE of Bhirrana (Fig. 4) under the
national program of ‘Isotopic Fingerprinting of
Water in India (IWIN)’. As in other places of north-western
India, rainfall is highest during the summer months
from June to September (Fig. 4A). The monsoon moisture
originates in Bay of Bengal and successively rains inland
towards north-western India (Fig. 1A). The continental effect
thus causes depletion in precipitation δ 18O from
− 5.4‰ near the coast to − 6.5‰ in north western India67. The
modern mean annual rainfall isohyets for this part
of semi-arid NW India (Fig. 1A) show that all the Harappan
settlement areas (including Bhirrana) receive 400 to
600 mm precipitation compared to > 1000 mm in eastern and
southern India67. At Hisar the modern precipitation
δ 18O ranges from ~+ 5‰ in non-monsoon (extreme
evaporation) to − 15‰ in peak monsoon periods (depletion)
with weighted mean annual δ 18O value of − 7‰. The large
70. monsoon depletion in δ 18O results from well-known
amount effect where excess rainfall is known to produce
extreme depletion (an increase in 100 mm of rainfall
associated with a decrease in δ 18O by 1.5‰ 67,68). The most
depleted paleo-meteoric water value at Bhirrana is
− 9.01‰ (SI Table 2; Fig. 3C). Considering the δ 18OW value
at each level represents mean annual precipitation
and using a simple moisture flux model67, we estimate that the
early Holocene (9–7 ka) monsoon precipitation
at Bhirrana was ~100–150 mm higher than today. The
subsequent enrichment from 7 ka onwards (by more than
6‰) reaching maximum towards the mature Harappan time
indicates very low rainfall generating mean annual
δ 18OW similar to present day non-monsoon months. Such a
climate scenario is indeed catastrophic and if per-
sisted for several thousand years could easily convert large
monsoon-fed perennial rivers to ephemeral or even
dry ones.
Climate-culture relationship at Harappan Bhirrana
The climate reconstruction at Bhirrana demonstrates that some
of the Harappan settlements in the
Ghaggar-Hakra valley are the oldest in India and probably
developed at least by the ninth millennium BP over a
vast tract of arid/semi-arid regions of NW India and Pakistan.
The Ghaggar (in India)-Hakra (in Pakistan) river,
referred to as mythical Vedic river ‘Saraswati’ (Fig. 1A)
originates in the Siwalik hills, ephemeral in the upper part
with dry river bed running downstream through the Thar desert
to Rann of Kachchh in Gujarat3. More than 500
sites of Harappan settlements have been discovered in this belt
during the last hundred years. Of these several sites
both in India viz. Kalibangan, Kunal, Bhirrana, Farmana,
Girawad7,9,31,33,69 and Pakistan viz. Jalilpur, Mehrgarh in
Baluchistan, Rehman Dheri in Gomal plains29,69,70 have
revealed early Hakra levels of occupation preceding the