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Accounting, Finance, Sustainability, Governance & Fraud:
Theory and Application

Ayse Kucuk Yilmaz

Triant Flouris

Corporate Risk
Management
for International
Business
Accounting, Finance, Sustainability,
Governance & Fraud: Theory and Application

Series editor
Kiymet Tunca Caliyurt, Iktisadi ve Idari Bilimler Fakultes, Trakya University
Balkan Yerleskesi, Edirne, Turkey
This series acts as a forum for book publications on current research arising from
debates about key topics that have emerged from global economic crises during the
past several years. The importance of governance and the will to deal with
corruption, fraud, and bad practice, are themes featured in volumes published in the
series. These topics are not only of concern to businesses and their investors, but
also to governments and supranational organizations, such as the United Nations
and the European Union. Accounting, Finance, Sustainability, Governance &
Fraud: Theory and Application takes on a distinctive perspective to explore crucial
issues that currently have little or no coverage. Thus the series integrates both
theoretical developments and practical experiences to feature themes that are
topical, or are deemed to become topical within a short time. The series welcomes
interdisciplinary research covering the topics of accounting, auditing, governance,
and fraud.

More information about this series at http://www.springer.com/series/13615

Ayse Kucuk Yilmaz Triant Flouris
•

Corporate Risk Management

for International Business

123
Ayse Kucuk Yilmaz Triant Flouris
Anadolu University Hellenic American University
Eskişehir Manchester, NH
Turkey USA

ISSN 2509-7873 ISSN 2509-7881 (electronic)

Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application
ISBN 978-981-10-4264-5 ISBN 978-981-10-4266-9 (eBook)
DOI 10.1007/978-981-10-4266-9
Library of Congress Control Number: 2017937474

© Springer Nature Singapore Pte Ltd. 2017

This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part
of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission
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The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are exempt from
the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in this
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The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
This book is dedicated to our families
Foreword

Aviation, even at the best of times, is an industry with narrow margins—both

operationally and managerially—and as such, leaves its managers very little room
for error. Risk management processes are essential in assuring the best possible
results for an organization in general, and very importantly for an aviation orga-
nization where risk incidence is high. As such, managing risk systematically is of
great use and significance in all levels of strategy alike: functional, business and
corporate, and as an optimization tool for an organization. Through Enterprise Risk
Management (ERM), we can see a holistic picture of an organization and also
prepare risk scenarios toward the future of an organization, and thus, can manage in
the most optimal ways possible.
Risk management is like a preventive medicine and crisis management is like
being a surgeon.
If you do not have a proper risk management programming, planning and
training, during a crisis your damage will definitely be doubled.
Because risk management strategy will give you the ability to decide fast and
this will help you to act fast during the crisis management.
Since aviation business is a volume business, clearly, there is a need for a better
understanding of the use of ERM in the aviation business. This new book will help
to address this need with its clearly explained and well-illustrated accounts of the
essential elements of the ERM process, particularly as it applies to the aviation
sector. The book provides a systematic and strategic approach to risk management,
demonstrating awareness of its use both to practitioners and academics.

February 2017 Dr. Eng. M. Sani Şener

CEO/Executive Board Member
TAV Airports Holding

vii
Preface

The international business environment has different qualifications from local ones.
This means that global business carries both more threat and opportunities from
other corporates. In view of sustainable corporate strategy and management,
managers should both seize opportunities while minimizing the adverse effects of
threats. In this process, managers should understand their risk profile which
includes investment-related risks. These risks may in following issues: economic,
social, environmental, political, organizational and the country’s culture structures,
etc. At this point, our book may be a key source for managers to understand all
related issues in order to manage risks in global way.
This book can empower business managers to administer their risk using
strategies that follow a holistic and systematic approach based on contemporary
methodologies with an international outlook. These approaches are based on the
Enterprise Risk Management (ERM) mentality. ERM-based approaches focus on
minimizing threats while seizing opportunities and as such balancing risk appetite
and risk tolerance in corporate entities. Therefore, our book may be used as a
strategic tool for effective and timely decision-making in international business.
According to COSO ERM Framework (2004), Enterprise risk management provides rea-
sonable assurance regarding the achievement of entity objectives.

The book is addressed to professionals and managers in business management. It is

also directed towards researchers in risk management andstrategy, especially to
those with interest in both aviation and automotive sectors.
Enterprise risk management has vital importance for a business which operates
in a highly volatile and uncertain environment. Enterprise risk management gives
reasonable insurance way to comment on all corporate risks in a timely manner. It
introduces an opportunity to turn risk issues into advantages. The book serves as a
guide for business managers who can apply this advanced managerial approach to
their own businesses.
We believe that corporations need a strong sustainability management frame-
work to effectively manage the economic, environmental and social risks, to
achieve their corporate sustainability objectives and to meet their stakeholders’

ix
x Preface

demands. Our book offers a fresh integrative approach to both understand and
internalize with their management style.
The best corporate sustainability strategies and management approaches require
consideration of all corporate risks from both a holistic and a systematic standpoint.
Our book aims to present all required sides of business management and strategy
via both a fresh and contemporary risk management approach.
Also, we focused on international business management in this book. For this
aim, we have reviewed both the extant literature of international business as well as
companies active in the international realm. International businesses have different
characteristics from local businesses. Managers must have robust and detailed
information about the qualifications of international business and strategy, and must
integrate their knowledge on business management into risk management. Our
book aims to integrate international business with corporate risk management. This
integration may serve to improve corporate sustainability and close corporate goals.
The book of readings in The Corporate Risk Management for International
Business is divided into several main chapters. Each chapter includes the different
vital sides of both international business and risk management. First, our book
begins with a definition of international business followed by a definition of applied
(on critical issues) ERM, integrating the two together.
We believe that:
• our approach can be instrumental in improving awareness of the integration of
global business and risk management
• our integrated approach may contribute to the field of corporate management
and strategy
• managers may gain insight about holistic risk management in international
business
• managers may be provided with the opportunity to improve their ability to
receive both the accurate and timely decisions
• both readers and managers may gain insight regarding all aspects of enterprise
risk management via an integrated approach.
The contents list along with a synopsis of each chapter is as follows:
The book begins with an overview of international business management in the
current age and also in a contemporary business environment. Today’s business
environment has complex characteristics. Furthermore, today it is difficult to
understand, comment, develop, and manage strategy. For these reasons, our book
begins with the main question: “What is international business management?”
Following the main contents and terminology we will present the means of
enterprise risk management. So, Chap. 1 discusses management and strategy from a
conceptual perspective and presents the relationship between leadership style,
strategy and organizational culture with enterprise risk management. Chapter 2
presents the main topic in management and strategy as a resource dependency risk:
Our opinion is that managers should be aware that resources are limited and
managers have to set a resource dependency bridge with their stakeholder. Resource
Preface xi

dependency creates main sustainability risk in view of business, management and

strategy. To survive, managers have to know how to manage the risk of resource
allocation and also use their limited sources effectively to conduct international
business.
Our book has a separate chapter on critical event stress management which is a
critical issue to business management since un-routine events affect business in
unthinkable ways. So, managers have to manage human resource based risks
especially in critical times—for example, during a major conflict.
The last section of the book presents real life case studies on corporate enterprise
risk management practice. This chapter should be useful for all readers to under-
stand and believe the vitality of enterprise risk management. Actually, risk man-
agement is a way of life and a mental state since it has a philosophic side. ERM
must be systematic and practiced in a continuous manner to be effective and sus-
tainable. Every person and every business manager is aware that in order to survive
risks must be managed, and in order to do so, one must be able to understand that
one has to command them and manage them. Managing a risk is about making
decisions based on options and enterprise risk management provides an awareness
path to these options. TAV Airports Holding and Brisa Holding provide us with
salient examples of corporate ERM practice.
More specifically, in regard to a thematic breakdown of our chapters:
Chapter 1 focuses on business and strategy through the integration of enterprise
risk management. The co-author of this chapter is Hilal Tugce Bal, who works as a
research assistant for Anadolu University.
In Chap. 1 we deal with the importance of tailored strategy since business
management requires both a holistic and also a tailored strategy since every cor-
poration has its own unique characteristics. Different characteristics create different
risks, and these different risks require uniquely shaped approaches by managers.
Air transport has always been seen to have an inherently strategic role. It has
obvious direct military applications, but it is also highly visible and—for a period,
and in some countries still—was seen as a flag carrier, a symbol of international
commercial presence. Air transportation is a key strategic asset in that it provides
access to markets and thereby enables the economic development of nations and
regions. But, the air transport industry is exposed to risk which may affect opera-
tions, customers, corporate value, security and safety. Risk can also be introduced
to an enterprise through air transportation industry-based and organization-based
changes each of which may also bring changes in the type of risk. These present
heightened risks and that is the main reason for the growing importance of enter-
prise risk management implementation for the air transportation industry. The study
begins with a definition of business, international business and multinational
enterprises. Following, international business history, importance, characteristics,
benefits and problems are explained. In Chap. 2, risk, risk management and
enterprises risk management are explained and then focus of the chapter shifts to
risks related to the airline industry in this study.
Chapter 2 presents the concept of resource dependency. We deal with this issue
in view of business, management and strategy since resource allocation and use in
xii Preface

international business do and will continue to create considerable sustainability

risks.
The objective of this chapter was to extend the prior literature and examine the
link between corporate management strategies in view of resource availability
uncertainty with practices in the civil aviation business. The collection of data for
the analyses of the hypotheses has been gathered by interviews that were held with
high level executives from TAV Airport Holding: TAV companies’ practices have
been investigated to expose the relationship between resource dependence and risk
management practices. It has been concluded in the research that resource depen-
dence and theories of transaction costs, especially in managing the uncertainty of
sourcing, are taken into account for development of the corporate risk strategies.
This study attempted to obtain information about the practices in the sector using
semi-structured interviews from the qualitative techniques. Also, interviews were
conducted in a structured manner through a form with the senior managers of Sun
Express Airlines and the Budapest Manager of Turkish Airlines and Fraport IC
İçtaş Antalya Airport Terminal Investment and Management Inc. Therefore, both
airport station management and airline management were in the scope of the study.
An attempt to obtain the total original image with the leading representatives of the
sector in the country and the perspective of enterprise risk management in the light
of the hypotheses was also made. The findings proved that in order to achieve
business strategies, corporations should find the optimum way to allocate scarce
resources. The setting of resource dependency based strategies was found necessary
for competitive differentiation and institutional sustainability. The study concluded
that a manager’s strategies may change according to resource uncertainty, resource
availability and competitive qualifications.
Chapter 3 focuses on enterprise risk management vis-a-vis organizational culture
focusing on strategic leadership. Enterprise risk management is not a kind of a
one-time event. ERM may be thought of as a management philosophy, mentality
and also a holistic system. As leading holistic management systems, enterprise risk
management will both affect and shape the corporate culture and style of leadership
and corporate strategy.
Strategy is about risk attitude, risk taking approach, risk culture, and risk
appetite, among other things. For these reasons, in order to develop a strategy and
achieve it, managers have to implement enterprise risk management as a
shaped/individualized style.
Humans have a dual role in business and even in life. They are both sources and
managers of risks as it is humans that create risks, and humans that manage risks.
According to this reality, enterprise risk management considers organizational
behavior theory as well as concepts borrowed from physicology and sociology.
According to EUROCONTROL, Critical Incident Stress Management (CISM) is
an integrated method which consists of several steps and helps the persons affected
cope with their Critical Incident Stress (CIS) reactions thanks to direct and
immediate intervention. In this way, it may be possible to decrease the probability
of consequential disorders. CISM is a comprehensive, systematic and
multi-component approach to the management of CIS.
Preface xiii

Chapter 4 presents research regarding the applicability of CISM in Turkey’s

aviation business. Stress has an effect on humans. Humans have an effect on
business. Therefore, in order to manage, business managers have to manage their
human resource especially in critical event times. This chapter gives detailed
information about the concept of Critical Incident Stress Management (CISM), its
process, qualifications, etc.
Chapter 5—through an empirical investigation—focuses on linkages between
risk and human resources management in aviation. Strategy, in the global business
environment, is tied to competitiveness. Human resource management is inextri-
cably linked to other organizational management functions as contemporary
organizations are in need of both competent and globally minded human resource
talent. To achieve this aim, an organization must exercise care in creating both a
strong and sustainable organizational culture. Furthermore, in aviation, risk exists in
people, procedures, equipment, acts of nature, security and so on. The record of
safety in the industry shows us that the human element in aviation presents the
biggest risk for such reasons as attitude, motivation, perception, ability, awareness
level, culture, discipline, ethic, and training to name a few. A corporate risk
management based strategic approach helps organizations improve performance in
both competitive and differentiation areas such as training and awareness, culture
and attitudes, individual creativity, and developing innovative risk solutions. In
seizing opportunities and minimizing operational losses, managers should integrate
their strategy and human resource practices with risk management. We assume that
considerable interrelations exist between corporate strategy, human resources
management, organizational and national culture, values of individuals and risk
management. These interrelations have the potential to affect corporate strategy.
Risk management presents reasonable assurance to improve a corporation's talent
management, competitive human resource management, and employer branding as
well as to ensure effective ways of education and training, and recruit and retain
high-performance workers at all levels.
Hasan Polatkan Airport in Eskisehir (previously known as Anadolu University
Airport) has a unique and rare structure among airports in the world in that it is
operated by a cooperation of government and university and its operations are
international. The problem with this research is flexibility which is needed due to
the university’s autonomous structure and dynamic nature of the aviation industry,
and conflicts with bureaucracy that have a dominant position within government.
We will present our research which is designed through use of the Analytic
Hierarchy Process (AHP) methodology in regard to personnel selection in Anadolu
University Airport. An analytic hierarchy model has been created with the purpose
of determining priority personnel selection criteria. The model has been analyzed
and applied to a sample using the Analytic Hierarchy Process (AHP) which is a
multi-criteria decision-making method. The Saaty Compliance Indicator has been
used to understand how close estimated values obtained via AHP are to actual data.
It is possible that the model developed can be generalized for the aviation industry.
We aim to contribute to the management and strategy field by increasing awareness
to the strategic human resource management together with this model.
xiv Preface

Chapter 6 includes case studies from leading corporations in Turkey. We believe

that readers will find them extremely interesting as they provide experiences from
contemporary corporate practice. This chapter will provide examples of real prac-
tice and give a fresh perspective for business managers.

Eskişehir, Turkey Ayse Kucuk Yilmaz

Manchester, NH, USA Triant Flouris
Acknowledgements

Cumhur Bilgili, Ph.D., Risk Manager/Brisa Bridgestone Sabanci, Vice President/

Enterprise Risk Management Association (KRYD)
Stavroula Floratos, Hellenic American University
Esin Rodoplu Kablan, Enterprise Risk Management and Research Coordinator,
TAV Airports Holding
M. Sani Şener, Ph.D., co-founder and CEO/Chief Executive Officer, TAV
Airports Holding
Nursel Ilgen, Head of Investor Relations, TAV Airports Holding
Hilal Tugce BAL, Civil Aviation Management Department, Anadolu University

xv
Contents

1 Business and Strategy Via Integration of Enterprise Risk

Management: Air Transportation Case Study . . . . . . . . . . . . . . . . . . 1
1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 International Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2.1 What Is the Business? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2.2 History of International Business . . . . . . . . . . . . . . . . . . . . 2
1.2.3 What Is the International Business? . . . . . . . . . . . . . . . . . . 4
1.2.4 Importance of International Business. . . . . . . . . . . . . . . . . . 6
1.2.5 What Is the Multinational Enterprises? . . . . . . . . . . . . . . . . 7
1.2.6 Goals of International Business . . . . . . . . . . . . . . . . . . . . . . 16
1.2.7 Characteristic Features of International Business . . . . . . . . . 19
1.2.8 Benefit of International Business . . . . . . . . . . . . . . . . . . . . . 21
1.2.9 Problems of International Business . . . . . . . . . . . . . . . . . . . 21
1.2.10 The Need for International Business . . . . . . . . . . . . . . . . . . 23
1.2.11 International Air Transportation Business . . . . . . . . . . . . . . 25
1.3 Enterprises Risk Management in Air Transportation Industry . . . . . 25
1.3.1 What Is the Risk? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
1.3.2 Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
1.3.3 Enterprises Risk Management . . . . . . . . . . . . . . . . . . . . . . . 34
1.3.4 Enterprises Risk Management Process . . . . . . . . . . . . . . . . 37
1.3.5 Enterprises Risk Management’s Benefits and Problems. . . . 39
1.3.6 Overview of Air Transportation Industry Risks . . . . . . . . . . 41
1.3.7 Enterprises Risk Management in Air Transportation
Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
1.4 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

xvii
xviii Contents

2 Resource Dependency Risk Management . . . . . . . . . . . . . . . . . . . . . . 49

2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
2.1.1 Aim, Scope, and Methodology . . . . . . . . . . . . . . . . . . . . . . 51
2.2 Resource Dependency and Availability as One of the Leading
Sustainability Risks for Organizations: Resource Dependency
Theory (RDT) Based Perspective . . . . . . . . . . . . . . . . . . . . . . . . . . 52
2.2.1 Research Hypotheses and Findings . . . . . . . . . . . . . . . . . . . 56
2.2.2 Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
2.3 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
3 Enterprise Risk Management in Terms of Organizational Culture
and Its Leadership and Strategic Management . . . . . . . . . . . . . . . . . . 65
3.1 Organizational Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
3.1.1 Definition of Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
3.1.2 Definition and Importance of Organizational Culture . . . . . 66
3.1.3 Functions and Liabilities of Organizational Culture . . . . . . 67
3.1.4 Elements of Organizational Culture . . . . . . . . . . . . . . . . . . . 68
3.1.5 Types of Organizational Culture . . . . . . . . . . . . . . . . . . . . . 70
3.1.6 Models of Organization Culture . . . . . . . . . . . . . . . . . . . . . 71
3.1.7 Relationships of Organizational Culture
with Other Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
3.2 Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
3.2.1 Leadership History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
3.2.2 Leadership Styles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
3.2.3 Leadership and Organizational Culture . . . . . . . . . . . . . . . . 87
3.3 Strategic Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
3.3.1 Definition and Features of Strategy . . . . . . . . . . . . . . . . . . . 89
3.3.2 Components of a Strategy Statement . . . . . . . . . . . . . . . . . . 90
3.3.3 Components of Strategic Management Process . . . . . . . . . . 94
3.3.4 SWOT Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
3.3.5 Porter’s Five Forces Model . . . . . . . . . . . . . . . . . . . . . . . . . 101
3.3.6 Strategic Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
3.4 Enterprise Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
3.4.1 Definition of Risk and Related Concepts . . . . . . . . . . . . . . 105
3.4.2 Importance of Risk Management. . . . . . . . . . . . . . . . . . . . . 108
3.4.3 Enterprise Risk Management . . . . . . . . . . . . . . . . . . . . . . . . 108
3.4.4 The Enterprise Risk Management/ERM Evolution . . . . . . . 109
3.4.5 Components of Enterprise Risk Management . . . . . . . . . . . 109
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Contents xix

4 Critical Event Stress Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

4.1 Stress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
4.1.1 Sources of Stress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
4.1.2 Stress Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
4.1.3 Critical Event Stress Management . . . . . . . . . . . . . . . . . . . . 115
4.2 Critical Incident Stress Management . . . . . . . . . . . . . . . . . . . . . . . . 119
4.2.1 Development of CISM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
4.2.2 CISM Working Principle. . . . . . . . . . . . . . . . . . . . . . . . . . . 123
4.3 The Role of CISM for Crisis Response . . . . . . . . . . . . . . . . . . . . . 125
4.3.1 Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
4.3.2 Preventive Education and Training Methods . . . . . . . . . . . . 126
4.4 CISM Techniques . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
4.4.1 Determining the Technique . . . . . . . . . . . . . . . . . . . . . . . . . 129
4.4.2 The Crisis Incident Stress Debriefing . . . . . . . . . . . . . . . . . 131
4.5 Crisis Response Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
4.6 Quality Management and Evaluation in Crisis Incident Stress
Management Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
4.6.1 Quality Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
4.6.2 Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
4.7 CISM Effects to Safety Culture and Corporate Culture. . . . . . . . . . 135
4.8 Crisis Incident and Crisis Incident Stress in Aviation . . . . . . . . . . . 136
4.9 Crisis Incident Stress Management Strategic Programs
for Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 137
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 138
5 Linkages Between Risk and Human Resources Management
in Aviation: An Empirical Investigation and the Way Forward
in Selection of Ideal Airport Manager . . . . . . . . . . . . . . . . . . . . . . . . . 141
5.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
5.2 Literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
5.2.1 Analytic Hierarchy Process . . . . . . . . . . . . . . . . . . . . . . . . . 144
5.2.2 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
5.2.3 Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
5.3 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
6 Case Studies for Enterprise Risk Management from Leading
Holdings: TAV Airports Holding and BRISA Bridgestone Sabanci
Tyre Manufacturing and Trading Inc . . . . . . . . . . . . . . . . . . . . . . . . . 153
6.1 TAV Airports: Turkey’s Global Brand in Airport Operations . . . . . 153
6.2 TAV’s Approach to Enterprise Risk Management (ERM) . . . . . . . 154
6.3 The Evolution of “ERM” at TAV . . . . . . . . . . . . . . . . . . . . . . . . . 155
6.4 TAV’s ERM Process in Practice. . . . . . . . . . . . . . . . . . . . . . . . . . . 156
6.5 Risk Discussion Platforms in TAV . . . . . . . . . . . . . . . . . . . . . . . . . 158
xx Contents

6.6 Case 2: BRISA Bridgestone Sabanci Tyre Manufacturing

and Trading Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
6.6.1 Risk Management in “BRISA Bridgestone Sabanci Tyre
Manufacturing and Trading Inc” (BRISA) . . . . . . . . . . . . . 159
6.6.2 Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
6.6.3 Business Continuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
6.6.4 Governance and Corporate Culture . . . . . . . . . . . . . . . . . . . 161
6.6.5 Company Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
About the Authors

Ayse Kucuk Yilmaz has received her Ph.D. from Anadolu University. Currently
she is Assoc. Prof. Dr., in the Faculty of Aeronautics and Astronautics, Anadolu
University, Turkey. Dr. Kucuk Yilmaz is also the Business Manager at Hasan
Polatkan International Airport located in Eskisehir, Turkey and operated by
Anadolu University since February 2015. Her main department is Management and
Strategy. Her teaching and her research interests include strategic management,
corporate risk management, contemporary issues in business and management,
reputation risk management, stakeholder risk management, airport and airline
business management and organization. She has authored eight books on enterprise
risk management, corporate sustainability, management and strategy, corporate
identity and personality traits and organizational performance, two book chapters,
and has published numerous academic journal articles on several topics in both
aviation and business management, and several papers in both international and
national conferences. She also serves as referee/reviewer to peer-refereed interna-
tional journals and is a certified aircraft maintenance technician since 2001.
Triant Flouris received his Ph.D. from the University of South Carolina. Prior to
joining Hellenic American University, he was Dean for the School of Aviation
Sciences at Daniel Webster College, Nashua, NH, USA and professor of aviation
management. Dr. Flouris has served in various faculty and administrative positions
(graduate program director, department chair, as well as research institute director)
in universities in New Zealand, US and Canada and has extensive experience in
strategic planning and higher education administration. He is the author of seven
books, over two hundred refereed journal articles, book chapters, scholarly articles,
and public reports. He is a certified professional pilot and flight instructor and holds
concurrent appointments as research associate at the Mineta Transportation
Institute, San Jose State University, California, as well as instructor for the
International Air Transport Association. At Hellenic American University he is

xxi
xxii About the Authors

Provost and Chief Academic Officer. His research interests include project
management, sustainability risk management, aviation management, international
aviation policy, and strategic management. He is a Commercial Pilot and Certified
Flight and Ground Instructor with over 6500 h of total flight time.
Chapter 1
Business and Strategy Via Integration
of Enterprise Risk Management: Air
Transportation Case Study

Abstract Business management requires both holistic and tailored strategy for
every business since every corporation has its own unique characteristics and
qualifications. Different qualifications create different risks, and different risks
require customized approaches by managers. Air transport has always been seen as
having an inherently strategic role. It has obvious direct military applications, but it
is also highly visible and, for a period—and in some countries still—is viewed as a
flag carrier, a symbol of international commercial presence. Air transportation is a
key strategic asset in that it provides access to markets and thereby enables the
economic development of nations and regions. However, the airline industry is
exposed to risk which may affect operations, customers, corporate value, security,
and safety. Risk can also be introduced to an enterprise through air transportation
industry-based and organization-based changes, each of which may also bring
changes in the type of risk. These present and emerging risks are the main reason
for growing importance of enterprise risk management implementation in the air-
lines. The study begins with a definition of business, international business, and
multinational enterprises. Following, international business history, its importance,
characteristics, benefits, and problems are explained. In the second chapter, risk,
risk management, and enterprise risk management are explained, followed by risks
related to the airline industry in this study.

Keywords International business
Air transportation
Enterprises risk

management

1.1 Introduction

Nowadays, the world is moving at a faster pace than ever before which affects many
industries directly. To survive in this business world, firms should prepare for good
strategies and seek possibilities in new markets. One of the popular strategies that
firms are familiar with is international expansion. It has become a prominent
strategy that is useful to the global economy for a large number of companies; in

© Springer Nature Singapore Pte Ltd. 2017 1

A. Kucuk Yilmaz and T. Flouris, Corporate Risk Management for International
Business, Accounting, Finance, Sustainability, Governance & Fraud:
Theory and Application, DOI 10.1007/978-981-10-4266-9_1
2 1 Business and Strategy Via Integration of Enterprise …

this highly competitive market, companies consider entering new countries to gain
advantages from their rivals either to reduce cost, or as a strategy for boosting
demand. Therefore, in order to ensure their survival, firms are urged to enter new
international markets. However, those companies, which are internationally
focused, need to understand that it is a complex process. There are many risks, so
some minor mistakes may lead to significantly adverse results for multinational
enterprises in the air transportation industry.

1.2 International Business

1.2.1 What Is the Business?

Business consists of all activities involved in the production and distribution of

goods and services for profit to satisfy customer needs and wants. We should take
definitions in parts. According to Mirze (2002), in modern societies,
– Business is related with delivering goods or services to the community.
– Business is a medium to earn money to make one’s living society.
– Business includes managing resources.
– Business can be conducted for basic purposes: to make a profit, to make money.
– Business can be conducted solely to serve the public without thinking about
profit and making money.
Every business engages in at least three major activities. The first activity,
production, involves making a product or providing services. The second activity
that business is involved in is marketing. Marketing deals with how goods or
services are exchanged between producers and consumers. The third activity,
finance, deals with all money matters related to running a business (Everard &
Burrow, 1996).

1.2.2 History of International Business

The origin of international business goes back to human civilization. Historically,

periods of greater openness to trade have been chastised by stronger but lopsided
global growth, well before the time of Phoenician and Greek merchants were
sending representatives abroad to sell their goods. In 1600, the British East Indıa
Company, a newly formed trading firm, established foreign branches throughout
Asia. At about the same time, a number of Dutch companies, which had organized
in 1590 to open shipping routes to the East, joined together to form the Dutch East
India Company and also opened branch offices in Asia (Ball, Wendell, &
McCulloch, 1993).
1.2 International Business 3

From about 1500–1900, many European countries established colonies in

Africa, Asia, and North and South America. These colonies eventually achieved
independence. For example, the United States declared independence from the
United Kingdom in 1776. Various inventions created between 1769 and 1915
expanded interests in and opportunities for international business. These discoveries
included the cotton gin, steam engine, and the telephone. The inventions from this
period improved communication, distribution, and production, and helped to create
new global industries (Dlabay & Scoot, 2001).
The concept of international business—a broader concept relating to the inte-
gration of economies and societies, dates back to the nineteenth century. The first
phase of globalization began around 1870 and ended with World War I (1914)
driven by the industrial revolution in the UK, Germany, and the USA. The import
of raw material by colonial empires from their colonies and exporting finished
goods to their overseas possessions was the main reason for the sharp increase in
the trade during this phase. The ratio of trade to GDP was as high as 22.1 in 1913.
Later, various governments initiated and imposed a number of barriers to trade to
protect their domestic production that led to decline in the ratio of trade to GDP to
9.1 during the 1930s. The international trade between two world wars has been
described as “a vast game of beggar-my-neighbor”. Advanced countries experi-
enced severe setbacks as a result of the imposition of trade barriers, as they pro-
duced in excess of domestic demand and experienced a decline in the volume of
international trade. In addition, the breakdown of the gold standard resulted in a
vacuum in the field of international trade. Recent world events continue to highlight
the importance of international business.
Expanded trade among companies in different countries increases interdepen-
dence. A number of wars in the twentieth century showed the need for political
cooperation. These military conflicts limited global business activities (Dlabay &
Scoot, 2001).
World nations felt the need for international cooperation in global trade and
balance of payments affairs. These efforts resulted in the establishment of the
International Monetary Fund (IMF) and International Bank for Reconstruction and
Development (IBRD—popularly known as the World Bank). The prolonged
recession before World War II in the west led to an international consensus after
World War II that a different approach toward international trade was required.
Consequently, 23 countries conducted negotiations in 1947 in order to prevent
further protectionist policies and to revive the economies from recession aiming at
the establishment of the International Trade Organization. This attempt by the
advanced countries ended with the General Agreement on Trade and Tariffs
(GATT) that provided a framework for a series of “rounds” of negotiations by
which tariffs were reduced. Efforts to convert the GATT into the World Trade
Organization (WTO) intensified during the 1980s and ultimately, the WTO replaced
GATT in January 1995, envisaging trade liberalizations. The efforts of THE IMF,
World Bank, and WTO along with the efforts of individual countries due to eco-
nomic limitations of the closed economies led to the globalization of business.
Globalization boosted international business particularly during the 1990s. In fact,
4 1 Business and Strategy Via Integration of Enterprise …

the term international business was not popular before two decades. The term
international business has emerged from the term “international marketing”, which,
in turn, emerged from the term “international trade”. The multinational companies,
which were producing the products in their home countries and marketing them in
various foreign countries before the 1980s, started locating their plants and other
manufacturing facilities in foreign host countries. Later, they started producing in
one foreign country and marketing in other foreign countries.
In the 1990s, the collapse of communism and the industrialization of developing
markets led to significant increases in global commerce. The internationalization of
North American, Western European, and Japanese firms had contributed to an
upsurge of commercial activities in developing world markets. As the new mil-
lennium got underway, companies from developing and transition economies were
internationalizing and heightening competition in the world marketplace (Hill,
2009). Thus, the scope of the international trade expanded into international mar-
keting, and international marketing expanded into international business.

1.2.3 What Is the International Business?

International business is a term used to collectively describe all commercial

transactions, for example, private and governmental, sales investments, logistics,
and transportation that take place between two or more regions, countries, and
nations beyond their political boundary (Cavusgil, Knight, Reisenberger, Rammal,
& ve Rose, 2015).
International business is the study of transaction taking place across national
borders, for the purpose of satisfying the needs of individual and organizations.
These economic transactions consist of trade, as in the case of exporting and
importing, and foreign direct investment, as in the case of companies investing
funds to up operations in other countries (Woods, 2001).
International business research fields cover different perspectives from different
disciplines such as management, business, psychology, and political science
(Güneş, 2012). Global growth in international trade and foreign direct investment in
the 1980s and 1990s had motivated the international business research (Shenkar,
2004). The international business research assessment literature, while interesting,
seldom addresses the quality difference among articles across different journals and
within individual journals (Xu, Poon, & Chan, 2014).
International business relates to any situation where the production or distribu-
tion of goods or services crosses country borders. These exchanges can go beyond
the exchange of money for physical goods to include international transfers of other
resources, such as people, intellectual property (patents, copyrights, brand trade-
marks, and data), and contractual assets or liabilities (the right to use some foreign
asset, provide some future service to foreign customers, or execute a complex
financial instrument) (www.saylor.org/books, 2015).
1.2 International Business 5

Business internationalization remains a controversial subject. For some authors,

internationalization is not an indicator of globalization, but rather an expression of
regionalization (Schmid & Kotulla, 2011).
The field of modern international business began to develop in the 1950s. At this
time, there was not a great number of international businesses. American professors
often wrote early international business textbooks. There were few international
research studies to provide substantive information. During the1970s and 1980s, the
field of international business changed greatly. The economic growth of Europe and
Japan, coupled with great strides by newly industrialized countries, resulted in more
and more attention focused on international business (Rugman & Hodgetts, 2003).
Some features of international business include the following:
• International business involves the exchange of goods and/or services across or
within national boundaries between two or more social actions in different
countries for commercial reasons (Vaghefi, Paulson, & Tomlinson, 1991).
• International business is an exchange process involving relationships, inputs,
and outputs, between social actions located in different countries (Vaghefi et al.,
1991).
• International business may be influenced by noncommercial consideration
(Vaghefi et al., 1991).
No simple or universally accepted definition exists for the term international
business. Indeed, one can find a number of definitions in the business literature. At
one end of the definitional spectrum, international business is defined as organi-
zations that buy and sell/or sell goods and services across two or more national
boundaries, even if management is located in a single country (Fayerweather,
1969).
In its purest definition, international business is described as any business
activity that crosses national boundaries. The entities involved in business can be
private, governmental, or a mixture of the two. International business can be broken
down into four types: foreign trade, trade in services, portfolio investments, and
direct investments (Ajami, Cool, & Goddard, 2006).
International business consists of business transactions between parties from
more than one county. Examples of international business transactions include
buying materials in one country and shipping them to another for processing or
assembly; shipping finished products from one country to another for retail sale;
building a flat in a foreign country to capitalize on lower labor costs; or borrowing
money from a bank in one country to finance operations in another (Griffin &
Pustsy, 2003).
International business is all commercial transactions—private and governmental
—between two or more countries. Private companies undertake such transactions
for profit; governments may or may not do the same in their transactions. These
transactions include sales, investments, and transportation (Venkateswaran, 2012).
International business includes all business transactions that involve two or more
countries. Such business relationships may be private or governmental. In the case
6 1 Business and Strategy Via Integration of Enterprise …

of private firms, the transactions are for profit. Government-sponsored activities in

the international business may or may not have a profit orientation.

1.2.3.1 Globalization

Globalization means “integrating” the economy of a country with the world

economy. This implies free flow of goods and services, capital, technology, and
labor across national boundaries. Globalization brought about the international-
ization of business activity, particularly during the twentieth century. Only
100 years ago, the individual nation-state was still the focal point of production and
marketing for the vast majority of industries. Now, there are enormous changes in
technology, culture, science, trade, and many other fields (Wild, Wild, & Han,
2000).
The word global means “spread throughout the world”. Globalization means the
companies, the regions, the nations, and the continents are struggling to attract
business investments. The term globalization means that the phenomenon of evo-
lutionary transition to a new stage of contemporary society in terms of the economic
system, socio-political, or cultural. In the other words, globalization means
unlimited competition, access, and progress by eroding dysfunctional boundaries
between nations, cultures, and organizations and between the public and the private
domains (Faria & Guedes, 2009).

1.2.4 Importance of International Business

In the global economy, products have to compete with similar products made
anywhere else. Different things are produced in different places. Customers are
demanding better products, improved services, and lower prices, and the way to
compete is through quality, convenience, and fair prices for the value received.
Global competition means that customers have a better choice of products and
lower prices; management’s goal must be customer satisfaction. International
business provides the greatest opportunity for every nation. It provides for more
investment, increased number of joint ventures, and eventually an increase in the
standard of living (Ivancevich & Duening, 2004).
There are some relevant concepts of international business: international man-
agement, international company and multinational company, global company,
transnational corporation, and supranational corporation.
• International Management
International management research aims to identify how cultural differences
influence companies (Soares & Fahangmehr, 2007). Recognizing cultural influence
1.2 International Business 7

is only superficial, however, because this recognition is insufficient to explain how

cultural differences actually influence company management (Thomas, 2008). It is
required to search management from the subjective perspectives of culture-based
leadership styles, of the ethical dimensions of power in organizational settings, of
the effects of technology on organizational cultures, and the implications for
employment policies and practices of workplace diversity (Christopher, 2012).
• International Company
International business encompasses a full range of cross-border exchanges of
goods, services, or resources between two or more nations.
• Multinational Company
Multinational firms arise because capital is much more mobile than labor. Since
cheap labor and raw material inputs are located in other countries, multinational
firms establish subsidiaries there. They are often criticized as being runaway cor-
porations (Blajut, 2015).
• Global Company
A global organization is a centralized hub, a structural configuration based on
group-oriented behavior requiring intensive communication and complex system of
personal interdependencies and commitments (Azevedo & Bertrand, 2000).
• Transnational Corporation
A transnational corporation is any enterprise that undertakes foreign direct
investment, owns or controls income-gathering assets in more than one country,
produces goods or services outside its country of origin, or engages in international
production (Kobrin, 2008).
• Supranational Corporation
A supranational corporation can exercise a whole range of rulemaking, adjudi-
cation, and enforcement powers with a comparatively high degree of independence
from intergovernmental or national control, at least within the scope of authority
delegated to the supranational level (Lindseth, 2015).
As a result, international business strategies have become increasingly more
relevant and important as once isolated companies may connect (or fail to connect)
with other companies and cultures (Ramamurti, 2004; Rugman & Verbeke, 2004).

1.2.5 What Is the Multinational Enterprises?

Multinational enterprises have become well recognized as a key feature of the

changing international business. Multinational enterprises’ definitions emphasize
8 1 Business and Strategy Via Integration of Enterprise …

structural criteria such as the number of countries in which a firm is doing business,
or ownership by persons from many nations or the national composition of top
management (Cummings &Warren, 1983). The multinational corporation is a
business organization whose activities are located in more than two countries and is
the organizational form that defines foreign direct investment (Lazarus, 2001).
Multinational enterprises are one of the several organizations that engage in
international business. In particular, it has two near relations—the first is the
international trading firm, in which it exchanges goods and services across national
boundaries, but unlike which it transacts these internally before or after adding
value to them from assets it owns or controls in a foreign country. Second, like a
domestic multi-activity or diversified firm, it engages in multiple economic activ-
ities (Duning & Lundan, 2008). A multinational enterprise is a single enterprise
composed of a number of affiliated business establishments, each functioning
simultaneously in different countries, and typically characterized control and de-
centralized decision-making, resulting in a kind of “unity in diversity” (Wallace,
2002).
Multinational enterprises are also referred to the terms multinational corpora-
tions, multinational firm, multinational enterprise, world business, global firm,
transnational firm, and international company (Özalp, 2005).

1.2.5.1 National Business Environment

The business environment covers whatever external environment affects the returns
and risks faced by investors. This general definition includes three broad categories.
The first category covers macroeconomic aspects such as fiscal, monetary, and an
exchange rate policy, which clearly affects investors’ returns high tax rates, for
example, would lower return, while inflation would increase variability of returns
(Colin Xu, 2010).
The second category includes governance, institutions, and political stability.
Take, for instance, rule of law, which affects investors’ decisions about how much
to invest and what organizational form to take. Institutions also include informal
ones, such as the general level of trust, social capital, and social network which
would facilitate new transaction relationships and, therefore, firm expansion (Colin
Xu, 2010).
The final category includes infrastructure necessary for productive investment,
such as transportation, electricity, and communications (Colin Xu, 2010).

1.2.5.2 Types of Business Environment

• Internal Environment
• External Environment
1.2 International Business 9

– Micro Environment
Suppliers
Customers
Market Intermediaries
Competitors public
– Macro Environment
Technological environment
Legal environment
Economic Environment
Political Environment
Social and Cultural Environment
Natural Environment
Global Environment (Jain, Trehan, & Trehan, 2008).
Microenvironment: The microenvironment or task environment comprises those
forces in the immediate vicinity of an organization that influences its functioning
(Pindiche, 2013).
Macro Environment: The macro environment has major external and uncon-
trollable factors that influence an organization’s decision-making, and affects its
performance and strategies.

1.2.5.3 Benefits of Understanding the Environment

According to UGC (2009), there are some benefits of understanding the environ-
ment. First, Mover Advantage: Early identification of opportunities helps an
enterprise to be the first to exploit them instead of losing them to competitors.
Customer Focus: Environmental understanding provides enough information
regarding the need and expectation of the customer and helps business organiza-
tions focus on their customers.
Strategy Formulation: Keeping an eye on the environment provides relevant
information to the organization in the formulation of strategy.
Early Warning Signal: It makes a firm aware of the impending threat or crises, so
that the firm can take timely action to minimize the adverse effects.
Public Image: A business firm can improve its image by showing that it is
sensitive to its environment and responsive to the aspiration of public.
Continuous Learning: Enterprises that continuously monitor their environment
and adopt suitable business practices not only improve their present performance,
but also succeed in the market for a longer period.
According to various business studies, understanding the environment within
which a business has to operate is very important for running a business unit
successfully regardless of its location. Because environmental factors influence
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Massimilla Doni.—Gambara.—L’Enfant maudit.—Les Marana.

—Adieu.—Le Réquisitionnaire.—El Verdugo.—Un Drame
au bord de la mer.—L’Auberge Rouge.—L’Élixir de longue vie.
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PARIS,
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LE COMTE D’HÉROUVILLE

L’ENFANT MAUDIT.
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P H I L OS OP H I QU E S.
 MASSIMILLA DONI.

A JACQUES STRUNZ.

Mon cher Strunz, il y aurait de l’ingratitude à ne pas

attacher votre nom à l’une des deux œuvres que je n’aurais
pu faire sans votre patiente complaisance et vos bons soins.
Trouvez donc ici un témoignage de ma reconnaissante amitié,
pour le courage avec lequel vous avez essayé, peut-être sans
succès, de m’initier aux profondeurs de la science musicale.
Vous m’aurez toujours appris ce que le génie cache de
difficultés et de travaux dans ces poëmes qui sont pour nous
la source de plaisirs divins. Vous m’avez aussi procuré plus
d’une fois le petit divertissement de rire aux dépens de plus
d’un prétendu connaisseur. Aucuns me taxent d’ignorance, ne
soupçonnant ni les conseils que je dois à l’un des meilleurs
auteurs de feuilletons sur les œuvres musicales, ni votre
consciencieuse assistance. Peut-être ai-je été le plus infidèle
des secrétaires? S’il en était ainsi, je ferais certainement un
traître traducteur sans le savoir, et je veux néanmoins pouvoir
toujours me dire un de vos amis.

Comme le savent les connaisseurs, la noblesse vénitienne est la

première de l’Europe. Son Livre d’or a précédé les Croisades, temps
où Venise, débris de la Rome impériale et chrétienne qui se plongea
dans les eaux pour échapper aux Barbares, déjà puissante, illustre
déjà, dominait le monde politique et commercial. A quelques
exceptions près, aujourd’hui cette noblesse est entièrement ruinée.
Parmi les gondoliers qui conduisent les Anglais à qui l’Histoire
montre là leur avenir, il se trouve des fils d’anciens doges dont la
race est plus ancienne que celle des souverains. Sur un pont par où
passera votre gondole, si vous allez à Venise, vous admirerez une
sublime jeune fille mal vêtue, pauvre enfant qui appartiendra peut-
être à l’une des plus illustres races patriciennes. Quand un peuple
de rois en est là, nécessairement il s’y rencontre des caractères
bizarres. Il n’y a rien d’extraordinaire à ce qu’il jaillisse des étincelles
parmi les cendres. Destinées à justifier l’étrangeté des personnages
en action dans cette histoire, ces réflexions n’iront pas plus loin, car
il n’est rien de plus insupportable que les redites de ceux qui parlent
de Venise après tant de grands poëtes et tant de petits voyageurs.
L’intérêt du récit exigeait seulement de constater l’opposition la plus
vive de l’existence humaine: cette grandeur et cette misère qui se
voient là chez certains hommes comme dans la plupart des
habitations. Les nobles de Venise et ceux de Gênes, comme
autrefois ceux de Pologne, ne prenaient point de titres. S’appeler
Quirini, Doria, Brignole, Morosini, Sauli, Mocenigo, Fieschi
(Fiesque), Cornaro, Spinola, suffisait à l’orgueil le plus haut. Tout se
corrompt, quelques familles sont titrées aujourd’hui. Néanmoins,
dans le temps où les nobles des républiques aristocratiques étaient
égaux, il existait à Gênes un titre de prince pour la famille Doria qui
possédait Amalfi en toute souveraineté, et un titre semblable à
Venise, légitimé par une ancienne possession des Facino Cane,
prince de Varèse. Les Grimaldi, qui devinrent souverains,
s’emparèrent de Monaco beaucoup plus tard. Le dernier des Cane
de la branche aînée disparut de Venise trente ans avant la chute de
la république, condamné pour des crimes plus ou moins criminels.
Ceux à qui revenait cette principauté nominale, les Cane Memmi,
tombèrent dans l’indigence pendant la fatale période de 1796 à
1814. Dans la vingtième année de ce siècle, ils n’étaient plus
représentés que par un jeune homme ayant nom Emilio, et par un
palais qui passe pour un des plus beaux ornements du Canale
Grande. Cet enfant de la belle Venise avait pour toute fortune cet
inutile palais et quinze cents livres de rente provenant d’une maison
de campagne située sur la Brenta, le dernier bien de ceux que sa
famille posséda jadis en Terre-Ferme, et vendue au gouvernement
autrichien. Cette rente viagère sauvait au bel Émilio la honte de
recevoir, comme beaucoup de nobles, l’indemnité de vingt sous par
jour, due à tous les patriciens indigents, stipulée dans le traité de
cession à l’Autriche.
Au commencement de la saison d’hiver, ce jeune seigneur était
encore dans une campagne située au pied des Alpes Tyroliennes, et
achetée au printemps dernier par la duchesse Cataneo. La maison
bâtie par Palladio pour les Tiepolo consiste en un pavillon carré du
style le plus pur. C’est un escalier grandiose, des portiques en
marbre sur chaque face, des péristyles à voûtes couvertes de
fresques et rendues légères par l’outremer du ciel où volent de
délicieuses figures, des ornements gras d’exécution, mais si bien
proportionnés que l’édifice les porte comme une femme porte sa
coiffure, avec une facilité qui réjouit l’œil; enfin cette gracieuse
noblesse qui distingue à Venise les procuraties de la Piazetta. Des
stucs admirablement dessinés entretiennent dans les appartements
un froid qui rend l’atmosphère aimable. Les galeries extérieures
peintes à fresque forment abat-jour. Partout règne ce frais pavé
vénitien où les marbres découpés se changent en d’inaltérables
fleurs. L’ameublement, comme celui des palais italiens, offrait les
plus belles soieries richement employées, et de précieux tableaux
bien placés: quelques-uns du prêtre génois dit il Capucino, plusieurs
de Léonard de Vinci, de Carlo Dolci, de Tintoretto et de Titien. Les
jardins étagés présentent ces merveilles où l’or a été métamorphosé
en grottes de rocailles, en cailloutages qui sont comme la folie du
travail, en terrasses bâties par les fées, en bosquets sévères de ton,
où les cyprès hauts sur patte, les pins triangulaires, le triste olivier,
sont déjà habilement mélangés aux orangers, aux lauriers, aux
myrtes; en bassins clairs où nagent des poissons d’azur et de
cinabre. Quoi que l’on puisse dire à l’avantage des jardins anglais,
ces arbres en parasols, ces ifs taillés, ce luxe des productions de
l’art marié si finement à celui d’une nature habillée; ces cascades à
gradins de marbre où l’eau se glisse timidement et semble comme
une écharpe enlevée par le vent, mais toujours renouvelée; ces
personnages en plomb doré qui meublent discrètement de silencieux
asiles: enfin ce palais hardi qui fait point de vue de toutes parts en
élevant sa dentelle au pied des Alpes; ces vives pensées qui
animent la pierre, le bronze et les végétaux, ou se dessinent en
parterres, cette poétique prodigalité seyait à l’amour d’une duchesse
et d’un joli jeune homme, lequel est une œuvre de poésie fort
éloignée des fins de la brutale nature. Quiconque comprend la
fantaisie, aurait voulu voir sur l’un de ces beaux escaliers, à côté
d’un vase à bas-reliefs circulaires, quelque négrillon habillé à mi-
corps d’un tonnelet en étoffe rouge, tenant d’une main un parasol
au-dessus de la tête de la duchesse, et de l’autre la queue de sa
longue robe pendant qu’elle écoutait une parole d’Emilio Memmi. Et
que n’aurait pas gagné le Vénitien à être vêtu comme un de ces
sénateurs peints par Titien? Hélas! dans ce palais de fée, assez
semblable à celui des Peschiere de Gênes, la Cataneo obéissait aux
firmans de Victorine et des modistes françaises. Elle portait une robe
de mousseline et un chapeau de paille de riz, de jolis souliers gorge
de pigeon, des bas de fil que le plus léger zéphyr eût emportés; elle
avait sur les épaules un schall de dentelle noire! Mais ce qui ne se
comprendra jamais à Paris, où les femmes sont serrées dans leurs
robes comme des demoiselles dans leurs fourreaux annelés, c’est le
délicieux laissez-aller avec lequel cette belle fille de la Toscane
portait le vêtement français, elle l’avait italianisé. La Française met
un incroyable sérieux à sa jupe, tandis qu’une Italienne s’en occupe
peu, ne la défend par aucun regard gourmé, car elle se sait sous la
protection d’un seul amour, passion sainte et sérieuse pour elle,
comme pour autrui.
Étendue sur un sopha, vers onze heures du matin, au retour
d’une promenade, et devant une table où se voyaient les restes d’un
élégant déjeuner, la duchesse Cataneo laissait son amant maître de
cette mousseline sans lui dire: chut! au moindre geste. Sur une
bergère à ses côtés, Emilio tenait une des mains de la duchesse
entre ses deux mains, et la regardait avec un entier abandon. Ne
demandez pas s’ils s’aimaient; ils s’aimaient trop. Ils n’en étaient pas
à lire dans le livre comme Paul et Françoise; loin de là, Emilio n’osait
dire: Lisons! A la lueur de ces yeux où brillaient deux prunelles
vertes tigrées par des fils d’or qui partaient du centre comme les
éclats d’une fêlure, et communiquaient au regard un doux
scintillement d’étoile, il sentait en lui-même une volupté nerveuse qui
le faisait arriver au spasme. Par moments, il lui suffisait de voir les
beaux cheveux noirs de cette tête adorée serrés par un simple
cercle d’or, s’échappant en tresses luisantes de chaque côté d’un
front volumineux, pour écouter dans ses oreilles les battements
précipités de son sang soulevé par vagues, et menaçant de faire
éclater les vaisseaux du cœur. Par quel phénomène moral l’âme
s’emparait-elle si bien de son corps qu’il ne se sentait plus en lui-
même, mais tout en cette femme à la moindre parole qu’elle disait
d’une voix qui troublait en lui les sources de la vie? Si, dans la
solitude, une femme de beauté médiocre sans cesse étudiée devient
sublime et imposante, peut-être une femme aussi magnifiquement
belle que l’était la duchesse arrivait-elle à stupéfier un jeune homme
chez qui l’exaltation trouvait des ressorts neufs, car elle absorbait
réellement cette jeune âme.
Héritière des Doni de Florence, Massimilla avait épousé le duc
sicilien Cataneo. En moyennant ce mariage, sa vieille mère, morte
depuis, avait voulu la rendre riche et heureuse selon les coutumes
de la vie florentine. Elle avait pensé que sortie du couvent pour
entrer dans la vie, sa fille accomplirait selon les lois de l’amour ce
second mariage de cœur qui est tout pour une Italienne. Mais
Massimilla Doni avait pris au couvent un grand goût pour la vie
religieuse, et quand elle eut donné sa foi devant les autels au duc de
Cataneo, elle se contenta chrétiennement d’en être la femme. Ce fut
la chose impossible. Cataneo, qui ne voulait qu’une duchesse,
trouva fort sot d’être un mari; dès que Massimilla se plaignit de ses
façons, il lui dit tranquillement de se mettre en quête d’un primo
cavaliere servante, et lui offrit ses services pour lui en amener
plusieurs à choisir. La duchesse pleura, le duc la quitta. Massimilla
regarda le monde qui se pressait autour d’elle, fut conduite par sa
mère à la Pergola, dans quelques maisons diplomatiques, aux
Cascine, partout où l’on rencontrait de jeunes et jolis cavaliers, elle
ne trouva personne qui lui plût, et se mit à voyager. Elle perdit sa
mère, hérita, porta le deuil, vint à Venise, et y vit Emilio, qui passa
devant sa loge en échangeant avec elle un regard de curiosité. Tout
fut dit. Le Vénitien se sentit comme foudroyé; tandis qu’une voix cria:
le voilà! dans les oreilles de la duchesse. Partout ailleurs, deux
personnes prudentes et instruites se seraient examinées, flairées;
mais ces deux ignorances se confondirent comme deux substances
de la même nature qui n’en font qu’une seule en se rencontrant.
Massimilla devint aussitôt vénitienne et acheta le palais qu’elle avait
loué sur le Canareggio. Puis, ne sachant à quoi employer ses
revenus, elle avait acquis aussi Rivalta, cette campagne où elle était
alors. Emilio, présenté par la Vulpato à la Cataneo, vint pendant tout
l’hiver très-respectueusement dans la loge de son amie. Jamais
amour ne fut plus violent dans deux âmes, ni plus timide dans ses
expressions. Ces deux enfants tremblaient l’un devant l’autre.
Massimilla ne coquetait point, n’avait ni secundo ni terzo, ni patito.
Occupée d’un sourire et d’une parole, elle admirait son jeune
Vénitien au visage pointu, au nez long et mince, aux yeux noirs, au
front noble, qui, malgré ses naïfs encouragements, ne vint chez elle
qu’après trois mois employés à s’apprivoiser l’un l’autre. L’été
montra son ciel oriental, la duchesse se plaignit d’aller seule à
Rivalta. Heureux et inquiet tout à la fois du tête-à-tête, Emilio avait
accompagné Massimilla dans sa retraite. Ce joli couple y était
depuis six mois.
A vingt ans, Massimilla n’avait pas, sans de grands remords,
immolé ses scrupules religieux à l’amour; mais elle s’était lentement
désarmée et souhaitait accomplir ce mariage de cœur, tant vanté par
sa mère, au moment où Emilio tenait sa belle et noble main, longue,
satinée, blanche, terminée par des ongles bien dessinés et colorés,
comme si elle avait reçu d’Asie un peu de l’henné qui sert aux
femmes des sultans à se les teindre en rose vif. Un malheur ignoré
de Massimilla, mais qui faisait cruellement souffrir Émilio, s’était jeté
bizarrement entre eux. Massimilla, quoique jeune, avait cette
majesté que la tradition mythologique attribue à Junon, seule déesse
à laquelle la mythologie n’ait pas donné d’amant, car Diane a été
aimée, la chaste Diane a aimé! Jupiter seul a pu ne pas perdre
contenance devant sa divine moitié, sur laquelle se sont modelées
beaucoup de ladies en Angleterre. Emilio mettait sa maîtresse
beaucoup trop haut pour y atteindre. Peut-être un an plus tard ne
serait-il plus en proie à cette noble maladie qui n’attaque que les
très-jeunes gens et les vieillards. Mais comme celui qui dépasse le
but en est aussi loin que celui dont le trait n’y arrive pas, la duchesse
se trouvait entre un mari qui se savait si loin du but qu’il ne s’en
souciait plus, et un amant qui le franchissait si rapidement avec les
blanches ailes de l’ange qu’il ne pouvait plus y revenir. Heureuse
d’être aimée, Massimilla jouissait du désir sans en imaginer la fin;
tandis que son amant, malheureux dans le bonheur, amenait de
temps en temps par une promesse sa jeune amie au bord de ce que
tant de femmes nomment l’abîme, et se voyait obligé de cueillir les
fleurs qui le bordent, sans pouvoir faire autre chose que les effeuiller
en contenant dans son cœur une rage qu’il n’osait exprimer. Tous
deux s’étaient promenés en se redisant au matin un hymne d’amour
comme en chantaient les oiseaux nichés dans les arbres. Au retour,
le jeune homme, dont la situation ne peut se peindre qu’en le
comparant à ces anges auxquels les peintres ne donnent qu’une
tête et des ailes, s’était senti si violemment amoureux qu’il avait mis
en doute l’entier dévouement de la duchesse, afin de l’amener à
dire: «Quelle preuve en veux-tu?» Ce mot avait été jeté d’un air
royal, et Memmi baisait avec ardeur cette belle main ignorante. Tout
à coup, il se leva furieux contre lui-même, et laissa Massimilla. La
duchesse resta dans sa pose nonchalante sur le sopha, mais elle y
pleura, se demandant en quoi, belle et jeune, elle déplaisait à Emilio.
De son côté, le pauvre Memmi donnait de la tête contre les arbres
comme une corneille coiffée. Un valet cherchait en ce moment le
jeune Vénitien, et courait après lui pour lui donner une lettre arrivée
par un exprès.
Marco Vendramini, nom qui dans le dialecte vénitien, où se
suppriment certaines finales, se prononce également Vendramin,
son seul ami lui apprenait que Marco Facino Cane, prince de
Varèse, était mort dans un hôpital de Paris. La preuve du décès était
arrivée. Ainsi les Cane Memmi devenaient princes de Varèse. Aux
yeux des deux amis, un titre sans argent ne signifiant rien,
Vendramin annonçait à Emilio comme une nouvelle beaucoup plus
importante, l’engagement à la Fenice du fameux ténor Genovese, et
de la célèbre signora Tinti. Sans achever la lettre, qu’il mit dans sa
poche en la froissant, Emilio courut annoncer à la duchesse Cataneo
la grande nouvelle, en oubliant son héritage héraldique. La
duchesse ignorait la singulière histoire qui recommandait la Tinti à la
curiosité de l’Italie, le prince la lui dit en quelques mots. Cette illustre
cantatrice était une simple servante d’auberge, dont la voix
merveilleuse avait surpris un grand seigneur sicilien en voyage. La
beauté de cette enfant, qui avait alors douze ans, s’étant trouvée
digne de la voix, le grand seigneur avait eu la constance de faire
élever cette petite personne comme Louis XV fit jadis élever
mademoiselle de Romans. Il avait attendu patiemment que la voix
de Clara fût exercée par un fameux professeur, et qu’elle eût seize
ans pour jouir de tous les trésors si laborieusement cultivés. En
débutant l’année dernière, la Tinti avait ravi les trois capitales de
l’Italie les plus difficiles à satisfaire.
—Je suis bien sûre que le grand seigneur n’est pas mon mari, dit
la duchesse.
Aussitôt les chevaux furent commandés, et la Cataneo partit à
l’instant pour Venise, afin d’assister à l’ouverture de la saison d’hiver.
Par une belle soirée du mois de novembre, le nouveau prince de
Varèse traversait donc la lagune de Mestre à Venise, entre la ligne
de poteaux aux couleurs autrichiennes qui marque la route
concédée par la douane aux gondoles. Tout en regardant la gondole
de la Cataneo menée par des laquais en livrée, et qui sillonnait la
mer à une portée de fusil en avant de lui, le pauvre Emilio, conduit
par un vieux gondolier qui avait conduit son père au temps où
Venise vivait encore, ne pouvait repousser les amères réflexions que
lui suggérait l’investiture de son titre.
«Quelle raillerie de la fortune! Être prince et avoir quinze cents
francs de rente. Posséder l’un des plus beaux palais du monde, et
ne pouvoir disposer des marbres, des escaliers, des peintures, des
sculptures, qu’un décret autrichien venait de rendre inaliénables!
Vivre sur un pilotis en bois de Campêche estimé près d’un million et
ne pas avoir de mobilier! Être le maître de galeries somptueuses, et
habiter une chambre au-dessus de la dernière frise arabesque bâtie
avec des marbres rapportés de la Morée, que déjà, sous les
Romains, un Memmius avait parcourue en conquérant! Voir dans
une des plus magnifiques églises de Venise ses ancêtres sculptés
sur leurs tombeaux en marbres précieux, au milieu d’une chapelle
ornée des peintures de Titien, de Tintoret, des deux Palma, de
Bellini, de Paul Véronèse, et ne pouvoir vendre à l’Angleterre un
Memmi de marbre pour donner du pain au prince de Varèse!
Genovese, le fameux ténor, aura, dans une saison, pour ses
roulades, le capital de la rente avec laquelle vivrait heureux un fils
des Memmius, sénateurs romains, aussi anciens que les César et
les Sylla. Genovese peut fumer un houka des Indes, et le prince de
Varèse ne peut consumer des cigares à discrétion!»
Et il jeta le bout de son cigare dans la mer. Le prince de Varèse
trouve ses cigares chez la Cataneo, à laquelle il voudrait apporter
les richesses du monde; la duchesse étudiait tous ses caprices,
heureuse de les satisfaire! Il fallait y faire son seul repas, le souper,
car son argent passait à son habillement et à son entrée à la Fenice.
Encore était-il obligé de prélever cent francs par an pour le vieux
gondolier de son père, qui, pour le mener à ce prix, ne vivait que de
riz. Enfin, il fallait aussi pouvoir payer les tasses de café noir que
tous les matins il prenait au café Florian pour se soutenir jusqu’au
soir dans une excitation nerveuse, sur l’abus de laquelle il comptait
pour mourir, comme Vendramin comptait, lui, sur l’opium.
—Et je suis prince! En se disant ce dernier mot, Emilio Memmi
jeta, sans l’achever, la lettre de Marco Vendramini dans la lagune, où
elle flotta comme un esquif de papier lancé par un enfant.—Mais
Emilio, reprit-il, n’a que vingt-trois ans. Il vaut mieux ainsi que lord
Wellington goutteux, que le régent paralytique, que la famille
impériale d’Autriche attaquée du haut mal, que le roi de France...
Mais en pensant au roi de France, le front d’Emilio se plissa, son
teint d’ivoire jaunit, des larmes roulèrent dans ses yeux noirs,
humectèrent ses longs cils; il souleva d’une main digne d’être peinte
par Titien son épaisse chevelure brune, et reporta son regard sur la
gondole de la Cataneo.
—La raillerie que se permet le sort envers moi se rencontre
encore dans mon amour, se dit-il. Mon cœur et mon imagination sont
pleins de trésors, Massimilla les ignore; elle est Florentine, elle
m’abandonnera. Être glacé près d’elle lorsque sa voix et son regard
développent en moi des sensations célestes! En voyant sa gondole
à quelque cent palmes de la mienne, il me semble qu’on me place
un fer chaud dans le cœur. Un fluide invisible coule dans mes nerfs
et les embrase, un nuage se répand sur mes yeux, l’air me semble
avoir la couleur qu’il avait à Rivalta, quand le jour passait à travers
un store de soie rouge, et que, sans qu’elle me vît, je l’admirais
rêveuse et souriant avec finesse, comme la Monna Lisa de
Léonardo. Ou mon altesse finira par un coup de pistolet, ou le fils
des Cane suivra le conseil de son vieux Carmagnola: nous nous
ferons matelots, pirates, et nous nous amuserons à voir combien de
temps nous vivrons avant d’être pendus!
Le prince prit un nouveau cigare et contempla les arabesques de
sa fumée livrée au vent, comme pour voir dans leurs caprices une
répétition de sa dernière pensée. De loin, il distinguait déjà les
pointes mauresques des ornements qui couronnaient son palais; il
redevint triste. La gondole de la duchesse avait disparu dans le
Canareggio. Les fantaisies d’une vie romanesque et périlleuse, prise
comme dénoûment de son amour, s’éteignirent avec son cigare, et
la gondole de son amie ne lui marqua plus son chemin. Il vit alors le
présent tel qu’il était: un palais sans âme, une âme sans action sur
le corps, une principauté sans argent, un corps vide et un cœur
plein, mille antithèses désespérantes. L’infortuné pleurait sa vieille
Venise, comme la pleurait plus amèrement encore Vendramini, car
une mutuelle et profonde douleur et un même sort avaient engendré
une mutuelle et vive amitié entre ces deux jeunes gens, débris de
deux illustres familles. Emilio ne put s’empêcher de penser aux jours
où le palais Memmi vomissait la lumière par toutes ses croisées et
retentissait de musiques portées au loin sur l’onde adriatique; où l’on
voyait à ses poteaux des centaines de gondoles attachées; où l’on
entendait sur son perron baisé par les flots les masques élégants et
les dignitaires de la République se pressant en foule; où ses salons
et sa galerie étaient enrichis par une assemblée intriguée et
intriguant; où la grande salle des festins meublée de tables rieuses,
et ses galeries au pourtour aérien pleines de musique, semblaient
contenir Venise entière allant et venant sur les escaliers
retentissants de rires. Le ciseau des meilleurs artistes avait de siècle
en siècle sculpté le bronze qui supportait alors les vases au long col
ou ventrus achetés en Chine, et celui des candélabres aux mille
bougies. Chaque pays avait fourni sa part du luxe qui parait les
murailles et les plafonds. Aujourd’hui les murs dépouillés de leurs
belles étoffes, les plafonds mornes, se taisaient et pleuraient. Plus
de tapis de Turquie, plus de lustres festonnés de fleurs, plus de
statues, plus de tableaux, plus de joie ni d’argent, ce grand véhicule
de la joie! Venise, cette Londres du moyen-âge, tombait pierre à
pierre, homme à homme. La sinistre verdure que la mer entretient et
caresse au bas des palais, était alors aux yeux du prince comme
une frange noire que la nature y attachait en signe de mort. Enfin, un
grand poëte anglais était venu s’abattre sur Venise comme un
corbeau sur un cadavre, pour lui coasser en poésie lyrique, dans ce
premier et dernier langage des sociétés, les stances d’un De
Profundis! De la poésie anglaise jetée au front d’une ville qui avait
enfanté la poésie italienne!... Pauvre Venise!
Jugez quel dut être l’étonnement d’un jeune homme absorbé par
de telles pensées, au moment où Carmagnola s’écria:—Sérénissime
altesse, le palais brûle, ou les anciens doges y sont revenus. Voici
des lumières aux croisées de la galerie haute!
Le prince Emilio crut son rêve réalisé par un coup de baguette. A
la nuit tombante, le vieux gondolier put, en retenant sa gondole à la
première marche, aborder son jeune maître sans qu’il fût vu par
aucun des gens empressés dans le palais, et dont quelques-uns
bourdonnaient au perron comme des abeilles à l’entrée d’une ruche.
Emilio se glissa sous l’immense péristyle où se développait le plus
bel escalier de Venise et le franchit lestement pour connaître la
cause de cette singulière aventure. Tout un monde d’ouvriers se
hâtait d’achever l’ameublement et la décoration du palais. Le
premier étage, digne de l’ancienne splendeur de Venise, offrait à ses
regards les belles choses qu’Emilio rêvait un moment auparavant, et
la fée les avait disposées dans le meilleur goût. Une splendeur digne
des palais d’un roi parvenu éclatait jusque dans les plus minces
détails. Emilio se promenait sans que personne lui fît la moindre
observation, et il marchait de surprise en surprise. Curieux de voir ce
qui se passait au second étage, il monta, et trouva l’ameublement
fini. Les inconnus chargés par l’enchanteur de renouveler les
prodiges de Mille et une Nuits en faveur d’un pauvre prince italien,
remplaçaient quelques meubles mesquins apportés dans les
premiers moments. Le prince Emilio arriva dans la chambre à
coucher de l’appartement, qui lui sourit comme une conque d’où
Vénus serait sortie. Cette chambre était si délicieusement belle, si
bien pomponnée, si coquette, pleine de recherches si gracieuses,
qu’il s’alla plonger dans une bergère de bois doré devant laquelle on