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Political risk is a type of risk faced by investors, corporations, and governments. It is a risk that can be understood and managed with reasoned foresight and investment. Political risk analysis is rooted in the intersection between politics and business, and it deals with the probability that political decisions, events, or conditions will significantly affect the profitability of a business actor or the expected value of a given economic action 〔Matthee, H. (2011). Political risk analysis. In B. Badie, D. Berg-Schlosser, & L. Morlino (Eds.), International encyclopedia of political science. (pp. 2011-2014). Thousand Oaks, CA: SAGE Publications, Inc. doi: http://dx.doi.org/10.4135/9781412959636.n457. 〕 Many different meanings have been attached to the term political risk over time.〔 Sottilotta, C.E. (2013) Political Risk: Concepts, Definitions, Challenges, LUISS School of Government Working Paper Series SOG-WP6/2013 ISSN: 2282-418〕Broadly speaking, however, political risk refers to the complications businesses and governments may face as a result of what are commonly referred to as political decisions—or “any political change that alters the expected outcome and value of a given economic action by changing the probability of achieving business objectives”.〔Eurasia Group and PricewaterhouseCoopers, “Integrating Political Risk Into Enterprise Risk Management”, ().〕 Political risk faced by firms can be defined as “the risk of a strategic, financial, or personnel loss for a firm because of such nonmarket factors as macroeconomic and social policies (fiscal, monetary, trade, investment, industrial, income, labour, and developmental), or events related to political instability (terrorism, riots, coups, civil war, and insurrection).”〔Kennedy, C. (1988): "Political Risk Manageqment: A Portfolio Planning Model", ''Business Horizons'', Vol. 31, p.21〕 Portfolio investors may face similar financial losses. Moreover, governments may face complications in their ability to execute diplomatic, military or other initiatives as a result of political risk. A low level of political risk in a given country does not necessarily correspond to a high degree of political freedom. Indeed, some of the more stable states are also the most authoritarian. Long-term assessments of political risk must account for the danger that a politically oppressive environment is only stable as long as top-down control is maintained and citizens prevented from a free exchange of ideas and goods with the outside world.〔Ian Bremmer, “How to Calculate Political Risk,” ''Inc. Magazine'', April 2007, p. 101〕 Understanding risk partly as probability and partly as impact provides insight into political risk. For a business, the implication for political risk is that there is a measure of likelihood that political events may complicate its pursuit of earnings through direct impacts (such as taxes or fees) or indirect impacts (such as opportunity cost forgone). As a result, political risk is similar to an expected value such that the likelihood of a political event occurring may reduce the desirability of that investment by reducing its anticipated returns. There are both macro- and micro-level political risks. Macro-level political risks have similar impacts across all foreign actors in a given location. While these are included in country risk analysis, it would be incorrect to equate macro-level political risk analysis with country risk as country risk only looks at national-level risks and also includes financial and economic risks. Micro-level risks focus on sector, firm, or project specific risk.〔Ephraim Clark, “Valuing political risk”, ''Journal of International Money, and Finance'', Vol. 16, No. 3, 1997, 484-485; Stefan H. Robock, "Political Risk: Identification and Assessment." ''Columbia Journal of World Business'', July–August 1971, pp. 6-20; and Stephen J. Kobrin “Political Risk: A Review and Reconsideration”, ''Journal of International Business Studies'', Vol. 10, No. 1 (Spring - Summer, 1979), pp. 67-80.〕 ==Macro-level political risk== Macro-level political risk looks at non-project specific risks. Macro political risks affect all participants in a given country.〔Alon, Ilan, and David L. McKee (1999), “Towards a Macro-environmental Model of International Franchising,” ''Multinational Business Review'', 7 (1), 76-82.〕 A common misconception is that macro-level political risk only looks at country-level political risk; however, the coupling of local, national, and regional political events often means that events at the local level may have follow-on effects for stakeholders on a macro-level. Other types of risk include government currency actions, regulatory changes, sovereign credit defaults, endemic corruption, war declarations and government composition changes. These events pose both portfolio investment and foreign direct investment risks that can change the overall suitability of a destination for investment. Moreover, these events pose risks that can alter the way a foreign government must conduct its affairs as well.Macro political risks also affect the organizations operating in the nations and the result of macro level political risks are like confiscation, causing the seize of the businesses' property. Research has shown that macro-level indicators can be quantified and modeled like other types of risk. For example, Eurasia Group produces a political risk index which incorporates four distinct categories of sub-risk into a calculation of macro-level political stability. This Global Political Risk Index can be found in publications like ''The Economist''.〔"Rolling with the Punches,” ''Economist'', October 1, 2007 () (accessed 05/06/2008)〕 Other companies which offer publications on macro-level political risk include Economist Intelligence Unit, DaMina Advisors and The PRS Group, Inc. DaMina Advisors is focused on frontier markets such as Africa. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Political risk」の詳細全文を読む スポンサード リンク
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