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The global slack hypothesis is central to the discussion of the trade-offs that monetary policy faces in an increasingly more integrated world. The workhorse New Open Economy Macro (NOEM) model of Martínez-García and Wynne (2010), which fleshes out this hypothesis, shows how expected future local inflation and global slack affect current local inflation. In this chapter, I propose the use of the orthogonalization method of Aoki (1981) and Fukuda (1993) on the workhorse NOEM model to further decompose local inflation into a global component and an inflation differential component. I find that the log-linearized rational expectations model of Martínez-García and Wynne (2010) can be solved with two separate subsystems to describe each of these two components of inflation.

I estimate the full NOEM model with Bayesian techniques using data for the United States and an aggregate of its 38 largest trading partners from 1980Q1 until 2011Q4. The Bayesian estimation recognizes the parameter uncertainty surrounding the model and calls on the data (inflation and output) to discipline the parameterization. My findings show that the strength of the international spillovers through trade – even in the absence of common shocks – is reflected in the response of global inflation and is incorporated into local inflation dynamics. Furthermore, I find that key features of the economy can have different impacts on global and local inflation – in particular, I show that the parameters that determine the import share and the price-elasticity of trade matter in explaining the inflation differential component but not the global component of inflation.

Although communal forms of leadership are being called for to provide contemporary organizations with more responsive leadership platforms, the paper can find no compelling description as to how such leadership might develop in a world of hierarchy. The purpose of this paper is to fill this void.

Attempting to comprehend the sharing of leadership will require contemplation of unconventional approaches in opposition to the dominant logic associated with conventional organizational leadership. One current example of such unorthodox deliberation is the emerging awareness of the Grateful Dead's influence on business management and leadership. Accordingly, the paper examined and interpreted the experiences and expressed beliefs of Jerry Garcia of the Grateful Dead to offer a conceptualization of how shared leadership could emerge in traditional organizational settings.

The analysis indicates that Jerry Garcia exhibited aspects of transformational leadership, servant leadership, and authentic leadership that allowed him to influence the environment needed for the emergence of shared leadership.

As a single case study, the primary limitation is one of generalizability. The paper accepts the trade-off, however, due to the significant conceptual insights available with a case methodology.

Without greater understanding of how shared leadership might unfold practitioners will assume the construct of shared leadership is laudable but naïve. The paper must begin developing plausible conceptualizations if the notion of sharing leadership is to be taken more seriously in organizations.

The paper offers a counterintuitive, counterculture conceptualization of how shared leadership could emerge and flourish in traditional hierarchical settings.

The application of new public governance by many countries has led to the creation of new management systems in public administration and the development of an effective accounting structure with efficient internal control to guarantee a proper provision of services that meet citizens’ requirements. The purpose of this paper is to focus on Spanish local government with the intention of determining the impact of the internal control structure on the disclosure of financial information on the internet.

The empirical analysis used combines a descriptive aspect with an explanatory one and seeks to answer the question of whether the internal control system (ICS) influences the disclosure of financial information on the websites of Spanish LGs. The authors use a multivariate model that allows us to verify the predictive capability of the previously defined explanatory variable, internal control, in 1,806 local governments. To test the hypotheses, the authors use two different models.

The authors consider the existence and quality of the financial information disclosure in relation to ICSs, and a series of financial and non-financial variables. The authors conclude that the structure of the ICS influences financial information disclosure and its quality. Also, the socio-political variable gives a better explanation of financial information disclosure than the financial variable.

This research is novel to determine whether the development of ICSs in Spanish municipalities has favored and increased the disclosure of financial information financial through the municipalities’ website transparency portal. These findings will contribute to increase the importance of internal control in the management of public entities.

Social comparison literature has long established that drawing comparisons facilitates competitive motivation. Yet, the literature has neglected how the actor may simultaneously become the target of comparison, which can likewise increase competitive motivation. Therefore, competitive motivation increases not only because coacting competitors draw social comparisons but also because they are simultaneously the target of other's social comparison. In this chapter, we build a dual process framework to explain how comparing and being compared each facilitate competitive motivation. We also posit that these processes – comparing and being compared, respectively – are bidirectional and reciprocal, as each process can incite the other. Finally, we discuss the circumstances under which comparing and being compared combine additively versus interactively to drive competitive motivation. Our theoretical framework brings together the disparate literatures on social comparison and evaluation apprehension under one unified theory of competitive motivation, and proposes new directions for competition research.

The purpose of this paper is to perform a context analysis about a specific Kaizen program, suggestion systems in permanent teams, and identified the barriers and facilitators that companies encounter while implementing them from the workers’ perspective.

The authors applied an inductive method, the Grounded Theory, to develop a specific context theory using the information that emerged from a convenience sample of 182 workers in several countries.

The facilitators and barriers identified for the workers in the field study are aligned with those identified in previous studies, generally obtained using information provided by managers. The methodology enabled us to identify the relationships between them and their level of relevance.

The main limitations were linked with the source of the data as the authors worked with a convenience sample and only analyzed the information provided by the workers.

The identified facilitators, their relationships and their relevance, contribute to understand the functioning phenomena of suggestion systems in permanent teams to facilitate organizations using this continuous improvement program more effectively.

The originality of this study, apart from identifying facilitators from the workers’ perspective, is that the used method enabled us to identify the relationships between them and know how the operators perceived their relevance.

The purpose of this paper is to present empirical evidence about relationships between the corporate governance (CG) mechanisms of the Spanish savings banks, their financial and social performance and their profitability prior to their collapse.

The authors use a structural equation model (SEM), taking the return on assets as the dependent variable, and CG, corporate social responsibility and efficiency as explanatory constructs. SEM methodology provides interesting features that allows a better definition of some organisational characteristics.

Results indicate that CG characteristics, including the politicisation of governance bodies, did not affect the financial performance. The size of the board of directors had a significant influence on social responsibility. In addition, results suggest that the whole board focused on social issues, whereas non-executive members were less concerned about economic issues. Greater money allocation to social welfare programmes resulted in higher profitability, which can be explained by competitive advantages, reputation and customer satisfaction.

Nowadays, some political parties demand either for the creation of a public banking sector or banks with social goals. This paper provides interesting insights into the debate.

The influence of personal attributes of board members on performance needs to be analysed in greater depth in the non-profit sector. The SEM methodology allows us to include some board attributes and performance dimensions in a better way than with other methodologies.

This chapter deals with the development of banking in the Crown of Aragon from the end of the thirteenth century through the establishment of money changers, which followed similar patterns as in other Western European territories. It starts with a review of existing literature and follows with an explanation on the different banking services provided by money changers and the specific legal framework that supported such activities. It then examines the geographical distribution of private banks in cities and towns within the domains of the kings of Aragon, as well as their evolution throughout the fourteenth century. After that, it offers an analysis of the most common professional profiles among these bankers and financers. Finally, drawing on a heterogeneous pool of unpublished data, it seeks to shed light on the diversity of investors and clients of these establishments, a crucial proof of their role in integrated financial markets.

The link between supply chain agility (SCA) and performance has been tested in previous research with different samples and results. The present paper quantitatively analyses and summarises the impact of SCA on performance found in previous empirical papers and determines the influence of several identified moderators.

Using a meta-analysis approach based on a systematic literature review, a total of 63 empirical papers comprising a sample of 14,469 firms were meta-analysed to consider substantive (type of performance and SCA operationalisation) and extrinsic (economic region and industry) moderators.

Results confirm a significantly large, positive correlation between SCA and performance. None of the analysed moderators has enabled the identification of any significant differences between the SCA and performance correlations by subgroup. However, high heterogeneity in total variance, both in the full sample and the subgroups by moderator, demands further rigorously reported empirical research on this topic with clearly conceptualised variables and frameworks and the use of validated scales.

Several research gaps and best practice recommendations have been indicated to improve future empirical research on this topic.

Practitioners in different economic regions and industries will find consistent evidence of improvements in performance through SCA.

No meta-analysis has been found in previous research to estimate the value of the correlation between SCA and performance and the influence of moderating variables.

The purpose of this study is to analyse the role played by institutional investors in a firm’s decision to hire sustainability assurance services and to determine the benefits of sustainability assurance for the functioning of the capital market. This analysis is complemented by examining the quality of the sustainability assurance service that institutional investors demand.

The authors selected a sample of 1,564 multinational firms from 2002 to 2017. Panel data logit and generalised method of moments (GMM) regressions were estimated to consider decisions about hiring sustainability assurance services or not, and the assurance quality indexes constructed by a checklist based on the academic literature, respectively.

Institutional pressures associated with the environmental and social impacts of a firm’s activities lead to the convergence of institutional investor attitudes towards corporate sustainability, so that, regardless of their investment horizon, they promote the hiring of sustainability assurance services by corporate boards, which favours analyst precision and a reduction in the cost of capital. Long-term (LT) institutional investors exert influence through a selection mechanism, whereas short-term (ST) institutional investors exert influence through their presence on the board. Once the company has decided to provide assurance about its sustainability report, both types of institutional investors promote a higher quality of such service, although this is not well valued by the stock market.

This paper extends research on the monitoring role of institutional investors into the sustainability assurance context. Researchers may benefit from this paper’s findings when they examine the factors that drive the hiring of sustainability assurance services and their characteristics. This paper also shows that sustainability assurance services are a significant weakness due to the lack of standardisation in comparison with financial auditing, which complicates the assessment of their quality by stock market participants, thereby penalising those companies that provide more complete sustainability assurance reports.

Considering this paper’s findings, it seems advisable that regulators establish a normative framework to standardise sustainability assurance processes. The results can also be used as an orientation for both companies, to design their sustainability disclosure policies and regulators, to improve the running of the capital market.

Sustainability assurance services have a positive effect on the running of the capital market and improve external stakeholder decision-making by providing more reliable information, which, in turn, will favour the implementation of more sustainable actions that contribute to the attainment of sustainable development goals.

This is one of the first papers to analyse the effect of institutional ownership on a firm’s decision to hire sustainability assurance services and consider the effect of the institutional investors’ investment horizon – LT versus ST – and the channel – selection methods and/or active engagement – used by them to exert their influence. The authors also propose several measures of sustainability assurance quality to demonstrate the relevance of the contents of the assurance statement for the capital market in general and the institutional investors in particular.

Links between urban areas and public space have always had a central presence in the field of Urban Sociology. During the last four decades, and in relation with globalization processes, reflection about city places and what constitutes the “public” has increasingly been in line with what has been called an “emplacing heritage process,” which emerged as a controversial point of intervention in urban areas. In this sense, itineraries have been considered of primary importance in urban heritage signification, recognition, and symbolic production. In short, these routes appear as ways in which public space is materially and symbolically occupied, becoming emplacing heritage processes in themselves.

In this chapter, we study two heritage-making processes through neighborhood itineraries, which are carried out in district territory and are located in two peripheral neighborhoods belonging to the City of Madrid (Hortaleza and Carabanchel). Ultimately, the point here is that these routes are not merely a pathway that “goes” along acknowledged heritage places; these itineraries are an emplacement and a signification of patrimony itself. These processes act as markers of iconic places and as remembrance performances of neighborhood memory. We would argue that routes around historical places in Carabanchel, as well as the “Three Wise Men” popular parades in Hortaleza bring shared geographical imaginaries, collective memory, and iconic places together in everyday experiences of both places. These itineraries change both urban sites in terms of their neighborhood heritage by disputing spatial discourses and imaginaries of heritage, urban place, and neighborhood.