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The purpose of this viewpoint is to comment on the implications of the Financial Reporting Council’s (FRC) Review and Consultation Documents expected to update regulation governing the determination/reporting of executive remuneration in UK stock market listed companies. Practical points from actors involved in executive remuneration decision-making/reporting are presented, set within the context of neo-institutional theory.

This qualitative research systematically analyses UK Corporate Governance Codes, the FRC’s recent Review/Consultation and peer-reviewed published studies of executive pay determination based on in-depth interviews with non-executive directors, institutional investors, executive pay advisers and human resources (HR) professionals.

Further regulation, while providing coercive influence over executive remuneration decision-making, is likely to lead to only limited change in processes and reporting due to benchmarking, the make-up of Remco membership and shareholders' preferences. Mimetic and normative isomorphic forces work against coercive isomorphism leading to resistance to change as decision-makers strive to safeguard their social status/reputations.

Reviewing executive remuneration package components and paying attention to company strategy, sustainability and values in pay determination are welcomed but recognised as difficult to achieve. Drawing upon a wider range of information sources/voices can assist in broadening the discussion. HR professionals can help widen stakeholder input to executive remuneration decision-making.

The authors’ viewpoint is grounded in peer-reviewed empirical data that draws directly upon the views/experiences of executive remuneration decision-makers to identify problems in adhering to FRC recommendations for change. The authors extend the meta-theoretical perspective of neo-institutional theory – specifically institutional isomorphism – as providing explanatory and predictive power to understand executive pay decision-making.

This paper aims to contribute to existing academic work and business practice by presenting original empirical findings and by providing insights into priority setting on Sustainable Development Goals (SDGs) in organizations. From an academic viewpoint, it not only adds to previous work on the topic of SDG materiality (e.g. Van Tulder and Lucht, 2019) but also aims to contribute new insights into the steps that are crucial and influence the adoption of the SDGs in materiality assessments. It may also add to the literature by providing new knowledge on the strategic considerations that organizations may make and institutional dynamics that encourage organizations to implement the SDG materiality method.

By executing a national survey research in Belgium through a collaboration between academics of Antwerp Management School, Louvain School of Management (UCLouvain) and the University of Antwerp, and supported by Belgium’s Federal Institute of Sustainable Development, the authors have obtained several insights into the SDG landscape in Belgium for various types of organizations, including companies, governmental and nongovernmental organizations and educational institutions. This research builds further on a first national survey (SDG Barometer Belgium, 2018) on the adoption and implementation of the SDGs. However, an important aim of this research is to shift the emphasis to more prominent new elements, such as whether or not organizations use the SDGs in materiality assessments. While the main part of the data for this research were collected through an online questionnaire, document analyses were conducted based on the sustainability reports of BEL 20 companies, the benchmark stock market index of Euronext Brussels consisting of 20 companies traded at the Brussels Stock Exchange, and seven interviews were held to obtain additional insights.

A total of 386 organizations across sectors responded to the question “Does your organization perform a materiality analysis”, of which 210 organizations completed the question “Does your organization align the materiality analysis with the SDGs,”after an “exit route” based on a positive answer to the first question. When diving into the survey results, the authors see that no more than 12% of the 210 organizations performing a materiality analysis align their materiality analysis with the SDGs, while 14% indicate that they do not account for the SDGs at all in their materiality analyses. The results show that 41% of the organizations take into account the SDGs to a certain degree when performing their materiality analysis. Speculating on an explanation for these results, it may be the case that organizations do not yet think about coupling the SDGs to their materiality assessment, experience difficulties in practice or generally lack the knowledge for relating the SDGs to the sustainability topics that are relevant to them. This seems in line with other research (e.g. Van Tulder and Lucht, 2019), as the results of this study indicate that it seems to be difficult for organizations to relate the SDGs to the existing sustainability priorities or materiality analyses of companies.

The real contribution of this paper essentially lies in the description of the Janssen Pharmaceuticals case. The company recognized that today’s internally focused approach to goal setting is not enough to address global challenges. Hence, looking at what is needed externally from a global perspective, taking into account sustainability thresholds and setting ambitions accordingly, is needed to bridge the gap between current performance and required performance. From the Janssen Pharmaceuticals case, the authors learned that external stakeholders are an extremely useful source of information to address the required performance by using the SDG framework. For sure, SDG materiality analyses are still in an early phase of development and knowledge on how to conduct such an analysis may be lacking. Future efforts – or the lack thereof – may indicate whether or not companies consider such analyses as sufficiently relevant. Although the uptake of the SDGs is in progress, it remains to be seen which, if any, materiality method will eventually turn out as a new dominant way of defining material issues. The findings presented in this study hopefully serve as a basis for further investigation of the topic.

To evaluate some of the current discussions about the possible impacts of social networks on the development of gastronomy in the Republic of Serbia. There could be either positive and/or negative impacts and this viewpoint provides some reflection on what the future might hold for some if not many tourism destinations in Serbia and the region when the tourism industry restarts after the pandemic of Covid-19 virus.

The research was conducted in December 2021, on a total of 244 respondents in three cities in Serbia. SPSS software was used, version 26.00, and the obtained data were analyzed by descriptive statistics. Then, to determine the structure of the questionnaire and the percentage of variance, an exploratory factor analysis was performed together with a higher order factor analysis, in order to obtain the desired number of factors. Subsequently, the authors used multiple regression analysis to confirm the significance of the predictors. The goal of the research was to determine whether, and to what extent, social networks can predict the choice of restaurants and gastronomic offers in Serbia. Serbian gastronomy has a great influence on the development of tourism, so this research has a wide scientific and practical contribution.

This paper provides a context and viewpoint on the possible implications of impacts of social networks on the development of gastronomy in the Republic of Serbia in the future. It has been proven that social networks can have an impact on the development of gastronomy and tourism itself.

To examine the impact of social networks on the development of gastronomy, the authors conducted a survey online due to the current Covid-19 pandemic. The limitation of this research was precisely that the authors did not have the opportunity to conduct the research live due to the Covid-19 pandemic. It is recommended that such surveys be conducted live in direct contact with respondents in the future in order to obtain a larger sample with fully completed questionnaires.

The importance of social networks is increasingly a topic of study of world research, especially when it comes to gastronomy, which is becoming increasingly important as an activity in the tourism industry. The results indicate that the greatest importance in predicting the choice of restaurants and gastronomic offers has social networks and marketing. The importance of the work is reflected in the recognition of the importance of social networks, in order to better place Serbian gastronomy.

This paper offers a synthesis of views that fosters an understanding of the possibility of impacts of social networks on the development of gastronomy in the Republic of Serbia before and after the Covid-19 pandemic.

The viewpoint proffered in this paper provides scope for a rapid evaluation of the current status of gastronomy tourism in Serbia which can help practitioners and researchers in the faster and better development of gastronomy and tourism.

Emphasizing the critical role of technology-enabled distribution in tourism, this study, a viewpoint, aims to highlight the potential of democratized technologies in readdressing the competitive imbalance between small- and medium-sized tourism enterprises (SMTEs) and their larger peers in today’s online marketplace. By enhancing competitiveness and performance, democratized technologies can strengthen the resilience, sustainability and competitive position of the SMTEs on which tourism depends, helping to support the Horizon 2050 agenda and UN’s Sustainable Development Goals.

Examining the development of online and electronic distribution in tourism, the viewpoint identifies the key challenges to the successful use of technology-based distribution systems by SMTEs, as well as highlights the trend toward democratized technologies as a potential solution to help improve technology take-up and performance.

With no/low initial capital or operating costs, and little need for technical expertise, democratized technologies have the potential to overcome two of the three key challenges limiting the successful adoption and use of distribution technologies by SMTES. The key blockage remains one of managerial awareness and acceptability. With informal organization structures, little managerial or technical training and an ingrained reluctance to change, SMTE managers remain unfamiliar of the possibilities offered by this developing trend. While this challenge could be addressed by awareness building and training, in the longer run, it is likely that more substantial progress will arise from generational change in SMTE management, with digitally native successors more likely to exploit this development to improve competitiveness and performance.

Emphasizing the pivotal role that democratized technology can potentially play in redressing the competitive imbalance between SMTEs and their larger peers in the distribution space, this viewpoint serves as a call for action for tourism businesses to re-examine their approach to technology adoption and leverage democratized technologies to address current deficiencies in their distribution approach, helping to improve competitiveness and performance, thus supporting the Horizon 2050 initiative and furthering the UN’s Sustainable Development Goals.

这篇观点论文强调了技术驱动的分销在旅游业中的关键作用, 强调了民主化技术在重新解决中小旅游企业（SMTEs）与其大型同行在当今在线市场中的竞争失衡方面的潜力。通过提高竞争力和绩效, 民主化技术可以加强旅游业所依赖的SMTE的韧性、可持续性和竞争地位, 有助于支持地平线2050议程和联合国可持续发展目标。

该观点论文考察了在线和电子分销在旅游业的发展, 确定了SMTE成功使用基于技术的分销系统的关键挑战, 并强调了将民主化技术作为帮助提高技术使用率和性能的潜在解决方案的趋势。

由于没有/较低的初始资本或运营成本, 也几乎不需要技术专业知识, 民主化技术有可能克服限制SMTES成功采用和使用分销技术的三个关键挑战中的两个。关键的障碍仍然是管理意识和可接受性。由于非正式的组织结构、很少的管理或技术培训以及根深蒂固的不愿改变, SMTE的管理人员仍然不熟悉这一发展趋势所提供的可能性。虽然这一挑战可以通过提高认识和培训来解决, 但从长远来看, SMTE管理的代际变革可能会带来更大的进展, 数字原生继任者更有可能利用这一发展来提高竞争力和绩效。

强调民主化技术在纠正SMTE与其在分销领域的大型同行之间的竞争失衡方面可能发挥的关键作用, 本文呼吁旅游企业采取行动, 重新审视其采用技术的方法, 并利用民主化技术来解决其分销方法中的当前缺陷, 帮助提高竞争力和绩效, 从而支持地平线2050倡议, 推动联合国的可持续发展目标。

Haciendo hincapié en el papel fundamental de la distribución posibilitada por la tecnología en el turismo, este punto de vista destaca el potencial de las tecnologías democratizadas para corregir el desequilibrio competitivo entre las Pequeñas y Medianas Empresas Turísticas (PYMETs) y sus homólogas de mayor tamaño en el mercado online actual. Al mejorar la competitividad y el rendimiento, las tecnologías democratizadas pueden reforzar la resistencia, la sostenibilidad y la posición competitiva de las PYMETS de las que depende el turismo, contribuyendo así a apoyar la agenda Horizonte 2050 y los Objetivos de Desarrollo Sostenible de la ONU.

Examinando el desarrollo de la distribución online y electrónica en el turismo, el punto de vista identifica los desafíos clave para el uso exitoso de los sistemas de distribución basados en la tecnología por parte de las PYMETs, así como destaca la tendencia hacia las tecnologías democratizadas como una solución potencial para ayudar a mejorar la adopción y el rendimiento de la tecnología.

Con unos costes iniciales de capital o de funcionamiento nulos o bajos, y poca necesidad de conocimientos técnicos, las tecnologías democratizadas tienen el potencial de superar dos de los tres retos clave que limitan la adopción y el uso con éxito de las tecnologías de distribución por parte de las PYMETs. El bloqueo clave permanece en la concienciación y la aceptación por parte de los directivos. Con estructuras organizativas informales, escasa formación técnica o de gestión y una arraigada reticencia al cambio, los directivos de las PYMETs permanecen desconocedores de las posibilidades que ofrece esta tendencia en desarrollo. Aunque este reto podría abordarse mediante la concienciación y la formación, a largo plazo es probable que surjan progresos más sustanciales del cambio generacional en la gestión de las PYMETs, con sucesores nativos digitales más propensos a explotar este desarrollo para mejorar la competitividad y el rendimiento.

Haciendo especial hincapié en el potencial y fundamental papel que la tecnología democratizada puede desempeñar a la hora de corregir el desequilibrio competitivo entre las PYMETs y sus homólogas de mayor tamaño en el espacio de la distribución, este punto de vista sirve de llamada a la acción para que las empresas turísticas reexaminen su enfoque de la adopción de tecnología y aprovechen las tecnologías democratizadas para subsanar las deficiencias actuales en su enfoque de la distribución, ayudando a mejorar la competitividad y el rendimiento, apoyando así la iniciativa Horizonte 2050 y fomentando los Objetivos de Desarrollo Sostenible de la ONU.

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

Conventional isolated dc–dc converters offer an efficient solution for performing voltage conversion with a large improved voltage gain. However, the small-signal analysis of these converters shows that a right-half-plane (RHP) zero appears in their control-to-output transfer function, exhibiting a nonminimum-phase stability. This RHP zero can limit the frequency response and dynamic specifications of the converters; therefore, the output voltage response is sluggish. To overcome these problems, the purpose of this study is to analyze, model and design a new isolated forward single-ended primary-inductor converter (IFSEPIC) through RHP zero alleviation.

At first, the normal operation of the suggested IFSEPIC is studied. Then, its average model and control-to-output transfer function are derived. Based on the obtained model and Routh–Hurwitz criterion, the components are suitably designed for the proposed IFSEPIC, such that the derived dynamic model can eliminate the RHP zero.

The advantages of the proposed IFSEPIC can be summarized as: This converter can provide conditions to achieve fast dynamic behavior and minimum-phase stability, owing to the RHP zero cancellation; with respect to conventional isolated converters, a larger gain can be realized using the proposed topology; thus, it is possible to attain a smaller operating duty cycle; for conventional isolated converters, transformer core saturation is a major concern, owing to a large magnetizing current. However, the average value of the magnetizing current becomes zero for the proposed IFSEPIC, thereby avoiding core saturation, particularly at high frequencies; and the input current of the proposed converter is continuous, reducing input current ripple.

The key benefits of the proposed IFSEPIC are shown via comparisons. To validate the design method and theoretical findings, a practical implementation is presented.

The global financial crisis (GFC) has undermined the legitimacy of orthodox neo-classical economic assumptions, which nevertheless continue to frame the philosophical assumptions of teaching in business schools. The purpose of this paper is to make a case in favour of an expansion of the business school curriculum to incorporate behavioural economics. The paper will also contend that behavioural economics can be connected to social economics, as they are both heterodox in this study and analyse economic phenomenon outside of a neo-classical framework. The aim is to contribute to arguments for an expanded curriculum, beyond the framing assumptions of neo-classical rationalism. This paper will also support its case by reviewing behavioural economics to make the case that this literature can be connected to social economics. This assertion is based on shared connections, including the importance of Kantianism in behavioural economics and in social economics. These connections will be discussed as a common point of reference points, or ties that can serve to broker links between these two economic paradigms. Practical implications (if applicable) the GFC presents an opportunity to re-shape the business school curriculum to acknowledge the centrality of socio-economics and behavioural economics, and consequently to offer an alternative to the dominant ontological assumptions – taken from the economic understanding of rationality – that have previously underpinned business school pedagogy.

The paper presents an inter-disciplinary teaching case, which incorporates socio-economic and behavioural economics perspectives. The teaching case concerned a socio-economic understanding of corruption and white-collar crime. It was also inter-disciplinary to include inputs from business history and criminology. The teaching case developed an appreciation among students that corruption, white-collar crime and entrepreneurship can be analysed within a social economics and behavioural economics lens.

The teaching case example discussed an alternative socio-economic and behavioural economics understanding to core areas of the MBA curriculum with the potential to be included in other academic disciplines. This enabled students to apply a behavioural economic approach to white-collar crime. The findings derived from this case study are that behavioural economics has the potential to enhance the teaching of socio-economics.

The originality of this paper is to apply behavioural economics to a socio-economic teaching case, in core subject areas of the MBA curriculum.

The staggering demand for construction projects to meet a spectrum of public needs is projected to outstrip the industry’s supply capability. The modern methods of construction (MMC) offers wider control due to shifting key construction processes offsite. Public clients play a significant role due to their purchasing power; however, their uptake of MMC is low, despite the benefits. The purpose of this study is to reveal the reasoning behind such low adoption. The research gap, herewith, is our lack of understanding of the influence of public clients perceptions on their adoption’s indecision.

This study used a qualitative approach to investigate the motives behind the public sector’s low MMC adoption. Semi-structured interviews with 14 of the United Kingdom’s public sector decision-makers, industry leaders and experts have been conducted. Perspectives were argued against the diffusion of innovation (DOI) theory.

Overall, the innovation’s attributes informed the authors of the positive perceptions from the public sector, demonstrating that the low adoption of MMC is not linked to any embedded issues with the innovation itself rather being predominantly related to the dynamics between supply and demand. The former (supply), reflected a failure in communicating confidence, and the latter (demand), attained characteristics that are limiting wider uptake.

To the best of the authors’ knowledge, this is the first study to apply the DOI theory to reveal the relationship between UK public clients’ perceptions and their decision-making. Moreover, this paper addresses the scant attention to the use of theories to explain the flow of innovations in the construction context.

The present study assesses the commercial bank profit efficiency and its relationship to banking sector competition in a rapidly growing emerging economy, India from 2009 to 2019 using stochastic frontier analysis (SFA).

Lerner indices, conventional and efficiency-adjusted, quantify competition. Two SFA models are employed to calculate alternative profit efficiency (inefficiency) scores: the two-step time-decay approach proposed by Battese and Coelli (1992) and the recently developed single-step pairwise difference estimator (PDE) by Belotti and Ilardi (2018). In the first step of the BC92 framework, profit inefficiency is calculated, and in the second step, Tobit and Fractional Regression Model (FRM) are utilized to evaluate profit inefficiency correlates. PDE concurrently solves the frontier and inefficiency equations using the maximum likelihood process.

The results suggest that foreign banks are less profit efficient than domestic equivalents, supporting the “home-field advantage” hypothesis in India. Further, increasing competition drives bank managers to make riskier lending and investment choices, decreasing bank profit efficiency. However, this effect varies depending on bank ownership and size.

Literature on the competition bank efficiency link is conspicuously scant, with a focus on technical and cost efficiency. Less is known regarding the influence of competition on bank profit efficiency. The article is one of the first to examine commercial bank profit efficiency and its relationship to banking sector competition. Additionally, the study work represents one of the first applications of the FRM presented by Papke and Wooldridge (1996) and the PDE provided by Belotti and Ilardi (2018).

Ethnography produces accounts; the critical reflection of accounts produces accountability. Ethnography requires accountability if meaningful conclusions and/or observations are to be made. Accountability requires ethnography if is to address lived experiences. Virno argues that the principles of “languaging” make ethnographies and accountability possible. This papers aims to describe an instance of the circularity of accountability and use this to explore Virno’s insights. Doing this helps us to see the connections between accountability and ethnography, and reflect on the nature of these interconnections.

Inspired by Paulo Virno’s philosophy, the authors assert that an ethnographer typically produces an account of a chosen “Other” in which this “Other” is held to account. But at the same time, the ethnographer needs to be held to account by the very same “Other” and by the “Other” of the (research) community. Furthermore, ethnographers are accountable to themselves. All these moments of accountability can endlessly circle, as responsibilization of the researchers by their Other(s) continues. For ethnography to function, this must be tamed as a (research) account ultimately has to be produced for an academic project to be considered complete. Drawing on Virno’s principle of the “negation of the negation” by the “katechon,” by the “katechon,” the authors propose a potentially valuable intervention that would enable ethnography – and by extension, ethnographers – to prosper.

The authors apply Virno’s philosophical reflections to propose a positive feedback cycle between ethnography and accountability. Virno’s ideation centers on two key concepts: (i) the multitude of social relatedness and (ii) the ontology of the languaging of individuation. Hereby, a positive circle of causality between ethnography and accountability can be realized, whereby the authors can respect but also break the causal circle(s) of ethnography and accountability. This might be achieved via a reflection on Virno’s concept of the “katechon.”

The authors illuminate the accountability–ethnography dynamic, providing an illustration of the circularity of ethnography and accountability and showing how Virno provides us with tools to help us deal with it. Hence, ultimately, the paper focuses on the accountability as ethnographers.