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1 – 10 of over 19000Manuela Gomez-Valencia, Camila Vargas, Maria Alejandra Gonzalez-Perez, Indianna Minto-Coy, Miguel Cordova, Karla Maria Nava-Aguirre, Fabiola Monje-Cueto, Cyntia Vilasboas Calixto Casnici and Freddy Coronado
This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and…
Abstract
This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:
What has been done in the past to rebuild social, economic and environmental balance after global crises?
Where (geographical region) did the analysis on measures taken concentrate?
When have scholars analysed past measures to rebuild business and society after a global crisis?
How did the past measures to rebuild business and society after the global crisis take place?
Who promotes the measures to rebuild business and society after a global crisis takes place?
Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?
What has been done in the past to rebuild social, economic and environmental balance after global crises?
Where (geographical region) did the analysis on measures taken concentrate?
When have scholars analysed past measures to rebuild business and society after a global crisis?
How did the past measures to rebuild business and society after the global crisis take place?
Who promotes the measures to rebuild business and society after a global crisis takes place?
Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?
Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.
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Previous academic literature indicates that the case of the banking crises recovery, in view of implemented regulations and policies, differs across times and countries. This is…
Abstract
Purpose
Previous academic literature indicates that the case of the banking crises recovery, in view of implemented regulations and policies, differs across times and countries. This is explained by varied institutional environments in which banking sectors operate, and in which financial crises persist. Therefore, the aim of this study is to prioritize investigation of the regulatory framework in the crisis‐response policies across European countries affected by the current financial turmoil. In order to elicit most accurate results and fill in the gap in existing literature on banking crises, the paper aims to focus on both qualitative and quantitative methodological frameworks in order to ensure that the concerns raised by practitioners are addressed and implications for the regulatory processes instrumented.
Design/methodology/approach
The emphasis of the current study has been laid to flag the region‐ and country‐specific vulnerabilities in regulatory framework employed for banking crisis recovery. Additional focus has been put on groups of systemic risk which evolved from the current financial crisis and ways these risks can be ameliorated. Furthermore, the current paper strives to explore the ideas of ways to ameliorate negative outcomes of the global crisis and mitigate common risks with reference to the flawed regulations. Especially, important issues have been raised by the interviewed experts who put forward their opinions on the ways of lifting the regulatory shortcomings and costs of remedies identified in the study and who provided solutions to ensuring the financial stability of European capital markets.
Findings
The study highlighted areas of regulations that require immediate attention and which failed to prevent financial markets from the current banking crisis. These findings are then summarized with constructive proposals on how to amend banking sector and financial regulations. The study also provides a cross‐European comparison of the financial crisis‐recovery policies, evaluating solutions adopted in various selected European countries. Henceforth, the empirical model tested the possibility of a tradeoff existing between remedies which involve substantial public funds and exert burden on both fiscal balances and taxpayers, and the speed and effectiveness of the recovery processes. To this point, no tradeoff has been found. Moreover, contrasting the current banking crisis to the past financial market disturbances, highlighted the magnitude of the nascent economic downturn prevailing in Europe.
Originality/value
Since the existing body of literature abounds in studies devoted to investigations of the causes for the current banking crisis, the research focus of this paper has been shifted away from the factors and flawed regulations that trigger banking crises. To this point, the paper has traits of pioneering work.
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María Iborra, José Fernando López-Muñoz and Vicente Safón
This study analyzes antecedents explaining the lack of resilience in family-owned firms. Our model suggests that family-owned firms’ strategic behaviors and heterogeneity explain…
Abstract
Purpose
This study analyzes antecedents explaining the lack of resilience in family-owned firms. Our model suggests that family-owned firms’ strategic behaviors and heterogeneity explain a particular crisis outcome: a lack of recovery.
Design/methodology/approach
Our evidence is based on a sample of 842 European family-owned firms. We complement regression analysis results with fuzzy-set qualitative comparative analysis (fsQCA).
Findings
Our results show that lack of resilience is relevant. In fact, in our sample, 60% of family firms (FFs) failed to recover their sales. This evidence supports the role played by exploitation and exploration behavior as well as family heterogeneity in explaining the lack of recovery.
Research limitations/implications
Our results may offer guidance to practitioners and policymakers on the pathways that explain the lack of resilience.
Practical implications
Although it is unlikely that an external crisis such as COVID-19 will occur again to the same extent, other threatening events may occur and impact FFs. Understanding how FFs can avoid non-recovery is crucial: it can inform managers on how to deal with stressful events and provide guidance to economic authorities on how to help FFs around the world avoid non-recovery, which affects the economy.
Originality/value
First, the study contributes to FF research by offering a theoretical explanation for the different effects of FF attributes on non-recovery in the context of a global crisis. Second, it contributes to the literature on organizational resilience by examining explorative and exploitative behaviors as antecedents of FF non-recovery. Third, we show the usefulness of combining fsQCA and regression analysis to understand complex phenomena.
研究目的
本研究擬分析家族企業缺乏復原力的原因。我們的模型暗示了家族企業的策略性行為和異質性是可闡明一個特殊的危機後果:企業未能成功恢復。
研究設計/方法/理念
我們的證據是建基於一個涵蓋842間歐洲家族公司的樣本。我們以模糊集質性比較分析,去補充迴歸分析的結果。
研究結果
研究結果顯示,缺乏復原力是有相關性的。事實上,在我們的樣本裡,有百分之六十的家族企業未能恢復其銷售量。研究結果提供了證據,確認了若要闡明缺乏復原力的原因,我們必須瞭解開發和探索行為、以及家族異質性所扮演的角色。
研究的局限/啟示
我們的研究結果,或許可為從業人員和政策制訂者提供引導,幫助他們找出缺乏復原力的原因。
實務方面的啟示
雖然像2019冠狀病毒病的外部危機以同樣的程度發生的機會是很微的,但其它有威脅性的事件或會發生,並會影響家族企業; 因此,瞭解家族企業如何能避免缺乏復原力的弊端是非常重要的。這可讓經理瞭解如何處理令人憂慮的事件,亦可為經濟事務當局的高層人員提供引導,幫助他們瞭解如何協助世界各地的家族企業,去避免影響經濟的復原乏力。
研究的原創性/價值
首先,本研究在家族企業的探討上作出了貢獻。研究人員在一個全球危機的背景下提出了理論解釋,讓人們明白家族企業的屬性,如何會對復原乏力產生各種影響。其次,本研究在探討組織彈性的文獻方面作出了貢獻,因研究人員對作為引發家族企業復原乏力因素的探索和開發行為、進行了探討和研究。最後,研究人員展示了若要瞭解複雜的事物或現象,把模糊集質性比較分析和迴歸分析結合起來運用是有效的。
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A recovery crisis is an occasion when there is a subsequent calamity after a major crisis such as the recovery crisis following the 9/11 World Trade Center tragedy or the recovery…
Abstract
Purpose
A recovery crisis is an occasion when there is a subsequent calamity after a major crisis such as the recovery crisis following the 9/11 World Trade Center tragedy or the recovery crisis following the devastation in New Orleans caused by Hurricane Katrina. Consequently, this paper seeks to focus on what can be done to prevent or limit the ill effects of a crisis during recovery.
Design /methodology/approach
An examination of the details of the great Baltimore fire of 1904 reveals why there was a crisis during their recovery; and by studying the lessons they learned, it will be evident that some of these lessons should be considered for dealing with present day recovery crises.
Findings
While many people worked together to bring the fire under control during the great Baltimore fire many of the same people fought each other in a crisis that followed the fire during the recovery of Baltimore's 70 block business district. That is, initial passions changed abruptly from working unselfishly together for the greater good during the 30‐hour fire to self‐serving actions during the rebuilding of the city. In fact, the political conflict was so stressful after the fire that Baltimore's mayor committed suicide.
Practical implications
The findings of this article focus on sound measures that should be considered today.
Originality/value
The paper is an application of historical lessons learned. The experiences described in this paper can be helpful in discussions today about crisis management.
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Shinyong Jung, Jiyun Kang and Hhye Won Shin
This study aims to explore how professional event associations’ recovery strategies are perceived by members and to measure the consequent influence of the perceived fit of…
Abstract
Purpose
This study aims to explore how professional event associations’ recovery strategies are perceived by members and to measure the consequent influence of the perceived fit of recovery strategies on organizational identification (OI), consistent behavioral intentions and long-term commitment intentions.
Design/methodology/approach
Data were collected from current members of professional event management associations who work not only as event planners but also as service providers in the hospitality and tourism industry. The authors used partial least squares structural equation modeling to test the proposed model.
Findings
The perceived fit between recovery strategy and internal domains, the self in particular, was found to be the most important in exerting effects directly on OI, and its indirect effects are significant on all the behavioral intentions toward the association, while the perceived fit of recovery strategy with external domains, especially the industry, was not significant with any of the other factors.
Practical implications
The findings from the present study provide professional event association leaderships with significant managerial implications in establishing a sustainable business model to retain current members and increase their intentions toward consistent engagement and long-term commitment.
Originality/value
Stepping forward from the strategic management and organizational behavior literature in the private sector, the authors shed light on a crisis recovery mechanism of professional associations in the event industry, to the best of the authors’ knowledge, the first such attempt in the event management literature.
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Hwy‐Chang Moon, Joseph L.C. Cheng, Min‐Young Kim and Jin‐Uk Kim
While many studies have investigated the impact of foreign direct investment (FDI) on a host country's economic development, little research has been done on the role of FDI as…
Abstract
Purpose
While many studies have investigated the impact of foreign direct investment (FDI) on a host country's economic development, little research has been done on the role of FDI as related to economic decline and recovery. This paper aims to fill this gap by investigating the economic effects of inward and outward FDI during turbulent times.
Design/methodology/approach
This paper develops a theoretical argument postulating that FDI will have a stabilizing effect on a nation's economic growth during crisis and also at times of recovery. Hypotheses were advanced and tested with data collected from affected economies during the Asian financial crisis using a fixed‐effect panel regression analysis.
Findings
Results confirm that both inward and outward FDI stabilizes a country's economic growth during times of a financial crisis. Countries that had higher levels of FDI prior to the crisis experienced a milder recession and a more gradual recovery. This stabilizing effect, however, is found to be more robust for FDI‐stock than for FDI‐flow.
Social implications
This paper reveals that FDI has a stabilizing rather than an accelerating effect on a country's economy growth during both periods of crisis and recovery. It contradicts the common belief that FDI would help speed up, not stabilize or dampen the uptake of economic activities during the recovery period. This finding will help policy makers educate the public and set realistic expectations about the economic impact of FDI.
Originality/value
This paper makes original contributions by uncovering the complex and unexpected role of FDI as related to a nation's economic decline and recovery during a financial crisis. The findings have important implications for both international business scholars and public‐policy decision makers.
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Julie Robson and Jillian Dawes Farquhar
Building on crisis management studies, this study aims to advance research on brand recovery from the existing focus on product brand/customer dyad into stakeholder marketing and…
Abstract
Purpose
Building on crisis management studies, this study aims to advance research on brand recovery from the existing focus on product brand/customer dyad into stakeholder marketing and corporate branding.
Design/methodology/approach
This study uses a single case of industry-dominant corporate brand in an enriched context through in-depth analysis of industry informant and secondary data.
Findings
The paper uncovers detail of corporate brand and stakeholder interactions directed towards recovering corporate brand and restoring trust in the industry.
Research limitations/implications
This study offers an evidence-based framework of stakeholder interactions designed to support corporate brand recovery (CBR). The rich data are bounded within a single case.
Practical implications
Framework illustrates the importance of drawing on stakeholders in CBR, particularly in an industry crisis, emphasises trust restoration and reveals the peripheral role of customers in CBR.
Social implications
This study points to significance of stakeholder networks, particularly in insurance and financial services, in addressing social and ethical issues related to corporate misdeeds is identified.
Originality/value
This study makes noteworthy contribution to brand recovery research in two ways: firstly, by investigating the recovery of brands at corporate level and, secondly, by detailing the interactions between corporate brand and industry stakeholders in recovering the brand within a stricken industry.
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Abrar Faisal, Julia N. Albrecht and Willem J.L. Coetzee
This paper aims to respond to the strong calls for interdisciplinary solutions to address the many and varied challenges that major disasters create in urban (tourism) spaces, and…
Abstract
Purpose
This paper aims to respond to the strong calls for interdisciplinary solutions to address the many and varied challenges that major disasters create in urban (tourism) spaces, and provide a holistic conceptualisation of organisational responses to disruptions in the external business environment. It argues that organisations need to actively (re)formulate a sustainable business proposition to passively adapt to environmental conditions and modify the selective environment.
Design/methodology/approach
This study uses a qualitative approach to introducing and examining the concepts and theoretical constructs underpinning the proposed conceptual schemata. The content-driven inductive approach used here is based on an extensive review of the disaster recovery, crisis management, entrepreneurial strategy and urban tourism literature with a focus on organisational perspectives. It systematically brings together the theories and research findings from these separate strands of literature.
Findings
While the extant literature focuses on the importance of effective adaptability to survive and thrive in environmental uncertainties, some aspects of the relevant evolutionary processes are not addressed in the context of urban tourism. Indeed, a systematic approach that questions how urban tourism and hospitality businesses react to crises has been long overdue. This paper, therefore, introduces niche construction theory (NCT) as an alternative and proposes an integrated framework to understand the environmental conditions of urban tourism and organisational evolution during post-disaster turbulence.
Research limitations/implications
The proposed model emerging from a multidisciplinary literature review acknowledges boundary conditions in the tourism industry-specific interpretation of a crisis situation. The tenets of NCT need to be adopted flexibly rather than as part of a strictly prescriptive process to allow for all aspects of the related business responses to play out and become exposed to the emerging selection pressures.
Practical implications
The argument underpinned by the theoretical constructs of niche construction encourages and offers a framework for practitioners to actively (re)formulate business proposition and (re)construct organisational niche to survive post-disaster turbulence in the business environment and exert influence over their own evolution.
Originality/value
This paper offers different angles, filters and lenses for constructing and interpreting knowledge of organisational evolution in the context of crisis management. The conceptual schema (Figure 2) emerged as a novel contribution itself providing a necessary lens to interpret the empirical data and understand the complexities of the organisational responses to the disruptive post-disaster turbulence in an urban tourism business environment.
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The purpose of this research is to examine the growth rates of commercial banks and credit unions around the financial crisis and recovery. Credit unions are analyzed as a group…
Abstract
Purpose
The purpose of this research is to examine the growth rates of commercial banks and credit unions around the financial crisis and recovery. Credit unions are analyzed as a group and by field of membership. Specifically, this research analyzes the growth rates of assets, deposits, and loans.
Design/methodology/approach
This research employs univariate tests of differences to examine the median growth rates for commercial banks and credit unions. Unbalanced pool regressions analyze growth rates during the pre-crisis, crisis, and recovery periods, controlling for size, net charge-offs, and unemployment.
Findings
Univariate test results that control for size show that banks grow at faster rates than credit unions for most of the pre-crisis years. However, medium sized credit unions grow at faster rates for most of the crisis and recovery years. Results of unbalanced pool regressions suggest that, overall, credit unions grow at slower rates than do banks. However, during the crisis and recovery, credit union growth is significantly greater than that of banks, after controlling for net charge-offs, size, and unemployment. Credit union growth varies by field of membership type.
Originality/value
Although a large volume of research examines commercial bank performance around the financial crisis, only a few papers assess the performance of credit unions. And very few papers compare commercial banks and credit unions. This paper explores how the recent financial crisis influenced the growth of commercial banks and credit unions from 2005 to 2013.
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At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in…
Abstract
At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation cost between 2 percent and 3 percent of Gross Domestic Product (GDP), whereas the Troubled Asset Relief Program (TARP) and the conservatorships of Fannie and Freddie actually made money for the US Treasury. But the direct cost of government remediation is largely irrelevant in judging macro significance. What matters is the cumulative output loss associated with and plausibly caused by failing financial institutions. I estimate output losses for 1981–1984, 1991–1998, and 2007–2026 (the latter utilizing forecasts and projections along with actual data through 2015) and, for a final comparison, 1929–1941. The losses associated with 2007–2009 have been truly disastrous – in the same order of magnitude as the Great Depression. The S&L failures were, in contrast, inconsequential. Macroeconomists and policy makers should reserve the word crisis for financial disturbances that threaten substantial damage to the real economy, and continue efforts to identify in advance financial institutions which are systemically important (SIFI), and those which are not.
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