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This study quantitatively examines the relationship between economic fluctuations and government budget size in the context of China’s fiscal decentralization, drawing inspiration from theoretical predictions of the Keynesian view and empirical studies on other economies.

The panel comprises 31 provinces or equivalents in mainland China, spanning from 1994 to 2019. Diverse estimation strategies including two-way fixed effect regression, the generalized method of moments (GMM) and threshold regressions are, utilized.

The results suggest that under the “tax-assignment system”, neither the central government’s fiscal transfers nor the provincial budgetary revenues or expenditures help reduce economic volatility. Surprisingly, some regression outcomes suggest that government size measures destabilize business cycles.

While the study does not provide supportive evidence for the stabilizing effect of public budgets in Chinese provinces, it promotes a rethinking of the government’s intricate role in macroeconomic stabilization in the context of China’s fiscal decentralization.

There have been the concerns that leveraged and inverse ETFs contribute to the financial crisis of 2007~2008. Several researchers have investigated this important issue. However, there is no consensus yet whether leveraged and inverse ETFs destabilize a financial market. Financial stability is an important subject for policy makers, practitioners and academia. ETFs are one of the most important financial innovations. In particular, leveraged and inverse become more and more influential. Therefore, such lack of academic and practical consensus is a significant challenge. In this paper, we analyze whether leveraged and inverse ETFs affect the price and volatility of Korean market. Thus, our research contributes to the body of literature and to the design of public policies and trading strategies. Our research can also advance the development of ETF industry, one of the fastest growing and promising sector in the Korean financial market.

Despite the continuation of hospital mergers in many western countries, it is uncertain if and how hospital mergers impact the quality of care. This poses challenges for the regulation of mergers. The purpose of this paper is to understand: how regulators and hospitals frame the impact of merging on the quality and safety of care and how hospital mergers might be regulated, given their uncertain impact on quality and safety of care.

This paper studies the regulation of hospital mergers in The Netherlands. In a qualitative study design, it draws on 30 semi-structured interviews with inspectors from the Dutch Health and Youth Care Inspectorate (Inspectorate) and respondents from three hospitals that merged between 2013 and 2015. This paper draws from literature on process-based regulation to understand how regulators can monitor hospital mergers.

This paper finds that inspectors and hospital respondents frame the process of merging as potentially disruptive to daily care practices. While inspectors emphasise the dangers of merging, hospital respondents report how merging stimulated them to reflect on their care practices and how it afforded learning between hospitals. Although the Inspectorate considers mergers a risk to quality of care, their regulatory practices are hesitant.

This qualitative study sheds light on how merging might affect key hospital processes and daily care practices. It offers opportunities for the regulation of hospital mergers that acknowledges rather than aims to dispel the uncertain and potentially ambiguous impact of mergers on quality and safety of care.

The paper explores the potential value of urban assemblage theory as a conceptual framework for understanding the role heritage has in social sustainable urban placemaking. The authors conceptualise urban placemaking as a dynamic and complex social assemblage. Heritage is one of the many dimensions of such a complex and dynamic urban assembly. Based on the approach to urban assemblage theory, the authors aim to uncover how postindustrial city-making unfolds. When approaching the case studies, the authors ask the following: Whose city for which citizens are visible through the selected case studies? How is social sustainability achieved through heritage in urban placemaking?

The main research material is derived from theoretical literature and the testing of an assemblage methodological approach through three Norwegian urban regeneration case studies where heritage partake in urban placemaking. The three case studies are the Tukthus wall (what is left of an 19th century old prison), the Vulkan neighbourhood (an 19th century industrial working area) and Sørengkaia (an 19th century industrial harbour area) in Oslo, Norway. The three case studies are representing urban regeneration projects which are common worldwide, and not at least in a European context.

The paper reveals the dynamic factors and processes at play in urban placemaking, which has its own distinct character by the uses of heritage in each of the case study areas. Placemaking could produce “closed” systems which are stable in accordance with its original functions, or they could be “open” systems affected by the various drivers of change. The paper shows how these forces are depending on two sets of binary forces at play in urban placemaking: forces of “assemblages” co-creating a place versus destabilising forces of “disassembly” which is redefining the place as a process affected by reassembled placemaking.

For research, the authors focus on the implications this paper has for the field of urban heritage studies as it provides a useful framework to capture the dynamic complexity of urban heritage areas.

For practice, the authors state that the paper can provide a useful platform for dialogue and critical thinking on strategies being planned.

For society, the paper promotes the significance in terms of fostering an inclusive way of thinking and planning for urban heritage futures.

The paper outlines dynamics of urban regeneration through heritage which are significant for understanding urban transformation as value for offering practical solutions to social problems in urban planning. The assemblage methodological approach (1) makes awareness of the dynamic processes at play in urban placemaking and makes the ground for mapping issue at stake in urban placemaking; (2) becomes a source for modelling urban regeneration through heritage by defining a conceptual framework of dynamic interactions in urban placemaking; and (3) defines a critically reflexive tool for evaluating good versus bad (heritage-led) urban development projects.

This study aims to answer the research question of how a calculative regime for public universities is implemented, how and under which conditions its symbolic use emerges and what kind of unintended consequences occur over time.

The empirical material presented in the paper derives methodically from a longitudinal qualitative research approach analyzing higher education systems (HES)-reforms in Austria. To better understand the consequences of the organizational changes in line with the new legal framework, 2 series of qualitative interviews in 2011/2012 and 2016/2017 on the field level and the organizational level were conducted.

Identifying two enabling consequences from the tactical behaviors of resistance and symbolic use, i.e. new processes of communication and horizontal network building, allows for theory-building with a focus on the dynamics how accounting begins, then next becomes an established infrastructure, is then destabilized and re-elaborated before it becomes, again, an infrastructure which is different from before.

Although the findings are based on a national empirical context, they are linked to the international discourse on HES in transition and the role of calculative regimes including performance measurement and management attitudes and instruments. They are relevant for an international research community open-minded toward differentiated case studies in a longitudinal perspective on HES-reforms.

When reflecting on their own specific settings governing bodies and practitioners managing the transition of HES may find insights from longitudinal case studies inspiring. The dynamics initiated by new calculative regimes installed need a sensitive framework to handle dissent, resistance, tactical behaviors and changes in power relations between the field level and the organizational level.

This is a unique longitudinal case study of the Austrian HES and its public universities in transition.

The purpose of this paper is to explore the concept of pensionomics as a prospective tool for pension evaluation. This paper suggests a paradigm shift – a multi-disciplinary synthesis of differing perspectives in evaluating pension’s overall performance based on past work on pension evaluation – incorporating non-economic variables with significant impact on economic growth and social development.

This paper suggests a new analytical tool called “Pensions Consistency (PC) Index” that identifies the level of consistency and the strengths and weaknesses within any pension system. The new conceptual framework focusses on building inter-sectoral and holistic policies able to respond to the new multi-dimensional dynamic environment.

The consideration of pensionomics concept as an evaluation tool for pension schemes provides insights that are helpful in explaining performance differentials. Taking definition, classification and evaluation as a guiding principle, the new conceptual framework can be a useful point of reference for the overall evaluation of pension schemes, revealing deficiencies that traditional evaluation methods cannot detect. The multi-disciplinary approach focusses on building inter-sectoral and holistic policies that are able to respond to the multi-dimensional uncertainties of the new dynamic environment.

The heterogeneity and complexity in event dynamics are systemic in the sense that the impact is far from linear. The idiosyncratic nature of unexpected and unpredictable events is rather a result of multi-dimensionality based, among others, on magnitude, frequency, timing, intensity and impact. It is plausible to argue that crisis episodes can destabilize critical systems of economic activity, producing economic spillovers that can directly or indirectly affect the sustainability of pension schemes. If the calculation of direct economic impact is readily traceable, the estimation of indirect economic impact can be an onerous task.

Pensionomics places the concept of retirement in a multi-disciplinary context. Pensionomics overcomes theoretical and empirical limitations encountered by the path-dependency perspective, developing a new research agenda to study pension schemes under historical, cultural, social, political, economic, political and environmental prism. Integrating diversified data, techniques, perspectives and concepts, pensionomics’ objective is to connect natural and man-made events with social protection mechanisms for the development of a dynamic social protection framework where individual, community and society needs are met effectively and efficiently by implementing tailored policies, closely related to their specific context.

The concept of retirement has evolved constantly, transforming societies and shaping both income and non-income dimensions of well-being. Pension entitlement turned gradually from a political discourse to a human right discourse. Pension schemes have extended the scope of insurance coverage beyond labour markets and the lifecycle, supporting the broader needs of entire population. Furthermore, pension schemes are widely acknowledged as drivers of economic growth: they enhance labour productivity; foster smooth consumption; and create a stable economic environment for investment and innovation. Current expectations require pension schemes to adopt proactive and reactive policies to examine options for mitigation or for modification of potential consequences in anticipation of exceptional events.

This paper suggests a paradigm shift, a multi-disciplinary approach called pensionomics, and this “multi-disciplinary” focus builds a new analytical framework to evaluate pension’s overall performance based on past work on pension evaluation, incorporating non-economic variables with significant impact on economic growth and social development. PC-Index introduces a comprehensive evaluation tool to study the coverage, performance, efficiency, effectiveness, current trends and future possibilities of pension schemes.

Since the withdrawal of IFRIC 3 in 2005, there has been a regulatory freeze in accounting for emission rights that contrasts with the international momentum of climate-related financial disclosures. This paper explores how different narratives and institutional dynamics explain the failure to produce guidance on accounting for emission rights.

This paper mobilises the notion of field-configuring events to examine a sequence of six events between 2003 and 2016, including four public consultations and two dialogues between standard setters. The paper presents a qualitative analysis of documents produced in this space that investigates how different practices and narratives configured the field's positions, agenda, and meaning systems.

Accounting for emission rights was gradually decoupled from climate change and carbon markets, relegated to the research pipeline, and forgotten. The obstacles that the IASB and EFRAG found in presenting themselves as central in the recurring events, the excess of representations, and the increasingly technical and abstract debates eroded the 2003 momentum for regulation, making the different initiatives to revitalise the project vulnerable and open to scrutiny. Lukes (2021) refers to nondecision-making to express that some issues are suffocated before they are expressed.

The regulation of accounting for emission rights, an area that has received scant attention in the literature, provides some insights into the different narrative mechanisms that, materialising in specific times and spaces, draw regulatory attention to particular accounting issues, which are problematised and, eventually, forgotten. This study also illustrates that identifying interests is problematic as actors shift from alternative positions over a long period. The case examined also raises some doubts about the previous effectiveness of international standard setters in dealing with matters of connectivity between the environment and finance, as is the case for accounting for emissions rights.

This chapter presents an exploratory study of specific experiences among Central Asian grandparents who adopt and raise their firstborn grandchild as their own youngest child. The practice, referred to as ‘nebere aluu’, is deemed an ethnonational tradition of the Kyrgyz and Kazakh people and appears to be widely accepted among men and women, young and old. Drawing on in-depth interviews with grandparents themselves, I describe this phenomenon as situated within and dynamically responding to the shifting social, economic and political context of contemporary Central Asia. Drastic transformations in the everyday lives, while destabilizing and disorienting, may have supplanted nebere aluu with unique significance. Contemporary expressions of nebere aluu point to it being a complex social system of intergenerational reciprocal care, continuity and responsibility that provides a meaningful space for reconciling conflicting ideas about family, marriage, love and child-rearing. This discursive space is open for debate and negotiations and raises important questions about power and gender politics inherent to it.

Organizational change is usually stressful and destabilizing for employees, for whom coping with the induced stress is primordial to commit to the change. This paper aims to unravel how and when change recipients can enact different coping strategies and, ultimately, manifest different forms of commitment to change.

We propose a theoretical model that identifies challenge appraisal and hindrance appraisal as two primary appraisals of organizational change that fuel, respectively, proactive and preventive coping strategies and, indirectly, affective and normative forms of commitment to change. Moreover, this framework suggests that coping strategies and commitment are influenced by the secondary appraisal of two vital resources – resilience and POS – allowing individuals to react effectively to primary change-related appraisals. Finally, the relationship between coping strategies and the components of commitment to change is proposed to be moderated by employees' regulatory focus.

Using appraisal theory and conservation of resources theory as guiding frameworks, our integrated model describes the antecedents, processes and boundary conditions associated with coping with the stress of organizational change and how they ultimately influence commitment to it.

This is the first theoretical paper to identify a conditional dual path to disclose the different reactions that change recipients can manifest in response to the stressful aspects of organizational change.