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The purpose of this paper is to highlight the contribution of the EFMN Issue Analysis to the identification of key emerging science and technology issues of high relevance for European policies, as well as to the development of future European science and technology policy priorities. As such, it describes the experience of the past three EFMN Issue Analyses (2005 to 2007), which focused on “Cognitive Science” (2005), “Healthy Ageing” (2006) and “Emerging Knowledge‐based Economy and Society” (2007).

The annual EFMN Issue Analysis aims at selecting and analysing one key emerging science and technology issue that is relevant for European Union policies. The selection is based on the screening and analysis of recent international foresights along a set of predefined criteria.

The paper highlights future socio‐economic perspectives and S&T developments coming along with the topics “Cognitive Science”, “Healthy Ageing” and “Emerging Knowledge‐based Economy and Society”, as well as policy recommendations as emerged from the respective expert workshop discussions. The paper also reflects on the methodology used, and experience of, and the lessons learned from the last three Issue Analyses.

This paper is of interest for foresight practitioners and policy‐makers at European level, as well as at national or regional level in European Member States.

The paper highlights the role of the EFMN Issue Analysis in providing the basis for well‐informed (science and technology) policy‐making.

CSR reporting is an institutionalized practice. However, institutionalization has been primarily examined in the context of limited social issues and largely restricted to the presence of CSR communication. The purpose of this paper is to introduce a framework to explore how institutional and organizational factors shape CSR programming in response to an emerging social issue: the global refugee crisis.

The authors collected corporate social responsibility (CSR) reports from Global 500 Fortune corporations between 2012 and 2017. This study uses content coding and inferential analysis to examine how industry type, headquarters location, and partnership resources are related to programming in the refugee relief efforts.

The results reveal distinctive patterns from the technology sector and European corporations, with no clear patterns identified among other corporations. The findings indicate that although CSR is an institutionalized practice, CSR program reporting offers fewer insights as to how institutionalization occurs.

Results suggest a preliminary framework for understanding how CSR programming becomes institutionalized and provide implications for how corporations may address emerging social issues.

This study applies an institutional, communicative approach to the context of the recent global refugee crisis, which contributes to theory development through the examination of an emerging social issue. It also extends prior research on the institutionalization of CSR by focusing on programming in response to an emerging social issue over time and suggests the limits of prior claims of institutionalized practices.

The rapidly changed global context for internationalization (IZN) over the next decade prompted a decision to use a futurist perspective for identifying issues to be considered in the organization’s next strategic plan. This paper aims to report on this project to identify current and strategic issues influencing the future strategy of the higher education (HE) IZN for Thailand on behalf of the Bureau of International Cooperation Strategy and the Office of the Higher Education Commission.

The research approach was a customized version of the University of Houston’s Framework Foresight method. It involved framing the domain with a description and domain map, scanning for signals of change within the domain and emerging issues analysis to produce a set of current and emerging issues. A planning step synthesizes a set of recommended actions.

The key findings reported in this paper are the identification of 14 current and emerging issues influencing the future of the IZN of HE in Thailand. The issues were organized along with the three horizons framework: H1: how are we [currently] doing? H2: what should we do next and H3, where do we want to go? The primary recommendation of this research reported on in this study is to consider the 14 issues for inclusion into the next strategic plan. Seven specific strategic options mapped over three phases were identified as well. The research reported here was carried out for Thailand, but the process could easily be adapted by other countries and other topics.

The modified version of the University of Houston Framework Foresight approach has been applied successfully to many topics. The topic explored here is focused on one nation, Thailand. The authors feel the lessons are, however, broadly applicable.

The ability to use a futurist perspective to identify current and emerging issues is highlighted. The organizing of the issues using the three horizons framework proved to be particularly useful in helping the client to develop a sense of timing regarding the future, that is, when and to what degree to pay attention to the many issues that typically confront any organization.

The use of the three horizons framework in the analysis of the emerging issues provide benefits in two ways in situating the likely timing of signals of change in horizon scanning and “scan hits” both scanning for the identification of issues and organizing the resulting current and emerging issues along the three horizons with H1 current issues: how are we [currently] doing?; H2 emerging issues: what should we do next and H3 emerging issues, where do we want to go? The paper also includes a section exploring the impact of Covid-19 on the likely timing of the issues identified just before the pandemic hit, finding that timing of some issues would speed up, some would stay the same and some would slow down.

This paper aims to examine the state of research on environmental, social and governance (ESG) performance in the context of multinational business research. This paper discusses research progress as well as various issues and complexities associated with using ESG ratings in cross-country studies and for assessing the performance of multinational enterprises (MNE) and emerging market multinationals (EMNEs).

The paper identifies emerging literature that focuses on tracking the development and uptake of ESG ratings in the international context. It discusses three emerging research streams: Research examining the ESG-financial performance relationship in emerging markets, research tracking the ESG performance of multinationals in the various countries and regions they are operating, and frameworks for assessing ESG-related risks on a country level.

While the emerging body of work adds an important dimension to the identification and awareness of ESG issues globally, numerous unresolved issues become evident. ESG frameworks have been built to assess corporate sustainability as it relates to firms in their “home” countries (typically with a focus on developed countries), with limited applicability and transferability to emerging markets. International firm activities are often not captured in detail and not comprehensively mapped across firm subsidiaries and a firm’s corporate supply chain where ESG issues are prone to happen, and ESG scores do not comprehensively integrate views and voices from various local stakeholders that are impacted by firm activities, particularly indigenous communities.

Research on ESG ratings in the context of multinational business research is generally sparse and fragmented, thus creating opportunities for future research to expand on existing and emerging findings.

The paper creates awareness of issues to consider when using ESG ratings in cross-country studies and for assessing the ESG performance of MNEs and EMNEs: ESG scores can be subject to bias and are not weighted by materiality, which can be misleading for portfolio construction and performance measurement purposes. Managers need to be aware that ESG scores are often not capturing ESG issues occurring in supply chains and ESG issues affecting local communities.

This study enriches the understanding of ESG in the context of multinational business research practice.

Emerging markets present differences in structural characteristics, yet exhibit commonalities of melancholy evidence of varying degrees of economic and political under‐development. There is a greater consensus in the finance literature on what the characteristics of emerging markets are than there is on their meaning. Some perceive the financial markets in terms of the mix of financial institutions and the level of development of the national economy. In this respect, popular reference relates to the dichotomy between developed and developing countries. This view of the emerging markets is flawed on the grounds that some countries within the developed countries' group are regarded as emerging markets (e.g. Portugal, Greece and former USSR) (see for example, Todaro, 1989, p.16). Narrow conceptions then focus on the level of development (and efficiency) of the national stock market and financial system, hence the appellation ‘emerging stock markets of developing countries’. These markets are thought to suffer from the small numbers market condition (Williamson, 1975), allocative efficiency distortion, and a range of market imperfections and externalities, including transaction costs. Yet others cast these markets in terms of their high levels of political risk, involving essentially military interregnums or what the international investor regards as unwarranted government intervention in exchange transactions.

American depository receipts (ADRs) listed on the New York Stock Exchange during the 1990s and 2000s are compared to determine how well they performed versus the US index and respective regional indexes utilizing three-year holding period excess returns. Results suggest that ADRs listed in the 2000s perform better than those in the 1990s. Also, seasoned equity offerings performed better than initial public offerings. Regression analysis indicated the best predictors of ADR performance are the returns of the respective regional index where the ADR-listing firm is headquartered, the date of issue (2000s vs 1990s), and whether the ADR was from an emerging economy.

Purpose of paper – This paper sets out to introduce the special issue on corporate governance in less developed and emerging economies. It summarises and reflects on themes and findings raised in the papers in the volume.

Design/methodology/approach – The findings reported in the paper are based on desk research and review of the papers contained in the volume.

Findings – The paper finds that the adoption of appropriate corporate governance systems is becoming a central issue in less developed and emerging economies. Factors such as the 1997 Asian financial crisis, the adoption of international donor led reforms, and the globalisation of capital markets are among the factors that are driving corporate governance reforms in less developed and emerging economies.

Research limitations/implications – The pressure from international donors has compelled some less developed and emerging economies to adopt corporate governance models developed in the West with no modification. The paper argues that while it is imperative for less developed and emerging economies to reform their corporate governance systems, it is important that these systems are adapted to suite the specific needs of individual countries.

Originality/value of paper – The paper is a summary of studies exploring various corporate governance issues in less developed and emerging economies. The issues addressed in these studies are important to understand corporate governance issues in both the private and public sectors in less developed and emerging economies.

Summarizes the net capital flows from industrial to developing/transitional countries 1970‐1996 and recent changes in their equity and bond markets; and identifies the factors affecting these portfolio flows and risk/return behaviour in OIC stock markets. Uses monthly stock return data from ten OIC countries to demonstrate that despite their volatility they might offer opportunities for portfolio diversification; and uses cointegration methods to investigate the dynamic relationships between them. Discusses the causes of the Asian currency crisis and its impact on these stock marekts; and considers what trade and development policies OIC countries should adopt to improve their economies.

This chapter identifies three crisis warning indicators driven from trading in emerging markets’ carry trades, and empirically examines whether these indicators could predict two major financial crises that hit the global financial markets in the last decades — The 1997–1998 Asian crisis and the 2007–2008 global crisis. The probit regression is used to examine the power of the three indicators in forecasting financial crises, using data from eight Asian emerging countries which serve as proxies for emerging markets, independent of the origination of the crisis. I use both fixed effect and random effect estimation to measure crisis impacts. The empirical results show that financial crises could have been predicted. Probit estimation show that carry trade returns can predict a financial crisis, and the estimation results are robust to both panel level and country-level analysis. These three indicators are by no means an exhaustive list of all possible predictors of financial crisis. The literature suggests other fundamental indicators of financial crises such as the current account deficit and foreign debt. However, this chapter cannot fully consider these indicators for lack of data at this point in time. Although financial crisis may be better predicted by the well-known fundamental indicators, the contribution of this chapter is simply that carry trade-related indicators can help in predicting crises.

However, while the benefits of adopting virtual work structures have been extensively discussed, ethical considerations have been largely ignored in the existing literature. To fill this gap, this study aims to investigate the key ethical issues associated with virtual workplaces. It also aimed to examine the various preventive measures that could be considered for effectively managing such challenges.

The study adopted an inductive research approach using qualitative methodology. Data was collected by executing the technique of dual moderator focus group discussion. By using the purposive sampling technique, the sample comprised 24 software professionals from emerging economies such as India. All sessions were transcribed, and the data were analysed using the content analysis method.

The study reports some interesting results related to various ethical issues and the preventive measures to handle such issues in virtual workplaces. The themes that emerged related to ethical issues have been categorised into three broad categories, i.e. People, Technology and Culture. In contrast, preventive measures have been reported in both contexts, i.e. pre-preventive and post-preventive measures. Furthermore, few recommendations have been made to improve virtual work experiences for remote work professionals. The identified themes and categories were classified and arranged in “Network View”, a feature embedded in Atlas.ti7 software, to analyse the conceptual relationships.

The findings may help managers regarding various ethical issues in virtual work settings. It may also provide an insight to the managers about the benefits of adopting preventive measures for handling ethical dilemmas in virtual workplaces in an emerging economy like India.

The study may be seen as one of the earliest attempts to consider the lingering debate on ethics in virtual workplaces. The findings of the study have implications for further theoretical research on the topic.