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The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial crisis (GFC) on and structural breaks in the degree of integration are explored. The paper, additionally, analyses the behaviour of the level and the rate of change of the degree of integration around the period of the GFC.

The paper relies on the R² from a single factor world and the incremental R² from a two-factor world and emerging market models as proxies for the global and emerging markets degree of integration, respectively. Relying on the Quandt test for unknown structural breakdates, the paper examines structural breaks in the degree of integration.

The degree of global integration of emerging markets exceeds their degree of integration with themselves, particularly in the recent period. Additionally, the GFC is a significant driver of the recent increase in world market integration. We observe significant structural shifts in both the degree of the world and emerging markets integration measures. The breaks in the world market integration largely coincide with the GFC, whereas that of the emerging market integration is dispersed. Also, the level of the world market degree of integration has reversed recently, although, the degree of world market integration remains above pre-crisis point.

There exist high country-specific components in emerging market returns that are not accounted for by the world and emerging market factors despite the recent increase in global integration. Thusly, portfolios that diversify across emerging markets appear to have a high diversification potential. Additionally, substantial diversification gains may be realised with the inclusion of emerging market assets in global portfolios.

The paper shows that the emerging markets respond similarly to common global, although, diversely to emerging markets events. Additionally, evidence of the impacts of the GFC on the degree of global integration of emerging markets is presented.

Using a market model of international equity returns, which fully incorporates the regime switching and heteroskedasticity effects, we conduct an empirical study on the asymmetric behavior of 31 emerging equity markets across the different regimes of both the global and the local markets. Asymmetric correlation is found to be much weaker than that among developed markets as documented in the recent studies. There is little evidence of performance enhancement by possessing information on asymmetric correlation in international asset allocation strategies involving emerging markets.

The purpose of this paper is to address the future role of emerging economies in the global marketplace. The paper highlights current trends in the global market and the changing role of emerging economies.

The paper discusses various perspectives on the role of emerging economies in a globalized world. The paper relies on recent debates on the state of the global economy and the changing positions of emerging economies in the world market.

The paper devises six categories for today’s emerging economies: advancing player, reluctant player, repositioning player, the defender, the chained player and the retreating player. These classifications set the stage for a thoughtful discussion on the potential roles of emerging economies in a world that is characterized by constant changes and alternating positions of major players.

The paper provides unique perspectives on emerging economies, while refuting those who attempt to marginalize their roles in today’s marketplace. It makes a powerful argument that in the era of globalization, neither the developed world nor the emerging economies can lead without the other.

We examine how the international financial crisis of 2007–2010 has impacted on the performance of emerging market MNCs relative to their developed market counterparts. We present our multinational classification system and categorise the world's largest firms, the Global Fortune 500 (GF500), according to their degree of multinationality. We show that the number of GF500 firms from emerging markets has increased significantly over the past decade, and that the international financial crisis of 2007–2010 has further enhanced this trend. We compare the relative risk-adjusted performance of emerging and developed markets before and since the international financial crisis. We show that although the GF500 firms from developed markets tend to be more multinational than the GF500 firms from emerging markets, the latter have outperformed the former over the past decade – both before and after the recent international financial crisis.

The modern industrialized world was completely caught off guard by the recent SARS outbreak. Fortunately, for most organizations, the impact has been short lived, but management has been provided with a reminder of the impact of the external environment in a world of ever increasing globalization. As seen with the SARS outbreak, a lack of preparedness can have devastating effects on business and warrant inclusion in a business definition of a crisis. This paper uses the recent SARS epidemic as a background to highlight the importance of crisis planning, particularly in emerging economies, and suggests how organizations can address these concerns.

The purpose of this paper is to examine public sector accounting reforms, mainly the adoption and implementation of the Cash Basis International Public Sector Accounting Standard (IPSAS) in the Central Government of Bangladesh.

Drawing on the ideas of new institutionalism, the paper investigates the factors which have forced the country to accept the Cash Basis IPSAS but have delayed its implementation in practice.

Different approaches towards the Cash Basis IPSAS are now distinct in the Central Government of Bangladesh. Differences between Bangladesh and other emerging economies have been narrowed as the potency of institutional pressures has increased, and there is a risk, as experienced in other emerging economies, that the very adoption of the Cash Basis IPSAS may remain more a rhetoric than a reality in Bangladesh. The paper demonstrates that the extent to which professional accountants and their associations participate in reforms determines the public sector accounting reform trajectories in emerging economies.

The paper demonstrates that reforms driven by indigenous administrators can have the potential of becoming more instrumental in emerging economies than the externally propagated reforms, such as IPSASs and accrual accounting. What is important is to advance incrementally those public sector accounting reforms that local administrators have identified as important, that they could cope with their existing knowledge and capacity, and that they are interested in engaging with the reform process.

First, the study has contributed to extending neo-institutional theory by bringing out the responses of different stakeholders responsible for implementing public sector accounting reforms, mainly the Cash Basis IPSAS, in practice. Next, the paper has raised a question as to whether the Cash Basis IPSAS could be an appropriate reform measure for the central government of Bangladesh.

This paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced economic downturn.

Using a recent sample of firms in 34 countries between 2003 and 2021, the authors employ ordinary least squares regressions, moderations and the Heckman two-step method to test the hypotheses.

Firms with strong SP have higher FP in developed and emerging economies in the upcoming year. During the COVID-19 crisis in 2020–2021, the impact of sustainability on FP is pronounced in developed but not in emerging economies. Furthermore, cross-listings expose firms in emerging economies to high-standard institutional mechanisms in developed economies. Thus, sustainable firms in emerging economies cross-listed on European stock exchanges are more profitable.

For regulators and standard setters, the global-level comparative analysis helps them find solutions that may assist firms in improving SP globally (e.g. mandatory reporting) and enduring crises resiliently. For institutional investors, the study reveals the relatively different impact of sustainability risk for firms in developed and emerging economies. For practitioners and private sector firms, this study contributes to the dialogue on what makes firms more resilient in COVID-19. Although COVID-19 might be temporary, the lessons learned could protect firms from future crises.

The authors contribute to the contingency perspective between sustainability and financial performance by providing recent empirical evidence in a global setting during the COVID-19 pandemic. The authors demonstrate how different external institutional mechanisms (rule-based governance and relation-based governance) and cross-listing affect the SP-FP relationship during a crisis. The authors extend the knowledge in crisis management literature with a comparative study and fill the research gap on how SP affects FP for firms in emerging economies compared to developed economies.

This chapter proposes a quantum relational process philosophy as an approach for studying organization-in-becoming as a world-creating process. Furthermore, the quantum relational process philosophy is tied to quantum storytelling. Whereas the quantum relational process philosophy outlines a philosophy of a processual ontology, epistemology, and ethic, quantum storytelling provides the storytelling medium through which such an ontology, epistemology, and ethic emerges through articulation and actualization. As such, the two approaches are introduced as inseparable from each other.

The focus of this chapter is to unfold the ties between the quantum relational process philosophy and quantum storytelling through the perspective of the quantum relational process philosophy itself.

The proposed quantum relational process philosophy is defined as Being-in-Becoming. Thereby, this approach is suggested as an alternative to the “Being” perspective and the “Becoming” perspective or at least as a further development of the becoming perspective. These latter two perspectives present two different ways of viewing organizational change: development and transformation.

The being perspective relies on substance ontology acknowledging the existence of entities: that “which is.” In substance ontology, however, entities such as individuals and organizations are viewed as existing in themselves in fixed space-time frames. This view entails a rather static and stable ontology, perceiving the organization as a ready-made world of stable, unchanging entities. This perspective is often referred to as the approach of building the organizational world through intervention and control of change.

As a contrast, the becoming perspective relies on a process ontology while the organization is perceived as a sea of constant flux and change through which the organization emerges on the way. In this process-oriented perspective, attention is directed toward “that which is becoming.” In this perspective, the organization is perceived as a world-making phenomenon emerging through ceaseless processes of transformation. This approach is often referred to as the dwelling approach, that is, to dwell in the world-making phenomenon letting it happen. This perspective tends to ignore that which exists, that is the ready-made forms, and only focus on that which is becoming.

In this chapter, the proposed being-in-becoming perspective views the tension between being and becoming as a dialectical interplay that is decisive to organizational transformation. However, in the being-in-becoming perspective, “entities” are viewed from a quantum perspective whereby being-in-becoming differs from the substance ontology in its view of the nature of “entities.” In this perspective, the organization is viewed as a dialectical interplay between, at the one hand, the organizational form(ing) of life and, at the other hand, the aliveness of unfolding and transforming living life-worlds of being-in-the-world in fluid space and open time. This dialectical interplay is conceived as central in organizational world-creating processes.

The aim of the chapter is to develop a conceptual framework of a quantum relational process philosophy that embraces the dialectics of transforming organizations. The contribution is to be capable of understanding the performative consequences of dialectic to organizational transformation viewed from the being-in-becoming perspective of the quantum relational process philosophy.

Through the contribution of Heidegger, Hegel, Aristotle, and Boje, and further enriched by Barad, Bakhtin, and Shotter, a conceptual framework is developed for understanding, analyzing, and problematizing dialectical organizational world-creating.

This framework is called “Fourfold World-Creating.” The fourfold world-creating framework keeps the dialectic of organizational transformation at its center while it at the same time take into consideration the dialectical interplay of ontology, epistemology, and ethic. In this sense, the framework is proposed as quantum relational process philosophy. The incorporation of ethic in the quantum relational process philosophy represents an additional contribution of the chapter.

The fourfold world-creating framework is furthermore suggested to be conceived as a quantum relational process philosophy of the antenarrative dimension in David Boje’s quantum storytelling triad framework encompassing: (1) the narrative, (2) the living stories, and (3) the antenarrative. In his recent research, David Boje has a developed a dialectical perspective on his storytelling framework. Following in line with this thinking, this chapter suggests viewing (1) the narrative as the ready-made form, (2) the living stories as the living life-worlds, and (3) the antenarrative as fourfold world-creating.

In this sense, the proposed dialectical fourfold world-creating framework and its embeddedness in the quantum relational process philosophy contributes to our understanding of the research contributes of antenarrative storytelling in organizational studies.

As findings, the chapter proposes what could be considered as ontological, epistemological, and ethical key constituents in dialectical organizational world-creating. The contribution of these findings encompasses an analytical framework for (1) understanding the dialectical, transformative movements of the organization as well as (2) analyzing and problematizing the cease of dialectical tensions that seems to lock the organization in a particular state of being, only capable of repeating and reproducing its ready-made world in fixed space-time frames.

This chapter measures financial integration in 10 industries over 4 different periods. We use two robust measures of integration: (i) the Pukthuanthong and Roll (2009)’s multi-factor R-square and (ii) the Volosovych (2011)’s integration index. Both measures, based on PCA, indicate that the difference between the level of integration over the period 2009–2012 (“Post-Lehman” era) and the level of integration over the period 1994–1998 (“Post-Liberalizations” era) is relatively high. In addition, the level of financial integration across international equity markets decreased during the late 1990s. This suggests that de jure integration does not necessarily improve de facto integration. Overall, our findings give rise to a “diversification benefits-insurance benefits trade-off.”

Interest in reverse innovation (RI) is increasing. According to the authors’ review, more than 350 reliable sources (scientific publications, academic books and working papers) examine or at least discuss the concept. As RI gains popularity among academic authors, some discrepancies have started to appear. This wealth of publications could impact prior advancements related to understanding of the phenomenon. The purpose of this paper is to decrease fragmentation and focus on identifying and understanding RI.

A systematic review of RI was conducted. The review conformed to a rigorous set of core principles: it was systematic (organized according to a method designed to address the review questions), transparent (explicitly stated), reproducible and updatable, and synthesized (summarized the evidence relating to the review question).

This systematic review provides an improved theoretical and practical framework for the concept of RI. In terms of theory, the authors have demonstrated that the idea behind the concept is not entirely new. A consensus on the definition of RI is not reached in the literature, and descriptions in organizational theory contexts are sometimes misleading. The authors analyzed all the various definitions provided in the literature. From a practical point of view, the authors have explained the academic interest in RI in relation to organizational strategy, in particular the context in which strategies are adopted. The concept of RI has significant managerial implications, and the authors have proposed a conceptual framework to help managers understand and grasp the implications of RI. Finally, the authors have provided suggestions for future research on RI.

To the best of the authors’ knowledge, this is the first exhaustive literature review on RI.