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This Clause has been renamed from the 1999 edition, where it was called ‘Force Majeure’. This is in line with the changes made in 2008 when FIDIC introduced the FIDIC Gold Book (Conditions of Contract for Design, Build and Operate Projects or FIDIC DBO); here the corresponding Clause was titled ‘Exceptional Risks’ rather than ‘Force Majeure’ because force majeure is a legal standard with different meaning from jurisdiction to jurisdiction. What constitutes force majeure in the Contractor’s country may not be force majeure in the country of the Employer or the Site; using legal standards with differing meanings may lead to uncertainty between the Parties as to the proper interpretation of the Contract. Using a truly generic term is very recommendable and the term ‘Exceptional Events’ indicates what this Clause is about without relying on any general legal standards. In general, where the performance of one of the Parties is prevented by an Exceptional Event, this Party shall give Notice to the other Party (Sub-Clause 18.2 [Notice of an Exceptional Event]). The Parties are under a mutual obligation to mitigate and minimise the delay caused by an Exceptional Event (Sub-Clause 18.3 [Duty to Minimise Delay]). The Contractor may claim an Extension of Time for Completion if delayed by an Exceptional Event and - in some scenarios - compensation if they incur Cost (Sub-Clause 18.4 [Consequences of an Exceptional Event]); if the execution of the Works is prevented for a continuous period of more than 84 days (or more than 140 days combined), either Party may terminate the Contract. Consequently, the majority of the risks associated with Exceptional Events are the responsibility of the Employer as the Employer carries the main burden of the consequences if an Exceptional Event does occur.

This study examines the relationships among residents' event impact perceptions, attitude towards events, attitude towards sponsors and sponsor-related behavioural intentions (i.e. purchase intention and word-of-mouth).

Focusing on the Naha Marathon in Okinawa, Japan, as a research context, data were collected from residents of Okinawa who were familiar with the Naha Marathon and its sponsors (N = 322). Structural equation modelling was employed to test the hypotheses, developed based on theories of social exchange, image transfer and planned behaviour.

The findings revealed that residents’ perceptions of social event impacts, rather than economic and environmental impacts, were associated with attitudes towards the event. Such an effect was indirectly associated with purchase intentions and word-of-mouth intentions via attitude towards the sponsors.

The current research contributes to the literature on sport sponsorship, especially in participation-based sports, by exploring how event sponsors can enjoy fruitful returns on investment. The findings can extend our understanding by highlighting the importance of positive community engagement for sponsors. Sponsors who aim to enhance consumer behaviour should prioritize strategies aligning with the positive social impacts of events.

The primary objective is to analyze the direct and short-run impact of hosting the FIFA World Cup on inward FDI, considering both aggregate and sectoral levels. Additionally, the study aims to investigate the moderating role of governance quality on this impact, emphasizing the importance of robust institutional frameworks in attracting FDI.

This paper uses panel data spanning 1970–2022, encompassing 12 countries that have hosted FIFA World Cup events. The study employs a linear regression model with a robust weighted least squares (RWLS) estimation method. It incorporates various control variables and the institutional quality as moderating variables, to evaluate the impact of hosting the FIFA World Cup on inward FDI at both aggregate and sectoral levels.

Hosting the FIFA World Cup is associated with a significant average increase of $4.33 bn in inward FDI at the aggregate level. Notably, governance quality serves as a critical moderating factor, with well-governed countries experiencing a more substantial increase in FDI, totaling $10.5 bn. At the sectoral level, the results reveal that poorly governed countries attract FDI in primary sectors, while well-governed countries attract FDI in secondary and tertiary sectors. This highlights the nuanced dynamics of FDI attraction depending on the institutional quality of the host countries.

A primary limitation lies in the scarcity of sectoral-level data, constraining the comprehensive study of the relationship between hosting mega-sport events and FDI. Future research could explore alternative data sources and methodologies to overcome this limitation. Additionally, extending the analysis to include other economic indicators beyond FDI could provide a more holistic understanding of the economic implications of hosting major international sporting events.

This study contributes to the literature by focusing exclusively on the FIFA World Cup and undertaking a comprehensive sectoral analysis. By incorporating governance quality as a moderating variable, it adds a nuanced layer to the understanding of the impact of hosting international events on FDI at the sectoral level. The findings underscore the importance of targeted strategies and robust institutional quality in enhancing FDI attractiveness.

This paper looks at how stakeholders co-create value at mega-events from a service ecosystem perspective. Despite the growing interest, little is known about how value is co-created through such initiatives for individual stakeholders and the community.

Drawing on institutional and stakeholder theory, the study focuses on Cortina 2021, the World Ski Championships held in Italy in February 2021. It investigates how multiple actors co-create value within a service ecosystem through qualitative interviews with key stakeholders combined with the analysis of official documents and reports.

The research established that key stakeholders were willing to get involved with Cortina 2021 if they recognised the value which could be co-created. Such an ecosystem requires a focal organisation with a clear regulative and normative framework and a common cultural basis. The latter helped resilience in the extraordinary circumstances of Cortina 2021 and safeguarded long-term impacts, even though the expected short-term ones were compromised.

From a managerial point of view, the evidence from Cortina 2021 shows how a clear strategy with well-defined stakeholder engagement mechanisms can facilitate value co-creation in service ecosystems. Moreover, when regulative and normative elements are blurred because of an extraordinary circumstance, resource integration and value creation processes need to be entrusted to those cultural elements that characterise an ecosystem.

The study takes an ecosystemic approach to mega-events to explore value creation for the whole community at the macro level, not only at the individual or organisational level, even during a crisis, which greatly impaired the preparation and running of the event.

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.

Criticality cognitions regarding the same workplace event often differ between leaders and employees. Nevertheless, its consequences on employee work outcomes remain unknown. In this study, we draw on cognitive dissonance theory to examine how and why leader–employee differences in cognitions of workplace event criticality impact employee job-related outcomes.

Wu used multilevel polynomial regression analyses from a time-lagged, multi-source field study with 145 leader–employee dyads to test our proposed model.

Leader–employee differences in cognitions of workplace event criticality can bring both benefits and perils to employees. Specifically, such differences can cause employee rumination, which in turn leads to an increase in both employee voice and fatigue.

This study contributes to the event and cognitive discrepancy literature in four ways. First, prior event studies largely adopted a singular employee perspective for investigation (e.g. Chen et al., 2021; Lin et al., 2021). By examining the impacts of event criticality from the dual perspective of leaders and employees, we attain a more comprehensive understanding of the implications of workplace events in organizational life. Second, extant studies have predominantly focused on the dark side of cognitive discrepancy (e.g. Bashshur et al., 2011; Erdogan et al., 2004; Grandey et al., 2013). Our study reveals that leader–employee differences in criticality cognitions can have both a bright and a dark side on employee outcomes, offering a more balanced and dialectical view of the consequences of cognitive discrepancy. Third, drawing on cognitive dissonance theory, we introduce employee rumination as an underlying mechanism to explain the impacts of leader–employee differences in criticality cognitions on employee voice and fatigue. Finally, while prior cognitive dissonance research has primarily employed an intrapersonal perspective (e.g. Sivanathan et al., 2008; Pugh et al., 2011; Grandey et al., 2013), our study adopts an interpersonal lens and underscores that interpersonal differences in cognitions can also serve as an example of cognitive discrepancy to instigate internal dissonance processes. By doing so, we enrich our understanding of cognitive dissonance theory.

This paper aims to analyze stock market reactions to announcements of regulatory and law enforcement penalties imposed on banks operating in the USA.

This paper examines abnormal stock market returns around penalty announcements for banks operating in the USA from 2000 to 2022. The authors use a comprehensive data set of nearly 600 penalties to conduct their event study.

This paper finds evidence of positive and statistically significant abnormal returns on the day of the penalty announcement. However, the authors also observe negative and statistically significant abnormal returns days later, violating the semi-strong efficient market hypothesis.

By accounting for confounding events and analyzing subsamples, the authors reconcile conflicting results from prior literature that have variously shown negative, null or positive stock market reactions to penalty announcements.

Process mining (PM) has emerged as a leading technology for gaining data-based insights into organizations’ business processes. As processes increasingly cross-organizational boundaries, firms need to conduct PM jointly with multiple organizations to optimize their operations. However, current knowledge on cross-organizational process mining (coPM) is widely dispersed. Therefore, we synthesize current knowledge on coPM, identify challenges and enablers of coPM, and build a socio-technical framework and agenda for future research.

We conducted a literature review of 66 articles and summarized the findings according to the framework for Information Technology (IT)-enabled inter-organizational coordination (IOC) and the refined PM framework. The former states that within inter-organizational relationships, uncertainty sources determine information processing needs and coordination mechanisms determine information processing capabilities, while the fit between needs and capabilities determines the relationships’ performance. The latter distinguishes three categories of PM activities: cartography, auditing and navigation.

Past literature focused on coPM techniques, for example, algorithms for ensuring privacy and PM for cartography. Future research should focus on socio-technical aspects and follow four steps: First, determine uncertainty sources within coPM. Second, design, develop and evaluate coordination mechanisms. Third, investigate how the mechanisms assist with handling uncertainty. Fourth, analyze the impact on coPM performance. In addition, we present 18 challenges (e.g. integrating distributed data) and 9 enablers (e.g. aligning different strategies) for coPM application.

This is the first article to systematically investigate the status quo of coPM research and lay out a socio-technical research agenda building upon the well-established framework for IT-enabled IOC.

The practical need for understanding and improving team resilience has increased, and more research is needed to provide an evidence-base for guiding organizational practices and policies. In this chapter, the authors highlight what we see as critical challenges and opportunities for advancing the science of team resilience. We focus on conceptual and methodological challenges involved in conducting field-based research on team resilience, as the authors believe field-based research is a particularly critical approach for advancing the science of team resilience. The authors first provide a brief review of recent theoretical work in defining team resilience. Then the authors describe key challenges that must be managed in field studies seeking to refine and capitalize on this critical area of research to provide solutions capable of supporting individual, team, and organizational outcomes. These challenges include defining trajectories of resilient team performance, understanding the consequences of repeated episodes of team resilience, formal specifications of events precipitating resilient team performance, measuring the event appraisal and communication process, and adopting measurement methods with high temporal resolution. Finally, the authors provide directions for future research to address these gaps.

Focussing on the perspective of business event leaders, this study aims to explore the future of transformative experience (TE) events, recognising a paradigm shift from organising conventional events to designing and guiding TEs in the meetings, incentives and conferences as exhibitions (MICE) context.

Using a qualitative interview-based design, insights from 20 international business events industry leaders were gathered and analysed by using thematic analysis through a multi-step process with MAXQDA.

The findings discuss the future of transformative events by identifying the paradigm shift towards TE in business events and outline key dimensions of the leader’s and team’s mindset and skills. Five design principles for TE events in the MICE sector are identified: design for change; emotionally experiential environments; personal engagement; responsibility; and transformative measurement.

The study offers a snapshot of how transformative events of the future could be designed and suggests a series of practical insights for MICE event leaders and organisers seeking to leverage events as a catalyst for intentional transformation, positive impact and long-lasting change.

The study adds to the emerging body of knowledge on TEs and contributes to an extended stakeholder perspective, namely, that of business event leaders and their teams who are instrumental in facilitating transformative events. An original framework for designing TE MICE events is offered as a theoretical contribution.