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1 – 10 of 76Noel Murray, Ajay K. Manrai and Lalita Ajay Manrai
This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.
Abstract
Purpose
This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.
Design/methodology/approach
The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media.
Findings
The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society.
Practical implications
An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010).
Originality/value
The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.
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This paper aims to unravel the puzzle that the United Kingdom’s high-quality government accounting and fiscal architecture is associated with low-quality outcomes, including poor…
Abstract
Purpose
This paper aims to unravel the puzzle that the United Kingdom’s high-quality government accounting and fiscal architecture is associated with low-quality outcomes, including poor productivity growth, high public debt, public services which do not meet citizen expectations and historically high levels of taxation. It contributes to public sector accounting research in the fields of fiscal transparency and governance.
Design/methodology/approach
This paper uses Miller and Power’s (2013) economization framework and Dunsire’s (1990) concept of collibration to explain why being a global leader in public sector accounting reform and in fiscal and monetary architecture has not protected the UK from weak governance. The intersection of economization’s roles of accounting with modes of government accounting clarifies the puzzle.
Findings
Whereas accruals government accounting contributes to fiscal transparency, this is not a sufficient condition for well-judged policy and its effective application. Collibration is the dominant mechanism for mediation in the fiscally centralized UK, but it has failed to deliver stable outcomes, in part because Parliament is limited in its ability to hold back inappropriate behaviour by the Executive. Subjectivization has disrupted adjudication because governments at all levels resist constraints on their behaviour, with unpredictable and often damaging consequences.
Originality/value
This paper provides insights through the combined lens of economization and modes of government accounting, demonstrating the practical value of this conceptualization. Although some causes for unsatisfactory outcomes are specific to the UK, there are cautions for accounting and fiscal reformers in other countries, such as Member States of the European Union.
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Considering the growing importance of finance in shaping corporate and human activities, the purpose of this paper is to focus on the United Nations Environment Programme (UNEP…
Abstract
Purpose
Considering the growing importance of finance in shaping corporate and human activities, the purpose of this paper is to focus on the United Nations Environment Programme (UNEP) Inquiry into the Design of a Sustainable Financial System that aims to align the financial system with sustainable development, with a focus on environmental aspects. Following the inquiry call for better disclosure approaches of material information on the “sustainability impacts” of the financial system as one of the areas of improvement to move toward a sustainable financial system, the author argues for a reform of the accounting model to better reflect the compliance of businesses with “quality of growth” imperatives.
Design/methodology/approach
The paper rests on the entity theory of Littleton (1934).
Findings
The new accounting model requires creating a new equity capital account for the entity that is separate from the shareholders equity account. Valuation as well as other related issues on the functioning of this account is briefly explored in the paper. The reform also requires entrusting the responsibility of answering questions related to valuation, capital maintenance and income distribution to the board of directors that should be composed of representatives of the different capitals which have accrued, temporarily or indefinitely, to the business firm.
Research limitations/implications
This paper calls researchers to explore the theoretical avenues proposed in the paper to develop the model in practice.
Practical implications
The implementation of this reform requires a regulatory reform and the redesign of the economic coordination mechanisms which could be challenging in practice.
Social implications
The accounting model proposed in the paper contributes to a new quality of growth, which is a growth based on well-being and inclusiveness.
Originality/value
The paper draws on the UNEP framework, which has not been investigated in other research studies.
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S. J. Oswald A. J. Mascarenhas
Leadership cannot exist without followership. The phenomenon of direction and guidance, coaching and mentoring, has at least three components: the leader, leadership, and…
Abstract
Executive Summary
Leadership cannot exist without followership. The phenomenon of direction and guidance, coaching and mentoring, has at least three components: the leader, leadership, and followers. With each component, the composition of purpose and goals, ethics and morals, rights and duties, and skills and talents is critically important. While the leader is the central and the most important part of the leadership phenomenon, followers are important and necessary factors in the leadership equation. Leaders and followers are engaged in a common enterprise: they are dependent upon each other; their fortunes rise and fall together. Relational qualities define the leadership–followership phenomenon. A major component of such a relationship is how the leaders create and communicate new meaning to followers, perceive themselves relative to followers, and how the followers, in turn, perceive their leader. This mutual perception has serious ethical and moral implications – how leader uses or abuses power, and how followers are augmented or diminished. This chapter features the essentials of ethical and moral, corporate executive leadership in two parts: (1) the Theory of Ethical and Moral Leadership and (2) the Art of Ethical and Moral Leadership. Several contemporary cases such as inspirational leadership of JRD Tata, Crisis of Leadership at Infosys, and Headhunting for CEOs will illustrate our discussions on the ethics and morals of corporate executive leadership.
Daniel William Mackenzie Wright
The natural environment is facing unprecedented times owing to rising temperatures from carbon emissions, which travel-related industries contribute significantly towards. The…
Abstract
Purpose
The natural environment is facing unprecedented times owing to rising temperatures from carbon emissions, which travel-related industries contribute significantly towards. The recent global COVID-19 outbreak should be a wake-up call for the industry, as vulnerabilities have been laid bare. The current challenges should be used as a motivation to change the meaning of travel to support the global warming crisis. This paper aims emphasis that, by means of new stories, new values, beliefs and ultimately travel behaviours can be rewritten.
Design/methodology/approach/
This study embraces a pragmatic approach to research. To ensure plausibility, credibility and relevance, the research carried out multi-disciplinary analysis of secondary data, information, knowledge and draws on current developing trends.
Findings
The travel community needs to take responsibility and start reducing its carbon footprint and as carbon neutrality is increasingly a global priority. Accordingly, this research considers potential future travel-related behaviours that could support more carbon-neutral travel. Significantly, it notes how the COVID-19 outbreak has offered insights into potential positive changes. To benefit from these changes, new stories for industry providers are necessary to encourage more carbon-neutral travel practices.
Originality/value
This paper offers timely and original discussions on the future of travel as a result of COVID-19 impacts. It draws on the power of storytelling as a means of achieving behavioural change in the travel community to support the challenge of climate change.
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This paper posits the need for English language arts (ELA) teachers to foster students’ use of languaging about their relations with ecosystems and peers, leading to their…
Abstract
Purpose
This paper posits the need for English language arts (ELA) teachers to foster students’ use of languaging about their relations with ecosystems and peers, leading to their engaging in collective action to critique and transform status-quo systems impacting the climate crisis.
Design/methodology/approach
This paper reviews the current theory of languaging theory and research that focuses on the use of languaging to enact relations with ecosystems and others and voice emotions for transforming communities and reducing emissions contributing to climate change.
Findings
This review of languaging theory/research leads to identifying examples of teachers having students critique the use of languaging constituting status quo energy and community/transportation systems, respond to examples of characters using languaging in literary texts, using languaging in discussing or writing about the need to address climate change, critiquing languaging in media promoting consumption, using media to interact with audiences and using languaging through engaging in role-play activities.
Originality/value
This focus on languaging in ELA classrooms is a unique perspective application of languaging theory, leading students to engage in collective, communal action to address the climate crisis.
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Ian Seymour Yeoman, Albert Postma and Stefan Hartman
A case study about the creation of four scenarios that were used to make sense of the fast-moving pace of COVID-19 and the consequences for New Zealand tourism.
Abstract
Purpose
A case study about the creation of four scenarios that were used to make sense of the fast-moving pace of COVID-19 and the consequences for New Zealand tourism.
Design/methodology/approach
Adapting global visitor economy scenarios, a set of New Zealand tourism scenarios were constructed using a “back of house Shell” method and were supplemented with an expert panel to test the reliability and validity of the scenarios.
Findings
The four scenarios constructed were based on two critical uncertainties, namely economic recession and the moral dilemma of the consumer. Four scenarios were portrayed using film and TV titles to help participants visualise the scenarios. Crazy Rich Asians: Recovery represented many of the attributes of tourism in New Zealand prior to COVID-19 i.e. a focus on high value tourists from Asia. Contagion: Survival of the Fittest represented the reality of the COVID-19 pandemic. This Side of Paradise: ReThinking Tourism focused on rebuilding tourism based upon the principles of sustainability. The Colony: Gated Communities represented fortress destinations trying to keep COVID-19 at bay. Each scenario portrayed several features including a unique narrative, tourism, the tourist, vision, strategy and risks. The paper highlighted the trade-offs and conflicts between the scenarios as COVID-19 unfolded in different directions.
Originality/value
In a fluid situation, the paper reminds readers of the value of scenarios as framing devices to understand the fast-moving pace of COVID-19 when New Zealand was in unchartered waters. Thus, this study highlights how a scenario-planning process builds resilience and foresight to help stakeholders and actors make sense of crisis situations.
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Kamil Omoteso and Hakeem Yusuf
The purpose of this paper is to contend that the dominant voluntarism approach to the accountability of transnational corporations (TNCs) is inadequate and not fit-for-purpose…
Abstract
Purpose
The purpose of this paper is to contend that the dominant voluntarism approach to the accountability of transnational corporations (TNCs) is inadequate and not fit-for-purpose. The authors argue for the establishment of an international legal mechanism for securing the accountability of TNCs, particularly in the context of developing countries with notoriously weak governance mechanisms to protect all relevant stakeholders.
Design/methodology/approach
The study adopts insights from the fields of management and international law to draw out synergies from particular understandings of corporate governance, corporate social responsibility and international human rights. The challenges to governance in developing countries with regard to securing the accountability of TNCs are illustrated with the Nigerian experience of oil-industry legislation reform.
Findings
The specific context of the experiences of developing countries in Africa on the operations of TNCs particularly commends the need and expedience to create an international legal regime for ensuring the accountability of TNCs.
Originality/value
Mainstream research in this area has focused mainly on self and voluntary models of regulation and accountability that have privileged the legal fiction of the corporate status of TNCs. This paper departs from that model to argue for an enforceable model of TNC’s accountability – based on an international mechanism.
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The aim of this paper is to analyze the interrelationship between film-induced tourism and visits to theme parks by tourists and examine the most viewed movies worldwide…
Abstract
Purpose
The aim of this paper is to analyze the interrelationship between film-induced tourism and visits to theme parks by tourists and examine the most viewed movies worldwide (2010–2022) which are related with theme parks and their attractions.
Design/methodology/approach
The methodology used in this study is a set of qualitative and quantitative indicators for measuring the most visited theme parks worldwide and the most viewed movies that have allowed to answer the research questions.
Findings
This research provides a new contribution to tourism and entertainment industries. Results have shown that film-induced tourism can be the perfect marketing tool to attract more tourists to theme parks through movies and their real or fictional characters represented in films such as Marvel, Minions, Avatar, Harry Potter and Disney, amongst many others. These famous characters are part of theme park’s rides to attract tourists to visit film theme parks These rides allow users to travel in a fantasy experience and interact with film characters of cartoons or fictions. There is a high correlation between film-induced tourism and theme parks’ attractions. Film-induced tourism provides great benefits to the society, theme parks, cinemas and tourist destinations. Indeed, movies help to increase the number of visitors to theme parks. In 2019, 215 million people visited the top 20 theme parks worldwide analyzed in this study, this figure is quite lucrative to entertainment and tourism sectors, local and regional economies where these theme parks are localized.
Originality/value
This study presents the importance of theme parks at tourist destinations because theme parks are an extension of movies, thus is, the end of the physical perfect experience at theme parks which began in a movie seat or on your TV/videogame/PC screens.
目的
本文的主要目的是分析电影引起的旅游和游客参观主题公园之间的相互关系, 并研究与主题公园及其景点有关的全球最受欢迎的电影(2010-2022年)。
设计/方法/途径
本研究使用的方法是一套定性和定量的指标来衡量全球访问量最大的主题公园和观看次数最多的电影, 使我们能够回答本研究中提出的问题。
结果
这项研究为旅游和娱乐业提供了新的贡献, 结果表明, 电影引起的旅游可以成为完美的营销工具, 通过电影及其影片吸引更多的游客到主题公园。通过电影和他们在电影中所代表的真实或虚构的人物, 如漫威、小人、阿凡达、哈利波特、迪斯尼等, 主题公园。这些著名人物是主题公园景点的一部分, 以吸引游客参观与电影有关的景点。这些景点让游客有一个幻想的体验, 并与卡通人物互动。电影引起的旅游和主题公园景点之间存在着高度的相关性。我们必须认识到, 电影引发的旅游为社会、主题公园、电影院和旅游目的地提供了巨大的利益。事实上, 电影有助于增加主题公园的游客数量。2019年, 有2.15亿人参观了本研究中分析的世界前20大主题公园, 这个数字对于娱乐和旅游部门、这些主题公园所在的地方和区域经济来说是相当有利可图的。
原创性/价值:
本研究揭示了主题公园在旅游目的地的重要性, 因为这些旅游景点是电影的延伸, 也就是说, 主题公园及其基于电影和动画的景点是游客在主题公园生活体验的最后一部分, 而这种体验是从电影院的座位上、电视、视频游戏或电脑屏幕前开始的。
Objetivo
El principal desafío de este artículo es analizar la interrelación entre el turismo inducido por las películas y las visitas a los parques temáticos por parte de los visitantes, y examinar las películas más vistas en todo el mundo (2010-2022) relacionadas con los parques temáticos y sus atracciones.
Diseño/metodología/enfoque
La metodología utilizada en este estudio es un conjunto de indicadores cualitativos y cuantitativos para medir los parques temáticos más visitados a nivel mundial y las películas más vistas que nos han permitido responder a las preguntas planteadas en esta investigación.
Resultados
Esta investigación proporciona una nueva contribución a las industrias del turismo y el entretenimiento. Los resultados han demostrado que el turismo inducido por el cine puede ser la herramienta de marketing perfecta para atraer más visitantes a los parques temáticos a través de películas y sus personajes reales o ficticios representados en películas como Marvel, Minions, Avatar, Harry Potter, Disney, entre muchos otros. Estos personajes famosos son parte de las atracciones de los parques temáticos para atraer a los visitantes a visitar las atracciones relacionadas con las películas. Estas atracciones permiten a los visitantes tener una experiencia de fantasía e interactuar con personajes de películas de dibujos animados o ficción. Existe una alta correlación entre el turismo inducido por el cine y las atracciones de los parques temáticos. Debemos reconocer que el turismo inducido por el cine ofrece grandes beneficios a la sociedad, parques temáticos, cines y destinos turísticos. De hecho, las películas ayudan a aumentar el número de visitantes a los parques temáticos. En 2019, 215 millones de personas visitaron los 20 parques temáticos más importantes del mundo analizados en este estudio, esta cifra es bastante lucrativa para los sectores de entretenimiento y turismo, y la economía local y regional donde se encuentran estos parques temáticos.
Originalidad/valor
Este estudio revela la importancia de los parques temáticos en los destinos turísticos, dado que estas atracciones turísticas son una extensión de las películas, es decir, los parques temáticos y sus atracciones basadas en películas y animaciones son la parte final de una experiencia vivida por los visitantes en dichos parques y que comenzó en un asiento de cine, frente a su TV, un videojuego, o pantalla de ordenador.
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This paper aims to explore different possible economic narratives concerning trade, which may emerge based on lessons learned from the COVID-19 crisis and likely effects of these…
Abstract
Purpose
This paper aims to explore different possible economic narratives concerning trade, which may emerge based on lessons learned from the COVID-19 crisis and likely effects of these differing narratives would have on global poverty reduction.
Design/methodology/approach
This is a conceptual paper based on original analysis of selected literature.
Findings
The global response to the COVID-19 crisis of severely restricting international travel and business operations has been accompanied by slowing economic growth and increased levels of global poverty. Due to the nature of the crisis, it is not currently clear, even with hindsight, whether the measures taken have produced more benefits than problems. However, the pace and direction of the economic recovery and the effect on future levels of global poverty will likely depend to some extent on which narratives go viral and become accepted.
Social implications
Members of academia as well as others have a role to play in creating and spreading narratives about economic activities and focusing on narratives, which do not ignore the plight of the global poor in the aftermath of the current crisis might have a positive effect on the living standards of the hundreds of millions of people living in poverty who have been affected by the current global economic slowdown.
Originality/value
The paper uniquely links ideas associated with behavioral economics, international business theories and empirical evidence with reducing poverty as we move past the COVID-19 crisis.
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