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1 – 10 of 548The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First…
Abstract
The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First, they are free of functional form assumptions about both utility and weighting functions, and they are entirely based on binary discrete choices and not on matching or valuation tasks, though they depend on assumptions concerning the nature of probabilistic choice under risk. Second, estimated weighting functions contradict widely held priors of an inverse-s shape with fixed point well in the interior of the (0,1) interval: Instead the author usually finds populations dominated by “optimists” who uniformly overweight best outcomes in risky options. The choice pairs used here mostly do not provoke similarity-based simplifications. In a third experiment, the author shows that the presence of choice pairs that provoke similarity-based computational shortcuts does indeed flatten estimated probability weighting functions.
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Robert Hutchinson and Carlos Amador
Metaphor is the foundation upon which all scientific disciplines, from basic to applied, construct the mental models used in theory development and organizing research phenomena…
Abstract
Purpose
Metaphor is the foundation upon which all scientific disciplines, from basic to applied, construct the mental models used in theory development and organizing research phenomena. The authors posit that a navigational science metaphor might provide a useful framework, or at least an additional “waypoint,” with which to evaluate extant accounting theory and further discourse in accounting research and practice. This study aims to critically examine the base metaphors of accounting theory and practice through the lens of navigational science.
Design/methodology/approach
The supreme dominance of the Positive Accounting Theory paradigm (Watts and Zimmerman, 1986) is critically evaluated using a navigational metaphor as a literary device for cognitive estrangement.
Findings
The authors suggest that accounting, as both a practical and academic field, might benefit from the multifarious approach of navigational science in the computation of longitude, particularly with regards to the use of external (societal) referents, moving toward a more “heteroglossic” model of accounting (vid. Macintosh and Baker, 2002) as a means of “situating” accounting research and practice with regards to said external referents (cf. Bayou et al., 2011).
Originality/value
This work brings together existing streams of literary theory and epistemology in accounting, and views them through the lens of a navigational science metaphor. Cognitive estrangement, a well-established device for reorganizing perplexing problems in any science, is used to reimagine an accounting science as navigational situating.
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This paper aims to explore the important role boundaries play in back-office framing of environmental engagement. This is of particular interest because it is not clear how…
Abstract
Purpose
This paper aims to explore the important role boundaries play in back-office framing of environmental engagement. This is of particular interest because it is not clear how organizations in an industry without standardized environmental reporting navigate their boundaries behind the scenes and why they engage with the environment the way they do. This element of their environmental identity offers important insights into the emergence of sustainability reporting.
Design/methodology/approach
Guided by Miles and Ringham (2019) the authors conduct an ethnography of the Montana ski industry. The ethnography includes extensive on-site observations at nine Montana ski areas and interviews with 16 ski area executives, two regulators and a land development executive.
Findings
The authors find three key boundaries – accountability structure, degree of regulatory burden and impact measurement approach – that shape the back-office economic and environmental framing of ski executives (Goffman, 1959, 1974). From these back-office frames the authors identify four front-office cultural performances – community ecosystem, quantitative ownership, approval seeking and advocacy platform – that represent the environmental engagement strategies at these resorts.
Practical implications
Understanding the relationships between boundaries and environmental engagement is an important step in developing appropriate industry-wide environmental accountability and sustainability expectations. The study’s findings extend to other industries that are both highly dependent on the environment and are in the early stages of developing environmental reporting standards.
Originality/value
Ski resorts operate in an industry that is impacted by changes in the natural environment. The authors chronicle the process by which boundaries lead to framing which leads to environmental engagement in this weather-dependent industry. The authors explain the process of environmental identity building, the result of which both precedes environmental reporting and puts such reporting into context. In this sense, the authors show how boundaries are set and maintained in the ski resort industry, and how fundamental these boundaries are to the development of individual companies' environmental engagement strategies.
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Ivo Hristov, Matteo Cristofaro and Riccardo Cimini
This study aims to investigate the impact of stakeholders’ nonfinancial resources (NFRs) on companies’ profitability, filling a significant gap in the literature regarding the…
Abstract
Purpose
This study aims to investigate the impact of stakeholders’ nonfinancial resources (NFRs) on companies’ profitability, filling a significant gap in the literature regarding the role of NFRs in value creation.
Design/methodology/approach
Data from 76 organizations from 2017 to 2019 were collected and analyzed. Four primary NFRs and their key value drivers were identified, representing core elements that support different dimensions of a company’s performance. Statistical tests examined the relationship between stakeholders’ NFRs and financial performance measures.
Findings
When analyzed collectively and individually, the results reveal a significant positive influence of stakeholders’ NFRs on a firm’s profitability. Higher importance assigned to NFRs correlates with a higher return on sales.
Originality/value
This study contributes to the literature by empirically bridging the gap between stakeholder theory and the resource-based view, addressing the intersection of these perspectives. It also provides novel insights into how stakeholders’ NFRs impact profitability, offering valuable implications for research and managerial practice. It suggests that managers should integrate nonfinancial measures of NFRs within their performance measurement system to manage better and sustain companies’ value-creation process.
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Rachel Dodds and Richard Butler
The term sustainable tourism has been in existence for many years, yet the concept is still lacking universal agreement in terms of definition, a situation reflected in the…
Abstract
The term sustainable tourism has been in existence for many years, yet the concept is still lacking universal agreement in terms of definition, a situation reflected in the difficulties encountered in producing, particularly implementing and related policies. The broad range of issues involved with sustainable development makes integrated policy and governance difficult even in the more specific fields such as sustainable tourism. This chapter begins by reviewing the basic elements of sustainable tourism, its links with the parent subject of sustainable development, and the issues involved in applying the ‘triple bottom line’ concept to tourism. It then examines the relationship between policy formulation and application in the context of governance, and the links between governance and power at different levels. While one of the achievements of sustainable tourism has been its widespread acceptance and official adoption of the concept in many countries, regions and communities, this acceptance has not been translated very often into effective action, owing partly to the lack of integration between stakeholders and partly to the multiple viewpoints making up the tourism landscape which rarely achieve unanimity of policy issues. The chapter includes a discussion of case studies at different scales to illustrate the positive and negative results of the implementation of such policies and concludes with a general summation.
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This study aims to explore the determinants of engagement with and of stakeholders in corporate social responsibility (CSR) decision-making.
Abstract
Purpose
This study aims to explore the determinants of engagement with and of stakeholders in corporate social responsibility (CSR) decision-making.
Design/methodology/approach
Using stakeholder theory, this study is mainly based on business ethics and CSR literature to develop a model depicting social and organizational contextual factors for engagement in the context of CSR decision-making.
Findings
This study identifies nine antecedents for engagement with and of stakeholders in CSR decision-making. Based on stakeholder perspective, the author explores how engagement constructs are influenced at both social and organizational levels by the determinants stakeholder pressure, stakeholder roles, stakeholder resources, stakeholder relationships, stakeholder management, two-way communication, procedural justice, interactional justice and stakeholder proactive strategy.
Practical implications
This study provides insights for companies regarding the determinants underlying engagement to reflect its importance in the context of CSR decision-making.
Social implications
A better understanding of the determinants of engagement is critical because engagement contributes to achieving “win-win” solutions that ensure increased stakeholder satisfaction.
Originality/value
To the best of the author’s knowledge, this paper is one of the first to explore the determinants of engagement with and of stakeholders in CSR decision-making at both social and organizational levels by referring to stakeholder theory.
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The study explores the current research trends within the responsible leadership (RL) domain and proposes a future research agenda by conducting an extensive review of past…
Abstract
Purpose
The study explores the current research trends within the responsible leadership (RL) domain and proposes a future research agenda by conducting an extensive review of past research. The study aims to understand recent developments in theories, constructs and contexts in RL literature.
Design/methodology/approach
Scopus database is used for the data collection on RL and patterns from 1998–2022. In total, 138 articles were covered for a systematic literature review (SLR) of RL behaviors. Further, the search was extended, and 109 more articles were included for bibliometric analysis of RL using R software. In total, 247 papers were reviewed.
Findings
The results present the consequences and antecedents of RL behaviors with external and internal stakeholders. Literature also indicates that researchers are more attentive to empirical studies with internal stakeholders, such as responsible leaders' impact on employee outcomes. Among theories, stakeholder theory's normative integrative and instrumental perspectives are used with RL.
Research limitations/implications
The first limitation of the study is that this study collected data only from the Scopus database and the choice of language was English. Future studies may use other databases, languages and keywords. Instrumental and integrative RL behavioral styles would help balance organizations' financial and social goals.
Originality/value
This research enhances the literature on RL by combining content and bibliometric analysis to develop a more systematic and comprehensive understanding of integrative and instrumental leadership behaviors.
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Jill Manthorpe, Steve Iliffe and Richard Bourne
It is over 20 years since the publication of the Wanless Report, “Securing our Future Health: Taking a Long-Term View”. The Wanless Report argued that the National Health Service…
Abstract
Purpose
It is over 20 years since the publication of the Wanless Report, “Securing our Future Health: Taking a Long-Term View”. The Wanless Report argued that the National Health Service (NHS) would survive in its current form only if the population became “fully engaged” with it.
Design/methodology/approach
In this discussion paper, the authors explored what “fully engaged” meant to Wanless, what it might mean now (allowing for the impact of the anti-vaxxer movement) and what policymakers could do to enhance public engagement.
Findings
Although the Wanless Report neatly fitted into other long-term thinking about the NHS, it was unique in that it built economic models to predict the costs and impact of different patterns of NHS performance. Wanless predicted that people’s poor levels of health would put considerable pressure on the NHS. This pressure could swamp efforts to meet healthcare targets and improve health outcomes, despite its sizeable investment of money. Wanless set out three possible scenarios for public engagement with the NHS: solid progress, slow uptake and fully engaged.
Practical implications
The authors pose questions for policymakers and practitioners. Would a reboot of the Wanless approach be worth the effort for policymakers? If yes, how would it differ from the original? The NHS faces the whole of society; could it be the vehicle for engaging the anti-vaxxer public with the truthfulness of medical science, and will it be this, that is, Wanless' enduring legacy?
Originality/value
The exploration of the Wanless Report is complicated (at least for the time being) by the rise of the anti-vaxxer movement’s resistance to health promotion and mistrust of part of the NHS.
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Subodh Kulkarni, Matteo Cristofaro and Nagarajan Ramamoorthy
How can managers reduce information asymmetry in dyadic manager-external stakeholder relationships in a complex and evolving environment? Addressing this question has significant…
Abstract
Purpose
How can managers reduce information asymmetry in dyadic manager-external stakeholder relationships in a complex and evolving environment? Addressing this question has significant implications for firm survival, growth, and competitive advantage.
Design/methodology/approach
We have adopted a multiparadigm approach to theory building, known as metatriangulation. We integrate the dynamic capabilities, sensemaking, and evolutionary theory literatures to theorize how managers can relate to stakeholders in a complex and evolving environment.
Findings
We propose, via a conceptual framework and three propositions, “evolutionary sensemaking” as the managerial metacognitive dynamic capability that helps managers hone their understanding based on the evolutionary changes in the stakeholder’s interpretations of information quality preferences. The framework unfolds across three evolutionary stages: sensing preferences' variation of the stakeholder, seizing preferences, and transforming for complexity alignment and retention. The propositions focus on managing complexity in stakeholder information quality preference, employing cognitive capabilities to simplify, interpret, and align interpretations for effective information asymmetry reduction.
Practical implications
To develop the metacognitive dynamic capability of evolutionary sensemaking, managers need to train for and foster the underlying complex cognitive capabilities by enhancing their (1) perception and attention skills, (2) problem-solving and reasoning skills, and (3) language, communication, and social cognition skills, focusing specifically on reducing the complexity embedded in stakeholder cognition and diverse stakeholder preferences for information quality. Contrary to the current advice to “keep things simple” and provide “more” information to the stakeholders for opportunism reduction, trust-building, and superior governance, our framework suggests that managers hone their cognitive capabilities by learning to deal with the underlying complexity.
Originality/value
The proposed framework and propositions address research gaps in reducing information asymmetry. It enriches the dynamic capabilities literature by recognizing complexity (as opposed to opportunism) as an alternative source of information asymmetry, which needs to be addressed in this stream of research. It extends the sensemaking literature by identifying the complexity sources – i.e. stakeholder preferences for diverse information quality attributes and the associated cognitive preference interpretation processes. The article enhances evolutionary theory by delving into microprocesses related to information asymmetry reduction, which the existing literature does not thoroughly investigate.
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