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1 – 10 of 456Artemisa Ntourou and Aineas Mallios
The purpose of this paper is to assess the latest directives of the European Parliament and the Council – MiFID II and MiFIR – on markets in financial instruments in response to…
Abstract
Purpose
The purpose of this paper is to assess the latest directives of the European Parliament and the Council – MiFID II and MiFIR – on markets in financial instruments in response to the growth of dark pools in European equity markets.
Design/methodology/approach
This paper examines the impact of the new regulatory packages on European equity markets by identifying areas where the legislation is effective and comparing these changes in EU legislation with US legislation on dark pools.
Findings
This paper find that the MiFID II and MiFIR directives, implemented by the European Securities and Markets Authority to address these concerns, have reduced information asymmetry between market participants, thereby increasing competition between regulated markets and alternative trading facilities.
Research limitations/implications
Increased competition can improve market quality, which has practical implications for financial market regulation and policy formulation.
Originality/value
These findings are novel in the existing literature on high frequency trading through dark pools. They improve the understanding of dark trading and its impact on competition and market efficiency. In addition, this research can assist policymakers in designing effective financial market regulation. The economic analysis of legislation also helps regulators assess the impact of new legal provisions on the functioning of capital markets.
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Maria Cristina Zaccone and Alessia Argiolas
This paper aims to present a comprehensive theoretical framework that seeks to explore the impact of cultural, legal and social factors within the external environment on the…
Abstract
Purpose
This paper aims to present a comprehensive theoretical framework that seeks to explore the impact of cultural, legal and social factors within the external environment on the relationship between women on corporate boards and firm performance. By investigating these boundary conditions, the paper aims to shed light on how these pressures influence the aforementioned relationship.
Design/methodology/approach
To build the sample of companies, the authors selected companies listed on the stock exchanges of countries that represent a diverse range of institutional contexts. These contexts encompass countries with individualistic cultures, collectivist cultures, environments with mandatory gender quotas, environments without gender quotas, contexts with substantial progress toward gender equality and contexts with limited progress in achieving gender equality. To test the hypotheses, the authors used linear regression analysis as a primary analytical approach. Furthermore, they used the propensity score matching technique to address potential issues of reverse causality and unobserved heterogeneity.
Findings
The findings indicate that the positive influence of a critical mass of women on corporate boards on firm performance is contingent upon the institutional context. Specifically, the authors observed that this relationship is strengthened in institutional contexts characterized by an individualistic culture, whereas it is not as pronounced in collectivist cultural contexts. Furthermore, this research provides compelling evidence that the presence of a critical mass of women on boards leads to enhanced firm performance in institutional settings where gender quotas are not binding, as opposed to settings where such quotas are enforced. Lastly, the results demonstrate that the presence of a critical mass of women on boards is associated with improved firm performance in institutional settings characterized by low progress in achieving gender equality. However, the authors did not observe the same effect in institutional contexts that have made significant strides toward gender equality.
Originality/value
This research offers a unique perspective by investigating the relationship between women’s presence on corporate boards and firm performance across different institutional contexts. In this investigation, the authors recognize that gender diversity on corporate boards is not a one-size-fits-all solution and that its effects can be shaped by the unique institutional contexts in which companies operate.
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Andreas Norrman and Ebba Eriksson Ahre
Critical infrastructure (CI) sectors and their resilience are vital for societies to function. In many countries, vital societal functions (VSFs) and CIs depend on…
Abstract
Purpose
Critical infrastructure (CI) sectors and their resilience are vital for societies to function. In many countries, vital societal functions (VSFs) and CIs depend on inter-organizational and international supply chains (SCs) which combine public and private actors with often competing interests and unclear responsibilities that create discontents. While collaborative supply chain risk management (SCRM) can increase the robustness and resilience of VSF&CIs, their inherent characteristics complicate SCRM. To understand this, supply chain risk governance (SCRG) has conceptually been introduced, suggesting collaborative mechanisms that facilitate inter-organizational SCRM. The purpose of this study is to elaborate on and substantiate the theoretical and practical relevance of an existing SCRG framework, by empirically exploring governance of collaborative SCRM and suggesting future research.
Design/methodology/approach
An abductive case study was performed in a VSF&CI, the Swedish food system, to contextualize top-level governance of collaborative SCRM and elaborate on the conceptual SCRG framework. Archival data supplemented expert interviews with public and private actors representing direct and indirect SC actors.
Findings
Current discourse and interventions in the Swedish food system’s SCRM confirmed discontent in governance and the importance of SCRG mechanisms and supported further conceptualization, e.g. of legal mechanisms vs economic incentives, the importance of government inquiries and the understanding of the influence of indirect public SC actors.
Research limitations/implications
Considering the geographical scope of the study, transferability is limited but invites comparisons with both other countries and the SCRG of other VSF&CIs. Proposed research avenues guide future conceptualization and contextualization of SCRG.
Practical implications
The framework can support CI actors to jointly find and reduce discontents related to inter-organizational SCRM and support policymakers to increase public–private collaboration.
Originality/value
The novelty lies in empirically studying SCRG in critical infrastructures by combining SCRM and risk governance lenses.
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Rogers Rugeiyamu and Ajali Mustafa Nguyahambi
The world is experiencing democratic backsliding such that the situation is down back to 1986. This has resulted in the global shrinking of civic space for civil society…
Abstract
Purpose
The world is experiencing democratic backsliding such that the situation is down back to 1986. This has resulted in the global shrinking of civic space for civil society organizations (CSOs). NGOs engaging in advocacy activities are seen to be among the CSOs affected. Using four NGOs cases from Tanzania, the study contributes to the civic space debate by uncovering how advocacy NGOs become resilient.
Design/methodology/approach
The study is anchored in interpretivism and a cross-sectional case study design, following a qualitative approach path. Data were collected through interviews and a documentary review.
Findings
Results show that several strategies such as complying, building community back-up, collaboration, strategic litigation, using digital media and changing the scope are applied. However, strategies face obstacles including scope limitations, expected democratic roles, high cost, changes in the scope and being outsmarted by the government, and hence their effectiveness is questionable.
Research limitations/implications
This study focused on advocacy NGOs. More studies can be conducted for other advocacy-related CSOs on how they become resilient.
Practical implications
While NGOs are allowed to exist in the country, their freedom continue to be curtailed. Even the effectiveness of resiliency becomes temporary and depends on the political will of the existing regime.
Originality/value
Tanzania NGOs have to build strong bonds with citizens, expand the scope of strategies and use deliberative democratic principles to educate the government to change laws and tolerate plural political culture. Also, NGOs in other countries with confined civic space can apply the same.
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Nastaran Simarasl, Pooya Tabesh and Younggeun Lee
This research aims to theorize how a critical factor, resource access, can paradoxically impact the comprehensiveness of venture location decision processes and the relationship…
Abstract
Purpose
This research aims to theorize how a critical factor, resource access, can paradoxically impact the comprehensiveness of venture location decision processes and the relationship between decision comprehensiveness and new venture performance. To do so, the authors focus on nascent entrepreneurs’ venture location decision processes and introduce resource access as a double-edged sword.
Design/methodology/approach
In this conceptual article, the authors draw from the strategic decision-making and resource mobilization literature to theorize about the new venture location decision-making process and its performance implications.
Findings
By uncovering the paradox of resource access, the authors propose that high levels of resource access create a paradoxical situation in which nascent entrepreneurs are less likely to use comprehensive decision processes when their benefits are at their greatest.
Originality/value
This work contributes to entrepreneurship research on new venture location and resource mobilization in three important ways. First, the authors advance the literature on nascent entrepreneurs’ location decision-making processes by introducing “location decision comprehensiveness” as a decision process construct and juxtaposing it with resource access to uncover the entrepreneurial decision-making process. Second, the authors develop a more nuanced theorization of the location choices made by nascent entrepreneurs instead of relying on generalized conclusions drawn from well-established corporations’ location decisions. Last, the authors extend the literature on resource mobilization in entrepreneurship by shedding light on the paradoxical aspect of resource access. While previous research has emphasized the favorable effects of resource access on new venture processes and outcomes, the authors contend that it can also negatively impact entrepreneurs’ ability to make effective decisions.
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Stella-Maria Yerokhin, Yu-Shan Lin Feuer and Remmer Sassen
This paper aims to explore the current stage of biodiversity preservation in higher education institutions (HEIs), using samples from German universities and investigating three…
Abstract
Purpose
This paper aims to explore the current stage of biodiversity preservation in higher education institutions (HEIs), using samples from German universities and investigating three different dimensions, namely, existing approaches, challenges and future developments.
Design/methodology/approach
Semistructured expert interviews were conducted with employees from 14 German Universities. To analyze the data, both deductive and inductive methods of content analysis were conducted to systematically code the results.
Findings
This research shows that efforts for biodiversity preservation are frequently made in the areas of student and staff initiatives, green space management, as well as in research and teaching. However, German HEIs face numerous hurdles such as interest conflict, lack of prioritization and financial restrictions, some of which are difficult to overcome. In the future, HEIs should seek a deeper integration of biodiversity into curricula to further raise biodiversity awareness.
Research limitations/implications
This study provides practical implications by providing good practices, which can serve as a guide for implementing measures for biodiversity preservation. By understanding the struggles and future expectations, stakeholders and policymakers could promote targeted measures and relevant policies to advance biodiversity initiatives at and beyond universities. Moreover, the research shows the importance of involving students and staff actively in the planning and executing stage for biodiversity preservation through initiatives to achieve green campuses.
Originality/value
The paper presents an essential research field which is still in its earlier stage. To the best of the authors’ knowledge, it is the first study that focuses on German Universities in this context. This study adds value in providing in-depth insights into this topic to raise awareness of biodiversity preservation in both practice and research.
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Federica Murmura, Fabio Musso, Laura Bravi and Giada Pierli
There is a strong consensus among scholars that the international competitiveness of companies strongly depends on the support of institutions, which reduces uncertainty in…
Abstract
Purpose
There is a strong consensus among scholars that the international competitiveness of companies strongly depends on the support of institutions, which reduces uncertainty in transactions by giving form to economic interactions, while less attention was paid to the role of international standards within this context. This study intends to propose its contribution by deepening the role of process certifications in the competitiveness and internationalization strategies of companies, with specific reference to the wood-furniture sector.
Design/methodology/approach
Data were collected using a questionnaire survey distributed via computer-assisted web interviewing (CAWI) methodology and sent to a sample of 2,845 Italian companies which operate in the wood-furniture industry, using simple random sampling. Thanks to the survey administration, 228 companies participated to the survey.
Findings
The study shows that it is companies operating in international markets that define this tool as relevant; this underlines how certification is seen as a kind of business card for entering international markets. In this context, the role of business leadership emerges as fundamental in the practical definition of the objectives to be set by adopting a quality management systems and in the subsequent commitment to obtain them.
Originality/value
Up to now, the literature has taken these elements into analysis mainly considering the consumers' perspective. In sectors with a higher content of innovation, technology and design, such as the wood-furniture sector, the literature appears to be poor in terms of contributions.
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Abul Kalam, Md Jahangir Alam, Lubaba Basharat, Golam Faruk Sarker, M. Abdullah Al Mamun and Abu Hossain Muhammad Ahsan
This study aims to evaluate the current educational opportunities available to hermaphrodite (Hijra) students, analyze their difficulties while pursuing academic degrees and…
Abstract
Purpose
This study aims to evaluate the current educational opportunities available to hermaphrodite (Hijra) students, analyze their difficulties while pursuing academic degrees and suggest potential approaches to address these issues.
Design/methodology/approach
This research used a qualitative method to analyze the challenges Hijra individuals face in pursuing education. A total of 20 interviews were conducted with two Hijra groups those who are pursuing an education and those who have abandoned it to collect primary data. The purposive sampling technique was used to identify and choose diverse sources of information. Moreover, the phenomena have been comprehended using the Access Theory and the Gender Stratification Theory.
Findings
The findings show that although every Bangladeshi has the right to a decent education, few Hijra youngsters attend schools. Numerous barriers, such as discriminatory views and remarks about third-gender people, physical and mental harassment, a lack of emotional and financial support, family issues, discrimination in the school community and hostility from classmates and teachers, make it difficult for hermaphrodite students to receive a proper education.
Originality/value
This research paper fills a gap in the current body of knowledge by presenting empirical evidence regarding young people’s perceptions of the third-gender, the societal barriers faced by Hijra individuals in their pursuit of quality education, their future opportunities, the root causes of these challenges and possible solutions.
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Lidia Kritskaya Lindelid and Sujith Nair
Wage employees enter self-employment either directly or in a staged manner and may subsequently undertake multiple stints at self-employment. Extant research on the relationship…
Abstract
Purpose
Wage employees enter self-employment either directly or in a staged manner and may subsequently undertake multiple stints at self-employment. Extant research on the relationship between entry modes and the persistence and outcomes of self-employment is inconclusive. This study investigates the relationship between wage employees’ initial mode of entry into self-employment and the duration of the subsequent first two stints of self-employment.
Design/methodology/approach
This study used a matched longitudinal sample of 9,550 employees who became majority owners of incorporated firms from 2005 to 2016.
Findings
The findings demonstrate that the initial mode of entry into self-employment matters for the first two stints at self-employment. Staged entry into self-employment was associated with a shorter first stint and became insignificant for the second stint. Staged entry into self-employment was positively related to the odds of becoming self-employed for the second time in the same firm.
Originality/value
Using a comprehensive and reliable dataset, the paper shifts focus from the aggregated onward journey of novice entrepreneurs (survival as the outcome) to the duration of their self-employment stints. By doing so, the paper offers insights into the process of becoming self-employed and the patterns associated with success/failure in entrepreneurship associated with self-employment duration.
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Chiara Andreoli, Chiara Cremasco, Camilla Falivena and Sandro Brunelli
As financial firms incorporate impact strategies more extensively into their operations, they are asked to sustain their impact claims and thus face increased risks of regulatory…
Abstract
Purpose
As financial firms incorporate impact strategies more extensively into their operations, they are asked to sustain their impact claims and thus face increased risks of regulatory scrutiny and lawsuits from private and public parties. The lack of reliable frameworks to measure impact gives rise to phenomena like impact washing, leading to litigations. This article aims to explore the main factors contributing to the impact litigation risk and the mechanisms employed by practitioners in the impact investing field to navigate and address this challenge.
Design/methodology/approach
We conducted semi-structured interviews involving three impact investors and three impact lawyers with specific knowledge of ESG and impact controversies, adopting the Gioia Methodology for the analysis. We triangulated such information with the analysis of secondary data.
Findings
The “great noise” around the impact investing world and the rise of impact washing, the lack of shared standards for measuring impacts and the misalignment of interests among actors involved in the initiatives constitute a potential “litigation bomb”. Such a scenario is detrimental to an investment strategy, which has the potential to tackle societal issues.
Originality/value
This study represents an initial effort to connect the academic debate on impact litigation with the expert’s active “on-field” standpoints. The identified and validated drivers of impact litigations provide valuable insight to enhance the governance and accountability of impact investing. Implementing Impact Measurement and Management (IMM) tools, participatory governance models, clear impact-focused contracts and a proactive approach could serve as prospective solutions to mitigate the risk of disputes.
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