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The purpose of this study is to conduct a comparative analysis of the economic determinants of the compensation for chief executive officers (CEOs) between the pre- and post-financial crisis periods. To conduct the comparative analysis, the authors consider five years before and five years after the financial crisis of 2008. The authors use the data from the US financial service institutions and run separate regressions for the pre- and post-crisis periods to check if there is any significant difference in the economic determinants of executive compensation before and after the financial crisis. The authors find that total compensation and its incentive components decreased significantly in the post-crisis period. In the pre-crisis period, total compensation was determined by stock performance, accounting profit, growth, and leverage, whereas in the post-crisis period stock returns and leverage are the major factors influencing total compensation. The authors also find that firms’ leverage negatively influences the sensitivity of the pay for performance, but the influence of leverage on pay for performance is weaker in the post-crisis period. Our research is significant in the context of the US economy, the regulatory reforms of financial institutions, and the perspectives of the executive compensations. This is the first study that compares the relationship between compensation and firm performance over the pre- and post-crisis periods. It is an explicit attempt to develop a theoretical understanding of the compensation/performance relationship for the financial industry, which is blamed for the financial crisis and is affected by the Dodd–Frank regulation after the crisis.

The purpose of this paper is to investigate the cross-spectra of stock, real estate and bond of ten selected Asian economies in the pre- and post-global financial crisis periods to detect whether there is greater cyclical co-movement post-financial crisis, and whether any observed increased co-movement measures the outcomes of contagion or integration.

Co-spectral approach is the proper econometric tool to deliver economic insight for this research.

Results indicate that Asian stock markets, and to a lesser degree, bond and real estate markets are more correlated post-financial crisis. Similarly, Asian financial markets have experienced increased co-movements with the US financial markets post-financial crisis. Moreover, these observed increased co-movements measure the outcomes of contagion in some cases of within-asset and cross-asset classes, as well as for some cross-US-Asian asset factor relationships along the high-frequency components of between two and four weeks. The stock markets are the most contagious, followed by the real estate markets and bond markets.

The results provide short-term investors with additional co-movement information at higher frequencies in order to identify short-term fluctuations of different asset classes. The empirical study also underscores the role of Asian real estate in investment portfolios in a mixed real estate, stock and bond context from a frequency domain perspective.

The practical implication of this research is that benefits to investors from international diversification may not be as great during the present time compared to previous periods because financial/asset market movements have become more correlated. However, it does not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the values are still between low and moderate range, indicating that some diversification benefits may still be realized.

In advancing the body of knowledge in international financial markets, this research is probably the first study to consider a multi-asset class portfolio context that includes stock, real estate and bond across the ten Asian economies and the USA in a single study. The frequency domain analysis conducted in this paper adds to the understanding of real estate, stock and bond market co-movement, integration and contagion dynamics, as well as the Asian cross-asset factor and US-Asian asset factor relationships in global mixed-investing environment.

The purpose of this paper is to ascertain determining factors of ownership concentration and institutional portfolio ownership in the listed firms of an emerging market during pre-crisis and post-crisis periods and find variations in determining factors between the two varying market conditions.

This paper considers 316 listed firms for the pre-crisis period and 408 firms for the post-crisis period, from the NIFTY-500. Pre-crisis period ranges from FY2000-01 to FY2007-08 and post-crisis period ranges from FY2009-10 to FY2016-17. Two-step GMM is utilized to test the hypotheses by controlling the unobserved heterogeneity and endogeneity issues.

Higher investment and stock market growth leads to ownership dispersion in both the market conditions. Industry information asymmetry leads to dispersion in pre-crisis, while improves concentration in post-crisis phase. Firm size, legal environment and economic growth are found to be a positive determinant of institutional ownership irrespective of market conditions. Institutional investment proliferates with higher stock liquidity and PE ratio, while declines with augmented firm risk, current ratio and stock market turnover during post-crisis phase.

Policymakers should construct a robust legal environment and focus to improve economic conditions to boost institutional ownership. Corporate executives should concentrate to increase stock liquidity and earnings of the firms, and lower market risk to draw more institutional portfolio investments.

This study would enrich emerging governance literature since studies on the determining factors of ownership holdings are limited in the emerging world. It adds novelty by capturing two different market conditions such as pre-crisis and post-crisis phases to obtain the time-dependent and time-independent determinants. It adds uniqueness by considering the determinants of institutional ownership, which is scarce in ownership studies.

The paper evaluates the international linkage of Indonesian stock market during pre‐crisis and post‐crisis periods using time series techniques of cointegration and vector autoregression (VAR). We find evidence for lack of cointegration among the Indonesian market, other ASEAN markets (Malaysia, the Philippines, Singapore and Thailand) and two advanced markets (the US and Japan) during both pre‐crisis and post‐crisis periods. Looking at short run dynamics, we document evidence for substantial interactions among the ASEAN markets. However, it seems that the Indonesian market becomes more segmented from other ASEAN markets during the post‐crisis period. Additionally, while most ASEAN markets respond quickly to shocks in the US regardless of the sample period and seem to be less influenced by the Japanese market post crisis, the Indonesian market becomes more responsive to the developed markets of the US and Japan during the post crisis period.

This paper aims to identify the characteristics that a crisis unit should have to achieve effective learning after crisis. Literature has identified many relations between learning organizations and crisis; yet, there is a dearth of research on specific studies about crisis units and their post-crisis learning features. Thus, this paper aims to fill such a gap by giving some practical answers to this question: How can the crisis unit reduce defensiveness phase and extend openness and forgetfulness while learning after the crisis?

This research mobilizes a framework composed by three theoretical grids: the post-crisis learning cycle (Kovoor-Misra and Nathan, 2000); the characteristics of a learning organization (Senge, 1990); and the mechanisms of crisis learning (Mitki and Herstein, 2011). A qualitative investigation is conducted to study a crisis within an oil company (PON).

This paper shows that the duration of the learning cycle depends not only on the organization context but also on the characteristics of the crisis unit. Along with the cognitive, structural and procedural mechanisms, which contributed differently in each phase, the mixed framework allowed operationalizing Senge’s dimensions.

The elaboration of a single case study could be considered as a limitation, although it allows a deeper analysis of events within the organization.

This paper pinpoints the characteristics that organizations should have as well as the learning mechanisms they should use during each phase of the post-crisis learning cycle.

This paper analyzes crisis units as learning structures, which has not been seen yet in known literature.

Relative risk ratings measure the degree by which a country’s sovereign rating is better or worse than other countries (Basu et al., 2013). However, the literature on the impacts of sovereign ratings on capital flows has not covered the role of relative risk ratings. This paper aims to examine the effect of relative risk ratings on private capital flows to emerging and frontier market economies is filled. In the analysis, the effect of relative risk ratings to that of absolute sovereign ratings in influencing private capital flows are compared.

This paper examines the influence of sovereign credit ratings and relative risk ratings on private capital flows to 26 emerging and frontier market economies using quarterly data for a 20-year period between 1998 and 2017. A dynamic panel regression model is used to estimate the relationship between ratings and capital flows after controlling for other factors that can influence capital flows such as growth and interest rate differentials and global risk conditions.

The analysis finds that while absolute sovereign credit ratings were an important determinant of net capital inflows prior to the global financial crisis in 2008, the influence of relative risk ratings increased in the post-crisis period. The post-crisis effect of relative ratings appears to be driven mostly by portfolio flows. The main results are robust to an alternate measure of capital flows (gross capital flows instead of net capital flows), to the use of fixed gross domestic product weights in calculating relative risk ratings and to the potential endogeneity of absolute and relative ratings.

This study advances the literature on being the first attempt to understand the impact of relative risk ratings on capital flows and also comparing the impact of absolute sovereign ratings and relative risk ratings on capital flows in the pre- and post-global financial crisis periods. The findings imply that emerging and frontier markets need to pay greater attention to their relative economic performance and not just their sovereign ratings.

This paper aims to analyse the post‐crisis communication response of the UK oil industry both from a management and employee perspective following two major helicopter incidents in 2009. The purpose of this paper is to develop further understanding of the merits of a cross‐industry post‐crisis communication strategy for certain crisis types.

This research is a single case study focusing on the Helicopter Task Group (HTG). Thirteen members of the HTG were interviewed and 250 questionnaires distributed to the workforce. Results were analysed against a literature review of current post‐crisis communication theory.

The study demonstrates that where a crisis is deemed to genuinely cross company boundaries, an inter‐organisational approach to post‐crisis communications is of mutual benefit to all stakeholders, providing certain conditions for dialogue are met.

This paper only focuses on one crisis event. Further research is required with other inter‐organisational groups formed to lead a cross‐industry response to a crisis.

This case study provides a model for cross‐industry pre‐crisis planning and post‐crisis renewal strategy where the aim is not to attribute blame, but to respond to a wider community of concerns and issues that are deemed to cross company and institutional boundaries.

The research demonstrates that the process of rebuilding stakeholder relationships and renewal is possible prior to any formal attribution of blame or apology.

There is a small amount of research that examines the post-crisis communication efforts of organizations (Coombs, 2012). The discourse of renewal has a focus on learning and positive views of the future. However, there have been some efforts to link it with memorials (Veil et al., 2011). More can be done so that memorials and remembering enhance our understanding of the effects of post-crisis communication. This paper analyzes the Texas A&M Bonfire tragedy as an example of how remembrance, through the shared experience of grief and memorializing, communicates renewal and how the narrative of the crisis has been successfully institutionalized within the organization.

The study relies on 12 qualitative interviews with undergraduate students attending Texas A&M.

The findings indicate that memorials are important facilitators of renewal as they carry multiple messages. The results from the study indicated that the narrative of the Bonfire crisis has been embedded within the organizational culture of A&M through a memorialization process facilitated by renewal discourse. Additionally, renewal was found to influence stakeholder perceptions of crises and to be an underlying force of learning and change following organizational crisis.

The paper explores how an organization presents a past crisis to new stakeholders. This paper explores how stakeholders experience and interpret that post-crisis communication. Additionally, the memorial creates a remembering-forgetting tension as organizations want stakeholders to forget the negatives from a crisis.

The purpose of this paper is to examine how directors’ roles and social identities are shaped by gender and board life stage, using pre- and post-crisis Iceland as the setting. Recent theoretical work suggests the importance of directors’ monitoring and resource provision roles at certain board life stages; however, there is limited empirical evidence of directors’ identification with these roles as well as social role identification as a member of the board.

The authors contribute empirical evidence from interviews with 23 corporate directors in Iceland on individual identification with the director role of monitoring and resource provision, relational identification with the CEO role and social identification as a member of the board.

Prior to the crisis, male directors identified more strongly with resource provision and with their social roles and less strongly with monitoring roles. Compared to their male counterparts, pre-crisis female directors identified more strongly with monitoring and did not identify with their social roles. After the crisis, mature boards’ male director role identities were little changed; male directors continued to identify with resource provision and social identification, rather than monitoring, roles. Compared to pre-crisis, post-crisis female directors described greater identity with their resource provision roles and reported that male directors resented their attempts to fulfill their monitoring roles. In post-crisis, newly formed diverse boards, male and female directors reported very similar role identities which reflected balanced monitoring and resource provision roles, for example providing the board with ethical individual identities and unblemished reputations. The findings of this paper indicate that board composition and life cycle stage might have more impact on director identity than a pre- or post-crisis setting. These findings suggest implications for theory, practice and future research.

This paper provides further empirical evidence of the roles male and female directors identify with on corporate boards. Its originality lies in the context of the board work in terms of newly formed and mature boards, before and after the financial crisis, with differing gender composition (male-dominated and gender-balanced boards).