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Book part
Publication date: 7 July 2014

Ben Jacobsen

Socially responsible investment (SRI) engagement currently performs a variety of supportive regulatory functions such as reframing norms, establishing dialogue and…

Abstract

Purpose

Socially responsible investment (SRI) engagement currently performs a variety of supportive regulatory functions such as reframing norms, establishing dialogue and providing resources to improve performance, however corporate responses are voluntary. This chapter will examine the potential gains in effectiveness for SRI engagement in a responsive regulatory regime.

Approach

Global warming is a pressing environmental, social and governance (ESG) issue. By using the example of climate change the effectiveness of SRI engagement actors and the regulatory context can be considered. This chapter builds the conceptual framework for responsive regulation of climate change.

Findings

SRI engagement may face resistance from corporations due to its voluntary nature and conflict with other goals. Legitimacy and accountability limit the effectiveness of SRI engagement functioning as a voluntary regulatory mechanism. This chapter argues that the effectiveness of SRI engagement on climate change could be enhanced if it served as part of a responsive regulation regime.

Practical implications

Engagement is used by SRIs for ESG issues. A comprehensive regulatory regime could enhance corporate adaptation to climate change through increasing compliance with SRI engagement. The implication for SRI practitioners is that lobbying for a supportive regulatory regime has a large potential benefit.

Social implications

Responsive regulatory policy involves both support and sanctions to improve compliance, enhancing policy efficiency and effectiveness. There are potentially large net social benefits from utilising SRI engagement in a regulatory regime.

Originality of chapter

In seeking to re-articulate voluntary and legal approaches this research addresses a gap in the literature on climate change regulation.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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Article
Publication date: 31 October 2008

Hsing‐Chau Tseng and Long‐Min Kang

The purpose of this paper is to develop and test a research model on Taiwan's National Police Administration setting, extending the theory of planned behavior, reasoned…

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2458

Abstract

Purpose

The purpose of this paper is to develop and test a research model on Taiwan's National Police Administration setting, extending the theory of planned behavior, reasoned action, and expectancy‐valence, and developing the more neglected aspects of the goal‐setting theory.

Design/methodology/approach

Participants were Taiwan's National Police Administration employing 500 full‐time employees. Structural Equation Modeling was used to explore the relationship among regulatory focus, uncertainty towards organizational change, and organizational commitment.

Findings

The results were that promotion focus or prevention focus had a significantly positive influence on uncertainty towards organizational change, and only promotion focus had a significantly positive influence on organizational commitment. In addition, uncertainty towards organizational change had a significantly negative influence on organizational commitment. The results supported the significant role of uncertainty towards organizational change as a mediator in the relationship between promotion focus (or prevention focus) and organizational commitment.

Originality/value

The results of the research help fill important research gaps (lack of empirical research and generalization) in the regulatory focus theory literature, clarifying the special role of regulatory focus in a traditional police organization's change processing, and its implications for police officers utilizing a non‐US setting to allow a cross‐cultural examination of regulatory focus theory.

Details

Leadership & Organization Development Journal, vol. 29 no. 8
Type: Research Article
ISSN: 0143-7739

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Article
Publication date: 7 November 2019

Antonio J. Mateo-Márquez, José M. González-González and Constancio Zamora-Ramírez

This study aims to analyse the relationship between countries’ regulatory context and voluntary carbon disclosures. To date, little attention has been paid to how specific…

Abstract

Purpose

This study aims to analyse the relationship between countries’ regulatory context and voluntary carbon disclosures. To date, little attention has been paid to how specific climate change-related regulation influences companies’ climate change disclosures, especially voluntary carbon reporting.

Design/methodology/approach

The New Institutional Sociology perspective has been adopted to examine the pressure of a country’s climate change regulation on voluntary carbon reporting. This research uses Tobit regression to analyse data from 2,183 companies in 12 countries that were invited to respond to the Carbon Disclosure Project (CDP) questionnaire in 2015.

Findings

The results show that countries’ specific climate change-related regulation does influence both the participation of its companies in the CDP and their quality, as measured by the CDP disclosure score.

Research limitations/implications

The sample is restricted to 12 countries’ regulatory environment. Thus, caution should be exercised when generalising the results to other institutional contexts.

Practical implications

The results are of use to regulators and policymakers to better understand how specific climate change-related regulation influences voluntary carbon disclosure. Investors may also benefit from this research, as it shows which institutional contexts present greater regulatory stringency and how companies in more stringent environments take advantage of synergy to disclose high-quality carbon information.

Social implications

By linking regulatory and voluntary reporting, this study sheds light on how companies use voluntary carbon reporting to adapt to social expectations generated in their institutional context.

Originality/value

This is the first research that considers specific climate change-related regulation in the study of voluntary carbon disclosures.

Details

Sustainability Accounting, Management and Policy Journal, vol. 11 no. 2
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 7 October 2014

Daniel Gozman and Wendy Currie

The purpose of this paper is to understand how institutional changes to the European Union regulatory landscape may affect corresponding institutionalized operational…

Abstract

Purpose

The purpose of this paper is to understand how institutional changes to the European Union regulatory landscape may affect corresponding institutionalized operational practices within financial organizations.

Design/methodology/approach

The study adopts an Investment Management System as its case and investigates different implementations of this system within eight financial organizations, predominantly focused on investment banking and asset management activities within capital markets. At the systems vendor site, senior systems consultants and client relationship managers were interviewed. Within the financial organizations, compliance, risk and systems experts were interviewed.

Findings

The study empirically tests modes of institutional change. Displacement and Layering were found to be the most prevalent modes. However, the study highlights how the outcomes of Displacement and Drift may be similar in effect as both modes may cause compliance gaps. The research highlights how changes in regulations may create gaps in systems and processes which, in the short term, need to be plugged by manual processes.

Practical implications

Vendors abilities to manage institutional change caused by Drift, Displacement, Layering and Conversion and their ability to efficiently and quickly translate institutional variables into structured systems has the power to ease the pain and cost of compliance as well as reducing the risk of breeches by reducing the need for interim manual systems.

Originality/value

The study makes a contribution by applying recent theoretical concepts of institutional change to the topic of regulatory change uses this analysis to provide insight into the effects of this new environment.

Details

Journal of Enterprise Information Management, vol. 27 no. 6
Type: Research Article
ISSN: 1741-0398

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Article
Publication date: 1 July 2006

Amy Taylor‐Bianco and John Schermerhorn

The purpose of this paper is to present a dispositional model using self‐regulation as a foundation for the strategic leadership of organizational change.

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10498

Abstract

Purpose

The purpose of this paper is to present a dispositional model using self‐regulation as a foundation for the strategic leadership of organizational change.

Design/methodology/approach

This paper reviews the self‐regulation literature and regulatory‐focus theory in particular, and integrates this literature within the strategic leadership and organizational change literatures to present a dispositional model with propositions about the relationships between these literatures.

Findings

Strategic leadership of organizational change should allow for co‐existent states of both continuity and change. Leadership teams should include a mix of individuals with promotion and prevention foci of self‐regulation and should provide for a regulatory fit that cascades throughout the organization.

Practical implications

Leaders should increase their self‐awareness of promotion and prevention styles of self‐regulation and rely on a mix of individuals that increase the chances of valuing and enhancing both continuity and change in their organizations.

Originality/value

This paper integrates the self‐regulation literature and concepts into discussion and theoretical development in the area of leadership and organizational change.

Details

Journal of Organizational Change Management, vol. 19 no. 4
Type: Research Article
ISSN: 0953-4814

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Article
Publication date: 18 July 2016

Philip T. Roundy, Ye Dai, Mark A. Bayer and Gukdo Byun

This paper aims to introduce the concept of top management team (TMT) regulatory focus to explain the differences in executive motivation. Upper echelons research has…

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1239

Abstract

Purpose

This paper aims to introduce the concept of top management team (TMT) regulatory focus to explain the differences in executive motivation. Upper echelons research has demonstrated that top managers’ willingness to deviate from their current strategies is a key determinant of organizational success. However, it is not clear why some TMTs are motivated to embrace strategic change while others are motivated to favor the strategic status quo.

Design/methodology/approach

Recent work in the psychology of motivation is used to develop a conceptual model explaining how the regulatory focus of TMTs can impact their outlooks toward strategic change.

Findings

It is theorized that there is a positive (negative) relationship between promotion (prevention)-focused TMTs and strategic change. It is also theorized that executives’ performance aspirations, firm maturity and the stability of the environment will influence the relationship between regulatory focus and strategic change.

Originality/value

Although the theoretical explanations provided by past research on top manager motivation are psychological in their general focus, with few exceptions research has not sought to understand the specific deep-level, socio-cognitive characteristics that shape executives’ perceptions of strategic change. By developing an understanding of the psychological determinants of strategic change, as well as the interplay between these determinants and firm- and environment-level factors, this paper represents a step in the direction of explaining why some TMTs are motivated to embrace strategic change while others seem “locked-in” to the status quo.

Details

Management Research Review, vol. 39 no. 7
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 1 February 2021

Yaman Omer Erzurumlu and Idris Ucardag

This paper aims to investigate private pension fund investor sentiment against fund performance and cost in an environment of frequent regulatory changes. The analyses are…

Abstract

Purpose

This paper aims to investigate private pension fund investor sentiment against fund performance and cost in an environment of frequent regulatory changes. The analyses are conducted in a low return, high-cost private pension fund market environment, which makes it easier to observe the relationship between investor sentiment to return and cost.

Design/methodology/approach

This paper conducts fixed effect, random effect and random effect within between effect panel data analyses of all Turkish private pension funds from 2011 to 2019. This paper conducts the analyses using aggregate data and subsets based on fund characteristics and pre-post regulation periods.

Findings

When regulations provide compensation and improve market efficiency in a pension fund market, investor focus shifted from performance to cost. Investors allocated assets with respect to return realization when adequately compensated for risk or had favorable cost contract clauses. Consequently, investors in pension funds with lower expected returns and no special fee reduction clauses tended to adopt the strategy of cost minimization.

Research limitations/implications

The overlap of regulatory change periods could complicate the ability to distinguish the impact of any one specific change. The findings therefore cannot be generalized to differently structured markets.

Practical implications

Regulatory changes could lead to a switch of investor objectives. When regulatory changes compensate investors and increase market efficiency, investors objective could switch from performance to cost.

Originality/value

This study investigates investor sentiment in a relatively young private pension fund market, in which the relevant regulatory body ambitiously implements frequent changes in regulation. The selected market is unique in the sense that it has negative real returns and high costs, which make investor focus to return and cost more readily apparent.

Details

Journal of Financial Regulation and Compliance, vol. 29 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 27 February 2014

Lukasz Prorokowski and Hubert Prorokowski

Compliance is defined as conforming to a rule, such as a policy framework, standard or law. Regulatory compliance encompasses all processes that require an entity to be…

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761

Abstract

Purpose

Compliance is defined as conforming to a rule, such as a policy framework, standard or law. Regulatory compliance encompasses all processes that require an entity to be aware of and conform to relevant regulations. As a result, organisation of compliance function remains complex due to the overwhelming set of compliance requirements that exert pressure on various business segments. This report aims to investigate how banks and financial services firms are responding to the regulatory-driven changes to the current compliance landscape, with particular attention paid to nascent challenges and structural changes affecting the organisation of compliance.

Design/methodology/approach

The current research project is based on in-depth, semi-structured interviews with five universal banks and three financial services firms to pursue the best practices of adapting to the accelerating change in the regulatory-driven compliance landscape.

Findings

In the aftermath of the global financial crisis, banks and financial institutions across the globe have been required to adapt to numerous regulatory reforms that are exerting increased pressure on compliance functions. Amid recent events of multi-million fines to banks that displayed flawed surveillance systems and control failings, the changing regulatory landscape has shown that the relationship with the regulators and compliance with the new regulatory frameworks is a difficult process even for the tier-1 global banks.

Originality/value

Embarking on a peer review of the structures, roles, strategies and responsibilities of different compliance functions across banks and financial services institutions, this paper provides advice to financial institutions on ways of dealing with the complex emerging issues to ensure that the regulatory and compliance arrangements do not turn detrimental. At this point, the paper recognizes that the precise design of a compliance function will vary across individual banks and financial services firms. Nonetheless, this paper addresses the root issues and characteristics that are commonly shared despite the differences in organisations of compliance.

Details

Journal of Investment Compliance, vol. 15 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 5 May 2014

C. Richard Baker, Jean Bédard and Christian Prat dit Hauret

This paper aims to examine the recent evolution of the regulation of statutory auditing since the passage of the Sarbanes-Oxley Act of 2002 in the USA by comparing the…

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2535

Abstract

Purpose

This paper aims to examine the recent evolution of the regulation of statutory auditing since the passage of the Sarbanes-Oxley Act of 2002 in the USA by comparing the regulatory structures for auditing in the USA, France and Canada.

Design/methodology/approach

Using publicly available documents, the paper seeks to understand how the regulatory structures for statutory auditing have changed in the period since the passage of the Sarbanes-Oxley Act. The USA, France and Canada were chosen for analysis because prior to Sarbanes-Oxley the regulatory structures of these three countries were relatively distinct, whereas subsequent to the Act they appear to be becoming similar.

Findings

The authors interpret the increasing apparent similarity in the regulatory structures for statutory auditing in these three countries to be the result of external pressures from global capital markets for standardized regulatory practices. However, this apparent similarity may also be a form of “decoupling”, whereby actors in the institutional field of professional regulation, under pressures from powerful external forces, seek to enhance their legitimacy while maintaining internal flexibility and a certain capacity for resistance against external pressures in the institutional field.

Research limitations/implications

The paper relies on a qualitative analysis of regulatory structures based on a review and analysis of publicly available documents and legislation. As such, it has limitations similar to other qualitative studies.

Practical implications

The regulation of statutory auditing is important to society both to assure the proper functioning of capital markets and to provide reliable information to the general public. Gaining a better understanding of the regulatory structures for statutory auditing advances the public interest.

Originality/value

There have been few prior research efforts that have examined the regulation of statutory auditing through the lens of new institutional theory.

Details

Managerial Auditing Journal, vol. 29 no. 5
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 10 July 2020

Salau Olarinoye Abdulmalik and Ayoib Che-Ahmad

This study examines the contemporaneous changes in the reporting regime in Nigeria by investigating the effect of regulatory changes on audit fees as well as the…

Abstract

Purpose

This study examines the contemporaneous changes in the reporting regime in Nigeria by investigating the effect of regulatory changes on audit fees as well as the moderating effect of overlapping directorship and financial reporting quality.

Design/methodology/approach

This study utilises a longitudinal sample of 409 firm-year observations, from 2008 to 2013, of nonfinancial companies listed on the Nigerian stock exchange. The study uses the general method of moments (GMM) to control for endogeneity concerns.

Findings

The results reveal that, without the moderating effect of overlapping directorship and financial reporting quality, the relationship between regulatory changes and audit fees is positive but weak, which suggests that regulatory changes drive cost. Similarly, the interaction of overlapping directorship did not reverse the positive relationship, which suggests the perceived risk associated with overlapping directorship. However, the improvement in financial reporting quality reverses the relationship, as evidenced by the negative and significant coefficient on the interacted terms.

Practical implications

This study provides useful insights about committee membership overlap to regulatory authorities concerning the weakness of the monitoring ability of such committees.

Originality/value

The results of this study contribute to the growing literature on regulatory reform, audit fees and corporate governance. Specifically, the study provides empirical evidence on the effect of committee overlap on audit fees, which, to the best of the researchers' knowledge, has received no empirical attention in the Nigerian context.

Details

African Journal of Economic and Management Studies, vol. 12 no. 1
Type: Research Article
ISSN: 2040-0705

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