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The political crisis related to two main factors internal to the public revenue system, namely financial markets and the commercialisation of the state, and three related external factors, pertaining to the pandemic, popular discontent and inequality. The emphasis on financial markets since the mid-1990s expanded the commercialisation of the state while neglecting public accountability and government oversight. The efforts to shore up public finances through the tax system is increasingly undermined by the global tax architecture, enabling financial secrecy and illicit financial flows.

The pandemic revealed the significance of women’s work, paid as well as unpaid care work. The pandemic also exposed the limitations of a domestic economy, based on export-oriented development, over-reliant on tourism and remittances from migrant workers. Combining with the on-going dengue epidemic, the pandemic highlighted the urgency of climate adaptation. Meanwhile, the popular discontent conveyed an accumulation of grievances linked with cultural discrimination, political misrepresentation as well as economic maldistribution. The participation of new middle-class segments in the protests foregrounded new tendencies significant for strengthening the labour movement as well as working-class parties in their demands for redistribution, reframing democracy as well as citizenship.

One of the lessons learned from the recent financial-sector crisis is that institutions may sometimes sow the seeds of their own destruction. We offer a two-tiered analysis of how the diffusion of innovative practices – in this case, issuing and securitizing subprime mortgages – can lead to an unanticipated breakdown of established institutions. At the institutional level, we demonstrate that the lack of effective external regulatory presence, the emergence of new norms through the introduction of a new institutional logic, and intense mimetic and competitive pressures may lead organizational actors to exploit a suboptimal innovation. At the organizational level, we argue that over-embeddedness of central actors within relatively closed networks and superstitious learning processes can exacerbate the biases to which decision makers are susceptible, leading to the institutionalization of a suboptimal organizational practice. These two parallel sets of processes led to severe consequences at the institutional level, which we label “terminal isomorphism.” We end by discussing consequences for institutional theory, future research directions, and recommendations for policy makers.

Management has considerable discretion over how to present and announce earnings components that are either unusual or infrequent, but not both (hereafter referred to as special items). In this study, we study the independent and joint effects of the accounting presentation format of, and the level of announcement prominence given to income-decreasing special items on investors’ judgments about the persistence of declining earnings.

Our study uses a 3 (format) × 2 (prominence) between-subjects design. In the experiment, participants act as proxies for nonprofessional investors to assess the persistence of a hypothetical firm’s declining earnings and make investment decisions.

Our results suggest that investors’ judgments are influenced by accounting presentation format and the level of announcement prominence. With respect to format, both classification and disaggregation affect investors’ assessment of earnings persistence. In addition, the degree of prominence given to an income-decreasing special item, albeit self-serving and not audited, introduces additional influence beyond that of accounting presentation format. In particular, we find that announcement prominence has a greater effect when the special item is aggregated with other operating expenses than when the special item is presented under the two other alternatives.

Our study contributes to the literature by demonstrating that presentation format and announcement prominence both have significant impact on investors’ judgments and decisions, and that their effects are interactive. Our results also indicate that future research can possibly gain better insight if it considers the accounting attributes of the special items in addition to their economic attributes.

Neurodiversity can be considered a cognitive disability that marginalizes people who experience and interpret the world differently. An estimated 19% of all US college students have disclosed a disability (NCES, 2021). Typical forms of neurodiversity are attention-deficit hyperactivity disorder (ADHD), autism, and dyslexia. There is a growing belief that entrepreneurship is well suited for neurodivergent individuals because they can specifically design and control their environments resulting in a better fit and more positive outcomes (Austin & Pisano, 2017). There is also the belief that neurodivergent people’s unique perspectives and “superpowers” lead to new innovative ways of thinking and doing business. These superpowers can allow neurodivergent people to hyper focus and outperform others (Austin & Pisano, 2017).

However, real challenges counter these positive outcomes. For example, while those with ADHD are often drawn to being entrepreneurs because they can quickly initiate, improvise, and seek novelty – their ability to engage in reflection, thoroughness, and efficiency is strained. Thus, ADHD helps and hinders entrepreneurs (Hunt & Verhuel, 2017). The same holds true for other types of neurodiversity.

Entrepreneurship education becomes more nuanced as it matures and grows. An example is the “learn by doing” method of teaching entrepreneurship. Grounded in self-determination and planned behavior theories, “learn by doing” highlights the importance of autonomy, competence, and relatedness when engaging in entrepreneurship endeavors. Heutagogy (self-guided learning) and andragogy (applied learning) approaches have an effective impact on this type of entrepreneurship pedagogy. However, these open-ended approaches present barriers for neurodivergent learners who need more structure with projects broken down into small steps.

This chapter presents a case study view of how Universal Design for Learning (UDL) frameworks support “learn by doing” approaches to build a neurodivergent-friendly entrepreneurship mindset on campus. It includes a combination of approaches that support executive function (EF) mastery, assessment, and self-development, including multimodal ways of teaching (visual, audio, and kinesthetic), self-regulation, and social interactions. Here, the authors demonstrate how neurodivergent students learn to anticipate, manage, and benefit from their differences using the UDL engagement–regulation–persistence Framework. The lessons shared in this chapter can help entrepreneurship educators see ways various teaching methods can benefits all learners and how the addition of various programs can be more inclusive for neurodivergent students.

We report an experiment conducted to gain insight into factors that may affect revenues in English auctions and lotteries, two commonly used charity fund-raising formats. In particular, we examine how changes in the marginal per capita return (MPCR) from the public component of bidding, and how changes in the distribution of values affect the revenue properties of each format. Although we observe some predicted comparative static effects, the dominant result is that lottery revenues uniformly exceed English auction revenues. The similarity of lottery and English auction bids across sales formats appears to drive the excess lottery revenues.

According to the market timing theory, firms try to take advantage of windows of opportunity to raise capital by exploiting temporary cost fluctuations of alternative financing sources. In this context, the main objective of this paper is to examine the influence and persistence of market timing in the financing decisions of Brazilian firms that launched IPOs in the period from 2001 to 2011.

We analyze the influence of past market values on the capital structure of these firms, based on the main models proposed by Baker and Wurgler (2002), adapted to reflect the characteristics of Brazilian firms’ financial statements.

We find evidence of market timing, but this behavior is not sufficiently persistent in the period studied to the point of determining these firms’ capital structure. We believe the fact that Brazilian companies rarely carried out follow-on primary equity issues after floating their capital in the period analyzed, due to the presence of more advantageous financing sources (particularly from the national development bank, BNDES), explains the results. Therefore, Brazilian firms appear to be pay heed to different funding sources, in search of windows of opportunity, to guide their financing decisions and determine their capital structures.

The Brazilian capital market has been developing intensely in recent years, making it increasingly relevant to analyze the financing and investment decisions of the country’s listed companies. The Brazilian literature on capital structure is extensive, but few works have addressed the issue of market timing.

This study focuses on a survey of chief financial officers (CFOs) in public firms in Japan concerning the following six points: the importance of the definition earnings quality; higher quality earnings; the determinants of earnings quality; prevalence, magnitude, and motivation of earnings management; accounting that influences earnings quality; and misrepresenting of earnings. The results are following: first, Japanese CFOs define earnings quality as earnings accurately reflecting economic reality, earnings accurately reflecting the results of operations, and earnings backed by cash flows, earnings sustainability, recurring, and consistent, and earnings reflecting long-term trend importance. Second, Japanese firms consider earnings that reflect consistent reporting choices over time as higher quality. They do not consider that earnings having accruals that are eventually realized as cash flow as higher earnings quality. Third, Japanese CFOs indicate that 30% of earnings quality is impacted by firm characteristics such as firm’s business model, industry, and macroeconomic conditions. Surprisingly, the influence of the board of directors is greater than the impact of their internal controls. Fourth, as for the determinants of earnings quality, CFOs consider that more than 70% of Japanese CFOs do not allow the discretion and that accounting standards limit their ability to report higher earning quality. Fifth, Japanese CFOs consider that higher earnings are influenced by accounting principles such as policies that match expenses with revenues and policies that rely on fair value accounting as much as possible. Sixth, CFOs themselves predict that 50% of Japanese firms use discretions and that they use 20% of earnings per share (EPS). Since there is inside and outside pressure to hit earnings benchmarks, Japanese firms possess the motivation to use earnings to misrepresent economic performance, Japanese managers see a red flag when generally accepted accounting principle’s earnings do not correlate with cash flow from operations.

Although law schools have seen rising representation of diverse racial and ethnic groups among students, minorities continue to represent disproportionately small percentages of lawyers within large corporate law firms. Prior research on the nature and causes of minority underrepresentation in such firms has been sparse. In this paper, we use data on a national sample of more than 1,300 law firm offices to examine variation across large U.S. law firms in the representation of African-Americans, Hispanics, and Asian-Americans. Overall, minorities are better represented in offices located in Western states and in major metropolitan areas; offices that are larger and affiliated with larger firms; offices of firms with higher revenues and profits per partner; offices with greater associate–partner leverage; and branch offices rather than principal offices. They are equally distributed between offices with single-tier and two-tier partnerships. Distinct patterns emerge, however, when the three groups are considered separately and when hierarchical rank within firms is taken into account.