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Purpose – To trace the rationale, features, development and application of the Balanced Scorecard (BSC) over the past ten years, to provide a critical review of its key problematic effects, and to suggest a future direction. Design/methodology/approach – The shift from the industrial to the innovation economy provides a background to identifying five major problem areas of the BSC which are then discussed with reference to selected case examples. An alternative systemic scorecard is then proposed. Findings – The tyranny of the BSC as a measurement “straightjacket” is beginning to jeopardize the survival of firms, hinders much‐needed business ecosystem innovation, thereby negatively affecting customer value rejuvenation, shareholders' benefits, other stakeholders as well as societal benefits in general. A more systemic alternative is proposed. Research limitations/implications – Future research might focus on further development of the systemic scorecard in different industries and organisational settings with detailed systemic measurement techniques. Practical implications – Rather than relying on the static BSC, it would be more effective to adopt a systemic perspective in measuring/managing intangible assets. Originality/value – An alternative to the BSC is proposed that involves radical change in its underlying assumptions by moving to a more systemic, dynamic framework – a systemic management system, including a systemic scorecard.

The authors estimate systemic risk in the Korean economy using the econometric measures of commonality and connectedness applied to stock returns. To assess potential systemic risk concerns arising from the high concentration of the economy in large business groups and a few export-oriented sectors, the authors perform three levels of estimation using individual stocks, business groups, and industry returns. The results show that the measures perform well over the study’s sample period by indicating heightened levels of commonality and interconnectedness during crisis periods. In out-of-sample tests, the measures can predict future losses in the stock market during the crises. The authors also provide the recent readings of their measures at the market, chaebol, and industry levels. Although the measures indicate systemic risk is not a major concern in Korea, as they tend to be at the lowest level since 1998, there is an increasing trend in commonality and connectedness since 2017. Samsung and SK exhibit increasing degrees of commonality and connectedness, perhaps because of their heavy dependence on a few major member firms. Commonality in the finance industry has not subsided since the financial crisis, suggesting that systemic risk is still a concern in the banking sector.

The purpose of this paper is to investigate the effects of audit client importance on future bank risk and systemic risk in US-listed commercial banks.

The authors use archival research method.

The authors mainly find that client importance is negatively related with future bank-specific crash risk and distress risk, and also with sector-wide systemic crash risk and systemic distress risk in the future. The authors also report some evidence that these relations become more pronounced during the crisis period than during the non-crisis period. Moreover, the effect of client importance on systemic risk is found to strengthen in banks audited by Big-N auditors, by auditors without clients who restate earnings, and by auditors with more industry expertise.

These findings contribute to the auditing and systemic risk literature.

This study has implications for regulating the banking industry.

This study provides original evidence on how client importance affects bank-specific risk and systemic risk of the banking industry.

Drawing on my own experiences at the University of California, Santa Barbara as a college professor of radical social change for 31 years who has been focused on the climate crisis for the past 10, I explore the crisis of higher education with respect to this most pressing existential challenge of the twenty-first century and propose various approaches, actions, activities, and projects for both classroom teachers and networks of educators.

These include the UC-CSU NXTerra Knowledge Action Network, the UCSB-developed nearly carbon neutral conference, and engaging students in designing and implementing systemic alternatives outside the classroom in their own communities such as Eco Vista in the 23,000-person community of Isla Vista just adjacent to UC Santa Barbara, among others.

The essay will end with a vision of a new type of university, exemplified in the world-spanning Ecoversities Alliance, and dreamed of in Transition U and Eco Vista U, two prototypes that I have been involved in co-creating with students, staff, faculty and community members in Santa Barbara, California, and in the Transition US movement.

This paper aims to analyze a decolonized peace with gender perspective. Liberal democracies had consolidated on conquest, slavery, racism, sexism, colonialism, raw material extraction and female exploitation. Additional burdens came from neoliberal globalization with the massive burning of fossil oil, changing the Earth's history from the Holocene toward the Anthropocene. Multiple nexus between the human and environmental system requires an epistemology from the Global South. The paper explores alternative peace paradigms enabling poor and exploited people to overcome the destructive outcomes of patriarchal violence and extractivism. Regionally and locally, they are experimenting with just, safe, equal and sustainable alternatives of free societies.

The nexus approach focuses on system efficiency, internal and external feedbacks and allows decision-making processes with stronger cross-sectoral coordination and multi-level governance. It includes the understanding of the policy agenda and the political actors at different levels, explaining the discrimination of gender from local to global. The analysis establishes complex relations between theory and political actions, due that all actions are inherently mediated by gender. A key focus is a relationship and the outcomes of policies, where communication and collaboration at the local level grant efficient peaceful resource management with gender equity.

An engendered-sustainable peace approach is culturally decentralized and may offer alternatives to the ongoing destruction process of neoliberal corporatism and violence. Drastic systemic change requires massive changes from bottom-up and top-down before 2030–2050. Global solidarity among all excluded people, especially women and girls, promotes from childhood an engendered-sustainable peace-building process, where positive feedbacks may reduce the tipping points on Earth and among humankind. Engendered-sustainable peace can mitigate the upcoming conflicts and catastrophes, limiting the negative feedbacks from abusive, selfish and destructive corporations. A greater self-regulating sustainable system with a HUGE-security could promote a decolonized, engendered and sustainable peace for everybody.

The interconnected risks are cascading across different domains, where systemic challenges have intensified conflicts and violence, due to uncertainty, instability and fragility. Cascading effects not only demand prevention for sudden disruptions (hurricanes, floods) but also for slow-ongoing processes (drought, sea-level rise, lack of water availability, etc.), which are equally or more disruptive. Women suffer differently from disasters and are prone to greater impacts on their life and livelihood. An engendered peace is limited by the deep engrained patriarchal system. Only a culture of peace with gender recognition may grant future peace and also the sustainable care of ecosystems.

The Global South is exploring alternative ways to overcome the present violent and destructive globalization by promoting deep engrained indigenous values of Aymaras’ living well, the shell model of commanding by obeying of the Zapatistas or Bhutan’s Happiness Index. Globally, critical women and men are promoting subsistence agriculture, solidarity or gift economy, where local efforts are restoring the equilibrium between humans and nature. An engendered-sustainable peace is limiting the destructive impacts of the Anthropocene, climate change and ongoing pandemics.

An engendered-sustainable peace is culturally decentralized and offers alternatives to the ongoing destruction process of neoliberal corporatism, climate change and violence. The text explores how to overcome the present hybrid warfare with alternative HUGE security and peace from the bottom-up. Regional reinforcement of food security, safe water management, local jobs and a concordian economy for the most vulnerable may change the present exploitation of nature and humankind. Growing solidarity with people affected by disasters is empowering women and girls and dismantling from the bottom-up, the dominant structures of violence and exploitation.

The military-industrial-scientific corporate complex and the exploitation of women, men and natural resources, based on patriarchy, has produced climate change, poverty and global pandemics with millions of unnecessary deaths and suffering. A doughnut engendered peace looking from the outside and inside of the system of globalization and environmental destruction proposes to overcome the growth addiction by a growth agnostic society. Engendered peace explores alternative and sustainable values that go beyond the dominant technological changes. It includes a culturally, politically and institutionally ingrained model where everybody is a participant, reinforcing an engendered-sustainable peace and security for everybody.

The purpose of this paper is to construct an index for systemic risk in China.

This paper develops a systemic risk index for China (SRIC) using textual information from 26 leading newspapers in China. Our index measures the systematic risk from 21 topics relating to China’s economy and provides narratives of the sources of systemic risk.

SRIC effectively predicts changes in GDP, aggregate financing to the real economy and the purchasing managers’ index. Moreover, SRIC explains several other commonly used macroeconomic indicators. Our risk measure provides a helpful monitoring tool for policymakers to manage systemic risk.

The paper construct an index of systemic risk based on the information extracted from newspaper articles. This approach is new to the literature.

The purpose of this paper is to analyze the impact of financial penalties on the stability of the banking sector.

A unique database of 671 financial penalties imposed on 68 international listed banks between 2007 and 2014 and a fixed-effects panel data approach were used.

The results show that financial penalties increase banks’ systemic risk exposure but do not significantly affect banks’ contribution to systemic risk. Additionally, the link between financial penalties and systemic risk exposure is weaker in regulatory and supervisory systems with more prompt corrective power among national authorities. By contrast, supervisory authorities’ stronger power to declare insolvency and a greater external monitoring culture exacerbate the positive effects of financial penalties on systemic risk exposure.

The punishment of misconduct should correct the social harm and prevent future misconduct while ensuring the banking system’s stability. Therefore, authorities should punish misconduct by implementing penalties against the financial institutions at a specific amount that offsets the damages of misconduct but does not threaten systemic stability. Penalties against institutions may be complemented by financial penalties against upper management to induce a more responsible culture in banks.

This paper is the first to study the effect of financial penalties on the stability of the financial system. The results contribute to the ongoing debate on the appropriateness of financial penalties and address the question of whether bank regulators reduce or contribute to banks’ systemic risk.

Systemic risk has been one of the most interesting issues in banking and financial literature during the last years, particularly in evaluating its effects on the stability of the whole financial system during crises. Differently from other studies which analyze systemic risk focusing on European countries, we explore the determinant of systemic risk in other regional or continental banking systems, as Latin America. Using the CoVaR approach proposed by Adrian and Brunnermeier (2016), we study the impact of corporate variables on systemic risk on a sample of 30 Latin American banks belonging to seven countries, continuously listed from 2002Q1 to 2015Q4. We investigate the contribution of the corporate variables over different economic periods: the Subprime crisis (2007Q3–2008Q3), the European Great Financial Depression (2008Q4–2010Q2), and the Sovereign debt crisis (2010Q3–2012Q3).

This study investigates how this pandemic impacted the systemic risk in Indonesia’s Islamic commercial banks (ICBs) and conventional commercial banks (CCBs). The authors use quantitative methods, and systemic risk is measured using value at risk (VaR) and Conditional Value at Risk (CoVaR). This study provides empirical evidence regarding the estimation and determination of systemic risk. By using spillover measures, the authors find a significant increase in systemic risk among the sample banks. The novelty in this research is the measurement of the level of banking risk in the dual banking system in Indonesia. This study makes profound contributions to the literature and suggests various policy recommendations, including identifying essential institutions and testing the benefits of policy responses in containing systemic risk. These findings need to be considered by the government and financial authorities in making accurate regulations and policies.