The G20, climate change and COVID-19: critical juncture or critical wound?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Injy Johnstone
Keyword(s):  
Climate Change ◽  
Global Financial Crisis ◽  
Institutional Response ◽  
Critical Juncture ◽  
Content Type ◽  
Critical Junctures ◽  
The Global Financial Crisis ◽  
Global Financial System ◽  
Practical Implications ◽  
Shed Light

PurposeThe Group of 20 (G20) is tasked with responding to economic shocks in the global financial system, with COVID-19 having proved to be the most significant shock since the G20's inception. COVID-19 also represents the first economic crisis accompanied by a concerted attempt to “build back better”, principally through a climate-compatible recovery. In 2021, there is little clarity as to the G20's response to this challenge, primarily due to considerable divergence in the green stimulus practices of its member states. The paper aims to investigate whether the G20, climate change and COVID-19 are critical juncture or critical wound.Design/methodology/approachHistorical institutionalism (HI) suggests that one can explain an institution's future response by reference to its developmental pathway to date. This contribution adopts its concept of “critical junctures” to shed light on the G20's possible institutional response to COVID-19. The contribution undertakes a comparative analysis of the global financial crisis (GFC) and COVID-19 as possible critical junctures for the G20.FindingsIn doing so, the work demonstrates that the G20 “building back better” from COVID-19 requires a shift away from its institutional orthodoxy to a much larger degree than its response to the GFC. Accordingly, whilst both the GFC and COVID-19 may be considered critical junctures for the G20, only COVID-19 has the potential to be a “critical wound” that leads to institutional redundancy.Research limitations/implicationsThrough interrogating this further, this exposition prospectively outlines two possible futures the G20 faces as a consequence of COVID-19: reform or redundancy. In this way, it offers an ex ante perspective on policy-reform options for the G20's ongoing response to COVID-19.Practical implicationsWhichever choice the G20 makes in its response to COVID-19 has profound consequences for global governance in an increasingly unpredictable world.Originality/valueHerein lies the importance of an exploratory assessment of COVID-19 as a critical juncture or a critical wound for the G20.

Taking the ethical lead

2020 ◽  
Vol 34 (4) ◽  
pp. 37-39
Keyword(s):  
Financial Crisis ◽  
Oil Spill ◽  
Design Methodology ◽  
Reading Time ◽  
Global Financial Crisis ◽  
Content Type ◽  
Lehman Brothers ◽  
Pertinent Information ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds his/her own impartial comments and places the articles in context. Findings Take any financial or environmental scandal perpetrated by a major company – and unfortunately, there are quite a few to choose from – and people will tend to remember what went wrong and some of the fallout from the scandal, but it is unlikely they will know much about why something went wrong. For example, people will remember that Lehman Brothers went bust during the global financial crisis (GFC) in 2008 and can picture its employees leaving its offices with Iron Mountain boxes. They will also perhaps remember the Exxon Valdez oil spill in Alaska in 1989, and the devastation it caused the local wildlife. But does anyone remember exactly why these events occurred? Practical implications This paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

House prices and credit cycles: the case of Cyprus

2020 ◽  
Vol 38 (6) ◽  
pp. 539-550
Author(s):  
Dario Pontiggia ◽  
Petros Stavrou Sivitanides
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
House Prices ◽  
House Price ◽  
Equation Model ◽  
Housing Demand ◽  
Content Type ◽  
Bank Deposits ◽  
The Global Financial Crisis ◽  
Practical Implications

PurposeThe purpose of this paper is to assess whether the rapid accumulation of bank deposits before the global financial crisis and their subsequent drastic reduction was the main driving force of the Cyprus house price cycle over the period 2006–2015.Design/methodology/approachTo this aim we estimate a three-equation model in which house prices are determined by housing loans, among other factors, and housing loans are determined by bank deposits. All equations are estimated using partial adjustment model specifications.FindingsOur findings indicate that housing loans, which capture the effect of credit availability on housing demand, had the smallest effect on house prices, thus providing little support to our proposition of a deposits-driven cycle in house prices.Research limitations/implicationsThe main limitation of the study is the use of the housing loan stock instead of the actual volume of housing loans in each period due to lack of such data. As a result our econometric estimates may not accurately capture the magnitude of the effect of housing loans on house prices.Practical implicationsThe study has important practical implications for policy makers as it highlights the importance of availability of credit in supporting effective demand for housing during periods of economic growth. Furthermore, it highlights the key role of house price increases in combination with the collateral effect in driving the house price cycle.Originality/valueThis is among the few studies internationally and the first study in Cyprus that attempts to link econometrically the credit and house price cycles that were caused by the global financial crisis.

Is HRD weaker after financial crisis?

2016 ◽  
Vol 24 (2) ◽  
pp. 36-38
Keyword(s):  
Financial Crisis ◽  
Human Resource Development ◽  
Global Financial Crisis ◽  
Low Cost ◽  
Personal Control ◽  
Sustainable Business ◽  
Content Type ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Practical Implications

Purpose – This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings – Participants reported diminishing personal control over changes within the workplace and a cultural shift toward a harsher working climate in the UK following the global financial crisis. Human resource development was considered as silenced or absent and associated solely with low cost-based e-learning rather than acting in a strategic role to support sustainable business objectives. Practical implications – The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value – The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Three rules for strategy at Deloitte Consulting

2015 ◽  
Vol 32 (1) ◽  
pp. 35-37
Keyword(s):  
Decision Making ◽  
Financial Crisis ◽  
Design Methodology ◽  
Reading Time ◽  
Global Financial Crisis ◽  
Business Leaders ◽  
Content Type ◽  
Pertinent Information ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose – This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings – A lot has been written of the consequences of the global financial crisis (GFC) in the late 2000s – who was to blame, who should have seen it coming, who didn’t see it coming and who claimed to have predicted it years later. Such speculation has contributed to what might be termed a “global crisis of confidence”, as all the established rules went out of the window. Business leaders didn’t know who to trust any more, and decision-making suddenly got a lot more difficult as a result. Practical implications – The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value – The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Out of the ordinary

2020 ◽  
Vol 34 (4) ◽  
pp. 33-35
Keyword(s):  
Organizational Development ◽  
Design Methodology ◽  
Reading Time ◽  
Global Financial Crisis ◽  
Environmental Concerns ◽  
Content Type ◽  
Development Path ◽  
Pertinent Information ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds his/her own impartial comments and places the articles in context. Findings Are we entering the next stage of organizational development? It could be argued that the learning organization, by necessity, follows macroeconomic and wider environmental concerns, and certainly the first 20 years of the 2000s has seen a thirst for growth through unregulated markets quelled following the global financial crisis (GFC). The search for new growth after that readjustment does, however, seem at odds with the need for a more sustainable development path. If markets still require growth, but organizations are less able to produce it, what is the next stage? It is hard to argue that it will have to factor in the so-called “VUCA” environment. Practical implications This paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Wellbeing and the workplace

2017 ◽  
Vol 25 (4) ◽  
pp. 38-40
Keyword(s):  
Design Methodology ◽  
Global Financial Crisis ◽  
Content Type ◽  
Work From Home ◽  
Pertinent Information ◽  
Increase Productivity ◽  
The One ◽  
The Global Financial Crisis ◽  
Improved Technology ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings The concept of wellbeing is all the rage following the ravages of the Global Financial Crisis, and step-change in people’s view of work-life balance on the one hand and how enhancing employees’ contentment can increase productivity on the other. This, coupled with much-improved technology such as Skype, and greater access to super fast broadband means that connectivity across regions, countries and internationally has allowed many more workers to work from home regularly and maintain greater contact with family and friends. As a result, wellbeing is no longer viewed by firms as a luxury but rather a necessity. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

scholarly journals The auditor’s opinion modifications around domestic and global financial crises

2018 ◽  
Vol 26 (4) ◽  
pp. 622-639 ◽  
Author(s):  
Banu Sultanoglu ◽  
Can Simga Mugan ◽  
Umut Sekerdag ◽  
Adil Oran
Keyword(s):  
Financial Distress ◽  
Global Financial Crisis ◽  
Client Characteristics ◽  
Content Type ◽  
Audit Opinion ◽  
Audit Firms ◽  
Audit Opinions ◽  
Auditor Reporting ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose The purpose of this study is to investigate the effect of company characteristics such as the level of financial distress, client size and type of auditor on the propensity to issue modified audit opinions and to assess comparative differences in audit opinions during two significant economic crises in Turkey. Design/methodology/approach Logistic regression model is used to test the incremental contribution of each company characteristic on issuing the type of audit opinion for crisis periods. Additionally, to understand the reasons for differences in audit opinions between two types of crisis periods, the authors adopt Francis and Krishnan’s (2002) approach in which an auditor’s propensity to issue modified opinion may be jointly based on changes in client characteristics and auditor reporting strategies in that period. Findings The results indicate that there is a positive relationship between financial distress and the likelihood of receiving modified opinions in both crisis periods. Additionally, client size affects audit opinions negatively in both periods significantly. Auditors show higher propensity to issue a modified opinion during the domestic than the global financial crisis period, which could be explained by the changes in client characteristics more than their reporting strategy. Practical implications This study provides supportive evidence that the company characteristics including the financial distress can be very useful predictors for the auditors’ decisions while issuing their opinions. Originality/value The findings of different auditor behaviors during crises periods and possible reasons are the main contributions of this study for international and domestic regulators, investors, audit firms, academics and standard setters in emerging economies.

Perception is everything

2014 ◽  
Vol 30 (4) ◽  
pp. 3-5
Keyword(s):  
Design Methodology ◽  
Global Financial Crisis ◽  
Ethical Standards ◽  
Content Type ◽  
The Public ◽  
High Profile ◽  
The Media ◽  
Pertinent Information ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose – Reviews the latest management developments across the globe and pinpoints practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings – Among the rubble following the global financial crisis from 2008 onwards, several commentators believed that the behaviour, and perceived behaviour, of banks and other financial institutions would kick start the process of moving towards enhanced ethical standards. Business schools, the media, politicians and high profile members of the finance community all came were all at the receiving end of huge amounts of opprobrium from the public, and it was thought it would be in all of their interest to win that four our back in order to prop up the creaking financial systems. Practical implications – Provides strategic insights and practical thinking that have influenced some of the world's leading organizations. Originality/value – The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Economic performance, export, systemic barriers and equity investments in innovative companies

2014 ◽  
Vol 6 (1) ◽  
pp. 33-65
Author(s):  
Lukasz Prorokowski
Keyword(s):  
Financial Crisis ◽  
Economic Performance ◽  
Global Financial Crisis ◽  
Portfolio Diversification ◽  
Content Type ◽  
International Portfolio Diversification ◽  
International Portfolio ◽  
Equity Investments ◽  
The Global Financial Crisis ◽  
Practical Implications

Purpose – This paper attempts to provide insights into the functioning of innovative companies in times of the global financial crisis. In doing so, the following study investigates whether innovations protected companies from the adverse effects of the global recession. On this occasion, the paper analyzes the economic performance of innovative industries in Poland, highlighting institutional and systemic barriers that curb their development. The main purpose of this paper is to clarify whether targeting innovative companies for equity investments proved beneficial during the global financial crisis. Design/methodology/approach – This paper employs the mean return per unit of risk (MRPUR) analysis in order to investigate international portfolio diversification opportunities delivered by targeting innovative companies for equity investments in times of the global financial crisis. The paper also uses interviews and questionnaires to broaden the knowledge about issues related to the functioning of innovative companies. This is motivated by the fact that the research remains under-researched by the reviewed studies. Findings – The paper links innovations in business strategy and production to the ability of companies to resist the global financial crisis. This paper argues that innovative approach to business strategies proved far more profitable for companies than relying on novelties in production. Furthermore, the paper provides strong evidence that innovative companies could contribute to mitigation of the global economic downturn by stimulating the sustainable economic growth in Poland. As far as the main purpose of this paper is concerned, the current study delivers useful and informative insights into the international portfolio diversification processes that assume targeting innovative investees. Practical implications – This paper delivers practical implications for innovative companies, market regulators, policymakers and international investors. Originality/value – The current paper addresses the absence of the academic literature devoted to the analysis of financial performance of the Polish investee companies representing innovative industries. In doing so, this paper advises on changes in regulations that would facilitate further development of innovative companies. Moreover, the paper paints the picture of the investment environment prevailing in the Central European emerging stock market of Poland. Hereto, delivering general insights into the functioning and regulatory framework of the Polish stock market proves useful in assessing the economic and financial development of Poland.

Greed is (still) good

2014 ◽  
Vol 30 (6) ◽  
pp. 29-31 ◽  
Keyword(s):  
Financial Crisis ◽  
Design Methodology ◽  
Reading Time ◽  
Global Financial Crisis ◽  
East India Company ◽  
Content Type ◽  
Pertinent Information ◽  
The Global Financial Crisis ◽  
Dot Com ◽  
Practical Implications

Purpose – The purpose of this paper is to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds his/her own impartial comments and places the articles in context. Findings – There are some business phenomena that, like fashion, never seem to go away, or be truly original. Think of the drainpipe trousers that first saw the light in the nineteenth century, or the 1970s frilly shirts that were not a patch on those worn in Elizabethan times. Similarly, the global financial crisis was not a Great Depression, and the dot-com bubble could not hold a candle to the bubble that did for the East India Company all those years ago. Practical implications – This study provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Original/value – The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and an easy-to-digest format.

Sign in / Sign up

Export Citation Format

Share Document