Determinants of Foreign exchange exposure during the COVID-19 crisis: A Multi-country evidence

The research question of which firm-level factors make firms more vulnerable to exchange rate fluctuations during periods of crisis has rarely been explored by prior literature. Using a large sample of 1577 firms from 9 developed and 11 emerging countries, this study presents a comprehensive analysis of how firm-level factors affect firms' foreign exchange exposure before and during the COVID-19 crisis. The results provide evidence of a substantial increase in firms' linear exposure during the COVID-19 period. The cross-sectional analysis reveals that the effects of firm-level variables on exposure are more pronounced during crisis periods and are different from non-crisis periods. Firms that have effective asset utilization or large operating profit margins remain less exposed during times of stress. Contrary to hedging theory, firms that have high incentives to hedge such as firms with high financial leverage become highly exposed to currency fluctuations during crisis periods. The interaction analysis provides further evidence that firms with high leverage can limit their foreign exchange exposure during periods of crisis if they have high asset turnover or high operating profits. The results offer important practical implications to firms for risk management during periods of crisis.

The European Union's New Pharmaceutical Strategy for Europe

[...]on 25 Nov. 2020, the European Commission (EC) announced the new Pharmaceutical Strategy for Europe, which is likely to result in significant changes to the European Union (EU) regulatory framework and will have a substantial impact on both the marketing of medicinal products and the strategic business planning of pharmaceutical companies (2). (2021), the priority areas are as follows: * The performance and adequacy of the current legislation * Unmet medical needs-with a definition or set of principles for "unmet medical needs" under discussion * Incentives for innovation, including the area of unmet needs and a reflexion on regulatory data and market exclusivity * Antimicrobial resistance that includes measures to support innovation of antibiotic development * Future-proofing the regulatory framework for novel products * Improved patient access to, and affordability of, medicines in the EU * Competitiveness of the European markets to ensure affordable medicines, including considering measures to support patients' access to affordable medicines * Encouraging the repurposing of off patent medicines * Ensuring security of supply of medicinal products in the EU * Ensuring high-quality manufacture and distribution in the EU including consideration of the need to strengthen or adapt good manufacturing practice (GMP) to reflect new manufacturing methodologies * Environmental challenges (4). Availability, accessibility, and affordability of medicinal products The section on 'Prioritising unmet medical needs' in the strategy reflects the belief within EU Bianca Piachaud-Moustakis is lead writer at PharmaVision, Pharmavision.co.uk. institutions that "current incentive models neither provide an adequate solution for unmet medical needs nor appropriately incentivise investments in innovation" (2).

A Review on Solar Energy Policy and Current Status: Top 5 Countries and Kazakhstan

The article describes the world's experience in developing the solar industry. It discusses the mechanisms of state support for developing renewable energy sources in the cases of five countries that are the most successful in this area—China, the United States, Japan, India, and Germany. Furthermore, it contains a brief review of state policy in producing electricity by renewable energy facilities in Kazakhstan. This paper uses statistical information from the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), British Petroleum (BP), and the Renewable Energy Network (REN21), and peer-reviewed sources. The research methodology includes analytical research and evaluation methods to examine the current state of solar energy policy, its motivators and incentives, as well as the prospects for its development in Kazakhstan and in the world. Research shows that solar energy has a huge development potential worldwide and is sure to take its place in gross electricity production. This paper focuses on the selected economic policies of the top five countries and Kazakhstan, in what may be considered a specific research limitation. Future research suggestions for the expansion of Renewable Energy (RE) in Kazakhstan could include analysing the impact of introducing dedicated policies and incentives for solar systems and exploring the benefits and challenges of implementing large RE zones with government–business collaboration.

Meeting the Hospital Oxygen Demand with a Decentralized Autonomous PV System: Effect of PV Tracking Systems

When it comes to supplying oxygen, current standard hospitals in Iran have proven inadequate in the face of the COVID-19 pandemic, particularly during infection peaks. Power disruptions drastically reduce the oxygen pressure in hospitals, putting patients' health at risk. The present study is the first to attempt to power an oxygen concentrator with a solar-energy-based system. The HOMER 2.81 package was used for technical–economic–environmental–energy analysis. The most notable aspects of this work include evaluating different available solar trackers, using up-to-date equipment price data and up-to-date inflation rate, considering the temperature effects on solar cell performance, sensitivity analysis for the best scenario, considering pollution penalties, and using a three-time tariff system with price incentives for renewable power. The study has been carried out at Hajar Hospital, Shahrekord, Chaharmahal and Bakhtiari Province, Iran. The study showed that, by supplying 60% of the power demand, the dual-axis solar tracking system offered the highest annual power output (47,478 kWh). Furthermore, generating power at—$0.008/kWh due to selling power to the grid, the vertical-axis tracker was found to be the most economical design. Comparing the configuration with a vertical-axis tracker with the conventional scenario (relying on the power distribution grid), the investment is estimated to be recovered in three years with $234,300 in savings by the end of the 25th year. In the best economic scenario, 6137 kg CO2 is produced, and the analysis revealed the negative impact of a temperature rise on the performance and solar power output.

Industry Structure of Commercial Districts and the Impact of COVID-19

This paper aims to empirically analyze the difference in the closure rate of the commercial district according to the industry structure of the commercial district. Theoretically, the larger the number of stores in a commercial district, the greater the positive externality caused by the agglomeration economies in consumption, namely, the external economies of scale. However, the agglomeration economies could occur from comparison shopping or one-stop shopping, depending on the business structure of the commercial district. According to the empirical results of the regression analysis of all 1164 commercial districts in Korea, the more specialized a commercial district is by stores in a specific industry, the lower the closure rate of that commercial district. This means that the agglomeration economies in consumption are driven by comparison shopping rather than by one-stop shopping and implies that it is necessary to introduce incentives that allow stores in the same industry to cluster together in terms of policy. Meanwhile, if the closure is limited to a specific industry, it will cause an endogeneity problem since it affects the industry structure of the commercial district. Considering this, as a result of additional estimation by 2SLS and GMM using instrumental variables, the error in estimation due to the endogeneity problem was not large, confirming that COVID-19 corresponds to an overall external shock that is not limited to a specific industry. In addition, this paper presents diagnostic indicators for commercial districts to measure the impact of COVID-19. Through this, it will be possible to alleviate conflicts between social classes over compensation or subsidies for sanctions for quarantine. To the best of our knowledge, it is the first time to use all commercial districts in Korea for a research in evaluating the impact of COVID-19, and empirical results on agglomeration economies focusing on the consumption side are limited.

Transformational contribution of technology to studio culture: experience of an online first-year architecture design studio during the COVID-19 pandemic

PurposeDesign studios experienced an unprecedented contribution of technology when it came to organizing studios online, as imposed by COVID-19, which requires exploration of its impacts on the main metaphors of education, learning dimensions, and undoubtedly studio culture.Design/methodology/approachIn order to explore the impacts on the key dimensions of learning, a careful investigation was carried out from organizational, instructional, and learner points of view. The investigation utilized thematic analysis of records of pedagogical actions, as well as online communications, performance, and questionnaire responses of students to infer the conclusions. The freshmen architecture students were found to be an important group for study since they had no previous experiences in on-site design studios and will continue their education based on their first-year experiences.FindingsExploration of indicators—including reflective dialogue, retention, transfer of learned information to decisions, processing feedback as an investment in future performance, and self-regulation—as major contributors to design learning revealed that first-year students exhibited strong presence and interaction during online studio, and students' individuality influenced the teaching environment in terms of content and process. Hence, sense of belonging, which is a revamped feature of authentic context and studio culture, expands toward fortification of bottom-up educational frontiers.Originality/valueDeveloping pedagogies with no concern for the unprecedented impacts of the transformative role of technology on fundamental layers of design education will adversely influence students' chances of personal and professional success. The findings in this paper, regarding the transformational impacts of technology on design studio culture, follow investigation of the direction it has led current and can lead future design education. The study provides unique support for crystalizing new teaching and learning opportunities and pedagogical developments.

Opening industry data: The private sector's role in addressing societal challenges

This commentary explores the potential of private companies to advance scientific progress and solve social challenges through opening and sharing their data. Open data can accelerate scientific discoveries, foster collaboration, and promote long-term business success. However, concerns regarding data privacy and security can hinder data sharing. Companies have options to mitigate the challenges through developing data governance mechanisms, collaborating with stakeholders, communicating the benefits, and creating incentives for data sharing, among others. Ultimately, open data has immense potential to drive positive social impact and business value, and companies can explore solutions for their specific circumstances and tailor them to their specific needs.

Tangible Rewards for More Than Just Productivity: Examining Canadian Public Accounting Firms' Rewards Programs*

Companies spend significant amounts of money on tangible rewards programs, even during the economic turmoil of the COVID-19 pandemic. The prevalence, growth, and significance of these expenditures highlight the importance of understanding the purpose and use of these programs by organizations. Research on public accounting (PA) firms' compensation plans has focused on the balance between professional and commercial incentives in partner profit-sharing schemes but has failed to examine the incentives for nonpartner audit professionals. However, it is exactly these professionals who do a substantial amount of work on audit engagements. This paper has three main purposes. First, we investigate the nature and composition of PA firms' tangible rewards programs and provide a detailed description. Second, we examine the use of firms' tangible rewards programs to provide evidence of what actions are being rewarded. We use Almer et al.'s (2005, Behavioral Research in Accounting 17: 1-22) framework, which presents dimensions of the auditors' professional contribution, and explores whether firms recognize these dimensions using tangible rewards. Third, we develop future research questions to help explore the use of tangible rewards in firms without structured output. We collect archival data on the use of tangible rewards from each of the Big 4 PA firms and three of the next four largest international accounting firms in Canada. We find that firms use their tangible rewards programs for "building a culture of recognition," for performance incentives, and for employee and firm development, thus rewarding a broad set of measures beyond the incentive measures for hours worked.

Strategies for implementation of green roofs in developing countries

PurposeReportedly, green roof (GR) makes a significant contribution towards a truly sustainable-built environment;however, its implementation is yet to hit a sufficient level in developing countries. Thus, this study assesses GR implementation strategies in developing countries by providing a comparative analysis through experts in Kazakhstan, Malaysia and Turkey.Design/methodology/approachThe study adopts a four-step methodological approach to achieve the research aim: literature review, focus group discussion, fuzzy analytical hierarchy process (FAHP) analysis and correlation analyses. First, a literature review followed by a focus group discussion is used to determine 18 (out of 25 initially) strategies for the selected context and these are classified into three categories: governmental and institutional support, knowledge and information and policy and regulation. Afterward, the identified GR strategies are evaluated using the FAHP with the data gathered from the experts in the countries studied. Finally, correlation analyses were used to observe the strength of agreement between the assessments of experts from the included countries.FindingsThe findings indicate that financial incentives, low-cost government loans and subsidies and tax rebates are the essential strategies for the wider adoption of GR. Evaluating the policy and regulations strategies also showed that mandatory GR policies and regulations and better enforcement of the developed GR policies are ranked as the most prominent strategies. The findings show a low level of agreement among respondents from Kazakhstan, while there is a high level of agreement between the experts in Malaysia and Turkey.Research limitations/implicationsThe research contribution is twofold. First (research implication), the study identifies the strategies through a complete literature review. Second, the identified strategies are evaluated through the lenses of experts in three developing countries which are hoped to provide (practical contribution) a better understanding of the most effective strategies that require attention and enable the frontline stakeholders (particularly government authorities) to focus on them.Originality/valueThe study findings provide a good point of departure to explore the strategies for broader adoption of GRs in developing economic setting.

DO WE REALLY NEED "HUMAN-CENTRIC LEADERSHIP" AND NEW COMMUNICATION CONTENT?

The business environment has been rapidly changing after the Covid-19 pandemic. Many organizations have been adopted a hybrid workforce. Employees can work from the corporate office, their home, or an alternative third space. Employee location became more important than company location, so countries started to create incentives to attract individuals. Organizations need new skills, they look to reskill capabilities of existing workforce or to "rent" talents to fill those skills gap. In 2022, exactly 35,174 foreigners worked in Serbia, which is about 12,000 more than in 2021. The most work permits were issued to citizens of China, Russia, followed by Turkey and India. Some authors suggest that next wave of flexibility will be around the question „when" employees are expected to work. The new work conditions had changed employee expectations as well. They expect flexibility in work policies, new well-being benefits, they want their organizations take actions on issues they care about and that their organization see them as a person, not just employee. Those trends are challenging traditional definitions of the manager and HR manager role. Managers will have to put more attention on employee outputs then on the processes. Kropp, Cambon and Clark (2021) said "When interactions become primarily virtual, managers can no longer rely on what they see to manage performance, and when relationships become more emotional, they can no longer limit the relationship to the sphere of work". We will probably need new methods and content in communication, empathic leaders and human-centric leadership. HR function will have to develop empathy skills in existing managers and show them how to use it as management tool or will have to find new managers. The paperwork will analyze the new circumstances in which organizations should function and the expectations and demands of employees today.

How could a new universal code of conduct prevent and resolve sovereign debt crises? Proposals for design and implementation

In response to the COVID‐19 crisis, government spending around the world has increased significantly and will continue to grow as interest rates rise. In view of protracted and costly sovereign debt restructurings in the previous decades, contractual and noncontractual instruments of the Global Debt Governance‐system have been insufficient to prevent and to resolve sovereign debt crisis. While statutory and comprehensive approaches to resolve sovereign debt crises lack the political support such as an insolvency procedure for states incomprehensive contractual approaches including collective action clauses (CACs) cannot fully secure a comprehensive debt resolution. Codes of conduct could constitute an essential instrument to contribute to preventing and resolving sovereign debt crises. There are two main impediments for establishing and adopting such codes of conduct effectively. First, a range of codes of conduct with different institutional settings and principles have been established − and partly implemented − including those of the Institute of International Finance, the United Nations, the G20, the IMF and the OECD. However, differing institutional settings do not contribute to preventing or effectively resolving debt crises when the actors concerned apply different codes of conduct. We suggest a new universal code of conduct in which the elements of the various proposals made by the public and private sectors would be combined. Second, the global economic governance structure lacks incentives for creditors and debtors to adhere to this new universal code of conduct. This paper proposes measures providing incentives for creditors and debtors to apply the nonstatutory code of conduct.

Increasing the effectiveness of online learning platforms: Some factors that influence employee work engagement

PurposeThis paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.Design/methodology/approachThis briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.FindingsEffectiveness of online learning requires employees to engage with the digital platforms used. Companies can increase work engagement (WE) among learners by developing a platform that is regarded as easy to use and offers online content that employees believe will enhance their future job performance. Task-based learning that includes game elements and other challenging activities also help create an online environment conducive to interaction, knowledge sharing and quality feedback. Personality traits can also influence learner WE, while careful use of financial incentives has scope to do likewise.Originality/valueThe 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.

COVID-19 off-label uses of medicines: the role of civil liability and regulation.

Physicians can prescribe medicines for different indications than the tested and authorised ones. Such 'off-label' uses expand therapeutic options but also create uncertainties. The COVID-19 pandemic triggered new off-label uses and, despite issues being reported in the literature, these have not resulted in substantial personal injury litigation in the EU. Against this backdrop, this article argues that civil liability plays, in fact, a limited role in off-label uses. In particular, civil liability may incentivise health actors to follow and react to the development of the evidence basis for off-label uses. However, it is ultimately unable to incentivise the conduct of additional research on off-label uses. This is problematic, as off-label research is key to protecting patients and is recommended by international medical ethics. The article concludes by critically discussing proposed mechanisms to incentivise off-label research. It argues that extending civil liability for unknown risks may have undesired effects on insurability and innovation, and most regulatory proposals seem ineffective. Building on the 2014 Italian reform of off-label uses, the article proposes the establishment of a fund financed by mandatory contributions from the industry, which should be used by pharmaceutical regulators to promote off-label research and develop guidelines for prescribers.

Global challenges: South African and Australian students' experiences of emergency remote teaching

The COVID-19 pandemic forced universities worldwide to move their teaching online within an unprecedentedly short timeframe. Whilst the move online learning has increased the reach of tertiary educational delivery it has also raised significant issues of equity, accessibility and student engagement. This includes concerns around access to technology and reliable internet connectivity, academic and digital literacy, and other factors such as mental health and work-life balance. This paper examines two studies of student engagement with online learning during 2020 when then pandemic began. One study was conducted in South Africa the other in a small regional university in South-Eastern Australia. A mixed method approach was used in both studies and then student responses were analysed using the student engagement framework presented by Kahu and Nelson (2018). A key focus in this analysis is the critical importance the educational interface and shared mutually formative experience of learning between students and universities. Findings show that despite the two different contexts, student concerns around digital literacy and engagement in an online learning environment share many similarities.

A study of federal incentives in the period of the Covid-19 pandemic

This work had the general objective of analyzing how the Brazilian Federal Government, through tax incentive laws, has enhanced the economic activity of companies, highlighting the current socioeconomic scenario caused by the COVID-19 pandemic. The research was classified as qualitative, documental, bibliographic, basic and descriptive. The federal rules on tax incentives that exist in Brazil until March 2020 were analyzed, totaling eleven rules. Then, it was verified if there were any changes in the period from March 2020 to December 2021, and if there were publications of new federal rules on tax incentives. The conclusions are that of the federal norms already instituted, in March 2020, six have undergone changes: Rouanet Law;Informatics Law;Audiovisual Law;Sports Incentive Law;Payroll Exemption Law;and Drawback Law. Regarding the federal regulations instituted in the period, there was no institution of tax incentives, which the companies needed to be able to maintain their cash flow, enhance their socio-economic activities and mitigate the impacts caused by the COVID-19 pandemic, which highlighted a certain slowness in the approval procedures of the Law projects. Possibly, the benefits already granted would need to be extended or adjusted.

MSMEs Tax Compliance in Indonesia During Pandemic COVID-19: The Role of Risk Preference as Moderation

There has been global economic fallout from the Pandemic COVID-19. Micro, Small and Medium Enterprises (MSME) is one of the industries hit worst. Many MSMEs have seen their profits decline or even disappear. Consequently, tax income dropped. In order to raise tax revenue, the government has implemented a number of reforms, one of which is a push for greater tax compliance among MSMEs. This study aims to analyze the effect of providing tax incentives and understanding taxpayers on MSME tax compliance during the COVID-19 pandemic. This study also examines risk preferences as moderation. The population in this study is the MSMEs food sector in the city of Pekanbaru, Indonesia. Samples were selected using convenience sampling. A total of 397 MSMEs in the food sector participated in this study. During the months of December 2021 and February 2022, data was gathered by distributing questionnaires to taxpayers directly and also by using Google forms. Data analysis techniques used SEM with Warp PLS. Tests show that tax incentives affect the compliance of MSME taxpayers during the COVID 19. This study demonstrates that understanding MSME tax rules can boost compliance. The high risk faced by taxpayers can reduce tax compliance even though the government provides tax incentives. However, with a high level of understanding, even though taxpayers have risks, they still carry out their tax compliance. This study aids the government's effort to give tax incentives and outreach to better comprehend the needs of MSME taxpayers.

Environmental reporting by Indonesian agricultural companies around the spread of the COVID-19 epidemic

The purpose of this article is to see if there was a change in the amount of environmental reporting by agricultural firms after the COVID-19 epidemic spread in Indonesia. This study also examines the difference in the degree of environmental reporting between companies that publish sustainability reporting and those that do not in the period pre- and post-COVID-19. In addition, determinant factors for the extent of environmental reporting are also explored. This study utilizes 23 companies as a sample, i.e., the Indonesia Stock Exchange-listed agricultural enterprises in 2019 and 2020. The paired sample t-test results show that environmental reporting rose following the spread of the COVID-19 pandemic compared to reporting levels before the pandemic. In addition, the environmental reporting of companies that publish sustainability reporting is significantly higher than that of those that do not. This finding implies that despite the hard time facing COVID-19, the companies keep maintaining incentives to care more about the environment, which is marked by increased environmental reporting. Meanwhile, the factor that affects the amount of environmental exposure is the firm's size. Hence, a company's level of environmental reporting will increase as its assets grow in size.

Investigate The Link Between Innovation and Teaching in The Millennial Generation: Acces la Success

This study investigates the relationship between spiritual leadership, psychological well-being, and innovative work behavior. The survey method used purposive sampling techniques in East Java Province with a questionnaire among teachers and employees in high school to 235. Structural equation modelling-partial least square as a research method to answer the hypothesis. The result indicated that spiritual leadership directly affected psychological well being. Spiritual leadership affect innovative work behavior through psychological well being. This study found different results that spiritual leadership could not increase innovative work behavior. This study's theoretical contribution is to confirm spiritual leadership theory (SLT) and support previous research. The practical implications of the research are that employees should consider their psychological well-being in terms of salaries, incentives, workloads, and all the employees' guarantees in their lives. With a guarantee from the organization, employees will be able to provide high work innovation for the organization's progress, especially in high school East Java, Indonesia.

The Game Analysis among Governments, the Public and Green Smart Supply Chain Enterprises in Necessity Purchase and Supply during COVID-19 Pandemic

During the COVID-19 pandemic, panic buying, price inflation, and the pollution of production processes led to economic and social unrest. In response to the current situation, the current research takes less account of the subjective perception of public panic buying and the lack of reference to the reality of effective governance. First, this paper uses prospect theory to portray the public's perceived value of goods in panic buying and non-panic buying situations. Then, drawing on the experience of effective governance in China, a tripartite evolutionary game model of local government, the public and green smart supply chain enterprises is constructed under the reward and punishment mechanism of the central government. Then, this paper analyzes the strategic choices of each game player and the stability of the system equilibrium. The structure of the study suggests the following. (1) Improving local government subsidies and penalties, the cost of positive response and the probability of response can lead to an evolutionary direction where the public chooses not to panic buy and green smart supply chain enterprises choose to ensure a balance between supply and demand and increase pollution control in the production process. (2) Our study yields three effective combinations of evolutionary strategies, of which an ideal combination of evolutionary strategies exists. Non-ideal evolutionary strategy combinations can occur due to improper incentives and penalties of local governments and misallocation of limited resources. However, we find four paths that can transform the non-ideal evolutionary strategy combination into an ideal evolutionary strategy combination. (3) The central government's reward and punishment mechanism is an important tool to stabilize the tripartite strategy, but the central government cannot achieve effective governance by replacing incentives with punishment.