Economic policy uncertainty and environmental governance company volatility: Evidence from China

This study primarily investigates whether China's economic policy uncertainty (EPU) can predict the environmental governance index volatility, which selects companies regarding environmental protection such as sewage treatment, solid waste treatment, air treatment, and energy saving. Empirical results reveal that China's EPU index can predict the environmental governance index volatility. Furthermore, even during periods of fluctuating volatility and the COVID-19 pandemic, China's EPU index can reliably forecast the environmental governance index volatility. This paper tries to provide new evidence regarding the connection between EPU and environmental governance companies' stock volatility. © 2023

Exploring customer concerns on service quality under the COVID-19 crisis: A social media analytics study from the retail industry

The COVID-19 pandemic has triggered a set of government policies and supermarket regulations, which affects customers' grocery shopping behaviours. However, the specific impact of COVID-19 on retailers at the customer end has not yet been addressed. Using text-mining techniques (i.e., sentiment analysis, topic modelling) and time series analysis, we analyse 161,921 tweets from leading UK supermarkets during the first COVID-19 lockdown. The results show the causes of sentiment change in each time series and how customer perception changes according to supermarkets' response actions. Drawing on the social media crisis communication framework and Situational Crisis Communication theory, this study investigates whether responding to a crisis helps retail managers better understand their customers. The results uncover that customers experiencing certain social media interactions may evaluate attributes differently, resulting in varying levels of customer information collection, and grocery companies could benefit from engaging in social media crisis communication with customers. As new variants of COVID-19 keep appearing, emerging managerial problems put businesses at risk for the next crisis. Based on the results of text-mining analysis of consumer perceptions, this study identifies emerging topics in the UK grocery sector in the context of COVID-19 crisis communication and develop the sub-dimensions of service quality assessment into four categories: physical aspects, reliability, personal interaction, and policies. This study reveals how supermarkets could use social media data to better analyse customer behaviour during a pandemic and sustain competitiveness by upgrading their crisis strategies and service provision. It also sheds light on how future researchers can leverage the power of social media data with multiple text-mining methodologies. © 2022 The Authors

Banking infrastructure and the Paycheck Protection Program during the Covid-19 pandemic

In response to the Covid-19 pandemic, the US federal government distributed US$800 billion in Paycheck Protection Program (PPP) loans to small businesses to preserve employment. Since PPP funding was transmitted through private banks, the characteristics of the regional banking market may have unevenly affected the programme's reach. This paper examines how variations in market concentration and the presence of community banks contributed to PPP disbursement in US counties. It finds that greater regional banking market concentration correlates with fewer PPP loans, but this negative relationship is mitigated by a greater presence of community banks in highly concentrated markets. © 2022 Regional Studies Association.

A digital transformation-enabled framework and strategies for public health risk response and governance: China's experience

Purpose: Under uncertain circumstances, digital technologies are taken as digital transformation enablers and driving forces to integrate with medical, healthcare and emergency management research for effective epidemic prevention and control. This study aims to adapt complex systems in emergency management. Thus, a digital transformation-driven and systematic circulation framework is proposed in this study that can utilize the advantages of digital technologies to generate innovative and systematic governance. Design/methodology/approach: Aiming at adapting complex systems in emergency management, a systematic circulation framework based on the interpretive research is proposed in this study that can utilize the advantages of digital technologies to generate innovative and systematic governance. The framework consists of four phases: (1) analysis of emergency management stages, (2) risk identification in the emergency management stages, (3) digital-enabled response model design for emergency management, and (4) strategy generation for digital emergency governance. A case study in China was illustrated in this study. Findings: This paper examines the role those digital technologies can play in responding to pandemics and outlines a framework based on four phases of digital technologies for pandemic responses. After the phase-by-phase analysis, a digital technology-enabled emergency management framework, titled "Expected digital-enabled emergency management framework (EDEM framework)” was adapted and proposed. Moreover, the social risks of emergency management phases are identified. Then, three strategies for emergency governance and digital governance from the three perspectives, namely "Strengthening weaknesses for emergency response,” "Enhancing integration for collaborative governance,” and "Engaging foundations for emergency management” that the government can adopt them in the future, fight for public health emergency events. Originality/value: The novel digital transformation-driven systematic circulation framework for public health risk response and governance was proposed. Meanwhile, an "Expected digital-enabled emergency management framework (EDEM model)” was also proposed to achieve a more effective empirical response for public health risk response and governance and contribute to studies about the government facing the COVID-19 pandemic effectively. © 2022, Emerald Publishing Limited.

Power and politics in a pandemic: Insights from Finnish health system leaders during COVID-19

Power and politics are both critical concepts to engage with in health systems and policy research, as they impact actions, processes, and outcomes at all levels in health systems. Building on the conceptualization of health systems as social systems, we investigate how power and politics manifested in the Finnish health system during COVID-19, posing the following research question: in what ways did health system leaders and experts experience issues of power and politics during COVID-19, and how did power and politics impact health system governance? We completed online interviews with health system leaders and experts (n = 53) at the local, regional, and national level in Finland from March 2021–February 2022. The analysis followed an iterative thematic analysis process in which the data guided the codebook. The results demonstrate that power and politics affected health system governance in Finland during COVID-19 in a multitude of ways. These can be summarized through the themes of credit and blame, frame contestation, and transparency and trust. Overall, political leaders at the national level were heavily involved in the governance of COVID-19 in Finland, which was perceived as having both negative and positive impacts. The politicization of the pandemic took health officials and civil servants by surprise, and events during the first year of COVID-19 in Finland reflect recurring vertical and horizontal power dynamics between local, regional, and national actors. The paper contributes to the growing call for power-focused health systems and policy research. The results suggest that analyses of pandemic governance and lessons learned are likely to leave out critical factors if left absent of an explicit analysis of power and politics, and that such analyses are needed to ensure accountability in health systems.

Implementing and sustaining lean, buyer-supplier role, and COVID-19 pandemic: insights from the garment industry of Bangladesh

PurposeThis study aims to explore the challenges in implementing and sustaining lean in garment supplier factories and the buyer-supplier role in mitigating lean barriers in a typical situation and pandemic. Design/methodology/approachFollowing a qualitative research approach and multiple embedded case study method, data were collected through in-depth interviews with senior managers of one lead buyer and their four key garment supplier factories in Bangladesh. Within and cross-case analysis, techniques were applied to understand the context-oriented lean challenges and buyer-supplier role in mitigating the challenges. FindingsThe study findings demonstrate that garment suppliers are less prepared and unsystematic in lean implementation having limited capabilities and less preparation. Moreover, they have limited support from buyers, less commitment from top management and employee resistance to implementing lean. Lean challenges become more intense because of the COVID-19 pandemic. However, buyer-supplier responsible, cooperative and collaborative behaviour can mitigate lean challenges. Research limitations/implicationsWhereas many stakeholders may be responsible for lean challenges, this study explores dyadic role between buyer and supplier only based on a single lead buyer and their four suppliers. Hence future studies could consider more buyers and suppliers for a holistic understanding. Practical implicationsThis study could help buyers and suppliers understand the underlying causes of lean implementation challenges in garment supplier factories and their role in sustaining lean reducing the challenges, particularly in a pandemic. Originality/valueTo the best of the authors' knowledge, for the first time, this study depicts how buyer and supplier can play their due roles to mitigate lean challenges in garment supplier factories in a pandemic situation.

What Is the European Central Bank Supposed to Do?

In July 2021, the European Central Bank (ECB) published a new monetary policy strategy, the first time in 17 years that it had undertaken a review of its monetary policy. In the intervening time, the world - and the economic challenges facing the ECB - have changed immensely but partly as a result of the ECB's own maneuvering. In particular, monetary policy has been relied upon for every single malaise facing the global economy, including and up to the coronavirus pandemic. This paper argues that a review of central banks as an institutional mechanism in general, and in particular the ECB, was overdue but should not have been limited to policies;instead, an opportunity was missed to have an institutional review to examine whether or not it has been performing as intended. In particular, the vast experiment of unconventional monetary policy/issuance should have been more scrutinized from an institutional level as it appears to have contributed to the current problems the European economy faces. Europe and the ECB would be well served by taking stock of its actions over the past two decades and especially during the era of unconventional monetary policy to find a sustainable route forward.

India and the pandemic: Democratic governance at crossroads

Covid-19 seems to have unlocked the reality of democracy's ongoing tension in many parts of the world, including India. The present government, led by Hindu nationalist Bharatiya Janata Party, enjoys absolute majority in the lower House of Samshad (Indian Parliament);thus satisfies WHO requirement of strong political leadership for meeting the challenge of Covid-19 pandemic. Through analysis of various acts, rules, notifications, social media behaviour, media-representations and reports, two aspects of governance become relevant: The process of policy-communication on the pandemic, particularly while declaring and extending lockdowns, through widely publicised speeches of the Prime Minister, packed with emotive appeals and policy-propaganda. However, government's several omissions and commissions have defied the norms of democratic accountability. In response, opposition political parties and civil society activism have continuously contested these trends, for stretching the democratic space wider and achieving better governance outcomes. © The Author(s), 2021. Published by Cambridge University Press.

What has been done and what has not – the government of Canada's economic policy response to the coronavirus pandemic

Purpose: This paper aims to examine Canadian government measures to support country's economic recovery and sustainable development. The goal is to examine whether all orders of government are working well to deliver the required help to Canadians. Design/methodology/approach: The theoretical foundations for this article are drawn from liberal and institutionalist approaches to comparative politics. Specifically, the proposed study draws on political tensions that occur because of actions of self-centered regional (provincial) governments who legitimize individual policies based on their self-centered economic and political objectives. Findings: Nowadays, we can observe the primary role of the state in supporting and regulating the health governance systems, the economy and social life. Many informal groups have unstructured approach, which does not require them to follow existing strategies. The challenges caused by COVID-19 have led to the resurgence of collective, state-based approaches to the recovery. The key findings illuminate the importance of crisis communication activities which should be implemented properly. This implies that all disclosures must be timely and truthful. Practical implications: The study helps to better understand the events that disrupt parts of the Canadian economy during pandemic. It reviews the essential functions that are critical for reliable operation of infrastructure services to ensure safety and well-being of the population. During the COVID-19, federal–provincial–territorial collaboration runs into resistance because of competing interests, resource constraints, legacies from past conflicts and lack of coordination. In contrast to managers, who often focus on tangible short-term results, today's leadership more often seeks intangible long-term results. This means that the central–local government relations tend to be more informal. Originality/value: In the face of external shock, such as COVID-19, it did not take much time for Canadian provincial governments to realize that they cannot cope with a wide range of challenges alone. In these circumstances, the narratives of how governments work together during the challenging time to impact their desired outcomes are of crucial importance. © 2022, Emerald Publishing Limited.

Multiple paths towards Eco islands and blue development: Conference report

Seas and islands cannot be separated when it comes to sustainable development. For island countries (regions), the sustainable use of marine resources is an obvious choice and a top priority. Despite the fact that many people are still affected by COVID-19, increasing attention is being given to developing island resilience as a means to adapt to many challenges, including climate change. The core concerns of island development are therefore balancing the needs of ecological protection and the sustainable use of natural resources. The Island Research Center of the Ministry of Natural Resources of China etc. organized the 2022 International Island Forum on November 10, 2022 with the theme, ‘Eco Islands, Blue Development.' A hybrid conference was held to bring together representatives of government agencies, academic institutions, and experts from many countries around the world to discuss the key issues of sustainable island development. © 2023

Effects of strict containment policies on COVID-19 pandemic crisis: lessons to cope with next pandemic impacts

The goal of the study here is to analyze and assess whether strict containment policies to cope with Coronavirus Disease 2019 (COVID-19) pandemic crisis are effective interventions to reduce high numbers of infections and deaths. A homogenous sample of 31 countries is categorized in two sets: countries with high or low strictness of public policy to cope with COVID-19 pandemic crisis. The findings here suggest that countries with a low intensity of strictness have average confirmed cases and fatality rates related to COVID-19 lower than countries with high strictness in containment policies (confirmed cases are 24.69% vs. 26.06% and fatality rates are 74.33% vs. 76.38%, respectively, in countries with low and high strictness of COVID-19 public policies of containment). What this study adds is that high levels of strict restriction policies may not be useful measures of control in containing the spread and negative impact of pandemics similar to COVID-19 and additionally a high strictness in containment policies generates substantial social and economic costs. These findings can be explained with manifold socioeconomic and environmental factors that support transmission dynamics and circulation of COVID-19 pandemic. Hence, high levels of strictness in public policy (and also a high share of administering new vaccines) seem to have low effectiveness to stop pandemics similar to COVID-19 driven by mutant viral agents. These results here suggest that the design of effective health policies for prevention and preparedness of future pandemics should be underpinned in a good governance of countries and adoption of new technology, rather than strict and generalized health polices having ambiguous effects of containment in society. © 2022, The Author(s).

A Systematic Literature Review of Infrastructure Governance: Cross-sectoral Lessons for Transformative Governance Approaches

Infrastructure governance has emerged as a subject of critical interest in the current ‘infrastructure turn' whereby fragmented governance approaches sit in tension with complex demands for infrastructure transformations within contexts of multiple intersecting crises. To understand the state of the literature and inform ongoing debates, a systematic review method is used to interrogate a large body of infrastructure governance literature across sectoral boundaries. This review identifies a range of literature gaps prevailing in the areas of infrastructure governance on unceded First Nations land, the societal end goals of infrastructure, and understandings and applications of integrated governance. © The Author(s) 2022.

Digitized diaspora governance during the COVID-19 pandemic: China's diaspora mobilization and Chinese migrant responses in Italy

We explore how the Chinese diaspora state during the COVID-19 pandemic in 2020 managed to transform a severe health crisis into a geo-political opportunity for transnational nation-building through diaspora governance based on extensive use of social media technologies. By adopting a multi-scalar perspective, we analyse the intertwined nature of top-down and bottom-up processes of the Chinese Party-state's diaspora mobilization. Based on discourse and ethnographic analysis, we argue that China's diaspora governance exposed a new and strong capacity for extra-territorial governance. We explore how discursive hegemony, social control and diaspora mobilization were achieved by widely employing the Chinese social media application, WeChat. We also contend that this was facilitated by the Italian government's and media's pro-China attitudes to emphasize the importance of considering transnational embeddedness when studying the implementation and impact of interactive online technology for diaspora governance in an illiberal political context. © 2022 The Authors. Global Networks published by John Wiley & Sons Ltd.

How accountants responded to the financial fallout owing to the COVID-19 pandemic

Purpose: Before the COVID-19 pandemic, the last time a crisis affected businesses worldwide by putting economies into hibernation was in 1918 – the Great Influenza Pandemic. Environmental, social and governance frameworks require businesses to respond to such crises as it significantly changes the business environment. With approximately 2.84 million accountants existing across 130 countries, this study aims to determine whether the accounting profession responded to this crisis. As these responses can provide insights into the type of activities accountants performed during the lockdown, the authors analysed them for emerging themes and identified changes in the way that accountants performed tasks. Design/methodology/approach: Using search engines, the authors examined publicly available secondary sources such as websites of professional bodies, the Big Four and mid-tier accounting firms and government organisations using the keyword "COVID-19” to identify responses on issues faced by accountants during the 2020 lockdown period in New Zealand. The authors used interpretive text analysis to examine the responses for emerging themes. Findings: The accountants' responses to the COVID-19 pandemic emphasised information technology and soft skills but most importantly the interaction, integration and immersion of technical skills with information technology and soft skills. The findings also highlight changes in the way accountants performed their tasks. Originality/value: The study insights enable accounting academics to better understand the interconnection between hard and soft skills for incorporating it in syllabi, thereby preparing students for future roles. In addition, the study findings will assist both practitioners and researchers to explore the emerging changes in the way accountants perform their tasks. © 2022, Emerald Publishing Limited.

Environmental, social and governance performance: influence on market value in the COVID-19 crisis

Purpose: The aim of this paper is to study whether adoption of sustainability policies by firms makes their stock market performance resilient to the downside risk during the crisis period. Design/methodology/approach: The paper empirically examines the relationship between environmental, social and governance (ESG) and stock market performance for Indian companies that have consistently been a part of Refinitiv Eikon ESG database. Further, the study examines whether there exist significant differences in stock market performance of high ESG and low ESG-compliant firms during crisis period. The sample was made up of 70 Indian firms studied over the period 2016–2019 defined as "normal period” as well as for the declared COVID-19 crisis period, i.e. January–March 2020, and full year 2020. The authors used multivariate panel data regression, robust least square multivariate regression, pooled OLS model and two-stage least square regression method. Findings: The study extends the existing literature by investigating the impact of ESG performance on market value of firms during the crisis period. Based on the stakeholder and "flight to safety” theory, the authors hypothesized that ESG would have significant positive effect on the stock market performance during crisis period;however, the results provide robust evidence that in a well-specified model capturing the effect of accounting-based measures of performance, Size, Growth, Risk and Dividend yield, ESG had no explanatory power over the stock market performance of ESG-compliant firms during crisis period. Furthermore, no significant difference in stock market performance indicators between high and low ESG-compliant firms was observed during the crisis period of 1Q2020 as well as for full year 2020. On contrary, the study finds dividend yield to be statistically significant in determining stock market performance of Indian firms during crisis period. The study extends the existing literature by coining the term, "ESG irrelevance” during crisis period. Research limitations/implications: The main limitation of this study is its limited sample size because there are very few Indian firms that have secured consistent ESG rating. The study focuses on consistently rated firms to avoid the impact of "greenwashing”. Further, the study is focused on India, which limits the generalizability of our findings to other emerging countries. Originality/value: To the best of our knowledge, this is among the first few studies that examines sustainability and stock market performance of Indian firms during COVID-19-led crisis period. Our findings highlight no significant difference between stock market performance of high ESG firms and low ESG firms indicating that investors who wish to create wealth by investing in ESG-compliant stocks in India can do so without worrying about the companies' ESG rating scores. © 2023, Emerald Publishing Limited.

Global law, policy, and governance for effective prevention and control of COVID-19: A comparative analysis of the law and policy of Pakistan, China, and Russia

Global health governance is a developing system in this complex institutional regime. The local and regional health policies sometimes challenge global health governance due to diverse discourse in various countries. In the wake of COVID-19, global health governance was reaffirmed as indifferent modules to control and eliminate the pandemic;however, the global agencies later dissected their own opinion and said that "countries must learn to live with a pandemic.” Given the controversial statement, this research focuses on the strong and effective policies of the Russian Federation, Pakistan, and China. The research uses the law and governance results and newly developed policies of the three countries formed under the global health policies. The conclusion is based on the statement that in order to live with the pandemic, strong health measures are required at each level. Copyright © 2023 Bilawal Khaskheli, Wang, Hussain, Jahanzeb Butt, Yan and Majid.

Stakeholder Capitalism in the Time of COVID

This Article tests the claims of supporters of stakeholder capitalism ("stakeholderism") in the context of the COVID pandemic. Supporters of stakeholderism advocate encouraging and relying on corporate leaders to use their discretion to serve stakeholders such as employees, customers, suppliers, local communities, and the environment. The pandemic followed and was accompanied by peak support for, and broad expressions of commitment to, stakeholderism from corporate leaders. Nonetheless, and even though the pandemic heightened risks to stakeholders, we document that corporate leaders negotiating deal terms failed to look after stakeholder interests. We conduct a detailed examination of all the $1B+ acquisitions of public companies that were announced from April 2020 to March 2022, totaling 122 acquisitions with an aggregate consideration exceeding $800 billion. We find that deal terms provided large gains for the shareholders of target companies, as well as substantial private benefits for corporate leaders. However, although many transactions were viewed at the time of the deal as posing significant post-deal risks for employees, corporate leaders largely did not obtain any employee protections, including payments to employees who would be laid off post-deal. Similarly, we find that corporate leaders failed to negotiate for protections for customers, suppliers, communities, the environment, and other stakeholders. After conducting various tests to examine whether this pattern could have been driven by other factors, we conclude that it is likely to have been driven by corporate leaders' incentives not to benefit stakeholders beyond what would serve shareholder interests. While we focus on decisions in the acquisition context, we explain why our findings also have implications for ongoing-concern decisions, and we discuss and respond to potential objections to our conclusions. Overall, our findings have significant implications for long-standing debates on the corporate treatment of stakeholders. In particular, our findings are inconsistent with the implicit-promises/team-production view that corporate leaders of an acquired company should and do look after stakeholder interests;on this view, fulfilling implicit promises to protect stakeholder interests serves shareholders' ex-ante interest in inducing the stakeholder cooperation and investment that are essential to corporate success. Our work also supports the agency critique of stakeholder capitalism which suggests that, due to their incentives, corporate leaders cannot be relied upon to look after stakeholder interests and to live up to pro-stakeholder rhetoric.

Sharing real-world data for public benefit: a qualitative exploration of stakeholder views and perceptions

BackgroundThere has been an increasing interest in the use of "real-world" data to inform care decision making that could lead to public health benefit. Routinely collected service and activity data associated with the administration of care services and service-users (such as electronic health records or electronic social care records), hold potential to better inform effective and responsive decision-making about health and care services provided to national and local populations. This study sought to gain an in-depth understanding regarding the potential to unlock real world data that was held in individual organisations, to better inform public health decision-making. This included sharing data between and within health service providers and local governing authorities, but also with university researchers to inform the evidence base.MethodsWe used qualitative methods and carried out a series of online workshops and interviews with stakeholders (senior-level decision-makers and service leads, researchers, data analysts, those with a legal and governance role, and members of the public). We identified recurring themes in initial workshops, and explored these with participants in subsequent workshops. By this iterative process we further refined the themes identified, compared views and perceptions amongst different stakeholder groups, and developed recommendations for action.ResultsOur study identified key elements of context and timing, the need for a different approach, and obstacles including governmental and legal, organisational features, and process factors which adversely affect the sharing of real world data. The findings also highlighted a need for improved communication about data for secondary uses to members of the public.ConclusionThe Covid-19 pandemic context and changes to organisational structures in the health service in England have provided opportunities to address data sharing challenges. Change at national and local level is required, within current job roles and generating new jobs roles focused on the use and sharing of real-world data. The study suggests that actions can be taken to unlock the potential of real-world data for public health benefit, and provides a series of recommendations at a national level, for organisational leaders, those in data roles and those in public engagement roles.

Patents and other conditions of access to vaccines

This paper reviews the experience with access to vaccines during the pandemic. Its inquiry is the extent to which pharmaceutical patents have hindered or enhanced access when compared to other factors or conditions like health spending, manufacturing capacity, and regulatory competence. To conduct the review, the paper queries the regulatory governance perspective when it suggests a decentralised field of legal pluralism will maximise access. It recalls the pre-COVID-19 experience with antiretrovirals to provide pointers to the present situation. It then examines the experience with COVID vaccines under the headings of invention, production, procurement, and distribution. The review finds while patents may hinder access to vaccines, other, essential conditions for access, like independent manufacturing capacity and commitment to procurement, are not established. Regulatory governance must now adopt a much more concerted, coordinated approach, mobilising both patent regulation and other key conditions to further access. The review is an opportunity to gather some of the copious commentary on this issue. © 2023 The Authors. The Journal of World Intellectual Property published by John Wiley & Sons Ltd.

The European Semester: An Ordoliberal Construct?

The outbreak of the COVID-19 pandemic appears to have inflicted a decisive blow to ordoliberalism's influence on the economic governance of the Eurozone. This contribution shows that the decline of the ordoliberal ideas precedes the pandemic and can be traced in the management of the financial crisis of 2007–2009. Drawing on the theoretical approach of sociological institutionalism and using insights from 18 interviews with participants in the Economic and Financial Committee and the ECOFIN, this article analyses the evolution of policy-makers' economic policy beliefs and their impact on the fiscal reform of 2010–2013. It is argued that the establishment of the European Semester was the institutional reflection of an intellectual shift from rules-based to institutions-based discipline. I find that the latter conflicts with core ordoliberal principles of the Freiburg economic school, opening the way for alternative institutional arrangements, such as the Recovery and Resilience Facility. © 2022 University Association for Contemporary European Studies and John Wiley & Sons Ltd.