Management Science, Ahead of Print.
By combining the notion of prospect theory with advanced machine learning algorithms, this study aims to predict whether financial institutions (FIs) adopt a reactive stance when they perceive climate change as a risk, consequently leading to the adoption of environmental, social and governance (ESG) practices to avoid this risk. Prospect theory assumes that decision-makers react quickly when decisions are framed as a risk or threat rather than as an opportunity.
We used a sample of 168 FIs across 27 countries and seven regions over the period 2003–2020. To conduct our empirical investigation, we compared the prediction accuracy of various machine learning algorithms.
Our findings suggest that out of 12 machine learning algorithms, AdaBoost, Gradient Boosting and XGBoost have the most precision in predicting whether FIs react to climate change risk in adopting ESG practices. This study also tested the overall climate change risk and risks associated with physical, opportunity and regulatory shocks of climate change. We observed that risks associated with physical and regulatory shocks significantly impact the adoption of ESG practices, supporting prospect theory predictions.
The insights of this study provide important implications for policymakers. Specifically, policymakers must take into account the risk posed by climate change in the corporate decision-making process, as it directly influences a firm’s adoption of corporate actions (ESG practices).
To the best of our knowledge, this is the first study to investigate the firm-level climate change risk and adoption of ESG practices from a prospect theory perspective using novel machine learning algorithms.
Cross-border e-commerce continues to garner much attention within the international marketing literature as the world becomes hyperconnected through digital channels. Although there is an abundance of international marketing research on cross-border e-commerce, there is a lack of information regarding the influences of meta-institutional factors, such as a country’s level of globalization, on the relationship between digital advertising and cross-border e-commerce buyers. The objective of this research is to examine the effects of digital media ad spend at the country level on cross-border e-commerce buyers across countries under differing degrees of formal (i.e. political) and informal (i.e. cultural) institutional globalization.
This work examines the influence of digital ad spend at the country level and the degree of the country’s formal and informal institutional globalization on the share of cross-border e-commerce buyers. We examine this issue within a 21-country, 8-year, unbalanced panel dataset.
We find that there is substantive heterogeneity in degrees of formal (i.e. political) and informal (i.e. cultural) institutional globalization and cross-border e-commerce across countries. Digital ad spend at the country level is positively associated with cross-border e-commerce buyers within a country. A country’s level of political globalization enhances, but cultural globalization was found to dampen the positive association. The results indicate that political and cultural globalization of a country both contribute to increased interconnectedness with the global market, yet the nature of the interconnection differs.
The findings are informative to international marketing managers navigating the digital landscape and highlight the importance of institutions in international marketing activities. The study specifically demonstrates the varying effects of the meta-institutional factors of a country’s level of political and cultural globalization on the association between digital ad spend and cross-border e-commerce buyers at the country level, across a wide variety of countries, thus also contributing to the effort to improve generalizations from multi-country comparisons in international marketing research.
The high expenditure on public procurement by governments makes it imperative to enhance transparency across the procurement cycle with technology-driven initiatives, such as e-procurement systems. This paper develops the Public Procurement Transparency Index and evaluates the impact of institutional reforms and membership of the World Trade Organisation Government Procurement Agreement on transparency. We use the Technology-Organisation-Environment and Balanced e-Participation Index frameworks to analyse transparency in procurement. The Public Procurement Transparency Index uses generalised least squares technique to develop the country-level transparency score. Findings indicate that e-government procurement systems promote transparency, especially in countries with robust institutional frameworks. Further, with fractional probit regression techniques we find institutional quality and infrastructure are key determinants of transparency in public procurement. The results also highlight the importance of information technology and institutional reforms as a means to enhance transparency and accountability in public procurement and offers valuable implications for policymakers.
In this practitioner-focused essay, we combine traditional narrative storytelling approaches with Artificial Intelligence’s (AI) innovative abilities to enable career development professionals to support individuals across their lifespan.
We propose a three-phase career exploration approach, developed and tested in a real-world setting for career development professionals to support their clients to consider various career-related options as well as identify strengths and opportunities for personal development.
In phase one, the client recounts 7–10 positive narrative stories about engaging in activities they enjoyed. In phase two, the career development professional uses AI with tailored prompts to generate a personalised client report based on these narrative stories. In phase three, the report serves as the basis for further discussion and exploration with the client.
The approach provides a practical guide for career development professionals to increase their capability to support their clients in response to technological advancement and the contemporary world of work. A training document incorporating a worked example of the approach is provided in “Supplementary Material Appendix 1”.
Our approach acknowledges AI as a new actor and career development professionals as undervalued actors in supporting individuals to foster a sustainable career ecosystem.
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