Spotlight on new research publications in April

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Has your daily food consumption changed within the past year? If so, you might not be the only one. This month’s research from CBS investigates changes in individual food consumption during the COVID-19 pandemic along with several other different topics. Read all the latest research publications at CBS here.

 
04/01/2021

Bjarke MacCarthy
Photo: Bjarke MacCarthy

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The following is a rough list. If you need more information, please contact the researcher.

The academic articles have been peer-reviewed, which means they have been judged by other researchers within the same area.

THE FOLLOWING IS THIS MONTH’S PEER-REVIEWED RESEARCH – ENJOY YOUR READING:
Find the abstracts under each heading...



Preliminary Investigations into the COVID-19 Pandemic and Management in Africa
Abstract: The COVID-19 pandemic and the resulting lockdowns and restrictions taken by African governments to mitigate the spread of the virus have adversely affected the lives of people, health systems, organizations, society, and national economies. In this special issue, we take the initial steps in providing a broad overview of the effects of the pandemic and the management implications for Africa. We further present six studies that provide preliminary investigations into the impact and responses of individuals, organizations, and nations. The studies focus on the effects of the lockdowns in making sense of societal inequality through social class and race, how cultural orientation and strategic responses affect pandemic outcomes, how the pandemic engenders innovation and entrepreneurship, strategic responses of firms and performance, experiences of and prospects for management education post-COVID-19, and how the pandemic has affected artisanal small-scale miners and mining communities. The Special Issue invites management scholars to undertake further research to improve our understanding and management of the pandemic for the benefit of all Africans.

Journal: Africa Journal of Management
Published: February 2021
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Contact CBS researcher: Rebecca Namatovu



A Genome-Wide Meta-Analysis Yields 46 New Loci Associating with Biomarkers of Iron Homeostasis
Abstract: Iron is essential for many biological functions and iron deficiency and overload have major health implications. We performed a meta-analysis of three genome-wide association studies from Iceland, the UK and Denmark of blood levels of ferritin (N = 246,139), total iron binding capacity (N = 135,430), iron (N = 163,511) and transferrin saturation (N = 131,471). We found 62 independent sequence variants associating with iron homeostasis parameters at 56 loci, including 46 novel loci. Variants at DUOX2, F5, SLC11A2 and TMPRSS6 associate with iron deficiency anemia, while variants at TF, HFE, TFR2 and TMPRSS6 associate with iron overload. A HBS1L-MYB intergenic region variant associates both with increased risk of iron overload and reduced risk of iron deficiency anemia. The DUOX2 missense variant is present in 14% of the population, associates with all iron homeostasis biomarkers, and increases the risk of iron deficiency anemia by 29%. The associations implicate proteins contributing to the main physiological processes involved in iron homeostasis: iron sensing and storage, inflammation, absorption of iron from the gut, iron recycling, erythropoiesis and bleeding/menstruation.

Journal: Communications Biology
Published: December 2020
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Contact CBS researcher: Steffen Andersen



“We’re Just Geeks”: Disciplinary Identifications Among Business Students and Their Implications for Personal Responsibility
Abstract: This research shows how business students’ disciplinary specializations can affect their sense of personal responsibility by providing rationalizations for moral disengagement. It thereby conceptualizes business students’ disciplinary specializations as a key dimension of the business school responsibility learning environment. Students use four main rationalizations to displace responsibility variously away from their own disciplinary specializations, to claim responsibility as the prerogative of their specialization, and to shift irresponsibility onto disciplinary out-groups. Yet despite their disciplinary identifications, students largely rationalized that their sense of responsibility was an individual matter that was unlikely to be affected by contextual influences, and they attributed irresponsible behavior to incorrigible ‘bad apples.’ A theoretical model is offered which illustrates these dynamics by combining Bandura’s social cognitive theory with social identity theory. The research is based on secondary data, specifically focus-group interviews conducted with undergraduate students at a major Scandinavian business school in connection with the implementation of the UN Principles for Responsible Management Education (PRME) initiative. The implications for management education include the need to strengthen students’ ‘disciplinary reflexivity,’ and to explicitly address the tension between students’ disciplinary solidarities and their faith in their own individual moral infallibility.

Journal: Journal of Business Ethics
Published: February 2021
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Contact CBS researcher: Maribel Blasco



Hijacked by Hope: Dynamics of Mission Drift and Identity Dilution in a Nonprofit Organization
Abstract: This paper addresses how organizational identity and mission are constructed and reproduced over time through processes of remembering and forgetting. Building on literature that views organizational memory as a strategic resource, this paper showcases the enabling effects of history, memory, and the past for organizational resilience and survival. Although temporal narratives may be employed as rhetorical tools to construct coherency between the past, present, and future, we find they also have the potential of sidetracking and hijacking an organization’s direction. Our study shows how an excessive focus on the future can cause mission drift and identity dilution. However, the identity dilution can be resolved through revisiting and remembering the past. The organizational past is not merely a strategic resource for identity construction, it is also a temporal anchor from which the organization may (re)discover its original purpose. The findings are based on a qualitative, in-depth, ethnographic case study of a nonprofit organization whose goal is to establish a national network of local school gardens.

Journal: RAE-Revista de Administração de Empresas
Published: 2021
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Contact CBS researcher: Sophie Marie Cappelen, Jesper Strandgaard



The Impact of Oil Price Shocks on Turkish Sovereign Yield Curve
Abstract: Purpose
This paper aims to investigate the impact of oil price shocks on the Turkish sovereign yield curve factors.

Design/methodology/approach
To extract the latent factors (level, slope and curvature) of the Turkish sovereign yield curve, we estimate conventional Nelson and Siegel (1987) model with nonlinear least squares. Then, we decompose oil price shocks into supply, demand and risk shocks using structural VAR (structural VAR) models. After this separation, we apply Engle (2002) dynamic conditional correlation GARCH (DCC-GARCH (1,1)) method to investigate time-varying co-movements between yield curve factors and oil price shocks. Finally, using the LP (local projections) proposed by Jorda (2005), we estimate the impulse-response functions to examine the impact of different oil price shocks on yield curve factors.

Findings
Our results demonstrate that the various oil price shocks influence the yield curve factors quite differently. A supply shock leads to a statistically significant increase in the level factor. This result shows that elevated oil prices due to supply disruptions are interpreted as a signal of a surge in inflation expectations since the cost channel prevails. Besides, unanticipated demand shocks have a positive impact on the slope factor as a result of the central bank policy response for offsetting the elevated inflation expectations. Finally, a risk shock is associated with a decrease in the curvature factor indicating that risk shocks influence the medium-term bonds due to the deflationary pressure resulting from depressed economic conditions.

Practical implications
Our results provide new insights to understand the driving forces of yield curve movements induced by various oil shocks to formulate appropriate policy responses.

Originality/value
The study contributes to the literature by two main dimensions. First, the recent oil shock identification scheme of Ready (2018) is modified using the “geopolitical oil price risk index” to capture the changes in the risk perceptions of oil markets driven by geopolitical tensions such as terrorism and conflicts and sanctions. The modified identification scheme attributes more power to demand shocks in explaining the variation of the oil price compared to that of the baseline scheme. Second, it provides recent evidence that distinguishes the impact of oil demand and supply shocks on Turkey's yield curve.

Journal: International Journal of Emerging Markets
Published: February 2021
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Contact CBS researcher: Oğuzhan Çepni



Insider Trading, Competition, and Real Activities Manipulation
Abstract: We consider a setting where managers manipulate the firms’ real activities in anticipation of insider trading opportunities. Managers choose strictly higher production quantities than the quantities chosen absent insider trading, implying lower firm profit but higher consumer surplus. Through comparative statics, we show the overproduction is mitigated by the degree of competition in the industry, the manager’s current equity stake in the firm, and the precision of cost information. We also analyze the effects of insider trading in several extensions including asymmetric ownership structure, potential horizontal merger, and common market maker

Journal: Management Science
Published: March 2021
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Contact CBS researcher: Bjørn N. Jørgensen



Living Together, Voting Together: Voters Moving in Together Before an Election Have Higher Turnout
Abstract: Scholars have long noted that couples are more likely to vote compared to individuals who live alone, and that partners' turnout behavior is strongly correlated. This study examines a large administrative dataset containing detailed information about validated turnout and the timing of individuals moving in together, and finds evidence of a substantial and robust increase in turnout after cohabitation. The study exploits the fact that two-voter households moving in together right before an election are comparable to those moving in together right after the election. Depending on the model specification, turnout increases by 3.5 to 10.6 percentage points in the months after taking up cohabitation. Voters are mobilized regardless of their own and their cohabitant's turnout behavior in a previous election. The results are robust to several robustness checks, including benchmarking with singles who move to mitigate the cost of moving in the analysis. The results highlight the importance of social norms and the household's essential role as a proximate social network that increases turnout.

Journal: British Journal of Political Science
Published: February 2021
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Contact CBS researcher: Jens Olav Dahlgaard



Gender matters: Rethinking Violence in Tourism
Abstract: The intersection of violence and gender matters in tourism, with violence being both a cause and consequence of gender inequality. This article establishes a conversation with the works of Judith Butler and Slavoj Žižek to rethink theories of violence and to develop a theoretical framework that captures the nuances and complexities of gender-based violence. Violence does not happen “elsewhere”, rather the potential for violence forms part of human relations. However, the violence inherent in tourism relations is seldom named. This article develops an original proposal of how to rethink conceptualizations of gender-based violence challenging the divide between subjective and objective violence to move the often obscured and ignored silences of gendered vulnerability centre stage to discussions of violence in tourism.

Journal: Annals of Tourism Research
Published: May 2021
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Contact CBS researcher: Claudia Eger



Go Your Own Way: The Pathways to Exiting the European Union
Abstract: Studies have suggested that people voting for Brexit were motivated by anti-globalization, anti-multiculturalism and anti-elite sentiments. However, little is known about how these factors are related and whether citizens in other member states share similar reasons for wanting to exit the EU. Methodologically, this question is addressed by utilizing path models on data from the European Social Survey, with respondents in 17 countries. Empirically, this article reveals considerable cross-country variation, which implies that motivations for voting Leave should be assessed on a country-by-country basis. Yet, two main pathways are identified. First, lower education is related to more negative attitudes towards multiculturalism, which increases the probability of voting Leave. Second, lower income decreases the level of trust in the political establishment, which again increases the probability of voting Leave. Theoretically, this implies that the anti-globalization model is subsumed by the anti-multiculturalism and anti-elite models, giving rise to two new mechanisms.

Journal: Government and Opposition
Published: February 2021
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Contact CBS researcher: Mads Dagnis Jensen



Explaining Ignoring: Working with Information that Nobody Uses
Abstract: Research has demonstrated how ignorance is made, manipulated and called upon; how it is the result of strategies, activities and structures. This article extends the literature on ignorance by exploring actors’ own explanations of their self-inflicted ignorance following acts of ignoring. By means of a case analysis, we explore how actors explain and justify ignoring data they themselves produced. We provide a multifaceted model of how the ignoring actors’ own rationales, facilitated by contextual conditions, enable persistent acts of ignoring the content and dysfunction of collectively upheld systems. We contribute to the understanding of ignorance by demonstrating how self-inflicted ignorance is made possible by the combination of ignoring rationales and their facilitators, which configures buffers against knowledge-seeking efforts.

Journal: Organization Studies
Published: February 2021
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Contact CBS researcher: Morten Knudsen



Power and Conflict in Inter‐organisational Information Systems Development
Abstract: The need for inter‐organisational information systems projects, which are complex undertakings often riddled with poorly understood power struggles and conflicts that hinder project success, has increased in previous decades. Through the lenses of systemic and episodic power, together with an organisational conflict model, this longitudinal, qualitative case study explores the dynamics of power and conflict and their effects in an inter‐organisational information systems development project. This study highlights that the bureaucratic, social and technical setup of the project forms a foundational system from which specific power practices emerge, in this case, the practices of hiding, storytelling and bargaining. The power practices have both restrictive and productive effects on conflict, but the practices cannot easily escape the confines of the foundational system and continue to cause the resurfacing of different manifestations of latent conflict inherent in the system. As a result, both ‘power to’ (systemic power) and ‘power over’ (episodic power) can escalate project conflict, and rational conflict management for gaining ‘win‐win’ resolutions may not be in the stakeholders' interests. Thus, strategies for openly managing political conflicts should be considered.

Journal: Information Systems Journal
Published: March 2021
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Contact CBS researcher: Mari-Klara Stein



How Art Becomes Organization: Reimagining Aesthetics, Sites and Politics of Entrepreneurship
Abstract: Art and entrepreneurship both demonstrate a particular power to experiment with how the social is apprehended, organized and inhabited. How can we then understand and theorize the particular power of art understood as entrepreneurial organizing? In this paper, we develop the concept of artistic entrepreneuring. It is based on contemporary art’s wide-ranging “organizational turn”, where art becomes organization by experimenting with forms and processes of emancipatory organizing. Interweaving art theory, examples of art’s organizational turn and a processual understanding of public entrepreneurship, we conceptualize artistic entrepreneuring as fundamentally aesthetic, necessarily sited and invariably political, and we discuss the implications for entrepreneurship studies and research on the aesthetics and politics of organizing.

Journal: Organization Studies
Published: Febrary 2021
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Contact CBS researcher: Ditte Vilstrup Holm, Timon Beyes



Isomorphic Difference: Familiarity and Distinctiveness in National Research and Innovation Policies
Abstract: Global research and innovation policies appear remarkably similar on a number of dimensions, including preferred principles of clustering and partnership, an emphasis on research-led growth and a focus on ‘hot topics’ such as nanotechnology and big data. However, policies for this field also reflect deeper-rooted traditions, institutional processes and ways of working: what looks the same can be very different when viewed in context.In this paper, we first consider the evidence for convergence across research and innovation policies before outlining perspectives based on contextual difference. Drawing particularly upon institutional theory, organizational studies and Science & Technology Studies (STS), we introduce the concept of ‘isomorphic difference’ as a means of symmetrically exploring relations of familiarity and distinctiveness. An illustration from Danish research and innovation policy is developed in order to bring together these conceptual but also policy-related issues. In addition, an initial analytical framework is presented. Finally, the relevance of ‘isomorphic difference’ to larger contemporary debates over the direction of research and innovation is summarized.

Journal: Research Policy
Published: May 2021
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Contact CBS researcher: Alan Irwin, Jane Bjørn Vedel, Signe Vikkelsø



Institutions and Performance of Regulated Firms: Evidence from Electricity Distribution in India
Abstract: It is commonly accepted in the economic literature that institutions influence economic development. But can we detect the effect of quality of institutions on the performance of specific economic sectors in the regions of a country? There is a significant gap in knowledge and evidence of this in the literature. Since the 1990s, India has adopted a set of reform steps to improve the efficiency of its electricity sector. However, there remain significant performance differences among the regulated network utilities. We apply a stochastic frontier analysis to examine the performance of electricity distribution utilities in 24 Indian states. Our estimated heteroscedastic cost frontier model allows us to identify determinants of performance related to state-level institutional and economic factors. The findings confirm that economic development and institutional quality positively affect the performance of electricity distribution utilities. Additionally, we simulate the potential cost savings from institutional enhancements. The results support the need to strengthen the institutions, for example, through reform and bolstering of independent regulatory agencies.

Journal: Economic Analysis and Policy
Published: February 2021
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Contact CBS researcher: Tooraj Jamasb, Manuel Llorca



Incentive Regulation of Electricity and Gas Networks in the UK: From RIIO-1 to RIIO-2.
Abstract: The regulatory and operating context of energy networks is dynamic and constantly evolving. Achieving a multitude of economic, environmental, social and policy objectives is a challenging task for the sector regulators. In 2010, the UK energy regulator Ofgem replaced its approach to energy network price control and incentive regulation with a Revenue-Incentive-Innovation-Output (RIIO-1) model. This paper reviews the incentive areas that influence the performance of the next version of the model (RIIO-2). Guided by the principles of regulatory economics and evidence in the literature, we discuss key aspects and incentive properties of the regulation model under revision by the regulator. The lessons of experience from the RIIO models are also relevant for regulators in other countries and can inform their design of incentive regulation of energy networks.

Journal: Economics of Energy & Environmental Policy
Published: 2021
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Contact CBS researcher: Tooraj Jamasb



Changes in Food Consumption During the COVID-19 Pandemic: Analysis of Consumer Survey Data From the First Lockdown Period in Denmark, Germany, and Slovenia
Abstract: This paper focuses on changes in food consumption that occurred during the COVID-19 pandemic. Its objective is to map changes at individual consumer level and identify the influence of different factors related to the COVID-19 pandemic on changes in individual food consumption. We conducted a cross-sectional online survey among 2,680 residents of Denmark (DK), Germany (DE), and Slovenia (SI) using quota sampling for gender, age and regional distribution. Data on consumption frequencies before and during the pandemic were collected with a food frequency questionnaire in the spring of 2020 (during the first lockdown period) for important types of fresh food and non-perishable food. Our results showed that, depending on the type of food, 15–42% of study participants changed their consumption frequency during the pandemic, compared to before. In all the study countries, the food categories with the highest rates of change were frozen food, canned food, and cake and biscuits; among the food categories with lower rates of change were bread, alcoholic drinks, and dairy products. People across all three countries shopped less frequently during lockdown and there was an overall reduction in the consumption of fresh foods, but an increase in the consumption of food with a longer shelf life in Denmark and Germany. Interestingly though, we observed diverging trends in all food categories analyzed, with some people decreasing and others increasing their consumption frequencies, demonstrating that the pandemic had different impacts on people's lifestyles and food consumption patterns. Using the method of multinomial regression analysis, we identified factors significantly (p < 0.01, p < 0.05, p < 0.1) related to increases and decrease in individuals' consumption frequencies in different food categories. The factors include restrictions put in place in response to the pandemic (i.e., closure of physical workplaces, canteens, cafés and restaurants, schools, and childcare institutions), changes in households' grocery shopping frequency, individuals' perceived risk of COVID-19, income losses due to the pandemic, and socio-demographic factors. Interesting differences between the countries were detected, allowing insights into the different food cultures. Conclusions include implications for policy-makers and actors in the food supply chain on the issues of healthy diets, food system resilience, and behavior change.

Journal: Frontiers in Nutrition
Published: March 2021
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Contact CBS researcher: Meike Janssen



Professional Expertise in Policy Advisory Systems: How Administrators and Consultants Built Behavioral Insights in Danish Public Agencies.
Abstract: Recent work on consultants and academics in public policy has highlighted their transformational role. The paper traces how, in the absence of an explicit government strategy, external advisors establish different organizational arrangements to build Behavioral Insights in public agencies as a new form of administrative expertise. This variation shows the importance of the politico‐administrative context within which external advisors exert influence. The focus on professional expertise adds to existing understandings of ideational compatibility in contemporary policy advisory systems. Inspired by the sociology of professions, expertise is conceptualized as professionally constructed sets of diagnosis, inference, and treatment. The paper compares four Danish governmental agencies since 2010, revealing the central roles external advisors play in facilitating new policy ideas and diffusing new forms of expertise. This has implications for how we think of administrative expertise in contemporary bureaucracies, and the role of external advisors in fostering new forms of expertise.

Journal: Public Administration
Published: February 2021
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Contact CBS researcher: Jakob Laage-Thomsen



L’innovazione come motore per lo sviluppo della finanza verde in Cina: Politiche della Banca centrale, fintech e progetti pilota locali.
Abstract: Pending

Journal: OrizzonteCina
Published: 2021
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Contact CBS researcher: Mathias Lund Larsen



How Domestic Contexts Shape International Private Governance: The Case of the European Accord and American Alliance in Bangladesh
Abstract: The international nature of supply chains has led to the rise of private authority in regulating the environmental and social impacts of production, which companies frequently address through corporate social responsibility (CSR) in the form of private governance (PG). Despite its claim to establish “global” rules, PG usually has national origins, and multiple efforts to address the same issue from different national perspectives frequently coexist. Numerous studies have explored the impact of national business systems on companies' domestic CSR practices, yet little is known about what factors shape CSR practices like PG internationally. Therefore, this study seeks to understand how differing domestic contexts shape approaches to CSR in the form of PG in host countries. I explore this empirically through the comparative case study of competing PG initiatives in the post‐Rana Plaza Bangladesh garment industry, uniquely conceived to govern companies' practices rather than certify products. It combines empirical findings with the comparative CSR literature to hypothesize about ideal types of PG organizing in US and European contexts. It extends the analysis to also account for other influential factors, such as stakeholder pressure, thus demonstrating how institutional and agentic factors amalgamate to shape firms' choices. By explicating linkages between international PG and its domestic context, as well as between the comparative CSR and PG literature studies, this study extends our understanding of how and why international PG practices and preferences vary for firms originating from different environments.

Journal: Regulation & Governance
Published: February 2021
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Contact CBS researcher: Erin Leitheiser



Competing Risks Regression with Dependent Multiple Spells: Monte Carlo Evidence and an Application to Maternity Leave
Abstract: Copulas are a convenient tool for modelling dependencies in competing risks models with multiple spells. This paper introduces several practical extensions to the nested copula model and focuses on the choice of the hazard model and copula. A simulation study looks at the relevance of the assumed parametric or semiparametric model for hazard functions, copula and whether a full or partial maximum likelihood approach is chosen. The results show that the researcher must be careful which hazard is being specified as similar functional form assumptions for the subdistribution and cause-specific hazard will lead to differences in estimated cumulative incidences. Model selection tests for the choice of the hazard model and copula are found to provide some guidance for setting up the model. The nice practical properties and flexibility of the copula model are demonstrated with an application to a large set of maternity leave periods of mothers for up to three maternity leave periods.

Journal: Japanese Journal of Statistics and Data Science
Published: March 2021
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Contact CBS researcher: Shuolin Shi , Ralf Wilke



A Multi-theory Framework for Understanding the Reshoring Decision
Abstract: Recently firms have been reconsidering offshoring decisions, and have been reshoring activities back from offshore locations to domestic locations. The aim of this paper is to develop a framework for understanding location and governance choice in the reshoring decision. Employing the eclectic paradigm, the resource-based view and transaction cost economics as a theoretical basis, this research highlights the value of integrating location-specific factors with process- and firm-specific factors for understanding location and governance choice in the reshoring decision. Moreover, the framework highlights the value of understanding the interaction of the location-, firm- and process-specific factors on the reshoring decision.

Journal: International Business Review
Published: February 2021
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Contact CBS researcher:



Responding to COVID-19: Insights from African Firms
Abstract:The severity of the COVID-19 pandemic is underscored by its systemic distortion of socioeconomic and political agendas around the world. It has disproportionately affected fragile states, and has exposed economies with inefficient safety nets. In this article, we contend that while the uncertainty occasioned by the COVID-19 pandemic has been devastating for many African firms, the situation has also given rise to new entrepreneurial opportunities. We draw on three cases from Africa (one multinational corporation, one start-up, and one informal firm) to outline how the COVID-19 pandemic can also be regarded as a source of entrepreneurship in uncertain times. We conclude by discussing implications for African management practice and research.

Journal: Africa Journal of Management
Published: March 2021
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Contact CBS researcher: Marcus Møller Larsen , Rebecca Namatovu



Frequency Dependent Risk
Abstract: We provide a model-free framework for studying the dynamics of the state vector and its risk prices. Specifically, we derive a frequency domain decomposition of the unconditional asset return premium in a general setting with a log-affine stochastic discount factor (SDF). Importantly, we show that the cospectrum between returns and the SDF only displays frequency dependencies through the state vector and that its dynamics and risk prices can be inferred from covariances between asset (portfolio) returns, that is, from the cross-section. Empirically, we find low and high-frequency state vector risk to be differentially priced for US equities.

Journal: Journal of Financial Economics
Published: January 2021
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Contact CBS researcher: Rasmus T. Varneskov



The Impact of Immigration on Firm-level Offshoring
Abstract: This paper studies the relationship between immigration and offshoring by examining whether an influx of foreign workers reduces the need for firms to relocate jobs abroad. Using a Danish natural experiment and their employer-employee matched data set covering the universe of workers and firms (1995–2011), our findings show that an exogenous influx of immigrants into a municipality reduces firm-level offshoring at both the extensive and intensive margins. While the multilateral relationship is negative, a subsequent bilateral analysis shows that immigrants have connections in their country of origin that increase the likelihood that firms offshore to that particular foreign country.

Journal: Review of Economics and Statistics
Published: March 2021
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Contact CBS researcher: Dario Pozzoli



Tillidens Dialektik: Velfærdsarbejdet i et integrationsprojekt
Abstract: Pending

Journal: Dansk pædagogisk tidsskrift
Published: 2021
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Contact CBS researcher: Jonathan Harmat



Enhanced Portfolio Optimization
Abstract: Portfolio optimization should provide large benefits for investors, but standard mean–variance optimization (MVO) works so poorly in practice that optimization is often abandoned. Many of the approaches developed to address this issue are surrounded by mystique regarding how, why, and whether they really work. So, we sought to simplify, unify, and demystify optimization.
We identified the portfolios that cause problems in standard MVO, and we present here a simple “enhanced portfolio optimization” method. Applying this method to industry momentum and timeseries momentum across equities and global asset classes, we found significant alpha beyond the market, the 1/N portfolio, and standard asset pricing factors.

Journal: Financial Analysts Journal
Published: February 2021
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Contact CBS researcher: Lasse Heje Pedersen



Challenging ‘Colour Time’: A Practice and Narrative Approach to Organising Waiting Time in Hospitals
Abstract: Waiting time in hospitals is often studied from one of two perspectives: a distributed resource in hospitals or a potential steering and measuring factor. In this article, waiting time in an emergency department is examined from a practice and a narrative perspective, placing time at the core of our analysis. Our article explores patient waiting time as a local practice that builds on the temporal structuring that affects how waiting time is regulated by both normal clock time and event time—as interpretative time. We also consider how individual narratives in situated spaces allow for negotiations, but we also present isolated time experiences. The empirical data derive from an organisational ethnographic study of a newly introduced triage system for incoming patients at an emergency department in Denmark. The analysis shows how waiting time is organised in the formal visitation system as ‘colour time’ based on the negotiations of the health‐care professional as at the ‘right time’ and as the patient's individual illness experiences with ‘wasting time’. The findings indicate the importance of the unequal relationship between clock time and event time and the different contextual situations affecting the possibilities of organising.

Journal: Sociology of Health and Illness
Published: March 2021
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Contact CBS researcher: Anne Reff Pedersen, Mette Brehm Johansen & Vibeke Kristine Scheller



A Transactional Approach to Patient Safety: Understanding Safe Care as a Collaborative Accomplishment
Abstract: Within the last two decades, it has been commonly agreed that patient safety and error management in healthcare organizations can best be attained by adopting a systems approach via re-engineering efforts and the introduction of industrial safety technologies and methodologies. This strategy has not delivered the expected result. Based on John Dewey’s pragmatism, we propose another vocabulary for understanding, inquiring into and learning from safety situations in healthcare. Drawing especially on Dewey’s understanding of transaction as the inseparability between human and environment, we develop an analytical approach to patient safety understood as a transactional accomplishment thoroughly dependent on the quality of situated and shared habits and collaborative practices in healthcare. We further illustrate methodologically how a transactional attitude can be situationally practised through video-reflexive ethnography, a method that allows for inquiry into mundane safety practices by letting interprofessional teams see, reflect upon and possibly modify their shared practices and safety habits.

Journal: Journal of Interprofessional Care
Published: March 2021
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Contact CBS researcher: Kristine Zinck Pedersen



The Bargaining Power, Value Capture, and Export Performance of Vietnamese Manufacturers in Global Value Chains
Abstract: This study examines the payoff of various initiatives taken by Vietnamese manufacturers to increase their bargaining power relative to global buyers and capture a larger share of the value generated in global value chains. The study focuses on functional upgrade initiatives (i.e., product development, after-sales services, distribution, and promotion) and negotiation process initiatives (i.e., market intelligence and improvement of negotiation skills). A structural equation modelling method is used to analyse the data collected in 2017 from 354 Vietnamese manufacturers inserted in global value chains. The study finds that all initiatives, except after-sales services, significantly strengthen the manufacturers' bargaining power, which, in turn, enhances their export performance.

Journal: International Business Review
Published: February 2021
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Contact CBS researcher: Bent Pedersen



Gode ideer, men governance halter, og udfordringer består
Abstract: Beskæftigelsesministeriet har udsendt i høring et udkast til ny ATP-lov, hvor ATP-ordningen foreslås justeret på tre afgørende områder. Dette sker efter, at der de sidste par år har været en del offentlig debat om ATP-ordningens langsigtede holdbarhed og relevans, og de udfordringer ATP står overfor i lyset af bl.a. det meget lave renteniveau. Denne artikel analyser de foreslåede tiltag og sætter lys på de foreslåede ændringer. Nogle af forslagene er skridt i den rigtige retning, mens andre rejser nye spørgsmål, som fortjener opmærksomhed inden lovforslaget i givet fald vedtages.

Journal: Finans/Invest
Published: February 2021
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Contact CBS researcher: Henrik Ramlau-Hansen



South-South Humanitarianism: The Case of Covid-organics in Tanzania
Abstract: Tanzania's President sent a plane to Madagascar in May 2020 to bring a shipment of Covid-Organics, a purported cure and prevention for COVID-19. The herbal remedy was described as a gift to help African countries in need. Drawing on preliminary data in English and Kiswahili from unstructured participant observation, social and legacy media available online and shared through contact channels, and ongoing conversations, we explore the Tanzanian policy response to COVID-19. What can the exemplary case of Covid-Organics in Tanzania help us to understand about South-South humanitarian assistance (SSHA) in times of crisis? We suggest that Covid-Organics has enabled the government to project a link to latent debates about Pan-Africanism and Julius Nyerere's legacy and Madagascar's SSHA has provided an opportunity for a public reflection on Africa's place in the world. For some, the remedy's ‘Africanness’ is its comparative advantage, even promising a continental renaissance. For others, the lack of scientific evidence or approval by global health authorities like WHO is delegitimizing. These findings suggest that receivers of SSHA make sense of it in both a broad, post-colonial discursive context and in a specific context of local contestation. If the promise of this particular form of aid is its ability to transcend deep divisions between North and South, the case of Covid-Organics suggests that SSHA draws on deep ideologies of Pan-Africanism; is increasingly important in crises that are global; and like other forms of humanitarianism, reflects elite politics and priorities rather than prioritizing the distribution of humanitarian goods and decreasing inequality.

Journal: World Development
Published: May 2021
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Contact CBS researcher: Lisa Ann Richey , Pernille Bærendtsen



Management Controls and Crisis: Evidence from the Banking Sector
Abstract: This paper investigates the use of management controls when environmental uncertainty and hostility increase abruptly. Specifically, it explores this in the context of the 2008 financial crisis in six banks located in two countries.
Design/methodology/approach: The paper is based on 26 qualitative interviews with selected managers employed by the six banks. Eight interview guides were developed based on the typology of controls in Malmi and Brown (2008). Respondents explained which changes in management controls occurred after the crisis.
Findings: Both organic and mechanistic management controls were mobilized at the same time to deal with the change. The use of controls played three main roles: (1) guide and control behavior, (2) change internal and external perceptions and (3) discharge accountability. Finally, control use during a crisis evolves as individual managers design and implement controls. There is no “grand design” rationally guiding the design of the overall system of controls.
Originality/value: The use of management controls in dealing with an increase in uncertainty and hostility cannot be labeled either organic or mechanistic, but will depend on the specific type of change in environmental characteristics. Management controls evolve by interaction with outside actors, as well as internal techniques.

Journal: Accounting, Auditing and Accountability Journal
Published: February 2021
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Contact CBS researcher: Pall Rikhardson , Carsten Rohde & Leif Christensen



Pregnancy or Motherhood Cost? A Comparison of the Child Penalty for Adopting and Biological Parents
Abstract: This study investigates whether the high labour market costs of having children for women can be explained by the associated biological costs. Estimating the significance of biological factors requires separating the effects of having a child from the effects of giving birth to a child. This separation is estimated by comparing child penalties between biological and adopting families. Adopting mothers neither go through pregnancy nor nursing, thus lessening the burden of the sex-specific costs of having children. I apply an event study by following parents over 16 years and find large and significant child penalties for all mothers although the penalties are slightly smaller for adopting mothers than those for biological mothers. Neither adopting nor biological fathers experience any child penalties. The results suggest that child penalties have some biological components, but the burden is on women regardless of whether they carry the biological costs related to pregnancy.

Journal: Applied Economics
Published: February 2021
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Contact CBS researcher: Philip Rosenbaum



How and Why Does the Attitude-behavior Gap Differ Between Product Categories of Sustainable Food? Analysis of Organic Food Purchases Based on Household Panel Data
Abstract: Organic agriculture promotes the transformation toward sustainability because of positive effects for the environment. The organic label on food products enables consumers to make more sustainable purchasing decisions. Although the global market for organic food has grown rapidly in recent years, only a part of the organic product range benefits from this positive trend. To develop the organic market further, it is important to understand the food-related values and attitudes that drive the purchase of organic food. Previous research on this topic has suffered from two main weaknesses. Firstly, most studies have been based on surveys and rely on stated behavior instead of actual purchase behavior. Secondly, the focus of most extant studies is predominantly on organic food in general or on food products with a relatively high organic market share, such as milk and eggs. To address this knowledge gap, the present study analyzes the value-attitude-behavior relationship by means of structural equation modeling using household purchase panel data from GfK. The paper provides evidence for the existence of an attitude-behavior gap in the organic market, with this gap found to be much stronger in the case of meat, frozen food, cheese, and sweets than for organic purchases in total. Analysis in different product categories reveals that while purchase behavior is driven by the same food-related values, their relative importance differs.

Journal: Frontiers in Psychology
Published: February 2021
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Contact CBS researcher: Meike Janssen



CK Telecoms v Commission (Three/O2): A New Chapter on the Standard of Proof for Unilateral Effects in Horizontal Mergers
Abstract: On 28 May 2020, the General Court ("GC") annulled EU Commission’s ("Commission") 2016 decision prohibiting the acquisition of Telefónica UK (O2) by Hutchison 3G UK in CK Telecoms UK Investments Ltd. 1 This case concerned a so-called "gap" case, where the proposed acquisition would not have resulted in single or collective dominance. The GC thus had to establish for the first time the standard of proof to establish a significant impediment to effective competition ("SIEC") in such a "gap" case since the entry into force of the new EU Merger Regulation 139/2004 ("EUMR").

Journal: European Competition Law Review
Published: 2021
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Contact CBS researcher: Maria Jose Schmidt-Kessen



Low‐risk Anomalies?
Abstract: This paper shows that low‐risk anomalies in the capital asset pricing model and in traditional factor models arise when investors require compensation for coskewness risk. Empirically, we find that option‐implied ex ante skewness is strongly related to ex post residual coskewness, which allows us to construct coskewness factor‐mimicking portfolios. Controlling for skewness renders the alphas of betting‐against‐beta and betting‐against‐volatility insignificant. We also show that the returns of beta‐ and volatility‐sorted portfolios are driven largely by a single principal component, which in turn is explained largely by skewness.

Journal: The Journal of Finance
Published: October 2020
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Ontological Security in Times of Global Transformations? Bureaucrats' Perceptions on Organizational Work Life and Migration
Abstract: Processes of globalization have accelerated over the last decades with profound consequences at the individual and societal level. This article discusses the repercussions of global changes in welfare organizations. In this context, migration is often portrayed as the main cause of the multiple insecurities caused by global transformations. It is examined how ontological insecurity caused by global transformations influences individuals and how these influences manifest themselves in the working life of bureaucrats. The aim is to explore how bureaucrats express themselves regarding their work with migrants and about migration in general and how we can understand these perceptions. A sample of 130 open‐ended responses that were part of a nationwide survey directed towards bureaucrats from two of the main Swedish welfare institutions was analyzed through systematic content analysis. The results show that bureaucrats use different identity strategies, namely, retreatism in the form of distancing oneself, essentialism in the form of resentment towards migrants, and engagement in the form of mutual dialogue. These strategies are used to handle uncertainties and overcome complexities not only as professionals in their work life, but also as private individuals.

Journal: Political Psychology
Published: February 2021
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Contact CBS researcher: Carolin Schütze



Ten Little Jurors in the Training Camp: A Genealogy of Audience Simulation
Abstract: This paper argues that material valuation devices used in consumer research rely on moralized cultural techniques. The paper focuses in detail on one such valuation device, namely audience simulators, and recovers the deeply ascetic and disciplinary nature of this set of techniques. Audience simulation, and in particular the Continuous Response Measurement of media audiences (CRM) allows estimating audience reactions to movies and commercials by simulating the response these offerings would receive in ‘real’ life. The paper traces this simulation method and the material valuation devices it is made up of, namely push-buttons, dials, and polygraphs, back to interwar prediction systems for the success of radio shows. The simulation and valuation practices that perform CRM reveal a genealogy that links audience research to an ethics of religious training. While CRM settings ostensibly aim at audience simulation and programme valuation, they also rely on essentially pre-modern cultural techniques such as monastic pace-setting, congregational judgement, and confession.

Journal: Journal of Cultural Economy
Published: February 2021
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Contact CBS researcher: Stefan Schwarzkopf



Network Utilities Performance and Institutional Quality: Evidence From the Italian Electricity Sector
Abstract: It is generally accepted that institutions are important for economic development. However, whether the performance of regulated utilities within a country is affected by the quality of institutions is yet to be investigated thoroughly. We analyse how the quality of regional institutions impact performance of Italian electricity distribution utilities. We use a stochastic frontier analysis approach to estimate cost functions and examine the performance of 107 electricity distribution utilities from 2011 to 2015. This unique dataset was constructed with the help of the Italian Regulator for Energy, Networks, and Environment. In addition, we use a recent dataset on regional institutional quality in Italy. We present evidence that utilities in regions with better responsiveness towards citizens, control of corruption, and rule of law, tend to be more cost efficient. The results suggest that national regulators should take regional institutional diversity into account in incentive regulation and efficiency benchmarking of utilities.

Journal: Energy Economics
Published: April 2021
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Contact CBS researcher: Tooraj Jamasb , Manuel Llorca



When Algorithms Fail: Consumers’ Responses to Brand Harm Crises Caused by Algorithm Errors.
Abstract: Algorithms increasingly used by brands sometimes fail to perform as expected or even worse, cause harm, causing brand harm crises. Unfortunately, algorithm failures are increasing in frequency. Yet, we know little about consumers’ responses to brands following such brand harm crises. Extending developments in the theory of mind perception, we hypothesize that following a brand harm crisis caused by an algorithm error (vs. human error), consumers will respond less negatively to the brand. We further hypothesize that consumers’ lower mind perception of agency of the algorithm (vs. human) for the error that lowers their perceptions of the algorithm’s responsibility for the harm caused by the error will mediate this relationship. We also hypothesize four moderators of this relationship: two algorithm characteristics, anthropomorphized algorithm and machine learning algorithm and two task characteristics where the algorithm is deployed, subjective (vs. objective) task and interactive (vs. non-interactive) task. We find support for the hypotheses in eight experimental studies including two incentive-compatible studies. We examine the effects of two managerial interventions to manage the aftermath of brand harm crises caused by algorithm errors. The research’s findings advance the literature on brand harm crises, algorithm usage, and algorithmic marketing and generate managerial guidelines to address the aftermath of such brand harm crises.

Journal: Journal of Marketing
Published: February 2021
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Contact CBS researcher: Gülen Sarial Abi



Tail Asymptotics of an Infinitely Divisible Space-time Model with Convolution Equivalent Lévy Measure
Abstract: We consider a space-time random field on given as an integral of a kernel function with respect to a Lévy basis with a convolution equivalent Lévy measure. The field obeys causality in time and is thereby not continuous along the time axis. For a large class of such random fields we study the tail behaviour of certain functionals of the field. It turns out that the tail is asymptotically equivalent to the right tail of the underlying Lévy measure. Particular examples are the asymptotic probability that there is a time point and a rotation of a spatial object with fixed radius, in which the field exceeds the level x, and that there is a time interval and a rotation of a spatial object with fixed radius, in which the average of the field exceeds the level x.

Journal: Journal of Applied Probability
Published: March 2021
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Contact CBS researcher: Mads Stehr , Anders Rønn-Nielsen



SEL § 31 E: Fradrag i Danmark for underskud i udenlandske datterselskaber samt vedrørende faste driftssteder og fast ejendom beliggende i udlandet
Abstract: Med virkning for indkomståret 2019 har danske selskaber mv. mulighed for i deres danske indkomst at fradrage underskud i udenlandske datterselskaber samt vedrørende faste driftssteder og fast ejendom beliggende i udlandet. Det følger af den nu vedtagne SEL § 31 E om endelige underskud, og dette er særdeles glædeligt, men ikke uden malurt i bægeret. Fradrag forudsætter naturligvis, at de konkrete betingelser i SEL § 31 E er opfyldt, og disse betingelser behandles nærmere i denne artikel, herunder også den bagvedliggende begrundelse om at opnå EU-retlig konformitet.
 

Journal: SR-Skat
Published: 2021
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Contact CBS researcher: Michael Tell



Initial Coin Offerings and the Cryptocurrency Hype: The Moderating Role of Exogenous and Endogenous Signals
Abstract: Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous and endogenous signals on the performance of ICOs as well as the effects of the cryptocurrency hype and subsequent downfall of Bitcoin between 2016 and 2019 remain underexplored. We applied ordinary least squares (OLS) regressions based on a dataset containing 1597 ICOs that covers almost 2.5 years. The results show that exogenous and endogenous signals have a significant effect on the funds raised in ICOs. We also find that the Bitcoin price heavily drives the performance of ICOs. However, this hype effect is moderated, as high-quality ICOs are not pegged to these price developments. Revealing the interplay between hypes and signals in the ICO’s asset class should broaden the discussion of this emerging digital phenomenon.

Journal: Electronic Markets
Published: March 2021
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Contact CBS researcher: Michael Wessel



Gaveøkonomi: En vej til ny velfærdsværdi
Abstract: Som forskeren i offentlig ledelse, Mark Moore, udtrykker det: ”Offentlige ledere er hverken bogholdere eller martyrer. I stedet er de bestilt af samfundet til at eftersøge velfærdsværdi (’public value’)”. I det lys bidrager artiklen med et teoretisk-illustrativt bud på, hvordan en ny og lovende gaveøkonomi kan bidrage væsentligt til vores velfærd i betydningen at ’færdes vel’. Gaveøkonomi er en økonomisk udveksling, der skaber velfærdsværdi gennem relationer, dvs. hvor hver part får adgang til det, som andre giver (gaver), ved selv af give (gengave). Som sådan udgør gaveøkonomien et andet medie for udveksling end penge, som skaber velfærdsværdi gennem adskillelse. Budskabet er, at vi ikke blot skal være opmærksom på, at pengeøkonomiens adskillelsesmaskine faktisk kan stå i vejen for velfærd. Vi skal også være opmærksom på, at gaveøkonomien kan skabe velfærdsværdi, som er pengeøkonomien overlegen.

Journal: Samfundslederskab i Skandinavien
Published: 2021
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Contact CBS researcher: Niels Thyge Thygesen



A Novel Methodology to Estimate Cruising for Parking and Related External Costs
Abstract: Practitioners need to know the level of cruising for parking when designing parking policies. Existing methodologies, such as counting, experiments, and survey, are either too expensive or infeasible to be undertaken on a large scale. Inci et al. (2017) introduce an instrumental-variables-based econometric methodology using administrative data to estimate the average level of cruising when parking is close to full occupancy. This paper introduces a novel methodology to estimate the marginal external cruising time (and thus cost) across time and space. Our methodology is easier to implement, requires even less data, estimates the whole distribution rather than the average, and does not require parking to be near full occupancy. It also allows for welfare evaluations of parking fees and supply. To illustrate all these, we apply our methodology to Melbourne, which generates rich policy insights. We also apply it to the same dataset that Inci et al. (2017) use for Istanbul and find consistent results, rendering confidence to both methodologies.

Journal: Transportation Research Part B: Methodological
Published: March 2021
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Contact CBS researcher: Ismir Mulalic



Gender Equality without Democracy? Higher Education Expansion and Authoritarian Values.
Abstract: How does social policy affect authoritarian values? Leveraging exogenous variation, I evaluate how higher education expansion as a social policy program in China has influenced authoritarian support and traditional gender attitudes. I use an instrumental variable approach and regression analyses with marginal effects to assess multiple waves of Chinese national representative surveys coupled with regional statistics. The study differentiates between two types of authoritarian support: specific support (authoritarian support based on evaluation of recent policies) and diffuse support (long‐term authoritarian traits independent of recent policies). I find that education expansion has significantly decreased specific authoritarian support; however, it has not influenced diffuse authoritarian support. Moreover, a decrease in traditional gender attitudes is driven by a cohort effect rather than an education expansion effect. The findings have broader implications for understanding the effects of social policy on attitudinal change in an authoritarian context.

Journal: Governance: An international journal of Policy, Administration, and Institutions
Published: February 2021
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Two Perspectives on Supply Chain Resilience
Abstract: More than a decade ago, other fields started to challenge the equilibrium‐focused meaning of resilience. They suggested that resilience does not just relate to the ability of a system to “bounce back” after an impeding event, but also to the capacity to adapt and transform. The operations and supply chain management literature remains surprisingly disconnected from these debates. This essay sets out to further our theoretical knowledge of what resilience means (or means to others) by disentangling two prominent perspectives of resilience—engineering resilience and social‐ecological resilience—and offering an updated definition of supply chain resilience. We integrate and discuss these perspectives in the context of our understanding of the supply chain as a system. The goal is to outline the potential links and inconsistencies of these perspectives with supply chain management (SCM). From there, we seek to develop a more comprehensive understanding of what resilience means in SCM. Supply chain resilience is then no longer understood in terms of stability, but in terms of adaptation and transformation.

Journal: Journal of Business Logistics
Published: March 2021
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Contact CBS researcher: Andreas Wieland

The page was last edited by: Sekretariat for Ledelse og Kommunikation // 04/01/2021