Lessons from COVID-19 and a resilience model for higher education

In this article, the authors first highlight major challenges that higher education institutions (HEIs) are facing during the Covid-19 pandemic. They then consider the challenges HEIs should expect in the post-Covid period. In practice, HEIs s are keen to maintain their core activities during the pandemic and in this context the authors examine how institutions can continue their activities efficiently by addressing issues related to the potential socio-psychological damage to stakeholders in higher education. To answer this question, they recommend the application of an all-inclusive resilience model at the beginning of the recovery period to withstand the shock of the pandemic and show how an HEIs can apply the antifragile model for the advancement and betterment of the experience of individuals associated with it. The recommendations of the study contribute to the literature related to HEIs and the coronavirus and constitute practical guidance for a post-Covid model that may be followed by HEIs around the world

Fair value in the professional valuation: concept and models

The Paper is on the subject of value measurement bases in Professional Valuation and, as such, also has a direct relevance for the field of Accounting Measurements. In this paper we, specifically, consider semantic and methodological features of Equitable/Fair value as a sui generis basis of valuation in the Professional valuation. As used in the field of Professional Valuation, Equitable/Fair value is the logically necessary basis for estimating values-in-exchange for illiquid assets traded on the markets where the operations of “the law of one price” are very weak. Its logical relevance is demonstrated with the aid of a tool based on Venn-diagrammatic approach (VDA). This VDA is also helpful in explaining in detail interrelationships between other valuation bases used in Professional Valuation. In particular, the article analyzes fair value estimating formulas based on the V. Galasyuk's approach and the Transactional Asset Pricing Approach. At the same time, the unavoidable economic and ethical nature of Fair value as used in Professional Valuation is emphasized, which becomes even more pronounced with the renaming of this valuation basis from Fair to Equitable Value in the International Valuation Standards (IVS) 2017 edition. The contribution of the Paper is in analyzing the main aspects of Fair value estimation theories that exist today in terms of where they fall in the normativist/positivist continuum of economic analysis and drawing into relief their distinguishing elements, while the proposed VDA tool can also find an application as a helpful tool for valuation and accounting measurements analyses. It is also hoped that the debates on Equitable/Fair value as they evolved in the field of Professional Valuation and the ensuing respective proposals in this Paper will help provide a new perspective enriching wider debates on Fair Value in the Accounting Measurements world

Stemming the tide: Does climate risk affect M&A performance?

We examine the effect of climate change risks (CCR) on firms' decision of engaging in mergers and acquisitions (M&A) and M&A performance. In this study we use the responses by firms on ‘climate change-related risks and opportunities’ of the CDP survey and 1,372 deals of listed US firms during 2010-2020. Consistent with risk vulnerability theory, our evidence indicates that firms with higher CCR have a lower probability of engaging in M&As. After controlling for possible endogeneity, our results also indicate that if acquirers with higher climate change risks choose to engage in M&A, it significantly reduces the announcement returns. These findings suggest that extant measures of climate change risks should be rethought when evaluating M&A efficiency. More broadly, our paper provides causal evidence that managers need to integrate CCR into their formal risk management systems to avoid unsuccessful M&As

Stock co-movement and governance bundles: does the quality of national governance moderate this relationship?

In this study we examine if corporate governance, as a bundle, can better explain stock co-movement. To test the implication of governance bundles on stock co-movement, we consider a monitoring and incentive alignment bundle. Using 2659 firm–year observations from 321 firms listed on the S&P 500 from 2009-2017, we find that the governance mechanism bundle can enhance the ability of stock prices to integrate better firm-specific information, which reflects on stock co-movement. In addition, we find the existence of a complementary relationship between National Governance Quality and a firm’s board monitoring. This also helps in explaining the puzzle of stock co-movement. The findings will extend the understanding about the co-movement related literature mentioned in the corporate governance and corporate finance research. The findings are also helpful for decision makers and policy makers involved in the efficient controlling of stock co-movement

Residual stress development and evolution in two-phase crystalline material: a discrete dislocation study

Crystalline materials undergo heterogeneous deformation upon the application of external load, which results in the development of incompatible elastic strains in the material as soon as the load is removed. The presence of heterogeneous distribution of elastic strains in the absence of any form of external load results in the building up of stresses referred to as residual stresses. The heterogeneity of strain is attributed either to the presence of multiple phases or to the orientation gradients across the sample volume. This paper is an endeavour to model the presence of second phase in a two-dimensional discrete dislocation dynamics framework, which already contains constitutive rules to include three-dimensional mechanisms, such as line tension and dynamic junction formation. The model is used to investigate residual stress development in single crystals subjected to plane strain loading and then subsequently unloaded to study residual stresses. The dislocation accumulation around the second phase and its effect on the mechanical properties is studied. The orientation dependence of residual stresses as a function of the underlying defect substructure has also been explored. A variety of results are obtained. In particular, the development of stresses as a function of underlying defect substructure is also presented and found to depend upon the orientation of the crystal

The comprehensive environmental management model in post-Covid19 era

To restrict the adverse impact of Green House Gas there is a need of rapid action for transformation of the current situation to achieve the targets mentioned by the United Nations Programme. The coronavirus crisis generated additional challenges but also generated a provision for companies to develop a sustainable model in the recovery period by incorporating the non-financial aspect of green environment in their business model. In this paper, we identify some of the main problems of the existing projects related to Green House Gas control and propose the Dragon Value System with a potentiality of overcoming the drawbacks of the existing models. We find a comprehensive environmental management model that will be opportunity driven, based on certain financial assets associated with wide spectrum of stakeholders and applicable by company of any size. The findings of the paper will contribute to the academic literature related to environmental management and SDG 7. The proposed model will assist the investors to identify a comprehensive model to invest and could generate new public-private partnership to apply highly beneficial and comprehensive environmental management model

The future of non-financial businesses reporting: learning from the Covid-19 pandemic

In this paper we conceptually identify the gap in the literature about lack of business’s awareness in non -financial activities, especially biodiversity, which can be responsible for crisis like Covid-19 which can adversely affect the global economy. We recommend approaches to existing business about how to enhance the quality of reporting by considering non-human element in reporting and making it more comprehensive for the stakeholders. We adopt Actor Network Theory (ANT) and the Natural Inventory Model to support our argument that nature consists of both human and non-human. From our observation about the Covid-19 crisis and by consulting the existing relevant literature on CSR, Covid-19, non-financial reporting and integrated reports (IR), we propose the implication of non-financial reporting by companies based on a theoretical framework. We recommend that companies should implement/adopt Circular Economy concept for sustainable business model and report on biodiversity and extinction accounting in more structured and mandatory way via producing IR to create value on short, medium and long terms. This is the first paper to tackle the Covid-19 crisis and offer solution for future reporting. The findings will add value in the academia and society

Corporate accountability towards species extinction protection: insights from ecologically forward-thinking companies

This paper contributes to biodiversity and species extinction literature by examining the relationship between corporate accountability in terms of species protection and factors affecting such accountability from forward-thinking companies. We use triangulation of theories, namely deep ecology, legitimacy, and we introduce a new perspective to the stakeholder theory that considers species as a ‘stakeholder’. Using Poisson pseudo-maximum likelihood (PPML) regression, we examine a sample of 200 Fortune Global companies over three years. Our results indicate significant positive relations between ecologically conscious companies that are accountable for the protection of biodiversity and species extinction and external assurance, environmental performance, partnerships with socially responsible organizations and awards for sustainable activities. Our empirical results appear to be robust in controlling for possible endogeneities. Our findings contribute to the discussion on the concern of species loss and habitat destruction in the context of corporate accountability, especially in responding to the sixth mass extinction event and COVID-19 crisis. Our results can also guide the policymakers and stakeholders of the financial market in better decision making