Globalisation, governance, accountability and the natural resource ‘curse’: Implications for socio-economic growth of oil-rich developing countries

Motivated by recent inconclusive debates on the natural resource ‘curse’ phenomenon, this paper reviews studies that have explored the causes and implications of natural resource endowments ‘curse’ within oil-rich developing countries (ODCs). Most of these studies find corruption, transparency, accountability, weak institutions and poor governance as causes of developing countries’ natural resource ‘curse’. However, recent studies identify a strong association between oil and gas multinational corporations (MNCs) as agents of globalisation and the resource-curse. First, we consider the international dimensions of this relationship and how MNCs have an influence on the resources of ODCs. Second, we link the impact of MNCs and their natural resource nexus to broaden debates on strategic organisational practices. We show that globalisation creates the platform for the natural resource ‘curse’ phenomenon. Our findings offer new insights into the natural resource ‘curse’ debates. We expand knowledge on the traditional focus of the resource-curse literature to include globalisation and how ethical practices of MNCs could avert the ‘curse’ or allow ODCs to experience the advantages of their natural resource wealth

The contribution of human resource development managers to organisational branding in the hotel industry in India and South East Asia (ISEA): a dynamic capabilities perspective

This research explores the significant contribution of human resource development (HRD) managers in building organisational brands in the hotel industry through the lenses of dynamic capabilities for sustaining competitiveness.Using a qualitative case study design, this study deployed a semi-structured interview research method. It used a purposive sample of twenty HRD managers across twenty different hotels in India and South East Asia (ISEA) to explore their contribution to organisational brands. The data was analysed using thematic analysis.The findings show the significance of HRD in building organisational brands. From a dynamic capabilities perspective, it was found that; HRD has an impact on fostering brand awareness culture; HRD functional branding enhances the creation and sustaining of quality service culture; functional branding of HRD helps differentiate the brand and quality service, for product development and innovation by linking talent development and growth of key competencies and capabilities; brand training and behavioural training directly influence the right behaviour knowledge and effective communication that is translated into the enhancement of guest experience; and finally, organisational branding through branding culture and employer branding creates organisational wealth.We propose a new conceptual framework for the branding of the Heroes to reclaim the HRD’s splendour in the realm of other functions in the hotel industry in ISEA contexts. While we do not claim an external generalisability, we believe that an analytical application of this framework could be relevant in similar environments. The study also claims that HRD practitioners could use parallel literature repertoires from brand management discourse to value their strategic contributions in building and maintaining their reputational position at the board level. Practical implications and further research are discussed

Critical perspectives on “manufactured” risks arising from Eurocentric business practices in Africa

This paper considers the Eurocentric conceptualisation of risk, which reinforces language, culture and business practices that are in conflict with Africa’s own traditional business methodologies”. It attempts to identify the rent-seeking methods and resource-seeking strategies that sustain the hegemony of global corporations in Africa. The paper explores nonlinear historical narrative around the concept and construction of the idea and language of risk. It follows discourse analysis to identify how the Eurocentric concept of risk was exported and incorporated within the language of international business in non-Western business traditions. The fundamental research question driving this paper is: to what extent does the conceptualisation of risk perpetuate the African continent as risk-ridden? The rent and resource-seeking strategies employed by multinational corporations (MNCs) are central to ‘manufactured’ risks, and this negatively creates impact for post-independent Africa. Whilst the state is inconsistent in its approach to dealing with this crisis, global corporations continue to do business, extract resources and expand their capital and market base in Africa. The philosophical basis of risk and its historical foundations in the African context are presented. Neo-colonial business methods, languages, cultures and strategies are explored and consideration is given as to how African governments could address the issue of co-option, as well as how to respond to the risks arising by MNCs’ business practices. The paper adds to the theoretical narratives by arguing that when considering entry into the marketplace, MNCs must ensure they integrate African perspectives (native categories) into their operational strategies. Moreover, management practitioners might consider addressing the essential topics of language, culture, business systems and business practices using ethnomethodological lenses

Application of Algorithmic Cognitive Decision Trust Modeling for Cyber Security Within Organisations

Cybercrime continues to cause increasing threat to business processes, eroding stakeholders’ trust in Internet technologies. In this article, we explore how six dominant algorithmic trust positions facilitate cognitive processing, which, in turn, can influence an organization's productivity and align its values and support structures for combating cybercrimes. This conceptual paper uses a cognitive perspective described as a throughput model. This modeling perspective captures several dominant algorithmic trust positions for organizations, providing a new, and powerful approach which seeks to enhance our understanding of the cognitive representation of decision-making processes. These trust positions are rational-based trust, rule-based trust, category-based trust, third-party based trust, role-based trust, and knowledge-based trust. Finally, we provide conclusion and implications for future research

The Mabey and Johnson bribery Scandal: A Case of Executive Hubris

Convicted for paying bribes to secure contracts abroad, Mabey and Johnson (M&J), a UK construction firm, made both legal and international business history. Drawing on hubris as a lens, we examine M&J’s bribery scandal in Ghana and Jamaica. Through a qualitative study of court documents, witness statements, newspaper articles, and internal company emails, we unpack the bribery scheme operated by M&J executives that enabled the firm to illegitimately win major government contracts in Ghana and Jamaica. Fuelled by executive hubris, we found M&J’s practice of bribing foreign officials to secure contracts effectively insulated M&J executives from day-to-day realities. Overtime, the firm’s executives viewed themselves as infallible, exempt from established mores, invincible, and unremorseful for their actions. Building on these findings; we develop a hubris-bribery heuristic framework showing how individual, organizational, and institutional context constitutively fuelled executive hubris to drive bribery at M&J. The implication for theory and practice are examined

The Financial Services Sector and Economic Growth in SSA: Insights from Ghana

This paper examines the role of financial services sector in the economic development of sub-Sahara African (SSA) countries and the myriad of factors inhibiting the sectors contribution to economic growth. It unpacks how regulatory inconsistencies and restrictions in West Africa have curtailed capital formation in Ghana and less than optimum contribution of the sector to economic growth. The paper suggests that excessive regulations and weak enforcement of rules, government bureaucracy and corruption, negatively affects a country's financial system. It is, therefore, necessary to balance the need for stronger regulation with appropriate levels of sector involvement in the regulatory process that supports the growth of the financial system. Participatory regulation requires that regulators proposing regulatory changes should hold consultative forums involving individuals from the private sector, corporate and private users of financial services, experts and service providers (including accountants, auditors, consultants, commercial lawyers) who can add value to the regulatory process. These issues present a number of implications that are discussed

The role of country-level institutional factors in escaping the natural resource curse: Insights from Ghana

Empirical research shows that developing countries that are rich in natural resources tend to suffer slow economic growth and development due to various factors such as quality of institutions, governance, among others. The phenomenon of slow growth is widely known as the ‘natural resource-curse’ within the energy sector literature, and past research suggests that the membership of international non-governmental organisations and transparency are key factors in supporting economic development. However, limited research has been conducted to explore the key factors and their impact on the ‘natural resource-curse’. This study utilizes 222 cases from 18 of Ghana's key stakeholders and finds that the membership of country's Extractive Industries Transparency Initiative (EITI) and petroleum revenue management policies are insufficient to avert its ‘resource-curse’ unless they are complemented with country-level institutional factors such as the quality of institutions, quality of governance, government effectiveness, accountability, corruption control mechanisms, natural resource sustainability and effective accounting practices. Consequently, the study contributes to the deeper understanding of complex macro-level factors interlinked with the ‘natural resource-curse’. We also discuss the theoretical and practical implications of these findings, along with suggestions for future research

Blockchain, business and the fourth industrial revolution:Whence, whither, wherefore and how?

Blockchain is one the most remarkable technological innovations of the 21st century. The most notable application of blockchain is in the development and operation of cryptocurrencies (e.g. bitcoin, ethereum, among others). Besides the financial services industry, blockchain is also considered in other sectors such as international trade, taxation, supply chain management, business operations and governance. However, blockchain has not been examined comprehensively in all areas of relevant literature. This article conducts a survey of the literature to gain an understanding of the opportunities and issues presented by blockchain in various business functions. The article begins by providing a discussion regarding how the blockchain technology operates. The paper takes a broad focus in its analysis of the prospects of blockchain for various business functions, including banking and the capital markets, corporate governance, international trade, and taxation. The paper demonstrates how organisations and regulators can leverage blockchain to upscale business operations, enhance efficiency and reduce operational costs. The key drawbacks of blockchain that stakeholders need to bear in mind before adopting the technology are also highlighted. The article also reflects on how organisations can tap into blockchain to reap the full potential of the fourth industrial revolution

Human Capital Development, Innovation and International Competitiveness in Sub-Saharan Africa

Scores of studies highlight the significance of human resource development in Africa. However, this study is one of the first that combines human capital development and innovation and its impact on international competitiveness in sub-Saharan Africa (SSA). Thus, many questions about economic and business competitiveness in SSA have remained unanswered. This chapter, therefore, provides insights into how multinational corporations (MNCs) operating in SSA can acquire and develop their human capital to innovate and enhance their international competitiveness and that of the SSA region. The study reveals that Africa’s long-term growth prospect hinges on developing their human capital. The sustainability of SSA’s competitiveness in the world requires that education and on-the-job training center on the skills most needed in today’s global marketplace. Research and practical implications are discussed

Why on Earth Should Foreign Banks Invest in Africa's Financial Services Sector? Evidence from Financial Multinationals in Ghana

While sub-Saharan African countries have been able to attract some degree of resource-seeking foreign direct investment (FDI) due to their abundant natural resources, financial FDI inflows have proved to be elusive for the region, in spite of the widespread financial-sector adjustment programs that offer attractive incentive packages for financial multinational corporations (MNCs). Literature surrounding the determinants of FDI inflows has mainly focused on manufacturing and real production activity. We analyzed the root causes of the weak administrative and institutional framework in Africa's banking industry, using Ghana as a case in point. Focusing on two financial MNCs as case studies, this article validates the significance of a thorough qualitative investigation in evaluating the explanations as to why most foreign banks do not invest in sub-Saharan Africa and why the few that do have relatively insignificant operations. The study also reveals that despite the far-reaching reforms, there are several structural constraints and deficiencies placed on financial MNCs that affect the size of the business they can conduct and their future investment decisions. One of the major issues prior to the financial-sector reforms in Africa was disintegration, and the restructuring was not designed to create an attractive location for foreign capital; hence, the low financial FDI inflows to Ghana in particular and Africa in general