Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

Greenhushing: the deliberate under communicating of sustainability practices by tourism businesses

Greenhushing selectively communicates fewer pro-sustainability actions by businesses than are practiced; based on a perception of customers’ rights to consumerism. We first studied the gap between the communication of sustainability practices in the audits and websites of 31 small rural tourism businesses in the Peak District National Park (UK). The analysis showed that businesses only communicate 30% of all the sustainability actions practiced. Their websites emphasised customer benefits, using explicit, affective, experiential and active language that legitimises the customers’ hedonistic use of the landscape, while downplaying complex issues and normalising sustainability to reduce customer guilt. Just one website mentioned climate change. We found that greenhushing results from a low moral intensity, masking potentially negative consequences of perceived lower competence, whilst protecting business from more cynical consumers who may interpret their statements as hypocritical. Subsequent textual analysis and interviews were used to understand how communication constitutes these organisations. We propose that greenhushing reshapes and constitutes tourism businesses through their communications. Moreover, greenhushing is a form of public moralisation that adopts communication practices similar to greenwashing, reflecting the social norms expected from a business; however, in this case, located in a moral muteness, rather than moral hypocrisy, that businesses accept but resent

Entrepreneurship and social capital: examining the association in deprived urban neighbourhoods

Spatial approaches to examining entrepreneurship have increasingly built on theories of social capital. However, the nature and extent of local social capital in less successful deprived communities remains under-researched and inadequately understood. The paper examines the association between social capital and entrepreneurship in a deprived urban neighbourhood in the city of Leeds, UK as a means of contributing to an improved theoretical understanding of how space moderates this association. It is found that social capital has a strong association with patterns of entrepreneurship in deprived urban neighbourhoods, with the potential impacts being both positive and negative. The forms of social capital are found to differ from that found in more affluent localities, with a prevalence of bonding social capital as the key facilitator of entrepreneurship, which may help in the early stages of venture development, but which over time may become a constraint. Also, a lack of the bridging social capital associated with entrepreneurial success is found within the locality. From a policy perspective, it is recommended that policy makers responsible for entrepreneurship in deprived urban neighbourhoods should seek to enhance initiatives for developing social capital which incorporate local businesses, residents and local government agencies

A comparison of modes of communication between members of a string quartet and a jazz sextet

This study revealed the modes of communication employed between the members of a professional string quartet during rehearsal and performance. Results of this study enabled comparison with modes of communication employed by a student jazz sextet revealed in a previous study by the first author. Six modes of communication were revealed in both studies (i.e., verbal and non-verbal, instruction/cooperation/ collaboration). Results indicated that the modes of communication employed by both groups of musicians (i.e., the string quartet and the jazz sextet) were the same, although, at times, the content of the communication differed based on the presence of a precomposed score and conventions of the musical genre. Participants in both studies confirmed researcher interpretations of the modes of communication during member checks. Results also indicated that when playing from a pre-composed score the string quartet were able to become empathetically attuned and produce ‘spontaneous musical variations’ during performance. The authors propose that these spontaneous musical variations are examples of ‘empathetic creativity’

Playing with fire : gender at work and the Australian female cultural experience within rural fire fighting

This article considers the roles, identities and experiences of female emergency services volunteers, most of whom are active fire fighters, within a regional brigade of the NSW Rural Fire Service (RFS). It is based on interviews and explores how women both adapt to and resist the culture and in the process are transforming it. RFS women were motivated by values of camaraderie, skill and community participation. Their experiences were informed by inclusion and exclusion, and the complex association of gender and competence with physical strength and leadership. Drawing upon the Foucauldian insight that power is never simply repressive but productive and relational, the findings demonstrate how women actively negotiate their position as a collective and as individuals within a mixed gender environment. This article concludes that the demonstrated prowess and agency of women within a non-traditional work context is changing and transforming the cultures and practices of rural fire fighting

The role of Investment Management Systems in regulatory compliance: a Post-Financial Crisis study of displacement mechanisms

The financial crisis of 2007–2009 and the resultant pressures exerted on policymakers to prevent future crises have precipitated coordinated regulatory responses globally. A key focus of the new wave of regulation is to ensure the removal of practices now deemed problematic with new controls for conducting transactions and maintaining holdings. There is increasing pressure on organizations to retire manual processes and adopt core systems, such as Investment Management Systems (IMS). These systems facilitate trading and ensure transactions are compliant by transcribing regulatory requirements into automated rules and applying them to trades. The motivation of this study is to explore the extent to which such systems may enable the alteration of previously embedded practices. We researched implementations of an IMS at eight global financial organizations and found that overall the IMS encourages responsible trading through surveillance, monitoring and the automation of regulatory rules and that such systems are likely to become further embedded within financial organizations. We found evidence that some older practices persisted. Our study suggests that the institutionalization of technology-induced compliant behaviour is still uncertain