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Why are organizations and markets slow to transform toward sustainability despite the abundant well-recognized opportunities it provides? An important subset of the phenomena this question addresses involves decision-makers recognizing the existence of opportunities but failing to undertake ambitious, effective, sufficient, or timely action. Building on existing research on capability traps, market formation, and managing sustainability, we focus on the forces con-straining organizations from developing the capabilities and market infrastructures required for sustainability transformations. We characterize types of sustainability initiatives and, using causal loop diagramming, visualize structures that enable and constrain how organizations can navigate individually and collectively worse-before-better dynamics resulting from uncertain,nonlinear, and delayed returns. Being under day-to-day pressures and deeply intertwined within their environment, organizational actors find it difficult to recognize, undertake, maintain, and coordinate necessary efforts internally and externally. We discuss research implications and directions for future research on avoiding these traps and accelerating sustainability transformations.
AbstractThrough their procyclical behavior, loan loss provisions have been determined as one of the factors that contribute to financial instability during a crisis. IFRS 9 was introduced in 2018 with an expected credit loss model replacing the incurred loss model of IAS 39 to mitigate the effect in the future. Our study aims to analyze loan loss provisions of major banks in the Eurozone to determine for the first time if the implementation of IFRS 9, as intended by regulators, has a dampening effect on procyclicality, especially during the stressed situation under COVID‐19. We analyze 51 banks from 12 countries of the European Monetary Union using 2856 firm‐year observations. While no robust evidence of less procyclicality can be found after the implementation of IFRS 9 until the pandemic, we find evidence that loan loss provisions moved countercyclical during 2020, indicating an alleviating effect at the beginning of the exogenous shock.
This study examines the relevance of integrated reporting quality (IRQ) to capital markets. We investigate whether IRQ benefits capital market participants by improving a firm's information environment, using analyst earnings forecast accuracy as a proxy. Our study focuses specifically on companies that publish integrated reports on a voluntary basis. Based on a scoring model, we assess IRQ and its effects with data from 2015 to 2019 of 101 companies. The results indicate no significant relationship between IRQ and analyst earnings forecast accuracy. Thus, IRQ does not appear to improve a firm's information environment, at least not currently in a voluntary setting. Drawing on previous literature in the field, this study further concludes that integrated reporting (IR) in general has not yet reached its full potential in benefitting capital markets. Potential implications of our results are that the standard setters should work to improve the specificity and rigor of their guidelines, and analysts should become more involved in developing IR guidelines to make them more relevant to their information needs. IR seems to unfold its benefits better in mandatory settings, which could call for regulators to make IR mandatory.
Bioenergy production is a new and promising industry in Ecuador. However, a confusing variety of laws, which are spread among different regulating institutions, regulate the agricultural sector. Such dispersion makes it difficult for farmers and businesses to understand applicable rights, duties, regulations and agricultural policies. Moreover, this rather young industry lacks important experience. In the first section of this work, the existing Ecuadorian legislation on bioenergy is presented and analyzed. Then, a brief, thorough analysis and comparison are carried out for experiences not only in developed countries, but also with similar cultural frameworks and comparable climatic conditions. The results are summarized as specific recommendations that have been handed to the National Agricultural Chamber of Ecuador from academia for the proposal of a Unified Agricultural Code established in the Ecuadorian legal hierarchy as an Organic Law.
Due to its availability and minimal invasive harvesting human adipose tissue-derived extracellular matrix (dECM) is often used as a biomaterial in various tissue engineering and healthcare applications. Next to dECM, cell-derived ECM (cdECM) can be generated by and isolated from in vitro cultured cells. So far both types of ECM were investigated extensively toward their application as (bio)material in tissue engineering and healthcare. However, a systematic characterization and comparison of soft tissue dECM and cdECM is still missing. In this study, we characterized dECM from human adipose tissue, as well as cdECM from human adipose-derived stem cells, toward their molecular composition, structural characteristics, and biological purity. The dECM was found to exhibit higher levels of collagens and lower levels of sulfated glycosaminoglycans compared with cdECMs. Structural characteristics revealed an immature state of the fibrous part of cdECM samples. By the identified differences, we aim to support researchers in the selection of a suitable ECM-based biomaterial for their specific application and the interpretation of obtained results.
Software is an integrated part of new features within the automotive sector, car manufacturers, the Hersteller Initiative Software (HIS) consortium defined metrics to determine software quality. Yet, problems with assigning metrics to quality attributes often occur in practice. The specified boundary values lead to discussions between contractors and clients as different standards and metric sets are used. This paper studies metrics used in the automotive sector and the quality attributes they address. The HIS, ISO/IEC 25010:2011, and ISO/IEC 26262:2018 are utilized to draw a big picture illustrating (i) which metrics and boundary values are reported in literature, (ii) how the metrics match the standards, (iii) which quality attributes are addressed, and (iv) how the metrics are supported by tools. Our findings from analyzing 38 papers include a catalog of 112 metrics of which 17 define boundary values and 48 are supported by tools. Most of the metrics are concerned with source code, are generic, and not specifically designed for automotive software development. We conclude that many metrics exist, but a clear definition of the metrics' context, notably regarding the construction of flexible and efficient measurement suites, is missing.
Science-based analysis for climate action: how HSBC Bank uses the En-ROADS climate policy simulation
(2021)
In 2018, the Intergovernmental Panel on Climate Change (IPCC, 2018) found that rapid decarbonization and net negative greenhouse gas (GHG) emissions by mid-century are required to "hold the increase in global average temperature to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C," as stipulated by the Paris Agreement (UNFCCC, 2015, p. 2). Meeting these goals reduces physical climate-related risks from, for example, sea-level rise, ocean acidification, extreme weather, water shortages, declining crop yields, and other impacts. These impacts threaten our economy, security, health, and lives.
At the same time, policies to mitigate these harms by rapidly reducing GHG emissions can create transition risks for businesses - for example, stranded assets and loss of market value for fossil fuel producers and firms dependent on fossil energy (Carney, 2019). Rapid decarbonization requires an unprecedented energy transition (IEA, 2021a) driven by and affecting economic players including businesses, asset managers, and investors in all sectors and all countries (Kriegler et al., 2014).
However, GHG emissions are not falling rapidly enough to meet the goals of the Paris Agreement (Holz et al., 2018). The UNFCCC, 2021 found that the emissions reductions pledged by all nations as of early 2021 "fall far short of what is required, demonstrating the need for Parties to further strengthen their mitigation commitments under the Paris Agreement" (2021, p. 5). Businesses are faring no better. Despite high-profile calls to action from influential firms such as BlackRock (Fink, 2018, 2021), corporate action to meet climate goals has thus far fallen short (e.g. the Right, 2019 analysis of the German DAX 30 companies' emissions targets by NGO "right."). Instead of implementing climate strategies that might mitigate the risks, managers are often caught up in "firefighting" and capability traps that erode the resources needed for ambitious climate action (Sterman, 2015). Firms may also exaggerate environmental accomplishments, leading to greenwashing (Lyon and Maxwell, 2011); implement policies that are vague, rely on unproven offsets, or are not climate neutral (e.g. Sterman et al., 2018); or simply take no action at all (Delmas and Burbano, 2011; Sterman, 2015).
Adding to the confusion are difficulties evaluating the effectiveness of different climate policies. Misperceptions include wait-and-see approaches (Dutt and Gonzalez, 2012; Sterman, 2008), underestimating time delays and ignoring the unintended consequences of policies (Sterman, 2008), and beliefs in "silver bullet" solutions (Gilbert, 2009; Kriegler et al., 2013; Shackley and Dütschke, 2012). These beliefs arise in part because the climate–energy system is a high-dimensional dynamic system characterized by long time delays, multiple feedback loops, and nonlinearities (Sterman, 2011), while even simple systems are difficult for people to understand (Booth Sweeney and Sterman, 2000; Cronin et al., 2009; Kapmeier et al., 2017). Although senior executives might receive briefings on climate change, simply providing more information does not necessarily lead to more effective action (Pearce et al., 2015; Sterman, 2011).
Alternatively, interactive approaches to learning about climate change and policies to mitigate it can trigger climate action (Creutzig and Kapmeier, 2020). Decision-makers require tools and methods grounded in science that enable them to learn for themselves how a low-carbon economy can be achieved and how climate policies condition physical and transition risks. The system dynamics climate–energy simulation En-ROADS (Energy-Rapid Overview and Decision Support; Jones et al., 2019b), codeveloped by the climate think-tank Climate Interactive and the MIT Sloan Sustainability Initiative, provides such a tool.
Here we show how En-ROADS helps HSBC Bank U.S.A., the American subsidiary of U.K.-based multinational financial services company HSBC Holdings plc, focus its global sustainability strategy on activities with higher impact and relevance, communicate and implement the strategy, understand transition risks, and better align the strategy with global climate goals. We show how the versatility and interactivity of En-ROADS increases its reach throughout the organization. Finally, we discuss challenges and lessons learned that may be helpful to other organizations.
The implementation of human resource (HR) policies often proves troublesome due to the appearance, and stubborn persistence, of gaps in the process. Human resource management (HRM) scholars problematise these gaps and advocate tight implementation to reduce gaps and to ensure the desired impact of policies on organisational performance. Drawing on organisational institutionalism, we contend that gaps in implementing HR policies can actually be productive, as they secure organisational legitimacy, and thus enable organisations to operate viably within several institutional environments. We suggest that different approaches to implementation are needed, some of them premised on accepting sustained implementation gaps. We introduce minimum and moderate implementation approaches, rooted in the notion of decoupling, to complement approaches aimed at tight implementation. Our aim is to support the further development of research based on a richer interpretation of HRM implementation challenges and choices they present for HR managers.
Recently described rhizolutin and collinolactone isolated from Streptomyces Gç 40/10 share the same novel carbon scaffold. Analyses by NMR and X-Ray crystallography verify the structure of collinolactone and propose a revision of rhizolutins stereochemistry. Isotope-labeled precursor feeding shows that collinolactone is biosynthesized via type I polyketide synthase with Baeyer–Villiger oxidation. CRISPR-based genetic strategies led to the identification of the biosynthetic gene cluster and a high-production strain. Chemical semisyntheses yielded collinolactone analogues with inhibitory effects on L929 cell line. Fluorescence microscopy revealed that only particular analogues induce monopolar spindles impairing cell division in mitosis. Inspired by the Alzheimerprotective activity of rhizolutin, we investigated the neuroprotective effects of collinolactone and its analogues on glutamate-sensitive cells (HT22) and indeed, natural collinolactone displays distinct neuroprotection from intracellular oxidative stress.
Hypericin has large potential in modern medicine and exhibits fascinating structural dynamics, such as multiple conformations and tautomerization. However, it is difficult to study individual conformers/tautomers, as they cannot be isolated due to the similarity of their chemical and physical properties. An approach to overcome this difficulty is to combine single molecule experiments with theoretical studies. Time-dependent density functional theory (TD-DFT) calculations reveal that tautomerization of hypericin occurs via a two-step proton transfer with an energy barrier of 1.63 eV, whereas a direct single-step pathway has a large activation energy barrier of 2.42 eV. Tautomerization in hypericin is accompanied by reorientation of the transition dipole moment, which can be directly observed by fluorescence intensity fluctuations. Quantitative tautomerization residence times can be obtained from the autocorrelation of the temporal emission behavior revealing that hypericin stays in the same tautomeric state for several seconds, which can be influenced by the embedding matrix. Furthermore, replacing hydrogen with deuterium further proves that the underlying process is based on tunneling of a proton. In addition, the tautomerization rate can be influenced by a λ/2 Fabry–Pérot microcavity, where the occupation of Raman active vibrations can alter the tunneling rate.