What can the Banking Royal Commission achieve: Regulating for good corporate culture?

Wishart, David; Wardrop, Ann

doi:10.1177/1037969x18772153

Cited by 7 publications

(4 citation statements)

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“…Like many other firms, Australian financial services firms have come under intense scrutiny since the Global Financial Crisis of 2007-2009 (Glynos, Klimecki & Willmott, 2015;Herzig & Moon, 2013;Liu, 2015). Globally, concerns have arisen about the poor culture within the industry (Wishart & Wardrop, 2018), regulatory safeguards (Schmulow, Fairweather & Tarrant, 2019), oversights of banking products and services, risk-taking behaviours, and poor corporate governance (Adams, Borsellino, McCalman & Young, 2017). Calls for greater transparency have repeatedly been made in this sector (Compass, 2010).…”

Section: Methodsmentioning

confidence: 99%

On managing hypocrisy: The transparency of sustainability reports

Higgins

Tang

Stubbs

2020

Journal of Business Research

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Hypocrisy creates significant challenges for managers and stakeholders. Knowledge of its nature and causes is extensive; however, understandings of its implications for management practice are limited. This study draws on the transparency literature, notably Schnackenberg and Tomlinson's (2016) disclosure, clarity and accuracy framework, to show that the way in which information is presented affects the way hypocrisy manifests and how it can be addressed. We analysed the sustainability reports of three financial services companies in Australia over a five-year period and found that in addition to minimising duplicity, transparency can increase engagement with the competing expectations facing companies.Despite its limitations, sustainability reporting offers insights in to the nature, causes and implications of organisational hypocrisy.

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Section: Methodsmentioning

confidence: 99%

On managing hypocrisy: The transparency of sustainability reports

Higgins

Tang

Stubbs

2020

Journal of Business Research

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“…According to the United Nations ' World Population Prospects: The 2017 Revision, the world's population will exceed eight and a half billion people by 2030 and is projected to reach 11.2 billion by 2100, when populations are expected to steady (UNDESA 2017). Scientific and technological advancements have reshaped the human experience and yet, as we have outlined above, the implications of materialism allow human suffering and ecological degradation continue: the number of hungry people in the world increased in 2016 (FAO et al 2017); biodiversity loss continues (Barlow et al 2016); armed conflict persists, often resulting in displaced populations (Elliott et al 2018); corporate misconduct still exists despite the lessons of the Great Recession (Wishart and Wardrop 2018); and in some countries, political and institutional distrust is low or in decline (Muro and Vidal 2017). Simultaneously, however, we see important steps being taken across the planet including an historic agreement in Paris in 2015 that brought together most of the world's countries around a single goal of keeping a global temperature rise below 2°C above pre-industrial levels, limiting the increase to 1.5°C (UN 2015).…”

Section: Challenging Existing Assumptions Of Human Naturementioning

confidence: 99%

Navigating a Sustainable Future: (Re)conceptualizing the Moral and Spiritual Realities of Human Nature

Sinai¹,

Johnson²,

Farahmand³

et al. 2019

The International Journal of Sustainability Policy and Practice

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In this article, we argue that the current crisis of civilization and the countless social and environmental problems we face today are the result of a culture of materialism that emerged out of the industrial revolution and has, over the past century and a half, become a kind of universal religion that claims absolute authority and shapes all aspects of human life -social, environmental, economic and cultural. In this article we demonstrate how prevalent but erroneous assumptions about human nature as predominantly individualistic, competitive and selfish contribute to a materialistic culture that is environmentally, economically, socially and culturally unsustainable. We examine, for example, the implications of materialism on technology-adoption, conceptions of beauty and international financial crises. We then argue that these prevalent assumptions are incompatible with what we demonstrate as true human nature informed by biological and social sciences, religious scripture, spirituality and indigenous beliefs. Finally, we suggest how science and religion, as two complementary systems of knowledge, can inform and achieve a sustainable future for humanity. We explore the spiritual roots of sustainability to paint a different picture of human nature, which is essential in building a society founded on the principle of the oneness of humankind and the convictions that underpin it. We also make the case that spirituality, defined here as a practical expression of a deep understanding of the nature of reality, should be more widely considered in the sustainability discourse as it is closely associated with the motivation to implement sustainable structures and practices. In writing this, we hope to set a foundation for further exploration of how spirituality can inform sustainability policy and practice and suggest that its role should be more closely considered.

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“…It is therefore not surprising that demands for regulation come from citizens affected by unfair trading, monopolies, externalities and market failures (Colander & Kupers, 2014; Scott, 2012), and from businesses who gain from regulation in the form of market protection, subsidies and title protection—those who want regulation to create certainty for business decisions (Decker, 2015; Windholz, 2018). There is a robust body of evidence that regulation is valued and expected by a range of stakeholders—the evidence can be found throughout the academic literature (Coglianese, 2017; Russell & Hodges, 2019; Selznick, 1985); in ‘at the coalface’ inquiries by Royal Commissions (McAllister, 2014; Wishart & Wardrop, 2018); and in reports and think‐pieces by the world's largest consultancy firms (Deloitte, 2019; KMPG, 2019).…”

Section: Introductionmentioning

confidence: 99%

The ‘forever war’ on red tape and the struggle to improve regulation

Freiberg

Pfeffer²,

Heijden

2022

Aust J Public Adm

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Since the 1970s, Australian governments have sought to reduce regulatory burdens, particularly on business, subject regulation to rigorous cost-benefit analysis and constrain both the stock and flow of new regulation. Yet, however, measured, regulation continues to grow, frequently in response to community demand. In this article, we interrogate both the more extreme claims of the anti-regulation advocates and the alleged successes of anti-red tape initiatives, identifying a critical clash of values over the role of the state and the appropriate relationship between government, business and the community. We conclude by arguing that to deliver desirable societal, economic and democratic outcomes, we need to acknowledge regulation as an asset, professionalise its workforce and more actively assert its public value.

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What can the Banking Royal Commission achieve: Regulating for good corporate culture?

Cited by 7 publications

References 0 publications

On managing hypocrisy: The transparency of sustainability reports

On managing hypocrisy: The transparency of sustainability reports

Navigating a Sustainable Future: (Re)conceptualizing the Moral and Spiritual Realities of Human Nature

The ‘forever war’ on red tape and the struggle to improve regulation

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