Growing teacher mobility has expanded the international school sector, creating a diverse workforce of migrant educators who often navigate unfamiliar cultural, professional, and organisational environments. This study investigates how perceived school leadership influences the grit and job satisfaction of international migrant teachers, and whether grit serves as a mediating mechanism in this relationship. Drawing on the Human Relations perspective, which emphasises the role of supportive social contexts in fostering motivation and well-being, the study employed an exploratory quantitative design. Data were collected from 103 migrant teachers working across multiple international school systems using validated measures of leadership, grit, and job satisfaction. Correlation and mediation analyses revealed that supportive leadership was positively associated with both grit and job satisfaction. Grit partially mediated the leadership-job satisfaction link, indicating that leadership not only improves workplace satisfaction directly but also does so indirectly by strengthening teachers’ perseverance and commitment to long-term goals. These findings highlight the importance of relational, inclusive leadership practices in fostering resilience and fulfilment among globally mobile educators. The study provides theoretical and practical insights for international schools aiming to improve teacher well-being, motivation, and retention. Keywords: international migrant teacher, grit, job satisfaction, human relations theory, international schools, leadership
Consultants that serve in the benefit of institutional investors assign ratings to investment strategies (portfolios of assets) based on face-to-face interactions and other research activities referred to in the industry as ‘due diligence.’ Economic cycles change, and thus consulting firms often claim that ratings are ‘forward looking,’ reflecting portfolio performance two years into the future. Still managers of retirement accounts, endowments or foundations, make investment decisions for today, six months, or a year forward. In apparent contradiction of fiduciary responsibility, institutional investors would be better off selecting the portfolio strategies rated the lowest, to invest beneficiaries’ funds, as our results show. Ratings only capture predicted outperformance two years forward, when portfolio managers are not shown to consistently exhibit skill. An ‘arbitrage’ of sorts, which investors with information on consultant ratings can take advantage of for up to three years, is to invest funds into portfolio strategies rated the lowest. We use dummy-variable estimation, k-means clustering, and linear discriminant analysis on the betas of fixed income portfolios against eight indices that describe the whole corporate credit curve. We discern patterns of outperformance versus the ratings. Keywords: relative performance, consultant ratings, clustering, discriminant score
The 2023 banking crisis in the United States was precipitated by a duration mismatch between customer deposits and bank investments, resulting in the failure of several banking institutions, including two prominent banks in Northern California: Silicon Valley Bank and First Republic Bank. In response to these failures, the already stringent regulatory framework governing the U.S. banking sector tightened even further to mitigate the risk of future collapses. The aim of this paper is to discuss the challenges that a group of bank organizers faced in the ambitious task of planning, establishing, and launching Altos Bank, the first de novo bank in Silicon Valley in nearly 20 years, in the middle of this regional banking crisis. The methodology incorporated interviews with bank board directors and executives, and analysis of the written interactions of the bank with state and federal regulators. The net findings of our analysis revealed that over the course of two years and despite numerous challenges, the Altos Bank organizers successfully brought the bank to fruition. While this assessment is limited to the challenges with respect to the formation of a single bank within a regional banking crisis, the findings may prove beneficials for other de novo banks navigating the regulatory process in a period when many new bank applications across the United States were either abandoned or withdrawn. This paper will examine the critical investment, legal, regulatory, and diversity-related challenges encountered during the formation of Altos Bank. Keywords: banking crisis, de novo bank, FDIC, First Republic Bank, Silicon Valley Bank
South Africa (SA)’s economic growth has largely been less than 1% which is relatively lower than the 3% average in the Sub-Saharan Africa region. On the other hand, unemployment has been over 28% over the 2013 to 2023 period. Questions emerge on the nexus between unemployment and economic growth, whether it still follows Okun’s law at the SA provincial level. This study departs from the existing academic discourse by novelly contributing to academic scholarship through the following frontiers. Firstly, the study seeks to test using SA provincial data if a significant relationship exists in both the short-run and long-run, the unemployment - economic growth nexus still follows Okun’s law and explore the underlying factors contributing to SA’s unemployment crisis. The paper aims to achieve this through a panel of 9 SA provincial data empirically tested by employing three baseline models which include the Dynamic Fixed Effects (DFE) model, the Dynamic Fixed Effects with Mean Group (MG), and the Pooled Mean Group (PMG) mode utilising provincial quarterly data on unemployment rates and output in South Africa from 2008 to 2024. In the subsequent analysis, we refine the models by incorporating two additional techniques, the Panel-Corrected Standard Errors (PCSE) estimator, and the Fully Generalised Least Squares (FGLS) estimator. Overall, the results suggest that, while the short-run impact of unemployment on GDP is less clear, the long-run effects indicate a positive and significant relationship, debunking the relevance of Okun's Law in understanding the dynamics between unemployment and economic output. This study aims to contribute to policymaking and broaden the understanding from an emerging country perspective. Keywords: Economic growth, Okun’s law, South Africa, Unemployment, Panel Autoregressive Distributed Lag method.
The world macroeconomic climate has recently deteriorated, an evolution mainly determined by the high level of uncertainty. Uncertainty has become a new normal following the COVID-19 pandemic, the war in Ukraine, and geopolitical tensions in the Middle East, however, it increased sharply in the context of the economic policy decisions at the beginning of the Trump 2.0 Administration in the United States. The decision to increase the trade tariffs would hurt the world trade flows in the short-run and seriously impact the trust between major actors in the long-run. In this paper, we resort to the literature review and use standard econometric tools and the databases of several institutions in order to assess the relation between the investment climate, on the one hand, and world trade and the real financing costs, on the other hand, in the USA, and Germany during January 2005 – March 2025. The results express unfavourable prospects for the investment climate in the short-run, given the negative outlook for world trade, and the high level of the real financing costs. Keywords: world trade, investment climate, real financing costs, economic policy
To survive in the current competitive global environment, it is important for organisations to continually look at ways to improve efficiency and productivity. The field of work study seeks to improve the productivity and efficiency of humans, machines and materials. While work study is an important function in organisations, its future in South Africa is uncertain. The purpose of this study was to explore the future of work study by looking at the barriers and contributors to the future of work study in the South African context. The study was exploratory in nature with a qualitative research method. Purposive sampling was used to include work study practitioners who were members of the Southern Africa Institute of Management Services (SAIMAS). Data were gathered from twelve volunteering participants through semi-structured email interviews. The interview transcripts were transferred to Excel sheets to facilitate analysis. Thematic analysis was applied to identify the different themes covering the barriers and contributors to the future of work study. For work study to have a managerial impact, there should be a smooth flow of processes with minimum interruptions; the findings of this study could help achieve that. The study offered new knowledge about the barriers and contributors to the future of work study. Keywords: Barriers, Contributors, Future, South Africa, Work study
Investment consultants are seasoned professionals who perform due diligence on portfolio strategies of allocating institutional investor funds and assign a rating. Morningstar ratings are classification schemes based on such due diligence. This face-to-face interaction with portfolio managers concludes with the assigning of one to five ‘Stars’ to a portfolio strategy. Ratings allocate institutional investor funds among investment managers. Consulting firms supply an avenue for plan sponsors to transfer part of a fiduciary responsibility of the retirees’ welfare. Regulators are constantly concerned that consulting firms produce recommendations that serve the interests of their own, or the portfolio managers that they evaluate, in breach of fiduciary responsibility. Specifically, the Department of Labor and the Securities and Exchange Commission are concerned that the advisers encourage portfolio managers to offer monetary benefits in exchange for a favorable rating. We compare the outperformance results stemming from the following of ratings to the ones stemming from not following the recommendations implied. We derive a set of buy and sell recommendations, one based on the active performance of portfolio strategies relative to few benchmarks (outperformance), and one based on the due diligence of consultants (ratings). The algorithm J4.8 produces rules that result in recommendations for the outperformance-based and the due diligence or ratings-based decisions of the hypothetical institutional investor in each case. We expected a priori that the rules based on outperformance would bring a better result for the investor. However, our findings showed that there was a slight benefit to the investor who followed ratings, both in terms of simplicity of decision-making, and in terms of risk-adjusted returns relative to the indices or benchmarks selected. Keywords: investment management, information ratio, rolling coefficients, government intervention
We examine how the urbanization of non-White races relates with poverty reduction in the city of Johannesburg using a panel dataset comprising the city’s 7 municipalities (Midrand, Randburg, Roodepoort, Soweto, Alexandra, Johannesburg central and Orange Farm) observed annually between 1994 and 2023. Our identification strategy exogenizes the urbanization of non-White races using variation in unemployment differentials between the city’s 7 municipalities and the national unemployment rate. We observe two key findings. Firstly, the urbanization of Black Africans increases poverty in Johannesburg, but the effect is mitigated when urbanization is accompanied by high ‘quality’ jobs. In the absence of high-quality jobs, the urbanization of Black Africans is found to aggravate poverty. Secondly and interestingly, the urbanization of Indian and Coloured races is associated with a decrease in poverty even in the absence of decent jobs in the city. These results demonstrate that, despite the end of Apartheid in 1994, the effects of urbanization on poverty reduction in South Africa are still unevenly influenced by the country’s racial profile. It is therefore necessary for policies that complement the country’s rapid urbanization to acknowledge these racial disparities to achieve more equitable outcomes. Keywords: urbanization, poverty reduction, economic development, job quality
Current study aimed at exploring the moderating role of technology adoption on the relationship between blockchain (control over personal data, trust and transparency, improved personalization, seamless loyalty programs, enhanced customer service) and efficiency of e-customer relationship management from perspective of customer who has experience in e-shopping. Quantitative methodology was adopted, and a questionnaire was self-administered by (372) individuals who were aware of the concept of online shopping. SPSS was employed to deal with primary data, results indicated the acceptance of study’s hypotheses and it appeared that blockchain technology relationship with E-CRM is moderated by technology adoption. The most influential factor of blockchain was on seamless loyalty programs which have helped in increasing the level of trust and transparency of customers’ profile leading to more loyalty from them. Study recommended to shed the light on aspects that may influence organizations’ acceptance of blockchain in their marketing strategies, in addition to the need to increase the attention of marketing department on aspects of trust and loyalty through online shopping channels. Keywords: Blockchain, E-Customer Relationship Management, Technology Adoption, Trust and Transparency, Improved Personalization
The American people, through their democratic vote, have brought Trump back to the White House, hoping that this time he will fulfil his promise to "make America great again" by retreating from the globalization process. This process has continued to accelerate at a nonlinear pace since the end of the Second World War. During Trump’s first term in the White House, he did not succeed in deglobalizing the U.S., at least as measured by the KOF Globalization Index. The aim of this paper is to trace the historical process of globalization since 1970, the earliest year for which data are available. Three distinct phases of globalization are defined: hyperglobalization (when the globalization index increases by more than 1% per annum for at least one decade), stagnated globalization (when the globalization index increases within the range of 0%-1% per annum for at least one decade), and deglobalization (when the annual rate of change in the globalization index is negative for at least one decade). The data reveal two cycles of stagnated globalization, one cycle of hyperglobalization, and no cycle of deglobalization. This paper also examines the U.S. experience of globalization. The evidence demonstrates that despite the rhetoric during Trump’s first presidency (2017–2020), the globalization process in the U.S. continued to follow its long-term upward trajectory. Furthermore, the paper concludes that the U.S. has always been great and that the slogan “Make America Great Again” is primarily a tool to maximize electoral support. However, if the objective is to maximize economic benefits—measured as per capita GDP—then globalization has been, and remains, the only sound policy approach. Finally, the paper discusses the future of globalization under the new Trump administration. The conclusion is that the U.S. will likely continue its global business as usual because this remains its best economic, political, and military strategy. Keywords: globalization, hyperglobalization, deglobalization, US, Trump, MAGA, wars
The present study is an attempt to analyse and assess the wage-productivity gap in the Indian manufacturing industries during the last few decades along with a focus on labour market flexibility in recent time. We carry out the study at the All-India level using the available ASI database for the period 1973-2020. The basic objective of the study is two-fold: (a) to assess the wage productivity gap in Indian manufacturing industry based on secondary data available from Annual Survey of Industries (ASI) and (b) to see whether the labour market flexibility at the same time period has any mutual association with the wage productivity gap in Indian manufacturing industry. We measured the wage-productivity gap at the 3-digit level of the NIC classification of industry groups by regrouping them into divisions of industries. We have tried to relate the wage productivity gap in terms of labour share with the ongoing effort for labour market flexibility in India since 1991.
The importance of commercial real estate is clearly shown by the role it plays, worldwide, in the sustainability of economic activities, with a substantial global impact when measured in monetary terms. This study responds to an important gap in the built environment and turnaround literature relating to the likelihood of a successful distressed commercial property financial recovery. The present research also addressed the absence of empirical evidence by identifying several important factors that influence the likelihood of a successful distressed, commercial property financial recovery. Once the important factors that increase the likelihood of recovery have been determined, the results can be used as a basis for turnaround strategies concerning property investors who invest in distressed opportunities. A theoretical turnaround model concerning properties in distress, would be of interest to ‘opportunistic investing’ yield-hungry investors targeting real estate transactions involving ‘turnaround’ potential. A proposed theoretical model was constructed and empirically tested through a sample of real estate practitioners from across the globe, and who had all been involved, directly or indirectly, with reviving distressed properties. The statistical analysis performed to ensure the validity and reliability of the results, together with a detailed description of the covariance structural equation modelling method used to verify the proposed theoretical conceptual model. The research presents important actions that can be used to influence the turnaround and recovery of distressed real estate. The literature had indicated reasons to recover distressed properties as having wide-ranging economic consequences for the broader communities and the countries in which they reside. The turnaround of distressed properties will not only present financial rewards for opportunistic investors but will have positive effects on the greater community and economy and, thus, social, and economic stability.
South Africa was unprepared for the work-from-home measures (computer-based work practices with technological interface) necessitated by the government's rapid lockdown and restriction of mobility during COVID-19. The accelerated adoption of technology for remote work by human resource management (HRM) practitioners resulted in challenges in online and face-to-face onboarding. Problems with internet connectivity, infrastructure, hardware and the availability of electricity hindered operations during this period. The research objective was to investigate the factors influencing the implementation of HRM onboarding practices, with a specific focus on online and hybrid onboarding approaches, within a municipal context in South Africa. This qualitative study employed an interpretive phenomenological design, collecting data through semi-structured interviews in person and via videoconferencing. It focused on HR staff and employees onboarded during the pandemic, selecting a purposive sample of 10 HR staff who were interviewed until data saturation was reached. Thematic analysis, supported by ATLAS.ti for coding, was applied to analyse information. The main findings involved the contributing and constraining factors in onboarding during COVID-19. Videoconferencing tools, paperless systems, geographical location, accessible internet document access and involvement of immediate senior managers were the identified themes of the contributing factors. Lack of Microsoft Teams software experience, lack of adopting onboarding processes, incomplete and slow induction process, no induction process, network and mobile connections, electricity load-shedding, funding, familiarity with technology, COVID-19 regulations and the availability of resources were the identified themes of the constraining factors. The research highlighted the need for the adaptation of work methods, agility and improvement of onboarding processes to ensure that onboarding continued during lockdown and remote working conditions. Managers, drawing insights from COVID-19 experiences, could refine onboarding processes for future efficiency. The research contributed to agile work methods and enhanced onboarding within South African municipalities, addressing common operational challenges.
Artificial intelligence (AI) is a dominant technological feature that affects the ethical use of forensic accountants during investigations. A code of ethics can help mitigate ethical risks such as those that arise when AI-generated digital information is presented as court evidence. Normative, informative, and advisory aspects underpin the formulation of a code of ethics and are examined. A conceptual framework, incorporating the research dimensions and philosophical perspectives, is tabled and then discussed to help navigate contemporary challenges such as those posed by AI. Forensic accountants must rely on ethical principles to guide their use of AI, since they are subject to the ethical standards set by their professional bodies. These philosophical principles, anchored in enduring moral principles that apply universally, guide ethical policy making and ensure effective ethical strategies for use in forensic investigations. Risks can be assessed with ethical policies and a code of ethics can be revised as new technologies become available. An effective code of ethics answers the questions whether, how, and to what extent the use of AI is ethically acceptable in forensic investigations. Lastly, introducing AI responsibly and ethically is also significant in teaching professional accountants about ethical principles and the risks associated with using AI.
In response to global environmental challenges, companies are increasingly offering "sustainable" products labeled organic, eco-designed, or produced through circular economy practices. This shift aligns with principles of sustainable development outlined in the 1987 Brundtland Report, aiming to meet current needs without compromising the ability of future generations to meet their own needs. Regulatory frameworks such as the EU's 2009 ecological label and France's 2020 anti-waste law have further propelled responsible production practices. Despite this growing eco-friendly sentiment, consumer behaviors regarding purchases and repurchases of these products remain inconsistent. This study investigates the factors influencing consumer behavior towards eco-designed products through qualitative analysis of three focus groups involving 25 university students. Findings reveal that while there is generally positive regard for eco-design, factors like price, quality, and current trends significantly influence purchasing decisions. Education and age emerge as pivotal in fostering eco-conscious consumer behavior. The study underscores the potential for collaborative value co-creation between companies and consumers, emphasizing the integration of ecological considerations in product development. Limitations include the study's focus on young, university-level participants, warranting further research across broader demographics for comprehensive insights.
Regional disparities describe disparities in the socio-economic development of regions within a given country or between countries. Despite decades of economic integration, regional inequalities within the European Union (EU) persist. The support of less developed regions is one of the objectives of the EU cohesion policy, where the main instruments are the Structural Funds. This paper explores the European regional disparities and evaluates the application of EU Cohesion Policy with a specific focus on Slovakia. The aim of our research is to identify the reasons why Slovakia is undergoing a process of convergence with the developed countries of the EU, but with persistent regional disparities. Out findings underline the importance of targeted regional policies and better alignment between national and EU initiatives to ensure long-term sustainable development across all EU regions.
This paper critically examines the enduring chasm between New Public Management (NPM) theory and its practical failure within the Italian healthcare system, using a detailed legal case study as a stark illustration. Despite the formal adoption of NPM principles through Italian Legislative Decree no. 502/1992, systemic bureaucratic resistance and deeply entrenched practices are demonstrably shown to have not merely hindered, but effectively nullified their implementation. The case study reveals a profound and systemic bureaucratic inertia that consistently overrides NPM reforms at every level, leading to persistent inefficiencies and significant resource depletion. In light of this fundamental failure of conventional control mechanisms and theoretical frameworks, this study explores the disruptive potential of Artificial Intelligence (AI), particularly recent advancements in reasoning-oriented Large Language Models (LLMs). AI is not presented as a mere advisory tool or another incremental reform, but as a potentially inescapable and structural element for transforming decision-making processes. While initial tests with LLMs indicate their capacity to offer timely and reasoned guidance, the core argument advances beyond simple implementation of NPM principles. The analysis ultimately posits that AI's true disruptive power lies in its ability to become an indispensable component of the administrative system itself, fundamentally altering the landscape of public administration and healthcare by overcoming previously insurmountable barriers between theory and practice in ways that conventional approaches have consistently failed to achieve.
In the global struggle to address climate change, a commitment to net zero emissions has become part of the corporate mantra, but net zero is also seen as a contested agenda. While the UK has been cast as one of world leaders in the drive to a net zero future, little has been published in the academic business and management literature on anti-net zero thinking in the UK. This paper looks to explore some of the organisational and individual narratives of anti-net zero in the UK, and thus to make a small contribution to helping to fill that gap in the literature. The author also explores a number of more general issues, namely the impact of net zero in the business world, the growth opportunities associated with net zero, the role of technology, the importance of behavioural change, net zero under capitalism and future research agendas, in a concluding discussion.
In the last decades, Africa’s rapid urbanisation rate and growing metropolises have attracted the attention of urban studies, pointing to the need to prevent the cities’ collapse (re)thinking about their urban future. Kigali - the capital city of Rwanda, reacted first in 2008 by adopting a master plan recently revised and approved in 2020. Nonetheless, the Kigali City Master Plan's core aim is to transition to a sustainable satellite city composed of green settlements. The purpose of this research is to examine the response to address the issues raised by the 11th SDGs (Sustainable Development Goals) - titled “Sustainable Cities and Communities”, launching over time a series of new settlements’ projects: Kigali 2020, Kigali Vision and Green City Kigali. It studies the use of a well-known urban development plan. This satellite city must match with the goal of “make cities inclusive, safe, resilient and sustainable” in a specific built and unbuilt context where tradition and modernity have to find a way to establish an architectural dialogue. Therefore, the paper explores the three case studies through a comparative method and concludes by providing advice for a correct approach to the vision of Kigali as a sustainable city.
This study explores the relationship and importance of intellectual capital and innovation in creating additional value for entities. In today's world, where we live and create in a so-called “knowledge society,” innovation plays a significant role in the value chain, while intellectual capital is a crucial element and generator for the overall development of entities and vice versa. Thus, they represent a significant part of a company's development, performance, wealth, and competitiveness. Furthermore, through the empirical analysis, the study provides evidence that a high level of intellectual capital in its three dimensions supports and enhances a company's ability to innovate and generate new ideas and insights. In this respect, it is more than justified to link intellectual capital, comprising human, relational, and structural capital, to value creation and innovation. The investigation will conclude with an examination of the topic in the context of contemporary society, particularly in light of (inter)national crises, whether economic, health-related, or other crises caused by conflicts. Keywords: assets, development, innovations, intellectual capital (IC), IC in times of crisis, value creation
