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The purpose of this paper is to study the value effects of hedging in the airline industry during a period of high volatility and high fuel costs. The authors also study the determinants of hedging in the airline industry, most importantly whether managerial ownership affects airlines’ tendency to hedge their fuel price risk.

This study’s research design follows closely previous studies in the area. This allows comparison of the results of this study to those reported earlier, and thus the authors can draw conclusions about the effects of the different market conditions during the sample period.

The authors find a positive relationship between hedging and firm value, but the relationship is weaker than what is reported in prior studies. The result appears driven by the early part of the sample, whereas in the latter half of the sample, when uncertainty and fuel price are higher, the hedging premium is smaller. The authors also find that hedging premium is larger for firms that follow passive hedging strategies and that managerial ownership increases the firms’ degree of hedging.

This study provides new results on the old question of whether hedging generates value in the airline industry. The recent period of high volatility and high fuel prices makes this an interesting question to re-visit.

The purpose of this multi-voiced paper is to propose a prosocial paradigm for the field of performance management and management control systems. This new paradigm suggests cultivating prosocial behaviour and prosocial groups in organizations to simultaneously achieve the objectives of economic performance and sustainability.

The authors share a common concern about the future of humanity and nature. They challenge the influential assumption of economic man from neoclassical economic theory and build on evolutionary science and the core design principles of prosocial groups to develop a prosocial paradigm.

Findings are based on the premise of the prosocial paradigm that self-interested behaviour may outperform prosocial behaviour within a group but that prosocial groups outperform groups dominated by self-interest. The authors explore various dimensions of performance management from the prosocial perspective in the private and public sectors.

The authors call for theoretical, conceptual and empirical research that explores the prosocial paradigm. They invite any approach, including positivist, interpretive and critical research, as well as those using qualitative, quantitative and interventionist methods.

This paper offers implications from the prosocial paradigm for practitioners, particularly for executives and managers, policymakers and educators.

Adoption of the prosocial paradigm in research and practice shapes what the authors call the prosocial market economy. This is an aspired cultural evolution that functions with market competition yet systematically strengthens prosociality as a cultural norm in organizations, markets and society at large.

This study aims to respond to calls for more research to understand how sustainability control systems (SCSs) feature (or do not feature) in short-term operational and long-term strategic decision-making.

An in-depth case study of a large multinational organisation undertaking several rounds of sustainability reporting is presented. Data collection was extensive including 26 semi-structured interviews with a range of employees from senior management to facility employees, access to confidential reports and internal documents and attendance of company meetings, including an external stakeholder engagement meeting and the attendance of the company’s annual environmental meeting. A descriptive, analytical and explanatory analysis is performed on the case context (Pfister et al., 2022).

Simon’s (1995) levers of control framework structures our discussion. The case company has sophisticated and formalised diagnostic controls and strong belief and boundary systems. Conventional management controls and SCSs are used in short-term operational decision-making, although differences between financial imperatives and other aspects such as environmental concerns are difficult to reconcile. SCSs also provided information to justify company actions in short-term decisions that impacted stakeholders. However, SCSs played a very limited role in the long-term strategic decision. Tensions between social, environmental and economic factors are more reconcilable in the long-term strategic decision, where holistic risks and opportunities need to be fully identified. External reporting is seen in a “constraining” light (Tessier and Otley, 2012), and intentionally de-coupled from SCSs.

This paper responds to recent calls for rich, holistic and contextually-grounded perspectives of sustainability processes at an extractives company. The study provides novel insight into how SCSs are used (or not used) in short-term or long-term decision-making and external reporting. The paper illustrates how a large company is responding to sustainability pressures within the unique contextual setting of New Zealand. The study outlines the imitations of existing practice and provides implications for how sustainability-based internal controls can be better embedded into organisations.

The purpose of this paper is to explore the role of leadership in management accounting change processes and outcomes.

The paper draws on an ethnographic study in a Southern European company and mobilizes leader–follower relations as a method theory to analyse the observations.

The findings show how a leadership dispute between two top managers can be amplified during the management accounting change process and percolate throughout an organization. The authors identify five contested areas where the role of accounting amplifies the leadership dispute by unfolding its reach to other organizational actors. The leadership dispute can shape and reinforce a fragmented organization, with some organizational members creating convergent leader–follower relations while others divert and fragment with an increased turnover. This amplification can lead to unexpected outcomes of the change process in terms of how and by whom accounting is performed.

The authors propose the study of leadership and followership as an important but, to date, largely neglected theme in management accounting research.

In contrast to the prior management accounting literature, the paper departs from a leadership-centric and role-based approach and employs a co-constructionist and relational approach to leadership and followership to analyse management accounting change. In addition, it applies and extends Alvesson's (2019a) theory on “divergent relationalities” between the presumed leaders and followers. In doing so, the paper also adds to the leadership field by theorizing and integrating the situation of a leadership dispute in this novel theoretical framework.

Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited perception rather than the full value and meaning of what risk is, as a result, the way it is being tackled is incorrect. The individuals are often limited in their perceptions and ideas and do not embrace the full multifaceted nature of risk. Regulators and individuals want to follow norms and checklists or overuse models, simulations, and templates, thereby reducing responsibility for decision-making. At the same time, the wider use of technology and rules reduces the critical thinking of individuals. We advance the automation process by building robots that follow protocols and forget about the part of risk assessment that cannot be programed. Therefore, with this study, the objective of this study was to discover how people define risk, the influencing factors of risk perception and how they behave toward this perception. The authors also determine how the perception differed with age, gender, marital status, education level and region. The novelty of the research is related to individual risk perception during COVID-19, as this is a new and unknown phenomenon. Methodology: The research is based on the analysis of the self-administered purposely designed questionnaires we distributed across different social media platforms between February and June 2020 in Europe and in some cases was carried out as a interview over communication platforms such as “Skype,” “Zoom” and “Microsoft Teams.” The questionnaire was divided into four parts: Section 1 was designed to collect demographic information from the participants; Section 2 included risk definition statements obtained from literature and a preliminary discussion with peers; Section 3 included risk behavior statements; and Section 4 included statements on risk perception experiences. A five-point Likert Scale was provided, and participants were required to answer along a scale of “1” for “Strongly Agree” to “5” for “Strongly Disagree.” Participants also had the option to elaborate further and provide additional comments in an open-ended box provided at the end of the section. 466 valid responses were received. Thematic analysis was carried out to analyze the interviews and the open-ended questions, while the questionnaire responses were analyzed using various quantitative methods on IBM SPSS (version 23). Findings: The results of the analysis indicate that individuals evaluate the risk before making a decision and view risk as both a loss and opportunity. The study identifies nine factors influencing risk perception. Nevertheless, it must be emphasized that we can continue to develop models and rules, but as long as the risk is not understood, we will never achieve anything.

In a world that is more competitive on a global scale, technologically advanced and demanding than ever before, global situations such as climate change, poverty and inequality, health, migration or security are challenging for decision-makers in political, social or environmental contexts. The interplay of these and other tendencies is referred to as wicked problems, as their increasing complexity can often not be understood or distinguished anymore. Too many different crises, such as climate, economic, political or societal crises, are challenging the vulnerability and resilience of political, economic and community-based systems. Accordingly, focussing on battling single challenges without considering the bigger picture or interconnected processes or circumstances has not led to satisfactory results throughout the past decades. In a tourism industry that is traditionally closely interlinked with numerous sectors or stakeholder groups and therefore often associated with these problems, those in responsibility are particularly required to consider various interests and utilise the synergy potentials between the tourism and non-tourism sector. Accordingly, integrative tourism policy-making needs to include many political areas that are relevant within tourism as well as beyond, such as urban or regional development. As a holistic spatial development approach, the ‘ecosystem of hospitality’ (EoH) can facilitate the identification of interfaces between tourism and these political areas and help to foster a cross-stakeholder collaboration.

The culture of an organization shapes the attitudes and behaviors of employees and plays a key role in driving organizational outcomes. Yet, it is enormously challenging to manage or change. The purpose of this paper is to review the recent literature on culture change interventions in health care organizations to identify the common themes underpinning these interventions.

The paper is developed from an extensive review of the literature on culture change interventions in health care from 2005 to 2015, building on previous reviews and highlighting examples of good practice.

All culture change interventions included in the review used processes and techniques that can be classified into Lewin’s (1951) three stage model of change. These include providing evidence for the need for change through data, a range of successful change strategies, and strategies for embedding the culture change into business as usual.

There is no “one size fits all” recipe for culture change. Rather, attention to context with key features including diagnosis and evaluation of culture, a combination of support from leaders and others in the organization, and strategies to embed the culture change are important for the change process to happen.

The authors provide an important insight into the key principles and features of culture change interventions to provide practitioners with guidance on the process within health care and other organizations.