The CoViD-19 Pandemic and the End of Corporate Risk Management as we know it

Will, Markus

doi:10.29015/cerem.888

Cited by 2 publications

(1 citation statement)

References 59 publications

(53 reference statements)

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“…We term this unpredictable certainty a LEM probability, as the concept has been inspired by Stanisław Lem's "philosophy of chance" and "chain of chances" [62,70]. The dominant social paradigm can result in consciously ignoring smallprobability and nonlinear threats, exclusion of vulnerabilities from cost-benefit analyses and the neglect of "LEM probabilities" [64,[71][72][73][74]. The study presented shows how the dominant social paradigm is behind a persistent denial of LEM probabilities.…”

Section: Hypothesis 2amentioning

confidence: 99%

Socioeconomic Paradigms and the Perception of System Risks: A Study of Attitudes towards Nuclear Power among Polish Business Students

et al. 2022

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Due to anticipated energy shortages and the need to achieve climate goals, there is an urgent requirement for transition towards a green, resilient system of energy provision. This transition is hampered because important players in energy markets (governments and oligopolies), while supporting large-scale solutions, avoid or block systemic changes. This rejection of systemic change is strengthened by the dominant social paradigm, which ignores systemic vulnerabilities, treating resources as solutions and the environment as a sink. In its turn, the dominant social paradigm is contested by the new ecological paradigm and by attitudes towards sustainable business practices. Understanding this framework may be relevant for identifying decision-makers’ perception of system risk, and thus for supporting a transition towards a more decentralized and resilient energy supply. In this context, this paper presents an empirical study among Polish students of a business university (N = 393), trying to discover the relationship between the social paradigms, perceptions of environmental resources and sinks, and systemic risk in large-scale energy production (i.e., nuclear power plants). Although the explained variance is limited, results show that various elements of the dominant social paradigm are related to problem denial. Technological optimism and belief in markets are predictors of optimism about resource shortages and neglect of system risk. This optimism is counteracted by political liberalism, and respondent attitudes towards sustainable business practices. Belief in market forces has an ambivalent effect, tempering technological optimism regarding nuclear energy but also political acknowledgement of the limited resources and sink capacities of the environment. Although the influence of the dominant social paradigm on energy transition can be identified, the results may indicate a decline in belief in market forces and liberal democracy, implying a rethinking of the dominant social paradigm may be needed. The existing relationship between these aspects warrants a critical review and discussion of the central role of the dominant paradigm in current management training. The results indicate that a lack of political liberalism and a negative attitude towards sustainable business practices amplify system risks in, e.g., large-scale nuclear energy projects.

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Section: Hypothesis 2amentioning

confidence: 99%

Socioeconomic Paradigms and the Perception of System Risks: A Study of Attitudes towards Nuclear Power among Polish Business Students

et al. 2022

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Exchange of new ideas: towards a more open, cooperative and sustainable world

Platje

Fallon²,

Karan³

et al. 2020

CEREM

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Aim: Provide a summary of the expressed views, presentations and discussions during the ISINI14 (2020) online conference. Design: Next to rather traditional but this time online presentations, the discussions not only took place by way of oral communication, but also via an online tool. The administrators of the conference prepared in a word-processing programme a framework, where the participants could enter issues, questions and comments in real time, and react to each others writings. These issues, questions and comments were also discussed orally. The results of the exchange of new ideas are presented below, and should provide an impulse for further discussion at ISINI online meetings in the future. Findings: In order to achieve sustainable development, protect democratic values and empower citizens in different countries with a different institutional setting, a sound balance between open markets and sound regulation should be struck at various levels. Global and regional (EU) cooperationis needed for solving challenges to sustainable development – e.g. in relation to unexpected events such as the COVID-19 pandemic and climate (change) as a kind of public good. Keywords: new ideas, empowerment, climate change, COVID-19, European Union, decision making process, risk management, sustainable development JEL: D70, D81, F02, Q01, Q54

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The CoViD-19 Pandemic and the End of Corporate Risk Management as we know it

Cited by 2 publications

References 59 publications

Socioeconomic Paradigms and the Perception of System Risks: A Study of Attitudes towards Nuclear Power among Polish Business Students

Socioeconomic Paradigms and the Perception of System Risks: A Study of Attitudes towards Nuclear Power among Polish Business Students

Exchange of new ideas: towards a more open, cooperative and sustainable world

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