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Publisher Copyright: © 2021, The Author(s). Within contemporary discussions on organizational wisdom, management scholars frequently turn to Aristotle’s work to conceptualize wisdom as phronesis, or practical wisdom. Contrary to the prevailing view, this paper argues that Aristotle did not propose an exclusively practical or particularistic conception of wisdom but, instead acknowledged that wisdom broadly conceived consists of two types of intellectual virtue: theoretical wisdom (sophia) and practical wisdom. Aristotle’s ultimate position regarding the relations between sophia and phronesis has remained, however, ambiguous, giving rise to different interpretations, and, more substantively, to the major appropriations of Aquinas, Heidegger and Gadamer. An analysis of the philosophical underpinnings of exemplary contributions to management wisdom suggests that research has predominantly applied Heideggerian and Gadamerian understandings of Aristotelian wisdom, while an Aquinian interpretation is largely absent in contemporary elaborations. Interpreting the Aristotelian notion of wisdom as dedicated purely to practical phronesis narrows the discussion on the nature of (organizational) wisdom within an Aristotelian framework in ways that do not give full credit to the breadth and complexity of Aristotle’s thought.

Tämän artikkelin tarkoituksena on selvittää yliopistojen lakiin ja lailliseen viisauteen liittyviä logiikoita ja perusteluja dokumenttiaineiston avulla. Aineistosta tunnistettiin kolme toiminnan motivaatiota, joita olivat vilpittömän mielen, oikeutetun toiminnan ja laillisuuden sivuuttamisen logiikat. Hallitsevaksi osoittautui oikeutetun toiminnan logiikka, jossa kyse oli siitä, että yliopiston toimijat olivat joltain osin tietoisia toiminnan oikeudellisesta kiistanalaisuudesta, mutta katsoivat joka tapauksessa olevansa oikeutettuja valittuun käyttäytymiseen. Laillisen viisauden kehittämiseksi ylipistojen tulisi tiedostaa pyrkimystensä lailliset rajat ennen kuin ne ryhtyvät toteuttamaan uuden yliopistoidean ja johtamisideologian mukaisia suunnitelmia.

This paper empirically analyses whether post-global financial crisis regulatory reforms have created appropriate incentives to voluntarily centrally clear the over-the-counter (OTC) derivative contracts. We use confidential European trade repository data on single-name sovereign credit default swap (CDS) transactions and show that both the seller and the buyer manage counterparty exposures and capital costs, strategically choosing to clear when the counterparty is riskier. The clearing incentives seem particularly responsive to seller credit risk, which is in line with the notion that counterparty credit risk (CCR) is asymmetric in CDS contracts. The riskiness of the underlying reference entity also enters the decision to clear as it affects both CCR capital charges for OTC contracts and central counterparty clearing house (CCP) margins for cleared contracts. Lastly, we find evidence that when a transaction helps netting positions with the CCP and hence lower margins, the likelihood of clearing is higher. December 1, 2022

The worlds of practice and theory in management This paper discusses the possibilities of practicing managers and management academics to collaborate across social and professional divides, especially the role of university researchers in the engagement. Taking a cultural perspective, the article argues that academics and practitioners have developed distinct cultural communities in the field of management and that the values and symbols of these communities are markedly different. Subcultures not only see the subject matter in a divergent way, but also construct different identities for practitioners and managers. However, despite the persistence of the division, academic research can make a contribution to the quality of practitioner activities at a more philosophical level by demonstrating the fragility of management knowledge and the related experiences. This argument is supported with a short introduction to a 'deconstructive' approach to management education.

Pension schemes have a significant influence on the saving and consumption decisions of households. Similarly, contributions to pension arrangements are substantial expenditures for national governments and also for corporations, depending on the prevailing pension system. Beyond this, pension schemes play an important role in the economy, channelling savings into investments through capital markets. However, demographic factors and the macroeconomic environment (low interest rates, low growth and low productivity) are raising concerns about the sustainability of pension schemes over the long term, in particular for those of a defined benefit type. Their impact on pension schemes and the way to adjust to them have been under the consideration of national and international institutions for some time. In principle, Pillar 1 pension schemes (i.e. those sponsored by the government) would be more affected by demographic factors, whereas the macroeconomic environment would pose a larger challenge to Pillar 2 and 3 pension schemes (i.e. those where the employer and employees contribute to the scheme, and the residual category, respectively). While these vulnerabilities are expected to materialise slowly, they can potentially endanger the sustainability of pension schemes, particularly those operating under a defined benefit structure. The likely outcome of the materialisation of these sources of vulnerabilities implies that, over a long-term horizon, the gap between the income which households expect to receive at retirement and the income which pension schemes are effectively able to pay may become significant. This gap is starting to become visible, in particular for defined benefit occupational pension funds. Actually, for both defined benefit and defined contribution schemes, the macroeconomic environment may lead to effective returns that are lower than expected. In this report, we discuss pension schemes and the related vulnerabilities in terms of their macroeconomic and financial stability impact in the European Union (EU).

Purpose: The purpose of this article is to add to the emerging body of conceptual histories of management by undertaking a reading of three leading Finnish textbooks from the 1950s. Design: Management concepts are analysed through the linguistic dynamics of a set of historically situated Finnish textbooks. The semantic dimension of analysis is concerned with the conceptual structures behind particular linguistic constructions. The pragmatic dimension, on the other hand, is attuned to the speech act aspects of conceptual formations. Findings: The analysis shows that the current concept used for "management" in Finnish does not feature as the key word in the 1950s textbook articulations. Instead, concepts such as "business caretaking", "administration", "arranging" or "education" are employed to signify the reality of organizational and managerial structures and processes. Furthermore, the texts strove to legitimize management mainly in terms of the moral character of managers and the management process. Research implications: Conceptual histories of linguistically non-English contexts offer interesting contrasts to the dominant Anglo-American discourses of management and related phenomena. More empirical studies of conceptual history of management are needed. Originality: This article adds to the limited body of empirical investigations of conceptual history of management, organization and related issues.

This paper proposes a framework for deriving early-warning models with optimal out-of-sample forecasting properties and applies it to predicting distress in European banks. The main contributions of the paper are threefold. First, the paper introduces a conceptual framework to guide the process of building early-warning models, which highlights and structures the numerous complex choices that the modeler needs to make. Second, the paper proposes a flexible modeling solution to the conceptual framework that supports model selection in real-time. Specifically, our proposed solution is to combine the loss function approach to evaluate early-warning models with regularized logistic regression and cross-validation to find a model specification with optimal real-time out-of-sample forecasting properties. Third, the paper illustrates how the modeling framework can be used in analysis supporting both microand macro-prudential policy by applying it to a large dataset of EU banks and showing some examples of early-warning model visualizations.

Kirja-arvostelu: Hannele Seeck: Johtamisopit Suomessa. Taylorismista innovaatioteorioihin. Helsinki, Gaudeamus 2008. nonPeerReviewed

Implementation of business processes, or any form of new working methods, is crucial for a company to adapt to its environment or follow its vision by realising the company strategy. Cargotec set out to unify its business processes in 2007. Unifying offering development processes was one crucial part of this. In order to succeed in the large scale global change the company wanted to study possible change management models to be used during the changes. The research goes through process theories in order to clarify the nature of the change. Various change management models are presented and change as a phenomenon is studied from various perspectives to create a change management model that would be most suitable for Cargotec and its business process implementation. Furthermore, issues such as factors increasing the feeling of control in change, whether change can be planned and led as a process and what is the proper amount of stakeholder participation in planning and executing the changes are studied. As a conclusion a change management model reaching vertically through the organisation and incorporating flexibility is presented. The changes are studied as a case study from the perspective of a participant observer. The findings are presented and analysed in order to see if the change management model would be applicable in similar changes in the future. The process implementation was not done according to the model in the studied organisation. That is, by managing the change systematically on every level of the organisation and establishing a sponsorship spine for efficient communication. The problems in the chosen approach were discussed with the process owner and the conclusion was that most of the problems would have been avoided by working according to the change management model. It remains to be seen how the model yields results in the upcoming change projects. The study achieved what it was meant to. A model for managing change was created for Cargotec and through the study a powerful insight to problems emerging during process changes is gained.

In today’s world, stakeholders increasingly expect corporations to adopt responsible business practices. Therefore, companies must invest in corporate responsibility (CR) in order to meet stakeholder expectations. Responsible business practices also bring in business benefits to companies. The perspective of attaining business benefits from CR is known as strategic CR. Hence, there is a need to analyze how to incorporate CR into business strategy of companies to reap these benefits. This study explores the role of corporate responsibility in business strategy and organizational dynamics of Finnish corporations. Specifically, this research aims to find out if CR is considered strategic by Finnish corporations. It discusses business benefits of strategic CR and how Finnish corporations incorporate CR into their business strategy at an operational level. Several CR personnel in the senior management of leading Finnish corporations, independent consultants associated with CR and a Finnish government representative participate in this study through interviews. A theoretical framework is developed from existing literature and applied to empirical data obtained from thematic interviews. Leading Finnish corporations consider CR as strategic for their business operations. They perceive several business benefits of strategic CR. Finnish corporations tend to incorporate CR into business strategy by establishing a management structure that reflects strategic CR. Moreover, companies integrate CR and various dimensions of business strategy to establish CR-strategy links. The interviewees also point out gaps between operational CR and academic viewpoints of CR. /Kir10