Stakeholder Accountability Research Articles

Accountability protocols? On-chain dynamics in blockchain governance

Accountability refers to a relationship of responsibility, answerability, and enforceability between individuals and groups. In contrast to traditional institutions that rely on enforcement of accountability through traditional legal frameworks, blockchain systems rely on the “rule of code”, i.e. the operation, governance, and transactions on a blockchain are governed by pre-written, transparent, and immutable rules that are expressed in software code. By empirically examining the case of the Ethereum blockchain and the Lido “liquid” staking services protocol, this paper analyses the formalisation of accountability mechanisms between protocols to ensure that Lido’s proportionate share of staked ETH on the network does not pose a risk to the security and stability of Ethereum. The findings of this paper are threefold: (1) accountability on a blockchain is achieved through the implementation of checks and balances institutionalised via technological protocols ("on-chain accountability"); (2) accountability requires trade-offs, meaning that giving accountability to one type of stakeholders might actually reduce the accountability of the system for another category of stakeholder; and (3) end users of the blockchain are consumers of accountability, rather than influential participants in producing it. This research underscores the complex interplay of technical and governance considerations in ensuring accountability within blockchain systems, offering insights into the broader implications of on-chain accountability for stakeholders across blockchain ecosystems.

Certified B Corps: An Examination of a Standard Based Approach to Stakeholder Governance

In 2015, B Corp certification was launched in the UK. Since then, over 1,200 companies have adopted certified B Corps status. Most certified B Corps in the UK are small and medium-sized, with SMEs accounting for 99.9% of businesses in the UK. The B Corp movement seeks to change the economic system from a shareholder capitalism to a stakeholder economy. Certified B Corps adopt a stakeholder-driven mode towards ‘high standards of social and environmental performance, accountability and transparency.’ The article explores the growth of the B Corp movement, issues around its standards, certification process, including the legal requirement, transparency, and governance. It examines the effectiveness of this standard-based approach for stakeholder governance. It argues that the certified B Corp creates an avenue for stakeholder governance. However, to fully realise the shift towards stakeholder governance, there is a need for greater work towards achieving accountability for all key stakeholders identified as shareholders, workers, community, environment, and customers.

TSAM®: A Novel Application to Ambulatory Nursing Orientation.

Nursing professional development practitioners used a phased approach to apply TSAM® in ambulatory nursing orientation redesign across a regional health system in the Midwest. The team used job descriptions, practice standards, and nursing workflows with TSAM® components to develop tiered orientation objectives, resource time activities, and continuous partnership strategies that support ambulatory nursing practice. Project outcomes included creating a standardized orientation record and resource time activities across multiple clinics, strengthening stakeholder accountability, and post-implementation sustainability.

Hurtful Digital Communications In Hong Kong: Stakeholder Accounts

Hurtful digital communications (HDC) is an umbrella term referring to a wide variety of text and image-based practices online, such as cyberbullying or the non-consensual distribution of intimate images (NCDII). They can cause significant harm to victims and, as elsewhere, these practices are on the rise in Hong Kong. This paper represents the first stage of a project aimed at developing a coherent, broad-spectrum response to that rise. It discusses nine interviews with stakeholder groups or representatives in Hong Kong, revealing commonalities and themes in their experiences with clients who have been victims of HDC. While Hong Kong has recently adopted piecemeal reform of criminal laws targeting certain HDC practices such as ‘up-skirting’, NCDII, and doxing, these interviews suggest that these reforms alone are unlikely prove effective. Amongst other things, the interviews reveal a desire by victims not simply for punishment but resolution and restitution. Other jurisdictions have responded to these desires through the adoption both of expanded civil actions and broader regulatory regimes. This paper sets the groundwork for justifying similar reforms in Hong Kong. Keywords: Law, Technology, Cyberbullying, NCDII, Communications, Hong Kong, Privacy, Tort, Regulation

Corporate Purpose Breadth - An Institutional Perspective on Accountability for Stakeholders

Corporate Purpose Breadth - An Institutional Perspective on Accountability for Stakeholders

Unveiling the Significance: Sustainability and Environmental Disclosure in Saudi Arabia through Stakeholders’ Theory

Our study investigates sustainability and environmental disclosure in Saudi Arabian accounting, focusing on stakeholder accountability. Employing content analysis and close reading, we examine disclosures in the annual reports of 18 companies from 2008 to 2018. Findings reveal limited disclosures, influenced by interpretations of Islam and government emphasis. Despite sector-specific attention to environmental issues, disclosures lack depth. The study offers insights into managerial motivations, highlighting divergent stakeholder priorities and moral obligations. Policy implications suggest mandatory regulations could enhance accountability and encourage comprehensive disclosures. The research underscores the significance of contextual understanding in shaping accounting practices, particularly in regions like Saudi Arabia. Regulatory changes could improve corporate reporting on environmental and sustainability matters, addressing societal needs more effectively.

Issues in sustainability reporting assurance: evidence from interviews

Purpose This paper aims to examine the processes of sustainability reporting assurance (SRA) and the influence they have on shaping perception from disclosures. Given the evidence of inconsistencies and ambiguities in assurance processes, this paper examines how legitimacy is attained and maintained at different stages of SRA. Design/methodology/approach Evidence collected from 23 semi-structured interviews with assurance providers (APs), consultants, professionals and non-governmental organisations (NGOs) (non-APs) was used to conduct a thematic analysis from the perspectives of interviewees. Findings APs and non-APs are united in recognising the value of SRA, although, perspectives on transparency between the two groups differ. Experience and industry knowledge are essential to SRA delivery with non-APs preferring accounting APs. Nevertheless, non-APs are concerned about the role of companies in deciding assurance scope, as it can affect scrutiny. APs favour data accuracy (as opposed to data relevance) assurance due to team dynamics and internal review influences, with the latter also restricting assurance innovation. APs are interested in accessing better evidence and stakeholder engagement evaluations. Providing advisory services was not rejected by all APs. The perspectives of APs and non-APs demonstrate how progress in SRA has gained pragmatic legitimacy with noticeable gaps that serve to undermine attainment of moral legitimacy. Research limitations/implications SRA is a developing practice that will adopt changes as it continues to mature; some of these changes could impact findings in this research. General perspectives on SRA were sought from interviewees, this affected the ability for an in-depth focus on any of the range of interesting SRA issues that arose over the course of the research. Interviews were conducted with relevant parties in the SRA space that operate in the UK. Perspectives from parties outside the UK were not solicited. Practical implications Companies make an important decision to commission SRA. Findings in this research have highlighted specific non-APs issues of concern that can be useful in structuring operations and reporting regimes to facilitate assurance procedures. The findings will also be helpful to APs as they can direct more emphasis on stakeholder concerns towards demonstrating greater stakeholder accountability. Regulatory and standard setters can enact appropriate policies that can potentially drive the practice forward for assessment of cognitive legitimacy. Social implications The findings provide relevant account of stakeholder voices on the quality of corporate disclosures that has a direct effect on the wellbeing of communities and sustainability of societies. Collective stakeholder input on expectations can shape sustainability discourse. Originality/value This research demonstrates the applicability of financial audit quality indicators in SRA processes, extends the debate around the effectiveness of new audit fields and highlights the challenges of maintaining legitimacy with different audiences.

The use of artificial intelligence in scientific research with integrity and ethics

This paper addresses the evolution of Artificial Intelligence (AI) in scientific research and the ethical and integrity challenges that arise with its integration. AI has become an indispensable tool for researchers, accelerating discoveries and optimizing processes. However, using these algorithms raises concerns about bias, transparency, and accountability. The ability of machines to learn and create knowledge challenges the paradigms of authorship and credibility, putting integrity and ethics under new scrutiny. The discussion emphasizes robust ethical governance, collaboration among stakeholders, ongoing education, and the creation of transparent and auditable algorithms. It further highlights the importance of maintaining ethics and integrity at the heart of AI research to ensure its advancement benefits humanity fairly and responsibly, emphasizing the need for a holistic approach involving education, transparency, accountability, and active participation of multiple stakeholders. Finally, it reiterates that as we embark on this new era of AI-driven discovery, we must embrace both the opportunities and the ethical challenges it presents, ensuring that the use of AI in scientific research continues to benefit humanity by promoting knowledge and well-being.

An Assessment on the Roles and Accountability of Adjacent Local Communities in Decentralized Forest Management System in Mufindi District, Iringa, Tanzania

Purpose: This study was undertaken in Ihang’ana Forest Reserve to provide an understanding of the roles and accountability of forest stakeholders in decentralized forest management for sustainability. The study was proposed specifically to assess decentralization of forest management approach by identifying the main stakeholders and examine their roles and methods used on management of the Ihang’ana Forest Reserve.
 Methodology: Multiple research methods were used for data collection which included literature reviews, structured questionnaires survey; institutional and key informant interviews, transect walks and observation and focus group discussions. The study adopted a mixed methods approach with simple and purposive sampling procedures. Quantitative data were analysed through SPSS with support of content analysis for qualitative data. Three villages adjacent to Ihang’ana forest were studied as target population Igeleke, Kibengu and Mwatasi with a total of 102 sampled respondents.
 Findings: The key findings of the study revealed that the major stakeholders in the management of Ihang’ana forest reserves were the local communities adjacent the forest reserves, the government and non-governmental organizations. The roles played by these stakeholders were guarding and patrolling done by local communities, education provision on forest management and facilities provision of seminars and workshops. The methods used to conserve and manage forest resources in Ihang’ana forest were afforestation, reforestation, agroforestry, destocking, implementation of enacted by-laws and the use of alternative energy. Several factors that led to effective management of the Ihang’ana Forest were implementation of forest by-laws, community inclusiveness, and strictness of the forest committee and application of deterrent penalties. The study concludes that local community participation in decentralized forest management bottom up approach is of paramount. The inclusiveness of the local community had led to effective management of the forest.
 Unique contribution to theory, practice and policy: The study recommends that, decentralized bottom-up approach forest management should be maintained for the forest sustainability. Also the central government should continue supporting the local communities in conservation activities of the forest, maintaining the existing fire breaks and timing for clearing the fire breaks is crucial.

Untangling the critical success factors of the latest compulsory waste sorting initiative in Shanghai: The role of accountability governance

Municipal solid waste sorting is an essential element of urban sustainability as cities transition to a circular economy. As a mega-city, Shanghai has achieved remarkable milestones in its latest compulsory waste sorting program. This success has garnered widespread attention, and most studies have primarily focused on policy interventions from either a macro perspective or micro-analysis of individual behaviours. However, these studies have often overlooked the intricacies of multi-stakeholder coordination and the division of responsibilities, which frequently contributed to the failure of waste sorting initiatives. Furthermore, existing research lacks a systematic theoretical framework to elucidate multi-stakeholder accountability mechanisms. Therefore, this research adopts a case study approach to untangle the factors that led to Shanghai's success. Through the lens of accountability theory, this study systematically elaborates stakeholder accountability mechanisms and offers a distinctive multi-stakeholder perspective to explain Shanghai's success across vertical, horizontal, and felt accountability dimensions. This informative exemplar provides crucial empirical insights for other cities, especially those grappling with challenges in promoting and managing waste sorting initiatives.

The Use of Artificial Intelligence in Scientific Research with Integrity and Ethics

This paper addresses the evolution of Artificial Intelligence (AI) in scientific research and the ethical and integrity challenges that arise with its integration. AI has become an indispensable tool for researchers, accelerating discoveries and optimizing processes. However, using these algorithms raises concerns about bias, transparency, and accountability. The ability of machines to learn and create knowledge challenges the paradigms of authorship and credibility, putting integrity and ethics under new scrutiny. The discussion emphasizes robust ethical governance, collaboration among stakeholders, ongoing education, and the creation of transparent and auditable algorithms. It further highlights the importance of maintaining ethics and integrity at the heart of AI research to ensure its advancement benefits humanity fairly and responsibly, emphasizing the need for a holistic approach involving education, transparency, accountability, and active participation of multiple stakeholders. Finally, it reiterates that as we embark on this new era of AI-driven discovery, we must embrace both the opportunities and the ethical challenges it presents, ensuring that the use of AI in scientific research continues to benefit humanity by promoting knowledge and well-being.

The Association of Board Characteristics and Corporate Social Responsibility Disclosure Quality: Empirical Evidence from Pakistan

Earlier research has shown that the makeup of the corporate board is a crucial predictor in meeting stakeholder accountability expectations through voluntary Corporate Social Responsibility (CSR) disclosure. Though scholars have identified substantial relationships between board composition and CSR disclosure, the majority of their focus has been on the ‘quantity’ of CSR disclosure rather than the ‘quality’. Therefore, the present study considers the association of board characteristics (such as gender diversity, independence, female chairperson or/and female CEO, and board size) and the quality of CSR disclosure of the top 100 Pakistan Stock Exchange (PSX)-listed companies. We conducted content analysis of secondary Corporate Governance (CG) and CSR data extracted from the annual reports of PSX-listed companies across ten industrial sectors from the period 2017 to 2018. Our empirical investigation through univariate and multiple regression analysis with ordinary least squares (OLS) techniques revealed that all the board characteristics potentially had a significant association to lower CSR disclosure quality. Using the 2SLS regression model, we addressed the endogeneity issue of board characteristics and found robust results. One of the important implications of our findings is that policymakers and regulators in developing countries like Pakistan should review the value of board qualities as outlined in CG principles and develop stronger mechanisms to improve numbers of female directors and nonexecutive directors’ independence. We acknowledge several research limitations, including the study time period and selected board characteristics. While our study has provided some understanding of the association of board characteristics with CSR disclosure quality of PSX-listed companies, several research gaps still need to be addressed. Future investigators should examine this association through the pre-COVID-19 and post-COVID-19 contexts and the inclusion of a systems theory perspective.

Multi Factor Authentication and IP Address Restriction based Question Paper Delivery System for Indian Universities

The traditional question paper delivery (QPD) procedure in Indian institutions is discussed in this paper with a focus on its downsides, including complexity, time requirements, security issues, environmental impact, and cost. This method is manual, which makes it prone to mistakes, rigid, and open to leaks and tampering, especially when it comes to the security of the exam questions. It also looks at security issues involving question paper leaks, highlighting ongoing difficulties in preserving the integrity and confidentiality of the Indian educational system. These occurrences highlight the requirement for a more reliable and secure QPD system. 
 In this paper workflow of the cloud-based software system is described in detail, with examples showing how it makes it easier to distribute safe exam papers and assures stakeholder accountability. Barcodes are integrated into the system, and their improved tracking, processing, and distribution of exam papers is highlighted. A cutting-edge cloud-based Question Paper Delivery System (OQPDS), which automates and streamlines the process of generating, distributing, and giving exams for Indian colleges, is the suggested cure. Modern security elements are used by the system, including two-step authentication, barcode-based data storage, data encryption during data transfer, IP address-based access restrictions, and time-based content delivery. The incorporation of these security elements enhances the overall security and efficiency of the QPD system. The proposed system's workflow is discussed in detail along with examples that demonstrate how it facilitates the distribution of secure exam papers and ensures stakeholder responsibility. The system incorporates barcodes, and its better distribution, processing, and tracking of exam papers is praised. The system's capacity to limit access based on IP addresses is described, along with how it might help with traceability and prevent unwanted access. Additionally, the paper proposes watermarking to label test papers with the IP address of the testing facility, offering benefits including improved security, tamper detection, and traceability. It is highlighted that encryption is a key security tool for preserving data integrity, maintaining secrecy, and protecting against online dangers. Finally, the cloud-based Question Paper Delivery System is a solution to the security issues and inefficiencies of the current QPD system. This system intends to transform the examination procedure in Indian institutions by offering a more safe, effective, and transparent approach to question paper administration. It does this through contemporary security provisions and cutting-edge technology. This paper also discusses comparative analysis between traditional and proposed automated Question paper delivery system with respect to efficiency, security, cost reduction and flexibility.

How does ecological poverty alleviation contribute to improving residents' sustainable livelihoods? — Evidence from Zhejiang Province, China

Ecological poverty alleviation (EPA) constitutes an important approach to achieving both the utilization of sustainable ecosystem services and an improved well-being for local residents. Based on the sustainable livelihood framework, this study assessed how the EPA industry contributes to enhancing residents' sustainable livelihoods and examined the factors that distinguish the resulting outcomes. Using the text analysis method and ANOVA tests, we analyzed and compared the contributions to the livelihood of 120 EPA projects across 26 mountainous counties in Zhejiang Province, China. The research identified three components that enhance our understanding of the mechanisms linking ecosystem services and poverty alleviation. First, development strategy plays an important role in differentiating the outcomes of poverty reduction. Tourism-driven projects are relatively more effective in improving natural and economic capital, whereas agriculture-driven projects contribute more to improving human, social, and physical capital. Second, institutional arrangements also shape the outcomes of EPA projects. Of the four governance modes analyzed in this study, village-led projects are the most efficient, whereas company-led projects are the least efficient. Third, residents' level of participation is an essential factor that differentiates the outcomes of EPA projects. Participation by local residents provides effective mechanisms to ensure accountability of the various stakeholders, thus guaranteeing a minimum trade-off between environmental and socioeconomic sustainability. Stakeholders with different perspectives need to engage more in debates about the factors that affect livelihoods and the ways in which they interact with poverty-alleviation measures.

THE EFFECT OF EMPLOYEE FINANCING DIVERSITY AND CORPORATE SOCIAL RESPONSIBILITY ON SUSTAINABLE FIRM PERFORMANCE

This study delves into the intricate dynamics between Employee Financing Diversity (EFD), Corporate Social Responsibility (CSR), and Sustainable Firm Performance (SFR) within the contemporary corporate landscape. Employing a quantitative methodology involving a sample of 200 participants, this research uncovers pivotal insights into the reciprocal influence of these variables and their profound impact on organizational trajectories. The findings illuminate robust, positive associations between EFD and both CSR and SFR. EFD emerges as a driving force behind the augmentation of Corporate Social Responsibility initiatives, which, in turn, exert a potent influence on Sustainable Firm Performance. These outcomes underscore the imperative for organizations to not only concentrate on conventional diversity benchmarks but also to consider financial diversity when designing their workforce structures. Furthermore, the study underscores the paramount role of Corporate Social Responsibility in catalyzing advancements in Sustainable Firm Performance. It accentuates the significance of ethical business conduct, environmental stewardship, community engagement, and stakeholder accountability. Businesses that prioritize the synergistic cultivation of Employee Financing Diversity and CSR are strategically positioned to secure a competitive edge, attracting a diverse customer base, socially conscious investors, and a highly skilled workforce. The implications of this research extend to policymakers, highlighting the necessity of fostering responsible corporate behaviors and financial inclusivity. The study also beckons further investigation into the underlying mechanisms governing these intricate relationships. Acknowledging its limitations, this study encourages subsequent research endeavors to explore causal pathways and mediating factors. In conclusion, this study fortifies the proposition that socially responsible and diversified corporate practices are pivotal in shaping a more sustainable and equitable future for both businesses and society.

Environmental Awareness and Accountability of Stakeholders in a State University in the Philippines

Environmental Awareness and Accountability of Stakeholders in a State University in the Philippines

The process of implementing a multi-level and multi-sectoral national sport policy: cautionary lessons from the inside

ABSTRACT The purpose of this paper was to (1) present and critically reflect upon a national sport policy’s implementation and monitoring process in a multi-level, multi-sectoral context from an insider’s perspective and (2) provide recommendations for future research and policymakers regarding sport policy implementation and monitoring. Based on hundreds of documents (e.g. formal and personal meeting notes, formative and summative evaluation reports) gathered over the policy’s lifespan, the paper critically reflects on the second Canadian Sport Policy’s (CSP) implementation process between 2012 and 2022, which comprised grassroots, high performance, and sport for development goals, using the multiple governance framework. The reflection highlights key challenges for implementing a soft (national sport) policy in a complex, multi-level, multi-sectoral governance context, such as the normative soft policy seeing a ‘policy for all’ becoming a ‘policy for no one’, no stakeholder accountability per se, nor power for the policy intermediary to enforce implementation. This resulted in the CSP 2012’s ceremonial attribution of success because any action could be seen as fitting within policy goals. The paper highlights the importance of (1) aligning policy development, implementation, and evaluation between macro and micro levels; (2) a more holistic policy implementation process analysis using in situ methods; (3) understanding the personal experiences, struggles, and tensions found within policy implementation to explain potential outcomes; (4) policy ambiguity and equifinality limiting policy implementation evaluation; (5) resources/dedicated funding as a policy implementation success driver; and (6) potential tools (e.g. use of outside experts, conceptual maps) for soft policy implementers/monitors and researchers.

Design of a protocol model for the integration of social value in strategic management through social accounting

PurposeThis study aims to structure a model for integrating social value into strategic management based on identifying the critical success factors (CSF) for such integration in the investigated companies.Design/methodology/approachThis research was based on the actor–network theory. Through a rigorous approach to the case study methodology in a two-stage process lasting 21 months, we carried out this study.FindingsCompanies that use the polyhedral social accounting model in their strategic management processes do so without a reference model. We identified CSF for integrating social value, which was incorporated into a protocol model based on stakeholder theory and the use of social accounting.Practical implicationsPractitioners can use the proposed model to maintain the alignment of strategic performance and purpose. Using social accounting based on indicators and financial proxies allows managers to incorporate social value into strategic management in terms of financial value.Social implicationsThe institutional demand for social information is based on the growing sensitivity of companies. Aligning social values with business strategies contributes to social sustainability.Originality/valueThis study focuses on an unresearched emerging phenomenon. Since the first approach to stakeholder theory, the development of a stakeholder-oriented strategy has faced the lack of a stakeholder accounting system. The polyhedral model of social accounting could help overcome this problem as it provides information that allows a novel and innovative method to make a stakeholder-oriented strategy effective.

Stakeholder accountability in the era of big data: an exploratory study of online platform companies

PurposeThis paper aims to examine the nature and extent of disclosure on the use of big data by online platform companies and how these disclosures address and discharge stakeholder accountability.Design/methodology/approachContent analysis of annual reports and data policy documents of 100 online platform companies were used for this study. More specifically, the study develops a comprehensive big data disclosure framework to assess the nature and extent of disclosures provided in corporate reports. This framework also assists in evaluating the effect of the size of the company, industry and country in which they operate on disclosures.FindingsThe analysis reveals that most companies made limited disclosure on how they manage big data. Only two of the 100 online platform companies have provided moderate disclosures on big data related issues. The focus of disclosure by the online platform companies is more on data regulation compliance and privacy protection, but significantly less on the accountability and ethical issues of big data use. More specifically, critical issues, such as stakeholder engagement, breaches of customer information and data reporting and controlling mechanisms are largely overlooked in current disclosures. The analysis confirms that current attention has been predominantly given to powerful stakeholders such as regulators as a result of compliance pressure while the accountability pressure has yet to keep up the pace.Research limitations/implicationsThe study findings may be limited by the use of a new accountability disclosure index and the specific focus on online platform companies.Practical implicationsAlthough big data permeates, the number of users and uses grow and big data use has become more ingrained into society, this study provides evidence that ethical and accountability issues persist, even among the largest online companies. The findings of this study improve the understanding of the current state of online companies’ reporting practices on big data use, particularly the issues and gaps in the reporting process, which will help policymakers and standard setters develop future data disclosure policies.Social implicationsFrom these findings, the study improves the understanding of the current state of online companies’ reporting practices on big data use, particularly the issues and gaps in the reporting process – which are helpful for policymakers and standard setters to develop data disclosure policies.Originality/valueThis study provides an analysis of ethical and social issues surrounding big data accountability, an emerging but increasingly important area that needs urgent attention and more research. It also adds a new disclosure dimension to the existing accountability literature and provides practical suggestions to balance the interaction between online platform companies and their stakeholders to promote the responsible use of big data.

Solutions from space? A dynamic capabilities perspective on the growing use of satellite technology for managing sustainability in multi-tier supply chains

Distant upstream tiers in supply chains are hotspots for sustainability issues that expose focal firms to growing reputational, financial, operational and legal risks – yet sustainable supply chain management (SSCM) practice and research still focus on dyadic buyer-supplier relationships due to poor upstream transparency. Recently, however, focal firms have started adopting satellite technology as a tool for gaining systematic, continuous and direct oversight of issues like deforestation occurring far upstream to complement standards and certifications. This could transform multi-tier SSCM dynamics but, being a novel phenomenon, it remains unclear which organizational capabilities and collaborations focal firms apply to leverage remote sensing's potential. Combining dynamic capabilities theory and a multi-tier SSCM framework, our paper analyzes the current use of satellite technology in forest-risk commodity supply chains. Triangulating insights from interviews, documents and observations in a qualitative content analysis, the study finds that effective multi-tier SSCM relies on (a) internal resources providing four functions (traceability; monitoring; follow-up; stakeholder accountability), (b) complemented with external resources accessed through strategically selected collaborations that (c) take the form of working along supply chains, across supply chains and across sectors. The results show that technology-driven multi-tier SSCM can hold strategic benefits beyond risk reduction. Further research is needed to assess these relations.