Culture in practice A collaborative project between Paradigm Risk and ACCA supported by ESRC
Reviewing what we know and can do about culture in organisations and its relationship to governance, risk and performance
Preliminary bibliography
Official publications & regulation Cullen, William (The Rt Hon. Lord Cullen, PC), 2001. The Ladbroke Grove Rail Inquiry, London, HSE Books European Banking Authority, 2011. Guidelines on Internal Governance (GL 44), London, 27 September Financial Services Authority, 2010. ‘Dear Treasurer’ letter: Funds Transfer Pricing, Report of a Thematic Review of Funds Transfer Pricing, FSA, 5 July Francis, Robert, QC, 2013. Report of the Mid Staffordshire NHS Foundation Trust Public Inquiry: Executive summary, London: The Stationery Office, HC 947, 6 February Fukushima Nuclear Accident Independent Investigation Commission, 2012. The Official Report of the Fukushima Nuclear Accident Independent Investigation Commission, The National Diet of Japan, 9 June Grant Thornton, 2013. The Care Quality Commission re: Project Ambrose, published online by the Quality Care Commission, 14 June Hillsborough Independent Panel, 2012, The Report of the Hillsborough Independent Panel, London: The Stationery Office, 12 September House of Commons Treasury Committee, 2012. Fixing LIBOR: some preliminary findings, Volume I: Report, together with formal minutes and Volume II: Oral evidence, HC 481–I, London: The Stationery Office Limited, 18 August Leveson, Rt. Hon. The Lord Justice, Brian, 2012. An Inquiry into the Culture, Practices and Ethics of the Press, London: The Stationery Office, 29 November Mahon, Peter, 1981. Report of the Royal Commission to inquire into the crash on Mt Erebus, Antarctica of a DC10 Aircraft operated by Air New Zealand, Wellington: Government Printer and NZALPA commentary Mihet, Roxana, 2012. Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis, IMF Working Paper WP/12/210, Washington, D.C: IMF, August
Culture in practice Preliminary bibliography
OECD, 2010. Risk and Regulatory Policy: Improving the Governance of Risk, Paris: OECD National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling, 2011. Deep Water: The Gulf Oil Disaster and the Future of Offshore Drilling, Report to the President, January [16.7 MB] Parliamentary Commission on Banking Standards, 2013. ‘An accident waiting to happen’: The failure of HBOS, HL Paper 144/HC 705, London: The Stationery Office, 4 April Parliamentary Commission on Banking Standards, 2013. Changing banking for good, HL Paper 27-II / HC 175-II, London: The Stationery Office, 19 June. Summary report and Main report and Annexes. Prudential Regulation Authority, 2012. The PRA’s approach to banking supervision, The Bank of England Prudential Regulation Authority, October Quality Care Commission, 2013. Summary of the Internal Review of the Regulatory Decisions and Activity at University Hospital Morecombe Bay, published online by the Quality Care Commission, 20 June Sants, Hector, 2010. Can culture be regulated? A speech to the Mansion House Conference on Values and Trust by the Chief Executive of the FSA, Financial Services Authority, 4 October Sharman, Colin et al., 2012, Going Concern and Liquidity Risks: lessons for companies and auditors – Final report and recommendations of the Panel of Inquiry, London, FRC, July
Industry & independent reviews Baker, James et al, 2007. The Report of the BP U.S. Refineries Independent Safety Review Panel, London: BP, January BBC (Dame Janet Smith), 2013. Report: Respect at Work Review, BBC Management Board Daniel, David et al., 2007. The New Orleans hurricane protection system: what went wrong and why. A report by the American Society of Civil Engineers’ Hurricane Katrina External Review Panel, Reston, VI: ASCE Deepwater Horizon Study Group, 2011. Investigation of the Macondo Well Blowout Disaster, Center for Catastrophic Risk Management, Hass School of Business, University of California Berkeley, 1 March G30 Working Group on Corporate Governance, 2012. Toward Effective Governance of Financial Institutions, Group of Thirty, April Institute of International Finance, 2009. Reform in the financial services industry: Strengthening practices for a More Stable System, The Report of the IIF Steering Committee on Implementation, IIF, December Salz, Anthony, 2013. Salz Review: an independent review of Barclays’ business practices, The Salz Review (at the request of Barclays plc), April [online] Vaughan, Diane, 2003. History as cause: Columbia and Challenger, in Columbia Accident Investigation Board Report, vol 1, August: 195-204
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Woolf, Harry (Lord Wolfe of Barnes), 2008. Business ethics, global companies and the defence industry: Ethical business conduct in BAE Systems plc – the way forward, The Woolf Committee (an independent committee appointed by the Chairman of BAE Systems plc), London, May UBS, 2008. Shareholder Report on UBS Write-downs, UBS, 18 April Walker, David, 2009. A review of corporate governance in UK banks and other financial industry entities: Final recommendations, London: HM Treasury
Professional publications ACCA, 2012. Rules for risk management: culture, behaviour and the role of accountants, London: ACCA ACCA, 2012. The reality of risk: culture, behaviour and the role of accountants, London: ACCA ACCA, 2011. Risk and reward: shared perspectives, London: ACCA, March ACCA, 2010. Risk and reward: tempering the pursuit of profit, London: ACCA ACCA, 2008. Corporate governance and the risk management agenda, ACCA: London, November Baxter, Jim, James Dempsey, Chris Megone and Jongseok Lee, 2012. Real integrity: Practical solutions for organisations seeking to promote and encourage integrity, London: ICAEW CIMA and the Malaysian Institute of Integrity, 2013, Embedding ethical values into the corporate culture, London: CIMA, March CIPD & PPMA, 2012. Leading culture change: Employee engagement and public service transformation, London: CIPD, November Dietz, Graham and Nicole Gillespie, 2011. Building and Restoring Organisational Trust, London: Institute for Business Ethics, June Harris, Ian, Michael Mainelli and Jan-Peter Onstwedder, 2012. Confidence accounting: a proposal, London: ACCA, CISI and Long Finance, July Hindson, Alex et al., 2012. Risk culture under the microscope, London: Institute for Risk Management, October ICAEW, 2011. Instilling integrity in organsations, London: ICAEW Market Foundations Initiative Moxey, Paul and Adrian Berendt, 2008. Corporate governance and the credit crunch, London: ACCA, November Payne, Rick, 2009: Finance’s role in the organisation, London: ICAEW Finance Directions Initiative Starnes, Becky J., Stephen A. Truhon and Vikkie McCarthy, 2009. Organizational Trust: EmployeeEmployer Relationships, Milwaukee, WI: American Society for Quality
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Commercial publications Bonisch, Peter, 2012. Regulation, risk & culture: will we never learn? The truth about Neil Armstrong, Barclays, LIBOR, risk & culture, Paradigm Risk Occasional Paper, Riskbriefing, September Bonisch, Peter, 2012. Feedback & comments to COSO: Submission to COSO, London: Paradigm Risk, 29 March Booz & Co., 2010. A perspective on organizational culture, The Katzenbach Center at Booz & Company Jones, Vanessa And Ely Razin, 2013. The Emerging Importance of Risk in the Boardroom, Thomson Reuters Accelus White Paper, April Levy, Cindy, Eric Lamarre and James Twining, 2010. Taking control of organizational culture, McKinsey Working Papers on Risk, 16, February
Books Akerlof, George and Robert Shiller, 2009. Animal Spirits: How Human Psychology Drives the Economy and Why it Matters for Global Capitalism, Princeton: Princeton UP Ariely, Dan, Predictably Irrational: The Hidden Forces that Shape Our Decisions, London: Harper Collins Axelrod, Robert and Michael Cohen, 1999. Harnessing Complexity: Organizational Implications of a Scientific Frontier, New York: Free Press Barabasi, Albert-Laszlo, 2003. Linked: How Everything Is Connected to Everything Else and What It Means, NY: Penguin Books Barabasi, Albert-Laszlo, 2010. Bursts: The Hidden Pattern Behind Everything We Do, NY: Dutton Buchanan, Mark, 2007. The Social Atom: Why the Rich Get Richer, Cheaters Get Caught, and Your Neighbor Usually Looks Like You, Bloomsbury Buchanan, Mark, 2013. Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics, Bloomsbury Buchanan, Mark, 2002. Ubiquity: Why Catastrophes Happen, NY: Three Rivers Press Deal, Terry and Allan Kennedy, 2000. Corporate Cultures: The Rites and Rituals of Corporate Life, 2 ed., NY: Perseus Books Gladwell, Malcolm, 2001. The Tipping Point: How Little Things Can Make a Big Difference, London: Abacus Gleick, James, 1987. Chaos: Making a New Science, NY: Penguin Books Janis, Irving, 1982. Groupthink: Psychological Studies of Foreign Policy Decisions and Fiascoes, 2 ed., Boston: Houghton Mifflin
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Kahneman, Daniel, 2011. Thinking Fast and Slow, London: Allen Lane Kindleberger, Charles, and Robert Aliber, 2005. Manias, Panics and Crashes: A History of Financial Crises, 5 ed., New York: Palgrave MacMillan Kuhn, Thomas, 1996. The Structure of Scientific Revolutions, 3 ed., Chicago: University of Chicago Press McGilchrist, Iain, 2009. The Master and his Emissary: The Divided Brain and the Making of the Western World, London: Yale University Press Miller, John H. and Scott E. Page, 2007. Complex Adaptive Systems: An Introduction to Computational Models of Social Life, Princton, NJ: Princeton University Press Morgan, Gareth, 1997. Images of Organization, Thousand Oaks, CA: Sage Publications North, Douglass C., 1990. Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions series), Cambridge: CUP Ormerod, Paul, 2005. Why Most Things Fail: Evolution, Extinction and Economics, London: Faber & Faber Popper, Karl, 2002. The Poverty of Historicism, 4. ed., London: Routledge & Keegan Paul Poundstone, William, 2010. Priceless: The Hidden Psychology of Value, Oxford: One World Reinhart, Carmen and Rogoff, Kenneth, 2009. This Time is Different: Eight Centuries of Financial Folly, Princeton, NJ: Princeton University Press Russell, Bertrand, 1912, On induction, in Problems of Philosophy, London: Home University Library Schumpeter, Joseph, 1987. Capitalism, Socialism and Democracy, 6 ed., London: Counterpoint Shiller, Robert, 2005. Irrational Exuberance, 2 ed., Princeton: Princeton UP Silver, Nate, 2012. The Signal and the Noise: Why So Many Predictions Fail — but Some Don't, NY: Penguin Surowiecki, James, 2005. The Wisdom of Crowds: Why the Many Are Smarter Than the Few, NY: Anchor Books Taleb, Nassim, 2007. The Black Swan: The Impact of the Highly Improbable, New York: Random House Thaler, Richard and Cass Sunstein, 2008. Nudge: Improving Decisions About Health, Wealth and Happiness, Caravan Books Toffler, Alvin, 1980. The Third Wave, NY: Bantam Books Waldrop, M. Mitchell, 1993. Complexity: The Emerging Science at the Edge of Order and Chaos, NY: Simon & Schuster Weick, Karl, 1995. Sensemaking in Organizations, Thousand Oaks, CA: Sage Publications Williamson, Oliver, 1985. The Economic Institutions of Capitalism, New York: Free Press Wilson, Edward O., 2012. The Social Conquest of Earth, NY: Liveright Publishing Wilson, Edward O., 2004. On Human Nature, 2 ed., Cambridge MA: Harvard University Press
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Culture in practice Preliminary bibliography
Articles Akerlof, George A. and Rachel E. Kranton, 2005. Identity and the Economics of Organizations, Journal of Economic Perspectives, 19 (1), Winter: 9–32 Ashby, Simon, Tommaso Palermo and Michael Power, 2012, Risk culture in financial organisations: an interim report, LSE Centre for Analysis of Risk and Regulation, November Azjen, Icek, 1991. The Theory of Planned Behavior, Organizational Behavior And Human Decision Processes, 50: 179-211 Azjen, Icek, Thomas C. Brown, Franklin Carvajal, 2004. Explaining the discrepancy between intentions and actions: the case of hypothetical bias in contingent valuation, Personality And Social Psychology Bulletin, 30 (9), September: 1108-1121 Barney, Jay, 1986. Organizational culture: Can it be a source of sustained competitive advantage? The Academy of Management Review, 11 (3), July: 656-665 Bennis, Warren, Daniel Goleman and Patricia Ward Biederman, 2008. Creating a culture of candor, from Transparency: How Leaders Create a Culture of Candor, Jossey-Bass Bourdieu, Pierre, 1986. The forms of capital, from JE Richardson (ed.), Handbook of Theory of Research for the Study of Education, Greenwood Press Camerer, Colin F. and Ernst Fehr, 2006. When Does ‘Economic Man’ Dominate Social Behavior? Science, vol. 311, 6 January: 47-52 Camerer, Colin, George Loewenstein and Drazen Prelec, 2005. Neuroeconomics: how neuroscience can inform economics. The Journal of Economic Literature, 43(1): 9-64. Colander, D. et al., 2009. The Financial Crisis and the Systemic Failure of Academic Economics, Kiel Working Papers, (1489) Courtney, Hugh G., Jane Kirkland and S. Patrick Viguerie, 1997. Strategy under uncertainty, Harvard Business Review, November–December 1997, reproduced in the McKinsey Quarterly Curtis, Gerald, 2012. Stop blaming Fukushima on Japan’s culture, Financial Times [online], 9 July Fama, Eugene F. and Kenneth R. French, 2004. The Capital Asset Pricing Model: Theory and Evidence, Journal of Economic Perspectives, 18 (3), Summer: 25-46 Fischhoff, Baruch, Paul Slovic, and Sarah Lichtenstein, 1977. Knowing with certainty: the appropriateness of extreme confidence, Journal of Experimental Psychology: Human Perception and Performance, 3 (4): 552-564 Gell-Mann, Murray, 1995. What is complexity? Remarks on simplicity and complexity by the Nobel Prize-winning author of The Quark and the Jaguar, Complexity, vol. 1, no. 1: 16-19 Ghoshal, Sumantra, 2005. Bad management theories are destroying good management practices, Academy of Management Learning & Education, 4 (1): 75-91 Gladwell, Malcolm, 1996. The Tipping Point, The New Yorker, Dept. of Disputation, 3 June
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Gosling, Jonathan and Henry Mintzberg, 2003. The Five Minds of a Manager, Harvard Business Review, November: 1-9 Griffin, Em, 1999. Groupthink of Irving Janis, in A First Look at Communication Theory, 3 ed., McGraw‐Hill. Hart, Paul't, 1991. Irving L. Janis' Victims of Groupthink, Political Psychology, Vol. 12 (2) June: 247-278 Hofstede, Geert, Bram Neuijen, Denise Davel Ohayv and Geert Sanders, 1990. Measuring organisational cultures: a qualitative and quantitative study across twenty cases, Administrative Science Quarterly, 35: 286-316 Huntingdon, Samuel P., 1993. The clash of civilizations, Foreign Affairs, Summer: 22-49 Kahneman, Daniel and Amos Tversky, 1972. Subjective probability: a judgment of representativeness, Cognitive Psychology, 3: 430-454 Kahneman, Daniel and Amos Tversky, 1979. Prospect Theory: An Analysis of Decision under Risk, Econometrica, 47 (2), March: 263-292. Kotter, John, 2012. The Key to Changing Organizational Culture, Forbes, 27 September: online Kruger, Justin and David Dunning, 1999. Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments, Journal of Personality and Social Psychology, 77 (6): 121-1134 Lipshitz, Raanan, and Orna Strauss, 1997. Coping with Uncertainty: A Naturalistic Decision-Making Analysis, Organizational Behavior and Human Decision Processes, 69 (2), February: 149–163 Lorenz, Edward N., 1963. Deterministic nonperiodic flow, Journal of the Atmospheric Sciences, 20, March Lorenz, Edward N., 1972. Predictability: Does the flap of a butterfly’s wings in Brazil set off a tornado in Texas? American Association for the Advancement of Science, Adress to the 139th meeting, Cambridge, Mass., 29 December Merton, Robert, 1936. The Unanticipated Consequences of Purposive Social Action, American Sociological Review, vol. 1, no. 6, December: 894-904 Morgan, Gareth and Linda Smircich, 1980. The case for qualitative research, The Academy of Management Review, 5 (4), October: 491-500 Neyfakh, Leon, 2012. How to change a culture, The Boston Globe [online], Ideas section, 23 September Perrow, Charles, 2011. Fukushima and the inevitability of accidents, Bulletin of the Atomic Scientists, 1 December (online) Rosenhead, Jonathan, 1986. Complexity Theory And Management Practice, Working Paper Series, LSEOR 98.25, London School of Economics and Political Science Sagan, Carl, 1987. The Burden of Skepticism, Skeptical Inquirer, vol 12 (1), Fall Schacter, Daniel L. 1999. The Seven Sins of Memory: Insights From Psychology and Cognitive Neuroscience, American Psychologist, Vol. 54. No. 3, March: 182-203
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Schein, Edgar H, 1984. Coming to a new awareness of organizational culture, Sloan Management Review, 25 (2), Winter: 3-16 Schein, Edgar H, 1996. Culture: The missing concept in organization studies, Administrative Science Quarterly, 41, 2, June: 229-240 Sen, Amartya, 1997. Editorial: Human capital and human capability, World Development, vol. 25, no. 12: 1959-1961 Smircich, Linda, 1983. Concepts of culture and organizational analysis, Administrative Science Quarterly, 28 (3), September: 339-358 Stacey, Ralph D. 1995, The Science of Complexity: An Alternative Perspective for Strategic Change Processes, Strategic Management Journal, 16 (6), September: 477-495 Sunstein, Cass R. 2002. Conformity and Dissent, Chicago Public Law And Legal Theory Working Paper No. 34, The Law School, The University Of Chicago, October Triandis, Harry C. 2004. The many dimensions of culture, Academy of Management Executive, Vol. 18, No. 1: 88-93 Tversky , Amos and Daniel Kahneman, 1986. Rational Choice and the Framing of Decisions, The Journal of Business, 59 (4), Part 2: The Behavioral Foundations of Economic Theory, October: S251-S278 Vaughan, Diane, 1997. The trickle-down effect: Policy decisions, risky work, and the Challenger tragedy, California Management Review, 39 (2), Winter: 80-102 Vicsek, Tamas, 2002. The bigger picture [Complexity], Nature, vol. 418, 11 July von Hayek, Friedrich August, 1974. The Pretence of Knowledge, Prize Lecture: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974, December 11 Weick, Karl E., 2004. Normal accident theory as frame, link, and provocation, Organization & Environment, Vol. 17 No. 1, March: 27-31
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