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Financial regulation and social welfare: the critical contribution of management theory


Marti, Emilio; Scherer, Andreas (2016). Financial regulation and social welfare: the critical contribution of management theory. Academy of Management Review, 41(2):298-323.

Abstract

While many studies explain how social science theories shape social reality, few reflect critically on how such theories should shape social reality. Drawing on a new conception of social welfare and focusing on financial regulation, we assess the performative effects of theories on public policy. We delineate how research that focuses narrowly on questions of efficiency and stability reinforces today's technocratic financial regulation that undermines social welfare. As a remedy, we outline how future management research can tackle questions of social justice and thereby promote an inclusive approach to financial regulation that better serves social welfare.

Abstract

While many studies explain how social science theories shape social reality, few reflect critically on how such theories should shape social reality. Drawing on a new conception of social welfare and focusing on financial regulation, we assess the performative effects of theories on public policy. We delineate how research that focuses narrowly on questions of efficiency and stability reinforces today's technocratic financial regulation that undermines social welfare. As a remedy, we outline how future management research can tackle questions of social justice and thereby promote an inclusive approach to financial regulation that better serves social welfare.

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Citations

10 citations in Web of Science®
5 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Language:English
Date:2016
Deposited On:22 Dec 2015 16:19
Last Modified:08 Dec 2017 16:08
Publisher:Academy of Management
ISSN:0363-7425
Publisher DOI:https://doi.org/10.5465/amr.2013.0469
Other Identification Number:merlin-id:12711

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