This research expands the limited literature on the distributional impact of macroprudential policy (MaPs) on firm credit growth. It builds on it by studying a much larger and granular sample than any of the previous studies. Additionally, this paper is among the first to examine how institutional and financial development, along with banking sector characteristics, influence the effects of MaP actions on firm credit growth. The findings aim to inform targeted policy decisions that address financial imbalances and promote sustainable economic growth, while minimizing unintended consequences.
Institutional adaptability
Transforming Institutions & Respecting Human Dignity
How can we reinvent our economic and social institutions to build trust, enhance resilience, and serve human needs in a rapidly changing world? This theme investigates the evolution of organizations, markets, and governance systems through a distinctly human lens. We ask: How do institutions affect human relationships and community bonds? How can organizational structures better reflect human values and needs? Our human-centered approach seeks research that reimagines institutional frameworks to promote not just efficiency, but human dignity, meaningful connection, and social cohesion.
Winner
Nominees
Prior research on mission-drift in social enterprise focuses on “traditional” structures used
to combat the phenomenon, yet few studies examine the steward-ownership structure as a
viable alternative. The purpose of this study is to gain insights into how social enterprises
use steward-ownership structures to combat mission-drift. Based on the findings from
interviews conducted with 12 employees from the case organisation, and relevant external
persons, three main steward-ownership structures emerge and, under each structure, a
variety of factors that work to ensure mission adherence and fulfillment. Moreover, the
findings reveal that it is a combination of all three structures that works to combat mission-
drift, with emphasis on the specific mechanisms of each structure. These findings contribute
to literature on mission-drift and the legal structuring of social enterprises, and serve as a
practical example for organisations aiming to implement the steward-ownership model.
This research expands the limited literature on the distributional impact of macroprudential policy (MaPs) on firm credit growth. It builds on it by studying a much larger and granular sample than any of the previous studies. Additionally, this paper is among the first to examine how institutional and financial development, along with banking sector characteristics, influence the effects of MaP actions on firm credit growth. The findings aim to inform targeted policy decisions that address financial imbalances and promote sustainable economic growth, while minimizing unintended consequences.
