Being a hub and a hotspot for many people from all over the world means that new dynamics have entered Amsterdam and other cities in the last few years. Money flows pass through the city, and we often do not know anymore whose money this is, where it comes from or where it goes. At the same time, the development of cryptocurrencies and parallel money cultures all contribute to the opaqueness of the future of the financial world.To better understand the current dynamics that will affect our financial future, the City of Amsterdam has taken the initiative to organize an international conference in collaboration with the Institute of Network Cultures from the Amsterdam University of Applied Science: Flying Money – Investigating illicit Financial Flows in the City.This publication contains the results of the conference, along with relevant academic and other articles ensuing from the conference.
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PurposeIn order to better understand how heuristics are used in practice, the authors explore what type of heuristics is used in the managerial domain of financial advisors to small and medium-sized enterprises (SMEs) and what influences the shaping of these heuristics. In doing so, the authors detect possible fast-and-frugal heuristics in day-to-day decision-making of independent financial advisers who help owners of SMEs to acquire capital (e.g. loans, factoring, leasing and equity).Design/methodology/approachThe authors inductively assessed the work of financial advisers of SMEs. Based on group discussions, the authors drew up a semi-structured interview-protocol with descriptive questions about how financial advisers come to a deal for their clients. The interviews of 19 professionals were analysed by relating them to the theory of fast-and-frugal heuristics.FindingsWithin their decision-making, advisers estimate the likelihood of acceptance by a few financial providers they know well in their personal network with a strong bias towards traditional banking products, although there are a large number of alternatives on the Dutch market. “Less is more” seems to be a relevant principle when defined as satisficing. Heuristics help advisers to deal with behavioural and economic limitations. Also, the authors have found that client interaction, previous working experience and the company the adviser is working for influences the shaping of the simple rules the adviser is using.Research limitations/implicationsThe study shows how difficult it is to understand the ecological rationality of a certain group of professionals and to understand the “less is more” principle. Financial advisers to SMEs use cognitive shortcuts and simple rules to advise SME-owners, based on previous experiences, but it is difficult to determine whether that leads to the same or even better solutions for them and their clients than using probability theory and financial optimisation models. Within heuristics, satisficing seems to be a dominant mechanism. Here, heuristics help advisers in recognising possibilities by searching for similarities between a current financing case and previous experiences. The data suggests that if “less is more” is defined as satisficing for one or more stakeholders involved, the principle dominates the decision making of financial advisers of SME's.Practical implicationsThe authors suggest the relevance of a behavioural approach to finance by assessing the day-to-day decisions of financial advisers of SMEs. Also, the authors suggest that financial advisers are guided by previous experiences, and they do not fully assess a wide range of options in their work but need shortcuts to fulfil the needs of their clients.Originality/valueThe study comes close to day-to-day decision-making in finance by assessing how professionals make decisions. The authors try to understand types of heuristics in relation with “ecological rationality” and the less is more principle. The authors assess financial advisers of SME-companies, a group that has gotten little research attention until now. The influence of client interaction and of the company the adviser is working for is remarkable in the shaping of the advisers' simple rules.
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About this publication: What is the correlation among the creative industries, creative industry policies, new media paradigms and capitalism as colonial relations of dominance? What is the role of these industries in the prioritization of the interests of capital at the expense of those of society and how can these paradigms be criticized in the context of the actual, neoliberal, flexible regime of reproduction of capital? To what measure is this regime ‘flexible’ and to what measure it is just an extension of rigid, feudal and racial logics that underline (post)modern representational discourses? To what measure do the concepts of creativity, transparency, openness and flexibility conceal the hegemonic nature of modern hierarchies of exploitation?This publication brings together six essays that offer a critique of the relationship between the creative industries and capital. It treats ‘the networked world’ — its democracies, cognitivities, its attention and its paradigmatic cultural discourses — as one of the domains wherein and by which capitalism and its colonial relations of dominance are being reproduced, reorganized, perpetuated and ‘modernized’.The Gray Zones of Creativity and Capital (eds. Gordana Nikolić and Šefik Tatlić) consists of works from a diverse range of authors from around the globe: Jonathan Beller, Josephine Berry Slater, Marc James Léger, Ana Vilenica, Sandi Abram & Irmgard Emmelheinz. The book first appeared in Serbian in 2015.
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Digital innovations in the field of immersive Augmented Reality (AR) can be a solution to offer adults who are mentally, physically or financially unable to attend sporting events such as premier league football a stadium and match experience. This allows them to continue to connect with their social networks. In the intended project, AR content will be further developed with the aim of evoking the stadium experience of home matches as much as possible. The extent to which AR enriches the experience is then tested in an experiment, in which the experience of a football match with and without AR enrichment is measured in a stadium setting and in a home setting. The experience is measured with physiological signals. In addition, a subjective experience measure is also being developed and benchmarked (the experience impact score). Societal issueInclusion and health: The joint experience of (top) sports competitions forms a platform for vulnerable adults, with a limited social capital, to build up and maintain the social networks that are so necessary for them. AR to fight against social isolation and loneliness.
The project is a field study for several diverse hotel chains, including individual properties operated under the Marriott brand, Postillion Hotels. Each brand has unique values, missions, and visions. Therefore, this integration will lead to the development of company-specific sustainability strategies and processes. The study will use the model of levers of control to provide such tailor-made solutions and determine if a generic approach can be developed to match a corporate sustainability strategy with a corporate strategy and develop a supporting management control system for operationalizing the sustainability strategy. Research question: How can a hotel brand formulate and implement a sustainability strategy with a supporting management control system that not only complies with the new CSRD (Corporate Sustainability Reporting Directive) legislation but also emphasizes the creation of substantial value in financial and ESG (Environmental, Social, and Governance) aspects, based on double materiality, in line with the organization's corporate values and beliefs? Objective The aim is to develop a validated method, including tools, that hotels can use to create a sustainability strategy in line with the CSRD guidelines. This strategy should create value for the organization, the environment, and society, while aligning with the hotel's values and beliefs. Merely being compliant with the CSRD is not enough for hotels. Instead, they should view the implementation of the CSRD as an opportunity to stand out in terms of sustainability. By creating value in areas such as environment, safety, and governance, or through the six capitals (financial, manufactured, intellectual, human, social and relationship, and natural) that align with the UN-SDGs, and explicitly taking both an inside-out and an outside in perspective (double materiality), hotels can significantly enhance their sustainability reputation.
The overarching aim of the project is to contribute to the development of a sustainable, inclusive and just EU leisure, tourism and hospitality ecosystems, and will be achieved through three interrelated objectives:Create a body of knowledge and theoretical foundations, related to the application of land, capital and financial resources, to develop resilient and future-proof tourism destinations and tourism and travel businesses;Develop conceptual models that contribute towards collective models of resilience in tourism destinations and tourism and travel businesses and are based on equitable use of labour, land and natural resources and financial capital;Propose, through approved EU funding, interventions and applications towards new models of tourism destination management and corporate governance, that use sustainable parameters of success (regeneration of biodiversity and nature, improved human welfare of residents at destinations, social and environmental returns).The Project will lead to a series of research proposals that allows the consortium partners to address urgent societal challenges in Europe. During the project timeline, partners will disseminate findings and search for engagement by public and private actors. Ongoing collaboration and knowledge exchange with key industry actors will improve the resilience capacity of destinations through education, skill development, and co-creation of knowledge. Building resilience through tourism is not just an opportunity but a necessity in the face of global environmental and social challenges. The project will establish theoretical foundations for transitioning towards more resilient and environmentally and socially just ecosystems in the leisure, tourism, and hospitality sectors, aiming to shift the industry’s priorities from short-term gains to long-term sustainability. The project supports international collaboration by facilitating university staff mobility and involving students with diverse cultural, industry, and academic backgrounds and experiences. The successful application and completion of the project will strengthen the consortium's capacities and facilitate the ongoing international dialogue through the Resilient Tourism Ecosystems Lab (RTEL), consequently leading to future collaborative EU grant applications.
