Analyzing market performance via social media: a case study of a banking industry crisis

Analyzing market performance via social media has attracted a great deal of attention in the finance and machine-learning disciplines.However,the vast majority of research does not consider the enormous influence a crisis has on social media that further affects the relationship between social media and the stock market.This article aims to address these challenges by proposing a multistage dynamic analysis framework.In this framework,we use an authorship analysis technique and topic model method to identify stakeholder groups and topics related to a special firm.We analyze the activities of stakeholder groups and topics in different periods of a crisis to evaluate the crisis’s influence on various social media parameters.Then,we construct a stock regression model in each stage of crisis to analyze the relationships of changes among stakeholder groups/topics and stock behavior during a crisis.Finally,we discuss some interesting and significant results,which show that a crisis affects social media discussion topics and that different stakeholder groups/topics have distinct effects on stock market predictions during each stage of a crisis.     

Relational immunity? Examining relationship as crisis shield

This study examined the influence of a crisis on relational perceptions and the role of an empathetic response from stakeholders by investigating students’ perceptions of their relationship with a university following an on‐campus shooting. Findings show that despite the generally positive relationship, the university maintains with its students, the crisis had a negative impact on the students’ perceptions of their relationship with the university. Furthermore, results show how emotions, especially empathy, about an organization in a crisis situation can influence stakeholder relationships. This research helps provide nuance to the extant scholarship on crisis and emotions by introducing stakeholder empathy as a theoretical construct. Results also demonstrate that crisis managers who invest in relationship building before a crisis may elicit empathy more than blame in a crisis and may emerge with less relational damage.     

Understanding the use of social media by organisations for crisis communication

Many businesses have commenced using social media for crisis communication with stakeholders. However there is little guidance in literature to assist organisational crisis managers with the selection of an appropriate crisis response strategy. Traditional theories on crisis communication may not adequately represent the social media context. This study took a qualitative approach and explored organisational use of social media for crisis communication at seventeen large Australian organisations. An analysis of 15,650 Facebook and Twitter messages was conducted, drawing on the lens of Situational Crisis Communication Theory (SCCT) (Coombs & Holladay, 2002). Findings suggested that when large Australian organisations responded to crises via social media, they lacked an awareness of the potential of social media for crisis communication. Organisations often did not respond to stakeholder messages or selected crisis response strategies that may increase reputational risk. The paper contributes important understandings of organisational social media use for crisis communication. It also assists crisis managers by providing six crisis response positions and a taxonomy of social media crisis messages that stakeholders may send to organisations. Key implications are discussed.     

Defendant Firms and Response to Legal Crises: Effect on Shareholder Value

This paper examines links between institutional responses to legal crises and shareholder valuation. It explores whether the defendant firm's market performance upon the announcement of a filing varies according to the crisis response strategies applied. It also investigates the relationship between the legal issue and the type of crisis response strategy. It examines whether the type of legal issue affects the relationship between the use of crisis response strategies and the firm's performance upon the announcement of a filing. The findings indicate that using nonexistence and distance strategies instead of no response may mitigate negative market response. However, when firms face corporate governance suits, whether or not they implemented crisis response strategies has a significantly negative impact on firm value.     

Interwoven Leadership: the Missing Link in Multi‐Agency Major Incident Response

This paper reports on research into the effectiveness of strategic commanders and their multi‐agency teams in response to major incidents. It is argued that current models of crisis leadership fail to establish a balance between the requirement for task skills, interpersonal skills, stakeholder awareness and personal qualities of commanders and their teams. The paper sets out a theoretical model for interwoven leadership combining these features.     

An Exploratory Model for Evaluating Crisis Events and Managers' Concerns in Non‐Profit Organisations

Few organisations avoid the experience of crisis management. Some time during their life they are confronted with some type of crisis that may strain their resources and distract them from their central mission of serving its clients. Crisis management seeks to minimise the impact of these events. Although the crisis management literature is plentiful regarding larger organisations, little has been written on this subject as it relates to non‐profit organisations. This study examines the perceptions and experiences of crisis events among non‐profit organisation managers located in the north‐eastern part of the U.S. The results reveal that only a little more than a quarter of the respondents indicated that a formal crisis management team or any plans to implement it were operating in their non‐profit organisation.     

The role of IT in crisis response: Lessons from the SARS and Asian Tsunami disasters

Research on crisis management recognizes the important role of information although few studies of crisis response deal explicitly with information systems. In this paper, we present a case study of Singapore’s response to the SARS and Asian Tsunami disasters. Using the resource-based view of the firm as our theoretical lens, we examine three research questions: what IS resources are needed in crisis response, how are these IS resources bundled with other non-IS resources, and how are they effectively coordinated? Our analysis of the case suggests that existing assets such as information technology infrastructure, leadership, and collaborative networks and existing capabilities such as the ability to build and apply IT, the ability to recognize signals and the ability to see the big picture are critical during crisis response. The actions taken using these assets and capabilities include informing resolutely, gaining stakeholder commitment and agile mobilizing of people and IT. Our analysis further suggests that coordination mechanisms, namely the crisis response organizational, informational, and IT structures, are important facilitators of the response actions. The resulting framework of resource deployment during crisis response extends the resource based view of the firm into a cooperative setting, aiming to understand the nature of IS resource value in a cooperative context, and considers not just the resources per se, but the means of coordination the resources.     

Values and Complexities in Assessing Strategic‐Level Emergency Management Effectiveness

Emergency managers working at a strategic level play a pivotal role in managing operational needs as well the needs of political elites engaged in crisis management and meaning‐making. Evaluating emergency performance has been widely regarded as problematic, in part because of various stakeholder interests and because it is so subjective. This paper explores the values of personnel working in emergency management at a strategic level as well as the conditions that limit their effectiveness as they attempt to align the needs of different stakeholders. The surveys and interviews conducted suggest that what constitutes success is both subjective and contested by different stakeholders. There is a need to establish a broader perspective on what constitutes success when evaluating emergency response.     

The Potential Contribution of the Field of Organizational Development to Crisis Management

This paper explores the possibilities of cross‐disciplinarity between organization development and crisis management. The departure point of our reflection is that crisis management as a field currently faces two limitations. First, two major trends have characterized this field to date: the sociological analysis of organizational contingencies which focus on disasters as social events and the crisis management planning which emphasizes the development of techniques to master hazards. Despite what we have learned from these approaches, neither seems to lead to a crisis management learning model that fosters organizational resilience in coping with crises. Second, researchers have studied a number of events as single case studies but have not synthesized these case studies. Consequently, each crisis seems idiosyncratic and administrators tend to repeat the same inefficient patterns when a crisis occurs. The research proposal presented in this paper aims to remove these limitations by bringing together two apparently opposing fields of study, that of crisis management, characterized by what are perceived as specific events, and that of organizational development, characterized by the strengthening of organizations' capacities to cope with lasting changes. This paper proposes to explore their potential to work together theoretically and empirically through a research design. We conclude on how this proposal meets the challenges of a new research agenda in the 21st century.     

Supporting different process views through a Shared Process Model

Different stakeholders in the business process management (BPM) life cycle benefit from having different views onto a particular process model. Each view can show, and offer to change, the details relevant to the particular stakeholder, leaving out the irrelevant ones. However, introducing different views on a process model entails the problem to synchronize changes in case that one view evolves. This problem is especially relevant and challenging for views at different abstraction levels. In this paper, we propose a Shared Process Model that provides different stakeholder views at different abstraction levels and synchronizes changes made to any view. We present detailed requirements and a solution design for the Shared Process Model. We also present an overview of our prototypical implementation to demonstrate the feasibility of the approach. Finally, we report on a comprehensive evaluation of the approach on real Business–IT modeling scenarios.     

IT危机预警管理系统初探

随着互联网应用的深入,计算机系统安全受到的威胁日益增加,IT危机预警变得日益重要。从IT危机内涵出发,指出建立IT危机预警管理系统的必要性,之后给出IT危机预警管理系统的流程。重点讨论了预警分析的内容及危机预控对策。力求建立可操作性的IT危机预警管理系统,为计算机系统的防护措施提供理论上和对策上的指导。     

Participatory floodplain management in the Red River Basin, Canada

Floodplain management is a subject in which everyone in the floodplain is a stakeholder. Real participation only takes place when stakeholders are part of the decision-making process. This can occur directly when local communities come together to make floodplain management choices or if democratically elected or otherwise accountable agencies or groups can represent stakeholders. Real participation is more than consultation and requires that stakeholders at all levels of the social structure have an impact on decisions at different levels of floodplain management. A participatory approach is the only means for achieving long-lasting consensus and common agreement. However, for this to occur, stakeholders and officials from water management agencies have to recognize that the sustainability of floodplain management decisions is a common problem and that all parties are going to have to sacrifice some desires for the common good. There is common responsibility for making participation possible. This involves (a) the creation of mechanisms for stakeholder consultation at various scales (from local, over watershed to national) and (b) the creation of participatory capacity, particularly amongst marginalized social groups. This may include awareness raising, confidence building and education, as well as the provision of the economic resources needed to facilitate participation and the establishment of good and transparent sources of information.

This work focuses on the methodology for stakeholder participation in floodplain management. Floodplain management problems are characterized by multiple objectives and large number of stakeholders. The solution methodologies adapted for multi-criteria multi participant decision problems are generally based on aggregation of decisions obtained for individual decision makers. This approach seems somewhat inadequate when the number of stakeholders is very large. We have developed a methodology to include the views of multiple stakeholders using fuzzy set theory and fuzzy logic. Three possible different response types: scale (crisp), linguistic (fuzzy), and conditional (fuzzy) are analyzed to obtain the resultant input by using Fuzzy Expected Value. Fuzzy Expected Value input is used with the multi-criteria decision-making tool named Fuzzy Compromise Programming.

The methodology has been applied to floodplain management in the Red River Basin, Canada that faces periodical flooding. We have demonstrated that the empowerment of stakeholders can improve the floodplain management process and provide decisions acceptable to a wider group of stakeholders.     

Stakeholder management in IOS projects: analysis of an attempt to implement an electronic patient file

Implementing an inter-organizational system (IOS) requires significant organizational as well as technical changes. These will affect stakeholders (upon whom promoters depend) with varying degrees of power and with varying degrees of interest in the system. Identifying stakeholders and understanding the sources of their attitudes will enable promoters to meet their expectations more fully, and hence encourage acceptance. We examine these issues through a theoretically based study of an attempt to introduce an Electronic Patient File system in The Netherlands. All saw that the system would benefit patients, yet powerful players resisted its implementation, fearing it would affect their interests. This paper develops and tests a model of stakeholder management, showing that those with high interest in the system lacked the power to implement it, while those with low interest had the power to block it. These negative attitudes were shaped by concerns not about the system itself, but about the likely effects on working routines, power, culture and finance. This paper implies that those promoting an IOS (in any sector) should, from the outset of a project, identify their power sources and seek to reconcile stakeholder interests.     

基于超网络理论的突发性公共危机知识管理研究*

突发性公共危机管理反映了一个政府的管理能力,如何有效地利用知识进行危机管理是现代危机管理研究面临的一个难题。基于超网络理论建立突发性公共危机知识管理模型,将错综复杂的突发性公共危机知识管理超网络分成知识、人员和知识载体三个子网络。通过研究超网络模型的关系与结构,为突发性公共危机知识管理决策提供建议,有效提高了危机管理效率。     

“Damned if you do,damned if you don’t”: Media frames of responsibility and accountability in handling a wildfire

Previous research on media framing of wildfire has chiefly been concerned with the nature of wildfire in the context of climate change and with framing effects on policy and public opinion. Empirical studies on media content, hence what is mediated to crisis managers and the public concerning authorities’ and the public's response, seem to be largely missing. This is remarkable, given that the media represent main sources of information that may influence crisis management and shape public opinion. Thus, the aim of this study was to identify key media frames relating to portrayals of public and authority responses during and after a wildfire crisis. The study is based on media articles from two time periods: immediately after the fire and 1 year later. We used a thematic method of analysis (TA), thus an inductive, “bottom‐up” approach. A core frame, Responsibility/accountability is identified, underpinned by two sub‐themes. One sub‐theme relates to the causes of the fire and its escalation, revealing a number of different interrelated blame frames. The second sub‐theme refers to management of the crisis, reflecting both authorities’ and citizens’ responses. The deficiencies of the former are implicitly suggested to have forced citizens to act to compensate for their inadequacy. The main theoretical contribution is the identification of an interrelationship between frames in relation to different groups of individuals responding to a crisis, pointing to a more complex view of framing effects. In addition, results show how media tend to assess crisis management based on idealistic criteria, inevitably making the evaluation negative. This contributes to an understanding of how media blame frames, thus “blame games,” may unfold. Practical implications of these results are discussed.     

The dynamic role of social media during Hurricane #Sandy: An introduction of the STREMII model to weather the storm of the crisis lifecycle

Social media has introduced a key ingredient, and a potentially unfamiliar variable, into the practice of crisis communication. In this paper, the authors critically assess the social media milestones related to Hurricane Sandy according to situational crisis communication theory (SCCT) (Coombs, 2007). Further, we discuss the crisis lifecycle of Hurricane Sandy with regard to the potential implementation of the STREMII model of social media crisis management, a proposed model originated through this research application. This original model develops from lessons and best practices discovered in historical and contemporary cases of social media crises and crisis management. The researchers acknowledge potential limitations and describe steps for further development of the model through research, all the while recognizing the powerful and paradoxical role of social media in the crisis management process. In reflection of Hurricane Sandy, further qualitative and quantitative examinations of crisis events are encouraged to evaluate the STREMII model continually in the dynamic social media climate and across the vast facets of crisis communication.     

Opening organizational learning in crisis management: On the affordances of social media

Research on the role of social media in crisis management has led to a deeper understanding of their affordances. This research, however, is fragmented, with a primary focus on crisis response. We lack a clear conceptualization of the affordances that social media offer by learning from them to prepare strategically for crises. Based on a systematic review of 128 papers, we inductively build a framework of social media affordances for organizational learning in crisis management. We discuss their role and interplay in strategic crisis management, focusing on organizational crisis learning, and outline avenues for future research based on this foundation.