Australian Journal of Management

Management scholarship is increasingly paying attention to “grand challenges” such as climate and demographic changes, sociopolitical uncertainty, poverty alleviation, and global health improvement. Drawing upon a review of grand challenges research, we highlight the lack of a coherent conceptualization of a “grand challenge” and examine the diversity of the conceptual, policy, and empirical research. We problematize the failure in current research to distinguish between qualitatively different types of grand challenges—in our view, the resolution of different challenges calls for distinct research, policy, and practice approaches. We propose a novel framework that encompasses four distinct forms of grand challenge, situate the existing empirical literature within our framework, describe how the contributions to our special issue advance grand challenges research, and explore implications for future management research that responds to the imperatives of grand challenges.

JEL Classification: D81, G01, M14, I18, Q54, Q55, Q56, Q57

This article argues that an institutional logics framework is critical for developing a shared responsibility approach to managing the grand challenge of biosecurity in Australian agriculture. We identify the dominant logics evident in the Australian biosecurity context. In doing so, we draw attention to how a shared responsibility approach is compromised by tensions created by multiple logics, such as varying interpretations of biosecurity roles and responsibilities that different actors hold. However, in reframing such tensions from an institutional ambidexterity framework, we argue that a shared responsibility approach is achievable and, through examples from the Australian context, highlight the sites and spaces through which it may be fostered. We argue that identifying these sites and spaces requires that scholars conceptualise logics as blended rather than as discrete modes of operation.

JEL Classification: M19

Technology is enabling organizations across the globe – large and small, for-profit and not-for-profit, governments and scientific groups – to harness the resources, knowledge, talent and creativity of crowds, in their effort to find innovative solutions to vexing problems. As contributors to solving grand challenges, crowds are providing data and funds, generating novel ideas and evaluating and developing concrete solutions. This article proposes a conceptual model for understanding the utility of crowdsourcing in the context of grand challenges. The article further identifies some boundary conditions where crowdsourcing may not be useful and discusses significant barriers to applying crowdsourcing in the Asia-Pacific region. We conclude by recognizing some empirical considerations and avenues for future research.

JEL Classification: O31, O35

Achievement of the United Nations Sustainable Development Goals (SDGs) by 2030 is a Grand Challenge, especially for business academics who have a responsibility to work with businesses regarding their management and contributions. Two main challenges are examined in the article: the need for academics to work together towards holistic solutions to SDG problems, and the need for stronger engagement to reduce the distance between academics and practitioners/ practice. It then develops a framework that considers the knowledge-generation and application roles business academics face in addressing groups of insiders and outsiders. Finally, the use of the framework is demonstrated via a case study of modern slavery in corporate supply chains.

JEL Classification: M14, Q01

This study examines information and volatility linkages across energy and financial markets. In a world economy so connected, the impacts of climate change are likely to be transmitted through interlinked global markets. Hence, uncovering and understanding the interaction across these markets is a fundamental concern during the energy transition as it helps to understand how to strengthen incentives to facilitate energy investments. Based on the relation between information flows and volatility, this study employs a simple correlation approach based on implied volatility measures and the trading model of Fleming et al. to measure the common information linkages, as gauged by the correlation of return volatilities. The results suggest that volatility linkages across these markets are strong due to common information sharing and cross-market hedging.

JEL Classification: G12, G14

We analyse the energy transition from coal to renewable. Our research contributes to the literature on transitions and grand challenges. Mitigating the effects of dangerous human-induced climate change requires Australia to adopt a ‘carbon budget’ of no more than 10 Gt between 2015 and 2050. To achieve this, the Australian electricity sector must reduce greenhouse gas emissions to at least net zero emissions by 2050. Australia’s strategic response to climate change will have a significant influence on greenhouse gas emissions across Asia and the Pacific. The transition to renewables has proved difficult. The Liddell case study, involving closure of an ageing coal-fired power station, shows how the transition was impeded by institutional decisions. While firm-level actors recognised opportunities, regulators resisted the transition. Our research illustrates that transitions for grand challenges may require a relational stakeholder review, beyond the concept of short-term win–wins.

JEL Classification: L02, D02, Q05

This article presents a systematic and scientific literature review of the topic ‘zero growth’. Since its origins in the late 18th century, growth economics has expanded significantly in recent decades, leading to the development of ecological economics, political economics and growth and degrowth economics. It is apparent that humankind is now running out of time to develop a global consensus as to what approaches should be taken to transition from growth to zero growth and degrowth. Zero growth is the grand challenge of this century, particularly for the Asia-Pacific region where economic growth has been an imperative for emerging economies. Using Japan as an illustrative example, this article explores the scenario of a no-growth economy that is now confronted with potentially a zero-growth or even a degrowth future. The grand challenge for not just Japan but the entire Asia-Pacific region is how to survive a zero-growth future. Furthermore, this article also identifies emerging themes for future research to progress the zero-growth and degrowth discussions.

JEL Classification: F64, N5, Q32, Q5

The fourth industrial revolution has arrived; however, this industrial revolution is unlike those witnessed in the past. Equal opportunity and growth have been replaced by the 21st century trend of rising inequality, in which advancement through digitisation and automation brings fortune to the few and hardship to the many, as income and property stratification grows. As a result, current tax systems are under pressure with displaced workers requiring support, and the fiscal purse, which has historically been funded by income taxes, being eroded due to a decreasing number of workers to tax. Conceivably, it is up to governments to address this ‘double negative effect’, but it is unclear how this could be achieved and what theoretical basis should be leveraged to do so. This article provides a discussion of three important normative philosophies of distributive justice, utilitarianism, libertarianism and John Rawls’ theory of justice, to determine a theoretical basis on which the redistribution of income via a tax on automation is justified. The pertinent theory is then operationalised with the proposal of three alternate models of taxation: a Pigouvian tax, a tax on economic rents and an appreciation tax. Each of these models is evaluated alongside a discussion on the shift in global tax policy from taxing income to taxing capital. This article argues that this shift is necessary to reduce income inequality and to ensure even the lowest common denominator is provided for, for we are the 99%.

JEL Classification: H23, H25, K34, O23

Grand challenges are complex, large-scale problems requiring collaborative, multidisciplinary attention. Cross-sector collaboration can potentially play a significant role in addressing these challenges by capturing the diverse vision, experience, knowledge and resources of different sectors. Yet we still know little of the inter-organisational dynamics of how sectors work together to address grand challenges and the consequences of doing so. Our article contributes to the literature at the intersection of management and grand challenges by identifying how cross-sector collaborations can be used more effectively to address grand challenges. Drawing on a study of Australia’s offshore processing of refugees, we highlight the inter-organisational issues that emerge and develop a collaborative governance framework to overcome these problems and guide future cross-sector collaborations directed at grand challenges.

JEL Classification: M5, H11