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Restoring Trust in Organizations and LeadersEnduring Challenges and Emerging Answers$
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Roderick M. Kramer and Todd L. Pittinsky

Print publication date: 2012

Print ISBN-13: 9780199756087

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199756087.001.0001

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Restoring Institutional Trust after the Global Financial Crisis

Restoring Institutional Trust after the Global Financial Crisis

A Systemic Approach

Chapter:
(p.185) 9 Restoring Institutional Trust after the Global Financial Crisis
Source:
Restoring Trust in Organizations and Leaders
Author(s):

Nicole Gillespie

Robert Hurley

Graham Dietz

Reinhard Bachmann

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199756087.003.0010

This chapter analyses the global financial crisis (GFC) from a trust perspective to identify insights and principles for the practical repair of institutional trust. A systemic, multilevel framework (the Organizational Trust Repair model) is used to examine the nature of the trust failure, the contributing causes to the GFC, and the trust repair strategies adopted. The diagnosis reveals the GFC was a consequence of (in)action by governments, rating agencies, Boards of Directors, CEOs, management, and agents employed by the financial institutions. Analysis of trust repair strategies shows that ‘distrust regulation’ control mechanisms and structural approaches play a central role, including increased government regulation, reforms in Board governance, cultural change within institutions, replacing senior leaders, and redesigning incentive structures to better align management and stakeholders’ interests. The chapter concludes with insights and a research agenda to advance understanding of institutional trust repair.

Keywords:   trust, trust repair, trust failure, global financial crisis, institutions, systems, control, regulation, management, government

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