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Article
Publication date: 20 June 2019

Jose Luis Rivas and Mercedes Adamuz

The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity.

Abstract

Purpose

The purpose of this paper is to analyze the differential effects that institutions have on country IPO activity.

Design/methodology/approach

With a sample of 64 countries over a 15-year period (2000-2014), the authors test the variables rule of law, uncertainty avoidance and masculinity on subsamples of developed (27) and emerging (37) countries to explore their influence on domestic IPO activity level.

Findings

For developed countries, only uncertainty avoidance and masculinity are significant. Within emerging countries, it is uncertainty avoidance and rule of law that are significant.

Research limitations/implications

Using different country classification frameworks could yield more detailed and focused results on the influence that country-level variables have on IPO activity.

Practical implications

Multinational firms could use these findings for decisions related to their potential subsidiary IPOs.

Originality/value

This is a novel empirical work relating institutions to IPO activity, using emerging and developed country subsamples. It also focuses on IPO activity instead of IPO underpricing/performance and contributes to extend the scope of the IPO literature to global non-Anglo contexts.

Propósito

Analizar los efectos diferenciales que las instituciones tienen en OPIs (ofertas públicas iniciales) a nivel país.

Diseño/Metodología

En una muestra de 64 países en un periodo de 15 anos (2000-14) probamos las variables: estado de derecho, aversión a la incertidumbre y masculinidad en submuestras de países: desarrollados (27) y emergentes (37) para explorar su influencia en el número de OPIs a nivel país.

Hallazgos

En países desarrollados la aversión a la incertidumbre y masculinidad son significativas. Dentro de países emergentes, la aversión a incertidumbre y estado de derecho son significativas.

Limitantes investigación/Implicaciones

Usar diferentes métodos para clasificar países podría resultar en resultados mas detallados y enfocadas para entender la influencia que variables a nivel país tienen en el nivel de OPIs.

Implicaciones practicas

Empresas multinacionales podrían usar estos resultados para decisiones relacionadas a sus subsidiarias potenciales.

Originalidad/Valor

Este es un trabajo novedoso que relaciona a las instituciones con la actividad OPI usando submuestras de países desarrollados y emergentes. También se enfoca en actividad OPI en lugar de subvaluación/desempeño OPI y contribuye a extender la literatura OPI a contextos no anglo sajones.

Reconocimiento

Este artículo se pudo hacer gracias al apoyo parcial de la Asociación Mexicana de Cultura A.C.

Palavras-chave

OPIs, Emergentes, Desarrollados, Instituciones and Cultura

Objetivo

Analisar os efeitos diferenciais que as instituições têm na atividade de IPO (Oferta pública inicial en inglés) dos países.

Design/metodologia/abordagem

Em uma amostra de 64 países em um período de 15 anos (2000-14). Testamos as variáveis: estado de direito, evitação de incerteza e masculinidade em subamostras de países desenvolvidos (27) e, emergentes (37) para explorar sua influência no nível de atividade doméstico do IPO.

Resultados

Para os países desenvolvidos, apenas a evitação de incertezas e a masculinidade são significativas. Nos países emergentes, a evitação de incertezas e o estado de direito são significativos.

Limitações/implicações de pesquisa

O uso de diferentes estruturas de classificação de países poderia produzir resultados mais detalhados e focados na influência que as variáveis de nível de país têm na atividade de IPO.

Implicações práticas

As empresas multinacionais poderiam usar essas descobertas para decisões relacionadas a seus possíveis IPOs subsidiários.

Originalidade/valor

Este é um novo trabalho empírico que relaciona instituições à atividade de IPO usando subamostras de países emergentes e desenvolvidos. Também se concentra na atividade de IPO, em vez da infravaloración/performance do IPO, e contribui para estender a literatura do âmbito IPO para os contextos globais não-anglo.

Palavras-chave

IPOs, Emergentes, Desenvolvidos, Instituições, Cultura

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 17 no. 3
Type: Research Article
ISSN: 1536-5433

Keywords

Article
Publication date: 6 June 2016

Erwin Hansen and Jennifer Zegarra

The purpose of this paper is to explore the relationship between six different dimensions of political risk in a country and its spread for a sample of 12 Latin American countries.

Abstract

Purpose

The purpose of this paper is to explore the relationship between six different dimensions of political risk in a country and its spread for a sample of 12 Latin American countries.

Design/methodology/approach

The methodology applied consists of panel estimators with fixed effects. In addition, a panel data model with instrumental variables is considered to tackle with potential problems of endogeneity in the model.

Findings

The results show there is a strong positive relationship between political risk and sovereign spread in Latin America, i.e., greater political risk is associated with greater sovereign spread. This effect is particularly significant when the political risk is associated with a weak rule of law or low-quality regulation in the country.

Research limitations/implications

The main limitation of this study concerns the potential risks of endogeneity which might exist between sovereign risk and political risk measures, which may not have been completely eliminated with the econometric methodology used.

Originality/value

This paper contributes to the literature of sovereign risk by studying the dimension of political risk in detail. Specifically, six dimensions of political risk are studied. Additionally, it provides empirical evidence, including the 2008 financial crisis period, regarding the determinants of spreads on Latin American economies.

Propósito

En este trabajo se estudia la relación existente entre 6 diferentes dimensiones de riesgo político de un país y su spread soberano para una muestra de 12 países latinoamericanos.

Diseño/metodología/enfoque

La metodología utilizada corresponde a estimadores de panel con efectos fijos. Además, se considera un modelo de panel con variable instrumental para lidiar con posibles problemas de endogeneidad en el modelo.

Recomendaciones

Los resultados muestran que existe una fuerte relación positiva entre riesgo político y spread soberanos en América Latina, es decir, mayor riesgo político está asociado a mayor spread soberano. Este efecto es particularmente significativo cuando el riesgo político está asociado a un Estado de Derecho débil o a una baja calidad regulatoria en el país.

limitaciones de la investigación

La principal limitación de este estudio son los potenciales riesgos de endogeneidad que pudieran existir entre las medidas de riesgo político y riesgo soberano, y que no hayan sido eliminadas completamente con la metodología econométrica utilizada.

La originalidad/valor

este trabajo contribuye a la literatura de riesgo soberano estudiando la dimensión de riesgo político en detalle. En particular, se consideran 6 posibles dimensiones del riesgo político. Además, provee evidencia empírica reciente, incluyendo el período de crisis financiera del 2008, respecto a los determinantes de spread en economías latinoamericanas.

Book part
Publication date: 12 January 2021

Violeta Pallavicini

Costa Rica is recognized as one of the two countries with the longest continuous democracy in Latin America. After a short civil war, the country dissolved its armed forces and…

Abstract

Costa Rica is recognized as one of the two countries with the longest continuous democracy in Latin America. After a short civil war, the country dissolved its armed forces and adopted a new constitution that established the basis of a Welfare State and a meritocratic public administration. The aim of this chapter is to analyze the characteristics of the Costa Rican public administration since the end of the 1990s. We discuss the dilemmas presented by its high level of fragmentation and the actions that have been taken—based mainly on the neo-Weberian paradigm—to modernize the traditional public apparatus so that it becomes more efficient, transparent, and responsive to citizens.

Details

The Emerald Handbook of Public Administration in Latin America
Type: Book
ISBN: 978-1-83982-677-1

Keywords

Abstract

Details

Crime and Human Rights
Type: Book
ISBN: 978-0-85724-056-9

Book part
Publication date: 24 July 2020

Hugo Saúl Ramírez-García and Juan Francisco Díez Spelz

This chapter aims to reflect upon the relationship between corporate social responsibility (CSR) and human rights. We argue that although CSR is a good attempt to propose better…

Abstract

This chapter aims to reflect upon the relationship between corporate social responsibility (CSR) and human rights. We argue that although CSR is a good attempt to propose better practices for managerial decisions, a human rights perspective enriches this vision. Therefore, the authors will define the meaning of a human rights perspective for business activities and, specifically, for CSR. The authors apply the idea of res extra commercium to human rights and CSR. As a first step, both factors need to be identified as moral absolutes. Essentially, businesses should start by identifying areas of human activity that are off limits.

Details

Strategy, Power and CSR: Practices and Challenges in Organizational Management
Type: Book
ISBN: 978-1-83867-973-6

Keywords

Book part
Publication date: 6 April 2023

Laura Alessandra Nocera

Purpose – This chapter aims to analyze the pandemic situation in a legal and political point of view, to find what measures have been adopted by States to face the spread of the…

Abstract

Purpose – This chapter aims to analyze the pandemic situation in a legal and political point of view, to find what measures have been adopted by States to face the spread of the contagion, and whether those measures have been determinant in the redefinition of democracy. Emergency dispositions were enacted when an “emergency state” was declared, containing a series of dangerous elements for the correct application of the rule of law.

Methodology/Approach – The approach considers a “pluralistic methodology” that refers to a comparative law study, but also uses the approach of political science, history of institutions, and sociology. From this point of view, this chapter regards similarities and differences, between two or more legal systems, as coincidences or dissonances, comparing cases in a diachronic and synchronic way at the same time to evidence what is the democratic erosion.

Findings – This chapter doesn’t want to provide a mere chronicle of what happened during the COVID-19 situation, but it finds that in some peculiar cases emergency affected a degeneration of democratic institutions, and an acceptance of a new model of state, with hypertrophic executives, weak legislative bodies, not equilibrated balance of fundamental rights, and a rise of technocracy.

Originality/Value – Based on other studies focused on state-by-state oversights during the pandemic, our theory intends to enlighten the COVID-19 as a “black swan” in the international political and legal scenario, or a sort of turning point in an inevitable and unstoppable transformation of the state model that appears to aspire to a return of some autocratic attitudes.

Details

Crime and Social Control in Pandemic Times
Type: Book
ISBN: 978-1-80382-279-2

Keywords

Article
Publication date: 2 December 2021

Philippe Stoesslé and Francisco Gonzalez-Salazar

Undocumented Central American migrants in Mexico are legally eligible for free access to the public health system through the new Instituto para la Salud y el Bienestar (INSABI…

Abstract

Purpose

Undocumented Central American migrants in Mexico are legally eligible for free access to the public health system through the new Instituto para la Salud y el Bienestar (INSABI) health program, but many experience structural vulnerability and stigmatization that prevent them from accessing health-care facilities. The purpose of this study is to investigate the discrepancy between the migrants’ Human Right to health, proclaimed by the Mexican Government and supposedly guaranteed by law, and the reality of the migration process.

Design/methodology/approach

This study reviewed relevant literature on the health risk factors, social and structural vulnerability, stigmatization and structural violence experienced by undocumented migrants as obstacles to their Human Right to health. It also reviews the current legal framework in Mexico and internationally.

Findings

This review demonstrates the lack of implementation of the current legal framework in Mexico and identifies a set of complex obstacles to effective access to health for undocumented migrants. Although the migration process itself was not found to be directly associated with major health issues, the social conditions of the migratory journey expose the migrants to serious threats, especially sexually transmitted diseases and tuberculosis.

Practical implications

This paper makes 10 practical recommendations for interventions collectively involving the state, international and civil organizations and the migrant community. These are especially relevant since the implementation of the INSABI health program in 2020.

Social implications

The paper lays the basis for influencing Mexican health system stakeholders to improve the health of migrants.

Originality/value

The sociological barriers to health access for undocumented populations in Mexico have not been fully explored. In addition, this paper provides a unique reflection on opportunities and challenges linked to the 2020 health system reform.

Details

International Journal of Migration, Health and Social Care, vol. 18 no. 1
Type: Research Article
ISSN: 1747-9894

Keywords

Book part
Publication date: 30 June 2011

Rachel Sieder

Across Latin America, debates and practice around indigenous law provide a window on shifting relations between indigenous movements, states, and international actors. In…

Abstract

Across Latin America, debates and practice around indigenous law provide a window on shifting relations between indigenous movements, states, and international actors. In Guatemala, the practice of indigenous law is a reflection of cultural difference, a response to past and present violence, and a resource for a population denied access to justice. In the postwar period, indigenous law has become a central element of contemporary Mayan identity politics. Together with the policy shift toward state-endorsed multiculturalism, this has meant it has become a highly contested and politicized terrain. This article examines attempts by indigenous activists to “recuperate” and strengthen indigenous law – or what is now termed “Mayan law” (derecho Maya) – in Santa Cruz del Quiché, Guatemala. Analyzing the tensions between local demands, the Mayan movement, international NGOs and intergovernmental bodies, and the Guatemalan state, it reflects on what they reveal about the limits and contradictions of the multicultural model of justice promoted since the end of the armed conflict.

Details

Studies in Law, Politics, and Society
Type: Book
ISBN: 978-1-78052-080-3

Book part
Publication date: 18 November 2020

Manuel Iturralde

Some of the Sustainable Development Goals (SDGs) adopted by the United Nations (UN) General Assembly are related to violence, crime and crime control issues. In what seems to be…

Abstract

Some of the Sustainable Development Goals (SDGs) adopted by the United Nations (UN) General Assembly are related to violence, crime and crime control issues. In what seems to be an innovative approach, the so-called ‘international community’ has seemed to reach the commonsensical agreement that, in order to enjoy sustainable development and strengthen the capabilities, well-being and freedom of the citizens of the global south, their governments must reduce violence and crime (SDG 16.1). The SDGs also seem to provide the response to tackle crime and violence in the global south. SDG 16.3 aims at ‘promoting the rule of Law at the national and international level and ensuring equal access to justice for all’. Thus, the promotion of the rule of law has commonly been understood as the strengthening of the criminal justice system and State security forces to reduce crime and impunity in the global south. Focussing on Latin America, this article will critically discuss the problematic presuppositions and implications of such a paradigm, which tends to impose, reproduce and legitimise the particular worldviews of global north countries and institutions. This approach is counterproductive, for it does not acknowledge the particularities and historical trajectories of Latin American countries, while naturalising specific global north political, economic and truth regimes.

Details

The Emerald Handbook of Crime, Justice and Sustainable Development
Type: Book
ISBN: 978-1-78769-355-5

Keywords

Book part
Publication date: 28 January 2022

Bitouloulou Christopher Jivot

The geopolitical phenomenon commonly known as ‘France-Africa’ (Gourévitch 1997) is the fruit of the historical and political relations that France as a colonizing power has…

Abstract

The geopolitical phenomenon commonly known as ‘France-Africa’ (Gourévitch 1997) is the fruit of the historical and political relations that France as a colonizing power has maintained and continues to maintain to this day with its former colonies in Africa. Before the colonial period, Africa was originally made up of autonomous political entities (states). 1 The current mapping of African states is the result of the European political will expressed at the Berlin Conference held from 15 November 1884 to 26 February 1885. 2

Details

The Impact of Foreign Interventions on Democracy and Human Rights
Type: Book
ISBN: 978-1-80117-341-4

Keywords

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