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Book part
Publication date: 19 May 2009

Mihail Miletkov and M. Babajide Wintoki

Conventional wisdom suggests that institutional development is a precursor to financial sector development. Using a panel of 122 countries over the period 1970–2000, we…

Abstract

Conventional wisdom suggests that institutional development is a precursor to financial sector development. Using a panel of 122 countries over the period 1970–2000, we find that while there is a correlation between the quality of legal institutions and financial development, the relationship is not causal. Changes in the quality of legal institutions do not predict changes in the level of financial development. The results suggest that legal institutions and the financial sector develop simultaneously and are jointly determined by unobservable country-specific factors.

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Corporate Governance and Firm Performance
Type: Book
ISBN: 978-1-84855-536-5

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Article
Publication date: 1 March 2013

Daria Panina and Leonard Bierman

The rule of law and an efficient legal system are the core factors that ensure growth in BRIC economies. Weak institutions and failures with respect to the rule of law in…

Abstract

Purpose

The rule of law and an efficient legal system are the core factors that ensure growth in BRIC economies. Weak institutions and failures with respect to the rule of law in Russia call into question its position as one of the BRIC countries. The purpose of this paper is to propose that the legitimization of newly created formal legal institutions in Russia is impossible without a new set of values that reflect the ideals of professionalism. It aims to explore the role institutional stakeholders play in establishment of the new set of professional values.

Design/methodology/approach

A survey of existing legislation and academic research on professionalism and the development of the legal profession in Russia was undertaken to determine the state of the development of its formal and informal legal institutions. The role of stakeholders in the development of new professional institutions was also examined.

Findings

The paper finds that the creation of formal institutions supporting the rule of law in Russia is largely completed. Yet, in some cases the institutions lack legitimacy and public trust. Professionalism – a vital informal institution that promotes trust in legal systems and legitimizes its formal institutions is in the process of development. The agents of professional socialization such as the state, educational institutions, professional bodies and organizations play different roles in development of professionalism. Potential avenues for enhancing legal professionalism by the agents of socialization are identified.

Research limitations/implications

The current study contributes to the literature on institutional change in transition economies and suggests a complicated relationship between various formal and informal institutions in the Russian legal sector. Future empirical research should focus on the investigation of the newly forming informal institutions and the impact of old informal institutions on this process.

Practical implications

Companies doing business in Russia should be aware of the fact that the legal systems in the country are still in the process of development. Even though major formal legal institutions have already been created, some informal institutions still represent a serious challenge to safe and efficient business in the country.

Originality/value

The paper contains ideas for the future development of legal professionalism in Russia.

Details

Critical perspectives on international business, vol. 9 no. 1/2
Type: Research Article
ISSN: 1742-2043

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Article
Publication date: 3 January 2017

Ghalib Khan, Rubina Bhatti, Amjid Khan and Rahim Jan

The purpose of this study is to suggest strategic-based measures for improving the current situation of academic law libraries in Khyber Pakhtunkhwa, Pakistan.

Abstract

Purpose

The purpose of this study is to suggest strategic-based measures for improving the current situation of academic law libraries in Khyber Pakhtunkhwa, Pakistan.

Design/methodology/approach

Using a survey method, this study attempted to explore a strategic-based measure for improving academic law libraries in Khyber Pakhtunkhwa. Data were collected from 43 respondents through semi-structured interviews, including library and information science professionals, academicians and administrative officers of the affiliation awarding institutions and principals of the law colleges.

Findings

Based on the interview findings, the study found that most of the law colleges do not pay attention towards the development of their institutional libraries. Outdated collections, scarcity of information and communication technologies and budgetary issues, inactive roles of regulating bodies and professional associations, limited roles of professional library staff, limited access to the Higher Education Commission digital library, absence of proper library setup and moral obligations and responsibilities of institutional administrations towards the development of academic law libraries were the main challenges.

Research limitations/implications

The scope of this paper covers Constituent Law College of the University of Peshawar and its 18 affiliated law colleges (Total 19), and the geographical area is restricted to the province of Khyber Pakhtunkhwa. The scope of this paper can be extended to additional private and public sector universities in Pakistan, as well as abroad.

Originality/value

This study is the first of its kind in Pakistan which will help the stockholders of affiliated and affiliation granting institutions to improve the current situation of academic law libraries in the province of Khyber Pakhtunkhwa. The study presents a number of suggestions for the improvement of academic law libraries, which may be of value to the local institutions and developing countries with similar situations.

Details

Collection Building, vol. 36 no. 1
Type: Research Article
ISSN: 0160-4953

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Article
Publication date: 1 June 2021

Muhammad Usman, Rizwan Shabbir, Aamir Inam Bhutta, Ilyas Ahmad and Ahsan Zubair

The purpose of this study is to identify the impact of legal institutions and property rights protection on corporate innovation among developing countries.

Abstract

Purpose

The purpose of this study is to identify the impact of legal institutions and property rights protection on corporate innovation among developing countries.

Design/methodology/approach

To testify these hypotheses, we use firm-level data from the World Bank Enterprise Survey, and country-level information from Worldwide Governance Indicators, World Development Indicators and Global Competitiveness Reports. The final data set consists of 24,166 firm observations, from 41 developing countries.

Findings

By using a wide range of control variables, the results propose that well-organized legal institutions stimulate corporate innovation . More precisely, a strong rule of law, effective government and protected property rights encourage firm-level innovation. Countries’ rule of law guarantees to solve disputes between parties and provide legitimate rights in case of innovation replication. Rule of law also directs that rules made by policymakers to secure the rights of innovators are well enforced. Moreover, strong property rights ensure innovators that the innovations are protected, and in case of any infringement, the guilty party will be punished and fined.

Originality/value

This study aims to investigate the role of all effective aspects legal institutions and property rights protection on corporate innovation among developing countries. Such security to prevent unlawful duplication will ultimately increase innovation.

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Book part
Publication date: 29 February 2008

Guyora Binder

Although criticized as illegitimate, literary elements are necessary features of legal argument. In a modern liberal state, law motivates compliance by justifying…

Abstract

Although criticized as illegitimate, literary elements are necessary features of legal argument. In a modern liberal state, law motivates compliance by justifying controversial prescriptions as products of an appropriate process for representing the will of society. Yet because law constructs the will of individual and collective actors in representing them, its representations are necessarily figurative rather than mimetic. In evaluating law's representation of society, citizens of the liberal state are also shaping their own ends. Such self-expressive choices, subjective but non-instrumental, entail aesthetic judgment. Thus the literary elements of rhetorical figuration and aesthetic appeal are fundamental, rather than merely ornamental, to legal justification.

Details

Special Issue Law and Literature Reconsidered
Type: Book
ISBN: 978-1-84950-561-1

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Book part
Publication date: 25 October 2014

Aljaž Kunčič and Andreja Jaklič

This chapter examines the role of formal and informal institutions in foreign direct investment (FDI) dynamics.

Abstract

Purpose

This chapter examines the role of formal and informal institutions in foreign direct investment (FDI) dynamics.

Design/methodology/approach

We examine the effects of the quality of legal, political, and economic formal institution as well as the effect of institutional distance (based on new dataset) on bilateral inward FDI stocks in 34 Organization for Economic Cooperation and Development countries for the period 1990–2010 using a gravity specification. Additionally, we also examine FDI for the effects of a specific informal institution – attitude of the public toward economic liberal issues. Reactions of FDI to liberal and nonliberal public opinion (part of informal institutions) are examined with and without controlling for formal institutions.

Findings

Findings show that the quality of legal and political institutions are important determinants of FDI, that legal and political institutional distance are both significant obstacles to FDI, and that public opinion also matters. We find that it is important to control for formal institutions when looking at the effect of informal institutions, and that both past liberal and nonliberal public opinion correlate with FDI, but only nonliberal public opinion significantly reduces inward FDI directly.

Research limitations/implications

Results are relevant for enterprises’ investment strategies, marketing strategies influencing public opinion as well as for policy makers, and governmental agencies involved in investment promotion programs.

Originality/value

Exploring the interplay between formal and informal institutions, institutional quality, institutional distance, and their effect on FDI in a bilateral panel.

Details

Multinational Enterprises, Markets and Institutional Diversity
Type: Book
ISBN: 978-1-78441-421-4

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Article
Publication date: 13 April 2010

Weigang Li, Jixiang Chen and Dongying Wu

The purpose of this paper is to explore the role of legal institution building during the process of China's economic miracle of past three decades.

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Abstract

Purpose

The purpose of this paper is to explore the role of legal institution building during the process of China's economic miracle of past three decades.

Design/methodology/approach

To engage with the issue, the paper builds on historical research and comparable approaches which explore the interactions of legal institution building and economic reforms in China.

Findings

Legal institution building is not only a passive factor that can make up market failures in developing countries. Studies on China case find that legal institution building in China has often been taken as a tool to realize the ruling party's political commitment of economic development.

Research limitations/implications

The paper takes only one country – China as the case to explore the interactions of legal institution building and economic development. Owing to most China's peculiar characteristics, more cases should be studied in order to examine a much clearer result, which might shed lights on the current reforms of a lot of developing countries.

Practical implications

The argument of the paper, that legal institution building can be employed as an active tool to drive economic development if designed properly, broadens policy pools for developing countries that are in a strive to fight against poverty reduction.

Originality/value

The paper opens a new arena to re‐examine the role of legal building for economic development in developing countries. Also, it develops a unique perspective to explore the myth of China's economic miracle.

Details

International Journal of Development Issues, vol. 9 no. 1
Type: Research Article
ISSN: 1446-8956

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Article
Publication date: 11 September 2017

Godfred A. Bokpin, Lord Mensah and Michael E. Asamoah

This paper aims to find out how the legal system interacts with other institutions in attracting Foreign Direct Investment (FDI) into Africa.

Abstract

Purpose

This paper aims to find out how the legal system interacts with other institutions in attracting Foreign Direct Investment (FDI) into Africa.

Design/methodology/approach

The authors use annual panel data of 49 African countries over the period 1980 to 2011, and use the system generalized method of moments (GMM) estimation technique and pooled panel data regression.

Findings

The authors find that the source of a country’s legal system deters FDI inflow as institutions alone cannot bring in the needed quantum of FDI. In terms of trading blocs, it was found that there is negative significant relationship between institutional quality and FDI for South African Development Community (SADC) as well as Economic Community of West Africa States (ECOWAS) countries.

Practical implications

For policy implications, the results suggest that reliance on institutions alone cannot project the continent to attract the needed FDI.

Originality/value

Empiricists have devoted considerable effort to estimating the relationship between institutions and FDI on the African continent, but this paper seeks to ascertain the effect of legal systems and institutional quality within African specific trade and regional blocks.

Details

International Journal of Law and Management, vol. 59 no. 5
Type: Research Article
ISSN: 1754-243X

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Book part
Publication date: 1 November 2008

Narjess Boubakri, Omrane Guedhami and Oumar Sy

This chapter investigates the role of macro corporate governance (legal and extra legal institutions) in determining the extent of ultimate excess control (i.e., the…

Abstract

This chapter investigates the role of macro corporate governance (legal and extra legal institutions) in determining the extent of ultimate excess control (i.e., the ownership-controls rights divergence of the ultimate owner) using a large sample of Asian and European companies. We find that the level of excess control is lower in countries with (1) good investor protection and better enforcement of information disclosure and (2) fairer competition laws, higher newspaper diffusion, and more regulated insider trading. Controlling for institutions subsumes the effect of firm-level determinants, as only leverage appears to be negatively and significantly related to excess control.

Details

Institutional Approach to Global Corporate Governance: Business Systems and Beyond
Type: Book
ISBN: 978-1-84855-320-0

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Book part
Publication date: 10 June 2019

Shauhin Talesh and Jérôme Pélisse

This article explores how legal intermediaries facilitate or inhibit social change. We suggest the increasing complexity and ambiguity of legal rules coupled with the…

Abstract

This article explores how legal intermediaries facilitate or inhibit social change. We suggest the increasing complexity and ambiguity of legal rules coupled with the shift from government to governance provide legal intermediaries greater opportunities to influence law and social change. Drawing from new institutional sociology, we suggest rule-intermediaries shape legal and social change, with varying degrees of success, in two ways: (1) law is filtered through non-legal logics emanating from various organizational fields and (2) law is professionalized by non-legal professionals. We draw from case studies in the United States and France to show how intermediaries facilitate or inhibit social change.

Details

Studies in Law, Politics, and Society
Type: Book
ISBN: 978-1-78973-727-1

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