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This study investigates the correlation between financial inclusion and legal system quality.
Abstract
Purpose
This study investigates the correlation between financial inclusion and legal system quality.
Design/methodology/approach
Pearson correlation analysis was used to assess the correlation between financial inclusion and legal system quality.
Findings
The author finds evidence for a positive correlation between financial inclusion and legal system quality. The findings suggest that improvements in legal system quality go hand in hand with improvements in the level of financial inclusion. More specifically, higher supply of ATM per 100,000 adults is correlated with stronger insolvency resolution framework among G7, European and non-European countries. Also, the number of bank branch per 100,000 adults is positively correlated with strong rule of law and legal rights in non-European countries. Also, the number of ATMs per 100,000 adults is positively correlated with strength of insolvency resolution framework and negatively correlated with the time it takes to resolve insolvency before, during and after the global financial crisis.
Originality/value
No study has explicitly analyzed the correlation between financial inclusion and legal system quality. This present study contributes to the literature by filling this research gap.
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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 find that…
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.
Steven E. Abraham, Michael S. Spencer and Eloise L. Monk
The practice of law is under pressure from various sources. Economics is one such source. The number of licensed lawyers is growing rapidly at a time when other disciplines are…
Abstract
The practice of law is under pressure from various sources. Economics is one such source. The number of licensed lawyers is growing rapidly at a time when other disciplines are threatening areas of practice that were once the sole province of lawyers. Another pressure on the profession comes from the courts which are in some instances attempting to reduce legal fees. Thus, a question arises as to whether law firms may be implementing TQM techniques developed by other disciplines and by the few law firms which are leading the way for change. To answer that question a survey of Iowa law firms was conducted. The survey was sent to 100 law firms in Iowa in an attempt to determine the extent to which these firms are adopting TQM in an effort to reduce costs and increase efficiency. The research in this exploratory study shows that Iowa lawyers are not embracing even simple means of increasing efficiency such as employing paraprofessionals and upgrading employees’ skills.
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This paper examines the rise of electronic‐commerce and its implications for quality and service delivery with particular reference to its impact on legal services. E‐commerce is…
Abstract
This paper examines the rise of electronic‐commerce and its implications for quality and service delivery with particular reference to its impact on legal services. E‐commerce is growing at a phenomenal rate with more organisations offering their goods and services on‐line every day. Importantly, this growth is being matched by the number of people gaining access to the Internet in a variety of ways. E‐commerce offers both opportunities and threats to law firms. The main threat is identified as coming from on‐line competitors offering reduced prices and higher customer services. This competition is forcing law firms to change their attitude to new technology generally and the Internet in particular. A Web presence allows legal practices to be more transparent and to offer greater access to information to customers by way of improving their services. This improved communication may lead to a reduction in complaints against solicitors. The paper concludes that the Internet will have a profound effect on the way private law firms conduct business.
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Walaa Wahid ElKelish and Jon Tucker
The purpose of this paper is to investigate the relationship between the quality of property rights institutions (PRIs) and bank financial performance in an empirical study of 136…
Abstract
Purpose
The purpose of this paper is to investigate the relationship between the quality of property rights institutions (PRIs) and bank financial performance in an empirical study of 136 countries over the period 1999-2006.
Design/methodology/approach
The quality of PRIs and financial accounting-based measures of bank performance are obtained from the Economic Freedom of the World Project (Gwartney et al., 2006), the Polity IV Project, the World Bank data indicators database, and the International Monetary Fund. Several multiple regression analyses are conducted to test the study hypotheses.
Findings
The results reveal that the quality of legal structure and security of PRIs positively (negatively) affects both bank cost efficiency (inefficiency) and profitability. The presence of a quality political structure negatively (positively) affects bank cost efficiency (inefficiency). The quality of political structure has no direct impact on bank profitability. The impact of PRIs on bank cost efficiency is more evident in the upper middle and high income group of countries than in the low and lower middle income group of countries. An appropriate level of PRI quality is essential to achieve both competition and development.
Practical implications
The paper highlights policy implications for international policy makers, regulators, and the management of banks who are interested in banking sector development across countries.
Originality/value
The study investigates the fundamental importance of PRI quality in its effect on the banking sector and extends the largely US-focused literature to a broader international setting.
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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.
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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.
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Vidhya Sathyamoorthy and Tuck Cheong Tang
The purpose of this paper is to examine the influence of institutional quality on the export-led growth (ELG) with global evidence of a panel of 119 countries.
Abstract
Purpose
The purpose of this paper is to examine the influence of institutional quality on the export-led growth (ELG) with global evidence of a panel of 119 countries.
Design/methodology/approach
The research framework looks at the role of exports in promoting growth via. good institutional quality. The methods of testing are panel data approach of causality, and fixed and random effects models.
Findings
Empirical results show that good Institutional quality mediates the ELG relationship in general, and middle income group in specific. The legal institutional quality has significant positive impact, whereas political and economic institutional quality have significant negative impact on ELG for all sampled countries.
Research limitations/implications
The Kuncic’s (2014) institutional quality data are annually available between 1990 and 2010. Therefore, time series analysis for individual country is bias with 21 observations. And, this study ignores other potential variables such as capital, labor, real exchange rate, and so on, may possibly contribute to omitted-variables bias.
Practical implications
Policymakers may well utilize institutional quality reforms either in terms of improving existing institutional quality or enhancing “second-best” institutions as a policy instrument to reap success from export-oriented growth strategies.
Originality/value
Existing studies on ELG have ignored institutional quality as a relevant variable. It looks at the three institutional quality indicators, namely political, economic, and legal in ELG framework.
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Xiaoxian Yang, Zhifeng Wang, Qi Wang, Ke Wei, Kaiqi Zhang and Jiangang Shi
This study aims to adopt a systematic review approach to examine the existing literature on law and LLMs.It involves analyzing and synthesizing relevant research papers, reports…
Abstract
Purpose
This study aims to adopt a systematic review approach to examine the existing literature on law and LLMs.It involves analyzing and synthesizing relevant research papers, reports and scholarly articles that discuss the use of LLMs in the legal domain. The review encompasses various aspects, including an analysis of LLMs, legal natural language processing (NLP), model tuning techniques, data processing strategies and frameworks for addressing the challenges associated with legal question-and-answer (Q&A) systems. Additionally, the study explores potential applications and services that can benefit from the integration of LLMs in the field of intelligent justice.
Design/methodology/approach
This paper surveys the state-of-the-art research on law LLMs and their application in the field of intelligent justice. The study aims to identify the challenges associated with developing Q&A systems based on LLMs and explores potential directions for future research and development. The ultimate goal is to contribute to the advancement of intelligent justice by effectively leveraging LLMs.
Findings
To effectively apply a law LLM, systematic research on LLM, legal NLP and model adjustment technology is required.
Originality/value
This study contributes to the field of intelligent justice by providing a comprehensive review of the current state of research on law LLMs.
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Brooke Doyle, Lynn Silipigni Connaway and Lesley A. Langa
OCLC Research conducted a global survey focusing on libraries’ strategic goals that incorporate five of the United Nations Sustainable Development Goals (SDGs) where libraries…
Abstract
OCLC Research conducted a global survey focusing on libraries’ strategic goals that incorporate five of the United Nations Sustainable Development Goals (SDGs) where libraries could have the greatest impact. More than 1,700 library staff completed the survey and identified how they were integrating these five SDGs [Quality Education (SDG 4), Decent Work and Economic Growth (SDG 8), Reduced Inequality (SDG 10), Peace, Justice and Strong Institutions (SDG 16), and Working in Partnership to Achieve the Goals (SDG 17)] in their strategic framework and the activities that staff undertook as part of their overall mission.
Results from the survey combined with other projects provide examples of how the SDGs inform library strategic planning and how the library staff’s activities impact sustainable development in their communities. Quality education (SDG 4) was the top goal that respondents believe libraries can impact through community training and classes. Public libraries also often are the main source of credible information and facts in a community.
This commitment to quality education and credible information is demonstrated in the role libraries play in helping community members to access legal information. This chapter describes several different partnerships where libraries are important connectors to legal information which often can be life changing to the community, such as providing information on how to expunge a criminal record to obtain employment.
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