Search results

We argue that the proliferation of governance in the public sector has raised questions regarding individual constitutional rights. While some proclaim cost savings and entrepreneurial solutions to vexing social ills, others suspect that these benefits donʼt outweigh the risk of diminished accountability and the loss of constitutional protection over public service production. We propose a new model to examine the relationships between direct government, governance, public value, and public law value. We apply this model to analyze two landmark Supreme Court cases and one contemporary federal appellate court case to explore the ongoing tension between the governance model and public service production. Our findings suggest that enforcible contract language and public-private entwinement can be used as tools to protect constitutional rights in the face of increasing pressure of governance approaches.

The purpose of this paper is to examine the macroeconomic drivers of stock market development in Hong Kong during the period 1992Q4-2016Q3. Specifically, it investigates the impact of banking sector development, economic growth, inflation rate, exchange rate, trade openness and stock market liquidity on stock market development.

This paper uses quarterly time-series data covering the period 1992Q4-2016Q3, which have been obtained from various reliable sources. The study uses the autoregressive distributed lag bounds testing procedure to identify both the long- and short-run macroeconomic drivers of stock market development in Hong Kong.

We find that banking sector development and economic growth have positive impacts on stock market development, whereas the inflation rate and the exchange rate have negative impacts on stock market development both in the long and short run. In addition, the results show that trade openness has a positive long-run impact but a negative short-run impact on stock market development.

Despite the phenomenal growth of stock market in Hong Kong, there are, to the best of the authors’ knowledge, no relevant studies on the macroeconomic drivers of stock market development in Hong Kong. Therefore, this paper endeavours to enrich the literature by examining the macroeconomic drivers of stock market development in Hong Kong during the period 1992Q4-2016Q3.

The purpose of this paper is to empirically investigate universal banks as an important source of external funding and their effects on borrowing firms’ innovation outputs.

The authors employ regression analyses including a difference-in-difference approach and a two-sided matching method to ensure the robustness of the findings. The authors further explore some potential channels and boundary conditions for the main findings.

The authors find that borrowing from universal banks is negatively associated with the quantity of firm innovation, but not the quality of firm innovation. The authors document that borrowing firms reduce their R&D expenditures and rely more on external partners to produce innovation outputs after loan originations from universal banks. The negative relation between universal bank lending and the quantity of firm innovation is more prominent for unrelated innovation and for financially constrained firms.

The evidence reveals that universal banks may use their informational advantage and market power to limit their corporate borrowers’ investment in innovation activities.

The paper extends the line of research on the source of financing and firm innovation, and establishes a robust relationship between capital market and product market.

The purpose of this paper is to examine how corporate governance affects performance of firms in the non‐traditional export (NTE) sector in Ghana.

Panel data covering the ten‐year period 1995‐2004 were analyzed within the generalized least squares (GLS) framework.

For efficient performance, firms in the NTE sector in Ghana should have indigenous ownership and must ensure more non‐executive directors on their boards.

More indicators of corporate governance are needed, due to the fact that corporate governance embraces a broader set of indicators.

There are practical implications for both academics and practitioners.

Provides an examination of the link between corporate governance and the performance of the NTE sector, which has hitherto not been researched.

The purpose of this paper is to argue that philosophic and administrative thought have enframed (Heidegger, 1977) us to unconsciously accept technology in public administration and the bureaucracy.

It builds on literature in phenomenology.

It discusses the implications of this phenomenon for organizational decision-making, management, and governance more broadly.

It questions whether we should utilize video technology in policing, and examine technology as good or bad before implementing it.

Most of the critiques of technology were in the early 1990s. This paper attempts to explain why we implicitly accept technology, links the philosophy of Immanuel Kant to Herbert Simon, and articulates how technology shapes our thinking.

The purpose of this study is to examine the determinants of capital structure decisions of small and medium enterprises (SMEs) in Ghana. The issue is very relevant considering that SMEs have been noted as important contributors to the growth of the Ghanaian economy.

Regression model is used to estimate the relationship between the firm level characteristics and capital structure measured by long‐term debt and short‐term debt ratios.

The results of the study suggest that variables such as firm's age, size, asset structure, profitability, and growth affect the capital structure of Ghanaian SMEs. Short‐term debt is found to represent an important financing source for SMEs in Ghana.

The findings of this study have important implications for policy makers and entrepreneurs of SMEs in Ghana.

The purpose of this paper is to identify the place of kleptocracy and foreign corruption within the broader framework of financial crime. This facilitates understanding the importance of kleptocracy and foreign corruption as social problems. Two other aims are to better understand the most problematic components of a kleptocratic network and the most effective combatants of that network. A subsequent goal is to offer solutions from a broad range of interventions, including policy, technology, education, research and collaborative efforts.

Theoretical economic concepts are used to analyze the importance of kleptocracy and foreign corruption. A small in-depth survey of 15 experts is conducted to identify the most problematic components of kleptocratic networks and the most effective combatants of those networks. The proposed solutions are based on a combination of argumentation, econometric developments, application of trends in related fields and material from in-depth surveys.

This paper identifies kleptocracy and foreign corruption as one of the most, if not the most, devastating financial crime according to its impact on the total marginal utility of wealth. Experts identify foreign kleptocrats or corrupt foreign government officials as the most problematic entities in kleptocratic networks and the most effective combatant is identified as the US Department of Justice. By adding up fines and asset forfeiture related to corruption, penalties are found to be a small fraction of the problem in terms of monetary magnitude.

The paper does not attempt to make causal claims because of the nature of the paper’s purpose and methodology.

The paper offers suggestions and methods for academic researchers who may wish to pursue a research agenda that is empirical and forensic with the aim of combatting kleptocracy and foreign corruption. The paper describes how information on kleptocracy and foreign corruption can be implemented into business and economics curriculum.

Kleptocracy and foreign corruption are important problems, and creative solutions are desperately needed.

The paper shows how understanding and combatting kleptocracy and foreign corruption can be considered an interdisciplinary activity, touching on fields including technology, economics, business, ethics, education, law, policy, statistics and research methods.

The degree and impact of competitiveness in the banking sector is of great importance as this has great impact on the financial system and the wider economy. A question of interest here is, does competition in the commercial banking sector boost or hamper economic growth. The purpose of this paper is to test the hypothesis that competitiveness in commercial banking is linked to economic growth.

The authors use the Boone (2008) indicator to estimate competitiveness of banking markets in ten frontier countries in Africa from 2005 to 2012. This model measures banking competitiveness by assessing the relationship between relative marginal costs and relative market share. Through a panel data model, the authors examine the effect banking sector competitiveness has on economic growth.

The results of Boone (2008) indicator suggest that, to a greater extent, banks in the countries studied have a competitive banking sector. The results of the panel data estimation support the hypothesis that banking sector competition impacts positively on economic growth.

The paper recommends for more policy geared towards enhancing bank competition. This is because competitive banking system will allocate resources more efficiently to improve economic growth.

To the best of the authors’ knowledge, this is the first study to test the link between bank competition and economic growth in a cross-section of Frontier African countries.

The article examines the possible long-run and short-run impact of regulatory quality on stock market performance in Nigeria for 1996–2019 period.

The study adopts autoregressive distributed lag (ARDL) bounds test and cointegrating regression techniques.

Findings reveal that regulatory quality positively and significantly influences the performance of stock market, which strengthens the view that market-enhancing governance can engender an improvement in stock market performance. The study further demonstrates that quality of the regulatory environment is a critical component of market operations, since the improvement of the operation of stock market performance depends on appropriate policy measures, which could be the outcome of improved governance.

It is suggested that, while improving the institutional environment is a challenge to regulators, there is need for strong and effective regulatory mechanism to enhance the development of stock market in the country.

Based on the two competing hypotheses and limited attention, previous studies accorded the role of regulatory quality in the performance of stock market in the context of Nigeria. This study assessed the gap in the literature by taking the task of validating the impact of regulatory quality on stock market development.