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Article
Publication date: 1 January 1978

DAVID MCNICOL and ALMARIN PHILLIPS

INTRODUCTION During the past dozen years a relatively large theoretical literature has grown out of the models proposed by Averch‐Johnson (2) and, to a lesser extent, Wellisz…

Abstract

INTRODUCTION During the past dozen years a relatively large theoretical literature has grown out of the models proposed by Averch‐Johnson (2) and, to a lesser extent, Wellisz (90). Averch‐Johnson (here‐after A‐J) pointed out the now famous overcapitalization effect‐that a monopoly subject to rate of return regulation has an incentive to use more than the cost minimizing value of capital. The A‐J model was at first regarded as simply a theoretical explanation of what was long thought to be a significant cost of regulation. After languishing in this state for several years, the model achieved some popularity as a vehicle for theoretical explorations of various aspects of rate regulation. To date, the A‐J model has given rise to nearly forty papers on what has come to be called “the theory of regulatory constraint.”

Details

Studies in Economics and Finance, vol. 2 no. 1
Type: Research Article
ISSN: 1086-7376

Article
Publication date: 21 November 2023

Rahman Ullah Khan, Karim Ullah and Muhammad Atiq

This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated…

Abstract

Purpose

This study aims to synthesize the existing literature with insights gained from interviews conducted with regulatory experts. The objective is to analyse the challenges associated with incorporating cryptocurrencies into regulatory frameworks and to explore constraints in the regulatory institutionalization of cryptocurrencies.

Design/methodology/approach

The study methodology consists of two steps. The first step is to identify regulatory constraints in the literature review and in the next step, interviews are conducted with officials of the State Bank of Pakistan (SBP). The study used a qualitative case study methodology, in which a single case (regulatory constraint) was selected as a unit of analysis.

Findings

The findings show that lack of traceability, legal status, lack of governmental control due to decentralization, difficulty enforcing laws, volatility, lack of skills with regulators and difficulty integrating cryptocurrencies into the current financial system are the main obstacles to the introduction of a regulatory framework. Thus, on a broader conceptual level, the findings can be grouped into opportunism, lack of strategic capability and fragmented global laws.

Research limitations/implications

This study could inform global cryptocurrency regulation discussions, sharing a developing country’s views on balancing the government, central banks, the financial sector and public interests. This could guide countries to consider cryptocurrency adoption in similar situations. This could affect the cryptocurrency market, impacting demand, supply and investor trust in Pakistan.

Practical implications

The study has implications for policy making officials. The research aims to offer valuable insights to the SBP and other regulatory authorities, helping them identify potential risks and create an effective regulatory framework for cryptocurrencies.

Social implications

The study has implications for society in knowing about the volatile nature of cryptos and anonymity of their issuers, which poses regulatory constraints. This then implies its harmfullness to its traders and the huge losses that may arise from their trading due to its volatile nature.

Originality/value

This study contributes to the literature on the constraints, responsibilities and consultation framework of cryptocurrency regulations.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 25 January 2008

Annemijn van Gorp and Chris Morris

Wi‐Fi technologies enable small‐scale, bottom‐up development of community networks in (rural) under‐serviced areas in developing countries. The purpose of this paper is to

Abstract

Purpose

Wi‐Fi technologies enable small‐scale, bottom‐up development of community networks in (rural) under‐serviced areas in developing countries. The purpose of this paper is to examine: the constraints and opportunities that small Wi‐Fi providers have faced to date in their endeavors to develop Wi‐Fi community networks in South Africa; and the extent to which the newly introduced Electronic Communications Act of 2006 might alleviate any of the constraints.

Design/methodology/approach

Through interviews and document analysis the paper analyzes regulations and license application procedures in South Africa, and exemplifies the impact of both through discussion of experiences of a municipal and small private Wi‐Fi provider.

Findings

While formal regulation prohibits community network deployment due to low power limits and restriction of the use of Wi‐Fi within private premises, informal regulatory constraints as a result of lack of clarity on licensing requirements as well as time‐consuming application processes further prevent small Wi‐Fi providers from entering the market. In order to further stimulate universal access strategies, regulators may find incentives to ease these constraints, particularly as innovations in wireless technologies will continue to increase bottom‐up development of ICT networks by small local entrepreneurs. These entrepreneurs, without extensive expertise in law and regulation, will increase the burden and workload of regulators that, particularly in developing countries, frequently face under‐capacity.

Originality/value

This paper extends the debate about spectrum‐licensing barriers for Wi‐Fi community network development in developing countries by providing insight into not only formal but also informal regulatory constraints that impede Wi‐Fi community network provision.

Details

info, vol. 10 no. 1
Type: Research Article
ISSN: 1463-6697

Keywords

Article
Publication date: 1 October 2018

Bakari Maligwa Mohamed, Geraldine Arbogast Rasheli and Leonada Rafael Mwagike

The purpose of this study was to identify and assess the regulatory and institutional constraints in managing procurement records in Tanzania’s procuring entities.

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Abstract

Purpose

The purpose of this study was to identify and assess the regulatory and institutional constraints in managing procurement records in Tanzania’s procuring entities.

Design/methodology/approach

This study used a mixed study design. There were explorative case study and questionnaire survey study methods used sequentially. In total, 15 procuring entities were used for exploratory case study, while 200 respondents were administered with questionnaires. A 75 per cent response rate was realised.

Findings

Results indicated that management and care of procurement records is constrained by regulatory and institutional constraints. The identified and assessed constraints were inter alia: incapacity of institutional actors, inadequate regulatory and institutional arrangements, inadequacy of storage space, equipment and facilities and insufficiency of security and safety measures.

Research limitations/implications

This research focussed on the procuring entities found in Dar es Salaam, which accounts for 40.72 per cent of the total procuring entities in Tanzania. Based on this, the generalisation of research findings can be sought in that particular context.

Practical implications

Findings imply that procurement records management and care is highly influenced by the constraining factors that hinder efficient records keeping in most procuring entities in Tanzania.

Social implications

Majority of procurement management units and user departments’ staff were found to possess inadequate knowledge, skills and competences in management and care of procurement records. The procuring entities should ensure that procurement staffs are trained in records and archives management practices.

Originality/value

This study contributes towards adding knowledge to the existing body of knowledge on the procurement records and archives management systems.

Details

Records Management Journal, vol. 28 no. 3
Type: Research Article
ISSN: 0956-5698

Keywords

Open Access
Article
Publication date: 6 April 2021

Valter Shuenquener de Araújo

The purpose of this paper is to debate on how to achieve, in countries that have invested in the North American model of the regulatory state, the greatest efficiency in creating…

Abstract

Purpose

The purpose of this paper is to debate on how to achieve, in countries that have invested in the North American model of the regulatory state, the greatest efficiency in creating norms for the organization of public and private activities in order to guarantee the autonomy and technical impartiality required for the proper functioning of regulatory agencies.

Design/methodology/approach

This paper describes the development of the legal framework regarding regulatory agencies in Brazil. The research was based on bibliographical data, media reports, and the Brazilian Supreme Court decisions.

Findings

The regulation dissemination through regulatory agencies in Brazil has given rise to a series of controversies concerning the limits of their performance and the extent of their technical discretion. According to the findings, it is concluded that these independent agencies should be guided by the following four pillars: (1) the legal rule of fixed-term in office; (2) the principle of lesser control intensity (deference) of the agency acts; (3) the prohibition of contingency of agencies’ budgetary resources; and (4) the prohibition of agency powers suppression. Otherwise, the institutional capacity of agencies will be diminished and their neutral action in technical matters will be compromised.

Originality/value

This paper shows how enhanced autonomy and technical impartiality can be useful for better regulatory governance in other countries, preventing them from suffering from the same problems that have occurred in Brazil.

Details

Public Administration and Policy, vol. 24 no. 1
Type: Research Article
ISSN: 1727-2645

Keywords

Article
Publication date: 28 August 2019

Donna F. Davis, Beth Davis-Sramek, Susan L. Golicic and Teresa M. McCarthy-Byrne

Utilizing a top-down approach of middle-range theorizing (MRT), the purpose of this paper is to integrate relational exchange with institutional theory to examine how companies…

Abstract

Purpose

Utilizing a top-down approach of middle-range theorizing (MRT), the purpose of this paper is to integrate relational exchange with institutional theory to examine how companies manage supply chain relationships to achieve desired supply chain outcomes in industries characterized by varying degrees of regulatory mandates that restrict the choice of supply chain partners. The authors identify this supply chain relationship dynamic as constrained choice.

Design/methodology/approach

A moderated mediation model is tested using survey data from producers in the US wine industry to investigate the effects of regulatory pressure on the ability of wine producers to achieve operational coordination when responding to relational behaviors through either trust or calculative commitment.

Findings

Results find that relational behaviors can improve operational coordination through two distinct paths: trust or calculative commitment. With the moderating effect of regulatory pressure, relational behaviors more effectively facilitate operational coordination through trust. Alternately, regulatory pressure attenuates the mediated relationship through calculative commitment.

Research limitations/implications

The research introduces constrained choice dynamics into the supply chain relationship literature via MRT. Integrating generative mechanisms from relational exchange and institutional theories provides theoretical depth and context-specific knowledge about relationships that operate in constrained choice situations.

Practical implications

Managers impacted by constrained choice should recognize that mechanisms typically resulting in positive relationship outcomes may respond differently in the presence of regulatory constraints. With greater regulatory pressure, efforts to enhance operational coordination are more effective using relational mechanisms to build trust. When trust is diminished, calculative commitment can be effective in achieving operational coordination, although extensive regulations make it more difficult.

Originality/value

Previous research traditionally assumes that managers are free to select suitable trading partners that ensure mutually beneficial relationships. The research develops a middle-range theory examining the constrained choice dynamic in relationships that are impacted to varying degrees by regulatory institutions.

Details

The International Journal of Logistics Management, vol. 30 no. 4
Type: Research Article
ISSN: 0957-4093

Keywords

Article
Publication date: 2 March 2010

Stan Uryasev, Ursula A. Theiler and Gaia Serraino

New methods of integrated risk modeling play an important role in determining the efficiency of bank portfolio management. The purpose of this paper is to suggest a systematic…

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Abstract

Purpose

New methods of integrated risk modeling play an important role in determining the efficiency of bank portfolio management. The purpose of this paper is to suggest a systematic approach for risk strategies formulation based on risk‐return optimized portfolios, which applies different methodologies of risk measurement in the context of actual regulatory requirements.

Design/methodology/approach

Optimization problems to illustrate different levels of integrated bank portfolio management has been set up. It constrains economic capital allocation using different risk aggregation methodologies. Novel methods of financial engineering to relate actual bank capital regulations to recently developed methods of risk measurement value‐at‐risk (VaR) and conditional value‐at‐risk (CVaR) deviation are applied. Optimization problems with the portfolio safeguard package by American Optimal Decision (web site: www.AOrDA.com) are run.

Findings

This paper finds evidence that risk aggregation in Internal Capital Adequacy Assessment Process (ICAAP) should be based on risk‐adjusted aggregation approaches, resulting in an efficient use of economic capital. By using different values of confidence level α in VaR and CVaR, deviation, it is possible to obtain optimal portfolios with similar properties. Before deciding to insert constraints on VaR or CVaR, one should analyze properties of the dataset on which computation are based, with particular focus on the model for the tails of the distribution, as none of them is “better” than the other.

Research limitations/implications

This study should further be extended by an inclusion of simulation‐based scenarios and copula approaches for integrated risk measurements.

Originality/value

The suggested optimization models support a systematic generation of risk‐return efficient target portfolios under the ICAAP. However, issues of practical implementation in risk aggregation and capital allocation still remain unsolved and require heuristic implementations.

Details

The Journal of Risk Finance, vol. 11 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 16 May 2023

Nandun Madhusanka Hewa Welege, Wei Pan and Mohan Kumaraswamy

Despite carbon reduction commitments, many constraints hinder the delivery of low-carbon buildings (LCBs) in high-rise high-density cities. The collaborative commitment of…

Abstract

Purpose

Despite carbon reduction commitments, many constraints hinder the delivery of low-carbon buildings (LCBs) in high-rise high-density cities. The collaborative commitment of relevant stakeholders is vital to effectively address and mitigate these constraints. Hence, this study aims to comprehensively explore the required stakeholder collaboration attributes to address and mitigate the “common” constraints of delivering LCBs by focussing on several high-rise high-density cities.

Design/methodology/approach

A list of 21 “significant and common” constraints was identified through a systematic literature review followed by a questionnaire survey covering five economies (Hong Kong, Singapore, Australia, Qatar and the UAE). Nineteen influential stakeholders/stakeholder categories were identified through the literature, and their ability to influence the 21 constraints was mapped and identified through a two-round Delphi survey of 15 experienced professionals. The Delphi survey findings were analysed through social network analysis (SNA) methods to assess the stakeholder engagement and collaboration attributes.

Findings

The SNA results revealed the ability of stakeholders to influence the constraints, required collaborative stakeholder networks to address the constraints, significance of stakeholders according to the SNA centrality measures, core and periphery stakeholders and individual co-affiliation networks of core stakeholders.

Originality/value

While achieving the planned primary target of exploring stakeholder collaboration and their significance through SNA, this study also presents a useful sequential methodological approach for future researchers to conduct similar studies in different contexts. The findings also provide a foundation for accelerating the delivery of LCBs by strengthening stakeholder collaboration.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 3 June 2014

P.K. Viswanathan, M. Ranganatham and G. Balasubramanian

Asset liability management is a multi-dimensional set of activities. Against this backdrop, the purpose of this paper is to build a goal programming model for optimally…

Abstract

Purpose

Asset liability management is a multi-dimensional set of activities. Against this backdrop, the purpose of this paper is to build a goal programming model for optimally determining the asset allocation and liability composition for Indian Banks.

Design/methodology/approach

The conceptual model framework has been developed and then tested for four banks that typically represent the Indian banking sector. Published balance sheet data were used for the model that span over 1995-2009. The veracity of the model has been tested in terms of its ability to project the optimum asset allocation and liability composition for the year 2010.

Findings

The model has been able to generate the optimum asset and liability mix that meets the goals set on the key drivers. The solution provided is realistic and compatible with the actual figures. Sensitivity analysis including current and savings account and interest rate changes has been successfully performed to study impact they cause on profitability.

Research limitations/implications

The model provides an overall approach to asset allocation and liability composition based on past data reflecting the preferences and priorities of the banks with regard to their outlook on setting targets. This may change. The variables like return and risk are stochastic in nature.

Practical implications

The model demonstrated in this paper would be useful to the policy makers in any bank for decision support and planning in view of its ability to incorporate a large number of constraints. Changes in profit could be instantaneously captured through sensitivity analysis.

Originality/value

The goal programming model used here is invariant to the type of bank and year of consideration.

Details

Managerial Finance, vol. 40 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 9 January 2024

Salwa Bin Idrees, Syed Musa Alhabshi, Ashurov Sharofiddin and Anwar Hasan Abdullah Othman

The purpose of this study is to frame the dimensions of the external institutional environment, namely, cultural-cognitive, normative and regulative dimensions as the main actors…

Abstract

Purpose

The purpose of this study is to frame the dimensions of the external institutional environment, namely, cultural-cognitive, normative and regulative dimensions as the main actors in the organisational field. More precisely, Libyan commercial banks have been identified as empirical evidence, to identify constraints of the institutional environment governing the behaviour and decision-making of commercial banks, when adopting Islamic financial transactions.

Design/methodology/approach

A questionnaire has been designed for 14 Libyan commercial banks which is distributed to the Board of Directors, managers, directors of departments, and personnel. The exploratory factor analysis (EFA) and the measurement model by using the first-order and second-order confirmatory factor analysis (CFA) have been applied as essential steps to embody the conceptual framework and test the research hypotheses.

Findings

The results of the EFA indicated sufficient correlation among the dimensions of the external environment. The CFA supported this study’s hypotheses. The modelling showed that the cultural-cognitive, normative and regulative dimensions are institutional constraints impeding Libyan commercial banks’ adoption of Islamic financial transactions. Interestingly, the findings of the CFA align with the EFA findings in supporting the conceptual framework of the research. They portrayed that the cultural-cognitive dimension has been identified by explicit and implicit cognition.

Originality/value

This study systematically embodies the dimensions of the external institutional environment, namely, cultural-cognitive, normative and regulative dimensions, as the main factors in the organisational field to be conceptually rich lenses to investigate social considerations to reinforce institutional thought broadly. The results of this study were consistent with extant Islamic financial literature, reflecting symmetry and similarity across commercial banks, particularly at the first stage of adopting Islamic financial transactions.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

1 – 10 of over 20000