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This paper aims to analyze the effects of internal and external governance mechanisms on the performance and risk taking of banks from the Euro zone before and after the 2008 financial crisis.

To avoid macroeconomic problems and shocks and because of data availability, the authors select some countries of the Euro zone, namely, France, Belgium, Germany and Finland, during the 2004-2009 period. These countries share similar macroeconomic environments (unemployment, inflation and economic growth rates). All the data relating to the banks are manually drawn from the supervising reports submitted to banks and are available on the banks’ websites and/or on that of the AMF website. The banks included in our sample are drawn from the list of European central banks on www.ecb.int

The empirical results show that banks undertake tradeoffs between different governance mechanisms to alleviate the intensity of the agency conflicts between the shareholders and managers. The findings also confirm that internal mechanisms and capital regulations are complementary and significantly impact bank performance.

This analysis can be extended through studying the interaction between bondholders’ governance and shareholders’ governance and their impact on the 2008 financial crisis.

The changes in banking governance help banks find a useful and necessary way to avoid ill-considered risks that can cause a systemic risk. Therefore, some conditions should be met so that banking governance can contribute to the economic development.

Culture and mentality of good banking governance must grow as much as possible through awareness-raising, training, promotion, recognition of performance, enhancing procedure transparency and stability of good banking governance and regulations, strengthening the national capacity to fight against corruption, and preventive mechanisms.

This paper complements previous studies, mainly those of Andres and Vallelado (2008) who examine the impact of the components of the board on banking performance and of Laeven and Levine (2009) who estimate the combined effect of regulatory and ownership structure on the risk-taking of each bank.

In this paper Dr Taylor outlines his proposals for a radical shake‐up of the UK's system for regulating financial services. Market developments over the last decade mean that the existing boundaries between regulators, which are based on the traditional distinctions between banking, securities, and insurance business, are no longer appropriate. Instead, the regulatory system needs to be configured around two government Commissions, pursuing the objectives of financial stability and consumer protection respectively.

The purpose of this study is to determine if the Brazilian electricity sector is differently affected by the characteristics of the content in the regulatory legislation.

For better robustness of the research, the authors analyzed the period from 1995 to 2013, totaling 4,510 observations. To this end, the selection of regulatory legislation was conducted through Markov regime switching. To identify the characteristics of profile and intensity of regulatory content in each legislation, we applied the content analysis technique.

The main findings of this study position this research in the vanguard regarding other research in the area by showing that all regulatory measures whose characteristics denote market profile of strong and medium intensity affect the risk of electric utilities in Brazil. As contribution from this research, it can be hypothesized that for provisional measures/laws events, the profile and intensity of regulatory content are relevant and have different impact on the risk of stocks and, therefore, should be considered in the design and development of public policies.

The paper investigates by means of content analysis, the profile and intensity characteristics of the content present in the regulatory legislation and to present the impact of these characteristics on the risk of the electric energy Sector in Brazil. The research results showed that it is not all regulatory events that impact the stock market. Therefore, regulatory risk estimates must consider the intensity and scope of each legislation, given that legislation with a higher regulatory content that seeks to modify the sector’s operating rules more deeply tends to have a greater impact on the risk of companies that operate in regulated sectors. Therefore, the paper shows originality and evolution for the researchers in the area, with new and significant information.

This article critically examines the multiple rationales for telecom, IT, media convergence regulation, on the one hand, and multisector utility regulation, on the other, and the practical questions of implementation they pose, with a view to contributing to informed policy and regulatory decisions. Both options involve substantive as well as procedural issues, not necessarily separable. The conditions that may affect the creation of convergence and multi‐sector regulation, ranging from underlying commonality of inputs and the behaviour of regulated firms to considerations that are specific to the regulatory process such as scarcity of regulatory resources and safeguards for regulatory independence, are examined. It is concluded that ICT and media convergence issues are primarily about improving the efficiency of market economies, and how changes in regulation can facilitate this process. Multi‐sector regulation issues are primarily about establishing the efficiency and effectiveness of regulation, so it can be a catalyst for network and economic development. They arise from an initial diagnosis of different problems, and represent different priorities and pathways to achieving a very similar set of development objectives.

This paper seeks to identify policy and regulatory bottlenecks that need to be overcome in order to stimulate private sector investment in backbone networks in selected African countries (Côte d'Ivoire, Ethiopia, Kenya, South Africa and Uganda).

It does so by exploring policy and regulatory frameworks and market structures that influence investment decisions on backbone infrastructure roll‐out; it investigates models and strategies adopted by the public sector to finance national backbone infrastructure; and it provides recommendations on how to stimulate private investment in backbone roll‐out by creating an enabling policy and regulatory environment.

Research findings show that the telecommunications sector in the selected African countries has witnessed the return of state‐led investment in the roll‐out of fibre backbones. The rationale for state‐led intervention has often been cited as market failure regarding investment in broadband backbone roll‐out. However, many of the policy and regulatory barriers to market entry remain, including protectionist legislation, which has limited private sector participation in investing in backbone.

The reality is that African governments are maintaining control over national backbones and, in some markets where the telecommunications infrastructure sector has been liberalised, the state‐owned operators may enter into direct competition with the private sector or may delay delivery by the private sector.

The value of the paper is that it provides evidence on how to improve the roll‐out and extension of national broadband backbone networks through the development of a policy and regulatory framework which facilitates private sector investment in this sector. The paper also makes recommendations to governments for the facilitation of private investment in backbone networks through the development of an enabling policy and regulatory environment.

This paper utilizes controversies over the role of a set of insecticides in mass honey bee die-offs in two different national contexts – France and the United States – in order to understand the science-state nexus in a comparative manner. On the one hand, the French government in 1999 and 2004 suspended the commercial use of the insecticidal products that beekeepers suspected of causing the honey bee declines. On the other hand, the US government has to date refused to heed beekeepers’ calls to limit the usage of the very same set of insecticides. We examine why the governments of France and the United States came to contrasting conclusions regarding broadly similar technoscientific issues. The divergent outcomes, we argue, are not simply the result of predetermined differences in the two states’ regulatory paradigms (with France being “precautionary,” and the United States adhering to a “sound science” approach), but are underpinned by divergent forms of beekeepers’ resistance. The paper further sheds light on non-state actors’ use of science and state to contest state (in)action by analyzing how historically influenced differences in state structures, the relational dynamics of beekeepers’ and farmers’ organizations, and the epistemic cultures of honey bee knowledge production, shaped different forms of resistance and influence in France and the United States.

This chapter provides comments and suggestions to the lawmaker, and especially to economic policy-makers in the field of the optimal regulatory framework and implementation of sustainable practices. The main findings are as follows: (1) degradation of the rule of law in several European Union (EU) Member States and constant political undermining of the legal institutions represent the main threat for the implementation of sustainable practices and development; (2) the golden regulatory rule of thumb provides that regulatory intervention is suggested merely in cases of market failures under the condition that the costs of such intervention do not exceed the benefits; (3) over-regulation might impede implementation of sustainable practices, distort the operation of the market, undermine productivity, diminish growth and social wealth and consequently also sustainability; (4) efficiency and wealth maximization should be the lawmaker’s leading normative principle in designing the legal framework that will enable effective implementation of sustainable practices; (5) the efficient level of harmonization or subsidiarity of decision-making in the EU urges for a rigorous investigation of costs and benefits of the EU top-down harmonization policies which should lead to a better, efficient vertical allocation of sustainability agenda between EU and the Member States; and (6) The Reflection Paper on Sustainable Development Goals – “Towards a Sustainable Europe in 2030” – represents an effective institutional framework in pursue of the overall sustainability targets.

On 4th January, 1996, Mr Michael Lawrence was dismissed from his position as chief executive of the Stock Exchange, instigating a wave of media interest in the decision‐making process of the Exchange. Generally, this media interest was not especially flattering to the Board of the Exchange; and there were wider concerns about the damage that may have been caused to the reputation and credibility of the City of London itself:

This study seeks to survey the current convergence of broadcasting and telecommunication, examine the policy questions that arise in Korea and present a review of current regulation in this field.

From a technical perspective, the convergence between telecommunications and broadcasting is emerging as both industries move towards digital standards. Yet, from a policy‐making perspective, convergence seems premature and may not be desirable. This study focuses in particular on the digital media broadcasting (DMB) service, which is currently being developed in Korea.

The paper suggests perspectives on forthcoming satellite DMB service developments, and the implications of this emerging technological breakthrough. The study indicates that current broadcasting‐based regulatory frameworks may tend to deter technological convergence and thus delay service introduction in the market.

The paper concludes with a new regulatory model with more consideration of service providers and users.

Complex systems adapt to survive, but little comparative literature exists on various approaches. Adaptive complex systems are generic, this referring to propositions concerning their bounded instability, adaptability and viability. Two classes of adaptive complex system theories exist: hard and soft. Hard complexity theories include Complex Adaptive Systems (CAS) and Viability Theory, and softer theories, which we refer to as Viable Systems Theories (VSTs), that includes Management Cybernetics at one extreme and Humanism at the other. This paper has a dual purpose distributed across two parts. In part 1 the purpose was to identify the conditions for the complementarity of the two classes of theory. In part 2 the two the purpose is to explore (in part using Agency Theory) the two classes of theory and their proposed complexity continuum.

Explanation is provided for the anticipation of behaviour cross-disciplinary fields of theory dealing with adaptive complex systems. A comparative exploration of the theories is undertaken to elicit concepts relevant to a complexity continuum. These explain how agency behaviour can be anticipated under uncertainty. Also included is a philosophical exploration of the complexity continuum, expressing it in terms of a graduated set of philosophical positions that are differentiated in terms of objects and subjects. These are then related to hard and softer theories in the continuum. Agency theory is then introduced as a framework able to comparatively connect the theories on this continuum, from theories of complexity to viable system theories, and how harmony theories can develop.

Anticipation is explained in terms of an agency’s meso-space occupied by a regulatory framework, and it is shown that hard and softer theory are equivalent in this. From a philosophical perspective, the hard-soft continuum is definable in terms of objectivity and subjectivity, but there are equivalences to the external and internal worlds of an agency. A fifth philosophical position of critical realism is shown to be representative of harmony theory in which internal and external worlds can be related. Agency theory is also shown to be able to operate as a harmony paradigm, as it can explore external behaviour of an agent using a hard theory perspective together with an agent’s internal cultural and cognitive-affect causes.

There are very few comparative explorations of the relationship between hard and soft approaches in the field of complexity and even fewer that draw in the notion of harmony. There is also little pragmatic illustration of a harmony paradigm in action within the context of complexity.