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Article
Publication date: 10 September 2021

Mohammad Moniruzzaman

Debate is growing around the expansion of risk-based regulation. The regulation scholarship provides evidence of regulatory failure of the risk-based approach in different…

Abstract

Purpose

Debate is growing around the expansion of risk-based regulation. The regulation scholarship provides evidence of regulatory failure of the risk-based approach in different domains, including financial regulation. Therefore, this paper aims to provide cautionary evidence about the risk of regulatory failure of risk-based strategy in the financial regulation while using enterprise risk management (ERM) as a meta-regulatory toolkit.

Design/methodology/approach

Based on interview data gathered from 30 risk managers of banks and five regulatory personnel, combined with secondary data, this study mainly explores the challenges for meaningful use of ERM based self-regulation in regulated banks. The evidence helps to assess the risk of regulatory failure of the risk-based regulation while using ERM.

Findings

The evidence reflects that regulated banks face diverse challenges arising from both peripheral and internal environments that limit the true internalization of ERM-based self-regulation. Despite this, the regulator uses this self-regulation as a meta-regulatory toolkit under the risk-based regulation to achieve the regulatory aims. However, the lack of true internalization of ERM based self-regulation is likely to raise the risk of regulatory failure of risk-based regulation to achieve the regulatory goals. Risk-based regulation is an evolving strategy in the regulatory regime. Therefore, care should be taken while using ERM as a regulatory toolkit before relying on it substantially.

Originality/value

The paper provides empirical insights about the challenges for effective use of ERM as a meta regulatory toolkit that might be useful practically both to the regulators and regulated firms.

Details

Asian Journal of Economics and Banking, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2615-9821

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Article
Publication date: 3 August 2021

Antony Rahim Atellu, Peter Muriu and Odhiambo Sule

This paper aims to establish the effect of bank regulations on financial stability in Kenya. Specifically, the study seeks to uncover the effect of micro and macro…

Abstract

Purpose

This paper aims to establish the effect of bank regulations on financial stability in Kenya. Specifically, the study seeks to uncover the effect of micro and macro prudential regulations on financial stability and their trade-offs or complementarities.

Design/methodology/approach

Using annual time series data over the period 1990–2017, the study uses structural equation model (SEM) estimation technique. This solves the problem of approximating measurement errors, using both latent constructs and indicator constructs.

Findings

Study findings reveal that macro and micro prudential regulations are significant drivers of financial stability. Further, prudential regulations are more effective when they complement each other.

Research limitations/implications

This study centers on how bank regulations affect financial stability. Future research could be carried out on the effect of Non-Bank Financial Institutions regulations on financial system stability.

Practical implications

Complementing macro and micro prudential regulation is more effective and efficient in ensuring stability of the financial system other than letting the two policy objectives operate independently.

Social implications

Regulatory authorities should introduce prudential regulations that would encourage innovations in the banking sector. This ensures easy deposit mobilization that enhances financial inclusion. Prudential regulations that ensure financial stability will be effective when low income earners are included in the financial system.

Originality/value

To the best of the authors’ knowledge, this study is the first to investigate the role of banking regulations on financial stability. This study is also pioneering in the use of SEM estimation technique, in examining how prudential regulations affect financial stability. Previous cross-country studies have focused on macro prudential regulations ignoring the importance of micro prudential regulations.

Details

Journal of Financial Regulation and Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 24 August 2021

Yueling Xu, Haijun Bao, Wenyu Zhang and Shuai Zhang

Recently, the concept of financial technology (FinTech) has attracted extensive attention from international organisations and regulators, in particular, how to achieve a…

Abstract

Purpose

Recently, the concept of financial technology (FinTech) has attracted extensive attention from international organisations and regulators, in particular, how to achieve a “win–win” situation between financial institutions' FinTech innovation and effective regulation has become a hot topic. This study purposes to explore the evolutionary game relationship between FinTech innovation and regulation by constructing both static and dynamic earmarking game models.

Design/methodology/approach

A simulation experiment was conducted using primary data obtained from a commercial bank in China.

Findings

The results of the theoretical analysis of evolutionary game models were consistent with the corresponding simulation results, proving the validity of the proposed evolutionary game models. It was also found that the dynamic earmarking game model was more stable and effective than the static earmarking game model in promoting FinTech innovation and regulation. Furthermore, when the regulators utilised a dynamic earmarking mechanism, the evolutionary path of financial institutions and regulators' behaviour strategies took the shape of a spiral and eventually converged to a central point, indicating the existence of an evolutionary stable strategy and Nash equilibrium. Finally, because the behaviour strategies of financial institutions were mainly influenced by the regulators' policies, the regulators were inspired to adjust the corresponding regulation policies on FinTech innovation.

Originality/value

This study bridges the knowledge gap in the existing literature on financial innovation and regulation, in particular by establishing evolutionary game models from the perspective of financial earmarking policies. Also, the case study for simulation experiments can gain a more intuitive insight into FinTech innovation and financial earmarking policies.

Details

Industrial Management & Data Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 24 June 2021

Zaiyang Xie, Liang Qu, Runhui Lin and Qiutong Guo

Environmental regulation is in a continuous state of intense change and modification amid the long-term tensions between environmental protection and economic growth. In…

Abstract

Purpose

Environmental regulation is in a continuous state of intense change and modification amid the long-term tensions between environmental protection and economic growth. In this article, the authors creatively investigate how fluctuations of environmental regulation influence a nation's economic growth while also examining the mediating effect of technological innovation.

Design/methodology/approach

Using sample data of 36 Organisation for Economic Co-operation and Development (OECD) countries from 2013 to 2018, environmental regulation is differentiated in two aspects of formal environmental regulation (FER) and informal environmental regulation (IER) and analyzed to assess the effects of regulatory fluctuations on investment and technological innovation.

Findings

The research results demonstrate that both FER fluctuation and IER fluctuation exert a significant negative impact on economic growth. These two fluctuations in environmental regulation increase uncertainty and unpredictable risks for corporations and investors, significantly stifling the willingness to contribute to innovation activities and leading to a diminished level of innovation. Technological innovation is revealed to have a mediating influence on the relationship of environmental regulation fluctuation to economic growth.

Originality/value

These findings enrich the research on the impact of environmental regulation from a dynamic, multinational perspective, contributing to the literature by exploring the relationships between environmental regulation fluctuation, technological innovation and economic growth at the OECD-country level.

Details

Journal of Enterprise Information Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0398

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Article
Publication date: 16 July 2021

Xiaoping Xu, Yugang Yu, Guowei Dou and Xiaomei Ruan

The purpose of this paper is to analyze the operational decisions of a manufacturer who produces multiple products and the government's selection of cap-and-trade and…

Abstract

Purpose

The purpose of this paper is to analyze the operational decisions of a manufacturer who produces multiple products and the government's selection of cap-and-trade and carbon tax regulations.

Design/methodology/approach

This paper explores the production decisions of a multi-product manufacturer under cap-and-trade and carbon tax regulations in a cap-dependent carbon trading price setting and compares carbon emission, the manufacturer's profits and social welfare under the two regulations. Game theory and extreme value theory are used to analyze our models.

Findings

First, the authors find that the optimal profit of the manufacturer (the optimal cap) increases and then decreases with the cap (the unit carbon emission of product). Second, if the environmental damage coefficient is moderate, the optimal cap of unit environmental damage coefficient is independent of the product carbon emission or other related product parameters. Ultimately, cap-and-trade regulation always generates more carbon emission than carbon tax regulation. And cap-and-trade regulation (carbon tax regulation) can generate more social welfare if the environmental damage coefficient is low (high), and the social welfare under the two regulations is equal to each other, or otherwise.

Originality/value

This paper contributes the prior literature by considering the inverse relationship of the allocated cap and the carbon trading price and discusses the social welfare under cap-and-trade and carbon tax regulations. Some important and new results are found, which can guide the government's implementation of the two regulations.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 22 July 2021

Akponanabofa Henry Oti, Peter Farrell, Fonbeyin Henry Abanda, Paul McMahon, Abdul-Majeed Mahamadu, Dingayo Mzyece, Adeyemi Ayodele Akintola and Nawal Prinja

The relatively low capital cost and contributions to mitigating global warming have favoured the continuous construction and operation of nuclear power plants (NPPs…

Abstract

Purpose

The relatively low capital cost and contributions to mitigating global warming have favoured the continuous construction and operation of nuclear power plants (NPPs) across the world. One critical phase in the operation of nuclear plants for ensuring the safety and security of radioactive products and by-products is decommissioning. With the advent of digital twinning in the building information modelling (BIM) methodology, efficiency and safety can be improved from context-focus access to regulations pertaining to demolition of structures and the cleaning-up of radioactivity inherent in nuclear stations. The purpose of this study, therefore, is to propose a BIM-driven framework to achieve a more regulation-aware and safer decommissioning of nuclear power plants.

Design/methodology/approach

The framework considers task requirements, and landscape and environmental factors in modelling demolition scenarios that characterise decommissioning processes. The framework integrates decommissioning rules/regulations in a BIM linked non-structured query system to model items and decommissioning tasks, which are implemented based on context-focussed retrieval of decommissioning rules and regulations. The concept’s efficacy is demonstrated using example cases of digitalised NPPs.

Findings

This approach contributes to enhancing improvements in nuclear plant decommissioning with potential for appropriate activity sequencing, risk reduction and ensuring safety.

Originality/value

A BIM-driven framework hinged on querying non-structured databases to provide context-focussed access to nuclear rules and regulations and to aiding decommissioning is new.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

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Article
Publication date: 1 January 1971

The Secretary of State for Social Services, in conjunction with the Treasury and with the concurrence of the Commissioners of Inland Revenue, in exercise of powers under…

Abstract

The Secretary of State for Social Services, in conjunction with the Treasury and with the concurrence of the Commissioners of Inland Revenue, in exercise of powers under sections 11(3), 14(1), 15, 59(8), 74(2) and 95(12) of the National Insurance Act 1965, and of all other powers enabling him in that behalf, after considering the report of the National Insurance Advisory Committee on the preliminary draft submitted to them in accordance with section 108 of that Act and for the purpose of consolidating the regulations hereby revoked, hereby makes the following regulations:—

Details

Managerial Law, vol. 9 no. 4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1971

The Secretary of State for the Environment, after consulting with the Advisory Committee established under the Radioactive Substances Act 1948, makes these regulations in…

Abstract

The Secretary of State for the Environment, after consulting with the Advisory Committee established under the Radioactive Substances Act 1948, makes these regulations in exercise of his powers under Section 5(2) and (3) of that Act, and under the Radioactive Substances Act 1948 Appropriate Minister Designation (No. 2) Order 1964, and of all other enabling powers:—

Details

Managerial Law, vol. 9 no. 4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 December 1967

The Minister of Social Security, in exercise of the powers conferred by sections 38(3), 39, 40(4), 41, 42, 50 and 54 of the National Insurance (Industrial Injuries) Act…

Abstract

The Minister of Social Security, in exercise of the powers conferred by sections 38(3), 39, 40(4), 41, 42, 50 and 54 of the National Insurance (Industrial Injuries) Act 1965, and section 75(2) of the National Insurance Act 1965, as amended by sections 8 and 9 of the National Insurance Act 1966, and of all other powers enabling her in that behalf and for the purpose only of consolidating the regulations hereby revoked, after consultation with the Council on Tribunals, hereby makes the following regulations:—

Details

Managerial Law, vol. 3 no. 3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 31 July 2014

Paul Gillis, Richard Petty and Roy Suddaby

The authors expect major shifts in thinking about the transnational regulation of accounting and how it will develop. This is a time for ideas as well as action. The…

Abstract

Purpose

The authors expect major shifts in thinking about the transnational regulation of accounting and how it will develop. This is a time for ideas as well as action. The global accounting profession must take a leading role in developing and presenting the case for the transnational regulation of accounting, in identifying new regulations, new ways of regulating, and new compacts between regulators and other stakeholders, and in framing the debate on the transnational regulation of accounting into the future. The academic community must bring intellectual rigor to thinking on the issues. The purpose of this paper is to put the case that there is a new research agenda to be formed by taking a view that combines existing work on the transnational regulation of accounting with a contemporaneous understanding of the forces for regulatory and professional change, and insight into the roles that various actors have assumed historically and will likely play going forward, so as to develop workable and sustainable models for the transnational regulation of accounting into the future.

Design/methodology/approach

This paper presents a view on why the transnational regulation of accounting is increasingly becoming more important and more relevant. The paper identifies several possible work streams and research questions, and also comments on the papers appearing in this AAAJ special issue.

Findings

The authors find that the transnational regulation of accounting is becoming more important and relevant and identify drivers of this. The authors also suggest that self-regulation comes from professionalization, that systems of professional self-regulation (or co-regulation) at the national level have been transformed into the systems of global self-regulation. Also there is a growing level of scholarly engagement with transnational regimes of accounting regulation and the emerging portrayal of such regimes as arenas characterized by multiple actors, agendas, and strategies of influence.

Originality/value

Promotes a greater awareness and understanding of the importance of the transnational regulation of accounting, showcases recent work that demonstrates the breadth and depth of what is being done and of what needs to be done in the transnational regulation of accounting, identifies some of the key issues and imperatives for the transnational regulation of accounting.

Details

Accounting, Auditing & Accountability Journal, vol. 27 no. 6
Type: Research Article
ISSN: 0951-3574

Keywords

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