{"title":"The Effects of Land Registration on Financial Development and Economic Growth: A Theoretical and Conceptual Framework","authors":"F. Byamugisha","doi":"10.1596/1813-9450-2240","DOIUrl":"https://doi.org/10.1596/1813-9450-2240","url":null,"abstract":"The author develops a theoretical framework to guide empirical analysis of how land registration affects financial development and economic growth. Most conceptual approaches investigate the effects of land registration on only one sector, nut land registration is commonly observed to affect not only other sectors but the economy as a whole. The author builds on the well-tested link between secure land ownership and farm productivity, adding to the framework theory about positive information and transaction costs. To map the relationship between land registration and financial development and economic growth, the framework links: 1) Land tenure security and investment incentives. 2) Land title, collateral, and credit. 3) Land markets, transactions, and efficiency. 4) Labor mobility and efficiency. 5) Land liquidity, deposit mobilization, and investment. Empirical results from applying the framework to a single case study - of Thailand, described in a separate paper - suggest that the framework is sound.","PeriodicalId":136223,"journal":{"name":"World Bank: Private Sector Development (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128564693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ownership Structure, Corporate Governance, and Corporate Performance: The Case of Chinese Stock Companies","authors":"Xiaonian Xu, Yan Wang","doi":"10.1596/1813-9450-1794","DOIUrl":"https://doi.org/10.1596/1813-9450-1794","url":null,"abstract":"The authors investigate whether ownership structure significantly affects the performance of publicly listed firms in China and if so, in what way. With publicly listed stocks, one can quantify the ownership mix and concentration, which makes it possible to study this issue. The authors use the recent literature on the role of large institutional shareholders in corporate governance as a theoretical base. A typical listed stock company in China has a mixed ownership structure, with three predominant groups of shareholders -the state, legal persons (institutions), and individuals- each holding about 30 percent of the stock. (Employees and foreign investors together hold less than 10 percent.) Ownership is heavily concentrated: the five largest shareholders accounted for 58 percent of outstanding shares in 1995, compared with 57.8 percent in the Czech Republic, 42 percent in Germany, and 33 percent in Japan. Their empirical analysis shows that the mix and concentration of stock ownership do indeed significantly affect a company's performamce: there is a positive, significant correlation between concentration of ownership and profitability; the effect of concentrated ownership is greater with companies dominated by institutions than with those dominated by state; the firms' profitability is positively correlated with the fraction of legal person (institutional) shares; it is either negatively correlated or uncorrelated with the fraction of state shares and with tradable A-shares held mostly by individuals. Labor productivity tends to decline as the proportion of state shares increases.","PeriodicalId":136223,"journal":{"name":"World Bank: Private Sector Development (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1997-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115912118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Public Sector in the Caribbean: Issues and Reform Options","authors":"V. Swaroop","doi":"10.1596/1813-9450-1609","DOIUrl":"https://doi.org/10.1596/1813-9450-1609","url":null,"abstract":"The public sector's performance in the Caribbean varies, in reducing poverty and in creating an enabling environment for growth. Barbados and the Bahamas have been the high performers, Guyana and the Dominican Republic have been sluggish, and the other Caribbean countries fall in between. In the Caribbean region, the public sector is now the predominant provider of tertiary education and health services (university education and hospital-based curative care), which mainly benefit the nonpoor. Attempts must be made to recover costs from high-income users and use that revenue to improve the quality and quantity (as appropriate) of basic services. Lessons from experience suggest that most Caribbean countries need to encourage the private sector to participate more in providing infrastructure and need to provide a better regulatory framework. The good news: this is already taking place in many countries.","PeriodicalId":136223,"journal":{"name":"World Bank: Private Sector Development (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123924596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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