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New Institutional Economics eJournal最新文献

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Governance Trends among European Union Countries: Is There Institutional Convergence? 欧盟国家治理趋势:是否存在制度趋同?
New Institutional Economics eJournal Pub Date : 2019-08-20 DOI: 10.2139/ssrn.3528519
V. Vučković, Ružica Šimić Banović, Martina Basarac Sertić
{"title":"Governance Trends among European Union Countries: Is There Institutional Convergence?","authors":"V. Vučković, Ružica Šimić Banović, Martina Basarac Sertić","doi":"10.2139/ssrn.3528519","DOIUrl":"https://doi.org/10.2139/ssrn.3528519","url":null,"abstract":"The goal of this paper is twofold. First, to review the existing body of knowledge dealing with the questionable convergence of Eastern European countries as a possible consequence of both the transfer of selected Western formal institutions to those countries and the adoption of the acquis communautaire. It is an issue dating back to the beginning of 1990s when the predominant expectation was that successful formal institutions in Western countries would yield the same results in transitional countries. Using the descriptive statistics, we show that this is a misconception and that it is highly unlikely that Mediterranean and CEE countries will catch up with the three leading groups (Liberal, Nordic and Continental countries) in the coming decades. Next, we focused on quantitative analysis of sigma and beta convergence based on governance trends in the EU in the last two decades. The obtained results also demonstrate rather divergent paths, with Liberal, Nordic and Continental countries performing much better than Mediterranean and CEE countries.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122773835","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}
引用次数: 0
Why Do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests 机构投资者为何反对股东维权?代理权竞争投票的证据
New Institutional Economics eJournal Pub Date : 2019-08-01 DOI: 10.2139/ssrn.3452338
Yanran Liu
{"title":"Why Do Institutional Investors Oppose Shareholder Activism? Evidence from Voting in Proxy Contests","authors":"Yanran Liu","doi":"10.2139/ssrn.3452338","DOIUrl":"https://doi.org/10.2139/ssrn.3452338","url":null,"abstract":"This paper documents significant heterogeneity in institutional investors' support for shareholder activism in proxy contests and examines the following question: why do institutional shareholders frequently vote against activists when the activists’ actions increase the value of target firms? I propose that the voting decisions of institutional investors depend on the effect of shareholder activism on the return of the institutions’ combined shareholdings in both targets and their rival firms. Because institutions underweight target firms and activism could adversely affect the values of rival firms, institutional investors often lack incentives to support activists when gains on targets are diluted or offset by losses on rival firms. Using hand-collected data of mutual and pension fund voting in proxy contests, I find evidence that institutions that benefit less from activism events are less likely to support the activists, even when the activist’s effect on the target firm’s stock price is positive. Furthermore, when target firms do not have publicly-traded competitors, institutional investors are more likely to support activists. The evidence is consistent with the hypothesis that institutional investors’ portfolio returns explain whether or not they support activists.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114970042","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}
引用次数: 1
Contestations of Stakeholder Participation in University Governance: A Case of a Historically Black University 大学治理中的利益相关者参与之争:以一所历史悠久的黑人大学为例
New Institutional Economics eJournal Pub Date : 2019-07-05 DOI: 10.2139/ssrn.3415478
Felix Omal
{"title":"Contestations of Stakeholder Participation in University Governance: A Case of a Historically Black University","authors":"Felix Omal","doi":"10.2139/ssrn.3415478","DOIUrl":"https://doi.org/10.2139/ssrn.3415478","url":null,"abstract":"Institutional structures of governance across universities are under strain on how to respond to the competing demands of higher education. As a result, the leadership and governance of universities is becoming more complex than never before. This is emerging out of the popular discourses of inclusion and exclusion of certain categories of student and staff in critical key committees of the university governing council. In the post 1994 South African higher education dispensation, university governing councils continue to struggle to include university students and certain categories of university staff for instance unionized staff in key governance structures of the universities. Several partisan reasons have been given for their deliberate exclusion. This continues to cause a lot of stockholder animosity and institutional climates of retribution between university leadership and these categories of university staff. This paper argues that effective governance practice in such institutional environments is linked to sufficient formulas of representation in the university governing councils. The paper makes use of the concept of culture within a micro-political framework to generate modes of good governance within such stakeholder institutional environments. The conceptual paper ends with implications for effective governance in stakeholder governed university environments.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123658879","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}
引用次数: 0
Capital Flows to Asia and Latin America: Does Institutional Quality Matter? 资本流向亚洲和拉丁美洲:制度质量重要吗?
New Institutional Economics eJournal Pub Date : 2019-07-01 DOI: 10.1111/twec.12783
Vandana Arya, Rajabrata Banerjee, Tony Cavoli
{"title":"Capital Flows to Asia and Latin America: Does Institutional Quality Matter?","authors":"Vandana Arya, Rajabrata Banerjee, Tony Cavoli","doi":"10.1111/twec.12783","DOIUrl":"https://doi.org/10.1111/twec.12783","url":null,"abstract":"Using a sample of 28 emerging market economies from Asia and Latin America spanning 1990–2013, we show that the marginal effect of capital flows on growth is positive and contingent on the threshold level of institutional quality (IQ). The conditional effect of capital flows holds for both the income per capita growth and total factor productivity (TFP) growth. We also determine the different threshold levels of IQ at which the marginal effect of capital flows is positive. The overall level of IQ in the Asian countries is superior to the Latin American countries and requires a lower threshold level to exert any positive effect. While the same conditional effect of IQ holds in Latin America for TFP growth, this effect is reversed in Asia. For very high levels of IQ (91st percentile), the marginal effect of capital flows on TFP growth in Asia is almost negligible. The marginal effects also vary based on the composition of capital flows in each region.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"36 23","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131721264","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}
引用次数: 8
Accountability Asset Recovery: A Leadership & Sustainability Initiative 5th Paper Presentation in the Series 问责资产追回:领导力和可持续性倡议系列中的第五篇论文报告
New Institutional Economics eJournal Pub Date : 2019-06-29 DOI: 10.33423/jaf.v19i7.2567
Monika Sheldon-London
{"title":"Accountability Asset Recovery: A Leadership & Sustainability Initiative 5th Paper Presentation in the Series","authors":"Monika Sheldon-London","doi":"10.33423/jaf.v19i7.2567","DOIUrl":"https://doi.org/10.33423/jaf.v19i7.2567","url":null,"abstract":"During the post-1925 era, institutional, evolutionary and financial economics have been predominant within the natural and constructed environment. For instance, from 1st to 22nd July 1944, experts representing forty-four nations convened at Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference. Among its work there, the Conference drew up a plan for what became known as the International Monetary Fund (IMF). 74 years henceforth speaking at the 8th Kissinger Lecture Series at the US Library of Congress on 4th December 2018, the IMF managing director broached the idea for institutional recognition of evolutionary phenomena in financial economics.<br><br>Encouraged by the adoption of UN Resolution 72/277, “Towards a Global Pact for the Environment” on 10th May 2018 and in alignment with UN SDG #17 which was adopted by all UN member states in 2015, this invited paper explores the viability of Accountability Asset Recovery: A Leadership and Sustainability Initiative in seeking to facilitate institutional change, mindful of the gap that heretofore frustrated the promises enshrined in international conventions.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123302187","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}
引用次数: 0
Facing Uncertainty: Norms and Formal Institutions as Shared Mental Models 面对不确定性:作为共享心智模型的规范和正式制度
New Institutional Economics eJournal Pub Date : 2019-06-25 DOI: 10.2139/ssrn.3410109
W. Ferguson
{"title":"Facing Uncertainty: Norms and Formal Institutions as Shared Mental Models","authors":"W. Ferguson","doi":"10.2139/ssrn.3410109","DOIUrl":"https://doi.org/10.2139/ssrn.3410109","url":null,"abstract":"This paper presents a theoretical argument focused on how social norms and formal institutions operate as cognitive coping mechanisms among groupings of boundedly rational actors who face fundamental uncertainty concerning their political and economic environments. Broadly speaking, informal and formal institutions facilitate strategic decision making by coordinating agents’ understandings of their social environments and their conceptions of how myriad actions of involved participants (including themselves) may affect such environments, along with their positions and wellbeing. Yet institutions and the associated cognitive processes, are subject to periods of rapid transformation that sometimes exhibit properties of cascading imitation across individuals and groups. <br><br>After addressing background concepts, this paper makes four related assertions. First, heuristics and, by extension, mental models respond to shared narratives in a fashion that often generates conformity of belief and action. Second, mental models follow the dynamics of punctuated equilibrium processes. Third, institutions are a type of shared mental model that convey basic understandings across uncertain environments. Fourth, by enabling boundedly rational actors to manage uncertainty, institutions effectively choreograph social activity. Discussion includes reference to classical, evolutionary and epistemic game-theoretic modeling. Social choreography thus follows punctuated equilibrium dynamics that offer relative predictability during stable phases and stark uncertainty during rapid phases of punctuation. The paper closes with a fewon implications on the political economy of institutional change.<br>","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121102521","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}
引用次数: 0
How Deep is the Crisis of Neo-Classical Political Economy? 新古典政治经济学的危机有多深?
New Institutional Economics eJournal Pub Date : 2019-06-24 DOI: 10.2139/ssrn.3408970
T. Akan
{"title":"How Deep is the Crisis of Neo-Classical Political Economy?","authors":"T. Akan","doi":"10.2139/ssrn.3408970","DOIUrl":"https://doi.org/10.2139/ssrn.3408970","url":null,"abstract":"The paper aims to explain how deep the ongoing crisis of neoclassical political economy – NCPE is and if this crisis can be overcome through an inside-out change. For this purpose, the paper first investigates the roots of this crisis across the NCPE’s epistemological, economic, and political axioms at the level of theory. The paper then analyses the practical implications of this theoretical investigation with reference the US model of political economy, including a comparative account of this model with the German model in terms of the commonality or variety of the NCPE’s impact on liberal and illiberal countries. The paper concludes that the NCPE’s ongoing crisis is an epistemological and systemic one emanating out of its flawed theoretico-practical pillars and that this crisis cannot be overcome through an inside-out change due to the inter-blocking dynamics of these pillars.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128761492","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}
引用次数: 0
Financial Inclusion, Institutional Quality and Financial Development: Empirical Evidence from OIC Countries 金融普惠、制度质量与金融发展:来自伊斯兰合作组织国家的经验证据
New Institutional Economics eJournal Pub Date : 2019-06-23 DOI: 10.2139/ssrn.3408639
Minhaj Ali, M. Nazir, S. H. Hashmi, Wajeeh Ullah
{"title":"Financial Inclusion, Institutional Quality and Financial Development: Empirical Evidence from OIC Countries","authors":"Minhaj Ali, M. Nazir, S. H. Hashmi, Wajeeh Ullah","doi":"10.2139/ssrn.3408639","DOIUrl":"https://doi.org/10.2139/ssrn.3408639","url":null,"abstract":"This unique study examines the moderation effect of institutional quality (IQ) on the relationship between financial inclusion (FI) and financial development (FD) of 45 Organization of Islamic Cooperation (OIC) countries. For empirical analysis, panel data are used for the period 2000–2016. We use the Arellano–Bond generalized method of moments (GMM) and two-stage least-squares (2SLS) method in our estimations to draw multidimensional results. The empirical results confirm the significant positive relationship between FI, IQ and FD. Interestingly, we find that IQ moderates FI and has a significant positive impact on FD. Our findings are robust to alternative econometric specifications of FI, IQ and FD. Therefore, policymakers must sensibly understand the pivotal role of FI and IQ in establishing sustainable future development of OIC countries.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127054844","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}
引用次数: 31
X-Institutional Logics: Out or In? x -制度逻辑:过时还是流行?
New Institutional Economics eJournal Pub Date : 2019-06-11 DOI: 10.2139/ssrn.3403131
R. Friedland, Diane-Laure Arjaliès
{"title":"X-Institutional Logics: Out or In?","authors":"R. Friedland, Diane-Laure Arjaliès","doi":"10.2139/ssrn.3403131","DOIUrl":"https://doi.org/10.2139/ssrn.3403131","url":null,"abstract":"A critique of the critiques of institutional logics. Is winter coming? Dragon glass for geeks.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126450333","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}
引用次数: 5
Beyond the S-Curve: Insurance Penetration, Institutional Quality and Financial Market Development s曲线之外:保险渗透、制度质量与金融市场发展
New Institutional Economics eJournal Pub Date : 2019-06-01 DOI: 10.1596/1813-9450-8925
X. Giné, Bernardo Barboza Ribeiro, P. Wrede
{"title":"Beyond the S-Curve: Insurance Penetration, Institutional Quality and Financial Market Development","authors":"X. Giné, Bernardo Barboza Ribeiro, P. Wrede","doi":"10.1596/1813-9450-8925","DOIUrl":"https://doi.org/10.1596/1813-9450-8925","url":null,"abstract":"This paper provides new evidence of factors, other than GDP per capita, that correlate with the development of insurance markets. Based on 20 years of insurance premium data from 180 countries, and a similar wealth of data on institutions and financial market development, the paper presents important correlates of insurance market development. Although the analysis cannot identify which factors directly cause insurance market growth, the results suggest that interventions aimed at stimulating insurance supply and demand should take enabling factors, such as the quality of institutional governance and the degree of financial market development, into consideration.","PeriodicalId":330992,"journal":{"name":"New Institutional Economics eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131694490","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}
引用次数: 3
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