摘要 :
We analyze nearly 7,000 shareholder activist campaigns across 56 countries and show that shareholder activism is now a global phenomenon. Our analyses provide evidence on factors that explain the spread of activism and two related...
展开
We analyze nearly 7,000 shareholder activist campaigns across 56 countries and show that shareholder activism is now a global phenomenon. Our analyses provide evidence on factors that explain the spread of activism and two related questions. First, we measure the extent to which country-level governance regulations facilitate shareholder engagement, a necessary condition for activism, and show that our measure of shareholder-empowering governance regulation explains cross-country variation in the emergence of activism. Second, we show that changes in these regulations also affect outcomes for firms that face a high threat of activism but that are not targeted by activists (i.e., there are spillovers)d including increased profitability, higher payouts, and reduced investment. These effects are most pronounced in countries with weak minority shareholder rights, where activism had previously been relatively unimportant.(c) 2022 Elsevier B.V. All rights reserved.
收起
摘要 :
This paper examines the governance of Cabo de Palos-Islas Hormigas (CPHMPA) and Cabo de Gata-Nijar (CGNMPA) Marine Protected Areas, Spain. The governance approach adopted in CPHMPA is shared authority between regional and state go...
展开
This paper examines the governance of Cabo de Palos-Islas Hormigas (CPHMPA) and Cabo de Gata-Nijar (CGNMPA) Marine Protected Areas, Spain. The governance approach adopted in CPHMPA is shared authority between regional and state governments, whereas in CGNMPA it is state-led. In each MPA, limited coordination between national and regional government, and weak management at both levels, has made achievement of strategic conservation objectives significantly more challenging. Inconsistencies in legislation applied to internal and territorial waters have left both MPAs vulnerable to local economic development priorities. The reliance on economic and legal incentives has increased employment opportunities within the communities studied, but has also incurred environmental and social costs. Overall, the authors conclude that the current governance approaches are insufficient to effectively address all the challenges faced. In order to achieve more effective and equitable outcomes for both MPAs, greater coordination between national and regional government is required, along with interventions to introduce more participative and knowledge incentives to generate a greater sense of stewardship among all stakeholders.
收起
摘要 :
Countries scoring high on the Democracy Index developed by The Economist Intelligence Unit have fewer traffic fatalities per 100,000 inhabitants than countries scoring low on this index. The statistical relationship between democr...
展开
Countries scoring high on the Democracy Index developed by The Economist Intelligence Unit have fewer traffic fatalities per 100,000 inhabitants than countries scoring low on this index. The statistical relationship between democracy score and fatalities per 100,000 inhabitants is statistically highly significant and robust with respect to control for potentially confounding factors. A similar relationship exists between democracy score and the number of traffic fatalities per 100,000 motor vehicles. The statistical relationship between level of democracy and level of road safety is strong, although the analyses reported in this paper do not justify a causal interpretation of the relationship. Changes over time in government effectiveness (one of the indicators of the World Governance Index developed by the World Bank) are weakly associated with changes in road safety performance.
收起
摘要 :
Throughout southern Africa, there have been growing concerns about the rates of ecosystem degradation. This issue and natural resource governance concerns in general remain key challenges. We conducted a scoping review of 135 arti...
展开
Throughout southern Africa, there have been growing concerns about the rates of ecosystem degradation. This issue and natural resource governance concerns in general remain key challenges. We conducted a scoping review of 135 articles to inductively assess how governance challenges have manifested in natural resource management during 2010-2020 in southern Africa. The paper's findings show that governance challenges in southern Africa are 'hydra-headed'. The results suggest that governance challenges related to the maintenance of system integrity and functioning - specifically lack of coordination, accountability, capacity, skills and resources to define effective natural resource management - were the most reported in literature. Challenges related to achieving socially equitable governance were the second most mentioned, followed by those related to institutional robustness. Challenges related to the adaptability and flexibility of institutions, specifically learning, monitoring capacity and innovation, were the least identified, showing that these areas are poorly studied or that these attributes are considered less problematic for achieving sustainable outcomes. Furthermore, the review highlights critical gaps - the limited engagement with governance-related frameworks, specifically polycentricity, adaptive governance and social-ecological stewardship. In concluding, we highlight governance reforms and future research needs on the topic of natural resources in southern Africa.
收起
摘要 :
Collaborative forms of governance are increasingly favored in conservation and potentially offer a range of practical and outcome-based benefits. However, tools for critically assessing whether and how collaboration enhances the a...
展开
Collaborative forms of governance are increasingly favored in conservation and potentially offer a range of practical and outcome-based benefits. However, tools for critically assessing whether and how collaboration enhances the attainment of conservation objectives are lagging behind the enthusiasm. We use a framework that considers effectiveness in relation to capacity of key actors and institutions to achieve outcomes and respond to emergent problems, robustness over time (i.e. adapting to changes while still achieving objectives), context-specific drivers of change, and the structure of networks and institutions to assess common approaches for evaluating effectiveness. Network analysis performs well in terms of structure, while action research and the diagnostic method offer deep insights into capacity and context. Scenario planning performs well in understanding robustness and context but performs better when combined with a diagnostic. The evaluation reveals important insights for approaching and standardizing investigations of collaborative governance regimes and their effectiveness.
收起
摘要 :
This article addresses the question of how municipal governing boards can make themselves accountable to higher standards of performance.There are many mechanisms that ensure accountability of administrators to governing bodies, b...
展开
This article addresses the question of how municipal governing boards can make themselves accountable to higher standards of performance.There are many mechanisms that ensure accountability of administrators to governing bodies, but other than elections, how are members of governing bodies held accountable for their performance? Using an organization development (OD) perspective, the authors report the results of an empirical study of 32 northern Illinois municipal governing boards, based on a sample of 150 board members.An index of governing board effectiveness (GBE) is constructed and then tested against characteristics of small group behavior that should promote small group performance. Evidence is found to support the hypotheses that effective work group design, regenerative interpersonal relations, board-staff relations, and specific work group processes all significantly associate with GBE. These findings lend empirical support to the use of the GBE measures as tools for diagnosing and targeting specific areas for governing board improvement through customized OD intervention.
收起
摘要 :
PurposeThe purpose of this paper is to examine whether good governance across countries, utilising the Rule of Law indicator of the Worldwide Governance Indicators, is associated with economic growth, measured in terms of real GDP...
展开
PurposeThe purpose of this paper is to examine whether good governance across countries, utilising the Rule of Law indicator of the Worldwide Governance Indicators, is associated with economic growth, measured in terms of real GDP. It is to be noted that in this paper both variables are measured in terms of changes, comparing like with like. It is hypothesised that a country with a high level of economic development and a high level of good governance (typically an economically advanced country) tends to find it more difficult to improve these two variables, when compared to a country with lower levels GDP per capita and good governance (typically an economically backward country). This assumption is termed the diminishing marginal governance effect.Design/methodology/approachThe paper tests the hypothesis that governance improvements are related to real GDP growth, using the panel data regression approach. In this way both variables are measured in terms of changes, comparing like with like. Relevant control variables are utilised to impose the ceteris paribus condition.FindingsThe paper finds that improvements in good governance are statistically and significantly related to economic growth. This confirms the hypothesised diminishing marginal governance effect explained above.Research limitations/implicationsThe main research limitation of this paper is that measuring changes in the Rule of Law indicator over time may be subject to errors given that the Rule of Law score of each year is an average value with related standard deviations, and the latter vary from one year to another and from one country to another.Practical implicationsThe major practical implication of this paper is that good governance matters for economic growth and that in order to produce evidence for this the governance score must be measured in terms of changes and not in terms of levels. Another implication is that equations that compare economic growth with levels of governance are misspecified as they would not be comparing like with like.Social implicationsThere are various beneficial social implications associated with good governance which is considered as a major pillar for orderly social relationships. Economic growth also has important social implications as it means, if properly distributed, improvements in material well-being of the population.Originality/valueThe originality of this paper is that it measures governance in terms of changes and not of levels. Studies on the relationship between governance and economic growth that measure governance in terms of levels generally do not find a positive relationship between the two variables. In using changes in both governance and real GDP, this paper confirms the diminishing marginal effect of governance, hypothesis.
收起
摘要 :
The purpose of this article is to explore the relationship between governance indicators developed by the World Bank and global competitiveness measured by the World Economic Forum. The findings show that most of the governance cl...
展开
The purpose of this article is to explore the relationship between governance indicators developed by the World Bank and global competitiveness measured by the World Economic Forum. The findings show that most of the governance clusters have a significant influence on the global competitiveness. It is further discovered that government effectiveness, regulatory quality, rule of law and control of corruption are influencing governance indicators for countries from Europe, South and Central America and Asia, while for countries from Africa the global competitiveness seems to be least influenced by all six governance dimensions.
收起
摘要 :
More than a decade after becoming a buzzword on the development agenda, governance remains a high priority for the international donor community. This article provides an introduction and overview of key findings from the United N...
展开
More than a decade after becoming a buzzword on the development agenda, governance remains a high priority for the international donor community. This article provides an introduction and overview of key findings from the United Nations University-World Institute for Development Economics Research symposium on "Aiding Government Effectiveness in Developing Countries." This symposium moves beyond traditional debates about whether aid supports or undermines "good governance" in the aggregate to instead focus on donor interventions in two interrelated governance domains. The first domain examines donor efforts to augment government effectiveness at providing key services to citizens by national and local authorities. Three studies in the collection therefore focus on policing, regulation, and civic education. The second addresses the underlying administrative and financial institutions and processes that facilitate service delivery. Relevant papers in this regard address decentralization, civil service reform, and taxation. In assessing what we know about "what works?" and "what could work?" across these core areas of governance, the contributions shed new light on several key themes, including the dilemma of reconciling governance with ownership, the importance of identifying exactly how context and sequencing matters, and the weaknesses in existing donor evaluation methods.
收起
摘要 :
Studies on governance generally ignore spatial dependence among the observations. Employing spatial econometric methods, we find that governance in one country exhibits a positive relationship with governance in neighbouring count...
展开
Studies on governance generally ignore spatial dependence among the observations. Employing spatial econometric methods, we find that governance in one country exhibits a positive relationship with governance in neighbouring countries. Consequently, a change in a single explanatory variable in a particular country not only affects the level of governance in that country itself, but also in neighbouring countries. Using maximum likelihood function values and Bayesian posterior model probabilities, we also find that the spatial arrangement of the countries in the sample is best described by a spatial weights matrix based on the 10 nearest neighbours of every country in the sample.
收起
原文获取