The purpose of this paper is to examine the issues that should be considered for a better gauge of the construction industry and built environment and to propose a set of…
Abstract
Purpose
The purpose of this paper is to examine the issues that should be considered for a better gauge of the construction industry and built environment and to propose a set of indicators for measuring the social, economic and environmental value of construction.
Design/methodology/approach
The indicators proposed in this study use Pearce’s schema, which presents a framework to evaluate the socio-economic value of construction and its contribution to sustainable development. After analysing the problems faced by the industry, solutions are raised and finally indicators for each pillar of Pearce’s schema are established through a literature review. Since the proposed indicators can be used for cross-country analysis, these comparisons are also presented as graphs including only those countries for which valid national data could be sourced from OECD databases.
Findings
The issues, suggestions and indicators related to each concern about the main domains of the schema are addressed through the related literature and supported by available statistical data.
Originality/value
Although previous studies have drawn attention to measures for better evaluation of the construction industry and the built environment, this study, distinctively, presents an integrated approach in order to gauge the true value and impacts of construction in a more comprehensive way. The work’s contribution to the body of knowledge is in revealing the hidden input and impact of construction on sustainable development by determining the barriers to this and their solutions, in addition to the proposal of relevant indicators.
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Güler Aras and Banu Yobaş
The governance of capital market institutions did not receive much interest compared to their banking sector counterparts, partly due to their different ownership structures…
Abstract
The governance of capital market institutions did not receive much interest compared to their banking sector counterparts, partly due to their different ownership structures. Recent trends; increased competition, technological advances, structural changes, globalization, all had their share of impact on governance systems of capital markets institutions particularly on exchanges. Corporate governance of non-financial firms and capital markets institutions differ in several ways. Firstly the role of risk management differs since they may impose systemic risks to the financial system. Secondly well-implemented governance structures and processes are required but are not sufficient in capital markets since there are several conflicts of interests to be addressed. Therefore whether and how effectively they function is what matters. Thirdly the governance structures of such institutions exhibit different effectiveness on their decisions.The governance of FIs in capital markets is discussed in terms of board structure and management, risk governance, supervisors, shareholders, executive compensation, role of regulators, authorities and values and culture. The role of stock exchanges in corporate governance are discussed separately in terms of implementing corporate governance codes, demutualisation and its impact on regulations, transparency and accountability issues and the effects of M&As among exchanges. Market needs strong analytical tools and reliable benchmarks to assess governance risk. The corporate control and the regulation of the institutions by the exchanges when the corporations (regulated) are the competitors of the exchanges (regulators) or owned by the stockholders of the exchanges must be addressed. The risk of regulatory arbitrage, calls for the need of harmonisation among regulators. Better regulation of FIs and greater global coordination among regulators are seen as the most two important issues to prevent another crisis.
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Güler Aras is Professor of Finance and Dean of the Faculty of Economics and Administrative Sciences, Yıldız Technical University, Turkey.