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Article
Publication date: 15 November 2011

Ivan Diaz‐Rainey, Mathias Siems and John K. Ashton

The purpose of this paper is to examine the financial risks posed by energy and environmental markets and how these risks are addressed by current regulatory regimes and…

1458

Abstract

Purpose

The purpose of this paper is to examine the financial risks posed by energy and environmental markets and how these risks are addressed by current regulatory regimes and legislation. This assessment should be of interest to academics, practitioners, regulators and policymakers.

Design/methodology/approach

The first half of the paper provides a theoretical conceptualisation of the financial risks energy and environmental markets pose by drawing on established academic literatures on financial regulation and energy markets. The second half of the study provides a legislative analysis of the evolving approach to the financial regulation of energy and environmental markets. Drawing on “grey” literatures, this assessment critically appraises the array of current policy initiatives that have the potential to affect the financial regulation and operation of energy and environmental markets.

Findings

The theoretical conceptualisation of financial risks identified macroeconomic and energy systemic as the principal risks posed by energy and environmental markets. The legislative analysis contains various conclusions, prominent amongst which are: that the EU will play an increasingly important role in the financial regulation of energy and environmental markets through bodies such as ACER and ESMA; and that it is essential the boundaries of regulatory responsibility between energy and financial regulators are assessed to ensure activities leading to risk do not fall between the remits of responsibility.

Originality/value

There is a dearth of academic work on the financial regulation of energy and environmental markets, while prior policy and regulatory analyses have focussed on specific markets or products. This belies the interrelationships and, in some cases, the integration of these risks and the nature of financial crises. To amend for this omission we provide a holistic assessment of these legislative and policy developments.

Details

Journal of Financial Regulation and Compliance, vol. 19 no. 4
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 23 August 2019

Navajyoti Samanta

For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries…

893

Abstract

Purpose

For the past two and half decades, there has been a marked shift in the corporate governance regulations around the world. The change is more remarkable in developing countries where countries with little or no corporate governance regime have adopted “world class” standards. While there can be a debate on whether law in books actually translates into law in action, in the meantime it might be interesting to analyse the law in books to understand how the corporate governance regime has evolved in the past 20 years. This paper quantitatively tracks 21 countries, most of them being developing and emerging economies, over a period of 20 years. The period covers 1995 to 2014; thus, it traverses the pre and post crisis period in 1999 and 2008. Thus, the paper also provides a snapshot of the macrolegal changes that the countries engage in hoping to stave off the next crisis. The paper uses over 50 parameters modelled on the OECD Principles of Corporate Governance. The paper confirms the suspicion that corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down.

Design/methodology/approach

The paper uses data collected from experts. They filled up detailed questionnaire which quizzed them on the rules relating to corporate governance norms in their country and asked them to retrospectively check their data every five years for the past 20 years. This provided an excellent overview as to how the law has evolved in the past two decades on corporate governance. The data were then tabulated using a scoring sheet and then was put together using item response theory (IRT) which is a Bayesian method similar to factor analysis. The paper then follows a comparative approach using heatmaps to analyse the evolution of corporate governance in developing countries.

Findings

Corporate governance norms around the developing economies are converging on shareholder primacy end of the continuum. The rate of convergence was highest just before the financial crisis of 2008 and has since then slowed down.

Originality/value

This is the first time that corporate governance panel data analysis has been carried out on top developing countries across so many parameters for such a long period. This paper also uses Bayesian IRT modelling to analyse the evolution which is novel in its approach especially in the corporate governance literature. The paper thus provides a clear view on the evolution of corporate governance norms and how they are converging on a particular ideology.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 5
Type: Research Article
ISSN: 1472-0701

Keywords

Available. Content available
Book part
Publication date: 13 October 2017

Anne Lafarre

Free Access. Free Access

Abstract

Details

The AGM in Europe
Type: Book
ISBN: 978-1-78743-533-9

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Article
Publication date: 26 April 2019

Saad Almohammed Alrayes

The global financial crisis of 2007-2008 prompted a significant debate on corporate governance and shareholder empowerment. A question arises as to whether shareholders ought to…

666

Abstract

Purpose

The global financial crisis of 2007-2008 prompted a significant debate on corporate governance and shareholder empowerment. A question arises as to whether shareholders ought to be further empowered to have a greater influence over the companies’ activities. Yet, it is not self-evident that shareholder empowerment ensures better-run companies’ corporate activities. Thus, the purpose of this paper is to critically examine, identify and explain the corporate regulation forms and control collectively to evaluate the effectiveness of shareholder empowerment fully.

Design/methodology/approach

To do so, this paper sets out a comparative analysis approach between two jurisdictions, the UK and Delaware in the USA. The paper further addresses by undertaking three case studies; Barclays Plc which illustrated the Comply or Explain role, AVIVA (2012) that concentrated on the impact of the shareholder revolt, and the case of Hills Stores Co. v. Bozic (2000), which involved a claim brought by shareholders on the grounds of a breach of fiduciary duty.

Findings

This paper argues that the shareholder empowerment theoretically provides an effective means through which corporate activities can be regulated. However, to do this, account must be taken that a distinction should be made between long-term and short-term investors to encourage shareholder engagement by responsible long-term investors. Furthermore, the shareholders can exercise their powers effectively and influence the Board’s decision to award executive compensation.

Originality/value

This paper offered two distinct contributions: assessing whether in times of crisis shareholder empowerment represents a way to regulate corporate activities and by assessing the distinction between the perception of shareholder empowerment and the reality in practice.

Details

Journal of Financial Regulation and Compliance, vol. 27 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Available. Open Access. Open Access
Article
Publication date: 15 May 2023

Jinwon Jeon

This study aims to systematise the methodology used in comparative urban planning law and propose primary contexts for comparison in planning law.

24969

Abstract

Purpose

This study aims to systematise the methodology used in comparative urban planning law and propose primary contexts for comparison in planning law.

Design/methodology/approach

This study undertook a review of comparative law methodology discourse and sought to establish connections between the discourse and the field of planning law.

Findings

This study argues for establishment of a realistic goal for comparative planning law by focusing on the planning law's modifiability. The goal of comparison in planning law should not be to find universally desirable principles or better solutions. Rather, the goal should be to identify a motive for devising a solution. This is because it is not only difficult to establish legal values that are universally applicable to planning law but also inappropriate to determine superiority of planning laws that have been developed over time by each jurisdiction’s sovereignty and policies on land use. When determining comparable systems for analysis among legal systems that are functionally equivalent, it is important to consider the context of land use relations alongside the comparative analysis to be done. To set realistic goals, the context should not be extended indefinitely but be systematised. Based on the foundational relationship underlying planning law, including the tension between planning authorities and property owners, this study presents five specific contexts for comparative analysis: “Strength of Property Rights,” “Level of Judicial Intervention,” “Plan- or Development-led System,” “Allocation of Planning Power” and “Level of Participation.” Examination of these contexts will allow better understanding of the similarities and differences among different systems and practical application of the results of comparative studies.

Originality/value

This study presents a novel approach to systematising the methodology and framework of comparative planning law.

Details

Journal of Property, Planning and Environmental Law, vol. 15 no. 2
Type: Research Article
ISSN: 2514-9407

Keywords

Available. Open Access. Open Access
Article
Publication date: 30 December 2022

Durga Prasad Dube and Rajendra Prasad Mohanty

As evident from the literature review, the research on cyber security performance is centered on security metrics, maturity models, etc. Essentially, all these are helpful for…

2183

Abstract

Purpose

As evident from the literature review, the research on cyber security performance is centered on security metrics, maturity models, etc. Essentially, all these are helpful for evaluating the efficiency of cyber security organization but what matters is how the factors of internal efficiency affect the business performance, i.e. the external effectiveness. The purpose of this research paper is to derive the factors of internal efficiency and external effectiveness of cyber security and develop impact model to identify the most and least preferred parameters of internal efficiency with respect to all the parameters of external effectiveness.

Design/methodology/approach

There are two objectives for this research: Deriving the factors of internal efficiency and external effectiveness of cyber security; Developing a model to identify the impact of internal efficiency factors on the external effectiveness of cyber security since there is not much evidence of research in defining the factors of internal efficiency and external effectiveness of cyber security, the authors have chosen grounded theory methodology (GTM) to derive the parameters. In this study emic approach of GTM is followed and an algorithm is developed for administering the grounded theory research process. For the second research objective survey methodology and rank order was used to formulate the impact model. Two different samples and questionnaires were designed for each of the objectives.

Findings

For the objective 1, 11 factors of efficiency and 10 factors of effectiveness were derived. These are used as independent and dependent variable respectively in the later part of the research for the second objective. For the objective 2 the impact models among independent and dependent variables were formulated to find out the following. Most and least preferred parameters lead to internal efficiency of cyber security organization to identify the most and least preferred parameters of internal efficiency with respect to all the parameters external effectiveness.

Research limitations/implications

The factors of internal efficiency and external effectiveness constructed by using grounded theory cannot remain constant in the long run, because of dynamism of the domain itself. Over and above this, there are inherent limitations of the tools like grounded theory, used in the research. Few important limitations of GTM are as below in grounded theory, it is comparatively difficult to maintain and demonstrate the rigors of research discipline. The sheer volume of data makes the analysis and interpretation complex, and lengthy time consuming. The researchers’ presence during data gathering, which is often unavoidable and desirable too in qualitative research, may affect the subjects’ responses. The subjectivity of the data leads to difficulties in establishing reliability and validity of approaches and information. It is difficult to detect or to prevent researcher-induced bias.

Practical implications

The internal efficiency and external effectiveness factors of cyber security can be further correlated by the future researchers to understand the correlations among all the factors and predict cyber security performance. The grounded theory algorithm developed by us can be further used for qualitative research for deriving theory through abstractions in the areas where there is no sufficient availability of data. Practitioners of cyber security can use this research to focus on relevant areas depending on their respective business objective/requirements. The models developed by us can be used by the future researchers to for various sectoral validations and correlations.

Social implications

Though the financial costs of a cyber-attack are steep, the social impact of cyber security failures is less readily apparent but can cause lasting damage to customers, employees and the company. Therefore, it is always important to be mindful of how the impact of cyber security affects society as well as the bottom line when they are calculating the potential impact of a breach. Underestimating either impact can destroy a brand. The factor of internal efficiency and external effectiveness derived by us will help stakeholder in focusing on relevant area depending on their business. The impact model developed in this research is very useful for focusing a particular business requirement and accordingly tune the efficiency factor.

Originality/value

During literature study the authors did not find any evidence of application of grounded theory approach in cyber security research. While the authors were exploring research literature to find out some insight into the factor of internal efficiency and external effectiveness of cyber security, the authors did not find concrete and objective research on this. This motivated us to use grounded theory to derive these factors. This, in the authors’ opinion is one of the pioneering and unique contribution to the research as to the authors’ knowledge no researchers have ever tried to use this methodology for the stated purpose and cyber security domain in general. In this process the authors have also developed an algorithm for administering GTM. Further developing impact models using factors of internal efficiency and external effectiveness has lots of managerial and practical implication.

Details

Organizational Cybersecurity Journal: Practice, Process and People, vol. 3 no. 1
Type: Research Article
ISSN: 2635-0270

Keywords

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