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Article
Publication date: 1 March 2003

Neil Gunningham and Darren Sinclair

178

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Management of Environmental Quality: An International Journal, vol. 14 no. 1
Type: Research Article
ISSN: 1477-7835

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Article
Publication date: 1 March 2003

171

Abstract

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International Journal of Sustainability in Higher Education, vol. 4 no. 1
Type: Research Article
ISSN: 1467-6370

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Article
Publication date: 13 April 2012

Cathy Hughes and Neil Crosby

UK Government policy to address perceived market failure in commercial property leasing has largely been pursued through industry self‐regulation. Yet, it is proving difficult to…

1005

Abstract

Purpose

UK Government policy to address perceived market failure in commercial property leasing has largely been pursued through industry self‐regulation. Yet, it is proving difficult to assess whether self‐regulation on leasing has been a “success”, or even to determine how to evaluate this. The purpose of this paper is to provide a framework for this and a clearer understanding of self‐regulation in commercial leasing.

Design/methodology/approach

A literature review suggests key criteria to explain the (in)effectiveness of self‐regulation. UK lease codes are analysed in the light of this literature, drawing on previous research carried out by the authors on the operation of these codes.

Findings

Lease codes appear to be failing as an effective system of self‐regulation. While there are influential market actors championing them, the fragmentation of the leasing process lessens this influence. The structures are not there to ensure implementation, monitor compliance and record views of affected stakeholders.

Research limitations/implications

This work adds to the literature on self‐regulation in general, and provides an insight into its operation in a previously unexplored industry. Research is needed into the experience of other countries in regulating the property industry by voluntary means.

Social implications

There are institutional limitations to self‐regulation within the property industry. This has implications for policy makers in considering the advantages and limitation of using a voluntary solution to achieve policy aims within the commercial leasing market.

Originality/value

This paper provides a first step in considering the lease codes in the wider context of industry self‐regulation and is relevant to policy makers and industry bodies.

Details

International Journal of Law in the Built Environment, vol. 4 no. 1
Type: Research Article
ISSN: 1756-1450

Keywords

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Article
Publication date: 12 April 2013

Timothy Eccles and John Pointing

The paper explores theories of regulation by examining their consistency and fit with the development of smart regulation, better regulation and self‐regulation. It achieves this…

468

Abstract

Purpose

The paper explores theories of regulation by examining their consistency and fit with the development of smart regulation, better regulation and self‐regulation. It achieves this through the use of two case studies. Building control is offered as an example of deregulation, the 1980s approach to “smart” regulation, whilst the Primary Authority scheme is provided as an example of current thinking. The paper develops an explanation of how these shifting regulatory architectures have generated current views of how to manage the issue of regulation and then proposes a framework to explain how professional and local authority regulation works and can be made to work better.

Design/methodology/approach

Analytical, as a preliminary to testing theoretical constructs by further empirical research. The paper examines case studies to draw out the drivers for regulatory practice and then establishes a model from this as the basis for further work.

Findings

The use of Giddens's concept of Late Modernity is useful in describing the loss of authority by traditional regulators and explaining the adoption of “smart” regulation by others seeking to dominate regulation. A lack of theoretical definition as to what is meant by smart regulation can be countered by the development of constructs, such as the regulatory “triptych” developed here.

Practical implications

The development of a structure for professional and local authority regulation allows researchers to place developments in smart regulation in context. It also allows those newly emerging dominant authorities, in Giddens's terms, to be encouraged to develop a higher quality form of regulation.

Originality/value

The paper generates a grounded set of concepts that have explanatory efficacy.

Details

International Journal of Law in the Built Environment, vol. 5 no. 1
Type: Research Article
ISSN: 1756-1450

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Book part
Publication date: 7 July 2014

Benjamin J. Richardson

This chapter assesses the impact of socially responsible investing (SRI) in terms of its role in governance. Governance refers to the rules, incentives, institutions and…

Abstract

Purpose

This chapter assesses the impact of socially responsible investing (SRI) in terms of its role in governance. Governance refers to the rules, incentives, institutions and philosophies for coordinating, controlling and supervising behaviour. The SRI sector purports to be a mechanism of market governance, such as through its codes of conduct and targeting of individual companies by engagement or divestment.

Method/approach

This subject-matter of the chapter is evaluated primarily through a conceptual and theoretical argument rather than empirical research.

Findings

Social investors’ capacity to ‘govern’ the market is constrained by gaps and deficiencies in the legal frameworks for the financial economy. Fiduciary law controlling institutional investors is the most important element of this governance framework. The SRI movement is starting to broaden its agenda and strategies to include advocacy for regulatory reform. But the SRI industry has devoted attention to its own voluntary codes of conduct, such as the UNPRI, which do not yet provide a sufficiently comprehensive or robust substitute for official regulation.

Social implications

Paradoxically, whereas SRI once stood for taking action through the financial economy when governments had failed to act, the sector is also somewhat dependent on the state to provide an empowering governance framework. But state regulation itself may be strengthened by partnership with the SRI industry, such as by utilising its codes of conduct to supplement official legal standards.

Originality/value of the chapter

The chapter deepens insights into the relationship between the SRI sector as a largely voluntary movement and its legal governance through the state or the market.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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