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The purpose of this paper is to set the proposed new capital adequacy arrangements in the wider context of what is termed a regulatory regime. The central theme is that the components of the regulatory regime need to be combined in an overall regulatory strategy, and that while all the components are necessary, none alone is sufficient. The optimum mix of the components of the regime changes over time as market conditions and compliance culture change. It is argued that, in current conditions, there needs to be a shift within the regime in five dimensions. The proposed new Accord is discussed in terms of this regulatory regime paradigm. The Accord is a welcome move in the direction of a broader approach to bank regulation and a recognition that other mechanisms (notably an enhanced role for market discipline) are needed.

The purpose of this paper is to investigate the nature and the extent of moderation effect of the regulatory regime and competition, on the innovativeness-performance relationship among financial services firms. Based on the absorptive capacity theory, this study argues that firms must gather adequate knowledge from the external environment (specifically on regulatory systems and competitive landscape) to assist in developing competitive innovation strategies, and to realize the needed performance benefits from such strategies.

Data were collected from the Ghana’s financial services sector with a focus on banking and insurance institutions. Structural equation modeling and regression models were specified to test both the direct effects of variables of interest, and the moderation effects of environmental factors on the independent and dependent variables.

The results of the study show that both process and product innovativeness enhance financial services firms’ performance. While competition was found to stifle innovativeness, regulatory regime was found to promote innovativeness in financial services. Regulatory regime was also found to positively moderate the relationship between process innovativeness and performance, while competition was found to positively moderate the relationship between product innovativeness and performance.

The firms sampled are from an emerging economy with a growing financial services sector, and as a result, the findings may not apply to contexts with different economic characteristics.

This study asserts that in enhancing innovativeness in the financial services markets, firms must recognize the value of new external information on regulatory regime and competition as key environmental factors. Financial service firms must assimilate, transform, and apply such new knowledge in their innovation efforts in order to improve performance. For firms to fully benefit from their innovation, process innovativeness must be aligned with regulatory systems while product innovation yields best returns in competitive periods.

The purpose of this paper is to investigate the jurisdictional expansion of audit into the area of UK financial regulation. The paper draws on the analytical framework of new audit spaces (Andon et al., 2014, 2015), which built on the concept of regulatory space (Hancher and Moran, 1989), and characterises this new audit space as regulatory work.

Through an intensive reading of a variety of publicly available documentary sources, the paper investigates the role of auditors and accountants in the reporting accountants’ and skilled persons’ regimes in the UK under the Banking Act 1987 and the Financial Services and Markets Act 2000.

The paper identifies a new audit space characterised as regulatory work, which is made up of three distinct phases (and suggests the recent emergence of a fourth phase), and considers the extent to which these phases of regulatory work share common themes across new audit spaces identified by Andon et al. (2015) as independence, reporting, accreditation and mediating.

The paper identifies a further jurisdictional expansion of audit into a new audit space, characterised as regulatory work.

The purpose of this paper is to introduce a tool for the international comparative analysis of regulatory regimes in the field of building regulation.

On the basis of a heuristic model drawn from regulatory literature, a typology of building regulatory regimes is introduced. Each type is illustrated with a number of real‐life examples from North America, Europe, and Australia.

Governments worldwide have introduced building regulatory regimes with a variety of designs. On an abstract level, these designs are shown to have a comparable pattern. This pattern is utilised to draw up a typology of regime‐designs that can be placed on a sliding scale, with a “pure public regime” at the one end and a “pure private regime” at the other. Intermediate regimes display characteristics of both.

The comparative analysis of different regimes assists policy makers by demonstrating which combinations of regulatory characteristics can provide the best results in particular instances. The typology introduced by the paper assists this process by providing a tool for systematic analysis of complex real‐life cases.

The paper aims to document the effects of the privatisation of building code enforcement regimes. It notes that privatisation is generally accompanied by trade‐offs between competing democratic values such as effectiveness, efficiency, accountability, and equity and explores the extent to which particular trade‐offs might be related to aspects of the design of the regimes in which they occur.

The paper uses a comparative case study analysis of two Australian and two Canadian privatised building control regimes. This comparison is based on semi‐structured interviews with key actors in the building and building control industries.

Evidence of the expected trade‐offs between competing democratic values is found in the privatised regimes within the case study. Some of these might be explained in terms of the extent of private sector involvement (PSI) in a regime, or of the nature of the relationship between the public and the private sectors within it. However, not all trade‐offs are necessarily related to these characteristics. Overall, PSI deliver an increase in effectiveness and efficiency but at a particular cost of public accountability. A competitive, rather than a complementary, relationship between the private and public sectors in a privatised regime is also found to be more likely to generate problems related to the equity of the service being provided.

The case studies are explorative in nature and the research does not therefore claim empirical generalization, but instead provides illustrations of the impacts that might result from privatising building code enforcement. The paper is largely based on a series of interviews. The findings should be understood as the aggregated opinions of the interviewees.

Based on the case study analysis, the paper draws important conclusions for policymakers in this area. It suggests that privatisation should be performed with the utmost care and highlights positive features of the regimes studied that might indicate some of the ingredients of a successful privatisation. These include providing private sector inspectors with the opportunity to specialize, confining PSI to assessment tasks, and ensuring that a complementary relationship exists between the private and public sectors within the privatised regime.

The paper makes original contributes to existing literature on the impact of the “policy mix” on regulatory governance, and on the trade‐offs which result from the introduction of the private sector into regulatory governance.

Socially responsible investment (SRI) engagement currently performs a variety of supportive regulatory functions such as reframing norms, establishing dialogue and providing resources to improve performance, however corporate responses are voluntary. This chapter will examine the potential gains in effectiveness for SRI engagement in a responsive regulatory regime.

Global warming is a pressing environmental, social and governance (ESG) issue. By using the example of climate change the effectiveness of SRI engagement actors and the regulatory context can be considered. This chapter builds the conceptual framework for responsive regulation of climate change.

SRI engagement may face resistance from corporations due to its voluntary nature and conflict with other goals. Legitimacy and accountability limit the effectiveness of SRI engagement functioning as a voluntary regulatory mechanism. This chapter argues that the effectiveness of SRI engagement on climate change could be enhanced if it served as part of a responsive regulation regime.

Engagement is used by SRIs for ESG issues. A comprehensive regulatory regime could enhance corporate adaptation to climate change through increasing compliance with SRI engagement. The implication for SRI practitioners is that lobbying for a supportive regulatory regime has a large potential benefit.

Responsive regulatory policy involves both support and sanctions to improve compliance, enhancing policy efficiency and effectiveness. There are potentially large net social benefits from utilising SRI engagement in a regulatory regime.

In seeking to re-articulate voluntary and legal approaches this research addresses a gap in the literature on climate change regulation.

The paper discusses the rationale for a widespread reliance on Codes of Conduct (CoC) in European crowdfunding through the lenses of economic theories of self-regulation. By analysing the institutional design of CoCs in crowdfunding, the paper illustrates the differences in their regulatory context, inclusiveness, monitoring and enforcement. It offers the first systematic overview of substantial rules of CoCs in crowdfunding.

A comparative case study of nine CoCs in Europe is used to illustrate differences in their institutional design and discern the economic purpose of the CoC.

The institutional design of different CoCs in Europe mainly supports voluntary theories of self-regulation. In particular, the theory of reputation commons has the most explanatory power. The substantial rules of CoC in different markets show the potential sources of market failure through the perspectives of platforms.

CoCs appear in various regulatory, cultural, and industry contexts of different countries. Some of the institutional design features of CoC might be a result of these characteristics.

Crowdfunding associations wishing to develop their own CoC may learn from a comparative overview of key provisions.

For governments in Europe, contemplating creating or revising bespoke crowdfunding regimes, the paper identifies areas where crowdfunding platforms perceive market failure.

This paper is the first systematic study of self-regulatory institutions in European crowdfunding. The paper employs a theoretical framework for the analysis of self-regulation in crowdfunding and provides a comparison of a regulatory context, inclusiveness, monitoring and enforcement of different CoCs in Europe.

The purpose of this paper is to examine the effect of foreign bank assets (FBA) and (FBP) presence is examined on banking stability in the economies with strong and weak country-level corporate governance (CLCG) in Africa between 2006 and 2015.

Using a Prais–Winsten panel data model of 86 banks in about 30 African economies, findings on how FBA and presence influence banking stability in strong and weak corporate governance economies under different regulatory regimes are reported for the first in Africa.

The findings show that foreign bank presence (FBP) and assets promote banking stability. However, the positive effect of FBA and presence is enhanced in economies with strong CLCG, whereas the positive effect of FBA and presence is weakened in economies with weak CLCG. After introducing different regulatory regimes, it is observed that the enhancing effect of FBP and assets on banking stability in the full sample and economies with strong and weak CLCG systems is deepened or improved under the loan loss provision regulation regime. However, under the private and public sector-led financial transparency regulations, the reducing effect of FBP and assets on banking stability in economies with weak corporate governance systems is further dampened.

These findings show that the relationship between FBP and assets is deeply shaped by corporate governance systems and regulatory regimes in Africa. Hence, policymakers must build strong corporate governance and sound regulatory regimes to enhance how foreign bank operations promote banking stability.

This study presents first-time evidence on how FBA and presence influence banking stability under strong and weak governance systems while considering different regulatory regimes.

We examine the national regulatory framework in Turkey and its interactions with actors at various levels that set the stage for the shift from a Fordist economy to a post-Fordist one. Industrial maize production expanded in the 2000s in the face of a decline in agricultural employment and state-supported conventional crop production. We use the corporate maize industry as a case to demonstrate the change in regulation and its impacts.

Utilizing a strategic-relational approach, we analyze descriptive statistics on agricultural markets, news, sector reports, and archives of national regulation related to agricultural production and the agri-food industry to identify key actors shaping the transformation of maize production.

Actors influencing the national regulatory framework come from international and national regulatory institutions, and transnational and national agri-food corporations. Local maize farmers have actively participated in the transformation, thereby offering consent to the process. The Turkish state manages maize production through its national regulatory regime, but the agri-food industry drives the trajectory.

Adopting a strategic-relational approach contributes to our understanding of the dynamics at work in economic restructuring by shedding light on the interactions between political authorities and economic actors. Following a post-Fordist mode of regulation, the Turkish government uses particular political devices in a strategically selective manner, not overtly to enhance the short-term interests of the agri-food industry, but according to the long-term goal of promoting adaptation of agricultural commodity producers to the post-Fordist capitalist accumulation regime.

State institutions utilize the tools of political intervention in markets to ensure the long-term sociopolitical consolidation and legitimation of the post-Fordist accumulation regime.

Government reforms have seen shifts from rules-based to principles-based risk regulatory governance. This paper examines the effects of principles-based risk regulatory reforms on public sector risk management (RM) and management control practices in public sector organizations (PSOs).

The principles-based regulation focuses on providing autonomy to PSOs while maintaining control over their actions without direct intervention. This resonates with Foucault's notion of how modern forms of governments operate. The research is informed by Foucault's concept of governmentality. The authors conducted a qualitative field study of an Australian PSO, gathering and analysing data from interviews, focus groups, and archival documents.

The findings show the capillary modes by which principles-based risk regulatory regime penetrates and works with management control practices in pursuit of regulatory goals within the PSO the authors studied. In addition, the authors find that the principles-based approach (focusing on autonomy) and rules-based approach (focusing on control) are not opposites in kind and effect but rather, autonomy should be understood as a central pillar of control. Furthermore, the findings show how cultural controls and formal controls are not in conflict but are interconnected in RM practices, with cultural controls providing control architecture for RM and formal control translating the control architecture into routines. Finally, the study provides insights into how enterprise risk management (ERM) provides capabilities for and routinizes RM practices in a PSO and the management control systems (MCS) that enabled this to occur.

The paper provides novel insights into how MCS are infiltrated, mobilized and deployed to enact principles-based risk regulatory reforms. These insights are useful for regulators, practitioners and researchers.