This paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world.

A Survey of Corporate Governance

This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world. CORPORATE GOVERNANCE DEALS WITH the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment. How do the suppliers of finance get managers to return some of the profits to them? How do they make sure that managers do not steal the capital they supply or invest it in bad projects? How do suppliers of finance control managers? At first glance, it is not entirely obvious why the suppliers of capital get anything back. After all, they part with their money, and have little to contribute to the enterprise afterward. The professional managers or entrepreneurs who run the firms might as well abscond with the money. Although they sometimes do, usually they do not. Most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance. But this does not imply that they have solved the corporate governance problem perfectly, or that the corporate governance mechanisms cannot be improved. In fact, the subject of corporate governance is of enormous practical impor

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世界経済・社会統計 = World development indicators

The East Asian miracle: Economic growth and public policy: By the World Bank. (New York: Oxford University Press for the World Bank, 1993. 389 pp. $19.95, paper.)

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

During the 1980s and 1990s, many developing countries (DCs) have been engaged in far-reaching reforms of their financial systems, liberalising them and making them more market-oriented. This liberalisation, involving inter alia ‘financial de-repression’ has been inspired partly by the work of the McKinnon (1973) and Shaw (1973) [M-S] school. 

This paper suggests that, in addition to financial de-repression, there has been a major new element in the development of DC financial systems in recent years - the establishment and fast expansion of stockmarkets. These markets have played a key role in the internal as well as external financial liberalisation processes in leading DCs.
Further, the paper finds that the actual behaviour of these markets in many countries has led to outcomes which undermine the effects of the higher real interest rates arising from 'financial de-repression'.

https://mpra.ub.uni-muenchen.de/53897/1/MPRA_paper_53897.pdf

Financial Liberalisation, Stockmarkets and Economic Development

During the 1980s and 1990s, many developing countries (DCs) have been engaged in far-reaching reforms of their financial systems, liberalising them and making them more market-oriented. This liberalisation, involving inter alia ‘financial de-repression’ has been inspired partly by the work of the McKinnon (1973) and Shaw (1973) [M-S] school. This paper suggests that, in addition to financial de-repression, there has been a major new element in the development of DC financial systems in recent years - the establishment and fast expansion of stockmarkets. These markets have played a key role in the internal as well as external financial liberalisation processes in leading DCs. Further, the paper finds that the actual behaviour of these markets in many countries has led to outcomes which undermine the effects of the higher real interest rates arising from 'financial de-repression'. (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.) (This abstract was borrowed from another version of this item.)

Financial liberalisation, stockmarkets and economic development

/pdf/the-rise-and-fall-of-the-golden-age-2v0z0k99jq.pdf

The rise and fall of the golden age

A model based on network theory is presented for calculating the frequency-dependent resistance and inductance per unit length matrices for transmission line systems consisting of conductors with rectangular cross sections. The calculated results are compared with actual measurements. Excellent agreement is obtained over a wide range of frequencies, including the mid-range where neither dc values nor high-frequency limit values apply.

Resistive and inductive skin effect in rectangular conductors

This paper is a sequel to the analysis of the growth process of firms presented in Chapters 4 and 5 of our book Growth, Profitability and Valuation [17]. The relationship between size and growth of firms is explored using a more comprehensive set of data than was used in the book. In particular, the book was based on data relating to individual quoted companies in the UK in only three large industries, whereas, in this paper, we extend the analysis to cover all major industrial groups in manufacturing, construction and distribution. The relationship between size and growth of firms, and particularly stochastic models based on the Law of Proportionate Effect or Gibrat's Law, have previously been studied by a number of economists other than ourselves (see among other [5, 6, 7, 8, 12, 15 and 18]). Relatively few of these studies have used individual industry data. Industry is, however, an important variable, because the characteristics of the average firm vary significantly and systematically between industries (see [16]). Furthermore, none of the previous studies is based on as comprehensive a set of data as is the analysis presented below. The availability of data on such an extensive scale, showing the growth experience over the period 1948-60 of nearly 2000 individual firms, divided into 21 industrial groups, yields some interesting insights which have not been possible in earlier studies. It also leads to the revision of some important conclusions of our own previous study and of other similar studies.

https://mpra.ub.uni-muenchen.de/51715/1/MPRA_paper_51715.pdf

Ajit Singh

Papers

Financial Liberalisation, Stockmarkets and Economic Development

Financial liberalisation, stockmarkets and economic development

The rise and fall of the golden age

Resistive and inductive skin effect in rectangular conductors

The Size and Growth of Firms