Scopus
EXPORT DATE: 18 September 2021

@ARTICLE{Summers2021,
author={Summers, N.},
title={The socioeconomic concentration of intensive production interest: Lessons from the tiny home community},
journal={Journal of Consumer Culture},
year={2021},
doi={10.1177/1469540520982360},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85100555104&doi=10.1177%2f1469540520982360&partnerID=40&md5=29905fe30dffe301f8bac97a68fdc29c},
affiliation={Central Washington University, United States},
abstract={Since the middle of the 1970s, the cost of higher education, childcare, healthcare, and housing have all risen relative to median earnings, threatening the balance sheets of many middle-income households. A large number of these households have maintained their lifestyles and aspirations by taking on debt, leaving them highly leveraged and living paycheck to paycheck. Whether voluntarily or forced, many have responded to these economic pressures by reducing spending where they can, in ways large and small. Seeking “financial freedom,” one “large” response has been attempts to reduce the costs of housing, typically the largest regular expense that households face. People have done this in a variety of ways, including moving into tiny homes, the focus of this paper. Due to the association between homeownership and middle-class achievement norms, a move into an unconventional tiny home on wheels requires use of an alternative cultural vocabulary to support positive identity construction, meaning-making, and sociability, as well as claims for class status and distinction. In this paper, I draw on an original study of the tiny home community to exhibit and analyze that symbolic vocabulary. I find that an emphasis on the biography of production is at the center of a coherent system of meaning that helps tiny home enthusiasts negotiate their middling position in rental and housing markets, as well as in the larger stratification system. I close by discussing the implications of these findings for scholarly understanding of “alternative” consumption behaviors, including so-called “ethical” or “conscientious” consumption, and preferences for craft, artisanal, and local production. To foreshadow my central argument, I believe that “simple affluence” arguments are incomplete, and that these behaviors are instead concentrated among those with high levels of education but low or modest earnings. © The Author(s) 2021.},
author_keywords={Consumption;  DIY;  ethical consumption;  production;  tiny homes},
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correspondence_address1={Summers, N.; Central Washington UniversityUnited States; email: summersn@cwu.edu},
publisher={SAGE Publications Ltd},
issn={14695405},
language={English},
abbrev_source_title={J. Consum. Cult.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chu20211550,
author={Chu, T.H. and Stocker, M.L. and Tan, B.J.},
title={Economic fitness: How equity market returns reflect the realization of economic growth potential},
journal={International Journal of Finance and Economics},
year={2021},
volume={26},
number={1},
pages={1550-1562},
doi={10.1002/ijfe.1863},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85092686747&doi=10.1002%2fijfe.1863&partnerID=40&md5=66485d199d221f92b326d91a85116a9f},
affiliation={Economics Division, Public Investment Fund, Riyadh, Saudi Arabia; Global Income Department, Eaton Vance Management, Boston, MA, United States; Department of Economics, Harvard University, Cambridge, MA, United States},
abstract={The relative complexity of a country's economy explains relative per capita wealth. Measures of complexity have also been used to improve the estimation accuracy of gross domestic product (GDP) growth forecasts. Why complexity matters is settled in the theory of gains from trade. Not settled are the determinants of complexity and how complexity can be unleashed to facilitate economic growth. We explore how economic institutions, as measured by an index of economic freedom, and economic complexity interact and impact a country's equity market return. We find complex economies where realized per capita GDP is lower than comparably complex economies experience an acceleration in GDP growth when economic freedom is increased. Simultaneous to the gains in economic institutions and complexity, equity markets outperform, suggesting the wealth of a nation rests on the institutions that facilitate complexity. © 2020 John Wiley & Sons, Ltd.},
author_keywords={complexity;  economic freedom;  equity markets;  equity returns;  fitness;  institutions},
keywords={complexity;  economic growth;  forecasting method;  Gross Domestic Product},
references={Arthur, B., (2014) Complexity and the economy, , (Ed.). (, New York, NY, Oxford University Press; Azémar, C., Desbordes, R., Short-run strategies for attracting foreign direct investment (2010) The World Economy, 33 (7), pp. 928-957; Beaudry, P., Willems, T., (2018), May)., On the macroeconomic consequences of over-optimism, (IMF Working Paper WP/18/122). Washington, DC International Monetary Fund; Bekaert, G., Harvey, C.R., Foreign speculators and emerging equity markets (2000) The Journal of Finance, 55 (2), pp. 565-613; Bekaert, G., Harvey, C.R., Lundblad, C., Does financial liberalization spur growth? (2005) Journal of Financial Economics, 77 (1), pp. 3-55; Bénassy-Quéré, A., Fontagné, L., Lahrèche-Révil, A., How does FDI react to corporate taxation? (2005) International Tax and Public Finance, 12 (5), pp. 583-603; Berggren, N., The benefits of economic freedom (2003) Independent Review, 8 (2), pp. 193-211; Cader, M., Nagasaka, S., (2018), Where and how to grow, IFC Report; Campos, N.F., Kinoshita, Y., Foreign direct investment and structural reforms: Evidence from Eastern Europe and Latin America (2010) IMF Staff Papers, 57 (2), pp. 326-365; Chiou, W.J.P., Lee, A.C., Lee, C.F., Stock return, risk, and legal environment around the world (2010) International Review of Economics & Finance, 19 (1), pp. 95-105; Chu, T., Grishin, V., (2018), A tale of two countries Structural reforms and macroeconomic performance, (IFC Working Paper). Pennsylvania Ave NW, Washington, DC International Finance Corporation; Ciccone, A., Papaioannou, E., Financial development and intersectoral investment: New estimates and evidence (2008) Moneda y Credito, 226 (7), pp. 7-32; (2008) The growth report: Strategies for sustained growth and inclusive development, , Washington, DC, The World Bank Group; Cristelli, M., Gabrielli, A., Tacchella, A., Caldarelli, G., Pietronero, L., Measuring the intangibles: Metrics for the economic complexity of countries and products (2013) PLoS One, 8 (8). , https://doi.org/10.1371/journal.pone.0070726; Cristelli, M., Tacchella, A., Cader, M., Roster, K., Pietronero, L., (2017), On the predictability of growth, (Policy Research Working Paper WPS 8117). Washington, DC World Bank Group; Dawson, J.W., Regulation, investment, and growth across countries (2006) Cato Journal, 26 (3), pp. 489-509; Dimson, E., Marsh, P., Staunton, M., (2002) Triumph of the optimists: 101 years of global investment returns, , Princeton, NJ, Princeton University Press; Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., Shleifer, A., (2008), https://www.nber.org/papers/w13756, The effect of corporate taxes on investment and entrepreneurship, (NBER Working Paper 13756). Cambridge, MA National Bureau of Economic Research. Retrieved from; Gwartney, J., Lawson, R., Hall, J., (2017) Economic freedom of the world: 2017 annual report, , Vancouver, British Columbia, Canada, Fraser Institute; Hidalgo, C.A., Hausmann, R., The building blocks of economic complexity (2009) PNAS, 106 (26), pp. 10570-10575; Jerven, M., (2013) Poor numbers: How we are misled by African development statistics and what to do about it, , Ithaca, NY, Cornell University Press; La Porta, R., Lopez De-Silanes, F., Shleifer, A., Vishny, R.W., Legal determinants of external finance (1997) The Journal of Finance, 52 (3), pp. 1131-1150; La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Agency problems and dividend policies around the world (2000) The Journal of Finance, 55 (1), pp. 1-33; Levine, R., Zervos, S., Capital control liberalization and stock market development (1998) World Development, 26 (7), pp. 1169-1183; Li, K., What explains the growth of global equity markets (2002) Canadian Investment Review, 15, pp. 23-30; Lombardo, D., Pagano, M., (2006), http://ssrn.com/abstract=209310, Legal determinants of the return on equity, Corporate and institutional transparency for economic growth in Europe (Stanford Law and Economics Olin Working Paper 193). Oxford, UK Elsevier. 235–270. Retrieved from; Pietronero, L., Cristelli, M., Gabrielli, A., Mazzilli, D., Pugliese, E., Tacchella, A., Zaccaria, A., (2017) Economic Complexity: “Buttarla in caciara” vs a constructive approach. arXiv preprint arXiv, 1709, p. 05272. , https://arxiv.org/abs/1709.05272; Perotti, E.C., Van Oijen, P., Privatization, political risk and stock market development in emerging economies (2001) Journal of International Money and Finance, 20 (1), pp. 43-69; Richers, J., Ursua, J., (2013), &, Our 2013 GES Surprising the markets, (Global Economics Paper 223). Goldman Sachs New York, NY; Ritter, J.R., Economic growth and equity returns (2005) Pacific-Basin Finance Journal, 13, pp. 489-503; Rogers, J., (1994) Investment biker: Around the world with Jim Rogers, , Random House, Inc., New York, New York, USA; Rogers, J., (2003) Adventure capitalist: The ultimate road trip; Siegel, J.J., (1998) Stocks for the long run, , 2nd ed., New York, NY, McGraw-Hill; Stocker, M.L., Equity returns and economic freedom (2005) Cato Journal, 25 (3), pp. 583-594; Stocker, M.L., The price of freedom: A Fama–French freedom factor (2016) Emerging Markets Review, 26, pp. 1-19; Tacchella, A., Cristelli, M., Caldarelli, G., Gabrielli, A., Pietronero, L., A new metrics for countries' fitness and products' complexity (2012) Nature Scientific Reports, 2, p. 723; Tacchella, A., Mazzilli, D., Pietronero, L., A dynamical systems approach to gross domestic product forecasting (2018) Nature Physics, 14, pp. 861-865; (2018), Evaluating Bangladesh economy and financial markets, Report presented at the 2017 Annual G20 SME Financing Forum, Berlin, Germany},
correspondence_address1={Stocker, M.L.; Global Income Department, United States; email: mstocker@eatonvance.com},
publisher={John Wiley and Sons Ltd},
issn={10769307},
language={English},
abbrev_source_title={Int. J. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Wijaya202069,
author={Wijaya, C. and Lucianna, Y. and Indriati, F.},
title={Determinants of interest rate spreads of conventional banks listed on the Indonesia Stock Exchange},
journal={Banks and Bank Systems},
year={2020},
volume={15},
number={4},
pages={69-79},
doi={10.21511/bbs.15(4).2020.06},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85097889412&doi=10.21511%2fbbs.15%284%29.2020.06&partnerID=40&md5=7771669918a095b9cec6f7b420a2e51f},
affiliation={Department of Business Administration, Faculty of Administrative Science, Universitas Indonesia, Indonesia},
abstract={The purpose of this study is to examine the variables that determine the interest rate spreads (IRS) of conventional banks listed on the Indonesia Stock Exchange (IDX). There are four major variables that affect a bank’s interest rate spreads, namely financial bank, macroeconomics, economic freedom and market structure variables. The study participants are conventional banks listed on the Indonesia Stock Exchange from 2013 to 2017. Data was tested by using the OLS regression model. The results of this study show that all of the financial bank variables (Liquidity Risk (LR), Return to Asset Ratio (RTAR), Capital Adequacy (CA), Cost Efficiency Ratio (CER), and Risk Aversion (RA)) can significantly affect interest rate spreads. While of the macroeconomic variables, only two can significantly affect interest rate spreads, namely Gross Domestic Product (GDP) and Inflation Rate (IR). Furthermore, all of the variables of economic freedom and market structure can significantly determine interest rate spreads. © Chandra Wijaya, Yunika Lucianna, Fibria Indriati, 2020.},
author_keywords={Economic freedom;  Financial bank variables;  Interest rate spreads;  Macroeconomic variables;  Market structure variables},
funding_details={Universitas IndonesiaUniversitas Indonesia, UI},
funding_text 1={The authors thank the Research Cluster of Governance and Competitiveness, Faculty of Administrative Sciences, Universitas Indonesia, for providing financial assistance and supporting materials related to discussion, and assistance in writing this paper.},
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B., Mutwol, M., Determinants of Net Interest Margins of Commercial Banks in Kenya: A Panel Study (2012) Procedia Economics and Finance, 2, pp. 199-208. , http://doi.org/10.1016/S2212-5671(12)00080-9; Valverde, S., Rodriguez-Fernandez, F., The determinants of bank margins in European banking (2007) Journal of Banking and Finance, 31 (7), pp. 2043-2063. , https://doi.org/10.1016/j.jbankfin.2006.06.017; Williams, B., Factors Determining Net Interest Margins in Australia: Domestic and Foreign Banks (2007) Financial Markets, Institutions, and Instruments, 16 (3), pp. 145-165. , https://doi.org/10.1111/j.14680416.2007.00122.x; Zhou, K., Wong, M., The Determinants of Net Interest Margins of Commercial Banks in Mainland China (2008) Emerging Markets Finance and Trade, 44 (5), pp. 41-53. , https://doi.org/10.2753/REE1540-496X440503},
correspondence_address1={Wijaya, C.; Department of Business Administration, Indonesia},
publisher={LLC CPC Business Perspectives},
issn={18167403},
language={English},
abbrev_source_title={Banks Bank Syst.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Iona20201053,
author={Iona, A. and De Benedetto, M.A. and Assefa, D.Z. and Limosani, M.},
title={Finance, corporate value and credit market freedom in overinvesting US firms},
journal={Corporate Governance (Bingley)},
year={2020},
volume={20},
number={6},
pages={1053-1072},
doi={10.1108/CG-05-2020-0196},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85087728941&doi=10.1108%2fCG-05-2020-0196&partnerID=40&md5=790b0ce153b397fcc766ab965934dd8d},
affiliation={School of Economics and Finance, Queen Mary University of London, London, United Kingdom; Department of Economics, Universita degli Studi di Messina, Messina, Italy},
abstract={Purpose: Using a sample of US firms more likely to be affected by agency problems, the purpose of this paper is to investigate the relationship between corporate value and financial policies and to study whether credit market freedom (CMF) affects this relationship. Design/methodology/approach: The authors identify a sub-sample of non-financial US firms potentially affected by agency problems using a joint criterion of over-investment and high cash-holdings. A generalized method of moment econometric framework is then used to estimate the impact of cash-holdings and leverage policies on firm value for this sub-sample. This exercise is also performed by taking into account the level of CMF of the state where the firm operates. Findings: The results show that the relationship between cash-holdings – or leverage – and firm value is “U-shaped.” In addition, when the authors focus on the role played by the level of CMF, the authors find a number of interesting facts: CMF facilitates the firms’ access to external finance, thereby relaxing the need of internal funds for investing; the relationship between cash-holdings and firm value is “U-shaped” only in states enjoying high levels of CMF; the probability of observing firms more likely to be affected by agency problems is higher in states with high levels of CMF. Research limitations/implications: The empirical findings provide important insights to policymakers, shareholders and practitioners. To policymakers, the results suggest that providing institutional environments with greater CMF can enhance the firm access to external finance, the level of corporate investment and the economic growth. To shareholders, the findings highlight that the conflicts of interest between managers and shareholders may be more severe in states with higher CMF; therefore, adequate financing policies and corporate governance mechanisms must be used to mitigate these conflicts and maximize the firm value. Finally, to practitioners, the evidence suggests that, in valuing a firm, they must take into consideration whether the economic environment provides managers with more freedom to stockpile cash and invest sub-optimally. Originality/value: The paper contributes to the corporate finance and governance literature in two respects. First, it provides new evidence on the shape of the relationship between cash holdings and firm value for firms affected by empire-building managers. Second, at the best of the knowledge, it is the first corporate finance study, which analyzes the role played by the CMF at the state level on the capital structure and the level of investment of the firms. © 2020, Emerald Publishing Limited.},
author_keywords={Cash-holdings;  Firm value;  Institutions;  Leverage},
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(2008) Public Choice, 135 (3-4), pp. 183-205},
correspondence_address1={Iona, A.; School of Economics and Finance, United Kingdom; email: a.iona@qmul.ac.uk},
publisher={Emerald Group Holdings Ltd.},
issn={14720701},
language={English},
abbrev_source_title={Corp. Gov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Kravets20201017,
author={Kravets, I.V. and Mуkhalchenko, H.H. and Buriak, A.A. and Davidyuk, L.P. and Dubych, C.V.},
title={Long-term consequences of capital outflows for transition countries},
journal={International Journal of Management},
year={2020},
volume={11},
number={5},
pages={1017-1026},
doi={10.34218/IJM.11.5.2020.093},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85086161898&doi=10.34218%2fIJM.11.5.2020.093&partnerID=40&md5=e0f280df03df1e80cb69c948d150d9d1},
affiliation={Department of Economic Theory, Intellectual Property and Public Administration Zhytomyr National Agroecological University, Zhytomyr, Ukraine; Department of Economy of Enterprises and Management, Educational Scientific Professional Pedagogical Institute of Ukrainian Engineering, Pedagogic Academy (Bakhmut), Bakhmut, Ukraine; Department of International Economic Relations and Tourism, Educational and Research Institute of Finance, Economy and Management, National University Yuri Kondratyuk Poltava Polytechnic, Poltava, Ukraine; Department of Economics and International Relations, Faculty of Economics, Management and Law, Vinnytsia Institute of Trade and Economics of KNUTE, Vinnytsia, Ukraine; Ukrainian State Employment Service Training Institute, Kуiv, Ukraine},
abstract={One of the most common and urgent problems for every country in the world is the problem of capital outflow abroad. This problem is especially serious for transition countries. These countries, moving away from the former economic systems, are trying to adapt their economies to the market conditions. So, the aim of the work is to analyze and study the basic principles of long-term consequences of capital outflows for transition countries, being based on the relevance of the subject of the scientific article. Theoretical and methodological principles of the research concerning the long-term consequences of capital outflows for transition countries in the scientific article are presented on the basis of such research methods as observation, analysis, comparison, description and generalization. The information base for comparing the trends of capital outflow for transition countries is The World Bank statistics, data from the independent international Tax Justice Network and data from the Wall Street Journal and Heritage Foundation. The presentation of practical results of capital outflows from transition countries (some EU countries and some members of the Commonwealth of Independent States, Georgia and Ukraine) is given using the following indicators: 1) Growth rates of foreign direct investment from transition countries abroad, %; 2) Growth rates of foreign direct investment in the economy of transition countries, %; 3) the share of transition countries in the structure of the global offshore market in 2020, %; 4) index of economic freedom of transition countries. Based on the results of analysis and study of the theoretical and practical principles of capital outflows for transition countries, it is established that such actions will have the following consequences for transition countries. Here we are talking about: reduction of private investment; high rate of financial transactions with offshore jurisdictions; high level of political instability in the country; high level of corruption in the country at various levels of government; devaluation of the national currency; high level of speculation in the financial and particularly in the credit and foreign exchange markets; low level of lawfulness in the system of capital export in other countries. It was found that the share of transition countries (Bulgaria, Estonia, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Hungary, Croatia, the Czech Republic, Russia and Ukraine) in the structure of the global offshore market is only 0.94%. Estonia, Lithuania, the Czech Republic and Georgia have the highest levels of economic freedom among the transition countries under study, while Tajikistan, Turkmenistan, Uzbekistan and Ukraine have the lowest levels of economic freedom. © IAEME Publication},
author_keywords={Capital outflow;  Market economy;  Offshore jurisdiction;  Transition country;  Transition economy},
references={Chen, J., Capital outflow (2019) Investopedia, , https://www.investopedia.com/terms/c/capital-outflow.asp; Saborowski, C., Sanya, S., Weisfeld, H., Yepez, J., (2014) Effectiveness of Capital Outflow Restictions, , IMF Working Paper. International Monetary Fund; Yalta, A.Y., Effect of capital flight on investment: Evidence from emerging markets (2010) Emerging Markets Finance and Trade, Taylor & Francis Journals, 46 (6), pp. 40-54. , https://doi.org/10.2753/REE1540-496X460603; Jerzy, P., Szpunar, P., Capital flows and their implications for monetary and financial stability: The experience of Poland (2008) Financial Globalisation and Emerging Market Capital Flows, 44, pp. 403-421; Zolotukhin, D.V., Capital outflow from Russia: Causes and consequences (2020) Voprosy Ekonomiki i Upravleniya, 2 (24), pp. 5-10; Bublyk, Y., Features of capital flight in transitive economies (2020) Efektyvna Ekonomika, 2. , http://doi.org/10.32702/2307-2105-2020.2.52; Buryk, Z., Bashtannyk, V., Ragimov, F., Economic growth: Macroeconomic effects of Public Borrowings at the global level (2019) Problems and Perspectives in Management, 17 (3), pp. 169-183; Shim, I., Shin, K., Financial stress in lender countries and capital outflows from emerging market economies (2018) BIS Working Papers No. 745, , Bank for International Settlements; The World Bank, , https://data.worldbank.org/; Financial Secrecy Index - (2020) Results. FSI, , https://fsi.taxjustice.net/en/introduction/fsiresults; (2020) Index of Economic Freedom, , https://www.heritage.org/index, Heritage Foundation; What Is Capital Flight? Corporate Finance, , https://corporatefinanceinstitute.com/resources/knowledge/economics/capital-flight/, Institute; Consequences of capital flight (2015) The Daily Star, , https://www.thedailystar.net/supplements/24th-anniversary-the-daily-star-part2/consequences-capital-flight-70935; Sen, D., A narrative research approach: Rural-urban divide in terms of participation in digital economy in India (2020) Journal of Management, 7 (1), pp. 41-50; Parvathi, K., Indian economy during Indira Gandhi's regime -a study (2019) International Journal of Social Sciences Research and Development, 1 (2), pp. 36-42. , Dr},
publisher={IAEME Publication},
issn={09766502},
language={English},
abbrev_source_title={Int. J. Manag.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Dmytryk2020342,
author={Dmytryk, O.O. and Kostenko, Y.O. and Monaienko, A.O. and Riadinska, V.O. and Soldatenko, O.V.},
title={State legal forms of interaction with debt obligations and state losses},
journal={Journal of Advanced Research in Law and Economics},
year={2020},
volume={11},
number={2},
pages={342-348},
doi={10.14505/jarle.v11.2(48).07},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090726533&doi=10.14505%2fjarle.v11.2%2848%29.07&partnerID=40&md5=a55abfe099e90bb2e72a6e8336c473c7},
affiliation={Department of Financial Law Yaroslav, Mudryi National Law University, Kharkiv, Ukraine; Department of Theory and History of the State and Law and Administrative Law Vasyl, Stus Donetsk National University, Vinnytsia, Ukraine; Center for the Study of Administrative Justice Problems, Kyiv Regional Centre National Academy of Legal Sciences of Ukraine, Kyiv, Ukraine; Research Laboratory for Legal and Organizational Support of the Ministry State Research Institute of the Ministry of Internal Affairs of Ukraine, Kyiv, Ukraine; Department of Law, Poltava University of Economics and Trade, Poltava, Ukraine},
abstract={Regulation of financial relations in the state is first and foremost based on an understanding of the allowed extent of freedom of financial transactions. In this regard, of relevance becomes the understanding of what is a limitation or expansion of the freedom of economic thought. The novelty of the study is determined by the fact that financial obligations ultimately become the tasks of state financial regulation. The authors demonstrate that the study should include the task of providing the state with a methodology and a toolkit for handling debt obligations within the state. The secondary objective is to build an understanding that legislation should also be aimed at reducing potential losses. Financial violations of a corruption nature are considered as objects of causing losses. The practical significance of the study lies in the fact that due to the reduction of problematic situations in the legislation, the socio-economic stability of the state as at large increases. © 2020, by ASERS® Publishing. All rights reserved.},
author_keywords={Debt obligations;  Financial violations;  Government;  Legal situations;  Losses},
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publisher={ASERS Publishing House},
issn={2068696X},
language={English},
abbrev_source_title={J. Adv. Res. Law Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shkolnyk2020281,
author={Shkolnyk, I. and Kozmenko, O. and Nowacki, R. and Mershchii, B.},
title={Dependence of the state of public finances on their transparency and the level of corruption in a country},
journal={Economics and Sociology},
year={2020},
volume={13},
number={4},
pages={281-296},
doi={10.14254/2071-789X.2020/13-4/18},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85099071455&doi=10.14254%2f2071-789X.2020%2f13-4%2f18&partnerID=40&md5=37a1ec7aa1147d9007fc7d40daab1ab0},
affiliation={Department of Finance, Banking and Insurance, Sumy State University, Ukraine; University of Economics and Innovation, Lublin, Poland; Institute of Security Sciences, Higher School of Criminology and Penitentiary Science, Warsaw, Poland},
abstract={Creating conditions for the effective formation, distribution and use of public finances, both at the macroeconomic and regional levels, is a key task for public administration. Achievement of high efficiency in this area is determined by many factors. For Ukraine, the most important here are the level of transparency and the level of corruption. Given that the level of transparency is not high enough, and the level of corruption, on the contrary, is high, the existing dependence between the state of public and local finances in Ukraine on the levels of corruption and transparency in the public sector is assessed. Based on the data characterizing the state of public finances at the national level through the indicators of Ukraine's consolidated budget, and at the regional level – through the indicators of local budgets of 22 regions (2010 to 2019) as well as a wide set of other selected factors, the relationship is determined between the corruption level, finance security, the transparency of public sector and the state of public finances at the macroeconomic and local levels. The use of Multiple Indicator – Multiple Cause and Dynamic Multiple Indicator – Multiple Cause models, based on the concept of soft modeling, revealed a significant impact of corruption on changes in Ukraine’s consolidated budget expenditures. Besides, the importance of other factors such as economic freedom and conditions created by the state for doing business is established. At the regional level, the dependence of local finances on the level of corruption and transparency was much lower. However, the models used indicated the presence of latent variables with significant influence, which would be the subject of our further research. © 2020, Centre of Sociological Research. All rights reserved.},
author_keywords={Corruption;  Finance security;  Municipal budget;  Public finance;  Shadow economy;  State budget;  State debt;  Transparency},
funding_details={Ministry of Education and Science of UkraineMinistry of Education and Science of Ukraine, MESU, 0118U003585},
funding_text 1={Comments from the Editor and anonymous referees have been gratefully acknowledged. Inna Shkolnyk thanks the Ministry of Education and Science of Ukraine for financial support (0118U003585).},
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E., The impact of contingent liability realizations on public finances (2019) International Tax and Public Finance, 26 (2), pp. 381-417; Bozio, A., Emmerson, C., Peichl, A., Tetlow, G., European public finances and the great recession: France, Germany, Ireland, Italy, Spain and the United Kingdom compared (2015) Fiscal Studies, 36 (4), pp. 405-430; Bukhtiarova, A., Dukhno, Y., Kulish, G., Kurochkina, I., Lypchanskyi, V., Ensuring transparency of key public finance authorities (2019) Investment Management and Financial Innovations, 16 (2), pp. 128-139; Chen, X., Futatsugi, K., Shang, W., Public financial reporting with transparency consideration under the semantic web environment (2008) Paper presented at the Proceedings of 4th International Conference on e-Government, ICEG 2008, pp. 81-90. , www.scopus.com, Retrieved from; Glushchenko, J., Kozhalina, N., Development trends of local taxes in the system of local budgets in Ukraine (2019) Public and Municipal Finance, 8 (1), pp. 104-111; Gupta, S., Davoodi, H., Tiongson, E.R., Corruption and the Provision of Health-care and Education Services (2001) The Political Economy of Corruption, pp. 111-141. , Chapter 6, London: Routledge; Heald, D., Hodges, R., The accounting, budgeting and fiscal impact of COVID-19 on the United Kingdom (2020) Journal of Public Budgeting, Accounting and Financial Management; Heald, D., McLeod, A., Embeddedness of UK devolution finance within the public expenditure system (2005) Regional Studies, 39 (4), pp. 495-518; Höffner, K., Martin, M., Lehmann, J., Linked Spending: Open Spending becomes linked open data (2016) Semantic Web, 7 (1), pp. 95-104; Howell-Moroney, M. E., Hall, J. L., Waste in the sewer: The collapse of accountability and transparency in public finance in Jefferson county, Alabama (2011) Public Administration Review, 71 (2), pp. 232-242; Hwang, J., A note on the relationship between corruption and government (2002) Journal of Development Economics, 27 (2), pp. 161-177; Iholkin, I.V., The role of budget relations transparency in the public finance management system (2016) Naukovipratsi NDFI – RFI Scientific Papers, 1 (7), pp. 50-67. , Rol transparentnosti biudzhetnykh vidnosyn u systemi upravlinnia derzhavnymy finansamy, [in Ukrainian]; Issatayeva, K. B., Adambekova, A. 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[Combattre la corruption et améliorer la gouvernance financière: Les institutions financièresinternationales et le renforcement du contrôlebudgétaire dans les pays endéveloppement (2006) Revue Francaised'AdministrationPublique, 119 (3), pp. 459-492; Savage, J. D., Member-state budgetary transparency in the economic and monetary union (2012) Transparency the key to better governance?, , www.scopus.com, Retrieved from; Shkolnyk, I., Kozmenko, S., Polach, J., Wolanin, E., State financial security: Comprehensive analysis of its impact factors (2020) Journal of International Studies, 13 (2), pp. 291-309; Shkolnyk, I., Melnik, T., Havrysh, Y., Ivanchenko, A., Transparency of local finances of Ukraine (2019) Public and Municipal Finance, 8 (1), pp. 73-82. , http://dx.doi.org/10.21511/pmf.08(1).2019.06; Shkolnyk, I., Bukhtiarova, A., Horobets, L., The efficiency of electronic public procurement system in Ukraine (2018) Public and Municipal Finance, 7 (3), pp. 43-55. , http://dx.doi.org/10.21511/pmf.07(3).2018.05; Sironi, E., Tornari, M., Corruption, political instability and public finance in europe (2013) International Journal of Monetary Economics and Finance, 6 (2-3), pp. 203-212; Smirnova, N., Public law discourse in the context of eurointegration and globalization (2020) Lex Portus, 1 (21), pp. 69-84; Tanzi, V., Davoodi, H., Corruption, public investment, and growth (1997) International Monetary Fund Working Paper, , 97/139; Tanzi, V., Davoodi, H., Corruption, growth, and public finances (2001) Political Economy of Corruption, pp. 89-110. , London: Routledge},
publisher={Centre of Sociological Research},
issn={2071789X},
language={English},
abbrev_source_title={Econ. Sociol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Campbell2020,
author={Campbell, C.},
title={Educational equity in Canada: the case of Ontario’s strategies and actions to advance excellence and equity for students},
journal={School Leadership and Management},
year={2020},
doi={10.1080/13632434.2019.1709165},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85078847568&doi=10.1080%2f13632434.2019.1709165&partnerID=40&md5=857cee27d76db574141260899a179123},
affiliation={Leadership and Educational Change, Ontario Institute for Studies in Education, University of TorontoON, Canada},
abstract={Canada prides itself for being multi-cultural, valuing diversity, and having educational outcomes that have been identified as excellent and equitable with above average performance and lower than average impact of socio-economic status and immigrant status in PISA. The Canadian Charter of Rights and Freedoms, plus policies concerning child care, language rights, immigration, and Indigenous people have affected equity. However, there are long-standing and emerging inequities, particularly for Indigenous people. Within this context, this article examines the case of Ontario, a province which has become well-known for educational excellence and equity. Two main strands of system-wide strategies to advance educational equity are discussed. First, a focus on closing the gaps in educational achievement and improving student success. This strategy resulted in improved performance for students overall and reduced gaps in performance for sub-groups of students, including attention to gender, English Language Learners and Special Education Needs. However, these measures did not fully address other demographic factors, systemic inequities and multiple forms of discrimination. A second strand of work was developing strategies and actions to advance an equitable and inclusive education system, including a broader concept of equity to support students and staff with changes in classrooms, schools, districts and the province. © 2020, © 2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.},
author_keywords={Canada;  Educational improvement;  equity;  leadership;  Ontario},
references={(2015), Federal Funding Levels for First Nations K–12 Education. AANDC; Campbell, C., (2014) Student Achievement Division Literacy and Numeracy Strategy: Evidence of Improvement Study, , Toronto, ON: Ontario Institute for Studies Education, University of Toronto; Campbell, C., Clinton, J., Fullan, M., Hargreaves, A., James, C., Longboat, D., (2018) Ontario: A Learning Province–Findings and Recommendations from the Independent Review of Assessment and Reporting, , Toronto, ON: Ontario Ministry of Education; Campbell, C., Zeichner, K., Osmond-Johnson, P., Leiberman, A., Hollar, J., Pisani, S., Sohn, J., (2017) Empowered Educators in Canada: How High-Performing Systems Shape Teaching Quality, , San Francisco, CA: Jossey Bass; Cepin, J., Naimi, K., (Non)Construction of the Teacher: An Inquiry Into Ontario’s Equity and Inclusive Education Strategy (2015) Alberta Journal of Education, 61 (1), pp. 65-79; (2015) Education in Canada: An Overview, , Toronto, ON: CMEC; (2018) Memorandum: EQAO’s Focus on Equity and Inclusion, , http://www.eqao.com/en/about_eqao/modernization/Pages/memo-focus-equity-inclusion.aspx; Glaze, A., Campbell, C., (2007), Putting Literacy and Numeracy First: Using Research and Evidence to Support Improved Student Achievement. Paper presented to American Education Research Association Annual Meeting; (2008), Statement of Apology to Former Students of Indian Residential Schools; (2012) Accepting Schools Act, , Toronto, Ontario: Queen’s Printer of Ontario; Hargreaves, A., Braun, H., (2011) Leading for All: A Research Report of the Development, Design, Implementation and Impact of Ontario’s “Essential for Some, Good for All” Initiative, , Toronto, ON: Council of Ontario Directors of Education; Hargreaves, A., Shirley, D., Wagnia, S., Bacon, C., D’Angelo, M., (2018) Leading From the Middle: Spreading Learning, Well-Being, and Identity Across Ontario, , Toronto, ON: Council of Ontario Directors of Education, and, with; (2013) The Ontario Leadership Framework: A School and System Leader’s Guide to Putting Ontario’s Leadership Framework Into Action, , Toronto, Ontario: The Institute for Education Leadership; James, C., Turner, T., (2017) Towards Race Equity in Education: The Schooling of Black Students in the Greater Toronto Area, , Toronto, Ontario: York University; Leithwood, K., (2012) The Ontario Leadership Framework 2012 with a Discussion of the Research Foundations, , Toronto, Ontario: The Institute for Education Leadership; Leithwood, K., Fullan, M., Watson, N., (2003) The Schools We Need: A New Blueprint for Ontario, , Toronto: Atkinson Foundation; Martino, W., Rezia-Rashti, G., ‘Gap Talk’ and the Global Rescaling of Educational Accountability in Canada (2013) Journal of Education Policy, 28 (5), pp. 589-611; Mourshed, M., Chijioke, C., Barber, M., (2010) How The World’s Most Improved School Systems Keep Getting Better, , New York, NY: McKinsey & Co; (2018) Lexicon of Terminology, , Canada: MMIWG; (2019) Reclaiming Power and Place: Executive Summary of the National Inquiry Into Murdered and Missing Indigenous Women and Girls, , Canada: MMIWG; (2004) Me Read? No Way! A Practical Guide to Improving Boys’ Literacy Skills, , Toronto, Ontario: Queen’s Printer for Ontario; (2005) Many Roots, Many Voices. Supporting English Language Learners in Every Classroom. A Practical Guide for Ontario Educators. Ontario Ministry of Education, , Toronto, Ontario: Queen’s Printer for Ontario; (2005) Ontario’s Aménagement Linguistique Policy for French-Language Education, , Toronto, Ontario: Queen’s Printer for Ontario; (2005) Education for All: The Report of the Expert Panel on Literacy and Numeracy Instruction for Students with Special Education Needs, Kindergarten to Grade 6, , Toronto, Ontario: Queen’s Printer for Ontario; (2007) Ontario First Nations, Métis and Inuit Education Policy Framework, , Toronto, Ontario: Queen’s Printer for Ontario; (2007) Building Bridges to Success for First Nations, Métis and Inuit Students: Developing Policies for Self-Identification: Successful Practices From Ontario School Boards, , Toronto, Ontario: Queen’s Printer for Ontario; (2008) Supporting English Language Learners: A Practical Guide for Ontario Educators Grades 1 to 8, , Toronto, Ontario: Queen’s Printer for Ontario; (2008) Me Read? And How? Ontario Teachers Report on How to Improve Boys’ Literacy Skills, , Toronto, Ontario: Queen’s Printer for Ontario; (2008) Quick Facts: Ontario Leadership Strategy, , Toronto, Ontario: Queen’s Printer for Ontario; (2009) Realizing The Promise of Diversity: Ontario’s Equity and Inclusive Education Strategy, , Toronto, Ontario: Queen’s Printer for Ontario; (2009) PPM 119: Developing and Implementing Equity and Inclusive Education Policies in Ontario’s Schools, , Toronto, Ontario: Ministry of Education; (2014) Achieving Excellence: A Renewed Vision for Education in Ontario, , Toronto, Ontario: Queen’s Printer for Ontario; (2017) Ontario’s Education Equity Action Plan, , Toronto, Ontario: Queen’s Printer for Ontario; (2010) Strong Performers and Successful Reformers in Education: Lessons From PISA for the United States: Ontario, Canada: Reform to Support High Achievement in a Diverse Context, , Paris: OECD; (2015) Education Policy Outlook: Canada, , Paris: OECD; (2015) PISA 2015 Results (Volume I): Excellence and Equity in Education, , Paris: OECD; Parek, Killoran, Crawford, (2011); Parkin, A., (2015) International Report Card on Public Education: Key Facts on Canadian Achievement and Equity, , Toronto, Ontario: The Environics Institute; Segeran, A., Kutsyuruba, B., Twenty Years and Counting: An Examination of the Development of Equity and Inclusive Education Policy in Ontario (1990–2010) (2012) Canadian Journal of Educational Administration and Policy, 136, pp. 2-38; Shewchuk, S., Cooper, A., Exploring Equity in Ontario: A Provincial Scan of Equity Policies Across School Boards (2018) Canadian Journal of Education, 41 (4), pp. 917-953; (2018) First Nations People, Métis and Inuit in Canada: Diverse and Growing Populations, , Ottawa, Ontario: Statistics Canada; (2019) Population Estimates, Quarterly, , https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000901; (2019) Focus on Geography Series, 2016 Census, , http://www12.statcan.gc.ca/census-recensement/2016/as-sa/fogs-spg/Facts-PR-Eng.cfm?TOPIC=7%26LANG=Eng%26GK=PR%26GC=35, ttps://; (2015) Honouring the Truth, Reconciling for the Future: Summary of the Final Report of the Truth and Reconciliation Commission of Canada, , Ottawa, Ontario: TRC; Zegarac, G., Franz, R., (2007) Secondary School Reform in Ontario and the Role of Research, Evaluation and Indicator Data, , Paper presented at the American Educational Research Association, Chicago, Illinois},
correspondence_address1={Campbell, C.; Leadership and Educational Change, Canada; email: Carol.Campbell@utoronto.ca},
publisher={Routledge},
issn={13632434},
language={English},
abbrev_source_title={Sch. Leadersh. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Shroff2019284,
author={Shroff, F. and Minhas, J.S. and Laugen, C.},
title={Power of partnerships: What makes a difference in reducing maternal mortality and how can Canadians contribute?},
journal={International Journal of Health Governance},
year={2019},
volume={24},
number={4},
pages={284-297},
doi={10.1108/IJHG-06-2019-0045},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85073624480&doi=10.1108%2fIJHG-06-2019-0045&partnerID=40&md5=36f4588404907ee5b12ee0b01e5d7df5},
affiliation={Department of Family Practice, School of Population and Public Health, The University of British Columbia, Vancouver, Canada; Tufts University, Medford, MA, United States; School of Population and Public Health, The University of British Columbia, Vancouver, Canada},
abstract={Purpose: Many low- and middle-income countries (LMICs) are struggling to reduce maternal mortality rates, despite increased efforts by the United Nations through the implementation of their Millennium Development Goals program. Industrialized nations, such as Canada, have a collaborative role to play in raising the global maternal health standards. The purpose of this paper is to propose policy approaches for Canadians and other Organization of Economic Cooperation and Development (OECD) nations who wish to assist in reducing maternal mortality rates. Design/methodology/approach: Ten Canadian health experts with experience in global maternal health were interviewed. Using qualitative analytical methods, the authors coded and themed their responses and paired them with peer-reviewed literature in this area to establish a model for improving global maternal health and survival rates. Findings: Findings from this study indicated that maternal health may be improved by establishing a collaborative approach between interdisciplinary teams of health professionals (e.g. midwives, family physicians, OB/GYNs and nurses), literacy teachers, agriculturalists and community development professionals (e.g. humanitarians with diverse linguistic and cultural backgrounds). From this, a conceptual approach was devised for elevating the standard of maternal health. This approach includes specifications by which maternal health may be improved, such as gender justice, women’s literacy, freedom from violence against women, food and water security and healthcare accessibility. This model is based on community health center (CHC) models that integrate upstream changes with downstream services may be utilized by Canada and other OECD nations in efforts to enhance maternal health at home and abroad. Research limitations/implications: Maternal mortality may be reduced by the adoption of a CHC model, an approach well suited for all nations regardless of economic status. Establishing such a model in LMICs would ideally establish long-term relationships between countries, such as Canada and the LMICs, where teams from supporting nations would collaborate with local Ministries of Health, non-government organizations as well as traditional birth attendants and healthcare professionals to reduce maternal mortality. Practical implications: All OECD Nations ought to donate 0.7 percent of their GDP toward international community development. These funds should break the tradition of “tied aid”, thereby removing profit motives, and genuinely contribute to the wellbeing of people in LMICs, particularly women, children and others who are vulnerable. The power of partnerships between people whose aims are genuinely focused on caring is truly transformative. Social implications: Canada is not a driver of global maternal mortality reduction work but has a responsibility to work in partnership with countries or regions in a humble and supportive role. Applying a comprehensive and interdisciplinary approach to reducing maternal mortality in the Global South includes adopting a CHC model: a community development approach to address social determinants of health and integrating various systems of evidence-informed healthcare with a commitment to social justice. Interdisciplinary teams would include literacy professionals, researchers, midwives, nurses, family physicians, OB/GYNs and community development professionals who specialize in anti-poverty work, mediation/dialogue and education campaigns that emphasize the value of all people regardless of their gender, ethnicity, religion and income. Diasporic Canadians are invaluable members of these teams due to their linguistic and cultural knowledge as well as their enthusiasm for working with their countries of origin. Establishment of long-term partnerships of 5–10 years between a Canadian team and a region or nation in the Global South that is dedicated to reducing maternal mortality and improving women’s health are valuable. Canada’s midwifery education programs are rated as world leaders so connecting midwives from Canada with those of the Global South will facilitate essential transfer of knowledge such as using birth plans and other evidence-based practices. Skilled attendants at the birth place will save women’s lives; in most cases, trained midwives are the most appropriate attendants. Video link to a primer about this paper by Dr Farah Shroff: https://maa.med.ubc.ca/videos-and-media/. Originality/value: There are virtually no retrievable articles that document why OECD nations ought to work with nations in the LMICs to improve maternal health. This paper outlines the reasons why it is important and explains how to do it well. © 2019, Emerald Publishing Limited.},
author_keywords={Behavioural social or mental health issues;  Family medicine;  Governance structures;  Gynecology;  Maternal child health;  Midwifery;  Obstetrics;  Population health;  Teamwork;  Training},
keywords={abortion;  Article;  Canada;  Canadian;  economic status;  health care personnel;  health care policy;  health care quality;  health care system;  health center;  health equity;  health service;  health status;  human;  income;  interview;  maternal death;  maternal morbidity;  maternal welfare;  midwife;  mortality rate;  mother;  priority journal;  professional practice;  public-private partnership;  qualitative analysis;  social status},
funding_text 1={The authors would like to thank the participants of the study for sharing their thoughts and wisdom. Stephanie Stresing, Research Assistant, helped with citations and literature search and the authors also extend the thanks to her. Finally, this paper served as the impetus for the creation of Maternal and Infant Health Canada (maa.med.ubc.ca), which is dedicated to improving the lives of women and children in Canada and abroad, through education, research and innovation.},
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(2013) Lancet, 382 (9890), pp. 452-477; Bloom, S., Wypij, D., Gupta, M., Dimensions of women’s autonomy and the influence on maternal health care utilization in a north Indian city (2001) Demography, 38 (1), pp. 67-78; Campbell, O.M.R., Graham, W.J., Strategies for reducing maternal mortality: getting on with what works (2006) Lancet, 368 (9543), pp. 1284-1299. , http://proxy.library.oregonstate.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=cmedm&AN=17027735&loginpage=Login.asp&site=ehost-live, (accessed, March 18, 2010; About Community Health Centers, , www.cachc.ca/about/, (accessed, June 11, 2019; (2004) Giving Birth in Canada, , Canadian Institute for Health Information, Ottawa; D’Souza, M.S., Karkada, S.N., Somayaji, G., Venkatesaperumal, Women’s well-being and reproductive health in Indian mining community: need for empowerment (2013) Reproductive Health, 10 (1), pp. 24-36; De Brouwere, V., Richard, F., Witter, S., Access to maternal and perinatal health services: lessons from successful and less successful examples of improving access to safe delivery and care of the newborn (2010) Tropical Medicine & International Health, 15 (8), pp. 901-909; Defo, B., Effects of socioeconomic disadvantage and women’s status on women’s health in Cameroon (1997) Social Science & Medicine, 44 (7), pp. 1023-1042; Espinoza, H., Camacho, A.V., Maternal death due to domestic violence: an unrecognized critical component of maternal mortality (2005) Revista panamericana de salud publica (Pan American Journal of Public Health), 17 (2), pp. 123-129; Filippi, V., Maternal health in poor countries: the broader context and a call for action (2006) Lancet, 368 (9546), pp. 1535-1541; Gale, N.K., Using the framework method for the analysis of qualitative data in multi-disciplinary health research (2013) BMC Medical Research Methodology, 13 (1), p. 117; Gitimu, A., Determinants of use of skilled birth attendant at delivery in Makueni, Kenya: a cross sectional study (2015) BMC Pregnancy and Childbirth, 15 (1), pp. 1-7; Govindasamy, P., Ramesh, B., (1997) Maternal education and utilization of maternal and child health services in India, , National Family Health Survey Subject Reports, Mumbai and Maryland; Harrison, K., Maternal mortality in Nigeria: the real issues (1997) La Revue Africaine de la Santé Reproductive (African Journal of Reproductive Health), 1 (1), pp. 7-13; Hazarika, I., Factors that determine the use of skilled care during delivery in India: implications for achievement of MDG-5 targets (2011) Maternal and Child Health Journal, 15 (8), pp. 1381-1388; Hogan, M.C., Maternal mortality for 181 countries, 1980-2008: a systematic analysis of progress towards Millennium Development Goal 5 (2010) Lancet, 375 (9726), pp. 1609-1623; Imran, M., The prevalence and patterns of usage of ayruveda, unani and home remedies in younger adults of rural North India (2017) International Journal of Green Pharmacy, 11 (2), p. 108; (2013) Every Woman, Every Child: Strengthening Equity and Dignity through Health, , Independent Expert Review Group, Geneva; Jehan, K., Improving access to maternity services: an overview of cash transfer and voucher schemes in South Asia (2012) Reproductive Health Matters, 20 (39), pp. 142-154; Kendall, T., Langer, A., Critical maternal health knowledge gaps in low- and middle-income countries for the post-2015 era (2015) Reproductive Health, 12 (1), p. 55; Law, K., (2013) An exploration of the quality of citizen participation: consumer majority boards of community health centers in Iowa, , ProQuest Dissertations Publishing; Longhurst, A., Cohen, M., (2019) The Importance of Community Health Centres in BC’s Primary Care Reforms, , www.policyalternatives.ca/chcs-in-bc, Canadian Centre for Policy Alternatives, Vancouver: :, (accessed, May 30, 2019; McGinn, T., Reproductive health of war-affected populations: what do we know? (2000) International Family Planning Perspectives, 26 (4), pp. 174-180; McTavish, S., National female literacy, individual socio-economic status, and maternal health care use in sub-Saharan Africa (2010) Social Science & Medicine, 71 (11), pp. 1958-1963; Moazzeni, M.S., Maternal mortality in the Islamic Republic of Iran: on track and in transition (2013) Maternal and Child Health Journal, 17 (4), pp. 577-580; Nour, N.M., An Introduction to maternal mortality (2008) Reviews in Obstetrics & Gynecology, 1 (2), pp. 77-81; Owusu-Addo, E., Bezabo, A., Smith, B., The impact of cash transfers on social determinants of health and health inequalities in sub-Saharan Africa: a systematic review (2018) Health Policy Plan, 5 (1), p. 33; Peña‐Rosas, J.P., Viteri, F.E., Effects of routine oral iron supplementation with or without folic acid for women during pregnancy (2006) Cochrane Database of Systematic Reviews, (3), pp. CD004736-CD004736; Pmnch, (2014) Success Factors for Women’s and Children’s Health: Success Factors for Women ’ s and Children’s Health: Highlights from 10-Fast Track Countries, , PMNCH, Geneva; Ruano, A.L., Friedman, E.A., Hill, P.S., Health, equity and the post-2015 agenda: raising the voices of marginalized communities (2014) International Journal for Equity in Health, 13 (1), p. 82; Satti, H., Motsamai, S., Chetane, P., Marumo, L., Barry, D.J., Riley, J., McLaughlin, M.M., Mukherjee, J.S., Comprehensive approach to improving maternal health and achieving MDG 5: report from the mountains of Lesotho (2012) PloS One, 7 (8), pp. e42700-e42700; Sedgh, G., Induced abortion: incidence and trends worldwide from 1995 to 2008 (2012) Lancet, 379, pp. 625-632; Senanayake, H., Achieving Millennium Development Goals 4 and 5 in Sri Lanka (2011) BJOG : An International Journal of Obstetrics and Gynaecology, 118, pp. 78-87. , doi:, Supplement; Shen, C., Williamson, J., Maternal mortality, women’s status, and economic dependency in less developed countries: a cross-national analysis (1999) Social Science & Medicine, 49 (2), pp. 197-214; Smith, J.M., Misoprostol for postpartum hemorrhage prevention at home birth: an integrative review of global implementation experience to date (2013) BMC Pregnancy and Childbirth, 13 (1), p. 44; Sorensen, B.L., User and provider perspectives on emergency obstetric care in a Tanzanian rural setting: a qualitative analysis of the three delays model in a field study (2011) African Journal of Reproductive Health, 15, pp. 117-130. , www.ncbi.nlm.nih.gov/pubmed/22590898; (2009) Women and Health: Today’s Evidence Tomorrow’s Agenda, , World Health Organization, Geneva},
correspondence_address1={Shroff, F.; Department of Family Practice, Canada; email: farah.shroff@ubc.ca},
publisher={Emerald Group Holdings Ltd.},
issn={20594631},
language={English},
abbrev_source_title={Int. J. Health Gov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bayar201995,
author={Bayar, Y.},
title={Macroeconomic, Institutional and Bank-Specific Determinants of Non-Performing Loans in Emerging Market Economies: A Dynamic Panel Regression Analysis},
journal={Journal of Central Banking Theory and Practice},
year={2019},
volume={8},
number={3},
pages={95-110},
doi={10.2478/jcbtp-2019-0026},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85072715565&doi=10.2478%2fjcbtp-2019-0026&partnerID=40&md5=014d449e9273e6d200da0748aba992b2},
affiliation={Usak University, Faculty of Economics and Administrative Sciences, Turkey},
abstract={Banking sector is important for various macroeconomic and microeconomic variables in terms of mobilization of funds, increasing savings, and providing alternative investment instruments suited to the every person by minimizing the risk of adverse selection and moral hazard, allocating funds to most productive projects, risk diversification. Therefore, sound functioning of the banking sector is critical especially for emerging and developing countries. This study explores the macroeconomic, institutional, and bank-specific factors behind nonperforming banking loans as an indicator of banking sector functioning in emerging market economies over the 2000-2013 period by employing the system GMM dynamic panel data estimator. Results of the dynamic panel regression analysis showed that economic growth, inflation, economic freedom (institutional development), return on assets and equity, regulatory capital to risk-weighted assets, and noninterest income to total income affected nonperforming loans negatively, while unemployment, public debt, credit growth, lagged values of nonperforming loans, cost to income ratio and financial crises affected nonperforming loans positively. © 2019 Yilmaz Bayar, published by Sciendo.},
author_keywords={bank-specific factors;  credit risk;  economic freedom;  emerging market economies;  institutional factors;  macroeconomic factors;  Non-performing loans},
references={Abdioglu, N., Aytekin, S., Takipteki Kredi Oranini Etkileyen Fak-törlerin Belirlenmesi: Mevduat Bankalari Üzerinde Bir Dinamik Panel Veri Uygulamasi (2016) Isletme Arastirmalari Dergisi, 8 (1), pp. 538-555; Ahmad, F., Corruption and information sharing as determinants of non-performing loans (2013) Business Systems Research, 4 (1), pp. 87-98; Arellano, M., Bond, S., Some tests of specifcation for panel data: Monte carlo evidence and an application to employment equations (1991) Review of Economic Studies, 58, pp. 277-298; Arellano, M., Bover, O., Another look at the instrumental variable estimation of error-components models (1995) Journal of Econometrics, 68, pp. 29-51; Blundell, R., Bond, S., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87, pp. 115-143; Boudriga, A., Taktak, N.B., Jellouli, S., (2010) Bank Specifc, Business and Institutional Environment Determinants of Banks Nonperforming Loans: Evidence from MENA Countries, , Economic Research Forum Working Papers No.547; Cihák, M., Demirgüç-Kunt, A., Feyen, E., Levine, R., (2012) Benchmarking Financial Systems around the World. World Bank Policy Research, , Working Paper 6175 World Bank, Washington, D.C; Curak, M., Pepur, S., Poposki, K., Determinants of non-performing loans-evidence from southeastern european banking systems (2013) Banks and Bank Systems, 8 (1), pp. 45-53; De Bock, R., Demyanets, A., (2012) Bank Asset Quality in Emerging Markets: Determinants and Spill-overs, , IMF Working Paper W P/12/71; Ghosh, A., Banking-industry specifc and regional economic determinants of non-performing loans: Evidence from us states (2015) Journal of Financial Stability, 20, pp. 93-104; (2016) Index of Economic Freedom, , http://www.heritage.org/index, Heritage Foundation; (2016) World Economic Outlook Database, , https://www.imf.org/external/pubs/f/weo/2015/02/weodata/index.aspx, IMF Retrieved January 31, 2016, from; Im, K.S., Shin, M.H., Shin, Y., Testing for unit roots in heterogeneous panels (2003) Journal of Econometrics, 115, pp. 53-74; Jung, H., Kwon, H., (2007) An Alternative System GMM Estimation in Dynamic Panel Models, Hi Stat, , Discussion Paper No. 217 Hitotsubashi Uni-versit y; Keeton, W.R., Morris, C.S., Why do banks' loan losses difer (1987) Economic Review, pp. 3-21; Kjosevski, J., Petkovski, P., Non-performing loans in baltic states: Determinants and macroeconomic efects (2017) Baltic Journal of Economics, 17 (1), pp. 25-44; Klein, N., (2013) Non-performing Loans in CESEE: Determinants and Im-pact on Macroeconomic Performance, , IMF Working Paper WP/13/72; Koju, L., Koju, R., Wang, S., Macroeconomic and bank-specifc determinants of non-performing loans: Evidence from nepalese banking system (2018) Journal of Central Banking Teory and Practice, 7 (3), pp. 111-138; Levin, A., Lin, C.F., Chu, C.S.J., Unit root tests in panel data: Asymptotic and finite sample properties (2002) Journal of Econometric, 108, pp. 1-22; Louzis, D.P., Vouldis, A.T., Metaxas, V.L., Macroeconomic and bank-specifc determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portfolios (2012) Journal of Banking & Finance, 36 (4), pp. 1012-1017; Makri, V., Tsagkanos, A., Bellas, A., Determinants of non-performing loans: Te case of eurozone (2014) Panoeconomicus, 2014 (2), pp. 93-206; Messai, A.S., Jouini, F., Micro and macro determinants of non-performing loans (2013) International Journal of Economics and Financial Issues, 3 (4), pp. 852-860; (2016) Market Classifcation, , https://www.msci.com/market-classifca-tion, MSCI. (31.01 2016); Petkovski, M., Kjosevski, J., Does banking sector development promote economic growth? An empirical analysis for selected countries in central and south eastern Europe (2014) Economic Research, 27 (1), pp. 55-66; Pop, I.D., Chicu, N., Raduu, A., Non-performing loans decision making in the romanian banking system (2018) Management & Marketing Challenges for the Knowledge Society., 13 (1), pp. 761-776; Roman, A., Bilan, I., An empirical analysis of the macroeconomic determinants of non-performing loans in eu-28 banking sector (2015) Revista Economica, 67 (2), pp. 108-127; Sargan, J., Te estimation of economic relationships using instru-mental variables (1958) Econometrica, 26 (3), pp. 393-415; Skarica, B., Determinants of non-performing loans in central and eastern european countries (2014) Financial Teory and Practice, 38 (1), pp. 37-59; Stijepovic, R., Recovery and reduction of non-performing loans-podgorica approach (2014) Journal of Central Banking Teory and Practice, 3 (3), pp. 101-108; Swamy, V., Impact of macroeconomic and endogenous factors on non-performing bank assets (2012) International Journal of Banking and Finance, 9 (1), pp. 27-47; Tanaskovic, S., Jandric, M., Macroeconomic and institutional determinants of non-performing loans (2015) Journal of Central Banking Teory and Practice, 2015/1, pp. 47-62; (2016) Bank Nonperforming Loans to Total Gross Loans (%, , http://data.worldbank.org/indicator/FB.AST.NPER.ZS/coun-tries, World Bank; (2016) Unemployment, Total (% of Total Labor Force, , http://data.worldbank.org/indicator/SL.UEM.TOTL.ZS, World Bank},
correspondence_address1={Bayar, Y.; Usak University, Turkey; email: yilmaz.bayar@usak.edu.tr},
publisher={Sciendo},
issn={18009581},
language={English},
abbrev_source_title={J. Cent. Bank. Theory Pract.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Markina20191291,
author={Markina, I.A. and Chykurkova, A.D. and Dudziak, O.A. and Opaliuk, T.L. and Dobrenko, I.A.},
title={Globalization-induced changes in higher education management in Ukraine},
journal={International Journal of Educational Management},
year={2019},
volume={33},
number={6},
pages={1291-1302},
doi={10.1108/IJEM-01-2019-0037},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85071595441&doi=10.1108%2fIJEM-01-2019-0037&partnerID=40&md5=dc62ec023a0dec82803091cac8e815dd},
affiliation={Poltava State Agrarian Academy, Poltava, Ukraine; State Agrarian and Engineering University in Podilly, Kamenetz-Podolsky, Ukraine; Kamyanets-Podilsky Ivan Ohienko National University, Kamianets-Podilskyi, Ukraine; Berdyansk University of Management and Business, Berdyansk, Ukraine},
abstract={Purpose: The purpose of this paper is to identify the features of higher education management in the context of global economic transformations. Design/methodology/approach: A correlation-regression analysis of the functionality of the modern education system was carried out in the “personality-society-economy” triad by analyzing the impact of global indices such as Economic Quality Index, Personal Freedom Index and Social Capital Index on the resultant indicator, or the Education Index. Findings: It was determined that the impact of economic factors on the level of education is rather low, and at the same time, this indicator largely depends on the indicator of the social capital. In this regard, the following social trends have been identified that need to be implemented for the successful education management: expanding the population education program, as well as providing lifelong education, ensuring equal access to quality education, strengthening the role of the state in ensuring equity in education, efficient and effective use of education costs, humanization and democratization of education, updating the content, forms, methods and means of training, enhancing the professional competence of teachers, transparency of education systems, the formation of state-public forms of education management. Originality/value: In the framework of the proposed research, it was established the hypothesis that the modern education system is dependent on the relation between individual, society and the national economy. © 2019, Emerald Publishing Limited.},
author_keywords={Global development indices;  Globalization;  Higher education management;  Social capital},
references={Agiomirgianakis, G., Asteriou, D., Monastiriotis, V., Human capital and economic growth revisited: a dynamic panel data study (2002) International Advances in Economic Research, 8 (3), pp. 177-187; Akaike, H., A new look at the statistical model identification (1974) IEEE Transactions on Automatic Control, 19, pp. 716-723; Babatunde, M.A., Adefabi, R.A., Long run relationship between education and economic growth in Nigeria: evidence from the Johansen’s cointegration approach (2005) Regional Conference on Education in West Africa, , Ibadan: November 1-2; Balsara, M., (1996) New Education Policy and Development Challenge, , Kanishka Publishers, New Delhi; Bolgova, E.V., The economic role of education: a statistical paradox or problems of efficiency? (2011) Creative Economy, 10 (58), pp. 68-73; Caune, E., (2008) Izglıtıba ka filosofijas priekšmets, Praktis a filosofija, , LLU, Jelgava; (2009) University management system, , http://ru.sun.com/solutions/COSinus.html, Sun Microsystems, Oxford: accessed, January 13, 2019; (2014) Public funding observatory, , www.eua.be/eua-work-and-policy-area/governance-autonomy-and-funding/public-fundingobservat%20orytool.aspx, (accessed, December 12, 2018; Fägerlind, I., Saha, L.J., (2016) Education and National Development: A Comparative Perspective, p. 302. , p., Elsevier, Amsterdam; Kovbasyuk, Y.V., Monitoring in education: encyclopedia of public administration: 8 volumes (2011) National Academy of Public Administration under the President of Ukraine, 4 (3), pp. 449-451; Kruss, G., McGrath, S., Petersen, I.H., Gastrow, M., Higher education and economic development: the importance of building technological capabilities (2015) International Journal of Educational Development, 43, pp. 22-31; Kulinich, O.A., Zaretska, L.M., Education as a factor in socio-economic development (2014) Economic Strategy and Prospects for the Development of Trade and Services, 1, pp. 199-208; Kuts, A., Dolgushina, M., (2015) State policy in the field of higher education in modern conditions, , http://sisupr.mrsu.ru/2015-4/PDF/Kuts_Dolgushina_Statya_1_1.pdf, (accessed, February 18, 2019; Kuzhelev, M.A., Zhitar, M.O., Priority areas of financial support for innovative development of institutions of general secondary and higher education in Ukraine (2016) Scientific Herald of Kherson State University. Series “Economic Sciences, 17, pp. 131-135; Lamanauskas, V., Augienė, D., Scientific research activity of students’ pre-service teachers of sciences at university: significance, readiness, effectiveness and career aspects (2016) Journal of Baltic Science Education, 15 (6), pp. 746-758; Livingstone, D.W., Guile, D., (2012) The Knowledge Economy and Lifelong Learning: A Critical Reader, , Sense Publishers, Boston, MA; Lopez-Bazo, E., Growth and convergence across economies: the experience of the European regions (2017) Regional Economic Growth, SMEs and the Wider Europe, pp. 65-90. , López-Bazo, E. (Ed.), Routledge, Abingdon; Markina, I., Zivitere, M., Riashchenko, V., Teacher – pedagogical creativity and developer promoter (2015) Procedia Social and Behavioral Sciences, 174 (February), pp. 4068-4073; Nelson, R., Phelps, E., Investment in human, technological diffusion, and economic growth (1966) American Economic Review Papers and Proceedings, 56, pp. 69-75; Nikolaenko, S.M., (2008) Theoretical and methodological foundations of management of innovative development of the Ukrainian education system: monograph, , Kyiv National University of Trade and Economics, Kyiv, p. 419; Pegkas, P., Tsamadias, C., Does higher education affect economic growth? the case of Greece (2014) International Economic Journal, 28 (3), pp. 425-444; Robertson, S., Novelli, M., Dale, R., Tikly, L., Dachi, H., Alphonce, N., (2007) Globalisation, Education and Development: Ideas, Actors and Dynamics, p. 264. , p., Department for International Development, London; Romer, P., Endogenous technological change (1990) Journal of Political Economy, 98 (5), pp. S71-S102; Schleicher, A., Lisbon council policy brief the economics of knowledge: why education is key for Europe’s success (2006) Published Under the Editorial Responsibility of the Lisbon Council, 1 (1), pp. 1-20; Srobuva, A.A., Development of European higher education in the conditions of global financial economic crisis (2015) Ukrainian Pedagogical Journal, 4, pp. 228-241; Subetto, A.I., The policy of quality education and the problem of quality monitoring in the field of education (1999) Research Center for the Problems of Quality Training, p. 198; Wilson, L., (2013), www.unica-network.eu/event/unicarectors-seminar-2013, The balance of responsibilities: university and societysecuring the financial sustainability of higher education, UNICA Rectors Seminar, Sofia University, Sofia: (accessed, February 10, 2019; Zhiltsov, D.E., Education management in the context of social interests of society (2013) Education Management: Theory and Practice, 1 (9), pp. 34-40},
correspondence_address1={Markina, I.A.; Poltava State Agrarian AcademyUkraine; email: ira.markina.82@inbox.ru},
publisher={Emerald Group Holdings Ltd.},
issn={0951354X},
language={English},
abbrev_source_title={Int. J. Educ. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Efobi2019253,
author={Efobi, U. and Beecroft, I. and Asongu, S.},
title={Foreign Aid and Corruption: Clarifying Murky Empirical Conclusions},
journal={Foreign Trade Review},
year={2019},
volume={54},
number={3},
pages={253-263},
doi={10.1177/0015732519851633},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85090986828&doi=10.1177%2f0015732519851633&partnerID=40&md5=61a9056b47869889b2110f336db4fe14},
affiliation={College of Business and Social Sciences, $and$ Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria; Department of Economics, $and$ Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria; Lead Economist and Director of the African Governance and Development Institute, Yaounde, Cameroon},
abstract={This study considers foreign aid flow by sector in which the aid is directed and then estimates its impact on corruption in order to clarify the specific direction of aid flow that triggers (or does not trigger) corrupt practices. Data are from the Organisation for Economic Co-operation and Development database, Freedom House dataset, and the World Bank Governance Indicators. The dynamic system GMM and quantile regressions (QR) were estimated for robust estimation and correction of endogeneity issues. We found that aid flows for the development of economic infrastructure, multi-sector and programme assistance were consistently reducing corruption. This result stands for both the entire sample and for the African countries (especially for countries at the 25th, 50th and 75th quintiles). Aid flows to social infrastructure and debt relief significantly induce corrupt practices in the sampled countries. These forms of aid only spur rent-seeking behaviour for countries at the lower quintiles of corruption. Two robust checks were estimated, including: (a) using an alternate explained variable—the corruption measure by Transparency International; and (b) correcting for endogeneity in the QR estimation by instrumenting the independent variables of interest with their first-lags. For both checks, the signs and significant values of the variables were consistent with the earlier estimation. JEL Codes: B20, F35, F50, O10, O55 © 2019 Indian Institute of Foreign Trade.},
author_keywords={Africa;  development;  Foreign aid;  political economy},
references={Asiedu, E., Foreign direct investment in Africa: The role of natural resources, market size, government policy, institutions and political stability (2006) World Economy, 29 (1), pp. 63-72; Asongu, S.A., On the effect of foreign aid on corruption (2012) Economics Bulletin, 32 (3), pp. 2174-2180; Asongu, S.A., Fighting corruption in Africa: Do existing corruption-control levels matter? (2013) International Journal of Development Issues, 12 (1), pp. 36-52; Asongu, S.A., Gupta, R., Trust and quality of growth: A note (2016) Economics Bulletin, 36 (3), pp. 1854-1867; Asongu, S.A., Nwachukwu, J.C., Foreign aid and inclusive development: Updated evidence from Africa, 2005–2012 (2016) Social Science Quarterly; Bartels, F.L., Crombrugghe, S.A., (2009) FDI policy instruments: Advantages and disadvantages, , http://www.unido.org/fileadmin/user_media/Publications/RSF_DPR/WP012009_Ebook.pdf, (UNIDO Working Paper 01/2009). Retrieved from; Cooray, A., Schneider, F., (2013) How does corruption affect public debt? An empirical analysis, , http://www.econ.jku.at/papers/2013/wp1322.pdf, Johannes Kepler University of Linz, (Working Paper No. 1322)., Retrieved from; Easterly, W., Introduction: Can’t take it anymore? (2008) Reinventing foreign aid, pp. 1-44. , Easterly W., (ed), Cambridge, MA, MIT Press, (Ed.), (., –; Economides, G., Kalyvitis, S., Philippopoulos, A., Does foreign aid distort incentives and hurt growth? Theory and evidence from 75 aid-recipient countries (2008) Public Choice, 134 (3-4), pp. 463-488; Efobi, U.R., Politicians’ attributes and institutional quality in Africa: A focus on corruption (2015) Journal of Economic Issues, 49 (3), pp. 787-813; Harms, P., Lutz, M., Aid, governance and private foreign investment: Some puzzling findings for the 1990s (2006) Economic Journal, 116 (513), pp. 773-790; Jalles, J.T., The impact of democracy and corruption on the debt-growth relationship in developing countries (2011) Journal of Economic Development, 36 (4), pp. 41-72; Kimura, H., Todo, Y., Is foreign aid a vanguard of FDI? A gravity equation approach (2010) World Development, 38 (4), pp. 482-497; Moyo, D., (2009) Dead aid_ Why aid is not working and how there is another way for Africa, , New York, NY, Penguin Publishers; Okada, K., Samreth, S., The effect of foreign aid on corruption: A quantile regression approach (2012) Economic Letters, 11 (2), pp. 240-243; Selaya, P., Sunesen, E.R., Does foreign aid increase foreign direct investment? (2012) World Development, 40 (11), pp. 2155-2176},
correspondence_address1={Efobi, U.; College of Business and Social Sciences, Nigeria; email: efobi99@yahoo.co.uk},
publisher={Sage Publications India Pvt. Ltd},
issn={00157325},
language={English},
abbrev_source_title={Foreign Trade Rev.},
document_type={Note},
source={Scopus},
}

@ARTICLE{Shaikh2019218,
author={Shaikh, I.A. and Drira, M. and Hassine, S.B.},
title={What motivates directors to pursue long-term strategic risks? Economic incentives vs. fiduciary duty},
journal={Journal of Business Research},
year={2019},
volume={101},
pages={218-228},
doi={10.1016/j.jbusres.2019.04.022},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064635428&doi=10.1016%2fj.jbusres.2019.04.022&partnerID=40&md5=0a5ec27c7bf7fd2bb18dcb9668b34563},
affiliation={Faculty of Business Administration, University of New Brunswick-Fredericton, Canada; Associate Professor, Department of Accounting and Commercial Law Sobey School of Business Saint Mary's University, 923 Robie St., Halifax, NS  B3H 3C3, Canada; HEC Montreal, 3000 Chemin de la Côte-Sainte-Catherine, Montréal, QC  H3T 2A7, Canada},
abstract={Prior research in agency theory views outside directors as being mostly extrinsically motivated by the potential for financial rewards, and as such stresses the value of using director stock options and equity to incentivize outside directors to pursue strategic risks. We draw on and extend agency-theory by arguing that outside directors are primarily intrinsically motivated, and therefore excessive emphasis on pecuniary rewards and punishments can ironically subvert a director's motives away from strategic risk-taking. In particular, we claim that more important than extrinsic rewards and government regulations is creating a secure environment for directors so that they may exercise their fiduciary duties without fear of litigation. We test our theory on a sample of 196 S&P 500 firms from 2005 to 2015 and find that the pressures imposed on the board through external regulations and controls can often backfire and result in outside directors signing off on less risky expenditure. A strong implication of these findings is no real substitute exists to creating a safe environment for directors, where they have the freedom to pursue the long-term interests of the principals, even if this goes against the short-termism of capital markets. © 2019},
author_keywords={Agency theory;  Classified board;  Director primacy model;  Extrinsic rewards;  Intrinsic motivations;  Risk-aversion;  Strategic risk},
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correspondence_address1={Shaikh, I.A.; Faculty of Business Administration, Canada; email: ishaikh@unb.ca},
publisher={Elsevier Inc.},
issn={01482963},
coden={JBRED},
language={English},
abbrev_source_title={J. Bus. Res.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Powell2019183,
author={Powell, L. and Wang, P. and O'Neill, L. and Dentice, G. and Neill, L.},
title={Webs of significance: Articulating latent value structures in a rural cafe organized as a worker cooperative},
journal={Hospitality and Society},
year={2019},
volume={9},
number={2},
pages={183-213},
doi={10.1386/hosp.9.2.183_1},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067358069&doi=10.1386%2fhosp.9.2.183_1&partnerID=40&md5=eb59d8856dac920429c7385d09d8880b},
affiliation={Auckland University of Technology, New Zealand},
abstract={This research seeks to clarify the staff value commitments that underlie hospitality ventures that choose to organize themselves as worker cooperatives. Although some studies have focused on organizational and economic aspects of such participatory, cooperative businesses, less is known about the staff values. This study examines the shared 'social values' and 'business culture' at Riverside Café, a small business established to bring additional revenues in support of Riverside Community - a 78-year-old rural pacifist community located near Motueka, New Zealand. To elaborate the values and associated business culture, and how the two interact in everyday life at Riverside Café, semi-structured qualitative interviews were conducted with staff. Based on the transcribed recordings, dominant themes and subthemes were identified and classified. Salient clusters of 'values' emerging from the interviews were Harmony (peaceful living, tolerance, compassion, non-harming, balance), Social Justice (equality, freedom, sharing, creative craftsmanship), Interconnectedness (cooperation, community, right livelihood, sustainability), Trust (social bonds, reliability) and Post-materialism ('people over things', unselfishness, spirituality). Salient clusters of 'business culture' norms identified were Non-hierarchical Management and Service, and Commercial Imperatives. The discovered value categories highlight both the advantages and limitations of operating cafes as worker cooperatives. © 2019 Intellect Ltd Article.},
author_keywords={Business culture;  Cafes;  Non-hierarchical;  Organizational culture;  Participatory democracy;  Social capital;  Values;  Worker cooperatives},
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Parker, G. Cheney, V. Fournier and C. Land (eds) New York: Routledge; Weber, M., (1947) The Theory of Social and Economic Organization, , New York: Oxford University Press; Williamson, D., Harris, C., Parker, J., I love you-goodbye: Exit interviews and turnover in the New Zealand hotel industry (2008) New Zealand Journal of Employment Relations, 33 (3), pp. 70-90; Woodcock, M., Francis, D., (1989) Clarifying Organizational Values, , Surrey: Gower; Zammuto, R.F., Krakower, J.Y., 'Quantitative and qualitative studies of organisational culture' (1991) Research in Organisational Change and Development, 5, pp. 83-114},
correspondence_address1={Wang, P.Private Bag 92006, New Zealand; email: pola.wang@aut.ac.nz},
publisher={Intellect Ltd.},
issn={20427913},
language={English},
abbrev_source_title={Hosp. Soc.},
document_type={Article},
source={Scopus},
}

@BOOK{Alkan20191,
author={Alkan, H.I. and Balaban, A.Y.},
title={Perspectives on Economy and Public Administration: Economic and Political Trends in the Globalized World},
journal={Perspectives on Economy and Public Administration: Economic and Political Trends in the Globalized World},
year={2019},
pages={1-217},
doi={10.3726/b14854},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85112415753&doi=10.3726%2fb14854&partnerID=40&md5=02a164b45eb06f8700a8e211cc6a7468},
affiliation={Department of Economics, Faculty of Economics and Administrative Sciences, Ondokuz Mayis University, Turkey; Department of Political Science and Public Administration, Faculty of Economics and Administrative Sciences, Ondokuz Mayis University, Turkey},
abstract={Turkey has abandoned import substituting accumulation model since the late 1970s and has entered into a structural formation process by courtesy of adopted neoliberal policies as from 1980s. Globalization gained momentum after 1980 and Turkey has witnessed significance changes in economic and political terms in the relevant period. This book focuses certain developments in Turkey's economy and public administration since the 1980s. In economical aspect; conversion in agriculture, supply of particular goods, international trade, external debts, macroeconomic vulnerabilities and development strategies are examined. In the context of public administration; changes in urban culture, slow city movement, the concept of smart city, foreigners' freedom to work in Turkey under international labour force law, modernization of the education system and its impact on youth employment and environmental policy are investigated. © Peter Lang AG 2019.},
correspondence_address1={Alkan, H.I.; Department of Economics, Turkey},
publisher={Peter Lang AG},
isbn={9783631772652; 9783631772669},
language={English},
abbrev_source_title={Perspect. on Econ. and Public Adm.: Econ. and Polit. Trends in the Glob. World},
document_type={Book},
source={Scopus},
}

@ARTICLE{Grishin2019,
author={Grishin, V.I and Abramov, R.A and Sokolov, M.S},
title={Implementation of international experience in support of youth innovative entrepreneurship in the Union state},
journal={Academy of Entrepreneurship Journal},
year={2019},
volume={25},
number={Special Issue 1},
page_count={6},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85068860950&partnerID=40&md5=385f885259fe4a46a08b1c708da7232a},
affiliation={Plekhanov Russian University of Economics, Russian Federation},
abstract={Aim of the study: When considering entrepreneurship as a function, small and large entrepreneurs are singled out. On one side are the founders of small firms, often retaining the position of private owners. Their businesses face tough problems of survival, freedom of decision-making is very limited and depends on larger market participants. Innovation, they often cannot afford because of the limitations and lack of resources. Being sandwiched between three major forces - the state, large capital and organized wage labor, this group often simply does not have the ability to be focused on innovation and social change, it remains to try to adhere to the status quo. Methodology: Economic sociologists complement the functional approach with a structural approach, highlighting entrepreneurs as a set of social groups. And in the construction of samples for empirical research, entrepreneurs usually do not include those who implement the entrepreneurial function, since their selection before the study is often difficult, but the creators and leaders of new, primarily non-governmental organizations. Conclusion: This set of entrepreneurs is extremely heterogeneous. Fundamental differences between groups of entrepreneurs are related to the scale and scope of business, property rights, management schemes, the origin of capital, the nature of technological and financial chains in which their enterprises are embedded. The characteristics of different groups of entrepreneurs also include demographic characteristics, such as ethnicity, gender, age. © 2019 Academy of Entrepreneurship Journal.},
author_keywords={Entrepreneurship;  Formation;  Innovation system;  Region;  Structure;  Youth},
references={Aishah, S., Ilyani, A., Musramaini, M., Hasni, A., Empowerment of Young Entrepreneurs Through Entrepreneurship Education: Students' Perception (2016) Regional Conference on Science, Technology and Social Sciences (RCSTSS 2014), pp. 991-997; Biney, I.K., Unearthing entrepreneurial opportunities among youth vendors and hawkers: challenges and strategies (2019) Journal of Innovation and Entrepreneurship, 8 (1), pp. 1-12; Bischoff, K.M., Michael, M.G., Michael, F., Entrepreneurship training in developing countries (2014) Industrial and Organizational Psychology Help the Vulnerable: Serving the Underserved, pp. 92-119. , ed. Walter Reichman. London: Palgrave Macmillan UK; Brixiová, Z., Thierry, K., Youth Employment in Africa: New Evidence and Policies from Swaziland (2014) Disadvantaged Workers: Empirical Evidence and Labour Policies, pp. 181-202. , eds. Miguel ángel Malo and Dario Sciulli. Cham: Springer International Publishing; Cho, Y., David, R., Samantha, W., Supporting self-employment and small-scale entrepreneurship: Potential programs to improve livelihoods for vulnerable workers (2016) IZA Journal of Labor Policy, 5 (1), pp. 1-7; Ernkvist, M., The role of dual institutional-and technological entrepreneurship in the formation of the japanese social-game Industry (2016) Global Game Industries and Cultural Policy, pp. 91-124. , Anthony Fung. Cham: Springer International Publishing; Friedline, T., Stacia, W., Young adults' race, wealth, and entrepreneurship (2016) Race and Social Problems, 8 (1), pp. 42-63; Gawell, M., Social entrepreneurship: Action grounded in needs, opportunities and/or perceived necessities? (2013) VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 24 (4), pp. 1071-1090; Gerosa, A., Alessandro, N.T., The culture of entrepreneurship: creating your own job (2013) European View, 12 (2), pp. 205-214; Greenwald, D., Samantha, C., The context for social entrepreneurship in the Middle East (2015) Social Entrepreneurship in the Middle East, 1, pp. 39-66; Khalid, A., Hassan, B., University Students' Perceptions and Attitudes About Entrepreneurship and Their Intentions to Startup Businesses: Literature Review (2016) Business Challenges in the Changing Economic Landscape, 2, pp. 343-354; Knijn, T., Mark, S., European union and member states' youth policy agendas (2012) Work, Family Policies and Transitions to Adulthood in Europe, pp. 39-74; Maas, G., Paul, J., An Overview of Systemic Entrepreneurship (2015) Systemic Entrepreneurship: Contemporary Issues and Case Studies, pp. 1-21; Manimala, M.J., Princy, T., Entrepreneurship education: Innovations and Best Practices (2017) Entrepreneurship Education: Experiments with Curriculum, Pedagogy and Target Groups, pp. 3-53; Penney, K., Dimitris, B., Tim, V., Robert, W., When pedagogic worlds collide: Reflections on a Pan-european entrepreneurship education project (2018) Experiential Learning for Entrepreneurship: Theoretical and Practical Perspectives on Enterprise Education, pp. 245-263; Santos, F.M., A positive theory of social entrepreneurship (2012) Journal of Business Ethics, 111 (3), pp. 335-351; Christina, W., John, C.K.L., Sustaining entrepreneurship education in Hong Kong as a Learning City Through Partnership Building (2018) Entrepreneurial Learning City Regions: Delivering on the UNESCO 2013, Beijing Declaration on Building Learning Cities, pp. 137-154; Clare, W.S., Fatimah, S.B., Social enterprises: A panacea for engaging youth and inspiring hope? (2015) Social Entrepreneurship in the Middle East, 1, pp. 107-128; Zoltok, S., Youth, Crisis, and Learning (2017) Youth as/in Crisis: Young People, Public Policy, and the Politics of Learning, pp. 181-195; Zahra, A., Zarei, H., Didehvar, F., Identifying the evaluative indicators of regulatory policies for the development of social entrepreneurship (2015) Public Organization Review, 15 (3), pp. 453-474},
publisher={Allied Business Academies},
issn={10879595},
language={English},
abbrev_source_title={Acad. Entrep. J},
document_type={Article},
source={Scopus},
}

@ARTICLE{Ullah201841,
author={Ullah, A. and Anees, M. and Ali, Z. and Khan, M.A.},
title={Economic Freedom and Private Capital Inflows in Selected South Asian Economies: A Dynamic Panel Data Evidence},
journal={South Asian Journal of Business and Management Cases},
year={2018},
volume={7},
number={1},
pages={41-52},
doi={10.1177/2277977918757365},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044400614&doi=10.1177%2f2277977918757365&partnerID=40&md5=0bf833be00b1088782e591d91316871d},
affiliation={School of Management, Huazhong University of Science and Technology, Wuhan, China; COMSATS Institute of Information Technology, Attock, Pakistan; School of Accounting, Zhongnan University of Economics and Law, Wuhan, China; School of Accounting, Dongbei University of Finance and Economics, Dalian, China},
abstract={Greater inflows of private capital are regarded to be very beneficial for the economic development. This study explores the relationship between economic freedom and private capital inflows in selected South Asian economies. The study comprises of six South Asian countries (India, Pakistan, Bangladesh, Sri Lanka, Nepal and Maldives). Data from 2002 to 2011 have been utilized, and the model is estimated by employing the system generalized method of moments (GMM) approach. Empirical results reveal a significant positive relationship between economic freedom and private capital inflows. The study transpired that economic freedom is potent determinant of private capital inflows. The results further established that growth in market size and official development assistance has significant positive association with private capital inflows, whereas exchange rate exhibits significant negative relationship with the inflows of private capital, thereby confirming the existing literature. Moreover, the relationship among inflation, natural resources and private capital inflows came out to be inconclusive. To lure more inflows of private capital towards the region, management authorities need to ensure high degree of economic freedom. Creation of investment-friendly climate, corruption-free environment, tax breaks in selective sectors, removing trade barriers, equity market liberalization and consistency in the government policies is advisable in this regard. © 2018, © 2018 SAGE Publications.},
author_keywords={dynamic panel data model;  Economic freedom;  private capital inflows;  selected South Asian economies},
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(1998) Journal of Financial Economics, 49 (3), pp. 375-412. , amp; Delios, A., Henisz, W.J., Political hazards, experience, and sequential entry strategies: The international expansion of Japanese firms, 1980–1998 (2003) Strategic Management Journal, 24 (11), pp. 1153-1164. , amp; Dunning, J.H., The eclectic paradigm of international production: A restatement and some possible extensions (1988) Journal of International Business Studies, 19 (1), pp. 1-31; Dunning, J.H., Lundan, S.M., Institutions and the OLI paradigm of the multinational enterprise (2008) Asia Pacific Journal of Management, 25 (4), pp. 573-593. , amp; Froot, K.A., Stein, J.C., Exchange rates and foreign direct investment: An imperfect capital markets approach (1991) The Quarterly Journal of Economics, 106 (4), pp. 1191-1217. , amp; Garg, R., Dua, P., Foreign portfolio investment flows to India: Determinants and analysis (2014) World Development, 59 (7), pp. 16-28. , amp; Ghura, D., Goodwin, B., Determinants of private investment: A cross-regional empirical investigation (2000) Applied Economics, 32 (14), pp. 1819-1829. , amp; Grauer, R.R., Hakansson, N.H., Gains from international diversification: 1968–85 returns on portfolios of stocks and bonds (1987) The Journal of Finance, 42 (3), pp. 721-739. , amp; Grosse, R., Trevino, L.J., New institutional economics and FDI location in Central and Eastern Europe (2005) MIR: Management International Review, 37 (2), pp. 123-145. , amp; Grubel, H.G., Internationally diversified portfolios: Welfare gains and capital flows (1968) The American Economic Review, 58 (5), pp. 1299-1314; Gwartney, J.D., Lawson, R., Block, W., (1996) Economic freedom of the world, 1975–1995, , The Fraser Institute, Vancouver, British Columbia; Henisz, W., Swaminathan, A., Institutions and international business (2008) Journal of International Business Studies, 39 (4), pp. 537-539. , amp; Hoxby, C.M., Paserman, M.D., (1998) Overidentification tests with grouped data, , Cambridge, MA, National Bureau of Economic Research; Jayasuriya, D., (2011) Improvements in the World Bank’s ease of doing business rankings: Do they translate into greater foreign direct investment inflows?, , The World Bank No 5787, Washington DC, USA; Kaminsky, G., Schmukler, S., (2003) Short-run pain, long-run gain: The effects of financial liberalization, , National Bureau of Economic Research, Massachusetts; Lane, P.R., Milesi-Ferretti, G.M., International financial integration (2003) IMF Staff Papers, 50 (1), pp. 82-113. , amp; Lim, M.E.G., (2001) Determinants of, and the relation between, foreign direct investment and growth: A summary of the recent literature, , International Monetary Fund, Washington, DC, USA; Lucke, N., Eichler, S., Foreign direct investment: The role of institutional and cultural determinants (2016) Applied Economics, 48 (11), pp. 935-956. , amp; Luger, M.I., Shetty, S., Determinants of foreign plant start-ups in the United States: Lessons for policymakers in the Southeast (1985) Vanderbilt Journal of Transnational Law, 18 (3), p. 223. , amp; McGillivray, M., Aid, economic reform, and public sector fiscal behavior in developing countries (2009) Review of Development Economics, 13 (3), pp. 526-542; Meyer, K.E., Estrin, S., Bhaumik, S.K., Peng, M.W., Institutions, resources, and entry strategies in emerging economies (2009) Strategic Management Journal, 30 (1), pp. 61-80. , amp; Montiel, P., Reinhart, C.M., Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s (1999) Journal of International Money and Finance, 18 (4), pp. 619-635. , amp; Mottaleb, K.A., Kalirajan, K., Determinants of foreign direct investment in developing countries: A comparative analysis (2010) Margin: The Journal of Applied Economic Research, 4 (4), pp. 369-404. , amp; Nachane, D.M., (2006) Econometrics: Theoretical foundations and empirical perspectives, , Willengton Square Oxford, Oxford University Press Catalogue; North, D.C., A transaction cost theory of politics (1990) Journal of Theoretical Politics, 2 (4), pp. 355-367; Pedersen, O.K., Institutional competitiveness: How nations came to compete. In (2010) The Oxford Handbook of Comparative Institutional Analysis, pp. 625-657. , Frederiksberg, Denmark, Copenhagen Business School Press; Prasad, E., Rogoff, K., Wei, S.-J., Kose, M.A., (2003) Effects of financial globalisation on developing countries: Some empirical evidence, , International Monetary Fund, Washington, DC, USA; Quazi, R., Economic freedom and foreign direct investment in East Asia (2007) Journal of the Asia Pacific Economy, 12 (3), pp. 329-344; Roodman, D., How to do xtabond2: An introduction to difference and system GMM in stata (2009) Stata Journal, 9 (1), pp. 86-136; Sambharya, R.B., Rasheed, A.A., Does economic freedom in host countries lead to increased foreign direct investment? (2015) Competitiveness Review, 25 (1), pp. 2-24. , amp; Scott, W.R., (2001) Instituitions and organizations, , Thousand Oaks, SAGE Publications; Scott, W.R., (2013) Institutions and organizations: Ideas, interests, and identities, , California, USA, SAGE Publications; Vo, X.-V., Net private capital flows and economic growth—The case of emerging Asian economies (2010) Applied Economics, 42 (24), pp. 3135-3146; Zhang, K.H., Markusen, J.R., Vertical multinationals and host-country characteristics (1999) Journal of Development Economics, 59 (2), pp. 233-252. , amp},
correspondence_address1={Ullah, A.; School of Management, 1037 Luoyu Road, China; email: assad@hust.edu.cn},
publisher={SAGE Publications Ltd},
issn={22779779},
language={English},
abbrev_source_title={South Asian J. Bus. Manag. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Fomina2018467,
author={Fomina, A.V. and Berduygina, O.N. and Shatsky, A.A.},
title={Industrial cooperation and its influence on sustainable economic growth},
journal={Entrepreneurship and Sustainability Issues},
year={2018},
volume={5},
number={3},
pages={467-479},
doi={10.9770/jesi.2018.5.3(4)},
note={cited By 31},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045020112&doi=10.9770%2fjesi.2018.5.3%284%29&partnerID=40&md5=00e24069e1df18edbd11fa5074780b7c},
affiliation={JSC “Central Research Institute of Economy Management and Information Systems “Electronics”, 12, Kosmonavta Volkova Str., Moscow, 127299, Russian Federation; Tyumen Industrial University, 38, Volodarskogo Str, Tyumen, 625000, Russian Federation; Russian State Social University, 4/5, Wilhelm Pieck Str., Moscow, 129226, Russian Federation},
abstract={The stability of economic development is determined by the features of the network structure in collaborative engagement of enterprises. Industrial cooperation is just one part of that process; it differs in spatial coverage and range of activity. The complexity of taking into account the synergistic effect that arises in this case stresses the importance of this question from the theoretical and practical points of view. For this purpose, the paper considers the essence of industrial cooperation, some approaches to agglomerative tendencies and conceptual visions of cooperation from the standpoint of institutional theory. The investigation of the influence of cooperation on economic growth is based on several hypotheses. The first one is about the positive correlation between the studied parameters; the second one is about the fact that protection of institutional property rights is an important factor in cooperation development. These theories have been studied within the frame of loglinear model using the table of data about 20 European countries for the forecast period of 2017-2021. The results show that the mature system of industrial cooperation allows providing an additional economic growth at the level of 2.3-3.0%. It is also important to conclude that cooperation enhances the factor impact of the usual determinants of economic growth (working labor, capital and export). The model also takes into account some other possible determinants of economic growth such as expenses on research and development, use of a right of intellectual property and the Index of Economic Freedom. At the same time, a lax regulation in the sphere of property rights protection can become an incentive for co-operators. These and some other provisions determine the ways of enhancing of activity of enterprises for their close collaboration; it is emphasized that the development of co-operational relations has a great impact on competitiveness and sustainability. © 2018 by author(s) and VsI Entrepreneurship and Sustainability Center.},
author_keywords={Determinants of economic growth;  Effects of cooperation;  Industrial cooperation;  Integrated entities;  Sustainable economic growth},
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publisher={Entrepreneurship and Sustainability Center},
issn={23450282},
language={English},
abbrev_source_title={Entrep. Sustain. Issues},
document_type={Article},
source={Scopus},
}

@ARTICLE{Singhania2018187,
author={Singhania, M. and Saini, N.},
title={Determinants of FPI in Developed and Developing Countries},
journal={Global Business Review},
year={2018},
volume={19},
number={1},
pages={187-213},
doi={10.1177/0972150917713280},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035128787&doi=10.1177%2f0972150917713280&partnerID=40&md5=63c204c89e8f8005b6b1dbffd20f1b9b},
affiliation={Faculty of Management Studies (FMS), University of Delhi, N.D. Kapoor Marg, Delhi, India},
abstract={The pattern of capital inflows in developed and developing economies are different because of dissimilar economic and political structures. From the point of view of host country, especially the developing countries, portfolio flows are considered to play a pivotal role in bridging the saving investment gap and providing foreign exchange to finance current account deficit. While the investors of developed country invest in portfolios of different countries to diversify the risk and earn more returns, foreign portfolio investors generally go for short-term investment to reap the benefits of good economic conditions and they tend to withdraw their investments during the period of recession. This article identifies the determinants of foreign portfolio investment (FPI) in developed and developing economies. Though the movement of capital among different countries is researched in depth by existing literature, the present study adds to literature by identifying the institutional factor involving freedom index. The institutional factors aid in identifying the determinants of FPI among select developed and developing countries. This study seeks to answer, where the funds of foreign portfolio investors are headed. And also the reasons of attractiveness for FPI among different sets of countries. The sample of the study is limited to a set of 19 developed and developing counties for the period of 10 years (2004–2013). We study the determinants of FPI for a group of developed and developing countries using fixed and random effects. Additionally, we use panel generalized method of moments (GMM) suggested by Arellano and Bond (1991, The Review of Economic Studies, 58(2), 277–297). This methodology is suitable to remove the problem of endogeneity which static model is not able to capture. The results of model also incorporates persistence effect considering lagged value of dependent variable. The study empirically tests the various factors that determine the inflows of FPI and analyses their performance during different stages of the economic cycle in the last 10 years. Implicitly, in case of developed countries, it was observed that interest rate differential, trade openness, host country stock market performance and US stock market returns are significant trendsetter, while in developing countries, freedom index, interest rate differential, host country stock market performance, trade openness, US stock market returns and crisis period (2006–2008) significantly influence the inflow of FPIs. Dynamic model supports that as a group of 19 countries, portfolio investments are significantly influenced by interest rate differentials, freedom index, US stock market and host country stock market returns. © 2018, © 2018 International Management Institute, New Delhi.},
author_keywords={determinants;  Foreign capital inflows;  foreign portfolio investment;  static and dynamic panel},
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correspondence_address1={Saini, N.; Faculty of Management Studies (FMS), N.D. Kapoor Marg, India; email: nehasaini.phd@fms.edu},
publisher={Sage Publications India Pvt. Ltd},
issn={09721509},
language={English},
abbrev_source_title={Global Bus. Rev.},
document_type={Article},
source={Scopus},
}

@BOOK{Ryner2018121,
author={Ryner, M.},
title={The crisis in democracy and authoritarian neoliberalism after the Eurozone crisis: Fantastic debates and power as affording not to learn from mistakes},
journal={The Pedagogy of Economic, Political and Social Crises: Dynamics, Construals and Lessons},
year={2018},
pages={121-138},
doi={10.4324/9781315161587},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059199639&doi=10.4324%2f9781315161587&partnerID=40&md5=547c4b9c3a0e9628fa67ab12f5f71dc8},
affiliation={King’s College London, United Kingdom},
abstract={This chapter asks whether the crisis in Europe today has a dialectical quality. Drawing on ideas from Jürgen Habermas’s classic text, Legitimation Crisis (1975), to characterize the crisis, it posits that the European system lacks the “selfhealing powers that are necessary for a recovery” and that its subjects find themselves, like the dramatis personae in classical tragedy, at the “turning point in a fateful process”. This already challenges the generally benign readings of the progressive, self-reforming nature of the European Union, through which each positive step in European integration is a successful response to a new crisis. It then asks whether they can “summon up the strength to win back their freedom by shattering the mythic power of fate through the formation of new identities” (Habermas, 1975, p. 2). At stake here is the scope for a democratic solution to the triple European crises of financialization, neoliberal austerity, and the democratic deflcit. This involves two sets of issues: first, the ability to diagnose these crises and the current conjuncture, propose organic solutions based on a realistic analysis of the past and present that not only identifies causes; and, second, proposals about feasible reforms as well as the agents or agencies that might deliver them, and indicate how the balance of forces can be reorganized at different sites and scales to deliver these reforms. In short, economic analysis must be combined with political analysis because economic reforms occur within specific political forms and are pursued by specific political agencies. A prima facie case for posing this question is that the loss of self-healing powers signified in the dark clouds of Eurozone crisis seems to contain the silver-lining of a rich pan-European heterodox debate over possible alternative futures. In seeking a dialectical answer to the question above, this chapter draws on Friedrich Engels’s contrast, in Socialism: Utopian and Scientific (1880 [1986], p. 403), between (1) utopian visions based on the elucubrations of great minds in response to moral disquiet about current conditions and (2) a scientific analysis based on a materialist analysis of the emerging contradictions of contemporary capitalism and their role in preparing the ground for its practical transcendence. Engels thereby directs us to consider whether the solutions proposed in the aforementioned debate are merely the more or less refined “phantasies” of “this or that ingenious brain”, that may nonetheless contain “stupendously grand thoughts and germs of thought that… break out through their phantastic covering” but need to be reworked to reveal their transformative potential, or are based on compelling diagnoses of the historical-economic conditions in which the EU and attendant social forces find themselves today. This in turn poses important questions about crises, their construal, the scope for learning from utopian or phantastic diagnoses of the crisis and the corresponding solutions, and the challenges of developing a valid account of the crisis and a correct reading of the potential for transformation in the light of the complexity of the crisis and the balance of forces (on these distinctions, see the introduction by Jessop and Knio). In addressing this question, I examine the respective diagnoses, and the debates within and between, two alternative visions of how to overcome European disciplinary neoliberalism. In broad terms, this heterodox economic debate is one between left-federalists (or as I call them, federalist Kaleckians), who envisage radical reform of EU structures, and left intergovernmentalists who envisage a fundamental break, where the immediate conjuncture entails a return to struggles in the field of the nation state and inter-state relations. Whilst these visions are grounded in economic analysis, they both raise the question of whether the EU can be democratized or, more fundamentally, whether the EU can be seen as an emergent polity with an emergent “demos” that might replace the current economic and political order. Starting with economic analyses has the benefit that this approach adds much-needed content to overly formalist debates about democracy and the EU. I argue that, in different ways, both the federalist Kaleckians and the left intergovernmentalists are utopians in the sense of Engels. The federalist Kaleckians are the most obviously utopian in that their vision presupposes the mobilization of a pan-European agency, which is quite incongruent with the socio-historical conditions of contemporary European capitalism. Their analysis is marked by the functionalist assumption of a close relation between the density of communication channels and agency that does not obtain. However, though on the surface the left intergovernmentalists seem to be more “realistic”, or in Engels’ parlance “scientific-materialist”, they are, if anything, even more “phantastic” in their misreading of the politico-economic and geopolitical structure of world money. The left intergovernmentalists follow rather orthodox Marxist theories of imperialism, originally applied to European integration by Ernest Mandel (1967). They see the Euro representing the interests of amalgamated capitalist groupings under German leadership, rivalling the Dollar. Their “Plan A” is based on recasting the growth model of Germany from export orientation to the strengthening of aggregate demand. Failing this, their “Plan B” advocates an exodus of member states from the Euro. The problem is that Germany does not enjoy the hegemonic contender status that Plan A implies. At the same time, the Euro is not, as Plan B implies, inconsequential for shielding member states from externalities emanating from the Dollar hegemon. Both Plan A and B underestimate the structural constraints of European states acting either in concert or alone in the context of US-led global capitalism. A more accurate reading of the situation concludes with the bad news that Europe is caught in a Weberian iron cage. In other words, a deeply troubled situation from which there is no easy escape despite the disenchanted realization that the Celestial City will never be reached (Baehr, 2001). Such a conclusion follows from Nicos Poulantzas’s prescient analysis (1974) of the emerging relation between America and Europe in global capitalism after the collapse of the Bretton Woods, which he described as one of “interiorization”. Poulantzas agreed with orthodox theories of imperialism that European capitalist groupings would retain autonomy in capitalist competition vis-á-vis American ones. However, they were becoming structurally subordinate as external inter-capitalist relations in the world economy were replaced by internal ones in an integrated world economy, which was being created in the image of the particularities of the American social formation. This was because the US dominated sectors that were strategic not only in international competition but in structuring the transatlantic and global economy. This includes above all the growing significance of US-centred money capital (Panitch and Gindin, 2012). As Europe’s “interior bourgeoisie” became increasingly connected with the American social formation on subordinate terms, it was also progressively alienated from the distinct character of Europe’s social formation, rendering increasingly difficult the task of European states to mediate between imperatives of capital accumulation and social legitimation. The situation in which Europe finds itself after the Eurozone crisis is the apogee of this longer-term development (Cafruny and Ryner, 2007; Ryner and Cafruny, 2017). Neither the federalist Kaleckians nor the left intergovernmentalists offer answers to how this iron cage can be escaped. Instead, the increased difficulties in mediating between capital accumulation and legitimation have rendered governance in the EU increasingly authoritarian. In pursuit of this argument, the first two sections of this chapter review the Kaleckian federalists and left intergovernmentalist positions. The third and final section elaborates on the iron cage situation that Europe finds itself as a result of interiorized and structurally subordinate transnational relations with the US and attendant difficulties in mediating between capital accumulation and societal legitimation. It is argued that the transition from a disciplinary neoliberal governance, characteristic of the Single Market and the EMU before the Eurozone crisis, to an increasingly authoritarian neoliberalism is symptomatic of these difficulties. The federalist Kaleckians. © 2019 selection and editorial matter, Bob Jessop and Karim Knio; individual chapters, the contributors.},
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(ed.), Ithaca, NY: Cornell University Press; Crouch, C., Privatised Keynesianism: An unacknowledged policy regime (2009) British Journal of Politics and International Relations, 11 (3), pp. 382-399; Crozier, M., Huntington, S., Watanuki, J., (1975) The crisis of democracy: Report on the governability of democracies to the Trilateral Commission., , New York: New York University Press; Deutsch, K., (1963) The nerves of government: Models of political communication and control., , New York: The Free Press; Dribbusch, H., Lehndorff, S., Schulten, T., (2017) Rough waters: European trade unions in a time of crisis., , Brussels: ETUI Press; Duménil, G., Lévy, D., The economics of US imperialism at the turn of the 21st century (2004) Review of International Political Economy, 11 (4), pp. 657-676; Dunford, M., Old Europe, new Europe and the USA: Comparative economic performance, inequality and market-led models of development (2005) European Urban and Regional Studies, 12 (2), pp. 149-176; Engels, F., Socialism: Utopian and scientific (1880) Selected works., pp. 399-434. , Marx, K. and Engels, F. (eds.), New York: International Publishers; Esping-Andersen, G., (1990) The three worlds of welfare capitalism., , Cambridge, UK: Polity Press; http://www.euromemo.eu/, Reports, Available at, (Accessed on 4 June 2017.); Flassbeck, H., Lapavitsas, C., (2015) Against the troika., , London: Verso; Gill, S., The emerging world order and European change (1992) The socialist register 1992: New world order?, pp. 157-196. , Miliband, R. and Panitch, L. (eds.), London: Merlin Press; Gill, S., European governance and new constitutionalism: EMU and alternatives to disciplinary neoliberalism in Europe (1998) New Political Economy, 3 (1), pp. 5-26; Gill, S., Transnational class formations, European crisis, and the silent revolution (2016) Critical Sociology, 43 (4-5), pp. 635-651; Grahl, J., Globalized finance: The challenge to the Euro (2001) New Left Review, 8, pp. 23-47. , March-April; Gramsci, A., (1971) Selections from the prison notebooks., , Translated by Q. Hoare and G. Nowell-Smith. London: Lawrence & Wishart; Haas, E., (1958) The uniting of Europe: Political, social and economic forces., , Stanford, CA:Stanford University Press; Habermas, J., (1975) Legitimation crisis., , London: Heinemann; Habermas, J., Citizenship and national identity: Some reflections on the future of Europe (1992) Praxis International, 12, pp. 1-19; Habermas, J., (2001) The post-national constellation., , Cambridge: Polity; Harvey, D., (1991) The condition of post-modernity., , Oxford: Blackwell; Hein, E., Niechoj, T., Schulten, T., Truger, A., (2005) Macroeconomic policy coordination in Europe and the role of trade unions., , Brussels: ETUI Press; Henning, R., Systemic conflict and regional monetary integration: The case of Europe (1998) International Organization, 52 (3), pp. 537-573; Kalecki, M., Political aspects of full employment (1943) Political Quarterly, 14 (4), pp. 322-331; Konings, M., European finance in the American mirror: Financial change and the reconfiguration of competitiveness (2008) Contemporary Politics, 14 (3), pp. 253-275; Konings, M., (2011) The development of American finance., , Cambridge: Cambridge University Press; Korpi, W., (1983) The democratic class struggle., , London: Routledge and Kegan Paul; Korpi, W., The great trough in unemployment: A long-term view of unemployment, inflation, strikes, and the profit/wage ratio (2002) Politics & Society, 30 (3), pp. 365-426; Lapavitsas, C., Kaltenbrunner, A., Labrinidis, G., Lindo, D., Meadway, J., Michell, J., Painceira, J.P., Vatikiotis, L., (2012) Crisis in the Eurozone., , London: Verso; Lavoie, M., Stockhammer, E., (2013) Wage-led growth: An equitable strategy for economic recovery., , Basingstoke: Palgrave Macmillan/ILO; Mandel, E., International capitalism and ‘supra-nationality (1967) The socialist register 1967., pp. 27-41. , Miliband, R. and Saville, J. (eds.), London: Merlin Press; Milward, A., (1984) The reconstruction of Western Europe 1945-51., , London: Routledge; Milward, A., (1992) The European rescue of the nation state., , London: Routledge; Minsky, H., (1986) Stabilizing an unstable economy., , New Haven, CT: Yale University Press; Neumann, F., (1964) The democratic and authoritarian state., , New York: Free Press; Oberndorfer, L., From new constitutionalism to authoritarian constitutionalism:New economic governance and the state of European democracy (2015) Asymmetric crisis in Europe and possible futures., pp. 186-207. , Jäger, J. and Springler, E. (eds.), London: Routledge; Offe, C., (1985) Contradictions of the welfare state., , London: Hutchinson; Onaran, O., Galanis, G., (2013) Is aggregate demand wage-led or profit-led? National and global effects., , Conditions of Work and Employment Series No. 40. Geneva: International Labour Office. Available at http://www.ilo.org/wcmsp5/groups/public/- ed_protect/-protrav/-travail/documents/publication/wcms_192121.pdf. (Accessed on 3 May 2016); Panitch, L., Gindin, S., (2012) The making of global capitalism., , London: Verso; Poulantzas, N., Internationalisation of capitalist relations and the nation state (1974) Economy and Society, 3 (2), pp. 145-179; Poulantzas, N., (1978) State, Power, Socialism., , London: Verso; Ruggie, J.G., International regimes, transaction and change: Embedded liberalism in the postwar economic order (1982) International Organization, 36 (2), pp. 379-415; Ryner, M., Europe’s ordoliberal iron cage: Critical political economy, the euro area crisis and its management (2015) Journal of European Public Policy, 22 (2), pp. 275-294; Ryner, M., Cafruny, A., (2017) The European Union and global capitalism: Origins, development, crisis., , London: Palgrave Macmillan; Schmitt, C., (1985) Political theology: Four chapters on the concept of sovereignty., , Chicago, IL:University of Chicago Press; Seabrooke, L., (2001) US power in international finance: The victory of dividends., , Basingstoke:Palgrave Macmillan; Sotiropoulos, D., Stockhammer, E., Rebalancing the euro area: The cost of internal devaluation (2014) Review of Political Economy, 26 (2), pp. 210-233; Stockhammer, E., Some stylized facts on the finance-dominated accumulation regime (2008) Competition and Change, 12 (2), pp. 184-202; Streeck, W., Vom DM-Nationalismus zum Euro-Patriotismus? Eine Replik auf Jürgen Habermas (2013) Blätter für deutsche und internationale Politik, 58, pp. 75-92; Streeck, W., (2014) Buying time: The delayed crisis of democratic capitalism., , London: Verso; Streeck, W., (2016) How will capitalism end?, , London: Verso; Tooze, A., A general logic of crisis (2017) London Review of Books, 39 (1), pp. 3-8; Varoufakis, V., Holland, S., (2011) A modest proposal for overcoming the Eurozone crisis., pp. 1-11. , Policy Note 2011/3, Annandale-on-Hudson, NY: Levy Economics Institute of Bard College},
correspondence_address1={Ryner, M.; King’s College LondonUnited Kingdom},
publisher={Taylor and Francis},
isbn={9781351665759; 9781138062504},
language={English},
abbrev_source_title={The Pedagogy of Economic, Political and Soc. Crises: Dynamics, Construals and Lessons},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Smith201835,
author={Smith, J. and Weeks, J.},
title={Bringing democratic choice to Europe’s Economic governance: The eu treaty changes we need, and why we need them},
journal={Journal of Self-Governance and Management Economics},
year={2018},
volume={6},
number={3},
pages={35-95},
doi={10.22381/JSME6320182},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057249704&doi=10.22381%2fJSME6320182&partnerID=40&md5=5bf2b381b1637169b869d95584243041},
affiliation={Policy Research in Macroeconomics (PRIME); SOAS, University of London, United Kingdom},
abstract={Despite its commitment to democratic values, the European Union does not permit a full range of legitimate democratic choice in the economic sphere. Because so much of the EU’s economic policy is embedded in its Treaties, which can normally only be changed if all member states agree, there is a growing sense of frustration that the democratic will of Europe’s people cannot be expressed if on any point it differs from that set out in the Treaties. The Treaties impose a very specific – and highly contested – economic ideology, which has been described as “ordoliberal.” To address this problem, this study offers a short set of essential amendments which would make the terms of the EU Treaties more policy-neutral in the economic domain, and so enable the EU and Member States, within their respective remits, to define and implement economic policies that are democratically chosen and appropriate to the circumstances and needs of their citizens. We have not sought to change the basic structure of the Treaties or their foundational principles. For the purpose of this paper, therefore, we have taken as “given” the general framework of the internal market, and the “four freedoms” within that market (goods, services, workers, capital), but provide for some modest democratic discretionary space, e.g. in relation to state aid. We consider, however, that the internal market and the single currency are not ends in themselves, but must always be seen as means to the end, which is the prosperity and welfare of the peoples of Europe. Our proposed amendments are divided into ten categories, some of which are much more extensive than others, depending on the subject-matter. These cover: The economic, employment and social protection objectives; general economic policy provisions; the European Central Bank’s role and mandate; beneficial trade; managing capital mobility; rebalancing provisions on liberalisation; state aid discretion; taxation; industrial and investment policies; public services. © 2018, Addleton Academic Publishers. All rights reserved.},
author_keywords={Democratic choice;  Economic governance;  EU treaty},
references={Blanchard, O., Cerutti, E., Summers, L., (2015) Inflation and Activity – Two Explorations and Their Monetary Implications,” IMF WP 230; Congdon, T., (2007) Keynes, the Keynesians and Monetarism, , Cheltenham: Edward Elgar; Dullien, S., Guérot, U., The Long Shadow of Ordoliberalism (2012) European Council on Foreign Relations, , http://www.ecfr.eu/article/commentary_the_long_shadow_of_ordoliberalism; Epstein, G., Erinc Yeldan, A., (2009) Beyond Inflation Targeting: Assessing the Impacts and Policy Alternatives, , Cheltenham: Edward Elgar; (2016) The Macroeconomic Imbalance Procedure, Rationale, Process, Application: A Compendium, , IP 039. Brussels: European Commission; Fatás, A., Summers, L.H., The Permanent Effects of Fiscal Consolidations (2016) NBER WP, 22374; Heine, F., Sablowski, T., Monetary Union Unravelling? (2016) Rosa Luxemburg Stiftung, , https://www.rosalux.de/publikation/id/8826/; James, H., (2012) Making the European Monetary Union, , Cambridge, MA: Harvard University Press; Juncker, J.-C., Tusk, D., Dijsselbloem, J., Draghi, M., Schulz, M., (2014) Completing Europe’s Economic and Monetary Union, , Brussels: European Commission; (1995) Guidelines for Fiscal Adjustment. Pamphlet Series 49, , Washington: IMF; (2000) Assessing Fiscal Sustainability in Theory and Practice,” WP 81.; Korinek, A., Sandri, D., (2015) Capital Controls Or Macroprudential Regulation?, IMF WP, , https://www.imf.org/external/pubs/ft/wp/2015/wp15218.pdf; Krugman, P., Let Zombies Be (2016) Finance & Development, IMF, December, 53 (4). , http://www.imf.org/external/pubs/ft/fandd/2016/12/krugman.htm; Lane, P., (2013) Capital Flows in the Euro Area,” European Commission, , http://ec.europa.eu/economy_finance/publications/economic_paper/2013/pdf/ecp497_en.pdf; Neergard, U., (2009) The Changing Legal Framework for Services of General Economic Interest, , The Hague: TMC Asser Press; Nuti, M., (2013) Perverse Fiscal Consolidation, , https://dmarionuti.blogspot.co.uk/2013/09/perverse-fiscal-consolidation.html; Reissl, S., Stockhammer, E., The Euro Crisis and the Neoliberal EU Policy Regime: Signs of Change or More of the Same?” (2016) Near Futures Online 1 “Europe at a Crossroads, , (March); Rey, H., (2015) Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence, , http://www.nber.org/papers/w21162.pdf, revised February 2018, NBER WP; Rodrik, D., (2016) Straight Talk on Trade, Project Syndicate, , https://www.project-syndicate.org/commentary/trump-win-economists-responsible-by-dani-rodrik-2016-11?barrier=accessreg; Sauter, W., (2015) Public Services in EU Law, , New York: Cambridge University Press; Schütze, R., (2015) European Constitutional Law, , 2nd edn. New York: Cambridge University Press; Stirati, A., Blanchard, the NAIRU and Economic Policy in the Eurozone (2016) Perspectives, Institute for New Economic Thinking, , https://www.ineteconomics.org/perspectives/blog/blanchard-the-nairu-and-economic-policy-in-the-eurozone; Stockhammer, E., The Five Presidents’ Report (2016) Social Europe, July, , https://www.socialeurope.eu/2016/07/five-presidents-report-one-year/#; Weeks, J., (2012) The Irreconcilable Inconsistencies of Neoclassical Economics: False Paradigm, , Oxford: Routledge; Wolf, M., More Perils Lie in Wait for the Eurozone (2016) Financial Times, 5 December, , https://www.ft.com/content/b8d5c83a-badf-11e6-8b45-b8b81dd5d080},
publisher={Addleton Academic Publishers},
issn={23294175},
language={English},
abbrev_source_title={J. Self-Governance Manag. Econ.},
document_type={Article},
source={Scopus},
}

@BOOK{Ritzen20171,
author={Ritzen, J.},
title={A second chance for Europe: Economic, political and legal perspectives of the European Union},
journal={A Second Chance for Europe: Economic, Political and Legal Perspectives of the European Union},
year={2017},
pages={1-271},
doi={10.1007/978-3-319-57723-4},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85033337655&doi=10.1007%2f978-3-319-57723-4&partnerID=40&md5=e84400aceda1fe5a61b28a96171e2cc1},
affiliation={UNU-Merit/Graduate School of Governance, Maastricht University, Maastricht, Netherlands},
abstract={This book calls upon us to rethink and reboot the European Union. The authors dissect the EU's many vulnerabilities: how some Member States are backsliding on the rule of law, freedom of the press, and control of corruption - and how globalization's 'discontents' are threatening the liberal international order. It examines the need for a common immigration policy; the need to rethink the unsustainable debt overhang of some Eurozone countries; and the need to use education to foster a European identity. Given the sum total of these vulnerabilities, the book argues, the EU may not survive beyond 2025 in its present form - that is, unless decisive action is taken. In turn, the book puts forward a number of workable solutions: a European economic model to secure full employment; a stronger European Court of Human Rights to counter systemic violations; a points-based immigration policy; clear exit options for the Eurozone; and an Open Education Area with a common second language. These solutions may reduce the number of EU countries, but would increase cohesion and overall survivability. © Springer International Publishing AG 2017. All rights reserved.},
correspondence_address1={Ritzen, J.; UNU-Merit/Graduate School of Governance, Netherlands},
publisher={Springer International Publishing},
isbn={9783319577234; 9783319577227},
language={English},
abbrev_source_title={A Second Chance for Eur.: Econ., Polit. and Leg. Perspect. of the Eur. Union},
document_type={Book},
source={Scopus},
}

@CONFERENCE{Teplova2017380,
author={Teplova, T.V. and Sokolova, T.V. and Teplov, A. and Volgina, N.A.},
title={Are institutions a driver or an obstacle to development of local currency corporate bond markets?},
journal={Proceedings of the 30th International Business Information Management Association Conference, IBIMA 2017 - Vision 2020: Sustainable Economic development, Innovation Management, and Global Growth},
year={2017},
volume={2017-January},
pages={380-393},
note={cited By 0; Conference of 30th International Business Information Management Association Conference - Vision 2020: Sustainable Economic development, Innovation Management, and Global Growth, IBIMA 2017 ; Conference Date: 8 November 2017 Through 9 November 2017;  Conference Code:134361},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048609908&partnerID=40&md5=5eb4f6944e6eaeb35892f63b8b344c9c},
affiliation={School of Finance, Faculty of Economic Sciences, Head of Research and Training Laboratory of Financial Markets Analysis, National Research University, Higher School of Economics, Moscow, Russian Federation; Administrator of Federal Methodical Center for Financial Literacy, National Research University Higher School of Economics, Moscow, Russian Federation; Faculty of Economics, Peoples' Friendship University, Moscow, Russian Federation},
abstract={We analyze institutional determinants of the development of local currency (LCY) corporate bond markets in the period from 2010 to 2016. We consider a wide range of indicators of the quality of institutional environment: the Heritage Foundation's Index of Economic Freedom, the Worldwide governance indicators, the World Economic Forum’s indicators of corporate culture, development and regulation of financial markets. Unlike most previous studies, we test not only static regression models (multifactor linear regressions), but also dynamic models based on the generalized method of moments, which allows to solve the problem of endogeneity of variables. The results show that low quality of institutional environment, macroeconomic and financial instability stimulate growth of the share of LCY corporate bonds in the total issuance volume. In the periods of instability LCY corporate bonds become less attractive for foreign investors, and issuers are forced to raise capital in the domestic market. The most significant factors in both static and dynamic model specifications are the World Bank’s indicators of regulatory quality and rule of law. A decline in sovereign credit ratings also gives impetus to the development of LCY corporate bond markets. An original result is that more developed stock markets suppress the growth of LCY corporate bond markets: equity and corporate bonds are competing financing sources for companies from developing countries. A developed banking sector contributes to the growth of the LCY corporate bond market: banks act as dealers and market makers. Devaluation of the national currency has a significant positive influence on the explained variable. © 2017 International Business Information Management Association IBIMA. All Rights Reserved.},
author_keywords={Corporate bonds;  Developing countries;  Local currency bond markets;  Quality of institutions},
keywords={Commerce;  Developing countries;  Dynamic models;  Economic and social effects;  Financial markets;  Information management;  Laws and legislation;  Method of moments;  Regression analysis;  Sustainable development, Corporate bond;  Corporate culture;  Foreign investors;  Generalized method of moments;  Local currencies;  National currency;  Static and dynamic modeling;  Static regression, Investments},
references={Arellano, M., Bond, S., Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations (1991) Review of Economic Studies, 58, pp. 277-297; Arellano, M., Bover, O., Another look at the instrumental-variable estimation of error-components (1995) Journal of Econometrics, 68, pp. 29-52; Batten, J.A., Hogan, W., Szilagyi, P., Foreign bond markets and financial market development: International perspectives (2012) Implications of The Global Financial Crisis for Financial Reform and Regulation in Asia, pp. 248-269. , In M. Kawai, D.G. Mayes and Morgan, Edward Elgar Publishing, Cheltenham UK; Berensmann, K., Dafe, F., Volz, U., Developing local currency bond markets for long-term development financing in Sub-Saharan Africa (2015) Oxford Review of Economic Policy, 31 (3-4), pp. 350-378; Bhattacharyay, B.N., Determinants of bond market development in Asia (2013) Journal of Asian Economics, 24, pp. 124-137; Blundell, R.W., Bond, S.R., Initial conditions and moment restrictions in dynamic panel data models (1998) Journal of Econometrics, 87, pp. 115-143; Burger, J., Warnock, F., Local currency bond markets (2006) IMF Staff Papers, 53, pp. 133-146; Foreign currency: The role of institutional and macroeconomic factors Review of International Economics, 15 (2), pp. 370-413; Eichengreen, B., Borensztein, E., Panizza, U., (2006) A Tale of Two Markets: Bond Market Development in East Asia and Latin America, 3. , Hong Kong Institute for Monetary Research Occasional Paper; Fidora, M., Fratzscher, M., Thimann, C., Home bias in global bond and equity markets: The role of real exchange rate volatility (2007) Journal of International Money and Finance, 26 (4), pp. 631-655; Hansen, L., Large sample properties of generalized method of moments estimators (1982) Econometrica, 50 (4), pp. 1029-1054; Holtz-Eakin, D., Newey, W., Rosen, H., Estimating vector autoregressions with panel data (1990) Econometrica, 56, pp. 1371-1395; Park, C.-Y., Developing local currency bond markets in Asia (2016) ADB Economics Working Paper Series, p. 495; Rose, A.K., Spiegel, M.M., Dollar illiquidity and central bank swap arrangements during the global financial crisis (2012) Journal of International Economics, 88 (2), pp. 326-340; Teplova, Т.V., Sokolova, T.V., The Determinants of development of local currency corporate bond markets (2016) The Bond Market: Analysis of Tendencies and Perspectives. Collective Monograph, pp. 65-94. , In: Teplova, T., Chapter 3, Moscow, INFRA-М, Rus},
editor={Soliman K.S.},
publisher={International Business Information Management Association, IBIMA},
isbn={9780986041990},
language={English},
abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA - Vis.: Sustain. Econ. Dev., Innov. Manag., Glob. Growth},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Schlosky2017242,
author={Schlosky, M.T. and Young, A.},
title={Can foreign aid motivate institutional reform? An evaluation of the HIPC Initiative},
journal={Journal of Entrepreneurship and Public Policy},
year={2017},
volume={6},
number={2},
pages={242-258},
doi={10.1108/JEPP-03-2017-0007},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85026916994&doi=10.1108%2fJEPP-03-2017-0007&partnerID=40&md5=10f8dc152a7c16dcd8e7d37cf179214d},
affiliation={Department of Economics, Sewanee: The University of the South, Sewanee, TN, United States; Department of Business Economics, Texas Tech University, Lubbock, TX, United States},
abstract={Purpose: A number of political economy concerns are associated with the provision of foreign aid to developing economies. These concerns suggest that foreign aid is likely to have harmful effects on a recipient’s institutional quality, and that attempts to give aid conditional on policy and institutional reforms are unlikely to succeed. Established in 1996, the Heavily Indebted Poor Country (HIPC) Initiative is a comprehensive, structured attempt to provide multilateral foreign aid conditional on reforms in recipient countries. The purpose of this paper is to evaluate its effectiveness at affecting institutional reform in participating countries. Design/methodology/approach: The authors document how participating countries fared in terms of the quality of their policies and institutions. The authors employ the Fraser Institute’s Economic Freedom of the World index as a measure of economic institutions, and the Freedom House political rights (PR) and civil liberties indices as measures of PR and protections. Based on these measures, the authors report unconditional statistics (e.g. average changes) and also regressions of changes in the measures on HIPC Initiative aid allocations and other controls. Findings: The authors find that most participating countries experienced either meager increases or outright decreases in institutional quality. The regression results provide no evidence that the Initiative affects meaningful reforms. Originality/value: The potential for foreign aid to have deleterious effects on the institutional quality of recipient countries has been of increasing concern to students of economic development. Such effects can have important implications for entrepreneurial activity in these countries. The HIPC Initiative is specifically designed to acknowledge and, indeed, overcome these concerns, leading to actual increases in institutional quality of recipient countries. To the authors’ knowledge, this work is the first to assess whether the promise of the HIPC Initiative is being fulfilled. © 2017, © Emerald Publishing Limited.},
author_keywords={Conditionality;  Debt relief;  Economic freedom;  Foreign aid;  HIPC Initiative;  Institutional quality},
references={Acemoglu, D., Johnson, S., Unbundling institutions (2005) Journal of Political Economy, 113 (5), pp. 949-1004; Acemoglu, D., Johnson, S., Robinson, J., The colonial origins of comparative development: an empirical investigation (2001) American Economic Review, 91 (5), pp. 1369-1401; Acemoglu, D., Johnson, S., Robinson, J., Reversal of fortune: geography and institutions in the making of the modern world income distribution (2002) Quarterly Journal of Economics, 117 (4), pp. 1231-1294; Acemoglu, D., Johnson, S., Yared, P., Income and democracy (2008) American Economic Review, 98 (3), pp. 808-842; Alesina, A., Devleeschauwer, A., Easterly, W., Kurlat, S., Wacziarg, R., Fractionalization (2003) Journal of Economic Growth, 8 (2), pp. 155-194; Auty, R.M., (1990) Resource-Based Industrialization: Sowing the Oil in Eight Developing Countries, , Oxford University Press, New York, NY; Ayal, E.B., Karras, G., Components of economic freedom and growth: an empirical study (1998) Journal of Developing Areas, 32 (3), pp. 327-338; Barro, R., Democracy and growth (1996) Journal of Economic Growth, 1 (1), pp. 1-27; Bauer, P.T., Dissent on development (1969) Scottish Journal of Political Economy, 16 (3), pp. 75-94; Bauer, P.T., (1972) Dissent on Development, , Harvard University Press, Cambridge, MA; Baumol, W.J., Entrepreneurship: productive, unproductive, and destructive (1990) Journal of Political Economy, 98 (5), pp. 893-921; Boone, P., Politics and the effectiveness of foreign aid (1996) European Economic Review, 40 (2), pp. 289-329; Boudreaux, C.J., Institutional quality and innovation: some cross-country evidence (2017) Journal of Entrepreneurship and Public Policy, 6 (1), pp. 26-40; Bräutigam, D.A., Knack, S., Foreign aid, institutions, and governance in Sub-Saharan Africa (2004) Economic Development and Cultural Change, 52 (2), pp. 255-285; Brennan, G., Buchanan, J., (1980) The Power to Tax: Analytical Foundations of a Fiscal Constitution, , Cambridge University Press, Cambridge; Brumm, H.J., Aid, policies, and growth: Bauer was right (2003) Cato Journal, 23 (2), pp. 167-174; Burnside, C., Dollar, D., Aid, policies, and growth (2000) American Economic Review, 90 (4), pp. 847-868; Burnside, C., Dollar, D., (2004), World Bank Policy Research Paper O-2834; Cassimon, D., van Campenhout, B., Aid effectiveness, debt relief and public finance response: evidence from a panel of HIPC countries (2007) Review of World Economies/Weltwirtschaftliches Archiv, 143 (4), pp. 742-763; Djankov, S., Montalvo, J.G., Reynal-Querol, M., The curse of aid (2008) Journal of Economic Growth, 13 (3), pp. 169-194; Doucouliagos, H., Paldam, M., Aid effectiveness on growth: a meta-analysis (2008) European Journal of Political Economy, 24 (4), pp. 1-24; Doucouliagos, H., Paldam, M., Conditional aid effectiveness: a meta-analysis (2009) Journal of International Development, 21 (4), pp. 1582-1601; Doucouliagos, H., Paldam, M., Explaining aid development aid allocation by growth (2009) Journal of Entrepreneurship and Public Policy, 2 (1), pp. 21-41; Doucouliagos, H., Paldam, M., Aid and growth: what meta-analysis reveals (2013) The Journal of Development Studies, 49 (4), pp. 564-583; Dutta, N., Sobel, R.S., Roy, S., Foreign aid’s impact on domestic business climates: an empirical analysis with SSA and MENA countries (2016) Journal of Entrepreneurship and Public Policy, 5 (3), pp. 365-382; Easterly, W., How did heavily indebted poor countries become heavily indebted? Reviewing two decades of debt relief (2002) World Development, 20 (10), pp. 1677-1696; Easterly, W., Can foreign aid buy growth? (2003) Journal of Economic Perspectives, 17 (3), pp. 23-48; Easterly, W., Levine, R., Roodman, D., New data, new doubts: a comment on Burnside and Dollar’s ‘aid policies and growth’ (2000) (2004) American Economic Review, 94 (3), pp. 774-780; Feenstra, R.C., Inklaar, R., Timmer, M.P., The next generation of the penn world table (2015) American Economic Review, 105 (10), pp. 3150-3182; Fonchamnyo, D., Debt relief incentives in highly indebted poor countries (HIPC): an empirical assessment (2009) International Advances in Economic Research, 15 (3), pp. 322-335; Gatewood, E.J., Boko, S., Globalization: entrepreneurial challenges and opportunities in the developing world (2009) The Role of SMEs and Entrepreneurship in a Globalised Economy, pp. 121-144. , www.government.se/49b731/contentassets/8efd3c3a4c844f88883513fa451760bd/the-role-of-smes-and-entrepreneurship-in-a-globalised-econom, Lundström, A. (Ed.)and in, Expert Report 34, Sweden’s Globalisation Council, Stockholm; (2007) Global Entrepreneurship Monitor, , Babson College, Babson MA; Ghering, K., Who benefits from economic freedom? Unraveling the effect of economic freedom on subjective well-being (2013) World Development, 50 (C), pp. 74-90; Gwartney, J., Lawson, R., Hall, J.C., (2014) Economic Freedom of the World: 2014 annual report, , Fraser Institute, Vancouver; Gwartney, J., Lawson, R., Holcombe, R., Economic freedom and the environment for economic growth (1999) Journal of Institutional and Theoretical Economics, 155 (4), pp. 643-663; Hall, J.C., Lawson, R.A., Economic Freedom of the World: an accounting of the literature (2014) Contemporary Economic Policy, 32 (1), pp. 1-19; Hall, J.C., Karadas, S., Schlosky, M.T., (2016) Is there moral hazard in the Heavily Indebted Poor Countries (HIPC) Initiative debt relief process?, , http://busecon.wvu.edu/phd_economics/pdf/16-24.pdf, July 13, 2017, Working Paper 16-24, Department of Economics, West Virginia University, :, (accessed; Hall, J.C., Sobel, R.S., Crowley, G.R., Institutions, capital, and growth (2010) Southern Economic Review, 77 (2), pp. 385-405; Hall, R.E., Jones, C.I., Why do some countries produce so much more output per worker than others? (1999) Quarterly Journal of Economics, 114 (1), pp. 83-116; Heckelman, J.C., Knack, S., Foreign aid and market-liberalizing reform (2008) Economica, 75 (299), pp. 524-548; Heckelman, J.C., Stroup, M.D., Which economic freedoms contribute to growth? (2000) Kyklos, 53 (4), pp. 527-544; (2013) Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initaitive (MDRI) – statistical update, , http://siteresources.worldbank.org/INTDEBTDEPT/ProgressReports/23395262/HIPCStatisticalUpdate2013.pdf, July 13, 2017, :, (accessed; Kalyvitis, S., Vlachaki, I., When does more aid imply less democracy? An empirical examination (2012) European Journal of Political Economy, 28 (1), pp. 132-146; Knack, S., Keefer, P., Institutions and economic performance: cross-country tests using alternative measures (1995) Economics and Politics, 7 (3), pp. 207-227; Lawson, R.A., Clark, J.R., Examining the Hayek-Friedman hypothesis on economic and political freedom (2010) Journal of Economic Behavior and Organization, 74 (3), pp. 230-239; Leeson, P.T., Escaping poverty: foreign aid, private property, and economic development (2008) Journal of Private Enterprise, 23 (2), pp. 39-64; Murphy, K.M., Shleifer, A., Vishny, R.W., The allocation of talent: implications for growth (1991) Quarterly Journal of Economics, 106 (2), pp. 503-530; Myrdal, G., (1956) Development and Underdevelopment, , National Bank of Egypt, Cairo; Nikolaev, B., Economic freedom & subjective well-being (2015) Economic Behavior, Economic Freedom, and Entrepreneurship, pp. 178-192. , Cebula, R., Hall, J.C., Mixon, F. and Payne, J (Eds), Edward Elgar, North Hampton, MA; North, D.C., (1990) Institutions, Institutional Change and Economic Performance, , Cambridge University Press, Cambridge; North, D.C., Thomas, R.P., (1973) The Rise of the Western World: A New Economic History, , Cambridge University Press, Cambridge; Nwachukwu, J., The prospects for foreign debt sustainability in post-completion-point countries: implications of the HIPC-MDRI framework (2008) Development Policy Review, 26 (2), pp. 171-188; Ovaska, T., Takashima, R., Economic policy and the level of self-perceived well-being: an international comparison (2006) Journal of Socio-Economics, 35 (2), pp. 308-325; Padilla, A., Chachanosky, N., Indirectly productive entrepreneurship (2016) Journal of Entrepreneurship and Public Policy, 5 (2), pp. 161-175; Powell, B., Ryan, M., Does development aid lead to economic freedom? (2006) Journal of Private Enterprise, 22 (1), pp. 1-21; Rajan, R., Subramanian, A., Does aid affect governance? (2007) American Economic Review, 97 (2), pp. 322-327; Rajan, R., Subramanian, A., Aid and growth: what does the cross-country evidence really show? (2008) Review of Economics and Statistics, 90 (4), pp. 643-655; Rodrick, D.A., Subramanian, A., Trebbi, F., Institutions rule: the primacy of institutions over geography and integration in economic development (2004) Journal of Economic Growth, 9 (2), pp. 131-165; Rostow, W.W., (1990) Theorists of Economic Growth from David Hume to the Present, , Oxford University Press, Oxford; Sachs, J., Warner, A., The big push, natural resource booms and growth (1999) Journal of Development Economics, 59 (1), pp. 43-76; Sachs, J., Warner, A., The curse of natural resources (2001) European Economic Review, 45 (4-6), pp. 827-838; Sobel, R.S., Testing Baumol: institutional quality and the productivity of entrepreneurship (2008) Journal of Business Venturing, 23 (6), pp. 641-655; Sorens, J., Development and the political economy of foreign aid (2009) Journal of Private Enterprise, 24 (2), pp. 87-100; Stroup, M.D., Economic freedom, democracy, and the quality of life (2007) World Development, 35 (1), pp. 52-66; Svensson, J., Foreign aid and rent-seeking (2000) Journal of International Economics, 51 (2), pp. 437-461; Williamson, C.R., Exploring the failure of foreign aid_ the role of incentives and information (2010) Review of Austrian Economics, 23 (1), pp. 17-33; Wiseman, T., Young, A.T., Religion: productive or unproductive (2014) Journal of Institutional Economics, 10 (1), pp. 21-45; Young, A.T., Lawson, R.A., Capitalism and labor shares: a cross-country panel study (2014) European Journal of Political Economy, 33 (C), pp. 20-36; Young, A.T., Sheehan, K.M., Foreign aid, institutional quality, and growth (2014) European Journal of Political Economy, 36 (C), pp. 195-208; Berggren, N., Jordahl, H., Free to trust: economic freedom and social capital (2006) Kyklos, 59 (2), pp. 141-169},
correspondence_address1={Young, A.; Department of Business Economics, United States; email: a.young.economist@gmail.com},
publisher={Emerald Group Publishing Ltd.},
issn={20452101},
language={English},
abbrev_source_title={J. Enterpr. Pub. Pol.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Stocker2016312,
author={Stocker, M.L.},
title={The price of freedom: Idiosyncratic currency devaluations},
journal={Research in International Business and Finance},
year={2016},
volume={38},
pages={312-325},
doi={10.1016/j.ribaf.2016.03.016},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84966700361&doi=10.1016%2fj.ribaf.2016.03.016&partnerID=40&md5=948d91892cd062185a766e582128e2b6},
affiliation={Universidad Francisco Marroquin, Facultad de Ciencias Económicas, Guatemala City, Guatemala; Eaton Vance Managers, Two International Place, Boston, MA  02110, United States},
abstract={Differences in economic institutions, as measured by an index of economic freedom, have been correlated to differences in cross-country investment levels, capital market development, and country-level equity index returns. Here, a country's level of economic freedom is demonstrated to be a proxy measure for the likelihood of an idiosyncratic currency devaluation during periods of low global foreign exchange volatility. This observation makes economic freedom determinant of whether carry traders may be facing a 'peso problem,' giving currency speculators insights into a risk factor which the foreign exchange market may not be pricing or for which there is no historical evidence. © 2016 Elsevier B.V.},
author_keywords={Carry trade;  Economic freedom;  Institutions;  Peso problem;  Uncovered interest parity},
references={Aisen, A., Veiga, F.J., The political economy of seigniorage (2008) J. Dev. Econ., 87 (1), pp. 29-50; Bailie, R.T., Chang, S.S., Carry trades, momentum trading and the forward premium anomaly (2011) J. Financ. Markets, 14 (3), pp. 441-464; Bansal, R., Dahlquist, M., The forward premium puzzle: different tales from developed and emerging economies (2000) J. Int. Econ., 51 (1), pp. 115-144; Bhansali, V., Volatility and the carry trade (2007) J. Fixed Income, 17 (3), pp. 72-84; Brunnermeier, M.K., Nagel, S., Pedersen, L.H., (2008) Carry trades and currency crashes (NBER working paper 14473), , https://www.nber.org/papers/w14473, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Burger, J.D., Warnock, F.E., (2006) Foreign participation in local currency bond markets (NBER working paper 12548), , https://www.nber.org/papers/w12548, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Burnside, C., Eichenbaum, M., Kleshchelski, I., Rebelo, S., (2006) The returns to currency speculation (NBER working paper 12489), , https://www.nber.org/papers/w12489, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Burnside, C., Eichenbaum, M., Kleshchelski, I., Rebelo, S., Do peso problems explain the returns to the carry trade? (2010) Rev. Financ. Stud., 24 (3), pp. 853-891; Burnside, C., (2011) Carry trades and risk (No. w17278), , https://www.nber.org/papers/w17278, National Bureau of Economic Research, April 26, 2015; Clarida, R., Davis, J., Pedersen, N., Currency carry trade regimes: beyond the Fama regression (2009) J. Int. Money Finance, 28 (8), pp. 1375-1389; Copeland, L., Lu, W., (2013) Dodging the steamroller: fundamentals versus the carry trade (working paper no. E2013/11), , http://hdl.handle.net/10419/101124, Cardiff University, Cardiff Business School, Cardiff, England, 26.04.15; Daniel, K., Hodrick, R.J., Lu, Z., (2014) The Carry Trade: Risks and Drawdowns (NBER Working Paper 20433), , https://www.nber.org/papers/w20433, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Dobrynskaya, V., Downside market risk of carry trades (2014) Rev. Finance, 18 (5), pp. 1885-1913; Engel, C., The forward discount anomaly and the risk premium: a survey of recent evidence (1996) J. Empir. Finance, 3 (2), pp. 123-192; Fama, E.F., Forward and spot exchange rates (1984) J. Monetary Econ., 14 (3), pp. 319-338; Flood, R.P., Rose, A.K., (1994) Fixes: Of the Forward Discount Puzzle (NBER working paper 4928), , https://www.nber.org/papers/w20433, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Forbes, K.J., Klein, M.W., Pick your poison: the choices and consequences of policy responses to crises (2013), http://ssrn.com/abstract=2364457, (MIT Sloan Research Paper No. 5062-13.), (26.04.15); Froot, K.A., Thaler, R.H., Anomalies: foreign exchange (1990) J. Econ. Perspect., 4 (3), pp. 179-192; Gwartney, J.D., Hall, J., Lawson, R., (2014) 2014 Economic Freedom Dataset; Hodrick, R., (1987) The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets, , Harwood Academic Publisher, Chur, Switzerland; Jylha, P., Suominen, M., Arbitrage capital and currency carry trade returns (2009), http://ssrn.com/abstract=1343439, (26.04.15); Kim, S., Time varying probabilities of currency carry trades and their determinants: Markov regime shifting models for the AUD and Yen (2014), http://ssrn.com/abstract=2500592, (26.04.15); Kozlova, O., The forward-discount anomaly and risk: allowing for piece-wise linearity (2013), http://unh.edu/cml/olesia-kozlova/downloads/forward_discount_anomaly_2.pdf, (26.04.15); Lawson, R.A., Roychoudhury, S., Economic freedom and sovereign credit ratings and default risk (2010) J. Financ. Econ. Policy, 2 (2), pp. 149-162; Lettau, M., Maggiori, M., Weber, M., (2013) Conditional risk premia in currency markets and other asset classes (NBER working paper 18844), , https://www.nber.org/papers/w18844, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Lewis, K.K., Puzzles in international financial markets (1995) Handbook of International Economics, 3, pp. 1913-1971. , Elsevier BV, Amsterdam, Netherlands; Levy-Yeyati, E., Sturzenegger, F., Classifying exchange rate regimes: deeds vs. words (2005) Eur. Econ. Rev., 49 (6), pp. 1603-1635; Lustig, H., Roussanov, N., Verdelhan, A., Common risk factors in currency markets (2011) Rev. Financ. Stud., 24 (11), pp. 3731-3777; Mafi-Kreft, E., The relationship between currency competition and inflation (2003) Kyklos, 56 (4), pp. 475-490; Marshall, M.G., Gurr, T., Jaggers, K., Polity IV project: Political regime characteristics and transitions, 1800-2013 [Excel data file and users' manual] (2014), http://www.systemicpeace.org/inscr/p4v2013.xls; Menkhoff, L., Sarno, L., Schmeling, M., Schrimpf, A., Carry trades and global foreign exchange volatility (2012) J. Finance, 67 (2), pp. 681-718; Mussa, M., Empirical regularities in the behavior of exchange rates and theories of the foreign exchange market (1979) Carnegie-Rochester Conference Series on Public Policy, pp. 9-57. , Elsevier, Amsterdam, Netherlands; Obstfeld, M., Rogoff, K., (1995) The mirage of fixed exchange rates (NBER working paper 5191), , https://www.nber.org/papers/w5191, National Bureau of Economic Research, Cambridge, MA, 26.04.15; Rogoff, K.S., (1980) Essays on expectations and exchange rate volatility (Doctoral dissertation), , Massachusetts Institute of Technology; Sarno, L., Viewpoint: towards a solution to the puzzles in exchange rate economics: where do we stand? (2005) Can. J. Econ., 38 (3), pp. 673-708; Sarno, L., Valente, G., Leon, H., Nonlinearity in deviations from uncovered interest parity: an explanation of the forward bias puzzle (2006) Rev. Finance, 10 (3), pp. 443-482; Sercu, P., Vandebroek, M., What UIP tests on extreme samples reveal about the missing variable (2005) J. Int. Money Finance, 24 (8), pp. 1237-1260; Shapiro, S.S., Wilk, M.B., An analysis of variance test for normality (complete samples) (1965) Biometrika, 52 (3-4), pp. 591-611; Stocker, M.L., The price of freedom: A Fama-French freedom factor (2016) Emerg. Mark. Rev., 26, pp. 1-19; Wagner, C., Risk-premia, carry-trade dynamics, and speculative efficiency of currency markets (2008), http://www.dgf2008.de/content/paper/wagner.pdf, 26.04.15},
correspondence_address1={Stocker, M.L.; Universidad Francisco Marroquin, Guatemala; email: mstocker@eatonvance.com},
publisher={Elsevier Ltd},
issn={02755319},
language={English},
abbrev_source_title={Res. Int. Bus. Financ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Krall2016185,
author={Krall, M.},
title={Gouvernance et conflits d'intérêts dans les agences de notation financière},
journal={Revue Internationale de Droit Economique},
year={2016},
volume={30},
number={2},
pages={185-195},
doi={10.3917/ride.302.0185},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84977119868&doi=10.3917%2fride.302.0185&partnerID=40&md5=bb9d225ee5b78d8b1ca071c186ca2517},
affiliation={Goetzpartners, Germany},
abstract={The Credit Rating Agencies had a catalyzing impact in the crisis in contributing to the inflation of the home mortgage bubble. As judge and jury they played a key role in the issuance and sale of investments in subprime mortgages. Without their erroneous evaluations, the market would never have achieved the dimensions that it attained in this era. The lending banks would have, in effect, encountered a limit to their lending capacity at an earlier stage. Institutional failures form the root cause of massive, unresolved and poorly managed conflicts of interest in the Credit Rating Agencies. These conflicts were critical ingredients in the creation of the mortgage bubble that led to the global financial crisis. Four key governance issues can be identified: monopolistic structure of supply, issuer-pays revenue mode, advisory services provided by the Agencies and the obstacles in holding an Agency liable. Indeed, credit ratings of debt securities represent the rating agencies' opinions regarding their credit quality and are not a guarantee of quality. Ratings are not classified as a statement of fact but as an opinion shielded from liability by the US Constitution's first amendment "abridging the freedom of speech". European legislation since the 2007 crisis attempted to regulate Agencies but did they successfully attack the problems of governance and conflicts? Not only did it fail to combat the Credit Rating Agencies' monopoly; it does not even challenge the issuer-pays system which is the origin of the conflicts problem to which alternatives are proposed. Three Agencies control 96% of a market that features numerous statutory and economic obstacles to competition and a significant overlapping shareholder structure. Thus, multiple statutory and economic obstacles make it difficult for newcomers to enter the market. As to economic obstacles, the credit rating agency must have a certain critical scale in order to enter the market. The monopolistic structure is all the more powerful since Moody's and S&P have a direct and indirect overlapping shareholder base. These are relatively concentrated because the ten leading shareholders of S&P represent approximately 41% of the capital and twelve of Moodys' 76.25%. Among the principal shareholders, 38% of shares in S&P and 53% of shares in Moodys' are owned by identical institutions. Additionally, there are overlapping shareholdings in each other's credit rating agencies. Furthermore, issuer-pays system has serious perverse effects. Issuer-pays is at the heart of the actual conflicts in the credit rating industry. An inherent conflict arises when the issuer pays a credit rating agency to have its own creditworthiness evaluated. This system of compensation results in compliant evaluations that are detrimental to putting investor's interest first. Many other models are available, among which are proposed: compensation by investors which aims to eliminate conflicts and create transparency and increase market efficiency. A new investor-based compensation model involves the creation of a central European-EU platform on which issuers are obliged to publish their data and to which all CRA have access. We propose a new model which resolves both the problems of conflicts and the lack of product liability. In this model, all products issued in the market are accompanied by an evaluation, and the investor is free to choose the credit rating agency which is now competing for the investors' money instead of courting relationships with issuers. It can be anticipated that such a platform may lead to shrinking the issuer-pays model and that it will, consequently, change the nature of the industry of Credit Rating Agencies. © De Boeck Supérieur. Tous droits réservés pour tous pays.},
author_keywords={Credit Rating Agencies;  Cross shareholding;  Investor pays system;  Issuer pays system;  Oligopoly;  Overlapping shareholdings},
references={Haar, B., Civil Liability of Credit Rating Agencies, , University of Oslo, Faculty of Law Legal Studies Research paper Series No. 2013-02; (2012) Alternative Compensation Models for Nationally Recognized Statistical Rating Organizations, , GAO-12-240, rapport publié par l'U.S. Government Accountability Office, 18 janvier},
correspondence_address1={Krall, M.; GoetzpartnersGermany},
publisher={Boeck Universite},
issn={10108831},
language={French},
abbrev_source_title={Rev. Int. Droit Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Machado201694,
author={Machado, R.B.},
title={The determinants of employee ownership plan implementation in eu countries - The quest for economic democracy: A first look at the evidence},
journal={Organizacija},
year={2016},
volume={49},
number={2},
pages={94-107},
doi={10.1515/orga-2016-0007},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018730546&doi=10.1515%2forga-2016-0007&partnerID=40&md5=74e44c7603ba721c22b20f76ed484621},
affiliation={Porto Polytechnic, School of Management and Industrial Studies (ESEIG), Vila do Conde, Portugal},
abstract={Background and purpose: Kelso's quest to identify the economic counterpart of political democracy and, as a corollary, his concern about the nature of the economic system's organisation needed to support the institutions of a politically free society, contributed two important terms: economic power and democracy. Following Kelso's reasoning, my research study aims to understand the determinants of the implementation of economic democracy, measured by the incidence of employee share ownership plans, within European Union countries. Methodology: Setting out with the theory of one of the founding fathers of employee stock ownership plans, I perform a cross-country analysis spanning five years (2008-2012) to explain the incidence level of employee ownership by independent variables operationalizing the political, legal, socio-educational and economic structures of twenty European Union countries. Using secondary data from the European Federation of Employee Share Ownership, I explain the determinants' pertinence, while accounting for severe data limitations. Results: I report a strong correlation between employee ownership incidence and the index of economic freedom. However, the labour market's freedom, the trustworthiness of and confidence in financial markets and the quality of secondary and tertiary education do not deliver clear-cut results. Conclusion: Further research should comprehensively scrutinise country-specific factors regarding corporate governance issues and cross-cultural controls. Employee ownership researchers should consider this field of research to understand why countries that are so-called employee ownership champions are experiencing widening income inequality. © 2016, De Gruyter Open Ltd. All rights reserved.},
author_keywords={Economic democracy;  Economic freedom;  Employee ownership;  Equity markets;  Free markets},
references={Ashford, R., The Binary Economics of Louis Kelso: A Democratic Private Property System for Growth and Justice (1994) Curing World Poverty: The New Role of Property, pp. 351-375. , J. H. Miller (Ed.), Saint Louis. MO: Social Justice Review and The Center for Economic and Social Justice; Ashford, R., (2011) Broadening the Right to Acquire Capital with the Earnings of Capital: The Missing Link to Sustainable Economic Recovery and Growth, , http://dx.doi.org/10.2139/ssrn.1342183; Black, S.E., Lynch, L.M., How to compete: The impact of workplace practices and information technology on productivity (2001) Review of Economics and Statistics, 83 (3), pp. 434-445. , http://dx.doi.org/10.1162/00346530152480081; Blasi, J.R., Freeman, R.B., Kruse, D.L., The Citizen's Share: Reducing Inequality in the 21st Century, , 20, 14. 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correspondence_address1={Machado, R.B.; Porto Polytechnic, Portugal; email: rmachado@eseig.ipp.pt},
publisher={De Gruyter Open Ltd},
issn={13185454},
language={English},
abbrev_source_title={Organizacija},
document_type={Article},
source={Scopus},
}

@BOOK{Hoeschele20161,
author={Hoeschele, W.},
title={The economics of abundance: A political economy of freedom, equity, and sustainability},
journal={The Economics of Abundance: A Political Economy of Freedom, Equity, and Sustainability},
year={2016},
pages={1-244},
doi={10.4324/9781315615899},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85072550344&doi=10.4324%2f9781315615899&partnerID=40&md5=1c54794c87f244f1ea537293ce4d292e},
affiliation={Truman State University, Missouri, United States},
abstract={No matter how many resources we consume we never seem to have enough. The Economics of Abundance is a balanced book in which Wolfgang Hoeschele challenges why this is so. He claims that our current capitalist economy can exist only on the basis of manufactured scarcity created by 'scarcity-generating institutions', and these institutions manipulate both demand and supply of commodities. Therefore demand consistently exceeds supply, and profits and economic growth can continue - at the cost of individual freedom, social equity, and ecological sustainability. The fact that continual increases in demand are so vital to our economy leads to an impasse: many people see no alternative to the generation of ever more demand, but at the same time recognize that it is clearly unsustainable ecologically and socially. So, can demand only be reduced by curtailing freedom and is this acceptable? This book argues that, by analyzing how scarcity-generating institutions work and then reforming or dismantling them, we can enhance individual freedom and support entrepreneurial initiative, and at the same time make progress toward social justice and environmental sustainability by reducing demands on vital resources. This vision would enable activists in many fields (social justice, civil liberties, and environmental protection), as well as many entrepreneurs and other members of civil society to work together much more effectively, make it more difficult to portray all these groups as contradictory special interests, and thereby help generate momentum for positive change. Meanwhile, for academics in many fields of study, the concept of the creation of scarcity or abundance may be a highly useful analytical tool. © Wolfgang Hoeschele 2010. All rights reserved.},
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correspondence_address1={Hoeschele, W.; Truman State UniversityUnited States},
publisher={Taylor and Francis},
isbn={9781315615899; 9780566089404},
language={English},
abbrev_source_title={The Econ. of Abundance: A Polit. Econ. of Freedom, Equity, and Sustain.},
document_type={Book},
source={Scopus},
}

@ARTICLE{Stocker20161,
author={Stocker, M.L.},
title={The price of freedom: A Fama-French freedom factor},
journal={Emerging Markets Review},
year={2016},
volume={26},
pages={1-19},
doi={10.1016/j.ememar.2016.02.004},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84960976333&doi=10.1016%2fj.ememar.2016.02.004&partnerID=40&md5=5f98856f4433cbda7cf4fc3ec7d5b3a6},
affiliation={Universidad Francisco Marroquin, Facultad de Ciencias Económicas, Guatemala City, Guatemala; Eaton Vance Investment Managers, Two International Place, Boston, MA  02110, United States},
abstract={Economic institutions in-part explain cross-country variation in levels of investment and capital market characteristics. Here, country-level equity returns are related to cross-country differences in economic institutions as measured by an index of economic freedom. The ex-ante level and ex-post change in economic freedom are observed to be country-level equity return factors exhibiting Sharpe ratios greater than that of the value, momentum, and size factors, factors to which change in economic freedom has a low correlation. Fama-MacBeth regressions confirm the economic freedom factor. Finally, the excess return earned from investing in countries with low economic freedom is the price of freedom. © 2016 Elsevier B.V.},
author_keywords={Asset pricing;  Economic freedom;  Equity factor;  Fama Macbeth;  Institutions},
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Financ., 29 (2), pp. 379-391; Levine, R., Zervos, S., Capital control liberalization and stock market development (1998) World Dev., 26 (7), pp. 1169-1183; Lewis, K.K., Puzzles in international financial markets (1995) Handbook of International Economics, 3, pp. 1913-1971. , Elsevier BV, Amsterdam, Netherlands, G. Grossman, G. & K. Rogoff (Eds.); Li, K., What explains the growth of global equity markets? (2002) Can. Invest. Rev., 15, pp. 23-30; Lintner, J., The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets (1965) Rev. Econ. Stat., 47 (1), pp. 13-37; Lombardo, D., Pagano, M., Legal determinants of the return on equity (2006) Stanford Law and Economics Olin Working Paper No. 193, , http://ssrn.com/abstract=209310, Retrieved 26 April, 2014, from:; Mahoney, P.G., The common law and economic growth: Hayek might be right (2001) J. Leg. Stud., 30 (2), pp. 503-525; Martell, R., The effect of sovereign credit rating changes on emerging stock markets (working paper), , http://ssrn.com/abstract=686375, Retrieved 26 April, 2014, from:; North, D., Institutions (1991) J. Econ. Perspect., 5 (1), pp. 97-112; Olson, M., Distinguished lecture on economics in government: big bills left on the sidewalk: why some nations are rich, and others poor (1996) J. Econ. Perspect., 10 (2), pp. 3-24; Perotti, E.C., Van Oijen, P., Privatization, political risk and stock market development in emerging economies (2001) J. Int. Money Financ., 20 (1), pp. 43-69; Przeworski, A., Limongi, F., Political regimes and economic growth (1993) J. Econ. Perspect., 7 (3), pp. 51-69; Przeworski, A., Limongi, F., Modernization: theories and facts (1997) World Polit., 49 (2), pp. 155-183; Richers, J., Ursua, J., (2013) Our 2013 GES: Surprising the Markets, Global Economics Paper 223, , Goldman Sachs, New York, New York; Rogoff, K.S., (1980) Essays on Expectations and Exchange Rate Volatility, , Doctoral dissertation, Massachusetts Institute of Technology; Rouwenhorst, K.G., International momentum strategies (1998) J. Financ., 53 (1), pp. 267-284; Rouwenhorst, K.G., Local return factors and turnover in emerging stock markets (1999) J. Financ., 54 (4), pp. 1439-1464; Sharpe, W.F., Capital asset prices: a theory of market equilibrium under conditions of risk (1964) J. Financ., 19 (3), pp. 425-442; Shefrin, H., (2000) Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, , Oxford University Press, Oxford, England; Shumway, T., Warther, V.A., The delisting bias in CRSP's Nasdaq data and its implications for the size effect (1999) J. Financ., 54 (6), pp. 2361-2379; Solow, R., A contribution to the theory of economic growth (1956) Q. J. Econ., 70 (1), pp. 65-94; Stattman, D., Book values and stock returns (1980) Chicago MBA A J. Sel. Pap., 4 (1), pp. 25-45; Stocker, M.L., Equity returns and economic freedom (2005) Cato J., 25 (3), pp. 583-594},
correspondence_address1={Stocker, M.L.; Eaton Vance Investment Managers, Two International Place, United States; email: mstocker@ufm.edu},
publisher={Elsevier},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@BOOK{Soliani20161,
author={Soliani, R.},
title={Economic thought and institutional change in france and Italy, 1789-1914: A comparative study},
journal={Economic Thought and Institutional Change in France and Italy, 1789-1914: A Comparative Study},
year={2016},
pages={1-221},
doi={10.1007/978-3-319-25354-1},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018875179&doi=10.1007%2f978-3-319-25354-1&partnerID=40&md5=fbf8c8575065bf0bb4a01b6d15511afe},
affiliation={Department of Political Science, University of Genoa, Genoa, Italy},
abstract={This book explores the relationship between economic thought, proposals for reform of political institutions, and civil society in the period between the rise to power of Napoleon and the eve of the First World War in Italy and France - two countries with a similar cultural and political tradition and with personal mobility of the intellectual class. The first section of the book is devoted to the struggle for identity, justice, and liberty, including its economic dimensions. The relation between political and economic freedom and its effect on equity is then addressed in detail, and the third, concluding section focuses on the intellectual and political conflict between the social visions of liberalism and socialism in some of their various forms, again with consideration of the economic implications. The comparative nature of the analysis, combined with its interdisciplinary approach to the history of economic and political thought and social history, will enable the reader to understand more clearly the historical evolution of each country and the relevant contemporary political and economic issues. © Springer International Publishing AG 2017.},
correspondence_address1={Soliani, R.; Department of Political Science, Italy; email: riccardo.soliani@unige.it},
publisher={Springer International Publishing},
isbn={9783319253541; 9783319253534},
language={English},
abbrev_source_title={Economic Thought and Institutional Change in France and Italy, 1789-1914: A Comparative Study},
document_type={Book},
source={Scopus},
}

@ARTICLE{Dinca2016299,
author={Dinca, G. and Dinca, M.S. and Popione, C.},
title={Analyzing fiscal balance evolution for developed and emerging countries},
journal={Scientific Annals of Economics and Business},
year={2016},
volume={63},
number={3},
pages={299-310},
doi={10.1515/saeb-2016-0123},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85003032329&doi=10.1515%2fsaeb-2016-0123&partnerID=40&md5=bcd64f51d8aa4d2f92326944b68d7e75},
affiliation={Department of Finance and Accounting, Transilvania University of Brasov, Romania; Transilvania University of Brasov, Romania},
abstract={The purpose of our paper is to analyze the main factors which influence fiscal balance's evolution and thereby identify solutions for configuring a sustainable fiscal policy. We have selected as independent variables some of the main macroeconomic measures, respectively public debt, unemployment rate, economy openness degree, population, consumer goods' price index, current account balance, direct foreign investments and economic growth rate. Our research method uses two econometric models applied on a sample of 22 countries, respectively 14 developed and 8 emergent. The first model is a multiple regression and studies the connection between the fiscal balance and selected independent variables, whereas the second one uses first order differences and introduces economic freedom as a dummy variable to catch the dynamic influences of selected measures upon fiscal result. The time interval considered was 1999-2013. The results generated using the two models revealed that public debt, current account balance and economic growth significantly influence the fiscal balance. As a consequence, the governments need to plan and implement a fiscal policy which resonates with economy priorities and the phase of the economic cycle, as well as ensure a proper management of the public debt, stimulate sustainable economic growth and employment.},
author_keywords={Economic growth;  Fiscal balance;  Fiscal sustainability;  Public debt},
references={Alesina, A., Ardagna, S., Large Changes in Fiscal Policy: Taxes versus Spending (2010) Tax Policy and the Economy, 24, pp. 35-68. , J. R. Brown (Eds.), University of Chicago Press; Alesina, A., Campante, F.R., Tabellini, G., Why is Fiscal Policy Often Procyclical (2008) Journal of the European Economic Association, 6 (5), pp. 1006-1036. , http://dx.doi.org/10.1162/JEEA.2008.6.5.1006; Ali Abbas, M.S., Bouhga-Hagbe, J., Fatás, A., Mauro, P., Velloso, C.R., Fiscal Policy and the Current Account (2011) IMF Economic Review, 59 (4), pp. 603-629. , http://dx.doi.org/10.1057/imfer.2011.22; Anderson, T.W., Hsiao, C., Estimation of dynamic models with error components (1981) Journal of the American Statistical Association, 76 (375), pp. 598-606. , http://dx.doi.org/10.1080/01621459.1981.10477691; Bénétrix, A.S., Lane, P.R., (2010) International Differences in Fiscal Policy During the Global Crisis, , NBER Working Paper,16346; Buchanan, J.M., The Relevance of Pareto Optimality (1962) The Journal of Conflict Resolution, 6 (4), pp. 341-354. , http://dx.doi.org/10.1177/002200276200600405; Chari, V.V., Christiano, L.J., Kehoe, P.J., Optimal fiscal and monetary police: Some recent results (1991) Journal of Money, Credit and Banking, 23 (3), pp. 519-539. , http://dx.doi.org/10.2307/1992686; Chari, V.V., Christiano, L.J., Kehoe, P.J., Optimal fiscal policy in a business cycle model (1994) Journal of Political Economy, 102 (4), pp. 617-652. , http://dx.doi.org/10.1086/261949; Chari, V.V., Kehoe, P.J., (1998) Optimal fiscal and monetary police: Federal Reserve Bank of Minneapolis Research Department; Cimadomo, J., Fiscal Policy in real time (2012) The Scandinavian Journal of Economics, 114 (2), pp. 440-465. , http://dx.doi.org/10.1111/j.1467-9442.2012.01697.x; Daniel, B.C., Shiamptanis, C., Pushing the limit? Fiscal policy in the European Monetary Union (2013) Journal of Economic Dynamics and Control, 37 (11), pp. 2307-2321. , http://dx.doi.org/10.1016/j.jedc.2013.06.003; De Hoyos, R.E., Sarafidis, V., Testing for Cross-sectional Dependence in Panel Data Models (2006) Stata Journals, 6 (4), pp. 482-496; Favero, C., Giavazzi, F., Perego, J., Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy (2011) IMF Economic Review, 59 (4), pp. 652-682. , http://dx.doi.org/10.1057/imfer.2011.25; Gavin, M., Perotti, R., Fiscal Policy in Latin America (1997) NBER Macroeconomics Annual, 12, pp. 11-61. , http://dx.doi.org/10.1086/654320; Greene, W.H., (2008) Econometric Analysis: Pearson Education; Hoechle, D., Robust standard errors for panel regressions with cross-sectional dependence (2007) Stata Journal, 7 (3), pp. 281-312; Kaminsky, G., Reinhart, C., Végh, C., When It Rains It Pours: Procyclical Capital Flows and Macroeconomic Policies (2004) NBER Macroeconomic Annual 2004, 19. , M. Gertler and K. Rogoff (Eds.); Klein, P., Ríos-Rull, J.V., Time-consistent optimal fiscal policy (2003) International Economic Review, 44 (4), pp. 1217-1245. , http://dx.doi.org/10.1111/1468-2354.t01-1-00107; Klemm, A., (2014) Fiscal Policy in Latin America over the Cycle, , https://www.imf.org/external/pubs/ft/wp/2014/wp1459.pdf, IMF Working Paper; Lane, P.R., The Cyclical Behaviour of Fiscal Policy: Evidence from the OECD (2003) Journal of Public economics, 87 (12), pp. 2661-2675; Langedijk, S., (2004) The Pro-Cyclicality of Fiscal Policy in EMU Quarterly Report on the Euro Area, 3, pp. 27-37. , Brussels: European Commission; Leeper, E.M., (2010) Monetary Science, Fiscal Alchemy, , http://dx.doi.org/10.3386/w16510., NBER Working Paper,16510; Lucas, R.E., Stokey, N.L., Optimal fiscal and monetary policy in an economy without capital (1983) Journal of Monetary Economics, 12 (1), pp. 55-93. , http://dx.doi.org/10.1016/0304-3932(83)90049-1; Lukkezen, J., Teulings, C., (2013) Optimal Fiscal Policy, , Tinbergen Institute Discussion Paper, No. 13-064/VI; Ramsey, F.P., A contribution to the theory of taxation (1927) Economic Journal (Oxford), 37 (145), pp. 47-61. , http://dx.doi.org/10.2307/2222721; Talvi, E., Végh, C., Tax base variability and procyclical fiscal policy in developing countries (2005) Journal of Development Economics, 78 (1), pp. 156-190. , http://dx.doi.org/10.1016/j.jdeveco.2004.07.002; Zhu, X., Optimal fiscal policy in a stochastic growth model (1992) Journal of Economic Theory, 58 (2), pp. 250-289. , http://dx.doi.org/10.1016/0022-0531(92)90055-M},
publisher={Alexandru Ioan Cuza University of Iasi},
issn={25011960},
language={English},
abbrev_source_title={Sci. Ann. Econ. Bus.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chen20151839,
author={Chen, C.-Y. and Chen, P.F. and Jin, Q.},
title={Economic freedom, investment flexibility, and equity value: A cross-country study},
journal={Accounting Review},
year={2015},
volume={90},
number={5},
pages={1839-1870},
doi={10.2308/accr-51034},
note={cited By 10},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84962772509&doi=10.2308%2faccr-51034&partnerID=40&md5=66024af6b2b0835a998e872c07a26f53},
affiliation={Singapore Management University, Singapore; Hong Kong University of Science and Technology, Hong Kong; Shanghai University of Finance and Economics, China},
abstract={Prior studies show that equity value has convex relations with earnings and book value of equity, respectively, due to growth and adaptation options (Burgstahler and Dichev 1997a; Zhang 2000). However, these studies do not consider the role of institutions in affecting firms' ability to exercise growth and adaptation options. In this study, we investigate whether these convex relations vary with the degree of a country's economic freedom, which may influence the frictions and costs of exercising these options. We develop four hypotheses: In countries with greater economic freedom: (1) a firm's capital investment in response to profitability is greater; (2) the relation between equity value and earnings, given equity book value, is more convex; (3) the relation between equity value and equity book value, given earnings, is more convex; and (4) the relation between stock return and profitability change is more convex. Using the Economic Freedom of the World index from the Fraser Institute, we test our hypotheses with data from 30 countries during the 2000-2010 period. The empirical results are consistent with these hypotheses. The effect of economic freedom that we document is distinct from the effects of GDP level and growth, legal origin, law enforcement, investor protection, and quality of accounting standards. Our results suggest that greater economic freedom enhances equity value through more efficient management of investment options.},
author_keywords={Economic freedom;  Equity value;  Investment flexibility;  Real options},
funding_details={Ministry of Education - SingaporeMinistry of Education - Singapore, MOE},
funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 71072036, 71272012, 71472114},
funding_details={Shanghai University of Finance and EconomicsShanghai University of Finance and Economics, SUFE, 13JJD790019},
funding_text 1={C-Y. Chen acknowledges financial support from the School of Accountancy Research (SOAR) of Singapore Management University. Q. Jin acknowledges financial support from the MOE through the Institute of Accounting and Finance at Shanghai University of Finance and Economics (13JJD790019), the National Natural Science Foundation of China (71072036, 71272012, and 71472114), and the Program for IRTSHUFE.},
references={Aghion, P., Tirole, J., Formal and real authority in organizations (1997) Journal of Political Economy, 105, pp. 1-29; Baker, G., Gibbons, R., Murphy, K., Informal authority in organizations (1999) Journal of Law, Economics and Organization, 15 (1), pp. 56-73; Berger, P., Ofek, E., Swary, I., Investor valuation of the abandonment option (1996) Journal of Financial Economics, 42, pp. 1-31; Bhojraj, S., Lee, C., Ng, D., (2003) International Valuation Using Smart Multiples, , Working paper, Cornell University; Biddle, G., Chen, P., Zhang, G., When capital follows profitability: Nonlinear residual income dynamics (2001) Review of Accounting Studies, 6, pp. 229-265; Burgstahler, D., Dichev, I., Earnings, adaptation, and equity value (1997) The Accounting Review, 73, pp. 187-215; Burgstahler, D., Dichev, I., Earnings management to avoid decreases and losses (1997) Journal of Accounting and Economics, 24, pp. 99-126; Chen, P., Zhang, G., How do accounting variables explain stock price movements? Theory and evidence (2007) Journal of Accounting and Economics, 43, pp. 219-244; Colllins, D., Pincus, M., Xie, H., Equity valuation and negative earnings: The role of book value of equity (1999) The Accounting Review, 74 (1), pp. 29-61; Dawson, J.W., Institutions, investment and growth: New cross-country and panel data evidence (1998) Economic Enquiry, 63 (4), pp. 603-619; Djankov, S., La Porta, R., Lopez-De-Silanes, F., Shleifer, A., The law and economics of selfdealing (2008) Journal of Financial Economics, 88, pp. 430-465; Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., Shleifer, A., The effect of corporate taxes on investment and entrepreneurship (2010) American Economic Journal: Macroeconomics, 2 (3), pp. 31-64; Easton, S., Walker, M., Income, growth, and economic freedom (1997) American Economic Review, 87, pp. 328-332; Fama, E., French, K., Industry costs of equity (1997) Journal of Financial Economics, 43, pp. 153-193; Fama, E., French, K., Forecasting profitability and earnings (2000) Journal of Business, 73, pp. 161-175; Gwartney, J., Lawson, R., The concept and measurement of economic freedom (2003) European Journal of Political Economy, 19 (3), pp. 405-430; Gwartney, J., Holcombe, R., Lawson, R., Institutions and the impact of investment on growth (2006) KYKLOS, 59 (2), pp. 255-273; Gwartney, J., Lawson, R., Hall, S., (2011) Economic Freedom of the World: 2011 Annual Report, , http://www.freetheworld.com/release.html, Fraser Institute; Hanke, S., Walters, S., Economic freedom, prosperity, and equality: A survey (1997) Cato Journal, 17, pp. 117-143; Hao, S., Jin, Q., Zhang, G., Investment growth and the relation between equity value, earnings, and equity book value (2011) The Accounting Review, 86 (2), pp. 605-635; Holmström, B., The firm as a subeconomy (1999) Journal of Law, Economics and Organization, 15 (1), pp. 169-182; Jensen, M., The modern industrial revolution, exit, and the failure of internal control systems (1993) Journal of Finance, 48, pp. 831-880; Kreft, S., Sobel, R., Public policy, entrepreneurship and economic freedom (2005) Cato Journal, 25, pp. 595-616; La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R., Law and finance (1998) Journal of Political Economy, 106 (6), pp. 1113-1155; La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R., Investor protection and corporate valuation (2002) Journal of Finance, 57, pp. 1147-1170; La Porta, R., Lopez-De-Silanes, F., Shleifer, A., What works in securities laws? (2006) Journal of Finance, 61, pp. 1-32; La Porta, R., Lopez-De-Silanes, F., Shleifer, A., The economic consequences of legal origin (2008) Journal of Economic Literature, 46 (2), pp. 285-332; Miller, M., Is American corporate governance fatally flawed? (1994) Journal of Applied Corporate Finance, 6, pp. 32-39; Myers, S., Determinants of corporate borrowing (1977) Journal of Financial Economics, 5, pp. 147-175; Newman, D.P., Novoselov, K.E., Delegation to encourage communication of problems (2009) Journal of Accounting Research, 47 (4), pp. 911-942; Rajan, R., Zingales, L., Power in a theory of the firm (1998) Quarterly Journal of Economics, 113 (2), pp. 387-432; Rajan, R., Zingales, L., Financial dependence and growth (1998) American Economic Review, 88, pp. 559-586; Roberts, J., (2004) The Modern Firm, , New York, NY: Oxford University Press; Spamann, H., The "Antidirector Rights Index" revisited (2010) Review of Financial Studies, 23 (1), pp. 467-486; Wurgler, J., Financial markets and the allocation of capital (2000) Journal of Financial Economics, 58, pp. 187-214; Zhang, G., Accounting information, capital investment decisions, and equity valuation: Theory and empirical implications (2000) Journal of Accounting Research, 38, pp. 271-295; Zhang, G., (2014) Accounting Information and Equity Valuation: Theory, Evidence, and Applications, , New York, NY: Springer Science Business Media; Zingales, L., In search of new foundation (2000) Journal of Finance, 55, pp. 1623-1653},
publisher={American Accounting Association},
issn={00014826},
language={English},
abbrev_source_title={Account. Rev.},
document_type={Article},
source={Scopus},
}

@BOOK{NoAuthor2015337,
title={Convention on the elimination of all forms of discrimination against women},
journal={Women and the Economy: A Reader},
year={2015},
pages={337-346},
doi={10.4324/9781315698113-48},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85069579077&doi=10.4324%2f9781315698113-48&partnerID=40&md5=61f163dd947df69b54a215d333d564e7},
abstract={The States Parties to the present Convention, Noting that the Charter of the United Nations reaffirms faith in fundamen-tal human rights, in the dignity and worth of the human person and in the equal rights of men and women, Noting that the Universal Declaration of Human Rights affirms the principle of the inadmissibility of discrimination and proclaims that all human beings are born free and equal in dignity and rights and that everyone is entitled to all the rights and freedoms set forth therein, without distinction of any kind, including distinction based on sex, Noting that the States Parties to the International Covenants on Human Rights have the obligation to ensure the equal right of men and women to enjoy all economic, social, cultural, civil and political rights, Considering the international conventions concluded under the auspices of the United Nations and the specialized agencies promoting equality of rights of men and women, Noting also the resolutions, declarations and recommendations adopted by the United Nations and the specialized agencies promoting equality of rights of men and women, Concerned, however, that despite these various instruments extensive discrimination against women continues to exist, Recalling that discrimination against women violates the principles of equality of rights and respect for human dignity, is an obstacle to the participation of women, on equal terms with men, in the political, social, economic and cultural life of their countries, hampers the growth of the prosperity of society and the family and makes more difficult the full development of the potentialities of women in the service of their countries and of humanity, Concerned that in situations of poverty women have the least access to food, health, education, training and opportunities for employment and other needs, Convinced that the establishment of the new international economic order based on equity and justice will contribute significantly towards the promotion of equality between men and women, Emphasizing that the eradication of apartheid, of all forms of racism, racial discrimination, colonialism, neo-colonialism, aggression, foreign occupation and domination and interference in the internal affairs of States is essential to the full enjoyment of the rights of men and women, Affirming that the strengthening of international peace and security, relaxation of international tension, mutual co-operation among all States irrespective of their social and economic systems, general and complete disarmament, and in particular nuclear disarmament under strict and effective international control, the affirmation of the principles of justice, equality and mutual benefit in relations among countries and the realization of the right of peoples under alien and colonial domination and foreign occupation to self-determination and independence, as well as respect for national sovereignty and territorial integrity, will promote social progress and development and as a consequence will contribute to the attainment of full equality between men and women, Convinced that the full and complete development of a country, the welfare of the world and the cause of peace require the maximum participation of women on equal terms with men in all fields, Bearing in mind the great contribution of women to the welfare of the family and to the development of society, so far not fully recognized, the social significance of maternity and the role of both parents in the family and in the upbringing of children, and aware that the role of women in procreation should not be a basis for discrimination but that the upbringing of children requires a sharing of responsibility between men and women and society as a whole, Aware that a change in the traditional role of men as well as the role of women in society and in the family is needed to achieve full equality between men and women, Determined to implement the principles set forth in the Declaration on the Elimination of Discrimination against Women and, for that purpose, to adopt the measures required for the elimination of such discrimination in all its forms and manifestations, Have agreed on the following: Part I Article 1 For the purposes of the present Convention, the term "discrimination against women" shall mean any distinction, exclusion or restriction made on the basis of sex which has the effect or purpose of impairing or nullifying the recognition, enjoyment or exercise by women irrespective of their marital status, on a basis of equality of men and women, of human rights and fundamental freedoms in the political, economic, social, cultural, civil or any other field. © 2003 Taylor & Francis. All rights reserved.},
publisher={Taylor and Francis},
isbn={9781317451884; 0765609959; 9780765609953},
language={English},
abbrev_source_title={Women and the Economy: A Read.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Bozkurt201597,
author={Bozkurt, Ö.G. and Erdem, C. and Eroʇlu, I.},
title={Identifying the factors affecting the economic growth of oil-producing countries},
journal={International Journal of Trade and Global Markets},
year={2015},
volume={8},
number={2},
pages={97-111},
doi={10.1504/IJTGM.2015.069421},
note={cited By 13},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84931832215&doi=10.1504%2fIJTGM.2015.069421&partnerID=40&md5=fd0151e96c3c55b53b92a1f0fe84ad9e},
affiliation={Anadolu University, Eskişehir, Turkey; Department of Economics, Gaziosmanpaşa University, Tokat, Turkey},
abstract={The objective of this study is to identify the factors that have an impact on the economic growth of oil-producing countries. To meet this objective, annual time series data for 28 countries were included in panel data analyses. According to the findings of the first analysis covering the countries with R&D data (19 countries), economic growth is positively affected by the amount of oil exported, export value index, financial openness index, public expenditures on education, foreign direct investment and expenditures on R&D. The findigs of the second analysis, covering the countries without R&D data (nine countries), show that export value index, corruption perception index, economic freedom index and external debt have a positive effect on economic growth. Copyright © 2015 Inderscience Enterprises Ltd.},
author_keywords={Corruption;  Economic growth;  FDI;  Foreign direct investments;  Oil-producing countries;  Panel data;  R&D},
references={Aghion, P., Howitt, P., (1998) Endogenous Growth Theory, , 3rd ed., MIT Press, London; Akinlo, A.E., Foreign direct investment and growth in Nigeria: An empirical investigation (2004) Journal of Policy Modeling, 26, pp. 627-639; Altintaş, H., Çetintaş, H., Türkiye'de ekonomik büyüme, beşeri sermaye ve ihracat arasindaki ilişkilerin ekonometrik analizi:1970-2005 (2010) Erciyes Üniversitesi ̄ktisadi Ve ̄dari Bilimler Fakültesi Dergisi, 34, pp. 33-56. , in Turkish; Audretsch, D.B., Feldman, M.P., R&D spillovers and the geography of innovation and production (1996) American Economic Review, 86, pp. 630-640; Ayadi, F.S., Sectoral analysis of foreign direct investment and economic growth in Nigeria (2010) International Journal of Trade and Global Markets, pp. 327-340; Baharumshah, A.Z., Thanoon, M.A., Rashid, S., Savings dynamic in Asian countries (2003) Journal of Asian Economics, 13, pp. 827-845; Batmaz, N., Özcan, A., Doʇrudan yabanci sermaye yatirimlarinin ekonomik büyüme üzerindeki etkileri: Polonya örneʇi 1996-2006 (2008) Proceedings of the International Symposium on International Capital Flows and Emerging Markets, pp. 24-27. , April, (in Turkish); Bayarçelik, E.B., Taşel, F., Research and development: Source of economic growth (2012) Procedia - Social and Behavioral Sciences, 58, pp. 744-753; Bayraç, H.N., (2005) Uluslararasi Petrol Piyasasinin Ekonomik Analizi, , www.econturk.org%2FTurkiyeekonomisi%2FNaci1.doc, (accessed on 15 July 2012) (in Turkish); Bengoa, M., Sanchez-Robles, B., Foreign direct investment, conomic freedom and growth: New evidence from Latin America (2003) European Journal of Political Economy, 19, pp. 529-545; Beşkaya, A., Manan, O., Ekonomik özgürlükler ve demokrasi ile ekonomik performans arasindaki ilişkinin zaman serileri ile analizi: Türkiye Örneʇi (2009) ZKÜ Sosyal Bilimler Dergisi, 10, pp. 47-76. , in Turkish; Bilbao-Osorio, B., Rodriguez-Pose, A., From R&D to innovation and economic growth in the EU (2004) Growth and Change, 35 (4), pp. 434-455; Borensztein, E., Gregorio, J.D., Lee, J.-W., How does foreign direct investment affect economic growth?' (1998) Journal of International Economics, 45, pp. 115-135; BP, (2011) Statistical Review of World Energy, , http://www.bp.com/subsection.do?categoryId=9037149&contentId=7068599, accessed on 15 January 2012; Breitung, J., The local power of some unit root tests for panel data (2000) Nonstationary Panels, Panel Cointegration and Dynamic Panels (Advances in Econometrics, 15, pp. 161-177. , Baltagi, B.H. (Ed.). 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(2002) NBER Working Paper Series, 9288, pp. 1-38; Auro, P., The effects of corruption on growth, investment and government expenditure: A cross-country analysis (1997) Institute for International Economics, 4, pp. 83-107; Mo, P.H., Corruption and economic growth (2001) Journal of Comparative Economics, 29, pp. 66-79; Neelankavil, J.P., Stevans, K.L., Roman, F.L., Correlates of economic growth in developing countries: A panel cointegration approach (2012) International Review of Applied Economics, 26, pp. 83-96; Pattillo, C., Poirson, H., Ricci, L., (2002) External Debt and Growth, pp. 1-44. , IMF Working Paper; Pedroni, P., Critical values for cointegration tests in heterogeneous panels with multiple regressors (1999) Oxford Bulletin of Economics and Statistics, 61, pp. 653-670; Pedroni, P., Fully modified OLS for heterogeneous cointegrated panels (2000) Nonstationary Panels, Panel Cointegration and Dynamic Panels (Advances in Econometrics, 15, pp. 93-130. , Baltagi, B.H. (Ed.). 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correspondence_address1={Erdem, C.; Department of Economics, Turkey; email: cumhur_erdem@yahoo.com},
publisher={Inderscience Publishers},
issn={17427541},
language={English},
abbrev_source_title={Int. J. Trade Glob. Markets},
document_type={Article},
source={Scopus},
}

@ARTICLE{Croitoru201526,
author={Croitoru, L.},
title={Democracy, political competition and public debt},
journal={Transylvanian Review of Administrative Sciences},
year={2015},
volume={2015},
number={45},
pages={26-40},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84931828378&partnerID=40&md5=aa2218c6bbb17ad3113654877e879f02},
affiliation={National Bank of Romania, Bucharest, Romania},
abstract={There are two major preferences shaping political choices: one, regarding who should play the leading role in running the economy (markets or politicians) and the other, concerning social spending. According to reputation, leftist parties assign the leading role to politicians (i.e. the state), whereas rightist parties entrust markets with the central role in running the economy. Right-wing parties’ reputation of not favouring social spending is not backed by facts. Since both the left and the right display similar behaviours vis-à-vis social spending, it is preferable that markets play the central role in running the economy. Flexible markets help economic growth and employment, reducing the need for high social spending. The freedom of property and freedom from corruption indexes show that, in Romania, the market has never played the central role in running the economy. People’s prevailing concern over their wellbeing ‘now’ rather than ‘tomorrow’ generates competition among political right and left for higher social spending, leading to high public debt. Neither left, nor right can guarantee sustainable limits for social benefits and public debt. Capping the share of public debt in GDP by means of the Constitution provides no guarantee for public debt sustainability, but is worth a try. © 2015, Universitatea Babes-Bolyai. All rights reserved.},
author_keywords={Markets;  Political competition;  Political left;  Political right;  Public debt;  Reputation;  Social spending;  Time preference},
references={Blundell, J., (2008) Margaret Thatcher: A Portrait of the Iron Lady, , New York: Algora Publishing; Croitoru, L., ; Croitoru, L., (2013) Cum își Poate Salva Un Prim Ministru țara, , http://www.hotnews.ro/stiri-opinii-14643328-cum-isi-poate-salva-prim-ministru-tara.htm, accessed on February 10, 2015; Croitoru, L., The Euro Zone: An Inconvenient Truth (2013) Romanian Journal of Economic Forecasting, 2, pp. 193-210; Cúrdia, V., Woodford, M., Credit Frictions and Optimal Monetary Policy (2009) Bank for International Sett Lements, p. 278. , BIS Working Papers no; Eggertsson, G.B., Krugman, P., Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach, 2012 The Quarterly Journal of Economics, 127 (3), pp. 1469-1513; Eggertsson, G.B., Mehrotra, N.R., ; Goodhart, C., The Changing Role of Central Banks (2010) Bank for International Sett Lements, p. 326. , BIS Working Paper no; Greider, W., (1989) Secrets of the Temple: How the Federal Reserve Runs the Country, , Simon & Schuster; Gerber, A.S., Huber, G.A., Doherty, D., Dowling, C.M., Ha, S.E., Personality and Political Att itudes: Relationships across Issue Domains and Political Contexts, 2010 American Political Science Review, 104 (1), pp. 111-133; Greenspan, A., (2013) The Map and the Territory: Risk, Human Nature, and the Future of Forecasting, , New York: Penguin Press; Haldane, A.G., Madouros, V., J (2012) The Dog and the Frisbee, Speech Given at the Federal Reserve Bank of Kansas City’s 36Th Economic Policy Symposium ‘The Changing Policy Landscape’, , ackson Hole, Wyoming, August 31; Hersh, E., Primary Voters versus Caucus Goers and the Peripheral Motivations of Political Participation (2012) Political Behavior, 34 (4), pp. 689-718; Healy, A.J., Malhotra, N., Hyunjung Mo, C., Irrelevant Events Aff ect Voters Evaluation of Government Performance’, 2010 Proceedings of the National Academy of Sciences of the United States of America (PNAS), 107-29, pp. 12804-12809; (2015) 2015 Index of Economic Freedom, , http://www.heritage.org/index, 2015, [Online] available at , accessed on May 10; Iacoviello, M., Neri, S., ; Kahneman, D., Tversky, A., Choices, Values, and Frames (1984) American Psychologist, Vol. 39, 4, pp. 341-350; Kahneman, D., Tversky, A., Loss Aversion in Riskless Choice: A Reference-Dependent Model (1991) The Quarterly Journal of Economics, 106 (4), pp. 1039-1061; Kuehnelt-Leddihn, E., (1988) Democracy’s Road to Tyranny, 16, pp. 174-177. , The Freeman, May; Kolstad, I., Wiig, A., Does Democracy Reduce Corruption?, Chr (2011) Michelsen Institute Working Paper, 2011, p. 4; Miller, P.R., The Emotional Citizen: Emotion as a Function of Political Sophistication (2011) Political Psychology, 32 (4), pp. 575-600; Menger, C., (2007) Principles of Economics, Auburn, , Alabama: Ludwig von Mises Institute; Minsky, H.P., (1986) Stabilizing an Unstable Economy, , A Twentieth Century Fund Report, Yale University Press; Minsky, H.P., The Financial Instability Hypothesis (1994) The Elgar Companion to Radical Political Economy, Aldershot, pp. 153-158. , in Arestis, P. and Swayer, M. (eds.), England: Edward Elgar Publishing; Mises Von, L., (2008) Human Action: A Treatise on Economics (The Scholar’s Edition), Auburn, , , Alabama: Ludwig von Mises Institute; Muntean, I., ; Muntean, I., (2014) Recrutarea și selecția De către Partide a candidaților Pentru Alegerile Legislative. O analiză a calității Elitelor Parlamentare românești, , Ph.D. thesis, School of Sociology and Social Work, University of Bucharest; Panagopoulos, C., Affect, Social Pressure and Prosocial Motivation: Field Experimental Evidence of the Mobilizing Eff ects of Pride, Shame, and Publicizing Voting Behavior, 2010 Political Behavior, 32 (3), pp. 369-386; (1997) The Republic, , (translation by Davies, J.L. and Vaughan, D.J.), Book VIII, Ware, Hertfordshire: Wordsworth Classics of World Literature; Preda, M., Partidele politice din România: Clasificare şi relaţii parlamentare (1994) Revista De Cercetări Sociale, 3, pp. 3-28; Rock, M.T., (2007) Corruption and Democracy, , DESA Working Paper no. 55, ST/ESA/2007/ DWP/55, August; Shane, F., Loewenstein, G., O’Donoghue, T., Time Discounting and Time Preference: A Critical Review, 2002 Journal of Economic Literature, 40 (2), pp. 351-401; Szelényi, I., Szelényi, S., Circulation or Reproduction of Elites during the Post-Communist Transformation in Russia and Eastern Europe (1995) He National Council for Soviet and East European Research (NCSEER), , June 21; What Factors Shape Political Att itudes? (2015) American Government Online Textbook, , http://www.ushistory.org/gov/4b.asp, accessed on February 10; Valentino, N.A., Hutchings, V.L., Banks, A.J., Davis, A.K., Is a Worried Citizen a Good Citizen? Emotions, Political Information Seeking, and Learning via the Internet (2008) Political Psychology, 29 (2), pp. 247-273},
correspondence_address1={Croitoru, L.; National Bank of RomaniaRomania},
publisher={Universitatea Babes-Bolyai},
issn={18422845},
language={English},
abbrev_source_title={Transylv. Rev. Adm. Sci.},
document_type={Article},
source={Scopus},
}

@BOOK{Arnone2014153,
author={Arnone, M. and Borlini, L.S.},
title={Governance, corruption, and effects on institutions},
journal={Corruption: Economic Analysis and International Law},
year={2014},
pages={153-176},
doi={10.4337/9781781006139.00020},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85088437502&doi=10.4337%2f9781781006139.00020&partnerID=40&md5=dd5fec5df3fb848ba99fb0adad6ce261},
affiliation={Baffi Center on International Markets, Money and Regulation, Bocconi University, Italy},
abstract={Corruption is capable of endangering political and social stability and security, undermining the values of democracy and the rule of law (ROL), jeopardizing social, economic and political development. The political and social costs it can provoke may differ greatly. However, it is no secret that it can irremediably damage the openness and equity of any human society. The present section aims to illustrate the effects of corruption in terms of the erosion of the ROL and democratic society. It has to be noted at the outset that the social and economic consequences of corruption may significantly overlap. However, we attempt to isolate the institutional and social effects from the economic costs which were assessed in the two previous sections. Corruption has an impact on social organizations within both the public and private sectors. When it affects a public-private sphere, corruption may appear as an obstacle to the implementation of individual choices - hence, of individual freedoms, as we pointed out in Section 1. In this case corruption affects bureaucracy and finds fertile ground in the discretion that public officials may enjoy. Corruption may also appear in the form of State capture or grand corruption and hinder the decision-making process of government and regulatory agencies. Distortions resulting in corrupt political and administrative systems have a strong adverse impact on the effectiveness of government policies and are a burden for society as a whole. © Marco Arnone and Leonardo S. Borlini 2014.},
publisher={Edward Elgar Publishing Ltd.},
isbn={9781781006139; 9781849802666},
language={English},
abbrev_source_title={Corruption: Economic Analysis and International Law},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Cartwright201391,
author={Cartwright, E. and Singh, T.},
title={Social capital, the culture of trust, and economic development},
journal={Economic Behavior, Game Theory, and Technology in Emerging Markets},
year={2013},
pages={91-108},
doi={10.4018/978-1-4666-4745-9.ch006},
note={cited By 2},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84945118898&doi=10.4018%2f978-1-4666-4745-9.ch006&partnerID=40&md5=7f1b64bdfaaab022178ac74e0e307e1f},
affiliation={University of Kent, United Kingdom; University of Guyana, Guyana},
abstract={The benefits accruing from social networks and structures have been shown to correlate with economic performance at both the macro- and micro-levels. Indeed, social capital can be seen as a catalyst through which human and physical capital are utilized and political and economic freedom realized. In this chapter, the authors briefly review the broad extant literature on social capital before embarking in more detail on how game theory can be used to analyze and model social capital. Particular attention is given to the population game approach. This approach is well suited to model social capital as it allows us to capture individual behaviour, societal influence, and network structure. The growth of social capital is seen to depend on the incentives for cooperation, the way in which people learn from past experience, and the inter-connectedness of the social network. A particularly important question for many emerging economies is how social capital can be encouraged to grow from a low base. In a concluding section, which includes a discussion of the complementarities between strong institutions and social capital, the authors use the population game approach to study this issue. © 2014 by IGI Global. All rights reserved.},
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(2002) Journal of Public Economics, 85, pp. 207-234; Arrow, K.J., Gifts and exchanges (1972) Philosophy & Public Affairs, 1, pp. 343-362; Banfield, E.C., (1970) The moral basis of a backward society, , New York: Simon and Schuster; Berg, J., Dickhaut, J., McCabe, K., Trust, reciprocity and social history (1995) Games and Economic Behavior, 10, pp. 122-142; Besley, T., Nonmarket institutions for credit and risk sharing in low-income countries (1995) The Journal of Economic Perspectives, 9 (3), pp. 115-127; Bicchieri, C., (2005) The grammar of society: The nature and dynamics of social norms, , Cambridge, UK: Cambridge University Press; Bohnet, I., Batelman, Y., Institutions and trust: Implications for preferences, beliefs and behaviors (2007) Rationality and Society, 19 (1), pp. 99-135; Bouman, F.J., Rotating and accumulating savings and credit associations: A development perspective (1995) World Development, 23 (3), pp. 371-384; Bowles, S., (2004) Microeconomics: Behavior, institutions, and evolution, , Princeton, NJ: Princeton University Press; Camerer, C.F., (2003) Behavioral game theory:Experiments in strategic interaction, , Princeton, NJ: Princeton University Press; Charles, K.K., Kline, P., Relational costs and the production of social capital: Evidence from carpooling (2006) The Economic Journal, 116 (511), pp. 581-604; Coleman, J.S., Social capital in the creation of human capital (1988) American Journal of Sociology, pp. 95-120; Cooper, R., John, A., Coordinating coordination failures in Keynesian models (1988) The Quarterly Journal of Economics, 103 (3), pp. 441-463; Dal Bó, P., Cooperation under the shadow of the future: Experimental evidence from infinitely repeated games (2005) The American Economic Review, 95 (5), pp. 1591-1604; Dal Bó, P., Social norms, cooperation and inequality (2007) Economic Theory, 30 (1), pp. 89-105; Dasgupta, P., Economics of social capital (2005) The Economic Record, 81, pp. S2-S21; Delhey, J., Newton, K., Predicting crossnational levels of social trust: Global pattern or Nordic exceptionalism? 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A cross-country investigation (1997) The Quarterly Journal of Economics, 112 (4), pp. 1251-1288; La Porta, R., Lopez-de-Silane, F., Shleifer, A., Vishny, R.W., Trust in large organizations (1997) The American Economic Review, 87, pp. 333-338; Lee, T., Johnson, E., Prakash, A., Media independence and trust in NGOs: The case of postcommunist countries (2012) Nonprofit and Voluntary Sector Quarterly, 41 (1), pp. 8-35; Milgrom, P.R., North, D.C., The role of institutions in the revival of trade: The law merchant, private judges, and the champagne fairs (2006) Economics and Politics, 2 (1), pp. 1-23; Morris, S., Contagion (2000) The Review of Economic Studies, 67 (1), pp. 57-78; Mutz, D., Social trust and e-commerce:experimental evidence for the effects of social trust on individuals' economic behavior (2005) Public Opinion Quarterly, 69, pp. 393-416; North, D.C., (1990) Institutions, institutional change and economic performance, , Cambridge, UK: Cambridge University Press; Ostrom, E., (1990) Governing the commons: The evolution of institutions for collective action, , Cambridge, UK: Cambridge University Press; Ostrom, E., Beyond markets and states:polycentric governance of complex economic systems (2010) The American Economic Review, 100 (3), pp. 641-672; Perelman, M., The neglected economics of trust (1998) American Journal of Economics and Sociology, 57 (4), pp. 381-389; Putnam, R., (1993) Making democracy work:Civic traditions in modern Italy, , Princeton, NJ:Princeton University Press; Putnam, R.D., (2001) Bowling alone, , New York:Simon & Schuster; Rothstein, B., Trust, social dilemmas and collective memories (2000) Journal of Theoretical Politics, 12 (4), pp. 477-501; Rothstein, B., Uslaner, E.M., All for all:Equality, corruption, and social trust (2005) World Politics, 58 (1), pp. 41-72; Samuelson, L., (1997) Evolutionary games and equilibrium selection, , Cambridge, MA: MIT Press; Sandholm, W., (2011) Population Games and Evolutionary Dynamics, , Massachusetts: MIT Press; Schoorman, F.D., Mayer, R.C., Davis, J.H., An integrative model of organizational trust: Past, present, and future (2007) Academy of Management Review, 32 (2), pp. 344-354; Skyrms, B., (2004) The stag hunt and the evolution of social structure, , New York: Cambridge University Press; Skyrms, B., Permantle, R., A dynamic model of social network formation (2000) Proceedings of the National Academy of Sciences of the United States of America, 97, pp. 9340-9346. , PMID:10922082; Sobel, J., Can we trust social capital (2002) Journal of Economic Literature, 40 (1), pp. 139-154; Sturgis, P., Read, S., Allum, N., Does intelligence foster generalized trust? An empirical test using the UK birth cohort studies (2010) Intelligence, 38 (1), pp. 45-54; Sugden, R., Reciprocity: The supply of public goods through voluntary contributions (1984) The Economic Journal, 94 (376), pp. 772-787; Van Bastelaer, T., Imperfect information, social capital and the poor's access to credit (1999) Social Capital and the Poor's Access to Credit. IRIS Center Working Paper, (234); Woolcock, M., Social capital and economic development: Toward a theoretical synthesis and policy framework (1998) Theory and Society, 27 (2), pp. 151-208; Young, H.P., The evolution of conventions (1993) Econometrica, 61, pp. 57-84; Young, H.P., (2001) Individual strategy and social structure: An evolutionary theory of institutions, , Princeton, NJ: Princeton University Press; Zak, P., Knack, S., Trust and growth (2001) The Economic Journal, 111 (470), pp. 295-321; Zak, P.J., Fakhar, A., Neuroactive hormones and interpersonal trust: International evidence (2006) Economics and Human Biology, 4 (3), pp. 412-429. , PMID:16979392},
correspondence_address1={Cartwright, E.; University of KentUnited Kingdom},
publisher={IGI Global},
isbn={9781466647466; 1466647450; 9781466647459},
language={English},
abbrev_source_title={Econ. Behav., Game Theory, and Technol. in Emerg. Mark.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Peterson2013677,
author={Peterson, T.},
title={An examination of the relationship between the Economic Freedom Index value and the matching country specific exchange traded fund return},
journal={Managerial Finance},
year={2013},
volume={39},
number={7},
pages={677-690},
doi={10.1108/03074351311323464},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015671865&doi=10.1108%2f03074351311323464&partnerID=40&md5=d1842ee1682d60061c3d8162fde2159b},
affiliation={Economics and Management Department, Gustavus Adolphus College, St Peter, MN, United States},
abstract={Purpose – The paper aims to determine if a country's Economic Freedom Index value has any relationship to the return of the related country specific exchange traded fund. Design/methodology/approach – A total of 36 country specific exchange traded funds were selected for use in this study. The historical returns for 2011, the three-year period ending in 2011, and the five-year period ending in 2011 were recorded if available for each exchange traded fund. Each exchange traded fund (ETF) was placed into one of four groups based upon its country's overall Economic Freedom Index value. The range of Economic Index values for each group was the same ones used by the publishers of the Economic Freedom Index. The mean ETF return and standard deviation for 2011, three-year, and five-year periods were calculated for each of the four groups. The mean/standard deviation of the Economic Freedom Index and each of its components for 2011, the mean of the three-year period, and the mean of the five-year period were calculated for each of the four groups. The degree of statistical significance between the mean returns of the four groups was determined by using ANOVA. The correlation coefficients and the degree of statistical significance were calculated between each component of the index, between each component and the overall index value, and between the overall index value and the ETF returns. Findings – The correlations between the components of the Economic Freedom Index generally tend to be positive and statistically significant. The correlations between the components of the Economic Freedom Index and the Economic Freedom Index tend to be positive and statistically significant. The correlation between the mean ETF returns of the various groups and the value of the mean Economic Freedom Index tends to be mixed. There appears to be no statistical significance of the difference between the mean ETF returns of each group and the mean overall score of the Economic Freedom Index for that group. For the year 2011 the level of significance was 0.103, for the three-year period the level of significance was 0.541, and for the five-year period the level of significance was 0.132. The differences within each group are more than the differences between the groups. The value of the Economic Freedom Index does not appear to correlate with the return of the country specific exchange traded fund. Originality/value – The paper relates a country's environment for conducting business as represented by its Economic Freedom Index to the equity returns of firms in that country. The results of this study would be of interest to those individuals or institutions making investment decisions regarding country specific exchange traded funds. If a positive correlation exists between the index value and the return of the exchange traded fund, this information could improve the prediction of country specific exchange traded fund returns. © 2013, Emerald Group Publishing Limited.},
author_keywords={Country specific exchange traded fund;  Economic Freedom Index;  Economic measurement;  Economics;  Investments},
references={Adkins, L.C., Moomaw, R.L., Savvides, A., Institutions, freedom, and technical efficiency (2002) Southern Economic Journal, 69 (July), pp. 92-108; Bhagwati, J., (1999) Economic freedom: prosperity and social progress, , paper presented to the Conference on Economic Freedom and Development, Tokyo, June 1-18; Carlsson, F., Lundstrom, S., (2001) Political and economic freedom and the environment: the case of CO2 emmissions, , Working Paper in Economics 29, Gothenburg University, Gothenburg; Dawson, J.W., Institutions, investment, and growth: new cross-country and panel evidence (1998) Economic Inquiry, 36 (October), pp. 603-619; De Vanssay, X.D., Spindler, Z.A., Freedom and growth: do constitutions matter? (1994) Public Choice, 78 (3-4), pp. 359-372; Easton, S.T., Walker, M.A., Income, growth, and economic freedom (1997) American Economic Review, 87 (2), pp. 328-332; Goldsmith, A.A., Economic rights and government in developing countries: cross-national evidence on growth and development (1997) Studies in Comparative International Development, 21 (2), pp. 287-304; Gwartney, J.G., Lawson, R.A., (2002) Economic Freedom of the World: 2002 Annual Report, , The Fraser Institute, Vancouver; Hanke, S.H., Walters, S.J.K., Economic freedom, prosperity, and equality: a survey (1997) Cato Journal, 17 (2), pp. 117-146; Heckelman, J.C., Stroup, M.D., Which economic freedoms contribute to growth? (2000) Kyklos, 53 (4), pp. 527-544; Mauro, P., Stock market returns and output in emerging and market economies (2003) Journal of Development Economies, 71 (1), pp. 123-153; Wu, W., Davis, O.A., The two freedoms, economic growth and development: an empirical study (1999) Public Choice, 100 (1-2), pp. 39-64; Goldsmith, A.A., Democracy, property rights and economic growth (1995) The Journal of Developmental Studies, 32 (2), pp. 157-174; Keller, G., (2008) Statistics for Management and Economics, pp. 516-568. , -8th ed., Southwestern Publishing, Cincinatti, OH},
correspondence_address1={Peterson, T.; Economics and Management Department, United States; email: tpeterso@gustavus.edu},
publisher={Emerald Group Publishing Ltd.},
issn={03074358},
language={English},
abbrev_source_title={Manag. Financ.},
document_type={Article},
source={Scopus},
}

@BOOK{DuGay20131,
author={Du Gay, P. and Morgan, G.},
title={New Spirits of Capitalism?: Crises, Justifications, and Dynamics},
journal={New Spirits of Capitalism?: Crises, Justifications, and Dynamics},
year={2013},
pages={1-352},
doi={10.1093/acprof:oso/9780199595341.001.0001},
note={cited By 42},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84920503272&doi=10.1093%2facprof%3aoso%2f9780199595341.001.0001&partnerID=40&md5=bb3eb5bdb9ddeea28322259a2057a741},
affiliation={Department of Organization (IOA), Copenhagen Business School (CBS), Denmark; Cardiff Business School, Cardiff University, United Kingdom},
abstract={After many years in which it appeared to be losing the pre-eminent position it once occupied in the lexicon of the social and human sciences, the term 'capitalism' has once again become a matter of critical concern both theoretically and substantively in a range of disciplinary fields. The global financial and environmental crises, and the shifting economic power geometry associated with the rise of the BRICS and the sovereign debt contagion in the Eurozone, for example, have all put the norms, practices and devices of capitalist conduct under the spotlight once again. In the social and human sciences, a revived engagement with the nature and effects of contemporary capitalism received a remarkable boost with the publication of Luc Boltanski and Eve Chiapello's The New Spirit of Capitalism. This text became something of a publishing sensation in its native France, and later in the UK and the USA, sparking debate not simply about the meaning, significance and effects of contemporary mutations in economic and organizational life, but becoming a reference point in political discussions about the future of the welfare state and the possibilities both of collective action in a 'networked' world, and of reconciling the interests of social justice with the 'laws of the markets'. Such a reception is not as surprising as it might first appear, not simply because the themes of the text spoke to a popular sense of discontent concerning the nature, direction and consequences of the 'neo-liberal' experiment, but also because the book offered a comprehensive and subtle series of discrete but interrelated arguments combining sociological and cultural analysis, socio-historical narrative, political economy, and engaged advocacy that chimed with ongoing debates about the meaning, significance and effects of changing forms of capitalism and the role of neo-liberalism as these were being articulated in sociology, management and organization studies, economic geography, and political economy, for example. When taken together these arguments offered some important clues as to how and why neo-liberalism had proven so resilient and adaptable when faced with evidence of its own hubris. This edited book offers the first comprehensive attempt to interrogate both the explanatory power and reach of Boltanski and Chiapello's thesis, and the theoretical and methodological perspectives, tools and techniques they developed, and to do so in relation to the development of neo-liberal capitalism in the period since their original publication, and in particular the culmination of these developments in the ongoing crisis since the financial collapse of 2007. The volume provides both a balanced critique and overview of New Spirit, but also shows how it can be used in a variety of empirical studies to develop new insights into the functioning and regulation of capitalism in the contemporary era. The volume brings together leading scholars from a range of disciplinary fields where Boltanski and Chiapelllo's work has received its most serious engagement. Luc Boltanksi and Eve Chiapello also offer their thoughts on the continuing relevance and reach of the New Spirit, over a decade after its publication, and in the context of contemporary global economic and political developments. © Oxford University Press 2013. All rights reserved.},
author_keywords={Bureaucracy;  Capitalism;  Crisis;  Critique;  Domination;  Freedom;  Justification;  Neoliberalism;  New public management;  Office;  Person;  State;  Weber},
correspondence_address1={Du Gay, P.; Department of Organization (IOA), Copenhagen Business School (CBS)Denmark},
publisher={Oxford University Press},
isbn={9780191750755; 9780199595341},
language={English},
abbrev_source_title={New Spirit. of Capital.?: Crises, Justifications, and Dyn.},
document_type={Book},
source={Scopus},
}

@BOOK{Glinavos20131,
author={Glinavos, I.},
title={Redefining the market–state relationship: Responses to the financial crisis and the future of regulation},
journal={Redefining the Market-State Relationship: Responses to the Financial Crisis and the Future of Regulation},
year={2013},
pages={1-180},
doi={10.4324/9780203718797},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84917057025&doi=10.4324%2f9780203718797&partnerID=40&md5=4d547784f4a75cd3a9ce42c3cacfe13c},
affiliation={University of Reading, United Kingdom},
abstract={This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. in this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since 2007 including an assessment of the meltdown of the sub-prime mortgage market, the credit crunch, the European debt crisis and the turmoil in Greece, plus a series of theoretical contributions that are aimed to challenge perceptions of the market-state relationship and the place of law within it.
The book includes a methodological defence of the state-market dichotomy, a critique of the tenets of neoclassical economics, and an evaluation of what the financial crisis heralds for the future of the political economy of western democracies. Ioannis Glinavos argues that it is a mistake to associate markets with freedom and states with oppression, and suggests that more choice for consumers can -and does- mean less choice for citizens. The book suggests that a new social contract is needed to ensure the survival of both capitalism and democracy.
In contributing a unique, legal perspective to the underlying dynamics of the financial crisis, this book will be valuable to scholars and students of regulation, financial markets and economic development. © 2014 Ioannis Glinavos.},
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correspondence_address1={Glinavos, I.; University of ReadingUnited Kingdom},
publisher={Taylor and Francis},
isbn={9780203718797},
language={English},
abbrev_source_title={Redefining the Market-State Relatsh.: Responses to the Financial Crisis and the Future of Regulation},
document_type={Book},
source={Scopus},
}

@BOOK{Mathias20131,
author={Mathias, P.},
title={The transformation of England: Essays in the economic and social history of England in the eighteenth century},
journal={The Transformation of England: Essays in the Economic and Social History of England in the Eighteenth Century},
year={2013},
pages={1-324},
doi={10.4324/9781315019789},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84909157058&doi=10.4324%2f9781315019789&partnerID=40&md5=d81dfc04ff420c3002e89bfecc4f5366},
abstract={This book was first published in 1979.
Peter Mathias’s subject is the creation in late eighteenth-century England of the industrial system – and thereby the present world. That unique conjuncture poses the sharpest questions about the nature of industrialization, social change and historical explanation, issues that are his principal scholarly concern. For many readers these collected studies will be as indispensable as the author’s general introduction, The First Industrial Nation, whether for the richness of their material or the freedom and subtlety of his analysis.
These fascinating essays are divided into two groups: general themes, the ‘uniqueness’ in Europe of the industrial revolution, capital formation, taxation, the growth of skills, science and technical change, leisure and wages, diagnoses of poverty; and topics, the social structure, the industrialization of brewing, coinage, agriculture and the drink industries, advances in public health and the armed forces, British and American public finance in the War of Independence, Dr Johnson and the business world. © 1979 Peter Mathias.},
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Papers, 11, 681p; (1909) Colliery Guardian, pp. 1064-1065. , 3 June; John, A.H., Aspects of Economic growth in the first half of the eighteenth century (1961) Economica; Eversley, D.E.C., (1967) The home market and economic growth, in England, 1750-1780, , in Jones and Mingay; Martineau, H., (1872) A History of the Thirty Years’ Peace, 1816-1846, 1, pp. 110-111. , London; Townsend, J., (1786) A Dissertation on the Poor Laws, , London; Poynter, J.R., (1969) Society and Pauperism, 42p. , London; de Toqueville, A., Democracy in America, , Part II, Book II, Section 37; Schumpeter, E.B., (1960) English Overseas Trade Statistics, 1697-1808, , Oxford, Table XVIII; Gilboy, E.W., (1934) Wages in Eighteenth Century England, , Cambridge, Mass; McKendrick, N., Home demand and economic growth (1974) Historical Perspectives, , ed. N. 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Rev., 20. , 2nd Ser; Holmes, G.S., Gregory King and the social structure of pre-industrial England (1977) Trans. Roy. Hist. Soc., 27. , 5th Ser; George, M.D., (1953) England in Transition, , Harmondsworth; Massie, J., (1891) Economic Journal, 1, 81p; (1937) Catalogue of the Massie Books and Tracts, , ed. W.A. Shaw; Palgrave, Dictionary of Political Economy; A Representation Concerning Commercial Knowledge, 6p; Shaw, W.A., (1896) History of Currency; Massie, J., (1759) A State of the British Sugar Colony Trade; Massie, J., (1759) Calculations … relating to an additional Duty on Sugar …; Massie, J., (1758) A Proposal for Making a Saving to the Public… in the Charge of Maintaining H.M. 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Hollander, Baltimore, 1912); Massie, J., (1750) Observations relating to the Coin of Great Britain; Low, J.M., (1954) Manchester School of Economic and Social Studies, 22; Massie, J., (1760) A Representation Concerning Commercial Knowledge, pp. 17-18; Holborn, (1765) Brief Observations …; Massie, (1756) Calculations of Taxes for a Family of each Rank, Degree or Class …; Massie, (1765) Brief Observations and Calculations on the present high Prices.…; Gilboy, E.W., (1934) Wages in Eighteenth-Century England, 220p. , Cambridge, Mass; Excise Statistics, 1162-1806, , (MS. Kings Beam House); Colquhoun, (1815) Treatise on the Wealth, Power and Resources of the British Empire …; Colquhoun, (1955) Economic Development and Cultural Change, 4; Colquhoun, Contemporary estimates of national income in the first half of the nineteenth century (1956) Econ. Hist. Rev., 8. , 2nd ser; Schumpeter, E.B., (1938) Rev. of Econ. 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Entry from; (1747) General Description of All Trades, 34p. , London; London and Country Brewer, 1742-3, pp. 179-182. , passim-, especially on the ‘Great Common Brewhouse’; London and Country Brewer, 1742-3, 25p; Richardson, J., (1784) Statistical Estimates of the Materials of Brewing, showing the use of the Saccharometer; (1805) Philosophical Principles of the Science of Brewing, , 3rd edn; Baverstock, J., (1824) Treatises on Brewing by the late James Baverstock; Clow, (1952) Chemical Revolution, pp. 544-545. , London; Combrune, M., (1762) Theory and Practice of Brewing, 30p; Roll, E., (1930) An Early Experiment in Industrial Organisation, pp. 111-116. , London; Lord, J., (1923) Capital and Steam Power, pp. 167-175. , London, Tables; Mathias, P., (1959) The Brewing Industry in England, 1700-1830, , Cambridge; Mantoux, P., (1948) The Industrial Revolution, pp. 374-408. , (edn), London; Wilson, C., The entrepreneur in the industrial revolution (1955) Explorations in Entrepreneurial History, 7, pp. 129-145; Ashton, T.S., (1939) An Eighteenth-Century Industrialist, pp. 71-86. , Manchester; Mathias, P., Developments in the brewing industry in England: 1700-1830 (1953) Explorations…, 5, pp. 208-224; Excise Statistics, 1662-1805, pp. 17, 20-21, 144, 147. , (MS. at Customs and Excise, London); Excise MSS, 1749p. , 3069, 3070. London; Smiths, J., Sales Book, 1798-1800, , (Oundle); Gardners, Ledger, 1800-7, , (Cheltenham); D.N.B., Gents Mag. 1818, 2, 276p; (1812) Partnership Deeds, , at Whitbreads; Barnard, A., (1889) Noted Breweries of Great Britain and Ireland, 1, pp. 117ff; Mathias, P., (1956) House Journal, , Ind Coope and Allsopp, X, Nos 5-6; Allsopp Records: Personal Ledger 1779-95, , Letter Books; Cash Book 1759-69; (1742) Valuations, , 1752, 1758; Cliffe Brewery, pp. 1723-1923. , Ipswich; Mathias, Explorations, , … for references; Combrune, M., (1758) Theory and Practice of Brewing; Richardson, J., (1784) Statistical Estimates with the Saccharometer; Baverstock, J., Jr., (1824) Treatise on Brewing, , Preface and Appendix; (1742) London and Country Brewer, pp. 179, 182; Mathias, P., Steam power comes to Chiswell Street (1954) House of Whitbread, 14; (1798) Gents Mag., 1, pp. 536-537; Mathias, Explorations…, pp. 218-219, 310-315; (1951) Whitbreads Brewery; (1951) Thraliana, 1, 501p. , (ed. K. Balderston); Eng. MS, 600 (7). , 600 (II); Serocold, W.P., (1949) Story of Watneys Gents Mag. 1818, 2, 83p; Faringdon Diary, 4, 55p. , (ed. J. Greig); Faringdon Diary, 2, pp. 187-188. , (ed. J. Greig); Faringdon Diary, 5, pp. 130, 279; Faringdon Diary, 6, 98p; (1830) Gents Mag., 2, 563p; MSS. Nos., pp. 61134, 61137. , Series 61144; Southill MSS. 4652-4676, 4727p; Excise MSS. Trials, 556p. , 582, 584; Library, G., Pam., 3802p; (1747) General Description of all Trades, 34p; Boswell, J., (1946) Life of Johnson, 2, 69p. , (edn), Oxford; Hucks, R., Spent his money on the turf and sold the brewery … Notes and Queries, , (12. Ser. II, 93); Thraliana, 1, 333p. , See chapter 16, pp.311-13; Barker, T.C., Harris, J.R., (1954) St Helens 1750-1900, pp. 90-107. , Liverpool; (1791) Allsopp Records, Letter Books, , B. Wilson to Jackson, 30 September; Parl. Papers (1819) Report … on Public Breweries, 5. , Evidence of T. Clough, J. Taylor; Trumans Records: Letter Books, , S. 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Papers (1835) 15th Report of Commissioners of Excise Enquiry, 31, 4p; (1795) Thoughts and Details on Scarcity, 2, 243p. , Works, 1834; Dixon, W., (1810) Inquiry into the Impolicy … of the prohibition of Distillation from Grain, 41p. , Liverpool; (1783) Corn Distillery stated…, 44p; Middleton, J., (1813) General View of the Agriculture of Middlesex, 579p; James, W., Malcolm, J., (1794) State of the Agriculture of Surrey, 33p; Middleton, J., (1813) General View of the Agriculture of Middlesex, 579p; Defoe, D., (1722) Tour thro ‘the whole Island…, 1, 37p. , Everyman edn; (1816) Parl. Papers, 9; Stephenson, W., (1815) Agriculture of Surrey, 522p; Middleton, J., (1813) General View of the Agriculture of Middlesex, 579p; (1808) Parl. Papers, 4; (1806) Parl. Papers, 2; Stephenson, W., (1815) Agriculture of Surrey, 522p; Malcolm, J., (1805) Agriculture of Surrey, 1, pp. 355-359; James, W., Malcolm, J., (1794) State of the Agriculture of Surrey, 33p; James, W., Malcolm, J., (1794) State of the Agriculture of Surrey, 33p; Malcolm, J., (1805) Agriculture of Surrey, 1, pp. 355-359; Lloyd, C., Coulter, J.L.S., (1961) Medicine and the Navy, , Edinburgh; Cantlie, N., (1974) A History of the Army Medical Department, , Edinburgh; Trotter, T., (1801) Medicina Nautica, 3, pp. 37-38; Trotter, T., (1797) Medicina Nautica, 2, 14p; Cipolla, C.M., (1972) Christophano and the Plague, , London; Cipolla, C.M., Origine et developpement des bureaux de santé en Italie (1974) Medicina Economiae Societanell’Esperienza Storica, , Pavia; Rothenberg, G.E., The Austrian sanitary cordon and the control of bubonic plague, 1710-1781 (1973) J. 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Royal Society, 46; (1751) Gentleman’s Magazine, 21; Lloyd, C., Coulter, J.L.S., (1961) Medicine and the Navy, , Edinburgh; Trotter, T., (1819) A Practical Plan for Manning the Royal Navy without Impressment, pp. 26, 45; Pringle, J., (1752) Observations on the Diseases of the Army, , preface; Pringle, J., (1750) Observations on the Nature and Cure of Hospital and Jayl Fevers, 51p; Trotter, T., Medicina Nautica, 1, pp. 252-253; Blane, G., Elements in Medical Logic, 209p; Smout, T.C., (1969) A History of the Scottish People, 1560-1830, pp. 257-259. , London; Trotter, T., Medicina Nautica, 1, pp. 27-34; Pringle, J., Observations on the Nature and Cure…, pp. 33, 46-51; Observations on the Diseases of the Army, pp. 84-85, 96-97, 101-103, 107-109; Blane, G., Select Dissertations, pp. 91, 125, 127, 137-140, 172-173; Elements in Medical Logic, 209p; Pringle, J., (1776) Discourse upon some late Improvements…, 28p; Blane, G., Select Dissertations, pp. 122, 125-126, 136-137, 140, 172-173; Pringle, J., Observations on the Nature and Cure…, pp. 46ff; Pringle, J., Discourse upon some late Improvements…; Lind, J., (1757) An essay on the most Efficient Means of Preserving the Health of Seamen; Lind, J., (1763) Two Papers on Fevers and Infection; Trotter, T., (1786) Observations on the Scurvy; Cook, J., (1776) Methods taken for preserving the Health of the Crew of H.M.S. 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Carolina; Clifford, J.L., (1955) Young Samuel Johnson, 173p. , London and New York; Bate, W.J., (1961) The Achievement of Samuel Johnson, pp. v. , New York; Clifford, J.L., Green, D.J., (1971) Samuel Johnson: Survey and Bibliography of Critical Studies, , Minneapolis; Piozzi, Anecdotes … (1884) Johnsoniana, 6p. , ed. R. Napier; Johnson in Grub Street (1930) An Eighteenth Century Gentleman…, , in S.C. Roberts, Cambridge; Murphy, Johnsoniana, 381p; Boswell, J., (1946) Life of Johnson, , Oxford; Boswell, J., Johnsoniana, 80p; Boswell, J., Life, 2, 448p; (1881) Directory of the County Families, , London; Johnson, (1948) Letters, , ed. R.W. Chapman, London; Life, 2, pp. 124-125; Johnson, (1924) A Journey to the Western Islands of Scotland, pp. 73, 108. , ed. R.W. Chapman, London; Boswell, J., (1924) Journal of a Tour to the Hebrides…, 316p. , ed. R.W. 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Balderston; Hayward, A., Autobiography of Mrs. Piozzi, 2, pp. 25-26. , (ed.); Hayward, A., Johnsoniana, 95p. , (ed.); Hayward, A., (1829) Chelsea, 2, 273p. , (ed.), Faulkner; Reynolds, J., (1952) Portraits …, 67p. , (edn), Yale; O’Brien, G., Dr. Johnson as an economist (1925) Studies, , March; Life, 1, 647p; Middendorf, J.H., Dr. Johnson and Adam Smith (1961) Political Quarterly, 40, pp. 281-296; Life, 2, pp. 138, 190, 199, 243, 287; Life, 1, 567p; (1753) Adventurer, (67). , (26 June); (1777) Letters, , Johnson to Boswell, 22 July; A Journey to the Western Islands, 103p; Life, 1, 647p; Journal of a Tour, 315p; Life, 2, 213p; Miner, E.R., Dr. Johnson, Mandeville and “public benefits” (1958) Huntington Library Quarterly, , February; Life, 2, pp. 221-222; Life, 1, 487p; Life, 2, 222p; Life, 2, 37p; Middendorf, J.H., Johnson on wealth and commerce (1965) Johnson, Boswell and their Circle, pp. 47-64. , in M.M. Lascelles et al. (eds), London; Middendorf, J.H., Samuel Johnson and mercantilism (1960) Journal of the History of Ideas, 21, pp. 66-83; Johnson, (1766) Considerations on the Corn Laws; Greene, D.J., (1960) The Politics of Samuel Johnson, pp. 280ff; … every art ought to be exercised in due subordination to the public good (1759) Idler, (40). , (20 January); Johnsoniana, 730p; Works, 5, pp. 450-451; Payne, J., (1758) New Tables of Interest; (1758) Idler, (16). , (29 July); (1758) Idler, (26). , (14 October); (1759) Idler, (47). , (10 March); A Journey to the Western Islands, pp. 18-20; Johnsoniana, 64p; Smiles, S., (1868) The Hugenots, pp. 416-424; Wadsworth, A.P., de Mann, J.L., (1931) The Cotton Trade and Industrial Lancashire, , Manchester, chapter 21, and appendix C; Dent, R.K., (1917) Central Literature Magazine; Brown, J.J., (1946) Modern Language Review, pp. 16-23. , January; Wadsworth, A.P., de Mann, J.L., (1931) The Cotton Trade and Industrial Lancashire, , Manchester, chapter 21, and appendix C; (1741) Letters, , Johnson to Paul, 31 January; Wadsworth, A.P., de Mann, J.L., (1931) The Cotton Trade and Industrial Lancashire, , Manchester, chapter 21, and appendix C; Johnsoniana, Apophthegms, Sentiments etc, 137p. , collected by Sir J. Hawkins; Mathias, P., (1959) The Brewing Industry in England 1700-1830, , Cambridge, chapter 8; Clifford, J.L., (1955) Young Samuel Johnson, 173p. , London and New York; Rest Books, 1758-9, 1764p. , 1767, 1780; Brewery Statistics, , (MSS); Life, 1 (1), 539p; Thraliana, 1, 333p; (1777) Letters, 2, 538p. , of 23 August; (1777) Letters, 2, 548p. , of 18 September; Life, 2, 69p; (1779) Letters, 2, 647p. , of 16 November; Hayward, A., (1829) Chelsea, 2, 273p. , (ed.), Faulkner; Rest Books, 1781-82; Letters, 2, 738p; Letters, 2, 779p; Letters, 2, 1147p; Life, 2, 397p},
correspondence_address1={Mathias, P.},
publisher={Taylor and Francis},
isbn={9781315019789},
language={English},
abbrev_source_title={The Transformation of Engl.: Essays in the Economic and Soc. History of Engl. in the Eighteenth Century},
document_type={Book},
source={Scopus},
}

@CONFERENCE{Griffiths2012320,
author={Griffiths, M.},
title={Climate change policy in Australia: Contexts and consultation on the clean energy legislative package(2011)},
journal={Proceedings of the European Conference on e-Government, ECEG},
year={2012},
pages={320-328},
note={cited By 0; Conference of 12th European Conference on e-Government, ECEG 2012 ; Conference Date: 14 June 2012 Through 15 June 2012;  Conference Code:94357},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84870897905&partnerID=40&md5=26bdb82431c1e6f14131642d2d598e27},
affiliation={Discipline of Media, University of Adelaide, Adelaide, Australia},
abstract={On November 8, 2011, a minority Australian Labor government, with the help of Green and Independent MPs, successfully passed a Clean Energy Legislative Package through the Federal Senate. The substance of the individual bills - rangingfrom levy impositions on greenhouse gas to fuel tax legislation - had ignited stormy public controversy. Advocates on both sides of the climate change debate emerged, as the Australian legislation proposed a carbon levy for the first time. The proposed legislation was acknowledged as globally significant, although similar environment policy had been enacted in Switzerland and Sweden. The department responsible for running the public consultations, the Department of Climate Change and Energy Efficiency (DCCEE), was newly established as an agency in its own right in 2010, as part of 'Machinery of Government' changes: responsible for a broad portfolio of climate change policies and implementation, including community, household and business sector climate action, and a remit to contribute to a global climate change solution. Its role is educative as well as instrumental. DCCEE meets freedom of information legislation and transparency expectations, and supports public consultations through rich information provided in an ongoing context of lobbying and misinformation. Using public domain material, the paper assesses the management of the complex online consultation, beginning by contextualizing the international and local policy contexts. It notes significant characteristics in DCCEE's stewardship: achieving transparency and equity, and setting parameters for citizen input. It assesses why seemingly more conservative means were deployed to engage citizens in consultations over a multi-segmented and contentious piece of legislation, designed to effect radical social and economic change.},
author_keywords={Climate change;  Contentious issues;  Green citizenship;  Policy consultation;  Transparency},
keywords={A-carbon;  Australia;  Business sector;  Clean energy;  Climate change policies;  Contentious issues;  Economic change;  Environment policies;  Freedom of informations;  Fuel tax;  Global climate changes;  Green citizenship;  Local policies;  Public consultation;  Public domains;  Setting parameters;  Switzerland;  TO effect, Climate change;  Energy efficiency;  Government data processing;  Greenhouse gases;  Machinery;  Transparency, Laws and legislation},
references={Australian Livestock and Rural Transport Association (2011) Submission to Clean Energy Legislative Package Consultation, , http://www.climatechange.gov.au/government/submissions/closed-consultations/cleanenergy-legislative-package/public-submissions.aspx, [online]; Australian Industry Greenhouse Network (2011) Submission to Clean Energy Legislative Package Consultation, , http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energylegislative-package/public-submissions.aspx, [online]; Australian Policy Online (2011) Clean Energy Bill 2011 Exposure Draft, , http://apo.org.au/research/cleanenergy-bill-2011-exposure-draft, [online]; Australian Trucking Association (2011) Submission to Clean Energy Legislative Package Consultation, , http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energy-legislativepackage/public-submissions.aspx, [online]; Bureau of Meteorology (2011) Annual Climate Change Statement 2011, Commonwealth of Australia, , http://www.bom.gov.au/announcements/media_releases/climate/change/20120104.shtml, [online]; Clean Energy Future (2012) Commonwealth of Australia, , http://www.cleanenergyfuture.gov.au/cleanenergy-bills-receive-royal-assent/, [online]; Patrick, C., Green Citizenship and Education in Ecological Ethics: An Introduction (2011) Polity: Cambridge, pp. 159-83; Department of Climate Change and Energy Efficiency Commonwealth of Australia, , http://www.climatechange.gov.au/default.aspx, [online]; Doecke, S., (2011) Submission to Clean Energy Bill Consultation, 18 August, , http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energy-legislativepackage/public-submissions.aspx, [online]; Early, S., Email submission to Greg Combet DCCEE (2011), http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energy-legislativepackage/public-submissions.aspx, 28 July [online]; (2012) Energy Rating Website, , http://www.energyrating.gov.au/, [online]; Garnaut, R., Garnaut Climate Change Review (2011), http://www.garnautreview.org.au/update-2011/garnaut-review-2011.html, [online]; Gordon, T., (2011) Submission to Clean Energy Legislative Package Consultation, 3 August, , http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energy-legislativepackage/public-submissions.aspx, [online]; Greening Australia (2011) Gondwana Link, , http://www.greeningaustralia.org.au/visionaryprojects/gondwana-link, [online]; (2012) Green Plumbers: Creating Sustainable Communities, , http://www.greenplumbers.com.au, [online]; Griffiths, M., Edemocracy design: Citizen consultation on contentious issues (2009) Prosser A. and P. Parycek eds, Proceedings of EDEM 2009, Oesterreichische Computer Gesellschaft, pp. 51-59; Mike, H., The Year Climate Science was Redefined (2010) The Guardian, , http://www.guardian.co.uk/environment/2010/nov/15/year-climate-science-was-redefined, [online]; (2006) Joint Science Academies Statement: Climate Change Adaptation and the Transition to a Low Carbon Society, , [online]; Kyoto: Framework Convention on Climate Change, , http://unfccc.int/kyoto_protocol/items/2830.php, [online]; Leiserowitz, A., Communicating the risks of global warming: American risk perceptions, affective images and interpretive communities, (2007) S. Moser and L. Dilling, eds. Creating a Climate for Change: Communicating climate change and facilitating social change, , Cambridge University Press; Living Greener, Commonwealth of Australia, , [online]; Mccright, A.M., Dunlop R.E, Defeating Kyoto: The Conservative Movement's Impact on US Climate Change Policy (2003) Social Problems, 50 (3), pp. 348-378; Norman, B., (2010) A Low Carbon and Resilient Urban Future, , http://www.climatechange.gov.au/publications/local-govt/alow-carbon-and-resilient-urban-future.aspx, [online] Department of Climate Change and Energy Efficiency, Commonwealth of Australia; Petherick, A., Duty Down Under (2011) Nature Climate Change, 2, pp. 20-21. , http://www.nature.com/nclimate/journal/v2/n1/fig_tab/nclimate1339_F1.html, [online]; Solar Cities, Catalyst for Change Background paper. Department of Climate Change and Energy Efficiency, Commonwealth of Australia, , (October 2011); The Climate Institute (2011) Factsheet on Climate Change and Extreme Weather Events, , http://www.climateinstitute.org.au/our-publications/reports/784-climate-change-a-extreme-weather-events, [online]; The Treasury (2011) Strong Growth, Low Pollution: Modelling a Carbon Price, , [online], Commonwealth of Australia; Wong, P., (2010) Opening Address Climate Change Conference, , http://www.climatechange.gov.au/minister/previous/wong/2010/major-speeches/February/sp20100218.aspx, [online]; Xenophon, N., (2011) Submission to Clean Energy Legislative Package 6 September, , http://www.climatechange.gov.au/government/submissions/closed-consultations/clean-energy-legislativepackage/public-submissions.aspx, [online]},
correspondence_address1={Griffiths, M.; Discipline of Media, , Adelaide, Australia; email: mary.griffiths@adelaide.edu.au},
address={Barcelona},
issn={20491034},
isbn={9781908272416},
language={English},
abbrev_source_title={Proc. European Conf. on e-Gov., ECEG},
document_type={Conference Paper},
source={Scopus},
}

@ARTICLE{Javakhadze201215,
author={Javakhadze, D. and Ferris, S.P. and Noronha, G.},
title={Limits on convergence in international corporate governance practices},
journal={Advances in Financial Economics},
year={2012},
volume={15},
pages={15-58},
doi={10.1108/S1569-3732(2012)0000015004},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84885446498&doi=10.1108%2fS1569-3732%282012%290000015004&partnerID=40&md5=78cf7037fb20d6920899398bd569157c},
abstract={Purpose - The question of whether the corporate governance practices of firms in diverse countries are converging to those of U.S. firms, and the extent of convergence or divergence, is examined. Design/methodology/approach - Company level governance measures of board structure and organization, firm audit attributes, antitakeover defenses, and compensation design attributes of international firms are compared with those of U.S. firms. Findings - We find that the evidence for convergence is more mixed than previously believed, with firms in some nations converging, others essentially static, and a number diverging from U.S. practices. We further determine that country factors such as measures of national economic freedom, increased shareholder rights, and impartial judiciaries help to explain convergence. Greater participation by banks in the national economy is associated with greater divergence from U.S. governance standards. Firm characteristics which are suggestive of a future need for external equity encourage convergence while those which capture the use of leverage or the ability to service additional debt are correlated with greater divergence. Research limitations/implications - This study suggests that inquiry into whether convergence is occurring might be the wrong question to ask. Rather, our findings suggest that the research focus should be shifted toward an inquiry of what specific areas of governance are converging and in what countries or regions. Originality/value - This study helps to describe what constitutes effective corporate governance design for firms worldwide. It provides managers with insights on how governance mechanisms can be tailored to reflect local practices and laws. Copyright © 2012 by Emerald Group Publishing Limited.},
author_keywords={Boards;  Corporate convergence;  International finance},
references={Aggarwal, R., Erel, I., Stulz, R., Williamson, R., Differences in governance practices between U.S. and foreign firms: Measurement, causes and consequences (2009) The Review of Financial Studies, 22, pp. 3131-3169; Aguilera, R.V., Cuervo-Cazurra, A., Codes of Good Governance Worldwide: What is the Trigger? (2004) Organization Studies, 25 (3), pp. 415-443; Aguilera, R.V., Jackson, G., The cross-national diversity of corporate governance: Dimensions and determinants (2003) Academy of Management Review, 28 (3), pp. 447-465; Barro, R., Sala-I-Martin, X., Convergence (1992) Journal of Political Economy, 100, pp. 223-251; Bebchuk, L.A., Cohen, A., The costs of entrenched boards (2005) Journal of Financial Economics, 78 (2), pp. 409-433. , DOI 10.1016/j.jfineco.2004.12.006, PII S0304405X05001169; Bebchuk, L., Cohen, A., Ferrell, A., Corporate governance? (2009) Review of Financial Studies, 22, pp. 783-827; Bebchuk, L., Roe, M., A theory of path dependence in corporate ownership and governance (1999) Stanford Law Review, 52, pp. 127-170; Becht, M., Roell, A., Blockholding in Europe: An international comparison (1999) European Economic Review, 43, pp. 10-49; Berglof, E., (1991) Corporate Control and Capital Structure: Essays on Property Rights and Financial Contracts, , Stockholm, Sweden: IIB Institute of International Business; Cernat, L., The emerging European corporate governance model: Anglo-Saxon, Continental, or still the century of diversity? (2004) Journal of European Public Policy, 11 (1), pp. 147-166. , DOI 10.1080/1350176042000164343; Cicon, J., Ferris, S., Kammel, A., Noronha, G., European corporate governance: A thematic analysis of national codes of governance (2010) European Financial Management, 18, pp. 620-648; Collier, P., Zaman, M., Convergence in European corporate governance: The audit committee concept (2005) Corporate Governance, 13 (6), pp. 753-768. , DOI 10.1111/j.1467-8683.2005.00468.x; Conniffe, D., Gash, V., O'Connell, P.J., Evaluating state programmes: "Natural experiments" and propensity scores (2000) Economic and Social Review, 31 (4), pp. 283-308; Doidge, C., Karolyi, G., Stulz, R., Why do countries matter so much for corporate governance? (2007) Journal of Financial Economics, 86, pp. 1-39; Easterlin, R., Regional growth of income: Long run tendencies (1960) Population Redistribution and Economic Growth, United States, pp. 1870-1950. , S. Kuznets, A. Miller, & R. Easterlin (Eds.). New York: American Philosophical Society; Goergen, M., Martynova, M., Luc, R., Corporate governance convergence: Evidence from takeover regulation reforms in Europe (2005) Oxford Review of Economic Policy, 21 (2), pp. 243-268. , DOI 10.1093/oxrep/gri015; Goergen, M., Renneboog, L., Contractual corporate governance (2008) Journal of Corporate Finance, 14, pp. 166-182; Gompers, P., Ishii, J., Metrick, A., Corporate governance and equity prices (2003) Quarterly Journal of Economics, 118 (1), pp. 107-155. , DOI 10.1162/00335530360535162; Hall, P., Soskice, D., (2001) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, , Oxford: Oxford University Press; Hansmann, H., Kraakman, R., The end of history for corporate law (2001) Georgetown Law Journal, 89 (2), pp. 439-468; Hermes, N., Postma, T., Zivkov, O., Corporate governance codes in the European Union (2006) International Journal of Managerial Finance, 2, pp. 280-301; Khanna, T., Kogan, J., Palepu, K., Globalization and similarities in corporate governance: A cross-country analysis (2006) Review of Economics and Statistics, 88 (1), pp. 69-90. , http://docserver.ingentaconnect.com/deliver/cw/mitpress/00346535/v88n1/ s7/p69.pdf?fmt=dirpdf&tt=941&cl=19&ini=connect&bini=&wis= connect&ac=0&acs=&expires=1139662018&checksum= C16ABBCD1AA86949B5A11CA63C990233&cookie=1791470336, DOI 10.1162/003465306775565837; La Porta, R., Lopez De Silanes, F., Schleifer, A., Vishny, R., Legal determinants of external finance (1997) Journal of Finance, 52, pp. 1131-1150; Mankiw, N., Romer, D., Weil, D., A contribution to the Empirics of economic growth (1992) Quarterly Journal of Economics, 107, pp. 407-437; Martynova, M., Renneboog, L., Evidence on the international evolution and convergence of corporate governance regulations (2011) Journal of Corporate Finance, 17, pp. 1531-1557; Quah, D., Empirical cross-section dynamics in economic growth (1993) European Economic Review, 37 (2-3), pp. 426-434. , DOI 10.1016/0014-2921(93)90031-5; Quah, D., Galton's fallacy and tests of the convergence hypothesis (1993) Scandinavian Journal of Economics, 95, pp. 427-443; Roe, M.J., Chaos and evolution in law and economics (1996) Harvard Law Review, 109 (3), pp. 641-668; Rosenbaum, P., Rubin, D., The central role of the propensity score in observational studies for causal effects (1983) Biometrika, 70, pp. 41-55; Rubin, D.B., Estimating causal effects from large data sets using propensity scores (1997) Annals of Internal Medicine, 127 (8 SUPPL.), pp. 757-763; Sala-I-Martin, X., The classical approach to convergence analysis (1996) The Economic Journal, 106, pp. 1019-1036; Stulz, R.M., Williamson, R., Culture, openness, and finance (2003) Journal of Financial Economics, 70 (3), pp. 313-349. , DOI 10.1016/S0304-405X(03)00173-9, PII S0304405X03001739; Wojcik, D., Convergence in corporate governance: Evidence from Europe and the challenge for economic geography (2006) Journal of Economic Geography, 6 (5), pp. 639-660. , DOI 10.1093/jeg/lbl003},
issn={15693732},
isbn={9781780527888},
language={English},
abbrev_source_title={Adv. Financ. Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Schramm2012251,
author={Schramm, H.-J.},
title={Freight Forwarder’s Personal Network in Multimodal Transport Chains: An Empirical Investigation},
journal={Contributions to Management Science},
year={2012},
pages={251-284},
doi={10.1007/978-3-7908-2775-0_6},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064945627&doi=10.1007%2f978-3-7908-2775-0_6&partnerID=40&md5=85c0dd07e1217bb6882e94948f98c5cf},
affiliation={Department of Global Business and Trade, Institute for Transport and Logistics Management, Nordbergstr. 15, Vienna, 1090, Austria},
abstract={So far in this piece of work, the topic of freight forwarding in multimodal transport chains with a leg by sea or air was described and theoretically reflected from different perspectives. After reviewing the forwarding business from a legal and functional point of view, contemporary multimodal chains with a leg by sea or air were described based on desk research in Part 2 as a status quo for further theoretical treatments. In Chapter 3 freight forwarder’s intermediary role as a strange hybrid providing all kinds of transport and logistics services as well as financial intermediation on behalf and account of his clients was clarified well grounded in NIE, MMT and ITF. Seeing that such multimodal transport chains cannot be considered as a conglomerate of isolated bilateral or trilateral relationships, a network perspective of freight forwarding in multimodal transport chains with a leg by sea or air was developed in Chapter 4. There, the social network approach with SNA as a measurement concept showed the highest usability in the context of this work and therefore, relevant measurement concepts of e.g. network size and density, centrality or brokerage capacity and their connection to the notion of social capital were worked out in Chapter 5. Now it is time to show, whether actual business practice supports the assertions made and conclusions drawn before. This is done by analyzing empirical social network structure data from freight forwarders engaged in multimodal transport chains including a leg by sea or air in Germany and Austria. © 2012, Springer-Verlag Berlin Heidelberg.},
author_keywords={Economic Freedom;  Psychic Distance;  Social Capital;  Social Network Structure;  Transport Chain},
correspondence_address1={Schramm, H.-J.; Department of Global Business and Trade, Nordbergstr. 15, Austria; email: hschramm@wu.ac.at},
publisher={Springer},
issn={14311941},
language={English},
abbrev_source_title={Contrib. Manag. Sci.},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Lee20124,
author={Lee, J.K.-Y. and Wong, A.Y.-T.},
title={Impact of financial liberalisation on stock market liquidity: Experience of China},
journal={Journal of Chinese Economic and Foreign Trade Studies},
year={2012},
volume={5},
number={1},
pages={4-19},
doi={10.1108/17544401211197922},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84933533345&doi=10.1108%2f17544401211197922&partnerID=40&md5=0947934bc0382fde360350795f2b6cb2},
affiliation={Research Department, Hong Kong Monetary Authority, Hong Kong, China},
abstract={Purpose - The purpose of this paper is to assess the impact of the recent financial reforms in China. Following the country’s accession to the World Trade Organization, financial liberalisation has picked up considerable momentum. Wide-ranging reforms introduced encompass deregulation in the banking sector and refinements in various financial markets, as well as allowing more freedom for Chinese and foreign investors to participate and interact domestically and overseas. Design/methodology/approach - Compared to other studies on financial liberalisation, this study uses a panel data regression model to analyse a relatively narrower aspect of financial reforms, namely, the impact on stock market liquidity. Findings - Using a data set drawn from the Shanghai stock market, the authors find a positive and significant liquidity impact associated with the recent round of measures. Originality/value - The result reflects not only an improvement in capital allocation efficiency in China’s equity market but, from a financial stability point of view, also a reduction in its vulnerability. The finding also provides evidence on one of the important channels in which financial liberalisation can be transformed into economic growth over time. © Emerald Group Publishing Limited.},
author_keywords={China;  Dual-listed stocks;  Economic growth;  Financial liberalisation;  Fixed-effect panel regression;  Liquidity;  Stock exchanges},
references={Amihud, Y., Illiquidity and stock returns: Cross-section and time series effects (2002) Journal of Financial Markets, 5, pp. 31-56; (2007) Financial Stability Report, , Bank of England, Bank of England, London, Issue 21 (26 April 2007) and Issue 22 (25 October 2007); Boot, A., Thakor, A., Financial system architecture (1997) Review of Financial Studies, 10 (3), pp. 693-733; Chan, K., (1993) "Monetary Reform and Control in China", pp. 5-8. , Asia Pacific Review, Second Quarter; (2007) China Money Magazine, , Issue 65 (March 2007), Issue 68 (June 2007), Issue 69 (July 2007), Issue 70 (August 2007), Issue 71 (September 2007) and Issue 74 (December 2007); (2008) China Money Magazine, , Issue 75 (January 2008) and Issue 76 (February 2008); Fong, T., Wong, A., Yong, I., (2007) "Share Price Disparity in Chinese Stock Markets", , Hong Kong Monetary Authority Working Paper 11/2007; Greene, W., (1997) Econometric Analysis, , Prentice-Hall, Upper Saddle River, NJ; Guo, S., (2002) "Management of Capital Flows in Corporate Sector: Current Situation and Outlook in China", , speech, People’s Bank of China, Beijing; Hermes, N., Lensink, R., (2005) "Does Financial Liberalization Influence Saving, Investment and Economic Growth? Evidence from 25 Emerging Market Economies, 1973-96", , Research Paper No. 2005/69, United Nations University, World Institute for Development Economics Research; Hsiao, C., (1986) Analysis of Panel Data, , Cambridge University Press, Cambridge; (2004) "People’s Republic of China, Article IV Consultation - Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion", , International Monetary Fund, Country Report No. 04/351, International Monetary Fund, Washington, DC; (2006) "People’s Republic of China, Article IV Consultation - Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion", , International Monetary Fund, Country Report No. 06/394, International Monetary Fund, Washington, DC; Kyle, A., Continuous auctions and insider trading (1985) Econometrica, 53 (6); Levine, R., Stock markets, growth, and tax policy (1991) The Journal of Finance, 46 (4), pp. 1445-1465; Levine, R., International financial liberalization and economic growth (2001) Review of International Economics, 9 (4), pp. 688-702; Malkamaki, M., (1999) "Are There Economics of Scale in Stock Exchange Activities?", , Bank of Finland Discussion Papers 4/99; Nielsson, U., Stock exchange merger and liquidity: The case of Euronext (2008) Journal of Financial Markets, 12 (2), pp. 229-267; Noia, C., Competition and integration among stock exchanges in Europe: Network effects, implicit mergers and remote access (2001) European Financial Management, 7 (1), pp. 39-72; Pagano, M., Padilla, A., (2005) "Efficiency Gains from the Integration of Exchanges: Lessons from the Euronext ‘natural experiment’", , A Report for Euronext; (2005) "Report on Steady Progress in Market-Based Interest Rate Reform", , People’s Bank of China, Supplement to the China Monetary Policy Report, January; (2006) "A Year of Smooth Implementation of the Reform of the RMB Exchange Rate Regime", p. 2. , People’s Bank of China, Appendix of Monetary Policy Report, Quarter; Prasad, E., Rogoff, K., Wei, S., Kose, M., (2003) "Effects of Financial Globalization on Developing Countries: Some Empirical Evidence", , IMF Occasional Paper No. 220, International Monetary Fund, Washington, DC; Ranciere, R., Tornell, A., Westermann, F., Decomposing the effects of financial liberalization: Crises vs. growth (2006) Journal of Banking &Amp; Finance, 30 (12), pp. 3331-3348; Stein, J., Takeover threats and managerial myopia (1988) Journal of Political Economy, 96 (1), pp. 61-80; Wooldridge, J., (2002) Econometric Analysis Ofcross Section and Panel Data, , The MIT Press, Cambridge, MA},
correspondence_address1={Wong, A.Y.-T.; Research Department, Hong Kong Monetary AuthorityChina},
publisher={Emerald Group Publishing Ltd.},
issn={17544408},
language={English},
abbrev_source_title={J. Chinese Econ. Foreign Trade Stud.},
document_type={Article},
source={Scopus},
}

@BOOK{Payne20121,
author={Payne, C.},
title={The consumer credit and neoliberalism: Governing the modern economy},
journal={The Consumer Credit and Neoliberalism: Governing the Modern Economy},
year={2012},
pages={1-228},
doi={10.4324/9780203139066},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84911045992&doi=10.4324%2f9780203139066&partnerID=40&md5=528e3bd601c4c2a80e31957c23db9e80},
affiliation={Bloomberg Government in WashingtonDC, United States},
abstract={This book is an investigation into the economic policy formulation and practice of neoliberalism in Britain from the 1950s through to the financial crisis and economic downturn that began in 2007-8. It demonstrates that influential economists, such as F.A. Hayek and Milton Friedman, authors at key British think tanks such as the Institute of Economic Affairs and the Centre for Policy Studies, and important political figures of the Thatcher and New Labour governments shared a similar conception of the consumer.
For neoliberals, the idea that consumers were weak in the face of businesses and large corporations was almost offensive. Instead, consumers were imagined to be sovereign agents in the economy, whose consumption decisions played a central role in the construction of their human capital and in the enabling of their aspirations. Consumption, just like production, came to be viewed as an enterprising and entrepreneurial activity. Consequently, from the early 1980s until the present day, it was felt necessary that banks should have the freedom to meet the borrowing needs of consumers. Credit rationing would be a thing of the past. Just like businesses, consumers and households could use debt to expand their stock of personal assets.
By utilizing the method of French philosopher Michel Foucault this book provides an original analysis of the policy ideas and political speeches of key figures in the New Right, in government and at the Bank of England. And it addresses the key question as to why policy-makers both in Britain and the United States did little or nothing to stem rising consumer and household indebtedness, instead always choosing to see increasing house prices and homeownership as a positive to be encouraged. © 2012 Christopher Payne.},
references={Allen, G., (1976) The British Disease: A short essay on the nature and causes of the nation's lagging wealth, , London: Institute of Economic Affairs; Bacon, R., Eltis, W., Britain's Economic Problem: Too few producers, , London: Macmillan, 1976; Balls, E., Open macroeconomics in an open economy (1998) Scottish Journal of Political Economy, 45, pp. 113-132; Balls, E., (1992) Fabian Society, Euro-monetarism: Why Britain was ensnared and how it should escape, , London: Fabian Society; Bank of England, Competition and credit control (1971) Bank of England quarterly bulletin, 11, pp. 189-193; Bank of England, Commentary (1973) Bank of England quarterly bulletin, 13, pp. 401-418; Bank of England, Commentary (1979) Bank of England quarterly bulletin, 19, pp. 359-378; Bank of England, Commentary (1981) Bank of England quarterly bulletin, 21, pp. 3-17; Bank of England, The supplementary deposits scheme (1982) Bank of England quarterly bulletin, 22, pp. 74-85; Bank of England, Mortgage lending and the housing market (1982) Bank of England quarterly bulletin, 22, pp. 390-398; Bank of England, Commentary (1983) Bank of England quarterly bulletin, 23, pp. 3-18; Bank of England, Commentary (1983) Bank of England quarterly bulletin, 23, pp. 153-170; Bank of England, Commentary (1983) Bank of England quarterly bulletin, 23, pp. 321-336; Bank of England, Competition, innovation, and regulation in British banking (1983) Bank of England quarterly bulletin, 23, pp. 363-376; Bank of England, Commentary (1986) Bank of England quarterly bulletin, 26, pp. 309-332; Bank of England, Commentary (1986) Bank of England quarterly bulletin, 26, pp. 449-471; Bank of England, Commentary (1987) Bank of England quarterly bulletin, 27, pp. 3-25; Bank of England, Commentary (1987) Bank of England quarterly bulletin, 27, pp. 473-495; Bank of England, Commentary (1989) Bank of England quarterly bulletin, 29, pp. 3-26; Bank of England, Inflation report (1993) Bank of England quarterly bulletin, 33; Bank Of England And Hm Treasury, (1980), Monetary Control, Cmnd 7858, London: HMSO; Barry, A., Osbourne, T., Rose, N., (1996) Foucault and Political Reason, , (Eds), London: UCL Press; Benito, A., The role of household debt and balance sheets in the monetary trans-mission mechanism (2007) Bank of England quarterly bulletin, 47. , Et al; Benston, G., (1998) Institute of Economic Affairs, , Regulating Financial Markets: A critique and some proposals, London: Institute of Economic Affairs; Berlin, I., (2002) Liberty: Incorporating four essays on liberty, , Oxford: Oxford University Press; Bernanke, B., (2011), www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm, Deflation: Making sure ‘it’ doesn‘t happen here. 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correspondence_address1={Payne, C.; Bloomberg Government in WashingtonUnited States},
publisher={Taylor and Francis},
isbn={9780203139066},
language={English},
abbrev_source_title={The Consumer Credit and Neoliberalism: Gov. the Modern Economy},
document_type={Book},
source={Scopus},
}

@ARTICLE{Tahir201269,
author={Tahir, I.M. and Mongid, A. and Haron, S.},
title={The determinants of bank cost inefficiency in ASEAN banking},
journal={Jurnal Pengurusan},
year={2012},
volume={36},
pages={69-76},
doi={10.17576/pengurusan-2012-36-06},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84887122383&doi=10.17576%2fpengurusan-2012-36-06&partnerID=40&md5=1784d4ba8e1a60afa556c34c606e79be},
affiliation={Faculty of Business Management and Accountancy, Universiti Sultan Zainal Abidin, Gong Badak Campus, 21300 Kuala Terengganu, Terengganu, Malaysia; STIE Perbanas Surabaya, Jl. Nginden, Surabaya, 60118, Indonesia},
abstract={This study examines the determinants of cost inefficiency of banks operating in 6 member countries of the Association of Southeast Asian Nations (ASEAN): Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam. First, we estimate the cost inefficiency using the Stochastic Frontier Analysis. Second, we regress the estimated cost inefficiencies on a set of bank specific variables (size, equity to total asset, loan to total asset, personnel expenses to total expenses) and environmental variables (corruption, economic growth and economic freedom) using a Tobit regression analysis. We use a panel dataset of 625 banks in the ASEAN countries for the period from 2003 to 2008. Our results show that the average cost inefficiency during the period is about 33% of the observed total costs. Banks in Singapore exhibit the lowest cost inefficiency relative to banks in the other ASEAN countries. Our second stage results suggest that bank specific variables and economic growth are important determinants of bank cost inefficiencies in ASEAN banking. The impact of corruption and economic freedom is also evident, but only to a limited extent.},
author_keywords={ASEAN countries;  Bank cost inefficiency;  Corruption;  Economic freedom;  Stochastic frontier analysis (SFA);  Tobit regression},
references={Aigner, D., Lovell, C.A.K., Schmidt, P., Formulation and estimation of stochastic frontier production function models (1977) Journal of Econometrics, 6, pp. 21-37; Altunbas, Y., Carbo, S., Gardener, E.P.M., Molyneux, P., Examining the relationships between capital, risk and efficiency in european banking (2007) European Financial Management, 13 (1), pp. 49-70; Berger, A.N., Hancock, D., Humphrey, D.B., Bank efficiency derived from the profit function (1993) Journal of Banking and Finance, 17, pp. 317-347; Berger, A.N., Mester, L.J., Efficiency and productivity change in the U.S. Commercial banking industry: A comparison of the 1980s and 1990s (1997) Working Papers 97-5, , Federal Reserve Bank of Philadelphia; Bonin, J.P., Hasan, I., Wachtel, P., Bank performance, efficiency and ownership in transition countries (2005) Journal of Banking and Finance, 29, pp. 31-53; Lamberte, M., Desrochers, M., Efficiency and expense preference in the Philippines' cooperative rural banks. Philippine institute of development studies (2002) Discussion Paper Series 2002-12, pp. 1-23; Karim, M.Z.A., Comparative bank efficiency across select ASEAN countries (2001) ASEAN Economic Bulletin, 18 (3), pp. 289-304; Maudos, J., Pastor, J.M., Pe'rez, F., Quesada, J., Cost and profit efficiency in european banking (2002) Journal of International Financial Markets, Institutions and Money, 12, pp. 33-58; Podpiera, A., Podpiera, J., Deteriorating cost efficiency in commercial banks signals an increasing risk of failure (2005) Working Papers, , Czech National Bank Research Department, 6/2005; Shen, Z., Liao, H., Weyman-Jones, T., Cost efficiency analysis in banking industries of ten asian countries and regions (2009) Journal of Chinese Economics and Business Studies, 7 (2), pp. 199-218; Sufian, F., The impact of the asian financial crisis on bank efficiency: The 1997 experience of Malaysia and Thailand (2010) Journal of International Development, 22 (7), pp. 866-889; Tahir, I.M., (1999) Market Structure and Efficiency in ASEAN Banking, , Unpublished Ph.D Diss., The University of Wales, UK; Takeshi, A., Regression analysis when the dependent variable is truncated normal (1973) Econometrica (The Econometric Society), 41 (6), pp. 997-1016; Tobin, J., Estimation of relationships for limited dependent variables (1958) Econometrica (The Econometric Society), 26 (1), pp. 24-36; Wong, J., Fong, T., Wong, E., Choi, K., The cost efficiency of commercial banks in Hong Kong (2006) Research Memorandum 12/2006, , Hong Kong Monetary Authority},
correspondence_address1={Tahir, I.M.; Faculty of Business Management and Accountancy, , 21300 Kuala Terengganu, Terengganu, Malaysia; email: izah@unisza.edu.my},
publisher={Penerbit Universiti Kebangsaan Malaysia},
issn={01272713},
language={English},
abbrev_source_title={Jurnal Pengurusan},
document_type={Article},
source={Scopus},
}

@ARTICLE{Brown2011725,
author={Brown, I.},
title={Tracing Burma's economic failure to its colonial inheritance},
journal={Business History Review},
year={2011},
volume={85},
number={4},
pages={725-747},
doi={10.1017/S0007680511001176},
note={cited By 7},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84857260754&doi=10.1017%2fS0007680511001176&partnerID=40&md5=406bdcd9dd1dbbfa8fb1d36d75626f26},
affiliation={South East Asia, School of Oriental and African Studies, London, United Kingdom},
abstract={The extent to which the inheritance of British rule in Burma, including Burmese perceptions of that inheritance, might explain Burma's economic failure since independence is explored. Several factors came into play. One was the ferocious rejection of the economic structures of colonial rule by the Burmese. Another was the failure of Burmese entrepreneurs-who had been in a position to achieve little beyond dominance over the rice field-to emerge during the colonial period. Finally, there were the implications for independent Burma's economic options of the withdrawal of Indian capital, enterprise, and commercial experience, which had been a dominant factor in the colonial economy, at the point when Burma regained its political freedom. © 2011 The President and Fellows of Harvard College.},
references={Taylor, R.H., Disaster or release? J. S. Furnivall and the bankruptcy of burma (1995) Modem Asian Studies, 29 (1), p. 49. , On the first point, note, for example, the argument that Burma's colonial "prosperity lay only in the national statistics and the country's trade and other economic relationships with exploiting imperialists", reported by; Turnell, S., (2009) Fiery Dragons: Banks, Moneylenders and Micrqfinance in Burma, p. 1. , This clarification is important as the contrast between an apparently prosperous colonial economy and an impoverished Myanmar-the official name of the country in foreign languages since the late 1980s-is often made or implied. And the contrast can easily evolve into the simple argument or implication that Burma's generals have ruined a once prosperous country. See, for example, the opening two sentences of Sean Turnell's fine study: "At the dawn of the twentieth century Burma was the richest country in Southeast Asia. At the dawn of the twenty-first century it was the poorest.", Copenhagen; Steinberg, D.I., (2010) Burma/Myanmar: What Everyone Needs to Know, p. 38. , A conclusion made still more unpalatable by the fact that "the colonial period is. cited by the military itself as the root cause of most of the problems facing the state.", New York; Siok-Hwa, C., (1968) The Rice Industry of Burma, 1852-1940, pp. 241-243. , Kuala Lumpur, 201; Andrus, J.R., (1948) Burmese Economic Life, p. 165. , Stanford; Adas, M., (1974) The Burma Delta: Economic Development and Social Change on an Asian Rice Frontier, 1852-1941, p. 58. , Madison, Wisc; Cheng, The Rice Industry of Burma, p. 122. , For example, the annual average number of immigrants arriving by sea - overwhelmingly laborers from India-in the years 1906-10 was 316, 800. For most Indian laborers, their time in Burma was brief-often less than a year or just one or two years, although repeated migration and return was common-and consequently the figures for emigration from Burma back to India were also high. In those same years, 1906-10, the annual average number of emigrants leaving by sea was 297, 800. However, until the late 1930s, arrivals always exceeded departures, often by a substantial margin. Figures from; Adas, The Burma Delta, p. 3. , For details on Chettiar operations in this period, chs, and 5; Cheng, The Rice Industry of Burma, pp. 77-93. , 227-28; Brown, I., (2005) A Colonial Economy in Crisis: Burma's Rice Cultivators and the World Depression of the 1930s, , That broad statement notwithstanding, the impact of the world economic crisis of the 1930s on Burma's rice economy, and in particular the response of the cultivators to the crisis, was notably diverse and subtle. See, Abingdon; Cheng, The Rice Industry of Burma, p. 146. , 1930 the Chettiars had held just 6 percent; Furnivall, J.S., (1956) Colonial Policy and Practice: A Comparative Study of Burma and Netherlands India, p. 116. , New York; Andrus, J.R., (1948) Burmese Economic Life, p. 164. , Calculated from, Stanford; Corley, T.A.B., (1886) A History of the Burmah Oil Company, 1, pp. 320-321. , London, 1983, vol. 2:1924-1966 London, 1988, 396; Andrus, Burmese Economic Life, pp. 116-122; Cheng, The Rice Industry of Burma, pp. 82-84; Adas, The Burma Delta, pp. 110-111; Chettiars Often Supplied the Capital Which Burmese Moneylenders Loaned to Agriculturists, pp. 164-165. , It should be added that; Thet, A.T., (1989) Burmese Entrepreneurship: Creative Response in the Colonial Economy, pp. 97-99. , Stuttgart; Cheng, The Rice Industry of Burma, pp. 131-134; Corley, (1886) A History of the Burmah Oil Company, 1, pp. 149-150; McCrae, A., Prentice, A., (1978) Irrawaddy Flotilla, 126, p. 129. , Paisley; Andrus, Burmese Economic Life, p. 304; Thet, A.T., Burmese Entrepreneurship, pp. 43-44; Brown, I., South East Asia: Reform and the colonial prison (2007) Cultures of Confinement: A History of the Prison in Africa, Asia and Latin America, 242, p. 245. , Frank Dikötter and Ian Brown London; Furnivall, Colonial Policy and Practice, pp. 119-120; Furnivall, Colonial Policy and Practice, 120, p. 126. , A medical school was established in 1907 to train Burmese medical subordinates until the early 1920s, Burmese wishing to become doctors had to train in India. But the staff and atmosphere in the medical school-and in the hospitals in which the trained subordinates might hope to find employment-were overwhelmingly Indian and consequently relatively few Burmese ventured to apply; Corley, (1886) A History of the Burmah Oil Company, 1, pp. 149-150; Taylor, R.H., (2009) The State in Myanmar, p. 139. , London; Corley, (1924) A History of the Burmah Oil Company, 2, p. 3. , For a detailed account of these "denial" operations; Collis, M., (1956) Last and First in Burma (1941-1948), p. 116. , London; (1946) Answers to Questionnaire: A Brief Summary of War Losses and Their Effects, , Government of Burma, Public Works and Rehabilitation Department, no date but apparently December; (1946) Devastation in Burma, , Burma Office, no date but August; (1947) Country Studies: Burma, , United Nations, Economic and Social Council, Reconstruction of Devastated Areas Working Group for Asia and the Far East, Feb, each in India Office Library and Records, M/4/689; Chakravarti, N.R., (1971) The Indian Minority in Burma: The Rise and Decline of an Immigrant Community, p. 15. , For the Indian population of Burma in 1941, London; Bayly, C., Harper, T., (2004) Forgotten Armies: The Fall of British Asia, 1941-1945, pp. 167-170. , London, 181-90; Cady, J.F., (1958) A History of Modern Burma, (4 PART.). , From an extensive literature on these years, Ithaca, N. Y; Collis, Last and First in Burma; Bayly, Harper, Forgotten Wars, p. 2. , chs, 5, 6, 7, and 9 passim; Tinker, H., (1967) The Union of Burma: A Study of the First Years of Independence, pp. 94-95. , London, 4th ed; Tinker, The Union of Burma, pp. 114-115; Taylor, The State in Myanmar, pp. 255-256; Thein, M., (2004) Economic Development of Myanmar, 17, p. 35. , From, Singapore; Tinker, The Union of Burma, 120, pp. 258-259. , 269-71, provides details on incompetence, mismanagement, and malpractice in the State Agricultural Marketing Board; Taylor, The State in Myanmar, pp. 293-294; Thein, M., Economic Development of Myanmar, pp. 52-53; Corley, (1924) A History of the Burmah Oil Company, 2, pp. 255-271; Turnell, Fiery, Dragons, pp. 224-228. , Chartered Bank became People's Bank No. 2, the Hongkong and Shanghai, People's Bank No. 9; Thein, M., Economic Development of Myanmar, pp. 52-53; Taylor, The State in Myanmar, p. 345. , first calculation is for legal imports-officially recorded imports. Taylor suggests that in this period, illegal imports were equal to between one-third and two-thirds of legal imports; Thein, M., Economic Development of Myanmar, p. 55; Taylor, The State in Myanmar, p. 344; Thein, M., Economic Development of Myanmar, p. 55. , annual average growth of GDP between 1966 and 1969 was 2.2 percent, and between 1970 and 1973, just 1.3 percent-although it was higher in other parts of those decades; Thein, M., Economic Development of Myanmar, 66, pp. 79-80; Turnell, Fiery Dragons, pp. 240-246; Steinberg, Burma/Myanmar, p. 66. , As noted earlier, British rule had failed to create a substantial core of Burmese with the training and experience essential to the running of a modern economy and society. But in addition, following the coup of March 1962, the military purged the bureaucracy of its elite, older Burma Civil Service personnel, reducing still further the state's inadequate managerial resources; Thein, M., Economic Development of Myanmar, pp. 106-109; Thein, M., Economic Development of Myanmar, 105 (6), p. 120. , With little concern for the economics of location, the aim was to stimulate the development of backward regions; Turnell, Fiery Dragons, p. 234; Thein, M., Economic Development of Myanmar, pp. 80-81. , Estimates of the value of the black market in the mid-1980s range from 50 percent to 85 percent of the value of official trade; Furnivall, Colonial Policy and Practice, p. 46; Taylor, Disaster Or Release?, p. 53; Ghee, L.T., (1977) Peasants and Their Agricultural Economy in Colonial Malaya, 1874-1941, p. 245. , Calculated from, Kuala Lumpur; Lim, Peasants and Their Agricultural Economy in Colonial Malaya, , For British policy and practice toward Malay smallholder cultivation of rubber; Drabble, J.H., (2000) An Economic History of Malaysia, C.1800-1990: The Transition to Modern Economic Growth, , For a fine survey of the modern economic history of Malaya Malaysia since 1963, New York; Cady, J.F., (1958) A History of Modern Burma, , For the modern history of Burma, see the following:, Ithaca, N. Y; Myint-U, T., (2001) The Making of Modern Burma, , Cambridge, U. K; Myint-U, T., (2007) The River of Lost Footsteps: Histories of Burma, , London; Charney, M.W., (2009) A History of Modern Burma, , Cambridge, U. K; Steinberg, Burma/Myanmar, pp. 45-46. , Here it might be noted that, through the 1950s, Kuomintang forces, defeated in China's civil war, occupied a major part of Burma's Shan State. They were supported not only by Taiwan "but surreptitiously by the United States through the Central Intelligence Agency."; Cady, A History of Modern Burma, pp. 303-307. , There had been racial riots in Rangoon in 1930 and 1938. See, 393-95; Brown, A Colonial Economy in Crisis, p. 3. , For the cultivator's default, foreclosure, and the Chettiars during the depression; Chakravarti, N.R., (1971) The Indian Minority in Burma: The Rise and Decline of an Immigrant Community, 186, p. 15. , Burma census of 1953 reported the number of persons of Indian origin in urban areas at around 287, 000-including 140, 000 in Rangoon. There was no figure for rural areas. In the 1931 census, the Indian population-for Burma as a whole-was reported as 1, 017, 825, London; Thein, M., Economic Development of Myanmar, pp. 58-59. , This summary draws heavily on; Taylor, The State in Myanmar, p. 302. , "No significant bourgeoisie existed in Burma."; Tinker, The Union of Burma, pp. 389-400. , considering the low number of business entries, allowance might have to be made for the possibility that Tinker was more interested in politics and administration; Trager, F.N., (1958) Building A Welfare State in Burma, 1948-1956, p. 117. , New York; Tinker, The Union of Burma, p. 303; Steinberg, Burma/Myanmar, p. 73. , reality should be noted: after the March 1962 coup, the military expelled a further 200, 000 Indians; Booth, A.E., (2007) Colonial Legacies: Economic and Social Development in East and Southeast Asia, p. 204. , Honolulu},
correspondence_address1={Brown, I.; South East Asia, , London, United Kingdom},
issn={00076805},
language={English},
abbrev_source_title={Bus. Hist. Rev.},
document_type={Review},
source={Scopus},
}

@ARTICLE{Demirbag2011411,
author={Demirbag, M. and Apaydin, M. and Tatoglu, E.},
title={Survival of Japanese subsidiaries in the Middle East and North Africa},
journal={Journal of World Business},
year={2011},
volume={46},
number={4},
pages={411-425},
doi={10.1016/j.jwb.2010.10.002},
note={cited By 57},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-80052517804&doi=10.1016%2fj.jwb.2010.10.002&partnerID=40&md5=01b2bc8150412f3ec792b21117a9c163},
affiliation={International Business, Management School, University of Sheffield, 9 Mappin St., Sheffield S1 4DT, United Kingdom; Richard Ivey School of Business, University of Western Ontario, London N6A 3K7, Canada; International Business, Bahcesehir University, Fac. of Economics and Administrative Sciences, International Trade and Business, Ciragan Cad., Osmanpasa Mektebi Sok., No: 4-6, Besiktas, Istanbul 34349, Turkey},
abstract={This paper considers factors affecting survival of foreign subsidiaries in the context of Japanese foreign equity ventures in the Middle East and North Africa (MENA). Three new institutional variables, economic distance, economic freedom distance and subsidiary density, are examined as determinants of survival while controlling for other determinants previously established in the literature. The findings support our hypotheses. We found that economic distance and economic freedom distance exhibit significant positive and negative relationships respectively with the survival of Japanese FDI in the MENA region, and moderate positive relationship between subsidiary density and subsidiary survival. © 2010 Elsevier Inc.},
author_keywords={Economic distance;  Economic freedom;  Japanese FDI;  Middle East and North Africa;  Subsidiary survival},
funding_details={Social Sciences and Humanities Research Council of CanadaSocial Sciences and Humanities Research Council of Canada, SSHRC, 410-2001-0143},
funding_text 1={The work described in this paper was partially supported by a grant from the Social Sciences and Humanities Research Council of Canada Grant (No. 410-2001-0143).},
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correspondence_address1={Demirbag, M.; International Business, Management School, 9 Mappin St., Sheffield S1 4DT, United Kingdom; email: m.demirbag@sheffield.ac.uk},
issn={10909516},
language={English},
abbrev_source_title={J. World Bus.},
document_type={Article},
source={Scopus},
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@ARTICLE{Hanousek201143,
author={Hanousek, J. and Kočenda, E.},
title={Public Investment and Fiscal Performance in the New EU Member States},
journal={Fiscal Studies},
year={2011},
volume={32},
number={1},
pages={43-71},
doi={10.1111/j.1475-5890.2011.00127.x},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-79952592819&doi=10.1111%2fj.1475-5890.2011.00127.x&partnerID=40&md5=489d9885a915b5a86d312d2b84317ff0},
affiliation={CERGE-EI, Charles University and the Academy of Sciences, Anglo-American University, Prague, Czech Republic; William Davidson Institute, Michigan, United States; Centre for Economic Policy Research (CEPR), London, United Kingdom; CESifo, Munich, Germany; Osteuropa-Institut (OEI), Regensburg, Germany},
abstract={In this paper, we analyse the dynamics of public investment and public finance in the new members of the European Union, and also how they were affected by changes in economic freedom and corruption. We find that improvements in economic freedom tend to be associated with increases in public investment, while reductions in corruption produce effects going in both directions. Similarly, we show that increases in public investment are often linked with decreases as well as increases in corruption. In terms of the public finances, we detect mostly improvements in debt when there is less economic regulation, while results for the deficit are less conclusive. On the other hand, improvements in the corruption environment are mostly associated with decreases in the deficit as well as debt. As a general rule that follows from our results, steps aimed at reducing corruption and the degree of economic regulation should lead towards improvements in the fiscal position of most of the new EU countries. © 2011 The Authors Fiscal Studies, © 2011 Institute for Fiscal Studies.},
author_keywords={Corruption;  E61;  E62;  Economic freedom;  EU convergence and integration;  F42;  Fiscal reforms;  H50;  H60;  Macroeconomic policy;  New EU members;  O11;  Public finance;  Public investment},
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correspondence_address1={Hanousek, J.; CERGE-EI, , Prague, Czech Republic; email: jan.hanousek@cerge-ei.cz},
issn={01435671},
language={English},
abbrev_source_title={Fisc. Stud.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Hunt20117,
author={Hunt, S.D.},
title={Sustainable marketing, equity, and economic growth: A resource-advantage, economic freedom approach},
journal={Journal of the Academy of Marketing Science},
year={2011},
volume={39},
number={1},
pages={7-20},
doi={10.1007/s11747-010-0196-3},
note={cited By 91},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-78650990333&doi=10.1007%2fs11747-010-0196-3&partnerID=40&md5=b56aaed83fcab1ef919c401c407e68ce},
affiliation={Department of Marketing, Rawls College of Business, Texas Tech University, Lubbock, TX 79409-2101, United States},
abstract={Sustainable marketing may be viewed as marketing that is within, and supportive of, sustainable economic development. Peattie (The Marketing Review 2(2):129-146, 2001) maintains that sustainable economic development poses major challenges for marketing. These challenges concern futurity, equity, and needs/wants. This article focuses on the equity and needs/wants challenges of sustainable development and argues that public policies and programs (of wealthy nations, poor countries, or bodies such as the United Nations) can improve economic equity by promoting the economic growth of poor countries. Furthermore, it argues that a major reason why past efforts to promote the economic growth of poor countries have so often failed is that such (allegedly) pro-growth policies have been guided by an impoverished theory of economic growth. Specifically, this article (1) discusses the implications of sustainable development for marketing, (2) shows seven ways that sustainable marketing and resource-advantage (R-A) theory intersect, (3) argues that the cause of sustainable marketing is furthered by promoting economic growth, (4) identifies the two major, radically different, theories of economic growth: neoclassical, static-equilibrium growth theory and dynamic competition growth theory, (5) shows how the two theories make four radically different, testable predictions, and (6) reviews the empirical evidence concerning the four predictions. The article concludes that the equity and needs/wants challenges of sustainable development and the cause of sustainable development more generally can be addressed by poor nations pursuing economic growth, which in turn implies that public policy should focus not on increasing investment, but on institutions that favor economic freedom and dynamic competition. © 2010 Academy of Marketing Science.},
author_keywords={Dynamic competition;  Economic freedom;  Economic growth;  Resource-advantage theory;  Sustainable development;  Sustainable marketing},
references={Arnett, D.B., Hunt, S.D., Competitive irrationality: The influence of moral philosophy (2002) Business Ethics Quarterly, 12 (3), pp. 279-303; Barro, R.J., (1997) Determinants of Economic Growth, , Cambridge: MIT Press; Blomström, M., Lipsey, R.E., Zejan, M., Is fixed investment the key to economic growth? (1996) The Quarterly Journal of Economics, 111, pp. 269-276; Bridges, C.M., Wilhelm, W.B., Going beyond green: The 'Why and How' of integrating sustainability into the marketing curriculum (2008) Journal of Marketing Education, 30 (1), pp. 33-46; Chandler, A.D., (1990) Scale and Scope: The Dynamics of Industrial Capitalism, , Cambridge: Harvard University Press; Constant, E.W., (1980) The Origins of the Turbojet Revolution, , Baltimore: Johns Hopkins University Press; Denison, E.F., (1985) Trends in American Economic Growth, 1929-1982, , Washington: The Brookings Institution; Dosi, G., (1984) Technical Change and Industrial Transformation, , London: Macmillan; Elkington, J., Hailes, J., (1988) The Green Consumer Guide, , London: Victor Gollancz; (2001) Dynamic Competition and Public Policy: Technology, Innovation, and Antitrust Issues, , J. Ellig (Ed.), Cambridge: Cambridge University Press; Freeman, C., (1982) The Economics of Industrial Innovation, , 2nd edn., London: Francis Pinter; Friedman, M., (1996) Essays in Positive Economies, , Chicago: University of Chicago Press; Grengs, C.M., Verizon v. Trinko: From post-Chicago antitrust to resource-advantage competition (2006) Journal of Law, Economics, & Policy, 2 (1), pp. 105-144; Gwartney, J., Lawson, R., (1997) Economic Freedom of the World 1997, , Vancouver: The Fraser Institute; Gwartney, J., Lawson, R., Block, W., (1996) Economic Freedom of the World: 1975-1995, , Vancouver: The Fraser Institute; Henion, K.E., Kinnear, T.C., (1976) Ecological Marketing, , Chicago: American Marketing Association; Hodgson, G.M., (1993) Economics and Evolution, , Ann Arbor: University of Michigan Press; Hunt, S.D., The resource-advantage theory of competition: Toward explaining productivity and economic growth (1995) Journal of Management Inquiry, 4, pp. 317-332; Hunt, S.D., Competing through relationships: Grounding relationship marketing in resource advantage theory (1997) Journal of Marketing Management, 13, pp. 431-445; Hunt, S.D., Evolutionary economics, endogenous growth models, and resource-advantage theory (1997) Eastern Economic Journal, 23 (4), pp. 425-439; Hunt, S.D., Resource-advantage theory: An evolutionary theory of competitive firm behavior? (1997) The Journal of Economic Issues, 31, pp. 59-77; Hunt, S.D., Resource-advantage theory and the wealth of nations (1997) The Journal of Socio-Economics, 26 (4), pp. 335-357; Hunt, S.D., Productivity, economic growth, and competition: Resource allocation or resource creation? (1998) Business and the Contemporary World, 10 (3), pp. 367-394; Hunt, S.D., The strategic imperative and sustainable competitive advantage: Public policy and resource advantage theory (1999) Journal of Academy of Marketing Science, 27 (2), pp. 144-159; Hunt, S.D., The competence-based, resource-advantage, and neoclassical theories of competition: Toward a synthesis (2000) Competence-Based Strategic Management: Theory and Research, pp. 177-208. , R. Sanchez and A. Heene (Eds.), Greenwich: JAI Press; Hunt, S.D., (2000) A General Theory of Competition: Resources, Competences, Productivity, Economic Growth, , Thousand Oaks: Sage Publications; Hunt, S.D., A general theory of competition: Too eclectic or not eclectic enough? Too incremental or not incremental enough? Too neoclassical or not neoclassical enough? (2000) Journal of Macromarketing, 20 (1), pp. 77-81; Hunt, S.D., Synthesizing resource-based, evolutionary and neoclassical thought: Resource-advantage theory as a general theory of competition (2000) Resources, Technology, and Strategy, pp. 53-79. , N. J. Foss and P. Robertson (Eds.), London: Routledge; Hunt, S.D., A general theory of competition: Issues, answers, and an invitation (2001) European Journal of Marketing, 35 (5-6), pp. 524-548; Hunt, S.D., (2002) Foundations of Marketing Theory: Toward a General Theory of Marketing, , Armonk: M.E. Sharpe; Hunt, S.D., Marketing and a general theory of competition (2002) Journal of Marketing Management, 18 (1-2), pp. 239-247; Hunt, S.D., Resource-advantage theory and Austrian economics (2002) Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization, pp. 248-272. , N. J. Foss and P. Klein (Eds.), Cheltenham: Elgar; Hunt, S.D., Economic growth: Should policy focus on investment or dynamic competition (2007) European Business Review, 19 (4), pp. 274-291; Hunt, S.D., Arnett, D.B., Competition as an evolutionary process and antitrust policy (2001) Journal of Public Policy and Marketing, 20 (1), pp. 15-25; Hunt, S.D., Arnett, D.B., Resource-advantage theory and embeddedness: Explaining R-A theory's explanatory success (2003) Journal of Marketing Theory and Practice, 11 (1), pp. 1-16; Hunt, S.D., Arnett, D.B., Market segmentation strategy, competitive advantage, and public policy: Grounding segmentation strategy in resource-advantage theory (2004) Australasian Marketing Journal, 12 (1), pp. 7-25; Hunt, S.D., Arnett, D.B., Does marketing success lead to market success? (2006) Journal of Business Research, 59 (7), pp. 820-828; Hunt, S.D., Derozier, C., The normative imperatives of business and marketing strategy: Grounding strategy in resource-advantage theory (2004) Journal of Business and Industrial Marketing, 19 (1), pp. 5-22; Hunt, S.D., Lambe, C.J., Marketing's contribution to business strategy: Market orientation, relationship marketing, and resource-advantage theory (2000) International Journal of Management Reviews, 2 (1), pp. 17-44; Hunt, S.D., Duhan, D.F., Competition in the third millennium: Efficiency or effectiveness? (2002) Journal of Business Research, 55 (2), pp. 97-102; Hunt, S.D., Madhavaram, S., Teaching marketing strategy: Using resource-advantage theory as an integrative theoretical foundation (2006) Journal of Marketing Education, 28 (2), pp. 93-105; Hunt, S.D., Madhavaram, S., The service-dominant logic of marketing: Theoretical foundations, pedagogy, and resource-advantage theory (2006) The Service-Dominant Logic of Marketing: Dialog, Debate, and Directions, pp. 85-90. , R. F. Lusch and S. L. Vargo (Eds.), Armonk: M.E. Sharpe; Hunt, S.D., Morgan, R.M., The comparative advantage theory of competition (1995) Journal of Marketing, 59, pp. 1-15; Hunt, S.D., Morgan, R.M., The resource-advantage theory of competition: Dynamics, path dependencies, and evolutionary dimensions (1996) Journal of Marketing, 60, pp. 107-114; Hunt, S.D., Morgan, R.M., Resource-advantage theory: A snake swallowing its tail or a general theory of competition? (1997) Journal of Marketing, 61, pp. 74-82; Hunt, S.D., Morgan, R.M., The resource-advantage theory of competition: A review (2005) Review of Marketing Research, 1, pp. 153-205. , N. K. Malhotra (Ed.), Armonk: M.E. Sharpe; Kassarjian, H.H., Incorporating ecology into marketing strategy: The case of air pollution (1971) Journal of Marketing, 35, pp. 61-65; Knack, S., Keefer, P., Institutions and economic performance: Cross-country tests using alternative institutional measures (1995) Economics and Politics, 7, pp. 207-227; Levine, R., Renelt, D., (1991) Cross Country Studies Of Growth And Policy: Some Methodological, Conceptual, And Statistical Problems, , World Bank Working Paper Series No. 608; Morgan, R.E., Hunt, S.D., Determining marketing strategy: A cybernetic systems approach to scenario planning (2002) European Journal of Marketing, 36 (4), pp. 450-478; Mowery, D.C., Rosenberg, N., (1989) Technology and the Pursuit of Economic Growth, , Cambridge: Cambridge University Press; North, D.C., (1990) Institutions, Institutional Change, and Economic Performance, , Cambridge: University of Cambridge Press; Peattie, K., Towards sustainability: The third age of green marketing (2001) The Marketing Review, 2 (2), pp. 129-146; Romer, P.M., The origins of endogenous growth (1994) Journal of Economic Perspectives, 8, pp. 3-22. , (Winter); Rosenberg, N., Technological change in the machine tool industry: 1840-1910 (1963) Journal of Economic History, 23, pp. 414-446; Sachs, J., (2005) The End of Poverty: Economic Possibilities for Our Times, , New York: Penguin Press; Savitz, A.W., Weber, K., (2006) The Triple Bottom Line: How Today's Best-Run Companies are Achieving Economic, Social and Environmental Success-and How You Can Too, , New York: John Wiley; Schumpeter, J.A., (1950) Capitalism, Socialism, and Democracy, , New York: Harper and Row; Solow, R.M., A contribution to the theory of economic growth (1956) Quarterly Journal of Economics, 70, pp. 65-94; Solow, R.M., Technical change and the aggregate production function (1957) Review of Economics and Statistics, 39, pp. 312-320; (1987) Our Common Future, , United Nations World Commission on Environment and Development, Oxford: Oxford University Press; van Dam, Y.K., Apeldoorn, P.A.C., Sustainable marketing (1996) Journal of Macromarketing, 16 (2), pp. 45-56},
correspondence_address1={Hunt, S. D.; Department of Marketing, , Lubbock, TX 79409-2101, United States; email: shelby.hunt@ttu.edu},
publisher={Springer Science and Business Media, LLC},
issn={00920703},
language={English},
abbrev_source_title={J. Acad. Mark. Sci.},
document_type={Article},
source={Scopus},
}

@BOOK{Nanto201119,
author={Nanto, D.K.},
title={Globalized supply chains and U.S. policy},
journal={Globalized Supply Chains and U.S. Policy},
year={2011},
pages={19-69},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84896432141&partnerID=40&md5=b44a6b329ee3910fa0f663d4ac049710},
abstract={In the globalized world of business, production is becoming fragmented into discrete activities and can be spread geographically within and across national borders while remaining integrated organizationally within a multinational company or network of companies. Such globalized production networks are called supply chains or value-added networks. This world of supply chains raises both challenges and opportunities for U.S. policymakers, firms, and workers. The globalization of production networks has raised policy issues and has called into question certain long-held perceptions about the efficacy and effects of policy initiatives. Traditional trade and investment policy is based on national governments, national economies, and country-to-country relations, but much of trade today is between related companies spread across the globe. How does protecting or promoting one domestic industry affect other parts of its or other supply chains? How does the United States ensure the security and integrity of products assembled offshore from components that are procured from a variety of markets around the world? How does policy affect the competitiveness of U.S.-based businesses in the global marketplace?Congressional interest in this issue stems from the essential American interests of economic wellbeing, security, and the projection of values as well as the constitutional mandate for Congress to regulate commerce with foreign nations. Congress also deals with a variety of policies related to investments and capital flows, market access, currency misalignment, intellectual property rights, product safety, shipping security, labor, and the environment. In a broader sweep, the globalization of business strikes directly at issues related to maintaining the U.S. industrial base, the education and training of the American labor force, immigration, health care, and myriad other factors that determine the well-being of Americans. In international trade, traditional policies aimed at reducing border barriers still tend to increase economic efficiency, but global supply chains may affect the incidence or impact of the policies. Raising import barriers in the United States on products from China, for example, may increase costs for Chinese exporters, but they also have a parallel effect on U.S. multinational companies with manufacturing operations in China that ship to the United States. In fiscal policy, globalized supply chains affect the "multiplier effect" of government policies to stimulate the economy. In shipping security policies, a distinct trade-off exists between greater security and shipping costs. A variety of government policies, both at the national and state level, affect the ability of businesses to compete in the international marketplace and the incentive to locate in the U.S. market. These include tax, labor, environmental, infrastructure, and education policies. A possible test for policy is to ask if the predominant effect is one of diversion or creation. Does a proposed policy divert production from the U.S. economy to a foreign location, draw production toward a U.S.-based location, or shift production between two foreign locations? Does the proposed policy create more production, or does it discourage productive activity? Does the policy encourage job creation in the United States or does it induce firms to shift jobs overseas? Does the policy disrupt or enhance supply chain operations and decrease or increase overall supply chain efficiency and profitability? And perhaps most fundamentally, how can policy be fashioned to encourage the retention of jobs in the United States while keeping U.S. firms internationally competitive in a complex and globalized world? The 2008 world financial crisis has demonstrated that the forces of globalization1 have affected two major parts of the world economy: the global financial system and the global production system. These financial and real (goods-and-services producing) sectors are closely interconnected and synergistically intertwined. The financial crisis demonstrated thatthe combination of globalization, new technology, new financial instruments, and unrecognized risks, can cause major upheavals in markets that can spread from firm to firm and then from country to country. In this globalized world, production is becoming more fragmented into discrete activities and can be spread geographically within and across national borders while remaining integrated organizationally within a multinational company or network of companies. This report begins with an overview of global supply chains, why they have developed, and how the variables in the chain (including government policy) relate to each other. It then examines the types of policies that affect different parts of the global supply network and concludes with a discussion of policy review mechanisms. In any global supply structure, there are trade-offs between border transaction costs (including tariffs), factor costs (including labor and capital), logistical costs (including shipping), costs of quality control, external business costs (ease of doing business, regulations, etc.), and various risks (including financial and political risk). Government economic policy often affects each of these tradeoffs in different ways. Globalized manufacturing chains relate directly to the two main national interests of the United States, security and economic well-being, and relate indirectly to the third-the projection of American values. On the security side, the constant flow of imports streaming into U.S. ports and through border crossings raises the potential for illicit or dangerous cargo, including possible terrorist devices, to enter the United States. On the economic well-being side, the globalized supply chains represent changes in crucial segments of the U.S. economy that ultimately affect the well being of Americans. They bring into play fundamental economic issues such as jobs, wage levels, income distribution, entrepreneurship, and the profitability of businesses. At a more basic level, U.S. manufacturers and providers of services form the foundation of the economy and generate the resources available to support the well-being of Americans, governmental activities, and the ability of the nation to pursue its security and other national interests. As for the projection of American values, globalization and the economic opportunities it generates, can raise standards of living in countries, such as China or Vietnam, and thereby can potentially create alternative centers of power and channels of communication that may challenge repressive governments or help in resolving problems with democracy, the rule of law, and human rights. However, globalized supply chains also may provide resources for certain repressive governments or, in the case of China, help in providing a rationale for the ruling party to continue its dominance. The presence of U.S. or other international corporations in countries may provide a mechanism for U.S. business and labor practices, as well as language, culture, and values to be spread to other parts of the local populations. Foreign investors, however, may be attracted to authoritarian governments because they tend to create stability even though that stability may be at the sacrifice of certain freedoms or human rights. The globalization of manufacturing also is creating dependency and interaction among trading partners, such as China and Japan or China and Taiwan. These seem to be ameliorating historical friction points and promoting stability in regions. For certain countries, such as China, the nation's increased economic influence, generated partly from their crucial role in global supply chains, has provided Beijing with greater voice in international fora and arguably some leverage in negotiations with the United States. The globalization of production networks and supply chains also has raised policy questions and has called into question certain long-held perceptions about the efficacy and effects of policy initiatives. For example, a large proportion of international trade is conducted within production networks and chains that cross international borders. How does this affect traditional trade and investment policy that is based on national governments, national economies, and country-tocountry relations? How have global supply chains affected American jobs? How does the United States ensure the security and integrity of products assembled offshore from components that are procured from a variety of markets around the world? Other policy issues include how to target fiscal policy to generate the largest possible beneficial effects, the degree to which the government should act to retain industries and related job opportunities in the United States, the extent to which American jobs are being "outsourced" overseas, the role of U.S. policy in promoting overseas investment, competition by governments (including state governments) to attract foreign investment, and the arguably declining manufacturing base in the United States. Congressional interest in this issue stems from the aforementioned national interests as well as its constitutional mandate to regulate commerce with foreign nations. Congress also deals with the variety of policies that arise with respect to international trade, import competition, investments and capital flows, market access, currency misalignment, intellectual property rights, product safety, shipping security, labor, and the environment. In a broader sweep, the globalization of business strikes directly at issues related to maintaining the U.S. industrial base, the education and training of the American labor force, health care, and the myriad other factors that determine the level of competitiveness of U.S.-based business in international commerce. © 2010 by Nova Science Publishers, Inc. All rights reserved.},
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National Association of Manufacturers, The NAM's Health Care Agenda, Policy Issue Information/Human Resources Policy/Health Care, accessed through Internet on January 2009; Global Climate Change: Three Policy Perspectives See, for example, CRS Report 98-738, by Larry Parker and John Blodgett; Carbon Leakage CRS Report R40100, and Trade: Issues and Approaches, by Larry Parker and John Blodgett; Rohter, L., Shipping costs start to crimp globalization (2008), International Herald Tribune. August 2; Blanchard, D., The Latest Global Hotspot: The USA (2008), pp. 54-56. , Industry Week, October; Katz, J., Welcome Back U.S. Manufacturing (2008), pp. 34-37. , Industry Week, August; Transportation Security: Issues for the 110th Congress See CRS Report RL33512, by David Randall Peterman, BartElias, and John Frittelli; DHS and DOE Launch Secure Freight Initiative (2006), Also, see Department of Homeland Security, Press Release, December 7; Caldwell, S.L., Supply Chain Security, Challenges to Scanning 100 Percent of U.S.-Bound Cargo Containers (2008), Testimony Before the Subcommittee on Surface Transportation and Merchant Marine Infrastructure,Safety, and Security, Committee on Commerce, Science, and Transportation, U.S. Senate, GAO Report GAO-08-533T, June 12; Miller, J.W., New Shipping Law Makes Big Waves In Foreign Ports (2007), p. 1. , Wall Street Journal, October 25; Shanghai Port Grows as Trade Shrinks (2009), CargoNews Asia, January 9; People's Republic of China (2008), pp. 105-106. , The American chamber of Commerce, 2008 White Paper, American Business in China; (2007), Briefing of author in Singapore by the Ports Authority, August; Position Paper on House Resolution No. 1 (H.R. 1): Implementing Recommendations of the 9/11 Commission Act of 2007-100% Container Scanning (2008), Zentralverband der Deutschen Seehafenbetriebe (German Seaport Operators), April 6; US, EU reach cargo-screening agreement (2008) The Journal of Commerce Online, , October 31; U.S. Food and Agricultural Imports: Safeguards andSelected Issues For information on food safety, see CRS Report RL34198, by Geoffrey S. Becker; Sanitary and Phytosanitary (SPS) Concerns in Agricultural Trade CRS Report RL33472, by Geoffrey S. Becker; Mad Cow Disease and U.S. Beef Trade CRS Report RS21709, by Charles E. Hanrahan and Geoffrey S. Becker; Health and Safety Concerns Over U.S. Imports of Chinese Products: An Overview CRS Report RS22713, by Wayne M. Morrison; http://www.fsis.usda.gov/About_FSIS/index.asp, See; http://www.ncfpd.umn.edu/index.cfm, See; The U.S. Science and Technology Workforce See CRS Report RL34539, by Deborah D. Stine and Christine M.Matthews; Intellectual Property Rights and International Trade For details, see CRS Report RL34292, by Shayerah Ilias and Ian F. Fergusson; Infringement of Intellectual Property Rights and State Sovereign Immunity CRS Report RL34593, by Todd Garvey and Brian T. Yeh; Intellectual Property Rights Protection and Enforcement: Section 337 of the Tariff Act of1930 CRS Report RS22880, by Shayerah Ilias; The Export Administration Act: Evolution, Provisions See CRS Report RL31832, and Debate, by Ian F. Fergusson; China-U.S. Trade Issues (2008), pp. 19-22. , U.S. Trade Representative, 2008 Special 301 Report, Washington, DC, CRS Report RL33536, by Wayne M. Morrison; Mentzer, J.T., Myers, M.B., Stank, T.P., Handbook of Global Supply Chain Management (2007), p. 23. , Thousand Oaks, CA: Sage Publications; Taiwan-U.S. Relations: Recent Developments and Their Policy Implications CRS Report RL34683, by Kerry Dumbaugh; The Overseas Private Investment Corporation: Background and Legislative Issues CRS Report 98-567, by DanielleLangton; The Buy American Act: Requiring Government Procurements to Come from Domestic Sources CRS Report 97-765, by John R. Luckey; (2009), http://www.wto.org/english/tratop_e/gproc_e/gp_gpa_e.htm, World Trade Organization, The Plurilateral Agreement on Government Procurement (GPA), Trade Topics, accessedJanuary 15; (2008), U.S. Bureau of Economic Analysis, U.S. Direct Investment Abroad , U.S. Parent Companies , accessed December 30; Hahn, R.W., Litan, R.E., Counting regulatory benefits and costs: lessons for the US and Europe (2005) Journal of International Economic Law 473-508, 8 (2), pp. 473-508. , June; http://www.ita.doc.gov/td/industry/OTEA/OCEA/OCEA-index.html, See Office of Competition and Economic Analysis website at; http://www.usitc.gov/ind_econ_ana/index.htm, See USITC website at; http://www.cbo.gov/aboutcbo/, For information on the Congressional Budget Office, see; http://www.compete.org/, For information on the Council on Competitiveness, see; Regulation and Competitiveness of U.S. Businesses: Is it time for aCompetitiveness Impact Statement? (2008), Elsie Echeverri-Carroll and Sofia G. Ayala, The University Of Texas At Austin},
correspondence_address1={Nanto, D.K.},
publisher={Nova Science Publishers, Inc.},
isbn={9781608761333},
language={English},
abbrev_source_title={Globalized Supply Chains and U.S. Policy},
document_type={Book Chapter},
source={Scopus},
}

@BOOK{Rass2010145,
author={Rass, U.},
title={Globalization considered from the point of view of Thomas Hobbes' 'image of man'},
journal={Globalization 2.0: A Roadmap to the Future from Leading Minds},
year={2010},
pages={145-156},
doi={10.1007/978-3-642-01178-8_12},
note={cited By 0},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84889966483&doi=10.1007%2f978-3-642-01178-8_12&partnerID=40&md5=11134dbd4377e35a649fda42eba645d7},
abstract={'Homo homini lupus' - the image of man according to Thomas Hobbes (1588-1679), described in detail in his famous political/philosophical work 'Leviathan' (1651), basically states that mankind is bad by nature. While this statement was already the subject of debate at that time, opinions on this undoubted philosophical provocation remain just as varied and irreconcilable. But is Hobbes' claim that mankind is by nature materialistic, deterministic, thirsty for glory, greedy, egotistical, resentful and cruel really such a provocative hypothesis, or does this theory actually gain in significance given the current financial and economic crisis - which, until recently, most people would have believed impossible? Does it perhaps help us better understand why the world could apparently 'come apart at the seams' from 1 day to the next, no longer appearing to be the same as it was not long ago, and why we have been rudely awakened from our most beautiful dreams of 'the best of all worlds'? What on earth has happened during recent weeks and months? It was all going so well with the blessings of globalization! The elimination of all economic borders, the free exchange of goods, freedom of action wherever one looked, consistently wonderful growth rates: the world is becoming one - affluence for all! Continuously falling unemployment levels worldwide (even the prospect of full employment), rising tax revenues, dwindling national debt - it was not just populations and companies that enjoyed the sunny sides of the 'globalization' drug; the state recovered, and its proud politicians announced that the times were changing - thanks to globalization. Was everyone just flying blind? Unrestricted euphoria while all early warning systems were switched off? Brainless and uncomprehending belief in the future? Or just a more or less insignificant setback, a minor industrial incident on the way to paradise? © Springer-Verlag Berlin Heidelberg 2010.},
correspondence_address1={Rass, U., Mertert, Luxembourg},
publisher={Springer Berlin Heidelberg},
isbn={9783642011771},
language={English},
abbrev_source_title={Globalization 2.0: A Roadmap to the Fut. from Lead. Minds},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{Starr2010459,
author={Starr, M.A.},
title={Debt-financed consumption sprees: Regulation, freedom and habits of thought},
journal={Journal of Economic Issues},
year={2010},
volume={44},
number={2},
pages={459-470},
doi={10.2753/JEI0021-3624440218},
note={cited By 6},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77953468251&doi=10.2753%2fJEI0021-3624440218&partnerID=40&md5=33d30f8d872e1bceb1dbe1cc0a5cc494},
affiliation={Department of Economics, American University, Washington, DC, United States},
abstract={Debt-financed consumption sprees can be socially costly. Easy access to credit can push economic activity above sustainable levels, eventually requiring cutbacks in spending, lay-offs from over-grown sectors, and write-downs of bad debts. This paper investigates problems of over-borrowing, emphasizing two key insights from institutional economics. First, tendencies toward over-borrowing have roots in consumers' predispositions to conform to rising consumption norms. Second, following Commons, regulation should be confined to bona fide public problems not better solved via private means. These insights imply that reregulation of consumer-credit markets by itself is not the right way to tackle problems of debt-financed consumption sprees. © 2010, Journal of Economic Issues / Association for Evolutionary Economics.},
author_keywords={Consumer debt;  Consumer protection;  Consumption;  Spending habits},
funding_text 1={Some analysts view over-borrowing as rooted in consumers’ weak ability to choose among loans with differing terms, enabling credit suppliers to steer them into loans with high risks and/or high costs.1 This gives rise to calls to re-regulate markets for consumer and mortgage debt. One approach, spearheaded by Harvard law professor Elizabeth Warren, proposes a new Consumer Financial Protection Agency, which would keep obviously bad financial products off the market. In Warren’s view, just as consumer-protection laws prohibit the sale of goods and services that may be harmful to consumers, firms should not be allowed to sell financial products that will almost surely bring on financial distress, like mortgages with interest-only payments or exorbitant prepayment penalties (2008, 452). Another approach emphasizes far greater clarity in information made available to consumers, with overly complex or deceptive ways of relating information disallowed (e.g., Bernanke 2009). Others still argue that “plain vanilla” loan products should always be on the menu of options offered to consumers, as a matter of “nudging” them toward products that probably best meet their needs (Barr, Mullainathan and Shafir 2008).},
references={Richard, A., McFerrin, R., Living large: Evolving consumer credit institutions and privately induced transfer payments (2005) Journal of Economic Issues, 39 (2), pp. 447-455; (2009) Restoring Financial Stability: How to Repair A Broken System, , Acharya Viral, Matthew Richardson (eds.) . Hoboken NJ: John Wiley; Sumit, A., Amromin, G., Ben-David, I., Chomsisengphet, S., Evanoff, D., (2009) Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from A Legislative Experiment, , Working Paper No. 2009-2107. Chicago, IL: Federal Reserve Bank of Chicago, Oct; Michael, B., Mullainathan, S., Shafir, E., (2008) Behaviorally Informed Financial Services Regulation, , New American Foundation Working Paper, Oct; Bernanke, B., (2005) The Global Savings Glut and the U.S. Current Account Deficit, , Address to the Virginia Association of Economics. Richmond, VA, March 10; (2009) Remarks at the Federal Reserve System's Community Affairs Research Conference, , Financial Innovation and Consumer Protection, Washington, DC, April 17; Douglas, B., Garrett, D., Maki, D., Education and saving: The long-term effects of high school financial curriculum mandates (2001) Journal of Public Economics, 8, pp. 435-565; Sushil, B., Hirshleifer, D., Welch, I., A Theory of fads, fashion, custom, and cultural change in informational cascades (1992) Journal of Political Economy, 100 (5), pp. 992-1026; Robert, B., Richerson, P., (1985) Culture and the Evolutionary Process, , Chicago: University of Chicago Press; Susan, B., Harris, A., Reynolds, L., Banking on financial education (2007) FDIC Quarterly, 1 (2), pp. 33-42; Calhoun, M., H.R. 1728. Mortgage reform and anti-predatory lending act of 2009 (2009) Testimony before the U.S. House of Representatives, , Committee on Financial Services. Washington, DC: April 23; Carlin, B.I., Gervais, S., Manso, G., (2009) When Does Libertarian Paternalism Work?, , Working Paper No 15139. Cambridge, MA: National Bureau of Economic Research, July; Cordes, C., The role of biology and culture in veblenian consumption dynamics (2009) Journal of Economic Issues, 43 (1), pp. 115-142; David, E., Wright, J., (2009) The Effect of the Consumer Financial Protection Agency Act of 200. on Consumer Credit, , George Mason Law & Economics Research Paper No. 09-50. Fairfax, VA: October; Farmer, R., (2010) Expectations Employment and Prices, , Oxford UK: Oxford University Press; Galbraith, J.K., (2009) Statement to the U.S. House of Representatives, , Committee on Financial Services, Subcommittee on Domestic Monetary Policy and Technology, Washington, DC: July 9; Gramlich, E., (2007) Subprime Mortgages: America's Latest Boom and Bust, , Washington, DC: Urban Institute Press; Keest, K., Regulatory restructuring: Enhancing consumer financial products regulation (2009) Testimony before the U.S. House of Representatives, , Committee on Financial Services. Washington, DC: June 24; Timur, K., Sunstein, C., Availability cascades and risk regulation (1999) Stanford Law Review, 51 (4), pp. 683-768; MacKun, P., (2009) Population Change in Central and Outlying Counties of Metropolitan Statistical Areas 200. to 2007., , Current Population Report No. P25-1136. Washington, DC: U.S. Census Bureau, June; Manski, C., Social learning and the adoption of knowledge (2006) The Economy As A Complex Evolving System, pp. 31-48. , edited by Lawrence Blume and Steven Durlauf, Oxford: Oxford University Press; Stephan, M., Sprenger, C., (2007) Selection into Financial Literacy Programs, , Discussion Paper No. 07-15 Boston: Federal Reserve Bank of Boston, November; Prasch, R.E., Shifting Risk: The divorce of risk from reward in american capitalism (2004) Journal of Economic Issues, 38 (2), pp. 405-413; Ramsey, D., (2003) Total Money Makeover: A Proven Plan for Financial Fitness, , Nashville, TN: Thomas Nelson; Shields, C., The American tradition of empirical collectivism (1952) American Political Science Review, 4, pp. 104-120; Shiller, R.J., (2005) Irrational Exuberance, , 2nd edition. Princeton, NJ: Princeton University Press; Scott III, R.H., Credit card use and abuse: A veblenian analysis (2007) Journal of Economic Issues, 41 (2), pp. 567-574; Starr, M.A., Lifestyle conformity and lifecycle saving: A veblenian perspective (2009) Cambridge Journal of Economics, 33 (1), pp. 25-49; Tilman, R., John R. Commons, the New Deal and the American tradition of empirical collectivism (2008) Journal of Economic Issues, 42 (3), pp. 823-852; Veblen, T., (1899) Theory of the Leisure Class: An Economic Study in the Evolution of Institutions, , New York: Macmillan; Warren, E., Product safety regulation as a model for financial services regulation (2008) Journal of Consumer Affairs, 42 (3), pp. 452-460; Willis, L., (2008) Against Financial Literacy, , Research Paper No. 08-10. Philadelphia, PA: University of Pennsylvania Law School, March},
correspondence_address1={Starr, M. A.; Department of Economics, , Washington, DC, United States},
publisher={M.E. Sharpe Inc.},
issn={00213624},
language={English},
abbrev_source_title={J. Econ. Issues},
document_type={Article},
source={Scopus},
}

@ARTICLE{Smimou2010119,
author={Smimou, K. and Karabegovic, A.},
title={On the relationship between economic freedom and equity returns in the emerging markets: Evidence from the Middle East and North Africa (MENA) stock markets},
journal={Emerging Markets Review},
year={2010},
volume={11},
number={2},
pages={119-151},
doi={10.1016/j.ememar.2010.01.003},
note={cited By 26},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-77950957778&doi=10.1016%2fj.ememar.2010.01.003&partnerID=40&md5=17fdd3728174c37da749b2a8b0e0a988},
affiliation={Faculty of Business and IT, University of Ontario Institute of Technology (UOIT), Oshawa, Ont. L1H 7K4, Canada; The Fraser Institute, 4th Floor-1770 Burrard Street, Vancouver, BC V6J 3G7, Canada},
abstract={Although the relationship between economic freedom and equity returns has been investigated in the literature, the Middle East and North Africa (MENA) equity markets were usually excluded. The aim of this paper is to fill in this gap by examining the relationship between economic freedom index and equity market returns after accounting for a number of control variables. Evidence shows that changes in economic freedom have a positive impact on equity market returns, which are not explained by business-cycle control variables related to expected returns, and that legal structure and security of property rights have the most significant impact. © 2010 Elsevier B.V. All rights reserved.},
author_keywords={Economic freedom;  Economic growth;  International finance;  MENA region;  Property rights;  Rule of law},
references={Abraham, A., Seyyed, F.J., Al-Elg, A., Analysis of diversification benefits of investing in the emerging gulf equity markets (2001) Managerial Finance, 27 (10-11), pp. 47-57; Acemoglu, D., Johnson, S., Robinson, J., The colonial origins of comparative development: an empirical investigation (2001) The American Economic Review, 91 (5), pp. 1369-1401; Achour, D., Harvey, C.R., Hopkins, G., Lang, C., (1998) Stock Selection in Emerging Markets: Portfolio Strategies for Malaysia, Mexico and South Africa, Emerging Markets Quarterly Winter, pp. 38-91; Barry, B.C., Rodriguez, M., Risk and return characteristics of property indices in emerging markets (2004) Emerging Markets Review, 5 (2), pp. 131-159; Bekaert, G., Harvey, C.R., Foreign speculators and emerging equity markets (2000) The Journal of Finance, 55 (2), pp. 565-613; Bekaert, G., Harvey, C.R., Research in emerging markets finance: looking to the future (2002) Emerging Markets Review, 3 (4), pp. 429-448; Bekaert, G., Harvey, C.R., Emerging markets finance (2003) Journal of Empirical Finance, 10, pp. 3-55; Bekaert, G., Harvey, C.R., Lundblad, C., Equity market liberalization in emerging markets (2003) Journal of Financial Research, 26, pp. 275-299; Bekaert, G., Harvey, C.R., Lundblad, C., Liquidity and expected returns: lessons from emerging markets (2007) Review of Financial Studies, 20 (6), pp. 1783-1831; Billmeier, A., Massa, I., What drives stock market development in emerging markets-institutions, remittances, or natural resources? (2009) Emerging Markets Review, 10 (1), pp. 23-35. , March; Billmeier, A., Massa, I., Go long or short in pyramids? News from the Egyptian stock market (2008) International Review of Financial Analysis, 17 (5), pp. 949-970; Bley, J., How homogenous are the stock markets of the Middle East and North Africa? (2007) Quarterly Journal of Business and Economics, 46 (3), pp. 3-26; Buckberg, E., Emerging stock markets and international asset pricing (1995) The World Bank Economic Review, 9 (1), pp. 51-74; Castro, R., Gian Luca, C., MacDonald, G., Investor protection, optimal incentives, and economic growth (2004) The Quarterly Journal of Economics, 119 (3), pp. 1131-1175; Chang, E.J., Lima, E.J.A., Tabak, B.M., Testing for predictability in emerging equity markets (2004) Emerging Markets Review, 5 (3), pp. 295-316; Chen, N.-F., Roll, R., Ross, S.A., Economic forces and the stock market (1986) Journal of Business, 59, pp. 383-403; Darrat, F.A., Elkhal, K., Hakim, S.R., On the integration of emerging stock markets in the Middle East (2000) Journal of Economic Development, 25 (2), pp. 119-129; Dawson, J.W., Institutions, investment, and growth: new cross-country and panel data evidence (1998) Economic Inquiry, 36, pp. 603-619; Demirguc-Kunt, A., Maksimovic, V., Law, finance, and firm growth (1998) The Journal of Finance LIII, 6, pp. 2107-2137; Diermeier, J.J., Capital market expectations: the macro factor (1990) Managing Investment Portfolios: A Dynamic Process. 2nd ed, , Maginn J.L., and Tuttle D.L. (Eds), Warren Gorham and Lamont, Boston; Domowitz, I., Glen, J., Madhavan, A., Market segmentation and stock prices: evidence from an emerging market (1997) The Journal of Finance LII, 3, pp. 1059-1085; Doucouliagos, C., Ulubasoglu, M.A., Economic freedom and economic growth: does specification make a difference? (2006) The European Journal of Political Economy, 22 (1), pp. 60-81; Dybvig, P.H., Ross, S.A., Yes, the APT is testable (1985) The Journal of Finance, 40 (4), pp. 1173-1188; Easton, S.T., Walker, M.A., Income, growth, and economic freedom (1997) The American Economic Review, 87 (2), pp. 328-332; Erb, C.B., Harvey, C.R., Viskanta, T.E., Political risk, economic risk, and financial risk (1996) Financial Analysts Journal, 52 (6), pp. 29-46; Fama, E.F., Stock returns, real activity, inflation, and money (1991) American Economic Review, 71 (4), pp. 545-565; Fama, E.F., Efficient capital markets: II (1991) The Journal of Finance, 46, pp. 1575-1648; Fama, E.F., French, K.R., Business conditions and expected returns on stocks and bonds (1989) Journal of Financial Economics, 25, pp. 23-49; Girard, E., Ferreira, E.J., On the evolution of Inter- and intraregional linkages to Middle East and North African capital markets (2004) Quarterly Journal of Business & Economics, 43 (1-2), pp. 21-43; Gwartney, J., Lawson, R., The concept and measurement of economic freedom (2003) The European Journal of Political Economy, 19, pp. 405-430; Gwartney, J., Lawson, R., Block, W., (1996) Economic Freedom of the World, 1975-1995, , The Fraser Institute; Gwartney, D.J., Holcombe, R.G., Lawson, R.A., Institutions and the impact of investment on growth (2006) Kyklos, 59 (2), pp. 255-273; Gwartney, James, Lawson, Robert, Norton, Seth, 2008. Economic Freedom of the World: 2008 Annual Report. The Fraser Institute, Vancouver, BC. Digital document available at www.freetheworld.com; Hagelin, N., Pramborg, B., Dynamic investment strategies with and without emerging equity markets (2004) Emerging Markets Review, 5 (2), pp. 193-215; Jaffe, J.F., Mandelker, G., The Fisher 'effect' for risky assets: an empirical analysis (1976) Journal of Finance, 31 (2), pp. 447-458; Karabegović, A., (2009) Institutions, Economic Growth, and the "Curse" of Natural Resources, , http://www.fraserinstitute.org/researchandpublications/publications/6797.aspx, The Fraser Institute Available at http://www.fraserinstitute.org/researchandpublications/publications/6797.aspx; Keim, D.B., Stambaugh, R.F., Predicting returns in stock and bond markets (1986) The Journal of Finance, 17, pp. 357-390; Kortas, M., L'Her, J.-F., Roberge, M., Country selection of emerging equity markets: Benefits from country attribute diversification (2005) Emerging Markets Review, 6 (1), pp. 1-19; La, P., Rafael, F.L.-d.-S., Schleifer, A., Vishny, R.W., Legal determinants of external finance (1997) The Journal of Finance LII, 3, pp. 1131-1150; La Porta, R., Lopez-de-Silanes, F., Schleifer, A., Vishny, R.W., Law and finance (1998) Journal of Political Economy, 106 (6), pp. 1113-1155; Lagoarde-Segot, T., Lucey, B.M., International portfolio diversification: is there a role for the Middle East and North Africa? (2007) Journal of Multinational Financial Management, 17 (5), pp. 401-416; Lagoarde-Segot, T., Lucey, B.M., Efficiency in emerging markets-evidence from the MENA region (2008) Journal of International Financial Markets, Institutions and Money, 18 (1), pp. 94-105; Lagoarde-Segot, T., Lucey, B.M., Shift-contagion vulnerability in the MENA stock markets (2009) The World of Economy, 32 (10), pp. 1478-1497; Lawson, R.A., Roychoudhury, S., Economic freedom and equity prices among U.S. states (2008) The Credit and Financial Management Review, 14 (4). , Fourth Quarter; Li, K., What explains the growth of global equity markets? (2002) Canadian Investment Review, pp. 23-30. , Fall; North, C.D., Institutions (1991) Journal of Economic Perspective, 5 (1), pp. 97-112; Reilly, F.K., Wright, D.J., Johnson, R.R., (2005) An analysis of the interest rate sensitivity of common stocks, paper presented at Financial management association European meeting, June 6, Siena, Italy; Rajan, M., Friedman, J., An examination of the impact of country risk on the international portfolio selection decision (1997) Global Finance Journal, 8 (1), pp. 55-70; Romagnoli, A., Mengoni, L., The challenge of economic integration in the MENA region: from GAFTA and EU-MFTA to small scale Arab Unions (2009) Economic Change and Restructuring, 42, pp. 69-83; Sobel, S.R., Economic Freedom, Entrepreneurship, and Economic Growth at the Subnational Level (2008) Economic Freedom of North America: 2008 Annual Report, , The Fraser Institute, Vancouver; Soofi, A.S., Global financial integration and the MENA countries: evidence from equity and money markets (2008) Review of Middle East Economics and Finance, 4 (2). , Article 4; Stocker, L.M., Equity returns and economic freedom (2005) Cato Journal, 25 (3), pp. 583-594},
correspondence_address1={Smimou, K.; Faculty of Business and IT, , Oshawa, Ont. L1H 7K4, Canada; email: kamal.smimou@uoit.ca},
issn={15660141},
language={English},
abbrev_source_title={Emerg. Mark. Rev.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Chen2009189,
author={Chen, C.R. and Sophie Huang, Y.},
title={Economic freedom, equity performance and market volatility},
journal={International Journal of Accounting & Information Management},
year={2009},
volume={17},
number={2},
pages={189-197},
doi={10.1108/18347640911001221},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84992957961&doi=10.1108%2f18347640911001221&partnerID=40&md5=dbf0d93b71718ec46de271f497b2aa9b},
affiliation={Department of Economics and Finance, University of Dayton, Dayton, Ohio, United States; Department of Economics and Finance, Haile/US Bank College of Business, Northern Kentucky University, Highland Heights, Kentucky, United States},
abstract={Purpose – The purpose of this paper is to investigate the relationships between the Index of Economic Freedom, equity market performance and its volatility. Design/methodology/approach – The paper examines whether the level of economic freedom is significant for a country's stock market performance and volatiling. Findings – Regression results show that adjusted stock returns bear little relationship with economic freedom. On the other hand, economic freedom is associated with lower stock market volatility. Originality/value – The results imply that a country with greater economic freedom provides investors with better mean-variance investment efficiency. © 2009, Emerald Group Publishing Limited},
author_keywords={Economics;  Freedom;  Stock markets;  Stock returns},
references={La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Legal determinants of external finance (1997) Journal of Finance, 52, pp. 1131-1150; La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R.W., Law and finance (1998) The Journal of Political Economy, 106, pp. 1113-1155; Li, K., What explains the growth of global equity markets? (2002) Canadian Investment Review, pp. 23-30; Ritter, J.R., Economic growth and equity returns (2005) Pacific-Basin Finance Journal, 13, pp. 489-503; Stocker, M., Equity returns and economic freedom (2005) Cato Journal, 25, pp. 583-594; Stocker, M., The Rosetta stone of development economics: economic freedom and how much money you can make from it (2006) Institute of Public Affairs Review, 58, pp. 42-43},
correspondence_address1={Chen, C.R.; Department of Economics and Finance, , Dayton, Ohio, United States},
issn={18347649},
language={English},
abbrev_source_title={Int. J. Account. Inf. Manage.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Thore2009151,
author={Thore, S. and Tarverdyan, R.},
title={Using data envelopment analysis to quantify ILO objectives and identify policies conducive to decent work in a globalizing world},
journal={Socio-Economic Planning Sciences},
year={2009},
volume={43},
number={3},
pages={151-164},
doi={10.1016/j.seps.2008.06.001},
note={cited By 9},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-64249168867&doi=10.1016%2fj.seps.2008.06.001&partnerID=40&md5=43ed2996f569f569e3dec88a180277b1},
affiliation={IC2 Institute, The University of Texas at Austin, Austin, TX 78712-0284, United States; Policy Integration Department, International Labor Office, Geneva, Switzerland},
abstract={The International Labor Office, an arm of the UN based in Geneva, has as its goal the promotion of opportunities for women and men to obtain decent and productive work, in conditions of freedom, equity, security and human dignity. Since 1999, the ILO has conducted a series of studies of decent work. In 2001, the organization posed the global challenge of reducing the decent work deficit as measured by an employment gap, rights gap, a social protection gap, and a social dialogue gap. Using standard economic terms, "decent work" may be seen as an efficiency point along a generalized input-output function, dependent upon variables of both economic performance and economic and social policy. The decent work deficit of a given country (if any) is then obtained as the difference between an observed point and its projection on the efficiency frontier. Using data envelopment analysis (DEA), we fit a piecewise linear frontier to observations for 61 countries from all continents. Importantly, 27 of these countries lie on the decent work frontier; the remaining ones reveal conditions of decent work deficit. The possibilities of reducing such deficits by appropriate control of policy variables are discussed. © 2008.},
author_keywords={Data envelopment analysis;  Decent work;  Globalization;  Inefficiency;  International Labor Office;  Pareto efficiency;  Peers;  Ranking of countries;  Social policy variables},
keywords={data envelopment analysis;  employment;  globalization;  policy development;  social policy;  socioeconomic status},
references={International Labor Office, (2004) Constitution of the international labor organization, , http://www.ilo.org/public/english/about/iloconst.htm, Declaration Concerning the Aims and Purposes of the ILO Geneve; (1999) Decent work (report of the Director-General), , International Labor Office, Geneva;; International Labor Office. Poverty reduction and decent work in a Globalizing World, GB.280/WP/SDG/1. Geneva; 2001; (2001) Reducing the decent work deficit: A global challenge (report of the Director-General), , International Labor Office, Geneva;; Charnes, A., Cooper, W.W., Lewin, Y.Y., Seiford, L.M., (1984) Data envelopment analysis: theory, methodology and applications, , Kluwer, Boston; Cooper, W.W., Seiford, L.M., Zhu, J., (2004) Handbook on data envelopment analysis, , Kluwer, Boston (; Cooper, W.W., Seiford, L.M., Tone, K., (2006) Introduction to data envelopment analysis and its uses: with DEA-solver software and references, , Springer, New York; Land, K.C., Lovell, C.A.K., Thore, S., Productive efficiency under capitalism and state socialism: an empirical inquiry using chance-constrained data envelopment analysis (1994) Technological Forecasting and Social Change, 46, pp. 139-152; Lovell, C.A.K., Measuring the macroeconomic performance of the Taiwanese economy (1995) International Journal of Production Economics, 39, pp. 165-178; Golany, B., Thore, S., The competitiveness of nations (1997) IMPACT: how IC2 research affects public policy and business markets, pp. 189-208. , Cooper W.W., Thore S., Gibson D., and Phillips F. (Eds), Greenwood Publishing, Westport, Connecticut; Golany, B., Thore, S., The economic and social performance of nations: efficiency and returns to scale (1997) Socio-Economic Planning Sciences, 31, pp. 191-204; Golany, B., Thore, S., Restricted best practice selection in DEA: an overview with a case study evaluating the socio-economic performance of nations (1997) The Annals of Operations Research, 73, pp. 117-140; Annan, K., (1998) United Nations Reform, Statement by the UN Secretary-General, , http://un.intnet.mu/rc/unreform.htm, United Nations, New York; (2000) United Nations Millennium Declaration, Sept. 8, 2000, , http://www.un.org/millennium/declaration/ares552e.htm, (UN resolution A/55/L.2 adopted by the General Assembly on September 8, 2000), United Nations, New York; (2004) Monterrey consensus of the international conference on financing for development, March 22, 2002, , http://www.un.org/esa/sustdev/documents/Monterrey_Consensus.htm, United Nations, New York; Bana e Costa, C., Thore, S., The many dimensions of an R&D project: multi-criteria analysis. A tutorial (2002) Technology commercialization: DEA and related analytical methods for evaluating the use and implementation of technical innovation, pp. 23-44. , Thore S. (Ed), Kluwer, Boston; World Bank, (2006) Global monitoring report 2006. Millennium development goals: strengthening mutual accountability, aid, trade, and governance, , http://www.imf.org/external/pubs/ft/gmr/2006/eng/gmr.pdf, The World Bank, Washington D.C; (2005) 2005 World summit outcome, , http://www.un-ngls.org/un-summit-FINAL-DOC.pdf, (UN resolution adopted by the General Assembly on September 15, 2005), United Nations, New York; (2006) Economic and Social Council. Creating an environment at the national and international levels conducive to generating full and productive employment and decent work for all, , (Report of the Secretary General, ECOSOC E/2006/55), United Nations, Geneva; World Commission on the Social Dimension of Globalization, (2004) A fair globalization: creating opportunities for all, , International Labor Office, Geneva Available on the internet as a Google Book; (2004) General assembly resolution on a fair globalization: creating opportunities for all, , (UN resolution A/RES/59/57 adopted by the General Assembly on Dec. 2, 2004), United Nations, New York; (2005) Measuring globalization: OECD handbook on economic globalization indicators, , Organization of Economic Cooperation and Development, Paris;; (2003) Working out of Poverty (Report of the Director-General), , International Labor Office, Geneva;; Tinbergen, J., (1952) On the theory of economic policy, , North-Holland, Amsterdam; Tinbergen, J., (1978) Economic policy: principles and design, , North-Holland, Amsterdam; Thore, S., Tarverdyan, R., Using data envelopment analysis to screen the possibility of a fair globalization (2008) Portuguese Journal of Management Studies, XIII, pp. 129-151},
correspondence_address1={Thore, S.; IC2 Institute, , Austin, TX 78712-0284, United States; email: thore@mail.telepac.pt},
issn={00380121},
language={English},
abbrev_source_title={Socio-Econ. Plann. Sci.},
document_type={Article},
source={Scopus},
}

@BOOK{Ng20091,
author={Ng, Y.-K.},
title={Increasing returns and economic efficiency},
journal={Increasing Returns and Economic Efficiency},
year={2009},
pages={1-200},
doi={10.1057/9780230236813},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013815818&doi=10.1057%2f9780230236813&partnerID=40&md5=92c492c5829cd82a1d206c0f4292d3bc},
affiliation={Monash University, Australia; Academy of Social Sciences, Australia},
abstract={Recognizing increasing returns disrupts much of the established wisdom in economic analysis, making money non-neutral, equity conflict with freedom, and encouraging goods with increasing returns efficient. This book discusses these problems and ways they can be handled, helping to explain phenomena in the real world. © Yew-Kwang Ng 2009. All rights reserved.},
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correspondence_address1={Ng, Y.-K.; Monash UniversityAustralia},
publisher={Palgrave Macmillan},
isbn={9780230236813; 9780230202092},
language={English},
abbrev_source_title={Increasing Returns and Econ. Effic.},
document_type={Book},
source={Scopus},
}

@ARTICLE{Stroup2008560,
author={Stroup, M.D.},
title={Separating the influence of capitalism and democracy on women's well-being},
journal={Journal of Economic Behavior and Organization},
year={2008},
volume={67},
number={3-4},
pages={560-572},
doi={10.1016/j.jebo.2007.08.005},
note={cited By 16},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-49049098306&doi=10.1016%2fj.jebo.2007.08.005&partnerID=40&md5=8457f119b58de49540d154f06f99f682},
affiliation={Stephen F. Austin State University, Box 13004 SFA Station, Nacogdoches, TX 75962-3004, United States},
abstract={This empirical analysis seeks to determine which institutional arrangement, capitalism or democracy, tends to be more effective at improving women's well-being and promoting gender equality in society. Country-specific indexes measuring the degree of economic freedoms that exist within the market and the degree of political rights that exist within a democracy are used in a panel data analysis to explain the observed levels of various quality of life measures reflecting issues that are relevant to women. These empirical results indicate that capitalism often has a stronger beneficial impact on many aspects of women's well-being and gender equality in society. © 2007 Elsevier B.V. All rights reserved.},
author_keywords={Democracy;  Economic freedom;  Gender equity},
funding_details={Stephen F. Austin State UniversityStephen F. Austin State University, SFA},
funding_text 1={The author would like to thank the Graduate School of Stephen F. Austin State University for providing a graduate faculty research grant for this project.},
references={Baumol, W., (2002) The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism, , Princeton University Press, Princeton; Berggren, N., The benefits of economic freedom: a survey (2003) Independent Review, 8, pp. 193-211; Fort, T., Schipani, C., (2004) The Role of Business in Fostering Peaceful Societies, , Cambridge University Press, Cambridge; Friedman, M., (1962) Capitalism and Freedom, , University of Chicago Press, Chicago; Fukuyama, F., (1992) The End of History and the Last Man, , Free Press, New York; Gastil, R., (1987) Freedom in the World, , Greenwood Press, Westport, Connecticut; Gwartney, J., Lawson, R. Block, W., 1996. Economic Freedom of the World: Annual Report. Fraser Institute, Vancouver; Gwartney, J., Lawson, R., 2005. Economic Freedom of the World: Annual Report. Fraser Institute, Vancouver; Holcombe, R., Liberty and democracy as economic systems (2002) The Independent Review, 4, pp. 407-425; Hayek, F., (1988) The Fatal Conceit, , University of Chicago Press, Chicago; Hume, D., A treatise of human nature (1886) Philosophical Works, I-II. , Green T., and Gross T. (Eds), Longmans and Green, London; Kennedy, P., (1998) A Guide to Econometrics, , MIT Press, Cambridge; Mulligan, C., Gil, R., Sala-a-Martin, X., Do democracies have different public policies than nondemocracies? (2004) Journal of Economic Perspectives, 18, pp. 51-74; North, D., (1990) Institutions, Institutional Growth and Economic Performance, , Cambridge University Press, Cambridge; Pollert, A., Women, work, and equal opportunities in post-communist transition (2003) Work, Employment and Society, 17, pp. 331-357; Przeworski, A., Limongi, F., Political regimes and economic growth (1993) Journal of Economic Perspectives, 7, pp. 51-69; Sen, A., (1999) Development as Freedom, , Knopf, New York; Stiglitz, J., The economic role of the state: efficiency and effectiveness (1989) The Economic Role of the State, , Heertje A. (Ed), Basil Blackwell, Oxford; Stiglitz, J., Employment, social justice and societal well-being (2002) International Labor Review, 141, pp. 9-29; Sutter, D., The democratic efficiency debate and definitions of political equilibrium (2002) The Review of Austrian Economics, 15, pp. 199-209; The Central Intelligence Agency, (2006) The World Factbook, , Government Printing Office, Washington, DC; The World Bank, (2004) World Development Indicators on CD ROM, , The World Bank, New York; The World Bank, (2006) World Development Report: Equity and Development, , The World Bank, New York; Tullock, G., Efficient rent seeking (1980) Toward a Theory of a Rent Seeking Society, , Buchanan J., Tollison R., and Tullock G. (Eds), Texas A&M Press, College Station; Tzannatos, Z., Women and labor market changes in the global economy: growth helps, inequalities hurt, and public policy matters (1999) World Development, 27, pp. 551-569; Wejnert, B., The effects of growth of democracy and transition to market based economies on women's well-being (2003) Journal of Consumer Policy, 26, pp. 465-493; Wittman, D., Why democracies produce efficient results (1989) The Journal of Political Economy, 97, pp. 1395-1424},
correspondence_address1={Stroup, M.D.; Stephen F. Austin State University, Box 13004 SFA Station, Nacogdoches, TX 75962-3004, United States; email: mstroup@sfasu.edu},
issn={01672681},
coden={JEBOD},
language={English},
abbrev_source_title={J. Econ. Behav. Organ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Lacey2008244,
author={Lacey, J.},
title={Utilising diversity to achieve water equity},
journal={Rural Society},
year={2008},
volume={18},
number={3},
pages={244-254},
doi={10.5172/rsj.351.18.3.244},
note={cited By 8},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-60949090452&doi=10.5172%2frsj.351.18.3.244&partnerID=40&md5=1c29a4a2e95bc85d4606bedf7e4ddd6d},
affiliation={University of Queensland, Australia},
abstract={In the realm of water justice there are a myriad of competing equity claims. Water is highly valued for a range of uses but competition for the resource can create divisions among the community of users. Moreover some parts of the community such as women and the poor are denied adequate access to water. This type of social exclusion can occur in a variety of ways, but for many, exclusion means they are denied basic choices about water due to a lack of ability to participate in decision making processes. Such equity claims cannot be readily solved by utilitarian formulas which seek to apply a simple metric to determine the highest economic value. Rather there are multiple values and realities which must be addressed including the social and institutional frameworks surrounding water governance. Martha Nussbaum has used the capabilities approach to address issues of social well being in the context of human development and gender. The capabilities approach is a conceptual framework which explores the basic freedoms and opportunities that are required to realistically enhance human well being, including the equity considerations linked to water access and distribution. Further, the capabilities approach is applicable across the diversity of human experience such that lessons from the human development sector will likely reveal relevant considerations for equity within the Australian community of water users. © 2008 eContent Management Pty Ltd.},
author_keywords={Capabilities;  Gender;  Water equity;  Water justice;  Well-being},
references={Anand, P.B., (2001) Water ‘scarcity’in Chennai, India: Institutions, Entitlements Andaspects Ofinequality in Access, , http://www.wider.unu.edu/publications/working-papers/discussion-papers/2001/en_GB/dp2001-140/, World Institution for Development Economics Research (WIDER). Retrieved February 19, 2008, from; Anand, P.B., (2004) Capabilities and Health, , pubs/539anand_capabilities_health.pdf, The Open University and Oxford University. Retrieved Feb. 26, 2008, from; Barclay, L., Feminist distributive justice and the relevance of equal relations (2007) Egalitarianism: New Essays on the Nature and Value Ofequality, pp. 196-210. , N. Holtug & K. Lippert-Rasmussen (Eds.), Oxford: Clarendon Press; Boully, L., McCollum, B., Vanderbyl, T., Claydon, G., Talk until the talking starts: Resolving conflict through dialogue (2005) Paper Presented at the International Conferenceon Engagjng Communities, pp. 14-17. , August, Brisbane QLD; Bowmer, K.H., Water and conflict resolution: From smoke filled rooms to public participation (2007) Proceedings Ofthe 5Th Australian Stream Management Conference: Australian Rivers:Makinga Difference, , Thurgoona NSW: Charles Sturt University; Clark, D.A., (2005) The Capabilities Approach: Its Development, Critiques and Recent Advances, , http://www.gprg.org/pubs/workingpapers/pdfs/gprg-wps-032.pdf, Global Poverty Research Group. Retrieved June 12, 2008, from; Cullen, P., Adapting to water scarcity: A global challenge for the 21st century (2007) Paper Presented at Water - an Inconvenient Truth, , http://www.wentworthgroup.org/docs/Adapting_to_Water_Scarcity.pdf, Queenstown, New Zealand. Retrieved February 22, 2008, from; Feldman, D.L., (1991) Water Resources Management: In Search Ofan Environmental Ethic, , Baltimore MD: Johns Hopkins University Press; Hesse-Biber, S.N., Yasier, M.L., Difference matters: Studying across race, class, gender and sexuality (2004) Feminist Perspectives on Social Research, pp. 101-120. , S.N. Hesse-Biber & M.L. Yasier (Eds.), Oxford: Oxford University Press; Ingram, H., Whitely, J., Perry, R., The importance of equity and the limits of efficiency in water resources (2008) Water, Place and Equity, pp. 1-33. , J. Whitely, H. Ingram & R. Perry (Eds.), Cambridge MA: MIT Press; Mehta, L., Water and human development: Capabilities, entitlements and power. Background paper for the 2006 Human Development Report (2006) Beyond Scarcity: Power, Poverty and the Global Water Crisis, , http://hdr.undp.org/en/reports/global/hdr2006/papers/mehta_l.pdf, Retrieved November 1, 2007, from; Mehta, L., Srinivasan, B., (1999) Gender and Dams, , Report for the World Commission on Dams. Brighton, UK: Institute of Development Studies, University of Sussex; (2003) Ecosystems Andhuman Well-Being: Aframeworkfor Assessment, , Washington DC: World Resources Institute; (2005) Ecosystems Andhuman Well-Being: Wetlandsandwatersynthesis Report, , documents/document.358.aspx.pdf, Washington DC: World Resources Institute. Retrieved March 25, 2008, from; Momsen, J.H., (1991) Women and Development in Thethird World, , London: Routledge; Nussbaum, M.C., Human capabilities, female human beings (1995) Women, Culture, and Development: A Study Ofhuman Capabilities, pp. 61-104. , M.C. Nussbaum & J. Glover (Eds.), Oxford: Clarendon Press; Nussbaum, M.C., (1999) Sex and Social Justice, , Oxford: Oxford University Press; Nussbaum, M.C., (2000) Women Andhuman Development: The Capabilities Approach, , New York: Cambridge University Press; Nussbaum, M.C., Capabilities as fundamental entitlements: Sen and social justice (2003) Feminist Economics, 9 (2), pp. 33-59; Nussbaum, M.C., Glover, J., (1995) Women, Culture, and Development: A Study Ofhuman Capabilities, , Oxford: Clarendon Press; Rawls, J., (1971) A Theory of Justice, , Cambridge MA: The Belknap Press of Harvard University Press; (1992) The Dublin Statement on Water and Sustainable Development, , hwrp/documents/english/icwedece.html, Retrieved February 19, 2008, from; Sen, A., (1999) Commodities and Capabilities, , Oxford: Oxford University Press; Sen, A., (2001) Development as Freedom, , Oxford: Oxford University Press; Strang, V., (2004) The Meaning of Water, , Oxford: Berg; Syme, G.J., Nancarrow, B.E., McCreddin, J.A., Defining the components of fairness in the allocation of water to environmental and human uses (1999) Journal of Environmental Management, 57 (1), pp. 51-70},
correspondence_address1={Lacey, J.; University of QueenslandAustralia},
issn={10371656},
language={English},
abbrev_source_title={Rural Soc.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Bell2008185,
author={Bell, R.G. and Moore, C.B. and Al-shammari, H.A.},
title={Country of origin and foreign IPO legitimacy: Understanding the role of geographic scope and insider ownership},
journal={Entrepreneurship: Theory and Practice},
year={2008},
volume={32},
number={1},
pages={185-202},
doi={10.1111/j.1540-6520.2007.00221.x},
note={cited By 68},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-37349131697&doi=10.1111%2fj.1540-6520.2007.00221.x&partnerID=40&md5=e6865a222c2ef238b10ae58a523b209d},
affiliation={University of Texas at Arlington, Arlington, TX, United States; M.J. Neeley School of Business, Texas Christian University, Forth Worth, TX, United States; Indiana University of Pennsylvania, Indiana, PA, United States},
abstract={Foreign firms from emergent economies are increasingly seeking equity capital in developed economies like the United States. Utilizing institutional, signaling, and agency theories this research examines the legitimacy of foreign IPOs (initial public offerings) in the United States. Employing the population of foreign IPOs listed on U.S. stock exchanges between 1997 and 2004, it is demonstrated that firms from countries with governmental policies and institutional practices that protect the economic freedom of its citizens are significantly less underpriced than IPOs of firms originating from countries experiencing lower levels of economic freedom. The evidence further indicates that firms from emerging economies can overcome negative country perceptions associated with lower levels of legitimacy by increasing their international scope of operations prior to beginning the IPO process as well as by retaining acceptable levels of ownership in their respective firms. © 2008 by Baylor University.},
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correspondence_address1={Bell, R.G.; University of Texas at Arlington, Arlington, TX, United States; email: gbell@uta.edu},
issn={10422587},
language={English},
abbrev_source_title={Entrep. Theory Pract.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Pasiouras2006403,
author={Pasiouras, F. and Gaganis, C. and Zopounidis, C.},
title={The impact of bank regulations, supervision, market structure, and bank characteristics on individual bank ratings: A cross-country analysis},
journal={Review of Quantitative Finance and Accounting},
year={2006},
volume={27},
number={4},
pages={403-438},
doi={10.1007/s11156-006-0045-0},
note={cited By 78},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-33749657613&doi=10.1007%2fs11156-006-0045-0&partnerID=40&md5=ea4e5e0f72e513b9bf92c978118db570},
affiliation={Department of Production Engineering and Management, Technical University of Crete, University Campus, Chania 73100, Greece; Department of Economics, Finance and Accounting, Faculty of Business, Environment and Society, Coventry University, CV1 5FB, United Kingdom},
abstract={We use country level data and bank level data from 71 countries and 857 banks to investigate the impact of bank regulations, supervision, market structure, and bank characteristics on individual bank ratings. The results indicate that less cost efficient banks, with higher than average levels of provisions relatively to their income, and lower liquidity tend to have lower ratings. Larger and more profitable banks tend to obtain higher ratings. Higher equity to assets ratio results in higher ratings only when we do not control for bank supervision and regulations. Capital requirements, restrictions on bank activities, official disciplinary power, explicit deposit insurance scheme, higher deposit insurer power, liquidity and diversification guidelines, entry requirements, fraction of entries denied, and economic freedom have a significant impact on ratings in all of our specifications. Disclosure requirements and foreign banks entry have a significant impact on ratings only when we simultaneously control for the regulatory environment and the market structure, while auditing requirements have a significant impact only when we control for the regulatory environment alone. Finally, banks in developed countries are assigned higher ratings. However, this impact disappears when we include the regulatory and supervision variables in the models. © 2006 Springer Science + Business Media, LLC.},
author_keywords={Banks;  Ratings;  Regulations;  Supervision},
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Fuentes, Editors, Central Bank of Chile, Santiago; Nicolo, D.D., Bartholomew, P., Zaman, J., Zephirin, M., Bank consolidation, internationalization, and conglomeration: Trends and implications for financial risk (2004) Financial Markets, Institutions, and Instruments, 13 (4), pp. 173-217; Niinimaki, J.-P., The effects of competition on banks' risk taking (2004) Journal of Economics, 81 (3), pp. 199-222; Pasiouras, F., Tanna, S., (2006) Determinants of Acquisitions in the EU Commercial Banking Industry: An Empirical Investigation of Banks' Financial Characteristics and Market Conditions, , Working Paper, Coventry University and Technical University of Crete; Peavy III, J.W., Edgar, S.M., An expanded commercial paper rating scale: Classification of industrial issuers (1984) Journal of Business Finance and Accounting, 11 (3), pp. 397-407; Peavy III, J.W., Edgar, S.M., A multiple discriminant analysis of BHC commercial paper ratings (1983) Journal of Banking and Finance, 7 (2), pp. 161-173; Peek, J., Rosengren, E., Implications of the globalization of the banking sector: The Latin American experience (2000) New England Economic Review, pp. 45-62; Peek, J., Rosengren, E.S., Kasirye, F., The poor performance of foreign bank subsidiaries: Were the problems acquired or created? (1999) Journal of Banking and Finance, 23, pp. 579-604; Pinches, G.E., Mingo, K.A., A multivariate analysis of industrial bond ratings (1973) Journal of Finance, 28, pp. 1-18; Poon, W.P.H., Firth, M., Are unsolicited credit ratings lower? International evidence from bank ratings (2005) Journal of Business Finance and Accounting, 32 (9-10), pp. 1741-1771; Poon, W.P.H., Firth, M., Fung, H.-G., A multivariate analysis of the determinants of Moody's bank financial strength ratings (1999) Journal of International Financial Markets, Institutions and Money, 9, pp. 267-283; Powers, D.A., Xie, Y., (2000) Statistical Methods for Categorical Data Analysis, , Academic Press; Qian, J., Strahan, P.E., How law and institutions shape financial contracts: The case of bank loans (2005) NBER Working Papers 11052, , National Bureau of Economic Research, Inc; Quintyn, M., Taylor, M., Regulatory and supervisory independence and financial stability (2002) International Monetary Fund Working Paper No. 02/46; Santos, J.A.C., Bank capital regulation in contemporary banking theory: A review of the literature (2001) Financial Markets, Institutions and Instruments, 10 (2), pp. 41-84; Sathye, M., X-efficiency in Australian banking: An empirical investigation (2001) Journal of Banking and Finance, 25, pp. 613-630; Schweitzer, R., Szewczyk, S.H., Varma, R., Bond rating agencies and their role in bank market discipline (1992) Journal of Financial Services Research, 6, pp. 249-263; Shleifer, A., Vishny, R., (1998) The Grabbing Hand: Government Pathologies and Their Cures, , Cambridge M.A.: Harvard Univ. Press; Shy, O., Stenbacka, R., Market structure and risk taking in the banking industry (2004) Journal of Economics, 82 (3), pp. 249-280; Stiglitz, J.E., The role of the state in financial markets (1993) Proceedings of the World Bank Annual Conference on Development Economics, pp. 19-52; Theodore, S.S., (1999) Bank Credit Risk Rating Methodology (An Analytical Framework for Banks in Developed Markets), , Moody's Investors Service, Global Credit Research; Wheelock, D.C., Wilson, P.W., Consolidation in US banking: Which banks engage in mergers? (2004) Review of Financial Economics, 13 (1-2), pp. 7-39; Wheelock, D.C., Wilson, P.W., Why do banks disappear? The determinants of U.S. bank failures and acquisitions (2000) The Review of Economics and Statistics, 82 (1), pp. 127-138},
correspondence_address1={Zopounidis, C.; Department of Production Engineering and Management, , Chania 73100, Greece; email: kostas@dpem.tuc.gr},
issn={0924865X},
language={English},
abbrev_source_title={Rev. Quant. Financ. Account.},
document_type={Article},
source={Scopus},
}

@BOOK{Grayson2005229,
author={Grayson, K.},
title={Human security in the global era},
journal={The Market or the Public Domain?: Global Governance and the Asymmetry of Power},
year={2005},
pages={229-252},
doi={10.4324/9780203996706-17},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84909159597&doi=10.4324%2f9780203996706-17&partnerID=40&md5=8156cfc13250ea73abebc888f10a7ab3},
affiliation={York University, Canada},
abstract={The end of the Cold War has forced us to rethink state security. Nowhere is this more apparent than in the relationship with human well-being. Public authorities now are starting to acknowledge that sustained economic development, human rights and fundamental freedoms, the rule of law, good governance, sustainable development, and social equity are as important to global peace as arms control and disarmament (Axworthy 1997: 184). With the ‘clear and present dangers’ of the Cold War no longer possessing its former rhetorical power, the national interest is no longer as effective in justifying actions that are driven by Machiavellian and Hobbesian imperatives. While one cannot deny that there may have been other reasons than the high politics of humanitarianism, missions to the former Yugoslavia, Cambodia, Rwanda, Somalia, and East Timor do reflect a profound change in the security outlook for many states of the world. Security is beginning to be reconceptualized both above the state as international security and below as human security. Many medium-sized countries like Canada, Norway, The Netherlands, Denmark, and Switzerland are attempting to meet these challenges by being at the forefront of the human security movement. A people-centred conception of security provides the best opportunity for the generation of a new kind of public good. © 2001 selection and editorial matter Daniel Drache; individual chapters and 2001 the respective contributors.},
references={Archibugi, D., The Reform of the UN and Cosmopolitan Democracy (1993) Journal of Peace Research, 30 (3), pp. 301-315; Axworthy, L., Canada and Human Security: The Need for Leadership (1997) International Journal, 52, pp. 183-196. , (Spring); Axworthy, L., (1999) Human Security: Safety for People in a Changing World, , Ottawa: Department of Foreign Affairs and International Trade; Birdsall, N., Life is Unfair: Inequality in the World (1998) Foreign Policy, 111, pp. 76-93. , (Summer); Bobrow, D.B., Boyer, M.A., Maintaining System Stability: Contributions to Peacekeeping Operations (1997) Journal of Conflict Resolution, 41 (6), pp. 723-748; Booth, K., Security and Emancipation (1991) Review of International Studies, 17 (4), pp. 313-326; Buchanan, J.M., (1968) The Demand and Supply of Public Goods, , Chicago, IL: Rand McNally; Buzan, B., (1991) People, States, and Fear, , 2nd edn, Boulder, CO: Lynne Rienner Publishers Inc; Campbell, D., (1992) Writing Security: United States Foreign Policy and the Politics of Identity, , Minneapolis, MN: University of Minnesota Press; Coate, R.A., Alger, C.F., Lipschutz, R.D., The United Nations and Civil Society: Creative Partnerships for Sustainable Development (1996) Alternatives, pp. 93-121. , (January-March); Colm, G., Comments on Samuelson’s Theory of Public Finance (1956) Review of Economics and Statistics, 38 (4), pp. 408-412; Connolly, W.E., (1993) The Terms of Political Discourse, , 3rd edn, Princeton, NJ: Princeton University Press; Copeland, D., Globalization, Enterprise, and Governance: What does a Changing World mean for Canada (1997) International Journal, 53, pp. 17-37. , (Winter); Cornes, R., Sandler, T., (1986) The Theory of Externalities, Public Goods, and Club Goods, , Cambridge: Cambridge University Press; Drache, D., (2001), this volume; Eden, L., (1991) Retrospectives on Public Finance, , Durham, NC: Duke University Press; Eden, L., Osler Hampson, F., Clubs are Trump: The Formation of International Regimes in the Absence of a Hegemon (1997) Contemporary Capitalism: The Embeddedness of Institutions, pp. 361-394. , Robert Boyer (ed.), Cambridge: Cambridge University Press; Elshtain, B.J., Exporting Feminism (1995) Journal of International Affairs, 48 (2), pp. 542-557; Evans, G., Cooperative Security and Intrastate Conflict (1994) Foreign Policy, 96, pp. 3-20. , (Fall); Evans, P., The Eclipse of the State? Reflections on Stateness in an Era of Globalization (1997) World Politics, 50, pp. 62-87. , (October); Foldvary, F., (1994) Public Goods and Private Communities: The Market Provision of Social Services, , Aldershot: Edward Elgar; Freedman, L., International Security: Changing Targets (1998) Foreign Policy, 110, pp. 48-63. , (Spring); Heinbecker, P., (1999) Paul Heinbecker on Human Security. Canada’s Arctic Foreign Policy. Canada, the USA and the World. CIDA Then and Now, , Toronto: Canadian Institute of International Affairs; Kaplan, R., The Coming Anarchy (1994) The Atlantic Monthly, 273, pp. 44-76. , (February); Kaul, I., Gruberg, I., Stern, M.A., Defining Global Public Goods (1999) Global Public Goods: International Cooperation in the Twenty First Century, pp. 2-19. , Inge Kaul, Isabelle Grunberg and Mark A. Stern (eds), New York: Oxford University Press; Kegley, J., Charles, W., Wittkopf, E.R., (1995) World Politics: Trend and Transformation, , 5th edn, New York: St. Martin’s Press; Keohane, R.O., Closing the Fairness-Practice Gap (1989) Ethics and International Affairs, 3, pp. 101-116; Keohane, R.O., Problematic Lucidity: Stephen Krasner’s “State Power and the Structure of International Trade�? (1997) World Politics, 50, pp. 150-170. , (October); Krasna, J.S., Testing the Salience of Transnational Issues for International Security: The Case of Narcotics Production and Trafficking (1999) Contemporary Security Policy, 20 (1), pp. 42-55; Lipschutz, R.D., Reconstructing World Politics: The Emergence of Global Civil Society (1992) Millennium, 21 (3), pp. 389-420; Neil, M.S., Weiss, T.G., The United Nations, Regional Organisations and Human Security: Building Theory in Central America (1994) Third World Quarterly, 15 (2), pp. 277-295; Makinda, S.M., Sovereignty and International Security: Challenges for the United Nations (1996) Global Governance, 2, pp. 149-168; Margolis, J., A Comment on the Pure Theory of Public Expenditure (1955) Review of Economics and Statistics, 37 (4), pp. 347-349; Martin, L., The Political Economy of International Cooperation (1999) Global Public Goods: International Cooperation in the Twenty First Century, pp. 51-64. , Inge Kaul, Isabelle Grunberg and Mark A. Stern (eds), New York: Oxford University Press; Milner, H., International Theories of Cooperation Among Nations: Strengths and Weaknesses (1992) World Politics, 44, pp. 466-496. , (April); Olson, M., (1971) The Logic of Collective Action: Public Goods and the Theory of Goods, , Cambridge, MA: Harvard University Press; Osler, F.H., Oliver, D.F., Pulpit Diplomacy: A Critical Assessment of the Axeworthy doctrine (1998) International Journal, 54, pp. 379-406. , (Summer); Spike, P.V., Security and Sovereign States: What is at Stake in Taking Feminism Seriously? (1992) Gendered States: Feminist (Re) Visions of International Relations Theory, pp. 31-64. , V. Spike. Peterson (ed.), Boulder, CO: Lynne Rienner Publishers; Ratner, S.R., International Law: The Trials of Global Norms (1998) Foreign Policy, 110, pp. 65-80. , (Spring); Rosenau, J.N., Citizenship in a Changing Global Order (1992) Governance Without Government: Order and Change in World Politics, pp. 272-294. , James. N. Roseneau and Ernst-Otto Czempiel (eds), New York: Cambridge University Press; Samuelson, P.A., The Pure Theory of Public Expenditure (1954) Review of Economics and Statistics, 37 (4), pp. 387-389; Sandler, T., Intergenerational Public Goods: Strategies, Efficiency, and Institutions (1999) Global Public Goods: International Cooperation in the Twenty First Century, pp. 20-50. , Inge Kaul, Isabelle Grunberg and Mark A. Stern (eds), New York: Oxford University Press; Sens, A.G., (1997) Somalia and the Changing Nature of Peacekeeping: The Implications for Canada, , Ottawa: Commission of Inquiry into the Deployment of Canadian Forces to Somalia; Simmons, P.J., Learning to Live with NGOs (1998) Foreign Policy, 111, pp. 82-96. , (Fall); Stanford, J., Elwell, C., Sinclair, S., (1993) Social Dumping Under North American Free Trade, , Ottawa: Canadian Centre for Policy Alternatives; Stiglitz, J.E., (1988) Economics of the Public Sector, , 2nd edn, New York: W.W. Norton and Company; Stiglitz, J.E., Squire, L., International Development: Is it Possible? (1998) Foreign Policy, 110, pp. 138-151. , (Spring); Suhrke, A., Human Security and Interests of State (1999) Security Dialogue, 30 (3), pp. 265-276; Thomas, C., Introduction (1999) Globalization, Human Security, and the African Experience, pp. 1-23. , Caroline Thomas and Peter Wilken (eds), Boulder, CO: Lynne Rienner; Tickner, J.-A., Hans Morganthau’s Principles of Political Realism: A Feminist Reformulation (1988) Millennium, 17 (3), pp. 429-440; Redefining Security: The Human Dimension (1995) Current History, 94 (592), pp. 229-236; Walker, R.B.J., Security, Sovereignty, and the Challenge of World Politics (1990) Alternatives, 15, pp. 3-27; (1997) World Bank Development Report 1997: The State in a Changing World, , New York: Oxford University Press},
correspondence_address1={Grayson, K.; York UniversityCanada},
publisher={Taylor and Francis},
isbn={0203996704; 9781134576777; 0415254701; 9780415254700},
language={English},
abbrev_source_title={The Market or the Public Domain?: Global Gov. and the Asymmetry of Power},
document_type={Book Chapter},
source={Scopus},
}

@ARTICLE{MartínMarín200518,
author={Martín Marín, J.L. and Ponce, A.T.},
title={Structural models and default probability: Application to the Spanish stock market},
journal={Investment Management and Financial Innovations},
year={2005},
volume={2},
number={2},
pages={18-29},
note={cited By 3},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84255214658&partnerID=40&md5=f5c5f087400b7f7a8692ceb2cc9152ee},
abstract={The Basle Committee on Banking Supervision has recently published a new Capital Agreement (Basle II) that replaces the agreement of 1988 currently in force. The theoretical inspiration for this new Agreement, which is expected to come into force at the end of 2006, is the search for convergence between economic capital and regulatory capital. Thus, one of the most encouraging aspects of the new Agreement is that it decidedly favors new and better systems of measurement of credit risk, giving financial entities the freedom and incentive to develop their own models and to employ them in the determination of bank capital. In this article we analyze the so-called structural models, for which the model of Merton (1974) constitutes the theoretical inspiration; according to this model, the default in the obligations of a company is an endogenous variable related to the capital structure of the company, and such default occurs when the market value of the firm's assets falls below a certain critical level, related to the book value of the debt outstanding. With this approach, the default probabilities, as at December 31, 2003, are estimated for the companies that comprise the IBEX-35 index of the Spanish stock market at that date, by applying the model of Merton (1974). The study concludes that, although the option pricing theory provides a very interesting alternative framework for estimating the risk of default of a firm, its application to countries with relatively few quoted companies presents serious limitations. ©2005 José Luis Martín Marín, Antonio Trujillo Ponce.},
author_keywords={Credit risk;  Default probability;  Financial entities;  Option pricing theory;  Structural models},
references={Altman, E.I., Financial ratios, discriminant analysis and the prediction of corporate bankruptcy (1968) The Journal of Finance, 23, pp. 589-609; Anderson, R., Sunderesan, S., Tychon, P., Strategic analysis of contingent claims (1996) European Economic Review, 12, pp. 871-881; Bohn, J.R., A survey of contingent-claims approaches to risky debt valuation (2000) The Journal of Risk Finance, pp. 53-70. , Spring; An empirical assessment of a simple contingent-claims model for the valuation of risky debt (2000) The Journal of Risk Finance, pp. 55-77. , Summer; Black, F., Cox, J.C., Valuing corporate securities: Some effects of bond indenture provisions (1976) Journal of Finance, 31, pp. 351-367; Black, F., Scholes, M., The pricing of options and corporate liabilities (1973) Journal of Political Economy, 81, pp. 399-418; Carey, M., Hrycay, M., Parameterizing credit risk models with rating data (2001) Journal of Banking and Finance, 25, pp. 197-270; Corzo, T., (1998) Aplicación de la Teoría de Opciones A la Evaluación Del Riesgo de Crédito: Relación Entre Probabilidad de Impago y Rating Mediante un Probit Ordenado, , Paper presented at the VIth Finances Forum Ú beda (Jaén, Spain). November; Crosbie, P., Bohn, J.R., (2003) Modeling Default Risk, , KMV Corporation; Crouhy, M., Galay, D., Mark, R., A comparative analysis of current credit risk models (2000) Journal of Banking & Finance, 24, pp. 59-117; Delianedis, G., Geske, R., (1998) Credit Risk and Risk Neutral Default Probabilities: Information about Rating Migrations and Defaults, , UCLA, Anderson School, Finance Working Paper; (2001) The Components of Corporate Credit Spreads: Default, Recovery, Tax, Jumps, Liquidity, and Market Factors, , UCLA, Anderson School, Finance Working Paper; Du, Y., Suo, W., (2003) Assessing Credit Quality from Equity Markets: Is Structural Approach A Better Approach?, , www.defaultrisk.com; Duffie, D., Singleton, K.J., Modelling term structures of defaultable bonds (1999) Review of Financial Studies, 12, pp. 687-720; Elton, E., Gruber, M.J., Agrawal, D., Mann, C., Explaining the rate spread on corporate bonds (2001) The Journal of Finance, 56 (1), pp. 247-277; Fons, J., Using default rates to model the term structure of credit risk (1994) Financial Analysts Journal, pp. 25-32. , September-October; Forte, S., Peña, J.I., (2002) The Design of Refinancing Contracts, 3. , Mimeo Universidad Carlos; The valuation of corporate liabilities as compound options (1977) Journal of Financial and Quantitative Analysis, 3, pp. 541-552. , GESKE; Jarrow, R., Turnbull, S., Pricing derivatives on financial securities subject to credit risk (1995) Journal of Finance, 50, pp. 53-85; Kealhofer, S., Managing default risk in portfolios of derivatives (1995) Derivative Credit Risk: Advances in Measurement and Management, , Risk Publications; (2000) Comment on A New Capital Adequacy Framework, , KMV Corporation, San Francisco. March; (2001) Portfolio Management of Default Risk, , KMV Corporation, San Francisco. Mayo; Kealhofer, S., Kwok, S., Weng, W., (1998) Uses and Abuses of Bond Default Rates, , KMV Corporation. March; Leland, H., Corporate debt value, bond covenants and optimal capital structure (1994) Journal of Finance, 49, pp. 1213-1252; Agency costs, risk management and capital structure (1998) Journal of Finance, 52, pp. 1214-1242; Litterman, R., Iben, T., Corporate bond valuation and term structure of credit spreads (1991) Financial Analysts Journal, pp. 52-64. , Spring; Longstaff, F.A., Schwartz, E.S., A simple approach to valuing risky fixed and floating rate debt (1995) Journal of Finance, 50, pp. 789-819; Lucas, D.J., Default correlation and credit analysis (1995) The Journal of Fixed Income, pp. 76-87. , March; Martín, J.L., Trujillo, A., El riesgo de crédito en la gestión de carteras de renta fija (2000) Cuadernos Aragoneses de Economía, 10 (2), pp. 403-429. , 2a Época; Los modelos de valoración de opciones en la gestión del riesgo de crédito: ¿una Alternativa? (2003) Boletín de Estudios Económicos de Deusto, 58 (179), pp. 329-365. , August; El rating y la fijación de precios en préstamos comerciales (2004) Revista Europea de Dirección y Economía de la Empresa, 13 (2), pp. 155-176; Mella-Barral, P., Perraudin, W., Strategic debt service (1997) The Journal of Finance, 51, pp. 531-556; Merton, R.C., Theory of rational option pricing (1973) Bell Journal of Economics and Management Science, 4, pp. 141-183; On the pricing of corporate debt (1974) Journal of Finance, pp. 449-470; Investors Service, M., (2002) RiskCalc® for Private Companies: Moody's Default Model, , Global Credit Research. Mayo; Peña, J.I., (2002) La Gestión de Riesgos Financieros de Mercado y de Crédito, , Ed Prentice Hall. Madrid; Saunders, A., (1999) Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms, , John Wiley & Sons; Shimko, D., Tejima, N., Van Deventer, D., The pricing of risky debt when interest rates are stochastic (1993) Journal of Fixed Income, pp. 58-65. , September; Trujillo, A., (2002) Gestión Del Riesgo de Crédito en Préstamos Comerciales, , Ed. Instituto Superior de Técnicas y Prácticas Bancarias. Madrid; Vasicek, O., An equilibrium characterization of the term structure (1977) Journal of Financial Economics, 5, pp. 177-188; Vasicek, O., (2001) EDF Credit Measure and Corporate Bond Pricing, , KMV Corporation, San Francisco. November; Vassalou, M., Xing, Y., Default risk in equity returns (2004) The Journal of Finance, 59 (2), pp. 831-868. , April; Westgaard, S., Van Der Wijst, Default probabilities in a corporate bank portfolio: A logistic model approach (2001) European Journal of Operational Research, (135), pp. 338-349; Zhou, C., (1997) A Jump Diffusion Approach to Modelling Credit Risk and Valuing Defaultable Securities, , Federal Reserve Board of Governors},
correspondence_address1={Martín Marín, J.L.},
publisher={LLC CPC Business Perspectives},
issn={18104967},
language={English},
abbrev_source_title={Investm. Manange. Financ. Innov.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Paquet2005,
author={Paquet, E.},
title={Employment status: A constituent element of social condition? [Le statut d'emploi Un élément constitutif de la condition sociale ?]},
journal={Relations Industrielles},
year={2005},
volume={60},
number={1},
pages={64-87+178},
doi={10.7202/011539ar},
note={cited By 4},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-20444450218&doi=10.7202%2f011539ar&partnerID=40&md5=4aac06667add88648238bef048693b67},
affiliation={Université du Québec à Montréal, Canada},
abstract={Throughout the industrialized world, spurred on by companies seeking more flexibility, employment status has multiplied. An increasing number of people work part-time, on call, in a term position, at home, for an employment agency, etc. In Québec, statistics show that non-standard employment represents 36% of all employment (Bernier, Jobin and Vallée, 2003b: 7). This phenomenon is characterized by significant differences in pay, especially as regards wages and access to benefits, between people who perform similar duties, within the same company, but who have different employment status. No labour law in Québec clearly establishes the right to equal pay. One must turn to the Charter of Human Rights and Freedoms to find a clear affirmation of such a principle (R.S.Q., c. C-12, s. 19). This right to equal pay must, however, be linked to one of the grounds of discrimination prohibited under section 10 of the Charter. The question which must be asked is the following: Is employment status a constituent element of social condition within the meaning of section 10 of the Charter? An analysis of the jurisprudential evolution of the notion of social condition reveals that general courts of law have adopted a strict interpretation of this notion, in a way assimilating social condition and social origin and limiting social condition to the objective elements issuing from condition and origin. The creation, in 1991, of the Québec Tribunal des droits de la personne (T.D.P.Q. - human rights tribunal) marked a profound change in this interpretation. In 1993, Gauthier proposed a new approach by which social condition is composed of objective and subjective elements (C.D.P.Q. v. Gauthier, [1994] R.J.Q. 253). The Tribunal maintained that a true understanding of the concept of social condition requires that the subjective elements be taken into account, which are composed of the prejudices and stereotypes held with respect to certain groups in society, and that are connected to the objective elements of a person's social condition. In 1999. case involving C.D.P.Q. v. Sinatra (21 September 1999, Montreal 500-53-000102-986) marked another important step, especially in regards to the subject that interests us. because it dealt with the refusal to rent housing to a person with precarious employment. In this case, the Tribunal asserted that freelancers are subject to stereotypes which constitutes discrimination based on social condition. This decision allowed for the first time, almost 25 years after the coming into force of the Québec Charter, the appearance of a limited but explicit recognition of employment status as a constituent element of social condition. Although the interpretation put forward by the Québec Tribunal des droits de la personne is much broader and more liberal than the one given by general courts of law, it must however be acknowledged that in the labour sector, no revolution has taken place: Sinatra affected the labour sector subsidiarily because it was question of a refusal to rent housing on the basis of objective and subjective characteristics particular to freelancer status. In its Lignes directrices (guidelines) established in 1994, the Commission des droits de la personne (human rights commission) asserted that it accepts complaints "alleging discrimination based on the attribution of a certain social condition due to precarious employment status, if this precariousness is accompanied by poorly paid work and/or stereotyped as low-status [Unofficial translation]" (Ledoyen, 1994:5). It also maintained that stereotypes associated with precarious employment are only linked to poorly paid, low-status employment (1994: 10). According to this interpretation of the notions of social condition and precarious employment, workers with precarious employment whose right to equal pay for work of equal value is not acknowledged must show that they are poorly paid to take advantage of sections 10 and 19 of the Charter. In the light of the Supreme Court's guidance, we see this approach as being inexplicably strict. Considering the situation of people with precarious employment only from the angle of income is to disregard much of their reality, because the disadvantages and prejudices that these people are subjected to are also shown by their limited, or lack of, access to unionization, employment insurance, compensation for a work accident or a work-related illness, benefits like supplemental pension plans and group insurance (Bernier, Jobin and Vallée, 2003a), or even compensation for a road accident. Linking social condition and low income too closely is to infer that the right to equality without distinction or exclusion based on social condition is a right that depends on the economic situation of the complainants, instead of a conjunction of factors determining their place in society. Yet, this is not the case for the right to equality without distinction or exclusion based, for example, on a handicap, race or sexual orientation. How does one justify that the same should not be true for social condition? With such an approach, discrimination based on employment status becomes acceptable for certain categories of wage-earners, which in turn gives way to a certain "conditionality" of fundamental rights. Workers who are victims of discrimination based on employment status form a group for which no egalitarian analysis has yet been considered. There have been some openings here and there, especially in Sinatra, which recognized employment status as a constituent element of social condition. However, to bring about a change in the law, cases of discrimination based on employment status must be brought before tribunals. The Commission des droits de la personne must also believe in this discrimination and bring its interpretation of the notion of social condition into line with the real situation of people who have precarious employment, who are disadvantaged economically, socially and legally as understood by the Supreme Court. Solutions to the problem of discrimination based on employment status must go through both the Charter, the protector of fundamental rights in all spheres of society, and An Act respecting Labour Standards, which can, for its part, standardize employment practices in a much more refined manner than the Charter. On the one hand, An Act respecting Labour Standards, whose inadequacies as regards pay equity have become increasingly glaring, should be revised. On the other hand, the interpretation of the notion of social condition should become fairer, that is broad and liberal. This interpretation would take into account not only the income level of people with precarious employment, but also the economic, social and legal disadvantages they have, in comparison to the advantages granted to people with permanent full-time employment who do work of equal value. © RI/IR, 2005.},
references={Abécassis, Frédéric, Roche, P., (2001) Précarisation du Travail et Lien Social, des Hommes en Trop ?, , Paris : L'Harmattan; De L'Échelle, Au.B., (2000) Une Réforme en Profondeur : C 'Est l'Heure ! Avis sur la Loi sur les Nonnes du Travail.; Bernier, J., Jobin, C., Vallée, G., (2003) Les Besoins de Protection Sociale des Personnes en Situation de Travail non Traditionnelle. Rapport Final, , Québec : ministère du Travail du Québec; Bernier, J., Jobin, C., Vallée, G., (2003) Les Besoins de Protection Sociale des Personnes en Situation de Travail non Traditionnelle. Synthèse du Rapport Final, , Québec : ministère du Travail du Québec; Berry, H., Lepage, M.M., Recherche documentaire sur la condition sociale (1999) En Ligne : Révision de la Loi Canadienne sur les Droits de la Personne, , http://Canada.justice.gc.ca/chra/fr/socondlit.html, ministère de la Justice (consulté le 4 avril 2003); Boileau, J., Les patrons montent aux barricades : Rejet pur et simple du rapport Bernier sur le travail atypique (2003) Le Devoir [De Montréal], , 3 mars. Al; Bourhis, A., Wils, T., L'éclatement de l'emploi traditionnel : Les défis posés par la diversité des emplois typiques et atypiques (2001) Relations Industrielles/Industriell Relations, 56 (1), pp. 66-90; Brun, H., (2002) Chartes des Droits de la Personne. Alter Ego, 15e Éd., , Montréal : Wilson et Lafleur; Brun, H., Binette, A., L'interprétation judiciaire de la condition sociale, motif prohibé par la Charte des droits du Québec (1981) 22 C. de D, p. 681; Collard, A., La condition sociale : Est-ce vraiment un motif de discrimination ? (1987) 47 R. du B, p. 188; Durocher, L., (2000) Travailler Autrement : Pour le Meilleur ou Pour le Pire ? Les Femmes et le Travail Atypique, , Québec : Conseil du statut de la femme; Lamarche, L., La condition sociale à titre de motif interdit de discrimination dans les législations des droits de la personne : Examen de la Charte des droits et libertés de la personne du Québec (1999) En Ligne : Révision de la Loi Canadienne sur les Droits de la Personne, , http://Canada.justice.gc.ca/chra/fr/socondlit.html(, ministère de la Justice consulté le 4 avril 2003; Ledoyen, A., (1994) Lignes Directrices sur la Condition Sociale, , Document adopté à la 384e séance de la Commission des droits de la personne, COM-384-6.1.1; Lescop, R., (1980) La Condition Sociale, 2. , Les Cahiers de la Commission des droits de la personne; Mackay, A.W., Piper, T., Kim, N., La condition sociale, motif de discrimination illicite aux termes de la Loi canadienne des droits de la personne (1999) En Ligne : Révision de la Loi Canadienne sur les Droits de la Personne, , http://Canada.justice.gc.ca/chra/fr/second2.html(, ministère de la Justice consulté le 4 avril 2003; L'évolution de l'emploi atypique au Québec (1998) Le Marché du Travail, 19 (5). , Les Publications du Québec; Neyrand, G., Les enfants de la précarité (2001) Précarisation du Travail et lien Social, des Hommes en Trop ?, , F. Abécassis et P. Roche, dir. Paris : L'Harmattan; Senay, R., Condition sociale, motif prohibé de discrimination selon la Charte des droits et libertés de la personne (1979) 39 R. du B, p. 1030; Standing, G., (1999) Global Labour Flexibility : Seeking Distributive Justice, , New York : St-Martin's Press; Supiot, A., (1994) Critique du Droit du Travail, , Paris : Presses Universitaires de France; Tessier, H., Pauvreté et droit à l'égalité : Égalité de principe ou ́galité de fait ? (1998) Développements Récents en Droit Administratif, , Service de la formation permanente, Barreau du Québec, Cowansville : Yvon Biais; Tessier, H., La condition sociale comme motif de discrimination : Une histoire et un avenir ? (1999) Journal du Barreau, 31 (17)},
correspondence_address1={Paquet, E.; Université du Québec à Montréal, Montrel, Que., Canada; email: estherpaquet@hotmail.com},
publisher={Laval University, Department of Industrial Relations},
issn={0034379X},
language={French},
abbrev_source_title={Relat. Ind.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Riahi-Belkaoui2004135,
author={Riahi-Belkaoui, A.},
title={Relationship between tax compliance internationally and selected determinants of tax morale},
journal={Journal of International Accounting, Auditing and Taxation},
year={2004},
volume={13},
number={2},
pages={135-143},
doi={10.1016/j.intaccaudtax.2004.09.001},
note={cited By 82},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-8744293297&doi=10.1016%2fj.intaccaudtax.2004.09.001&partnerID=40&md5=28daebe3ede68c78f54a84633a19377f},
affiliation={University of Illinois at Chicago, 601 S. Morgan Street, Chicago, IL 60607-7123, United States},
abstract={Tax compliance has been studied by analyzing the individual decision of a representative person between planning and evading taxes. A neglected aspect of tax compliance is the impact of a social contract on tax morale. Such implicit contract between the individual and the state guaranteeing a high level of economic freedom, effective competition laws, an important equity market and high moral norms, is hypothesized to have a positive impact on tax compliance. In this paper, empirical evidence based on data from 30 countries indicate that tax compliance internationally is positively related to the level of economic freedom, the level of importance of the equity market and the effectiveness of competition laws and high moral norms. © 2004 Elsevier Inc. All rights reserved.},
author_keywords={Economic freedom;  Effective competition laws;  Moral norms;  Social contact;  Tax compliance;  Tax morale},
references={Ali, A.M., Economic freedom, democracy and growth (1997) Journal of Private Enterprise, 13, pp. 1-20; Allingham, M., Sandmo, A., Income tax evasion: A theoretical analysis (1972) Journal of Public Economics, 1 (2), pp. 323-338; Alm, J., Jackson, B., McKee, M., Deterrence and beyond: Toward a kinder, gentler IRS (1992) Why People Pay Taxes: Tax Compliance and Enforcement, , J. Slemrod (Ed.) University of Michigan Press Ann Arbor; Alm, J., McClelland, G., Schulze, M., Why do people pay taxes? (1992) Journal of Public Economics, 48, pp. 21-38; Andreoni, J., Erard, B., Feinstein, J., Tax compliance (1998) Journal of Economic Literature, 36, pp. 818-860; Beck, T., Ross, L., Norman, L., Finance and the sources of growth (2000) Journal of Financial Economics, 58, pp. 261-300; Benabou, R., Unequal societies (1996), (NBER working paper no. W5583); Budge, I., (1996) The New Challenge of Direct Democracy, , Cambridge: Policy Press; Choi, J.H., Wong, T.J., Audit markets and legal environments: An international investigation (2002), (Working paper). The Hong Kong University of Science and Technology; Coffee, J., Do norms matter? A cross-country examination of private benefits of control (2001), [Mimeo]. Columbia University Law School; Cowell, F.A., (1990) Cheating the Government: The Economics of Evasion, , Cambridge: MIT Press; Cuccia, A.D., The economics of tax compliances: What do we know and where do we go? (1994) Journal of Accounting Literature, 13, pp. 81-116; Cuccia, A.D., The effects of increased sanctions on professional tax preparers: Interesting economic and psychological factors (1994) The Journal of the American Taxation Association, 16, pp. 41-66; Cullis, J.G., Lewis, A., Why people pay taxes: From a conventional economic model to a model of social convention (1997) Journal of Economic Psychology, 18, pp. 305-321; Dyck, A., Zingales, L., Private benefits of control: An international comparison (2001), (Working paper). Harvard University; Feige, E.L., (1989) The Underground Economies: Tax Evasion and Information Distortion, , Cambridge: Cambridge University Press; Feld, L.P., Frey, B.S., Trust breeds trust: How taxpayers are treated (2002), (Working paper no. 98). Institute of Empirical Research in Economics, University of Zurich; Frey, B.S., Direct democracy: Politico-economic lessons from Swiss experience (1994) American Economic Review, Papers and Proceedings, 2, pp. 338-342; Frey, B.S., A constitution for knaves crowds our civic virtues (1997) Economic Journal, 107, pp. 1043-1053; Graetz, M.J., Reinganum, J.F., Wilde, L.L., The economics of tax compliance: Facts and fantasy (1985) National Tax Journal, 38, pp. 355-363; Graetz, M.J., Reinganum, J.F., Wilde, L.L., The tax compliance game: Toward an interactive theory of law enforcement (1986) Journal of Law, Economics and Organization, 2, pp. 1-32; Gwartney, J., Lawson, R., Samida, D., (2000) Economic Freedom of the World: 2000 Annual Report, , Vancouver: The Fraser Institute; Hausman, J.A., Specification tests in econometrics (1978) Econometrics, 4, pp. 1251-1270; Hermalin, B.E., The effects of competition on executive behavior (1992) Rand Journal of Economics, 23, pp. 350-365; (1966) World Competitiveness Yearbook 1996, , Institute of Management Development. Lausanne, Switzerland; Jackson, B., Milliron, V., Tax compliance research: Findings, problems, and prospects (1986) Journal of Accounting Literature, 5, pp. 125-165; Kinsey, K., Theories and models of tax cheating (1986) Criminal Justice Abstracts, 2, pp. 403-425; La Porta, R., Lopez-de-Silanes, F., Legal determinants of external finance (1997) Journal of Finance, 52, pp. 1131-1150; La Porta, R., Lopez-de-Silanes, F., Schleifer, A., Vishny, R.W., The quality of government (1999) Journal of Economics, Law and Organization, 15, pp. 222-279; Levi, M., (1988) Of Rule and Revenue, , Berkeley: University of California Press; Lewis, A., (1982) The Psychology of Taxation, , Oxford: Blackwell; Long, S., Swingen, J., Taxpayer compliance: Setting new agendas for research (1991) Law and Society Review, 3, pp. 637-683; Luez, C., Nanda, D., Wysocki, P., Investor protection and earnings management: An international comparison (2001), (Working paper). University of Pennsylvania; Pommerehne, W.W., Weck-Hannemann, H., Tax rates, tax administration and income tax evasion in Switzerland (1996) Public Choice, 88, pp. 161-170; Ramsey, F.I., Test for specification errors in classical linear least squares regression analysis (1969) Journal of the Royal Statistical, 31, p. 31. , (Series B); Roth, J.A., Scholz, J.T., Witte, A.D., (1989) Taxpayer Compliance: an Agenda for Research, , University of Pennsylvania Press Philadelphia; Schwartz, R.D., Orleans, S., On legal sanctions (1967) University of Chicago Law Review, 34, pp. 282-300; Slemrod, J., (1992) Why People Pay Taxes: Tax Compliance and Enforcement, , University of Michigan Press Ann Arbor; Thursby, F.I., A test for strategy for discriminating between auto-correlation and misspecification in regression analysis (1981) Review of Economics and Statistics, 63, pp. 117-123; Thursby, F.I., The relationship among the specification test of Hausman, Ramsey and Chow (1985) Journal of the American Statistical Association, 80, pp. 926-928; Tittle, C., (1980) Sanctions and Social Deviance: The Question of Deterrence, , New York: Praeger; Townsend, R., Optimal contracts and competitive markets with costly state verification (1979) Journal of Economic Theory, 21, pp. 265-293; White, H.A., Heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity (1980) Econometrica, 10, pp. 817-838; Zywicki, T.J., The rule of law, freedom and prosperity (2002), (George Mason law and economic research paper no. 02-20)},
correspondence_address1={Riahi-Belkaoui, A.; University of Illinois at Chicago, 601 S. Morgan Street, Chicago, IL 60607-7123, United States; email: Belkaoui@uic.edu},
issn={10619518},
language={English},
abbrev_source_title={J. Int. Account. Audit. Tax.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Couret2002575,
author={Couret, A. and De La Bruslerie, H.},
title={Analyse économique de l'appropriation de larichesse dans l'entreprise et évolutions récentes du droit français},
journal={Revue Internationale de Droit Economique},
year={2002},
volume={16},
number={4},
pages={575-601},
doi={10.3917/ride.164.0575},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-67650663692&doi=10.3917%2fride.164.0575&partnerID=40&md5=76e9c5fd689ab312ee300486b9571079},
affiliation={Université Paris I, Panthéon-Sorbonne, France},
abstract={" Economic analysis of the appropriation of corporate wealth and recent development of French law " is an attempt to explain the changes, which the " New Regulation of the Economy (NRE) " has brought about for corporate law, in terms of the economic theory of the firm, its financing and the distribution of wealth. To this effect, and by way of introduction, the basic economics of corporate control and of the distribution of wealth between inside and outside investors, between controlling majorities and minority holders, and the respective roles and responsibilities of these groups are first explained, and then contrasted with the position held by traditional and by new French law. A more detailed analysis is then given on the basis of a subdivision into two main parts of the article, the first dealing with the relationship between controlling shareholders and the management, while, in the second part, the participation of, on the one hand, minority shareholders, and, on the other, of the employees in the distribution of wealth is discussed. As regards the relationship between controlling shareholders or a group of controlling shareholders and the management, the article first presents the concepts of private appropriation of benefits and of the rent due to corporate control, its basis, its economic rationale and limits, before discussing its recognition as an economic reality by the law. A second sub-part of this section is devoted to appropriation of corporate wealth by the management, in particular to the grant of stock-options as an illustration of how to balance rent appropriation and management incentives. Specific attention is then given to how the NRE-Act seeks to assure such a balance by way of, on the one hand, delegating the matter to party autonomy and contractual negotiation, and, on the other, controlling the exercise of this freedom by providing for transparency under corporate law, and for limits of wealth attribution under tax law. In the second main part of the article attribution of wealth to minority shareholders is contrasted with wealth participation by employees. While both groups, however different, take an increasing share of corporate wealth - in the case of minority shareholders even of the rent due to control-, their title to such participation is based on quite different economic and legal principles. In the case of minority stockholders French courts tend to justify increased participation in corporate wealth on the basis of considerations of equity. By contrast, wealth participation by employees through acquisition of stock at preferred prices is both a matter of a corporate incentive policy, and of a State's social policy. In France, in particular, the legislator seeks to promote both objectives inter alia by means of tax law, which, therefore, is explained in some detail.},
references={Berle, A., Means, G., (1956) The modern corporation and private property, , 2 e éd, Londres, Mac Millan; La Porta, R., Lopez de Silanes, F., Shleifer, A., Law and Finance , 106 (1998) Journal of Political Economy, pp. 1113-1155. , «; Source, P. Charlety, « Activisme des actionnaires, le cas particulier desfonds de pension », Bulletin COB no 354, février 2001, pp. 17-35; Cfr Shleifer, A. et Vishny, R., « A survey of corporate governance », 52 Journal of Finance, p. 737-783 (1997); Cfr G. Charreaux, « La théorie positive de l'agence : une synthèse de la litterature », dans Charreaux et al, De nouvelles théories pour gérer l'entreprise, Paris, Economica, 1987, 17-55; Grossman, S. J., Hart, D. D., « One share-one vote and the market for corporate control », 20 Journal of Financial Economics, p. 175-202 (1988); Grossman, S. J., Hart, O. D., « Takeover bids, the free-rider problem and the theory of the corporation », 11 Bell Journal of Economics, p. 42-64 (1980); Couret, A., Solle, B., (1999) La réforme des offres publiques obligatoires , JCP E, (19), p. 262; Cfr Thierry Bonneau et Laurent Faugerolas, « Les offres publiques », Éditions EFE 1998 no 379 à 3 81; 20 février 1998, JCP E 1998.705 note Alain Viandier, Droit des Stés 1998 no 81 obs. Henri Hovasse, Rev. soc. 1998 p. 346 note Frédéric Bucher, Joly Bourse 1998 p. 233 no 62 obs. Sébastien Robineau, RTD Com. 1998 p. 379 obs. Nicolas Rontchevsky; Adde, (1998) Alain Couret, Retour sur la notion de contrôle , RJDA, p. 279; Loi no 2001-152, JO du 20 février, p. 2774; Loi no 2001-420, JO du 16 mai 2001, p. 7776. Pour un commentaire général de la loi, voir Alain Viandier, « Societes et loi NRE », Paris, Éditions Francis Lefebvre, 2001; JO12 décembre2001; JO 18 Janvier 2002, p. 1008; Jensen, M., Meckling, W., Theory of the firm, managerial behavior, agency costs and ownership structure , 3 (1976) Journal of Financial Economics, pp. 305-360. , «; Charreaux, G., La théorie positive de l'agence : Une synthèse de la littérature , supra, (5). , «; On doit aussi mentionner les actions de transfer! colatérales au sein d'un groupe. Si deux filiales sont en compétition ou en substitution sur un même marché, toute décision de développement de l'une ou de réduction d'activité de l'autre entraîne un transfert de valeur aux dépens de certains minoritaires; Couret, A., Guillot, J.-L., Peltier, F., (1991) Les conventions de trésorerie intra-groupe , Droit des sociétés - Actes pratiques, (4). , septembre; Bebchuk, L., (1999) A rent-protection theory of corporate control, National Bureau of Economic Research (NBER), , «, working paper no 7203, Londres, juillet; Cass.crim. 4février 1985, D. 1985p. 478 note Ohl, égalementCass. crim. 13 février 1989, Rev. soc. 1989.693 note Bouloc. Pour line approche synthétique de la question, voir Claude Ducouloux-Favard et Claude Garcin, Lamy Droit Pénal des Affaires 2001 no 1297 et s; Voir notamment sur cette question Dominique Schmidt, « Les conflits d'interêt dans la société anonyme », Paris, Éditions Joly, 1999; Source, Cabinet Tower Perrin 1999 document à distribution restreinte; Article 116 de la loi NRE - Article L 225-102-1 nouveau du Code de commerce; Voir inter alia référence supra n. 21; Cfr La Bruslerie, D.-C., Stock-options et équilibre incitatif actionnaires-dirigeants : Le cas francais (2001) Finance d'Entreprise, ouvr, , chapitre 10, collectif, Paris, Economica; Voir notamment le rapport Balligand et de Foucaud, « L'épargne salariale au cceur du contrat social », Paris, La Documentation Française, Janvier 2000 et plus particulizèrement le chapitre IV « Stabiliser le régime des plans d'option sur actions en le rendant juste et socialement efficace »; R. Vatinet, « Le clair-obscur des stock-options à la française », Rev. soc. 1997 p. 31 no 13 et 17; Riasetto, I., (2002) Liberté contractuelle et stock-options , Lamy Sociétés commerciales 2001 - Bull, d'actualisation, (143), p. 2. , février; « La rémunération des dirigeants du CAC 40 », plaquette Janvier 2002; Sur le régime de ces bons, voir Erik Le Dolley, « Les bons de souscription de parts de créateur d'entreprise. Écueils juridiques et fiscaux d'application », Bull. Joly 2001 Chronique no 221. Également « Doit-on valoriser l'incorporel? Pour une application aux bons de créateur d'entreprise », Droit et Patrimoine no 101 - février 2002 p. 24 et s. L'attribution de ces bons suppose :; - une entreprise immatriculée au Registre du commerce depuis moins de quinze ans à l'attribution des bons; - que le capital soit détenu directement et de manière continue pour 25 % au moins par des personnes physiques ou des personnes morales détenues par des personnes physiques; que les bénéficiaires soient membres du personnel salarié ou dirigeant soumis au régime fiscal des salariés; Pour un bilan juridique et fiscal de la réforme, cfr l'étude de Alain Couret et Thierry Boillot, « Mettre en place un plan de stock-options », Actes-Pratiques e tlngénierie Sociétaire no 58-juillet-août2001; IR = impôt sur le revenu ; CSG = contribution sociale généralisée ; CRDS = contribution pour le remboursement de la dette sociale; Voir Rapport Balligand, Foucaud, supra n. 25, p. 65. 33. « La rémunération des dirigeants du CAC 40 », plaquette janvier 2002; Voir sur le mécanisme de la garantie de cours Alain Viandier, « OP A., OPE et autres offres publiques », Paris, Éditions Francis Lefebvre, 1999, no 2300 et s; Thierry Bonneau et Laurent Faugerolas, « Les offres publiques », E. F. E. 1999 no 392 et s; Hubert de Vauplane et Jean-Pierre Bornet, » Droit des marchés financiers », Paris, Litec, 2001, no 806 et s; Bonneau, T., Drummond, F., (2001) Droit des marchés financiers, (729). , Paris, Economica, et s; Cfr LaBruslerie et Deffains-Crapsky, « Stock-options et équilibreincitatifactionnaires-dirigeants : le cas français », supra n. 24; Marchés boursiers français, année 1999, participation moyenne non pondéerée ; source : La Bruslerie et Deffains-Crapsky, « OP A., garantie de cours et statut des minoritaires », chapitre 13 dans Finance d'Entreprise, ouvr. coll., Paris, Economica, 2001; Cfr La Bruslerie, Deffains-Crapsky, « OP A., garantie de cours et statut des minoritaires », supra n. 36; Paris, C.A., (1993), RJDA 2 94 (179). , 16 juin; JCP E 2001 p. 419 note Alain Viandier; CA Paris 3 mai 2001, JCP E 2001 p. 1046 note Alain Viandier, JCP G 2001.11 no 10546 note Jean-Jacques Daigre, Bull. Joly 2001 p. 801 § 174note Dominique Schmidt, RDbancaire et financier mai/juin 2001 obs. Claude BAJ; Adde : Alain Couret, « L'annulation d'une décision de recevabilité d'une offre publique d'échange », RJDA 2001 10/01 p. 803 et s; Ofek, E., Yermak, D., « Taking stock : equity-based compensation and the evolution of managerial ownership », 55 Journal of Finance 1367-1384 (2000); La Bruslerie, D.-C., Actionnariat salarié : Application du modèle de contrat optimal entre salariés et actionnaires (2001) cahier du Centre de recherche en Finance et Banque (CREFIB), , no 2001-06, Université Paris I Sorbonne, Paris},
correspondence_address1={Couret, A.; Université Paris I, France},
publisher={Boeck Universite},
issn={10108831},
language={French},
abbrev_source_title={Rev. Int. Droit Econ.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Payne20029,
author={Payne, M.},
title={Profile of Levi Strauss},
journal={Textile Outlook International},
year={2002},
number={97},
pages={9-31},
note={cited By 1},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0036176592&partnerID=40&md5=4a08738c9d57e8c40263bcac471787bf},
abstract={Levi Strauss is one of the world's foremost branded apparel concerns. However, the company has been mired in debt for several years, and this is limiting the flexibility and freedom with which the group conducts its business operations. Over the years, Levi Strauss-arguably the world's jeans marketer par excellence-has added ancillary products such as sweaters, tops, jackets and accessories to extend the reach of its three umbrella brand groups: Levi's, Dockers and Slates. Recently, it added khaki casual trousers to its core product line-up. Levi Strauss has developed a substantial international business. Indeed, in some foreign markets its flagship Levi's brand is as well known as it is in the USA. Overall, the international business contributed about 37% of total group net sales in 2000. One of Levi Strauss's core corporate focuses is the protection and fostering of a positive and broad-ranging image for each of its umbrella brands. This involves the devotion of hundreds of millions of dollars each year to advertising campaigns and to other, ancillary promotional activities. Another emphasis of Levi Strauss's corporate strategy is to maintain and further develop exemplary relationships with its customers-the department stores, chain stores, speciality stores and other retailers which stock its products.},
keywords={company information;  economic information;  economic strategy;  jeans;  marketing;  product development},
manufacturers={Levi Strauss},
publisher={Textiles Intelligence Ltd.},
issn={02684764},
language={English},
abbrev_source_title={Text. Outlook Int.},
document_type={Article},
source={Scopus},
}

@ARTICLE{Apreda2001298,
author={Apreda, R.},
title={Corporate governance in Argentina: The outcome of economic freedom (1991-2000)},
journal={Corporate Governance: An International Review},
year={2001},
volume={9},
number={4},
pages={298-310},
doi={10.1111/1467-8683.00257},
note={cited By 20},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0042872855&doi=10.1111%2f1467-8683.00257&partnerID=40&md5=608dff93423166210ebc395691fd55eb},
affiliation={Universidad del Cema, Avda. Cordoba 374, Buenos Aires, 1054, Argentina},
abstract={This paper develops and provides evidence for two statements: a) In Argentina, there has been a marked shift in ownership and control from big family-owned domestic companies towards foreign groups and investment funds, and b) While coping with governance issues, Argentina has been following the common law countries tradition, fostering a capital-market-based financial system and swapping its corporate governance practices outright. To ground these statements on facts, I survey corporate governance issues in this country before 1991, the underlying legal framework, the new rules of the game in capital structure and ownership as from 1991, largely due to a wave of privatisations, restructuring, mergers and acquisitions that took place through the last decade.},
author_keywords={Common law countries;  Corporate governance;  Privatisations and deregulation},
references={note; Apertura, (2000) Merger and Acquisitions in Argentina, , Special Issue, Buenos Aires. This magazine, highly regarded by businessmen and executives, publishes special numbers also in Real Estate, Venture Capital and Mutual Funds; Apreda, R., (1999) Corporate Governance in Argentina, , presented at the International Corporate Governance Conference, Sheffield University Management School, December, Published at the Proceedings of the Conference and as a Working Paper, number 161, Universidad del Cema, Buenos Aires, 1999; Apreda, R., The cash flow model with float: A new approach to deal with valuation and agency problems (1999) The Journal of Applied Economics, 2, p. 2; Apreda, R., (1995) Administradoras de Fondos de Jubilaciones y Pensiones en la Argentina (Pension Funds in Argentina), , Buenos Aires, Argentina: Ediciones Macchi; Apreda, R., (1985) Andlisis Monetario y Cambiario en El Sistema Financiero Argentino (Monetary and Currencies Analysis in the Argentine Financial System), , Buenos Aires: Club de Estudio; Avila, J., (2000) Argentine Country Risk and Performance, , Buenos Aires: Universidad del Cema; Berle, A., Means, G., (1932) The Modern Corporation and Private Property, , New York: MacMillan; (1998) Tact Book, , Buenos Aires; note; Carey, M., Prowse, S., Rea, J., Udell, G., The economics of private placements: A new look (1993) Financial Markets, Institutions and Instruments, , New York: New York University; De Michele, R., (2000) An Introduction to the Argentine Case. Corporate Governance in Developing Countries and Emerging Economies, , OECD Development Centre; Demirag, I., (1998) Corporate Governance, Accountability, and Pressures to Perform. An International Study, , London: Jai Press; Di Tella, G., Zymelman, M., (1973) Los Ciclos Economicos Argentinos, , Editorial Paidos, Buenos Aires; Easterbrook, F., Fischel, D., (1991) The Economic Structure of Corporate Law, , Massachusetts: Harvard University Press; Fernandez, R., (1996) Preventing Systematic Risk from Financial Crises, , Working Paper, number 112, Universidad del Cema, Buenos Aires, Argentina; Ferrer, A., (1998) El Capitalismo Argentino, , Fondo de Cultura Economica; note; note; Garrido, C., Peres, W., (1998) Big Latin American Industrial Companies and Groups, , Cepal Review; Gomperz, P., Lerner, J., (1999) The Venture Capital Cycle, , Massachusetts: The MIT Press; La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Corporate ownership around the world (1999) Journal of Finance, 54 (2), pp. 471-517; Maskin, E., Recent theoretical work on the soft budget constraint (1999) American Economic Review, 89 (2), pp. 421-425. , May; Mayer, C., (1996) Corporate Governance, Competition and Performance, , Working Paper, OECD Economics Department, number 164, Paris, OECD; Rodriguez, C., (1992) Financial Reform in Latin America: The Cases of Argentina, Chile and Uruguay, , Working Paper number 84, Universidad del Cema, Buenos Aires, Argentina; Shleifer, A., Vishny, R., A survey of corporate governance (1997) The Journal of Finance, 52, pp. 737-783; Smith, R., (1990) The Money Wars, , Washington: Beard Books; Tornell, A., (1999) Privatizing the Privatized, , National Bureau of Economic Research, papers/w7206; Xuan, C., Mac Minn, R., (1996) Pecking Order Theory in Emerging Market Economies: An Agency Theory Approach, , Working Paper, University of Texas, at Austin; Wolf, T., Gurgen, E., (2000) Improving Governance and Fighting Corruption in the Baltic and CIS Countries. The Role of IMF, , Economic Issues, number 21, International Monetary Fund; Zingales, L., Pagano, M., Panetta, F., Why do companies go public? An empirical analysis (1998) Journal of Finance, 53 (1), pp. 27-64},
correspondence_address1={Apreda, R.; Universidad del Cema, Avda. Cordoba 374, Buenos Aires, 1054, Argentina; email: ra@cema.edu.ar},
publisher={Blackwell Publishing Ltd},
issn={09648410},
language={English},
abbrev_source_title={Corp. Gov.},
document_type={Review},
source={Scopus},
}

@ARTICLE{Lee1996843,
author={Lee, Y.S.},
title={'Technology transfer' and the research university: A search for the boundaries of university-industry collaboration},
journal={Research Policy},
year={1996},
volume={25},
number={6},
pages={843-863},
doi={10.1016/0048-7333(95)00857-8},
note={cited By 334},
url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-0000692115&doi=10.1016%2f0048-7333%2895%2900857-8&partnerID=40&md5=4e93a32074cb70d154d76a240735930b},
affiliation={Department of Political Science, Iowa State University, 503 Ross Hall, Ames, IA S0011-1204, United States},
abstract={This article examines the emerging 'technology transfer' role US academics are expected to play in economic development, what specific roles they believe they can play in industrial innovations, and how they might go about collaborating with private industry. Based on a national survey response of approximately 1000 faculty members at research-intensive universities it concludes that US academics in the 1990s believe that they are more favorably disposed than in the 1980s toward closer university-industry collaboration. A majority of the respondents supports the idea that their universities participate actively in local and regional economic development, facilitate commercialization of academic research, and encourage faculty consulting for private firms. A majority of these respondents, however, refuses to support the idea of their universities getting involved in close business partnership with private industry by way of, for example, start-up assistance or equity investment. Of various organizational and motivational underpinnings analyzed from the data, two factors stand out as central to the current debate on university transfer: one is the perception of declining federal R&D support, which threatens the vitality of their research enterprise, and the other is the impact of close university-industry cooperation, which is likely to interfere with academic freedom - the freedom to pursue long-term, disinterested, fundamental research. A search for the boundaries of university-industry collaboration is, therefore, seen as a balancing act between these two competing concerns.},
funding_details={National Science FoundationNational Science Foundation, NSF, SBR-9314},
funding_text 1={i This study is partially funded by the National Science Foundation, SBR-9314. I am grateful to a number of my colleagues and anonymous reviewers of Research Policy who have read this manuscript and made many constructive criticisms and suggestions for improvement. My special gratitude goes to Leonard Lederman and Linda Parker at National Science Foundation, Irwin Feller at Penn State, and Don Hadwiger at Iowa State University.},
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correspondence_address1={Lee, Y.S.; Department of Political Science, , Ames, IA S0011-1204, United States},
publisher={Elsevier},
issn={00487333},
coden={REPYB},
language={English},
abbrev_source_title={Res Policy},
document_type={Article},
source={Scopus},
}