Corporate Governance Reforms in Developing Countries

Corporate governance reforms are occurring in countries around the globe. In developing countries, such reforms occur in a context that is primarily defined by previous attempts at promoting "development" and recent processes of economic globalization. This context has resulted in the adoption of reforms that move developing countries in the direction of an Anglo-American model of governance. The most basic questions that arise with respect to these governance reforms are what prospects they entail for traditional development goals and whether alternatives should be considered. This paper offers a framework for addressing these basic questions by providing an account of: 1) previous development strategies and efforts; 2) the nature and causes of the reform processes; 3) the development potential of the reforms and concerns associated with them; 4) the (potential) responsibilities of corporate governance, including the (possible) responsibilities to promote development, and; 5) different approaches to promoting governance reforms with an eye to promoting development.     

FDI,Growth and the Asian Financial Crisis: The Experience of Selected Asian Countries

This paper studies the trends in foreign direct investment (FDI) flows into selected South‐East Asian and East Asian economies after the Asian crisis. Empirical evidence indicates that South‐East and East Asian economies are recovering from the Asian crisis with strong output growth driven largely by export growth. However, output growth in the post‐crisis period is also accompanied by rising unemployment rates, growing government deficits, and declining FDI inflows into the South‐East Asian region. The declining FDI inflows into South‐East Asia after the crisis is of concern, as our empirical results show that FDI is important for output growth in the region. Our results also suggest that there might have been structural changes in the regional economies that could have led to a downward shift in the output growth of Asian economies in the post‐crisis period. This raises the issue of the sustainability of their output growth in the post‐crisis period.     

Real and Financial Sector Interaction Under Liberalization in an Open Developing Economy

A short‐run model incorporates instantaneous portfolio equilibrium with macroeconomic flows to clarify the structure of real–financial sector interactions. If equity and foreign exchange markets are introduced in structuralist theories of asset markets in developing countries, the key result that a fall in money supply raises the rate of inflation now holds only under special conditions on partial derivatives. But there is a tendency for interest rates to rise and for fluctuations in asset prices. Fuller integration of asset markets moderates these fluctuations. Outcomes are stable in spite of the generalized complementarity distinguishing equity markets from loan markets. Expectations play a major role. Implications for policy are to link domestic interest rates to foreign, remove artificial barriers to market integration, and stimulate demand as well as supply.     

Good Governance and Growth in Developing Countries: A Case Study of Regulatory Reforms in the Telecommunications Industry

We investigate whether good governance, measured in terms of the regulatory structure, has a positive impact on the development of the telecommunications industry in developing countries. To this end we construct a data set on a panel of developing countries with information on the number of mainlines per capita and proxies for certain aspects of regulatory structure argued in the literature to be important for optimum development. Our results indicate that if the regulator is given certain functions with which to carry out telecommunications policy, this can enhance growth, but that there is no similar evidence in terms of operational separation of the regulator from the government.     

FDI的新特点对发展中国家金融稳定的影响

20世纪90年代以来,发展中国家吸收的FDI呈现出一些新特点.这些新特点的出现,使FDI对发展中国家金融稳定的影响更为复杂.发展中国家政府有必要更加关注FDI对其金融稳定的影响,采取有效措施,加强对FDI的监管.     

发达国家对发展中国家的新直接投资

发达国家投资厂商对发展中国家的直接投资已发生了很大变化,传统直接投资以投资者持有足够股权对投资项目保持有效控制的活动方式,新直接投资是以其他方式不同程度地参与控制,或只参与收益分享而不参与控制。新直接投资是由传统直接投资、间接融资、纯国际贸易相结合而形成的国际经济活动,反映了投资的实质性特征。     

发达国家公共部门人力资源绩效评估经验及发展趋势

发达国家公共部门的人力资源绩效评估发展历史相对较长,其评估的理念、方法和技术都比较成熟。他们设立专门的评估机构,明确考核主体责任,建立监督体系和科学的评估程序,坚持平时考核与年度考核,重视考核前的培训及考核结果的运用等。其绩效评估具有趋向法制化和规范化、趋向个性化与开放、趋向吸纳公众参与等特点。     

Understanding Consumer Ethnocentrism in Developing Countries: Case Bangladesh

ABSTRACT

This article argues that the traditional belief that “consumer ethnocentrism is a phenomenon of developed countries only” is no longer true. To establish this argument, our study assesses the applicability of the Consumer Ethnocentric Tendencies Scale (CETSCALE) to Bangladesh by judging the unidimensionality feature of the same. The methodology is based on a sample of 788 respondents collected from 27 districts in Bangladesh. Statistically significant results show that for three chosen sociodemographic groups, namely, students, job holders, and businesspersons, the original CETSCALE is to a large extent applicable as those groups have shown positive attitudes in retaining 12 to 14 items of the 17 items of the original scale. However, the groups and the respondents as a whole did not agree with the unidimensionality feature of the CETSCALE. Moreover, the results of the study show that Bangladeshi consumers in greater extent prefer to see “Made in Bangladesh” tags when buying consumer products that Bangladeshi businesses can produce locally—a significant potential threat to international business that multinational companies need to address.     

Organizational Ethics in Developing Countries: A Comparative Analysis

Relationships with one’s employees, co-workers, or superiors create ethical dilemmas. Employees’ judgments and ethical perceptions have been extensively studied in Western cultures, but not in developing countries. The purpose of this investigation is to examine employees’ self-reported work-related ethics and compare them to their perceptions of co-workers’ and top managements’ along various morally challenging situations in three developing countries’ organizations. Saudi Arabia, Kuwait, and Oman, known as the Gulf countries, were selected as the research setting – and provided the sampling frame – for this study. The results suggest that respondents perceived all ethically challenging situations as unethical and had significant differences among themselves regarding the ethical perceptions of self, as compared to perceptions of peers’, and top managements’. Discussion of the results and implications are provided.     

Financial Challenges Facing Urban SMEs under Financial Sector Liberalization in Ghana

The paper examines the impact of financial sector liberalization (FSL) policies on the financial management of small and medium-sized enterprises (SME) in Ghana, using six case studies. Its findings, which confirm and extend the conclusions of previous studies, are integrated into a framework that explains the impact of FSL and the factors at work. The main financial challenge facing SMEs is access to affordable credit over a reasonable period. This is determined by the financing needs of SMEs and the action of investors. SME financing needs reflect their operational requirements, while the action of investors depends on their risk perception and the attractiveness of alternative investment (which affects their willingness to invest). Government borrowing, the general economic climate, availability of collateral, quality of SME record keeping, and SME investor relations skills affect the way in which this challenge is managed. The impact of the activities and potential of enterprise development agencies are also discussed.     

试论发展中国家产业政策的主要问题与改进方向

产业政策是发展中国家主导性的经济政策.发展中国家的产业政策因其产生的特殊背景与条件,具有自身的特点与合理性,但在实践中也暴露出了不少缺陷,产生了一些负面影响.为更好地推动经济结构调整与经济发展方式转变,发展中国家政府必须反思产业政策带来的现实问题,对产业政策作出适当调整.要强调劳动生产率上升标准,严格把握重点产业的选择标准;对重点产业的保护与扶植做到公开透明,并进行定期评估;在重点产业内部引入竞争机制,促使企业充分参与国际竞争;加强对创新行为的支持与保护.我国在制定产业政策时,在重点产业的选择上应更为慎重,并更多地考虑如何在重点产业内部创造竞争并提高政策扶植透明度、强化评估监管等问题.     

Resource Extraction Industries in Developing Countries

Over the last one hundred and fifty years, the extraction and processing of non-renewable resources has provided the basis for the three industrial revolutions that have led to the modern economies of the developed world. In the process, the nature of resource extraction firms has also changed dramatically, from small-scale operations exploiting easily accessible deposits to large, vertically integrated, capital intensive transnational corporations characterized by oligopolistic competition. In the last ten to fifteen years, coinciding with processes of economic globalization, another major change has been occurring as resource extraction industries have been shifting their operations from developed to developing countries. This shift has greatly impacted the populations of these countries and raises a variety of ethical issues. This article investigates the nature of these changes and the ethical issues that arise, focusing in particular on the development impact of the activities of these industries and the potential adequacy of different policy approaches to regulating them.     

发展中国家的汇率制度选择

笔者倾向于发展中国家实行有管理的浮动汇率制度,对汇率的过度波动进行干预并适当地保持汇率的弹性能使一国更好地对实际冲击做出调整。本文在探讨了发展中国家如何选择汇率制度的基础上,对我国的汇率制度选择提出了设想。     

资本国际化进程及其给发展中国家带来的挑战

随着国家间经济联系的加强 ,资本国际化也经历了从无到有 ,从偶尔到经常 ,从少量到大规模的历史过程。资本国际化在提高全球资本配置效率的同时也给各个国家 ,特别是发展中国家带来了一些挑战 ,鉴于此 ,发展中国家既要善于利用资本国际化带来的机遇更要采取有针对性的政策措施防范资本国际化可能带来的冲击     

Hiring for Subsidiaries in Developing Countries

If local personnel are qualified or can be trained to fill managerial positions in a subsidiary located in a developing country, then MNCs should give them the opportunity to do so. When local talent isn%'t available, expatriates should be used but they need to be fully briefed about the culture, language, and other aspects of the developing country to be their home.     

Information Sharing and Financial Sector Development in Africa

This study investigates the effect information sharing has on financial sector development in 53 African countries for the period 2004 to 2011. Information sharing is measured with private credit bureaus and public credit registries. Hitherto unexplored dimensions of financial sector development are employed, namely: financial sector dynamics of formalization, informalization, and non-formalization. The empirical evidence is based on Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM). The following findings are established. Information-sharing bureaus increase (reduce) formal (informal/non-formal) financial sector development. In order to ensure that information-sharing bureaus improve (decrease) formal (informal/non-formal) financial development, public credit registries should have between 45.45 and 50% coverage while private credit bureaus should have at least 26.25% coverage.     

The Rise of Non-Bank Financial Conglomerates: A Major Trend in the Unfolding Financial Services Sector of the Canadian Economy

A multitude of powerful forces is working in the Canadian financial sector to produce change. In some ways, the most notable development is the growing presence of large holding companies covering several segments of the financial system. In addition to controlling different classes of financial institutions, many of these holding groups are also associated with major non-financial companies. In fact, we may be approaching a point where, as a practical matter, the distinction between ‘banking’ and ‘commerce’ could be irreversibly breached. This study aims to bring these trends together in a fashion that suggests a new approach to the structure of the Canadian financial system and the regulatory apparatus associated with the system.