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Transparency and disclosure (T&D) of information trigger the interest of all stakeholders, including investors in a company. Cognizance of the company's financial health before investing is very necessary. Disclosure of information in the firm's financial reports reflects the firm's financial performance. A firm's financial health protects investors' and other stakeholders' interests and the firm's long-term sustainability. Owing to the importance of T&D and a firm's financial health, this paper investigates the impact of T&D on the financial distress (FD) of non-financial firms (NFFs) listed in India. This study examines both linear and nonlinear connectivity of T&D and financial distress (FD). Their association is also investigated in a competitive scenario (under the moderating effect of competition). The panel data analysis is incorporated into the study having 78 NFFs as cross-sectional units with a timeframe from 2016 to 2020. Altman Z-score measures a firm's FD (higher Z-score means low FD). BOS (Berger, Ofek and Swary) and AC (Almeida and Campello) scores are taken to consider investors' perspectives of the firm's FD. The T&D and Lerner indexes are used to assess the level of T&D and competition. The findings reveal that a higher T&D level decreases a firm's financial stability or increases a firm's FD. In nonlinear association, it is found that T&D has an inverted U-curved connection with financial stability or U-curved association with FD. It indicates that initially, higher T&D reduces FD, and after a threshold, it increases FD. However, under competition, T&D is not found to be significantly impactful for FD. The study is novel as no previous study has focused on such association under competition and taking investors' perspective of a firm's FD. [ABSTRACT FROM AUTHOR]

Financial distress refers to the inability of firms to fulfill their debt obligations. This paper studies the impact of certain corporate governance measures or board characteristics on the probability of financial distress in various corporate sectors (manufacturing and non-manufacturing) in India. The higher the institutional ownership, the lower is the financial distress for the majority of the sectors, except telecom where firms having higher institutional ownership are found to be more financially distressed. Higher managerial ownership leads to less financial distress in the consumer and transport equipment sector. Measures like board size, number of board meetings, and commissioner's proportion are found to have a different impact on the probability of financial distress in diverse sectors. It has been observed that they have a positive influence on some sectors and a negative influence on others. So overall, a sectoral difference was observed in the impact of various board characteristics on the financial distress of firms in India. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.Findings A set of strategies and best practices for establishing collaborative governance mechanisms within a strategic offshore Information technology outsourcing (ITO).Practical Implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the paper is to examine the impact of corporate governance mechanisms, i.e. board structure and ownership structure on the underpricing of small and medium enterprises (SME) IPOs in India. Design/methodology/approach: Most of the extant empirical research studies have either pivoted on mainstream IPOs or SMEs IPOs in developed economies, but the present study examines 200 SME IPOs issued during Feb 2012 to April 2017. Multiple regressions have been used to examine the impact of the corporate governance mechanisms on raw return (RR). Furthermore, robustness of the results has been verified through the employment of market-adjusted excess return (MAER) as an additional proxy of underpricing. Findings: The results highlight that board size, inverse of board committees, board independence, board age, board directorships positively, and top ten shareholding negatively influence RR. Further, direction of promoter ownership variable indicates curvilinear relationship with underpricing. Other explanatory variables used in model lack statistical validity. Similar results have been obtained when variables were regressed against MAER with related board members being additionally significant in model. Practical implications: The findings suggest that Indian investors do take cues from board structure and ownership patterns for making investment decisions in small- and medium-sized firms. Further, the results are also helpful to top management in structuring their boards. Originality/value: The present research enriches SME IPOs underpricing literature because the impact of corporate governance mechanisms on unadjusted returns is relatively under explored particularly within the context of small- and medium-sized firms. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) and corporate philanthropy is a highly misunderstood & misinterpreted term in India, people often interlink this two term which are having altogether a different prospective. Some Indian companies believe that they are complying with laws & regulations fulfill their need for social responsibility. A corporate must take these activities with sincerity in order to provide a growth full nation. Although India is a favorable business destination but unless poor people have equity in the growth of economy, India can never achieve the title of super economy. Corporate social responsibility is one such important area of corporate behavior & governance that needs to be given thorough importance. At the same time csr is one such effective tool that synergizes the efforts of corporate & the social sector agencies towards sustainable growth & development of the societal objectives at large. This paper emphasizes that how CSR has become a ladder for development of any corporate organizations. This paper tries to bring out CSR initiatives taken by various organizations in India. An emphasis has been made in order to have an understanding about how corporate are utilizing the initiates at name of philanthropy and counting them to be there CSR activity and how the upcoming ceiling of mandatory 2% CSR is getting on their nerves and making them to enter and explore some hidden unexplored arenas of governance. This paper is completely a work based on articles and secondary data so collected. [ABSTRACT FROM AUTHOR]

The paper studies the impact of compliance with non-mandatory disclosures in corporate governance on the performance of Indian firms in the context of guidelines given by the market regulator, Securities and Exchange Board of India (SEBI).A sample is drawn from BSE100, an index of large firms listed on the Bombay Stock Exchange. The authors develop a self-constructed Corporate Governance Index (CGI), which represents the disclosure score. Ordinary Least Squares regression is then used to test whether CGI has a significant impact on two measures of firm performance -- 1) Price-to-book value, a market based measure and 2) Return on Capital Employed (ROCE), an accounting based measure. The paper finds evidence of a weak, yet significant relationship between the corporate governance index and the market value of firms. However, the index has no impact on the accounting performance of firms. [ABSTRACT FROM AUTHOR]

How private firms can overcome their unique governance challenges remains an important but understudied topic. Using novel data on more than 28,000 private firms in India from 1988 to 2017, we examine whether private firms can improve their survival prospects by having board interlocks with public firms and, specifically, interlocks whereby a public firm director subsequently joins the private firm's board. In our data, we found a U-shaped relationship between the number of incoming board interlocks and the probability of private firm exit. We also found that board interlocks formed by public firm directors of public firms audited by Big Four companies improve private firms' survival more than other interlocks, consistent with the notion that such interlocks improve monitoring at private firms. Overall, our study points toward the importance of considering the role of incoming board interlocks when explaining private firm survival. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the views of directors of public-listed Indian companies regarding the role of the independent director and the significance of that role in relationship to the composition of the board of company directors. The analysis indicates that participating directors were convinced that a majority of non-executive directors (NEDs) provided a safeguard for a balance of power in the board/management relationship. The difference between NEDs, who are also independent directors, and NEDs who are not independent, was highlighted as an important distinction. The capacity for board members to think independently was seen to be enhanced, but not necessarily ensured, with majority membership of NEDs. However, a majority of independent minds expressing multiple points of view was perceived to reduce the board room hazard of group think. The study was conducted within the context of the preferred model for board composition in Indian public-listed companies which requires a majority of NEDs. Conflicting evidence surrounding the claim that a majority of independent members in the board structure contributes to practice governancemakes the paper relevant to governance issues being debated in the global arena. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine the effect of corporate board size and promoter ownership on firm value for selected Indian companies.Design/methodology/approach – The study analyses the corporate governance structure of 176 Indian firms listed on the Bombay Stock Exchange using linear regression analysis.Findings – The empirical findings show a negative relationship of board size with firm value and significant positive association of promoter ownership with corporate performance. The study suggests that only above a critical ownership level of 40 percent does promoter's interest become aligned with that of the company, resulting in positive effect on firm value.Research limitations/ implications – The research has been limited to some selected Indian companies, with focus only on board size and promoter ownership as predictor variables. The study suggests that corporate governance reforms in India and introduction of non-executive independent directors to the board have resulted in diminishing effect of board size on the firm value.Practical implications – The study implies that for emerging economies like India, it is practical to have greater ownership control by promoters to enhance company value. Also, it is not advisable to have a board size above certain limit.Originality/value – The paper adds to existing literature on corporate governance by establishing a relationship between firm performance and board size and promoter ownership. [ABSTRACT FROM AUTHOR]

Purpose Based on agency theory, the purpose of this paper is to investigate the determinants on the dissemination level of corporate governance disclosure (CGD).Design/methodology/approach The sample of the study incorporates listed companies in Nifty 500 Index for the period 2009-2014. The Governance Disclosure Score calculated by Bloomberg is used as a proxy for the dissemination level of corporate governance information. In total, eight explanatory variables are uses, namely, board’s size, number of board meetings, CEO duality, presence of women on the board, company’s size, financial performance, Tobin’s Q ratio and financial leverage.Findings The results of study suggest a need for improvement in CGDs by Indian companies, as they fail to comply the majority of the proposed disclosure items. Furthermore, it is revealed that the number of board director, the value of company, the financial leverage and the presence of women affect negatively the dissemination level of corporate governance information. While, the size of company is the only determinant that positively affects the extent of CGD.Practical implications The results are valuable because they reveal the attributes that determines which companies needs less or extra monitoring by shareholders and investors regarding the applied corporate governance practices. In addition, the study can be valuable to policy makers responsible for the regulation of company’s accountability in relation to corporate governance practices.Originality/value The study extents previous studies by incorporating for the first time Bloomberg’s rating approach regarding the dissemination level of CGD in Indian context. [ABSTRACT FROM AUTHOR]

Corporate governance is an instrument for strengthening overall effectiveness of corporate enterprise in the corporate world and helps to optimize the goals of corporate entities within the boundary of corporate environment. With the above backdrop, the present paper deals with various issues of corporate governance relating to its concept and importance. This paper also describes various committee issues of corporate governance in the Indian economy and relates it with Indian banking system. Indian banking sector plays a catalytic role because of the critical nature of the relationship with business/ corporate sector and large public ownership. The change over from administered controls era to liberalization era followed by implementation of financial sector reforms end prudential norms have brought about new issues and challenges for implementation of corporate governance guidelines in the banking sector. [ABSTRACT FROM AUTHOR]

Ethics refers to moral demands regarding the business and is based on a theory of the relationship between business and society. Ethics is a good business investment that generates trust and confidence between the parties and in turn guarantees long-term performance. Corporate identity is formed in the way a company manages the stakeholder claims through its values and actions. This paper attempts to define different nonfinancial parameters of ethical identity based on corporate governance, corporate social responsibility and sustainability and measure the extent of ethical practices followed in selected companies based on these parameters. Using Kruskal Wallis analysis, it was found that there is a significant difference between different industries in following and reporting ethical practices in India. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine the relationship between financial performance and internal governance structure of Information Technology (IT) sector in India. Various aspects of the board such as board independence, board size, board meeting, board attendance, aspects of leadership with role duality and family ownership are addressed in this study. Design/methodology/approach – The sample consists of 114 listed IT sector firms in India from 2006 to 2011. To account for endogeneity of the relationship between firm performance, corporate governance and capital structure of the firm, simultaneous system of equations was employed. Findings – The study, after controlling for firm-specific factors, shows that larger board size had a positive impact on firm performance. Independent directors on the board did not show any association with firm performance. The study failed to find any relationship between the number of board meetings and firm performance. However, attendance of the board members was found to be positively associated with firm performance. Family firms showed better performance compared to non-family firms. Originality/value – The study demonstrates that governance measures related to the board in Indian firms have some similarities to the firms in western countries. However, the study shows that some of the widely used board characteristic measures differ with other studies documented in the western contexts which limits the generalisability of the western studies in the emerging countries. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to investigate Indian companies’ compliance with the mandatory and voluntary corporate governance disclosure requirements of the Stock Exchange Board of India’s Clause 49. Design/methodology/approach – The authors develop a corporate governance disclosure index and sub-indices based on Clause 49. Annual reports of listed Indian companies are scored according to their disclosures in two periods – pre and post amendments to Clause 49. Findings – Indian companies are highly compliant with corporate governance disclosure requirements of Clause 49. Disclosure increases significantly after amendments to Clause 49 as the penalties for non-compliance increase in severity. Government controlled firms disclose significantly less than privately owned firms. Research limitations/implications – The findings are consistent with bonding theory and the authors note that the presence of an independent regulator (with powers to take action against violators) provides corporate India with additional incentives to comply with corporate governance reform. Practical implications – These findings have important implications for policy makers and regulators as they contribute to the debate on the choice between formal corporate governance regulation versus informal self-regulation. The study also has implications for understanding factors associated with the adoption of disclosure practices in general. Originality/value – This is the first study to examine disclosure compliance in a major developing country pre and post amendments to mandatory corporate governance requirements. Prior evidence indicates a low level of disclosure in India but our results demonstrate an improvement in line with our theoretical predictions that suggests, India is converging towards an Anglo-Saxon model of corporate governance. [ABSTRACT FROM AUTHOR]

Corporate Governance practices are required to ensure better performance of the firm and hence better shareholder returns. But whether the corporate governance practices bring in better firm performance is always a research question. In this paper, we study the relationship between the firm performance and three corporate governance mechanisms namely board practices, financial disclosure and ownership rights using a sample of blue chip Indian firms. The results of the multiple regressions suggest that our model, which is conceptualized based on literature existing literature does not explain the relationship between the dependent and study variables. But study provides base for further research in this area. [ABSTRACT FROM AUTHOR]

Based on a content analysis study the paper under subject heading examines corporate governance reporting by 30 Indian companies, which form the BSE Sensex. Using the regulation of Securities and Exchange Board in India, the findings indicates that though the firm are providing information related to all the nine dimension of corporate governance reporting, a deeper analysis indicates that the disclosure are still inconclusive and the variation within the companies is also high. Using ordinary least squares regression method, the significant determinants of corporate governance disclosure are size of the company, number of independent directors, and overseas listing status. [ABSTRACT FROM AUTHOR]

Businesses have voluntarily adopted environmental strategies to go beyond compliance. This can be attributed to: a) business community's realisation that environmental investments have the potential to improve business performance and b) pressure from multiple stakeholder groups. In order to improve business relations with the stakeholders, business needs to identify these stakeholder groups and also understand their environmental concerns across the entire life cycle of the product. The first part of this paper deals with relevant theory and introduces a framework to analyse significant environmental stakeholder groups and their influence across its entire life cycle on corporate behaviour. The second part of the paper presents a system approach to improve stakeholders' satisfaction and further develops a model based on Analytic Hierarchy Process (AHP) to measure stakeholders' satisfaction. The results are discussed through a case of a steel manufacturing unit in India. The paper closes with a discussion of research implications. [ABSTRACT FROM AUTHOR]

In recent years India has been moving further in the direction of adopting an Anglo-American model of corporate governance. This decision, the result more of international economic and political pressures than public debate, in effect represents a new development strategy for the world's most populous democracy. In light of this situation, it is important to ask two basic questions: 1) why has the Anglo-American model of corporate governance been adopted? and; 2) can it be justified? This paper addresses the first of these questions by distinguish and examining three historical models of governance in India: 1) the managing agency model in the colonial period; 2) the business house model that emerged after independence, and; 3) the Anglo-American model which has recently been adopted (and is still emerging). The second question is approached through an examination of the "development impact" of the new model, as indicated by such measures as growth, employment and respect for shareholder rights. [ABSTRACT FROM AUTHOR]

Purpose: This study aims at analysing the board characteristics of select manufacturing and service firms in India. It attempts to explore whether these characteristics influence Intellectual capital (IC) efficiency of service sector firms or manufacturing firms. Design: The study uses panel data and multiple regression to examine the firms' performance. The period of study is three years from 2015-16 to 2017-18; thirty firms each from manufacturing and service sector is taken for study. Findings: The empirical evidence is quite interesting. The board characteristics of both groups have varied differences. It can also be observed clearly that the impact of board characteristics on IC performance is more in the service sector than in the manufacturing sector. Research limitations/implications: the study focuses only on select firms from manufacturing and service sector as a preliminary study. The study can be expanded to cover sectors and industries. Originality and value: There are several research studies that try to explore the impact of corporate governance on the financial performance of firms. However, there are none which looks into their impact on the intangible performance of firms. [ABSTRACT FROM AUTHOR]

The study has explored the factors determining dividend policy of Indian companies with special reference to S&P CNX Nifty for the year 2009-2010. The study considered various factors which were broadly classified into two categories- Corporate Governance and Company Characteristics. Corporate governance factors include board size and board independence. Company characteristics include earnings per share, industry type, growth, risk, asset structure, debt ratio and lagged dividend. Dividend per share was considered to be the dependent variable. Using a multiple regression model, the study concludes that corporate governance factors do not have any effect on dividend policies of companies and only certain characteristics of companies like earnings per share, industry type and asset structure influence dividend decision of companies selected for the study. The study concludes that the current year earnings, the type of industry and the nature of assets are the factors determining dividend policies of the companies. [ABSTRACT FROM AUTHOR]

Purpose This study aims to analyse the impact of company performance, company size, ownership structure, board characteristics and other company characteristics on the disclosure of managerial remuneration in 134 listed companies in India from the year 2003 to 2012.Design/methodology/approach A disclosure and compliance index is developed on the basis of 14 statements prepared regarding the disclosure of managerial remuneration in corporate governance reports of companies. The Papke and Wooldridge (2008) approach is adopted to estimate fractional response models, and fractional probit model is estimated using the generalised estimating equation approach, with an independent working correlation matrix to determine the effect of various company attributes on managerial remuneration disclosure.Findings The study shows that company size and the presence of remuneration committee are significantly related with the disclosure and compliance index of managerial remuneration. Remuneration disclosure is found to be time-dependent as time dummies for all years are found to be significant.Research limitations/implications This study highlights the importance of the formation of remuneration committees on corporate boards. The findings of the present study can be used as inputs for promoting better compliance and comprehensive executive remuneration disclosure.Originality/value Nothing concrete in the field of managerial remuneration disclosure (to the best of researcher’s knowledge) has yet been done in an emerging economy such as India. This study aims to address this gap by deriving a disclosure and compliance index for managerial remuneration disclosure and examining the impact of various corporate attributes on it. [ABSTRACT FROM AUTHOR]

Drawing on resource-dependence theory, we hypothesized that in an emerging economy characterized by weak underdeveloped institutions, director interlocks would be a conduit of resources external to the firm. Using data from 651 large Indian firms for the years 2006-2012, we found that directors', especially independent directors', social capital and industry-level expertise enhanced firm performance. Our findings contribute by providing evidence of the beneficial role of directors in providing resources through their interlocks, contrary to the basic tenet of corporate governance that independent directors are chosen for their monitoring role to reduce agency costs. [ABSTRACT FROM AUTHOR]

Poor working conditions remain a serious problem in supplier facilities in developing countries. While previous research has explored this from the developed buyers' side, we examine this phenomenon from the perspective of developing countries' suppliers and subcontractors. Utilizing qualitative data from a major knitwear exporting cluster in India and a stakeholder management lens, we develop a framework that shows how the assumptions of conventional, buyer-driven voluntary governance break down in the dilution of buyer power and in the web of factors rooted in suppliers' traditions, beliefs, local demands and resource dependency. We reveal out how success in governing collaborative global supply chains often falls short within the subcontracting stage, where a stakeholder management mindset is elusive to most participants. We suggest that success in governing collaborative global supply chains is dependent on concepts of stakeholder utility and the presence of shared value that is often at odds with the realities of power, information asymmetry and compliance/reward systems inherent in the non-market coordination of global supply chains. Our findings offer important insights for delineating the concepts of value creation from CSR concepts and practices, and for modifying the basic assumptions of conventional supply chain governance. [ABSTRACT FROM AUTHOR]

Corporate governance is an institutional arrangement that not only addresses the agency problem between shareholders and managers of the firm, but also provides the context for the decisions taken by the top management of the firm. In this context, the main question is whether ownership types influence corporate governance practices of firms. This research empirically studies corporate governance and disclosure practices of firms segregated according to types of ownership, i.e., foreign firms, private sector firms and public sector firms. Such firms are diverse entities with different management philosophy, responsibility and structure. This research focuses on firms across various sectors listed on Bombay Stock Exchange (BSE) and seeks to identify whether corporate governance and disclosure practices of foreign firms, private sector and public sector firms are significantly different. The research also emphasizes the salient features of firms according to ownership types. The findings shed light on the governance and disclosure practices of firms segregated according to ownership types in the legal and institutional environment of India. [ABSTRACT FROM AUTHOR]

It is undeniable fact that, the drive for good corporate governance (CG) practice has cause global reforms in corporate governance towards a single model. This study has taken both theoretical and empirical analysis to demonstrate the reality of convergence in India. With NIFTY companies as sample size, the study found out that, Clause 49 has many similarities with Anglo-American model, while in practice the same can be said with constraints. Ownership structure and poor enforcement of regulations are the major constraints of Indian convergence to Anglo-American model. The study therefore shares similar thoughts with Asfraipur (2009) that, Anglo-American model is dominant in principle but restricted in practice. [ABSTRACT FROM AUTHOR]

We extend the 'institutional voids' perspective on business groups by examining the value-adding potential of two of the characteristic features of business groups: their diverse portfolio and multi-entity organizational form. We maintain that portfolio diversity affords affiliates privileged access to opportunities hidden by incomplete strategic factor markets. We hypothesize that the multi-entity organizational form enables superior sensing and seizing of these growth opportunities by affiliate firms. We further suggest that, in the context of institutional reforms, these characteristics strengthen business group affiliates' ability to capitalize on the expanded set of opportunities made available by the reform program. Empirical analyses on a sample of Indian firms over the period 1994-2010 support our hypotheses. Implications for theory and future directions are discussed. Copyright © 2013 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

In this article, we aim at determining whether government involvement in CSR activity is desirable or counterproductive. We analyze the effects of government involvement in CSR by studying the Indian Companies Act, 2013, and estimating its effects by examining forty-seven top Indian companies coming under this Act on three crucial parameters: level of financial contribution to CSR, operating system of CSR, and the kind of CSR activities undertaken by the companies. Many companies under study already contributed their profits to CSR activities and have operating systems. Most CSR activities of the companies under study are also in compliance with the regulated activities of the new Act. Therefore, government involvement in CSR by regulation is not likely to have much negative effect on companies but can create positive developmental environments for communities. [ABSTRACT FROM PUBLISHER]

We provide a brief overview of corporate governance in India, including a description of Indian contextual differences (as compared to the U.S. and elsewhere) and a discussion of the major events contributing to the evolution of India's corporate governance/accounting/auditing practices since economic deregulation in 1991. We also offer an agenda for future research on important Indian governance/accounting/auditing issues, and briefly address accounting practice implications. [ABSTRACT FROM AUTHOR]

There is a large variation in the quality of corporate governance practices adopted by firms even when they are subject to the same contractual environment. Therefore, it is possible that firms within the same country have widely divergent standards of overall corporate governance. This leads to the fact that different Indian firms could have varying standards of corporate governance disclosure. The present study aims to provide an understanding of corporate governance disclosure levels of Indian companies in the private and public sector. It provides useful insights into comparing and contrasting corporate governance practices of public and private sector companies in India by developing a Corporate Governance Disclosure Score (CGDS). Research in the field of corporate governance disclosure during recent years has mainly focused on the disclosure practices in the annual reports of firms. In conducting this research also, annual reports for the year 2008-2009 of 77 listed Indian companies have been used as a main source of information. While 48 of these companies belong to the private sector, 29 belong to the public sector. The sample is drawn from across eight industries. The study uses the univariate parametric t-test and non-parametric Mann Whitney test for comparing means, and the results indicate that there is a significant difference between the CGDSs of public and private sector companies in India. [ABSTRACT FROM AUTHOR]

This study analyses the impact of corporate governance (CG) mechanisms on valuations of selected companies in Fast Moving Consumer Goods and Information Technology sectors in India. The study is carried out for the period 2002–2006 because improvement initiatives of CG were undertaken during the period. The panel data regression method is used to examine the impact of CG factors on market valuation. Data consisting of a sample of 30 companies for the entire five-year period represent the database for this study. Results obtained showed an overall strong significant relationship between CG and market value of a firm. Of all the CG mechanisms (representing CG) studied, however, only shareholders' rights, and value creation for stakeholders, emerged as important for impact on the valuation. The findings are expected to have practical implications for directors, owners and regulators to formulate the CG codes and guidelines.International Journal of Disclosure and Governance (2008) 5, 236–251. doi:10.1057/jdg.2008.10 [ABSTRACT FROM AUTHOR]