Search

Introduction: The quality of municipal solid waste governance is a key public issue associated with environmental, social, and health concerns that still demands appropriate indicators to encompass different policy, management, and data availability settings worldwide. This study aimed to develop and apply a Municipal Solid Waste Governance Index (MSWGI) to support the monitoring and assessment of the ultimate factors that influence the performance of municipal solid waste (MSW) management in municipalities, incorporating particularities of Global South countries. Methods: The development of the MSWGI comprised two approaches: (1) the establishment of a general theoretical framework with the identification of dimensions for monitoring MSW governance and (2) the development and application of the index using Brazil as a study case. The latter was accomplished through five incremental steps: (i) data selection and data quality analysis, (ii) data normalization and definition of data scores, (iii) data weighting and aggregation through statistical and participatory methods, (iv) data classification and, finally, (v) visualization of the index and its dimensions. Based on a broad literature review, three dimensions were proposed as the framework of the MSWGI: (i) regulatory quality (e.g., laws), (ii) voice and accountability (e.g., access to information; existence and functioning of the municipal council for the environment), and (iii) government effectiveness (e.g., financial and human resources; execution of government programs). A case study was then carried out with the 5,570 Brazilian municipalities to showcase the application and relevance of the MSWGI in a Global South context. Results: Despite the high regulatory quality condition in Brazil, this was not reflected in the MSWGI. In general, most municipalities have high (31.4%) and very high (23.7%) regulatory quality, contrasting low voice and accountability (32.4%), and medium government effectiveness (27.8%), the latter associated with the low quality of public services performed in municipalities. The index was also negatively influenced by the precarious mechanisms and structure of social participation; high levels of informality in the recycling sector, and low completeness and consistency of databases. The MSWGI was associated with socioeconomic development, and its concept and dimensions captured the complexities associated with MSW management. Discussion: The index, and the approach behind it, can be used as an objective tool to improve databases and the enabling conditions to foster MSW governance and management, while also creating indicators to assess its progress, facing the policy implementation gaps that are common to Global South countries. Also, rather than presenting an index to be directly transposed and applied to other locations, the steps of a strategy for generating an MSWGI from existing data were outlined. In this sense, this study creates mechanisms to refine these indicators within data-deficient context, presenting strategies that can be broadly applied. [ABSTRACT FROM AUTHOR]

IntroductionThe quality of municipal solid waste governance is a key public issue associated with environmental, social, and health concerns that still demands appropriate indicators to encompass different policy, management, and data availability settings worldwide. This study aimed to develop and apply a Municipal Solid Waste Governance Index (MSWGI) to support the monitoring and assessment of the ultimate factors that influence the performance of municipal solid waste (MSW) management in municipalities, incorporating particularities of Global South countries.MethodsThe development of the MSWGI comprised two approaches: (1) the establishment of a general theoretical framework with the identification of dimensions for monitoring MSW governance and (2) the development and application of the index using Brazil as a study case. The latter was accomplished through five incremental steps: (i) data selection and data quality analysis, (ii) data normalization and definition of data scores, (iii) data weighting and aggregation through statistical and participatory methods, (iv) data classification and, finally, (v) visualization of the index and its dimensions. Based on a broad literature review, three dimensions were proposed as the framework of the MSWGI: (i) regulatory quality (e.g., laws), (ii) voice and accountability (e.g., access to information; existence and functioning of the municipal council for the environment), and (iii) government effectiveness (e.g., financial and human resources; execution of government programs). A case study was then carried out with the 5,570 Brazilian municipalities to showcase the application and relevance of the MSWGI in a Global South context.ResultsDespite the high regulatory quality condition in Brazil, this was not reflected in the MSWGI. In general, most municipalities have high (31.4%) and very high (23.7%) regulatory quality, contrasting low voice and accountability (32.4%), and medium government effectiveness (27.8%), the latter associated with the low quality of public services performed in municipalities. The index was also negatively influenced by the precarious mechanisms and structure of social participation; high levels of informality in the recycling sector, and low completeness and consistency of databases. The MSWGI was associated with socioeconomic development, and its concept and dimensions captured the complexities associated with MSW management.DiscussionThe index, and the approach behind it, can be used as an objective tool to improve databases and the enabling conditions to foster MSW governance and management, while also creating indicators to assess its progress, facing the policy implementation gaps that are common to Global South countries. Also, rather than presenting an index to be directly transposed and applied to other locations, the steps of a strategy for generating an MSWGI from existing data were outlined. In this sense, this study creates mechanisms to refine these indicators within data-deficient context, presenting strategies that can be broadly applied.

This study empirically investigates the impact of external debt on economic growth, and assesses whether institutional quality matters for this influence, using data from 18 emerging countries during 1996 to 2020. The findings indicate that although an upsurge in external debt negatively affects economic growth, this impact is mitigated when there is an improvement in institutional quality, as reflected by three governance indicators: anti-corruption perception, voice and accountability, and perceptions of the rule of law. However, other three governance indicators (political stability, government effectiveness, and regulatory quality) failed to affect the economic growth favorably. These results have important implications for policymakers in emerging countries who are currently facing major fiscal and external imbalances due to high expenditure on military goods/thigh cost of war, decrease in trade, and financial loss due to the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

The economic and social consequences of capital flight from developing and underdeveloped countries indicate the importance of this phenomenon. Capital flight causes economic and political uncertainty and can be an obstacle to poverty reduction, economic growth, and domestic and international investments. Also, capital outflow and public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Also with capital outflow, public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Knowing more about this phenomenon, such a study can help the literature on this topic in analyzing the determining factors of capital flight from developing countries. In this research, using the Erbe-World Bank method, the amount of capital flight was measured for a sample of 24 developing countries during the period 2000-2021. Then, to investigate and analyze the determinants of capital flight using the generalized method of moments (GMM), the effect of institutional and governance factors and economic factors on capital flight was investigated. The results of the research show that inflation, sanctions, and economic growth fluctuations have positive and significant effects, and the corruption control index and the economic freedom index have negative and significant effects on capital outflow. As a result inflation, sanctions, and economic growth volatility accelerate capital outflow, and improvement in institutional quality and governance reduces capital outflow from developing countries. Countries that are trying to prevent the outflow of capital should review their governance structures and take steps to eliminate internal corruption with greater institutional transparency.

The economic and social consequences of capital flight from developing and underdeveloped countries indicate the importance of this phenomenon. Capital flight causes economic and political uncertainty and can be an obstacle to poverty reduction, economic growth, and domestic and international investments. Also, capital outflow and public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Also with capital outflow, public and social expenses will decrease, especially in the education, water, health, and sanitation sectors, and economic and social inequalities will become more visible. Knowing more about this phenomenon, such a study can help the literature on this topic in analyzing the determining factors of capital flight from developing countries. In this research, using the Erbe-World Bank method, the amount of capital flight was measured for a sample of 24 developing countries during the period 2000-2021. Then, to investigate and analyze the determinants of capital flight using the generalized method of moments (GMM), the effect of institutional and governance factors and economic factors on capital flight was investigated. The results of the research show that inflation, sanctions, and economic growth fluctuations have positive and significant effect, and the corruption control index and the economic freedom index have negative and significant effects on capital outflow. As a result inflation, sanctions, and economic growth volatility accelerate capital outflow, and improvement in institutional quality and governance reduces capital outflow from developing countries. Countries that are trying to prevent the outflow of capital should review their governance structures and take steps to eliminate internal corruption with greater institutional transparency. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economic Policy Researches / İktisat Politikası Araştırmaları Dergisi is the property of Journal of Economic Policy Researches / Iktisat Politikasi Arastirmalari Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Cooperative governance is the convergence of practices, processes, politics, rules and relationships between the members of an organization which dictates the way it is administered or controlled and whose direction leads towards the best performance and evaluation on the market. In the case of agricultural coops, improvement in administration processes are required due to their greater relationships with the market. Consequently, study on these organizations is paramount. Research was undertaken by a survey at the Cooperativa Agrícola Mista de Tomé-Açu (CAMTA), a reference agricultural coop in the state of Pará, Brazil, and aimed at analyzing the interaction level of the members with coop governance. Analysis was developed by factorial analysis which helped in the construction of the Index of Cooperative Governance in Coops (IGOVCoop). Results show the interaction points of cooperative governance between variables related to the members. They contributed towards strategies for the improvement of cooperative governance with producers. The construction of an index may be repeated in other contexts and coops and may be an aid and reference for further research. [ABSTRACT FROM AUTHOR]

This study examines the role of the fiscal and monetary policy mix on economic growth with the St. model. Louis, which Andersen and Jordan developed in 1968, included the variable quality of institutions (governance) as a moderator. This research model uses the independent variable in the form of money supply (M) as a proxy for monetary policy and government expenditure (G) and government debt (D) as a proxy for fiscal policy. The governance index variable (INS) consists of 6 indicators, namely 1). Voice and Accountability; 2). Political Stability and Absence of Violence/Terrorism; 3). Government Effectiveness; 4). Regulatory Quality; 5). Rule of Law; 6). Control of Corruption. The objects of this research are all member countries of the Organization of the Islamic Conference (OIC), 57 countries. Due to the limited data that can be accessed, 46 countries were selected as research samples with a research period of 2005-2018. The analytical tool used in this study is a moderating panel data regression consisting of 28 equations. This study indicates that fiscal policy (government expenditure) and monetary policy (money supply) have a significant effect on economic growth. The government debt has a negative effect on economic growth in OIC countries. The quality of governance has a positive effect on economic growth in the OIC countries. This shows the important role of the quality of governance in the economy, as in the latest economic growth theory. The quality of governance cannot moderate the effect of the fiscal and monetary policy mix on economic growth in the OIC countries. The governance index plays a more direct role in economic growth, not as an effective moderator for government economic policies. The governance index is more effective in moderating various economic variables, which are private economic activities.

Smallholder Irrigation Schemes (SIS) are pivotal in sustaining livelihoods and creating employment in rural communities of South Africa. However, despite the revitalization and rehabilitation of SIS by the government, the performance of farmers is still below par. This study evaluates the performance of water-users across four SIS in KwaZulu-Natal Province (KZN). Technical Efficiency was used as a proxy for performance and the Stochastic Meta-Frontier Analysis method was employed to measure the overall efficiency across 306 households. The efficiency model results showed that governance index, psychological capital, land tenure security, credit access and gender affect water-users' technical efficiency. The study concludes that interventions should be geared toward strengthening institutions and the empowerment of farmers through relevant training and access to credit. Furthermore, adequacy of water and its availability in the schemes should be improved to ensure profitability and productivity of water.

Agriculture has a very strong nexus with water and energy sectors due to their complex interdependence and interplay in the context of adaptation, resilience, mitigation, and low carbon development to cope with the increasing effects of a changing climate. The situation demands a comprehensive response in terms of policies, legal instruments, institutional strategies, and management in the national, sub-national, and local contexts of the governance for climate compatibility, environmental security, and sustainable agriculture development; particularly in developing countries, as they are at the forefront of a high vulnerability risk and severe environmental insecurity due to a business-as-usual complex and weak governance. Therefore, the present study aimed to assess the adequacy of the climate response vis-à-vis policies, legal and other appropriate arrangements in place for agriculture governance by reviewing the high vulnerability case of Pakistan. Considering the need, the assessment model was developed using the first climate principle, nine criteria, and 43 composite indicators. A multi-criteria decision analysis method along with Simple Multi Attribute Rating Technique (SMART) on a ratio scale, combining qualitative and quantitative data and employing rule-based and rights-based governance approaches were adopted to collect and analyze a dataset of 357 observations from 17 locations, which were validated through Pearson Correlation, Regression, and KW H-Tests. The findings reveal significant gaps at the federal, provincial, and district levels in policies, legal and institutional strategies to step forward the climate agenda in Pakistan's agriculture sector. However, the inadequacy is not homogenous at all levels of governance. The overall situation is similar to what has been reported in developing countries in the United Nations Report on Sustainable Development Goals (SDGs) 2020. Provincial climate strategies are required along with enhanced coordination and capacities for execution at all tiers of constituencies. [ABSTRACT FROM AUTHOR]

The development of the energy sector has played a major role in greenhouse gas (GHG) emissions and pollution. The situation thus necessitates rigorous actions for climate compatible development (CCD). The energy sector is context-dependent, due to which response strategies for CCD are quite challenging particularly in the context of energy crises and the actors' capacity issue in developing countries. This study was aimed at exploring the role of government actors involved in governing the energy sector, with the objective to assess their capacity using a set of principles, criteria, and indicators (PCIs). The study attempted to answer the question: is the capacity of the line departments involved in energy governance adequate to achieve the targets set under SDG-7 and SDG-13? For this purpose, the study employed a combination of "Rules-based" and "Rights-based" governance approaches at all tiers of governance, i.e., federal, provincial, and district levels. Actors' capacity was assessed by developing a governance index based on the scoring of PCIs. Three hundred forty key informant interviews (KIIs) and 17 focus group discussions (FGD) were conducted at federal, provincial, and district levels where respondents were asked to score each of the indicators. Responses were then statistically analyzed and validated. The findings revealed that departments at the federal level are playing an effective role and are adequately equipped to align SDG-7 and SDG-13 with energy sector development. However, departments at the provincial and district levels are still lagging behind to achieve the desired objectives, which demonstrate the need to enhance the capacities of provincial and district line departments. [ABSTRACT FROM AUTHOR]

Climate compatible and sustainable expansion of energy resources is a major global challenge. Developing countries, with inadequate resources and incoherent policies, and legal and institutional frameworks must strive hard to achieve targets set by the Sustainable Development Goals (SDGs) while keeping track of Nationally Determined Contributions for Greenhouse Gas (GHG) emissions abatement. Inclusive governance is quite complex due to the interplay of informal and formal systems, rules-based to rights-based approaches, and arrangements in national to local scenarios vis-à-vis methodological limitations. In this context, this study aims at developing a governance index for assessing climate compatible development (CCD) by taking case of the energy sector in Pakistan. The study adopted a two-step approach to develop and validate a methodological framework for assessing the adequacy of governance. In the first step, a multivariate analysis model was developed using principle (CP-1), criteria (09), and 43 indicators (PCIs) through stakeholder involvement. In the second step, the model was deployed by combining the Multi Criteria Decision Analysis method with statistical analysis of the dataset. Data were collected from federal and provincial capitals as well as ten districts through a structured scoring matrix consisting of all 43 indicators. The sample population was based on key informant interviews (340), and experts (17) who were engaged through focus group discussion at federal, provincial, and district levels. Respondents were asked to score against each indicator on a ratio scale, which was then aggregated to develop a governance index score. The findings reveal the dearth of a preemptive and comprehensive governance to address climate compatible development in the energy sector in all tiers of constituencies in Pakistan. There is a need for coherent and inclusive policy, and a legal and institutional framework. This study’s outcome authenticates the findings of United Nations SDGs Report 2020 that efforts to achieve sustainable energy targets are not up to scale and stresses the need to speed up the efforts and development of the associated governance framework for renewable energy to achieve climate compatible and SDGs.

This study develops a "comply or explain" index which captures compliance and quality of explanations given for non‐compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non‐compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The "comply or explain" index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure are value relevant in the UK. Institutional blockholders' ownership is, however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non‐compliance are equally important, as long as valid reasons and justifications for non‐compliance are provided by the reporting companies. These findings thus imply that the "comply or explain" principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between the structure of corporate governance and performance in the banking sector. A sample has been selected using the generalized method of moment (GMM) approach. The sample consists of data from a total of 33 Turkish, Tunisia, Morocco and Lebanon banks which are listed in stock during the period between 2012 and 2017. Since this paper emphasizes corporate governance, a "Board Characteristics Index" was developed based upon four different aspects of the board composition—board leadership structure, board member characteristics and board committee structure. It also demonstrates how the overall index relates to banking performance. The results show that the governance index, which aggregates with the four sets of board attributes relate significantly and positively with return on assets. [ABSTRACT FROM AUTHOR]

This article analyses the nexus between exports, established indicators of governance, and economic growth in Fiji. It finds that exports and governance co-operate to promote economic growth. The interplay between these variables is also meaningful. The findings imply that Fiji needs to improve export productivity and quality of institutional governance to ensure persistent rates of economic growth. Other variables such as human capital, private investment, foreign aid, and policy environment are also growth-enhancing in this small and vulnerable economy.

This work aims to explain the behavior of the multi-drug resistance (MDR) percentage of Pseudomonas aeruginosa in Europe, through multivariate statistical analysis and machine learning validation, using data from the European Antimicrobial Resistance Surveillance System, the World Health Organization, and the World Bank. We ran a multidimensional data panel regression analysis and used machine learning techniques to validate a pooling panel data case. The results of our analysis showed that the most important variables explaining the MDR phenomena across European countries are governance variables, such as corruption control and the rule of law. The models proposed in this study showed the complexity of the antibiotic drugs resistance problem. The efforts controlling MDR P. aeruginosa, as a well-known Healthcare-Associated Infection (HCAI), should be focused on solving national governance problems that impact resource distribution, in addition to individual guidelines, such as promoting the appropriate use of antibiotics.

This article analyses the nexus between exports, established indicators of governance, and economic growth in Fiji. It finds that exports and governance co-operate to promote economic growth. The interplay between these variables is also meaningful. The findings imply that Fiji needs to improve export productivity and quality of institutional governance to ensure persistent rates of economic growth. Other variables such as human capital, private investment, foreign aid, and policy environment are also growth-enhancing in this small and vulnerable economy. [ABSTRACT FROM AUTHOR]

Using a large sample of nonprofit organizations in the United States reporting governance information on their IRS Forms 990, we develop and evaluate several different composite measures of nonprofit governance. These measures can be used to control for governance broadly in a variety of settings, including research that examines nonprofit funding, reporting quality, and executive compensation. Our results suggest that relatively basic indices perform as well as, and in some cases better than, more complex indices. In fact, when controlling for governance in the standard donations model, the collective evidence indicates that an index computed using the simple sum of five binary indicators (audit committee, majority independent board, no outsourcing, CEO salary review, and information available on the organization's website) performs best. Data Availability: All data are publicly available. [ABSTRACT FROM AUTHOR]

The paper investigates the link between corporate governance scores and firm performance among the largest 90 listed companies on the Saudi Stock market. The sample of 90 listed firms is split into two samples: firms with high governance scores and firms with low governance scores. The research compares and contrasts the operating performance of the two samples. In addition, regression models are used to test the link between governance scores and performance. No link between the companies' corporate governance scores and operating performance is found. It is difficult to capture all elements of the complex corporate governance topic in corporate governance scores. It seems that corporate governance in emerging markets lags far behind that of developed markets. This is the first paper to examine the link between corporate governance scores and operating performance in the Saudi market, a new emerging market that has not been examined. The paper adds to the debate in the literature whether there is a link between corporate governance scores and performance. The evidence in the literature is inconclusive. [ABSTRACT FROM AUTHOR]

We investigate the performance of the stock and volume effect associated with changes in the composition of the socially responsible investment (SRI) governance index during a period from 2003 to 2012. It turns out that, in the short term and long term, the announcement of inclusion in the SRI governance index has a positive effect in the stock market; however, exclusion from the SRI governance index has a negative effect. The price reversal phenomenon partly appears in the short term, and stock prices are increased again. The increase of stock prices in the short and long runs indicates a change in intrinsic value. The performance of stock prices in the short and long runs is positive (+); this is caused by the downward‐sloping demand curve (DSDC). The trading volume for event periods is a little more than the current volume in trading volume analysis. Therefore, using these results, we can adopt the price pressure hypothesis, information hypothesis, DSDC hypothesis and liquidity hypothesis. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between governance and social innovation in the area of organizations. In order to understand that relationship, we offer a model that links the absorptive capacity of knowledge [Cohen and Levinthal 1990. “Absorptive Capacity: A new Perspective on Learning and Innovation.”Administrative Science Quarterly35 (1): 128–152] with open innovation [Chesbrough and Di Minin 2014. “Open Social Innovation.” InNew Frontiers in Open Innovation, edited by H. Chesbrough, W. Vanhaverbeke, and J. West, 169–187. Oxford: Oxford University Press]. On the basis of the pilot study Regional Social Innovation Index carried out in the Basque Country (Spain), we empirically explore three types of governance (social, inter-organizational, and sustainable) in social innovation projects propelled by four types of key agents at a regional level: profit and non-profit organizations, universities, and technology centers. The proposed governance Index in Social Innovation contributes to discussions about governance and social innovation at a micro level and, and to the debate about the production of indicators in social innovation. [ABSTRACT FROM PUBLISHER]

We study the corporate governance practices of Turkish public firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index, TCGI , composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. TCGI predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects. The principal subindex which predicts higher market value and profitability, and drives the results for TCGI as a whole, is disclosure subindex. We also study the determinants of firms' governance and find that most firm-specific factors have little effect on firms' governance choices. [ABSTRACT FROM AUTHOR]

This paper examines the economic, political and social determinants which influence foreign direct investment inflow among a set of 83 countries, member states of the Organization for Economic Cooperation and Development, and selected countries of Mena region during the period 1996-2007. The panel data method has been applied to investigate the impact of governance indicators, human development index, environmental sustainability index, ICOR, GDP and economic freedom index, on foreign direct investment inflows. The results indicate that GDP as proxy for market size, governance and environmental sustainability in both OECD countries and the global model were respectively the most effective variables in attracting foreign direct investment. While in the MENA region the market size, ICOR and economic freedom index show a significant effect on attracting foreign direct investment respectively.

This paper investigates the determinants of good corporate governance across Ghanaian listed firms for the study period 2000 to 2009. The Ghanaian Code of corporate governance introduced in 2003 was the first attempt to make official corporate governance guidelines on best practices not backed by the force of law of which the Ghanaian firms were encouraged to comply with its provisions. As such, firms listed on the Ghana Stock Exchange are expected to comply with the recommended governance provisions in order to promote good corporate governance. Some of the key provisions in the code are separating the posts of the Chief Executive Officer and the Chairman of the board of directors, limiting the board size to between eight and sixteen directors, having at least one-third of the total membership of the board to be independent directors, and the establishment of separate board committees to be responsible for audit and executive remuneration. Other provisions call for improvement of the relationship between shareholders and managers, and provisions on financial affairs, auditing and disclosure practices. We develop a corporate governance index and its six subindices to measure firm-level governance quality. Annual reports of the Ghanaian listed firms are scored according to their governance disclosure during the whole period, 2000-2009 and pre 2003 and post 2003 introduction of the Ghanaian Code. A panel data analytical framework was used to find the determinants of strong corporate governance in Ghanaian listed firms. The empirical results over the whole period, 2000-2009 show statistically significant and positive relationship between external financing needs, firm size, institutional shareholdings and governance quality measured by the Ghanaian corporate governance index. While we find no relationship between external financing needs, director shareholding and governance quality pre 2003, the result is positive and statistically significant for post 2003. The most consistent relationship we find concerns firm size and institutional shareholdings. However, growth opportunities and firm performance measures appear to have no association with strong governance in Ghanaian firms. The results have important implications for the Ghanaian firms and regulators. In particular, the Ghanaian firms with high external financing needs would have to improve their governance structures in order to attract such facility. For regulators, it is important to have clear code of corporate governance guidelines in place where firms' governance practices can be benchmarked. In addition, the study contributes to our understanding of the firm attributes affecting strong corporate governance in emerging African economies. [ABSTRACT FROM AUTHOR]

This study examines the relationship between corporate governance compliance and firm performance in the UK. We develop a Governance Index and investigate its impact on corporate performance after controlling for potential endogeneity through the use of a more robust methodology, Generalized Method of Moments (GMM) Estimation. Our evidence is based on a sample of 435 non-financial publicly listed firms over the period 1999–2009. In contrast to earlier findings in the UK literature, our results suggest that compliance with corporate governance regulations is not a determinant of corporate performance in the UK. We argue that results from prior studies showing a positive impact of corporate governance on firms’ performance may be biased as they fail to control for potential endogeneity. There may be a possibility of reverse causality in the results of prior studies due to which changes in the internal characteristics of firms may be responsible for the corporate governance compliance and performance relationship. Our findings are based on GMM, which controls for the effects of unobservable heterogeneity, simultaneity and dynamic endogeneity and thus present more robust conclusions as compared to the findings of previously published studies in this area. [ABSTRACT FROM AUTHOR]

This paper investigates the influence of corporate governance quality on the market value of 154 Brazilian listed companies in 2002. As a proxy for corporate governance quality, a broad governance index was built. The empirical investigation employed different econometric approaches with increasing level of complexity, including multiple regressions by ordinary last squares, instrumental variables estimators and simultaneous equations systems. Results obtained with all econometric approaches show a positive and significant influence of corporate governance quality on firms market values. The paper also finds evidence of endogeneity of the corporate governance variable, for which different instruments are proposed. Moreover, results obtained with the simultaneous equations approach suggest that there might be a two-way causality link between corporate governance quality and firm valuation.

This study investigates whether corporate governance affects the impact of the relationship between fundamental signals and stock returns using Taiwanese data. The study employs the endogenous switching model (ESM) of Hu and Schiantarelli (1998), which combines the response equation and governance index equation simultaneously. We divide the sample into strong and weak governance regimes. Our results suggest that stock returns respond differently in different governance regimes. The beneficial response is greater in the strong governance regime than in the weak one, suggesting that it is worth improving governance for firms. [ABSTRACT FROM AUTHOR]

This work aims to explain the behavior of the multi-drug resistance (MDR) percentage of Pseudomonas aeruginosa in Europe, through multivariate statistical analysis and machine learning validation, using data from the European Antimicrobial Resistance Surveillance System, the World Health Organization, and the World Bank. We ran a multidimensional data panel regression analysis and used machine learning techniques to validate a pooling panel data case. The results of our analysis showed that the most important variables explaining the MDR phenomena across European countries are governance variables, such as corruption control and the rule of law. The models proposed in this study showed the complexity of the antibiotic drugs resistance problem. The efforts controlling MDR P. aeruginosa, as a well-known Healthcare-Associated Infection (HCAI), should be focused on solving national governance problems that impact resource distribution, in addition to individual guidelines, such as promoting the appropriate use of antibiotics. [ABSTRACT FROM AUTHOR]

This paper provides an investigation of the valuation and agency consequences of corporate governance policy. This is achieved by examining variation in voluntary adoption by Australian listed firms, during the period from 1992 to 2002, of corporate governance frameworks representative of the governance code of practice introduced by the Australian Stock Exchange in 2003. The findings indicate benefits for firms from overall corporate governance structuring, but not in isolation, in line with the requirements now in place, and a significant role played by institutional and external shareholders as alternative agency mechanisms. Corporate governance structure is found to be important, however, the likely impact of disclosure of governance practice or compliance on valuation is less clear. [ABSTRACT FROM AUTHOR]

There are great differences in corporate governance among companies within one country. Based on setting some hypothesis, we use corporate governance index of Nankai University to measure the level of companies and then analyses the cause of differences in corporate governance through regression. The results indicate that a company's level of corporate governance is mainly related to its ownership structure, performance, growth, risk situation and size. Moreover, the external economic development and legal environment can also notably enhance its corporate governance, which are approved. [ABSTRACT FROM AUTHOR]