1,158 results on '"regulatory capture"'
Search Results
2. Beyond regulatory capture: Policy entrepreneurs' strategies in regulatory policies under authoritarianism.
- Author
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El Haddad, Ahmed Fouad
- Abstract
This article examines the role of policy entrepreneurs in countering regulatory capture, a phenomenon whereby regulatory bodies influenced by industry lobbying often prioritize private over public interests. The study employs an abductive process‐tracing approach to investigate the 2013 drug pricing reform in Morocco, illustrating how substantial policy shifts can occur even in authoritarian contexts susceptible to regulatory capture. The findings underscore the pivotal role of Houcine El Ouardi, the former Minister of Health, whose strategic leadership exemplified policy entrepreneurship. His capacity to navigate and surmount industry resistance was instrumental to the reform's success, culminating in a significant reduction in drug prices. This case challenges conventional wisdom regarding regulatory capture, demonstrating that individual agency can reshape regulatory outcomes despite opposition. By elucidating how policy entrepreneurs can drive transformative change in resistant regulatory environments under authoritarian regimes, the study contributes to the literature on policy entrepreneurship and regulation. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
3. Frontiers in Operations: The Confidence Trap in Operations Management Practices: Anatomy of Man-Made Disasters.
- Author
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Bhardwaj, Akhil and Akkermans, Henk
- Subjects
OPERATIONS management ,DISASTERS ,GOVERNMENT agencies ,SYSTEM dynamics ,WHISTLEBLOWING - Abstract
Problem definition: Reducing the likelihood of man-made disasters that cause harm to life, property, and the environment is a key societal goal. To that end, regulatory agencies are responsible for ensuring man-made disasters do not occur. In practice, to accomplish this task, regulators have to rely on and cooperate with operators. However, how much cooperation is optimal? In this study, we explore the prudent level of cooperation between operators and regulators to avoid man-made disasters and the role whistleblowers and other policy levers can play in maintaining it within a Goldilocks range. Methodology/results: We synthesize various theories and accounts of man-made disasters to construct a system dynamics model of the mechanisms that lead up to these unwanted outcomes. We employ simulations to uncover how changes in crucial parameters related to cooperation lead to different outcomes and influence the likelihood of the occurrence of man-made disasters. Managerial implications: We resist explanations for man-made disasters rooted in regulatory capture and offer instead a nuanced account rooted in excess cooperation between operators and regulators emerging as a result of everyday operational imperatives and constraints. Our findings indicate that absence of disasters leads operators and regulators to fall into a "confidence trap" that perpetuates limited regulatory oversight and excess cooperation and eventually leads to a disaster. To mitigate this tendency, we investigate, in particular, the role that timely whistleblowing and other policy levers can play in mitigating man-made disasters. We provide managerial and policy implications such as incentivizing and safeguarding whistleblowers, limits on the revolving door between operators and regulators, and more stringent operating and safety scientific standards. Overall, we offer a new frame and potentially fruitful frontier for the operations management community to explore. History: This paper has been accepted in the Manufacturing & Service Operations Management Frontiers in Operations Initiative. Supplemental Material: The online supplement is available at https://doi.org/10.1287/msom.2023.0034. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
4. The limitation of ethics-based approaches to regulating artificial intelligence: regulatory gifting in the context of Russia.
- Author
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Papyshev, Gleb and Yarime, Masaru
- Subjects
- *
ARTIFICIAL intelligence , *GIFT giving , *INFORMATION technology industry , *HIGH technology industries , *CONSUMER protection - Abstract
The effects that artificial intelligence (AI) technologies will have on society in the short- and long-term are inherently uncertain. For this reason, many governments are avoiding strict command and control regulations for this technology and instead rely on softer ethics-based approaches. The Russian approach to regulating AI is characterized by the prevalence of unenforceable ethical principles implemented via industry self-regulation. We analyze the emergence of the regulatory regime for AI in Russia to illustrate the limitations of this approach. The article is based on 50 interviews with policymakers, representatives of AI companies, and academics in the country. The findings show that this regulatory regime was formed under the strong influence of Russian big tech companies, which saw an opportunity to avoid regulatory oversight by washing out concrete regulatory measures from the policy. This approach is part of a broader protectionist sanction-proofing strategy for the local IT sector designed by the government, which can be characterized by lifting regulatory barriers for local companies. Unenforceable ethics-based self-regulation is a regulatory gift from the Russian government to the industry. This gift was intentionally designed because the government thought that prioritizing local innovation over consumer protection would benefit the public. However, the gift can also unintentionally undermine the public interest by providing an opportunity for ethics washing. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
5. From Regulation to Deregulation and (Perhaps) Back: A Peculiar Continuity in the Analytical Framework
- Author
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McColloch, William and Vernengo, Matías
- Published
- 2024
- Full Text
- View/download PDF
6. Evolution and simulation of drug safety regulations: construction of a game model for capture event
- Author
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Wan, Anxia, Huang, Qianqian, Elahi, Ehsan, and Peng, Benhong
- Published
- 2024
- Full Text
- View/download PDF
7. Regulatory capture on emergency due process of law-making
- Author
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Ibnu Sina Chandranegara and Luthfi Marfungah
- Subjects
Regulatory capture ,law-making ,legislation ,Heng Choon (Oliver) Chan, Department of Social Policy, Sociology, and Criminology, University of Birmingham, Birmingham, United Kingdom ,Regulation ,Administrative Law ,Social Sciences - Abstract
AbstractDuring COVID-19, the law-making process in Indonesia needs to be of better quality due to non-transparent and hasty deliberation. The law-making process is often carried out with minimal participation and adherence to the standard. Several decisions of the Constitutional Court, such as the Mining Act of 2020 and the Job Creation Act of 2020 case, show constitutional immorality in the law-making process. For some reason, minimal participation access is indicated by the regulatory capture. This paper intends to answer two research questions: first, how and why capital’s power is interested in dominating the law-making process. Second, what is the scenario to minimise and prevent the negative impact of the influence of the power of money in the law-making process? This study uses a normative legal research method with a conceptual approach. This study shows that the law-making procedure can be a form of realising the fulfilment of more vital economic interests. As a result, the law-making process can become a meaningless procedure. This practice will keep various laws and regulations away from the public interest. This hostage situation can be carried out through corrupt methods such as bribery, political donations, and a cognitive bias model because legislators are indirectly affiliated with business interests. Therefore, lawmakers need to prevent conflicts of interest among business actors. Those conflict of interest prevention clauses at the constitutional level could be an option.
- Published
- 2024
- Full Text
- View/download PDF
8. Is scientific inquiry still incompatible with government information control? A quarter-century later
- Author
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Godwin, Sean C, Bateman, Andrew W, Mordecai, Gideon, Jones, Sean, and Hutchings, Jeffrey A
- Subjects
Generic health relevance ,Life Below Water ,DFO ,Canadian Science Advisory Secretariat ,science advice ,regulatory capture ,salmon aquaculture ,Pacific salmon ,Ecology ,Zoology ,Fisheries Sciences ,Fisheries ,Fisheries sciences - Abstract
Twenty-six years ago, in response to regionally devastating fisheries collapses in Canada, Hutchings et al. asked “Is scientific inquiry incompatible with government information control?” Now, a quarter-century later, we review how government science advice continues to be influenced by non-science interests, particularly those with a financial stake in the outcome of the advice. We use the example of salmon aquaculture in British Columbia, Canada, to demonstrate how science advice from Fisheries and Oceans Canada (DFO) can fail to be impartial, evidence-based, transparent, and independently reviewed—four widely implemented standards of robust science advice. Consequently, DFO's policies are not always supported by the best available science. These observations are particularly important in the context of DFO having struggled to sustainably manage Canada's marine resources, creating socio-economic uncertainty and putting the country's international reputation at risk as it lags behind its peers. We conclude by reiterating Hutchings et al.’s unheeded recommendation for a truly independent fisheries-science advisory body in Canada to be enshrined in the decision-making process.
- Published
- 2023
9. Occupational Licensing and Minority Participation in Professional Labor Markets.
- Author
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SUTHERLAND, ANDREW G., UCKERT, MATTHIAS, and VETTER, FELIX W.
- Subjects
PROFESSIONAL licenses ,MINORITY accountants ,LABOR market ,150-hour requirement (Accounting) ,ACCOUNTANT certification ,ACCOUNTING ethics - Abstract
We examine the staggered adoption of additional educational requirements ("150‐hour rule") for Certified Public Accountants ("CPAs") to understand the effects of occupational licensing on minority participation in professional labor markets. The 150‐hour rule increased the educational requirement for CPAs from 120 to 150 credit hours, effectively adding a fifth year of study. We find a 13% greater entry decline following the requirement's enactment for minority than nonminority CPA candidates. Our analyses of parental income and financial aid availability point to a socioeconomic status channel explaining the differential entry declines. Studying exam passing patterns, professional misconduct, and job postings we find a deterioration, or at best, no change in CPA quality following enactment. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
10. Employee Grievance Redressal and Corporate Ethics: Lessons from the Boeing 737-MAX Crashes.
- Author
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Chary, Shreesh
- Abstract
Two Boeing 737-MAX passenger planes crashed in October 2018 and March 2019, suspending all 737-MAX aircraft. The crashes put Boeing’s corporate practices and culture under the spotlight. The main objective of this paper is to use the case of Boeing to highlight the importance of efficient employee grievance redressal mechanisms and an independent external regulator. The methodology adopted is a qualitative analysis of statements of various whistleblowers and Boeing and the Federal Aviation Administration (FAA) stakeholders. It suggests that employee feedback flowing up the chain of command should be more flexible and dealt with more seriousness. It recommends that companies adopt a cooling-off period or a lifetime restriction for employees who have gone through the revolving door between regulators and the industry. The Boeing 737-MAX case, which emphasizes the ethical obligations of the job, can offer value to engineers, engineering educators, managers, ombudsmen, and human resource professionals. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
11. Regulatory Capture in Transboundary Waste Dumping: (Lack of) Accountability in the Global North–South Context.
- Author
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Wijethilake, Chaminda, Adhikari, Pawan, and Upadhaya, Bedanand
- Subjects
HAZARDOUS wastes ,WASTE management ,DEVELOPING countries ,POLITICAL trust (in government) ,WELL-being - Abstract
By showcasing Sri Lanka's repatriation of hazardous hospital waste to the United Kingdom, this paper explores how the transboundary movement of waste management business model functions in the Global South. It builds on a framework that integrates the market and legal modes of accountability, regulatory capture, and an ethic of accountability. Data were collected using online ethnography and an interpretive case study method. The study demonstrates how the adherence to market and legal modes of accountability and the violation of an ethic of accountability have created loopholes for actors to capture regulatory and institutional provisions, making the transboundary waste management business redundant in the Global South. The traditional business model pursued in waste management has proved inadequate in realizing reciprocal societal rights and responsibilities and promoting public well-being. This has resulted in an erosion of public trust in government and state agencies. Thus, we argue that accountability-based accounting and the ethic of accountability can potentially mitigate the opportunities for regulatory capture, serve the public interests, and protect the ecosystem. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
12. Digital privacy and the law: the challenge of regulatory capture
- Author
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Chomanski, Bartlomiej and Lauwaert, Lode
- Published
- 2024
- Full Text
- View/download PDF
13. 'Dancing in the halls of the rich'? Fatal mine explosions and pro-employer bias in the UK mining inspectorate, 1870-1900.
- Author
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Singleton, John and Reveley, James
- Subjects
- *
DUST explosions , *MINES & mineral resources , *COAL dust , *COAL gas , *EXPLOSIONS - Abstract
Did government mines inspectors in late Victorian Britain display overt bias towards employers when assigning blame for fatal underground explosions? Inspectors were closer to managers and coal owners than they were to miners or mine supervisors in terms of status, background, and engineering experience. That inspectors had more in common with management could have led to favouritism or regulatory capture, as was suggested at the time by miners and more recently by historians. To adjudicate these claims, this article applies the technique of qualitative content analysis to the comments of mines inspectors in their published annual reports. The findings reveal that inspectors frequently condemned employers and their representatives, especially after gas and coal dust explosions that took 10 or more lives. By contrast, following blasting explosions, which typically killed only one person, they usually blamed the miners themselves. The available evidence therefore suggests that any discernible pro-employer bias on the part of the inspectorate was limited to smaller explosions where it was easier to ignore systemic factors and deem individual workmen to be at fault. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
14. An Empirical Study of Regulatory Capture in Kenya's Maize Seed Sector.
- Author
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Van Dycke, Lodewijk Guido K., Mawia, Harriet, Rutsaert, Pieter, and Donovan, Jason
- Subjects
CORN ,SEEDS ,EMPIRICAL research ,AGRICULTURAL climatology ,CROPPING systems ,REGULATORY reform - Abstract
In sub-Saharan Africa, public sector breeding programs depend on local seed companies to deliver new maize varieties to farmers. Such varieties are needed to adapt cropping systems to climate change. While dozens of small and medium seed companies have emerged in the last two decades, the maize seed market in Kenya remains dominated by the parastatal seed company Kenya Seed Company, with multinational seed companies making major inroads. We assess whether parastatal and multinational seed companies have captured Kenya's seed laws to the detriment of local small and medium seed companies ('regulatory capture'), negatively effecting competition and the capacity of local companies to introduce new varieties in the hybrid maize seed market. We conducted in-depth interviews based on legal clauses with maize seed companies active in Kenya, as well as interviews with regulators and stakeholders. Results show that local companies do not feel disadvantaged compared to their multinational counterparts or the parastatal. However, all of them are wary of the entry of new actors. Moreover, through excessive procedures, the Kenyan government keeps a sovereign grasp over the seed sector. Despite frustrations with some of these excessive procedures, seed companies felt comfortable in the protective environment of the Kenyan seed market and were generally happy with the technical aspects of Kenya's seed laws, which are based on international norms. We suggest some improvements to make Kenyan seed laws more conducive to varietal turnover, in line with seed companies' suggestions and taking into account the political sensitivities of the Kenyan government. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
15. Lobbaus ja verosääntely: suomalainen osinkoverotus eturyhmävaikuttamisen kohteena 2004–2014.
- Author
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SANTTURAITASU, MATTIYLÖNEN, and HEIKKIHIILAMO
- Abstract
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- Published
- 2024
- Full Text
- View/download PDF
16. Caught in the Revolving Door: Firm-Government Employee Mobility as a Fleeting Regulatory Advantage.
- Author
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Katic, Ivana V. and Kim, Jerry W.
- Subjects
CORPORATE political activity ,PRICE regulation ,REGULATORY approval ,GOVERNMENT agencies ,SOCIAL capital - Abstract
How does the exchange of employees between regulatory agencies and regulated firms (i.e., the firm-government revolving door) affect firm regulatory outcomes? Existing work has mostly found a positive impact of revolving door hiring on firm outcomes, but it has overlooked potential limitations of this corporate political activity (CPA) tactic. We argue that the advantages firms can gain from hiring former regulators are bound by the timing of revolving door employment relative to the regulatory process. Within the context of agribiotechnology and its main regulator, the U.S. Department of Agriculture, we study regulators who move to in-house and contract lobbying positions (i.e., exit revolving door). We find that firms receive better regulatory outcomes (i.e., faster regulatory approval for new crops) only prior to the regulators' move to in-house lobbying, consistent with the regulatory capture perspective. Moreover, this revolving door was only valuable in the time period immediately before the mobility event. Additionally, contrary to the belief that former regulators provide firms with expertise and social capital as lobbyists, we find that firms did not gain any advantage after regulators became lobbyists. Taken together, our results suggest that revolving doors can be an effective business political mobilization strategy, albeit one that has limited success in shaping firm government outcomes, much like other types of CPA. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2023.1669. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
17. Mechanisms of regulatory capture: Testing claims of industry influence in the case of Vioxx.
- Author
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Heims, Eva and Moxon, Sophie
- Subjects
ROFECOXIB ,SCANDALS ,INFORMATION overload ,DRUG monitoring ,MYOCARDIAL infarction ,EMPIRICAL research - Abstract
This paper presents a systematic empirical study of the causal mechanisms of regulatory capture. It applies process‐tracing methods to the Vioxx drug scandal that was widely regarded to be a result of capture. In doing so, this paper provides a robust empirical analysis of regulatory capture lacking in the current literature. The analysis focuses on the role of the UK drug regulator in licensing and monitoring a drug that caused hundreds of thousands of heart attacks before it was taken off the market in 2004. We develop and systemically operationalize three causal mechanisms of capture to study the evidence on regulatory decision‐making on Vioxx. Through explicit theoretical and empirical evaluation of the evidence, we show that the degree of capture through the revolving door, information overload and shared cultural frameworks was limited. By opening the black‐box of empirical capture research, the paper highlights the problematic consequences of (mis‐)diagnosis of regulatory capture by scholars, the media, and policymakers. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
18. Regulatory capture in a resource boom.
- Author
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Fitzgerald, Timothy
- Subjects
GAS well drilling ,NATURAL gas ,PETROLEUM industry ,GAS extraction ,PUBLIC interest ,STATE regulation - Abstract
States oversee most regulation of oil and gas extraction in the United States. When relying on regulation, state oil and gas agencies may be susceptible to capture by firms developing resources. This may be particularly problematic during booms of resource development when information asymmetries are largest and existing regulations risk becoming obsolete. If regulators are captured, they may take actions that serve concentrated private interests in preference to the public interests they are charged with upholding. I develop and test hypotheses that oil and gas regulators are captured. The primary empirical tests use data from state regulation in North Dakota to prevent resource waste by restricting natural gas flaring. The empirical results are consistent with the theory of regulatory capture, providing empirical evidence that captured regulators serve well-organized specific interests in preference to diffuse general interests. These results provide novel granular evidence of the mechanisms for regulatory capture by showing differences in regulatory responses across firms and locations. This detailed evidence has implications for the design of regulations and reliance on regulatory interventions to protect the public interest. [ABSTRACT FROM AUTHOR]
- Published
- 2024
- Full Text
- View/download PDF
19. Understanding the LIBOR scandal: the historical, the ethical, and the technological.
- Author
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Huan, Xing, Previts, Gary John, and Parbonetti, Antonio
- Subjects
LIBOR ,BANKING laws ,BANKING industry ,SCANDALS ,PRIVATE banks - Abstract
This article examines the conception of banking regulation through the lens of the LIBOR scandal. The narrative of the scandal addresses the debate surrounding the public versus private view of banking regulation. Employing an analytical framework developed through reassembling prevailing regulation theories that is contextualized to the banking industry, we analyze the historical, ethical, and technological aspects of the LIBOR scandal and subsequent reform. We argue that the narrative of the LIBOR scandal represents a typical regulatory capture in the private interest view of regulation. However, the benchmark reform appears to concur with the recent paradigm shift toward the public interest approach to banking regulation that involves more intrusive and detailed supervision with a focus on structural reforms. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
20. Responsible government and responsible business: the challenge of harnessing CSR in a new epoch
- Author
-
Ian Taylor
- Subjects
Responsible business ,Government ,CSR ,Competitiveness ,Regulatory capture ,Efficiency ,Social responsibility of business ,HD60-60.5 ,Business ethics ,HF5387-5387.5 - Abstract
Abstract Much has been written of the implications for government policy on ‘responsible business’ but a comprehensive review of the subject is needed. This literature review will offer an assessment of varied insights to inform academics and practitioners on an important topic in need of scrutiny. The post-war consensus and strength of collective bargaining is waning in the Western world, and an inflection point may be nearing with a new way of working. Governments leveraging responsible business is among the options, but an understanding of the risks inherent in this option available to society is crucial. The world of business is in a new epoch of accepting social responsibility and, at the same time, a crisis of inequality means there is a need for every element of society to put their shoulder to the wheel. Businesses are an extremely powerful element in society, so how should governments harness that productivity for a social purpose? Should governments be encouraging responsible business to improve living standards and rebalance the inequity of incomes, or should political leaders be wary of engaging well-resourced businesses in areas that should be controlled from a democratic mandate? This article examines responsible business by providing comprehensive coverage of the literature in this deceptively mature subject area. Insights from secondary sources are analysed in relation to four key questions to reach an understanding of the risks inherent in crafting policy that expects more from business. The literature review concludes with a focus on the policy area of education, discussing how responsible business has been put into practice to resolve a market failure identified by J. K. Galbraith in the 1940s. Identifying areas such as this will maximise the opportunity of responsible business.
- Published
- 2023
- Full Text
- View/download PDF
21. Identification of Factors Reducing Effectiveness of Institutional Regulation of Financial Capital Market
- Author
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Abuzov, A., di Prisco, Marco, Series Editor, Chen, Sheng-Hong, Series Editor, Vayas, Ioannis, Series Editor, Kumar Shukla, Sanjay, Series Editor, Sharma, Anuj, Series Editor, Kumar, Nagesh, Series Editor, Wang, Chien Ming, Series Editor, and Mantulenko, Valentina, editor
- Published
- 2023
- Full Text
- View/download PDF
22. Practical Difficulties in Airport Benchmarking: The Case of Dublin Airport
- Author
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Guiomard, Cathal, Fischer, Manfred M., Series Editor, Thill, Jean-Claude, Series Editor, van Dijk, Jouke, Series Editor, Westlund, Hans, Series Editor, Hewings, Geoffrey J.D., Advisory Editor, Nijkamp, Peter, Advisory Editor, Snickars, Folke, Advisory Editor, Forsyth, Peter, editor, Müller, Jürgen, editor, Niemeier, Hans-Martin, editor, and Pels, Eric, editor
- Published
- 2023
- Full Text
- View/download PDF
23. Paradoxes and dilemmas: operational independence and internal governance
- Author
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Malik, Ali, author
- Published
- 2024
- Full Text
- View/download PDF
24. A conceptional game theory analysis of environmental public interest litigation of China
- Author
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Haijing Wang and Mingqing You
- Subjects
Game theory ,Public interest litigation (PIL) ,Environmental law enforcement ,Regulatory capture ,Environmental governance ,Science (General) ,Q1-390 ,Social sciences (General) ,H1-99 - Abstract
China introduced civil and administrative public interest litigation (PIL) through a series of pilot projects and legislative revisions in recent years. Now a procuratorate has the standing to bring civil PIL cases against polluters and administrative PIL cases against administrative agencies in its jurisdictions while a qualified non-governmental organization (NGO) has no geographic limits and may bring civil PIL cases against polluters anywhere in mainland China. Previous literature focused on the use of PIL for redressing environmental damages in individual cases. This paper studies the function of PIL beyond individual cases with game theory. This paper uses data collected through autoethnography, interviews, databases of judgements, statistics, and previous literature. This paper finds that local procuratorates and NGOs brought a large number of environmental PIL cases and changed the behavior patterns of local governments and their environmental protection agencies as well as that of polluters. Before the introduction of PIL rules, governmental officers of local governments and their environmental protection agencies were more discretionary and selective in environmental law enforcement and were more cooperative with polluters. After the law introduced PIL rules, they are now less discretionary in environmental law enforcement, less cooperative with polluters, and more likely to strictly enforce the environmental law. This paper models the interaction between local governments and polluters before the introduction of environmental PIL as an infinitely repeated game and reveals the ensuing cooperation. This infinitely repeated game was broken by new players introduced by the PIL, i.e., the procuratorate, NGOs, and the court, which changed the behavior patterns of the local government and its environmental protection agencies as well as that of polluters. This paper concludes that the function of PIL beyond individual cases lies in that it breaks the chain of infinitely repeated game between the local government and polluters and thus changes their behavior patterns.
- Published
- 2024
- Full Text
- View/download PDF
25. An evolutionary game study on the collaborative governance of environmental pollution: from the perspective of regulatory capture
- Author
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Zikun Hu, Yina Wang, Hao Zhang, Wenjun Liao, and Tingyu Tao
- Subjects
environment and public health ,environmental pollution ,regulatory capture ,collaborative governance ,four-party evolutionary game ,Public aspects of medicine ,RA1-1270 - Abstract
Local governments have been captured by enterprises and, thus, have relaxed environmental regulations. This phenomenon has occurred repeatedly and has resulted in serious environmental pollution, posing an enormous threat to public health. To solve this problem, this study introduces central environmental protection inspection and media supervision and considers the economic preferences and environmental preferences of local governments. A four-party evolutionary game model composed of enterprises, local governments, the central government and the media is constructed, and the equilibrium solution of four-party replicator dynamics equations is obtained. The influence of relevant parameters on the choice of strategies of the four main bodies is simulated by using MATLAB software to explore the paths and measures for overcoming regulatory capture and to further improve the modern environmental governance system. The results show the following: First, local governments are easily captured by large enterprises. Second, the central government can improve the environmental behavior of local governments by reducing their economic preferences and strengthening punishment. Third, compared to the penalties imposed by the central government, those imposed by local governments have a more significant impact on the environmental behaviors of enterprises. Fourth, compared to the use of an environmental protection tax policy or a tax relief policy alone, the combination of the two has a more significant impact on the environmental behaviors of enterprises. Fifth, central environmental protection inspection and media supervision can improve the environmental behaviors of both local governments and enterprises, and the effect of media supervision is better than that of central environmental protection inspection. This study recommends improving the performance evaluation system for local governments to coordinate economic development and environmental protection, ensuring that local governments assume the main responsibility, using a combination of incentive and constraint policies for enterprises, and increasing the environmental protection inspection and media supervision of local governments and enterprises to resolve the dilemma of regulatory capture in environmental pollution through the simultaneous enhancement of the environmental behavior of local governments and enterprises.
- Published
- 2024
- Full Text
- View/download PDF
26. Is scientific inquiry still incompatible with government information control? A quarter-century later.
- Author
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Godwin, Sean C., Bateman, Andrew W., Mordecai, Gideon, Jones, Sean, and Hutchings, Jeffrey A.
- Subjects
- *
SCIENTIFIC method , *GOVERNMENT information , *INFORMATION resources management , *SALMON farming , *MARINE resources , *FISHERY management - Abstract
Twenty-six years ago, in response to regionally devastating fisheries collapses in Canada, Hutchings et al. asked "Is scientific inquiry incompatible with government information control?" Now, a quarter-century later, we review how government science advice continues to be influenced by non-science interests, particularly those with a financial stake in the outcome of the advice. We use the example of salmon aquaculture in British Columbia, Canada, to demonstrate how science advice from Fisheries and Oceans Canada (DFO) can fail to be impartial, evidence-based, transparent, and independently reviewed—four widely implemented standards of robust science advice. Consequently, DFO's policies are not always supported by the best available science. These observations are particularly important in the context of DFO having struggled to sustainably manage Canada's marine resources, creating socio-economic uncertainty and putting the country's international reputation at risk as it lags behind its peers. We conclude by reiterating Hutchings et al.'s unheeded recommendation for a truly independent fisheries-science advisory body in Canada to be enshrined in the decision-making process. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
27. Responsible government and responsible business: the challenge of harnessing CSR in a new epoch.
- Author
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Taylor, Ian
- Subjects
LITERATURE reviews ,STANDARD of living ,SOCIAL responsibility of business ,WESTERN countries ,SOCIAL responsibility ,MARKET failure - Abstract
Much has been written of the implications for government policy on 'responsible business' but a comprehensive review of the subject is needed. This literature review will offer an assessment of varied insights to inform academics and practitioners on an important topic in need of scrutiny. The post-war consensus and strength of collective bargaining is waning in the Western world, and an inflection point may be nearing with a new way of working. Governments leveraging responsible business is among the options, but an understanding of the risks inherent in this option available to society is crucial. The world of business is in a new epoch of accepting social responsibility and, at the same time, a crisis of inequality means there is a need for every element of society to put their shoulder to the wheel. Businesses are an extremely powerful element in society, so how should governments harness that productivity for a social purpose? Should governments be encouraging responsible business to improve living standards and rebalance the inequity of incomes, or should political leaders be wary of engaging well-resourced businesses in areas that should be controlled from a democratic mandate? This article examines responsible business by providing comprehensive coverage of the literature in this deceptively mature subject area. Insights from secondary sources are analysed in relation to four key questions to reach an understanding of the risks inherent in crafting policy that expects more from business. The literature review concludes with a focus on the policy area of education, discussing how responsible business has been put into practice to resolve a market failure identified by J. K. Galbraith in the 1940s. Identifying areas such as this will maximise the opportunity of responsible business. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
28. Corporate social accounting, accountability, and company-community conflict in mining
- Author
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Agbeibor, Juliet Akos, Macatangay, Rafael, and Dunne, Theresa
- Subjects
658.4 ,Social accounting ,Accountability ,Stakeholder Engagement ,Regulatory Capture ,Company-Community Conflict ,Mining ,Local Communities ,Critical Realism ,Surrogate Accountability ,Conflict - Abstract
The conflict-prevention and peacebuilding effects of accountability on company-community conflict have been advocated in the business for peace literature. There is, however, limited research on the nature of the linkages between accountability practices and company-community conflict. This thesis investigates the effects of social accounting as an accountability mechanism on company-community conflict in mining. In doing so, the thesis also provides much needed empirical evidence on corporate social accounting and accountability to local communities. The thesis applies a critical realist methodology and a single instrumental case study strategy to collect and analyse data from observing one stakeholder engagement meeting, two company procedure manuals, and twenty-nine semi-structured interviews with company representatives, NGOs, local communities, regulators, and the media. The thesis finds that company-community conflict within the case study setting proceeds along the voice and enforcement dimensions argued by Andrews et al. (2017) and Le Billon et al. (2016). Corrosive agency and statutory regulatory capture is a plausible explanation for the interactions between the structural and contextual elements of the case study environment and the conflict. Regarding social accounting and accountability, the study finds that stakeholder engagement is the sole social accounting mechanism between the case study company and its host communities. The engagement is driven by positivist rather than ethical stakeholder considerations. The level of engagement attained is medium (rungs 4 - 7, token gestures of participation) and results in deficiencies in standard accountability due to weaknesses in consequences and outcomes mainly, and in information and debate to a lesser extent. The existence of regulatory gaps in an environment that is susceptible to capture explains the observed accountability deficits. Due to these accountability deficits, stakeholder engagement has a limited positive effect on company-community conflict as it enables voice (with some shortcomings) but not enforcement. Escalated conflict is delayed rather than prevented. Local communities also attempt to use conflict to enforce accountability obligations with short-lived success. Surrogate accountability within the case study setting suffers from similar deficiencies, albeit to a lesser extent. Surrogate accountability also has a limited positive effect on company-community conflict due to perceived regulatory capture and a consequent lack of trust in regulatory surrogates. Calls to improve corporate social responsibility and accountability practices through regulation must address the potential for regulatory capture. The thesis contributes to the conflict and social accounting literature by drawing theoretical and empirical linkages between social accounting, accountability, and conflict. The thesis' focus and findings on corporate social accounting to local communities, surrogate accountability, and regulatory capture are also additional contributions to the social accounting literature.
- Published
- 2021
29. Küresel Kamusal Malların Regülasyonunda Yeni Aşama: Regülatör Kapitalizmi
- Author
-
Mustafa Alpin Gülşen
- Subjects
public goods ,regulatory capitalism ,regulocracy ,regulatory capture ,kamusal mallar ,regülasyon kapitalizmi ,regülokrasi ,regülatör tuzağı ,Finance ,HG1-9999 - Abstract
Regülasyonların teorik soyut yapısı, fenomen bir gerçeklik olarak, regülatör kapitalizmi olgusuyla pratikte karşımıza çıkmaktadır. Bu kapsamda regülatör kapitalizmi, toplum ve devlet arasındaki ilişkinin, farklı bir iş bölümü yapısıyla, iş dünyası ve devlet ilişkisine dönüşmesini ifade etmektedir. Bu ise küresel kamusal mal ve hizmetlerin sunumunda küresel regülatörlerin etkin rol oynadığını ifade etmektedir. Çalışmada, regülatör kapitalizminin dönüştürdüğü kamusal örgütlenme modeli bürokrasiden regülokrasiye geçiş şeklinde ele alınmıştır. Regülatör kapitalizminin getirdiği bu başarısızlık çalışmada, regülatör tuzağı çerçevesinde incelenmiştir. Regülokrasi, yeni sistemin uzmanlardan oluşan ve evrensel çözüm yolları bulunan toplumsal katmanını ifade ederken regülatör tuzağı ise regüle eden firmaların bir zaman sonra regüle edici konumuna evrilmesini belirtmektedir. Regülatör kapitalizminin bu yapısı bir taraftan yeni bir iş bölümünü ortaya çıkarırken diğer yandan da toplum ile devlet arasındaki kamusal hizmetlerin hesap verilebilirliğini de belirsizleştirmektedir. Böyle bir muğlaklık ise temsili demokrasinin yerini dolaylı temsili demokrasinin almasına neden olmuştur. Neticede kamu kesimi, şeffaflık hesap verilebilirlik gibi kamu mali yönetim ilkelerinden uzaklaşmıştır.
- Published
- 2023
- Full Text
- View/download PDF
30. "Why Change?" Monopoly and Competition in the Southeastern U.S. Electricity System.
- Author
-
Harrison, Conor and Welton, Shelley
- Subjects
- *
ELECTRIC power distribution , *MONOPOLIES , *DEREGULATION , *ECONOMICS , *ECONOMIC competition , *PUBLIC utility laws - Abstract
Although much of the U.S. electricity system moved to deregulated markets in the late 1990s, states in the southeastern United States—home to the nation's largest, most valuable, and most polluting utilities—chose to retain regulated monopolies. In this article, we draw on interviews with regulators, environmental organizations, lobbyists, and utility executives to examine how utilities in the southeastern United States have maintained their position as monopolies in the face of calls for competition in the 1990s and again in the 2020s. We ground our inquiry in geographical political economy, with attention to the role that law plays in balancing monopoly and competition in electricity provision and capitalism more broadly. Our research suggests that the cultural political economy of energy regulation in the Southeast has played a central role in enabling electric utilities to maintain their monopoly position, with utilities using their relationships with regulators to parlay their monopoly preference into narratives of monopoly-as-consumer-protection. We therefore offer insights regarding long-debated mechanisms of regulatory capture, highlighting how the structure of public utility law creates opportunities for political and personal relationships to overpower general ideological commitments to competition. These findings demonstrate how law is deployed as a mediating tool of capitalist relations. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
31. State capture and development: a conceptual framework.
- Author
-
Dávid-Barrett, Elizabeth
- Subjects
SKEWNESS (Probability theory) ,SOCIAL development ,RESOURCE allocation ,CORRUPTION ,MONEY laundering - Abstract
This article argues that the concept of state capture helps to structure our understanding of patterns of grand corruption seen around the world in varied contexts, and increasingly even in countries once regarded as secure democracies. This article seeks to lay the groundwork for future empirical research into state capture in three areas. First, it situates the concept within a wider literature on corruption and describes how it relates to other similar terms, including regulatory capture and kleptocracy. Second, it elaborates on three pillars of activity that are subject to capture, and a variety of mechanisms through which state capture occurs. This provides a structure for the gathering of evidence on how capture plays out in different cases, and raises questions about the interactions among mechanisms and variation in sequencing. Third, the paper considers the impact of state capture on economic and social development, by outlining the ways in which it skews the distribution of power and potential long-term consequences for the allocation of rights and resources. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
32. BOFIA 2020 and financial system stability in Nigeria: Implications for stakeholders in the African largest economy.
- Author
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Alley, Ibrahim
- Subjects
BANKING laws ,BANK compliance ,BANKING industry ,INVESTORS ,REGULATORY reform ,FINANCIAL performance - Abstract
This paper reviews the Banking and Other Financial Institutions Act (BOFIA) 2020 in Nigeria in the light of regulatory theories and extant empirical evidences, with a view to predicting its potential effects on financial system stability in Nigeria, domestic stakeholders and international investors. Our review shows that the new law attains a higher level of clarity in presentation of banking rules and regulations, tightens the incentive structures for compliance, widens regulatory breadth of financial sector coverage, penalises banks' office holders more severely for regulatory breaches, emphasises banks' compliance with prudential ratios, and improves banks' disclosure. Empirical evidence in the literature that suggests these improvements may enhance financial system stability is corroborated by analytical statistics of banking sector data over 1983–2020 period. Our findings show that financial and prudential performance of Nigerian banks significantly improved after regulatory reforms of 2004 and 2009, suggesting that their codification in BOFIA 2020 has a strong potential to enhance financial system stability in Nigeria to the benefits of all stakeholders. These merits may, however, be undermined by inherent pitfalls in the Act such as reduction in the roles of other financial safety-net participants, negative market signals of such reduction, weak harmonisation with other Acts governing relevant banking issues, and concentration of supervisory power in a single regulatory authority with its inclination for regulatory capture, among others. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
33. Regulatory Capture
- Author
-
Braun, Caelesta, Binderkrantz, Anne Skorkjær, Section editor, Harris, Phil, editor, Bitonti, Alberto, editor, Fleisher, Craig S., editor, and Binderkrantz, Anne Skorkjær, editor
- Published
- 2022
- Full Text
- View/download PDF
34. Third-Generation Innovation Policy: System Transformation or Reinforcing Business as Usual?
- Author
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Bergkvist, John-Erik, Moodysson, Jerker, Sandström, Christian, Acs, Zoltan J., Series Editor, Audretsch, David B., Series Editor, Wennberg, Karl, editor, and Sandström, Christian, editor
- Published
- 2022
- Full Text
- View/download PDF
35. 'Suitable and sufficient'? : UK regulation of post-construction fire safety
- Author
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Baker, Alfred James, Spinardi, Graham, and Bisby, Luke
- Subjects
fire safety ,black-boxing ,knowledge ,expertise ,competency ,regulation ,self-regulation ,regulatory capture - Abstract
There have been considerable reductions in UK fire deaths and casualties over the last fifty years, but on-going innovation in the built environment means that fire risks need constantly to be reappraised and addressed. This innovation takes the form not only of new materials and architectural approaches, but also of new methods of fire safety regulation. While existing research has addressed many aspects of this innovation, one crucial area has been neglected: that of post-construction fire safety regulation. This thesis examines this topic focusing on how fire safety is maintained during the life times of buildings. All new buildings have fire safety features that are a requirement of design approval, but these need to be maintained and used appropriately for the remainder of the building's operational life. The key development in UK post-construction regulation in recent years has been the shift towards self-regulation in which the onus is on duty holders (usually the employer) to assess and maintain an appropriate level of fire safety. This thesis documents the emergence, rationale, and operation of this system, and addresses key issues and concerns with the way it functions. In particular, the efficacy of the current UK approach to post-construction regulation depends on the capacity of duty holders to carry out suitable fire risk assessments, either themselves or by employing suitable fire risk assessors. However, this hinges not only on whether a sufficient number of assessors have sufficient competence, but also on the ability of the assessor to understand the intended functionality of the original fire safety design, approved in the pre-construction phase. In addition, the system relies on external oversight by the fire and rescue services for high-risk premises, and this thesis explores the way that this fire and rescue service role has evolved, and its current rationale for deciding which premises are sufficiently high risk to audit. Drawing on interviews with key actors such as fire safety engineers, fire safety managers, fire risk assessors, and fire safety enforcement officers, the thesis unravels this complex system of regulation. This analysis suggests that the system at present has internal inconsistencies that call into question its effectiveness, highlights the concerns of many of those central to the operation of the regulation, and provides evidence from serious fires and other regulatory breaches to support the conclusion that UK post-construction regulation could be more effective.
- Published
- 2019
36. The Capture of EU Football Regulation by the Football Governing Bodies.
- Author
-
Meier, Henk Erik, García, Borja, Yilmaz, Serhat, and Chakawata, Webster
- Subjects
SOCCER ,COMMUNITIES ,PUBLIC interest - Abstract
The article traces how European football regulation has been 'captured' by the football governing bodies. The European Commission re‐aligned with the European football governing body Union des Associations Européennes de Football (UEFA), which enabled the latter to solidify its role as industry regulator. Four factors seem to account for the successful capture of European football regulation by UEFA. (1) UEFA enjoys a substantial mobilization advantage. (2) As legitimacy maximizer, the Commission avoids unnecessary confrontations. (3) Substantial interest heterogeneity amongst football stakeholders such as clubs, players and leagues prevented the emergence of strong countervailing constituencies to oppose UEFA regulatory proposals. (4) The legacy of amateur ideology in European football nurtures a strong socio‐cultural regulatory frame, which depicts the football governing bodies as trustees of the public interest in football as community institution. The findings come with implications for EU football regulation and the limits of the EU regulatory state. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
37. The Dis-Embedded Arbitrator: Releasing Arbitration from Corruption-Shaped Environments in the Wake of the Odebrecht Arbitral Ordeal in Peru.
- Author
-
Vecellio Segate, Riccardo
- Subjects
- *
ARBITRATORS , *ARBITRATION & award , *BRIBERY , *COMMUNITY foundations , *POLITICAL corruption , *CORRUPTION - Abstract
Despite local instances of single arbitrators' corruption not having proven completely absent from arbitration chronicles over the last decades, one may safely argue that until very recently, no scandal had ever been severe enough to shake the foundations of arbitration communities on a regional, let alone global, level. However, this eventually occurred in 2019 in Peru as the outcome of one of the countless parallel investigations stemming from the 2016 Odebrecht corruption saga, propagated from Brazil to the whole of Latin America, the Caribbean, sub-Saharan Africa, and beyond, and labelled by many as the largest scandal of its kind in recent history. Peru's vicissitudes revolved around a number of corrupted arbitrators who systematically accepted bribes and political favours from Odebrecht in return for favourable awards upholding the repricing of public-procurement contracts. This story can teach us about more than the simple evidence that arbitrators, too, might fall for corruption; criminologically, it suggests that arbitration as a dispute-resolution mechanism can find itself embedded within regionalised networked systems of corruption-prone regulatory capture, and even play an active role in their normalised perpetuation. To prevent this, while having regard for safeguarding the independence and confidentiality of arbitral proceedings to the highest possible extent, the enactment of context-sensitive binding regulation is advised. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
38. Oil and power: the effectiveness of state threats on markets.
- Author
-
McFarland, Victor and Colgan, Jeff D.
- Subjects
- *
STATE power , *MARKET power , *PETROLEUM , *PETROLEUM industry , *PRICES , *PETROLEUM sales & prices - Abstract
To what extent can the threat of state regulatory or legal action affect an industry's behavior? The question is relevant to a broad range of industries, from energy to technology companies, and is made especially salient by a transatlantic divide in regulatory approaches. We argue that state action can generate large behavioral effects, and use cases from the oil industry to support that claim. During the middle of the twentieth century, the global oil industry was dominated by an oligopoly of international oil companies called the Seven Sisters, including today's ExxonMobil, Chevron, and BP. Despite their great market power, the Seven Sisters chose to keep prices extraordinarily stable at moderate levels. Why did they not raise prices, as the OPEC nations did in the 1970s, or lower prices to destroy their competition? We argue that the Seven Sisters could have manipulated prices in various ways, but they were constrained by political risks. The privileged position of the Seven Sisters required the tolerance, and sometimes the active support, of governments in both the consumer and producer countries. Our findings have implications for the study of oligopolies and antitrust enforcement, and for governance efforts to avoid climate change. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
39. Regulation as struggle for jurisdictional and maximal power: evidence from the reform strategy of Kenya's regulator of engineering practice.
- Author
-
K'Akumu, O. A.
- Subjects
- *
WORK environment , *ENGINEERING schools , *FINANCIAL security , *LEGISLATIVE power - Abstract
This paper reviews the political thinking as embedded in the text of the statute constituting the regulation of the engineering profession in Kenya. It specifically focuses on the regulator's political strategy of consolidation of jurisdictional power and its concentration of regulatory power. Jurisdictional strategies include expansion into the working environment of engineers, attempts to control engineering schools, criminalisation of employment of non-registered engineers, elimination of competition by declaring the statute supreme over others and non-inclusion of the public interest representatives on the board. Regulatory strategies involved the inclusion of principal secretaries on the board, pursuit of financial security by creating a variety of sources, seeking to invest budgetary surplus and retention of legislative powers. The research concludes that the regulator is a narrow interest group interested in power and money rather than the public interest. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
40. Bank Stress Testing: Public Interest or Regulatory Capture?
- Author
-
Schneider, Thomas, Strahan, Philip E, and Yang, Jun
- Subjects
FINANCIAL stress tests ,BANK investments ,PUBLIC interest ,BANKING industry ,BANKING laws - Abstract
We test whether measures of influence on regulators affect stress-test outcomes. The large trading banks—those most plausibly Too Big to Fail—face the toughest tests. Supervisory stress tests have a greater effect on large trading banks' portfolios; the large banks respond by making more conservative (initial) capital plans; and, despite their more conservative capital plans, the large banks still fail their tests more frequently than other banks. In contrast, while we find little evidence that political or regulatory connections affect the quantitative element of the stress tests, these connected banks do face less scrutiny under its qualitative dimension. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
41. Telecommunications, Universal Service and Poverty in Mexico: a Public Policy Assessment (1990–2008)
- Author
-
Cristina Casanueva-Reguar and Antonio Pita S.
- Subjects
development ,digital divide ,market power ,regulatory capture ,social inclusion ,universal service ,Telecommunication ,TK5101-6720 ,Information technology ,T58.5-58.64 - Abstract
This article analyzes the design and implementation of telecommunications service policies targeted at the poorest regions of Mexico (1990–2008). It begins by defining universal access and service policies, their economic and social rationale. Secondly, it discusses the scope of public policies on universal service provision designed by Mexican authorities to achieve the goal of universal access. Thirdly, the paper analyzes the distributive effects of this set of policies among the poorest sectors of the population. The sources on which this research was based were two national surveys: the Household Income and Expenditure Survey (2008), and the Household Survey of the Access and Use of Information Technologies (2007). The additional information on regional economic development was based on the poverty indexes by the national population council and economic information given by Mexico’s Census Bureau. Additional use was made of the annual reports prepared by Ministry of Communications, statistics published by the Federal Telecommunications Commission and official documents prepared by the government agencies. Finally, a series of in-depth interviews was conducted with the former representatives of the Office of Rural Telephony. Finally, the article discusses, in the light of available evidence, possible explanations for the apparent failure of the universal service policy that was implemented to bring at least basic voice services to Mexico’s neediest.
- Published
- 2023
- Full Text
- View/download PDF
42. The ungreening of integrated reporting: a reflection on regulatory capture
- Author
-
Bridges, Caroline M., Harrison, Julie A., and Hay, David C.
- Published
- 2022
- Full Text
- View/download PDF
43. Poisoning Regulation, Research, Health, and the Environment: The Glyphosate-Based Herbicides Case in Canada.
- Author
-
Bacon, Marie-Hélène, Vandelac, Louise, Gagnon, Marc-André, and Parent, Lise
- Subjects
PESTICIDES ,HERBICIDES ,PESTICIDE pollution ,SCIENTIFIC literature ,POISONING ,ENVIRONMENTAL health ,PEST control - Abstract
Despite discourse advocating pesticide reduction, there has been an exponential increase in pesticide use worldwide in the agricultural sector over the last 30 years. Glyphosate-Based Herbicides (GBHs) are the most widely used pesticides on the planet as well as in Canada, where a total of almost 470 million kilograms of declared "active" ingredient glyphosate was sold between 2007 and 2018. GBHs accounted for 58% of pesticides used in the agriculture sector in Canada in 2017. While the independent scientific literature on the harmful health and environmental impacts of pesticides such as GBHs is overwhelming, Canada has only banned 32 "active" pesticide ingredients out of 531 banned in 168 countries, and reapproved GBHs in 2017 until 2032. This article, based on interdisciplinary and intersectoral research, will analyze how as a result of the scientific and regulatory captures of relevant Canadian agencies by the pesticide industry, the Canadian regulation and scientific assessment of pesticides are deficient and lagging behind other countries, using the GBH case as a basis for analysis. It will show how, by embracing industry narratives and biased evidence, by being receptive to industry demands, and by opaque decision making and lack of transparency, Health Canada's Pest Management Regulatory Agency (PMRA) promotes commercial interests over the imperatives of public health and environmental protection. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
44. Who captures whom? Regulatory misperceptions and the timing of cognitive capture.
- Author
-
Rilinger, Georg
- Subjects
MARKET power ,ELECTRICITY markets ,CONTENT analysis ,ENERGY shortages ,ECONOMIC sociology - Abstract
To explain cognitive capture, economic sociologists often examine the structure of relationships between regulators and market participants. This paper argues that the nature of regulators' misperception should be subject to analysis as well. Different types of misperceptions develop over timelines of varying lengths. Depending on the misperception, different sets of relationships and parties may therefore be the cause of regulators' capture. The paper illustrates this point with a case study of regulators' failure to detect pervasive market power in California's electricity markets between 1998 and 2001. Existing explanations focus on sellers' short‐term attempts to distract regulators from widespread evidence of market power. Using data from three archives and in‐depth interviews, I show that the regulators did not fall prey to such "information problems." Instead, their misperception resulted from a more foundational "worldview problem." This error affects regulators' basic conception of the marketplace and can be traced to earlier and more gradual forms of influence exerted by utilities that, ironically, would become the victims of market power. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
45. Breakdown: what went wrong with deposit insurance in Russia.
- Author
-
Vernikov, Andrei
- Subjects
DEPOSIT insurance ,BANKING laws ,GOVERNMENT ownership of banks ,MORAL hazard ,GOVERNMENT agencies ,UNEMPLOYED people - Abstract
The paper examines the Russian experience with explicit deposit guarantee. Some of its effects, such as moral hazard, adverse selection, and erosion of discipline, are typical and well-researched by previous authors. The social cost of having this institution in Russia turned out to be abnormally high, while the results in terms of bank stability are questionable. More than half of the insurance system members have gone out of business in a matter of just fifteen years. I examine the inception of deposit insurance in Russia, its design, implementation and political economy, using various theoretical approaches and combining qualitative with quantitative evidence. I argue that explicit deposit guarantee by a government agency was a priori redundant, in view of the extraordinary role of state-owned banks. The new institution was used as a tool for structural change and competition enhancement, which I regard as misuse. Deposit guarantee was enacted prematurely, before other essential institutions of bank regulation were in place. The political economy of deposit insurance reveals the political system's vulnerability to uncontained pressure from private special interests demanding public protection. The new institution was captured by interest groups and exploited for private benefit. The evidence from Russia might be relevant to other emerging market countries. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
46. Do voluntary corporate activities lead to reporting regulation? evidence from corporate social responsibility.
- Author
-
Deltas, George and Wen, Hui
- Subjects
SOCIAL responsibility of business ,INCENTIVE (Psychology) - Abstract
Governments and regulators often introduce reporting standards to encourage desirable corporate activities through increasing information quality. Firms that voluntarily take socially desirable activities directly benefit from these standards by being better able to distinguish them against rivals in the product market or with respect to investors. Using a cross-country panel dataset, we find that, at an annual frequency, Corporate Social Responsibility (CSR) reports increase the prevalence of voluntary CSR reporting standards, but little evidence that the converse is true. Thus, at least in the short-run, reporting standards act as an ex-post certification for firms with high CSR activity rather than as an ex-ante incentive for corporate behaviour. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
47. The United States of Stress
- Author
-
Short, John Rennie and Short, John Rennie
- Published
- 2021
- Full Text
- View/download PDF
48. The Gulf Oil Spill and the Costs of Regulatory Capture
- Author
-
Short, John Rennie and Short, John Rennie
- Published
- 2021
- Full Text
- View/download PDF
49. Chapter 4: Frank Knight on Risk and Uncertainty
- Author
-
van Staveren, Irene and van Staveren, Irene
- Published
- 2021
- Full Text
- View/download PDF
50. The capital buffer calibration for other systemically important institutions‐Is the country heterogeneity in the EU caused by regulatory capture?
- Subjects
DILEMMA ,EUROZONE ,CAPITAL requirements ,HETEROGENEITY ,CALIBRATION ,FINANCIAL institutions - Abstract
In this article, we discuss how the too‐big‐to‐fail dilemma for large financial institution is addressed in the regulatory framework and how (differently) regulators in the EU apply it. The European Banking Authority (EBA) has devised a buffer guideline for identifying other systemically important institutions (OSIIs) to address this issue. This guideline defines how to identify OSIIs by a scoring process but does not specify how to map these scores into additional capital buffers. In this study, we empirically show that the OSII buffer assignment is very heterogeneous in Europe. First, based on all EU banks that were classified as OSIIs, we show that the OSII score has less impact on the OSII buffer than the headquarter country dummy. Second, if all countries applied the German OSII buffer assignment, the additional capital requirements in the euro area would increase by 90 bn EUR. Third, we analyze whether our results could be explained by regulatory capture which is measured by supervisory quality, supervisory funding, importance/concentration of the banking system, and political orientation of the government. We find among others that supervisory quality and supervisory funding without banks' participation increase OSII buffers significantly. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
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