Search results for: Institutional Development

Authors: Nazira Kakulia, Tsotne Zhghenti

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The institutional development is one of the actual topics in economics science. New trends and directions of institutional development mostly depend on its structure and framework. Transformation of institutions is an important problem for every economy, especially for developing countries. The first research goal is to determine the importance and interactions between different institutions in Georgia. Using World Governance Indicators and Economic Freedom indexes it can be calculated the size for each institutional group. The second aim of this research is to evaluate Georgian institutional backwardness in comparison to other post-communist economies. We use statistical and econometric methods to evaluate the difference between the levels of institutional development in Georgia and in leading post-communist economies. Within the scope of this research, major findings are coefficients which are an assessment of their deviation (i.e. lag) of institutional indicators between Georgia and leading post-communist country which should be compared. The last part of the article includes analysis around the selected coefficients.

Keywords: Post-communist transition, institutions, economic growth, institutional development.

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Authors: Mingaleva Zhanna, Gayfutdinova Oksana, Podgornova Evgenia

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The regional innovative competitiveness is an integrating characteristic of the innovative sphere of the region. It depends on a big variety of different parameters connected with all kinds of economic entities- activities. But management parameters shouldn't be irregular, so in order to avoid it, an institutional system should be formed. This system should carry out strategic management of factors having the greatest influence on the region's innovative development. This article is devoted to different aspects of organization of the region's development institutional mechanism, which is based on management of regional innovative competitiveness parameters. The base of the analysis is innovatively-active Russian regions which were compared according to the level of the innovative competitiveness. After that the most important parameters of successful innovative development of the region were revealed with the help of the correlation-regression analysis. The results of the research could be used for investigation of the region's innovative policy.

Keywords: Regional innovative competitiveness, institutional mechanism, innovative region development, correlation-regression analysis.

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Authors: Antônio Carlos da Rocha Costa

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This paper concerns a formal model to help the simulation of agent societies where institutional roles and institutional links can be specified operationally. That is, this paper concerns institutional roles that can be specified in terms of a minimal behavioral capability that an agent should have in order to enact that role and, thus, to perform the set of institutional functions that role is responsible for. Correspondingly, the paper concerns institutional links that can be specified in terms of a minimal interactional capability that two agents should have in order to, while enacting the two institutional roles that are linked by that institutional link, perform for each other the institutional functions supported by that institutional link. The paper proposes a cognitive architecture approach to institutional roles and institutional links, that is, an approach in which a institutional role is seen as an abstract cognitive architecture that should be implemented by any concrete agent (or set of concrete agents) that enacts the institutional role, and in which institutional links are seen as interactions between the two abstract cognitive agents that model the two linked institutional roles. We introduce a cognitive architecture for such purpose, called the Institutional BCC (IBCC) model, which lifts Yoav Shoham-s BCC (Beliefs-Capabilities-Commitments) agent architecture to social contexts. We show how the resulting model can be taken as a means for a cognitive architecture account of institutional roles and institutional links of agent societies. Finally, we present an example of a generic scheme for certain fragments of the social organization of agent societies, where institutional roles and institutional links are given in terms of the model.

Keywords: Simulation of agent societies, institutional roles, cognitive architecture of institutional roles.

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Authors: L. Dagilienė

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The article explores the impact of normative institutional factors on the development of sustainability reporting. The vast majority of research in the scientific literature focuses on mandatory institutional factors, i.e. how public institutions and market regulators affect sustainability reporting. Meanwhile, there is lack of empirical data for the impact of normative institutional factors. The effect of normative factors in this paper is based on the role of non-governmental organizations (NGO) and institutional theory. The case of Global Compact Local Network in the developing country was examined. The research results revealed that in the absence of regulated factors, companies were not active with regard to social disclosures; they presented non-systemized social information of a descriptive nature. Only 10% of sustainability reports were prepared using the GRI methodology. None of the reports were assured by third parties.

Keywords: Institutional theory, normative, sustainability reporting.

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: Economic Development, Environmental Destruction, Financial Development, Institutional Development, Seemingly Unrelated Regression.

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Authors: Seyed Mohammad Reza Hosseini

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The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

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Authors: Andre Luiz Carvalhal da Silva, Fernanda Farah de Abreu Zorman

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There are many studies in the literature on institutional investors- efforts to improve corporate governance, generally focused on the role of pension funds and private equity firms. There are only a few studies that analyze the influence of development banks in the governance of investee companies. The objective of this research is to examine the role of the Brazilian Development Bank (BNDES) in the governance of listed companies. Our analysis provides evidence that companies in which BNDES is a shareholder have better governance.

Keywords: BNDES, corporate governance, development banks, institutional investors.

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Authors: Mingaleva Zhanna, Kapuskina Tatiana

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The article touches upon questions of information security in Russian Economy. It covers theoretical bases of information security and causes of its development. The theory is proved by the analysis of business activities and the main tendencies of information security development. Perm region has been chosen as the bases for the analysis, being the fastestdeveloping region that uses methods of information security in managing it economy. As a result of the study the authors of the given article have formulated their own vision of the problem of information security in various branches of economy and stated prospects of information security development and its growing role in Russian economy

Keywords: security of business, management of information security, institutional analyses.

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Authors: Zhanna Mingaleva, Irina Mirskikh

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Innovational development of regions in Russia is generally faced with the essential influence from federal and local authorities. The organization of effective mechanism of innovation development (and self-development) is impossible without establishment of defined institutional conditions in the analyzed field. Creative utilization of scientific concepts and information should merge, giving rise to continuing innovation and advanced production. The paper presents an analysis of institutional conditions in the field of creation and development of innovation activity infrastructure and transferring of knowledge and skills between different economic agents in Russia. Knowledge is mainly privately owned, developed through R&D investments and incorporated into technology or a product. Innovation infrastructure is a strong concentration mechanism of advanced facilities, which are mainly located inside large agglomerations or city-regions in order to benefit from scale effects in both input markets (human capital, private financial capital) and output markets (higher education services, research services). The empirical results of the paper show that in the presence of more efficient innovation and knowledge transfer and transcoding system and of a more open attitude of economic agents towards innovation, the innovation and knowledge capacity of regional economy is much higher.

Keywords: knowledge economy, innovational development, transfer of knowledge, institutional preconditions, innovation andknowledge capacity.

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Authors: K. D. Mroczek

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In the study presented institutional context is discussed in terms of companies’ entry mode choice. In contrary to many previous analyses, instead of using one or two aggregated variables, a set of eleven determinants is used to establish equity and non-equity internationalization friendly conditions. Based on secondary data, 140 countries are analyzed and grouped into clusters revealing similar framework. The range of the economies explored is wide as it covers all regions distinguished by The World Bank. The results can prove a useful alternative for operationalization of institutional variables in further research concerning entry modes or strategic management in international markets.

Keywords: Clustering, entry mode choice, institutional environment, transaction costs.

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Authors: Wen-Hong Liu, Hao-Tang Jhan, Kun-Lung Lin, Meng-Tsung Lee

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Weather disaster events were frequent and caused loss of lives and property in Taiwan recently. Excessive concentration of population and lacking of integrated planning led to Taiwanese coastal zone face the impacts of climate change directly. Comparing to many countries which have already set up legislation, competent authorities and national adaptation strategies, the ability of coastal management adapting to climate change is still insufficient in Taiwan. Therefore, it is necessary to establish a complete institutional arrangement for coastal management due to climate change in order to protect environment and sustain socio-economic development. This paper firstly reviews the impact of climate change on Taiwanese coastal zone. Secondly, development of Taiwanese institutional arrangement of coastal management is introduced. Followed is the analysis of four dimensions of legal basis, competent authority, scientific and financial support and international cooperations of institutional arrangement. The results show that Taiwanese government shall: 1) integrate climate change issue into Coastal Act, Wetland Act and territorial planning Act and pass them; 2) establish the high level competent authority for coastal management; 3) set up the climate change disaster coordinate platform; 4) link scientific information and decision markers; 5) establish the climate change adjustment fund; 6) participate in international climate change organizations and meetings actively; 7) cooperate with near countries to exchange experiences.

Keywords: Climate Change, Coastal Zone Management, Institution Arrangement, Adaptation.

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Authors: Bolanle Deborah Motilewa, E. K. Rowland Worlu, Gbenga Mayowa Agboola, Ayodele Maxwell Olokundun

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Several studies have proposed a one-size fit all approach to Corporate Social Responsibility (CSR) practices, such that CSR as it applies to developed countries is adapted to developing countries, ignoring the differing institutional environments (such as the regulative, economic, social and political environments), which affects the profitability and practices of businesses operating in them. CSR as it applies to filling institutional gaps in developing countries, was categorized into four themes: environmental protection, product and service innovation, social innovation and local cluster development. Based on the four themes, the study employed a qualitative research approach through the use of interviews and review of available publications to study the influence of institutional environments on CSR practices engaged in by three renewable energy firms operating in Nigeria. Over the course of three 60-minutes sessions with the top management and selected workers of the firms, four propositions were made: regulatory environment influences environmental protection practice of Nigerian renewable firms, economic environment influences product and service innovation practice of Nigerian renewable energy firms, the social environment impacts on social innovation in Nigerian renewable energy firms, and political environment affects local cluster development practice of Nigerian renewable energy firms. It was also observed that beyond institutional environments, the international exposure of an organization’s managers reflected in their approach to CSR. This finding on the influence of international exposure on CSR practices creates an area for further study. Insights from this paper are set to help policy makers in developing countries, CSR managers, and future researchers.

Keywords: Corporate social responsibility, institutional environment, renewable energy firms, developing countries, international exposure.

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Authors: Nabil El Kadhi, Minerva M. Bunagan

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The dynamism in education, particularly in the area of teaching, learning and assessment has caused Higher Education Institutions (HEIs) worldwide to seek for ways to continuously improve their educational processes. HEIs use outcomes of institutional audits, assessments and accreditations, for improvement. In this study, the published institutional audit reports of HEIs in the Sultanate of Oman were analyzed to produce features of good practice; identify challenges along Teaching, Learning Assessment (TLA); and propose a framework that puts major emphasis in having a quality-assured TLA, including a set of principles that can be used as basis in succeeding an institutional visit. The TLA framework, which shows the TLA components, characteristics of the components, related expectation, including implementation tool/ strategy and pitfalls can be used by HEIs to have an adequate understanding of the scope of audit and be able to satisfy institutional audit requirements. The scope of this study can be widened by exploring the other requirements of the Institutional Audits in the Sultanate of Oman, particularly the area on Governance and Management and Student Support Services.

Keywords: Accreditation, audit, quality assurance, teaching, learning and assessment.

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Authors: Wen-Shan Lin, Shu-Lu Hsu

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Environmental concern and consumer rights have entailed e-tailers to adopt better strategies to facilitate product returns from customers. As the demand for reverse logistics (RL) continues to grow, little is known about what motivates e-tailers to enhance their RL capabilities and about the role RL capabilities plays in enabling e-tailers to achieve better customer satisfaction and economic performance. Based on resource-based theory and institutional theory, this article proposes that the following factors play a critical role in influencing the RL capability of e-tailers: (a) Financial resource commitment to RL, (b) managerial resource commitment to RL, and (c) institutional pressure to implement RL. Based on the role of these factors, the study provides a framework and propositions that serve to guide future research addressing the link among resources, institutional pressure, and RL capability.

Keywords: Reverse logistics, e-tailing, resource-based theory, institutional theory.

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Authors: Ugur Karakaya, Hasan Bulent Kantarcı

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In this study, firstly democratic thoughts which directly or indirectly affect economic development and/or the interaction between authoritarian regimes and the economic development and the direction and channels of this interaction were studied and then the study tried to determine how democracy affects economic development. It was concluded that the positive contributions of democracy to economic development were more determinant than the effects that were either negative or restrictive in terms of development. When compared to autocracy, since democracy is more successful in managing social conflicts, ensuring political stability and preventing social disasters such as famine, it contributes more to economic development. Democracy also facilitates delegation of authority, provides a stable investment environment and accelerates mobilization of resources in accordance with economic growth/development. Democracy leads to an increase in human capital accumulation and increases the growth rate through reducing income inequality. It can be said that democratic regimes are the most appropriate ones in terms of increasing economic performance and supporting economic development through their strong institutional structures and the assurance they will ensure in property rights.

Keywords: Autocratic Regime, Democracy, Economic Development, Economic Freedom.

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Authors: Maia Margvelashvili, Kakhaber Cheishvili, Ineza Vatsadze

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In Capitalism all economic activity rests upon a set of core institutional foundations, main from which are privately owned capital assets and profit. How these core institutional foundations are working in former soviet countries, in particular in Travel and Tourism Industry of Georgia? The role of Travel and Tourism as a key pillar of economic growth is being increasingly recognized by governments in all regions of the world. For the last few years Georgia succeeded in the World Bank and IFC “Doing Business” rankings. Despite of that, during decades totally different statistical data of the tourism sector were provided by the different State bodies; economic parameters were published few, or not published at all. The frequency and extent of property rights violation in Georgia has repeatedly been the subject of concern for the last decade. Total value of abrogated by the former Georgian Government private property is estimated approximately in US$4-5 billion. Thus, if economic profitability is unknown and property rights are not protected – that means that the main institutional foundations of capitalism in Georgia, are not working properly yet, that cause management problems at all levels of the national Travel and Tourism industry of Georgia.

Keywords: Institutional foundations of capitalism, Tourism management, Transition stage.

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Authors: J. Mansvelt, G. Suddaby, D. O'Hara

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This paper focuses on issues of engagement by staff in professional development related to the delivery of e-learning. The paper reports on findings drawn from a New Zealand research project which is producing a sector-wide framework for professional development in tertiary e-learning. The research findings indicate that staff engaged in e-learning in tertiary institutions is not making the most effective use of the professional development opportunities available to them; rather they seem to gain their knowledge and support from a variety of informal means. This is despite an emphasis on the provision of professional development opportunities by both Government Policies and Institutions themselves. The conclusion drawn from the findings is that institutional approaches to professional development for e-learning do not yet fully reflect the demands and constraints that working in a digital context impose.

Keywords: Academic development, e-learning, engagement, professional development, tertiary education.

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Authors: Saghir Ahmad, Abid Hussain Ch., Atif Khalil, Misbah Malik

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The major purpose of the study was to identify the institutional environments’ strengths, weaknesses, opportunities and threats of University of the Punjab, Lahore. The target population of the study was teachers of University of the Punjab Lahore. The sample of 235 teachers (155 males, 80 females) were selected through multistage stratified sampling technique. A questionnaire regarding the institutional environments of University SWOT Analysis “Strengths, Weaknesses, Opportunities, and Threats” was used to collect the required data for this study. The questionnaire consisted of two parts. The first part comprised of the demographic information (faculty, department, gender, teacher rank), while the second part included the statements regarding SWOT analysis (strengths, weaknesses, opportunities and threats). Reliability index (Cronbach’s Alpha) of the questionnaire was 0.87, which is statistically acceptable. Analysis of the data indicated that there was significant difference in the opinion of respondents. Teachers of Islamic studies and Laws had difference in their opinions regarding the institutional environment strengths, and opportunities and it was supported by the findings of the study. There was significant difference in opinions of male and female teachers regarding strengths and opportunities of university. And there was no significant difference in opinions of male and female teachers regarding weaknesses and threats of university.

Keywords: Institutional environments, SWOT analysis, teachers, University of the Punjab.

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Authors: C. F. Pricope

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The last two decades witnessed a movement towards harmonization of international financial reporting standards (IFRS) throughout the global economy. This investigation seeks to identify the factors that could explain the adoption of IFRS by poor jurisdictions. While there has been a considerable amount of literature published on the effects and key drivers of IFRS adoption in both developed and developing countries, little attention has been paid to jurisdictions with less developed capital markets and low income levels exclusively. Drawing upon the Institutional Isomorphism theory and analyzing a sample of 45 poor jurisdictions between 2008 and 2013, the study empirically shows that poor jurisdictions are driven by legitimacy concerns rather than by economic reasoning to adopt an international accounting perspective. This in turn has implications for the IASB, as it should seek to influence institutional pressures within a particular jurisdiction in order to promote IFRS adoption.

Keywords: IFRS Adoption, isomorphism, poor jurisdictions, accounting harmonization.

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Authors: Jindřiška Šedová

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In the past 20 years the economy of the Czech Republic has experienced substantial changes. In the 1990s the development was affected by the transformation which sought to establish the right conditions for privatization and creation of elementary market relations. In the last decade the characteristic elements such as private ownership and corresponding institutional framework have been strengthened. This development was marked by the accession of the Czech Republic to the EU. The Czech Republic is striving to reduce the difference between its level of economic development and the quality of institutional framework in comparison with other developed countries. The process of finding the adequate solutions has been hampered by the negative impact of the world financial crisis on the Czech Republic and the standard of living of its inhabitants. This contribution seeks to address the question of whether and to which extent the economic development of the transitive Czech economy is affected by the change in behaviour of households and their tendency to consumption, i.e. in the sense of reduction or increase in demand for goods and services. It aims to verify whether the increasing trend of household indebtedness and decreasing trend of saving pose a significant risk in the Czech Republic. At a general level the analysis aims to contribute to finding an answer to the question of whether the debt increase of Czech households is connected to the risk of "eating through" the borrowed money and whether Czech households risk falling into a debt trap. In addition to household indebtedness risks in the Czech Republic the analysis will focus on identification of specifics of the transformation phase of the Czech economy in comparison with the EU countries, or selected OECD countries.

Keywords: household indebtedness, household consumption, credits, financial literacy

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Authors: Muritala Babatunde Hassan

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In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.

Keywords: Foreign capital, politics, socio-economic development, FDI attraction strategies, Redemocratization.

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Authors: Haga Elimam

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This paper investigates the connotation, and some of the realistic implications, of the economic reform of health sector in under developed countries. The paper investigates the issues that economic reforms have to address, and the policy targets they are considered to accomplish. The work argues that the development of economic reform is not connected only with understanding the priorities and refining them, furthermore with reformation and restructuring the organizations through which health policies are employed. Considering various organizational values, that are likely to be regular to all economic reform programs, a regulatory approach to institutional reform is unsuitable. The paper further investigates the selection of economic reform that may as well influence via technical suggestions and analysis, but the verdict to continue, and the consequent success of execution, eventually depends on the progressive political sustainability. The paper concludes by giving examples of institutional reforms from various underdeveloped countries and includes recommendation of the responsibility and control of donor organizations.

Keywords: Economic Reform, Health Sector, underdeveloped Countries.

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Authors: Sri Lakshmi Kanniah, Mohd Naz’ri Mahrin

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More and more businesses and services are depending on software to run their daily operations and business services. At the same time, cyber-attacks are becoming more covert and sophisticated, posing threats to software. Vulnerabilities exist in the software due to the lack of security practices during the phases of software development. Implementation of secure software development practices can improve the resistance to attacks. Many methods, models and standards for secure software development have been developed. However, despite the efforts, they still come up against difficulties in their deployment and the processes are not institutionalized. There is a set of factors that influence the successful deployment of secure software development processes. In this study, the methodology and results from a systematic literature review of factors influencing the implementation of secure software development practices is described. A total of 44 primary studies were analysed as a result of the systematic review. As a result of the study, a list of twenty factors has been identified. Some of factors that affect implementation of secure software development practices are: Involvement of the security expert, integration between security and development team, developer’s skill and expertise, development time and communication between stakeholders. The factors were further classified into four categories which are institutional context, people and action, project content and system development process. The results obtained show that it is important to take into account organizational, technical and people issues in order to implement secure software development initiatives.

Keywords: Secure software development, software development, software security, systematic literature review.

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Authors: Analiza Acuña-Villacorte

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The Institutional Sustainability Performance (ISP) of State Universities and Colleges (SUCs) in the Philippines reveals the level of compliance and fidelity of the latter to the mandates of the state. This performance evaluation procedure aims to perpetually monitor and sustain the quality of services provided by the state institutions in the country. Importantly, the SUC level rating is one of the key indicators of the merit system adopted by the state to give incentives to government institutions. With the crucial role of the ISP and SUC level in the performance of an institution and in sustaining quality assurance, this study theorized that the top managers’ capacity to influence is the critical factor in meeting the expectations of the state. This study assessed the top managers’ capacity to influence. The hypothesis in this study proved that leadership style of top managers has significant relationship to the managers’ capacity to influence for institutional sustainability performance. Thus, the subjects of this study were restricted only to the State Universities and Colleges (SUC) that qualified in the top 20 Institutional Sustainability Performance; the digital governance performance, and the SUC leveling status nationwide. The top managers and their subordinates with doctorate of Bulacan State University and Bataan Peninsula State University whose programs have been consistently submitted to accreditation and were ranked Levels III and IV were subjected and participated to the study. This study assessed the top managers’ capacity to influence. The hypothesis in this study proved that leadership style of top managers has significant relationship to the managers’ capacity to influence for institutional sustainability performance. Thus, the subjects of this study were restricted only to the State Universities and Colleges (SUC) that qualified in the top 20 Institutional Sustainability Performance; the digital governance performance, and the SUC leveling status nationwide. The top managers and their subordinates with doctorate of Bulacan State University and Bataan Peninsula State University whose programs have been consistently submitted to accreditation and were ranked Levels III and IV were subjected and participated to the study.

Keywords: Capacity to Influence, Descriptive Design, Institutional Sustainability Performance, Management.

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Authors: Michael W. Markowitz

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A central element of higher education today is the “core” or “general education” curriculum: that configuration of courses that often encompasses the essence of liberal arts education. Ensuring that such offerings reflect the mission and values of the institution is a challenge faced by most college and universities, often more than once. This paper presents an action model of program planning designed to structure the processes of developing, implementing and revising core curricula in a manner consistent with key institutional goals and objectives. Through presentation of a case study from a university in the United States, the elements of needs assessment, stakeholder investment and collaborative compromise are shown as key components of a planning strategy that can produce a general education program that is comprehensive, academically rigorous, assessable, and mission consistent. The paper concludes with recommendations for both the implementation and evaluation of such programs in practice.

Keywords: Academic assessment, academic program planning, curriculum development, general education reform.

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Authors: Maizatul A. Musa

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Not many studies have been undertaken on shareholder activism in emerging economies, including Malaysia. Shareholder activism in emerging economies is on the rise. This paper seeks to comprehend the elements of this activism that are unique to Malaysia, specifically with respect to how the agency problem is controlled through shareholder activism in improving corporate governance practices within target companies. Through shareholder activism, shareholders make contact with a target company to voice their dissatisfaction, suggestions, or recommendations. This paper utilises agency theory to explain institutional shareholder activism. This theory has been extensively used within literature on corporate governance with regards to shareholder activism. The effectiveness of shareholder activism in improving corporate governance will be examined as well. This research provides a further understanding of shareholder activism in emerging economies, such as Malaysia; this research also has the potential to enhance shareholder activism and corporate governance practices in general.

Keywords: Agency Theory, Corporate Governance, Emerging Economies, Institutional Shareholder Activism, Malaysia.

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Authors: Gabriel Jinga, Madalina Dumitru

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The objective of this paper is to present the process of change in management accounting in Romania, a former communist country from Eastern Europe. In order to explain this process, we used the contingency and institutional theories. We focused on the following directions: the presentation of the scientific context and motivation of this research and the case study. We presented the state of the art in the process of change in the management accounting from the international and national perspective. We also described the evolution of management accounting in Romania in the context of economic and political changes. An important moment was the fall of communism in 1989. This represents a starting point for a new economic environment and for new management accounting. Accordingly, we developed a case study which presented this evolution. The conclusion of our research was that the changes in the management accounting system of the company analysed occurred in the same time with the institutionalisation of some elements (e.g. degree of competition, training and competencies in management accounting). The management accounting system was modelled by the contingencies specific to this company (e.g. environment, industry, strategy).

Keywords: Management accounting, change, Romania, contingency and institutional theory.

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Authors: Min Li, Tao Li

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This paper constructs a four factors theoretical model of Chinese small and medium enterprises based on the “cartoon characters- reputation - enterprise marketing and management capabilities – protection of the cartoon image - institutional environment" by literature research, case studies and investigation. The empirical study show that the greatest impact on current merchandising rights income is the institutional environment friendliness, followed by marketing and management capabilities, input of character image protection and Cartoon characters- reputation through the real-time grey relational analysis, and the greatest impact on post-merchandising rights profit is Cartoon characters reputation, followed by the institutional environment friendliness, then marketing and management ability and input of character image protection through the time-delay grey relational analysis.

Keywords: Cartoon characters, merchandising rights, influencefactors, grey relational analysis

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Authors: Lisa J. Piergallini

Abstract:

This project uses panel regression analyses to investigate the relationships between geography, institutions, and economic development, as guided by the theories of the 18^th century French philosopher Montesquieu. Contemporary scholars of political economy perpetually misinterpret Montesquieu’s theories on climate, and in doing so they miss what could be the key to resolving the geography vs. institutions debate. There is a conspicuous gap in this literature, in that it does not consider whether geography and institutors might have an interactive, dynamic effect on economic development. This project seeks to bridge that gap. Data are used for all available countries over the years 1980-2013. Two interaction terms between geographic and institutional variables are employed within the empirical analyses, and these offer a unique contribution to the ongoing geography vs. institutions debate within the political economy literature. This study finds that there is indeed an interactive effect between geography and institutions, and that this interaction has a statistically significant effect on economic development. Democracy (as measured by Polity score) and rule of law and property rights (as measured by the Fraser index) have positive effects on economic development (as measured by GDP per capita), yet the magnitude of these effects are stronger in contexts where a low percent of the national population lives in the geographical tropics. This has implications for promoting economic development, and it highlights the importance of understanding geographical context.

Keywords: Montesquieu, geography, institutions, economic development, political philosophy, political economy.

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Authors: Azaz Zaman, Mirazur Rahman

Abstract:

Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: Stock market investment, Dhaka stock exchange, capital market, Bangladesh.

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