Search results for "institutional quality"
showing 6 items of 16 documents
Institutions, institutional quality, and international competitiveness: Review and examination of future research directions
2021
Abstract The importance of institutions has become more relevant analytically in recent years, emphasizing the significance of an appropriate institutional framework for international competition. This paper aims to identify the link between institutions, institutional quality, and international competitiveness. Following the TCCM (Theory, Context, Characteristics, and Methodology) framework analysis, proposed by Paul & Rosado-Serrano (2019) , we conducted a systematic literature review of top tier journals during the period 2000–2020. This review unfolds the theoretical and empirical studies regarding institutions, institutional quality, and international competitiveness. Main findings rev…
The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa
2018
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – w…
Disentangling the sources of sovereign rating adjustments: An examination of changes in rating policies following the GFC
2022
Abstract This paper disentangles and quantifies the sources of sovereign rating adjustments issued by the main rating agencies (Fitch, Standard and Poor's and Moody's) because of the global financial and European sovereign debt crises. We use a methodology (Rating Adjustment Decomposition) that allows us to decompose and quantify the portion of the rating adjustments motivated by changes in economic, financial and institutional quality factors (Δeconomic situation) and by changes in CRAs’ rating policies (Δrating policy). A third component (misprediction) is considered as the measure relies on a set of prediction exercises. Using 3,581 sovereign ratings from 104 (developed and developing) c…
Institutional quality and resource-based economic sustainability: the mediation effects of resource governance
2022
The discovery of extractive resources is associated with multiple opportunities and unbridled optimism on achieving socio-economic development for many countries. However, the question how the host governments meet expectations of indigenous people by ensuring an ideal resource-based economic sustainability (RES) has been receiving less research attention. Using the global panel dataset of 80 resource-endowed economies from 2010 to 2017, we postulate and empirically examine the mediating effect of the resource governance (RESOGV) on the relationship between institutional quality (IQ) and RES. The ANOVA and post hoc ANOVA results revealed significant disparities in terms of IQ, RESOGV, and R…
Social capital and political participation
2010
This paper analyzes the determinants of social capital, as generalized trust, from a microeconomic perspective. We review previous results at the aggregate level and test their significance in our setup. Specifically we aim at testing the role of political participation and the quality of institutions. The empirical work relies on microeconomic data from the 2008 wave of the European Social Survey, including 21 European countries and roughly 41,000 observations on a wide set of socio-economic and political variables. Preliminary results underline the role of political participation in the accumulation of generalized trust, while data are consistent with institutional quality being a consequ…
Fiscal consolidation and financial reforms
2015
We use data for a panel of 17 countries over the period 1980-2005 to investigate the impact of fiscal consolidation on the likelihood of financial reforms. We show that fiscal adjustments do not boost the implementation of financial reforms. However, tax-driven fiscal consolidation programs raise the likelihood of banking sector reforms. Moreover, we find that: (i) an increase in the degree of trade openness makes countries less likely to implement financial reforms; (ii) an increase in the interest rate spreads accelerates the path of financial reforms, especially, external capital account reforms; and (iii) an improvement in the quality of political institutions strongly enhances the prob…