Antitrust in China: The Problem of Incentive Compatibility

Owen, Bruce M.; Sun, Su; Zheng, Wentong

doi:10.2139/ssrn.595801

Cited by 3 publications

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“…Kollias et al (2013); for ripple effects of interconnected stock exchanges in a globalised world see also Pericoli and Sbracia (2003), Meric and Meric (1997) 57. The only exception seems to be China, see Hui (2008), Dam (2006), Qian (2002); for a similar perspective but from competition law see Owen et al (2006) Seyoum (2005); for a more specific case study see Yu (2011), Gallagher andPorzecanski (2008), Sharma and Dietrich (2007); for a developed country perspective see Braunerhjelm and Thulin (2008).…”

Section: See Samanta (N 3)mentioning

confidence: 99%

Transplantation of Anglo-American corporate governance and its impact on financial market growth: a comparative analysis of nineteen developing countries 1995-2014

Samanta

2019

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Purpose Since the late 1990s, developing countries have been encouraged by international financial organisations to adopt a shareholder primacy corporate governance model. It was anticipated that in an increasingly globalised financial market, countries which introduced corporate governance practices that favour investors would gain a comparative advantage and attract more capital leading to financial market growth. This paper aims to empirically test this hypothesis. Design/methodology/approach The present research paper quantitatively investigates whether adopting shareholder primacy corporate governance norms has had any impact on the growth of the financial market, focusing on nineteen developing countries between 1995 and 2014. Time series indices are prepared for corporate governance regulations, financial market development along with three control indices. Then a lagged multilevel regression between these indices is used to investigate the strength of causality between the adoption of pro-shareholder corporate governance and the growth of the financial market. Findings The research paper finds that shifting towards a shareholder primacy model in corporate governance has a very small effect on growth of financial market in developing countries. Overall the financial, economic and technological controls have much more impact on the growth of financial markets. Originality/value This paper conclusively ends the discussion as to whether change in corporate governance has any impact on financial market growth of a country. The papers uses Bayesian econometric model. The paper thus signals the end of LLSV led question as to whether law can affect finance.

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Section: See Samanta (N 3)mentioning

confidence: 99%

Transplantation of Anglo-American corporate governance and its impact on financial market growth: a comparative analysis of nineteen developing countries 1995-2014

Samanta

2019

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“…The delay is in part due to misplaced sentiment that low levels of concentration preclude anti-competitive practices and concerns that a competition law could complicate mergers (OECD, 2002;Owen et al, 2004;Winslow et al, 2005). Previous measures of concentration (such as those used in the current draft of the Anti-Monopoly Law) have focused on the market share of the four or eight largest companies.…”

Section: Competition Policy Should Be Strengthenedmentioning

confidence: 99%

Ethical Business Cultures in China

Ethical Business Cultures in Emerging Markets

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The OECD is a unique forum where the governments of 30 democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies.The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD.OECD Publishing disseminates widely the results of the Organisation's statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members. Publié également en français © OECD 2005No reproduction, copy, transmission or translation of this publication may be made without written permission. Applications should be sent to OECD Publishing: rights@oecd.org or by fax (33 1) 45 24 13 91. Permission to photocopy a portion of this work should be addressed to the Centre français d'exploitation du droit de copie, 20, rue des Grands-Augustins, 75006 Paris, France (contact@cfcopies.com). This survey is published under the responsibility of the Secretary-General. ForewordThe 1960 Founding Convention of the OECD mandated the Organisation "to contribute to sound economic expansion in member, as well as non-member countries in the process of economic development". However, until the 1990s, and the end of the Cold War, most activities of the Organisation vis-à-vis non-OECD economies were conducted through official development assistance and the Development Assistance Committee. In the 1990s, that rapidly changed. The OECD now has programmes with at least seventy non-OECD economies, including a number of country specific programmes, notably with Russia, and more recently with China. It is with great satisfaction that I write a Foreword for this first ever Economic Survey of China by the Economics Department. Following the tradition of surveys of OECD economies, it focuses on policy and structural reforms to improve macroeconomic performance. This comes at a particularly opportune time. While there is great awareness in OECD countries about the increasing importance of the Chinese economy in a global context, there is much less knowledge of the extent to which China's economic policies have changed, or of the challenges that China still faces in its ongoing programme of reform. But these policies and their success or failure carry major cons...

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Evolution of corporate governance in India and its impact on the growth of the financial market: an empirical analysis (1995-2014)

Guha

Samanta

Majumdar

et al. 2019

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Purpose The past few decades have seen a gradual convergence in corporate governance norms the world over, entailing a discernible shift towards shareholder primacy models. It holds particularly true of developing countries, many of which have steadily amended corporate governance norms to enhance the scope of shareholder rights. This is usually justified through the rationale that increasing protection for foreign investors and shareholders would mean greater investment in capital market and overall financial market development. In India, the shift coincides with a series of fundamental economic and financial policy reforms initiated in the 1990s: collectively and loosely referred to as “liberalisation”, this process marks a paradigm-shift from a tightly controlled welfare economy to one considerably more laissez-faire in its orientation. A fallout of which was that the need to attract and sustain foreign investments acquired an unprecedented significance. The purpose of this paper is to help the readers understand in this larger context the corporate law reform initiatives in India, particularly those pertaining to shareholder rights and allied issues. Design/methodology/approach This paper empirically tests the hypothesis that enhanced shareholder protection leads to greater levels of investments, and financial developments generally. It then uses regression analysis to detect if the change in corporate governance, making it more shareholder-friendly, has had any effect on growth in financial market. It is divided into two broad parts. The first tracks the evolution of corporate governance norms in India. A robust qualitative and quantitative analysis is used to determine the tilt towards a shareholder primacy regime that Indian corporate governance regime now displays. The second chapter deals with the regression analysis where the outcome variable is financial market growth, and explanatory variable is the change in the governance regime with relevant control variables. Findings The authors find that change in shareholder primacy corporate governance has little effect on financial market growth in India. The authors would suggest that instead of changing the law in books, more emphasis should be given to implement those regulations and increase the overall rule of law. Originality/value This is the first time that such a wide-scale study has been conducted in India, using Bayesian methods. It ought to be of immense value to professionals and academics both.

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Antitrust in China: The Problem of Incentive Compatibility

Cited by 3 publications

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Transplantation of Anglo-American corporate governance and its impact on financial market growth: a comparative analysis of nineteen developing countries 1995-2014

Transplantation of Anglo-American corporate governance and its impact on financial market growth: a comparative analysis of nineteen developing countries 1995-2014

Ethical Business Cultures in China

Evolution of corporate governance in India and its impact on the growth of the financial market: an empirical analysis (1995-2014)

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