How Do Legal Rules Evolve? Evidence from a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Armour, John; Deakin, Simon; Lele, Priya; Siems, Mathias M.

doi:10.2139/ssrn.1431008

Cited by 66 publications

(63 citation statements)

References 60 publications

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“…Armour et al (2009), Lele and Siems (2007), and Siems (2008) assert that the method used to estimate the status of legal institutions in the law and finance literature has national biases. For example, eight variables used to develop an index of shareholder protection in La Porta et al (1998) is criticized to have a US bias (Armour et al 2009;Lele and Siems 2007). National biases can be avoided by considering variables developed by global multilateral, standard-setting bodies as a benchmark.…”

Section: Assessment Of the Fcp Regime In Malaysia: Methodological Framentioning

confidence: 99%

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Financial Consumer Protection Regime in Malaysia: Assessment of the Legal and Regulatory Framework

Ahmed

Ibrahim²

2018

J Consum Policy

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This paper examines the status of the legal and regulatory framework for consumer protection in Malaysia, an emerging economy. Using leximetrics and notions of incomplete law, the paper explores the financial consumer protection regime in the country by examining two aspects of the legal framework: the legal infrastructure and typology of laws. The Malaysian legal framework for financial consumer protection is assessed in light of the good practices identified in international guidelines issued on the themes by OECD and the World Bank. The results highlight the complementary nature and different roles that laws, regulations, and supporting institutions play in achieving a comprehensive financial consumer protection framework in the country.

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Section: Assessment Of the Fcp Regime In Malaysia: Methodological Framentioning

confidence: 99%

“…Armour et al (2009), Lele and Siems (2007), and Siems (2008) assert that measurements of legal institutions should be comprehensive to capture their complete strength and status. For example, Buchanan et al (2014;p.…”

Section: Assessment Of the Fcp Regime In Malaysia: Methodological Framentioning

confidence: 99%

Financial Consumer Protection Regime in Malaysia: Assessment of the Legal and Regulatory Framework

Ahmed

Ibrahim²

2018

J Consum Policy

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“…For instance, Figure 2 represents how shareholder protection law has developed in France, Germany, India, the UK and the US from 1970 to 2005. Equivalent pictures have been created for creditor and worker protection (see ARMOUR et al [2009a], DE-AKIN et al [2007]). Table 3 summarises the results of all five-country aggregates.…”

Section: How Well Are Shareholders Creditors and Workers Protected?mentioning

confidence: 99%

“…In a second step, equivalent mathematical operations have been used for the five-country creditor and worker protection indices. The result is that that the 25,920 observations of the initial three indices (see section 4.1, above) are transformed into 36 × 10 × 3 = 1,080 observations which indicate the differences between these five countries (SIEMS [2009a]). In particular, this data can be used in order to determine whether these legal systems have converged or diverged.…”

Section: How Much Do Legal Systems Differ?mentioning

confidence: 99%

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Comparative Law and Finance: Past, Present and Future Research

Siems

Deakin

2009

SSRN Journal

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The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-pro t purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. Abstract: -Comparative Law and Finance‖ quantifies differences in the laws governing the business enterprise in various countries. The resulting data can be used to test which legal institutions (if any) matter for financial development. Until recently only cross-sectional data were available. We report the results of a new approach to coding which has produced longitudinal datasets on shareholder, creditor and worker protection.

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Manufacturing discontent: National institutions, multinational firm strategies, and anti‐globalization backlash in advanced economies

Butzbach

Fuller

Schnyder

2020

Global Strategy Journal

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Research Summary There is mounting evidence of a widespread popular backlash against globalization in advanced economies, which can hurt multinational companies' (MNCs) interests. In this article, we argue that MNCs are both “culprits” and “victims” of backlash against globalization. Building on the comparative capitalism literature, we argue that national institutions influence the likelihood of a backlash by either encouraging MNCs to embrace a “labor arbitrage” strategy consisting in tapping into cheap labor markets overseas or preventing them from doing so. Where institutional constraints lead firms to adopt an “upgrading” route of using domestic workers, popular backlash is less likely. Such institutional factors help to explain variation in the likelihood of backlash across countries. We also discuss the strategic options available to firms facing backlash. Managerial Summary Multinational companies are increasingly facing a backlash against globalization that, in some countries, may lead to policies that directly hurt their interests. Yet little is known about the link of this phenomenon with firm‐level strategies. In this article, we draw on comparative capitalism analysis to show that national institutions play a key role in determining the likelihood of backlash. They do so by inducing/discouraging MNCs to adopt certain strategies that expose non‐university‐educated workers to globalization pressures, influencing, in turn, the electorate's attitude toward globalization. We also present and discuss the strategic options available to firms facing backlash.

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How Do Legal Rules Evolve? Evidence from a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Cited by 66 publications

References 60 publications

Financial Consumer Protection Regime in Malaysia: Assessment of the Legal and Regulatory Framework

Financial Consumer Protection Regime in Malaysia: Assessment of the Legal and Regulatory Framework

Comparative Law and Finance: Past, Present and Future Research

Manufacturing discontent: National institutions, multinational firm strategies, and anti‐globalization backlash in advanced economies

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