Varieties of capitalism and the Estonian economy: Institutions, growth and crisis in a liberal market economy

2013 ◽  
Vol 46 (4) ◽  
pp. 493-501 ◽  
Author(s):  
Magnus Feldmann
Keyword(s):  
Corporate Governance ◽  
Market Economy ◽  
Economic Performance ◽  
Global Financial Crisis ◽  
Classical Model ◽  
Varieties Of Capitalism ◽  
Key Features ◽  
Governance Institutions ◽  
The Global Financial Crisis ◽  
Liberal Market Economy

This article examines Estonia’s economic institutions, performance and vulnerability to the global economic crisis in the context of the varieties of capitalism framework. It shows that Estonia shares many characteristics of a liberal market economy, but that there are also some features which do not fit the classical model, notably its corporate governance institutions. It also suggests that the varieties of capitalism framework can account for key features of Estonia’s economic performance, including its growth trajectory and adjustment to the global financial crisis. The article also reflects on the broader significance of these findings for understanding post-communist capitalism.

scholarly journals Russia and the CIS in 2008: Axis of Authoritarianism??

Asian Survey ◽  
2009 ◽  
Vol 49 (1) ◽  
pp. 135-145 ◽  
Author(s):  
Charles E. Ziegler
Keyword(s):  
Financial Crisis ◽  
Economic Performance ◽  
Domestic Politics ◽  
Global Financial Crisis ◽  
Great Power ◽  
The Caucasus ◽  
Central Asian ◽  
Presidential Succession ◽  
The Global Financial Crisis ◽  
The Impact

Russia's seamless presidential succession produced no major changes in domestic politics or foreign policy. Ties with Asia remained strong, though several key relationships——with China, Japan, and the Central Asian states——frayed under the impact of Russia's military action in Georgia. Impressive economic performance in the first half of the year boosted Russian confidence as a great power, but its vulnerability to the global financial crisis together with the heavy-handed operation in the Caucasus undermined Moscow's standing with both Asia and Europe by the end of the year.

scholarly journals Unexpected corporate outcomes from hedge fund activism in Japan

2018 ◽  
Vol 18 (1) ◽  
pp. 31-52 ◽  
Author(s):  
John Buchanan ◽  
Dominic H Chai ◽  
Simon Deakin
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Hedge Fund ◽  
Management Effectiveness ◽  
Managerial Decisions ◽  
Country Level ◽  
The Usa ◽  
Market Perception ◽  
Hedge Fund Activism ◽  
The Global Financial Crisis

Abstract Hedge fund activism has been identified in the USA as a driver of enduring corporate governance change and market perception. We investigate this claim in an empirical study to see whether activism produced similar results in Japan in four representative areas: management effectiveness, managerial decisions, labour management and market perception. Experience from the USA would predict positive changes at Japanese target companies in these four areas. However, analysis of financial data shows that no enduring changes were apparent in the first three areas, and that market perception was consistently unfavourable. Our findings demonstrate that the same pressures need not produce the same results in different markets. Moreover, while the effects of the global financial crisis should not be ignored, we conclude that the country-level differences in corporate governance identified in the varieties of capitalism literature are robust, at least in the short term.

scholarly journals Universal corporate governance standards: recommendations following the global financial crisis

2014 ◽  
Vol 11 (3) ◽  
pp. 438-446
Author(s):  
Ronald Henry Mynhardt
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
The Global Financial Crisis ◽  
A Company ◽  
The Way

Corporate governance can be defined as: the set of processes, customs, policies, laws and institutions affecting the way a company is directed, administered or controlled. Suggestions were investigated that the global financial crisis revealed severe shortcomings in corporate governance. Research was conducted to establish whether these suggestions are accurate. The study found that it appeared that corporate governance has failed and action needs to be taken. The study recommends that a world supervisory body on corporate governance be established. It also proposes that a summit be called to discuss and create such an authority. In addition, the formulation of a set of universal corporate governance standards for implementation by the members was suggested

scholarly journals The Political Economy of Crisis Recovery

2020 ◽  
Author(s):  
Mohammad Ferdosi
Keyword(s):  
Political Economy ◽  
Economic Performance ◽  
Global Financial Crisis ◽  
Production Systems ◽  
Stress Test ◽  
Welfare States ◽  
Economic Effects ◽  
The Political ◽  
Crisis Recovery ◽  
The Global Financial Crisis

The aftermath of the global financial crisis marked another stress test for welfare states and varieties of capitalism. More than ever before, governments were forced to consider substantial reforms to welfare provision and enact flexibility-enhancing measures in order to improve financial solvency and economic performance. The crash, however, was not only a regionally uneven process in its origins but also led to makeshift or uneven policy responses. As a result, the socio-economic effects of the downturn and political reactions to it varied considerably among countries. Nevertheless, there have been some common trends in outcome measures. These have served to blur the dividing lines between different welfare states and production systems, so vividly captured in the mainstream political economy literature.

scholarly journals Corporate governance and performance of listed commercial banks in South Africa

2014 ◽  
Vol 11 (2) ◽  
pp. 677-687
Author(s):  
Sam Ngwenya
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
The United States ◽  
Executive Directors ◽  
Governance Indicators ◽  
And Performance ◽  
The Global Financial Crisis ◽  
The Relationship

The global financial crisis of 2008 that resulted in the collapse of many financial institutions in the United States (US) and Europe have resulted in debates over the failures of corporate governance structures to properly protect investors. The main objective of the study was to determine the relationship between corporate governance and performance of listed commercial banks in South Africa. The results of the study indicated a statistically positive significant relationship between board size, proportion of non-independent and non-executive directors and bank performance. The results of the rest of the corporate governance indicators are mixed when using different performance measurement variables.

Corporate Governance: What Are the Issues?

2020 ◽  
pp. 10-42
Author(s):  
Helmut K. Anheier ◽  
Christoph M. Abels
Keyword(s):  
Corporate Governance ◽  
Global Financial Crisis ◽  
Shareholder Primacy ◽  
Board Diversity ◽  
Corporate Governance Mechanisms ◽  
Corporate Governance Codes ◽  
History Of ◽  
Increasing Demand ◽  
The Global Financial Crisis ◽  
Corporate Social

Traditionally, corporate governance is about agency problems caused by the division of ownership and control. This chapter moves beyond this understanding. Starting with a theoretical overview, the chapter reviews different approaches to corporate governance and discusses shareholder primacy in light of the increasing demand for corporate social responsibility. Afterwards, a brief history of the development of corporate governance codes is given, followed by the role of corporate governance during the global financial crisis. Different corporate governance mechanisms, such as independent directors, board composition, and member diversity, as well as executive remuneration are subsequently discussed. Problems specific to corporate governance of technology companies are also highlighted, as well as the lessons Germany’s co-determination law can teach for the understanding of board diversity. The chapter concludes with a brief reflection on shareholder primacy, a diversifying corporate world, and the future of corporate governance codes.

scholarly journals Luck, Policy or Something Else Entirely? Vietnam's Economic Performance in 2009 and Prospects for 2010

2009 ◽  
Vol 28 (4) ◽  
pp. 71-94 ◽  
Author(s):  
Adam J. Fforde
Keyword(s):  
Economic Performance ◽  
Global Financial Crisis ◽  
Policy Implications ◽  
The Political ◽  
Middle Income ◽  
State Sector ◽  
Political Concern ◽  
Income Status ◽  
And Performance ◽  
The Global Financial Crisis

Vietnam's economic performance in 2009 is seen by the Vietnamese government and representatives of the Western donor communities as good, with the effects of the global financial crisis relatively mild. The paper notes a lack of contestation of these mainstream views and locates them within an assessment of major trends in 2009, and medium-term issues. Particular focus is placed upon the policy implications of rural development and the need for a strong rationalisation of the state sector. Remarks upon the political economy of change then permit comments upon interactions between economic performance and gathering social and political concern with the political challenges of transition to so-called ‘middle income’ status, which in many countries has posed novel and tricky problems of adjustment, often requiring major social and political adjustments that have not always been successful. The paper concludes by suggesting that, as in the past, Vietnam's style of change finds some things easy and others hard, and that this has its reflection in economic policy and performance.

scholarly journals Evolution of German corporate governance (1995-2014): an empirical analysis

2019 ◽  
Vol 19 (5) ◽  
pp. 1042-1062
Author(s):  
Andreas Rühmkorf ◽  
Felix Spindler ◽  
Navajyoti Samanta
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Governance System ◽  
Content Type ◽  
Convergence Process ◽  
Corporate Governance System ◽  
Anglo American ◽  
The Stability ◽  
The Global Financial Crisis

Purpose This paper aims to address the evolution of corporate governance in Germany with a particular regard to whether there can be observed a gradual convergence to a shareholder primacy corporate governance system. Design/methodology/approach To investigate a potential shift of the German corporate governance system to an Anglo-American tiled corporate governance system, the authors have empirically assessed on a polynomial base 52 separate company and corporate governance variables for 20 years (1995-2014). Findings This research suggests that a gradual convergence has taken place prior to the global financial crisis. However, the results suggest that the convergence process experienced a slowdown in the aftermath of the global financial crisis, which may be linked to the stability of the German corporate governance system during the global financial crisis and the political environment during this time. Originality/value This paper contributes to the research by not only analysing the development of the German corporate governance system but also identifying new reasons for this development and explaining why a new convergence process may be observed in the future again.

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