The Role of Emerging-Market Economy Demand during the Post-2005 Boom

This chapter examines the role of credit rating agencies in capital-market development and on the conduct of monetary policy. Rating agencies in developed capital markets provide quality certification to issuers, while their role in emerging capital markets is mainly to enhance informational efficiency in the marketplace. The authors highlight some indirect macroeconomic consequences from the presence of a rating agency, including its monetary surveillance role and the positive implications for foreign investments. The chapter also outlines the conditions for an effective rating agency in an emerging market economy, discusses the benefits of security ratings to constituencies, and proposes a scenario for a rating agency’s design. The collaboration of regulators, central bankers, and issuers is especially critical to the success of a rating agency.

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Taiwan's Experience in Dealing with the Asian Financial Crisis and Examination of the Role of Short-term Capital Flows in the Emerging Market Economy

Review of Pacific Basin Financial Markets and Policies ◽

10.1142/s021909150000025x ◽

2000 ◽

Vol 03 (04) ◽

pp. 557-564 ◽

Cited By ~ 1

Author(s):

Paul C. H. Chiu

Keyword(s):

Financial Crisis ◽

Market Economy ◽

Capital Flows ◽

Emerging Market ◽

Asian Financial Crisis ◽

Short Term ◽

The Third

This paper is divided into three parts as follows. The first part explains why Taiwan was relatively unscathed by the Asian Financial Crisis, including the short term countermeasures that were taken. The second part examines the role of short-term capital flows in the emerging market economy, and the third part concludes the paper.

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KEGAGALAN PRIVATISASI BUMN DI ERA REZIM ORDE BARU DALAM PERSPEKTIF EKONOMI POLITIK

Wacana Publik ◽

10.37295/wp.v12i02.16 ◽

2019 ◽

Vol 12 (02) ◽

Author(s):

Syamsul Ma'arif

Keyword(s):

Market Economy ◽

Free Market ◽

Dominant Role ◽

The State ◽

Early Years ◽

New Order ◽

Free Market Economy ◽

Economic Sectors ◽

Role Of The State

After had being carried out nationalization and hostility against west countries, the New Order regime made important decision to change Indonesia economic direction from etatism system to free market economy. A set of policies were taken in order private sector could play major role in economic. However, when another economic sectors were reformed substantially, effords to reform the State Owned Enterprises had failed. The State Owned Enterprise, in fact, remained to play dominant role like early years of guided democracy era. Role of the State Owned Enterprises was more and more powerfull). The main problem of reforms finally lied on reality that vested interest of bureaucrats (civil or military) was so large that could’nt been overcome.

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Limiting role of resource dependence: an examination of director interlocks, board meetings and family ownership

Cross Cultural & Strategic Management ◽

10.1108/ccsm-01-2020-0006 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Vidya Sukumara Panicker ◽

Rajesh Srinivas Upadhyayula

Keyword(s):

Board Of Directors ◽

Resource Dependence ◽

Family Firms ◽

Emerging Market ◽

Resource Provisioning ◽

Independent Directors ◽

Family Ownership ◽

Independent Director ◽

Content Type

PurposeThis paper attempts to examine the activity and involvement of board of directors in internationalization activities of firms in emerging markets, by evaluating the resource provisioning roles of interlocks provided by board of directors, and the frequency of board meetings. We demonstrate that the effectiveness of board involvement is contingent upon the levels of family ownership in firms since family ownership could impact the firm’s ability to utilize the presence of different types of board members.Design/methodology/approachThe authors test our hypotheses on a sample of listed Indian companies, extracted from the Prowess database published by the Centre for Monitoring Indian Economy (CMIE), a database of the financial performance of Indian companies. On a panel of 3,133 firm years of 605 unique Indian firms with foreign investments, over a time period of 2006–2017, the authors apply different estimation techniques.FindingsThe results demonstrate that both board meeting frequency and director interlocks are instrumental in supporting internationalization activities in emerging market firms. However, family ownership moderates the role of insider and independent interlocks on internationalization investments in different ways; the authors find that interlocks provided by independent directors support internationalization activities in family firms, whereas those provided by insider directors do not. Further, the study also finds that board meetings are less effective in internationalization of family firms.Practical implicationsThe authors conclude that family firms aiming at international diversification require to develop more connected and networked independent directors to enable internationalization in firms. While independent director interlocks enhance the international investments, it is also useful to know that board meetings are ineffective in utilizing the resources in family firms. This points to the possibility that family firms should device mechanisms to integrate family meetings with board meetings so that they can utilize the within-family processes to aid in their internationalization decisions.Originality/valueThe study contributes to resource dependence theory by understanding its limiting role in family firms. Theoretically, it helps delineate the limiting resource provision role of the insider directors vis-à-vis independent directors. The authors argue that the resource provision role of insider director interlocks does not effectively help in internationalization in comparison to independent director interlocks in family-dominated firms. Consequently, the study shows the limiting role of resource provision and utilization by family-owned firms in comparison to non-family-owned firms.

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