scholarly journals Konsep Regulasi Berbasis Risiko: Telaah Kritis dalam Penerapannya pada Undang-Undang Cipta Kerja

2021 ◽  
Vol 18 (1) ◽  
pp. 066
Author(s):  
Mohamad Mova Al'afghani ◽  
Bisariyadi Bisariyadi
Keyword(s):  
Regulatory Capture

Undang-Undang Cipta Kerja menekankan pada kemudahan untuk melakukan usaha. Salah satu hal yang menjadi perhatian adalah penyederhanaan perizinan berusaha. Konsep Regulasi Berbasis Risiko menarik bagi program penyederhanaan perizinan karena diasumsikan bahwa penerapannya dapat mengurangi jumlah perizinan. Namun, penerapan analisis resiko untuk menapis izin merupakan sesuatu yang berbeda dengan penerapan konsep Regulasi Berbasis Risiko di negara-negara lain.  Selain itu, penerapan regulasi berbasis risiko juga perlu memperhatikan kritik yang tidak terakomodasi dalam Undang-Undang. Tulisan ini menjabarkan 4 (empat) kritik atas penerapan regulasi berbasis risiko dalam Undang-Undang Cipta Kerja, yaitu (i) format omnibus merancukan penilaian risiko, (ii) risiko volatilitas belum dipertimbangkan, (iii) risiko sistemik belum dipertimbangkan serta (iv) potensi “regulatory capture”. Secara konseptual, penerapan regulasi berbasis risiko memantik diskursus akademik mengenai pengertian regulasi secara luas yang telah jauh berkembang dari pemaknaan sempit dalam wacana akademik di Indonesia yang mendefinisikannya sebatas peraturan perundang-undangan semata.

The SEC's Revolving Door: Insights from Boards of Directors

2020 ◽  
Author(s):  
Juliane B. Wutzler
Keyword(s):  
Boards Of Directors ◽  
Securities And Exchange Commission ◽  
Revolving Door ◽  
Regulatory Capture ◽  
Accounting Quality ◽  
Shed Light ◽  
The U.S

This study aims to shed light on the determinants and consequences of the revolving door at the U.S. Securities and Exchange Commission (SEC). While revolvers may be good monitors due to their SEC experience and, thus, continuously create benefits for the economy ("schooling"), it is possible that they exploit their insights into the enforcement process and private connections to undermine enforcement ("regulatory capture"). Using a newly created dataset of revolvers who moved from the SEC to company boards, this study shows that not all revolvers are appointed for the same reasons and create the same benefits for their new employers. I demonstrate that those revolvers most closely involved in the enforcement process are associated with fewer future enforcement actions while accounting quality does not improve. Contrarily, external revolvers seem to use their monitoring and advising duties to improve accounting quality.

The State as an Actor

2017 ◽  
Author(s):  
Georg Menz
Keyword(s):  
Service Sector ◽  
The State ◽  
The Political ◽  
Regulatory Capture ◽  
Banking Institutions ◽  
Political Left ◽  
Central Actor ◽  
Capitalist State ◽  
State Of Affairs ◽  
Rules Of The Game

Despite the state being such a central actor in establishing and policing the rules of the game of any given political economy, its role is often neglected. In this chapter, we briefly review relevant state theories and explore changes to the nature and appearance of the capitalist state. The awesome increase in the political fire power of the financial service sector has unfortunately led to regulatory capture. The state can no longer be considered a neutral umpire, being heavily influenced by the prerogatives of major banking institutions. This state of affairs corrupts the hopes that liberals place in the self-policing powers of the marketplace and reflects certain fears on the political left regarding the pernicious effects of ‘financialization’.

Regulatory Capture Recaptured

2014 ◽  
Vol 74 (4) ◽  
pp. 539-542 ◽  
Author(s):  
Martin Lodge
Keyword(s):  
Regulatory Capture

Corporate Political Activity and Regulatory Capture: How Some Companies Blunt the Knife of Socially Oriented Investor Activism

2016 ◽  
Vol 44 (5) ◽  
pp. 2064-2093 ◽  
Author(s):  
Michael Hadani ◽  
Jonathan P. Doh ◽  
Marguerite A. Schneider
Keyword(s):  
Shareholder Activism ◽  
Securities And Exchange Commission ◽  
Political Activity ◽  
Social Movement Organizations ◽  
Regulatory Capture ◽  
Corporate Political Activity ◽  
Nonmarket Strategy ◽  
Labor Policies ◽  
The Status ◽  
The Impact

Socially oriented shareholder activism is an increasingly important mechanism through which social movement organizations seek to influence the private sector by exerting pressure on corporate activities in areas such as human rights, environmental protection, and labor policies. This activism challenges the status quo of targeted firms and potentially their institutional field, disrupting “business as usual” and often drawing negative attention to the firms. We theorize that some firms might use corporate political activity (CPA) as an indirect, nonmarket strategy aimed at regulatory capture to reduce the impact of such disruptions. We focus on one popular avenue of shareholder activism—the proxy proposal mechanism—and the role the Securities and Exchange Commission (SEC) plays in allowing omission of socially oriented shareholder proposals from the proxy ballot. Using two distinct data sources, we find evidence that for S&P 500 firms, the SEC allows for the omission of the proposals from proxy ballots more frequently for those firms more active in CPA. These findings inform the growing scholarship on socially oriented activism as well as suggest the indirect influence of CPA on government agency decision making.

scholarly journals Design of Regulatory Contracts – Example of the Urban Transport Industry

2016 ◽  
Vol 9 (13) ◽  
pp. 121-139
Author(s):  
Joanna Piechucka
Keyword(s):  
Public Transport ◽  
Urban Transportation ◽  
Urban Transport ◽  
Regulatory Capture ◽  
The European Union ◽  
Transportation Industry ◽  
Economic Literature ◽  
Transport Industry ◽  
Urban Public Transport ◽  
Selection Of

The present article discusses economic issues related to the design of optimal regulatory contracts on the example of the urban public transport industry. It highlights the importance of the design of efficient regulatory contracts in the context of changes facing the urban transportation industry in the European Union. Furthermore, it provides an overview of the main issues put forward in economic literature related to the design of regulatory contracts. It discusses several problems relevant in this context such as informational asymmetries, transaction costs, and regulatory capture. It also comments on a selection of views presented in economic literature dealing with these issues. Finally, the article presents the regulatory framework, contractual practices and characteristics of the French urban public transport industry. France is well known for its long standing tradition of contracting between the State and the private sector in transportation. The analysis of the French example may help to prove useful insights in this regard.

scholarly journals How to Restrain Regulatory Capture and Promote Green Innovation in China. An Analysis Based on Evolutionary Game Theory

2021 ◽  
Vol 13 (17) ◽  
pp. 9752
Author(s):  
Qiezeng Yuan
Keyword(s):  
Local Governments ◽  
Environmental Governance ◽  
Evolutionary Game ◽  
Simulation Method ◽  
Regulatory Capture ◽  
Green Innovation ◽  
Negative Effects ◽  
Positive Role ◽  
Manufacturing Enterprises ◽  
The Media

In response to severe environmental challenges, green innovation (GI) has been thoroughly considered by various governments. Although China has promulgated many environmental policies to promote environmental governance, regulatory capture and the lack of independent external supervisors lead to a challenging future. This study employs an evolutionary game method to explore how the policy burden and media affect decision-making between local governments and manufacturing enterprises. On this basis, the simulation method is used to examine critical factors that affect regulatory capture and GI. The results show that the policy burden is the main factor that causes regulatory capture. When the policy burden exceeds a certain threshold, it will cause regulatory capture and hinder GI. Moreover, media, as an external supervisor, can restrain regulatory capture and promote GI significantly. Specifically, when the capacity of media supervision is high enough, due to the positive role of the media, it will inhibit the negative effects of policy burdens. Finally, combined with the different development stages of China’s green industry, the corresponding policy recommendations are given. These results extend the research of regulatory capture and provide a reference for governments to promote environmental governance in practice.

Paying the right price for pharmaceuticals: a case study of why the comparator matters

2011 ◽  
Vol 35 (3) ◽  
pp. 267 ◽  
Author(s):  
Jean M. Spinks ◽  
Jeff R. J. Richardson
Keyword(s):  
Optimal Pricing ◽  
Regulatory Capture ◽  
Pharmaceutical Pricing ◽  
Pricing Policy ◽  
Pharmaceutical Expenditures ◽  
Public Data ◽  
The Right ◽  
Effective Use

This article considers the pricing policy for pharmaceuticals in Australia, which is widely seen as having achieved low drug prices. However, compared to New Zealand, the evidence implies that Australia might have improved its performance significantly if it had proactively sought market best pricing. The Australian record suggests that the information sought by authorities may not be sufficient for optimal pricing and that the economic evaluation of pharmaceuticals may be neither necessary nor sufficient for achieving this goal. What is known about the topic? Pharmaceutical expenditures vary significantly across countries. Few surveys exist to determine the role of price but these suggest that Australian prices are relatively low compared with most OECD countries. What does this paper add? An analysis of public data implies that Australia pays significantly higher prices than NZ for its pharmaceuticals. This is attributable to NZ’s more effective use of competition, especially in the market for generics. Australian policy effectively limits competition by the provision of price information to competing companies. Recent agreements are similarly consistent with de facto regulatory capture. What are the implications for practitioners? There should be a review of pharmaceutical pricing policies with the criterion for success being the ‘lowest’, not ‘comparable’ world prices. Comparators should include prices paid for quality drugs in all, not selected countries, where data are available.

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