The future of financial markets: financial crisis avoidance

Mayes, David G.

doi:10.1007/s10663-010-9141-4

Empirica

2010

DOI: 10.1007/s10663-010-9141-4

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The future of financial markets: financial crisis avoidance

David G. Mayes

Abstract: Financial crises, Financial regulation, Crisis avoidance,

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“…Failures of corporate governance are often linked to inadequate corporate reporting and disclosure (Whittington, 1993). This raises a fundamental question: are market-based regulatory mechanisms adequate to facilitate good corporate governance (Clarke, 2004; Cullen, 2014; Hill, 2005; Massey, 2010; Mayes, 2010; Stanton, 2010).…”

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A hybrid of state regulation and self-regulation for remuneration governance in Australia

Riaz

2016

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Purpose This paper aims to explore an alternative approach to regulation for addressing governance problems relating to director and executive remuneration in publicly listed firms. The author investigates the development of hybrid regulatory framework, composed of state regulation and self-regulation, for remuneration governance in Australia. Design/methodology/approach The synthesis of constructs borrowed from agency and institutional theories and its contextual analysis examines the effectiveness of formal (state regulation) and informal (self-regulation) institutions for the development of a hybrid of regulation. Thereafter, the author examines the impact of hybrid regulation on remuneration disclosure behavior in Australia. Findings The author finds that improvement in disclosure is primarily driven by the establishment of remuneration committees and separate role of chief executive officer (CEO) and chairperson but weakened by the presence of CEO at remuneration committee and presence of remuneration consultant. Originality/value Global crises have called for greater transparency and protection of investors through state regulation alone. However, corporate governance, being a social practice that is shaped by diverse interests, calls for a holistic approach. A useful contribution of this study is that through an in-depth examination into the stages and actors of the government interventions involving the balancing of tension between conflicting forces, it provides insights for developing an effective regulatory hybrid which has greater acceptance for corporate governance. In conclusion, it implies the significance of priming the social arena through active engagement of diverse market forces prior to introducing state regulation.

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A hybrid of state regulation and self-regulation for remuneration governance in Australia

Riaz

2016

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A scientometric review on literature of macroprudential policy

Tang

Zhang

Liu

et al. 2020

Economic Research-Ekonomska Istraživanja

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The future of financial markets: financial crisis avoidance

Abstract: Financial crises, Financial regulation, Crisis avoidance,

Cited by 2 publications

References 27 publications

A hybrid of state regulation and self-regulation for remuneration governance in Australia

A hybrid of state regulation and self-regulation for remuneration governance in Australia

A scientometric review on literature of macroprudential policy

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