scholarly journals Why do Public Blockchains Need Formal and Effective Internal Governance Mechanisms?

2019 ◽  
Vol 10 (2) ◽  
pp. 359-375 ◽  
Author(s):  
Karen YEUNG ◽  
David GALINDO
Keyword(s):  
Public Awareness ◽  
Third Party ◽  
Critical Examination ◽  
Collective Decision Making ◽  
Internal Governance ◽  
Computational Trust ◽  
Regulatory Governance ◽  
Social Coordination ◽  
Internal Governance Mechanisms ◽  
Initial Coin Offerings

With the birth and rise of cryptocurrencies following the success of Bitcoin and the popularity of “Initial Coin Offerings”, public awareness of blockchain technologies has substantially increased in recent years. Many blockchain advocates claim that these software artefacts enable radically new forms of decentralised governance by relying upon computational trust created via cryptographic proof, obviating the need for reliance on conventional trusted third-party intermediaries. But these claims rest on some key assumptions, which this paper subjects to critical examination. It asks: can existing mechanisms and procedures for collective decision-making of public blockchains (which we refer to as internal blockchain governance) live up to these ambitions? By drawing upon HLA Hart’s Concept of Law, together with literature from regulatory governance studies, we argue that unless public blockchain systems establish formal and effective internal governance, they are unlikely to be taken up at scale as a tool for social coordination, and are thus likely to remain, at best, a marginal technology.

Third Party Beneficiary: A Comparative Analysis

1976 ◽  
Vol 11 (3) ◽  
pp. 315-338 ◽  
Author(s):  
Gabriela Shalev
Keyword(s):  
Comparative Analysis ◽  
Legal System ◽  
Common Law ◽  
Third Party ◽  
Critical Examination ◽  
Legal Research ◽  
General Part ◽  
The Common ◽  
Comparative Survey ◽  
The Right

Chapter 4 of the new Israeli Contracts (General Part) Law, 1973, introduces the concept of a contract in favour of a third party, while granting express recognition to the right of a third party beneficiary. Even those, (including the author) who maintain, that the right of a third party beneficiary could and should be derived, even before the commencement of the new Law, from the general principles and premises of the old Israeli law of contract, cannot fail to see in the above-mentioned chapter an important innovation in the Israeli legal system.This paper is a comparative analysis of the institution of third party beneficiary. The analysis will consist of a presentation and critical examination of the central concepts and doctrines involved in the institution under discussion, and it will be combined with a comparative survey of the arrangements adopted in various legal systems. The choice of this approach stems from the particular circumstances of the new legislation.While in most countries, comparative legal research is a luxury, in Israel it is a necessity. The new legislation in private law is inspired to a great extent by Continental codifications. As far as the law of contract is concerned, Israel is now in the process of becoming a “mixed jurisdiction”: departing from the common law tradition and technique, and heading towards an independent body of law, derived from various sources, mainly Continental in both substance and form.

scholarly journals Islamic banking: an exploratory study of public perception in Uganda

2018 ◽  
Vol 9 (3) ◽  
pp. 336-352 ◽  
Author(s):  
Sulaiman Lujja ◽  
Mustafa Omar Mohammed ◽  
Rusni Hassan
Keyword(s):  
Public Perception ◽  
Public Awareness ◽  
Third Party ◽  
Islamic Banking ◽  
Content Type ◽  
Muslim Minority ◽  
Fertile Ground ◽  
Muslim Majority ◽  
Remarkable Progress ◽  
Analyze Data

PurposeIslamic banking (IB) has been globally embraced by over 76 countries, with over $2tn in assets. Despite this remarkable progress, there are countries that are yet to fully embrace IB (Uganda inclusive). All the ongoing initiatives in Uganda (at policy level) to establish IB require supporting study of public awareness and attitudes toward IB. This will stimulate a down-top approach to the feasibility of IB and policymaking, thus providing a fertile ground for wider consideration of the majority stakeholders’ views in formulating standards and policy guidelines regulating IB. This study aims to explore the perception of Ugandans towards IB. Design/methodology/approachThe study is exploratory in nature and uses a quantitative method. Out of the 400 questionnaires distributed, only 354 were usable for further analysis. SPSS 21 was used to analyze data using descriptive statistics and factor analysis. FindingsMajor findings indicate that unlike non-Muslims, Muslims are more knowledgeable about the IB culture, although both groups have low awareness about IB terminologies. There were inconsistences in Muslim and non-Muslim attitudes toward IB, for instance; while non-Muslims are motivated by “profitability”, Muslims’ inclination to IB is mainly due to “religious and profitability combined”. Both groups demonstrated some uniformity in their selection criteria of banks such as “third party influence”, although they are inconsistent in other factors. Originality/valueThe novelty of this study rests in its down-top approach to feasibility of IB by gauging the perception of majority stakeholders before IB is established. The study is conducted in a heterogeneous society unlike many of similar studies that have focused on Muslim majority countries. As most studies (with similar background) are at least 18 years old, this study remains outstanding in gauging the dynamics of stakeholders in Muslim minority countries which have yet established IB.

An investigation of the relation between ownership structure and management control in professional service organisations

2019 ◽  
Vol 15 (1) ◽  
pp. 147-168 ◽  
Author(s):  
Robyn King ◽  
Peter Clarkson
Keyword(s):  
Ownership Structure ◽  
Empirical Support ◽  
Professional Services ◽  
Management Control ◽  
Professional Service ◽  
Governance Mechanisms ◽  
Internal Governance ◽  
Content Type ◽  
High Performing ◽  
Internal Governance Mechanisms

PurposeThis study aims to examine the interplay between ownership structure (organisational form) and management control system (MCS) design as governance structures within Australian primary health-care organisations (PHOs), seeking support for the suggestion that professional services will be most efficiently and effectively provided in organisations that have internal governance that is matched to their ownership form.Design/methodology/approachThe analysis is based on a series of in-depth investigations into the MCS choices made by seven Australian PHOs. Arguing that the degree of information impactedness is inversely related to the level of general practitioner (GP) ownership, organisations where more than 50 per cent of the GPs working within the practice are owners are classified as “high ownership” (“low information impactedness”). The adoption by high-performing organisations of their predicted MCS archetype according to Speklé’s development is then interpreted as representing empirical support.FindingsThe findings provide uniform support for the importance of the match between ownership structure and internal governance mechanisms. As predicted, the two high-performing, high member-owned organisations reported MCS resembling exploratory archetypes, the three high-performing, low member-owned organisations reported MCS consistent with a boundary archetype and the two low-performing organisations reported little emphasis on any control.Research limitations/implicationsThis study provides evidence of the importance of the appropriate match between ownership structure and internal governance mechanisms for PHOs.Practical implicationsThis study has potential to assist managers, owners and advisors to optimise MCS design in professional services organisations where there is heterogeneous ownership by professionals.Originality/valueThis study is one of the few attempts to provide empirical support for the assertion of the importance of a match between ownership structure and MCS design. It also represents one of the few attempts to provide empirical support for Speklé’s (2001) control archetypes, here the boundary and exploratory archetypes, archetypes that are applicable within important sectors of the economy, notably the professional services sector.

scholarly journals Reality versus rhetoric: Assessing the efficacy of third-party hate crime reporting centres

2019 ◽  
Vol 26 (1) ◽  
pp. 79-95 ◽  
Author(s):  
Kevin Wong ◽  
Kris Christmann ◽  
Michelle Rogerson ◽  
Neil Monk
Keyword(s):  
Hate Crime ◽  
Assessment Tool ◽  
Public Awareness ◽  
Evidence Base ◽  
Third Party ◽  
Limited Attention ◽  
Small Scale ◽  
Policy And Practice ◽  
Diagnostic Facility ◽  
The Uk

The underreporting of hate crime is recognised as problematic for jurisdictions across Europe and beyond. Within the UK, the landmark inquiry report into the murder of Stephen Lawrence 25 years ago has seen governments faithfully adhering to a policy of promoting the increased reporting of hate crime. An enduring legacy of the inquiry, third-party reporting centres (TPRCs) have been equally faithfully promoted as the primary vehicle for achieving such increases. While the nations of the United Kingdom have pioneered the development of TPRCs, their function and form have been adopted in other jurisdictions, including Victoria, Australia. Nevertheless, despite their reliance on TPRCs, policymakers have given limited attention to their efficacy. The evidence from a plethora of small scale studies has consistently found that TPRCs have been limited by public awareness, capability, capacity and poor oversight difficulties. Responding to these long-standing problems, the authors have developed the first ‘TPRC assessment tool’ which offers a diagnostic facility to improve effectiveness. This paper describes the development and piloting of this tool and highlights its potential to inform policy and practice both in the UK and internationally, providing an original contribution to the limited evidence base around third-party reporting.

scholarly journals Corporate Fraud, Governance, and Auditing

2012 ◽  
Vol 1 (1) ◽  
pp. 109-133 ◽  
Author(s):  
Marco Pagano ◽  
Giovanni Immordino
Keyword(s):  
Corporate Governance ◽  
Audit Quality ◽  
Managerial Compensation ◽  
Private Benefits ◽  
Firm Level ◽  
Corporate Fraud ◽  
Internal Governance ◽  
Empire Building ◽  
Country Level ◽  
Internal Governance Mechanisms

We analyze corporate fraud in a setting in which managers have superior information but are biased against liquidation because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb fraud, shareholders optimally design corporate governance by jointly choosing audit quality and managerial compensation. We analyze how country-level rules affect these firm-level choices. Our analysis underscores that different country-level governance provisions have different effects on firm-level governance: Some act as substitutes of internal governance mechanisms, whereas others enhance their effectiveness and therefore complement them. (JEL G28, K22, M42)

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