Corporate governance and the financial crisis: the new paradigm of the rule of law after the collapse

2015 ◽  
Author(s):  
Dawid Bunikowski
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Rule Of Law ◽  
New Paradigm ◽  
The Rule Of Law

scholarly journals GOOD GOVERNANCE AND THE RULE OF LAW

2013 ◽  
Author(s):  
Nik Ahmad Kamal Nik Mahmod
Keyword(s):  
Corporate Governance ◽  
Private Sector ◽  
Rule Of Law ◽  
Good Governance ◽  
Fundamental Rights ◽  
Public And Private ◽  
Abuse Of Power ◽  
The Rule Of Law ◽  
The Common ◽  
The Right

Good governance is basically governing in the right and just ways. Good governance relates to good administration at both public and private sectors. Corporate governance is synonymous and the common usage in the private sector. Common characteristics of good governance include transparency, accountability, participatory and rule of law. Rule of law is the focus of this paper. The principle in itself is problematic because of multifarious interpretation Nonetheless, the consensus has been that rule of law is essential in any government and breach of its principles may lead to arbitrariness and breach of fundamental rights. The paper will expound the roles of rule of law in ensuring good governance and how abuse of power and corruption have undermined rule of law seriously and subsequently affect good governance.

scholarly journals Pozycja i rola Komisji Europejskiej w procedurze ochrony budżetu UE w przypadku uogólnionych braków w zakresie praworządności w państwach członkowskich

2021 ◽  
pp. 145-156
Author(s):  
Karol Piwoński
Keyword(s):  
European Commission ◽  
Rule Of Law ◽  
Comparative Method ◽  
Point Of View ◽  
New Paradigm ◽  
The Rule Of Law ◽  
Wide Range ◽  
The One ◽  
The Eu

The aim of this article is to analyse the position and role of the European Commission in the procedure provided in the regulation on a general regime of conditionality for the protection of the European Union’s budget. For this purpose the scheme of this procedure was analysed, by interpreting the relevant regulations using the dogmatic method and considering opinions of the EU institutions and views of the scholars. A comparative method has also been applied. The new position of the Commission in the procedure for protection of the EU budget has been compared with the position it plays in the existing instruments. The analysis made from the point of view of the position of individual institutions in the new procedure, although it does not allow predicting how they will be implemented. The conducted analysis demonstrates that the European Commission – an institution of Community character – has gained wide competences, and in applying them it has been given a wide range of discretion. On the one hand, the introduced regulations exemplify a new paradigm in creating mechanisms for protection of the rule of law. On the other hand, they raise doubts as to their compliance with EU law. However, they undoubtedly constitute a decisive step towards increasing the effectiveness of the EU's instruments for the rule of law protection.

scholarly journals From Emergency Politics to Authoritarian Constitutionalism? The Legal and Political Costs of EU Financial Crisis Management

2018 ◽  
Vol 19 (2) ◽  
pp. 375-402
Author(s):  
Jan Christoph Suntrup
Keyword(s):  
Financial Crisis ◽  
Crisis Management ◽  
Rule Of Law ◽  
General Level ◽  
State Of Emergency ◽  
The Rule Of Law ◽  
Political Costs ◽  
Contemporary Politics ◽  
Recent Financial Crisis ◽  
Dominant Paradigm

In his lecture onThe Repressed State of Emergency, Ernst-Wolfgang Böckenförde argues for the constitutional possibility of a partial superimposition of certain laws in times of emergency. Repressing the state of emergency would ultimately lead to greater and more permanent damage to the rule of law and liberal rights. This warning bears some similarities to Giorgio Agamben's analysis of the emergence of a permanent state of emergency, which loses the feature of exceptionality by becoming “the dominant paradigm of government in contemporary politics.” Agamben thus proposes a shift from structure to practice, which focuses on the features of emergency politics instead of states of exceptions. The European Union's recent financial crisis is a promising object of research in this regard. After a brief discussion of Böckenförde's illuminating lecture on the repressed state of emergency, this Article will analyze a comment written by Böckenförde at the beginning of the Euro crisis. While this comment has sometimes been interpreted as an unconditional defense of unlawful emergency measures, a closer look at this statement reveals a much more nuanced argumentation. Böckenförde concurs with other legal scholars—such as Paul Kirchhof—in emphasizing the danger of an erosion of the rule of law through illegal measures. Böckenförde's intervention, however, leaves room for interpretation that this emergency action could—in principle and under specific circumstances—nevertheless be legitimate, although he was critical towards the handling of the crisis. On a more general level, this Article will discuss if the suspension of law can ever save the legal order it disregards. Next, the legality of EU crisis management—which has not been judged unanimously—will be scrutinized. At least, the circumvention and adaptation of EU primary law involved in this management has crucially changed the law of “normal affairs.” Finally, this Article will argue that the managerial style of emergency politics challenges the EU's project of “integration through law,” hollows out democratic procedures, and enforces, with its one-sided austerity policy, a form of economic integration that bears strong traces of an “authoritarian constitutionalism.”

Benford Law and Earnings Analysis

2020 ◽  
pp. 381-404
Author(s):  
Radiah Othman ◽  
Rashid Ameer
Keyword(s):  
Corporate Governance ◽  
Rule Of Law ◽  
Institutional Factors ◽  
Benford’S Law ◽  
Government Effectiveness ◽  
The Rule Of Law ◽  
Benford's Law ◽  
Governance Quality ◽  
Corporate Governance Quality ◽  
Benford Law

The literature suggests that firms are actively managing the smoothing of their reported positive net incomes. The observed frequency of second digits abnormally exceeds the level predicted by Benford's Law, which results in a higher frequency of the number zero and an abnormally low occurrence of the number nine in the second digit of the reported income numbers. A reversal pattern occurs for reported net losses. This phenomenon is typically peculiar to countries with weak governance and firms under pressure to meet analysts' expectations. This chapter examines 10 years of reported net incomes by 5,040 firms (44,636 firm-years) in 10 countries ranked as having the best corporate governance quality. The analysis reveals that firms in these countries were not spared from opportunistically rounding their earning numbers. In fact, this rounding behavior is more prevalent when net losses were reported and this rounding phenomenon co-varied with some institutional factors; in particular, the rule of law and government effectiveness has significantly influenced the rounding behavior.

scholarly journals Reshaping Corporate Asia

2011 ◽  
Vol 5 (8) ◽  
Author(s):  
Peter Geib ◽  
Lucie Pfaff
Keyword(s):  
Decision Making ◽  
Financial Crisis ◽  
Rule Of Law ◽  
Accounting Standards ◽  
Asian Financial Crisis ◽  
Pacific Rim ◽  
International Accounting Standards ◽  
Corporate Structure ◽  
The Rule Of Law ◽  
The Pacific

In the aftermath of the Asian financial crisis of 1997-98, the Pacific Rim countries, especially the Southeast Asian economies, had to find ways of dealing with the effects of globalization. Especially in the financial sector, the international community was demanding the rule of law, international accounting standards, transparency, and a corporate structure that will permit investors and lenders better access to corporate decision-making. The research here is revisiting four countries Korea, Singapore, Thailand, and China to examine the progress of these economies in regard to corporate restructuring.

scholarly journals SELF ASSESSMENT PENERAPAN TATA KELOLA PT BANK MANDIRI (PERSERO) Tbk

2020 ◽  
Vol 9 (2) ◽  
pp. 125
Author(s):  
Faradina Inda Wardhani
Keyword(s):  
Corporate Governance ◽  
Rule Of Law ◽  
Self Assessment ◽  
The Rule Of Law ◽  
Research Results ◽  
Verification Method ◽  
Good Corporate Governance

Good corporate governance (GCG) is used by companies to improve the quality of earnings by taking into account the interests of stakeholders are based on the rule of law and norms. System of good corporate governance requires built and executable principles of corporate governance (GCG) in the process of managerial companies. The method used in this research is descriptive and verification method. Based on the research results, it can be concluded that the principles of good corporate governance at Bank Mandiri are measured using the dimensions of transparency, accountability, responsibility, independence and fairness in excellent criteria.

scholarly journals AN OVERVIEW OF THE RULE OF LAW VALUES WITHIN MALAYSIA'S ANTI-TERROR LAW: A LEGAL PERSPECTIVE FROM INDIA AND THE UNITED KINGDOM

2017 ◽  
Author(s):  
Ho Peng Kwang ◽  
Johan Shamsuddin Bin Hj Sabaruddin ◽  
Saroja Dhanapal
Keyword(s):  
United Kingdom ◽  
National Security ◽  
Rule Of Law ◽  
High Price ◽  
New Paradigm ◽  
The Rule Of Law ◽  
Security Issues ◽  
The United Kingdom ◽  
The Government ◽  
The Impact

Abstract: Changes in the legislative framework in response to terrorist threats in Malaysia, India and the United Kingdom since the 9/11 attacks have witnessed the integration of national security issues and criminal justice to form part of the extraordinary security laws passed by the authorities. This integration has rested on the premise that terrorism is an unprecedented threat and so it requires legislation tailored to what has been called as a ‘new paradigm in prevention. The criminal law has largely, though not exclusively, focused only on dealing with crimes that have already  taken  place. However, the reason for the shift in states emphasis towards prevention in counter-terrorism is that terrorism is an extraordinary threat that calls for a special response. A unique theme of most anti-terror legislations is focusing on what is referred to by the government as ‘prevention’ - hoping to foil foreseeable attacks from the terrorists. However, the key concern is the impact on the Rule of Law values when applying the anti-terror laws. This article argues that the preventive methods adopted by Malaysia, India and the United Kingdom are  effective in forestalling terrorist activities to  a certain extent, but often this comes at a high price to pay when individual human rights are sacrificed along the way. Further, anti-terror legislation has degraded the Rule of Law values in response to terrorism threat or national security.   Keywords: Rule of Law, Terrorism; National security; Preventive detention; POTA 2015.   Abstrak: Perubahan dalam struktur perundangan sebagai tindak balas kepada ancaman keganasan di negara seperti Malaysia, India dan United Kingdom selepas serangan  9/11  menyaksikan isu keselamatan negara dan undang-undang jenayah telah diintegrasikan untuk membentuk satu undang-undang keselamatan baharu yang agak luar biasa yang diiktiraf oleh pihak berkuasa. Integrasi ini berlandaskan premis bahawa keganasan ialah satu ancaman yang dipandang serius dan memerlukan undang-undang yang bersesuaian untuk membendungnya yang dirujuk sebagai satu ‘paradigma baharu pencegahan’. Pada lazimnya, undang-undang jenayah hanya tertumpu kepada menangani jenayah yang telah berlaku dan tidak memberi tumpuan kepada jenayah yang bakal dilakukan oleh pengganas. Oleh sebab itu, satu perubahan telah dilihat apabila penekanan terhadap pencegahan dalam membendung keganasan oleh negara-negara yang dikaji adalah kerana keganasan dianggap sebagai ancaman luar biasa dan memerlukan tindak balas khas. Dalam undang-undang antikeganasan, tema unik yang diberi perhatian oleh kerajaan adalah kepada langkah pencegahan dengan  harapan  ia  dapat  mematahkan  cubaan  serangan yang dirancang oleh pihak pengganas. Walau bagaimanapun, keprihatinan utama ialah kesan ke atas peraturan Undang-undang apabila undang-undang antikeganasan dilaksanakan. Artikel ini berpendapat bahawa kaedah pencegahan yang diterima pakai  oleh negara seperti Malaysia, India dan United Kingdom berkesan dalam menghalang kegiatan pengganas pada tahap tertentu, tetapi malangnya selalu melibatkan pengorbanan hak asasi individu. Tambahan pula, undang-undang antikeganasan telah menggugat nilai-nilai peraturan undang-undang susulan daripada tindak balas yang diambil terhadap ancaman daripada keganasan atau untuk keselamatan negara.   Kata Kunci: Peraturan undang-undang; Keganasan; Keselamatan negara; Tahanan pencegahan; POTA 2015

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