scholarly journals Are Foreign Investors Afraid Of State Ownership?

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Quynh Nga Nguyen Thi ◽  
Quoc Trung Tran
Keyword(s):  
State Ownership ◽  
Foreign Investors

scholarly journals Ownership structure and demand for independent directors: evidence from an emerging market

2020 ◽  
Vol 22 (2) ◽  
pp. 335-342
Author(s):  
Quoc Trung Tran
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Agency Costs ◽  
Emerging Market ◽  
State Ownership ◽  
Independent Directors ◽  
Minority Shareholders ◽  
Foreign Investors ◽  
Content Type ◽  
Insider Ownership

PurposeIn this study, we examine how ownership structure affects the use of independent directors in Vietnam – an emerging stock market.Design/methodology/approachWe develop logit and tobit regression models to investigate the effects of ownership structure on the propensity to use independent directors and the number of independent directors on the board, respectively. Insider ownership and the use of independent directors are proposed to have a non-linear relationship.FindingsWith a sample of 1,318 observations collected from 192 listed firms over the period from 2008 to 2017, we find that insider ownership and independent director appointment have a U-shaped relationship. It is positive when insiders hold a small proportion of shares, and turns out to be negative when insiders hold a large percentage of shares. In addition, both state ownership and foreign ownership are negatively related to firm decisions of appointing independent directors.Practical implicationsOur findings imply that minority shareholders should have appropriate actions to reduce agency costs and protect their own interests. In addition, policymakers should improve the effectiveness of corporate governance legislation to increase the presence of independent directors in order to protect minority shareholders. Moreover, government agencies also need to increase the number of independent directors in state-controlled firms as a means to improve their corporate governance. Foreign investors may be a substitute for independent directors; therefore, firms without independent directors are able to improve their corporate governance by attracting foreign investors.Originality/valueWhile the extant literature shows that independent directors can help firms decrease agency costs of equity in financial decisions and performance, there are relatively few studies investigating corporate decisions to use independent directors. This paper contributes to the literature of corporate governance mechanisms through independent directors in emerging markets.

The Quality of Kazakhstan’s Economic Policy and Balance of Payments

2008 ◽  
pp. 120-132
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Balance Of Payments ◽  
Foreign Investors ◽  
Negative Balance ◽  
Macroeconomic Efficiency

Kazakhstan’s economic policy in 1996-2007, its character and the degree of responsibility, the correlation between economic development and balance of current accounts are considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that in conditions of high rates of economic growth in Kazahkstan in 2000-2007 the net profits of foreign investors are 10-11% of GDP every year. The tendency of negative balance of current accounts in favor of foreign investors is also analyzed.

Diligentia quam in suis as a Technique for a Contextual Application of the Full Protection and Security Standard: Considering the Level of Development of Host States in International Investment Law

2020 ◽  
Vol 28 (4) ◽  
pp. 596-611
Author(s):  
Nitish Monebhurrun
Keyword(s):  
International Law ◽  
International Investment ◽  
Due Diligence ◽  
Foreign Investors ◽  
International Investment Law ◽  
Local Means ◽  
Security Standard ◽  
Maximum Protection ◽  
Investment Law ◽  
Full Protection

With international investment law as the background to this study, the present article examines how the full protection and security standard can be construed from the perspective of developing states hosting foreign investments. The research delves into classical public international law to argue that the diligentia quam in suis rule can be used as a means of interpretation to strike a balance between foreign investors’ and developing states’ interests when construing the full protection and security standard. The rule provides that any expected due diligence from the state party is necessarily of a subjective nature. This means that developing host states must deploy their best efforts to offer maximum protection to foreign investors not on an in abstracto basis but as per their local means and capacity. Accordingly, the standard is presented as an adaptable and flexible one which moulds its contours as per the level of development of the host state. Such flexibility does not imply condoning states’ abuse and negligence. The article explains how the diligentia quam in suis rule enables a conciliation between the full protection and security standard and the host state's level of development while rationalising the standard's application to developing nations.

Syed Nawab Haider Naqvi, Mahmood Hasan Khan and M. Ghaffu Otaudhry (edt.). LaJld Reforms in Pakistan, A Historical Perspective. Islamabad: Pakistan Institute of Development Economics 1987. viii+216 pp.Price: Rs 220 (USS 35) for hardcover; Rs 140.00 (USS 20) for soft-cover.

1988 ◽  
Vol 27 (2) ◽  
pp. 217-218
Author(s):  
Luther Tweeten
Keyword(s):  
Land Tenure ◽  
Land Reform ◽  
State Ownership ◽  
Land Reforms ◽  
Policy Makers ◽  
Rural Pakistan ◽  
The Status ◽  
Land Tenure System ◽  
Ownership Of Land ◽  
High Degree

The authors describe how Pakistan has grappled with land reform, surely one of the most intractable and divisive issues facing agriculture anywhere. The land-tenure system at independence in 1947 included a high degree of land ownership concentration, absentee landlordism, insecurity of tenant tenure, and excessive rent. Land reform since 1947 focused on imposition of ceilings on landholding, distribution of land to landless tenants and small owners, and readjustments of contracts to improve the position of the tenant. These reformist measures have removed some but by no means all of the undesirable characteristics of the system. The authors list as well as present a critique of the reports of five official committees and commissions on land reform. The reports highlight the conflicts and ideologies of the reformers. The predominant ideal of the land reformers is a system of peasant proprietorship although some reformers favoured other systems such as communal farming and state ownership of land, and still others favoured cash rents over share rents. More pragmatic reformers recognized that tenancy is likely to be with Pakistan for the foreseeable future and that the batai (sharecropping) arrangement is the most workable system. According to the editors, the batai system can work to the advantage of landlord and tenant if the ceilings on landholding can be sufficiently lowered (and enforced), the security of the tenant is ensured, and the tenant has recourse to the courts for adjudication of disputes with landlords. Many policy-makers in Pakistan have come to accept that position but intervention by the State to realize the ideal has been slow. The editors conclude that" ... the end result of these land reforms is that they have not succeeded in significantly changing the status quo in rural Pakistan" (p. 29).

Das waldreiche obere Theresiental (Transkarpatien, Ukraine) – geografisch-ökologische und sozioökonomische Beschreibung | The forest-rich upper Theresian Valley (Transcarpathia, Ukraine): a geographic-ecological and socio-economical description

2007 ◽  
Vol 158 (1-2) ◽  
pp. 14-21
Author(s):  
Vasyl Sabadosh ◽  
Oleg Suprunenko
Keyword(s):  
Forest Management ◽  
High Water ◽  
The State ◽  
Water Levels ◽  
Private Companies ◽  
Foreign Investors ◽  
Wood Processing ◽  
Job Opportunities ◽  
Orange Revolution

The upper Theresian Valley lies along the southwest-facing ridge of the Ukrainian Carpathians. Despite expansive forestation high water levels are frequent. The forest belongs to the state and is centrally administrated. Felling is sometimes outsourced to private companies and private companies have also been founded to process the timber. Job opportunities have become fewer and illegal work is increasing. A new democratic awareness has emerged since the «Orange Revolution» in 2004. With foreign investors, however, new risks emerge. The authors recommend giving monies from forest management to the communities, the founding of new wood processing enterprises and more transparent information.

OWNERSHIP IN THE REPUBLIC OF MACEDONIA AND THE STATE AS THE HOLDER OF THE PROPERTY RIGHT UNDER THE CONSTITUTION IN 1991

2018 ◽  
Vol 28 (6) ◽  
pp. 1993-2005
Author(s):  
Shemsije Demiri ◽  
Rudina Kaja
Keyword(s):  
Legal Aspect ◽  
State Ownership ◽  
The State ◽  
Point Of View ◽  
State Function ◽  
Dominant Form ◽  
Republic Of Macedonia ◽  
General Terms ◽  
Starting Point ◽  
The Republic

This paper deals with the right to property in general terms from its source in Roman law, which is the starting point for all subsequent legal systems. As a result of this, the acquisition of property rights is handled from the historical point of view, with the inclusion of various local and international literature and studies, as well as the legal aspect devoted to the respective civil codes of the states cited in the paper.Due to such socio-economic developments, state ownership and its ownership function have changed. The state function as owner of property also changed in Macedonia's property law.The new constitutional sequence of the Republic of Macedonia since 1991 became privately owned as a dominant form of ownership, however, state ownership also exists.This process of transforming social property into state or private (dissolves), in Macedonia starts from Yugoslavia through privatization, return and denationalization measures, on which basis laws on privatization have been adopted. Because of this, there will be particularly intensive negotiations regaring the remaining state assets.

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