Managing expectations in financial markets: voluntary accountability practices of capital market regulators in Spain and Turkey

In recent decades, independent regulatory agencies (IRAs) have been introduced as part of public administration reforms around the world. Unlike traditional administrative agencies, most IRAs are not accountable to the executive and their accountability relationship to the legislative tends to be weak. Nevertheless, these agencies often engage in acts of voluntary explanation and justification of their decisions to stakeholders. Based on a comparative study of financial regulation agencies, this article shows that these IRAs resort more actively to voluntary accountability when the expectations of actors interacting with the agency are at conflict. Specifically, we argue that the agency’s ability to manage expectations is shaped by the level of agency independence and the degree of organizational capacity. Our findings contribute to the existing debates by conceptualizing voluntary accountability as a mechanism for managing stakeholders’ conflicting expectations through the lens of financial regulation based on original evidence from Spain and Turkey.

TMT Characteristics and Organizational Performance in a Regulatory Setting in Kenya

Some previous studies in organizational performance have illustrated that top management team (TMT) characteristics have the ability to lead to more practical strategic decisions, better creativity, value adding innovations and to assist organizations to engage with diverse stakeholders that in effect positively impact on organizational performance. The specific objectives of the study were; to determine the effect of top management team demographic characteristics, to examine the effect of top management team psychological characteristics and to assess the effect of top management team cognitive characteristics on organizational performance of the independent regulatory agencies in Kenya. To achieve these objectives, the study adopted descriptive cross-sectional research design. The target population of the study was all the twenty-three independent regulatory agencies currently existing in Kenya. Due to the uniqueness of each independent regulatory agency and the distinct roles played by each top management team member in their organization, the study adopted a census survey of all the top management team members in all the twenty- three independent regulatory agencies in order to capture the required information. Primary data was gathered using structured questionnaire administered through drop and pick later method. Descriptive statistics was then used to summarize the survey data into percentages, frequencies, means and standard deviations. Inferential statistics employed regression analysis to test hypotheses and draw conclusions. The findings of the study showed that there is no significant effect of top management team demographic characteristics on organizational performance. The findings further showed that top management team psychological characteristics significantly affect organizational performance. Lastly, the findings established that top management team cognitive characteristics significantly affect organizational performance. The study recommends that the recruitment process of TMTs should include psychological and cognitive characteristics as requirements apart from the normal demographic characteristics requirements mostly in use.

TMT Characteristics and Organizational Performance in a Regulatory Setting in Kenya

Some previous studies in organizational performance have illustrated that top management team (TMT) characteristics have the ability to lead to more practical strategic decisions, better creativity, value adding innovations and to assist organizations to engage with diverse stakeholders that in effect positively impact on organizational performance. The specific objectives of the study were; to determine the effect of top management team demographic characteristics, to examine the effect of top management team psychological characteristics and to assess the effect of top management team cognitive characteristics on organizational performance of the independent regulatory agencies in Kenya. To achieve these objectives, the study adopted descriptive cross-sectional research design. The target population of the study was all the twenty-three independent regulatory agencies currently existing in Kenya. Due to the uniqueness of each independent regulatory agency and the distinct roles played by each top management team member in their organization, the study adopted a census survey of all the top management team members in all the twenty- three independent regulatory agencies in order to capture the required information. Primary data was gathered using structured questionnaire administered through drop and pick later method. Descriptive statistics was then used to summarize the survey data into percentages, frequencies, means and standard deviations. Inferential statistics employed regression analysis to test hypotheses and draw conclusions. The findings of the study showed that there is no significant effect of top management team demographic characteristics on organizational performance. The findings further showed that top management team psychological characteristics significantly affect organizational performance. Lastly, the findings established that top management team cognitive characteristics significantly affect organizational performance. The study recommends that the recruitment process of TMTs should include psychological and cognitive characteristics as requirements apart from the normal demographic characteristics requirements mostly in use.

TMT Characteristics and Organizational Performance in a Regulatory Setting in Kenya

Some previous studies in organizational performance have illustrated that top management team (TMT) characteristics have the ability to lead to more practical strategic decisions, better creativity, value adding innovations and to assist organizations to engage with diverse stakeholders that in effect positively impact on organizational performance. The specific objectives of the study were; to determine the effect of top management team demographic characteristics, to examine the effect of top management team psychological characteristics and to assess the effect of top management team cognitive characteristics on organizational performance of the independent regulatory agencies in Kenya. To achieve these objectives, the study adopted descriptive cross-sectional research design. The target population of the study was all the twenty-three independent regulatory agencies currently existing in Kenya. Due to the uniqueness of each independent regulatory agency and the distinct roles played by each top management team member in their organization, the study adopted a census survey of all the top management team members in all the twenty- three independent regulatory agencies in order to capture the required information. Primary data was gathered using structured questionnaire administered through drop and pick later method. Descriptive statistics was then used to summarize the survey data into percentages, frequencies, means and standard deviations. Inferential statistics employed regression analysis to test hypotheses and draw conclusions. The findings of the study showed that there is no significant effect of top management team demographic characteristics on organizational performance. The findings further showed that top management team psychological characteristics significantly affect organizational performance. Lastly, the findings established that top management team cognitive characteristics significantly affect organizational performance. The study recommends that the recruitment process of TMTs should include psychological and cognitive characteristics as requirements apart from the normal demographic characteristics requirements mostly in use.

PELAKSANAAN PEMILIHAN UMUM SERENTAK PADA PEMILIHAN PRESIDEN DAN WAKIL PRESIDEN, ANGGOTA DPR, ANGGOTA DPD, DAN ANGGOTA DPRD SEBAGAI IMPLEMENTASI PELAKSANAAN SISTEM DEMOKRASI PANCASILA (Suatu Kajian Terhadap Format Sistem Pemilu Indonesia Ke Depan Yang Tepat Dalam Hubungannya Dengan Sistem Predisensiil Yang Dianut di Indonesia)

Kedaulatan rakyat sebagai cerminan demokrasi di Indonesia menekankan bahwa rakyat harus secara langsung untuk memilih DPR, DPD, Presiden dan Wakil Presiden dan DPRD Kabupaten/Kota yang dilaksanakan oleh Komisi Pemilihan Umum (KPU) sebagai komisi negara independen (independent regulatory agencies) merupakan lembaga negara yang menyelenggarakan Pemilihan Umum di Indonesia yang ditegaskan dalam Pasal 22E UUD 1945 yang kemudian diatur lebih lanjut dengan beberapa peraturan Perundang-undangan. Sebagai akibat dari berbagai persoalan dalam penyelenggaraan Pemilu dan Pemilukada dalam satu dekade terakhir, muncul berbagai pendapat agar sistem Pemilu kembali di evaluasi, dengan alasan agar efektifitas sistem Presidensial dan efisiensi penyelenggaraan Pemilu Nasional perlu untuk digabung. Terkait hal ini, Mahkamah Konstitusi Melalui Putusannya tersebut Nomor 14/PUU-XI/2013 telah memutuskan Pemilihan Presiden dan Wakil Presiden dilaksanakan secara serentak dengan Pemilu anggota DPR, DPD dan DPRD. Demikian pula dengan pemilihan Kepala Daerah dan wakil kepala daerah, juga diusulkan untuk diselenggarakan secara serentak. Salah satu dari lima kesepakatan dasar Perubahan UUD 1945 adalah mempertegas sistem pemerintahan presidensial. Penyelenggaraan Pileg dan Pilpres secara serentak merupakan bagian dari rancangan sistem pemerintahan Presidensial yang ingin lebih dipertegas. Dalam norma “presidential threshold”, yaitu batas ambang seseorang dinyatakan sebagai Presiden terpilih pada sistem Pemilu dalam UUD 1945 diatur dalam Pasal 6A ayat (3), bukan pada ayat (2), yang menyatakan bahwa “Pasangan calon Presiden dan Wakil Presiden yang mendapatkan suara lebih dari lima puluh persen dari jumlah suara dalam pemilihan umum dengan sedikitnya dua puluh persen suara di setiap Provinsi yang tersebar di lebih dari setengah jumlah Provinsi di Indonesia, dilantik menjadi Presiden dan Wakil Presiden”. Adapun Pasal 6A Ayat (2) UUD 1945 berbunyi “Pasangan calon Presiden dan Wakil Presiden diusulkan oleh partai politik atau gabungan partai politik peserta pemilihan umum sebelum pelaksanaan pemilihan umum”. Pasal ini menegaskan bahwa kriteria partai politik atau gabungan partai politik yang berhak mengusulkan pasangan calon Presiden dan Wakil Presiden adalah partai politik yang dinyatakan sebagai peserta pemilihan umum, tanpa embel-embel persyaratan ambang batas lainnya. Padahal MK tidak pernah mengharuskan dilakukannya sistem proporsional terbuka. dimana MK hanya menghilangkan syarat 30 persen Bilangan Pemilih Pembagi (BPP) yang ada pada UU Nomor 10 Tahun 2008 tentang Pemilu Legislatif. Dalam Pasal 214 menyebutkan bahwa anggota DPR terpilih ditetapkan berdasarkan urutan suara terbanyak di antara calon-calon legislatif yang memperoleh suara 30 persen atau lebih dari BPP. Syarat 30 persen itu, dibatalkan oleh MK karena dianggap tidak adil dan menimbulkan ketidakpastian bagi para pemilih. Kemudian idealnya Pemilu serentak 2019 yang akan datang dilaksanakan dalam dua tahap yaitu Pemilu Nasional dan Pemilu Daerah atau Lokal. Pemilihan Presiden, Wakil Presiden, DPR, DPD, DPRD Provinsi dengan pemilihan DPRD Kabupaten/kota sudah berbeda. Maka, wajar jika Pemilu serentak 2019 dibagi atas Pemilu Nasional serta Pemilu daerah atau lokal. Pemilu untuk memilih anggota DPR, DPD, Presiden dan Wakil Presiden masuk ke Pemilu Nasional. Setelah itu diikuti oleh pemilihan anggota DPRD Provinisi, Kabupaten/kota. Ini kan jelas dari segi institusi itu terpisah dari sebelumnya. Pengaturan pelaksanaan Pemilu Nasional dan lokal pada Pemilu serentak 2019 tersebut bisa saja dijadikan norma dalam UU Pemilu kedepannya. Hal ini juga perlu pengujian di Mahkamah Konsitusi, agar MK memiliki ruang untuk memberikan interprestasi baru untuk Pemilu Nasional dan Pemilu lokal. Sehingga dengan sistem pembagian ini agenda Nasional di tingkat pusat akan lebih mudah diikuti di tingkat daerah. Jika keduanya digabungkan, maka dibutuhkan tenaga ekstra dalam pelaksanaanya Pemilihan Umum secara serentak tersebut