Feature Service Articles
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Article at a Glance:
- Ronald Coase’s key insights about the theory of the firm and transaction costs continue to influence the economic research agenda today.
- Within a firm, the price system and constantly contracted tasks would be more costly than authoritative allocation of resources and labor.
- The implication of Coase’s work for corporate governance and the imperfect aspects of prices as a coordinating mechanism in the economy require further research.
Why interest in governance?
Four sets of phenomena have combined to drive the explosive growth of interest in the quality of governance – and with it the use of governance indicators – in recent years.Read more...
As competition for foreign and domestic investment is heating up, companies continue to search for ways to remain competitive. Good corporate governance is increasingly recognized as an effective tool to improve firm competitiveness as well as the overall economic climate in a country. In the South Asia region, while family-owned businesses are a major component of the economy, they increasingly face stiff competition from new market entrants. In response to issues of competitiveness and sustainability, family-owned businesses are coming to terms with the need to establish an institutionalized governance process, develop a succession plan, and separate ownership from control. The implementation of good corporate governance practices can help to eliminate many of these problems. The following overview of corporate governance provides the context for an examination of issues specific to the adoption of corporate governance principles by family firms in South Asia.
Corporate GovernanceRead more...
Rampant corruption in the 1990s ensured that most interactions between entrepreneurs and Georgian officials involved a combination of bribery, coercion, and shady dealings. When providing services mandated by law, public officials would frequently use their positions to extract additional income from ordinary citizens. But the blame should not be placed solely on the shoulders of public officials – exploiting institutional failures, citizens would also offer bribes to get preferential treatment or to speed up the process.Read more...
Working for a Norwegian NGO during the war in Bosnia, Lejla Radoncic wanted to find a way to help refugees flooding into Tuzla from nearby Srebrenica, where more than 7,000 Bosnians perished in some of the war’s worst violence. Realizing that international funding would not continue forever, she developed a program to help women support themselves.
Her project grew into Bosnian Handicrafts, a clothing and home furnishings line produced by Bosnian women and sold globally online and through retailers in Europe, Japan, the U.S., and elsewhere. Nieman Marcus, National Geographic, and Sundance are among the U.S. retailers who sell the handmade goods. The effort began with 50 women in one settlement and now provides work for up to 700 women at a time. Bosnian Handicrafts is the sole source of economic support for more than 80 percent of its workers, who receive ten weeks of training in sizing, specifications, and meeting the demands of foreign markets.Read more...
CIPE: Corporations are increasingly embracing the concept of corporate social responsibility (CSR). What are the main driving forces and why has Starbucks embraced the movement?
Sandra Taylor: For Starbucks, CSR is really about conducting business in a way that produces social, environmental, and economic benefits for all the communities in which we operate. Social consciousness has always been at the core of our business. In general, I think the main driving force behind corporate social responsibility is consumer awareness, which we see as a very positive development. Over the past few years, the public has become more educated on concepts such as global warming, poverty alleviation, human rights, and the broader concept of sustainability. Sustainability is certainly important to agricultural commodities, such as coffee, tea, cocoa, and water, and permeates every aspect of our business.
CIPE: What are the main benefits and challenges of corporate social responsibility for business?Read more...
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CIPE welcomes articles submitted by readers. Most articles run between 3-7 pages (1000-3000 words), but all submissions relevant to CIPE's mission of building accountable, democratic institutions through market-oriented reform will be considered based on merit. Economic Reform Feature Service articles are primarily geared toward an international, non-academic community of businesspeople, economic reformers, and policy-makers. Specific policy recommendations and articles based on direct experience are encouraged. In addition to articles, we are willing to adapt suitable lectures, speeches, research notes, and academic papers.
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