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ABSTRACT Purpose: To study the Brazilian bond and stock markets for testing the stock market development theory of Demirgüc-Kunt and Maksimovic (1996). Originality/gap/relevance/implications: This paper tests the substitution hypothesis of stock market development, from debt to stocks, in a context of improved corporate governance, by analyzing the data with cointegration techniques. The findings show that the rejection of substitution hypothesis, as the bond market has a positive and significant association with stock market improvements. The findings also show that improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle. Key methodological aspects: Positivist research using quantitative methodology. Data from a sample of 171 firms during 20 years, analyzed with cointegration. The null was a negative association between bond and stock markets. Summary of key results: Null rejection, non-consistent to theoretical framework. The results have shown a positive and significant association between stock and debt in an improved corporate governance context. Key considerations/conclusions: Improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary, and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.

This paper focuses on Denmark's Master of Public Governance and its assessments and lessons learned. Denmark is seen to have an efficient economy and public sector, a digitalized public service delivery system, and an advanced work–life balance. The Danish government invested substantial resources into developing a Master of Public Governance program – a flexible and modular program for public managers to take over a period of up to six years. The paper focuses on the Copenhagen version of the Master of Public Governance program. More than 1000 public managers from central, regional and local government are now active in pursuing an executive public management education through this program. The development, structure, content and the innovative teaching ideas are presented. The available data, including an official evaluation of the MPG program, is used to assess the program and present some lessons learned. The program has achieved its goals as public managers express satisfaction with the content and the flexible structure of the program, which suited more governance-oriented public managers with a need for strategic-thinking public managers, and has provided them with an opportunity to try out innovative teaching ideas. Lessons learned include the necessity of securing back-up from the government for a program of this considerable size, offering a flexible array of accessible and up-to-date courses and ensuring collaboration between universities offering the program.

Policy design, or the deliberate governmental effort to attain desired policy objectives, is an integral part of micro and macro-level fiscal and financial regulation. This paper seeks to address the role of regime coherence and policy capacity in contributing to effective financial policy design. Drawing on the cases of the Global Financial Crisis and Asian Financial Crisis and focusing on Asian states, we assess regime capacity at both international and domestic levels. We argue that it is the integration of analytical, operational and political capacities that have contributed to the overall ability of a government regime to address and respond to crises.

This article examines the effect of participatory governance on policy performance in the United States, which is shaped by external and internal factors related to transaction cost. Externally, if transaction-cost-related policy conditions are uncertain-thereby increasing transaction cost-the effect of participatory governance on policy performance is less positive. Internally, noninstitutionalized participatory governance methods (e.g., public meetings) are less effective than institutionalized ones in improving policy performance (e.g., advisory committees). In addition, these internal and external factors affect the choice of participatory governance methods by government agencies: agencies are more likely to employ institutionalized participatory governance methods under low-transaction-cost policy conditions.

PurposeDue to scarcity of research in governance and accountability in private higher education in developing countries, the purpose of this paper is to explore the tensions surrounding good governance in legitimizing accountability in private universities in developing countries with reference to Bangladesh.Design/methodology/approachMixed methods are employed: a quantitative survey of 1,576 students from all 79 private universities; qualitative interviews with 23 stakeholders; and policy documents including the Private University Acts, the World Bank Report and newspapers (1992-2015) were evaluated. The objectives of these mixed methods in this study are juxtaposed and generate complementary insights that together create a bigger picture surrounding governance and accountability issues.FindingsUsing Clark's (1983) triangle model (i.e. state control, academic oligarchy, and market forces together with the external influence of donors and boards of trustees as internal governance) and new institutional theory (DiMaggio and Powell, 1983), the major contributions of this study are explaining the root causes of the poor governance of private universities through three related factors: the substantial political power and autonomy held by boards of trustees; a lack of enforcement of Private University Act; and a lack of coordination among stakeholders. The coercive power of the state becomes powerless since the board of trustees ultimately enjoys political power and "does whatever it can." The lack of coordination of the academic oligarchy (e.g. professors and academics) and market forces (represented by students) by the board of trustees creates a paradox of governance and hence a decoupling of formal policies and actual practice.Practical implicationsThe findings have major policy implications for local and international policymakers for improving good governance in private universities in developing countries.Originality/valueThe novelty of the study's findings represents an initial effort to understand the complex and persistent phenomenon of prolonged poor governance of private universities in developing countries, which is largely neglected in the literature. This will undoubtedly contribute to literature and policy implications.

PurposeThis paper aims to determine the impact of corporate governance practices on the financial outcomes of Fortune Global 500 Companies, thus covering impact of geographical differences (USA and non-USA) as well.Design/methodology/approachThe study is a quantitative research based on a positivist paradigm using deductive reasoning and secondary data collection. Data collection has been done from secondary sources (annual reports, Edgar submissions and financial statistics from renowned financial databases such as yahoo.finance, Bloomberg, Ycharts statistics and Morningstar. Data were collected for 8 years (2005-2012).FindingsThe study found a strong positive relationship between corporate governance and firm performance. Smaller board sizes are found to generate better firm performance in Fortune Global 500 Companies. Frequency of board meetings have also been found to have inverse relationship with firm performance. The study supports board independence to improve transparency in board decision-making process. CEO compensation has been found to have inverse relationship with firm performance. The robustness of our results has been measured with the usage of three dependent variables, and we have found same results with varying significance level.Research limitations/implicationsDue to selection of globally broad sample set qualitative aspects of corporate governance could not be covered. Nevertheless, there is a need to go beyond the quantitative techniques (secondary data) of measuring corporate governance mechanisms.Practical implicationsThe population set is unique combination of big players and global diversification. Hence, the corporate governance practices of these firms as understood from the results of this study can be bench-marked for emerging corporates of varying global context.Originality/valueThe research is original and unique as it significant and globally diverse population of Fortune Global 500 Companies over a period of 8 years for 11 variables of interest. Results are helpful in bench marking for the rest of market players.

The paper uses a case study of urban regeneration policy in Sheffield, UK, to explore local public entrepreneurship in a system of multi-level governance. Recent analyses of public entrepreneurs have directed attention to the macro-political structural and institutional conditions that enable and constrain these actors, and to their individual characteristics and attributes. The stress has been on the national level and on individual action at the expense of the agency of local networks of entrepreneurs. In order to address this lacuna, we consider how local policy entrepreneurs work across governance levels and develop ideas, institutional structures and support in pursuit of their goals, using Kingdon's notion of policy streams as a vehicle for our analysis. We highlight the contingent and path-dependent nature of such entrepreneurship. In particular, we identify the temporal sequencing of agenda shifts and entrepreneurial actions as a crucial aspect of the policy process.