The Financial Services and Markets Act 2000 (FSMA) provides the statutory framework for the new UK market abuse regime, which became effective on 1 December 2001. The FSMA market abuse regime provides new powers to the Financial Services Authority (FSA) to sanction anyone who engages in 'market...

We assess the impact on ceo pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 british companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a...

Most large UK private-sector organisations are listed companies that are subject to intense pressures to enhance shareholder value. The question arises of whether this constrains the ability of UK managers to pursue genuine partnership arrangements with long-term stakeholders, including...

Investigates how entrepreneurs in Belarus, Russia and Ukraine finance start-up and restructuring. Data from 600 de novo, privatised or state-owned firms shows the critical importance of the personal funds of the main owner(s), with a limited level of support being giving by the state.

Theories suggesting either static or dynamic productivity gains derived from exports often assume the prior existence of a perfect market. In the presence of market failure, however, the competition effect and the resource reallocation effect of exports on productive efficiency may be greatly...

This paper examines human resource management practices adopted in a group of eight case study firms and their tendencies towards versus away from partnership. The analysis is based on data collected during interviews with 124 employees (75 in organisations tending towards partnership and 49 in...

Facing exogenous changes and endogenous impasses, Emilia-Romagna, one of the richest regions in Europe, is undergoing transformation. In this paper, we outline the dynamics of change at the regional level, both in the changes in the interrelationships among the major actors, and the emergence of...

The key analytical and policy question examined in this paper is whether multinational companies and their overseas investment need to be regulated at the national or the international level, in order to address market failures, and to enhance their potential contribution to world welfare. The...

Research in corporate governance and in labour law has been characterized by a disjuncture in the way that scholars in each field are addressing organizational questions related to the business enterprise. While labour has eventually begun to shift perspectives from aspirations to direct...

Opinion is sharply divided over whether EMU is leading to regional economic convergence or regional economic divergence. This paper examines the theoretical arguments and empirical evidence for these opposing views, and presents some additional analysis of patterns of regional productivity...