Transplanting Anglo-American accounting oversight boards to a diverse institutional context

The introduction of accounting and auditing oversight boards (OBs) has been promoted on a global scale as a key component of the international financial architecture that has emerged over the past two decades. Such institutions, modeled on the Anglo-American tradition, are domestically organized and embedded within distinctively diverse institutional contexts. Their role is to ease agency problems, improve the quality of financial reporting, and help provide stability in the global financial system. We employ an institutional approach, located within the broader political economy framework of global capitalism, to examine the establishment and operation of the new regulatory regime in Greece. Greece, a member of the European Union, exhibits characteristics of a "delegative" democracy, i.e. a traditionally weak institutionalization, reform (in)capacity problems and a clientelistic political system. Our case study shows that the formation and operation of the newly-established system of oversight is conditioned by local political and economic constraints and, thus, does not automatically translate into concrete benefits for the quality of financial reporting. We also draw attention to the structural mismatch between a progressing globalized financial integration and the fragmented nature of the system of oversight, and illustrate that OBs' independence from local governments is an important but neglected issue.

Crisis and institutional change in urban governance

Recent studies of new institutional spaces typically underplay the uneven and contested process of institutional change by undervaluing the role of inherited institutions and discourses. This is a critical issue as neoliberal networked forms of governance interact with inherited institutional arrangements, characterised by important path dependencies that guide actors. Contradiction and tensions can emerge, culminating in crisis tendencies, and producing both discursive and material contestation between actors. It is with an understanding of path dependencies, ideas (structured into discourses), and (perceived and actual) crisis tendencies that this paper examines contested institutional change through a case-study analysis of one city, and a critical engagement with neoinstitutionalism. The purpose is to examine, firstly, the significance of inherited path-dependent arrangements in fostering conflict and crisis tendencies during interaction with emergent state action; secondly, the extent to which crisis is evident in processes of institutional change and the form that this takes; and, thirdly, the importance of ideas in producing institutional transformation. It is found that institutional conflict is evident between inherited institutions and emergent state action, and stems both from the way agents are organised by the state and from certain path dependencies, but that this does not lead to an actual material crisis. Rather, the nation-state, in partnership with senior city government actors, use ideational/discursive ‘crisis talk’ as a means by which to induce institutional change. The role of ideas has been in critical in this process as the nation-state frames problems and solutions in line with its existing policy paradigm and institutional arrangements, and with discourses further reinforcing existing material power relations.

The contract management responsibility system in China : an institutional interpretation

Thesis is about the enterprise reform in China in general, and the Contract Management Responsibility System (the CMRS) in particular. The latter is a new institutional arrangement to deal with the relation between the government and the state-owned enterprise which has always been at the centre of the enterprise reform. The focus of the research is on the process of institutionalization in order to study the problems of the emergence of a free enterprise system in China. The research is conducted by four in-depth case studies to reveal how the CMRS is running and what interaction is taking place between the government and the state-owned enterprise under the system. Drawing on the empirical work, the thesis analyzes the features of the CMRS and the characteristics of its implementation process with respect to the structural-institutional paradigm, and the property rights approach. The research shows that to establish a market-type relation between the government and the enterprise is a complicated and dynamic process. It involves the understanding of the two different economic mechanisms, market and planning, and the interations taken by two parties. It concludes that the CMRS is an unstable system, either going back to the previous system or moving towards a market system, because its dynamic and control dimension are dysfunctional.