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Cyprus and the financial crisis : the controversial bailout and what it means for the eurozone
\"The 2012-2013 economic crisis in the Republic of Cyprus is commonly attributed to a number of factors, including the exposure of Cypriot banks to over leveraged local property companies; the knock-on effect of the Greek government debt crisis; and international credit rating agencies downgrading the Cypriot government's bond credit status. What followed was unexpected and controversial: a bailout on condition of a one-time bank deposit levy on all uninsured deposits in the country's second-largest bank, the Cyprus Popular Bank; and on the uninsured deposits of large proportion of the island's largest commercial bank, the Bank of Cyprus. Many have questioned the implications of Cyprus' ties with the Russian financial system, as well as the draconian and unprecedented bailout terms imposed on the Cypriot population by the Eurozone. There has been little written from the Cypriot perspective on these events. This book presents a study of the events surrounding the recent Cypriot Financial Crisis and its impact on the Eurozone. It incorporates insights from leading protagonists in the Cypriot government and banking sectors and focuses on qualitative research to assess the events that formed the backdrop of the crisis. The book analyzes the policies of many public and private institutions and presents the crisis alongside other Eurozone bailouts to compare and contextualize the ongoing issues. Cyprus and the Financial Crisis also explains the political and historical backdrop of the events, including the wider Cypriot experience since the 1974 invasion, and the unravelling financial relationship between Cyprus, Greece and Russia. It incorporates the views of Cypriots from a wide and diverse spectrum, and presents the resilience of the island in fighting back to beat forecasts for recovery, helped by the Eldorado of gas finds off its southern shores. \"-- Provided by publisher.
Book
The role of governments in corporate social responsibility: characterising public policies on CSR in Europe
Corporate Social Responsibility (CSR) aims to better integrate social and environmental concerns into business routines on a voluntary basis. The present article is concerned with the political side of the management approach. By systematically characterising the public policies on CSR throughout Europe, it first complements the existing, often unsystematic, accounts of how governments address CSR (mostly provided in management journals). Second, it also brings the issue closer to political science. After explaining why governments show interest in CSR, the article introduces CSR as a voluntary contribution to sustainable development. It then develops a typology of CSR policies that distinguishes five types of policy instruments (legal, economic, informational, partnering and hybrid) and four thematic fields of action (raise awareness, improve transparency, foster socially responsible investment and lead by example). Based on this systematic description of CSR policies, the article explores what CSR and the respective public policies imply for business-government relations as well as the changing patterns of regulation. It concludes that CSR started out as a neo-liberal concept that helped to downscale government regulations, but that it has in turn matured into a more progressive approach of societal co-regulation in recent years. Regarding the effectiveness and the opportunity costs of this new pattern of governance, the article emphasises that the respective assessment gaps should be filled by case study research.
Journal Article
The politics of resource extraction : indigenous peoples, multinational corporations, and the state
\"International institutions (United Nations, World Bank) and multinational companies have voiced concern over the adverse impact of resource extraction activities on the livelihood of indigenous communities. This volume examines mega resource extraction projects in Australia, Bolivia, Canada, Chad, Cameroon, India, Nigeria, Peru, the Philippines\"-- Provided by publisher.
Book
Oil and state capitalism: government-firm coopetition in China and India
This paper examines the domestic sources of the internationalization of national oil companies (NOCs) in China and India. It argues that - counter to notions of state-led internationalization - the going abroad of NOCs reflects a pattern of 'coopetition,' i.e., the co-existence of cooperation and conflict between increasingly entrepreneurial NOCs and partially supportive and interventionist home governments. In China, the state has predominantly assumed the role of resource supplier, rarely stepping in as a veto player. In India, the NOC-government relationship has been more adversarial, with the state intervening more often as a veto player than its Chinese counterpart and only slowly emerging as a resource supplier. These patterns of internationalization can be explained by how two major trends have been playing out in the two countries: (1) the marketization of NOCs, and (2) the reform of the governance of overseas investments. The findings matter to theory and policy. First, they unpack the relational dynamics of business-government relations in hybrid models of capitalism beyond notions of top-down and bottom-up dynamics. Second, our analysis shows that the state intervenes in the international energy strategies of emerging economies as the occasional veto player rather than actively leveraging NOC internationalization for geopolitical goals.
Journal Article
Businessmen, clientelism, and authoritarianism in Egypt
\"After the ousting of former Egyptian president Hosni Mubarak in February 2011, there was much debate about the reasons for the former regime's longevity and its collapse. Here, Safinaz El Tarouty provides an original contribution to the study of authoritarianism in Egypt by focusing on the role of businessmen in authoritarian survival. As the regime intensified neo-liberal economic reforms that led to social deprivation and frustration amongst increasing numbers of Egyptian citizens, they co-opted businessmen in order to defuse challenges and buttress the regime, constructing a new political economy of authoritarianism. Extending the existing literature on clientelism, El Tarouty creates a typology of regime-businessmen relations to describe the multiple mechanisms of co-option in the context of economic liberalization. Ultimately, though, these businessmen proved too narrow a constituency to provide legitimacy to the regime and in fact formed one of the reasons for its collapse\"-- Provided by publisher.
Book
WINDFALLS OF EMPERORS' SOJOURNS: STOCK MARKET REACTIONS TO CHINESE FIRMS HOSTING HIGH-RANKING GOVERNMENT OFFICIALS
Research summary: We contribute to the corporate political activity (CPA) literature by showing that investors value companies that host visits of high-ranking government officials (President and Premier). We argue that investors may value host official visits for two reasons: (1) the signal received about possibility of firm accessing government-controlled resources via promotion or protection; and (2) the certification effect from such high-powered visitors elevating the firm's reputation and legitimacy. Results from an event study analysis of 84 high-ranking government official visits in China from 2003 to 2011 indicate that investors responded positively to host firms as reflected by stock market performance. Furthermore, the greatest positive reactions accrued to firms experiencing weaker prior period financial performance and to firms that are privately compared to state-controlled. Managerial summary: Do visits by high-ranking government officials influence firm stock market performance? Studying a sample of Chinese public firms that hosted 84 visits by the Chinese President and the Premier from 2003 to 2011, we find that investors reacted positively to such visits compared with a group of non-host firms from the same industry and with similar financial performance and size. In addition, firms with weaker prior financial performance and private firms benefit the most from hosting such visits. Our findings imply that hosting visits of high-ranking government officials can signal future government-controlled resource inflows and boost host firms' reputation and legitimacy.
Journal Article
Japan and the shackles of the past
\"A penetrating overview of Japan, from a historical, social, political, economic, and cultural perspective\"-- Provided by publisher.
Book
Portfolios of Political Ties and Business Group Strategy in Emerging Economies: Evidence from Taiwan
Using data on 290 business groups, this study examines how ties with rival political parties maintained by Taiwanese firms from 1998 through 2006 affected business strategies, specifically the unrelated diversification into new industries. Taiwan's recent democratization and emerging economy provide an ideal setting for studying the economic impact of firms' ties with rival political parties. By focusing on a firm's entire portfolio of ties instead of strictly dyadic business-government ties, we offer a novel model that demonstrates how the interplay of various ties affects a firm's strategy differently under different forms of government. Our analysis shows that under a united government, ties to the ruling party facilitate entries of business groups into unrelated industries, while ties to the opposition parties inhibit such moves. Portfolios of ties to both the ruling and opposition parties impose additional obstacles to market entry. Under a divided government, however, ties to the ruling party are conducive to market entry, and portfolios of ties to both the ruling party and the opposition party with legislative authority offer a further boost. Regardless of type of government, the effect of having a portfolio of political ties tends to be mitigated by a firm's internal resources and capabilities: a firm with sufficient resources and market entry experience has a better chance of achieving its goals even when a dominant political party withholds its support. Our study highlights the tradeoffs that politically connected firms confront in emerging economies with underdeveloped political and market institutions.
Journal Article
By all means necessary : how China's resource quest is changing the world
\"In the past thirty years, China has transformed from an impoverished country where peasants comprised the largest portion of the populace, to an economic power with an expanding middle class and more megacities than anywhere else on earth. Like every other major power in modern history, China is looking outward to find the massive quantities of resources needed to maintain its economic expansion; it is now engaged in a far flung quest around the world for fuel, ores, water, and land for farming. Chinese traders and investors buy commodities, with consequences for economies, people, and the environment around the world. Meanwhile the Chinese military aspires to secures sea lanes, and Chinese diplomats struggle to protect the country's interests abroad. In By All Means Necessary, Elizabeth Economy and Michael Levi explore the unrivaled expansion of the Chinese economy and what has been required to sustain this meteoric growth. Clear, authoritative, and provocative, By All Means Necessary is a sweeping account of where China's pursuit of raw materials may take the country in the coming years and what the consequences will be -- not just for China, but for the whole world\"-- Provided by publisher.
Book
Partners with Benefits: When Multinational Corporations Succeed in Authoritarian Courts
Scholars often assume that courts in authoritarian regimes cannot credibly protect foreign investors’ interests because these institutions lack judicial independence. In this article, we construct a novel data set on multinational corporations’ litigation activities in Chinese courts from 2002 to 2017. This supports the first systematic case-level analysis of foreign firms’ lawsuit outcomes in an authoritarian judiciary. We find that foreign companies frequently engage in litigation in authoritarian courts. Moreover, we theoretically and empirically distinguish between two types of government–business ties in terms of their effectiveness in incentivizing the host state to protect foreign investors’ interests. We argue that ad hoc, personal political connections deliver only trivial lawsuit success for multinational enterprises, while formal corporate partnerships with regime insiders can lead the state to structurally internalize foreign investors’ interests. In particular, we demonstrate that joint venture partnerships with state-owned enterprises help foreign firms obtain more substantial monetary compensation than other types of multinational enterprises. By contrast, the personal political connections of foreign firms’ board members do not foster meaningful judicial favoritism. These findings are robust to tests of alternative implications, matching procedures, and subsample robustness checks. This article advances our understanding of multinational corporations’ political risk in host countries, government–business relations, and authoritarian judicial institutions.
Journal Article