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This paper examines whether a firm's financial performance (FP) is associated with superior environmental, social and governance (ESG) scores in emerging markets of multinationals in Latin America. The study addresses the current research gap on this issue; it develops hypotheses and tests them by applying linear regressions with a data panel drawn from the Thomson Reuters Eikon™ database to analyse data on 104 multinationals from Brazil, Chile, Colombia, Mexico and Peru between 2011 and 2015. The results suggest that the relationship between the ESG score and FP is significantly statistically negative. Furthermore, in examining environmental, social and governance separately to accurately determine each variable's relationship to multilatinas' FP, the results reveal a negative relationship. Finally, the empirical analysis provides evidence for a moderating effect of financial slack and geographic international diversification on the relationship between ESG dimensions and firms' FP. This study furthers understanding of the relationship between ESG dimensions and FP for the Latin American business context.

In this paper we consider both hydrology and governance as critical dimensions for irrigation water security. We scale down the overall water security concept to the agricultural sector, suggest an index of irrigation water security faced by farmers, and provide an empirical illustration in the case of Tajikistan. Irrigation water security is investigated by three different dimensions: (a) a hydrology dimension, expressing a lack of water availability; (b) a governance dimension, the perceived difficulty in accessing water; and (c) a hybrid dimension of governance and hydrology. We developed an irrigation water security index, which we empirically tested using farm household survey data (N = 399). This index provides evidence that different farm types, e.g., small versus large, perceive different water security threats. Further, we found that if one dimension is less distinctive, the complementary dimension occurs as a coping mechanism. Thus, we conclude that diversified support mechanisms for infrastructure and management are needed to reach a higher level of water security.

Public administrations try to address changes in societies with various styles through various reforms based on different governance models, which are frequently transformed into domestic frames regardless of local specifics. The need for a tool with which the ideal types of governance models could be accommodated with national goals is, in times of increasing complexity, more and more relevant. As data as such are produced through numerous predispositions, the article proposes Ashby’s variety to capture the latter, through which it is possible to get closer to a successful administration of goals. On the other hand, Douglas’s grid and group model, Miles et al.’s organisational strategy, structure and process, and Hofstede’s cultural dimensions are used for the identification of needs. Even though public bodies are aware of the impact that culture/values has/have on models of public administration, countries base their decisions on it/them only indirectly. This article emphasises that certain values should be directly included in the governance models in accordance with their cultural backgrounds. The latter are always present in decisions’ predispositions (from which decisions obtain their frames and weights), and a successful administrator should not disregard them.   

This paper assesses and measures regulatory governance in 21 infrastructure regulators in Brazil. Regulatory Governance is decomposed into four main attributes: autonomy; decision-rules; means and tools; and accountability. A ranking is proposed and the main areas for improvement identified. A comparison of the proposed regulatory governance index and other indexes internationally available is performed. Section 2 sets up the analytical framework for the report, identifying key components of regulatory governance, namely, autonomy (political and financial), procedures for decision-making, tools and means (including personnel), and accountability. Section 3 assesses each of these components in practice, reporting the results of a survey with 21 regulatory agencies in Brazil, which was designed and implemented in 2005. Section 4 measures regulatory governance based on three related indexes, ranks the Brazilian regulators among themselves, and compares the proposed indexes with other two indicators available in the literature. Section 5 presents the conclusions.

Today the prevention of global challenges (from global security to the problems of poverty) relates to the institutional quality. Nowadays, the social standards or other “social rules” make the part of the market system, since they are built into the country’s institutional structure. Neither social nor economic reforms can be implemented without the support through institutional mechanisms. The purpose of this paper is to explore the relationship between social sector institutions and basic institutions, taking into account the economic development of countries and the way in which they are formed. A number of empiric studies confirmed significant role of institutions to provide conditions for economic development. In order to define and assess the link between the basic institutions and the social sector institutions, we formed panel data that includes 20 countries for the period from 2007-2014. We assessed quality of the basic institutions using The Worldwide Governance Indicators (WGI). WGI methodology provides an evaluation of six dimensions of the institutional quality that enables to define the connection and the impact of every dimension on the institutional quality of the social sector. The model additionally evaluates the impact of the incomes distribution inequality, general economic welfare on the institutional quality of the social sector. Among all dimensions of governance “Rule of Law” and “Regulatory Quality” the statistically significant direct impact on the institutional quality of the social sector has been revealed. It confirms the complementarity of basic institutions and institutions of the social sector.

Around the world, it is increasingly being recognized that for sustainability goals to be reached, efforts need to go beyond complying with standards and mitigating adverse impacts, to identifying environmental sustainability as an objective of the development process. This approach requires the integration of environmental, sustainability, and climate change considerations into policy and sector reform. Because sector reform brings about significant policy change involving adjustments in laws, policies, regulations, and institutions, it is a sensitive political process often driven by strong economic interests. Policy makers are subject to a number of political pressures that originate in vested interests. The recommendations of environmental assessment are often of little relevance unless there are constituencies that support them and have sufficient political power to make their voices heard in the policy process. While strong constituencies are important during the design of sector reform, they are even more important during implementation. It follows that effective environmental assessment in policy and sector reform requires strong constituencies backing up recommendations, a system to hold policy makers accountable for their decisions, and institutions that can balance competing and, sometimes, conflicting interests.

The Caribbean Sea is a defining element of the Caribbean region. It is a shared resource that supports the sustainable development of the countries and territories located within and around it that, together, and in various ways, form the ‘the Caribbean.’ Its importance extends beyond these limits to adjacent ecosystems and regions to which it connects, and because of its status as a critical node in international maritime transport. But these and other factors also contribute to the vulnerability of the Caribbean Large Marine Ecosystem (LME), compromising its integrity and provisioning for the many who depend on it, all within the context of burgeoning and erratic climatic changes. Ocean governance is imperative in the Caribbean, and most governments have committed to it. But, it requires more than state actions, and includes all actions and interactions for protecting the Caribbean Sea and sustainably harnessing its resources. Ocean governance is a part of sustainable development—specifically, the commitment and concomitant actions involved in pursuing progress in a way that benefits both current and future generations—and this linkage must be acknowledged in the pursuit of both goals. Often it is not, and this results in fragmented ocean governance which, is disconnected from sustainable development. This Special Issue seeks to explore the various linkages in ocean governance in the Caribbean, and, especially, how these can be forged and reinforced to safeguard the Caribbean Sea and its continued contribution to those who depend on it.

The critically important goods and services from marine ecosystems of the Wider Caribbean Region (WCR) are threatened by both intra-regional and extra-regional forces, leading to pollution, overexploitation and habitat destruction, with climate change adding a layer of uncertainty in terms of impacts. To address these challenges, there appears to be an emerging structure that suggests an enhanced global-regional linkage of ocean governance arrangements is a necessity in the post-2015 arena. We argue that if WCR ocean governance is to, effectively, address threats and adapt to change, then, there is the need to position the region in the global arena, contribute to the emerging governance structure, and learn from what is working, and not working, in other regions. Los productos y servicios tan importantes de los ecosistemas marinos de la Región del Gran Caribe (RGC) se encuentran amenazados por fuerzas intra- y extra-regionales, que pueden desembocarse en la contaminación, la sobreexplotación y la destrucción del hábitat, junto con el cambio climático que agrega cierto nivel de incertidumbre en términos de impactos. Para abordar estos desafíos, parece haber una estructura emergente que propone que una alianza regional global importante de mecanismos relativos a la buena gestión de los océanos es una necesidad en el escenario de pos 2015. Nosotros sostenemos que, si la gobernanza del océano de la RGC es, efectivamente, para hacer frente a las amenazas y para adaptarse a los cambios, habrá la necesidad de posicionar la región en la escena mundial, contribuir a la estructura emergente de la gobernanza y aprender de lo que funciona y no funciona en otras regiones. Les biens et les services cruciaux pour les écosystèmes marins de la Région élargie des Caraïbes (REC) sont menacés par des forces tant intra-régionales qu'extra-régionales conduisant à la pollution, la surexploitation et la destruction des habitats, auxquelles vient s'ajouter le changement climatique qui apporte une incertitude supplémentaire en termes d'impacts. Pour résoudre ces problèmes, il semble qu'une structure est en train d'émerger qui suggère qu'une connexion renforcée au niveau régional et mondial entre les accords sur la gouvernance des océans est une nécessité sur la scène internationale après 2015. Nous soutenons que si la gouvernance des océans de la REC doit, effectivement, répondre aux menaces et s'adapter au changement, il faut alors que cette dernière se positionne sur la scène mondiale, qu'elle contribue à la structure de gouvernance émergente et tire des leçons de ce qui marche ou ne marche pas dans d'autres régions.

Martinique, a French territory, is geographically located in the Caribbean Sea. It is also an associate member of a number of regional organizations in the area, such as the Association of Caribbean States (ACS), the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and the Organisation of Eastern Caribbean States (OECS). Its application to become an associate member of the Caribbean Community (CARICOM), submitted in 2014, is pending. This paper presents the European and French legislative frameworks for ocean governance in the French Caribbean, based on a description of the Integrated Maritime Policy (IMP) of Martinique; the objectives assigned to its exclusive economic zone (EEZ); and the current European policy for fishing. It suggests legal friction could occur in areas such as fishing, among others, due to the implementation of these frameworks in Martinique, since despite Martinique's efforts to deepen its relationship with the Caribbean region, it remains subject to European and French laws, including in these areas. The authors conclude that harmonizing the different legal standards will be difficult, and potentially hinder full integration and cooperation between the countries. Martinica es un territorio francés que se encuentra geográficamente en el mar Caribe. Es también miembro asociado de varias organizaciones regionales en la zona, tales como la Asociación de Estados del Caribe (AEC), la Comisión Económica para América Latina y el Caribe (CEPAL) y la Organización de Estados del Caribe Oriental (OECO). En 2014, solicitó membrecía asociada a la Comunidad del Caribe (CARICOM) que todavía sigue pendiente. En este trabajo se presentan los marcos legislativos europeos y franceses para la gobernanza del océano en el Caribe Francés, partiendo de una descripción de la Política Marítima Integrada (PMI) de Martinica; los objetivos asignados a su zona económica exclusiva (ZEE); y la actual política europea relativa a la pesca. Se sugiere que podría haber fricción legal en áreas tales como la pesca, entre otros, debido a la aplicación de estos marcos en Martinica, puesto que, a pesar de sus esfuerzos para consolidar su relación con el Caribe, estas zonas están sujetas a las leyes francesas y europeas. Los autores concluyen que la armonización de las normas jurídicas diferentes será difícil y podrá obstaculizar la plena integración y cooperación entre estos países. Territoire français, la Martinique est géographiquement située dans la mer des Caraïbes. Elle est également un membre associé d'un certain nombre d'organisations régionales de la zone telles que l'Association des États de la Caraïbe (AEC), la Commission économique des Nations-Unies pour l'Amérique latine et les Caraïbes (CELAC) et l'Organisation des États de la Caraïbe orientale (OECO /OECS). Sa demande pour devenir membre associé de la Communauté des Caraïbes (CARICOM), présentée en 2014, est en cours. Cette communication présente les cadres juridiques français et européen pour la gouvernance des océans dans les Antilles françaises, basés sur la description de la Politique maritime intégrée (PMI) de la Martinique, sur les objectifs assignés à sa zone économique exclusive (ZEE) et sur la politique européenne actuelle sur la pêche. Nous suggérons que des frictions juridiques pourraient se produire dans des domaines tels que la pêche, entre autres, en raison de la mise en œuvre de ces cadres en Martinique puisque malgré ses efforts pour approfondir sa relation avec la région des Caraïbes, elle reste assujettie aux lois françaises et européennes dans ces domaines. Les auteurs concluent qu'une harmonisation des différentes normes juridiques reste très difficile et fait obstacle à une intégration et une coopération pleine et entière entre les différents pays de la région.

Countries of the Wider Caribbean Region (WCR) have committed to ocean governance, also, to sustainable development. The two pursuits are interlinked, and must be pursued in tandem, and in an integrated way, to achieve these goals. Often they are not, and fragmented ocean governance and disconnect between ocean governance and sustainable development results. The WCR needs an ocean policy to integrate its ocean governance into an overarching vision of sustainable development to enhance its efficacy and relevance to the constituency. The United Nations Convention on the Law of the Sea (UNCLOS) promotes such an approach, including through regional cooperation among adjacent coastal states. Several regions have adopted policy approaches to their ocean governance. The countries of the WCR should follow suit, drawing on guidance and lessons learned, including from the abovementioned frameworks and experiences. Los países de la Región del Gran Caribe están comprometidos con la buena gestión del océano y el desarrollo sostenible. Estos dos temas se relacionan y deberán ser realizados al unísono, y de forma integrada, para que se logren los objetivos. A menudo no sucede así, y resulta en la gobernanza fragmentada del océano y la desconexión entre el desarrollo sostenible y la gobernanza del océano. La Región del Gran Caribe necesita una política del océano en la cual se integra la gobernanza del océano en una perspectiva global del desarrollo sostenible para que sea más eficaz y pertinente para los pueblos. La Convención de las Naciones Unidas sobre el Derecho del Mar (CONVEMAR) promueve este enfoque, incluso mediante la cooperación regional entre los Estados ribereños adyacentes. Varias regiones ya cuentan con su propia política de buen gobierno del océano. Los países de la RGC deberían seguir su ejemplo, aprovechando de la orientación y las lecciones aprendidas, incluso en materia de los marcos y las experiencias antes mencionados. Les pays de la Région élargie des Caraïbes (REC) se sont engagés à une gouvernance des océans ainsi qu'à un développement durable. En effet, ces deux objectifs sont étroitement liés et doivent être poursuivis en tandem et de manière intégrée pour pouvoir être réalisés. Cependant, ce n'est souvent pas le cas et il en résulte une gouvernance des océans fragmentée et une disjonction entre la gouvernance des océans et le développement durable. La REC a donc besoin d'une politique relative aux océans pour intégrer sa gouvernance des océans dans une vision plus globale du développement durable afin d'améliorer son efficacité et sa pertinence pour sa population. Or, la Convention des Nations-Unies sur le Droit de la mer (CNUDM/UNCLOS) promeut une telle approche, y compris à travers la coopération régionale entre états côtiers adjacents. Plusieurs régions ont adopté des approches politiques pour la gouvernance des océans. Les pays de la REC devraient donc les imiter en s'appuyant sur les recommandations et les leçons apprises, y compris des expériences et des cadres susmentionnés.