Corporate Governance Failures in Emerging Economies – Evidence from Pakistan provides detailed insights regarding corporate governance practices, legal and regulatory frameworks, drivers of corporate governance codes, levels of compliance and various corporate governance mechanisms in an emerging market context. The material outlines and discusses potential challenges to corporate governance development in these settings, emphasizing the wide array of formal and informal institutional factors that have both permitted and fostered corporate governance failures and scandals in Pakistan. This book will be of interest to anyone who is concerned with exploring issues relating to corporate governance outcomes in emerging market contexts and the relevance of institutional theory in offering explanations for the observed behaviour.

Pakistan, after fifty eight years of existence, was faced with a governance crisis. Certain significant political and economic developments in the international environment were having a profound impact on the country. Pakistan was faced with complex and daunting challenges threatening its stability. These challenges were: regional dynamics after the launch of the 'Global War on Terrorism' by the USA; democratisation, the universal quest for re-inventing government, the apparent triumph of capitalism, and the paradigm shift towards sustainable development. This book presents political, economic, legal and public issues during the reformation era of Pakistan's decentralising government.

Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.

Corporate Governance and Institutional Investment focuses on corporate governance and the legal nature of institutional investors in the corporate system. Its aim is to expose the complexity of the relationships that exist between companies on one side, and their shareholders, stakeholders, and monitors on the other. Various types of investors, including trusts and companies, are discussed, including how they function under different legal guidelines. The role of investment managers acting on the behalf of institutional investors is examined, as well as why fund managers overlook the corporate governance problems of their investee’s companies when they are performing well financially. This complexity is one of the main reasons why corporate scandals still occur, despite the existence of an extensive academic literature on corporate governance and the sustained efforts by the corporate community around the world. An analysis of how the monitoring role of institutional investors became effective in the light of company law and trusts is presented by using a comparative model involving the U.K., the U.S.A., Pakistan, and continental Europe. Financial scandals of the last decade such as Enron, Northern Rock, and the banking crisis are also examined. Finally, a review of regulatory approaches which rely upon formal rules and institutions backed by the state legal system, and non-regulatory approaches emphasizing the market mechanism and contractual arrangements, is included.

Corporate governance challenges in Asian markets have led to high-profile scandals and negative consequences for stakeholders, driven by weak governance structures, transparency deficiencies, and insufficient accountability. These issues are compounded by cultural and societal influences, emphasizing the need for a comprehensive understanding of the underlying factors at play. Cases on Uncovering Corporate Governance Challenges in Asian Markets, offers a compelling solution to address these pressing issues. Through a thorough analysis of prominent corporate scandals in Asia, the book investigates their origins, effects, and cultural influences that have contributed to their escalation. By scrutinizing these cases, the book provides actionable recommendations to enhance corporate governance practices, promoting transparency, accountability, and ethical conduct within companies. It serves as an indispensable resource for academic scholars, researchers, practitioners, policymakers, and students seeking insights into corporate governance in Asia. With its comprehensive understanding of governance failures and practical recommendations, Cases on Uncovering Corporate Governance Challenges in Asian Markets catalyzes positive change in the business landscape of Asian markets.

The concept of good governance in South Asia poses a challenge at the implementation level, mainly due to ethnocentricity, regional disparities, division between poor and rich, and rural and urban division among the people. Concepts such as decentralization, citizen engagement, lean public service, privatization, autonomy, public-private partnership may work well in developed countries but may not produce the same results in the region where the majority of poor people expect their government to fulfill their basic needs. Governance in South Asia needs to be reformed to ensure that poverty can be reduced, if not completely eradicated. Poor governance and the various means by which governance has fallen short, has led to lack of development and continuance of poverty in South Asian societies. South Asian countries have more or less similar objectives, structures, value systems, cultures, and standards of governance despite different forms of government. The colonial legacy of British administrative system had its impact on centralization. Secrecy, elitism, rigidity, and social isolation is common to all South Asian countries. The post-colonial administrative system is built upon pre-colonial administrative traditions throughout the region. These countries can learn from each other’s experiences. They need to develop an indigenous model to find pragmatic solutions to the challenges of good governance. This book argues that countries in South Asian can achieve good results through good governance if they develop and adopt an indigenous model rather than simply borrowing models and ideas from the West. Please note: This title is co-published with Manohar Publishers, New Delhi. Taylor & Francis does not sell or distribute the Hardback in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka.

This Book Highlights The Importance Of Good Governance To Attain Sustainable Development, With Particular Emphasis On Predictable And Transparent Framework Of Rules And Institutions For The Conduct Of Private And Public Business. Many Development-Economists From The Indian Ocean Region Have Contributed In This Volume. The Main Theme Is That An Efficient Management Of Resources By Government, Business And The Community At Large Determines A Society'S Ability To Cope With The Complex Process Of Development. Without Good Governance, The Basic Pre-Requisite For Long-Term Development Disappears; And Despite All Its Resources, A Country Would Fail To Successfully Respond To The Challenges Of Sustainable Development Both For Its Present And For Its Future Generations.While Dealing With Contemporary Topical Issues Such As Crime, Corruption And Good Governance, The Book Also Contains A Number Of Case Studies From Africa And Asia. It Is Expected That The Issues Raised By Various Authors Will Provide Food For Thought And Healthy Debates Among Economists And Politicians, Who Are Currently Concerned With The Nature Of Good Governance And Its Impact On Sustainable Development.

Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.

Doctoral Thesis / Dissertation from the year 2019 in the subject Political Science, The Islamia University of Bahawalpur (Department of Political Science), language: English, abstract: The root meaning of democracy is the “power of the people” to govern the state directly or through their representatives, chosen via free and fair elections. These representatives reflect the will of the majority, but democracy also ensures the fundamental rights of minority groups. As the most popular system of government globally, democracy allows people to make decisions for themselves and the public good. Adherents of democracy and the rule of law argue that government must operate on predictable, general, and applicable rules established in advance to ensure equality, uphold laws and human rights, and deliver prompt justice. Thus, democracy and the rule of law are seen as inseparable and interdependent by political scholars, analysts, and politicians. Since its founding in 1947, Pakistan’s political history has been marked by challenges with democracy and the rule of law. Military coups, authoritarian rule, bureaucratic interference, and political intolerance have prevented the establishment of stable political institutions. Civil and military dictators have curtailed freedoms by imposing military rule and excessive Presidential Ordinances, undermining the legislature. Judicial independence has often been compromised, with the judiciary used to extend dictatorial rule and legitimize arbitrary decisions under the pretext of “state necessity.” However, from 2008 to 2013, Pakistan saw a shift towards democratic principles. National integrity was strengthened through coalition-based government, and political tolerance was promoted by both the ruling party and the opposition. The parliament passed several laws, addressing issues such as abolishing the concurrent list and revising the resource allocation formula, which improved the rule of law. The military did not directly interfere, allowing the parliament to complete its term. This shift in democracy and rule of law is analyzed using a qualitative approach, drawing on both primary and secondary sources. Primary sources include official reports, judicial verdicts, semi-structured interviews with prominent figures, parliamentary debates, and legal and historical documents. Secondary sources comprise newspaper articles, research journals, magazines, and various books. This study aims to provide a comprehensive understanding of the interplay between democracy and the rule of law in Pakistan, highlighting key challenges and developments.