Are efficiency considerations important for understanding differences in the development of institutions? We model institutional quality as the degree to which obligations associated with exchanging capital can be enforced. Establishing a positive level of enforcement requires an aggregate investment of capital that is no longer available for production. When capital endowments are more unequal...

Despite the political sensitivity of foreign capital, existing work on the effect of foreign capital at the firm level is slim. This paper examines the effect of foreign equity ownership and management on firm performance using a panel of Korean firms for the period of 1993-2007 when foreign capital inflows increased dramatically. Empirical results show that foreign equity ownership positively ...

This paper establishes a nexus between the established fields of constitutional political economy and macroeconomic capital theory. Constitutional political economy explores how legal and institutional structures emerge over time. The evolution of property rights has always been a central focus of this line of inquiry. Time preference is one of the most basic economic concepts. Theories of inte...

The managers very often don’t take into consideration cultural determinants which can influence their employees’ attitude and preferences. This can result in the transfer of practices which are not suitable in specific cultural environment. The aim of this paper is to present the direction of the influence of one of the national culture dimensions – power distance on the internal relations betw...

Institutional mapping is a technique that builds on the logic of Geographic Information Systems (GIS). In GIS, coverages placed over a base map show spatial relations. Social institutions are more difficult to ‘‘map’’ physically. Institutional mapping uses three social coverages—scale, power, and capital. Four sets of institutions affecting watershed management—salmon restoration, water quality...

This paper analyzes the growth impact of fiscal and institutional policies for alternative sizes of regions. The local government provides a public input that may be subject to relative congestion thus reducing its individual availability. Then private capital productivity is affected by the number of firms utilizing the governmental input. Institutional policies include the decision about the ...

This paper argues that political-economic trends referred to under the single heading of globalisation have distinct causes and manifestations in different countries. Institutional variables chosen by governments and their constituents play a dominant role in determining the character of those manifestations, few of which are inevitable. The political Left and Right often base their arguments o...

identity and collective memory is one of the fascinating subjects in modern sociology. in iran, it arose again as modern and government-nation discourse emerged, and has been endlessly discussed since then. such subjects have assumed an increasing importance due to the multi-cultural and multi-ethical existence of iranian society and recent global developments. accordingly, the present study ha...