Editorial

Citation

Kirkbride, J. (2010), "Editorial", International Journal of Law and Management, Vol. 52 No. 1. https://doi.org/10.1108/ijlma.2010.01052aaa.001

Editorial

Article Type: Editorial From: International Journal of Law and Management, Volume 52, Issue 1.

As we enter 2010 we are told that in the USA a continued upturn is expected to continue. At the time of writing, the reported third-quarter annual rate of increase in factory output in the USA, minus autos, had reached a three-and-a-half year high of 3.8 per cent (Data: Federal Reserve). During the same period it was reported that Wall Street was reprising its critical role in the credit markets; investment banks in the third-quarter sold nearly $20 billion worth of car loans, six times as much as in the same period of 2008; the yields on bonds backed by credit-card payments had fallen drastically, a sign of improving investor appetite; and the volume of mortgage securities was reported as on track to nearly match the peak levels of 2005. With such reported improvements in this world important and influential economy, is it too soon to conclude on the return of consumer confidence in the market? Will the regulators now be relieved of the struggle and need to respond to the call to regulate further the markets and behaviours of the key actors in banks and related financial professionals? As each quarter reports are revealed and analysed in the USA and other key economies the debate will continue with conclusions of growing confidence or predicted “double-dips”. But in a law and regulation context, different models will be promulgated to control risk taking and reward, different actors will be considered with views expressed as to their recognition and needs, and the micro-detail of controlling products and practices will be assessed, tested and dismissed. In this issue, we can see the evidence and examples of those approaches. In the Viewpoint an analysis of the changing governance of financial markets, particularly the banking sector is considered (Kirkbride, Letza and Smallman). Fiscal and tax policy and design consideration are considered in a study on the structure and use of tax regimes and inefficiency and fraud consequences, presented through a study of practices and developments in Nigeria (Ezeoha and Ogamba). A historical and policy study of insurance demonstrates the need for reform in consumer insurance in the UK, reflecting on the long outdated disclosure expectations (Swaby). The position of the rights of employees as actors is considered under a framework of “quality of life”, reflecting on experiences and developments in Nepal (Adhikari and Gautam), and broader stakeholder interests are considered through the micro detail of the UK's Companies Act 2006 and asset valuation and pricing objectives and processes (Paulo).

We hope that further contributions to later issues this year will continue to reflect on both the macro- and micro-regulatory changes. Moreover two significant impacts might “flavour” later contributions. First, the post-credit crunch world has become even more globally transparent, facilitating and accommodating transnational approaches or even regulatory convergence (at least a convergence of intentions). Second, the environment is right for a new definition of the firm beyond the narrow corporate social responsibility (CSR) initiatives and influences on corporate roles and contributions – if the business of business is no longer business nor CSR what is it? We will be interested over the coming issues of the journal to publish and share thinking on this new regulatory world environment.

James KirkbrideLiverpool John Moores University, Liverpool, UK