Equity Governance Research Articles

Ocean equity: from assessment to action to improve social equity in ocean governance

Inequity is ubiquitous in the ocean, and social equity receives insufficient attention in ocean governance and management efforts. Thus, we assert that proponents of sustainability must center social equity in future ocean governance, to address past social and environmental injustices, to align with international law and conservation policy, and to realize objectives of sustainability. This obligation applies across all marine policy realms, including marine conservation, fisheries management, climate adaptation and the ocean economy, in all socio-political contexts and at different geographical scales. Indeed, many governmental, non-governmental, and philanthropic organizations are striving to advance social equity across their ocean sustainability focused agendas, policies, programs, initiatives, and portfolios. To date, however, there has been limited attention to how to meaningfully assess status and monitor progress on social equity in ocean governance (aka “ocean equity”) across different marine policy realms. Here, we contribute to ongoing efforts to advance ocean equity through providing guidance on five steps to develop bespoke, fit to purpose and contextually appropriate assessment and monitoring frameworks and approaches to measure status of and track changes in ocean equity. These steps include: 1) Clearly articulating the overarching purpose and aim; 2) Convening a participatory group and process to co-design the assessment framework; 3) Identifying important objectives, aspects and attributes of social equity to assess; 4) Selecting and developing indicators, methods, and measures; and 5) Collecting, analyzing and evaluating data. Then, we discuss four subsequent steps to take into account to ensure that assessments lead to adaptations or transformations to improve ocean equity. These steps include: 1) Communicating results to reach key audiences, to enable learning and inform decision-making; 2) Deliberating on actions and selecting interventions to improve ocean equity; 3) Ensuring actions to improve ocean equity are implemented; and, 4) Committing to continual cycles of monitoring, evaluation, learning and adapting at regular intervals. Following these steps could contribute to a change in how oceans are governed. The diligent pursuit of ocean equity will help to ensure that the course towards a sustainable ocean is more representative, inclusive and just.

조선후기 復讎論 연구 - 正祖 시기 복수사건과 판결을 중심으로

This study analyzes the theory of revenge through the perspectives of propriety (禮) and law (法), as well as private morality (私義) and public law (公法). It examines how the conflicts among these elements were interwoven in revenge cases and judgments during the reign of King Jeongjo 正祖. Additionally, it explores how King Jeongjo’s compassionate approach to criminal justice was demonstrated in these cases. The theory of revenge reveals the clashes between propriety and law, as well as between private morality and public law. By instituting revenge laws that sanctioned acts of vengeance, the legal system aligned itself with the “duty of revenge” prescribed by propriety. The Joseon legal system actively incorporated the concept of revenge into its framework. The state not only facilitated public acts of revenge through legal judgments, integrating punitive power into the sphere of justice, but also pardoned private acts of revenge under the provisions of revenge laws. Notably, King Jeongjo applied these laws to issue pardons for acts of revenge and, in cases where applying such laws proved challenging, he relied on universal principles (天理) and human sentiments (人情) to justify forgiveness. This approach sought to realize the Confucian governance principle of propriety by actively honoring private moral obligations. It exemplified a ruler’s implementation of the moral standard of equity and balance (絜矩) in governance.

Contextual appraisal of large scale land investment and governance for equity and sustainability in Sub-Saharan Africa

Contextual appraisal of large scale land investment and governance for equity and sustainability in Sub-Saharan Africa

EFFECT OF PUBLIC PRIVATE PARTNERSHIP FINANCING STRUCTURE ON COMPLETION OF GEOTHERMAL ENERGY DEVELOPMENT PROJECTS IN KENYA

Objective: To determine the effect of Public Private Partnership (PPP) financing structure on the completion of geothermal energy development projects in Kenya. Theoretical Framework: The study used agency and public choice theories to analyze the dynamics between PPP financing structure and completion of geothermal energy development projects. Methodology: A cross-sectional census survey in Kenya surveyed 48 geothermal energy development projects, collecting quantitative data through structured questionnaires and qualitative insights from industry regulators, financiers, and practitioners. A combination of descriptive, correlation, and linear regression statistical models were applied. Multiple diagnostics tests and data triangulation were performed. Results and Discussion: The study results provide strong statistical evidence depicting a positive relationship between PPP financing structure and the completion of geothermal energy development projects in Kenya. The findings suggest that as the level of PPP involvement increases, so does the likelihood of faster project completion. The study also reveals that a balanced PPP financing structure has a substantial effect on the completion of geothermal energy development projects. The analysis demonstrates that a hybrid PPP financing structure comprising recommended proportions of private and government equity, commercial and concessional loans, hybrid finance, and grants significantly affects project completion outcomes. Research Implications: The study emphasizes the significance of a structured PPP financing model, comprising private and government equity, concessional and commercial loans, hybrid finance, and mixed grants, in mitigating inherent PPP risks for enhanced project completion outcomes. In addition, effective government support measures and robust delivery capability of developers jointly influence the two variables in a significant manner. Originality/Value: This study uniquely analyzes the influence of PPP financing structure on the completion of geothermal energy development projects in Kenya, integrating quantitative and qualitative data for a comprehensive perspective, thus offering essential insights for stakeholders.

Balancing Equity and Innovation of Japanese Corporate Governance

This paper critically examines Japanese corporate governance, evaluating its role as a benefit or constraint in achieving equity and efficiency. It contrasts Japan's stakeholder-oriented model, characterized by long-term stability and employee-centric management, with the shareholder-focused frameworks of the United States and the United Kingdom. The analysis focuses on the unique roles of CEOs in Japan, emphasizing their responsibility toward employee welfare over short-term financial gains. It further explores Japan's historical business structures, including Zaibatsu and Keiretsu, which foster interconnected corporate networks but limit flexibility and innovation. The relationship between firms and main banks within Keiretsu is analyzed, highlighting their role in financial oversight and stability. Additionally, the study addresses Japan's "Three Sacred Treasures" of labor-management relations—lifetime employment, seniority-based wages, and enterprise unions—as integral to its governance approach. Despite its strengths, Japan’s model faces challenges, including limited board independence and slow decision-making processes. Recent reforms aimed at increasing transparency and aligning with global governance standards are discussed, suggesting a shift toward a hybrid model that blends traditional stability with market responsiveness. This paper provides a comprehensive analysis of the evolving dynamics of Japanese corporate governance, offering insights into its impact on Japan’s global economic competitiveness.

Analyzing the impact of anti-corruption reforms on wealth and power distribution in Roman Iberia: a historical and statistical perspective

Using historical analysis and statistical data, this study examines the impact of anti-corruption reforms on the distribution of wealth and power in Iberian Rome. Corruption in the Roman Republic posed serious challenges to just governance, and this led to reform initiatives to restore public trust and reduce the influence of corruption. This research examines the historical context of corruption and emphasizes its negative effects on wealth distribution and social equality. Important reforms implemented in the early imperial period, especially under Augustus, aimed to address these issues and temporarily improve economic conditions, especially in urban centers such as Taraco and Córdoba. However, the effectiveness of these reforms varied considerably across regions, with rural areas typically benefiting less due to the influence of elite interests. Statistical analyzes show that there is a complex relationship between anti-corruption measures and wealth concentration, such that despite initial successes, many regions have returned to pre-reform levels of inequality over time. The findings emphasize the need for continued political commitment and systemic change to ensure the sustainability of anti-corruption initiatives. By examining the Roman experience, this study provides valuable insights for contemporary anti-corruption efforts and emphasizes the importance of paying attention to power dynamics and strengthening social participation to promote equity and long-term transparency in governance.

Government as a Source of Equity Capital for Entrepreneurs: Evidence From Entrepreneurial Exits

ABSTRACTResearch Question/IssueWe examine the effect of government equity investment on the dollar value of entrepreneurial exits spanning 50 countries over the years 1990–2015.Research Findings/InsightsData on 8532 entrepreneurial exits indicate that, relative to exits in which the investor base is purely nongovernment, private firm exits with government equity investment have higher dollar exit values. Subsample analysis suggests that the exits via initial public offerings (IPOs) drive these results with an average associated increase in IPO proceeds of $192.49 million. The positive impact of government is more pronounced when access to entrepreneurial capital is limited and for limited partnership venture capital structures.Theoretical/Academic ImplicationsResearch on government equity investment has suggested inefficiencies that lead to the deterioration of corporate value. Conversely, government equity investment can provide a valuable source of capital to some firms when investors, for example, venture capitalists, are unable or unwilling to invest. Our paper sheds light on whether government equity investment can provide value to small private firms, a subset of firms that is typically financially constrained, and how they might enhance exit value.Practitioner/Policy ImplicationsOur results suggest that governments enhance value when they provide capital in times/places where capital is scarce and government investors do not actively manage entrepreneurial firms.

Institutional rearrangements in the north Luangwa ecosystem: Implications of a shift to community based natural resource management for equity in protected area governance

Community Based Natural Resource Management (CBNRM) is presented as an equitable approach, particularly relative to strict types of Area-based conservation. In Zambia, traditional and formal, contemporary institutions were combined to leverage CBNRM for natural resource management. We investigate whether and how this shift in conservation approach and interaction between institutions works in practice, and to what extent it produces more equitable governance processes. We identified 30 key informants from NGOs and government departments via snowball sampling. We conducted 20 focus group discussions involving local community participants in three Game Management Areas (GMAs) adjacent to North Luangwa National Park. Focus groups were divided by age and gender to minimize any potential influence of unequal power relations. Data collection included informal discussions with individual community members and participant observation. We found that the customary roles held by chiefs gave them relative power over the Community resources board and made them gatekeepers for NGOs and government institutions. Instead of fostering community participation and empowerment, new CBNRM institutions have had the unintended consequence of increasing the customary chiefs’ power through commercialization and bureaucratization of their positions. Rather than reinforcing local and indigenous institutions CBNRM has become a vehicle through which governments and NGOs centralize power and manufacture consent while weakening traditional institutions and reproducing existing patterns of inequity. This research provides unique insights into the workings of a CBNRM institution that is a hybrid between traditional (socially embedded) and Government (bureaucratic) institutions. We recommend that rather than simply setting up idealized institutions as a means to devolve power and enhance equity, the realisation of effective local participation and representation in CBNRM projects requires careful assessment of cultural contexts, local institutions and power dynamics.

A Call for a Cultural Shift in Oceanography

Oceanography stands at a critical juncture, confronting the coupled challenges of climate change and biodiversity loss while also addressing calls for equity and justice in ocean economic development and governance. This paper defines and advocates for the weaving of three perspectives into oceanography education, research, and policy practice: the Socio-Ecological Lens, the Humanist Approach, and Equitable Intercultural Practice. By embracing these frameworks, the field can transcend the challenges of classical oceanography, paving the way for academic and professional practices that are more inclusive, equitable, and attuned to the intricacies of human-ocean relationships. Such a shift will foster interdisciplinary and transdisciplinary collaboration, elevate the role of humanities in oceanographic education, and push for decolonizing methodologies for ocean policy engagement, thereby enabling ethical career paths. Ultimately, these perspectives will empower oceanographers to cultivate a deeper and more equitable bond with the oceans, helping them to steer society with the transformative science practices that are fundamentally needed in a successful United Nations Decade of Ocean Science for Sustainable Development.

Does asset-based uncertainty drive asymmetric return connectedness across regional ESG markets?

This paper investigates the impact of asset-based uncertainty on the asymmetric return connectedness and hedging effectiveness of regional environmental, social and governance (ESG) equity markets from January 2017 to December 2022. The results of the asymmetric time-varying parameter vector autoregressive connectedness approach show strong dynamic connectedness within regional ESG markets, with the dominance of negative returns intensifying during COVID-19. Quantile regressions reveal that uncertainty in crude oil and bond markets negatively affects asymmetric return connectedness across bearish, normal and bullish market periods, whereas uncertainty in stock, gold and exchange rate markets has a positive impact. Overall, asset-based uncertainty influences negative return connectedness more than positive return connectedness, and a varied influence of asset-based uncertainty is noted during COVID-19 and the Russia–Ukraine war. A portfolio analysis shows that all ESG markets significantly contribute to higher hedging effectiveness, with a portfolio constructed based on the minimum connectedness approach outperforming the other portfolios. The findings provide policy implications for portfolio and risk management strategies.

Unlocking the dynamic linkages between sustainable equity investment and economic policy uncertainty: An empirical analysis for G‐20 countries

AbstractThe study examines the dynamic relationships between sustainable equity investment and economic policy uncertainty of G‐20 countries using monthly environmental, social, and governance (ESG) equity and economic policy uncertainty (EPU) indices. Using the autoregressive distributed lag model and nonlinear autoregressive distributed lag model models, the study finds a negative long‐run relationship between sustainable equity investments and economic policy uncertainties in Australia, Canada, the USA, Brazil, Mexico, Germany, Italy, and Japan. Investors in these G20 countries may perceive that companies with higher ESG performance are more likely to face regulatory scrutiny, legal action, or reputational damage if they are associated with high levels of economic policy uncertainties. As a result, ESG market indices may underperform when EPU is high and vice versa. It supports prospect theory and suggests that individuals are more sensitive to potential losses than gains. On the contrary, the relationship is positive in the case of the USA, Brazil, China, and to some extent India. This might be because firms with high ESG performance could manage risks better and seize opportunities associated with EPU, which helps ESG market indices to outperform when EPU is high. It is supported by the legitimacy theory that says to maintain the legitimacy and credibility of the company, the investment must be invested in ESG initiatives, which can lead to improved long‐term financial performance and market value.

Plato’s Shadows in the Digital Cave: Controlling Cultural Bias in Generative AI

Generative Artificial Intelligence (AI) systems, like ChatGPT, have the potential to perpetuate and amplify cultural biases embedded in their training data, which are predominantly produced by dominant cultural groups. This paper explores the philosophical and technical challenges of detecting and mitigating cultural bias in generative AI, drawing on Plato’s Allegory of the Cave to frame the issue as a problem of limited and distorted representation. We propose a multifaceted approach combining technical interventions, such as data diversification and culturally aware model constraints, with a deeper engagement with the cultural and philosophical dimensions of the problem. Drawing on theories of extended cognition and situated knowledge, we argue that mitigating AI biases requires a reflexive interrogation of the cultural contexts of AI development and a commitment to empowering marginalized voices and perspectives. We claim that controlling cultural bias in generative AI is inseparable from the larger project of promoting equity, diversity, and inclusion in AI development and governance. By bridging philosophical reflection with technical innovation, this paper contributes to the growing discourse on responsible and inclusive AI, offering a roadmap for detecting and mitigating cultural biases while grappling with the profound cultural implications of these powerful technologies.

Governance for planetary health equity—the Planetary Health Equity Hothouse project

BackgroundPlanetary health equity (PHE) is defined here as equitable good health in a stable Earth system. PHE is arguably in crisis. Human-made climate change is damaging global populations through hotter temperatures, wildfires, and more severe and frequent storms, flooding, and landslides. A tsunami of health inequities will result from this, as pre-existing health conditions and inequities in living and working conditions ensure that socially disadvantaged groups and people in low-income and middle-income countries are disproportionately affected by climate change. Despite evidence of these massive challenges and multiple calls to action, why has there been so little effective remedial action? And more importantly, how can we overcome this failure? To answer these questions, this panel discusses new research for understanding the conditions that enable coherent governance to improve planetary health equity outcomes. MethodsThe panel draws on emerging research from the Planetary Health Equity Hothouse. With perspectives from political economy, public health, policy studies, and systems science, we present new conceptual thinking and empirics around the complexities, dynamics, and trajectories of the global consumptogenic system in the 21st century, with a focus on the intersections between climate change and social and health inequities. The research examines mechanisms via which the global political economy creates planetary health inequities; identifies policy that optimises the climate, social, and health equity outcomes of mitigation actions; and discusses how governance for planetary health equity must evolve into the future, focusing on the structural, institutional, and ideational factors that advance action to promote PHE outcomes. FindingsThe global consumptogenic system of institutions, actors, norms, policies, and commercial activities that incentivise excessive production and consumption of fossil fuel-reliant goods and services with negative environmental, social, and health effects lies at the heart of the PHE crisis. Using network analysis, we show that the global PHE governance architecture is highly centralised and dominated by economic governance organisations. We also discuss a new Planetary Health Equity Impact Assessment tool to assess the PHE effects of existing policy and business practices within the consumptogenic system. An initial assessment of the mitigation sections of national governments' Nationally Determined Contribution reports to the UN Framework Convention on Climate Change shows a dominance of economic language and issues. This highlights a missed opportunity for mitigation policy to be inclusive of social and health matters. Finally, we present new conceptual understandings of multilevel governance coherence and relevant strategies to advance PHE focused action. InterpretationThe major contribution from research on governance for planetary health equity lies in detailing the what, who, and how of effective governance that advances health, social equity, and the environment in an interconnected way, helping to shift institutional norms and behaviours towards principles of fairness, sustainability, and human wellbeing. Crucially, it provides strategies for socially oriented actors, including governments, civil society, and international organisations to change the consumptogenic system and advance action for PHE. FundingAustralian Research Council.

Exploring the planetary health equity governance supercluster complex

The global planetary health equity (PHE) governance architecture can shape government responses to the interrelated challenges of the climate crisis, economic inequality, and poor health. The structure of this architecture has yet to be examined. Using network analysis, we provide the first mapping of the PHE topology and show that the PHE governance architecture is highly centralized and dominated by economic governance organizations.

Inherent Dilemma: Balancing conservation efficiency and social equity in natural resource governance

Natural resource governance often grapples with the challenge of balancing conservation efficiency and social equity. While both objectives are essential, their persistent collision exposes an inherent dilemma. Suggesting that existing studies fail to grasp the depth of such dilemmas adequately, this paper examines the comprehensive impacts of natural resource policies that strive to maximize conservation targets. I hypothesize that (1) the attainment of conservation efficiency comes at the cost of reduced social equity and (2) the long-term sustainability of natural resource policy is compromised when it prioritizes conservation efficiency while disregarding social equity concerns. The empirical analysis draws on fieldwork in Ugandan communities to consider the impacts of a fisheries policy initiated by the government in 2015. A survey of 319 fishermen and unstructured interviews with eighteen elders on Buvuma Island in Lake Victoria reveal that while the new policy has considerably enhanced resource conservation, it has also intensified social inequities, and there are valid concerns about its long-term sustainability. Additionally, despite the new policy encountering substantial local opposition, a seemingly paradoxical consensus asserts that conservation success is only attainable with the same policy’s implementation. In the conclusion section, this paper suggests that the common “win–win assumption,” which implies misleadingly that conservation efficiency and social equity can always be simultaneously attained, should be replaced with the acknowledgment that trade-offs between the two objectives are often necessary.

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Analisis Ekuitas Pemerintah Pusat

This study is prepared to analyze the causes of the declining trend in central government equity and further identify steps that the Government can take in anticipating the decline in equity. This research was conducted using descriptive analysis methods by analyzing trends in financial statements and comparing with policies and regulations that occurred in the reporting year so that it could not present further information about the reasons or considerations of the Government related to a policy that could increase / decrease equity significantly. As a result, this policy involves a formulation strategy with prudential and planned principles, especially in medium-term fiscal policy. The impact includes an increase in financing expenditures to cover the budget deficit, especially in operational expenditures.

ESG investing versus the market: returns and risk analysis and portfolio diversification in Latin-America

PropósitoSe examina el rendimiento de los índices-ESG en América Latina (AL), evaluando sus características de riesgo y retorno en comparación con los índices convencionales.Diseño/metodología/enfoque:Utilizando un enfoque cuantitativo, analizamos los índices-ESG de Brasil, México, Chile, Perú y Colombia, empleando ratios de Sharpe, Sortino y Omega para medir los rendimientos ajustados al riesgo. Se utiliza análisis de regresión para evaluar la replicabilidad de los índices-ESG por parte de los índices de referencia. Se realizan simulaciones de Monte-Carlo para explorar el aumento en los rendimientos ajustados al riesgo cuando se incorporan los índices-ESG en las carteras.Hallazgos:El estudio aborda preguntas críticas: ¿Pueden los índices-ESG superar a sus índices de referencia? ¿Pueden estos índices-ESG ser replicados por sus contrapartes de referencia? ¿Mejoran los índices-ESG la diversificación de las carteras? Los hallazgos revelan que la inversión en índices-ESG tiene el potential de mejorar los rendimientos y la diversificación de las carteras de inversión.Limitaciones/implicaciones de la investigación –Aunque este estudio se centra en diversas economías de AL, es importante tener en cuenta variaciones en moneda y volatilidad.Originalidad/valor:La principal contribución de este estudio radica en su enfoque en países de AL en el examen de carteras diversas; ofrece valiosos conocimientos sobre el rendimiento de los índices-ESG en esta región en comparación con los índices convencionales.

Women’s Empowerment in Madura Villages: Examining Female Resistance within the Patriarchal Power Structure and Political Dynasties

The position of village head (klebun) in Madura is predominantly held by men, suggesting patriarchal power and political dynasties. This study explores how women klebuns responded to the situation by empowering themselves and other women. The analysis uses qualitative descriptive methods and Foucault’s theory of power and legitimacy. Data was collected from observations of 11 women klebuns and in-depth interviews with four of them. The findings reveal that female klebuns face a choice between being extensions of their male relatives or being leaders themselves. To challenge the patriarchal constructs, they strategically use political influence, establish relationships with officials, and seek support from legal aid institutions. These efforts were made to address the issue of village security centering around the Madurese people in order to regain public trust. The study unveils the complexity of women’s empowerment in Madura’s male-dominated political landscape. This encouraged female klebuns to strive and transform the social and political dynamics, advocating for gender equality and challenging existing power structures. This research offers insights into promoting women’s political empowerment at the village level, and fostering gender equity in local governance, inspiring change in Madura and beyond.

Model of Regulatory Consistency of Local Government Capital Equalisation in Regional Development Banks

The objective of this study is to analyze the implementation of competitive advantages of local government equity participation in Regional Development Banks for the October 2020 period in the category of commercial banks based on business activities. The research aims to develop an optimal implementation model for regional equity participation in Regional Development Banks, which should be integrated with the planning and budgeting system and regional development priorities. This study utilizes a qualitative approach to provide an accurate description of the process analysis. Direct data sources from 27 highly competent informants in regional equity participation in the Regional Development Banks of Bengkulu Province and Central Sulawesi Province were used. The research process involved a series of questions and procedures, and data collection typically occurred in participant settings. The data analysis was conducted inductively, progressing from specific to general themes. According to the study results, although 25 Regional General Treasurers serve as Regional Financial Management Officials and employ a low-cost strategy, only 20 of them (80% of informants) believe that the implementation of this strategy provides a competitive advantage. The remaining 5 Regional General Treasurers did not express an opinion. According to five regional financial management officials, the Bengkulu Regional Development Bank and the Central Sulawesi Regional Development Bank are not currently implementing cost-saving strategies in their capital participation processes. This information was reported by 20% of the informants.