DID THE 2008 GLOBAL CRISIS CHANGE THE MANUFACTURING FIRMS’ VIEW OF LEGAL/COURT SYSTEMS IN LESS DEVELOPED COUNTRIES?

Halil D. Kaya and Engku N. Engkuchik
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Halil D. Kaya: DEPARTMENT OF ACCOUNTING AND FINANCE, COLLEGE OF BUSINESS AND TECHNOLOGY, NORTHEASTERN STATE UNIVERSITY, BROKEN ARROW, OK 74014
Engku N. Engkuchik: DEPARTMENT OF FINANCE, COLLEGE OF BUSINESS ADMINISTRATION, PRINCE SULTAN UNIVERSITY, P.O. BOX 66833, RIYADH 11586, KINGDOM OF SAUDI ARABIA

Annals - Economy Series, 2024, vol. 3, 16-24

Abstract: One of the main problems in emerging countries is corruption in the administration and systems of courts. This research investigates whether the perspectives of manufacturing businesses in Eastern Europe and Central Asia that took part in the BEEPSII (2008) and BEEPSIV (2013) surveys during and after the global crisis of 2008 were different. We evaluate the number of times they interacted with the judicial system both during and after the crisis, the speed at which it proceeded, its fairness and impartiality, and the degree to which the court was able to successfully enforce its rulings. More than five thousand manufacturing enterprises from Asia and Central Europe took part in the surveys. We find that fewer manufacturers went to court following the crisis. After the crisis, there is no discernible change in the manufacturers' opinions regarding the fairness, impartiality, or corruption of the legal system. A few years after the crisis, manufacturers' assessments of the legal system's rate of advancement were seen as noticeably improved, while the court's capacity to carry out its decisions in these nations was thought to be less effective.

Keywords: Financial crisis; corruption; legal/court; Eastern Europe; Central Asia; manufacturing firms (search for similar items in EconPapers)
Date: 2024
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