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Publications


  • 19-September-2022

    English

    Digitalisation and corporate governance

    This paper addresses the implications of digitalisation on corporate governance. It focuses in particular on the potential for digitalisation to improve market supervision and enforcement of corporate governance related requirements and the efficiency of disclosure; its use for remote and hybrid participation in general shareholder meetings; the implications of digital security risks and the role of the board in their management; and how digitalisation can encourage the development of primary public equity markets.
  • 19-September-2022

    English

    Corporate ownership and concentration

    This working paper documents the trends in the ownership structures of listed companies around the world and the rise in ownership concentration. It identifies three major trends in corporate ownership: the dominance of company group structures, in particular in a number of emerging markets; the growth of state ownership through various state controlled investors; and the re concentration of ownership in the hands of large institutional investors, in particular investors that follow passive index investment strategies. The paper also discusses the implications for corporate governance of corporate ownership by private companies, states and institutional investors in global public equity markets.
  • 19-September-2022

    English

    Institutional investors and stewardship

    The sustained growth of institutional investors’ assets under management, together with the growing use of passive investment strategies, raises the question of whether existing frameworks adequately address issues related to investor engagement and disclosure. There has been a growth in the regulation of institutional investors and market intermediaries to address conflicts of interest and to enhance their transparency. In parallel, the adoption of stewardship codes and the number of signatories to such codes has been increasing. Their proliferation and to some extent convergence offers insights on recognised good practices. The paper also explores the apparent increase in engagement among institutional investors with respect to environmental, social and governance (ESG) issues, their increasing reliance on ESG ratings and data services, and whether regulatory frameworks or guidance should evolve to take into account these new developments.
  • 16-September-2022

    English

    Micro-data based insights on trends in business R&D performance and funding - Findings from the OECD microBeRD+ project

    This report presents new insights on trends in business R&D performance and funding, drawing on the micro-aggregated R&D and tax relief statistics collected for 21 OECD countries as part of the OECD microBeRD project. Micro-aggregated statistics provide an important input for policy analysis, highlighting important variations in business R&D performance and funding across industries and different types of firms that are hard to uncover based on aggregate R&D and tax relief statistics. They shed light on country and industry specific trends in the concentration of R&D activity, business R&D dynamics, the structure of R&D performance among different types of firms and the way that they fund their R&D activities. Such evidence can be relevant in assessing the contribution of different types of firms (e.g. young firms, foreign-controlled affiliates) and individuals (e.g. female R&D staff, doctorate holders) to research and development in the business sector and designing business R&D support policies.
  • 15-September-2022

    English

    Projecting the fuel efficiency of conventional vehicles - The role of regulations, gasoline taxes and autonomous technical change

    The fuel efficiency of conventional private vehicles is a key input in the design of several economic and environmental policies. Reliable projections of the fuel efficiency variable can improve estimates on the future emission savings from policies promoting vehicle replacement, and on future revenues from fuel taxes. This paper examines the evolution of fuel efficiency using data on cars entering the US market from 1984 to 2020. It uses a series of new indexes for the gasoline cost in OECD countries and the stringency of fuel economy regulations. The paper shows that the effect of fuel prices and taxes is significant and robust. Doubling the user cost of gasoline with a stringent carbon tax will cause an irreversible increase in fuel efficiency by 6-11%. Increasing the stringency of the US CAFE standards by 10% raises average fuel efficiency by 2-3%. The impact of cross-market regulations is ambiguous.
  • 15-September-2022

    English

    Earth’s Orbits at Risk - The Economics of Space Sustainability

    Society’s dependence on space infrastructure is at a critical juncture. Public and private actors worldwide are planning to launch tens of thousands of satellites into Earth’s orbit in the next five years. This will greatly expand and enrich the use of space resources, but it will also result in more crowded orbits and greater risk of damage from satellite collision and space debris. As satellite launches continue to multiply and concerns grow, the long-term sustainability of space-based infrastructure on orbit and beyond is set to emerge as an increasingly important space policy issue of the 21st century. This publication takes stock of the growing socio-economic dependence of our modern societies on space assets, and the general threats to space-based infrastructure from debris in particular. Notably, it provides fresh insights into the value of space-based infrastructure and the potential costs generated by space debris, drawing on new academic research developed especially for the OECD project on the economics of space sustainability.
  • 15-September-2022

    English

    The role and rights of debtholders in corporate governance

    This paper provides an overview of developments in non-financial corporate bond markets over the past two decades with respect to their size and credit quality, as well as trends related to insolvency and restructuring. It then explores the role of bondholders in corporate governance, both in normal times and in times of financial distress, and the governance implications of longstanding increases in bond financing by the non-financial sector. In particular, challenges related to bondholder rights, corporate disclosure, the responsibilities of corporate boards, institutional investors and insolvency are discussed.
  • 15-September-2022

    English

    From Learning Recovery to Education Transformation - Insights and Reflections from the 4th Survey of National Education Responses to COVID-19 School Closures

    Conducted jointly with UNESCO, UNESCO Institute for Statistics (UIS), UNICEF and the World Bank, the fourth round of the Survey on National Education Responses to COVID-19 School Closures took place in April–July 2022. With responses from Ministries of Education in 93 countries, findings show education systems’ concerted effort to reach out to students and bring them back to school; the reinforcing of digitalised modes of learning; dialogue with families on the quality and cost-benefits of education; and long-term investments in the resilience of education systems.
  • 15-September-2022

    English

    The role of board-level committees in corporate governance

    This paper presents a review of the different committees set up by the boards of directors of companies to support their functions. It first focuses on the role of and trends in board committees, their contribution to corporate governance and their evolving role in light of the impact of the COVID 19 crisis and emerging issues. It then addresses the functioning, composition and accountability of committees, notably in terms of risk management and sustainability, and their impact on the effectiveness of boards.
  • 14-September-2022

    English

    Digital Trade Review of Brazil

    This Digital Trade Review of Brazil provides an overview of Brazil’s participation in digital trade and the related regulatory environment. It provides insights into how Brazil might ensure that the new challenges raised by the digital transformation for trade can be managed and the benefits shared more inclusively. While Brazil has embraced the digital transformation and has strong potential to benefit from digital trade, it will need to continue the ongoing process of regulatory reform. This includes reducing tariff and non-tariff barriers to trade on ICT goods; reducing regulatory barriers to ICT services; increasing engagement in international discussions on digital trade; and continuing efforts to bridge digital divides.
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