European Economics: Microeconomics & Industrial Organization eJournal最新文献_第9页

The Challenges of Upward Regulatory Harmonization: The Case of Sustainability Reporting in the European Union 向上监管协调的挑战:以欧盟可持续发展报告为例

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-12-15 DOI: 10.1111/REGO.12240

Daniel Kinderman

{"title":"The Challenges of Upward Regulatory Harmonization: The Case of Sustainability Reporting in the European Union","authors":"Daniel Kinderman","doi":"10.1111/REGO.12240","DOIUrl":"https://doi.org/10.1111/REGO.12240","url":null,"abstract":"What are the prospects for the upward harmonization of regulatory standards, and why do governments support or oppose more stringent supranational regulation? To answer these questions, this paper examines an important case of upward regulatory harmonization, the European Union’s non-financial disclosure Directive 2014/95/EU, which requires large firms to report on their social, environmental, and human rights impacts. In spite of favorable circumstances, the Directive’s opponents watered down the Commission’s proposal during the course of the negotiations. Upward regulatory harmonization is difficult because of the adjustment costs it imposes on the private sector. The paper provides an in-depth analysis of countries’ positions in the negotiations: Germany was the most hardline opponent, France the strongest supporter, and the United Kingdom was somewhere in between. For most countries, private sector adjustment costs determine government support and opposition for upward harmonization at the supranational level, but the analysis shows that partisan politics and varieties of capitalism also matter. For a closely related paper, please see \"The tenuous link between CSR performance and support for regulation: Business associations and Nordic regulatory preferences regarding the corporate transparency law 2014/95/EU\" https://ssrn.com/abstract=3451630.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121270075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 53

Does Innovation Explain the Performance Gap Between Privatized and Private Firms? 创新能否解释民营化企业和民营企业之间的绩效差距?

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-11-30 DOI: 10.2139/ssrn.3307945

B. Ullah

引用次数: 4

Firm Characteristics and Innovation Activity: A Study of Italian Family Firms 企业特征与创新活动:意大利家族企业研究

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-11-15 DOI: 10.5539/ijbm.v13n12p180

Murad Harasheh, Alessandro Capocchi, A. Amaduzzi

{"title":"Firm Characteristics and Innovation Activity: A Study of Italian Family Firms","authors":"Murad Harasheh, Alessandro Capocchi, A. Amaduzzi","doi":"10.5539/ijbm.v13n12p180","DOIUrl":"https://doi.org/10.5539/ijbm.v13n12p180","url":null,"abstract":"Increasingly, innovation is seen as a novel leverage tool with which to create business and social value and thereby place its finders and users at a competitive advantage. Contemporary research suggests that the determinants of the innovation activity of firms are numerous. In this paper, we consider the financial and governance characteristics that might influence the innovation activity of a sample of 700 family firms in Italy. Our study was conducted over a 10-year period, from 2007 to 2016, using panel analysis models alongside robustness tests for the lagging effect and the probability regression as well as diagnostic statistics to ensure the use of an appropriate model. The results show that the existence of institutional investors, as a proxy for governance, has a persistent positive relationship with patent value, as a proxy for innovation, but not with the likelihood of being innovative. Moreover, financial indicators such as net working capital, earnings before interest, taxes, depreciation, and amortization, debt, and equity are found to explain innovation activity better than other indicators in both the panel and probability regressions. We also find very little significant difference between the sectors and regions featured in the study, suggesting that the relationship among them is quasi-systematic. Concluding the paper, our findings are discussed in relation to their policy implications and suggestions for further research are made.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116164178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Evolutionary Paths for the European Digital Policy 欧洲数字政策的演进路径

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-11-10 DOI: 10.2139/ssrn.3462403

Anca Oltean

引用次数: 0

Identifying Financial Constraints from Production Data 从生产数据中识别财务约束

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-11-01 DOI: 10.2139/ssrn.3278938

L. Cherchye, B. De Rock, Annalisa Ferrando, Klaas Mulier, Marijn Verschelde

引用次数: 0

Struggling with Article 101(3) TFEU: Diverging Approaches of the Commission, EU Courts, and Five Competition Authorities 与TFEU第101(3)条的斗争:委员会、欧盟法院和五个竞争管理机构的不同方法

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-11-01 DOI: 10.54648/cola2019006

O. Brook

引用次数: 6

Granular Sources of the Italian Business Cycle 意大利商业周期的细粒度来源

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-09-01 DOI: 10.2139/ssrn.3415664

Nicolò Gnocato, C. Rondinelli

引用次数: 25

A Supplement to the Regulation of Anti-Cyclical Margin Measures of Clearing Activities 《清算活动反周期保证金管理办法》的补充规定

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-08-31 DOI: 10.2139/ssrn.3242078

Csilla Szanyi, Melinda Szodorai, K. Váradi

{"title":"A Supplement to the Regulation of Anti-Cyclical Margin Measures of Clearing Activities","authors":"Csilla Szanyi, Melinda Szodorai, K. Váradi","doi":"10.2139/ssrn.3242078","DOIUrl":"https://doi.org/10.2139/ssrn.3242078","url":null,"abstract":"The main focus of our paper is to show how the procyclicality phenomenon on financial markets caused by the central clearing activity, should be incorporated into the initial margin calculation of the central counterparties (CCP), based on the effective regulation in the European Union, the so called EMIR. The focus will be the extension of the regulation in order to handle procyclicality efficiently. The EMIR regulation offers three possible initial margin calculation methods regarding the handling of anti-procyclicality of the CCP-s’ activity. Based on the requirements of the regulators, we use the value-at-risk model to calculate the initial margin requirements in all of the three cases. We also measure through Anti-Procyclicality Margin Measures (APC measures) the effectiveness of the treatment of procyclicality based on the latest recommendations of the European Securities and Markets Authority (ESMA). We use two APC measures to quantify the anti-procyclicality. We show how the regulation should be extended from two viewpoints: on one hand to build the required initial margin models, on the other hand in treating efficiently anti-procyclicality. We also show the shortcomings of the recommended APC measures of ESMA. We offer the regulators recommendations how to supplement the effective EMIR regulation in order to reach the goal of decreasing the procyclicality of the financial markets. The originality of the paper, that it provides an objective critique of the EMIR regulation regarding all of the three possible anti-procyclical margin calculation methods, and also of the APC measures from a practical point of view.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121585202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Infractions of the Competition as Externalities 作为外部性的竞争违规

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-07-10 DOI: 10.2139/ssrn.3211511

E. Sanjuan

引用次数: 0

The Right of Defense in the Decentralized System of EU Competition Law Enforcement: A Call for Harmonization from Central and Eastern Europe 欧盟竞争执法分权体系中的辩护权:中欧和东欧协调的呼唤

European Economics: Microeconomics & Industrial Organization eJournal Pub Date : 2018-07-01 DOI: 10.2139/SSRN.3207709

M. Bernatt, M. Botta, A. Svetlicinii

{"title":"The Right of Defense in the Decentralized System of EU Competition Law Enforcement: A Call for Harmonization from Central and Eastern Europe","authors":"M. Bernatt, M. Botta, A. Svetlicinii","doi":"10.2139/SSRN.3207709","DOIUrl":"https://doi.org/10.2139/SSRN.3207709","url":null,"abstract":"The article compares the application of the right of defense in competition law proceedings by seven National Competition Authorities (NCAs) of Central and Eastern Europe (CEE). In particular, the article focuses on four sub-rights that are part of the right of defense: right to be informed; right to access the file; privilege against self-incrimination (PASI) and legal professional privilege (LPP). The article shows that the NCAs selected as case studies generally provide lower procedural guarantees in comparison to DG Competition of the European Commission. The findings of the article are relevant in view of the Directive aiming at harmonizing the powers of NCAs (“ECN Directive”). The legislation aims at strengthening the investigatory tools of NCAs, while it pays limited attention to the procedural guarantees followed by NCAs. In view of the diverging application of the right of defense by the NCAs selected as case studies, the article challenges such policy choice, claiming that stronger investigative powers should be counterbalanced by a more homogenous application of the right of defense by NCAs of the EU Member States.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126158793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4