International Review of Law and Economics最新文献

News flow as a determinant of the voting premium of dual-class shares 新闻流对双层股权表决权溢价的决定作用

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-26 DOI: 10.1016/j.irle.2025.106270

Hubert de La Bruslerie

引用次数: 0

“Platform Holdup” and Platform Regulation “平台堵塞”和平台监管

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-17 DOI: 10.1016/j.irle.2025.106266

Jinglei Huang , Danxia Xie

引用次数: 0

Competition and the two margins of privacy 竞争与隐私的两个边缘

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-11 DOI: 10.1016/j.irle.2025.106262

David Bounie , Antoine Dubus , Patrick Waelbroeck

引用次数: 0

Has the European Takeover Bids Directive reached its objectives? The cases of Finland, Germany and Spain 《欧洲收购投标指令》达到其目标了吗？芬兰、德国和西班牙的案例

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-09 DOI: 10.1016/j.irle.2025.106269

Nuria Alcalde-Fradejas , Inés Pérez-Soba

{"title":"Has the European Takeover Bids Directive reached its objectives? The cases of Finland, Germany and Spain","authors":"Nuria Alcalde-Fradejas , Inés Pérez-Soba","doi":"10.1016/j.irle.2025.106269","DOIUrl":"10.1016/j.irle.2025.106269","url":null,"abstract":"<div><div>Inspired in the common law tradition, the European Takeover Bids Directive (TBD) aimed to promote an efficient market for corporate control in Europe by facilitating competition among acquirers in EU economies while protecting the rights of minority shareholders of listed companies. After more than 15 years from its transposition into European national regulations, in this paper we investigate whether the main objectives of the Directive have been achieved in three European countries representing the three legal families included under the Civil law regime: Spain, as a country belonging to the French Civil law tradition, Finland, which belongs to the Nordic law tradition and, finally, Germany as a country representing Germanic Civil law tradition. To perform an in-depth analysis, we did not use a sample of takeovers, but a hand-collected database covering all takeovers launched in Finland and Spain over the period 2000–2019, and in Germany over 2002–2019. The results obtained in our analysis lead us to be sceptical about the clear achievement of the objectives intended by the Directive in the three countries analysed. Although more openness to European bidders seems to have been reached in Spain and Finland, there is no evidence of an increase in intra-European cross border takeovers following the TBD’s transposition in any of the countries analysed. Moreover, the premiums paid to minority shareholders (proxy for their higher protection) have remained unchanged in Germany and have been reduced in Spain and Finland.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"83 ","pages":"Article 106269"},"PeriodicalIF":0.9,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143874217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of the regulatory framework in enhancing SMEs’ digital transformation 监管框架在促进中小企业数字化转型中的作用

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-02 DOI: 10.1016/j.irle.2025.106263

Marianna Succurro , Cristiana Donati

{"title":"The role of the regulatory framework in enhancing SMEs’ digital transformation","authors":"Marianna Succurro , Cristiana Donati","doi":"10.1016/j.irle.2025.106263","DOIUrl":"10.1016/j.irle.2025.106263","url":null,"abstract":"<div><div>This paper aims at exploring the current process of SMEs’ digital transformation in order to contribute to effective policy development. We first provide a definition of firms’ digital transformation and then investigate its fundamental determinants, so responding to the call for further research and more comprehensive understandings of the digital transformation process. The objective is to verify the impact of the regulatory environment on digital transformation of SMEs. The empirical analysis, based on data taken from the Flash Eurobarometer Survey of the European Commission, shows that the regulatory framework is strongly significant in explaining firms’ digital transformation. Specifically, SMEs’ awareness of the regulatory context and anticipated digital standards: 1) expedites their process of digital transformation; 2) positively moderates the relationship between any strategic plan and their digital transformation; 3) generates a relatively greater impact on the digital transformation of firms mainly involved in the adoption of more advanced digital technologies. Some policy implications conclude the work.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"83 ","pages":"Article 106263"},"PeriodicalIF":0.9,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Reinforcing data protection and competition through art. 6(2) of the Digital Markets Act 通过《数字市场法》第 6(2)条加强数据保护和竞争数字市场法》第 6(2)条

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-04-01 DOI: 10.1016/j.irle.2025.106265

Peter J. van de Waerdt

{"title":"Reinforcing data protection and competition through art. 6(2) of the Digital Markets Act","authors":"Peter J. van de Waerdt","doi":"10.1016/j.irle.2025.106265","DOIUrl":"10.1016/j.irle.2025.106265","url":null,"abstract":"<div><div>With the Digital Markets Act (DMA) the European Union has taken significant steps in the regulation of large digital market ecosystems. Data protection and competition law are becoming increasingly intertwined, and the DMA’s goals are tightly aligned with them. However, the provision explicitly intended to address the use (and cross-use) of data within gatekeepers’ ecosystems leaves much to be desired. Art. 5(2) DMA offers no substantive new obligations over the established GDPR system, especially in light of the ECJ’s judgement in <em>Meta v. Bundeskartellamt</em>. Furthermore, the consent exception on which it relies leaves a distinct risk of anti-competitive effects and decreasing privacy as a result of information asymmetries and the powerful market position of gatekeepers. However, art. 6(2) DMA also restricts gatekeepers’ ability to use data, if it was received through gatekeepers’ business users. The protective value of the DMA can be significantly increased if the European Commission adopts broad interpretations of when data is used “in competition with business users”, when it is “collected through commercial activities of business users or their customers” and when it is obtained “on the relevant core platform services or on services provided together with, or in support of, the relevant core platform services of the gatekeeper”. Doing so would conform to the interconnected nature of ecosystems’ data collection practices and their competitive position, and it would bolster the Commission’s ability to act against both the anti-competitive effects and potential privacy infringements of data pooling, above and beyond what art. 5(2) DMA offers.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106265"},"PeriodicalIF":0.9,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Vertical interoperability in mobile ecosystems: Will the DMA deliver (what competition law could not)? 移动生态系统中的垂直互操作性：DMA能否实现（竞争法无法实现的）？

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-03-27 DOI: 10.1016/j.irle.2025.106267

Giuseppe Colangelo , Alba Ribera Martínez

引用次数: 0

Ex-ante versus Ex-post in competition law enforcement: Blurred boundaries and economic rationale 竞争执法中的事前与事后：模糊的边界和经济原理

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-03-27 DOI: 10.1016/j.irle.2025.106264

Patrice Bougette , Oliver Budzinski , Frédéric Marty

引用次数: 0

Can independent directors effectively monitor related party transactions? Evidence from Hong Kong 独立董事能否有效监督关联交易？来自香港的证据

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-03-16 DOI: 10.1016/j.irle.2025.106261

Hong Huang , Charles Zhen Qu , Haitian Lu

{"title":"Can independent directors effectively monitor related party transactions? Evidence from Hong Kong","authors":"Hong Huang , Charles Zhen Qu , Haitian Lu","doi":"10.1016/j.irle.2025.106261","DOIUrl":"10.1016/j.irle.2025.106261","url":null,"abstract":"<div><div>This paper empirically investigates whether independent directors of Hong Kong listed companies effectively monitor related party transactions (“RPTs”). We employ a quasi-experimental approach, utilizing a mandatory rule introduced in 2004 that changed the minimum number of independent directors, and enhanced the independence and qualification requirements of independent directors for listed companies. Using a triple-differences setup, we find that companies affected by these new requirements experienced a significant increase in the value of announced RPTs. This positive effect is observed both in companies affected by all aspects of the reform and in those that only needed to increase their number of independent directors. We also observe that return on assets for the affected companies increased significantly following the rule change. However, these affected companies showed no significant reduction in their preference for RPTs. Our findings underscore the positive value created by independent directors of Hong Kong listed companies in vetting RPTs. They suggest that, within an appropriately structured regulatory framework, independent directors, even where the company is owner-controlled, can be effective in enhancing shareholder value. As the regulatory framework resulted from the 2004 reform has remained largely unchanged, our findings are still relevant for Hong Kong and offer valuable insights on the function of independent directors for other jurisdictions, particularly those with ownership-concentrated markets seeking to enhance their RPT monitoring mechanisms.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106261"},"PeriodicalIF":0.9,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143769187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate control: Persistence and the shifting role of control-enhancing mechanisms in Italian listed firms (1978–2018) 公司控制：意大利上市公司控制增强机制的持久性和角色转换（1978-2018）

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2025-03-16 DOI: 10.1016/j.irle.2025.106260

Silvia Rigamonti

引用次数: 0