Global Policy最新文献

{"title":"Earnings management reactions to key audit matters","authors":"María-del-Mar Camacho-Miñano,&nbsp;Domenico Campa,&nbsp;Laura Parte","doi":"10.1111/1758-5899.13408","DOIUrl":"10.1111/1758-5899.13408","url":null,"abstract":"<p>This paper aims to investigate the earnings management (EM) reactions of firms to the key audit matters (KAMs) disclosed in expanded audit reports. Although previous literature has extensively investigated the interconnection between EM and different risks, little research to date examines the association between KAMs and EM strategies, considering both real earnings management and accruals earnings management. To test the hypotheses, we use a sample of UK listed companies over the period 2013 to 2018. The results show a different relationship between KAMs disclosed in the extended audit report and EM strategies. In particular, findings reveal that EM strategies differ according to the number of KAMs, the type of KAMs and each specific type of KAMs. The article contributes to a better understanding of the effect of financial information transparency and accounting quality.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"115-130"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13408","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142268988","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}

{"title":"Sustainability risk in insurance companies: A machine learning analysis","authors":"Freddy Alejandro Oquendo-Torres,&nbsp;María Jesús Segovia-Vargas","doi":"10.1111/1758-5899.13440","DOIUrl":"10.1111/1758-5899.13440","url":null,"abstract":"<p>Sustainable development constitutes a global challenge today, and the sustainable development goals (Agenda 2030) will probably set the course for the coming decades. This paper discusses sustainability in insurance companies by combining two aspects: a social approach (the environmental impact) and a business approach (the prediction of claims due to climate change). Our objective is to analyse the impact of physical risk in a home insurance portfolio and to measure in economic terms the effect of climate change in the future, by applying machine learning methodologies. Two data sources are used: a Spanish insurance portfolio with 31,998 policies and claims from 2017 to 2022, and daily meteorological variables from 290 Spanish weather stations from 2000 to 2022. Two climate scenarios are considered: RCP 4.5 (medium impact) and RCP 8.5 (high impact). On average for the period 2023–2052, the results reveal that claims will increase by 105% for the 4.5 scenario and by 129% for the 8.5 scenario. Our paper makes a clear contribution to sustainability by analysing climate risks and their impact on an insurance portfolio. It shows the grave consequences of climate change for the insurance sector's solvency and the political implications for the financial system in general.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"47-64"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13440","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142254958","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}

{"title":"Detecting zombie firms in a sample of Finnish small firms","authors":"Erkki K. Laitinen","doi":"10.1111/1758-5899.13422","DOIUrl":"10.1111/1758-5899.13422","url":null,"abstract":"<p>The objective of the study was to develop a method to detect zombie firms in a sample of mainly very small companies. The original sample consisted of 70,809 active and 134 bankrupt Finnish companies (or firms in insolvency proceedings) for 2018–2020. In the sample firms, the median number of employees was only 2. First, a logistic regression model to measure bankruptcy risk was estimated using three financial ratios as independent variables reflecting profitability, liquidity and solvency. Zombie firms were defined as active companies which are technically bankrupt but are still operating in the market. Second, following this definition, the model was used to assess the bankruptcy risk of active firms, and a zombie company was operationally defined as an active company whose bankruptcy risk exceeds the median for bankrupt companies in three consecutive years. In this way, over 2000 zombie companies were detected making in total 3.5% of the active companies.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"99-114"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13422","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142268989","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}

{"title":"Synergy-as-principle in global climate regulation","authors":"Volker Roeben","doi":"10.1111/1758-5899.13425","DOIUrl":"https://doi.org/10.1111/1758-5899.13425","url":null,"abstract":"<p>Isolated policy interventions are unlikely to effectively address a highly complex and cross-cutting issue such as climate change. Such issues require more integrated or holistic approaches. The concept of searching for synergy across multiple objectives could then achieve better outcomes than a default position of trade-off and collision. This contribution construes a novel principle of synergy to structure integrated decision-making in global climate regulation through law. This article grounds its argument theoretically in the analysis of global regulation. It first develops the rationale of a regulatory principle justifying synergetic choices in rule-design and rule-application. It then sets out a typology of regulatory synergies – reinforcing, functional, and dormant or connecting – which can be arranged on a sliding scale and delivered with appropriate policy tools. It also suggests pathways for synergy-as-principle to advance beyond an effective strategy to acquiring legal bindingness within global regulation through law. Finally, this article tests the workability of this principle in four scenarios where climate protection and adjacent objectives intersect. Beyond this analysis of global climate regulation, this article points to the deeper normative foundations capable of supporting a non-exclusionary global community.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S5","pages":"53-63"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13425","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142244923","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}

{"title":"A review of Indonesia's JETP through the dynamics of its policy regime","authors":"Muhamad Rosyid Jazuli,&nbsp;Kate Roll,&nbsp;Yacob Mulugetta","doi":"10.1111/1758-5899.13452","DOIUrl":"10.1111/1758-5899.13452","url":null,"abstract":"<p>During its 2022 G20 presidency, Indonesia committed to reducing carbon emissions through the Indonesia Just Energy Transition Partnership (JETP). In addition to other policies, the Partnership is designed to drive the country's broader energy transition and net-zero aspirations for decades to come. In addition to technical challenges, the Partnership is expected to face social and political resistance. Considering its importance for Indonesia's sustainable development and gaining support from influential stakeholders, this paper examines the JETP through the lens of a policy regime framework, drawing on insights from the country's multi-decade fossil fuel subsidy reforms (FFSR) – a comparable effort to drive significant changes in energy use. It highlights the critical role of navigating political, social, and regulatory realities that have contributed to the successes or failures of policy reforms. The policy appraisal suggests the need for significant reconsideration of its broader policy-regime context, specifically political, social, and regulatory factors, to ensure the successful implementation of the JETP and Indonesia's energy transition in general. Furthermore, the paper offers relevant policy recommendations to assist advocates and administrations supporting the Partnership in broadening its appeal beyond environmental concerns to secure stronger social and political backing.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 5","pages":"989-1006"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13452","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142254957","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}

{"title":"Financial constraints and sustainability in bioeconomy firms","authors":"Marta Miranda-García,&nbsp;María-Jesús Segovia-Vargas","doi":"10.1111/1758-5899.13405","DOIUrl":"10.1111/1758-5899.13405","url":null,"abstract":"<p>In the current scenario, sustainability has become vitally important. This paper focuses on bioeconomy as it links the economic systems and sustainable development, promoting innovative and environmentally friendly solutions. The bioeconomy firms need financial resources that play a critical role in their ordinary activities and in the activities that contribute to sustainability. The relationship between firms' ESG (environmental, social and governance) factors and their financing decisions has received little attention. Therefore, the objective of this article was to analyse the relationship between financial constraints and ESG performance focusing on bioeconomy firms. To carry out the analyses we have used 227 European bioeconomy firms developing three machine learning models. The main findings highlight the importance of the profitability (return on equity—ROE and return on assets—ROA) and the indebtedness in characterising firms' constraints, and the impact of non-disclosure of ESG results. The study emphasises the economic importance of ESG practices in enhancing companies' financial conditions and access to capital, by using their corporate strategy and management: non-disclosure of ESG information is related to an increase in funding constraints for listed bio companies. Thus, improving both economic and ESG performance can enhance access to capital, guiding business decisions.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"65-82"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13405","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142268987","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}

{"title":"The possibility of climate restoration law","authors":"Petra Minnerop,&nbsp;Friederike E. L. Otto","doi":"10.1111/1758-5899.13421","DOIUrl":"https://doi.org/10.1111/1758-5899.13421","url":null,"abstract":"&lt;p&gt;The climate must not only be protected in its status-quo-it must be restored.&lt;/p&gt;&lt;p&gt;The dominant discourse in climate change law and policy centres on climate legislation that enshrines, at its best, sector-specific quantified greenhouse gas (GHG) emissions reduction targets for mitigation. In some instances, climate legislation combines rules on mitigation with provisions that address country-specific needs for adaptation which, in general, receive much less attention and, crucially, funding. Climate legislation primarily focuses, explicitly or impliedly, on the distribution of a rapidly shrinking global carbon budget within sectors, between generations and among nations. National legislatures, often jointly with scientific advisory boards, are tasked with the endeavour of translating global carbon budgets into national quota and quantifiable climate targets.&lt;/p&gt;&lt;p&gt;At the international level, we are entering the era of second-generation nationally determined contributions (NDCs) under the 2015 Paris Agreement, due in 2025 and expected with a new time horizon up to 2035 (so-called NDCs 3.0). These NDCs represent important touchpoints between the international climate change regime and its policy- and law making processes, and relevant national climate laws and policies. New NDCs must be informed by the outcome of the first global stocktake that concluded at the 5th Conference of Parties serving as the Meeting of Parties under the Paris Agreement (CMA5) in Dubai, 2023. At this critical juncture, it is necessary to evaluate  existing legal techniques and to develop and advance new instruments, principles and approaches that transpose science into measurable standards. This special issue endeavours to reflect on this architecture of climate law.&lt;/p&gt;&lt;p&gt;A few points are worth mentioning at the outset.&lt;/p&gt;&lt;p&gt;Previous research and the results of climate lawsuits have shown that the legal processes that translate science into carbon budgets is susceptible to errors and misconceptions about both, the role of science in climate legislation and the measurable effects of climate targets. Three main challenges can be summarised.&lt;/p&gt;&lt;p&gt;First, the legislative operation that intersects carbon budgets with GHG emissions quantities and temperature scenarios presumes a mathematical precision that does not exist. A carbon budget is of course needed, yet the accuracy of emissions quantities and the comparability of country-specific metrics are limited, and the various levels of confidence and probability are often lost when science is moulded into legal provisions. Carbon budget calculations can only indicate a likelihood with which a certain temperature threshold will not be exceeded, provided the carbon budget is well managed and maintained. Correspondingly, sector specific accounting can only be folded into a baseline that, for example, indicates how achieving the target supports the overarching probability of net zero. This includes assumptions about the achie","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S5","pages":"5-7"},"PeriodicalIF":2.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13421","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142244926","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}

{"title":"Towards the autonomous defence capabilities of the European Union: Upgrading cyber defence policy","authors":"Eimys Ortiz Hernández","doi":"10.1111/1758-5899.13412","DOIUrl":"10.1111/1758-5899.13412","url":null,"abstract":"<p>Cyber attacks against the EU and its Member States have increased in recent times, which demonstrates the rapid blurring of the boundaries between the civilian and military components of cyberspace. Indeed, these events clearly highlight the critical interdependence between physical and digital infrastructures. While Member States have different and divergent perceptions of the prevailing threats, the EU, as guarantor of security, has been implementing strategies since the early 2000s to pursue a joint action aligned with the objective outlined in Article 24 of the TEU, namely, a common European defence also in cyberspace. This paper will thoroughly analyse the latest European initiative on cyber defence policy, adopted in November 2022, to highlight new aspects and previous elements trying to answer whether we are making any real progress in this area.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S8","pages":"57-62"},"PeriodicalIF":2.2,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13412","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142211013","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}

{"title":"Competing ambitions regarding the global governance of artificial intelligence: China, the US, and the EU","authors":"Sabine Mokry,&nbsp;Julia Gurol","doi":"10.1111/1758-5899.13444","DOIUrl":"https://doi.org/10.1111/1758-5899.13444","url":null,"abstract":"<p>As artificial intelligence (AI) technologies are developed and used across borders and have the potential to transform societies worldwide, global regulation thereof becomes necessary. However, key differences exist in how the leading players in the field, China, the United States, and the EU, view these technologies and approach their regulation. This article traces their respective ambitions on the global governance of AI technologies. It asks how the three each envision the latter as well as their role therein. Drawing on frame analysis, we find that while concrete ideas for coordinating regulation attempts seem to be of secondary importance, all three actors feel the need to position themselves within the new race for leadership on AI regulation. This results in a flurry of suggested proposals on how AI should be regulated internationally. Only recently have the actors started to reflect on why global regulation is necessary and to highlight the respective benefits of their proposal. Amidst current geopolitical tensions, the global regulation of AI has become an instrument of global power ambitions. Such competition bears huge risks for the further fragmentation of the global institutional architecture as well as for deepening tensions between China, the US, and the EU.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 5","pages":"955-968"},"PeriodicalIF":2.2,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142707448","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}

{"title":"Exploring best practices for user engagement in peace and conflict research","authors":"Thomas Bobo, Giuditta Fontana, Nino Kemoklidze","doi":"10.1111/1758-5899.13441","DOIUrl":"https://doi.org/10.1111/1758-5899.13441","url":null,"abstract":"Peace and conflict scholars often engage in academic‐policy exchanges to <jats:italic>both</jats:italic> improve the rigour and relevance of their academic research <jats:italic>and</jats:italic> translate their findings into tangible policy and practical outcomes for peace and conflict resolution efforts. In a first effort of this kind, this paper explores best practices for user engagement in conflict and peace studies at three stages of academic research: identification of research questions, data collection and analysis, and dissemination of research findings. We draw on three strands of research: a review of academic literature on user engagement in conflict and peace studies, inductive thematic analysis of Impact Case Studies submitted to the 2021 UK Research Excellence Framework and experiential reflection on our own work as academics. We aim to provide practical suggestions based on concrete examples, before drawing more general conclusions on what makes for effective involvement of users in peace and conflict research. We find that the impact of specific activities hinges on their timing, format and continuity. We conclude that nurturing sustainable and mutually beneficial networks of partnerships based on mutual trust and open dialogue across professional cultures is key to effective and constructive user engagement in peace and conflict research.","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"45 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142211049","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}