Global PolicyPub Date : 2024-09-20DOI: 10.1111/1758-5899.13424
Oliver Lukason, Mark Kantšukov
{"title":"Earlier reporting misconducts by serial entrepreneurs as predictors of misconduct-triggered forced firm closures","authors":"Oliver Lukason, Mark Kantšukov","doi":"10.1111/1758-5899.13424","DOIUrl":"https://doi.org/10.1111/1758-5899.13424","url":null,"abstract":"<p>This paper investigates the factors determining the forced closures of firms, which occur when entrepreneurs fail to submit annual reports for their businesses. Drawing on various theoretical perspectives, including a novel focus on the past reporting misconducts of the same entrepreneurs, the study sheds light on this phenomenon. Analysis of Estonian micro-firms run by serial entrepreneurs reveals that recent reporting misconducts, particularly those of a severe nature, significantly determine a firm's forced closure. Additionally, factors such as firm size, age, and certain aspects of corporate governance play significant roles in this regard. In turn, the financial performance of a firm largely fails to signal future forced closure, potentially indicating that when entrepreneurs submit annual reports showing normal performance, they might be hiding bad performance. The paper also delineates different types of violators based on the severity of their past misconducts, noting that a particular type characterized by a large number of severe violations is especially prone to forced closures. Finally, the paper develops high-accuracy prediction models for forced closures, identifying the number of most severe violations and firm size as the most important variables.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"131-146"},"PeriodicalIF":2.2,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13424","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142862020","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}
Global PolicyPub Date : 2024-09-20DOI: 10.1111/1758-5899.13411
Paloma Duran y Lalaguna
{"title":"UN Resolution 1325/2000 (women, peace and security): Its impact in Europe","authors":"Paloma Duran y Lalaguna","doi":"10.1111/1758-5899.13411","DOIUrl":"https://doi.org/10.1111/1758-5899.13411","url":null,"abstract":"<p>This article aims first, to decipher the content of UN Resolution 1325 and the obligations it entails; second, to systematize actions carried out by the EU; and third, to propose some conclusions. Security Council Resolution 1325 (2000) marked the beginning of political decisions taking into account the impact of conflict on women and girls. Member States have developed national action plans to integrate Resolution 1325 into their policies and programs and the EU has approved some plans and decisions but there is still a long way to go, especially to ensure impact and implementation.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S8","pages":"23-29"},"PeriodicalIF":2.2,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13411","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252965","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}
Global PolicyPub Date : 2024-09-20DOI: 10.1111/1758-5899.13407
Mampiandra Antonia Ngavozafy, Maria C. Latorre
{"title":"Temporary trade regulations amidst the COVID-19 pandemic and the conflict in Ukraine","authors":"Mampiandra Antonia Ngavozafy, Maria C. Latorre","doi":"10.1111/1758-5899.13407","DOIUrl":"https://doi.org/10.1111/1758-5899.13407","url":null,"abstract":"<p>This article consists of a detailed survey of the trade regulations adopted during the COVID-19 pandemic and the conflict in Ukraine. It analyses how trade policymakers have responded to unforeseen geopolitical events and how their responses and the scope of these measures have differed depending on the nature of the event. Based on the International Trade Centre's databases of temporary trade measures, we found that 407 COVID-19-related and 189 Ukraine conflict-related regulations have been issued since 2020. During the pandemic, temporary trade measures were global and comprehensive. They have mostly aimed to liberalise the imports and restrict the exports of essential commodities. In contrast, temporary measures were enacted mainly on specific sectors by the belligerents and their allies during the war in Ukraine. They consisted mainly of prohibitions and restrictions of the exports and imports of strategic commodities. Some third countries, considered as neutral in this war, have also adopted temporary measures with global scope to mitigate the sanctions' disruptive effects on their own domestic markets.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S7","pages":"8-20"},"PeriodicalIF":2.2,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13407","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142862033","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}
Global PolicyPub Date : 2024-09-19DOI: 10.1111/1758-5899.13443
Ignacio Álvarez Arcá
{"title":"EU water diplomacy: A tool to strengthen the EU's soft power on environmental governance","authors":"Ignacio Álvarez Arcá","doi":"10.1111/1758-5899.13443","DOIUrl":"https://doi.org/10.1111/1758-5899.13443","url":null,"abstract":"<p>This article analyses the role of the European Union (EU) as a global governance actor in a multipolar and fragmented world. It focuses on the case of European Union water diplomacy, defined as the diplomatic and strategic use of water cooperation to promote peace, security, and sustainable development. The article argues that European Union water diplomacy is a tool to enhance the EU's soft power and influence in global environmental governance. Through an analysis of the European Union's main initiatives in this field, the article illustrates how the EU seeks to build alliances with other actors, promote multilateralism and the principles of international law, and support the participation of civil society and local communities. It concludes that European Union water diplomacy is an example of EU normative and transformative leadership that can contribute to the consolidation of a more just and sustainable international order.</p>","PeriodicalId":51510,"journal":{"name":"Global Policy","volume":"15 S8","pages":"7-14"},"PeriodicalIF":2.2,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1758-5899.13443","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253016","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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13408
María-del-Mar Camacho-Miñano, Domenico Campa, Laura Parte
{"title":"Earnings management reactions to key audit matters","authors":"María-del-Mar Camacho-Miñano, Domenico Campa, 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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13440
Freddy Alejandro Oquendo-Torres, María Jesús Segovia-Vargas
{"title":"Sustainability risk in insurance companies: A machine learning analysis","authors":"Freddy Alejandro Oquendo-Torres, 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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13422
Erkki K. Laitinen
{"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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13425
Volker Roeben
{"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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13452
Muhamad Rosyid Jazuli, Kate Roll, Yacob Mulugetta
{"title":"A review of Indonesia's JETP through the dynamics of its policy regime","authors":"Muhamad Rosyid Jazuli, Kate Roll, 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}
Global PolicyPub Date : 2024-09-18DOI: 10.1111/1758-5899.13405
Marta Miranda-García, María-Jesús Segovia-Vargas
{"title":"Financial constraints and sustainability in bioeconomy firms","authors":"Marta Miranda-García, 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}