Rivista e Edizione

AHEAD OF PRINT

Volume 58 (2022): Edizione 2 (June 2022)

Volume 58 (2022): Edizione 1 (March 2022)

Volume 57 (2021): Edizione 4 (December 2021)

Volume 57 (2021): Edizione 3 (September 2021)

Volume 57 (2021): Edizione 2 (June 2021)

Volume 57 (2021): Edizione 1 (March 2021)

Volume 56 (2020): Edizione 4 (December 2020)

Volume 56 (2020): Edizione 3 (September 2020)

Volume 56 (2020): Edizione 2 (June 2020)

Volume 56 (2020): Edizione 1 (March 2020)

Volume 55 (2019): Edizione 4 (December 2019)

Volume 55 (2019): Edizione 3 (September 2019)

Volume 55 (2019): Edizione 2 (June 2019)

Volume 55 (2019): Edizione 1 (March 2019)

Volume 54 (2018): Edizione 4 (December 2018)

Volume 54 (2018): Edizione 3 (September 2018)

Volume 54 (2018): Edizione 2 (June 2018)

Volume 54 (2018): Edizione 1 (March 2018)

Volume 53 (2017): Edizione 4 (December 2017)

Volume 53 (2017): Edizione 3 (September 2017)

Volume 53 (2017): Edizione 2 (June 2017)

Volume 53 (2017): Edizione 1 (March 2017)

Volume 52 (2016): Edizione 1 (December 2016)

Volume 51 (2016): Edizione 1 (September 2016)

Volume 50 (2016): Edizione 1 (June 2016)

Volume 49 (2016): Edizione 1 (March 2016)

Volume 48 (2015): Edizione 1 (December 2015)

Volume 47 (2015): Edizione 1 (September 2015)

Volume 46 (2015): Edizione 1 (June 2015)

Volume 45 (2015): Edizione 1 (March 2015)

Volume 44 (2014): Edizione 1 (December 2014)

Volume 43 (2014): Edizione 1 (September 2014)

Volume 42 (2014): Edizione 1 (June 2014)

Volume 41 (2014): Edizione 1 (March 2014)

Volume 40 (2013): Edizione 1 (December 2013)

Volume 39 (2013): Edizione 1 (September 2013)

Volume 38 (2013): Edizione 1 (June 2013)

Volume 37 (2013): Edizione 1 (March 2013)

Dettagli della rivista
Formato
Rivista
eISSN
2543-5361
Pubblicato per la prima volta
17 Oct 2014
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

Volume 50 (2016): Edizione 1 (June 2016)

Dettagli della rivista
Formato
Rivista
eISSN
2543-5361
Pubblicato per la prima volta
17 Oct 2014
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

7 Articoli
Accesso libero

Editorial

Pubblicato online: 15 Jul 2016
Pagine: 5 - 6

Astratto

Accesso libero

The Asymmetric Implementation of the European Banking Union (EBU): Consequences for Financial Stability

Pubblicato online: 15 Jul 2016
Pagine: 7 - 26

Astratto

Abstract

EU Member States outside the Eurozone are hesitating to enter the European Banking Union (EBU) and to establish “close cooperation” in bank supervision with the ECB. This paper analyzes the consequences of such asymmetric integration for financial stability in Europe. It argues that the main obstacles against establishing close cooperation are a lack of voting rights and insufficient access to the fiscal backstop provided by the European Stability Mechanism (ESM). The paper presents arguments as to why international cooperation in bank supervision could be welfare improving, if multinational banks are dominant. It also discusses suitable reform options for making it more attractive for EU Member States to begin a close cooperation with the ECB.

Parole chiave

  • multinational banking
  • capital requirements
  • bank resolution
  • regulatory arbitrage

JEL

  • G38
  • G21
  • F36
Accesso libero

Experimental Evidence on Transfer Pricing

Pubblicato online: 15 Jul 2016
Pagine: 27 - 48

Astratto

Abstract

We use incentivized economics experiments to test both the point predictions and comparative static predictions of optimal transfer pricing models, comparing behavior under varying conditions, including wholly versus partially-owned subsidiaries and different tariff and tax rates. As predicted, we find that transfer prices are responsive to relative tax and tariff rates as well as ownership proportions. Additionally, we examine convergence and learning in this setting. While individuals do not choose optimal transfer prices, their choices converge to optimal levels with experience. This paper thus makes two important contributions. First, by comparing behavior with theoretical predictions it provides evidence of whether (and when) individuals set transfer prices optimally. Second, by comparing behavior under conditions of full and partial ownership it provides evidence on the impact of policy interventions (like regulating ownership proportions by MNEs) on tax revenues.

Parole chiave

  • transfer pricing
  • economic experiments
  • multinational enterprise
  • learning

JEL

  • C90
  • C91
  • L11
  • F23
  • H21
Accesso libero

Culture-Laden Imports: International Market Entry and Cultural Taboos

Pubblicato online: 15 Jul 2016
Pagine: 49 - 62

Astratto

Abstract

This empirical study investigates American market responses to a Spanish product that is strongly culture-laden and may violate cultural taboos. Surveys were conducted in two contrasting US universities in Arkansas and California. Contrasting student majors were also chosen: Art and Business. The product is a life-sized baby doll, designed to be breast-fed rather than bottle-fed, which highlights the benefits and normality of breast-feeding babies. Although this product is popular in its original European market, US media accounts suggested strongly negative morality-based American reactions. This study found a strong overall non-acceptance of this product in all groups, but with significant differences between groups. Results quantify the market reaction and illuminate its cultural basis by comparing responses between two culturally different regions, two contrasting college majors, different genders, and different ethnicities. In doing so, this study helps to break new ground in the international marketing of culture-laden products.

Parole chiave

  • international marketing
  • market acceptance
  • consumer ethnocentrism
  • cultural taboos

JEL

  • F29
  • M16
  • M31
  • Z10
  • Z13
Accesso libero

Internationalization by State-owned Enterprises (SOEs) and Sovereign Wealth Funds (SWFs) after the 2008 Crisis. Looking for Generalizations

Pubblicato online: 15 Jul 2016
Pagine: 63 - 81

Astratto

Abstract

This paper seeks to detect (post) crisis tendencies in the international activities of state-owned enterprises (SOE) and sovereign wealth funds (SWF) and identify the main challenges posed in exploring this topic. In doing so it draws on the inductive approach and qualitative method and discusses available studies on recent internalization trends in SOEs and SWFs. The number of SWFs worldwide has been rising since 2008, despite the 2008 crisis which brought heavy losses and negative publicity that caused a rerouting of funds towards domestic purposes. The long-term perspective adopted by SWFs is expected to make less vulnerable to financial market volatility, which should stimulate FDI. SOTNCs are a minority among SOEs in general, i.e. only a fraction of SOEs worldwide can be labeled as state-owned transnational companies; and no exceptional impact of the 2008 crisis is apparent in their functioning The review of selected literature and UNCTAD survey reports is the basis for our conclusions and suggestions for future research avenues.

Parole chiave

  • foreign direct investment (FDI)
  • sovereign wealth fund (SWF)
  • state-owned enterprise (SOE)
  • 2008+ crisis

JEL

  • F00
  • F21
  • F23
  • G18
  • G30
Accesso libero

Corporate Governance and Financial Performance Nexus: Any Bidirectional Causality?

Pubblicato online: 15 Jul 2016
Pagine: 82 - 99

Astratto

Abstract

Most studies on corporate governance recognize endogeneity in the nexus between corporate governance and financial performance. Little attention has, however, been paid to the direction of causality between the two phenomena, and hence the Vector Error Correction (VEC) model, which allows for endogenous determination of the direction of causality, has not been widely employed. This study fills that gap by estimating the nexus and the direction of causality using the VEC model to analyze panel data on selected listed firms in Nigeria. The results agree with the findings of most previous studies that corporate governance significantly affects financial performance. Board skills, board composition and management skills enhanced financial performance indicators – return on equity (ROE), return on asset (ROA) and net profit margin (NPM); in many occasions, significantly. Board size and audit committee size did not, and can actually undermine financial performance. More importantly, financial performance did not significantly affect corporate governance. On the basis of the lag structure of the VEC model, this study affirms unidirectional causality in the nexus, running from corporate governance to financial performance, nullifying the hypothesis of bidirectional causality in the nexus.

Parole chiave

  • corporate governance
  • financial performance
  • bidirectional causality
  • unidirectional causality
  • Vector Error Correction model

JEL

  • C3
  • D2
  • D7
Accesso libero

Selected Issues in Innovation in the Energy Industry. The Case of Poland

Pubblicato online: 15 Jul 2016
Pagine: 100 - 112

Astratto

Abstract

Innovation determines the competitiveness of companies and countries. Innovative products and processes have revolutionized the world economy, and are particularly important in the energy industry. Demand for energy innovation originates from resource scarcity, a surge in energy consumption and stringent environmental regulations. The objective of this paper is to examine the application of selected energy-related innovations in Poland. The analysis is based on the database of the Organization for Economic Cooperation and Development (OECD). Our analysis covers the period 2009–2014, as extended by limited data availability. From it, we conclude that Poland performed well in selected energy-related innovations. This study extends knowledge concerning the link between energy efficiency/renewables and innovation.

Parole chiave

  • energy industry innovativeness
  • R&D in the energy industry

JEL

  • Q40
  • O32
7 Articoli
Accesso libero

Editorial

Pubblicato online: 15 Jul 2016
Pagine: 5 - 6

Astratto

Accesso libero

The Asymmetric Implementation of the European Banking Union (EBU): Consequences for Financial Stability

Pubblicato online: 15 Jul 2016
Pagine: 7 - 26

Astratto

Abstract

EU Member States outside the Eurozone are hesitating to enter the European Banking Union (EBU) and to establish “close cooperation” in bank supervision with the ECB. This paper analyzes the consequences of such asymmetric integration for financial stability in Europe. It argues that the main obstacles against establishing close cooperation are a lack of voting rights and insufficient access to the fiscal backstop provided by the European Stability Mechanism (ESM). The paper presents arguments as to why international cooperation in bank supervision could be welfare improving, if multinational banks are dominant. It also discusses suitable reform options for making it more attractive for EU Member States to begin a close cooperation with the ECB.

Parole chiave

  • multinational banking
  • capital requirements
  • bank resolution
  • regulatory arbitrage

JEL

  • G38
  • G21
  • F36
Accesso libero

Experimental Evidence on Transfer Pricing

Pubblicato online: 15 Jul 2016
Pagine: 27 - 48

Astratto

Abstract

We use incentivized economics experiments to test both the point predictions and comparative static predictions of optimal transfer pricing models, comparing behavior under varying conditions, including wholly versus partially-owned subsidiaries and different tariff and tax rates. As predicted, we find that transfer prices are responsive to relative tax and tariff rates as well as ownership proportions. Additionally, we examine convergence and learning in this setting. While individuals do not choose optimal transfer prices, their choices converge to optimal levels with experience. This paper thus makes two important contributions. First, by comparing behavior with theoretical predictions it provides evidence of whether (and when) individuals set transfer prices optimally. Second, by comparing behavior under conditions of full and partial ownership it provides evidence on the impact of policy interventions (like regulating ownership proportions by MNEs) on tax revenues.

Parole chiave

  • transfer pricing
  • economic experiments
  • multinational enterprise
  • learning

JEL

  • C90
  • C91
  • L11
  • F23
  • H21
Accesso libero

Culture-Laden Imports: International Market Entry and Cultural Taboos

Pubblicato online: 15 Jul 2016
Pagine: 49 - 62

Astratto

Abstract

This empirical study investigates American market responses to a Spanish product that is strongly culture-laden and may violate cultural taboos. Surveys were conducted in two contrasting US universities in Arkansas and California. Contrasting student majors were also chosen: Art and Business. The product is a life-sized baby doll, designed to be breast-fed rather than bottle-fed, which highlights the benefits and normality of breast-feeding babies. Although this product is popular in its original European market, US media accounts suggested strongly negative morality-based American reactions. This study found a strong overall non-acceptance of this product in all groups, but with significant differences between groups. Results quantify the market reaction and illuminate its cultural basis by comparing responses between two culturally different regions, two contrasting college majors, different genders, and different ethnicities. In doing so, this study helps to break new ground in the international marketing of culture-laden products.

Parole chiave

  • international marketing
  • market acceptance
  • consumer ethnocentrism
  • cultural taboos

JEL

  • F29
  • M16
  • M31
  • Z10
  • Z13
Accesso libero

Internationalization by State-owned Enterprises (SOEs) and Sovereign Wealth Funds (SWFs) after the 2008 Crisis. Looking for Generalizations

Pubblicato online: 15 Jul 2016
Pagine: 63 - 81

Astratto

Abstract

This paper seeks to detect (post) crisis tendencies in the international activities of state-owned enterprises (SOE) and sovereign wealth funds (SWF) and identify the main challenges posed in exploring this topic. In doing so it draws on the inductive approach and qualitative method and discusses available studies on recent internalization trends in SOEs and SWFs. The number of SWFs worldwide has been rising since 2008, despite the 2008 crisis which brought heavy losses and negative publicity that caused a rerouting of funds towards domestic purposes. The long-term perspective adopted by SWFs is expected to make less vulnerable to financial market volatility, which should stimulate FDI. SOTNCs are a minority among SOEs in general, i.e. only a fraction of SOEs worldwide can be labeled as state-owned transnational companies; and no exceptional impact of the 2008 crisis is apparent in their functioning The review of selected literature and UNCTAD survey reports is the basis for our conclusions and suggestions for future research avenues.

Parole chiave

  • foreign direct investment (FDI)
  • sovereign wealth fund (SWF)
  • state-owned enterprise (SOE)
  • 2008+ crisis

JEL

  • F00
  • F21
  • F23
  • G18
  • G30
Accesso libero

Corporate Governance and Financial Performance Nexus: Any Bidirectional Causality?

Pubblicato online: 15 Jul 2016
Pagine: 82 - 99

Astratto

Abstract

Most studies on corporate governance recognize endogeneity in the nexus between corporate governance and financial performance. Little attention has, however, been paid to the direction of causality between the two phenomena, and hence the Vector Error Correction (VEC) model, which allows for endogenous determination of the direction of causality, has not been widely employed. This study fills that gap by estimating the nexus and the direction of causality using the VEC model to analyze panel data on selected listed firms in Nigeria. The results agree with the findings of most previous studies that corporate governance significantly affects financial performance. Board skills, board composition and management skills enhanced financial performance indicators – return on equity (ROE), return on asset (ROA) and net profit margin (NPM); in many occasions, significantly. Board size and audit committee size did not, and can actually undermine financial performance. More importantly, financial performance did not significantly affect corporate governance. On the basis of the lag structure of the VEC model, this study affirms unidirectional causality in the nexus, running from corporate governance to financial performance, nullifying the hypothesis of bidirectional causality in the nexus.

Parole chiave

  • corporate governance
  • financial performance
  • bidirectional causality
  • unidirectional causality
  • Vector Error Correction model

JEL

  • C3
  • D2
  • D7
Accesso libero

Selected Issues in Innovation in the Energy Industry. The Case of Poland

Pubblicato online: 15 Jul 2016
Pagine: 100 - 112

Astratto

Abstract

Innovation determines the competitiveness of companies and countries. Innovative products and processes have revolutionized the world economy, and are particularly important in the energy industry. Demand for energy innovation originates from resource scarcity, a surge in energy consumption and stringent environmental regulations. The objective of this paper is to examine the application of selected energy-related innovations in Poland. The analysis is based on the database of the Organization for Economic Cooperation and Development (OECD). Our analysis covers the period 2009–2014, as extended by limited data availability. From it, we conclude that Poland performed well in selected energy-related innovations. This study extends knowledge concerning the link between energy efficiency/renewables and innovation.

Parole chiave

  • energy industry innovativeness
  • R&D in the energy industry

JEL

  • Q40
  • O32

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