Search results

The purpose of this paper is to examine the supervening loss of inter-organisational trust in long-term commercial contracts. The underlying research question is whether contract law – the legal institution regulating economic exchanges – should intervene and enable a party to a long-term commercial contract to extricate itself from a situation where a relationship of trust has broken down irretrievably.

This paper uses doctrinal methodology and theoretical conceptualisation to answer the underlying research question. The legal instrument chosen for analysis purposes is the UNIDROIT Principles of International Commercial Contracts. This paper also draws on extant literature on inter-organisational trust (including conceptual and empirical studies) to support the arguments and propositions. Furthermore, this study proceeds to assess the substantive justifiability of the proposed remedial measure using four normative values: legal certainty and predictability, protection of the performance interest, economic efficiency and the preservation of the relation.

The central argument put forward in this paper is the reformulation of draft Article 6.3.1 proposed by the UNIDROIT Working Group on Long-Term Contracts, which confers a novel right to terminate for a compelling reason. This paper presents a multidimensional model of inter-organisational trust that would serve as the conceptual framework for the proposed reformulation of the provision and establishes a coherent juridical basis for the legal solution that would accord with the Principles of International Commercial Contracts’ general remedial scheme. As for the normative assessment, this paper demonstrates that the proposed remedial measure would significantly promote efficient outcomes and positively serve the norms of legal certainty, protection of the performance interest and the preservation of the relation.

This paper addresses the lacuna in current legal scholarship in relation to the adverse socio-economic effects following trust violation and deterioration in inter-organisational relationships. Additionally, the propositions and findings should contribute to the workings of the UNIDROIT in adopting new rules and principles that would serve the special requirements of cross-border trade.

The aim of this paper is twofold. The main objective is to contribute to a more comprehensive understanding of the tensions that characterize social enterprises because of their dual (economic and social) commitments in a Hungarian context.

The research was exploratory, as no structured inquiry has been carried out in a Hungarian context concerning the sources of tension social enterprises encounter because of their dual commitments. Therefore, a qualitative approach was chosen to achieve the exploratory goal. Semi-structured in-depth interviews were carried out with one expert and nine social entrepreneurs to map and understand these tensions in a Hungarian context.

The research provides a comprehensive three-level model of tensions in which concrete (observable) tensions are grouped into 4 main groups of tensions and 15 subgroups.

This study is original in two ways. First, besides the numerous tensions other researchers have already observed, this study revealed some that have not been empirically observed. Second, being the first research on tensions in a Hungarian context, to the best of the authors’ knowledge, the results increase understanding of social entrepreneurship in a Hungarian context based on the lived experiences of Hungarian social entrepreneurs.

The purpose of this study is to analyze the horizontal expansion of Burayu Town between 1990 and 2020. The study typically acts as a baseline for integrated spatial planning in small- and medium-sized towns, which will help to plan sustainable utilization of land.

Landsat5-TM, Landsat7 ETM+, Landsat5 TM and Landsat8 OLI were used in the study, along with other auxiliary data. The LULC map classifications were generated using the Random Forest Package from the Comprehensive R Archive Network. Post-classification, spatial metrics, and per capita land consumption rate were used to understand the manner and rate of expansion of Burayu Town. Focus group discussions and key informant interviews were also used to validate land use classes through triangulation.

The study found that the built-up area was the most dynamic LULC category (85.1%) as it increased by over 4,000 ha between 1990 and 2020. Furthermore, population increase did not result in density increase as per capita land consumption increased from 0.024 to 0.040 during the same period.

As a result of financial limitations, there were no high-resolution satellite images available, making it challenging to pinpoint the truth as it is on the ground. Including senior citizens in the study region allowed this study to overcome these restrictions and detect every type of land use and cover.

Data on urban growth are useful for planning land uses, estimating growth rates and advising the government on how best to use land. This can be achieved by monitoring and reviewing development plans using satellite imaging data and GIS tools.

The use of Random Forest for image classification and the employment of local knowledge to validate the accuracy of land cover classification is a novel approach to properly customize remote sensing applications.

Are franking credit balances priced? This paper aims to investigate the valuation of franking credit balances via a determinant analysis and value relevance analysis.

The determinant analysis examines the factors that contribute to the increasing cumulative level of franking credit balances. Value relevance studies explore whether franking credit balances are priced in the market.

The results provide strong evidence of a size effect that the level of franking credit balances increases with firm size and weak evidence of an international focus effect that the level of franking credit balances increases with international ownership. They also find an individual dividend clientele effect that the level of franking credit balances decreases with individual ownership. They find significant evidence that franking credit balances are priced in the market. One dollar of franking credit is worth 1.4 dollars in firm value. That franking balances are capitalized at more than their face value suggests that franking credits signal firms' future dividend policy. They also find that the market valuation of franking balances increases with firm size but decreases with international focus.

This study provides direct evidence that franking credit balances are capitalized into equity prices. In the determinant analysis, this paper improves Heaney's (2009) model by using the percentage of international ownership as the proxy of international focus, thus addressing the limitation of his measure. In the value relevance tests, the study uses a modified model that includes log-transformation to reduce the skewness of variables based on Tanza's (2014) value relevance model. Moreover, the study suggests that the market valuation of franking credit balances increases with firm size, which contradicts Heaney's (2009) findings.

The purpose of this study is to evaluate the effectiveness of nanocontainer solutions in removing deteriorated and aged polymers commonly used in coating and consolidating archaeological glass.

This study focused on characterizing glass surfaces coated with two commonly used polymeric materials in archaeological glass preservation. Furthermore, the study evaluates the elimination of these coatings from the surfaces by using innovative aqueous systems composed of micellar solutions (MS) and oil-in-water (O/W) Texapon-P microemulsions (TEX). Glass samples coated with selected polymers were subjected to thermal and photochemical aging to simulate natural degradation conditions. This study aimed to evaluate the effectiveness of nanocontainer aqueous systems compared to acetone (Ac), a conventional solvent commonly used for removal procedures. The characterization procedures involved transmission electron microscopy, USB digital microscopy, scanning electron microscopy, color alteration and gravimetric measurement.

The findings indicate that the effectiveness of novel techniques using aqueous nanocontainer systems is quite promising when considering a “green approach” to preserving cultural heritage. Microscopic examination demonstrated the efficacy of MS in effectively removing acrylic and vinyl polymers from the glass surface. Furthermore, TEX proved effective in removing polyvinyl acetate (PVA) over Paraloid B72 (B-72). In addition, the measurement of color alteration values revealed a decrease after using MS compared to the standard sample before applying the polymers, with values of ΔE = 1.48 and 1.82 for B-72 polymer and PVA, respectively.

This research provides nanocontainer solutions for removing aged polymers from the glass surface. This makes the current study a promising step for treating archaeological glass.