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Article
Publication date: 7 February 2014

Mohamed Chelli, Sylvain Durocher and Jacques Richard

The paper seeks to adopt an institutional view of legitimacy to examine how a sample of French companies reacted to the introduction of the “New Economic Regulations” in…

Abstract

Purpose

The paper seeks to adopt an institutional view of legitimacy to examine how a sample of French companies reacted to the introduction of the “New Economic Regulations” in French law in 2001 requiring that publicly listed companies disclose environmental information.

Design/methodology/approach

The approach used in the paper is both quantitative and qualitative. A content analysis of environmental disclosure provided in annual reports, environmental reports and web sites by 26 French companies listed in the CAC 40 is performed throughout the period 2001-2011.

Findings

The findings of this study show a significant and enduring improvement in the quality and quantity of environmental disclosure from 2001 to 2011. Even in the absence of penalties for non-compliance, the NRE law stimulated a stark and positive lasting change in the way that French companies account for their environmental information. These findings are consistent with the institutional view of legitimacy theory whereby legislation provides corporate managers with a representation of relevant audiences' perceptions about social and environmental reporting, prompting them to comply with the law to ensure organizational legitimacy.

Originality/value

Social and environmental reporting studies generally adopt a strategic view of legitimacy to examine how organizations use social and environmental reporting to respond strategically to legitimacy threats. This study provides early empirical evidence about the relevance of institutional legitimacy theory in explaining environmental reporting.

Details

Accounting, Auditing & Accountability Journal, vol. 27 no. 2
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 14 May 2018

Thomas Papadopoulos

This paper aims to analyse the legal framework of reincorporations and subsequent change of applicable law in Greece and Cyprus. A comparison between Greek Law and Cyprus…

Abstract

Purpose

This paper aims to analyse the legal framework of reincorporations and subsequent change of applicable law in Greece and Cyprus. A comparison between Greek Law and Cyprus Law is drawn. This paper highlights possible required reforms. Cyprus has a quite detailed legal framework of voluntary inbound and outbound reincorporations. While Greece has certain provisions on outbound reincorporations, it does not have any provisions on inbound reincorporations. The compatibility of these national provisions with internal market rules, as interpreted by the case law of the Court of Justice of the EU (CJEU), is discussed.

Design/methodology/approach

This paper follows a comparative approach. After a careful analysis of each national legal framework, a comparison between Greek law and Cyprus law follows. This paper also follows an EU law approach.

Findings

These two jurisdictions present some differences. Cyprus adopting the incorporation theory has a detailed, sophisticated and flexible legal framework of reincorporations. Although Greece adopting the real seat theory has some special provisions for outbound reincorporations, there are no specific provisions for inbound reincorporations. Inbound reincorporations are possible under Greek law, but the absence of detailed provisions is against legal certainty. Cyprus law on reincorporations could be used as an example for Greek legislature. However, possible EU harmonisation of seat transfers is expected to have an immense impact on national provisions for reincorporations.

Practical implications

Reincorporations constitute a significant corporate restructuring technique with important practical implications on the economy. Apart from academics, this paper attracts the interest of lawyers, managers, accountants, officers of supervisory and regulatory bodies and policymakers engaged with reincorporations.

Originality/value

This is one of the few academic papers comparing Greek and Cyprus company law and private international law. It is the first paper that compares the Greek and Cyprus legal framework of reincorporations.

Details

International Journal of Law and Management, vol. 60 no. 3
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 25 February 2014

Essa El-Firjani, Karim Menacere and Roger Pegum

– The purpose of this paper is to examine the nature and development of corporate accounting regulation in Libya.

Abstract

Purpose

The purpose of this paper is to examine the nature and development of corporate accounting regulation in Libya.

Design/methodology/approach

Questionnaire survey and semi-structured interview methods were used to collect data. Semi-structured interviews were conducted with external auditors, financial managers, accounting academics and regulators.

Findings

This paper found general agreement that the accounting regulation of public corporations and banks is strongly influenced by the Libyan Commercial Code and the Income Tax Law. Although listed companies and the banking sector in Libya are required to comply with International Accounting Standards (IASs), the majority of them still comply with the US Generally Accepted Accounting Principles (US GAAP). Moreover, the conclusion that can be drawn from this study is that the enforcement of IASs through the Libyan Accountants and Auditors Association (LAAA), local auditors and the Libyan Stock Market has not achieved its purpose. The results also indicate that the accounting profession in Libya is still in its infancy and still lacks clear structure in order to develop corporate accounting practice and it appears to play only an important role in retaining external influences on the accounting practice. The empirical results of this research show that the Salter and Niswander (1995) criteria (longevity, setting exam and auditors’ opinion on companies’ financial reports) found that the level of professionalism in Libya is below the required standard.

Originality/value

This paper focuses on corporate accounting regulation and practices and the role of the LAAA in the development of corporate accounting in Libya. This paper, therefore, aims to contribute to the literature by examining the corporate accounting regulation in Libya and fills a gap in international accounting research.

Details

Journal of Accounting in Emerging Economies, vol. 4 no. 1
Type: Research Article
ISSN: 2042-1168

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Article
Publication date: 1 January 1979

“All things are in a constant state of change”, said Heraclitus of Ephesus. The waters if a river are for ever changing yet the river endures. Every particle of matter is…

Abstract

“All things are in a constant state of change”, said Heraclitus of Ephesus. The waters if a river are for ever changing yet the river endures. Every particle of matter is in continual movement. All death is birth in a new form, all birth the death of the previous form. The seasons come and go. The myth of our own John Barleycorn, buried in the ground, yet resurrected in the Spring, has close parallels with the fertility rites of Greece and the Near East such as those of Hyacinthas, Hylas, Adonis and Dionysus, of Osiris the Egyptian deity, and Mondamin the Red Indian maize‐god. Indeed, the ritual and myth of Attis, born of a virgin, killed and resurrected on the third day, undoubtedly had a strong influence on Christianity.

Details

Management Decision, vol. 17 no. 1
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 1 January 1978

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the…

Abstract

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

Details

Managerial Law, vol. 21 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 5 January 2015

Jonathan Mukwiri

– This paper aims to assess the effectiveness of the Bribery Act 2010 in curbing corporate bribery.

Abstract

Purpose

This paper aims to assess the effectiveness of the Bribery Act 2010 in curbing corporate bribery.

Design/methodology/approach

The paper takes a doctrinal focus in assessing UK bribery law using both primary and secondary sources.

Findings

This paper finds that the effectiveness of the Bribery Act 2010 in curbing bribery lies in its approach of changing the basis for corporate criminal liability from focusing on the guilt of personnel within the company to focusing on the quality of the system governing the activities of the company. Companies have to address the risks of bribery or risk facing liability for failure to prevent bribery. With its regulatory approach to corporate liability, coupled with its extraterritorial reach, the Bribery Act is likely to change business cultures that facilitate bribery, thereby proving an effective law to corporate bribes.

Originality/value

This paper highlights the deficiency of earlier laws in tackling corporate bribery, examines the crime of bribery from a company law perspective and argues that the regulatory strategy in the Bribery Act is likely to be an effective tool against bribery.

Details

Journal of Financial Crime, vol. 22 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 4 April 2019

Tareq Na’el Al-Tawil

The purpose of this paper is to examine the available judicial precedence using both the United Arab Emirates and UK laws to bring up a much broader understanding of…

Abstract

Purpose

The purpose of this paper is to examine the available judicial precedence using both the United Arab Emirates and UK laws to bring up a much broader understanding of wrongful and fraudulent trading concepts and provide a critical analysis of potential personal liabilities of directors in the UK and UAE jurisdictions for the acts of fraud and mismanagement.

Design/methodology/approach

This paper seeks to understand corporate fraud from the aspect of trading. It will take an in-depth look into wrongful trading and fraudulent trading in the UAE and UK jurisdictions while analyzing the punishment for the same. The study will also look at famous cases for the same while seeking to understand the mitigation measures undertaken in various nations across the world.

Findings

The author studies the contents and provisions of the UK Insolvency Act 1986, truly the concepts of wrongful trading and fraudulent trading are not explicitly mentioned in the UAE Law, but the said terms associated with “lifting of corporate veil” are notionally existent under the UAE Federal Law No2/2015, otherwise known as Companies Law (Articles 84 and 162-1), and under the UAE Bankruptcy Law (Federal Decree Law No. 9 of 2016), which provides legislation governing trading while the company is insolvent.

Originality/value

In the current paper, the author is keen to examine the available judicial precedence to bring up a much broader understanding of the mentioned concepts and provide a critical analysis of potential personal liabilities of directors in the UK and UAE jurisdictions for the acts of fraud and mismanagement.

Details

International Journal of Law and Management, vol. 61 no. 2
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 13 February 2017

Ayman E. Haddad, Wafaa M. Sbeiti and Amer Qasim

The main aim of this paper is to provide an overview of the most influential economic changes and accounting legislation affecting financial reporting and disclosure…

Abstract

Purpose

The main aim of this paper is to provide an overview of the most influential economic changes and accounting legislation affecting financial reporting and disclosure practices in Jordan. It also provides an overview of disclosure studies conducted in Jordan covering the year(s) between 1986 and 2014 to investigate whether there is an improvement in disclosure practice in Jordan. This paper also investigates the most influential firm characteristics affecting disclosure practices in Jordan found in prior disclosure studies that were conducted in Jordan between 1986 and 2014. The paper also addresses the disclosure items required in Corporate Governance Codes that exist for listed shareholding companies, banks and insurance companies. Finally, the paper discusses the quality of accounting education in Jordan, as prior studies noted its impact on accounting practice.

Design/methodology/approach

Based on a review of prior disclosure studies conducted in Jordan between 1986 and 2014, this study compared the results of disclosure studies before and after 1998. In 1997, Jordan, as a result of economic changes, issued the Temporary Securities Law and its Directives of Disclosure, which came into effect in 1998. The law is considered as the turning point in the improvement of disclosure practice in Jordan. A trend line of disclosure practice is also used to investigate whether disclosure practice is improved after the issuance of this law. A descriptive analysis is also used to examine the factors affecting disclosure practice in Jordan.

Findings

Based on a review of prior disclosure studies, it was concluded that disclosure practices have improved overtime. It was also observed that that firm size as a factor has always affected the level of disclosure in Jordan and is followed by external auditing, while liquidity is found to have the least effect. It was concluded that economic changes, agreement with international organizations like the World Trade Organization (WTO) and the International Organization of Securities Commissions (IOSCO), new regulations and financial market reforms have improved disclosure practice in Jordan. It was also found that there is a need for further studies in disclosure practice that are not sufficiently covered in Jordan.

Originality/value

The study is based on a review of disclosure studies conducted in Jordan between 1986 and 2014. We investigate whether mandatory, voluntary, corporate social and internet disclosure practice improved over the last three decades in Jordan. This study is the first to provide evidence on the improvement of disclosure practices based on a review of disclosure studies in Jordan. The paper is expected to be a reference for disclosure studies in developing countries, Jordan in particular, as it summarized and criticized the weaknesses on disclosure practice and accounting legislations in Jordan.

Details

International Journal of Law and Management, vol. 59 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 January 1975

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous…

Abstract

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.

Details

Managerial Law, vol. 18 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 26 August 2021

Kamal Jamal Alawamleh, Abeer Hassan Al-Qaisi and Fathi Tawfiq Alfaouri

In different recent judgments, the Jordanian Court of Cassation, among many other Jordanian Courts, has found that a limited liability company's shareholder may be held…

Abstract

Purpose

In different recent judgments, the Jordanian Court of Cassation, among many other Jordanian Courts, has found that a limited liability company's shareholder may be held liable in addition to the company itself as to claims related to the company's debits and different obligations. While the aforementioned approach does constitute a departure from the well-established former approach that the same Court has followed for a long period, the Court have unsurprisingly brought up different interpretations to the insufficient provisions that the Jordanian Companies' Law no. 22 of the year 1997 does contain pertaining this specific area of law. Accordingly, this paper aims to attempt to point out and critically examine the aforementioned Courts' decisions and law provisions to demonstrate the extent to which limited liability companies in Jordan are truly limited in liability and whether such Courts have pierced the corporate veil for adequate reasons.

Design/methodology/approach

To examine the extent to which limited liability companies in Jordan are truly limited in liability, this work uses the most relevant secondary data available in this relation as the main method to complete such examination and this shall include different interrelated law provisions, case law and jurisprudence. Through critically analyzing and comparing such data, this work will identify the problems connected to this specific area of law and accordingly proposes different recommendations and conclusions.

Findings

This work submits that the aforementioned Courts and Legislator have not dealt with such a matter in an adequate and comprehensive manner and that they should have addressed this area of law in a different and more specific way. Furthermore, this work argues that while the reasons behind the Courts' decisions shall be respected, the distinct characteristics that brought up limited liability companies into practice shall be also respected and left intact.

Originality/value

Taking into consideration the recent different approach followed by the Jordanian Courts to this specific area of law, and as far as the author is aware, it would not be surprising to say that there is no comprehensive and updated scholarly work which has either examined such an issue or addressed its implications from technical and legal standpoints. This paper receives its originality and value from being the first work that examines and addresses such important matter.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

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