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The continuous impact of the pandemic and the downturn of the global economy have brought new challenges to the tourism industry. In this context, effectively attracting consumers and improving user stickiness are the top priorities of tourism platform companies. This study explores the impact of ethical concerns raised by new issues under the multi-governance environment on user stickiness. Based on the trust theory, the authors provide solutions for tourism platforms.

This study adopted a quantitative approach, gathering survey data via an online platform. A total of 400 participants were investigated, and 356 valid questionnaires were returned, with a recovery rate of 89%. Questionnaires that did not meet the inclusion criteria were excluded, leaving 298 valid responses.

Studies have found that consumers' ethical concerns about platform companies are key factors affecting user stickiness, and among these, consumer trust plays a mediating role. They have found that corporate social responsibility (CSR) behaviours help alleviate ethical concerns and improve trust in enterprises. At the same time, enterprises should properly control the number of platform collaborators, and excessive platform cooperation negatively moderates the impact of consumer ethical concerns on competence-based trust.

This study complements the deficiency of previous research with regard to ethical concerns in a multi-governance environment. These findings indicate that subject diversity exacerbates the negative impact of ethical concerns on consumer trust; however, CSR alleviates the impact of ethical concerns on consumer trust.

This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December 2008 order approving a proposed fee filed by NYSE Arca, LLC for its depth‐of‐book product ArcaBook. It also seeks to consider the effect on the court's decision of the Dodd‐Frank Act amendments to Section 19(b) of the Exchange Act.

The paper analyzes the evolution of the SEC's policy regarding SRO market data fees including the 1999 Concept Release on Market Information, the Advisory Committee on Market Information, the effects of decimalization and the 2005 adoption of Regulation NMS. It focuses on market data fee policy in connection with the Commission's decade‐long project to increase the role of competition in the US securities markets, culminating in the 2006 NYSE Arca fee filing, the SEC's 2008 order approving those fees and the NetCoalition decision.

The court's decision that a cost analysis is not irrelevant to the SEC's review of proposed SRO fee filings brings clarity and finality to a long‐standing dispute within the Commission and the securities industry and identifies a procedure for reaching an economically sound determination of “fair and reasonable” fees for SRO market data.

A cost‐based analysis of SRO market data fee filings is likely to result in a significant decline in market data revenues for those exchanges that charge fees for their data. For the Commission, cost‐based analysis is likely to require a significant reallocation of its regulatory staff and resources.

The paper presents a useful analysis for securities regulatory lawyers and financial analysts and investors following the stock exchange and financial information industries.

The integration of the digital economy and the real economy has been a key focus in promoting digital economic development. It denotes a comprehensive digital transformation of national economic activities regarding technological infrastructure and production modes, which is crucial for establishing a modern economic system, advancing industrial infrastructure and modernizing industrial chains.

Firstly, the study delves into the internal logic behind the emergence of the new development dynamic resulting from digital technology's evolution. Secondly, it explores the mechanism of mutual promotion and support between the new development dynamic and the digital economy based on China's shift in focus from international engagement to the domestic economy during different stages of industrialization. Subsequently, it analyzes the characteristics and critical factors of digital economy development and examines the macro-, meso- and micro-level constraints on these factors. Finally, the paper explores approaches to promoting digital economy development while constructing the new development dynamic and provides relevant policy suggestions.

The construction of the new development dynamic and the development of the digital economy are inextricably linked, and only by mutually reinforcing each other can they provide an inexhaustible impetus for China's high-quality economic development.

The new development dynamic and the digital economy development form an indivisible whole. The new development dynamic creates the necessary conditions for digital economy development and promotes the formation of digital production modes. In turn, the development of the digital economy should strive to improve the mainstay position of the domestic economy, enhance the synergy between the domestic economy and international engagement, upgrade value chains while improving the supply and the industrial chains in China and ensure a parallel increase in labor income alongside improved productivity.

This paper aims to explain how the EU projects its own data protection regime to third states and the US in particular. Digital services have become a central element in the transatlantic economy. A substantial part of that trade is associated with the transfer of data, most of it personal, requiring many of the new products and services emerging to adhere to data protection standards. Yet different conceptions of data protection exist across the Atlantic, with the EU putting a particular focus on protecting the fundamental right to privacy.

Using the distinction between positive and negative forms of market integration as a starting point (Scharpf, 1997), this paper examines the question of how the EU is projecting its own data protection regime to third states. The so-called California effect (Vogel, 1997) and the utilization of trade agreements in the EU’s foreign policy and external relations are well researched. With decreasing effectiveness and limited territorial reach of its enlargement policy, the EU found trade agreements to be particularly effective to set standards on a global level (Lavenex and Schimmelfennig, 2009). The existence of the single market makes the Union not only an important locus of regulation but also a strong economic actor with the global ambition of digital assertiveness. In the past, establishing standards for the EU’s vast consumer market has proven effective in compelling non-European market participants to join.

As the globe’s largest consumer market, Europe aims to project its own data protection laws through the market place principle (lex loci solutionis), requiring any data processor to follow its laws whenever European customers’ data are processed. This paper argues that European data protection law creates a “California Effect”, whereby the EU exerts pressure on extra-territorial markets by unilateral standard setting.

With its GDPR, the EU may have defused the problem of European citizens’ data being stored and evaluated according to the US law. However, it has also set a precedent of extra-territorial applicability of its legislation – despite having previously criticized the USA for such practices. By now, international companies increasingly store data of European customers in Europe to prevent conflicts with EU law. With this decision, the EU will apply its own law on others’ sovereign territory. Conflicts created through the extra-territorial effects of national law may contradict the principle of due diligence obligations but are nevertheless not illegitimate. They may, however, have further unintended effects: Other major economies are likely to be less reluctant in the future about passing legal provisions with extra-territorial effect.

This paper examines the relationship between UK accounting firm mergers and increases in profit margins enjoyed by large UK accounting firms. Cowling’s monopoly capitalism model provides the theoretical framework. The empirical parts of this paper draw on a number of quantitative sources, including the fees and staff numbers disclosed by UK accounting firms, official salary data and salary survey data. Correlation is used to show that the accounting firm data is a reliable source of evidence. The data are then used to construct an indicator of concentration, merger impact on concentration, and an indicator of big firm profit margins. Regression is used to estimate the close positive relationship between concentration and profit margins. The results confirm Cowling’s hypothesis that mergers lead to increases in profits. This paper complements Hanlon’s “commercialisation of accounting” thesis by providing an alternative theoretical framework for examining accounting firms and by bringing quantitative sources of evidence to bear.

This study aims to analyze the development of digital market characteristics particularly focusing on how the strategic choices of platforms are not fully reflected in pricing. In addition, the implications for the development of theories of harm are investigated to explore the necessity of a relevant market definition in assessing infringement and evaluating the adequacy of Indonesian competition law.

This study is a legal analysis that uses statutory approaches, cases, comparative law and the development of theories of harm in digital mergers. The case approach is conducted by analyzing three cases decided by the Indonesia Business Competition Supervisory Commission. This approach provides insight into the response of Komisi Pengawas Persaingan Usaha concerning the merger and acquisition cases in the digital era as well as the provision of different analyses in conventional markets. However, competition can be potentially damaged in digital markets and a comparative law approach is taken by analyzing digital merger cases decided by authorities in other countries.

Results reveal that the digital market has created a “relevant market” that is challenging and blurred due to multi-sided network effects and consumer data usage characteristics. Platform-based enterprises’ prices fluctuate due to the digital market’s network effect and consumer data statistics. Smartphone prices depend on the number of apps and consumer data. Neoclassical theory focusing on product markets and location applied in Indonesia must be revised to establish a relevant digital economy market. To evaluate digital mergers, new harm theories are needed. The merger should also protect consumer data. Law Number 27 of 2022 on Personal Data Protection and Government Regulation on the Implementation of Electronic Systems and Transactions protects online consumers, a basic step in due diligence for digital mergers. The Indonesian Government should promptly strengthen the notion of “relevant markets” in the digital economy, which could lead to fair business competition violations like big data control. Notify partners or digital merger participants of the accessibility of sensitive data like transaction history and user location.

The development of digital market characteristics has implications for developing theories of harm in digital markets. Indonesian competition law needs to develop such theories of harm to analyze the potential for anticompetitive digital mergers in the digital economy era.