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The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits.

The methodology involves non-linear mean reverting unit root tests.

The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures.

The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

The purpose of this paper is to shed light on the European Union’s (EU) latest regulatory principles for environmental, social and governance (ESG) disclosures. It explains how some of the EU’s member states are ratifying the EU Commission’s directives on ESG reporting by introducing intelligent, substantive and reflexive regulations.

Following a review of EU publications and relevant theoretical underpinnings, this paper reports on the EU member states’ national policies for ESG reporting and disclosures.

The EU has recently revised a number of tools and instruments for the reporting of financial and non-financial information, including the EU’s modernisation directive, the EU’s directive on the disclosure of non-financial and diversity information, the EU Energy Efficiency Directive, the European pollutant release and transfer register, the EU emission trading scheme, the integrated pollution prevention and control directive, among others.

Although all member states are transposing these new EU directives, to date, there are no specific requirements in relation to the type of non-financial indicators that can be included in annual reports. Moreover, there is a need for further empirical evidence that analyse how these regulations may (or may not) affect government entities and big corporations.

Several EU countries are integrating reporting frameworks that require the engagement of relevant stakeholders (including shareholders) to foster a constructive environment that may lead to continuous improvements in ESG disclosures.

EU countries are opting for a mix of voluntary and mandatory measures that improve ESG disclosures in their respective jurisdictions. This contribution indicates that there is scope for national governments to give further guidance to civil society and corporate business to comply with the latest EU developments in ESG reporting. When European entities respond to regulatory pressures, they are also addressing ESG and economic deficits for the benefit of all stakeholders.

Environmental uncertainty (EU) and firm size (FS) generate inertial forces that can push small and medium-sized enterprises (SMEs) to emphasize either exploration or exploitation. In this article, the authors explore how structural (e.g. formal processes, control and discipline) and social (e.g. employee support and decision-making involvement) managerial instruments counteract such inertial forces and enable SME ambidexterity. Building on the organization-context literature, the authors propose a model in which EU and firms' size moderate the relationship between structural and social managerial instruments on SME ambidexterity.

The authors examined a moderation model using surveys of chief executive officers (CEOs) and performance archival data from 237 Chilean SMEs.

The authors find that the positive effect of structure on SME ambidexterity decreases with FS. In contrast, social instruments have a positive effect on ambidexterity for larger firms, especially for those operating in uncertain environments. In cases in which EU and firms' size reinforce the exploration or exploitation tendencies of SMEs, structural and social instruments play a complementary role in achieving ambidexterity.

The authors contribute by proposing a contingent mix of structural and social instruments to enable SME ambidexterity. These results inform policymakers and SME managers by suggesting strategies to promote ambidexterity based on firms' size and EU.

The purpose of this paper is to investigate the potential role of innovativeness in determining supply chain (SC) integration and to foster the SC performance of manufacturing small and medium enterprises (SMEs). The study also proposes that the SC integration–performance relationship is contingent to the degree of environmental uncertainty (EU).

The data were collected from 321 manufacturing SMEs working in Pakistan. Respondents were owners/CEOs/managers of the firms. Considering the formative nature of indicators of SC efficiency and effectiveness, partial least square-based structural equation modeling (SEM) was used to analyze the data.

The results indicate that innovativeness positively influences the dimensions of SC integration which in turn affects SC efficiency and effectiveness. The results support the presence of moderation for the relationship between the dimensions of both SC integration and performance. The findings suggest that firms should endeavor to accomplish innovativeness and SC integration, as they jointly promote SC performance.

SMEs can use innovativeness as an important tool to increase SC integration and SC performance. For SMEs with a highly volatile and dynamic environment, managers should achieve SC integration and include external integration orientation at the strategic level in order to reap the greatest advantages from SC integration.

This study contributes to the SC literature by exploring the effect of the nascent determinant (innovativeness) of SC practices and performance to expand and deepen current understanding of the potential role of innovativeness in the SC context. Furthermore, considering EU as a moderator opens up new avenues of research to elucidate the SC integration–performance nexus in the emerging market context.

The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand.

The Kyoto Protocol and its market‐based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets.

This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post‐Kyoto period, to benefit from similar mechanisms to finance its energy investments.

The paper is a useful source of information for ETS.

This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy.

This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.

This paper aims to revisit the relationship between intangible capital and labour productivity growth using the largest, up-to-date macro database (2000–2015) available to corroborate the econometric findings of earlier work and to generate novel econometric evidence by accounting for times of crisis (2008–2013) and economic recovery (2014–2015).

To achieve these aims, this paper employs a cross-country growth accounting econometric estimation approach using the largest, up-to-date database available encompassing 16 EU countries over the period 2000–2015. The paper accounts for times of crisis (2008–2013) and of economic recovery (2014–2015). It separately estimates the contribution of three distinct dimensions of intangible capital: (1) computerized information, (2) innovative property and (3) economic competencies.

First, when accounting for intangibles, the paper finds that these intangibles have become the dominant source of labour productivity growth in the EU, explaining up to 66 percent of growth. Second, when accounting for times of crisis (2008–2013), in contrast to tangible capital, the paper detects a solid positive relationship between intangibles and labour productivity growth. Third, when accounting for the economic recovery (2014–2015), the paper finds a highly significant and remarkably strong relationship between intangible capital and labour productivity growth.

This paper corroborates the importance of intangibles for labour productivity growth and thereby underlines the necessity to incorporate intangibles into today's national accounting frameworks in order to correctly depict the levels of capital investment being made in European economies. These levels are significantly higher than those currently reflected in the official statistics.

This paper strives for stressing the need for tourism enterprises' (TEs') policy/governance innovation towards more social responsibility for stimulating their competitiveness. The purpose is to develop suggested content-related guidelines for developing social responsible TE policy and to show the practical implementation guidance for implementation of the theoretical research. According to the authors' knowledge, this has not yet been researched in the field of tourism industry (TIN).

The MER model of integral management has been upgraded by Mulej's Dialectical Systems Theory. The authors considered all relevant and only the essential aspects needed for a requisitely holistic approach towards developing the guidelines for innovating the TEs' policy/governance.

Innovation of TEs' policy/governance is possible only with the requisitely holistic and dialectical approach. TEs that will be able to track the suggested guidelines of tourism policy/governance innovation towards holism, systemic thinking, social responsibility, and sustainable tourism are more likely to succeed. Therefore, the stimulating of competitiveness and innovation of the TIN can be achieved through enterprises' policy/governance innovation that the authors suggested.

The TEs can establish socially (and otherwise) responsible enterprise policy/governance in accordance with the recommendations developed here.

The given suggestions are not known in available literature. The paper exposes the need for holism and consistency of TEs' development potential and interdependently examines the overlaying areas of TEs' policy/governance, social responsibility, and holism/wholeness. The Dialectical Systems Theory systemic approach exposes the need to innovate enterprise policy/governance, if humankind is to survive.

The purpose of this paper is to find out the best method for forecasting European Union Allowance (EUA) returns and determine its price determinants. The previous studies in this area have focused on a particular subset of EUA data and do not take care of the multicollinearities. The authors take EUA data from all three phases and the continuous series, adopt the principal component analysis (PCA) to eliminate multicollinearities and fit seven different homoscedastic models for a comprehensive analysis.

PCA is adopted to extract independent factors. Seven different linear regression and auto regressive integrated moving average (ARIMA) models are employed for forecasting EUA returns and isolating their price determinants. The seven models are then compared and the one with minimum (root mean square error is adjudged as the best model.

The best model for forecasting the EUA returns of all three phases is dynamic linear regression with lagged predictors and that for forecasting EUA continuous series is ARIMA errors. The latent factors such as switch to gas (STG) and clean spread (capturing the effects of the clean dark spread, clean spark spread, switching price and natural gas price), National Allocation Plan announcements events, energy variables, German Stock Exchange index and extreme temperature events have been isolated as the price determinants of EUA returns.

The current study contributes to effective carbon management by providing a quantitative framework for analyzing cap-and-trade schemes.

This study differs from earlier studies mainly in three aspects. First, instead of focusing on a particular subset of EUA data, it comprehensively analyses the data of all the three phases of EUA along with the EUA continuous series. Second, it expressly adopts PCA to eliminate multicollinearities, thereby reducing the error variance. Finally, it evaluates both linear and non-linear homoscedastic models incorporating lags of predictor variables to isolate the price determinants of EUA.

Self-service check-out technologies (SSTs) are becoming a trend across different retail settings, allowing companies to gain efficiency and reduce costs. Nevertheless, the success of SSTs implementation is still subject to challenges and uncertainties. This study aims to provide insights for theory and managers on the necessary conditions for the successful implementation of retail SSTs.

Based on an online survey, data from 251 participants were collected to understand the factors predicting SSTs adoption and realise what conditions are mandatory for the adoption. partial Least Squares Structural Equation Modelling (PLS-SEM) and necessary condition analysis (NCA) were used to analyse the data.

According to the NCA analysis results, 12 latent variables were relevant for predicting SSTs adoption, but only seven were necessary conditions for user adoption.

The complementarity of perspectives for understanding the adoption of SSTs based on the two data analysis techniques provides novel insights into theory and support for retailers' decision-making on self-service technologies (STTs) implementation.

The purpose of this paper is to evaluate different greenhouse gas (GHG) mitigation policy instruments implemented in Slovenia, especially their impact on industrial competitiveness.

Analysis of existing mitigation policies.

The introduction of new policy instruments in Slovenia has not been very effective in curbing GHG emissions, but it certainly brought attention to the problem. As there is still a lot of space for improvements, additional effort should be made to improve existing instruments or to propose additional mitigation measures.

The paper evaluates existing policy instruments, which are still in their evolutional phases. The significance of this paper is to help to intensify indirect influence on GHG emissions reduction, especially on the national level, as proper introduction and understanding of the problem leads to more comprehensive and credible solutions regarding GHG emission reduction strategies. In addition, some new steps and/or measures are also indicated with this paper, especially concerning future evolution of EU emission trading scheme and national CO₂ tax regulation.

The paper is a new source of information about implementation of GHG mitigation policy measures in Slovenia. Analysis of adaptation and mitigation activities as well as integration of all aspects of climate change issues into strategies for sustainable development is of significant importance for the relevant decision makers – to monitor the impact of their own policies for domestic assessment purposes, that is to choose a policy strategy, to understand the implications of existing and alternative policy strategies, and to understand the joint interactions of multiple, individual policy strategies.