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This chapter discusses the regulatory challenges faced by financial institutions in emerging countries and it presents their specific features compared to financial institutions in developed countries. It offers a practical way of implementing regulatory changes while accounting for emerging countries’ specific features. Using a principle-based approach, this chapter builds on the recent regulatory developments in both developed and developing market economies. It relates these developments to industry best practices as well as the current state of the art in risk management and corporate governance. The findings show how the regulation of financial institutions in emerging countries differs from that in developed countries. Different approaches to mitigate the divergences and fill the gaps are discussed. Both regulators and financial institutions in emerging countries will find this chapter offers a practical point of view based on field and industry experience on how to interpret and apply regulations and adopt best practices in risk management in a way that accounts for emerging countries’ specific features.

The purpose of this paper is to analyze the consequences of using international accounting standards (IAS/IFRS) for the development of capital markets located in developing countries (emerging capital markets).

The authors conduct an empirical study using a sample of 38 developing countries with capital markets, starting by comparing the means of the different measures studied before and after the use of IAS/IFRS. A multivariate statistical analysis is conducted based on the estimation of a model of panel data with fixed effects.

The results show that the development of the emerging capital markets is positively and significantly associated with the use of international accounting standards.

The paper's findings are of interest to several different parties, primarily the national accounting standardization body, the IASB, many international organizations and international investors.

The paper describes an empirical study, conducted on a group of developing countries, which provides a better understanding of the potential consequences of the use of IASB standards. The paper is also a meaningful contribution to the international accounting literature, as it examines an interesting subject that has not yet been investigated.

The purpose of this paper is to investigate the time‐varying risk return relationship and the persistence of shocks to volatility within GARCH framework both in developed and emerging markets.

This paper uses nonlinear ARCH and GARCH‐family models for testing the volatility both in developed and emerging markets.

The findings of the paper suggest that there is a long‐term persistence shock in emerging markets compared to developed markets.

The data set used for the developed and emerging markets is not consistent in terms of sample period. However, this paper explores the venues for further research on the global diversification.

The implication of volatility measurement is vital in determining the cost of capital for investment and portfolio management, option pricing and for market regulations.

The unique features of the paper include large sample size with updated data set that reveals the nature of world economy and empirical evidence on volatility testing that reports the risk return characteristics of both developed and emerging markets.

The purpose of this study is to empirically examine the influence of International Financial Reporting Standards (IFRS) adoption by Russian public companies on the value relevance of financial reporting in Russia.

We selected 67 Russian public companies that reported both under Russian Accounting Standards (RAS) and IFRS for four consecutive years (2006–2009).

The main limitation of the chapter is the sample, but this can be explained by the fact that only 67 companies in Russia report under the two standards (RAS and IFRS). So the sample could not be increased as there were no other companies that fulfilled the characteristics of the sample.

The results obtained show that on the Russian market there is no evidence of increased value relevance of financial reporting to external users of financial information after adopting IFRS when comparing and evaluating the two regimes (RAS and IFRS) unconditionally. Such results can be explained by the notion of mock compliance which originated due to the institutional differences between the RAS and IFRS development environments.

Adoption of IFRS by companies in emerging markets has been a subject of interest for lots of researchers, but this is the first research of its kind in the field of value relevance of adoption of IFRS on the Russian market.

The purpose of this paper is to determine the preparedness of the small- and medium-sized enterprises (SMEs) for the International Financial Reporting Standard (IFRS) for SMEs in Turkey; and to analyze the effect of several firm characteristics on such preparedness.

The preparedness of the SMEs was determined via a questionnaire survey. The effect of several characteristics of the SMEs (i.e. size, age, independent auditing, internationality, and the existence of an accounting department) on their preparedness was examined by employing non-parametric tests and logistic regression.

This study found that the preparedness of the SMEs for IFRS for SMEs is low in Turkey. Several firm characteristics including, size, independent auditing, and internationality have a significant impact on the preparedness of the SMEs.

This study has some implications for several parties, including national and international standard setting authorities, entities, managers, and accounting professionals. SMEs are one of the most important actors in the adoption process of the IFRS for SMEs. Their preparedness level for IFRS for SMEs will present important clues to sustain an effective and successful adoption process. The results of this study show the profile of entities which are prepared for IFRS for SMEs that will be useful for standard authorities and regulatory bodies. The findings of this study will also be useful for other emerging countries’ standard authorities because they will face similar problems in their adoption process.

This research makes a significant contribution to the existing literature because there are only a few studies that analyze the preparedness for IFRS for SMEs, especially in emerging countries.

This paper seeks to provide an overview and context for the emerging field of public policies for scaling voluntary standards, or private regulations, on the social and environmental performance of business and finance, to promote sustainable development; in order to stimulate more innovation and research in this field.

The paper takes the approach of a literature review of texts from intergovernmental and non‐governmental organisations, to develop a synthesis of issues, before literature review from management studies, development studies and international relations, to revise the synthesis and identify policy relevant future research.

Governance at all levels but particularly the international level involves corporations and their stakeholders. Together they have created non‐statutory corporate social responsibility (CSR) standards which now influence significant amounts of international trade and investment, thereby presenting new benefits, risks and challenges for sustainable development. Governments around the world are now innovating public policies on these standards, which can be categorised to inform policy development: governments prepare, prefer, promote and prescribe CSR standards. Therefore, a new dimension to collaborative governance is emerging and would benefit from research and technical assistance. As concepts and practices of regulation and governance are moving beyond state versus non‐state, mandatory versus voluntary approaches, so issues about transparency, accountability and democratic participation remain important for any new manifestation of regulation or governance.

By contextualising public policy innovations on CSR standards within new theories of governance, including “private regulation” and “collaborative governance”, the paper helps to clarify a new agenda for policy making and related research.

The purpose of this paper is to examine key emerging trends in sourcing of business services.

The paper is primarily theoretical and observational. It is based on the author's review of major academic and managerial publications, extensive interactions with industry leaders and prior experience in the industry.

Scale and scope of sourcing of business services from across firm and national boundaries is increasing. Offshore is increasingly being leveraged for higher value activities. As business services get more industrialized, activities are being split into smaller units for servicing, and a services supply chain is beginning to emerge. With sourcing becoming more strategic, risk management has become more complex and critical.

This paper provides an overview of significant emerging trends in sourcing of business services. Further complementary research – theoretical, survey or case‐study based – on each of these identified trends will help develop a more exhaustive understanding.

This paper provides business executives with a framework to view emerging changes in sourcing of business services, and to better prepare for future opportunities and challenges.

This paper takes a holistic view at sourcing of business services and identifies some key emerging trends. The review of academic, managerial and popular press publications, and insights gathered from the field have been summarized into this succinct overview. This perspective should guide further focused academic research as well as practical application in business projects.

The interdisciplinary nature of video networking, coupled with various recent developments in standards, proposals and applications, poses great challenges to the research and industrial communities working in this area. The main purpose of this paper is to provide a tutorial and survey on recent advances in video networking from an integrated perspective of both video signal processing and networking.

Detailed technical descriptions and insightful analysis are presented for recent and emerging video coding standards, in particular the H.264 family. The applications of selected video coding standards in emerging wireless networks are then introduced with an emphasis on scalable video streaming in multihomed mobile networks. Both research challenges and potential solutions are discussed along the description, and numerical results through simulations or experiments are provided to reveal the performances of selected coding standards and networking algorithms.

The tutorial helps to clarify the similarities and differences among the considered standards and networking applications. A number of research trends and challenges are identified, and selected promising solutions are discussed. This practice would provoke further thoughts on the development of this area and open up more research and application opportunities.

Not all the concerned video coding standards are complemented with thorough studies of networking application scenarios.

The discussed video coding standards are either playing or going to play indispensable roles in the video industry; the introduced networking scenarios bring together these standards and various emerging wireless networking paradigms towards innovative application scenarios.

The comprehensive overview and critiques on existing standards and application approaches offer a valuable reference for researchers and system developers in related research and industrial communities.

This paper aims to examine the multiplicity of corporate social responsibility (CSR) standards, explaining its nature, dynamics and implications for multinational enterprises (MNEs) and international business (IB), especially in the context of CSR and global value chain (GVC) governance.

This paper leverages insights from the literature in political science, policy, regulation, governance and IB; from the own earlier work; and from an inventory of CSR standards across a range of sectors and products.

This analysis’ more nuanced approach to CSR standard multiplicity helps distinguish the different categories of standards; uncovers the existence of different types of standard multiplicity; and highlights complex trends in their evolution over time, discussing implications for the various firms targeted by, or involved in, these initiatives, and for CSR and GVC governance research.

This paper opens many avenues for future research on CSR multiplicity and its consequences; on lead firms governing GVCs from an IB perspective; and on institutional and market complexity.

By providing overviews and classifications, this paper helps clarify CSR standards as “new regulators” and “instruments” for actors in business, society and government.

This paper contributes by filling gaps in different existing literatures concerning standard multiplicity. It also specifically adds a new perspective to the IB literature, which thus far has not fully incorporated the complexity and dynamics of CSR standard multiplicity in examining GVCs and MNE strategy and policy.

The purpose of this paper is to analyze standard setting and how a critical mass of users emerged in an industry in which multiple interface standards co‐exist and a critical mass of users was created multiple times.

This paper is based on research conducted for almost ten years using the case study approach. Data were gathered through more than 100 interviews with Japanese firms and through analyses of published sources.

The paper finds that growth in mobile internet services required agreements on multiple interface standards where some of these interface standards exhibited interdependencies and thus required integral design, while others have been built on top of these “basic” interface standards. Agreements on the former interface standards enable basic data connections between phones, services, and content and this required integral design. The latter interface standards connect the mobile phone with content and applications from other industries (e.g. music, video, publishing, broadcasting, and payment) and each critical mass of phones, services, and content for them partly builds from previously created critical masses.

The research focused on a single industry in a single country.

This paper helps scholars and practitioners better understand how interface standards and critical masses for them emerge.

This is the first paper to analyze multiple interface standards in a single industry and the emergence of a critical mass of users or complementary products for these standards.