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The European Union’s Digital Markets Act (DMA) calls for far-reaching changes to the way economic activity will occur in EU digital markets. Before its remedies are imposed, it is critical to assess their impacts on individual markets, the digital sector, and the overall European economy. The European Commission (EC) released an Impact Assessment in support of the DMA that purports to evaluate it using cost/benefit analysis.

An economic evaluation of the DMA should consider its full impacts on dynamic competition. The Impact Assessment neither assesses the DMA's impact on dynamic competition in the digital economy nor evaluates the impacts of specific DMA prohibitions and obligations. Instead, it considers benefits in general and largely ignores costs. We study its benefit assessments and find they are based on highly inappropriate methodologies and assumptions. A cost/benefit study using inappropriate methodologies and largely ignoring costs cannot provide a sound policy assessment.

Instead of promoting dynamic competition between platforms, the DMA will likely reinforce existing market structures, ossify market boundaries, and stunt European innovation. The DMA is likely to chill R&D by encouraging free riding on the investments of others, which discourages making those investments. Avoiding harm to innovation is critical because innovation delivers large, positive spillover benefits, driving increases in productivity, employment, wages, and prosperity.

The DMA prioritizes static over dynamic competition, with the potential to harm the European economy. Given this, the Impact Assessment does not demonstrate that the DMA will be beneficial overall, and its implementation must be carefully tailored to alleviate or lessen its potential to harm Europe’s economic performance.

This paper aims to explore the value of geographic diversification in the context of deglobalization, drawing evidence from a quasi-natural experiment – the Brexit referendum that took place on 23 June 2016 in the UK.

This study applies an event study methodology to estimate the impact of the Brexit vote on a cross-section of firms with varying levels of geographic diversification – undiversified UK firms, UK firms with significant operations in the European Union (EU) and globally diversified UK firms. This study deploys a Heckman two-stage regression approach to address sample selection bias.

This study finds that undiversified UK firms experienced negative cumulative abnormal returns (CARs) around the Brexit referendum. The value of UK firms with majority sales within the UK declined by 0.9 percentage points, on average, in the three days centred on the Brexit referendum. In contrast, UK firms that are globally diversified, with the majority of sales within the EU are unaffected, while diversified firms in the rest of the world generated positive CARs of 1.8 percentage points over the same period. These results are robust to firm characteristics, selection bias and alternative measures of CARs and diversification.

This study is subject to some limitations that open avenues for future work. There are a few available proxies of diversification and further work on developing other proxies is much needed. Further work may also examine the long-term impact of diversification on UK firms. This study considered Brexit as a quasi-natural experiment, and this study could be applied to other deglobalization events like COVID-19 and can enhance the generalizability of diversification strategy in the deglobalized world. Findings may stimulate future work to explore how another form of diversification – product diversification has affected firm returns around Brexit. Finally, this study has focused on the UK as its base case. It may be interesting to corroborate the findings by exploring the impact of Brexit on European firms, who hitherto Brexit, had some operations in the UK.

This work offers some insights for policymakers and regulators around the impact of deglobalization on local firms. Findings suggest that these trends significantly negatively impact the most vulnerable firms (smaller firms with less global reach), while their larger counterparts with significant global reach might be insulated. This finding is important for determining the nature of support needed by different firms in times of deglobalization. The work also offers insights to managers of firms operating in countries where there are real prospects of deglobalization. Specifically, the work highlights the importance of geographic diversification when free movement of goods, services and people is restricted.

This study shows that a certain group of globally diversified firms earned significantly higher returns from the prospect of the UK leaving the EU, thereby highlighting the value of geographic diversification in a time of deglobalization.

This study aims to investigate the association between firm valuation and earnings quality in several European countries. Also, it examines if country-level governance and market development are important determinants of firm valuation.

Using a sample of 5,002 non-financial firms in 37 European countries over the years 2004 to 2019, the authors evaluate the research question using regression models.

The authors find a significant positive relationship between firm valuation and a multi-factor earnings quality measure based on four components (accruals, cash flows, operating efficiency and exclusions). The authors further show that stock market development is also a driver of firm value, while country-level governance is significant only in the case of a firm fixed effect model with time effects. The results are robust to alternative model specifications that control for endogeneity, sample heterogeneity and alternative proxies for firm valuation.

Policy makers and market participants could benefit from the findings, by exploiting the advantages of earnings quality in terms of high-ranking stocks whose earnings are backed by cash flows and other sustainable sources.

To the best of the authors’ knowledge, this study is the first to empirically test the relationship between earnings quality and firm value in the European setting during a period that incorporates the adoption of IFRS. This is quite interesting as it permits cross-border comparability in terms of financial reporting and provides deeper and more representative evidence.

This study aims to compare recent topics on value-added tax (VAT) in the European Union (EU) and Gulf Cooperation Council (GCC), understand the differences in VAT discourses between the two regions and explore the connection between research agendas, institutional legacies and semantic output in the field of VAT in each territory.

A bibliometric study was conducted using R programming. The data were gathered from the Scopus database, which contains 99 English-language publications with publication dates ranging from 1996 to 2022 (87 of which are from the EU and 12 from the GCC). Information about publications, journals, authors and citations is gathered, validated, cross-referenced and analyzed using bibliometric metrics.

The results highlight two ideal research contexts for studying VAT: the EU countries approach VAT research with a centralized, pluralistic and quantitative focus, while the GCC countries adopt a centralized, qualitative and practically oriented approach, highlighting distinct research goals, collaboration styles and institutional legacies. The authors extend their result findings to broader discussions on competing knowledge systems in VAT, the significance of the state and the level of autonomy within tax governance after identifying the most popular issues among scholars working in GCC and EU countries.

Although the focus of this analysis is restricted to the GCC and EU, it includes theoretical recommendations for broadening its application to other nations. Researchers from the GCC and the EU may benefit from this study by gaining more about VAT and being encouraged to share their research with young researchers. The study’s findings are relevant and important for comprehending the comparative state of research on VAT in GCC and EU countries, tax fields, publications and institutions.

This study analyzes the VAT systems of the GCC and the EU while identifying the intellectual structure of the field from each author’s point of view, revealing the scientometrics and informetrics intellectual structures in detail.

E-commerce is gaining popularity across the globe and Mauritian businesses are also increasingly making use of online platforms to engage in cross-border electronic transactions. However, there are several implications arising from online trading which need to be addressed, among which one is the validity of e-contracts. This research will therefore emphasise on two main components of e-contracts: choice of law and the applicable jurisdiction. While Mauritian laws were amended to give effect to digital signatures and e-agreements, there is no extensive or substantive domestic legal provision on choice of law and jurisdiction. Hence, the purpose of this study is to advocate for a greater clarity on the legal framework governing the applicable law and jurisdiction governing a conflict situation in e-contracts, with the view of increasing trust in international e-commerce and to bring in consistency with international commercial relations. This study will be carried out in the Mauritian context by adopting the black letter approach which will analyse the relevant rules and regulations concerning e-contract formation and validity. Additionally, a comparative analysis will be conducted on the legal framework relating to the applicable law and jurisdiction in e-contracts for selected countries: the European Union and the United States. These countries have been chosen for the comparison due to their high involvement in e-commerce and their advanced as well as comprehensive rules on e-commerce.

This study aims to analyze the effect the liberalization of industrial relations in Germany has had on trade unions’ influence on companies’ decisions. Particular attention is given to European measures of flexibilizing company law and how they affect industrial relations in Germany.

After presenting a theoretical basis regarding industrial relations and corporate governance, the paper then demonstrates, via a case study, the effects of the flexible European company law. It examines the strategic avoidance of trade union activity at SAP, a case that ended up before the European Court of Justice.

The flexibility of European company law allows companies to limit the influence of trade unions on company decisions. Limiting trade unions' internal participation weakens their position overall. Precautionary measures to protect employees’ rights help to reduce the dangers of this process.

The influence of European law brings a new perspective to the transformation of the German industrial relations model. The analysis of the strategy of using the legal type of the European company (Societas Europaea) to limit the internal activity of trade unions demonstrates the connection between institutional settings and corporate governance.

The article examines whether cross-border trade in digitally delivered services (DDSs) has an influence on European female entrepreneurship. Two research questions were asked to assess the potential impact of trade in DDSs both on the import and export sides.

To answer the research questions, the panel data for 26 European countries for the years 2008–2019 were implemented to estimate panel regression models. Based on the results of variance inflation factors (VIFs) and Breusch–Pagan and Hausman tests, the estimations of panel models were conducted for female entrepreneurship as a dependent variable and measures of import and export of digitally delivered services as independent variables.

The imports of digitally delivered services positively affect female entrepreneurship in European countries, whilst the impact of the export of digitally delivered services is statistically insignificant. The possibility of being a customer of digitally delivered services through its import may become a gender equaliser in entrepreneurship. However, as differences in digital competencies and growth intentions prevent women from acting as the providers of digitally delivered services, the export of DDSs can sustain the existing gender gap in entrepreneurship.

The research findings provide the added value in the field of female entrepreneurship, referring to institutional theory and human capital theory. The import of DDSs seems to support female entrepreneurs through the reduction of cultural distance, whilst the human capital theory gains the perspective of limited digital competencies needed to export DDSs as a pathway to the internationalisation of women's ventures. The practical implications for trade policy, digitalisation and gender equality should aim not only at supporting women's export propensity, but should also focus on the development of their digital competencies.

Instead of commonly used perspective of international entrepreneurship, the authors implemented the lens of cross-border trade to check whether there is a linkage between internationalisation, measured by imports and exports of DDSs and female entrepreneurship. Trade economists neglect the gender dimension in their studies of pro-growth internationalisation. In contrast, research on female entrepreneurship does not consider the potential of cross-border trade in DDSs as a gender equaliser.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Increasing competition in product and capital markets has put tremendous pressure on managers to become more cost competitive. To address their firms' uncompetitive cost structures, managers may have to consider dramatic restructuring of their businesses. During 2014–2017, Tata Steel Ltd (TSL) UK considered a series of divestitures and a merger plan to nurse the company back to health. The case considers the economics of the restructuring plan. The case is designed to help students analyze a corporate downsizing program undertaken by a large Indian company in the UK and to highlight the dynamic role of the CFO and governance issues in family firms. It introduces students to issues surrounding a typical restructuring and provides students a platform to practice the estimation of value creation in a restructuring exercise. While some cases on corporate restructuring in the context of developed economies are available, there are very few cases written in an emerging market context. This case bridges that gap. TSL presents a unique opportunity to study corporate restructuring necessitated by a failed cross-border acquisition. It illustrates the potential for value loss in large, cross-border acquisitions. It shows how managerial hubris can prompt family firm owners to overbid in acquisitions and create legacy hot spots. In addition, the case can be used to discuss the causes of governance failures such as weak institutional monitoring and poor legal enforcement in emerging markets that could potentially harm minority shareholders.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Trafficking¹ in human beings is gross.² It constitutes one of the most egregious violations of human rights.³ The vile nature of human trafficking is also hinged on the fact that it commodifies human beings. Hence its categorisation is modern slavery.⁴ So much of trafficking activities follow the pathways5 of other transnational forms of organised crimes and irregular cross-border movement of people.6 In response to this egregious crime, several international, regional and country laws and instruments have been used or proposed for combatting human trafficking.7 These instruments forbid trafficking in human persons and provide several preventive measures, prosecution of perpetrators and protection of victims of human trafficking.8 The number of state parties to the United Nations Protocol to prevent suppress and punish trafficking in persons, especially women and children, supplementing the United Nations Convention against Transnational Organized Crime (the Palermo Protocol), demonstrates the global commitment to combatting human trafficking. However, the COVID-19 pandemic and its impact on legal systems, and the capacity of both state and private institutions to combat human trafficking, has added a knotty twist to the global problem of human trafficking. This essay looks at the trends of human trafficking in light of the COVID-19 pandemic. It also highlights international law and policy approaches that state parties and civil society organisations should adopt to counteract the changes and sustain the fight against human trafficking. Thus, the essay contributes to updating the legal and policy approaches to combat human trafficking in this era.