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Article

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

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Article

Marc Goergen and Luc renneboog

Defines corporate governance, describes the special characteristics of Belgian companies and presents a study of the disciplining of bad management in 165 companies listed…

Abstract

Defines corporate governance, describes the special characteristics of Belgian companies and presents a study of the disciplining of bad management in 165 companies listed on the Brussels stock exchange 1989‐1996. Finds that poor share price performance is generally linked to a higher turnover of directors except in holding companies and that several measures of poor accounting performance are linked to higher director and CEO turnover, although there is more resistance to this in large companies and less in those with a higher proportion of non‐executive directors or total/foreign ownership. Shows that negative after‐tax earnings lead owners with strong monitoring abilities (e.g. holding companies) to increase their stake while others (e.g. families and institutional shareholders) reduce it; and that CEO replacement is followed by increased dividends. Summarizes the findings, noting the differences between the finance sector and others.

Details

Managerial Finance, vol. 26 no. 10
Type: Research Article
ISSN: 0307-4358

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Abstract

Details

Public Transport in Developing Countries
Type: Book
ISBN: 978-0-08-045681-2

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Article

Larry D. Wall

This paper aims to highlight some of the more important changes in US prudential regulation and their implications for the operation of large foreign banking organizations…

Abstract

Purpose

This paper aims to highlight some of the more important changes in US prudential regulation and their implications for the operation of large foreign banking organizations (FBOs) in the USA.

Design/methodology/approach

This paper begins with a summary of the regulatory status of FBOs prior to the crisis. It then discusses developments during the US financial crisis of 2007-2009 that motivated stricter US prudential regulation. The third part discusses some major post-crisis changes in prudential regulation. Finally, the paper considers two areas where important changes in US rules could not be applied in a straightforward manner to FBOs: non-bank financial subsidiaries and branches and agencies.

Findings

Most of the regulatory changes will enhance US financial stability, albeit in some cases at the cost of weakening FBOs consolidated risk management. However, a few of the regulatory changes have given foreign branches and agencies a significant competitive advantage in US money markets.

Originality/value

The paper provides an integrated analysis of both the why and the what of changes in US regulation with some discussion of the economic consequences.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 3
Type: Research Article
ISSN: 1358-1988

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Article

Leslie Chadwick and Richard Dobbins

The main provisions of the Act are covered, such as those relating to company and business names, share capital, disclosure of interests in shares, company accounts and…

Abstract

The main provisions of the Act are covered, such as those relating to company and business names, share capital, disclosure of interests in shares, company accounts and reporting exemptions for small and medium‐sized companies.

Details

Managerial Law, vol. 24 no. 3
Type: Research Article
ISSN: 0309-0558

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Article

Philipp Bierl and Nadine H. Kammerlander

The purpose of this paper is to investigate the process of family equity creation and its role for transgenerational entrepreneurship.

Abstract

Purpose

The purpose of this paper is to investigate the process of family equity creation and its role for transgenerational entrepreneurship.

Design/methodology/approach

This paper combines a systematic literature review on family equity with conceptual theory building, resulting in a model of family equity creation.

Findings

The proposed model contains three phases of equity creation that ulitmately leads to transgenerational entrepreneurship: harvesting, institutionalization (via a single family office) and reinvestment.

Originality/value

This paper conceptually introduces the family equity creation model, which may serve as integrative framework for future research on transgenerational value creation by entrepreneurial families. The presented findings are of relevance for family entrepreneurship scholars, entrepreneurial families, as well as for practitioners.

Details

Journal of Family Business Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2043-6238

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Article

Jacopo Carmassi and Richard John Herring

The purpose of this paper is to analyze whether and how “living wills” and public disclosure of such resolution plans contribute to market discipline and the effective…

Abstract

Purpose

The purpose of this paper is to analyze whether and how “living wills” and public disclosure of such resolution plans contribute to market discipline and the effective resolution of too big and too complex to fail banks.

Design/methodology/approach

The disorderly collapse of Lehman Brothers is analyzed. Large, systemically important banks are now required to prepare resolution plans (living wills). In the USA, parts of the living wills must be disclosed to the public. The public component is analyzed with respect to contribution to market discipline and effective resolution of banks considered too big and complex to fail. In a statistical analysis of the publicly available section of living wills, this information is contrasted with legislative requirements.

Findings

The analysis of public disclosures of resolution plans shows that they are insufficient to facilitate market discipline and, in some instances, fail to enhance public understanding of the financial institution and its business. When coupled with the uncertainty over how an internationally active financial institution will be resolved, the paper concludes that these reforms will do little to reduce market expectations that some financial firms are simply too big or too complex to fail.

Research limitations/implications

A very small data set and the necessity of cross-checking the authors' observations with all publicly available sources. The authors have also tried to infer a purpose for public disclosure of parts of resolution plans. The authorities are remarkably vague on the issue and so the authors have assumed they actually did have a specific intent that would strengthen the system.

Practical implications

The inference from the publicly available portion of living wills is that the authorities are a very long way from abolishing too-big-to-fail.

Originality/value

So far as the authors know, this is the first in-depth analysis of the information available in the public sections of living wills.

Details

Journal of Financial Economic Policy, vol. 5 no. 4
Type: Research Article
ISSN: 1757-6385

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Case study

Sidharth Sinha

Greenko, a renewable power generating company investing in biomass, small and medium hydro power and wind power projects, had projected to achieve 1GW (Giga Watt = 1000…

Abstract

Greenko, a renewable power generating company investing in biomass, small and medium hydro power and wind power projects, had projected to achieve 1GW (Giga Watt = 1000 Mega Watt) of installed capacity by March 2015. The company had been financing its projects with debt from Indian banks and financial institutions on a project finance basis and it had to now decide whether to refinance the project finance debt with an international bond issue of USD 550 million. The case provides an opportunity to discuss the public policy and financing aspects of renewable energy in India.

Details

Indian Institute of Management Ahmedabad, vol. no.
Type: Case Study
ISSN: 2633-3260
Published by: Indian Institute of Management Ahmedabad

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Article

Akanksha Jalan and R. Vaidyanathan

This paper is an effort to demystify tax havens – what they mean, what they offer and why they are harmful. It offers a detailed analysis of abusive tax planning by…

Abstract

Purpose

This paper is an effort to demystify tax havens – what they mean, what they offer and why they are harmful. It offers a detailed analysis of abusive tax planning by multinational corporations, involving the use of tax havens, shedding light on how corporations use “egregious” tax-sheltering techniques right from their incorporation to avoid payment of income taxes. The paper also discusses global efforts against the phenomenon and policy recommendations.

Design/methodology/approach

The paper brings together definitions from various sources to accurately define and identify tax haven economies. The key contribution of the paper is to diagrammatically explain the use of tax havens by MNCs right from the time they are incorporated. It explains how every big and small corporate decision is motivated by the desire to save taxes and how tax havens come in handy for such corporations.

Findings

This paper finds that base erosion and profit shifting (BEPS) is a pervasive phenomenon, largely due to the suppliers of tax haven operations. Here, corporate decisions are divided into strategic and operational and further subdivided into investing, operating and financing activities, and provide real-life corporate examples of how tax havens fit into almost every corporate decision. This is the key contribution of the paper.

Research limitations/implications

This is a review paper that sums up knowledge about tax havens and their use by MNCs. It does not, however, use empirical data to corroborate its findings. It would be interesting to see empirically whether MNCs with greater tax haven operations actually have lower effective tax rates.

Practical implications

The paper can provide a framework for designing tax policies in a manner that geographical arbitrage can be minimized. It can enable formulation of the necessary incentive structures in the form of penalties, rewards and the like for both the users and providers of tax haven services to curb massive base and profit shifting out of high-tax countries.

Social implications

The paper is one small step in the direction of bringing about equality in tax payments, i.e. to align real tax systems with the canon of equality that Adam Smith once dreamt of. Taxes should be progressive in nature, implying that the amount of taxes paid should increase with one’s income. However, with the advent of offshore financial centres and egregious tax planning techniques, only the smaller corporations and middle-class individuals end up paying taxes, while the rich and bigger corporations get away easily.

Originality/value

The paper explores in detail the manner in which MNCs use, rather exploit, regulatory loopholes in tax systems of different countries to save on tax payments. By shifting their tax base from one country to another, MNCs not only hamper Treasury collections but also breed disrespect for the global tax system. The paper can help in designing tax laws in tune with such corporate motives.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 1
Type: Research Article
ISSN: 1358-1988

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Article

Mahdi Salehi and Shantia Salami

This study aims to investigate the impact tax shelters and cost of debt in Iran. It also aims determine methods to identify tax-aggressive policies through corporate…

Abstract

Purpose

This study aims to investigate the impact tax shelters and cost of debt in Iran. It also aims determine methods to identify tax-aggressive policies through corporate structure and corporate policies, as well as various solutions to handle these issues.

Design/methodology/approach

For this purpose, the data of 155 listed companies on the Tehran Stock Exchange (TSE) during the years of 2008-2015 will be considered. The number of observations includes 1,085 companies. Data was analyzed using logistic panel regression with R software.

Findings

The results of the hypotheses show that financial leverage use is not inversely related to companies’ tax-aggressive policies. There is no direct relationship between sales and financial leverage. Overall, there is no inverse relationship between tax shelters and total debt.

Originality/value

The results extend the empirical findings of Graham and Tucker and Wilson. The authors also investigated the relationship between tax shelters and financing (total debt). These findings are crucial to the state; although several studies with similar subjects have been conducted in different countries, the current study is the first of its type in Iran.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 1
Type: Research Article
ISSN: 1759-0817

Keywords

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