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This study aims to examine whether the introduction of wine or regular strength beer (B) sales in Tennessee grocery stores significantly increased the number of alcoholic beverages (AB) consumed or excise taxes collected in the state.

This study uses both a time series and a model-based approach to assess if a significant change in alcoholic beverage excise tax collections occurred after the natural experiment. The study evaluates monthly tax collections from B, mixed drinks and AB between January 1968 and September 2018 published by the Tennessee Department of Revenue.

The findings suggest that neither alcoholic beverage consumption nor excise taxes collected increased substantially in Tennessee as a result of the introduction of wine and regular strength B in grocery stores. It is likely, however, that some changes inside the industry were significant.

This study assists policymakers and analysts in determining whether allowing the sale of wine and regular strength B in grocery stores will have a substantial impact on the total amount of AB consumed or excise taxes collected by the jurisdiction.

This paper is concerned with the current decision of the European Commission regarding Google’s comparison shopping service (Google Shopping). In 2017, the Commission has fined Google €2.42 billion for abusing its dominant position as a search engine by giving illegal advantage to Google Shopping. Consequently, Google has to stop its illegal conduct. In particular, the decision requires Google to treat rival comparison shopping services and its own service equally. The purpose of this paper is to analyse the decision from a perspective of two-sided markets. Google Shopping is an integrated service of Google Search and acts as an intermediary between companies, offerings products in the internet and people searching for products in the internet. This complies with the typical conditions of a two-sided market. From the perspective of sellers of goods and services in Europe, Google may be seen as a gatekeeper to the potential customers and thus as an essential facility. In the light of the current decision, this paper provides a possible regulation alternative. It is shown that Google Shopping represents a typical club good, so that welfare-optimising rules must be adhered to. In this context, it should be noted that in the current Google Shopping search results, artificial rivalry is created among sellers so as to ensure maximum willingness to pay for a top listing. The solution proposed in this paper entails a summary score list of all sellers of a particular product, for which a turnover-dependent contribution should be required, instead of a reduced score list, where positions are sold by auctions.

This paper uses methods of two-sided markets and public good theory.

It is shown that Google Shopping represents a typical club good, so that welfare-optimising rules must be adhered to. In this context, it should be noted that in the current Google Shopping search results, artificial rivalry is created among sellers so as to ensure maximum willingness to pay for a top listing. The solution proposed in this paper entails a summary score list of all sellers of a particular product, for which a turnover-dependent contribution should be required, instead of a reduced score list, where positions are sold by auctions.

To the best of the author’s knowledge, it is the very first paper about the decision of the European Union (06/2017) concerning Google Shopping.

Subsequent to the First World War, the French Government regulated the Champagne industry, and locked the status of protected (and excluded) grapes into the new Appellation d’Origine Contrôlée system, forever altering the incentives and output of wine producers. The paper aims to discuss these issues.

As a result, some indigenous varietals have disappeared entirely from the region – and a handful remain only in the vineyards and bottles of a few bold entrepreneurs, constituting less than 1 percent of Champagne production.

The authors assess several traditional explanations (from taste and preferences to agricultural resilience)-and dismiss them as unconvincing. Instead, the authors adopt a public choice framework of regulatory capture to explain the puzzle of thwarted entrepreneurship and consumer choice.

This paper is original.

The purpose of this study is to examine whether foreign firms pay disproportionately higher monetary penalties after controlling for factors that affect the sanctioning of the firm.

In this paper, a cross-sectional data analysis has been used to examine the enforcement actions of the Foreign Corrupt Practices Act (FCPA) against all private and public companies from 1978 to 2019.

The findings indicate that that foreign firms pay disproportionately higher monetary penalties than domestic firms after controlling for factors that affect the sanctioning of firms. On average, foreign firms pay $43.3m more to the US government than US firms pay. This is a considerable difference in monetary penalties and equal to 68.95% of the average monetary penalty.

This paper shows that the US government treats US firms more favorably than foreign firms in monetary sanctions. Because the FCPA is not applied equally, this is contrary to US government guidelines and to the rule of law. The government needs to reconsider the consequences of imposing disproportionately higher penalties on foreign firms. Given the lack of judicial scrutiny of the FCPA settlement amounts against foreign firms, prosecutorial harshness against them can be remedied by amending the FCPA to eliminate the unequal treatment of foreign entities.

This study aims to investigate the effect of cash versus equity compensation on audit committee decision-making after the Public Companies Oversight Board’s 2007 censure of Deloitte.

Using a sample of 2,588 firms, this paper uses two different compensation measurements to empirically examine the effect of audit committee compensation on decision-making.

The authors find that audit committee compensation effects the post-censure decision-making of Deloitte’s clients. The results support the hypothesis that cash compensation paid to audit committees influences audit committee members to retain their auditors post-censure. Additionally, there is some evidence to support the hypothesis that equity compensation increases the propensity to switch auditors post-censure.

This study will be of interest to regulators, policymakers and researchers as it provides further evidence in the area of audit committee decision-making and the effect of cash and stock compensation paid to audit committee members.

This study provides empirical evidence of the association between audit committee compensation and audit committee decision-making by investigating the effect of cash-based compensation and stock-based compensation on audit committee decision-making.

The purpose of this paper is to introduce a new regulatory tool which is intermediate between an ex ante price control and no price control.

The approach adopted utilises public sources and first-hand experience in relation to the development and implementation of anchor product regulation.

Anchor product regulation is found to be an effective alternative to price control, particularly in the context of copper-fibre transition in access networks. The approach is less demanding in terms of information than a price control to implement, and evidence from the UK suggests that anchor product regulation improved investment incentives.

The degree of substitution between anchor products and other access products could be investigated where anchor product regulation has been implemented.

Anchor product regulation is a practical tool which regulators can apply.

Anchor product regulation is a new concept, and this paper for the first time sets out the motivation for anchor product regulation, its development and experience in terms of implementation.

The purpose of this paper is to examine the effects of China’s Food Safety Law on its food industry.

First, an event study is employed to investigate the impact of regulatory changes on the food industry. Then the authors examine the association between the magnitude of cumulative abnormal returns (CARs) and firm characteristics in a cross-sectional regression framework.

The results suggest that the announcements of some important events during the legislative process do affect the investors’ expectations. Further analysis shows that some sub-industries, especially the dairy industry, underperform the others around the enforcement date of the Food Safety Law, indicating that investors expect more costs of compliance for the sub-industries with lower levels of food safety. Moreover, CARs are found to be positively correlated with firm size, implying that larger firms may benefit more from this food legislative reform than small ones.

Measuring the impact of regulatory changes on food producers and investors by stock market response could help regulators assess the effectiveness of regulation and amend the law accordingly.

Previous studies seldom empirically examine the effect of Food Safety Laws on China’s food industry and this study attempts to fill this gap, which contributes to extending the understanding of the impact of legislative reform or regulatory changes on related industries.

The purpose of this paper is to assess the determinants of the early termination of infrastructure projects implemented under public–private partnerships (PPP), concessions or privately managed divested assets.

Cross-section and duration model estimations were applied to a sample of 2,655 infrastructure projects implemented in Latin America and the Caribbean for the period 1993–2017. Estimation techniques consist of a logistic model and cox proportional hazards model (CPHM) applied to alternative specifications, including diverse causal factors.

Evidence is found that early termination of infrastructure projects is determined by intrinsic and extrinsic factors. Among the intrinsic factors, the main characteristics of projects that increase the likelihood of failure are the size or scale of the project, the sector in which the project is developed (transport and water and sanitation) and being investments in divested assets. Extrinsic factors that showed a negative impact on the risk of early termination are good regulatory quality and domestic macroeconomic stability. Likewise, external real and financial shocks also contribute importantly to explain the likelihood of early termination of infrastructure projects.

The results reveal that particular care must be put in design and supervision of large-scale projects, either in transport or water and sanitation. As well, risks associated with external shocks must be explicitly acknowledged in project design, with appropriate remedies and safeguards. The prevalence of relatively high rates of early termination in projects in divested assets in contrast with PPP suggests the importance of introducing simpler way out mechanisms for concessionaires. Finally, the results show the key importance of institutional factors like regulatory quality in determining project failure on economic performance of infrastructure projects.

In contrast to the previous literature, the analysis shows the decisive role played by financial external factors and institutional factors of Latin American and Caribbean countries in early termination of private participation in infrastructure projects. As well, the finding of a higher likelihood of failure in projects that involve investments in divested assets versus concession or PPP suggests the need of investigate further the tradeoffs regarding the balance that must exist among guarantees offered to investors in infrastructure projects and the need to keep contractual decisions in line with market signals.

This study aims to understand New Zealand sheep farmers’ readiness toward sustainability transition by assessing their intentions of transition and adoption of sustainability tools, with information collection considered to mediate the intention–adoption relationship.

Based on the data collected from a survey of New Zealand sheep farmers in 2021, the empirical analysis was developed to investigate farmers’ perceptions of and attitudes toward readiness to move toward a sustainability transition. Structural equation modeling associated with principal component analysis was used to empirically test the theory of planned behavior constructs.

The results show that pressure from the public and the sheep industry, and the perceived controls of transition drive the intention of sustainability transition; farmers with higher intention of sustainability transition are found to be more likely to adopt sustainability tools. However, there is an attitude–behavior gap, wherein positive attitudes toward sustainability transition may not lead to a higher likelihood of adopting sustainability tools. There is no evidence of the mediating role of information collection on the intention–adoption relationship, while a positive effect was found in information collection on the adoption of sustainability tools.

The empirical evidence indicates that policymakers need to help increase the awareness of sustainable production and help farmers overcome barriers to achieving sustainable production by finding ways to turn intentions into adoption.

Being the first attempt to empirically assess farmers’ readiness toward sustainability transition, the study fills the gap of limited understanding of the link between sustainability transition intention and sustainable tools adoption in sustainability transition.

This study aims to empirically examine the impact of the price structure of two-sided markets on transaction volume and market share (MS) in the context of the Korean credit card industry. The Korean credit card market differs from those in the United States (U.S.) or Europe in terms of transaction structure (i.e. a three-party system in Korea vs a four-party system in the U.S. or Europe) and government policy. In addition to the merchant discount rate and the cardholder annual membership fee rate, the authors included and analyzed exogenous variables to eliminate any endogeneity. Based on the analysis results, the authors found that credit card usage performance (i.e. transaction volume) increases with an increase in the relative price ratio (merchant discount rate ÷ cardholder membership fee rate) paid by merchants and cardholders, provided that the total price (merchant discount rate + cardholder membership fee rate) paid by merchants and cardholders remains constant. Therefore, this study is the first to confirm that the Korean credit card market operated as the theoretical mechanism of a two-sided market during the analysis period. This effect can only be observed in specific cases such as the launch of the so-called “Chief Executive Officer(CEO)-designed card.” When a new CEO takes office in a credit card company and launches a “CEO-designed card,” there is a significant increase in not only card usage performance but MS as well owing to the price structure changes caused by expanding the benefits that customers derive from card use.