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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.

I survey applications of Markov switching models to the asset pricing and portfolio choice literatures. In particular, I discuss the potential that Markov switching models have to fit financial time series and at the same time provide powerful tools to test hypotheses formulated in the light of financial theories, and to generate positive economic value, as measured by risk-adjusted performances, in dynamic asset allocation applications. The chapter also reviews the role of Markov switching dynamics in modern asset pricing models in which the no-arbitrage principle is used to characterize the properties of the fundamental pricing measure in the presence of regimes.

This study examines five national public policy areas where states and local governments received grants-in-aid from the federal government; these grants approximate a fifth of their yearly revenue budgets. Knowing the historical trends and concentrations can minimize expectation errors of practitioners and policy makers and facilitate future revenue planning. The grants examined between 1940 and 2010 include income security, health, education and training, economic and regional development, and transportation. The study uses agency theory to rationalize relationships among the governments, and applies statistical modeling, multiple means comparisons and discriminant analyses to test whether there are distinct policy concentrations and differences among policy regimes. Our findings show transfers were continuous, physically important and unaffected significantly by adjustments due to size and prices. The study found concentrations and differences among policy regimes.

This paper aimed to explore the effect of a regulatory change pertaining to earnings forecasts disclosure from a mandatory to a voluntary regime on the valuation of Malaysian initial public offerings (IPOs).

The study employed ordinary least square (OLS) regression and quantile regression to analyse the impact of disclosure of earnings forecasts regulation on the valuation of IPOs which comprised 458 IPOs reported for the period 2000–2017 on Bursa Malaysia.

This paper revealed that the regulatory change in forecasted earnings disclosure from a mandatory to a voluntary regime, effective from 1 February 2008, had a negative impact on the valuation of IPOs. The regime change did not improve the transparency of firms issuing IPOs. In fact, the absence of forecasted earnings information in most IPO prospectuses caused ex ante uncertainties to increase. Voluntary disclosure, however, had a significant positive relationship with the valuation of the IPOs issued during the global financial crisis period (2008–2010). Firms concealed their poor qualities by excluding forecasted earnings information from their prospectuses in order to have a fair valuation.

The findings may be used by policymakers as guidance in improving the existing regulation regarding the disclosure of forecasted earnings.

This paper provides new insight on the effect of a regulatory change pertaining to earnings forecasts disclosure from a mandatory to a voluntary regime on the valuation of Malaysian IPOs. It also provides evidence that the regulatory change of earnings forecast disclosure affects the IPOs' values listed during the global financial crisis period.

This study aims to investigate how and why a new management accounting control (MAC) regime emerged in a previously government-owned energy company with a Soviet past in the context of changing politico-economic dynamics in Ukraine.

Drawing upon data from a case study of a large Ukrainian energy company with a Soviet past that has undergone major transformations in recent years, the authors analyze MAC regime changes in the company from an institutional logics perspective. All primary and secondary data used in this study were collected from 2012 to 2016. Retrospective interviews and extensive use of written materials, including corporate documents and other publicly available data, helped them reconstruct those events, which the authors could not observe personally.

The authors observed that MAC regime changes in the company mirror; overall changes in the political and economic environment and Ukraine’s willingness to become closer to the West. The company seems to follow liberal Western market logics and eliminate those of Soviet heritage. The MAC regime changes seemed to contribute to the company’s survival during challenges caused by the political and economic crises that began in 2014 with the annexation of Crimea and other Ukrainian territories in the East of the country, demonstrating the usefulness of the new MAC regime and overall business logic.

This study adds to the literature on management accounting and control change in emerging economies and extractive industries by highlighting the role of changing institutional logics in shaping a MAC regime. The authors explain why, in some contexts (i.e. Ukraine), organizational actors accept and favor liberal Western market logic.

A particularly significant facet of this study concerns its extension of the role of MAC and the way it is perceived in a new international context in times of significant transformation. The results suggest that MAC regime change may be favorably received if it is based on local values and aspirations.

In this chapter, we outline the statistical consequences of neglecting structural breaks and regime switches in autoregressive and GARCH models and propose two strategies to approach the problem. The first strategy is to identify regimes of constant unconditional volatility using a change point detector and estimate a separate GARCH model on the resulting segments. The second approach is to use a multiple-regime GARCH model, such as the Flexible Coefficient GARCH (FCGARCH) specification, where the regime-switches are governed by an observable variable. We apply both alternatives to an array of financial time series and compare their forecast performance.

This paper aims to understand how training programs fostering discourses centred on individuals’ identity construction may turn resistance into a generative and enabling force to elicit more relationally and negotiated solutions of change.

The study used Foucault’s conceptualisation of “regimes of truth” to show how even potentially resistant public managers may generatively contribute to change processes if given the chance to restate the macro discourses of the hegemonic new public management movement at their own micro level. It relied upon an ethnographic approach based on verbal interviews, photo-elicitation, DiSC behavioural tests and observation of 29 Italian public managers participating in a training course.

The findings allow us to unveil how helping public managers to think about their self-identity in new ways enabled them to approach changing processes differently turning their resistance efforts into a generative force.

The paper offers a noteworthy contribution to the literature on public sector change by examining neglected issues relating to the identity of change agents and the implications of their multiple roles. It presents an alternative to the deterministic view of resistance as impeding or dysfunctionally shaping change under the new public management approach. This has important implications for both practice and policymaking.

To analyze more deeply and in a systemic perspective food system outcomes, and the contribution that small farming can give to the achievement of those outcomes, a detailed analysis of food systems is required, which highlights its components, activities and dynamics. Thus, this chapter deepens the analysis of the food system. We first reflect on the complexity of the concept of food system, discussing the abundance of different conceptualizations proposed in the scientific and political debate on the base of different disciplines and perspectives. Then, a comprehensive representation is shown, which is then unpacked. The food system actors, assets and functions are explored, with an eye on power relations among actors and on the main drivers of change. Governance (that also includes actors external to the food systems) is called ‘reflexive’, as long as it characterizes a system that is able to reflect upon the conditions and the forms of its own functioning, to detect and analyze threats and to change accordingly, with the involvement of actors external to the food systems. This analysis, which represents the focus of this section, provides the base for the description of the food system vulnerability developed in Chapter 4. Drivers of change and governance emerge as key categories to consider.

This chapter explores a pathway towards achieving a sustainable and inclusive future through the implementation of systems innovation, systems leadership and systems change. The author highlights the importance of understanding complex systems and identifies several models that can be employed to drive systems change, including the iceberg model and multi-level perspective. The author stresses the significance of systems leadership and innovation in creating a sustainable and inclusive future. This means that leaders and managers need to shift their mindset from reductionism to systems thinking. Reductionism views complex systems as a collection of separate parts that can be studied independently. In contrast, systems thinking acknowledges the interconnectedness of all parts and how they influence each other. When they embrace systems thinking, leaders and managers can make systems innovation and drive systems change to achieve sustainable and inclusive growth. Achieving a sustainable and inclusive future requires a collective effort from individuals, organizations and governments. It demands a comprehensive understanding of the interdependencies and interactions within complex systems, as well as a willingness to adopt new ways of thinking and leading. This chapter presents a compelling case for adopting systems innovation, systems leadership and systems change as critical components in building a sustainable and inclusive future.