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The rise in business activities coupled with free trade liberalisation across countries has entailed an increase in securities transaction as well as insider trading (IT). In fact, IT is characterised by the influence and usage of some prior knowledge concerning sensitive information of a corporate body which results in a financial benefit to the insider trader. The practice of IT is not only unethical but also illegal and this statement is witnessed by the mushrooming of laws across the globe categorising IT as an offence. However, the type of punishment varies in different countries depending on various factors. Consequently, the purpose of this paper is to assess the adequacy and efficiency of IT laws in the context of a developing country being Mauritius.

To achieve the research objective, the Mauritian laws on IT were compared with the corresponding laws of some developed countries like the USA and the UK. As such, a qualitative research method was adopted. In particular, the black letter approach was used to examine the relevant laws of Mauritius, UK and USA on IT. A comparative analysis was conducted concerning IT laws for each country with the view of suggesting recommendations for Mauritian stakeholders to adopt to enhance the existing legal and regulatory framework on IT.

It was found that Mauritian IT laws are largely inspired from both the US and UK corresponding legislation. However, Mauritian laws need to be strengthened by imposing some more severe penalties in terms of fines and terms of imprisonment like the USA has established. The Mauritian Financial Services Commission as the regulator also needs to play a more active role in disseminating particularities of IT laws, offences and penalties to the civil society at large.

At present, this study will be among the first academic writings on the efficiency of IT laws in Mauritius and also, because existing literature is quite scarce on assessing the adequacy of IT legislation in developing countries, this research aims at filling in the gap in literature. The study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the United States, Australia, and eight Asian countries) at heterogeneous economic development stages and different regulatory environments. We document that corporate pensions are significantly underfunded in most countries of our sample in the period of 2001–2017, when interest rates were ultralow in most countries. In addition, firms from countries with stronger employee protection and more generous retirement benefits tend to show higher levels of underfunding in their defined benefit (DB) pension plans. To the extent of pension underfunding imposing constraints on corporate investment, we find that firms in these countries can face more constraints on investment when their pension is underfunded.

The purpose of this paper is to try to reach the main factors that could put national security at risk as a result of government cloud computing programs.

The paper adopts the analytical approach to first lay foundations of the relation between national security, cybersecurity and cloud computing, then it moves to analyze the main vulnerabilities that could affect national security in cases of government cloud computing usage.

The paper reached several findings such as the relation between cybersecurity and national security as well as a group of factors that may affect national security when governments shift to cloud computing mainly pertaining to storing data over the internet, the involvement of a third party, the lack of clear regulatory frameworks inside and between countries.

Governments are continuously working on developing their digital capacities to meet citizens’ demands. One of the most trending technologies adopted by governments is “cloud computing”, because of the tremendous advantages that the technology provides; such as huge cost-cutting, huge storage and computing capabilities. However, shifting to cloud computing raises a lot of security concerns.

The value of the paper resides in the novelty of the topic, which is a new contribution to the theoretical literature on relations between new technologies and national security. It is empirically important as well to help governments stay safe while enjoying the advantages of cloud computing.

This paper aims to examine the current quality of work-life (QWL) situation and the effectiveness of labor laws for promoting QWL in the context of Nepalese workplaces.

It uses a descriptive-interpretative-qualitative approach to analyze the responses. Information is gathered through discussions with 85 higher- and middle-level managers of large and medium-sized organizations.

The majority of Nepalese organizations accept safe and healthy working conditions, social relevance of work-life, social integration in the work organization, and work and total life space as the key aspects of QWL. They have become even more critical as a result of the COVID-19 pandemic. However, they face challenges in providing employees with opportunities for continued growth and security, immediate opportunity to use and develop human capacities, adequate and fair compensation and constitutionalism in the work organization. QWL-related provisions in Labour Act, 2017, play a vital role in promoting the QWL situation. The QWL programs offer many benefits to employees’ private and working lives. The lack of such programs would undoubtedly have negative consequences for Nepalese companies. Compliance with labor laws will promote a better QWL situation at Nepalese workplaces.

Only managerial perspectives are considered for examining the current situation of QWL and the effectiveness of QWL-related provisions of the Labour Act, 2017. It excludes the views of union leaders.

This paper indicates that labor laws’ QWL-related provisions are effective. It also provides several policy measures for promoting a better QWL in Nepalese workplaces.

This study presents QWL-related legal provisions and the actual situation at the workplaces of Nepal. It also presents the key aspects of QWL in the context of Nepal.

This chapter discusses the extension of legal equality between male and female citizens in four states in North Africa – Tunisia, Egypt, Morocco and Algeria – through one specific lens: A married woman's legal capacity to initiate and obtain divorce without the husband's consent. Building on the works of Stein Rokkan and Reinhard Bendix on the expansion of citizenship to the ‘lower classes’, it is argued that amendments in divorce law by introducing in-court divorce for women, in addition to out-of-court divorce, is a significant institutional change that extends legal equality between men and women. The introduction of in-court divorce expands female citizenship by bolstering woman's juridical autonomy and capacity in state law. Changes in divorce laws are thus part of state centralization by means of standardizing rules that regulate family law through public administrative institutions rather than religious organizations. Two questions are addressed: First, how did amendments in divorce laws occur after independence? Second, in which ways did women's bolstered legal capacity in divorce have a spill over effect on reforms in other patriarchal state laws? Based on observations on sequences of change in four states in North Africa, it is argued that amendments that equalize between men and women in divorce should be seen as a key driver for reforms in other state laws, that reduce legal inequality between male and female citizens. In all four states, women's citizenship was extended in nationality law and criminal law after amendments in divorce law gave women unilateral legal power to exit a marital relationship.

Ethiopia has enacted laws on transparency and disclosure of information in state-owned enterprises (SOEs). However, these laws are not strict enough, with the transparency and disclosure practices disappointing in the country. Thus, this study aims to investigate the legal framework governing transparency and disclosure in SOEs.

This study uses doctrinal, qualitative and comparative approaches. Domestic legal texts are appraised based on the organization for economic co-operation and development Guideline on Corporate Governance of State-owned Enterprises, the World Bank Toolkit on Corporate Governance of State-owned Enterprises and best national practices. This approach has been further corroborated by qualitative analysis of the basic principles of transparency and disclosure.

The finding reveals that the laws on transparency and disclosure do not comply with global practices and are inadequate to ensure transparency and discourse in SOEs. They fail to establish appropriate disclosure frameworks and practices at the SOE and state-ownership entity levels. They also indiscriminately subject enterprises to multiple auditing functions and conflicting responsibilities.

To the author’s knowledge, this study is the first legal literature on transparency and disclosure in Ethiopian SOEs. This study assists the state as owner in reforming the laws and uplifting SOEs from their current unpleasant condition. It can also become a reference for future research.

Personal data is a powerful tool. The more someone know about us, the more power they got over us. But who will control the most of our personal data? Does the government and the big tech really care about our personal data? This paper aims to look at data practices, data-related policy making as well as its economic consequences in the context of emerging economies.

Using qualitative methods such as literature review and analysis of numerous government documents, this paper inquires into the dynamics in the use of data by the business sectors, explains how data governance can add value to the business sectors while ensuring customers’ data privacy protection based on the data governance mechanism framework and details what it takes.

Using the case of Indonesian recent development on data privacy regulation, this paper describes the problems and threats to personal data protection. The advent of latest computing and mobile technology is shifting power relations between the governments, the big tech, as well as the end users. To conclude, the strategy and policy recommendations for implementing data privacy protection are also presented.

This paper provides a timely synthesis of data practices in the context of developing countries, particularly in relation to policy making and economic consequences. This paper also identifies and shares several promising future research ideas.

Free banking theory, as developed in Adam Smith’s 1776 treatise, “The Wealth of Nations” is a useful tool in determining the extent to which the “invisible hand of the market” should prevail in regulatory policy. The purpose of this study is to provide a timely review of the literature, evaluating the theory’s relevance to regulation of financial technology generally and cryptocurrencies (cryptos) specifically.

The methodology is qualitative, applying free banking theory as developed in the literature to technology-defined environments. Recent legislative developments in the regulation of cryptocurrencies in the UK, European Union and the USA, are drawn upon.

Participants in volatile cryptocurrency markets should bear the consequences of inadvisable investments in accordance with free banking theory. The decentralised nature of cryptocurrencies and the exchanges on which these are traded militate against coordinated oversight by central banks, supporting a qualified free banking approach. Differences regarding statutory definitions of cryptos as units of exchange, tokens or investment securities and the propensity of these to transition between categories across the business cycle render attempts at concerted classification at the international level problematic. Prevention of criminality through extension of Suspicious Activity Reporting to exchanges and intermediaries should be the principal objective of policymakers, rather than definitions of evolving products that risk stifling technological innovation.

The study proposes that instead of a traditional regulatory approach to cryptos, which emphasises holders’ safety and compensation, a free banking approach combined with a focus on criminality would be a more effective and pragmatic way forward.

This paper aims to employ the use of focus groups composed of enforcement officers to explore and identify the financial methods used by terrorism-related organisations in Malaysia.

The study used an open-ended question and focus group methods to gather information from 20 Malaysian enforcement officers with extensive experience in dealing with terrorism-related activities, as they strive to prevent and counter terrorism incidents. In addition, experienced practitioners and field experts also contributed to the study.

The study reveals various innovative financial methods used by terrorist-linked organisations to evade detection by local enforcement agencies. These findings are consistent with previous research, which highlights the intelligence of these organisations in avoiding detection by financial regulators.

The findings are based on the perspectives of enforcement officers involved in preventing and countering terrorism activities. Further research could be conducted to gather insights from other government agencies, such as the judiciary or local agencies.

The study offers practical suggestions for organisations and institutions on effectively monitoring and taking appropriate actions in financial activities related to terrorism.

This study provides unique insights into the financial methods of terrorism-related organisations in an emerging country in Southeast Asia. Its findings can be applied throughout the region, given the country’s global connectivity. Furthermore, the study is distinctive in that it provides information from enforcement officers within terrorism-related government organisations, an area where resources are limited. The study also considers the impact of the pandemic on the development of these financial innovations by terrorist organisations.

This article aims to analyse the relationship between the environmental, social and governance (ESG) score and the cost of capital of 600 large, mid and small capitalization companies across 17 countries that are component of the EURO STOXX 600 Index. By examining whether ESG has an impact on the cost of capital, this article contributes to the solutions to improve the impact of organizations and societies on sustainable development. The article further examines whether the effect is because of the environmental, social and/or governance components. In addition, the article analyses which WACC component (i.e. the cost of equity, the cost of debt, the beta or the leverage ratio) is affected. Furthermore, this article analyses whether a high ESG score can substitute for a weaker legal environment.

The results were obtained by using ordinary least squares panel data modelling to analyse the relationship between the ESG score and the cost of capital. The sample consists of companies that are part of the STOXX Europe 600 Index over the period 2018–2021, which is composed of 600 companies, including large, mid and small capitalization firms listed across 17 countries. The sample finally includes 1,960 firm-year observations.

Companies with a higher ESG score tend to have a lower cost of capital, but this relationship holds only for firms domiciled in countries with a weaker legal environment. In addition, these firms should not only increase their ESG score to create a more sustainable environment but also to reduce their cost of debt. Environmental and social factors have a significantly negative impact on the cost of capital only in countries with a weaker legal environment, while the governance component positively impacts the cost of capital by allowing firms to borrow more.

There is not yet a standardized taxonomy to define ESG, making the study dependent on commercial data providers.

The new insights can be used by companies domiciled in countries with weaker legal environments to reduce their cost of capital. The results also allow us to know on which components of the ESG score to focus. It can also help policymakers, specifically those in countries with a weaker legal environment, to provide incentives to further stimulate ESG investments and disclosure, thereby contributing to a more sustainable society.

To achieve the sustainable development goals put forward by the United Nations, it is important for firms to invest in ESG projects. It is nevertheless insightful to know whether these ESG investments, which are currently observed as a cost, also provide benefits to firms and in which countries. If firms clearly see the advantages of investing in ESG projects, they are likely to proactively engage in them.

This article is the first, to the best of the authors’ knowledge, to focus on 17 European countries, thereby capturing divergent legal environments. This setting allows us to answer the main novel research question, namely, whether the ESG score can act as a substitute for the legal environment in which the company is domiciled. The article also goes further than previous articles by examining whether the effect is because of the environmental, social and/or governance component and whether these impact the components of the weighted cost of capital, namely, the cost of equity, the cost of debt, the beta or the leverage ratio of the companies.