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This chapter analyses some internal territorial and economic conflicts in Spain among its autonomous communities. The Basque country has a very favourable tax system from 1878, which historically is stipulated in the Spanish constitution as a special case. This generates an asymmetry with respect to the other 18 Spanish communities including Catalonia, which would like to have a fiscal regime similar to that of the Basque country. After the Spanish state has built the fiscal balances for all autonomous communities, the Catalans argue that Spain steals them and they demand independence for Catalonia, which would affect the political and economic stability of the European Union. Specifically, this chapter attempts to describe a way to resolve territorial conflicts that have been exacerbated by the results of the fiscal balances in a context of fiscal decentralisation, since capital stock balances are not considered in the fiscal balances or in the inter-regional balance of payments. In this chapter, a production function approach, where the public capital production factor is separated into internal and imported capital stock, is used to calculate how the capital stock of the transportation infrastructure actually used can affect the labour productivity in each province or region. This study takes into account the direct effects of the capital stock of the road transport infrastructure of a region and the indirect effects that it receives from the use of infrastructures in other regions. Both types of public capital have been calculated by a network analysis, which allows us to calculate the stock of public capital effectively used in commercial activities, across 47 Spanish provinces during the period 1980–2007. The author estimates the spillover effects using spatial panel data techniques including spatial auto-correlation models with auto-regressive disturbances. In terms of labour productivity, the results indicate that the stock of imported capital is highly significant in all estimates while internal capital is not significant for all Spanish provinces, which classifies the Spanish provinces into users and used. This indicates that capital stock balances should be considered in some way into the inter-regional compensation fund to balance local fiscal balances, minimising some conflicts among regions.

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.

The impact of fiscal decentralization on equalization between regions has received significant attention but there has been much less research of the impact of decentralization on equalization within regions. Theory suggests that the tradeoff between local fiscal autonomy and equalization ought to be most pronounced at the sub-region level where rural-urban disparities in the level of development are substantial. This paper is an empirical analysis of the impact of fiscal decentralization on equalization within one Russian region, Leningrad (State). We show that the regional government uses a mixture of fiscal instruments to strike a balance between giving more budgetary autonomy to local governments and eliminating the disparities among them. We also develop a method for studying this tradeoff between decentralization and equalization when only limited data are available. Finally, we argue and demonstrate that without a detailed understanding of the institutional arrangement for intergovernmental fiscal relations, one cannot evaluate the equalization or decentralization implications.

The objective of this chapter is to discuss how different techniques in Regional Science and Peace Science and the emerging techniques in Management Science can be used in analysing Disaster Management and Global pandemic with special reference to developing countries. It is necessary for me to first discuss the subjects of Disaster Management, Regional Science, Peace Science and Management Science. The objective of this chapter is to emphasise that the studies of Disaster Management should be more integrated with socioeconomic and geographical factors. The greatest disaster facing the world is the possibility of war, particularly nuclear war, and the preparation of the means of destruction through military spending.

This paper aims to assess using a historical approach the challenges facing Somaliland and analyze how the Somalilanders are in the twenty-first century using the globalized financial architecture and system of wealth chains to finance their nascent state and move the debate forward on the calls for self-determination.

Research on this paper included not just a desk review but two research trips to Somaliland and over 20 interviews of politicians, government officials and the private sector and academia.

Today the global wealth chains flowing in and out of Somaliland include some complex ones which include the interactions with other members of the Somali diaspora whether they are in the USA or in Australia where money moves in and out of bank accounts in different countries finally ending up in either Dubai or Djibouti where it is finally transferred through the money transfer agencies into Hargeisa and finally withdrawn by the relative of a diaspora member. The similar wealth chains are those going between traders such as those that already maintain companies in Djibouti because of the war period and continue to live and trade there but have branches in Somaliland. There are simple direct transfers that are easily understood.

Translators had to be used, as some parliamentarians only spoke Kisomali.

No papers have been written on the global banking and finance system with specific reference to Somaliland.

From the agency theory’s point of view, this paper aims to analyze corporate governance mechanisms about the characteristics of the companies quoted in the segments Bovespa Mais and Bovespa Mais 2 and their influence on the creation of value in preparation for the opening of the initial public offering (IPO).

A quantitative approach was adopted to achieve the proposed objective using the panel data with fixed effects and secondary data collected on the Comissão de Valores Mobiliários website, using statistical software Stata® 13.0 for statistical tests. The population comprises non-financial companies belonging to the Bovespa Mais and Bovespa Mais Level 2 groups, as the survey sample took into account the period of adhesion of the companies, totaled in 15 companies, which cover the period from 2008 to 2019. The selected variables correspond to the ownership structure’s characteristics, then the board’s composition and the fiscal council as the body responsible for supervising the administrators’ acts.

The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. However, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.

The main results indicate that the number of independent members on the board of directors and the supervisory board’s participation positively influence market performance. Despite this, it also reveals that the concentration of ownership brings fundraising for other companies’ acquisitions, risk reduction concerning information asymmetry between investing powers.

This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. This paper finds that internal governance characteristics (founder-chief executive officer, executive incentives and board independence) and external network characteristics (prestigious underwriters, degree of venture capitalist syndication and board interlocks) are significant predictors of foreign capital market choice by foreign IPO firms.

While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally crucial strategic decision. This paper advances a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market.

This situation generates value to shareholders and is perceived by the market and, ultimately, generates a direct relationship with the market performance of companies. While product market choices have been central to strategy formulation for firms in the past, financial markets’ integration makes capital markets an equally major strategic decision.