Windfall Profits Under Pollution Permits and Output-Based Allocation

This paper analyzes the implementation of pollution permits. It focuses on the distributional impacts linked with the stringency of output-based allocation when two sectors are covered by the market for permits and the total cap is held constant. A new type of profit increase in sectors that are not exposed to international competition, when energy-intensive trade-exposed (EITE) sectors are granted output-based allocations, is demonstrated theoretically. The paper also illustrates a profit increase in the electricity sector in a possible fourth phase of the European Union Emission Trading Scheme, in which output-based allocation will be granted to EITE sectors, compared with the case in which all permits are auctioned.     

The role of ownership structure in integrated reporting policies

Integrated reporting (IR) is used to demonstrate a firm's capacity to create value in the short, medium, and long term. It can better represent existing relationships between the company and its stakeholders, with a particular focus on investors. Attention to IR has grown considerably in recent years. However, studies on the determinants of IR quality are still limited. This study aims to bridge this literature gap by being the first study to analyse the role of ownership structure in IR context. To this end, it uses agency theory and is based on a sample of 152 international companies that have adopted IR. The results indicate a positive effect of institutional ownership and a negative effect of ownership concentration, managerial ownership and state ownership on the quality of integrated reports. These results are also consistent with the level of alignment of integrated reports with the <IR> framework. To our knowledge, this is the first study that analyses the role of ownership structure in the IR policies.     

Winds of Trade: Passage to Zero-Emission Shipping

The shipping industry needs to decarbonize over the coming decades, but there are competing visions about how that will happen. While major shipping companies are looking to potential new fuels, including ammonia, other disruptors are already shipping small quantities of boutique goods, emission free, on sailboats harnessing the power of the wind. They are a reminder that all global trade used to travel by sail. Can wind propel us back to the future? There is a role for wind power in shipping as both a primary means of propulsion and a way to provide wind assistance to reduce a vessel’s fuel use. This article examines the possibilities and challenges for wind-based sea transport.     

Endogenous timing of managerial delegation contracts in a unionized duopoly

In a multiple‐stage duopoly game with strategic delegation and unionized labor market, this paper analyzes whether firms' owners decide managerial incentive contracts sequentially or simultaneously. When firms compete in quantities, firms' owners can choose incentive contracts simultaneously or sequentially, depending on the unions' relative bargaining power and the degree of product differentiation. Instead, when firms compete in prices, firms' owners set incentive contracts sequentially with substitute goods and simultaneously with complement goods.     

Mark-ups, economies of scale and the role of knowledge spillovers in OECD industries

Using R&D-based models of economic growth as a foundation, this paper argues that market-driven knowledge creation is necessarily linked as an engine of productivity growth to economies of scale and market-power. A cost function and factor demand model is applied to a cross-country industry data set to study market-power, economies of scale and the role of knowledge in an integrated approach. Empirical results reveal the presence of market-power and economies of scale in all of the industries investigated. R&D and spillovers explain some of the productivity growth observed. Spillovers are identified as an external source of economies of scale.     

Actor-network theory and stakeholder collaboration: The case of Cultural Districts

The tourism literature has increasingly recognised the importance of integrating tourism and culture with other value chains. Though the value of such integration is uncontested, it does raise several questions relating to stakeholder collaboration. Despite substantial research in this field, there remain gaps in our knowledge of the micro-dynamics of stakeholder collaborations in building tourism/cultural systems. This paper contributes to this debate by investigating the micro-level interactions among stakeholders during the conceptualisation of a large collaborative project: a Cultural District. Drawing on Actor-Network Theory (ANT) the research shows that, though rigid sequential planning is not viable, conceptualisation is facilitated by deploying three ANT rules: enrolling actors, fact-building and circulating translations. These rules are used to define a “conditional path” whereby specific actions are activated when controversies emerge.     

Determinants of say on pay vote: a configurational analysis

International Entrepreneurship and Management Journal - This study is the first to employ a relatively new analytical method to investigate combinations of board structure and other corporate...