Public—Private Partnerships in Ireland: Policy and Practice

Ireland's National Development Plan 2000–2006 includes a significant programme of public—private partnerships (PPPs). The Irish Government's policy on PPPs has been shaped to ensure that capital investments under PPP are not included when calculating key fiscal aggregates. This article traces the origins of Ireland's PPP programme and outlines the extent of PPP activity to date. It details how the PPP programme has failed to make an impact in terms of addressing Ireland's infrastructure deficit and examines three particular cases where the PPP model has been applied.     

Vertically Linked Industries,Product Quality and Minimum Quality Standards

This paper extends the seminal model of vertical product differentiation by Ronnen (1991) to a two‐tier supply chain. While Ronnen considers the duopoly case, we add a vertical structure such that each downstream firm procures an input from a monopolistic upstream supplier. While simultaneous up‐ and downstream regulation in the form of a minimum quality standard restores Ronnen's findings, if only one firm is regulated in the vertical chain, a free‐rider effect results: all the bargaining power is given to the non‐regulated member of the chain, which uses it to free‐ride on the pressure exerted by the regulator onto the other member.     

Using export market performance to evaluate regional preferential policies in China

We evaluate the effectiveness of two types of preferential regional policy programs in China’s manufacturing sector. The primary goal of the Economic and Technological Development Zones (ETDZs) is to facilitate internationalization strategies, while Science and Technology Industrial Parks (STIPs) aim to generate technology spillovers. Various dimensions of export market performance are used as objective indicators for the upgrading of product quality and firm operations. We compare startups that locate into one of these zones with startups on the outside, while controlling for self-selection using treatment evaluation methods. The results indicate that firms locating in an ETDZ achieve much higher export values, driven by higher volumes of trade and numbers of destinations. Firms locating in a STIP perform best on quality dimensions. In particular they fetch higher export prices and have more success exporting to high-income countries.     

Farm food safety and diseases risk assessments: case studies from the horticultural and salmonid farms

This study explores the perceptions of selected fresh produce and salmonid farms on the types and importance of various risk assessments conducted at the primary production level. Both the fresh produce and salmonid farms in this study are vigilantly conducting risk assessments to prevent or reduce potential food safety and infectious diseases from occurring. The participating farms generally carried out at least eight types of risk assessments such as health and safety, water, workers’ hygiene, site assessment and pesticides/veterinary medicines on an annual basis. Health and safety, pesticides/veterinary health, fresh produce safety and fish health assessments are some of the most important types of risk assessments for the farms. Most farms will continue with the good practice of conducting risk assessments even if it is not required by their customers or regulations but would prefer to reduce the amount of paper/electronic-based risk assessments.     

Who participates in tax avoidance? Evidence from Swedish microdata

This article empirically examines why not all individuals participate in tax avoidance. We use rich Swedish administrative panel data on all taxpayers, with a link between corporate and individual tax returns and document that few individuals utilize legal and observable tax avoidance opportunities. Our results show that there are several frictions in tax avoidance participation. In addition to monetary benefits from tax avoidance (incentives), the opportunity to participate in tax avoidance (access), as well as information and knowledge about these opportunities (awareness), are important factors for the individual’s tax avoidance decision. We further show that tax avoidance spreads within communities. The impact of the local network is stronger for non-commuters who live and work in the same municipality.     

Management of environmental and social risks and topics in the banking sector - An empirical investigation

This paper investigates how environmental and social (E&S) risks and topics (i. e. E&S issues that are important in terms of adaptation to a changing business environment) are integrated in the banking sector. Despite banks’ key role in steering financial flows towards sustainable development, little is currently known as to whether and how banks integrate E&S aspects into their management control systems and whether this integration translates into E&S performance. Building on prior studies in the environmental management control literature, we design a conceptual model in which we link contextual factors, a proactive strategy approach, E&S management controls, and E&S performance. Following common practice in the banking sector, we differentiate between two paths of E&S management controls: risk management (value protection) and topic management (value creation). Based on survey data for a small sample of 50 European banks, we find evidence that contextual factors, reflected in the perceived power and legitimacy of clients, voluntary standard setters and NGOs, are positively related to a proactive strategy approach. This proactive strategy translates into both topic and risk management. Yet, in the next step, only topic management is positively related to the E&S performance of a bank, but not risk management.     

Wertsteigerung durch Sell-Offs: Eine Meta-Analyse

This paper reviews the empirical evidence on shareholder wealth effects of corporate sell-offs. Meta-analysis is used to aggregate the considerably heterogeneous findings of 64 event studies (1984–2010) on sell-off announcements. Fourteen hypotheses are tested (1) to examine effects on shareholder wealth of the announcement of sell-offs and (2) to identify factors that influence the wealth effects associated with the announcement of sell-offs. The overall results show that sell-off announcements have a positive impact on shareholder wealth. The shareholder wealth effects are higher, if the divested unit is large in terms of its relative size, if it is loss-making and domestic, if the sale proceeds are paid out to shareholders or bondholders, if the purchase price is disclosed and buyer equity is used for settling the purchase price. The results emphasize the importance for companies to constantly reassess their investment portfolio and execute sell-offs in a value enhancing way.