钢贸企业经营模式创新和流动资金管理问题探讨

实施经营模式创新,已成为当前钢贸企业走出困境的必由之路。应收款、预付款和库存三个方面是当前钢贸企业日常经营风险的重点之所在。本文对创新钢贸企业经营模式和改进流动资金(应收款、预付款和库存)管理进行探讨。     

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Superhedging under ratio constraint

We consider superhedging of contingent claims under ratio constraint. It has been widely recognized that the minimum cost of superhedging a contingent claim with certain portfolio constraints is equal to the price of a claim with appropriately modified payoff but without constraints. In terms of the backward stochastic differential equation (BSDE) and the variational inequality equation approach, we revisit this result and provide two counterexamples.     

Long‐term economic consequences of corporate environmental responsibility: Evidence from heavily polluting listed companies in China

In this study, we aim to investigate the long‐term economic consequences of corporate environmental responsibility (CER) by companies from the perspective of earnings persistence and investors' response. Based on firm‐level data of 1,010 heavily polluting listed companies in China, the empirical results are as follows. First, the CER of China's heavily polluting listed companies has significantly improved their earnings persistence, that is, earnings quality. Second, the positive long‐term economic effect of CER has been achieved through two paths: improving companies' operational efficiency and reducing their credit costs. Third, CER increases investors' response to heavily polluting companies' accounting earnings. Moreover, state‐owned listed companies achieve more significant positive long‐term economic effects from CER than others. The results suggest that heavily polluting companies should correctly identify the long‐term value of CER rather than pay excessive attention to the impact of CER on their current costs and benefits.     

The trends in bioeconomy development in the European Union: Exploiting capacity and productivity measures based on the land footprint approach

Bioeconomy comprises a novel approach towards economic development in the European Union (EU). Its development should be confined by the planetary boundaries (biocapacity). We integrate the land footprint approach related to production and land biocapacity to assess the trends in capacity and productivity of bioeconomy in the EU countries throughout 1997–2013. Results show that the level of production-based land footprint and land biocapacity vary across the EU countries. However, Belgium is the sole case where production-based land footprint exceeds land biocapacity. The highest possibilities for development of the bioeconomy sector are observed for Slovenia, Croatia, Romania and Slovakia. Meanwhile, Estonia, Denmark and the United Kingdom have almost achieved the level of land biocapacity. Considering the catch up growth rate, almost all of the EU countries (with exception of Greece, France, Italy and Romania) show increasing footprint-to-biocapacity ratios with the highest values for Estonia and Latvia. The significant absolute decoupling between production-based land footprint and agricultural value added is observed in Denmark. Meanwhile, Italy, Lithuania and Spain show relative decoupling. Thus, these countries should pay particular attention to productivity improvements in forestry and agriculture. This study contributes to setting the targets for bioeconomy policy that can support the sustainable and efficient use of biological resources.     

The risk-based approach under the new EU data protection regulation: a critical perspective

Abstract

The first broad reform of personal data protection legislation in the European Union entered into force in May 2018 (Regulation (EU) 2016/679, the General Data Protection Regulation). Remarkably, with this reform a risk-based approach has been introduced as the core data protection enforcement model, while data protection authorities see their regulatory role significantly weakened. The risk-based approach is to be implemented by the data controllers (i.e. the operators) via data protection impact assessments (evoking the established environmental impact assessment procedure) and notification of breaches, among other procedures. Hence the scope of both the concepts of risk and risk regulation spread beyond conventional domains, namely the environment, public health or safety, i.e. physical risks, to encompass risks to intangible values, i.e. individual rights and freedoms, presumably harder to assess and manage. Strikingly, the reform has been accompanied by a confident discourse by EU institutions, and their avowed belief in the reform’s ability to safeguard the fundamental right to data protection in the face of evolving data processing techniques, specifically, big data, the Internet of Things, and related algorithmic decision-making. However, one may wonder whether there isn’t cause for concern in view of the way the risk-based approach has been designed in the data protection legislation. In this article, the risk-based approach to data protection is analysed in the light of the reform’s underlying rationality. Comparison with the risk regulatory experience in environmental law, particularly the environmental impact assessment procedure, is drawn upon to assist us in pondering the shortcomings, as well as the opportunities of the novel risk-based approach.     

Do differences in national cultures affect cross-country conditional conservatism behavior under IFRS?

The purpose of this paper is to explore whether international differences in cultural dimensions of individualism and uncertainty avoidance affect how managers from different countries implement International Financial Reporting Standards (IFRS) and influence cross-country conditional conservatism behavior. We analyze the conditional conservatism behavior of publicly listed firms in 14-member countries of the European Union (EU) during the period 2006-2016. The results confirm the relationship between the individualism and uncertainty avoidance dimensions of national culture and conditional conservatism in the post-IFRS period. Particularly, conditional conservatism is higher in countries where individualism is lower and where uncertainty avoidance is higher.     

CEO compensation in EU telecom companies: Does the state design the right incentives?

This paper analyzes the structure of CEO pay in European fixed telecommunication companies, focusing on the impact of state ownership. Results show that, under the (partial or total) control of the state, the level of CEO compensation is lower and pay-performance sensitivity is higher than in privately-controlled firms. This finding suggests the state provides an incentive as well as a monitoring effect. However, when the state holds the majority of the shares, the pay level is significantly affected by the CEO power, suggesting that in these firms, CEOs are more likely to be entrenched with boards and succeed in raising their pay.     

The Political Economy of Policy Vacuums: The European Commission on Demographic Change

ABSTRACT

Supranational organisations can only confront politico-economic issues that are recognised as important. Typically, issues gain recognition either when they provide an external shock to the system, shaking political actors into action, or when they are framed as important in policy networks concerned with developing the appropriate scientific approach. Ideally political and scientific actors align in creating pressures to recognise the issue as salient and to mobilise organisational responses. Issues differ in their capacity to be driven by both political and scientific pressures, creating crisis management, technocratic, and reform agenda outcomes. Here we explore a further variation, where pressures around an issue are insufficient, creating a policy vacuum. We examine one such policy vacuum in Europe: demographic change. This issue belongs to no particular Directorate-General in the European Commission, but is subject to policy frames from DG EMPL and DG ECFIN. Without sufficient political and scientific pressures, no particular policy position is occupied and advocated despite recognition of the issue’s importance. We discuss the role of policy vacuums and the need for their identification in political economy research.