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Nicolae Stef 《Review of social economy》2017,75(4):454-467
We analyse the crime deterrence role of Romanian churches using a data sample of crime in all 42 Romanian counties from 2001 to 2013. We aim to determine whether the public funding of churches can be justified by the role Romanian churches play in deterring illegal behaviour. The decision to build a new church in a certain location can be endogenous; therefore, we use as an instrument the built-up area of counties’ cities in the 1990s. After controlling for the endogeneity of the number of churches, our estimations show that Romanian churches significantly diminish local crime rates. Adventist, Baptist, Catholic and Orthodox churches tend to play an active role in the deterrence of local crime. Hence, Romanian churches not only provide religious services, but also promote religious norms and strengthen the social ties between parishioners, help prevent crime. 相似文献
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The problem of a fair and effective voting system in the EU deserves particular emphasis, due to the fact that several issues
to be agreed upon concern matters of crucial national interest. The aim of this paper is to assess, in the enlargement context,
the advantages and disadvantages of different voting systems within the EU, studying the statistical distributions of the
rate of winning and blocking coalitions on the basis of a simulation model. The different scenarios of the voting procedures’
results confirm the positive effects of the Penrose square root rule, which remains the only valid voting system to be adopted
in the future for the main EU decision-making bodies. 相似文献
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Cătălin Nicolae Albu Nadia Albu Szilveszter Fekete Pali‐Pista Maria Mădălina Gîrbină Seval Kardes Selimoglu Dániel Máté Kovács János Lukács Gergely Mohl Libuše Müllerová Marie Paseková Aylin Poroy Arsoy Barıs Sipahi Jiri Strouhal 《Journal of International Financial Management & Accounting》2013,24(2):140-175
This research investigates the perceptions of stakeholders involved in financial reporting in four emerging economies (the Czech Republic, Hungary, Romania, and Turkey) regarding the possible implementation of IFRS for SMEs, in terms of costs, benefits, and strategy of adoption. In‐depth, semi‐structured interviews were conducted with representatives of main stakeholders (preparers, auditors, regulators, professional bodies, and users). We find more support for IFRS for SMEs implementation in these four countries than suggested by the results of the European Commission's 2010 consultation for the European Union. Interviews reveal differences between stakeholder groups and between countries regarding the preferred implementation approach (mandatory adoption, voluntary adoption or convergence of national regulations with IFRS for SMEs). Interviews indicate the most support for the convergence approach. However, users oppose convergence and prefer the adoption of IFRS for SMEs. The convergence approach moves regulators' attention from users' needs to preparers' preferences and preparedness. This finding is relevant in the decision‐making process of national regulators, who should balance the needs of various stakeholders, but also the country's political and economic objectives. 相似文献
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AbstractRomanian accounting rules (RAR) had followed a convergence process with International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) since 1999, and the level of convergence has increased over time. The Romanian accounting regulator continues to follow IAS/IFRS in internalizing the Accounting Directive 2013/34/EU. Only a few major differences still exist (some of them due the restrictions in the Accounting Directive 2013/34/EU) between RAR and IFRS. However, RAR lack the level of detail existing in IFRS, and IFRS cannot be used in practice as a source of guidance and interpretation. While major stakeholders have a positive attitude towards the convergence with IAS/IFRS, the Romanian accounting regulator intends to keep the control over RAR and avoid differences in interpretations that might have tax consequences. Despite the good level of convergence of RAR with IFRS, practitioners tend to continue to utilize the tax approach as a source of guidance and interpretation. 相似文献
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The purpose of this paper, building upon the papers included in this special section of Accounting in Europe on Corporate reporting in CEE countries and on our knowledge of the region, is to broaden out and open up dialogue and debate about how local institutions are evolving and impact the corporate reporting practices in this under-researched region. We begin by discussing the institutional context for conducting research on corporate reporting by entities in Central and Eastern Europe (CEE), within the broader context of emerging, transitional economies. We also reflect on how research conducted on CEE countries can make a relevant contribution to the international literature, and exemplify by summarizing the research questions and findings of the papers included in the special section. A future research agenda emerges, given the gaps in the international literature and the future research implications suggested in the papers constituting the special section. 相似文献
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The article analyzes the characteristics and performance of foreign direct investment (FDI) to Romania since the 1990s. We provide evidence for some of the commonly advanced propositions about FDI in transition economies, namely the selection of entry and firms’ performance over time and across economic sectors. Contrary to the FDI literature, multinational enterprises in Romania favored greenfield FDI over acquisitions, although this does not apply to oligopolistic and technology intensive industries. Specific relationships between the nationality of the investor, the location and the entry modes decisions are also analyzed. We observed that acquisitions exhibited higher profit margin and turnover compared to greenfield FDI. 相似文献
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We study asset-pricing implications of innovation in a general-equilibrium overlapping-generations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor, which we call “displacement risk.” This risk helps explain several empirical patterns, including the existence of the growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk using estimates of inter-cohort consumption differences across households and find support for the model. 相似文献
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AbstractThis study aims to determine if the number of new entrants provides a useful tool for forecasting the probability of a firm’s liquidation. We assess how the formation of new firms in a firm’s geographical location influences the likelihood of liquidation. Using a sample of 825 non-listed French industrial firms located in small cities, our estimates show that an increase in the number of new industrial firms in a firm’s location has a positive and significant impact on the probability of a firm being liquidated. The emergence of new firms seems to have stronger power in predicting bankruptcy than other financial variables such as leverage or the rate of exports. 相似文献
10.
Adverse Selection and the Required Return 总被引:2,自引:0,他引:2
An important feature of financial markets is that securitiesare traded repeatedly by asymmetrically informed investors.We study how current and future adverse selection affect therequired return. We find that the bid-ask spread generated byadverse selection is not a cost, on average, for agents whotrade, and hence the bid-ask spread does not directly influencethe required return. Adverse selection contributes to trading-decisiondistortions, however, implying allocation costs, which affectthe required return. We explicitly derive the effect of adverseselection on required returns, and show how our result differsfrom models that consider the bid-ask spread to be an exogenouscost. 相似文献