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31. Challenges and Difficulties for Micro-Business in Adapting IFRS for SMES Requirements: Kosovo Evidence

Author:
Esat A. Durguti and Ereza A. Arifi
Publication Date:
09-2021
Content Type:
Journal Article
Journal:
Journal of Liberty and International Affairs
Institution:
Institute for Research and European Studies (IRES)
Abstract:
Small and medium-sized enterprises (SMEs) have a vital position in the international economy. The study aims to examine the compulsory financial reporting requirements set by the Kosovo Council for Financial Reporting (KCFR) as well as SMEs requirements for reviewing the current classification in the Kosovo context. This study, like most relevant studies, employs ordinal probit regression to examine the relationships among the requirements defined as dependent variables and other control variables such as necessary reclassification review under KCFR, preferred reclassification review under KCFR, experience knowledge of accountants and auditors, continuously education concerning financial reporting, and assessments of business owners. According to the reported conclusions, the application of these requirements in the Kosovo context does not create any opportunities for SMEs. On the contrary, the findings point to a thorough review of the reporting requirements for micro-businesses, as the current classification appears to be a burden for these businesses.
Topic:
Economics, Finance, Business, and State-Owned Enterprises
Political Geography:
Europe and Kosovo

32. Greenwashing under growing regulatory scrutiny

Author:
Busisipho Siyobi
Publication Date:
05-2021
Content Type:
Special Report
Institution:
Good Governance Africa (GGA)
Abstract:
On 10 March 2021, a set of ‘green finance’ rules designed by the EU to prevent greenwashing – the act of claiming that a fund is sustainable when in reality it is working against sustainability objectives – was applied to certain financial services sector firms in the EU. These rules – known as the EU Sustainable Finance Disclosure Regulation (SFDR) – effectively categorise products as sustainable and non-sustainable. Asset management firms will be subject to rigorous disclosure requirements should they want to credibly market their funds as promoting sustainability. These rules are an attempt to regulate what is currently a disordered market, where firms are quick to employ the ESG concept for marketing purposes, but investors have no way of ascertaining whether the claimed credentials are legitimate or verifiable. In our view, this regulatory trend towards preventing concept abuse is a welcome development and will help to separate the wheat from the chaff in a world that is under immense pressure to achieve low-carbon growth. Early adopters of ESG principles – those who mainstream social and environmental responsibility into how the firm is governed – will see optimal long-run returns. Those who engage in greenwashing or are too slow to adapt will suffer long-run decline.
Topic:
European Union, Finance, Business, Sustainability, and Greenwashing
Political Geography:
Africa and Europe

33. Brexit, Digital Platforms and Algorithms: Competition Policy in the UK

Publication Date:
04-2021
Content Type:
Video
Institution:
Mile End Institute, Queen Mary University of London
Abstract:
With investigations into large technology companies’ allegedly monopolistic behaviour across the globe, competition policy has become a central issue in economics and politics. But can more robust enforcement of our current rules tame the power of the tech giants? As the role of the UK’s Competition and Markets Authority (CMA) expands with Brexit, how does its proposed approach towards tech platforms compare in an international context – especially vis-à-vis the EU – and can it be effective in making sure markets don’t tip in favour of a single dominant player? What can the government, academics and the private sector do to tackle the challenges to competition from algorithms that might be prone to collusion, self-preferencing and other harms to fair market outcomes?
Topic:
Science and Technology, Business, Digitalization, and Competition
Political Geography:
United Kingdom and Europe

34. Economic Sentiment Indicators and Foreign Direct Investment: Empirical Evidence from European Union Countries

Author:
Andrzej Cieślik and Mahdi Ghodsi
Publication Date:
07-2021
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
This paper studies the role of business sentiment in the decisions of multinational enterprises (MNEs) to undertake foreign direct investment (FDI) across European Union (EU) member states. Based on the knowledge-capital model, the study employs the Pseudo Poisson Maximum Likelihood (PPML) estimator and panel data to examine empirically the determinants of FDI across EU member states during the period 2003-2017. The empirical evidence suggests that better economic sentiment in an EU Member State induces MNEs to undertake FDI in that country, while worse economic sentiment in an EU member state motivates an MNE in that country to invest abroad.
Topic:
Economics, Markets, Foreign Direct Investment, European Union, Business, and Multinational Corporations
Political Geography:
Europe

35. Doing business the right way: Pushing for green and social corporate governance

Author:
Sofia López Piqueres
Publication Date:
05-2020
Content Type:
Policy Brief
Institution:
European Policy Centre (EPC)
Abstract:
Reforms to corporate governance and EU company law could support the Union’s recovery efforts and promote a sustainable economy at the same time. This Policy Brief assesses two instruments in the EU corporate governance toolbox: the Non-Financial Reporting Directive (NFRD), which requires large companies to disclose information about how they are run and how their activities impact the environment and human rights, and the Shareholder Rights Directive II (SRDII), which aims to strengthen the position of shareholders and reduce short-termism and excessive risk-taking by companies. It also covers the principle of shareholder primacy – the idea that shareholder interests should take precedence over all else – and executive remuneration.
Topic:
Governance, Law, Reform, European Union, Business, and Sustainability
Political Geography:
Europe

36. Beer and Brexit with Sir David Lidington

Author:
David Lidington and Anand Menon
Publication Date:
02-2020
Content Type:
Video
Institution:
UK in a Changing Europe, King's College London
Abstract:
On 30 January 2020, Professor Anand Menon was joined by former cabinet minister and Conservative MP Sir David Lidington for our first Beer and Brexit of 2020.
Topic:
European Union, Business, Brexit, and Trade
Political Geography:
United Kingdom and Europe

37. Looking West. The Rise of Asia in the Middle East

Author:
Valeria Talbot, Ugo Tramballi, Paola Magri, Zhao Jianming, Kabir Taneja, Adel Abdel Ghafar, Jeongmin Seo, Naser Al-Tamimi, Nael Shama, Sara Bazoobandi, and Anshel Pfeffer
Publication Date:
08-2020
Content Type:
Special Report
Institution:
Italian Institute for International Political Studies (ISPI)
Abstract:
As the world’s economic and political centre of gravity moves increasingly towards East and South Asia, we can expect a number of countries in these regions to devote more attention to the Middle East. The relations between East and South Asia and the Middle East have significantly expanded as a result of the global rise of Asian economic powers, particularly China, India, Japan and South Korea. Not only oil but also trade, investment, infrastructure, and tourism is the name of the business with the MENA region. Beyond energy and economic interests, questions arise about the potential geopolitical dimension of these evolving ties. What are the strategic implications of the projection of Asian countries in an unstable, fragmented and volatile region? How do they interact with each other and with other international players? Last but not least, will the Covid-19 pandemic be a game changer in (re)shaping relations in the future?
Topic:
Foreign Policy, Oil, Regional Cooperation, European Union, Geopolitics, Business, and Soft Power
Political Geography:
Japan, China, Europe, Iran, Middle East, India, Israel, Asia, South Korea, Egypt, Gulf Cooperation Council, and Gulf Nations

38. Emerging Europe and the capital markets union

Author:
Alexander Lehmann
Publication Date:
09-2020
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
The European Union’s capital markets union (CMU) plan is in urgent need of a revamp. Because of Brexit, EU capital markets and supervision need to become more integrated. The ongoing deep recession increases the need for equity finance mobilised by capital markets. The eleven EU countries in central and south-eastern Europe which joined the EU in 2004 and after (EU11) are particularly affected by the ongoing consolidation of exchanges, which has diminished liquidity in smaller markets and in the traded securities of mid-sized companies. Corporate funding remains even more bank-dependent in the EU11 than in the rest of the EU. Equity capital, whether in the form of listed shares or directly supplied by investment funds, is particularly underdeveloped. Even though the sustained and superior growth record in the region compared to the rest of the EU should be a magnet for investors, cross-border exposure to traded equity in the region remains very limited. To gain broader acceptance in all EU countries, CMU will need to support more forcefully funding for small and medium enterprises (SMEs), and foster market integration throughout the single market, including outside the euro area. The immediate priorities for the EU should be to revise market regulation and facilitate capital market access by smaller firms. Lighter standards in dedicated SME markets should be widened for newly-listed companies, but should not be available to more mature listed companies. In this way, high standards of transparency and integrity, which have been bolstered by post-financial crisis regulation, will be preserved. The EU11 countries need to embrace corporate governance rules and greater transparency of company financial data, which would facilitate equity finance. They must also attract investors who will seek disclosure of environmental, social and governance performance of issuers. Much could be done to foster liquidity on national exchanges, including by embracing the inevitable further consolidation of exchanges and other infrastructure.
Topic:
Markets, European Union, Regulation, Finance, Business, Capital, Corporate Governance, and Private Equity
Political Geography:
Europe

39. Do We Need an EU Ethical Food Label?

Author:
Giorgia Ceccarelli and Daniele Fattibene
Publication Date:
09-2020
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
Eradicating the exploitation of agri-food workers, promoting fairer food supply chains, and offering consumers effective tools to make truly informed food choices remain huge challenges in Europe. This report highlights the limitations of relying solely on food labelling schemes to meet these goals, and finds that voluntary certification schemes do not adequately enforce regulations or protect human rights. The report also argues, however, that the EU can use a number of tools to foster more just food supply chains, with ethical labels playing a role in that process as part of a “smart mix” of measures. The case studies in this report show that it is possible to have increased transparency in food labelling and supply chains, as well as better protections of workers in Europe and throughout the world. Additionally, the report explains how the EU can play an important role in providing food businesses with clear regulatory frameworks to ensure their operations do not harm workers or the environment.
Topic:
Environment, Health, Human Rights, Labor Issues, Food, Regulation, and Business
Political Geography:
Europe

40. The next phase of digitalization in Central and Eastern Europe: 2020 and beyond

Author:
Frances Burwell and Jörn Fleck
Publication Date:
02-2020
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
The countries of Central and Eastern Europe (CEE) possess fundamental strengths that uniquely position the region to capitalize on the next wave of digitalization – solid education systems, a large talent pool of “STEM” graduates, widely adopted digitally enabled services, and fewer technology legacies. But, these advantages alone do not mean that Central and Eastern Europe will automatically succeed in this digital transition. One key factor of success will be the ability of these countries— all of them in the European Union—to cooperate in this effort across the region, for both their future economic development and their political influence within Europe and in the transatlantic relationship. In this think piece, Atlantic Council Distinguished Fellow Frances Burwell and Future Europe Initiative Associate Director Jörn Fleck explore how to take forward digitalization in Central and Eastern Europe, especially within the framework of the Three Seas Initiative (3SI).
Topic:
Diplomacy, European Union, Economy, Business, and Digital Policy
Political Geography:
Europe, Eastern Europe, and Central Europe