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51. The Big Takedown

Author:
Mary Margaret Ewens
Publication Date:
04-2018
Content Type:
Special Report
Institution:
Center for Contemporary Arab Studies (CCAS)
Abstract:
In an era marred by a barrage of fake news, sensational reporting, and corrupt business practices, the work of investigative journalists like MAAS alumna Dorothee Myriam Kellou (’12), who exposed one of the biggest cases of corporate greed and exploitative war-zone practices seen in recent years, is more important than ever. Kellou’s groundbreaking investigation, which began in 2014, found that French cement giant Lafarge-Holcim not only endangered employees at its Syrian branch, but also paid concessions to armed groups in Syria, including ISIS. Kellou’s work, published in 2016 in a three-part report by Le Monde and on the television station France 24, led to an ongoing judicial inquiry of Lafarge, the resignation of Lafarge’s CEO and criminal investigations of several top executives, and an overhaul of the company’s corporate practices.
Topic:
Crime, Media, Business, and Journalism
Political Geography:
Europe, Middle East, France, and Syria

52. Executive compensation in Europe: Realized gains from stock-based pay

Author:
Patricia Kotnik, Mustafa Erdem Sakinç, and Dejan Guduraš
Publication Date:
07-2018
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
This paper adds to the empirical evidence on the extent to which stock-based pay incentivizes and rewards European corporate executives. It shows that the actual realized gains (that is, take-home compensation) from stock-based pay of CEOs in European publicly-listed firms may be underestimated by the use of “estimated fair value” measures. The paper also documents the heterogeneity among countries in terms of the levels and components of CEO take-home pay. We base our work on a sample of 301 large, publicly-traded companies listed in the S&P Europe 350 index from 11 EU countries: Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom for the fiscal year 2015. Through analyzing companies’ annual reports, we have hand-collected data on various elements of compensation of the company’s CEO in 2015, including the gains that executives realize from stock-based pay. We document that on average half of the total compensation of the European CEOs in our sample is stock-based, measured by actual realized gains, with large differences among countries. Although in some European countries the majority of total compensation is stock-based, the proportions are still well below those that prevail in the United States. A comparison of the realized-gains measure of CEO compensation with the data based on fair value estimates shows that the latter underestimates the relevance of stockbased pay, in the case of some countries dramatically. Our research findings add to the existing research on CEO pay and the link between pay of EU-based corporate executives and the performance of the companies that they manage. Based on our work, we argue that realized gains measures of CEO pay should be the standard for assessing the incentives and rewards of senior corporate executives in Europe. Our research is the first step in building time series of European executive compensation that will be useful for policies concerning corporate governance and economic performance.
Topic:
European Union, Business, Corporations, and stocks
Political Geography:
Europe

53. The Development Dimension of the Czech Foreign Policy

Author:
Jan Werner
Publication Date:
12-2017
Content Type:
Book
Institution:
Institute of International Relations Prague
Abstract:
Following the European Year for Development 2015 and the transitional year 2016, 2017 promised to be the year when the Czech development agenda would find a new direction thanks to the introduction of a comprehensive sustainable development framework, new strategic documents, increases in funding and the evolution of the development institutions. Looking back, however, we can safely say it did not happen. While the new framework and strategies have been put in place and the institutions are evolving accordingly, most of the political scene seems to have once again lost interest in the agenda, or even question its utility. Amid growing pragmatism and polarisation, the main question increasingly faced by the Czech development policy is not whether and how it should relate to other dimensions of foreign policy (be it security, migration or business promotion), but rather whether, and to what extent, it will remain one of the country’s pursuits and priorities.
Topic:
Security, Foreign Policy, Development, Migration, Business, and Institutions
Political Geography:
Europe and Czech Republic

54. Corruption Reports 2016: Hidden Economy in Turkey

Author:
Hasan Kirmanoğlu and K. İpek Miscioğlu
Publication Date:
12-2016
Content Type:
Special Report
Institution:
Turkish Economic and Social Studies Foundation (TESEV)
Abstract:
SELDI network have proposed to prepare a hidden economy overview to contribute to understanding the hidden economy and tracing its links with corruption that are significant for both anti-corruption practices and increasing welfare in Southeastern Europe (SEE) countries. Anti-corruption policies alone are unlikely to produce wide societal support, unless they are imbedded in economic reform and increase in prosperity. Therefore, a broadening of the anti-corruption debate from sheer law enforcement towards more economic grounded rationale, such as addressing the nexus between corruption and hidden economy, is needed.
Topic:
Corruption, Law Enforcement, Economy, Business, and Tax Systems
Political Geography:
Europe, Turkey, and Middle East

55. Transfer of Know-how for SMEs in Georgia, Moldova and Ukraine. White Paper: Moldova

Author:
Gabor Hunya, Lidis Garbovan, Magdolna Sass, and Oliver Kovacs
Publication Date:
05-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The report focuses on the potential of the development of small and mid-size businesses in Moldova. It provides an economic overview of the country, and then analyzes various best practices and lessons learned from the development of SMEs in the Visegrad countries, especially Hungary. The report provides a description of economic developments, main trade figures, relevant labor developments, migration and the role of remittances and defines the bottlenecks for SME development in the country. The authors built their analysis on available literature and statistics as well as their own survey and interview series. The study highlights six case studies relevant for SME development selected for deeper investigation such as simplified tax schemes, online tax reporting, entrepreneurship education, agriculture and producers’ organizations, the wine industry and issues of measurement of the SME sector. Finally the report draws up potential intervention schemes for Moldovan stakeholders and provides further recommendations for longer term initiatives and actions taken for the support of economic and SME development.
Topic:
Development, Globalization, Business, Economic Growth, Macroeconomics, Innovation, and Trade
Political Geography:
Europe, Ukraine, Caucasus, Moldova, Eastern Europe, and Georgia

56. Transfer of Know-how for Small and Mid-size Businesses in Georgia, Moldova and Ukraine White Paper: Ukraine

Author:
Vladimir Dubrovskiy
Publication Date:
03-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The publication was issued within the project ‘Transfer of Know-How for Small and Mid-size Businesses in Georgia, Moldova and Ukraine’ which aims to assist SMEs in those countries by providing support to stakeholders in their efforts to develop analytical and policy advocacy capabilities and by opening new channels of communication between SMEs and NGOs in the Visegrad Four countries (Czech Republic, Hungary, Poland and Slovakia) and the rest of the European Union. The objective of the study is to deliver the complete findings and outcomes of the project aimed at Ukraine. This White Paper serves as an authoritative document with action plans, budgets, and a tangible way for the beneficiary country stakeholders to move forward with the agenda of small and medium-sized business development. It presents an overview of the collected background information and contains basic data on the countries, including some key macroeconomic comparisons as well as rankings in major competitiveness reports (e.g. Doing Business report by the International Bank for Reconstruction and Development), identifies the project stakeholders and provides an overview of the situation of small and medium-sized enterprises in Ukraine. It also includes the findings of two surveys implemented by the Slovak-Ukrainian team. Based on the findings, the “Discussion and Recommendations” section presents various perspectives on the problems of SMEs in Ukraine using the experience of the accession process of Slovakia, specific examples of key initiatives that led to the resolution of the problems, as well as case studies from various industries. It stresses the involvement of all parties including the EU, local governments, civil society, business associations, and the SMEs themselves. The key outcome of the paper is a road map – a very specific plan of actions including schedules, budgets, and other details within the scope of this project that will help the beneficiary country to cope with problems regarding the agenda of small and middle business development using the expertise and experience of institutions and stakeholders accumulated throughout the Slovak EU accession process. It includes a wide range of activities including a discussion of the project results with various Ukrainian stakeholders, workshops aimed at increasing knowledge about EU markets, legislation and standards, as well as strategic and institutional moves.
Topic:
Development, Business, Economic Growth, Macroeconomics, Innovation, and Trade
Political Geography:
Europe, Ukraine, Caucasus, Moldova, Eastern Europe, and Georgia

57. Corporate debt securities market in Poland: state of art, problems, and prospects for development

Author:
Agnieszka Gontarek, Piotr Kowalski, and Tomasz Gałka
Publication Date:
09-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The development of the Polish corporate bonds market resulted from changes on the supply side. When the Lehman Brothers went bankrupt, Polish entrepreneurs realized that financing their companies’ operations only with the use of credit, even if contracted from different sources, might not be the best idea. Consequently, Polish business turned to debt instruments – said Piotr Kowalski, one of the keynote speakers during the mBank - CASE Seminar no. 136. In the publication, which is an extended and authorized version of presentations delivered during the abovementioned seminar, the authors discuss various aspects of the corporate debt securities market in Poland. Piotr Kowalski gives a synthetic presentation of the subject of the analysis, Agieszka Gontarek presents selected domestic regulations and factors, and Tomasz Gałka writes about selected consequences of excessive burdens.
Topic:
Debt, Business, Economic Growth, Banks, and Trade
Political Geography:
Europe, Central Asia, Caucasus, Eastern Europe, and Poland

58. Sizing the European Shadow Banking System: A New Methodology

Author:
Judith Tyson and Mimoza Shabani
Publication Date:
02-2013
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
One of the critical unanswered questions relating to the shadow-banking system has been to quantify its scale in an industry where entities, by design, are opaque and often outside of regulated and publically shared frameworks. However almost all shadow banking entities, including hedge funds, private equity funds and special purpose vehicles (“SPVs”), interact with the financial markets via regulated investment banks. For example, many SPVs are in fact originated as part of investment banking business and hedge funds typically transact in financial markets exclusively via the “prime brokerage” division of investment banks. This interface with the regulated banking environment combines with the typical practise by investment banks of equalizing compensation (Including bonus) ratios to revenues globally which then allows identification of the implied difference in revenues and hence assets that represents the shadow banking system. The paper will present for critique the results of this methodology to estimate the UK shadow banking system including European business managed from the UK. The estimate will imply a larger scale of shadow banking than previous estimates at £548 billion which, when combined with hedge fund assets of £360 billion (FSA, 2011) gives total shadow banking assets of over £900 billion. It is proposed that the large gap between the estimates of this paper and other estimates reflects the huge, and previously unknown, scale of offshore activities of UK investment banks.
Topic:
Business, Banking, and Shadow Banking
Political Geography:
Europe

59. Reengineering the Defense Planning in Bulgaria

Author:
Velizar Shalamanov and Todor Tagarev
Publication Date:
12-1998
Content Type:
Special Report
Institution:
Institute for Security and International Studies (ISIS)
Abstract:
With the end of the bi-polar opposition of the Cold War many countries face the challenge of adapting their defense establishments to changing international settings, lowering budgets, diversified security threats, changing roles and missions of the armed forces. Even countries with well developed and elaborated planning systems find it necessary to rethink the process of defense planning because of the assumptions, methods and images rooted in the Cold War. Balancing goals and resources, defense planners search for tradeoffs between existing force and modernization, between active and reserve forces, between combat forces and supporting structures. Commonly, the security and technological environment is so fluid that not the plan itself is important, but the capability to adapt it without sudden decline in military capabilities while minimizing inefficient spending. Business practices provide helpful examples of dealing with change. The concept of reengineering appears particularly useful for reengineering defense planning in countries with limited experience in democratic defense and security decision-making. This report describes results in reengineering the defense planning in Bulgaria. Although this is just a recent effort, the initial results allow to identify severe drawbacks of the existing planning practices, to identify key issues, and to design efficient sub-processes and supporting organizations. Reengineering the defense planning is an ongoing effort, aimed at a critical nexus in the reform of the Bulgarian armed forces. The successful reengineering is expected to provide a missing link in the democratic control of the Bulgarian military, to allow for synchronization of plans, programs and budgets for the development of the Bulgarian armed forces, and to provide effective and efficient interface with the planning and review process of NATO and the Enhanced Partnership for Peace Program. Slowly but surely, defense planning and reengineering are turning into major components of the new democratic national security decision-making process of Bulgaria.
Topic:
Defense Policy, National Security, Armed Forces, and Business
Political Geography:
Europe and Bulgaria