Journal articles on the topic 'Trading companies – Canada'
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1
Baazaoui, Hedi, and Mohamed Ali Zaraï. "The Effect of Firm Characteristics on the Disclosure of IAS/IFRS Information: The Cases of Tunisia, France and Canada." International Business and Accounting Research Journal 3, no. 2 (July 1, 2019): 124. http://dx.doi.org/10.15294/ibarj.v3i2.67.
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The effect of firm characteristics on the disclosure of IAS/IFRS information can not be studied in isolation of the national context of the country of nationality or domicile of the firm. Starting from the assumption that the intrinsic characteristics of the firm depend significantly on its size and the country of his nationality, we chose to work on companies belonging to different trading indices and from countries with different cultures and levels of economic development. The selected countries are Tunisia, France and Canada since Tunisia differs from Canada and France mainly by the level of economic development (developing countries) and France differs from Canada by culture. Our sample includes 52 Tunisian companies (40 listed on the first market and 12 on the alternative market), 244 French companies (35 CAC40 Index (top 40 French firms) and 209 CACsmall (index of small Capitalization French firms)) and 223 Canadian companies (36 ^TX60 (first 60 Canadian companies) and 187 ^TX20 Index (Small Capitalization Canadian firms)). Our results showed that the determinants of the disclosure of IAS/IFRS information will vary depending on the nationality of the firm and also showed the importance of the nationality of the firm in explaining disclosed information since the proxy used "country" has significant coefficients.
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Carpentier, Cécile, Jean-François L'Her, and Jean-Marc Suret. "Competition and Survival of Stock Exchanges: Lessons from Canada." Review of Pacific Basin Financial Markets and Policies 11, no. 02 (June 2008): 255–86. http://dx.doi.org/10.1142/s0219091508001349.
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We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The US market is attracting a growing number of Canadian companies and is capturing a growing portion of their traded value. This slide of trading toward the US market is a huge challenge for Canadian policy makers while the efforts to compete with the US market seem to be having only limited effects. We analyze the implications of this situation for policy makers in Asia-Pacific where several markets and financial centers are attempting to emerge.
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Ooka, Emi, and Eric Fong. "Globalization and earnings among native-born and immigrant populations of racial and ethnic groups in Canada." Canadian Studies in Population 29, no. 1 (December 31, 2002): 101. http://dx.doi.org/10.25336/p69c77.
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This is the first statistical analysis to understand how economic globalization affects earnings of native-born and immigrant populations with different racial and ethnic backgrounds in Canada. Draw on four measures of economic globalization: number of non-resident workers in CMAs, number of companies with foreign investment, size of financial industry, and volume of equity trading, our study finds that the effects of economic globalization on individual earnings is influenced by the particular aspect of economic globalization and the group being considered. Specifically, economic globalization is beneficial to nativeborn members of visible minority groups and is very sensitive to their immigrant members.
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Chung, Dennis, Karel Hrazdil, and Nattavut Suwanyangyuan. "Disclosure quantity and the efficiency of price discovery." Review of Accounting and Finance 15, no. 2 (May 9, 2016): 122–43. http://dx.doi.org/10.1108/raf-06-2015-0081.
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Purpose The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks. Design/methodology/approach Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual reports filed on system for electronic document analysis and retrieval (SEDAR) between 2003 and 2013 to estimate the amount of publicly available information and find that the length and size of annual reports are important determinants of short-horizon return predictability from historical order flows, which is an inverse indicator of market efficiency. Findings The results show that longer and larger annual reports are associated with reduced information asymmetry, lower cost of immediacy, higher trading activity, and an overall improvement in the efficiency of price discovery. The results are robust to the inclusion of controls for various determinants of short-horizon return predictability, such as trading costs, volatility, informational effects and other firm-specific characteristics. Research Limitations/implications Collectively, the findings provide empirical support for the benefits of detailed corporate disclosure in Canada. Originality/value This is the first study to utilize the short-horizon return predictability approach to evaluate the efficiency of price discovery in relation to the amount of information disclosure.
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Callard, Cynthia D., and Neil Collishaw. "Cigarette pricing 1 year after new restrictions on tobacco industry retailer programmes in Quebec, Canada." Tobacco Control 28, no. 5 (February 15, 2019): 562–65. http://dx.doi.org/10.1136/tobaccocontrol-2018-054516.
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ObjectivesOver the past 15 years, tobacco companies operating in Canada abandoned their long-standing unitary price model in favour of price differentiation. Concerns about low cigarette prices were identified by the Quebec government in 2015 when it introduced restrictions on the types of incentives that tobacco manufacturers may offer to retailers. This study sought to explore cigarette prices in Quebec 1 year after these restrictions came into effect.MethodsDetails on cigarette trading terms and programmes were obtained from websites maintained by retailer groups. Visits were made to tobacco retailers in four Quebec municipalities in the autumn of 2017. The price displayed for cigarettes was observed and recorded in 273 convenience stores.ResultsTwo forms of price differentiation were observed. The first was price-segmentation between brands, reflected in a difference of $3 or more in the average displayed price between premium and discount brands of each manufacturer (ie, $10.48 vs $7.43 for a package of 20 cigarettes of the most and least expensive brands sold by Philip Morris International). Price localisation was also observed, reflected in a $2 range of prices between retail outlets for the same package of cigarettes. Even among outlets of a given chain of convenience stores, the price of the least expensive brands varied by more than $1 per package. The size of the variance in prices rivals or exceeds the size of tobacco tax increases in Quebec over the past decade.ConclusionsRecent restrictions on tobacco industry incentive programmes for retailers have not ended price differentiation. Tobacco manufacturers’ and retailers’ pricing policies continue to provide price-sensitive smokers with ways to avoid the impact of tobacco tax increases.
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Boscariol, John. "At the Cross-Roads of US and Canadian Trade Controls: The Cuba Conflict." Global Trade and Customs Journal 5, Issue 6 (June 1, 2010): 237–49. http://dx.doi.org/10.54648/gtcj2010029.
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Canada and the United States are each other’s best trading partners. Our supply chains are deeply integrated. Corporate ownership criss-crosses the border many times over. In the context of foreign policy, although we have differed from time to time in the past, we generally target the same list of ‘bad actors’ – Iran, North Korea, Myanmar among them. Indeed, many of our sanctions programmes have been adopted pursuant to the same United Nations Security Council resolutions that are applied in similar fashion by UN member countries. Our controls on the export of goods and transfer of technology arise from our common commitments under the 1996 Wassenaar Arrangement on Export Controls for Conventional Arms, Dual-use Goods, Technology and other international agreements. It should come as no surprise therefore that in this environment many companies impose a single set of rules or principles regarding export controls and doing business with sanctioned countries. Under the assumption that Canadian and US laws are similar and, that any differences arise from more restrictive elements of US policy, a common default approach is for US companies to graft their US-based export control, economic sanctions policies, and procedures on to their Canadian operations; even some Canadian-based companies doing business in the United States will follow this approach. This is problematic for a number of reasons. Contrary to popular belief, Canadian export controls and economic sanctions can be more restrictive than those of the United States – aspects of the control regime for cryptographic goods and technology and the rules governing trade with and investment in Myanmar are two such examples. More importantly, there are instances in which there is direct conflict between Canadian and US law – that is, compliance with the requirements of one nation’s laws results in contravention of the laws of the other. Two examples of such conflict arise with US military controls under the International Traffic in Arms Regulations and Canadian human rights legislation and with Cuban trade and investment. The latter conflict is the focus of this article.
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Kuntz, Diane, and Cheryl Jackson. "The Politics of Suffering: The Impact of the U.S. Embargo on the Health of the Cuban People." International Journal of Health Services 24, no. 1 (January 1994): 161–79. http://dx.doi.org/10.2190/l6vn-57rr-aflk-xw90.
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The past several years have been difficult for the Cuban people. The economies of Cuba's major trading partners have collapsed. The 33-year U.S. embargo was tightened with passage of “The Cuban Democracy Act of 1992” to include trade—mostly in food and medicines—by subsidiaries of U.S. companies in other countries. The March 1993 “Storm of the Century,” which devastated communities from the Caribbean to Canada, caused an estimated $1 billion in damage to Cuba. A mysterious disease known as neuropathy, which can affect vision, appeared in late 1991 and has spread throughout the island. All this has created a situation of scarcity and uncertainty that has affected all aspects of Cuban society, including its health care system. In June 1993 a delegation that included members of the American Public Health Association traveled to Cuba to investigate the current health situation in the country, with an emphasis on the impact of the U.S. embargo. The delegation found that compared to two and three years ago, the general standard of living in Cuba and the quality of health services have declined dramatically. It concluded that while the overall health of the Cuban population has not yet seriously eroded as a result of the economic decline, severe problems threaten to emerge in the future. The delegation called for lifting of the embargo as part of a new approach in U.S. policy toward Cuba.
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Quirion, Rémi. "Atrial Natriuretic Factors and the Brain (Les facteurs natriurétiques auriculaires et le cerveau)." Canadian Journal of Physiology and Pharmacology 66, no. 3 (March 1, 1988): 253–54. http://dx.doi.org/10.1139/y88-043.
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Canadian scientists have played a major role in the discovery and characterization of various atrial natriuretic factors (ANF). It is now clear that this family of polypeptides induces multiple biological actions in a broad variety of peripheral tissues including the kidney, adrenal gland, and blood vessels. One generalized observation derived from multiple studies reveals that these peptides most likely act as important modulators of homeostasis by modulating the production of various body fluids. Recently, it became clear that the atrial natriuretic factors present in the central nervous system could influence various brain functions. Thus, the ANF-like peptides should be considered as a new family of brain–heart peptides.The present symposium, the first of its kind, was organized to examine and critically discuss the evidence for putative roles of atrial natriuretic peptides in the brain. It was clearly demonstrated that atrial natriuretic peptide-like immunoreactivity is widely distributed in mammalian and nonmammalian brains with a high number of cell bodies and (or) fiber terminals present in areas associated with water and salt intake and with the control of cardiovascular parameters. The gene transcripts responsible for the production of brain atrial natriuretic polypeptides have been isolated and their characteristics appear to be similar to those found in peripheral tissues. The presence and plasticity of specific brain ANF receptor sites have also been reported. It appears that at least one population of sites is associated with the activation of guanylate cyclase and it was also shown that specific ANF receptors are located on brain microvessels and can modulate the permeability of the blood-brain barrier. Finally, it has been shown that atrial natriuretic polypeptides exert various biological actions in the brain including electrophysiological effects in the hypothalamus, modulation of water and salt intake, alteration of various cardiovascular parameters, and release of certain pituitary hormones.Interactions with dopaminergic pathways, vasopressin, and (or) angiotensin II systems could be associated with some biological effects of atrial natriuretic peptides in the brain. Naturally, much remains to be known on the exact physiological role of brain atrial natriuretic factors, but this meeting represents the first attempt towards the integration of the most recent findings in this exciting research area.This symposium was an official satellite of the first joint meeting of the International Society for Neurochemistry and the American Society for Neurochemistry, held in Venezuela in May–June 1987. The success of the symposium has been ensured by generous donations from the International Society for Neurochemistry, the Medical Research Council of Canada, and various companies including Amersham International (England), ANAWA Trading SA (Switzerland), Ayerst Laboratories (U.S.A.), Bachem (Switzerland), Bayer AG (West Germany), Bio-Mega Inc. (Canada), Ciba-Geigy Corporation (U.S.A.), Dupont Canada – New England Nuclear Co. (Canada), Eli Lilly Research Laboratories (U.S.A.), Farmitalia Carlo Erba (Italy), Institut Henri Beaufour (France), Merck Sharp &Dohme Research Laboratories (U.S.A.), Miles Laboratories Inc. (U.S.A.), Monsanto Co. (U.S.A.), Novabiochem (Switzerland), Novopharm Ltd. (Canada), Peninsula Laboratories (U.S.A.), and the Peptide Institute and Protein Research Foundation (Japan).
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Butel, Paul, and François Crouzet. "Empire and Economic Growth: the Case of 18th Century France." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 16, no. 1 (March 1998): 177–93. http://dx.doi.org/10.1017/s0212610900007096.
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Among the colonial powers of the early modern period, France was the last to emerge. Although, the French had not abstained from the exploration of fhe New World in the 16th century: G. de Verrazano discovered the site of New York (1524), during a voyage sponsored by King Francis I; Jacques Cartier sailed up the St. Lawrence to Quebec and Montreal (1535). From the early 16th century, many ships from ports such as Dieppe, St. Malo, La Rochelle, went on privateering and or trading expeditions to the Guinea coast, to Brazil, to the Caribbean, to the Spanish Main. Many French boats did fish off Newfoundland. Some traded in furs on the near-by Continent. Moreover, during the 16th century, sporadic attempts were made to establish French settlements in «Equinoctial France» (Brazil), in Florida, in modern Canada, but they failed utterly. Undoubtedly, foreign wars against the Habsburgs, during the first half of the 16th and of the 17th centuries, civil «wars of religion» during the second half of the 16th century, political disorders like the blockade of La Rochelle or the Fronde during the first part of the 17th century, absorbed the attention and resources of French rulers, despite some ambitious projects, like those of Richelieu, for overseas trade. As for the port cities they tried to trade overseas but they were isolated and not strong enough (specially during die wars of religion) to create «colonies». Some small companies, which had been started in 1601 and 1604, to trade with the East Indies, were very short-lived, and the French did not engage seriously in Asian trade before 1664.
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CARMODY, DANA. "THE T. EATON COMPANY LIMITED: A CASE ANALYSIS." Journal of Enterprising Culture 10, no. 03 (September 2002): 225–40. http://dx.doi.org/10.1142/s0218495802000104.
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The T Eaton company, considered the world's first department store, was named after its founder Timothy Eaton. In 1869, it as a small dry goods business in Toronto. By 1907, at the death of its founder, it was a giant retail store, with a branch in Winnipeg, alongside a country-wide mail-order business. Innovative practices established during his time included sales for cash only and satisfaction guaranteed or money refunded. Eaton's successors extended the Eaton empire across Canada, continuing the tradition of quality goods, prices, customer service and also fair labour practices. It became a Canadian institution. Eaton's filed for protection from its creditors in February 1997 and once again in August 1999 (see Appendix 1 for a chronology of events) under the federal Companies' Creditors Arrangement Act and the Ontario Business Corporations Act (Closings). The restructuring that followed the first bankruptcy was only partially successful. However, it had a significantly positive impact on Eaton's operations, and seemed to turn things around. Were it not for bad economic news and misfortune in mid-to-late 1998 (CNW 3 and CNW 5), the plan might have worked. Store-closings, employee terminations, and a huge liquidation sale followed the second bankruptcy declared in August 1999, as did the suspension of the trading of Eaton's stock (Chron). Sears Canada Inc. agreed to purchase 16 of the Eaton's stores in September 1999 (Sears 1; Material 1). These will open by the fall of 2000 (Material 2; Sears 1). A compromise was made with Eaton's creditors (including the employees) to give them approximately $0.50 on the dollar (Olijnyk 1). A compromise was also arrived at with Eaton's shareholders whereby the latter would be given participation units in exchange for their common shares (on a one-for-one trade) (Amended; Trachuk). These participation units are to be used in a contingent and conditional settlement based upon the possible utilization of tax credits by Sears acquired as a result of Eaton's $390 million in losses since 1996 (Receivership; Amended; Trachuk). These settlement monies might or might not be realized by the former shareholders (Amended; Trachuk). Today, Eaton's is no more. In its place are many great memories by a former generation of Canadians who used to go to the Eaton's stores to buy big things that were always of high quality. "Agnes Lunn, who was visiting [Edmonton, Calgary,] from Dartmouth, N.S., said she will miss the chain because of its trustworthiness. "If you bought something from Eaton's, you knew it was worth having, you knew it would be quality," she said (Auction)." Perhaps having six of the Eaton's stores open up this fall with the Eaton's name on them will rekindle a loyalty in a new generation of Canadians?
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Pulkowski, Dirk. "Coalition Procurement for the Reconstruction of Iraq in the Crosshairs of WTO Law: The Obligations of the United States under the WTO Government Procurement Agreement." German Law Journal 5, no. 3 (March 1, 2004): 257–82. http://dx.doi.org/10.1017/s2071832200012426.
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Investigating the legality? Ha ha ha! That cracks me up. There is no international law that would prohibit this action by the Defense Department, nor is there any international court that France may appeal to. I of course think that this is the correct decision. Those countries who did not help win the war – who did not pay the price in blood – have no claim to the postwar profits. – Mike, Why I'm Right, Internet ForumDuring the Reagan administration, I helped negotiate … the “GATT Government Procurement Code”, later incorporated into the World Trade Organization's legal framework. The U.S. was the primary force behind this legal agreement. It was not motivated by altruism, but out of a belief that all signatory governments … and their respective tax payers would benefit from basing practices on economic factors rather than national favoritism. - Gene Tuttle, in responseInfrastructure in Iraq lies in tatters. Unscrupulous exploitation by Saddam Hussein's dictatorial regime, burdensome economic sanctions and massive destruction during the U.S.-led military operation ‘Iraqi Freedom’ have turned Iraq into one of the world's most destitute countries. On the UN Human Poverty Index for 2003, Iraq ranks seventy-first out of ninety-six developing nations. The reconstruction of basic infrastructure is but one first step towards development and economic growth. Rebuilding Iraq's infrastructure, however, involves substantial economic interests. After all, the cake to be distributed for rebuilding Iraq is expected to exceed $100 billion. Some companies see on the horizon one of the most rewarding business opportunities “undertaken in over 50 years” At the same time, there is a growing suspicion that political or even personal biases of the United States' administration have a bigger role to play than economic reason when it comes to sharing the cake. In December 2003, Deputy Secretary of Defense, Paul Wolfowitz, announced that some of America's trading partners, among them Canada, France, Germany and Russia, would be altogether excluded from competition for major reconstruction projects in Iraq. Public opinion in Europe was quick to brand the United States an international law-breaker. Can one State simply reserve to itself the final word on the Iraqi reconstruction money?
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Trejos, Alberto. "Bilateral and Regional Free Trade Agreements, and Their Relationship with the WTO and the Doha Development Agenda." Global Economy Journal 5, no. 4 (December 7, 2005): 1850066. http://dx.doi.org/10.2202/1524-5861.1153.
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The Doha Round differs from previous multilateral rounds since a number of participating countries are negotiating and implementing bilateral and regional free trade agreements (FTAs) at the same time as they are negotiating multilaterally. The standard arguments against FTAs involve that they create trade diversion, are difficult to administrate, involve complex rules of origin that impost added costs on firms, and attract the attention and political capital of policy makers away from the multilateral negotiation. This paper poses other arguments about FTAs being beneficial to the multilateral process. For instance, they have allowed some countries to achieve zero tariffs with all their main trading partners, and therefore a large majority of their trade, and often involve reforms in sensitive issues that, once undertaken, allow governments to assume a more offensive position at the WTO. Most importantly, by creating trade diversion away from countries that act as laggards in all negotiation fronts, they generate the competitive pressure that can move those nations to assume a more constructive position in the multilateral negotiations; also, it may be easier to harmonize existing FTAs than to seek comprehensive plurilateral and multilateral agreements from scratch. Beyond the discussion of whether FTAs help or hinder multilateral progress, the paper discusses changes in the multilateral rules, and best practices in bilateral negotiations, that can help make both fronts better complements. The issues mentioned include guidelines among rules of origin, origin accumulation, harmonization of standing agreements, bilateral trade facilitation and solutions to preference erosion. Alberto Trejos is a Professor at INCAE in Costa Rica. From 1994-1998, he was Dean of INCAE, and General Director of its Latin American Center for Competitiveness and Sustainable Development from 1999-2002. He was a professor in the Economics Department of Northwestern University from 1994-98. He has also been a visiting professor and researcher at the Institut d’Anàlisi Econòmica de Barcelona, the Federal Reserve Bank of Minneapolis, Fundaçao Getulio Vargas of Rio de Janeiro, and the University of Texas. As Minister of Foreign Trade of Costa Rica in 2002-04, he was responsible for the negotiation of CAFTA and of the CARICOM-Costa Rica FTA. He was in charge of Costa Rica´s ratification of its FTA with Canada and its entry into the Central American Customs Union. Trejos is a consultant for several companies, governments, and international organizations, President of CINDE (Costa Rican Investment Board), and a board member of several corporations and organizations. He has published extensively in leading journals, and he has been a National Science Foundation grantee and a Fulbright scholar. He received a PhD from the University of Pennsylvania in 1994.
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Tyufanova, G. O. "The legal nature of antitrust compliance as a mechanism for respect of national and in- ternational legal regulation of protection of economic competition." Uzhhorod National University Herald. Series: Law, no. 65 (October 25, 2021): 390–97. http://dx.doi.org/10.24144/2307-3322.2021.65.70.
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The article considers the legal nature of antitrust compliance as a mechanism of respect for national and international legal regulation of protection of economic and commercial competition. The author researched the influence of antitrust compliance on the quality of competition advocacy, on the prevention of violations of legislative norms in the field of protection of economic competition and on reducing the overall workload on the state antitrust authorities. The article analyzes the legal concept of antitrust compliance in narrow and broad interpretations. It is proposed to examine the legal nature of antitrust compliance through a functional approach, which includes the vectors of antitrust compliance that constitute its essence, as well as through the normative provisions of antitrust compliance at the legislative level.The article describes in detail such vectors of antitrust compliance as assessment of market specifics, assessment of own market share, assessment of risk zones in connection with information exchange, assessment of the level of employees’ awareness of compliance with corporate antitrust compliance rules, assessment of potentially high-risk forms of legal activities (in particular the dominant position, the risk of unfair competition, horizontal and vertical agreements, mergers and acquisitions agreements, not providing information to the state antitrust authorities. The article describes in detail such vectors of antitrust compliance as assessment of market specifics, assessment of own market share, assessment of risk zones in connection with information exchange, assessment of the level of employees’ awareness of compliance with corporate antitrust compliance rules, assessment of potentially high-risk forms of legal activities (in particular the dominant position, the risk of unfair competition, horizontal and vertical agreements, mergers and acquisitions agreements, not providing information to the state antitrust authorities).Special attention is paid to the influence of antitrust compliance mechanism in M&A transactions. The author links the provision on antitrust compliance at the legislative level with the overall effectiveness of legal regulation of protection of economic competition.The article extensively examines the forms of legislative provisions on antitrust compliance, in particular in the form of recommendations, standards and norms of laws. The author analyzes the experience of foreign state antitrust authorities regarding the normative provisions of the antitrust compliance mechanism. The article reviews approaches of the European Commission, the Competition Bureau of Canada, the French Competition Authority, the UK Office of Fair Trading, the Antitrust Division of the U.S. Department of Justice and others. In addition, the author highlights ways to encourage the implementation of antitrust compliance in companies by recognizing the existence of antitrust compliance programs as a mitigating circumstance in the case of punishment, including by reducing the relevant sanctions. The author focuses on the relevant foreign jurisprudence. The legislative provisions of separate vectors of antitrust compliance in the Ukrainian legislation were found, in particular, a review of the leniency program was made. The implementation of a comprehensive regulatory and legal establishment of the mechanism of antitrust compliance in Ukraine is proposed.
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Rissy, Yafet Yosafet Wilben. "BUSINESS JUDGEMENT RULE: KETENTUAN DAN PELAKSANAANNYA OLEH PENGADILAN DI INGGRIS, KANADA DAN INDONESIA." Mimbar Hukum - Fakultas Hukum Universitas Gadjah Mada 32, no. 2 (October 15, 2020): 275. http://dx.doi.org/10.22146/jmh.56117.
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AbstractThis article discusses the provisions of business judgment rule (BJR) in the company law and the application of BJR by the courts in the United Kingdom (UK), Canada and Indonesia. In the UK and Canada, the courts have been long examined the appropriateness of directors’ business decisions. Later, BJR was codified into the Canadian Business Corporations Act 2019, meanwhile, duty of care and fiduciary duties were codified into the UK 2006 Companies Law which implicitly regulates BJR. Indonesia adopts BJR in the Company Act 2007 but the courts rarely examine directors’ business decisions and the adoption needs to be rearranged systematically.IntisariArtikel ini membahas bagaimana dan kapan pengadilan menguji aturan penilaian bisnis (APS) dan bagaimana APS diatur dalam hukum perusahaan di Inggris Raya, Kanada, dan Indonesia. Pada pengadilan Inggris dan Kanada yang menganut tradisi hukum kebiasaan, APS telah lama diterapkan untuk menilai keputusan bisnis direktur. Baru-baru ini, APS dikodifikasikan ke dalam Undang-Undang Perusahaan Bisnis 2019. Sementara itu, tugas direktur untuk peduli dan tugas fidusia juga dikodifikasikan ke dalam Undang-Undang Perusahaan Inggris 2006 yang secara implisit mengatur APS. Indonesia juga mengadopsi APS dalam Undang-Undang PT 2007 tetapi pengadilan jarang menguji keputusan bisnis direktur dan adopsi ini perlu diatur ulang secara lebih sistematis.
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Gregoriou, Andros, and Robert Hudson. "Market frictions and the geographical location of global stock exchanges. Evidence from the S&P Global Index." Journal of Economic Studies ahead-of-print, ahead-of-print (May 22, 2020). http://dx.doi.org/10.1108/jes-03-2020-0091.
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PurposeWe examine the impact of market frictions in the form of trading costs on investor average holding periods for stocks in the S&P global 1200 index to examine constraints on international portfolio diversification.Design/methodology/approachWe determine whether it is appropriate to pool stocks listed in the USA, Canada, Latin America, Europe, Japan, Asia and Australia into investigations using the same empirical specification. This is very important because the pooled effects may not provide consistent estimates of the average.FindingsWe report overwhelming econometric evidence that it is not valid to pool stocks in all the underlying regional equity indices for our investigation, indicating that the effect of frictions varies between markets.Research limitations/implicationsWhen we pool the stocks within markets, we discover that for companies listed in the USA, Europe, Canada and Australia, market frictions do not significantly influence holding periods and hence are not a barrier to portfolio rebalancing. However, companies listed in Latin America and Asia face market frictions, which are significant in terms of increasing holding periods.Practical implicationsWe ascertain that taking into account the properties of stock markets in different geographical locations is vital for understanding the limits on achieving international portfolio diversification.Originality/valueUnlike prior research, we overcome the problems caused by contemporaneous correlation, endogeneity and joint determination of investor average holding periods and trading costs by employing the Generalized Method of Moments (GMM) system panel estimator. This makes our empirical estimates robust and more reliable than the previous empirical research in this area.
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Stanković, Jovica, Ksenija Denčić-Mihajlov, Jelena Z. Stanković, and Evica Petrović. "Performance of Social Pillar-Based Portfolio in Developing Capital Market." Management:Journal of Sustainable Business and Management Solutions in Emerging Economies, December 23, 2022. http://dx.doi.org/10.7595/management.fon.2022.0015.
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Research Question: This study examined the preconditions and efficiency of socially responsible investing (SRI) in the developing capital market, specifically the Belgrade Stock Exchange (BSE). Motivation: Considering the increasing trend of SRI (GSIA, 2020) and importance of information on corporate social responsibility (CSR) to investors (Miralles‐Quiros, Miralles‐Quiros, & Arraiano, 2017), especially on social issues (Giese, Nagy, & Lee, 2021), we explored the influence of applying the social criteria in asset selection on investment portfolio performance at the BSE. This study builds on the existing literature that is mostly focused on developed capital markets of Europe, the United States and Canada (Von Wallis & Klein, 2015) by analysing the issue of SRI in the developing market. The provided setup for socially driven portfolio structuring based on market trends and social performance disclosure proved to be efficient in the long-term. Idea: The core idea of this paper was to analyse the terms for SRI and empirically evaluate the performance of social pillar-based portfolio on the BSE in order to provide evidence to support the trend of SRI in developing markets. The structure of the portfolios was set using the best-in-class strategy, while the classes were determined on the basis of the stocks’ return trends. Data: The analysis was conducted using trading data and information from financial and non-financial reports of the companies listed on the BSE. Tools: Cluster analysis was used for classification of stocks, while performances of portfolios were evaluated implementing return, volatility and risk-adjusted measures. Findings: The social pillar-based portfolio outperformed the conventional one and benchmarking indices in the observed five-year period. However, mixed results were obtained in the short-term indicating that specific effects of CSR practice on financial performance of the companies in observed developing market could still be obscured. Contribution: This paper expands the existing research related to SRI in the developing markets and offers practical recommendations for potential socially conscious investors.