Stock Exchange Governance in the European Union

Aspects Regarding the Structure of the Financial Audit Market in the European Union from Fees Perspective

Audit Financiar ◽

10.20869/auditf/2021/164/024 ◽

2021 ◽

Vol 19 (164) ◽

pp. 724-742

Author(s):

Ovidiu Constantin Bunget ◽

Alin-Constantin Dumitrescu ◽

Rodica Gabriela Blidisel ◽

Oana Alina Bogdan ◽

Valentin Burca ◽

...

Keyword(s):

European Union ◽

Financial Reporting ◽

Stock Exchange ◽

The European Union ◽

Data Set ◽

Audit Market ◽

Audit Firms ◽

Financial Audit ◽

The One ◽

Non Audit Services

The audit market, developed out of the need to strengthen the credibility and the quality of financial reporting, has led since the 1980s to a concentration around large audit firms, the dominance effect being marked on the one hand by the auditor’s increasing reputation and notoriety, and on the other hand by the client’s association with a reputed auditor, which contributes to improving the company’s image on the market. In this context, a major issue is represented by the level of the fees charged, as they represent key elements that may affect the auditor’s independence. Moreover, a sensitive aspect is the relationship between the fee charged for financial audit services and the one for non-audit services and the compensation practices between them. The European Commission wants to facilitate competition in an overly concentrated market and also provide the opportunity for small and medium-sized audit firms to become active players in the large corporate audit market through joint audit, in which at least one of the audit firms is not part of the Big4 group. The mandatory audit firm rotation and the limitation on the non-audit services provided are the main aspects of the recent audit reform that directly influences the fee level. The main purpose of this study is to analyse whether there is a pattern of audit costs at the community level. In this context, this paper aims to assess the uniformity of audit costs, namely to determine the structure of the audit market in the European Union. The research involves data set comparison methods, by analysing a sample of 2,896 firms listed on the stock exchange in 35 different states over the period 2013-2021.

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CO2 Emission trade in the European Union and Hungary

Acta Agraria Debreceniensis ◽

10.34101/actaagrar/27/3125 ◽

2007 ◽

pp. 198-203

Author(s):

Nikolett Szőllősi ◽

Csaba Juhász ◽

János Tamás

Keyword(s):

European Union ◽

Environmental Policy ◽

Environmental Economic ◽

Electronic Commerce ◽

Co2 Emission ◽

Stock Exchange ◽

The European Union ◽

Economic Methods ◽

Different Types ◽

Emission Of Greenhouse Gases

The environmental policy of the European Union focuses on decreasing emission of greenhouse gases. However there is no knowledge about the effect and the operation of the environmental economic methods which could efficiently influence this process. Therefore, practical emission trade was investigated. Recently, the commerce of AUEs started to change in Hungary, as well. Most transactions are made by a broker. Electronic commerce, which can be made with or without a broker, is spreading. The benefit of this form is that it is simple and cheap, in spite of the entrance fee of the stock exchange. This study could help to utilize carbon quotas in different types of commerce.

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The Impact of Political Events - “Name Issue” on an Emerging Macedonian Stock Market

Journal of Public Administration and Governance ◽

10.5296/jpag.v1i2.926 ◽

2011 ◽

Vol 1 (2) ◽

pp. 203 ◽

Cited By ~ 1

Author(s):

Julijana Angelovska

Keyword(s):

European Union ◽

Structural Changes ◽

Stock Exchange ◽

Abnormal Returns ◽

Candidate Country ◽

The European Union ◽

Political Events ◽

Before And After ◽

The Status ◽

The Impact

The objective of the research is to investigate the impact of political events – “name issue” on the Macedonian Stock Exchange (MSE). Structural changes in volatility of Macedonian capital market seems to be more a consequence of political changes, especially from the perspective of international politics and the association of the country into NATO and the European Union. The research analyzes the response of capital markets to political events. Such an event is the summit in Bucharest as the day D (03/04/2008) which certainly had an impact because of prolonged unresolved problem of the name imposed by Greece. Visa liberalization and the day of solving the status of candidate country for accession to the European Union will be discussed too. An event methodology is employed, and the results suggest that the market respond to all political events connected “name issue”. The results also indicate that there is no difference between the means of abnormal returns before and after the event. Sensitivity of the Macedonian investor related to any information connected to the word "name" is enormous. The Macedonian investor belief is that if “name” issue would be solved, regardless of possible negative real economic flows stock exchange will increase. The paper provides information regarding the effects of solving this name issue on Macedonian investor, and his expectation on this issue. But even if it is solved, the global economic crises and difficult economic situation in Macedonia especially this situation will be temporary and due to low liquidity, foreigners may use local optimism to sell their shares.

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The effect of COVID-19 in European union on the performance of Indonesian publicly listed palm oil companies

Accounting ◽

10.5267/j.ac.2021.2.004 ◽

2021 ◽

pp. 801-808

Author(s):

Hansen Tandra ◽

Arif Imam Suroso ◽

Mukhamad Najib ◽

Yusman Syaukat

Keyword(s):

European Union ◽

Palm Oil ◽

Stock Exchange ◽

Oil Industry ◽

The European Union ◽

Oil Companies ◽

Industry Performance ◽

Oil Palm Industry ◽

The Impact

One of the leading industries that affect economic growth in Indonesia is the palm oil industry. The role of this industry depends on the level of exports from European Union countries. Based on the COVID-19 pandemic situation, international trade activities are hampered and could affect industry performance from a stock perspective. Therefore, this study aims to explore the impact of the COVID-19 cases that occurred in the European Union and related macroeconomic variables on the stock performance of the oil palm industry in Indonesia. This research also examines the impact of COVID-19 on certified sustainable companies and companies that are not certified. Panel regression was applied in this study with Eviews 11 Software.This research's observations are 13 palm oil companies in Indonesia which are listed on the Indonesia Stock Exchange (IDX) from March 2, 2020, to August 31, 2020. This study's results reveal that the world CPO prices and market capitalization affect the activities shares of palm oil companies in Indonesia.Meanwhile, from the grouping of certifications within companies, the impact of COVID-19 in the European Union was more substantial on companies that were certified as sustainable. Based on these results, The COVID-19 case in the European Union must be a concern for palm oil companies in Indonesia.

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Part II Financial Services Regulation, 11 Listing and Public Offers

10.1093/law/9780198793809.003.0011 ◽

2018 ◽

Author(s):

Walker George ◽

Purves Robert ◽

Blair Michael

Keyword(s):

European Union ◽

Financial Services ◽

Information Disclosure ◽

Stock Exchange ◽

The European Union ◽

London Stock Exchange ◽

Financial Services Regulation ◽

The Uk ◽

Public Offer ◽

The Eu

This chapter examines the regulatory framework for listing and public offers in the UK, with a particular focus on the Prospectus Directive regime that was first adopted by the European Union in November 2003 and implemented in the UK from 1 July 2005. The Prospectus Directive regime regulates information disclosure in connection with a public offer or admission to listing on a regulated market in the EU. The chapter first provides an overview of the evolution of the Prospectus Directive regime before discussing its implementation in the UK. It then considers when a prospectus is required and what it must contain and describes the listing regime in the UK, which combines admission to the ‘Official List’ with admission to trading on one of the markets of the London Stock Exchange. The chapter also explains the UK listing requirements and the ongoing obligations faced by issuers admitted to listing and trading.

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Operational evidences on the engagement duty of Italian institutional investors

10.22495/cbsrv1i1art1 ◽

2019 ◽

Vol 1 (1) ◽

pp. 8-16 ◽

Cited By ~ 1

Author(s):

Francesco Drigo

Keyword(s):

European Union ◽

Institutional Investors ◽

Stock Exchange ◽

Pension Funds ◽

Insurance Companies ◽

The European Union ◽

Local Engagement ◽

Asset Managers ◽

Collective Engagement

Directive 2017/828 is the main legislative text of reference of the European Union (“EU”) in relation to the engagement duty of institutional investors (insurance companies, pension funds and asset managers) towards investee companies. This paper is intended to provide an overview of the engagement activities of Italian institutional investors and to outline possible developments with respect to local engagement practices. In general, evidence has shown a lack of activism by pension funds and domestic insurance companies, as well as the adoption of a selective/opportunistic approach by asset managers, mainly through collective engagement. Further, the Italian stock exchange showed a certain degree of proactivity in promoting the dialogue between issuer companies and investors. In this scenario, it may be worthy to investigate the opportunity for pension funds and insurance companies to exercise engagement activities in collective form as well.

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Revenues, expenses, profitability and investments of potential contenders for the status of a listed company in Poland

Oeconomia Copernicana ◽

10.12775/oec.2015.031 ◽

2015 ◽

Vol 6 (4) ◽

pp. 91 ◽

Cited By ~ 2

Author(s):

Joanna Małecka

Keyword(s):

European Union ◽

Financial Performance ◽

Preliminary Analysis ◽

Stock Exchange ◽

Listed Company ◽

The European Union ◽

Warsaw Stock Exchange ◽

The Status ◽

Large Enterprises

The purpose of this article is an attempt to determine the scope of Polish companies operating on the market which could raise capital by the means of the Warsaw Stock Exchange. Therefore, a preliminary analysis is made of selected results achieved by economic entities in the years 2003-2012, as well as values and trends produced by them, with particular emphasis on the fluctuation of their number, undertaken investments, structure of revenues and expenses and financial performance, against other countries of the European Union. To illustrate the whole potential volume, the study covered all structures operating in the market: micro, small, medium and large enterprises, and their results are shown on the basis of statements arising from the undeniable specificity of the entire SME sector and large companies operating in Poland.

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