scholarly journals Effect of the legal system country of European commercial banks on the financial distress

2017 ◽  
Vol 5 (1) ◽  
pp. 40
Author(s):  
Nizar Baklouti ◽  
Frédéric Gautier ◽  
François Aubert
Keyword(s):  
European Union ◽  
Corporate Governance ◽  
Legal System ◽  
Financial Distress ◽  
Commercial Banks ◽  
Common Law ◽  
Civil Law ◽  
The European Union ◽  
Financial Health ◽  
The Relationship

This study examines the effect of the legal system on the governance of banks and hence on financial distress. We compare corporate governance to the legal system in 18 countries of the European Union to explain the relationship between financial distress and bank governance. Using a sample of 147 commercial banks, we find that the effect of the legal system really counts. The results also suggest that banks operating in common law and civil law countries tend the concentration of ownership and board size to the effect of increasing the likelihood of financial distress. This study contributes to research in the governance of enterprise to provide empirical evidence that the legal system has the power to influence the financial health of banks.

scholarly journals Effect of the legal system country of European commercial banks on the financial distress

2016 ◽  
Vol 4 (2) ◽  
pp. 168
Author(s):  
Nizar Baklouti ◽  
Frédéric Gautier ◽  
François Aubert
Keyword(s):  
European Union ◽  
Corporate Governance ◽  
Legal System ◽  
Financial Distress ◽  
Commercial Banks ◽  
Common Law ◽  
Civil Law ◽  
The European Union ◽  
Financial Health ◽  
The Relationship

This study examines the effect of the legal system on the governance of banks and hence on financial distress. We compare corporate governance to the legal system in 18 countries of the European Union to explain the relationship between financial distress and bank governance. Using a sample of 147 commercial banks, we find that the effect of the legal system really counts. The results also suggest that banks operating in common law and civil law countries tend the concentration of ownership and board size to the effect of increasing the likelihood of financial distress. This study contributes to research in the governance of enterprise to provide empirical evidence that the legal system has the power to influence the financial health of banks.

2. English legal system—an overview

2018 ◽  
Author(s):  
Steve Wilson ◽  
Helen Rutherford ◽  
Tony Storey ◽  
Natalie Wortley
Keyword(s):  
European Union ◽  
Criminal Law ◽  
Legal System ◽  
Common Law ◽  
Civil Law ◽  
European Convention ◽  
The European Union ◽  
Parliamentary Sovereignty ◽  
Legal Concepts ◽  
The Relationship

This chapter provides an overview of the English legal system, introducing fundamental legal concepts, such as the nature of law and parliamentary sovereignty, and the differences between criminal law and civil law legal terminology, such as terminology and the outcomes. The sources of law, legislation in the form of Acts of Parliament or statutes and delegated legislation and common law or judge-made law are outlined. An outline of the courts is given, including the judges and the jurisdiction of the courts. The relationship between the English legal system and the European Union (EU) and the European Convention on Human Rights (ECHR) is explained.

Europeanisation of Polish Law Following Poland’s Accession to the European Union

2017 ◽  
Vol 71 (0) ◽  
pp. 61-71
Author(s):  
Robert Grzeszczak
Keyword(s):  
European Union ◽  
Legal System ◽  
The European Union ◽  
National Legal System ◽  
Before And After ◽  
The Government ◽  
Polish Law ◽  
Two Stages ◽  
The Relationship ◽  
The Eu

The article concerns primarily the effects of the membership of the European Union on national (Polish) law and, to a limited extent, on the political system of a state. The conclusions presented in the article are of universal value. Although the article deals with Polish affairs, the principles, tendencies and consequences identified are typical of the relationship state – the EU, both before and after accession, regardless of the state concerned. It should be, however, noted that the path to membership and the membership itself are different in each case. The practice of the Polish membership of the European Union, its systemic dimension and the changes in the national legal system (Europeanisation) do not differ significantly than in the case of other Member States. Europeanisation of Polish law, politics, economy, culture and society has been in progress since the 1990s. One can differentiate between two stages of Europeanisation: before and after Poland’s EU accession, each characterised by different conditions. Over time, this process, on the whole, has been undergoing numerous changes but it has never weakened in importance. Poland faces issues such as poor legitimation of integration processes, supremacy of the government over the parliament, passivity of parliamentary committees in controlling the government and EU institutions in the decision making process, as well as dilution of responsibility for decisions taken within the EU. The process of Europeanisation relies mostly on direct application of the standards of EU law in the national legal system, implementation of directives into national law and harmonisation or standardisation of national legal solutions so that they comply with the EU framework. It is also reception of a common, European (Union) axiology.

scholarly journals Perspectives and obstacles of the shareholder activism implementation: A comparative analysis of civil and common law systems

2015 ◽  
Vol 13 (1) ◽  
pp. 520-533 ◽  
Author(s):  
Khurram Parvez Raja ◽  
Alex Kostyuk
Keyword(s):  
Corporate Governance ◽  
Comparative Analysis ◽  
Stock Market ◽  
Legal System ◽  
Common Law ◽  
Civil Law ◽  
Shareholder Activism ◽  
Legal Systems ◽  
The Usa ◽  
The Uk

The paper outlines shareholder activism development in common law and civil law countries and identifies features of these legal systems that create preconditions and obstacles for shareholder activism. Our findings show that tendencies of shareholder activism depend on the type of the legal system, but also vary within the countries that share the same legal system. Thus, we conclude that the type of legal system is not the chief determinant of shareholder activism. A comparative analysis of shareholder activism in Germany and Ukraine (civil law countries) and the USA and the UK (common law countries) shows that the system of domestic corporate regulation, development of the stock market, companies’ capitalization and corporate governance influence the development of shareholder activism in equal measure.

Object and intention under Article 101 TFEU: Lessons from Australia, New Zealand and analytical jurisprudence

2019 ◽  
Vol 48 (3) ◽  
pp. 114-141
Author(s):  
Kelvin Hiu Fai Kwok
Keyword(s):  
European Union ◽  
New Zealand ◽  
European Commission ◽  
Common Law ◽  
Competition Law ◽  
Legal Interpretation ◽  
The European Union ◽  
Analytical Basis ◽  
The World ◽  
The Relationship

What does it mean for an agreement to have an anticompetitive ‘object’ under Article 101(1) of the Treaty on the Functioning of the European Union? Can the European Commission support an ‘object’ case by reference to the agreement parties’ subjective intention, and if so, how? What exactly is the relationship between an agreement’s object and the parties’ subjective intention under competition law? This article is the first to bring insights from Australian and New Zealand cases, as well as analytical jurisprudence, to bear on these underexplored yet important questions affecting the European Union and common law jurisdictions around the world. Using Ronald Dworkin’s theory of legal interpretation as the analytical basis, this article argues for a ‘mixed’ conception of the ‘object’ concept which enables an anticompetitive object to be proven either objectively or subjectively. Anticompetitive subjective intention accordingly provides an independent, alternative basis for competition law liability for agreements; the lack of such intention, meanwhile, does not help exculpate parties who are liable based on their objective purpose to restrict competition. This article also argues that voluntariness and evidentiary limits ought to be imposed on the use of anticompetitive subjective intention in the ‘object’ analysis of agreements.

Transnational Access to Evidence, Witnesses, and Suspects

2019 ◽  
pp. 585-608
Author(s):  
Sabine Gless
Keyword(s):  
European Union ◽  
Common Law ◽  
Civil Law ◽  
Legal Assistance ◽  
The European Union ◽  
Nation States ◽  
Criminal Justice Systems ◽  
Fact Finding ◽  
Legal Frameworks ◽  
The Impact

This chapter examines issues surrounding transnational access to evidence, witnesses, and suspects. More specifically, it considers whether the evidence can be transferred between nation-states without negatively affecting the legitimacy, fairness, and reliability of the fact-finding procedure. The focus is on basic questions arising from the conflict between the criminal justice systems’ genuine interest in comprehensive and reliable fact-finding and the specific restrictions on fact-finding when evidence exists beyond a state border. The chapter first traces the historical roots of transnational access to evidence and provides an overview of current legal practices before using the German and U.S. legal frameworks as case studies to illustrate the impact of mutual legal assistance in a civil law and a common law jurisdiction. It then outlines new approaches to transnational access to evidence such as the framework of the European Union, with emphasis on safeguards for reliability and fairness of fact-finding.

Access to Information and Evidence

2021 ◽  
pp. 136-173
Author(s):  
European Law
Keyword(s):  
European Union ◽  
Common Law ◽  
Civil Law ◽  
Relevant Information ◽  
Civil Procedure ◽  
Access To Justice ◽  
Access To Information ◽  
The European Union ◽  
The Common ◽  
Law Of Evidence

This chapter explores the provision and testing of evidence, which is central to civil procedure. Effective access to information and evidence are basic tools that ensure access to justice is a real rather than a merely theoretical right. There is a great deal of variety across European jurisdictions in respect of the approach taken to evidence-taking, and particularly to access to relevant information. This is a consequence of a variety of factors: the distinction between the civil law/common law; legal history; and procedural culture, and particularly the distribution of roles between the court, judiciary, and parties. This divergence in approaches to evidence may be the source of difficulties in cross-border litigation. The chapter identifies the common core of the law of evidence and the best, or more convenient, rules, including those related to the management of evidence, in use in European jurisdictions. To do so, it looks at the ALI/UNIDROIT Principles, the IBA Rules of Evidence and of legal instruments addressing the issue of evidence and access to information within the European Union.

Legal protection systems, corporate governance and firm performance: a cross-country comparison

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yosra Ghabri
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Legal System ◽  
Institutional Environment ◽  
Common Law ◽  
Investor Protection ◽  
Civil Law ◽  
Legal Protection ◽  
Content Type ◽  
Valuation Effect

Purpose This paper builds on the “Law and Finance” theory and aims to examine the effect of the legal and institutional environment on the governance–performance relationship in the context of non-US firms. More precisely, it examines whether and how the country’s legal system and the level of investor protection interact with the firm-level corporate governance and affect firm performance. Design/methodology/approach The authors used the “G-Index” governance score developed by the Governance Metrics International rating for a sample of 12,728 firm-year observations from 23 countries over the 2009–2016 period. Findings The results show that the interaction between the country-level institutions and corporate governance system significantly affect the firm performance. In particular, the findings indicate that firms operating in common law countries tend to exhibit a positive valuation effect and higher performance than firms with a comparable corporate governance level operating in civil law countries. More precisely, the authors find that in common law countries, higher investor protection with enhanced corporate governance is associated with better firm performance. However, firms operating in civil law countries with weaker investor protection and a comparable corporate governance level tend to experience a negative valuation effect. Originality/value The findings suggest that the institutional and legal environment is crucial and important in determining the value-maximizing level of good governance practices. Managers and regulators should carefully analyze the cost of these initiatives and should coordinate it with the needs of the country’s legal system. The challenge for the company will be how to adjust its corporate governance strategy according to the needs and demands of the country’s legal system in which the company operates to improve its performance. The regulators should ensure a fit between the specifics of the national legal and institutional environment and corporate governance standards and practices.

The History and Growth of Judicial Review, Volume 1

2021 ◽  
Author(s):  
Steven Gow Calabresi
Keyword(s):  
European Union ◽  
Judicial Review ◽  
Common Law ◽  
Civil Law ◽  
The United States ◽  
The European Union ◽  
The United Kingdom ◽  
Positive Account ◽  
Court Of Justice ◽  
European Court

These two books examine the history and growth of judicial review in the key G-20 constitutional democracies, which include the United States, the United Kingdom, France, Germany, Japan, Italy, India, Canada, Australia, South Korea, Brazil, South Africa, Indonesia, Mexico, and the European Union. Both books look at four different theories, which help to explain the birth of judicial review, and to identify which theories apply best in the various countries discussed. The two books consider not only what gives rise to judicial review originally, but also what causes of judicial review lead it to grow and become more powerful and prominent over time. The positive account of what causes the origins and growth of judicial review in so many very different countries, over such a long period of time, has normative implications for the future of judicial review, of the G-20 nations, and of the European Union. This is first sustained positive account of the origins and growth of judicial review in the G-20 constitutional democracies, and in a few other regimes as well. Volume I discusses the G-20 Nations that are Common Law democracies, as well as Israel, and Volume II discusses the G-20 Nations that are Civil Law democracies, as well as the mixed civil law/common law power of the European Court of Justice and of the European Court of Human Rights.

Nevsun: A Ray of Hope in a Darkening Landscape?

2020 ◽  
Vol 5 (2) ◽  
pp. 241-251
Author(s):  
Upendra BAXI
Keyword(s):  
European Union ◽  
Corporate Governance ◽  
Human Rights ◽  
The Netherlands ◽  
Common Law ◽  
Customary Law ◽  
High Time ◽  
Law Reform ◽  
The European Union ◽  
Business And Human Rights

AbstractThis article explores some aspects of the Canadian Supreme Court’s decision on Nevsun Resources v Araya in the light of its exposition on the act of state doctrine and application of core human rights as an integral aspect of international customary law and common law. It examines the Nevsun decision in the context of recent statutory developments in France and the Netherlands, the promised law reform in the European Union, and the proposed business and human rights treaty. I argue that it is high time to abandon the doctrinal fossil that human rights obligations do not apply to corporate governance and operations. It is hoped that COVID-19 contexts, and a post-pandemic world, will expeditiously result in the willing adoption of a treaty on business and human rights.

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