scholarly journals Transparency of Financial Information on Crowdfunding Platforms – A Prerequisite for Successful Funding Campaigns

2018 ◽  
Vol 24 (2) ◽  
pp. 37-42
Author(s):  
Mina Fanea-Ivanovici
Keyword(s):  
Moral Hazard ◽  
Qualitative Analysis ◽  
Necessary Conditions ◽  
Legal Framework ◽  
Fair Use ◽  
Financial Information ◽  
Information Transparency ◽  
Start Up ◽  
Social Causes

Abstract Crowdfunding, a relatively novel internet-based non-banking funding instrument for startups, innovative, creative or prosocial projects, implies that funders (donors or lenders) and fund seekers (project initiators) interact on a crowdfunding platform. The goal of fund seekers is to raise the necessary amount of money to finance their project, while donors are backers of business or research ideas, social causes or start-up companies. Existing research has proven that for a crowdfunding campaign to succeed, one condition is for the crowdfunding platform to provide the adequate technical functionalities that ensure sufficient financial information both during and after the campaign (such as how the money was used and how the money was returned if the project failed) but also the legal framework through a solid contract between the platform and the fund seeker that can prevent moral hazard of the latter. The purpose of this study is to perform a qualitative analysis of the active crowdfunding platforms in Romania in terms of financial information transparency and to determine whether they fulfil the necessary conditions to ensure fair use of donations by project initiators and distribution of reward to donors

scholarly journals Jaminan dalam Pembiayaan Mudharabah (Studi Kasus Perbankan Syariah di Indonesia)

2018 ◽  
Vol 1 (2) ◽  
pp. 199
Author(s):  
Faridatuz Zakiyah ◽  
Luqman Nur Hisam
Keyword(s):  
Moral Hazard ◽  
Qualitative Analysis ◽  
Research Method ◽  
Legal Framework ◽  
Special Consideration ◽  
Islamic Banks ◽  
Classical Concept ◽  
Descriptive Qualitative

<p><em>Mudharabah transactions are currently included in the main elements of a fairly risky position, because even though this system takes place due to cooperation between sahibul mall and mudharib, the implementation is quite difficult. Moreover, the practice carried out in banking is not exactly the same as the system applied with the classical concept, coupled with the existence of several new provisions such as the implementation of collateral in the mudharabah financing contract.</em><em></em></p><p><em>The purpose of this study is to find out analyzing the application of guarantees in mudharabah financing practiced by banks in Indonesia using the Islamic legal framework. The research method used in this study is descriptive-qualitative analysis. From this study it can be concluded that the application of guarantees in mudharabah financing in Islamic banks is absolutely required. Because the thing that becomes a special consideration is to avoid things that cause harm to one party. In this case an aspect of assymetric information which in this situation will create moral hazard.</em><em></em></p>

scholarly journals Information transparency in the AEC era

2016 ◽  
Vol 19 (3) ◽  
pp. 43-59
Author(s):  
Ngoc Thanh Bich Nguyen ◽  
Quyen Thi Thanh Le ◽  
Dinh Thi Ngoc Pham ◽  
Anh Thi Lan Nguyen
Keyword(s):  
Firm Size ◽  
Listed Companies ◽  
Legal Framework ◽  
Financial Information ◽  
Stock Exchanges ◽  
Factors Affecting ◽  
Information Transparency ◽  
Fixed Assets ◽  
Asset Turnover ◽  
Asean Economic Community

The ASEAN Economic Community (AEC) was officially established by the end of 2015. Vietnam needs to change not only the legal framework but also information systems – especially financial information – to be more transparent as required by the AEC. This study is to find factors affecting financial information transparency of Vietnam’s companies in fulfilling commitments made by Vietnam to AEC. Employing linear regression model (SPSS), we analyzed data of financial information of 240 listed companies on HOSE. Results indicated that out of independent variables, including fixed assets, firm size, total asset turnover, profit and debts, only firm size is correlated with the transparency in disclosing information of HOSE-listed companies. Based on the findings, we offered some suggestions to investors, stock exchanges, authorities and the listed companies per se to improve the financial information transparency of Vietnamese companies in general and HOSElisted ones in particular, so as to meet information transparency requirements in the era of ASEAN integration.

Information publicity and transparency of budget process in the consolidated territorial communities of Lvivska oblast: estimation and ways of improvement

2019 ◽  
pp. 46-52
Author(s):  
Olha Zhabynets
Keyword(s):  
Personal Responsibility ◽  
Local Level ◽  
Financial Information ◽  
Reform Process ◽  
Budget Process ◽  
Timely Manner ◽  
Public Authorities ◽  
Information Transparency ◽  
Key Indicator ◽  
Disclosure Of Information

In the process of decentralization in Ukraine, the information transparency of the management becomes important, which implies the openness and accessibility of information for all members of society. It reflects the current and perspective states of the reform process. Decentralization means not only a transferring of powers, but also financial resources and responsibilities from public authorities to local authorities. So the information publicity and transparency of the budget process should become the key indicator to estimate the effectiveness of the management of the finances of the consolidated territorial communities (CTCs). The purpose of the article is to evaluate and propose ways to increase the information publicity and transparency of the budget process at the local level. The author analyzes the implementation of the requirements of the Ukrainian legislation about informational publicity and transparency of the budget process in the CTCs of Lvivska oblast established in 2015-2017 and shows positive and negative moments in displaying of financial information on CTCs’ sites. A number of measures are proposed to increase the information publicity and transparency of the budget process at the local level. The author considers that in order to ensure publicity and transparency of the budget process in the CTCs of Lvivska oblast it is necessary: to unify and maximally simplify the mechanism of access of CTCs’ members to financial information through the standardization of the procedure for disclosure of information about the budget process; to increase the personal responsibility of the heads of the CTCs for the lack of financial information that is due to be published on the site of communities; to continuously monitor the availability and updating of information about the budget process on the CTCs’ sites in order to respond in a timely manner to the appearance of possible negative trends; to take preventive measures with the use of appropriate sanctions (fine, removal from office, etc.) in cases of delaying the submission of actual financial information to the site of CTCs, the disclosure of information in its entirety, the discovery of unreliability of financial information or other manipulations with figures or financial documents filed on CTCs’ website.

The new player in international taxation: the automatic exchange of financial information

2021 ◽  
Vol 23 (3) ◽  
pp. 41-45
Author(s):  
ESTER GARCÍA ◽  
Keyword(s):  
Information Exchange ◽  
Legal Framework ◽  
Financial Information ◽  
International Taxation ◽  
Positive Outcomes ◽  
Exchange Of Information ◽  
Bank Secrecy ◽  
Bank Accounts

The article highlights the progress of international taxation in the fight against the concealment of income in offshore jurisdictions and exposes the lights and shadows of the current legal framework for the exchange of information on bank accounts. The author examines the major problems of international taxation and how corporations avoid paying taxes in their jurisdictions and how it affects the financial sphere. The article studies bank secrecy with its harmful aspects and develops the solution to resolve the current issues. As a conclusion, the author focuses on cooperation between tax administrations and the positive outcomes from transparency and information exchange measures on the international taxation.

scholarly journals Crowdfunding in Saudi Arabia: A Case Study of the Manafa Platform

2019 ◽  
Vol 11 (11) ◽  
pp. 72
Author(s):  
Heba Gazzaz
Keyword(s):  
Saudi Arabia ◽  
Capital Market ◽  
Financial Support ◽  
Legal Framework ◽  
Start Up ◽  
The World ◽  
Alternative Finance

Crowdfunding is an innovative form of financial support that is increasingly used around the world. Crowdfunding can provide a new investment channel and help those with innovative ideas and start-up businesses to circumvent traditional financing struggles and secure alternative finance. This paper presents an overview of crowdfunding, its fundamentals, and its main participants. Specifically, it explores the characteristics of crowdfunding in Saudi Arabia by examining the first and successful crowdfunding platform (Manafa) to be licensed by the country’s capital market authority. This paper shows that the sole applicable model in Saudi Arabia is equity-based crowdfunding, and this is significantly controlled and operated under a more efficient legal framework than much foreign crowdfunding. However, the Saudi market would benefit from greater awareness of crowdfunding as a new investment channel, and from the introduction of the debt-based crowdfunding model in accordance with Saudi market regulations.

scholarly journals Avoiding Double Taxation Through The Assessment of International Tax Treties. Case: ESP’s versus Anaf Braşov

2019 ◽  
Vol 23 (37) ◽  
pp. 1-15
Author(s):  
Florin Dumiter ◽  
Ștefania Amalia Jimon ◽  
Florin Gheorghe Bene
Keyword(s):  
Best Practices ◽  
Moral Hazard ◽  
Legal Framework ◽  
International Taxation ◽  
Double Taxation ◽  
Asymmetrical Information ◽  
Treaty Shopping ◽  
International Tax

Abstract International double taxation represents one of the main problems’ for which taxpayers have to deal within a world fulfilled with globalization, uncertainty, risk, asymmetrical information and moral hazard. In this sense, in this article it is provided a qualitative overview regarding the appearance and evolution of the main double taxation conventions and their legal framework. In this article it is tackled some important issues, namely: the rationale behind the construction and engaging in double taxation conventions; the need for a coherent and just application of those conventions; the historical appearance and evolution of the double taxation conventions, as well as the quid pro quo OECD Model Convention and UN Model Convention. The conclusions of this article highlight the importance and ultimately need for construction of best practices new and complex multilateral tax convention at the UE level in order to diminish the contagious effects of the treaty shopping practices. The case study presented in this article from the Romanian jurisprudence highlights the multi-faced concept of double taxation and the comprehension approach which must be undertaken in order to solve the complex issues of the international taxation via double taxation treaties.

Making and Sharing YouTube Videos, History, and YouTube Economics and Advertising

2016 ◽  
pp. 26-62
Keyword(s):  
Hate Speech ◽  
Freedom Of Expression ◽  
Computer Mediated Communication ◽  
Fair Use ◽  
Corporate Ownership ◽  
Mediated Communication ◽  
Media Companies ◽  
Computer Mediated ◽  
Start Up ◽  
Youtube Videos

Less than 2 years after YouTube was created, the search engine giant Google bought the start-up for 1.65 billion dollars. According to the Associated Press, the announcement “came just a few hours after YouTube unveiled three separate agreements with media companies to counter the threat of copyright infringement lawsuits” (Liedtke, 2006). Years later, YouTube's legal concerns continue, as Google has recently lost a court battle, forcing it to remove content from YouTube. Google is appealing the decision to a higher court (Landau & Marquez, 2014). The recent lawsuit is just one example of YouTube's significant and global influence and its deep and abiding connection with larger social concerns and institutions, such as freedom of expression, the power of democracy, and computer-mediated communication. YouTube's history, corporate ownership and influence, cultural recognition as a place that can promote hate speech and bullying tactics, and the continued legal challenges that threaten individual rights to fair use and freedom of expression all define YouTube's power as part of the new evolution of the Internet and Web 2.0. Tempering YouTube's democratic potential and cultural importance is YouTube LLC's predetermined economic goal to increase revenue streams through advertising and content creation. To those ends, YouTube provides detailed instructions on how to make videos and how to advertise. A detailed case-study of one video's path through the creation and advertising process on YouTube illustrates how user-generated videos become YouTube videos.

RFID Technology and its Impact on Privacy

2009 ◽  
pp. 89-107 ◽  
Author(s):  
Tatiana-Eleni Sinodinou
Keyword(s):  
Data Processing ◽  
Personal Information ◽  
Personal Data ◽  
Legal Framework ◽  
Special Focus ◽  
Information Transparency ◽  
Rfid Tag ◽  
Rfid System ◽  
The Individual ◽  
The Right

The present chapter explores privacy issues posed by the use of RFID systems and applications. The existing legal framework for data protection is analyzed in order to discover how general privacy safeguarding principles should be applied in the case of RFIDs, with special focus on the main areas which are going to experience widespread use of such applications. The structure of the chapter is based on a chronological order which follows the consecutive phases of contact and interaction between the individual and the RFID tag. The implementation of a tag to a product or in the human body establishes the first point of contact of the individual with the RFID tag. This stage of data processing is examined in the first part of the chapter. In more particular, this part deals with the application of general principles of fair processing, such as information transparency, the debate about the necessity to require the prior consent of the individual (possible opt-in and opt-out solutions) and the precondition of a clearly defined purpose of the data processing. The symbiosis of the person with the tag is examined in the second part. Indeed, privacy concerns are equally significant during the phase of processing of personal information, even if processing is conducted lawfully, either based on the legal ground of the individual’s consent or justified on another legal basis. The requirement of data quality and the obligation to secure the RFID system against unauthorized interceptions or alterations of data by third parties constitute essential guarantees of fair data processing. Privacy protection in the activation phase of the tag is also ensured by the obligation to inform the tagged individual every time a reading takes place and by the right to verify the accuracy of the tag data, whether stored from the beginning or added at a later date. Finally, the last part of the chapter examines the legal regime of separation between the person and the tag. This phase refers to the termination of the processing either by act of the data subject or by act of the RFID system controller. The focus is given to the exercise of the right to object to the processing of personal data through RFID devices. In this context practical solutions, such as the “tag kill” or “tag sleep” command should be taken into consideration in order to the make the exercise of the right to object feasible.

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