scholarly journals The New Italian Legislation on Corporate Governance and Business Crisis. The Impact of Covid – 19 on SMEs and the Recent Rules to Mitigate the Effects

2020 ◽  
Vol 4 (4) ◽  
pp. 91-108
Author(s):  
rancesco Di Tommaso

The economic challenges of recent years have been accompanied by numerous and complex economic and social crises, the last of which is caused by the spread of coronavirus COVID-19 – and is convergent in nature, the effects of which are felt in all spheres of society. The COVID-19 pandemic poses serious challenges for politicians and preconditions for an empirical analysis of the direct and indirect consequences of the pandemic for the development of the global economy. As part of the business crisis, Italian legislation is based on the principles of the 2019 EU legal framework, which include legal regulation for the management of economic entities, which allows to anticipate the business crisis, avoiding bankruptcy and improving the market. Legal regulation of the financial crisis contributes to the preservation of production capacity and employment, reduces the possibility of creating non-performing loans, which can negatively affect the balance sheets of banking institutions. A study by the Bank of Italy demonstrates the possibilities of avoiding insolvency if companies anticipate a business crisis by following bankruptcy deflation procedures, such as debt restructuring agreements and agreements with creditors. COVID-19 has led to a significant reduction in world GDP. Governments have different financial means to reduce the negative effects of the pandemic, but all consider the current economic moment exceptional, trying to postpone and mitigate the implementation of bankruptcy of many companies and enterprises in case of failure of legal systems. The results of the study show that the global recession will continue, and no country will avoid strengthening the legal regulation of administrative and accounting management, regardless of the strategy to mitigate the effects of the pandemic. The paper forms the opinion that today’s events require a coordinated multinational political response to the pandemic. Keywords: corporate governance, financial markets.

2021 ◽  
Vol 17 (1) ◽  
pp. 107-113
Author(s):  
Chantal Mak

While private corporations have become increasingly influential in the global economy, a comprehensive legal framework for their activities is missing. Although international and regional legal instruments may govern some aspects of, for instance, international investments and the supply of goods and services, there is no overarching structure for assessing the impact of large-scale private projects. In the absence of such a comprehensive framework, specific rules of private law allow profit-seeking companies to expand their activities on an economic basis, mostly without having to heed social concerns (Pistor, 2019). This is particularly problematic insofar as multinational companies have obtained power to set the rules for their engagement with states, organisations and individuals, for instance in the form of transnational investment contracts. Given the fragmented nature of the legal sphere in which such contracts are elaborated and performed, those who face the harmful consequences of such investments may not be able to participate in decision-making processes. The contracts remain in ‘wild zones’ of globalisation (Fraser, 2014, p. 150), where powerful private companies rule.


2021 ◽  
Vol 66 ◽  
pp. 284-287
Author(s):  
O.O. Kukshynova ◽  
A. O. Samoilenko

This article highlights the impact of international law on the global process of illegal migration, reveals a number of international problems related to international migration, in particular by sea, identifies the main factors influencing illegal migration in general, indicates the state of illegal migration in various European Union countries. attention is paid to such important international legal instruments as the Schengen Agreement of 1985 and 1990, the Dublin Convention of 1990, the Maastricht Treaty of 1992 and the Treaty of Amsterdam of 1997. The article also focuses on the European Union agency, which deals with the protection of external borders and their protection from illegal migrants, in particular, by sea.The analysis of theoretical and practical aspects of combating illegal migration by sea at the international level, as well as in the development of scientific and theoretical approaches to solving migration problems, characterizes the legal regulation of combating illegal migration by maritime transport and maritime participation established intergovernmental bodies. The main tools of the European Union to combat illegal migration by sea, which can be used to improve the legal regulation of migration authorities of other countries, as well as substantiate the organizational and legal framework of European countries in the field of legal support to combat illegal migration by sea.The actions of European states represented by the relevant state bodies in solving the problems of illegal migration with the help of merchant fleets of European countries are studied. The article pays attention to the influence of illegal migration on the formation and change of legal awareness of society, as the beginning of the formation of criminogenic factors among illegal migrants in the host country.


InterConf ◽  
2021 ◽  
pp. 54-59
Author(s):  
Bohdana Hunko

The paper analyzes the role of Industry 4.0 in the process of overcoming the global economy from the crisis situation associated with the total Covid-19 pandemic. The aspect of economic profitability of using the technologies of the fourth industrial revolution to improve world economic development in the context of the Covid-19 pandemic was also identified. The author identified the positive and negative consequences of the involvement of technology Industry 4.0, on the basis of which a number of recommendations for small and medium-sized businesses were formed in order to quickly overcome the negative effects of the crisis. Based on the work, the author formulated a number of trends and prospects for global economic development, taking into account the current conditions of the Covid-19 pandemic.


Author(s):  
В.В. Перская ◽  
Л.И. Хомякова

Глобальные цепочки стоимости (ГЦС) стали результатом развития вертикальной кооперации, основными инициаторами которых являются международные, транснациональные компании (ТНК). Именно ТНК стали движущей силой развития экономической глобализации. В современных условиях пандемия стала поворотным моментом, оказавшим значительное влияние на ГЦС и, следовательно, на экономическую глобализацию. 90% мирового товарооборота по данным ЮНКТАД находятся под ограничения из-за пандемии. Закрытие границ странами потребовало от национальных хозяйств рассмотреть возможность восстановления внутреннего поступательного развития исходя из реально сложившихся условий. Вопрос формирования национальных источников развития внутри стран и перестраивания географии формирования ГЦС (преимущественно в рамках одного региона, сокращая плечи транспортировки продукта) стал практически для всех стран достаточно актуальным. Поскольку основным видом кооперационного взаимодействия в рамках ГЦС была вертикальная кооперация, то переформатирование географии формирования ГЦС, вполне ожидаемо, приведет к более активному использованию преимуществ горизонтальной кооперации между хозяйствующими субъектами разных территориально приближенных стран. Одновременно воздействие пандемии на экономическую глобализацию в целом обусловливает усиление межгосударственного согласованного регулирования, в т.ч. регионального масштаба. Симптоматично, что в современных условиях правила ВТО игнорируются достаточно большим количеством стран, что сопровождается политикой протекционизма и санкций, практически не легитимной с точки зрения международного права. Подписание Всеобъемлющего регионального экономического партнерства в ноябре с.г. странами АСЕАН представляет собой свидетельство регионализации в международном взаимодействии, обозначает развитие тренда формирования согласованного участниками регионального правового поля для развития экономического сотрудничества, включая вопросы регулирования электронной торговли, конкурентной политики, защиты интеллектуальной собственности и других актуальных вопросов, ранее не фигурировавших в имеющихся соглашениях, опираясь при этом на основные правовые нормы ВТО. На основании изложенного авторы приходят к выводу, что собственно экономическая регионализация, в т.ч. трансформирования процесса формирования ГЦС в направлении повышения удельного веса их региональной компоненты, являются имманентными чертами трансформирования мировой экономики в условиях реального полицентризма. Global value chains (GVC) are the result of the development of vertical cooperation, the main initiators of which are international, transnational companies (TNCs). It is TNCs that have become the driving force behind the development of economic globalization. In today's context, the pandemic has become a turning point that has had a significant impact on GVCs and therefore on economic globalization. 90% of world trade, according to UNCTAD, are under restrictions due to the pandemic. The closure of borders by countries demanded that national economies consider the possibility of restoring their internal progressive development based on the actual conditions. The issue of the formation of national sources of development within countries and the restructuring of the geography of the formation of GVCs (mainly within one region, reducing the shoulders of product transportation) has become quite relevant for almost all countries. Since the main type of cooperative interaction within the GVC was vertical cooperation, reformatting the geography of the formation of GVCs, quite expectedly, will lead to more active use of the advantages of horizontal cooperation between economic entities of different geographically close countries. At the same time, the impact of the pandemic on economic globalization as a whole determines the strengthening of interstate coordinated regulation, incl. regional scale. It is symptomatic that in modern conditions the WTO rules are ignored by a sufficiently large number of countries, which is accompanied by a policy of protectionism and sanctions, which is practically illegitimate from the point of view of international law. The signing of the Comprehensive Regional Economic Partnership in November this year ASEAN countries is evidence of regionalization in international interaction, denotes the development of a trend in the formation of a regional legal framework agreed by the participants for the development of economic cooperation, including issues of regulation of electronic commerce, competition policy, protection of intellectual property and other topical issues that have not previously appeared in existing agreements, relying on this on the basic legal norms of the WTO. Based on the above, the authors come to the conclusion that the actual economic regionalization, incl. transformation of the process of GVC formation in the direction of increasing the share of their regional component are immanent features of the transformation of the world economy in the context of real polycentrism.


2020 ◽  
Vol 4 (4) ◽  
pp. 167-180 ◽  
Author(s):  
Serpil Aday ◽  
Mehmet Seckin Aday

Abstract A pandemic is not a new event encountered in the history of humanity because mankind has faced various pandemics in history. The common point of pandemics is their serious negative effects on the global economy. Considering the food supply chain, one of the most important sectors of the economy, it has been seen that COVID-19 has an impact on the whole process from the field to the consumer. In the light of recent challenges in food supply chain, there is now considerable concern about food production, processing, distribution, and demand. COVID-19 resulted in the movement restrictions of workers, changes in demand of consumers, closure of food production facilities, restricted food trade policies, and financial pressures in food supply chain. Therefore, governments should facilitate the movement of workers and agri-food products. In addition, small farmers or vulnerable people should be supported financially. Facilities should change the working conditions and maintain the health and safety of employees by altering safety measures. Food protectionist policies should be avoided to prevent an increase in food prices. In conclusion, each country must realize the severity of the situation and sometimes should tighten or loosen the measures according to the spread of the pandemic. The supply chain also should be flexible enough to respond to the challenges in the food supply chain. The purpose of this review is to evaluate the impact of COVID-19 on the agriculture and food sector and to summarize the recommendations required to reduce and control the effect of the pandemic.


Author(s):  
O Vasylchenko ◽  
O Lotiuk ◽  
A Yevstihnieiev ◽  
A Basalaieva ◽  
S Kustova

Purpose. To enhance the quality of Ukrainian legislation by improving the legal framework of public administration in the field of environmental regulation of mining in Ukraine. Methodology. The authors used comparative and legal, historical, systemic, structural and functional, formal and logical, and dialectical research methods. The need to use an integrated research method is emphasized. Findings. The authors investigated two problems actualized by the so-called Adani Syndrome: 1. The criteria for assessing the impact on the environment and their legal force. 2. The legal framework governing the rights of the owner, the state and the public. The above problems were studied in comparison with the legal support of environmental regulation of mining in Ukraine. Originality. The experience of environmental regulation of mining in Australia is analyzed on the example of the conflict over the Carmichael mine project, resulting in disclosing the current state of Ukrainian legislation in this area. The directions of improving the legal foundations of public administration in the field of environmental regulation of mining in Ukraine have been brought up for discussion. Practical value. The use of the obtained results will make it possible to eliminate the difference between the legal support of environmental regulation of mining in developed and developing countries. The proposals have been formulated to improve the legal regulation in the area under study in terms of detailing the powers of individual governing bodies of special competence, as well as in terms of procedures for assessing the environmental impact. The formulated proposals can help to strengthen the effectiveness of the legislation in power.


2021 ◽  
Vol 10 (4, special issue) ◽  
pp. 272-281
Author(s):  
Hamza Zaki Jaradat ◽  
Ahmad Awad Alnaimi ◽  
Safaa Adnan Alsmadi

Much effort has been expended by the regulators in Jordan to enhance the code of corporate governance (CG); however, the effectiveness of CG mechanisms in monitoring management and enhancing the value of a firm is still a puzzle. This study aims to investigate the impact of CG and cash holdings (CH) on firm value as measured by the market-to-book ratio. The sample consists of all manufacturing firms listed on the Amman Stock Exchange (ASE) over the years 2010–2017. The study hypotheses were tested using panel regression analysis. The research findings suggest that CH have a positive association with firm value, supporting the transaction and precautionary motives for holding cash. An interesting finding is that board expertise was found to be negatively associated with firm value. Gender diversity was found to be positively related to firm value, while board size, independence, and frequency of meetings were found to be insignificant. It seems that firms in Jordan regard strong CG mechanisms to be expensive and of little value in mitigating the negative effects of a weak legal system. These findings shed new light on the influence (or the lack of it) of boards in Jordanian firms. Consequently, the study recommends that the regulatory agencies in Jordan should consider improving governance codes and Rules to increase the effectiveness of the board and governance in general.


2020 ◽  
Vol 2 (4(106)) ◽  
pp. 269-275
Author(s):  
Ю. І. Соколова

The relevance of the article is that when forming a theoretical and legal position on the content of a phenomenon or object, the issue of its settlement by law is especially important. The study of various aspects of judges' pensions has shown the key role of the normative component in the content of this problem, through which the legal reality establishes its influence on the relations arising in the field of pensions of judges. It should be noted that the legal regulation is characterized by the following features: it is, first, the impact of law on public relations, which is carried out through a separate group of legal instruments - legal norms; secondly, normative-legal regulation is a part of complex legal influence, in other words, it shows only one of clusters of legal regulation of the corresponding object; thirdly, the intensity, efficiency, breadth and other mechanical factors of legal regulation directly depend on the quality and system of legal provisions and norms that build the content of the category. The article, based on the analysis of scientific views of scientists, proposes the author's definition of the concept of legal regulation of judges' pensions. The main normative-legal acts of the legislative and by-law level which fix the principles of regulation of public relations in the field of pension provision of judges are singled out. It is concluded that the main feature of the legal regulation of judges' pensions is the presence of two groups of legal documents, namely: general, which establish guarantees of social protection and pensions in Ukraine as a whole, led by the Constitution, and special - the Law of Ukraine "On Judiciary and the Status of Judges" dated 02.06.2016 №1402-VIII, documents of judicial self-government bodies - establish the peculiarities of judges receiving pensions and monthly lifetime allowance. At the same time, the disadvantage of the special legal framework is the lack of norms that clearly explain the procedure and features of both types of pensions for judges, by paying them pensions in the general order and a monthly lifetime allowance. In particular, the special normative-legal base does not explain the content of the monthly lifetime cash maintenance and the main points of its legal significance.


2021 ◽  
Vol 1 (1) ◽  
pp. 59-75
Author(s):  
Srđan Žikić ◽  
Milena Valjević

The COVID-19 pandemic undoubtedly has serious socio-economic effects. The whole world is going through a unprecedented crisis with all the characteristics of unpredictability and difficult prevention. Today, there is practically no organization that has not been affected by this crisis. During a period of great uncertainty, it is very important that organizations properly understand the impact of this threat on internal and external stakeholders. Only companies that are able to manage the crisis effectively with an adequate organizational culture and leadership can maintain a competitive advantage. Accordingly, it is necessary to develop and support an ethically oriented organizational culture that will strongly support ethical standards. The proactivity and ethical approach of this type of organizational culture contributes to mitigating the negative effects of the crisis and provides adequate support to employees. Based on the above facts, the basic motive of the research was to determine the extent to which an ethically oriented organizational culture is supported in the company during a period of severe business crisis and uncertainty. The research is based on the answers collected by a standardized and structured survey questionnaire on a sample of 100 respondents.


Author(s):  
Rhys Jenkins

This is a brief introduction to the re-emergence of China as a global economic power, emphasizing the role played by changes in the global economy from the 1970s and the internal reforms in China from the end of the 1970s. It describes briefly the importance of economic relations with China for Sub-Saharan Africa (SSA) and Latin America and the Caribbean (LAC), and introduces contrasting views of the impact of China on SSA and LAC. It emphasizes a framework which highlights both the direct and indirect impacts of China on the two regions, and identifies both positive and negative effects. It provides an outline of the main parts and chapters of the book.


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