A new look on cooperative identity in the light of the EU Prospectus Regulation and blockchain-based public equity financing

This paper contributes to the academic debate on the pecking order theory and SMEs equity financing, in this equity financing gap. In order to address this problem, this study relies on the empirical design that is driven by the premises of the pecking order theory and distinguishes between the relevance of internal funds vs. external equity. The main aim of this study is to investigate whether the relevance of equity financing for European SMEs is driven by the country-specifics (captured by the clusters of the EU countries) and whether there are any other factors that may potentially explain the relevance of internal funds or external equity, with respect to SMEs performance and characteristics. For that purposes the SAFE survey data were used to run non-parametric and correlations analysis. The results have clearly indicated that there are statistically significant differences between the clusters of the EU countries (if we differentiate between core and peripheral EU countries in particular). It was also found that there is no unified pattern of the associations between the relevance of equity financing and SMEs performance and characteristics, thus these associations seem to be influenced by the country-specifics as well.

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Comprehensiveness of internet reporting by Caribbean companies

Journal of Accounting in Emerging Economies ◽

10.1108/jaee-08-2011-0028 ◽

2015 ◽

Vol 5 (1) ◽

pp. 2-34 ◽

Cited By ~ 5

Author(s):

Anthony R. Bowrin

Keyword(s):

Evolutionary Model ◽

Stock Exchanges ◽

Firm Characteristics ◽

Equity Financing ◽

Public Companies ◽

Media Communication ◽

Content Type ◽

Web Presence ◽

Industry Affiliation ◽

Public Equity

Purpose – The purpose of this paper is to examine the comprehensiveness and determinants of internet reporting by publicly listed Caribbean companies. Design/methodology/approach – In total, 65 companies with common shares listed on one of the four Caribbean stock exchanges, were included in the study. The study examined the relationship between firm characteristics (size, industry affiliation, listing status, and CEO role duality) and the comprehensiveness of corporate internet reporting (CIR), while controlling for the importance of public equity financing, company age and profitability. CIR was measured using an unweighted 107-item disclosure index that focussed on web site usability, disclosure timeliness, disclosure content, and several advanced CIR features. The data were subjected to content analysis using descriptive statistics, contingency tables, and multiple regression analysis. Findings – As a whole, publicly listed Caribbean firms seem to be in stage 2 of the internet evolutionary model presented by Hedlin (1999); most firms have a web presence, a majority of firms engage in CIR and very few firms are using social media, communication and processable reporting formats in their CIR. It was found that Caribbean companies, on average, satisfied only 63.1 percent of the items included in the index. As hypothesized company size and industry affiliation were positively related to the comprehensiveness of CIR. Conversely, both industry affiliation and listing status generated mixed results. Also, the importance of public equity financing was significantly and negatively related to the general content and timeliness dimensions of CIR. Practical implications – The findings suggest that Caribbean governments and regulators interested in raising the profile of regional stock exchanges may need to implement incentives for public companies to engage in internet reporting. Originality/value – This is the first study to examine the comprehensiveness and determinants of internet reporting by publicly listed Caribbean companies.

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Critical Edition of an Opera: A New Look for an Old Lady? The Boundaries of Copyright Protection in the EU Countries

Law and Opera ◽

10.1007/978-3-319-68649-3_18 ◽

2018 ◽

pp. 269-282

Author(s):

Giovanna Carugno

Keyword(s):

Copyright Protection ◽

Critical Edition ◽

Eu Countries ◽

The Eu ◽

New Look

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Solvency Risk and Corporate Performance: A Case Study on European Retailers

Journal of Risk and Financial Management ◽

10.3390/jrfm14110536 ◽

2021 ◽

Vol 14 (11) ◽

pp. 536

Author(s):

Alexandra Horobet ◽

Stefania Cristina Curea ◽

Alexandra Smedoiu Popoviciu ◽

Cosmin-Alin Botoroga ◽

Lucian Belascu ◽

...

Keyword(s):

Financial Distress ◽

Global Financial Crisis ◽

Corporate Performance ◽

Retail Sector ◽

Equity Financing ◽

Food Retailers ◽

Financial Indicator ◽

The Global Financial Crisis ◽

The Eu

This paper proposes a new approach toward understanding the financial performance dynamics in the EU retail sector (pre-pandemic); we focus on the connection between indebtedness and solvency risk and other areas of corporate performance (e.g., liquidity, assets efficiency, and profitability). Its contribution resides in identifying the drivers behind solvency risk in a sector that went through significant transformations in recent decades, as well as the links between the various areas of performance of retailers, and their impacts on solvency risk, using the machine-learning random forest methodology. The results indicate a declining trend for solvency risk of EU food retailers after the global financial crisis and up until the beginning of the pandemic, which may reflect their maturity on the market, but also an adjustment to legal changes in the EU, meant to equalize the tax advantages of debt versus equity financing. Solvency risk accompanied by liquidity risk is a mark of the retail sector, and our results indicate that the most critical trade that EU retailers face is between solvency risk and liquidity, but is fading over time. The volatility of liquidity levels is an important predictor of solvency risk; hence, sustaining a stable and good level of liquidity supports lower risks of financial distress, and may mitigate the shock impacts for EU retailers. A higher solvency risk was accompanied by increased efficiency of asset use, but reduced profitability levels, which led to higher returns available to shareholders for high solvency risk retailers. Overall, retailers should focus on operational performance evidenced by financial indicator levels than on the volatility of these indicators as predictors of solvency risk.

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