scholarly journals The EU sustainable finance taxonomy regulation

2020 ◽  
Vol 7 (4) ◽  
pp. 386-411
Author(s):  
Katalin Dobránszky-Bartus ◽  
Jens Valdemar Krenchel
Keyword(s):  
Financial Services ◽  
Economic Activity ◽  
Quantitative Research ◽  
Economic Activities ◽  
Screening Criteria ◽  
Significant Harm ◽  
Sustainable Finance ◽  
European Standards ◽  
Definition Of ◽  
The Eu

In this article, we look at the Taxonomy Regulation, which entered into force in June 2020. We describe the requirements for investments and listed companies to have their economic activities labelled green, conditional on not violating safe-guards against doing significant harm to social or human rights. We find that the Taxonomy Regulation is a hybrid regulation, which aims at influencing business activities through regulation of financial services. The relevance of this article for finance research is not least to make clear the bias, or research premise, that will be introduced into any quantitative research on green premiums (the so-called greemiums) of EU financial services and listed shares and bonds after 1 January 2022, when the technical screening criteria of the Taxonomy Regulation enter into force and complete the definition of what con-stitutes sustainable or green economic activity. To a large extent, this will serve to make cross-European comparisons of greemiums (green premiums) easier as data on what is green will be based on European standards. Others might argue that legislating a definition of what is considered green or sustainable should be left to the market, for better or worse.

Sustainable Finance in Europe

2022 ◽  
pp. 114-130
Author(s):  
Sonia Marcos ◽  
Maria-Jesús Castrillo
Keyword(s):  
Economic Activity ◽  
Future Application ◽  
The European Union ◽  
Information Costs ◽  
Investor Confidence ◽  
Environmentally Sustainable ◽  
Financial Products ◽  
Sustainable Finance ◽  
Voluntary Basis ◽  
The Eu

The European Union has a clear strategy on how sustainable development should be financed. However, there is still no regulation that defines which activities can be considered sustainable and which cannot. Private initiative has taken the lead in recent years with the publication of different taxonomies and principles applicable on a voluntary basis to green financial products and social projects. The EU taxonomy, issued in 2020, establishes criteria to determine whether an economic activity is environmentally sustainable, and the green bond standard is in the consultation period in 2021. The EU taxonomy will increase investor confidence in green financial products, prevent greenwashing, and reduce information costs. This chapter reviews the evolution and future application of the EU taxonomy, the EU green bond standard, and the need to adopt a taxonomy for socially sustainable activities.

scholarly journals FORMATION OF STRATEGIC AREAS FOR DEVELOPMENT OF UKRAINIAN METALLURGICAL ENTERPRISES IN ACCORDANCE WITH TENDENCIES IN EXPORT-IMPORT CHANGES

2019 ◽  
pp. 49-57
Author(s):  
Maryna Ivanova ◽  
Vasyl Shvets ◽  
Olena Varyanichenko
Keyword(s):  
Foreign Trade ◽  
Development Strategy ◽  
Economic Activity ◽  
Negative Impact ◽  
Economic Activities ◽  
Strategy Formation ◽  
Economic Relations ◽  
Strategic Issues ◽  
Analysis And Synthesis ◽  
Definition Of

Introduction. The top management of enterprises, as a rule, have to solve several strategic issues when concluding a foreign trade contract, among which the choice of strategic direction of activity and the counterparty country is the highest priority. Methods. General and specific methods of system-structural analysis and synthesis were used to formulate the author's definition of "development strategy", to identify the interrelated stages of the development strategy formation; correlation-regression analysis was applied to determine the correlation density between imports and exports for the countries involved in Ukraine’s foreign trade in metallurgical products. Results. The theoretical study of approaches to the formation of a development strategy has allowed formulating the author's definition that the enterprise development strategy is a long-term plan, which contains complex decisions on choosing the direction of enterprise’s development, defining the major goals and models of actions for the formation and effective use of its potential; it also allows the enterprise to create favourable internal and external conditions for successful completion of the main stages of development. It has been found that analysis, monitoring, diagnostics of external and internal environment are a commonly-accepted component of any process of strategy formation. The results of the correlation between import and export as elements of the system have been obtained; it has been proved that a change in import volumes occurs simultaneously with the proportional change in export volumes. Enterprises will be advised to perform foreign economic activities only with counterparties in the countries for which the correlation coefficient between exports and imports is significant. Discussion. The density of export - import links for individual types of metallurgical products is greater than 0.5, indicating a significant correlation between the two considered features. The foreign economic relations between the metallurgical enterprises in Ukraine and various countries of the world are relatively balanced in the field of exports - imports of certain types of metallurgical products. The obtained results should be taken into account in the formation of a strategy for those metallurgical enterprises in Ukraine, which are to perform or expand their foreign economic activity. At the same time, it is necessary to take into account other factors influencing the resultant indicator, i.e. import, and to introduce advanced methods for their detection and research, which, in turn, will reduce the negative impact of the environment. Keywords. Development strategy, import, export, correlation, foreign economic activity, metallurgical enterprises, metallurgical products.

scholarly journals Economic Concentration in Functional Urban Areas of the Countries

2019 ◽  
Vol 8 (3C) ◽  
pp. 91-95
Keyword(s):  
Financial Services ◽  
Urban Areas ◽  
Positive Impact ◽  
High Tech ◽  
Economic Activities ◽  
High Tech Industry ◽  
Economic Space ◽  
Distribution Of Resources ◽  
Definition Of ◽  
Economic Concentration

Urbanization processes are accompanied by economic concentration of resources in functional urban areas. At the same time, the level and dynamics of economic concentration differ depending on type, structure, location and national specifics of urban areas. The purpose of this article is to study economic aspects of urbanization and to develop the methodology for ranking functional urban areas by the level of their economic concentration. The survey is based on the rating approach, which is represented as a comparative analysis of indicators of economic concentration, followed by further definition of an integral indicator that helps us to rate urban areas. The results of urban areas ranking and grading by level of their economic concentration show that the highest level of economic concentration is found in Large metropolitan and metropolitan FUAs, which economic activities are dominated by financial services, as well as high-tech industry. The results of this rating can be used to justify directions of regional policy of polycentric development regarding regulation of scale of economic concentration in functional urban areas. It will also have a positive impact to effective distribution of resources within "center-periphery" economic space.

scholarly journals The main components of the formation of recreational and tourism activity

2018 ◽  
Vol 27 (1) ◽  
pp. 148-155
Author(s):  
V. V. Yavorska ◽  
I. V. Hevko ◽  
V. A. Sych ◽  
K. V. Kolomiyets
Keyword(s):  
Economic Activity ◽  
Subject Area ◽  
Economic Activities ◽  
Service Market ◽  
Territorial Organization ◽  
Tourism Activity ◽  
The Subject ◽  
Main Components ◽  
Definition Of ◽  
Recreation And Tourism

The article considers the issues of further development of the conceptual apparatus of such a direction as recreation and tourism and the question of determining the various directions and components of recreation and tourism economy. The purpose of this work is to identify the main components of recreational and tourist activity as an integral part of the inter-sectoral complex. It is stressed that tourism activity can be viewed from the standpoint of the economy, because it has all the features of the economy, although this approach is not widespread. It is also possible to study the recreation and tourism sector as a type of economic activity. Recreational and tourist activity is considered as a service market, both as a social system and as an economic system. It was emphasized that in geography and regional economy, recreational and tourist activity is considered as an inter-sectoral complex. A pivotal problem is the definition of objects and entities in systemic relations, where, depending on the nature of the system, tourists can act as objects and subjects. It was established that the formation of the subject area of recreational and tourist activity is based on geographical concepts, including the concept of «touristdestination», the concept of territorial organization of the population and economy, the concept of territorial recreational systems. The position of geographers in the development of the subject area of tourism enhances resource orientation of tourism activity; we note that the resource is both population and tourist destinations. In the article we considered the Ukrainian taxonomy of types of economic activities, which are directly involved in tourism and recreation. It is determined that tourism and recreation sector occupy a special place in the sphere of services. In essence, tourist services are multi–component, and the tourist product itself combines the result of the activities of enterprises that carry out completely different activities. The schematically structured recreation and tourism complex by types of activities indicates the formation of areas of economic activity and industry directly related to recreation and tourism, such as mass recreation of the population – unorganized and organized, and tourism, the sphere of recreation. Thus, the representation ofrecreation and tourism activity as an inter-branch complex offers new possibilities for forecasting its development and formation of new directions of use of recreational and tourist resources.

Scrap Metal Intended for Metal Production: The Thin Line between Waste and Products

2012 ◽  
Vol 9 (2) ◽  
pp. 136-163
Author(s):  
Nicolas de Sadeleer
Keyword(s):  
Case Law ◽  
Scrap Metal ◽  
Economic Activities ◽  
Metal Production ◽  
Broad Definition ◽  
Thin Line ◽  
Definition Of ◽  
In Virtue Of ◽  
The Eu

The authorities regularly have to cross swords with businesses on the issue as to whether a given substance has been completely recovered in order to escape the Caudine Forks of waste law. So far, it has been settled case law that national lawmakers could not adopt a definition of the notion of waste that would exclude objects and substances capable of commercial re-use. However, economic operators consider that the relatively broad definition of waste under Union law does not embrace all of the special features of their economic activities. By adopting the new Waste Framework Directive 2008/98/EC, the EU lawmaker sought to tailor the Directive’s scope in the best possible manner, in particular in providing for new arrangements under which certain classes of waste cease to be classified as such. In effect, in virtue of its Article 6 (1) and (2), certain specified waste shall cease to be waste when it has undergone a recovery operation and complies with specific criteria. Such criteria should be set for specific materials by the Commission in comitology. In this connection, the Council adopted Regulation (EU) No. 333/2011 on certain types of scrap metal which sets forth the criteria which make it possible to determine the time when certain types of scrap metal—iron, steel and aluminium—cease to be waste within the meaning of Directive 2008/98/EC where such scrap is intended for the metal production in steelworks, foundries and aluminium refiners. It is the aim of this article to explore some of the questions that the first regulation to implement Article 6 of the Directive is likely to raise.

scholarly journals Economic activities of enterprises: essence, conceptual paradigm, regulation

2019 ◽  
pp. 104-112
Author(s):  
Oksana Chumak
Keyword(s):  
Economic Activity ◽  
Point Of View ◽  
Social Needs ◽  
Social Significance ◽  
Economic Activities ◽  
Conceptual Approach ◽  
Literary Sources ◽  
Study Results ◽  
Scientific Substantiation ◽  
Definition Of

Introduction. The economy of world is driven by corporations, enterprises of all forms of ownership and entrepreneurs, the basis of functioning which is economic activity, which transforms resources and processes into expected result – profit and satisfaction of social needs. In Ukraine, the normative base, scientific and professional sources interpret and determine the content of economic activity in most part, using the term economic activity (other interpretation), which determines controversy of economic and legal basis for a number of economic transactions. Thus, development of questions of clarifying terminology of economic activity and clarifying the limits of regulation of economic activity of enterprises of various social significance need to be developed. Methods. The research used methods of analysis, synthesis, concretization, which allowed to explore the content components and historical stages of understanding the economy and economic activity; methods of abstraction, logical generalization and comparison – for comparing the concepts of economic and economic (other interpretation) activity, comparison of foreign and domestic experience in the vision of the concept under study; generalization method and abstract methodology – for generating generalizations and conclusions of the study. Results. Meaningful understanding the concept of economic activity is investigated on the basis of the analysis of literary sources and normative acts, its significance from the economic, sociological, philosophical and legal point of view is revealed. The article presents a conceptual approach to the understanding of the definition of economic activity at the micro level. Discussion. Further research in this area should relate to the scientific substantiation of the management of economic activity of enterprises. Keywords. state-owned enterprise, economic activity, management, regulation.

scholarly journals METHODICAL PROVISIONS FOR CREATING AN OUTSOURCING COMPANY (INCLUDING TYPES OF ECONOMIC ACTIVITY AND TAXATION SYSTEM)

2019 ◽  
Vol 21 (3(72)) ◽  
pp. 124-137
Author(s):  
A. SAINCHUK
Keyword(s):  
Economic Activity ◽  
Institutional Support ◽  
The State ◽  
Economic Activities ◽  
Legal Form ◽  
Executive Authority ◽  
Legal Forms ◽  
Definition Of ◽  
Taxation System

Topicality. There is no the central executive authority in Ukraine, which would conduct statistical accounting of outsourcing companies, because there is no methodology which could help to carry out of such powers. In addition, there is no methodology for creating an outsourcing company in Ukraine that would help new players in the outsourcing services market to create their own businesses and provide fast and high quality services. Thus, the development of a single methodology for setting up an outsourcing company in Ukraine is relevant.Aim and tasks. The aim of the article is to develop methodological provisions for creating an outsourcing company within the existing institutional support at the territory of Ukraine. The aim of this article is to research from sixth to sixteenth stages of creating an outsourcing company.Research results. The methodological provisions were developed for creating an outsourcing company. In the article was using the example of practice of law, including types of economic activity and taxation system. Also, the algorithm has been created by the author who could help choose a simplified taxation system correctly.Conclusion. Methodical provisions for creating an outsourcing company consist of sixteen stages. The author provided recommendations for making changes to the classifier of organizational and legal forms of entrepreneur. It was proposed to add an outsourcing company as a new organizational and legal form of entrepreneur in order to improve the existing system of national statistical classifications. The changes will provide the State Statistics Service of Ukraine the opportunity to raise to a qualitatively new level the statistical analysis of outsourcing companies in Ukraine.There is no methodology or instruction for creating a new outsourcing company in Ukraine. The author has developed a methodology for creating the outsourcing company within the framework of institutional support in Ukraine.The situation was researched in the article in detail, such as the outsourcing has been used in the creation of the outsourcing company. Also the algorithm was created the outsourcing company as step by step.The author has identified sixteen stages of creating the outsourcing company. The first article [1] researched from the first to the fifth steps of creating outsourcing company. This article contains of the sixth to sixteenth stages of creating the outsourcing company.Stage 6 - the definition of economic activities. The author identified the types of economic activity in accordance with SC 009:2010 - Classification of types of economic activity using the "top-down" method.Stage 7 - determination of the management body of the outsourcing company. An executive body is created in an outsourcing company: collegial (directorate) or sole (director).Stage 8 - definition of the tax system. Outsourcing companies choose both the general taxation system and the simplified taxation system.Step 9 - determining the location of the company.Stage 10 - submission of documents to the state registrar for establishing of the new outsourcing company.Stage 11 - receipt of seal and electronic digital signature (EDS).Stage 12 - opening the accounts in the bank. An outsourcing company can open current and deposit accounts in a bank.Stage 13 - Contributions. For the implementation of practice of law is a prerequisite is the payment of contributions of lawyersStage 14 - obtaining a license.Stage 15 - obtaining permission. Not all economic activities can be performed only on the basis of the charter. Sometimes this is not enough. Therefore, you need to obtain a license or permit.Stage 16 - implementation of operating activities by an outsourcing enterprise on the example of practice of law. Only the last stage involves the receipt of profit or income of the company. The previous stages involved only expenses. The list of the above steps is not exhaustive. These steps can be supplemented with specific steps. The number of stages may be less or more, depending on the type of outsourcing activity.

scholarly journals Definition of Development Activity as a Separate Type of Economic Activity

2020 ◽  
pp. 234-248
Author(s):  
Yaroslav BLIAKHARSKYI
Keyword(s):  
Economic Activity ◽  
Legal Regulation ◽  
Building Construction ◽  
Economic Activities ◽  
Development Activity ◽  
Distinctive Features ◽  
Separate Type ◽  
Construction Organization ◽  
Definition Of ◽  
Compare And Contrast

The article is devoted to the research of development activities in the field of construction of buildings as a separate type of economic activity. An attempt is made to scientifically compare and contrast the concepts of «development activity» and «economic activity». The absence of legal regulation of development activities is noted, which leads to the uncertainty of legal relations in this area. In particular, this concerns the developer’s choice of the main and additional types of economic activities in accordance with the National Classifier of Ukraine «Classification of Economic Activities DK 009:2010» (hereinafter — «NACE»). The analysis of practice of developer’s choice of the main types of economic activities in accordance with the NACE is conducted in the article. The necessity of defining development activities as a type of economic activity in the NACE is substantiated, since such activities, in terms of their content, today cannot be fully attributed to any of the classes existing in the NACE. To confirm this position, the author reveals the scientific and legislative definition of «construction organization», compares the common and distinctive features of the categories «development» and «organization of building construction». Emphasis is placed on the inconsistency of the concepts used in class NACE 41.10 «Organization of building construction». The article provides arguments that the class of NACE 41.10 «Organization of building construction», although it is determined by the main type of economic activity for developers in practice, but it does not fully cover the content of development activities. Based on the results of the research, it is proposed to amend the class of NACE 41.10 «Organization of building construction» and supplement it with a new paragraph as follows: «organization in the interests of the customer of a set of actions for the development, direct implementation and attraction to financing of projects related to the creation or qualitative transformation of buildings, increasing their market value and investment attractiveness through the comprehensive preparation of a land plot for further development, construction of new or reconstruction of existing buildings (development activities)».

scholarly journals Sustainable finance: the European Union’s approach to increasing sustainable investments and growth – opportunities and challenges

2019 ◽  
Vol 88 (2) ◽  
pp. 11-27 ◽  
Author(s):  
Duco Claringbould ◽  
Martin Koch ◽  
Philip Owen
Keyword(s):  
Action Plan ◽  
Theoretical Perspective ◽  
Sustainable Growth ◽  
Policy Goals ◽  
Green Finance ◽  
Political Implications ◽  
Sustainable Finance ◽  
Definition Of ◽  
Sustainable Investments ◽  
The Eu

Summary: The article provides an overview of the most important current EU initiatives contributing to sustainable finance. After an introduction on how the concept of sustainability entered the domain of European policy, the definition of sustainable finance from the EU perspective is discussed, as well as its relationship to the concept of green finance. After outlining the need for sustainable finance to achieve EU and international policy goals, the article provides a discussion of sustainable finance from a theoretical perspective, taking into account already existing perspectives from literature. A brief overview is given of what the EU could theoretically do to foster sustainable finance. The article then proceeds with an overview of the most important existing EU initiatives to foster sustainable finance: the Action Plan on financing sustainable growth adopted in March 2018, the EU Emissions Trading System and EU financial support contributing to sustainable finance. Finally, the article provides a discussion of the challenges and political implications of current sustainable finance policies for the EU, followed by conclusions.

scholarly journals Economic effectiveness of the organization’s economic activities

2020 ◽  
Vol 208 ◽  
pp. 03015
Author(s):  
Anton Chepulaynis ◽  
Svetlana Boronenkova
Keyword(s):  
Sustainable Development ◽  
Economic Activity ◽  
Economic Effectiveness ◽  
Economic Activities ◽  
The Future ◽  
Definition Of ◽  
Growth Indicators

The article examines the theoretical aspects of the economic effectiveness of the organization’s economic activity, presents the author’s definition of the concept. To reveal the essence of economic effectiveness, a systematization and classification of types of effectiveness are given. For each type of effectiveness, specific desired ratios and growth indicators (drivers) are indicated, which ensures the continuity and sustainable development of the business in the future.

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