Entrepreneurs 4.0

2018 ◽  
pp. 188-213
Keyword(s):  
Private Sector ◽  
Crowding Out ◽  
Investment Funds ◽  
Public Intervention ◽  
Opportunity Entrepreneurship ◽  
Federal Intervention ◽  
Family Smes ◽  
Succession Process ◽  
Global Entrepreneurship ◽  
The Eu

According to the GEM (Global Entrepreneurship Monitor) classification, there are only necessity and opportunity entrepreneurship. When linked to public policies, public intervention creates crowding-in effects to compensate for, and even to overcome, the crowding-out effects produced. The generation of crowding-in effects is notably intense in the EU when governments apply EU Structural and Investment Funds. In this case, federal intervention causes benefits to the private sector, and startups can transform into SMEs. The final goal of SMEs is to give a legacy to society as a way to return to society what the company has received from it (social mortgage). In this process, both the proprietor-manager dilemma and the succession process are a problem, mainly in family SMEs, which determine the future of the company.

Cross-border Distribution of Collective Investment Products in the EU

2018 ◽  
Author(s):  
Matteo Gargantini ◽  
Carmine Di Noia ◽  
Georgios Dimitropoulos
Keyword(s):  
Home Country ◽  
Legal Framework ◽  
Business Rules ◽  
Investment Funds ◽  
Legal Rules ◽  
Section 8 ◽  
Cross Border ◽  
Product Regulation ◽  
Supervisory Practices ◽  
The Eu

This chapter analyzes the current regulatory framework for cross-border distribution of investment funds and submits some proposals to improve it. The chapter is organized as follows. Section 2 provides a schematic description of the legal taxonomy for collective investment schemes. Section 3 addresses the EU disclosure regimes that apply to the distribution of various types of investment funds. Sections 4 and 5 consider conduct-of-business rules and, respectively, the legal framework for the allocation of supervisory powers on product regulation when fund units are distributed in more than one country. Section 6 provides some data that help assess the performance of the current framework for cross-border distribution. It then analyzes some of the residual legal rules and supervisory practices that still make cross-border distributions of funds more burdensome than purely national distributions, whether these restrictions are set forth in the country where investors are domiciled (Section 7) or in the fund's home country (Section 8).

Europapolitik im föderalen Haus

2021 ◽  
Author(s):  
Antonios Souris
Keyword(s):  
Voting Behaviour ◽  
Civil Protection ◽  
The European Union ◽  
Roll Call ◽  
Investment Funds ◽  
Data Set ◽  
Ideal Types ◽  
Policy Positions ◽  
German States ◽  
The Eu

The European Union (EU) Committee of the German Bundesrat takes centre stage in the constitutionally guaranteed mechanism that allows the 16 German states (Länder) to participate in EU affairs. Hence, the EU Committee is a key player when it comes to the formulation of and decisions on the states’ policy positions towards Europe. This study scrutinises the interests and conflicts of the Länder based on three ideal types of voting behaviour, consensus as well as territorial and partisan dissensus, and a new data set that comprises 6,220 roll call votes in the EU Committee. Case studies on three policy issues, EU civil protection, the European structural and investment funds, and crisis management in the eurozone, complement the study’s data analysis.

scholarly journals The Influence of the European H2020 Program on the Development of Regions: The Multiplier Impact of EU Funding in the Regions under Horizon 2020 in NUT III - North

2019 ◽  
Vol 17 (3) ◽  
pp. 853-871
Author(s):  
Natacha Jesus Silva ◽  
Diamantino Ribeiro
Keyword(s):  
Regional Economy ◽  
Community Support ◽  
Northern Region ◽  
The European Union ◽  
Final Phase ◽  
Investment Funds ◽  
Horizon 2020 ◽  
Regional Investment ◽  
Partnership Agreement ◽  
The Eu

The partnership agreement between the European Union and the Member States for the implementation of the European Structural and Investment Funds for the period 2014 to 2020 is in its final phase. This study analyzes the multiplier impact on regional investment of the European funds made available to the northern region of Portugal - NUTS III, until September 2018 and intends to answer the following questions: What is the amount invested in the regional economy for each euro of support allocated by the EU through the H2020 program, and what is the percentage distribution of community support versus investment per area of intervention?

Country-level determinants and consequences of overconfidence in the ambitious entrepreneurship segment

2018 ◽  
Vol 36 (5) ◽  
pp. 473-499 ◽  
Author(s):  
Jerzy Cieślik ◽  
Eugene Kaciak ◽  
André van Stel
Keyword(s):  
Empirical Support ◽  
Development Stage ◽  
Policy Implications ◽  
Global Entrepreneurship Monitor ◽  
Country Level ◽  
Combining Data ◽  
Global Entrepreneurship ◽  
Almost All ◽  
The Cost ◽  
The Eu

Countries vary widely and systematically in the extent to which the ambitions of their entrepreneurs differ from their realisations. We label this discrepancy entrepreneurial overconfidence (EOC). Although a certain level of EOC may be beneficial for an economy, we provide empirical support for the argument that if entrepreneurial ambitions substantially and systematically exceed realisations, this may be at the cost of economic and societal prosperity. Therefore, we need to know more about country levels of EOC and their determinants, particularly with respect to the growth-oriented segment of entrepreneurship. Combining data on entrepreneurial ambitions from Global Entrepreneurship Monitor and data on realisations from Eurostat, we construct a measure of EOC at the country level and correlate its variation across 23 European Union (EU) countries over the period 2004–2015 with a set of economic and cultural factors. Among other findings, our results show that ambitions exceed realisations in almost all countries, but that this discrepancy is significantly greater for new member countries entering the EU since 2004. Policy implications of our results are discussed, particularly for promoting ambitious entrepreneurship in countries at the intermediate development stage.

The Socialization of Greece’s Debt

2019 ◽  
pp. 261-273
Author(s):  
Jerome Roos
Keyword(s):  
Private Sector ◽  
Adjustment Costs ◽  
Pension Funds ◽  
Member States ◽  
Debt Restructuring ◽  
Eu Member States ◽  
Radical Shift ◽  
Private Sector Involvement ◽  
The Eu ◽  
The Imf

In March 2012, Greece opened a tender for a voluntary bond exchange in which its private bondholders could swap their securities for a variety of redenominated debt instruments. This chapter discusses the lead-up to and outcome of this debt restructuring, showing how the debt swap was specifically designed to spare the biggest private bondholders—EU banks—while leaving Greek taxpayers and pensioners to foot the bill for the subsequent hit taken by their own banks and pension funds. It shows how the debt restructuring of 2012 led to a radical shift in Greece's debt profile and creditor composition: from bonds held by private EU banks to official-sector loans from the EU member states and the IMF. By the end of private sector involvement, both the adjustment costs for the crisis and the risk of a future default had been fully socialized.

Vermögenstrennung bei True Sale Verbriefungen

2021 ◽  
Author(s):  
Martin Freytag
Keyword(s):  
Civil Law ◽  
German Law ◽  
Investment Funds ◽  
The Eu

In the context of the EU Commission's efforts to revive the securitization markets, this book deals with the contractual structuring of true sale securitizations under German law. Taking Luxembourg law into account, the author identifies the structuring of the securitization vehicle as a key element for the legally secure structuring of a true sale securitization and examines in particular the bankruptcy-remote structure of securitization vehicles in the light of the limitations of civil law. Furthermore, the author draws a distinction between true sale securitizations and investment funds and conclusively discusses possible regulatory approaches de lege ferenda.

Strategic Aspects of Non-Family SMEs Succession

2014 ◽  
pp. 282-304
Author(s):  
Susanne Durst ◽  
Simon Katzenschlager
Keyword(s):  
The Netherlands ◽  
Performance Measurement ◽  
Employee Involvement ◽  
Measurement Systems ◽  
Family Smes ◽  
Succession Process ◽  
Performance Measurement Systems ◽  
And Performance ◽  
Shed Light

While reviewing SME succession literature, an empirical dearth in internal non-family SMEs succession research was detected. This situation is somewhat surprising considering the demographic developments and the fact that in many countries (e.g. Belgium and the Netherlands) the majority of business transfers are actually non-family. In this chapter, internal non-family succession is explored in a smaller Austrian company to shed light on how the firm is preparing for this type of succession. With regard to succession preparation, insights into the aspects of successor selection, successor training, employee involvement in the succession process, and performance measurement systems are provided. The findings this chapter reports may be useful for both academics and practitioners.

Governments and Activities in the Public Interest

2019 ◽  
pp. 154-177
Author(s):  
Sijbren Cnossen
Keyword(s):  
New Zealand ◽  
Private Sector ◽  
Public Interest ◽  
Unfair Competition ◽  
The Self ◽  
African Countries ◽  
The Public ◽  
African Experience ◽  
The Eu

Chapter 11 discusses the EU legacy of taxing public bodies, illustrated by the African experience. The EU’s out-of-scope approach is bedevilled by distortions arising from the self-supply bias, the investment disincentive, and, somewhat more remotely, unfair competition vis-à-vis the private sector. Outside Africa, countries with VAT have addressed these issues differently. Various EU countries and Canada, for example, have designed input tax refund mechanisms to eliminate the self-supply bias and the investment disincentive. Still other countries, such as New Zealand, tax governments and activities in the public interest in full and have thus come to terms with the unfair competition issue, too. A concluding section summarizes the characteristics and effects of the various approaches and attempts to formulate a recommendation for African countries.

Regulation and Privatisation of the Public Water Supply in England, France and Germany

2007 ◽  
Vol 8 (2) ◽  
pp. 101-116 ◽  
Author(s):  
Johann Wackerbauer
Keyword(s):  
Private Sector ◽  
Water Supply ◽  
Water Resource Management ◽  
Market Structures ◽  
The Public ◽  
The United Kingdom ◽  
Publicly Owned ◽  
Water Companies ◽  
Basic Features ◽  
The Eu

Faced with liberalisation proposals and an increasing internationalisation of water resource management, the question arises as to how a change of the regulatory framework in Germany would affect the market structure and the supply conditions in this area. The water supply companies in Germany have invested ca. €2.5 billion annually to achieve a high technical standard, which has resulted in high cost increases and price hikes. It is thus presumed that there is a high rationalisation potential for the municipal water suppliers. The questions of economic efficiency and the participation of private providers in the water supply have increasingly gained importance. A liberalisation of the water supply can take place in different ways; the concrete basic features depend on what regulations the market for drinking water is or should be subject to and in what way and to what extent the private sector is involved into the organisation of water supply. In the EU-15, the only country where the provision of operational services in the water supply has been totally passed to the private sector is the United Kingdom, but this is only true for England and Wales. Another singular case is France, where there is a mix of mainly private operating companies and municipalities which have divided the regional supply areas among themselves. In six other EU-15 countries where some privatisation took place, either the municipalities or (majority) publicly owned companies are controlling water supply. In the remaining seven countries, the water supply is organised by municipality companies only. In this paper the two unique forms of privatisation in France and England/Wales as well as the German method of privatisation as an example for the interaction of municipalities and majority publicly owned water companies are discussed, especially with regard to the corresponding effects on competition and market structures.

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