The impact of securities regulation in the European Union on M&A: Does it compensate to go beyond borders?

Purpose The purpose of this study is to examine the impact of the transposition of the EU directive that regulates M&As on cross-border deals. Acquirers of targets located in the European Union (EU) must comply not only with takeover rules set individually by member states but also with European Council Directives. The most significant of these Directives in the context of mergers and acquisitions (M&As) is the Takeover Bids Directive (TBD). The intent of the Directive is to ensure equal treatment for all companies launching takeover bids or that are subject to a change in control, providing minimum harmonization rules in view of creating a transparent environment for cross-border takeovers. Design/methodology/approach This study uses the event-study and difference-in-differences approaches. Findings Using a sample of 2,129 M&As conducted between 2000 and 2015, this paper finds positive acquisition synergy for acquirers targeting firms from countries with stronger investor protection rules compared to the average of the EU, but no evidence regarding cross-border deals. The results support the prediction that regulation makes countries diverge more depending on their ex ante level of investor protection. Originality/value This study examines the impact of the enactment of the TBD on announcement returns of M&As in the EU.

IMPLEMENTING BEST PRACTICES FOR IMPROVING ENERGY EFFICIENCY IN UNIVERSITIES

BACKGROUND AND OBJECTIVES. Determining the direction of energy saving development is a significant aspect and is present in the policy of rational use of energy resources of leading countries, in most cases it affects the direct consumer and producer of energy, as well as administrative measures. Implementation of best practices of energy efficiency of all types of activities is a tool to improve energy autonomy of universities in Ukraine.METHODS. The study used: the predictive method – to determine the progress of implementation of EU Directive 2012/27/EC in Ukraine; method of comparative analysis – to determine the optimal mechanisms to promote energy efficiency in different countries and the possibility of implementing this experience to create a system of energy efficiency in Ukrainian universities.FINDINGS. Using and expanding the experience of participation in the project to provide energy efficient and comfortable conditions of study in Ukrainian universities together with the European Investment Bank and the Nordic Environment Corporation will allow to upgrade 200 teaching, research and support facilities in 21 universities to improve the energy efficiency of buildings and reduce operating costs of public higher education institutions; quality of teaching, learning, teaching, research and residential buildings. Implementation of such experience will improve the energy efficiency of universities, optimize mechanisms for state regulation, control and stimulation of energy efficiency; solve problems and expand the power of executive authorities and local governments, energy autonomy of universities.CONCLUSION. The analysis of the successes and difficulties of higher professional education for people with disabilities shows that there is an objective need to consolidate the efforts of the higher education community with regional public organizations, executive authorities, regional and city institutions of health, education and social protection to support young people with disabilities.

The non-financial reporting practices of Hungarian listed public interest entities considering the 2014/95/EU Directive

PurposeThis paper aims to investigate the non-financial reporting (NFR) practices of Hungarian listed public interest entities for 2016–2018 in terms of the required disclosure content based on the 2014/95/EU Directive (ED).Design/methodology/approach The authors apply content analysis methodology on Hungarian firms subject to mandatory reporting under the ED. The target variable in the multivariate model is the reporting quality (Qi) measured by a combined index.Findings The authors find that the ED had a moderate impact on Hungary's reporting quality because the overall disclosure of the sample only increased from low to medium level. The authors found that the value of intangible assets is a determinant of the reporting quality before and after the implementation of the ED. The findings support the effect of coercive isomorphism on Hungarian NFR practices.Research limitations/implications The limitation of the research is the number of firms examined. However, the authors covered the entire (non-bank) community of the Hungarian firms subject to the ED.Practical implications The authors suggest that reporting entities build upon the synergy between intellectual capital disclosure and NFR when elaborating their reporting strategies. The authors recommend the integration of ethical matters into corporate strategies and policies. Policymakers may consider the revision of the Hungarian regulations. The authors suggest academics embrace these topics in teaching.Originality/value To the best of the authors’ knowledge, this is the first study that investigates the impact of ED in the context of Hungary. The authors contribute to the existing literature by adding the results of the ridge regression model, highlighting the importance of intangible assets.

The new EU Directive on Transparent and Predictable Working Conditions in the context of new forms of employment

The article examines the reach, protective effects and limitations of the recently adopted European Union (EU) Directive on Transparent and Predictable Working Conditions. After explaining the need for a new instrument, the article analyses the Directive’s protective provisions. Cases of the European Court of Justice are presented to provide the wider context and explain how the EU social acquis impacts upon the implementation of the Directive. Finally, new developments in the EU labour and social field are discussed, making recommendations of possible avenues for providing protection to a larger category of workers.

Non-financial reporting in Spain. The effects of the adoption of the 2014 EU Directive

The Directive 2014/95/EU imposes new requirements regarding the disclosure of non-financial information (NFI). The aim of this paper is to analyse the NFI disclosed by Spanish listed companies. This is a pioneering study in Spain, since it was conducted during the first year in which NFI disclosure was mandatory, according to the requirements of the Spanish adaptation of Directive. We determine whether decisions on NFI reporting adopted in this respect (i.e. to do so within the management report or as a separate sustainability report) depend on the company’s characteristics. In addition, we consider whether the content of such reports differs significantly. Findings show that some Spanish companies do not disclose mandatory NFI. Larger and more profitable companies, which belong to specific sectors and have a sustainability committee, are more likely to disclose this information in a sustainability report. The contents of management and sustainability reports present significant differences. La Directiva 2014/95/UE impone nuevos requisitos en cuanto a la divulgación de información no financiera (IFN). El objetivo de este trabajo es analizar la IFN divulgada por las empresas cotizadas españolas. Se trata de un estudio pionero en España, ya que se realizó durante el primer año en el que la divulgación de IFN era obligatoria, según los requisitos de la adaptación española a la mencionada Directiva. Determinamos si las decisiones sobre la presentación de la información no financiera adoptadas al respecto (es decir, hacerlo dentro del informe de gestión o como un informe de sostenibilidad independiente) dependen de las características de la empresa. Además, estudiamos si el contenido de dichos informes difiere significativamente. Los resultados muestran que algunas empresas españolas no divulgan la información no financiera obligatoria. Las empresas más grandes y rentables, que pertenecen a sectores específicos y que tienen un comité de sostenibilidad, son más propensas a divulgar esta información en un informe de sostenibilidad. Los contenidos de las memorias de gestión y de sostenibilidad presentan diferencias significativas.

RESEARCH ON RADON (222Rn) CONTENT IN DRINKING-WATER SAMPLES COLLECTED FROM SIBIU COUNTY

The isotope radon (222Rn), an inert water-soluble gas that may contaminate water, represents a potential risk for human health, including cancer. The present study reports the evaluation of the 222Rn concentration in drinking-water samples collected in 2020 from 10 sources located in Sibiu County, as measured using the pulse ionization chamber. Values of 222Rn varied from 0.0549 to 37.4770 Bq/l, with an average of 4.586 Bq/l. These values were below the maximum level of 100 Bq/l recommended by WHO and EU Directive/Euratom. With the exception of the sample from groundwater, the others showed 222Rn values below the maximum level of 11.1 Bq/l, as recommended by US EPA. In the case of impermeable soils, this radionuclide floats inside the cracks until it reaches the atmospheric air, so it is harmful to human health both in water and in the air. Evaluation of radon in water, in particular from groundwater sources becomes essential for the management of remedial solutions.

Occurrence of Linear Alkylbenzene Sulfonates, Nonylphenol Ethoxylates and Di(2-ethylhexyl)phthalate in Composting Processes: Environmental Risks

Composting is an important waste management strategy, providing an economical and environment-friendly approach to sanitizing and stabilizing biosolids for land soil amendment. However, the resulting product can contain a large number of organic pollutants that may have adverse effects on the ecosystem. This paper presents the occurrence of eight widely used organic pollutants (four linear alkylbenzene sulfonates (LAS C10-C13), nonylphenol and its mono- and di-ethoxylates (NPE) and a di(2-ethylhexyl)phthalate (DEHP)) in full-scale composting processes. LAS homologues were detected at the highest concentrations (range of ∑LAS: 2068–9375 mg kg−1 dm), exceeding the limit fixed in the EU Directive draft. The concentration levels of the NPE and DEHP were significantly lower (up to 27.5 and 156.8 mg kg−1 dm, respectively) and did not exceed their fixed limits in the EU Directive draft. Ecotoxicological risk assessment for when compost is amended onto soils has also been evaluated. The concentrations measured represented a medium-low risk for most compounds, although it was not enough in the case of LAS C11 and C13 and NP.

Brief explanations on EU Directive no. 680/27.04.2016 in the field of personal data processing

The processing of personal data is regulated by Directive 680/2016 when it is carried out by national security institutions or by law enforcement bodies. The Directive establishes the general framework for exemption from the principles of personal data protection enacted by the GDPR, establishing a restrictive and reasoned temporary derogation, considered indispensable for carrying out activities aimed at ensuring national security or the national judicial system, as well as prevention, detection and combating crime.

TECHNOLOGICAL REQUIREMENTS FOR MECHANIZATION PORK PRODUCTION

The purpose of the research is – develop technological requirements for technical means for pork production on pig farms, adapted to EU standards. Research methods. During the development of technological requirements for mechanization of pork production on pig farms, adapted to EU standards, the basic regulatory documents were used: EU Directive 91/630 of 19.11.1991; EU Directive 2008/120 of 18.12.2008. Technological requirements for mechanization of pork production are formed by the following components: keeping pigs, feeding pigs, watering pigs, removing manure, creating a microclimate, veterinary services. Research results.Technological requirements for mechanization of pork production were developed for the first time in Ukraine. The design of equipment for keeping pigs must provide conditions for keeping animals close to natural. In accordance with EU regulatory requirements, free conditions for keeping animals must be ensured. The technological area of the machine per animal must be at least: 0.15 m2 for pigs with an average live weight of up to 10 kg; 0,2 m2 for pigs with an average live weight of 10 kg to 20 kg; 0,3 m2 for pigs with an average live weight of 20 kg to 30 kg; 0,4 m2 for pigs with an average live weight of 30 kg to 50 kg; 0,55 m2 for pigs with an average live weight of 50 kg to 85 kg; 0,65 m2 for pigs with an average live weight of 85 to 110 kg; 1,0 m2 for pigs with an average live weight of more than 110 kg. Dimensions of individual machines for keeping pigs: width - 60 cm, length - 170 cm, area 1,0 m2; sows - width - 65 cm, length - 190 cm, area 1,2 m2. The number of pigs in the technological group must be at least 6 heads. The minimum technological area for individual keeping of an adult boar should be 6,0-7,5 m2. The technological area of the machine for keeping the breeding boar and sow during mating must be at least 10 m2. Piglets kept near sows should be provided with a comfortable heated area. During group keeping of pigs, their simultaneous access to feed must be ensured. When creating drinking bowls for pigs, it is necessary to take into account the technological requirements regarding the need of pigs for water and its flow rate. Pigs should not be kept in conditions with high excess air temperature and high relative humidity. When creating equipment for pig breeding, it is necessary to take into account the negative impact of air currents in piggeries on animals. It is not allowed to keep pigs constantly in the dark. Conclusions. For the first time in Ukraine, technological requirements for technical means for pork production on pig farms, adapted to EU standards, have been developed, taking into account the following components: keeping, feeding, watering pigs, manure removal, creating a microclimate, veterinary services. Technological requirements will be useful in the creation and implementation of modern machinery and equipment for pig farms.

REQUIREMENTS FOR CREATING CONDITIONS FOR KEEPING ANIMALS ON DAIRY FARMS

The purpose of the research is – to develop requirements for creating comfortable conditions for keeping farm animals, taking into account EU standards, during milk production on farms. Research methods. During the development of requirements for the creation of comfortable conditions for keeping farm animals, taking into account EU standards, in the process of milk production on farms used the following basic regulations: Council Directive 98/58/EU, Council Directive 91/629/EU, Council Directive 92/46/EU, Commission Directive 89/362/EC. Requirements in the field of milk production, adapted to EU standards, are systematized by the following components: keeping, feeding, watering animals, milking cows, milk cooling, manure removal, creating a microclimate, veterinary care. Research results. In practice, during milk production it is necessary to create free, comfortable conditions for keeping cattle. Convenient access of service personnel to the place of calving of cows should be provided. In the conditions of the maternity ward, the technological areas should be 8-10 m² per cow. Young cattle, including calves, should be provided with a clean and dry rest area, protected from drafts. According to EU regulations, calves up to eight weeks of age can be kept in individual cages or in group cages. According to EU Council Directive 97/2, calves older than 8 weeks of age are kept only in group cages. In accordance with the EU Directive 97/2 technological areas for keeping young cattle with a live weight of up to 150 kg - must be at least 1,5 m² / head., Live weight 150 - 220 kg – 1,7 m² / head., Live weight 220 kg and more – 1,8 m² / goal. Technological areas for keeping animals with a live weight of 200 to 500 kg - from 2,7 to 4,7 m² / goal. The feeding front for young cattle with a live weight of 200 to 500 kg is from 0,4 to 0,6 m / goal. The technological area in the section per cow must be at least 6 m² / head. Rational sizes of boxes for rest of cows: width 1,2 m, length (near a wall) - 2,6 m, length (in paired boxes) - 2,45 m, height of a protection of a box - 1,1 ± 0,05 m, an inclination boxing floor towards the manure passage 5 ± 1%, the height of the boxing floor above the level of the manure passage 0,2 – 0,25 m. The width of the rest area of cows must be at least 6 m. In accordance with EU Council Directive 98/58 must be provided free access of animals to feeders and feed. EU Commission Decision 97/182 states that priority should be given to the feeding of whole milk substitutes when feeding calves. A feeding front for cows must be provided – 0,7 ± 0,05 m. In accordance with EU Council Directive 98/58, free access of animals to drinking troughs and water must be ensured. According to European standards, the total bacterial contamination of milk should be - ≤ 300 thousand KUO / cm³, the number of somatic cells in milk - ≤ 400 thousand /cm³. Drainage of wastewater from milking parlors, household premises of the farm is carried out using a separate from the manure removal system - sewer system. The bactericidal phase of fresh milk is 4 hours, no later than this period you need to start processing milk into dairy products. The depth of the manure channel in the livestock building should be 8 - 20 cm, the sides of which are located at right angles to the surface of the channel. The minimum width of the manure passage for cows should be 2,7 m. An acceptable level of air temperature for cows during the year from minus 10 °C to + 25 °C at a relative humidity of up to 80 %. Periodically carry out preventive veterinary measures, weighing animals, trimming the hooves of limbs in cows 2-4 times a year, monthly examination of cows for mastitis using mastitis detectors. Conclusions. For the first time in Ukraine, requirements have been developed to create comfortable conditions for keeping farm animals, taking into account EU standards, during milk production on farms. Requirements adapted to EU standards in the field of milk production are systematized by the following components: keeping, feeding, watering dairy cattle, milking cows, cooling milk, manure removal, creating a microclimate, veterinary care.