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European Companies (european + company)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%

Selected Abstracts

Preparing for the ,real' market: national patterns of institutional learning and company behaviour in the European Emissions Trading Scheme (EU ETS)

ENVIRONMENTAL POLICY AND GOVERNANCE, Issue 5 2008
Anita Engels
Abstract European companies have reacted in different ways to the European Emissions Trading Scheme (EU ETS), Phase I. While some companies engaged in an active trading behaviour focused on additional revenues, others adopted a strategy orientated to mere compliance with the scheme and aimed for balanced accounts only. This article provides the outcomes of a survey on company behaviour under the EU ETS in Germany, the United Kingdom, the Netherlands and Denmark from 2005 to 2006, in which cross-national differences in trading behaviour are linked to national patterns of policy implementation and the political economies in which companies operate. Thus, specific country patterns of institutional preparation and institutional learning for the ,real' CO2 allowance market in Phase II of the EU ETS (2008,2012) are sketched. Whereas Phase I is distinguished by a net over-allocation of allowances, Phase II is expected to entail some level of scarcity of allowances. We argue that companies are prepared differently to meet the challenges of the future EU ETS. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment. [source]

The Emerging Role of the European Commission in Merger and Acquisition Monitoring: The Boeing,McDonnell Douglas Case

EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2001
Nihat Aktas
The object of this study is to evaluate the consequences of the application of the EEC Regulation 4064/89 to non,European companies. We focus on the Boeing,McDonnell Douglas merger case, one of the first non,European mergers considered by the Commission. The analysis of abnormal returns on the two securities shows that the threat of a ban of the merger by the Commission were not perceived as credible at first. But when Boeing decided to ask the support of the American government, just after the decision of the European Commission to extend its investigations to the long term exclusivity contracts, the role of the Commission emerged. [source]

Corporate Social Responsibility European Style

EUROPEAN LAW JOURNAL, Issue 2 2008
Olivier De Schutter
This article explains how, while CSR may have been initially an idea about the scope of the responsibility of companies towards their environment, it has now become a process in which the representatives of the business community have come to occupy the main role, and whose purpose is to promote learning among business organisations, rather than to identify the components of a regulatory framework for CSR. The central question now, therefore, is whether the so-called ,business case' for CSR is strong enough, so that we may hope that the forces of market will suffice to encourage companies to behave responsibly, over and above their obligation to comply with their legal obligations. The article shows, however, that this case rests on certain presuppositions about markets and the business environment, which cannot be simply assumed, but should be affirmatively created by a regulatory framework for CSR. Following the introduction, it proceeds in four stages. First, it examines the development of CSR in the EU. Second, it offers a critical examination of the so-called ,business case' for CSR, taking into account the growing diversity within the enlarged EU. It then discusses, as an alternative, what a regulatory framework for CSR could resemble, highlighting a number of initiatives which have been taken in this regard by the EU. The article finally concludes that, since the failure of the European Multi-Stakeholder Forum on CSR in 2004, the debate has made a turn in the wrong direction, both because of the mistaken view that the establishment of a regulatory framework for CSR would threaten the competitiveness of European companies, and because of the naive (and contradictory) view that reliance on market mechanisms will suffice to ensure that corporations will seek to minimise the negative social and environmental impacts of their activities, even in circumstances where they are not legally obliged to do so. [source]

Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European Market

FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3-4 2000
Charles Austin Stone
Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market. [source]

Towards a Unifying Model of Systems of Law, Corporate Financing, Accounting and Corporate Governance

AUSTRALIAN ACCOUNTING REVIEW, Issue 20 2000
CHRISTOPHER NOBES
Several authors have observed a relationship between a country's type of legal system and its style of financial reporting. Generally, the causality is presumed to be from legal system to accounting system. However, one model of accounting differences suggests that the type of accounting is an influence on the regulatory system rather than vice versa. This helps to explain why the Netherlands has Roman law but approximately Anglo-Saxon accounting. It also allows for the extensive use by European companies of US or international rules. This paper expands on these themes, and extends the model to include corporate governance. [source]