Corporate Regulation Research Articles

Methodological foundations for substantiating safe levels of exposure to artificial nanomaterials (for example, carbon nanotubes) (literature review)

Introduction. The unique physicochemical properties of carbon nanotubes allow them to be used in many fields. The global nanomaterials market is growing every year. An important step in introducing products to the domestic and world markets is to determine the safe exposure levels of CNTs. Establishing a corporate standard can serve as a preliminary stage before the approval of a state hygiene standard. Material and methods. The material for the analysis was the sources of information on the available standards for the content of CNTs in the air of the working area using information from regulatory agencies, research centers, CNT manufacturers, bibliographic and abstract databases Web of Science, Scopus, PubMed, RSCI. Results. A scheme for justifying safe levels of exposure to CNTs (corporate standard) has been developed, consisting of several stages: characterization of CNTs in the air at workplaces, selection of experimental doses of CNTs, preparation of CNT dispersions, and conducting toxicological and hygienic experiments. Justification of the corporate standard is carried out in in vitro and in vivo experiments. The planning of experiments should be carried out taking into account the target organ under the influence of CNT - the respiratory system. The recommended dose / concentration range for experiments should include doses / concentrations derived from calculated and literature data. A necessary step is to obtain homogeneous dispersions in which CNTs become bioavailable for biological systems. In vitro and in vivo experiments determine the level of exposure at which no harmful effect is observed and / or the lowest level of exposure at which there is a harmful effect on the cell culture / respiratory tract of animals. After the stage of substantiating the corporate standard, the enterprise should take measures for several years to adjust the corporate standard based on data from clinical and hygienic studies, during which the working conditions and health status of workers are monitored, and extended toxicological and hygienic studies. Conclusion. The presence of a corporate standard will allow the manufacturer of CNTs to carry out activities for the development and implementation of a production control program with the introduction of monitoring the air condition in the working area. The development of a corporate regulation can be seen as a preparatory stage before the establishment of a government regulation.

An Analysis on The Creation of Condusive Working Envi-ronment Conditions at Bob PT Bumi Siak Pusako-Pertamina Hulu

This research aimed to know the corporation policies, physical and non-physical work environment factors, obstacles and solutions which was faced and carried out made in the creation of a conducive working environment at BOB PT Bumi Siak Pusako-Pertamina Hulu. This research was held at the BOB PT Bumi Siak Pusako-Pertamina Hulu, Zamrud on September 2019. The results of this research indicate that in creating a conducive working environment the corporation makes policies such as the corporation's policy on occupational safety and health, make policies for employees enters at 07.00 until 05.00 pm and enters 10 on/off days, provide counselling related to work environment issues, adherence to the Corporation Regulations, and adherence to the work standards that had been outlined in the SOP. Cleanliness, room area and lighting, room temperature, health facilities, sports, worship facilities, and libraries were included in discussions of physical work environment factors, moreover, about non-physical environment factors such as relationship of superiors with subordinates and relationships between employees. There are obstacles like job exchanges that must be explained in detail, workers from outside the area so they do not have to travel from home to work, government regulations that alter profit every day. To resolve the issue, we arranged to meet more frequently, tried to rest at the guesthouse, and complied with government regulations.

Aims and criteria for advancing technology management research at the Journal of Operations Management

Aims and criteria for advancing technology management research at the <scp>Journal of Operations Management</scp>

The Top-Down Model: A Discussion of Corporate Social Responsibility Policy in China

&#x0D; &#x0D; &#x0D; &#x0D; Corporate Social Responsibility (CSR) has gained significant prominence in China in the period after the reforms and opening-up of the Chinese economy which ushered in the separation of corporate management and state administration as well as the integration of the Chinese economy with the global economy. Since then, the Chinese government and citizens have realized the need to hold enterprises responsible for the effects of their activities on society; and hence began to formulate CSR policies, and to integrate relevant laws, incentives, supervision and control mechanisms in corporate regulations. In 2001, China’s accession to the WTO provided a platform for international reference and exchanges for the development of CSR policies. In 2006, CSR was recognized by the country’s highest authority in legal form for the first time, which also meant that CSR became a national economic development strategy and policy. Unlike the private sector-led CSR in Europe and North America, this study shows that CSR in China is mainly a government-guided phenomenon and more popular among state-owned enterprises (SOE). In this light, we opine that the improvement of CSR policy and practice in China requires reforms designed with special consideration of the unique characteristics of the Chinese society to encourage stakeholder involvement in the policy formulation and participation in the implementation process.&#x0D; &#x0D; &#x0D; &#x0D;

Board Composition and Social &amp; Environmental Accountability: A Dynamic Model Analysis of Chinese Firms

This research contributes to the existing corporate governance (CG) and social and environmental accountability (SEA) literature by exploring the impact of CG mechanisms (board independence, board size, CEO duality, and board gender diversity) on Chinese firms’ environmental performance, sustainability performance, and environmental information disclosures (EID). Furthermore, the investigation consequently ascertains the amount to which the CG–SEA connection is influenced by CEO qualities. Using a dynamic model of a SysGMM regression model, we found that board size, independence, and gender diversity in board and CEO duality are all favorably connected to Chinese enterprises’ environmental performance over a window of 10 years (2010–2019). Additionally, our findings imply that the analyzed CEO characteristics positively moderate the relationship between CG and SEA. Our findings have significant consequences for all stakeholders, including environmentalists, corporate regulators, CEOs, policymakers, and regulators.

Social Roles and Organizational Culture: Attributions of Responsibility and Punitiveness for Financial Crime

A white-collar offender’s role and the organizational culture in which the crime occurs affects subjective evaluations of offender culpability. However, how they affect responsibility attributions and punitiveness is unclear. We examine attribution processes by conducting a factorial experiment to test a proposed model. We test attribution theory derived predictions using innovative methods of scale creation and nonparametric analyses. Participants attribute more responsibility and are more punitive of individuals and offenders in organizational cultures where illegality is atypical. Our five proposed dimensions of responsibility are predictive of responsibility attributions, and path analysis shows offender role and offense environment affect how the five dimensions of responsibility affect attributions. Our findings have implications for criminal justice and adjudication processes and corporate regulation.

U.S. Securities and Exchange Commission (SEC) brings regulation FD enforcement action against AT&amp;T Inc.

Purpose To explain and analyze the U.S Securities and Exchange Commission’s complaint filed in the U.S. District Court for the Southern District of New York against AT&amp;T Inc. alleging repeated violations of Regulation FD (Fair Disclosure), and against three of AT&amp;T’s Investor Relations executives for aiding and abetting those violations. Design/Methodology/Approach Describes the SEC’s allegations and AT&amp;T’s response and recommends practice points that issuers and their legal counsel can draw from the enforcement action. Findings The SEC’s suit against AT&amp;T and its three IR executives serves as an important reminder that the SEC remains committed to ensuring the full and fair disclosure of information by issuers and is willing to litigate Regulation FD-based enforcement actions when it deems necessary. Practical Implications Every public company must develop systems to manage selective disclosure risks in its investor relations program. Originality/Value Practical guidance from experienced corporate governance, litigation, capital markets, securities enforcement and regulation lawyers.

Post COVID-19 financial distress in Pakistan: Prediction of corporate defaults at Pakistan Stock Exchange

COVID-19 has slowed down the global economic activity. This slowdown is expected to turn into an economic recession, where firms are expected to experience financial distress leading to corporate defaults. Predicting such defaults is important to safeguard the stakeholders’ interest in the financial markets. This study has estimated the extent of financial distress among the firms listed at PSX and constituting KSE 30 index, by using Altman’s Z-Score. The score has been computed using the financial statements of year 2019-20, and on the proforma financial statements for year 2019-20 and 2020-21. These financial years are considered as pre and post COVID-19 closing dates respectively for the financial statements. The proforma financial statements have been drawn for financial year 2019-20 and 2020-21 using established accounting conventions of prudence, conservatism, substance over form, and foreseeable future. The results of Z-score in pre and post COVID-19 have been compared to assess the change in degree of financial distress among the selected firms. A significant increase in the degree of financial distress has been observed, which may lead to an increased number corporate default for the firms listed at PSX. The firms and corporate regulators need to curtail the rate of corporate defaults.

LEGAL POLITICS OF CORPORATE CRIME IN INDONESIA

A corporation is often followed by violations or even unlawful acts, including violations of criminal law. Corporate crime can also be categorized as an organized transnational crime. At this time corporations as legal subjects can be subject to criminal charges. By accommodating the position of corporations as subjects of general criminal law, corporations can be considered as perpetrators of criminal acts like humans as legal subjects. Unlike before, where the position of the corporation as a subject of criminal law is only accommodated by laws outside the Criminal Code which regulates certain offenses. The regulation outside of the Criminal Code makes the regulation of corporations a subject of criminal law and their criminal liability differs from one regulation to another. With the regulation in the R-KUHP, of course, it will also make uniform regulations regarding corporations as a subject of criminal law, so that there is no difference. However, the regulation of corporations as a subject of criminal law, the current R-KUHP concept is still considered to have shortcomings, because it uses the identification doctrine as the basis for criminal liability

The Nexus Between Corporate Governance and Firm Performance During COVID-19 Pandemic in Sri Lanka

The COVID-19 has redefined the world operation. Specially COVID-19 pandemic shows a higher impact on the business field. Accordingly, this study aims to find the impact of corporate governance on firm performance during the Covid-19 pandemic in Sri Lanka. The quantitative methodology deployed and secondary data was collected from 27 companies listed in Colombo Stock Exchange (CSE) for 209 and 2020. The results depicted that pandemic has affected the Corporate Governance (CG) measures unfavorably. Further, board size and qualification of director’s show a positive association between firm performance meantime, NED proportion, Gender diversity, Board meeting, Audit committee size and Audit committee meeting show a negative association between firm performance. It clearly reveals that COVID-19 severely impact the corporate governance attributes and firm performance. The corporate management, regulators, and investors must consider the board’s board size and qualification to recover the corporate sector in any crisis. This study provides a unique contribution to the literature of COVID-19 and firm performance in emerging economies.

ПОДАТКОВЕ РЕГУЛЮВАННЯ ТА СТИМУЛЮВАННЯ СОЦІАЛЬНОЇ СФЕРИ УКРАЇНИ

Анотація. Податкове регулювання скорочує невизначеність майбутніх податкових витрат економічних суб’єктів і ступінь їхньої адаптації до агресивного зовнішнього середовища. Саме тому особливості процесу оподаткування, його значущість для економіки країни в цілому та кожного платника податків зокрема викликають необхідність виділення системи управління податковими платежами в самостійну галузь фінансового менеджменту та окремий науково-практичний напрям економічної думки в Україні. На даний час в Україні застосовуються окремі елементи і прийоми податкового регулювання, але відсутня цілісна теоретична і методологічна база, на якій повинна будуватися система відповідних практичних рішень, заходів і механізмів управління податками як на рівні суб’єктів господарювання, так і всього податкового процесу країни. Тому необхідність виділення системи управління податками в особливу галузь наукових знань очевидна. Складність і мінливість сучасного економічного середовища, невизначеність і ризиковість функціонування підприємств і державного фінансового господарства примушують підвести наукове підґрунтя під процес податкового регулювання з урахуванням реалій ринкової економіки. Причому, з ускладненням податкових систем і економічних зв’язків під впливом процесів глобалізації роль податкового регулювання зростає. Особливо це стосується сучасної України, де ринкові відносини та інститути ще остаточно не сформовані. Регулювання податкових платежів українськими підприємствами також вимагає свого методологічного обґрунтування і практичного розвитку. Корпоративне податкове регулювання повинно стати однією з найважливіших функцій управління підприємством, яка, на жаль, поки що застосовується безсистемно і здебільшого в цілях мінімізації (замість оптимізації) податкових платежів. Зазначене свідчить про надзвичайну важливість наукового розв’язання проблеми податкового регулювання в контексті організації управління податками на підприємстві. Податкова політика України, як основний напрям реалізації її фінансової діяльності, є ключовим чинником державотворення. Регулювання соціальної сфери засобами податкової політики є одним із найважливіших напрямів державного регулювання, насамперед, в умовах нестабільної економіки. Ознайомлено з ключовими напрямами податкової політики держави відповідно до пріоритетів соціальної сфери. Основне завдання полягає в аналізі тенденцій податкового регулювання у контексті соціальних процесів. Запропоновано кілька дієвих інструментів податкового регулювання соціальної сфери України. Проведено порівняльний аналіз особливостей застосування інструментів податкового регулювання соціальних процесів у вітчизняній практиці. Наведено порівняльну характеристику механізмів зниження податкових платежів. Виявлено тенденції розвитку податкової системи України в контексті соціальних процесів. Визначено соціальні аспекти реалізації антикризової податкової політики. Розроблено науково-методичні та практичні рекомендації щодо підвищення ефективності податкового регулювання соціального розвитку. Ключові слова: податкове регулювання, соціальна сфера, податок, оподаткування, державні гарантії. Формул: 0; рис.: 0; табл.: 2; бібл.: 11.

Tax regulation of multinational corporations: development trends in the Russian Federation

The question of tax regulation of multinational corporations is quite topical. This article analyzes some aspects of tax regulation of multinational corporations in Russia, as well as outlines promising vectors of the development of tax regulation of multinational corporations, taking into account the practice and results of the analysis of information sources suggested for using within the framework of the method of comparable market prices, and correlation between the account statements indicators of independent Russian trade companies. Substantiation is given to the accounting for certain types of other income and expenditures, as well as the need for the implementation of &amp;ldquo;safe harbor&amp;rdquo; for transactions with intangible assets. The author offers an alternative for calculating the boundaries of &amp;ldquo;safe harbor&amp;rdquo;. In the course of writing this article, the author observed the practice of enforcement of rules that regulate the formation of taxation bases, carried out statistical analysis, and used general logical methods. The conclusion is made that the development of regulation of multinational corporations is a promising direction, as these economic entities generate significant financial flows. The variety of operational models and organization techniques complicate the development of the universal global approach, which consists in distribution of financial results between the accepting countries. Elimination of ambiguity in tax relations is an important vector of development. The article offers the solutions to this problem.

‘Corporate Culture’ Is the ‘New Black’ – Its Possibilities and Limits as a Regulatory Mechanism for Corporations and Financial Institutions

A common and recurring theme in analyses of the causes of the Global Financial Crisis (‘GFC’) is the poor culture of corporations and financial institutions. It is unsurprising then, that in its aftermath, arguments that regulatory reform, absent a changed culture, will be ineffective gained momentum. The succession of corporate and banking scandals post-GFC, both globally and locally, suggests that corporations and banks have failed to address their cultural failings. Meanwhile, the perceived failure of regulators to hold to account wrongdoing corporations and directors, by not prosecuting them, has weakened public confidence and trust in the financial sector, regulators and political oversight. Indeed, trust in public institutions in Western liberal democracies is at an all-time low. Australia, up to the beginning of the COVID-19 crisis, has not been immune from this phenomenon as the Hayne Banking Royal Commission hearings have demonstrated. The focus of this article is on the role of ‘culture’ in corporations and the extent to which corporate culture can be used as a regulatory tool. It will contend that despite a wealth of scholarly work and commentary on ‘corporate culture’, efforts to use it as a legal mechanism in prosecutions and as a regulatory device to instil a superior culture in corporations remain problematic. This is not to say that recent initiatives that focus on culture as a key item of interest in the regulation of corporations, such as embedding Australian Securities and Investments Commission specialist staff in the major Australian banks are not important; only that it is unlikely that we will see public confidence and trust in corporations and regulators being restored any time soon.

경제의 관치를 강화시킬 2020년 기업규제 3법 및 노동3법 개정 &lt;논평&gt;

이 글에서는 지난 2020년 정기국회에서 통과된 기업규제 3법 및 노동3법에 대해서 그 내용과 문제점들을 살펴보고자 했다. 그 법들이 ‘경제민주화’라는 프레임 하에서 제출되고 통과되었기에, 시장경제에서 통용가능한 진정한 ‘경제민주화’는 어떤 것이어야 하는지의 시각에서 살펴보았다. 진정한 경제민주화는 시장에서 소비자의 선택권을 중심으로 한 것이어야 한다. 이것을 도외시한 개념으로서의 ‘경제민주화’는 잘못된 것일 뿐 아니라, 경제의 관치(관치경제)를 포장한 말에 불과하다. 기업은 시장에서 소비자의 사랑을 받을 경우 성장하고 그렇지 못할 경우에 소멸한다. 기업가의 창의와 노력이 시장에서 매일 평가받음에도 불구하고, 국가가 기업가에 대한 감시를 강화하고 국민연금 등을 통해서 기업 경영자를 갈아치우는 일은 바람직스럽지 못하다. 바로 이런 시각에서 볼 때 기업가의 ‘사익 편취’라는 프레임 하에 내부자 거래 등을 제약하려고 기준을 강화했는데, 기업의 분화 및 합치는 오히려 거래비용 관점에서 효율성을 기준으로 보아야 한다. 그렇게 하지 않고, 오직 부의 대물림에 대한 질투란 관점에서 기업가의 부당내부거래라고 본다면 이는 기업의 본성을 보지 못하는 것이다. 또한 시장경제 질서에 맞는 노동조합은 기업별 노동조합이다. 그런데 이번 노동3법은 산별노조의 속성을 슬쩍 끼워넣었다. 산별노조는 시장에서 소비자의 선택을 받으려는 동종업종 기업들 사이의 경쟁을 무시하는 조직방법이다. 바로 이런 경쟁적 요소를 없애는 것으로부터 출발하여 ‘만국의 노동자’를 단결시키려는 것은 마르크스주의의 반기업적 반시장적 행태인 것이지, 시장경제에 맞는 방법이 아니다. 이처럼 기업가에게는 제약을, 반기업적 노동운동에는 무기를 주는 것이 이번 법개정의 특징인 바, 이는 자유시장경제를 통한 번영의 후퇴를 가져올 것이다. 따라서 잘못된 프레이밍에 근거한 이번 법개정들의 경우 시급한 원상복구가 필요하다고 생각된다.

Рецензия на монографию Ольги Анатольевны Терновой «Основные тенденции развития зарубежного корпоративного законодательства»

The review covers the main provisions and conclusions presented in Olga A. Ternovaya’s monograph “The Key Tendencies of the Foreign Corporate Legislation Development”. As a result of the research the author of the monograph reveals such current trends of modern corporate law development as digitalization, socialization, harmonization of norms on counteraction to erosion of taxable base and norms on corporate governance, democratization of corporate regulation, perfection of regulation of transborder bankruptcies. Olga A. Ternovaya’s work undoubtedly contributes to the development of domestic scholarship on corporate law of foreign jurisdictions.

Особенности корпоративно-нормативной системы в романо-германской и англосаксонской правовых семьях

The paper investigates the issue of the peculiarities of the corporate regulatory system in the Romano-Germanic and Anglo-Saxon legal family. The structure of social regulation is described, which is represented by such elements as corporate-regulatory, legal, traditional, religious, moral and ethical subsystems. It is noted that at the heart of each subsystem there is a social norm, which is a system-forming element of the subsystem. The definition of the corporate regulatory system has been formulated, according to which this definition is understood as a set of internally coordinated and interrelated phenomena operating in society and having a regulatory, organizing and stabilizing effect on corporate social relations, the behavior of participants in corporate relations, as well as the activities of corporate organizations. It is indicated that the influence of the legal family on the corporate regulatory system is manifested, firstly, in the peculiarities of corporate regulation, and secondly, in the peculiarities of corporate organizations, at the stages of establishment and functioning. The concept of a legal family is analyzed, a set of national legal systems united by a common historical formation, structure, sources, leading branches and legal institutions, law enforcement, conceptual and categorical apparatus of legal science. It has been established that for countries belonging to the Romano-Germanic legal family, in the corporate-regulatory subsystem, the influence of the legal family is expressed in the primacy of legal regulation over corporate regulation, a high degree of state interference in internal corporate regulation issues, as by consolidating peremptory norms, the inclusion of which in corporate bylaws are mandatory and model bylaws. It was revealed that in the countries of the Anglo-Saxon legal family, there is a high degree of autonomy of corporate organizations, while the leading role in corporate regulation is played by contractual mechanisms, historically the corporation was considered as a pooling of capital.

Editorial: Corporate governance and regulation: The literature review as a research methodology and research method

Volume 10, issue 4 (special issue) of the Journal of Governance and Regulation is a special issue and as usual it is replete with cutting-edge research studies covering a wide array of important topics dealing with corporate governance and regulation. The special issue therefore reflects this statement from the editorial note policy of the Journal of Governance and Regulation, “providing a continuous development that enables our readers to outline the new and most challenging issues of research in corporate governance and related topics”.

МІЖНАРОДНІ ТЕНДЕНЦІЇ РОЗВИТКУ РЕГУЛЮВАННЯ ПРОФЕСІЙНОЇ ДІЯЛЬНОСТІ БУХГАЛТЕРІВ

The regulation of the professional activities of accountants either promotes business development, the migration of financial and human capital, or complicates this process. Many firms with global interests may already be feeling the burden of complex and ever-changing regulations issued at domestic and international level. It is expected that some regions of the world are likely to face far more regulation of financial activities, including accounting. The purpose of the article is to analyze the latest changes in the regulation of the professional activity of accountants caused by the transformations of the global economic system, as well as to identify and assess the challenges that accountants around the world will face in the coming years. The tendencies in the field of regulation of professional activity of accountants in Europe, USA, Australia, Asia were revealed, and the factors (reasons) of their development were determined. In particular, in Europe, there are growing calls for more regulation in finance and “fairness” in tax especially when it comes to taxing digital corporations, whereas in the US, things are moving in the opposite direction, with less regulation to encourage growth. Across the Asian region, banking and corporate regulation is becoming more stringent and the expectations of revenue authorities around issues such as transfer pricing documentation are increasing. It has been determined that the existence of accounting standards and rules as such does not guarantee reliable and appropriate financial indicators, and therefore the role and importance of professional ethics increases. Three key areas of change and challenges for the accounting profession that will take place in the coming years were assessed. It has been proven that the goal of strengthening regulation around the world is to solve socio-economic and environmental problems. It is important for accountants to realize that such events should develop motivation not to manipulate numbers, as well as ensure the introduction of a system of fair taxation and elimination of abuses by the subjects of the digital economy. So, all over the world there is a real need to educate accountants on the changing global regulatory framework.

Корпоративное регулирование в плоскости политического режима: теоретико-правовой аспект

The article examines the problems of corporate regulation and political regime mutual influence, and describes the role and place of corporate regulation in the system of social and normative regulation. The corporate law structure is described as a set of corporate and legal norms from the point of view of narrow and broad approaches. Some features of corporate regulation in liberal, democratic, totalitarian and authoritarian regimes are analyzed. It is noted that a democratic political regime is characterized by a variety of corporate structures of a commercial and political nature, the predominance of the dispositive nature of the corporations’ activities legal regulation, and the admissibility of political and public corporations’ broad participation in government. The authors note that in a liberal political regime, there is a high degree of commercial corporations’ autonomy, while limiting the political and social corporations’ activities. The author reveals a variety of approaches to the manifestation of corporate regulation in authoritarian political regimes. It is described that in a totalitarian political regime, corporations actually become a part of the state mechanism, and corporate regulation is actually replaced by direct or delegated regulation of individual executive bodies. It is concluded that there is a connection between the nature of corporate regulation and the political regime of the respective state. It is established that the influence is mutual and stable and is determined both by the properties of certain types of political regimes and by the specifics of national systems of corporate regulation.

Editorial: Corporate governance and regulation: Further evidence on the ongoing developments

The current issue of the Journal of Governance and Regulation featured contributors from developed and developing countries associated with gender diversity, as well as, covering different specializations as accounting, finance, economics, and auditing.