Foreign Private Companies Research Articles

Economic and Financial Implications of Structural Reforms in the Economy of the Republic of Serbia

Economic and financial performance of the economy in the boom period 2015-2019. are significantly improved. The average economic growth in Serbia of 3.5% was higher than the average growth in the countries of the region. The key contribution to economic growth was made by investments, and to a lesser extent by the growth of personal consumption. The implemented structural reforms have had a positive impact on basic macroeconomic aggregates and productivity growth. The effects of the implemented fiscal consolidation in the economy of the Republic of Serbia have contributed to the continuous, from year to year, improvement of the macroeconomic and economic balance of the economy, although it should be noted that in 2019 there were signals of slowing down the trend. The fiscal deficit has been balanced since 2017, but the current account deficit remains acute. The trend of balanced public finances and reduction of public and external debt was disrupted in 2020 due to the pandemic caused by COVID-19. Due to the huge transition gap and peripheral economic status of the entire SEE area, despite the global situation, the implemented structural reforms did not proceed at the desired pace, especially in the segment of solving the problems of large state losers and economic and financial restructuring of public enterprises at all levels. Although the entrepreneurial sector has improved its performance, a number of institutional problems affecting the business environment remain. The structural analysis of the economy showed a continuation of the trend of strengthening the GVA of the service sector, repositioning of key sectors, as well as the trend of strengthening the influence of foreign private companies, which showed better business performance than domestic private companies. Structural reform activities in the coming period should primarily be directed towards creating the most stimulating environment for the development of domestic entrepreneurship and the growth of capital investments.

Why Are Some Flag States Unable or Unwilling to Address IUU Fishing?

Abstract This article is based on an analysis carried out by a group of experts from the North Atlantic Fisheries Intelligence Group into the flagging pattern of IUU fishing vessels. The article argues that the inability and unwillingness of some flag states to exercise due diligence to ensure that vessels on their register do not engage in IUU fishing may be explained by reference to the market demand and supply of ship registers that provide shipowners with favourable conditions to limit costs and mitigate risks. Some of these ship registers are established and managed by foreign private companies on commercial outsourcing contracts on behalf of economically vulnerable governments, and some of these governments may as a result lack the knowledge, expertise and resources to effectively address IUU fishing of vessels flying their flag.

PERAN ARBITRASE ICSID DALAM KERANGKA PENANAMAN MODAL DI INDONESIA

At present many foreign investment contracts are made by the State subdivisions and State companies on one side with foreign private companies on the other. For countries that want to carry out a lot of business contracts in the field of foreign investment, which of course must provide stimulating incentives for investment, including the provision of supervision of foreign companies, because foreign investment means getting knowledge, experience, technical and managerial fields. The main considerations of foreign investment to carry out business contracts are basically their market expansion, besides the low production costs due to relatively cheaper labor costs, tax-free facilities (tax holidays) and other facilities free of charge by the capital receiving countries ( host states).

Ownership Contingent Influence of Governance Structure on CEO Compensation: Need for Change in Governance Paradigm

The study examines the need for changes in the standard governance structure through investigation of the moderating effect of ownership identity and ownership concentration on the influence of standard governance structure on CEO compensation in companies with dominant owners in control. Using data from companies listed on the National Stock Exchange (NSE) of India that were a part of the diversified 100 stock index for the period 2007-2012, we find that the influence of standard governance structure on CEO compensation is indeed contingent on identity of the owner and concentration of ownership. Duality is the only governance measure that directly influences CEO compensation in family owned domestic private companies. Gender diversity and proportion of non-executive independent directors directly influence CEO compensation in corporate owned foreign private companies. The direction of influence of non-executive independent directors however supports the possibility of board capture by CEOs. In case of government companies, none of the governance measures directly influences CEO compensation. The key finding of the study are the meagre and in one instance an inappropriate (from governance point of view) influence of standard governance measures. As the decision on CEO compensation in case of companies with dominant owners in de facto control of board and executive management implies ‘principal-principal’ rather than ‘principal-agent’ conflict of interest, the results from the study suggest a re-think on the standard governance framework that is designed to deal with the latter conflict. A 2013 legislative initiative disenfranchising interested shareholders from voting on related party transactions including CEO compensation is a step in the right direction but much else remains to be done. Corporate governance frameworks across the world are derived from the frameworks proposed in the US and UK context of dispersed ownership. The framework is designed to deal essentially with ‘principal-agent’ conflict of interest. This ‘one size fits all’ approach may not ensure governance effectiveness in several situations that arise in functioning of organizations that require dealing with ‘principal-principal’ conflict. Our study on CEO compensation in the Indian context underlines the need for governance based on minority-shareholder-centered governance framework.

The internationalization of the Meetings-, Incentives-,Conventions- and Exhibitions- (MICE) industry: Its influences on the actors in the tourism business activity

IntroductionThe global tourism market is exposed to internationalization processes and as a result is forced to apply modern strategies, offering consumers innovative ways of tourism. The issue of internationalization of business processes, services and technologies is not over in the scope of business travel. Due to increases in the flow of business travellers, a number of ongoing business activities has caused interest in the internationalization of business services and processes of business tourism in the context of globalization of the regional tourism market. The increased role of regional tourism in the socio-economic development of Russia and its regions, and a growing influence of internationalization on this process, led to the relevance of the theme of the article.Internationalization of the firm from an entrepreneurial perspective has a close link to the actors in the tourism business activity [Andersson 2000]. Internationalization process of the firm plays a significant role for development and increasing foreign market commitments [Johanson, Vahlne 1977]. Competitive advantage creates sustainability and performance by these key elements: factor conditions; demand conditions such as firm strategy and structure and rivalry; related and supported industries [Porter 1985]. All these elements provide the region with conditions for tourist, economic and social development and contribute to local and regional economies, providing jobs and investment, including the recent construction and rehabilitation of venues, accommodation and infrastructure, that benefit not only local people but also visitors. Business tourism, seen as a strategic tourism segment, is positioned as an important leverage factor that can contribute to local development by attracting events, contributing to the extension of stay at destination, influencing the return of visitors and the promotion and strengthening of the region's tourism image [Marques 2013; Marques, Santos 2016].The main goal of this study is to justify the strategic orientations and effective operation of institutional arrangements of the Meetings-, Incentives-, Conventionsand Exhibitions (MICE) industry, due to the global transformational changes to enhance the internationalization of the actors in the tourism business activity.The structure of this article is as follows: the first part is a description of the essence of the MICE industry, explaining this concept and its main components and elements. The next part shows the business tourism destination as a result of internationalization processes. The third section presents the cooperation of foreign private companies with the local government and MICE Industry. The last part discusses the characteristic trends of public-private partnership (PPP) as a significant tool of the cooperation process between foreign private companies and the local government, to strengthen the trust between government and business representatives on regional level.1.Research methodThe methodology used in this research was to do a systematic analysis of national and regional components of the tourist services market, in the course of which systematically contributing factors, as well as negative influences on the economic actors of the tourism business activity have been identified and described.This article focuses on substantiating the role and place of a business tourism catalyst in the system of innovation infrastructure instruments and institutions. The article assumes that business tourism catalysts are the most optimal mechanism to search for and support promising innovative companies and projects such as Conventions & Visitors Bureaus (CVB), MICE tourism.To describe real economic processes, the study used a situational analysis method making it possible to describe the current state of affairs, to understand existing problems and propose possible means to overcome these problems. In short, this method enabled us to study current phenomena in real conditions [Yin 2003]. …

State immunity and sovereignty of States the collection in international civil relations

The problem of studying modern trends of state immunity in international private relations today is extremely urgent for the world community of states. State because of objective historical facts, and the uniqueness of its nature and due to its properties such as sovereignty and immunity, holds a special place in the modern, broadly international relations. Most scientists both domestic and Russian rightly believe that legal relations arising in the interaction of state and foreign entity, it is mediated by norms of international private (not public) law. state in the process of interaction of private international law concerning property relations (ie diagonal relations on the one hand - the state, the second – foreign private companies or citizens) occupies a special place, which is significantly different from other members of the legal status of legal - legal and individuals. This is due primarily to the fact that the state is simultaneously the bearer of ownership and the highest state authority in the country. To this is added a number of objective and subjective reasons, namely: 1) relationships to characterize the nature of the state elements such as territory, population, government); 2) the possible presence of political foundations in contracts between the state and a foreign entity; 3) if the state of immunity. Since the state as a subject of international law is sovereign and independent, they participate in international relations on an equal footing, regardless of differences between them in any objective characteristics (size of the territory, the level of economic development, population, availability of minerals etc.). Nevertheless, understanding the scope of the doctrine of state sovereignty in international law today is a philosophical and controversial issue. According to features views of scientists on this issue emerged two main concepts: 1) sovereignty - absolute characteristics, always characterized the state and not subject to restriction; 2) the sovereignty of the state in the international legal sense is limited. Because nowadays there is no single global practice of regulating matters related to the application of the concept of state immunity, the burden rests with the national legislation of States. It is helpful to track and summarize trends in the evolution of state immunity doctrine and practice of the most developed countries in this area.

Technology parks and entrepreneurial outcomes around the world

Purpose– The purpose of this paper is to study factors that affect the success of technology parks in terms of fostering entrepreneurial firm formation, growth, and financing.Design/methodology/approach– Based on a new international dataset of technology parks (tech parks) from 13 countries (eight developing countries and five developed countries), the paper relates the success of technology transfer to the legal environment within which the tech park operates, as well as the characteristics of the tenants in the tech park and the services provided by the tech park.Findings– The data indicate entrepreneurial success is more likely to be facilitated when there is better legal protection offered to companies in the jurisdiction within which the tech park is located, when there is a greater presence of foreign university- and government-affiliated companies in tech parks, and a smaller presence of foreign private companies in tech parks, particularly foreign subsidiaries. The data further indicate entrepreneurial success is more likely when tech park tenants have greater testing/analysis focus, and when tenants have less assembly- and service-focussed activities. Also, entrepreneurial success is more likely to be facilitated by tech parks with on- and off-site technology licensing offices that promote trade shows, provide access to funds for commercialization and distribute information on the R&D outcomes of tech park tenants.Research limitations/implications– The data offer insights into efficient design of tech parks. Coarse measures from survey data are limitations yet offer scope for further examination in future research.Originality/value– The paper provides guidance for entrepreneurs and their investors in terms of ways maximize value in terms of entrepreneurial growth and financing from selecting appropriate tech parks.

Trends in IT Patents Filed from India: An Analysis

The paper analyzes trends in patents filed/owned from India in the area of information technology (IT). The Delphion Database was searched for finding the patents filed/owned in IT where assignee address contains string India. This also includes patents filed by foreign companies operating through their centers in India. These patents were then analyzed on the basis of nature of the inventive activities and assignee category. It was found that foreign private companies were leading in the patenting activities. Among government institutes and public sector industry CSIR emerged as leading patent owner/filer.

Vitiviniculture et situations politiques : le tokaj

Tokay aszu is the most famous of Hungarian wines : it has long been celebrated by amateurs, writers and poets. Some of these vineyards are managed today by foreign private companies from the region of Bordeaux and from Spain, while new cooperatives are emerging. This paper aims to analyse the situation of the country, faced with new individual and commercial strategies, and to evaluate its chances of creating a new, more positive image.

New forms of accumulation in Tanzania: The case of gold mining

Abstract In this article Chachage Seithy L Chachage shows that the legal framework and attitude towards private investments in Tanzania over the years has been favourable. “It is obvious,” he argues “that the World Bank's thesis that mining in Africa was hampered by controls and inappropriate policies is based on false premises. It rests at the very least on confusion between mining in general and mining by very large scale foreign private companies.” The article was prepared for a research proposal review workshop on structural adjustment and social change in Africa, held in Lesotho November 1992 as a part of the Scandinavian Institute of African Studies Research Programme ‘The Political and Social Context of Structural Adjustment in Sub-Saharan Africa’.