Search results for: sovereign debt

Authors: Heba Abdelmotaal

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This paper explores the impact of the extent of a company's environmental, social, and governance (ESG) disclosure on credit rating and capital structure. The analysis is based on a sample of 202 firms from the 350 FTSE firms over the period of 2008-2013. ESG disclosure score is measured using Proprietary Bloomberg score based on the extent of a company's Environmental, Social, and Governance (ESG) disclosure. The credit rating is measured by The QuiScore, which is a measure of the likelihood that a company will become bankrupt in the twelve months following the date of calculation. The Capital Structure is measured by long term debt ratio. Two hypotheses are test using panel data regression. The results suggested that the higher degree of ESG disclosure leads to better credit rating. There is significant negative relationship between ESG disclosure and the long term debit percentage. The paper includes implications for the transparency which is resulting of the ESG disclosure could support the Monitoring Function. The monitoring role of disclosure is the increasing in the transparency of the credit rating agencies, also it could affect on managers’ actions. This study provides empirical evidence on the material of ESG disclosure on credit ratings changes and the firms’ capital decision making.

Keywords: capital structure, credit rating agencies, ESG disclosure, panel data regression

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Authors: Terri Cole, Fay Sweeting

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Abuse of position for sexual gain by police is defined as behavior involving individuals taking advantage of their role to pursue a sexual or improper relationship. Previous research has considered whether it involves ‘bad apples’ - individuals with poor moral ethos or ‘bad barrels’ – broader organizational flaws which may unconsciously allow, minimize, or do not effectively deal with such behavior. Low level sexual misconduct (e.g., consensual sex on duty) is more common than more serious offences (e.g., rape), yet the impact of such behavior can have severe implications not only for those involved but can also negatively undermine public confidence in the police. This ongoing, collaborative research project has identified variables from 514 historic case files from 35 UK police forces in order to identify potential risk indicators which may lead to such behavior. Quantitative analysis using logistic regression and the Cox proportion hazard model has resulted in the identification of specific risk factors of significance in prediction. Factors relating to both perpetrator background such as a history of intimate partner violence, debt, and substance misuse coupled with in work behavior such as misusing police systems increase the risk. Findings are able to provide pragmatic recommendations for those tasked with identifying potential or investigating suspected perpetrators of misconduct.

Keywords: abuse of position, forensic psychology, misconduct, sexual abuse

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Authors: Layal Mansour

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This paper breaks down Egypt’s financial crisis by constructing a customized financial stress index by including the vulnerable economic indicator “dollarization” as a vulnerable indicator in the credit and exchange sector. The Financial Stress Index for Egypt (FSIE) includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. It is calculated on a monthly basis from 2010 to December 2022, so to report the two recent world’s most devastating financial crises: Covid 19 crisis and Ukraine-Russia War, in addition to the local 2016 and 2022 financial crises. We proceed first by a graphical analysis then by empirical analysis in running under Vector Autoregression (VAR) Model, dynamic causality tests between foreign reserves, dollarization rate, and FSIE. The graphical analysis shows that unexpectedly, Egypt’s economy seems to be immune to internal economic/political instabilities, however it is highly exposed to the foreign and exchange market. Empirical analysis confirms the graphical observations and proves that dollarization, or more precisely debt in foreign currency seems to be the main trigger of Egypt’s current financial crisis.

Keywords: egypt, financial crisis, financial stress index, dollarization, VAR model, causality tests

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Authors: Kerolis Samoul Zaghloul Noaman

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area law is the brand new access in the basket of worldwide law in the latter half of the 20 th Century. inside the last hundred and fifty years, courts and pupils advanced a consensus that, the custom is an vital supply of global law. Article 38(1) (b) of the statute of the international court of Justice identified global custom as a supply of global law. country practices and usages have a more role to play in formulating commonplace international regulation. This paper examines those country practices which may be certified to emerge as global standard law. due to the fact that, 1979 (after Moon Treaty) no hard law had been developed within the vicinity of space exploration. It attempts to link among country practices and custom in area exploration and development of standard global regulation in area activities. The paper makes use of doctrinal approach of felony research for inspecting the current questions of worldwide regulation. The paper explores exceptional worldwide prison files which include general meeting Resolutions, Treaty standards, working papers of UN, cases relating to commonplace global law and writing of jurists regarding area law and standard international law. it's far argued that, ideas such as common background of mankind, non-navy region, sovereign equality, nuclear weapon unfastened area and protection of outer area environment, etc. evolved nation practices a number of the worldwide community which can be certified to turn out to be international customary regulation.

Keywords: social networks privacy issues, social networks security issues, social networks privacy precautions measures, social networks security precautions measures

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Authors: Ana Mouro, Ana Ramalheira

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Since 1989, with the Fall of the Berlin Wall, Germany has undergone a profound restructuring political and economic process. When the Euro Crisis broke out, Germany was no longer the “sick man” of Europe. Instead, it had recovered its dominance as the strongest and wealthiest economy within the European Union. With the European Debt Crisis, that has been taking place in the European Union since the end of 2009, Germany´s Chancellor Angela Merkel has gained the power of deciding, so to say, on the fate of the debtor nations, but she neither stands for binding German commitments, nor refuses assistance. A debate on whether Merkel’s hesitation has been deliberated and used as a means of coercion has arisen on international print media, and the Portuguese Press has been no exception. This study, which was conducted by using news reporting, opinion articles, interviews and editorials, published in the Portuguese weekly Expresso and the daily Público, from 2008 to 2015, tries to show how Merkel’s hesitation, depicted in the press by the term “Merkiavelli”, was perceived in Portugal, a country that had to embrace the austerity measures, imposed by the European Central Bank, but defined under Angela Merkel´s leading role.

Keywords: Euro crisis, “Merkiavelli”, cultural studies, Portuguese quality press

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Authors: C. Leiber

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International human rights treaties ensure basic rights to all people, regardless of nationality. These treaties have developed in a predominantly Western environment, and their implementation into non-western contexts often raises questions of the transfer-ability of value systems and governance structures. International human rights treaties also postulate the right to the full enjoyment and expression of one’s own culture, known as cultural rights. Many cultural practices and traditions in South Sudan serve as an obstacle to the adaptation of human rights and internationally agreed-upon standards, specifically those pertaining to women’s rights and gender equality. This paper analyzes the specific social, political, and economic conflicts between women’s rights and cultural rights within the context of South Sudan’s evolution into a sovereign nation. It comprehensively evaluates the legal status of South Sudanese women and –based on the empirical evidence- assesses gender equality in four key areas: Marriage, Education, Violence against Women, and Inheritance. This work includes an exploration into how South Sudanese culture influences, and indeed is intertwined with, social, political, and economic spheres, and how it limits gender equality and impedes the full implementation of international human rights treaties. Furthermore, any negative effects which systemic gender inequality and cultural practices that are oppressive to women have on South Sudan as a developing nation are explored. Finally, those areas of conflict between South Sudanese cultural rights and international women’s rights are outlined which can be mitigated or resolved in favor of elevating gender equality without imperializing or destroying South Sudanese culture.

Keywords: cultural rights, gender equality, international human rights, South Sudan

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Authors: Laila Algalal, Chen Xi

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The US dollar has long served as the world's primary reserve currency. However, this dominance faces growing challenges from internal US economic pressures and the rise of alternative currencies. Internally, issues like high debt, inflation, reduced competitiveness, and economic instability due to inequality in economic policies threaten the dollar's position. Externally, more countries are establishing alternative currencies, payment systems, and regional financial institutions to reduce dollar dependence. These drivers have contributed to a decline in the dollar's share of global foreign exchange reserves from 71% in 2001 to an estimated 58% in 2022. While this 13-percentage point drop took two decades, recent initiatives suggest de-dollarization could accelerate in the coming few decades. Efforts to establish non-dollar trade deals and alternative financial systems show more substantial progress compared to initiatives in the early 2000s. As the nature of the world system is anarchic, states make either individual or group efforts to guarantee their economic security and achieve their interests. Based on neoclassical realism, this paper analyzes both internal and external US economic factors driving current and future de-dollarization and the implications on the international monetary system, in addition to examining the motivation for such moves.

Keywords: de-dollarization, US dollar, monetary system, economic security, economic policies.

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Authors: Abdulaziz Abdulrahman Albahar

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This paper aims to answer the question of: is oil as a natural resource with all the wealth that it brings an economic burden? And how can resource curse be mitigated in such oil dependent nations? The case of Kuwait will be used as an example. The paper begins with an introduction of the resource curse and the Kuwaiti economy in general. Then there is an attempt to see that does the curse exist in the case for Kuwait. Furthermore, in the analysis section, an exploration on how the economy is dependent on oil and how oil is more of a burden if there is mismanagement is conducted. Later on, in answering on how to mitigate the problem of a resource curse, the case of Norway is explored. In concluding the paper, the results do show that oil rentals affects the Kuwaiti economy via 2 main channels, these are government spending that are mainly financed via oil rentals and exportation of oil based products. The surprising result was that government spending had a negative impact on GDP (gross domestic product) growth when oil rentals where instrumented on government expenditure, this is due to the issue of rent seeking in which government spending in Kuwait is financing things such as stimulus packages and raising the nominal wages. Yet, when comparing the magnitude of both oil exportation and government spending, the latter has a stronger effect on the GDP (gross domestic product) growth than the former. A resource curse doesn’t seem to exist in the case of Kuwait however, the characteristics of a curse do show in the form of rent seeking in the political sphere, the disruption of the traditional sectors like that of pearl trade and fishing markets. Yet, a curse doesn’t show due to the fact that the currency of the nation is very stable and hasn’t experienced any appreciation because of the fixed exchange rate system. Moreover, even if we can’t say that a curse exists, it is clear to see that the Kuwaiti economy is heading towards one. Whether or not it faces a resource curse will be based on how judicious the nation will be in exploiting their sovereign wealth fund and implementing diversification strategies to be less oil dependent like the vision “New Kuwait-2035” which has been underway since 2017.

Keywords: economic development, Kuwait, oil curse, dutch disease

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Authors: Aimite Jorge, Leenekela Usebiu

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In recent years the International Community has seen a rise of what can be termed as ‘actio popularis”;that is to say lawsuits brought by third parties in the interest of the public or the world community as a whole, such as in cases of genocide and terrorism prosecutions under international law. It is equally clear that under current globalized world the effect of multinational activities on the environment is often felt beyond the borders of the territories where they operate. Equally true is the fact that the correspondence of citizens self-determination with national government is increasingly upset by the increasing willingness of states to share some ‘sovereign powers’ in order to address new economic, environmental and security interdependencies. The ‘unbundling’ of functional governance from fixed territories sees continuously citizens give up their formal approval of key decisions in exchange for a more remote, indirect say in supra-national or international decision-making bodies. The efforts to address a growing transnational flow of ecological harm are at the forefront of such indirect transformations, as evidenced by a proliferation of multilateral environmental agreements (MEAs) over the past three decades. However, unlike the defence of the global commons in cases of terrorism and genocide, there is still to be a clear application of action popularis in the case of environment, despite acknowledgement that the effect of the activities of several multinationals on the environment is as destructive to the global commons as genocide or terrorism are. Thus, this paper looking at specific cases of harmful degradation of the environment by certain multinationals transcending national boundaries, argues that it is high-time for a serious consideration of the application of the actio-popularis to environmental concerns. Although it is acknowledged that in international environmental law the challenge to reach a “critical mass” of recognition and support for an ‘actio-popularis’ for environment damage is particularly demanding, it is worth the try.

Keywords: actio popularis in environment law, global commons, transnational environmental damage, law and environment

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Authors: Seung Oh, Satoshi Okada

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This study is information-intensive research that provides insight from the factual history, social perception, and robust ideas derived from the social conflict in the most progressively thriving district in the world, Times Square. The case study provides the socio-environmental setup since the Inceptive Point of the development, the Great Depression, the history archives, and evaluation based on the master-level journals as standard. The Great Depression invited macro-sized changes, including financial systems, to raise fluidity by gutting off the debt limit by the gold value, organizing the labor, and social problems in the major cities. The locality of Times Square was implemented by the socio-political changes, overturning ownerships of properties, including theaters, delocalizing tourism, and re-entering the labors with organizations through infrastructure projects and civil activities for minorities and preservations amid the progressive developments over time. Naturally, chasing the media for factual research before and after Inceptive Points. Times Square is understood not just the ‘tower with subway’ progression but also social conflicts raised for adjustment for civil rights, preservations, and progression to deliver the environmental background to trigger the 42nd Street Development (42DP) in the 1990s.

Keywords: development, district, progressive, preservation, social conflict, value chasing

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Authors: Olivier Mesly

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This research presents a conceptual framework termed “Consumer Financial Spinning” (CFS) to analyze consumer behavior in the financial/economic markets. This phenomenon occurs when consumers of high-stakes financial products accumulate unsustainable debt, leading them to detach from their initial financial hierarchy of needs, wealth-related goals, and preferences regarding their household portfolio of assets. The daring actions of these consumers, forming a dark financial triangle, are characterized by three behaviors: overconfidence, the use of rationed rationality, and deceitfulness. We show that we can incorporate CFS into the traditional CAPM and Markovitz’ portfolio optimization models to create a framework that explains such market phenomena as the global financial crisis, highlighting the antecedents and consequences of ill-conceived speculation. Because this is a conceptual paper, there is no methodology with respect to ground studies. However, we apply modeling principles derived from the data percolation methodology, which contains tenets explicating how to structure concepts. A simulation test of the proposed framework is conducted; it demonstrates the conditions under which the relationship between expected returns and risk may deviate from linearity. The analysis and conceptual findings are particularly relevant both theoretically and pragmatically as they shed light on the psychological conditions that drive intense speculation, which can lead to market turmoil. Armed with such understanding, regulators are better equipped to propose solutions before the economic problems become out of control.

Keywords: consumer financial spinning, rationality, deceitfulness, overconfidence, CAPM

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Authors: Elizabeth Spink

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Providing safe and affordable drinking water to low-income households in developing countries remains a challenge. Policy goals of increasing household piped-water access and cost recovery for utility providers are often at odds. Nonpayment of utility bills is frequently cited as a constraint to improving the quality of utility service. However, nonpayment is widely tolerated, and households often accumulate significant debt to the utility provider. This study examines the effect of enforcement of water bill payment through supply disconnections in Livingstone, Zambia. This research uses a dynamic model of household monthly payments and accumulation of arrears, which determine the probability of disconnection, and simulates the effect of exogenous changes in enforcement levels. This model is empirically tested using an event-study framework of exogenous increases in enforcement capacity that occur during administrative rezoning events, which reduce the number of households that one enforcement agent is responsible for. The results show that households are five percentage points more likely to make a payment in the months following a rezoning event, but disconnections for low-income households increase as well, resulting in little change in revenue collected by the water utility. The results suggest that high enforcement of water bill payments toward credit-constrained households may be ineffective and lead to reduced piped-water access.

Keywords: enforcement, nonpayment, piped-water access, water utilities

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Authors: David Calderon Villegas, Thomas Kaltizky

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Run-of-river (RoR) hydropower projects represent a viable, clean, and cost-effective alternative to dam-based plants and provide decentralized power production. However, RoR schemes cost-effectiveness depends on the proper selection of site and design flow, which is a challenging task because it requires multivariate analysis. In this respect, this study presents the development of an investment decision support tool for assessing the optimal size of an RoR scheme considering the technical, environmental, and cost constraints. The net present value (NPV) from a project perspective is used as an objective function for supporting the investment decision. The tool has been tested by applying it to an actual RoR project recently proposed in Colombia. The obtained results show that the optimum point in financial terms does not match the flow that maximizes energy generation from exploiting the river's available flow. For the case study, the flow that maximizes energy corresponds to a value of 5.1 m3/s. In comparison, an amount of 2.1 m3/s maximizes the investors NPV. Finally, a sensitivity analysis is performed to determine the NPV as a function of the debt rate changes and the electricity prices and the CapEx. Even for the worst-case scenario, the optimal size represents a positive business case with an NPV of 2.2 USD million and an IRR 1.5 times higher than the discount rate.

Keywords: small hydropower, renewable energy, RoR schemes, optimal sizing, objective function

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Authors: Ender Su, Kai Wen Wong, I-Ling Ju, Ya-Ling Wang

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In this study, the systemic risk change of Taiwan’s banking sector is analyzed during the financial crisis. The risk expose of each financial institutions to the whole Taiwan banking systemic risk or vice versa under financial distress are measured by conditional Value-at-Risk (CoVaR) and conditional coherent expected shortfall (CoES). The CoVaR and CoES are estimated by using vector quantile autoregression (MVMQ-CaViaR) with the daily stock returns of each banks included domestic and foreign banks in Taiwan. The daily in-sample data covered the period from 05/20/2002 to 07/31/2007 and the out-of-sample period until 12/31/2013 spanning the 2008 U.S. subprime crisis, 2010 Greek debt crisis, and post risk duration. All banks in Taiwan are categorised into several groups according to their size of market capital, leverage and domestic/foreign to find out what the extent of changes of the systemic risk as the risk changes between the individuals in the bank groups and vice versa. The final results can provide a guidance to financial supervisory commission of Taiwan to gauge the downside risk in the system of financial institutions and determine the minimum capital requirement hold by financial institutions due to the sensibility changes in CoVaR and CoES of each banks.

Keywords: bank financial distress, vector quantile autoregression, CoVaR, CoES

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Authors: Zarina Othman, Bakri Mat, Aini Fatihah Roslam

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The Burmese ethnic known as Rohingya is one of the world’s most persecuted ethnic minorities on earth. They have been massacred, discriminated, humiliated, gang-raped, trafficked, abused and neglected. More than one million Rohingyas have been displaced internally and overseas. Currently, Rohingya asylum seekers can be found in India, Bangladesh, Thailand, Malaysia, and Indonesia. This forced migration is unacceptable since the Rohingya are stateless although they have been part of Myanmar for more than one century. Why the Rohingyas crisis is important to be analyse from human security perspectives? Understanding the human security of the Rohingya is important because the crisis may have implication on the regional stability in South and South-East Asia. The objectives of the research are to provide an explanation to the current human security situation in Myanmar, to analyse the regional implication of the Rohingya’s crisis and to recommend the workable solution that may help to reduce the tension. To analyze and demonstrate the case, the research has adopted the BAGHUS or Bangi Human Security Approach, a Southeast Asian human security model, designed to protect the weakest and the vital core of human life across national borders. Based on a qualitative research, and a review of literature from secondary sources of books, reports and academic journals, the research has conducted interviews with 1) Rohingya respondents in Cox’s Baza in February 2017; 2) experts and scholars in the field in Bangladesh, Myanmar and Malaysia. Preliminary findings suggest that conflicts lead to displacement and migration across borders, human insecurity is an issue where the implementation of human rights is too slow to take place even in sovereign state like Myanmar. The political and economic interests of many extraregional powers have further contributed to the current crisis. Human security perspectives is suggested as the workable solution for stability and peace in the region.

Keywords: human security, migration, Myanmar, regional security, Rohingya

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Authors: Michel Foucault, Friedrich Nietzsche, Max More, Natasha Vita-More, Francesca Ferrando

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During the early part of his intellectual and academic career (1950s and 1960s), Michel Foucault developed an interest for what we can call the ‘anthropological question’, or how our modernity deals with human nature from an epistemological standpoint. The great originality of Foucault’s thought here lies in the fact that he approaches this question not from the perspective of this ‘sovereign subject’ (that has characterized the History of Western thought) he wishes to disclose and ‘denounce’, but rather at the level of discourses and the way they constitute who we are, so to speak. This led him, in turn, to formulate a series of though-provoking statements during his so-called ‘archaeological period’ of the 1960s concerning what we call ‘man’ in the West, such as that he is an ‘invention of recent date’ (as a proper object of concern and reflection), and, perhaps more importantly, that he might disappear in the near future, ‘like a face drawn in sand at the edge of the sea’. Foucault is following on the footsteps of Nietzsche in that regard, who had famously announced in the 19th ce. the ‘death of God’ and the need for the future generations to surpass (so to speak) the traditional ‘Christian-centred’ Western conception of the human. While Foucault exposed such insights more than half a century ago, they appear to be more actual than ever today with the development and rise in popularity of intellectual movements such as Transhumanism and Posthumanism, which seek to question and propose an alternative to the concepts of ‘man’ or ‘human nature’ in our culture. They rely for that on the same assumption as Foucault and Nietzsche that those concepts (and the meaning we attribute to them) have become ‘obsolete’ as it is and thus must be overcome (at a conceptual, but also a more practical level). Hence, those movements not only echo the important Foucauldian reflection of the 1950s and 1960s on the ‘anthropological question’ but seem to have been literally announced by it, so to speak. The aim of this paper will therefore be to show the relevance of Foucault (and in particular his archaeological method) in understanding the nature of Transhumanism (and Posthumanism), for instance, by analysing and assessing it as a form of discourse that is literally reshaping the way we understand ourselves as human beings in our (post)modern age, drawing for that on a number of key texts including from the early productions of Foucault.

Keywords: foucault, nietzsche, archaeology, transhumanism, posthumanism

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Authors: Phusit Phukamchanoad

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The research studies the behaviors based on sufficiency economy philosophy at individual and community levels as well as the satisfaction of the urban community leaders by collecting data with purposive sampling technique. For in-depth interviews with 26 urban community leaders, the result shows that the urban community leaders have good knowledge and understanding about sufficiency economy philosophy. Especially in terms of money spending, they must consider the need for living and be economical. The activities in the community or society should not take advantage of the others as well as colleagues. At present, most of the urban community leaders live in a sufficient way. They often spend time with public service, but many families are dealing with debt. Many communities have some political conflict and high family allowances because of living in the urban communities with rapid social and economic changes. However, there are many communities that leaders have applied their wisdom in development for their people by gathering and grouping the professionals to form activities such as making chili sauce, textile organization, making artificial flowers worshipping the sanctity. The most prominent group is the foot massage business in Wat Pracha Rabue Tham. This professional group is supported continuously by the government. One of the factors in terms of satisfaction used for evaluating community leaders is the customary administration in brotherly, interdependent way rather than using the absolute power or controlling power, but using the roles of leader to perform the activities with their people intently, determinedly and having a public mind for people.

Keywords: performance and activities, sufficiency economy, urban communities leader, Dusit district

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Authors: Hafsat Iyabo Sa'adu

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A salient feature of the Nigerian Tax Law is the right of the taxpayer to demand for a refund where excess tax is paid. Section 23 of the Federal Inland Revenue Service (Establishment) Act, 2007 vests Federal Inland Revenue Services with the power to make tax refund as well as set guidelines and requirements for refund process from time to time. In addition, Section 61 of the Federal Inland Revenue Service (Establishment) Act, 2007, empowers the Federal Inland Revenue Services to issue information circular to acquaint stakeholders with the policy on the refund process. A Circular was issued to that effect to correct the position that until after the annual audit of the Service before such excess can be paid to the claimant/taxpayer. But it is amazing that such circular issuance does not feature under the states’ laws. Hence, there is an inconsistencies in the tax paying system in Nigeria. This study, therefore, sets an objective, to examine the trending concept of tax refund in Nigeria. In order to achieve this set objective, a doctrinal study went under way, wherein both federal and states laws were consulted including journals and textbooks. At the end of the research, it was revealed that the law should be specific as to the time frame within which to make the refund. It further revealed that it is essential to put up a legal framework for the tax system to recognize excess payment as debt due from the state. This would provide a foundational framework for the relationship between taxpayers and Federal Inland Revenue Service as well as promote effective tax administration in all the states of the federation. Several Recommendations were made especially relating to legislative passage of ‘’Refund Circular Bill at the states levels’ pursuant to the Federal Inland Revenue Service (Establishment) Act, 2007.

Keywords: claim, Nigeria, refund, right

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Authors: A. Pascual Ramsay

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Accounts of the management of the economic and euro crisis in Spain have been dominated by an emphasis on external constraints. However, this approach leaves unanswered important questions about the role of domestic political factors. Using systematic qualitative primary research and employing elite interviewing and process tracing, this paper aims to fill this gap for the period of the Partido Socialista Obrero Español (PSOE) administration. The paper shows that domestic politics played a crucial role in the management of the crisis, most importantly by determining the shape of the measures undertaken. In its three distinct stages – downplaying/inaction, reaction/stimulus, and austerity/reform – the PSOE's response was certainly constrained by external factors, most notably EMU membership and the actions of sovereign-bond investors, the ECB and Germany. Yet while these external constraints forced the government to act, domestic political factors fundamentally shaped the content of key measures: the fiscal stimulus, the labour, financial and pension reforms, the refusal to accept a bailout or the reform of the Constitution. Seven factors were particularly influential: i) electoral and political cost, ii) party and partisanship, iii) organised interests, iv) domestic institutions, v) ideological preferences, vi) ineffective decision-making, and vii) judgement and personal characteristics of decision-makers. In conclusion, domestic politics played an important role in the management of the crisis, a role that has been underestimated by dominant approaches focusing on external constraints and weak domestic policy autonomy. The findings provide empirical evidence to support research agendas that identify significant state discretion in the face of international economic integration and an important role for domestic political factors such as institutions, material interests, partisanship and ideology in shaping economic outcomes.

Keywords: economic crisis, Euro, PSOE, Spain

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Authors: Cely D. Magpantay, Geolynne Marie Adel, Cire-rine Mae Concepcion, Dessa Jean Orcajada, Jorgette Andrea Santos, Orian Laurace Canaman

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Mental illness initiative is very relevant in promoting the Mental Health Bill act of 2017. In the Philippines alone, the public is more open and receptive to people at risks with a mental condition. Although it is uncommon that parents can become more psychologically unfit compared to their children, research shows that parents who are suffering from mental illness have a more significant negative effect than another family member. The impact of parent’s mental health can put their children more susceptible to acquire the same disorder. The aim of the study is to explore the lived experiences of children whose parents suffered from mental illness. It discusses how their parent's mental condition in, anyway, affects their psychological development. Using Phenomenological Qualitative Research, an in-depth, interview was conducted to five (5) consenting adults who lived with their parents diagnosed with a mental disorder. Results are clustered into four themes. The first theme is the negative emotion towards parents, the second theme is the psychosocial dynamics in caring for the patient, third is accepting the disease, and fourth is a general perspective on the family. Each themes is validated by experts and the participants. This theme generates subcomponent like isolation, shallow relationship and debt of gratitude. Along with these themes comes the fear of having a family emerged. There is a growing need to strengthen the family ties even more because of parent’s mental illness. Therefore, parental mental illness has an effect on the children’s psychological and social development.

Keywords: lived experience in Philippines, mental health, parental mental illness, psychosocial dynamics

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Authors: Wanlapha Phraibueng, Patrick Sentis, Geraldine Riviere-Giordano

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Corporate Social Responsibility (CSR) initiatives have been widely discussed especially in investor-oriented firms. In contrast, cooperatives pay less attention to CSR because their activities have integrated the responsibility and the solidity of social, economic and environment. On the other hand, by adopting ownership theory and agency theory – cooperatives ignore CSR investment due to unclarified decision control in the governance and the limitation to acquire the capital financed. The unique governance and financial structures in cooperatives lead to the conflict among the stakeholders and long-term investment which have an impact on firm financial performance. As an illustration of cooperatives dilemmas, we address the question of Whether or not cooperatives in term of governance and financial structures are the constraints on implementing CSR policies. We find that the governance and financial structures in large cooperatives are the influence factors which predispose cooperatives to invest on CSR. In contrast, in the startup or small cooperatives, its governance and financial structures are the constraints on implementing CSR policies. We propose the alternative financial structure based on the trade-off between debt and equity which aims to relax the restrictions in cooperatives’ governance and allow cooperatives to acquire the capital financed either from its members or non-members. We suggest that engaging equity as a financial structure induces cooperatives to invest on CSR policies. Alternative financial structure eliminates not only cooperative ownership control problem but also the constraints in capital acquisition. By implementing CSR activities consistent with the alternative financial choice, cooperatives can increase firm’s value and reduce the conflict among their stakeholders.

Keywords: cooperatives, corporate social responsibility, financial, governance

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Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Abiodun Oluwaseun Ibude

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Every now and then we hear of companies closing down their operations due to unethical practices like an overstatement of company’s balance sheet, concealing company’s debt, embezzlement of company’s fund, declaring false profit and so on. This has led to the liquidation of companies and the loss of investments of shareholders as well as the interest of other stakeholders. As a result of these ugly trends, there is need to put in place a formidable mechanism that will ensure that business activities are conducted in a healthy manner. It should also promote good ethics as well as ensure that the interest of stakeholders and the objectives of any organization is achieved within the confines of the law; wherein law exists to provide criminal penalties for falsification of documents and for conducting other irregularities. Based on the foregoing, it becomes imperative to ensure that steps are taken to stop this menace and face the challenges ahead. This calls for the practice of good governance. The purpose of this study is to identify various components of corporate governance and determine the impact of it on the performance of established organizations. A survey method with the use of questionnaire was applied in collecting data useful for this study which were later analyzed using correlation co-efficiency statistical tools in generating finding, making a conclusion, and necessary recommendation. From the research conducted, it was discovered that there are systems within organizations apart from regulatory agencies that ensure effective control of activities, promote accountability, and operational efficiency. However, some members of organizations fail to explore the usage of corporate governance and impact negatively of an organization’s performance. In conclusion, good corporate governance will not be achieved unless there is openness, honesty, transparency, accountability, and fairness.

Keywords: corporate governance, formidable mechanism, company’s balance sheet, stakeholders

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Authors: Oyku Yenen

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The notion of biopolitics, as studied by such intellectuals as Foucault, Agamben, and Negri, is an important guide for comprehending the current understanding of politics. While Foucault evaluates biopolitics as a survival policy, Giorgio Agamben, German legist, identifies the theory with death. Agamben claims the fact we can all considered to be homo sacer who are abandoned by the law, left in the field of exception, and whose killing does not require punishment. Agamben defines the person who is tried by the public for committing a crime but is not allowed to be sacrificed and whose killing is not considered a crime, as 'homo sacer'. This study analyzes how the concept of 'homo sacer' is made visible in TV series such as Çemberimde Gül Oya (Cagan Irmak, 2005-2005), Hatırla Sevgili (Ummu Burhan, 2006-2008), Bu Kalp Seni Unutur Mu? (Aydin Bulut, 2009-1010) all of which portray the period Turkey's 1980 military coup, within the framework of Agamben's thoughts and notions about biopolitics. When the main plots of these abovementioned TV series, which constitute the universe of this study, are scrutinized closely, they lay out the understanding of politics that has existed throughout history and prevails today. Although there is a large number of TV series on the coup of 1980, these three series are the only main productions that specifically focused on the event itself. Our final analysis will reveal that the concepts of homo sacer, bare life, exception, camp have been embodied in different ways in these three series. In these three series, which all deal with similar subjects using differing perspectives, the dominant understanding of politics is clearly conveyed to the audience. In all three series, the reigning power always decides on the exceptions, those who will live, those who will die, and those who will be ignored by law. Such characters as Mehmet, Sinan, Yıldız, Deniz, Defne, all of which we come across in these series, are on trial as a criminals of thought and are subjected to various forms of torture while isolated in an area where they are virtually deprived of law. Their citizenship rights are revoked. All of them are left alone with their bare lives (zoe).

Keywords: bare life, biopolitics, homo sacer, sovereign power, state of exception

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Authors: Anne Camille P. Balabag, Via B. Cabarda, Ruffa Mae Lomboy, Aira Joyce Nesus

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Nowadays, Filipinos seem to dominate the outsourcing industry, one factor that affects quality service is organization mismanagement. Traditionally, Filipino promotions are based on tenure rather than competence. Seniority refers to a superior rank that an employee holds in an industrial setting based on a position withheld in a company. Yet, seniority also holds the paradigm for Filipino family structures. With this, the researchers believe that Filipinos have a deeper take on seniority, which became the motivation for this study. The researchers wanted to contextualize the Filipino concept of seniority, the perception, and reactions of Filipino employees to its existence, and uncover their relevant experiences within the industrial setting. Following a phenomenological research design, data collected from ten (10) participants with various demographic backgrounds, chosen through purposive sampling, and interviewed utilizing a semi-structured interview and analyzed using thematic analysis revealed seven primary themes: (1) Reality of Tenureship and Competence, (2) Disparity in Age Influence, (3) Special Power of Seniority, (4) Seniority is Necessity, (5) The Filipino Organizational Values, (6) Art of Seniority in Human Resource, and (7) Confessions of the Inner Child. The findings suggest that seniority exists based on a ranking system created through human resource management and mirrored from traditional Filipino values. Also, the researchers identified three Filipino industrial values: respect, pakikipagkapwa-tao (treating others as a fellow human being), and utang na loob (debt of gratitude). Lastly, birth order was found to have direct and indirect effects on their conduct in an industrial context.

Keywords: organizational psychology, human resource management, filipino psychology, industrial values

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Authors: Ghadeer A.Al-Jabaree, Husam Aldeen Al-Khadash, M. Nassar

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This study aimed at investigating the effect of well-designed corporate governance system on the financial stability of insurance companies listed in ASE. Further, this study provides a comprehensive model for evaluating and analyzing insurance companies' financial position and prospective for comparing the degree of corporate governance application provisions among Jordanian insurance companies. In order to achieve the goals of the study, a whole population that consist of (27) listed insurance companies was introduced through the variables of (board of director, audit committee, internal and external auditor, board and management ownership and block holder's identities). Statistical methods were used with alternative techniques by (SPSS); where descriptive statistical techniques such as means, standard deviations were used to describe the variables, while (F) test and ANOVA analysis of variance were used to test the hypotheses of the study. The study revealed the existence of significant effect of corporate governance variables except local companies that are not listed in ASE on financial stability within control variables especially debt ratio (leverage),where it's also showed that concentration in motor third party doesn't have significant effect on insurance companies' financial stability during study period. Moreover, the study concludes that Global financial crisis affect the investment side of insurance companies with insignificant effect on the technical side. Finally, some recommendations were presented such as enhancing the laws and regulation that help the appropriate application of corporate governance, and work on activating the transparency in the disclosures of the financial statements and focusing on supporting the technical provisions for the companies, rather than focusing only on profit side.

Keywords: corporate governance, financial stability and solvency margin, insurance companies, Jordan

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Authors: William Thomas Worster

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This paper will highlight the failure of international adjudication to prevent a state from evading an order of provisional measures by simply issuing a diplomatic assurance to the court. This practice changes the positions of the litigants as equals before a court, prevents the court from inquiring into the reliability of the political pledge as it would with assurances from a state to an individual, and diminishes the court’s ability to control its own proceedings in the face of concerns over sovereignty. Both the European Court of Human Rights (ECtHR) and International Court of Justice (ICJ) will entertain these kinds of unilateral pledges, but they consider them differently when the declaration is made between states or between a state and an individual, and when made directly to the court. In short, diplomatic assurances issued between states or to individuals are usually considered not to be legally binding and are essentially questions of fact, but unilateral assurances issued directly to an international court are questions of law, and usually legally binding. At the same time, orders for provisional measures are now understood also to be legally binding, yet international courts will sometimes permit a state to substitute an assurance in place of an order for provisional measures. This emerging practice has brought the nature of a state as a sovereign capable of creating legal obligations into the forum of adjudication where the parties should have equality of arms and permitted states to create legal obligations that escape inquiry into the reliability of the outcome. While most recent practice has occurred at the ICJ in state-to-state litigation, there is some practice potentially extending the practice to human rights courts. Especially where the litigants are factually unequal – a state and an individual – this practice is problematic since states could more easily overcome factual failings in their pledges and evade the control of the court. Consider, for example, the potential for evading non-refoulement obligations by extending the current diplomatic assurances practice from the state-to-state context to the state-to-court context. The dual nature of assurances, as both legal and factual instruments, should be considered as addressed to distinct questions, each with its own considerations, and that we need to be more demanding about their precise legal and factual effects.

Keywords: unilateral, diplomacy, assurances, undertakings, provisional measures, interim measures

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Authors: A. Banovcinova, M. Zakova

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Labor market activity and paid employment should be a key factor in protecting individuals and families from falling into poverty and providing them with sufficient resources to meet the needs of their members. However, due to various processes in the labor market as well as the influence of individual factors and often insufficient social capital, there is a relatively large group of households that cannot eliminate paid employment and find themselves in a state of so-called working poverty. The aim of the research was to find out what strategies families use in managing poverty and meeting their needs and which of these strategies prevail in the Slovak population. A quantitative research strategy was chosen. The method of data collection was a structured interview focused on finding out the use of individual management strategies and also selected demographic indicators. The research sample consisted of members of families in which at least one member has a paid job. The condition for inclusion in the research was that the family's income did not exceed 60% of the national median equalized disposable income. The analysis of the results showed 5 basic areas to which management strategies are related - work, financial security, needs, social contacts and perception of the current situation. The prevailing strategies were strategies aimed at increasing and streamlining labor market activity and the planned and effective management of the family budget. Strategies that were rejected were mainly related to debt creation. The results make it possible to identify the preferred ways of managing poverty in individual areas of life, as well as the factors that influence this behavior. This information is important for working with families living in a state of working poverty and can help professionals develop positive ways of coping for families.

Keywords: copying strategies, family, in-work poverty, quantitative research

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Authors: Syaza Isma, Timothy Higgins

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In Malaysia, increased take-up rates of tertiary student borrowing, and reliance on retirement savings to fund children's education show the importance of public higher education financing schemes (PTPTN). PTPTN has been operating for 2 decades now; however, there are some critical issues and challenges that include low loan recovery and loan default that suggest a detailed consideration of student loan/financing scheme alternatives is crucial. In addition, the decline in funding level per student following introduction of the new PTPTN full and partial loan scheme has raised ongoing concerns over the sustainability of the scheme to provide continuous financial assistance to students in tertiary education. This research seeks to assess these issues that put greater efficiency in an effort to ensure equitable access to student funding for current and future generations. We explore the extent of repayment hardship under the current loan arrangements that presumably led to low recovery from the borrowers, particularly low-income graduates. The concept of manageable debt exists in the design of income-contingent repayment schemes, as practiced in Australia, New Zealand, UK, Hungary, USA (in limited form), the Netherlands, and South Korea. Can Income Contingent Loans (ICL) offer the best practice for an education financing scheme, and address the issue of repayment hardship and concurrently, can a properly designed ICL scheme provide a solution to the current issues and challenges facing Malaysia student financing? We examine the different potential ICL models using deterministic and stochastic approach to simulate income of graduates.

Keywords: deterministic, income contingent loan, repayment burden, simulation, stochastic

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Authors: Nikoletta G. Karytsioti

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The European Union’s function and effectiveness are still an issue that minds, bringing about division even in the member-states interior. Recently, more serious issues have been added in the Union’s malfunction, which affects not only the Union’s function but also their residents’ safety. One of these issues is the migration crisis, which frustrates the European Union’s balances and the stability. The present paper’s aim to frame and interpret the Greek public opinion in basic migration matters, throughout the political philosophy and specifically via John Rawls ‘Theory of Justice’. The theory is deployed to examine if it may be used in a practical way, on a tangible issue and in a specific area. In order to obtain a real frame of the public opinion about the matter of migration, a questionnaire was addressed to Greek people. The sample was chosen for three main reasons: a) Greeks are experienced in the migration as they had migrated in the past, b) many young people migrated the recent years after the debt crisis, c) Greece is a reception state. Being based in the Theory of Justice and specifically in the ‘veil of ignorance’, is tried to overcome the obstacles of human nature’s subjectivity, while examining the variations in the responses per social group. The questionnaire will have demographic questions and special interest questions, related with the crisis, before and after ‘the veil of ignorance’. The paper’s originality comes from the fact that it is the first time that a philosophical theory is used to examine the migration issue in a practical manner. The main goals of the paper are three: - To examine the differences/similarities in the responses before and after the veil of ignorance, - to reveal opinions on migration crisis from E.U. citizens and - to confirm or not the practical usefulness of the Political Philosophy as a highlighting tool

Keywords: European Union, immigrants, migration crisis, political philosophy, theory of justice, veil of ignorance

Procedia PDF Downloads 275