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The Kazakhstan-European Union Partnership: Modernization of the Republic’s Financial System

Abstract

This study examines the issue of the modernization of the Kazakh financial system considering the new, Enhanced Partnership and Cooperation Agreement with the European Union (EU) (January 19, 2015) and the Kazakh State program “Path to Europe, 2009–2011”. It describes new opportunities for the establishment of a long-term partnership and cooperation between Kazakhstan and the EU for the restructuring of Kazakhstan’s financial system and its convergence with international standards and European regulations. Specifically, this study covers the financial policy and the objectives of the Republic’s financial sector management; legislation regulating the financing activity of business entities, particularly its transparency and accessibility to foreign investors; contradictions between the legal framework of the state on financial relations and international standards, European directives, conventions, and recommendations; and the security of financing activities of European companies. This study employs general scientific methods (theoretical analysis and generalization, comparative legal, logical, etc.) and the functional approach.

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Does a “Ceo Chairman” Guarantee Better Performance from a Firm?

Abstract

This paper provides a brief review of the state of knowledge in the field of agency theory. The managerial power approach assumes that a chief executive officer is able to affect the scale of his or her pay. However, Kaplan (2012) and others see a different picture of the corporate-governance landscape, hence they provide certain market-based explanations for high compensation. Our paper examines the relationship between a firm’s performance and the amount of managerial compensation, and the ability of a CEO to affect a board’s decision regarding his or her total compensation. The dataset consists of 75 companies traded in the capital market in the US. Our panel dataset covers a 10-year period from 2004 to 2013. We developed a single equation panel data model. The resulting parameter values provide a different picture of CEO power and the interconnection between a firm’s performance and CEO pay in both sectors.

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A European Dilemma: The EU Export Control Regime on Dual-Use Goods and Technologies

Abstract

Export controls for dual-use items are an important constituent element of both the security policies of state exporters and WMD non-proliferation efforts. Dual-use goods and technologies can be used for both civil and military purposes, which requires careful oversight over their export to countries that are considered unfriendly or have ambiguous foreign policy attitudes. By their very nature, dual-use items may be used both to further legitimate ends, like promoting technological development and strengthening economic ties, and to aid in unwarranted acts. State exporters are faced with the responsibility of balancing the security objectives pertaining to exports of dual-use items with the competitiveness of local economies. The paper discusses the EU export control regime and EU membership in international export control groups. In doing so, comparative and normative research methods are chosen to analyze existing literature on Council Regulation 428/2009 and other international export control groups, including the Wassenaar Arrangement, the Missile Technology Control Regime (MTCR), the Australia Group (AG) and the Nuclear Suppliers Group (NSG). The paper will conclude by identifying shortcomings and addressing possible amendments to the regulation.

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The Impact of Minimum Wage Changes on Management in the Czech Republic

Abstract

The extent of social security contributions paid by both employers and employees in the Czech Republic is considered one of the biggest problems of the Czech economy. At the same time, the minimum wage in the Czech Republic has been repeatedly changed in recent years and even months, and thus the aim of this paper is to identify and discuss possible consequent changes in managerial decisions in Czech firms that could be examined in further analyses. We suggest the hypothesis that Czech firms are lowering their costs via the substitution of employment agreements for employment contracts in order to avoid social security contributions paid by the employer.

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The Mistaken Doctrine of Common Law: A Critique

Abstract

The study deals with Huerta de Soto’s thesis about the “mistaken doctrine of common law”, which is based on the equalization of depositum irregulare and mutuum contracts. He concluded that equalization of these contracts resulted in the creation of business cycles. According to this study, Huerta de Soto made a mistake when considering contracts inspired by the continental law based on Roman law. The study shows that mutuum was even in Roman law an ancient contract that was not codified, and that Huerta de Soto’s interpretation of this contract in the Anglo-American legal system is based more on civil law, not on common law as he stated in his work. Finally, the problem of common law did not lie in the equalization of the mentioned contracts, but rather in the absence of depositum irregulare contracts applied to monetary questions.

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Carrots and Sticks as Incentive Mechanisms for the Optimal Initiation of Insolvency Proceedings

Abstract

The pursuit of ex-ante efficiency in bankruptcy law has been widely discussed in recent law and economics literature. However, the exact incentive mechanisms inducing the optimal commencement of bankruptcy proceedings have generally been exempted from the current scholarly debate. Using the law and economics tools and comparative analysis, this paper seeks to identify insolvency-specific optimal incentive mechanisms, while using the general theory on carrots and sticks in legal regulations. The paper suggests the employment of mixed-sticks-and-carrots incentive mechanisms for managers’ prompt proposals of insolvency proceedings as an optimal regulatory response. Moreover, the article provides comparative evidence that exclusive use of sticks or carrots in French, German, US, English, and Slovenian legal systems results in sub-optimal initiation of insolvency proceedings and may also induce adverse effects on prompt initiation.

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Social Risk Management as a Strategy in the Fight Against Poverty and Social Exclusion

Abstract

Questions surrounding the fight against poverty and social exclusion have become a global priority. Poverty and its causes are perceived as differences in the economic and social development of each individual continent and country. Social risk management was developed by the World Bank as a specific conceptual framework of social protection strategy and includes prevention, mitigation and the management of social risks. The diverging causes of poverty across the European continent assume a different approach in identifying causes and social risk management. An important aspect of the EU’s social policy is to combat unemployment and social exclusion with the support of the European fund to help the extreme poor and other EU funds, e.g. EQUAL. The appropriate implementation of social risk management in each country is a prerequisite for reducing extreme poverty. Social risk management as a global strategy to combat poverty and extreme poverty is a challenge in the field of education which offers a new range of views and is generating more complex professional competencies in education and new possibilities for university graduates in the labor market.

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Superficiary Right of Building: Origin and Development in Central Europe

Abstract

The Czech Republic has been dealing for the last four years with a legal revolution in the field of private law. A new Civil Code was adopted in 2012 and many new and forgotten legal figures were restored in the text of the code. An interesting example of forgotten legal figures is the superficiary right of building, which has again entered the legal order of the Czech Republic after a long one hundred years. Unlike the Act on the Superficiary Right of Building of 1912, the new Civil Code extends the scope of persons that may create the superficiary right of building to their land. This should eliminate the obstacle that has substantially limited its wider use. The superficiary right of building is not likely to become a legal concept very frequently seen in public registers. The aim of this paper is, therefore, a reflection on divided ownership and the purpose and genesis of the superficiary right of building in relation to its origins, as well as a prediction of future developments of this legal concept in the real estate market. To analyse the concept, the paper employs formal and legal methods (logical, grammatical and historical method). A comparative study is conducted in the spirit of the comparative method. The superficiary right of building is a suitable complement to the range of options of property rights offered by the new Civil Code. The author concludes that the use of the superficiary right of building, although not limited in comparison with the 1912 Act, will likely be less frequent and focused on longer-term projects.

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Territorial Self-Governing Units of the Czech Republic as Entities Possessing Ownership and Other Proprietary Rights (the Basic Conceptual Issues)

Abstract

The property owned by self-governing units represents an important socioeconomic factor with the potential to affect a wide range of aspects of life, considering the scope of self-governing units.

The aim of this paper is to present an overview of the recent legal regulations regarding the proprietary position of Czech self-governing units (municipalities and regions) as well as comments on their development (considering wider circumstances) from 1990 to the present day. It focuses on the nature of legal entities sui generis (in Czech called “příspěvková organizace”), which perform ownership and other proprietary rights of the municipalities and regions on the basis of specific public law relations. Appropriate attention is also dedicated to other legal subjects operating in the sphere of territorial self-government considering their proprietary position. The sub-objectives of the article are the identification and explanation of solutions to the identified problems concerning the analyzed questions.

The methodological part of the article is based on the analysis and critical evaluation of the current state of the discussed legal issues. The authors use the methods of legal hermeneutics to obtain correct interpretations of the analyzed legal regulations.

The entities sui generis in question are found to be a relic of the transition period in Czech legal development after the 1990s and should be replaced with up-to-date forms of a public legal entity.

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European Constitutionalism as the Metatheory of the Construction of Legal and Political Reality and the Challenges for its Development

Abstract

The latter European crisis reveals the fact that traditional agreements between governments of the Member States and supranational political and legal institutions of the European Union are not sufficient for the maintenance of European Union stability and integrity. Therefore, the political and legal sustainability of the European Union requires a certain metatheory as a methodology, which could essentially contribute to the coherent construction, interpretation and assessment of theoretical and practical issues of the European Union’s legal and political reality. This paper aims to explore two main questions: What is constitutionalism as a legal-political metatheory? What challenges are faced by this theory while addressing the specific EU legal-political reality construction problems?

The results of the research reveal that constitutionalism as a metatheory is constituted by principles and values, which provide ideological support for the development of the nation, and performs a methodological function in the construction of legal and political reality. However, the EU’s political elite still seeks to legitimize constitutionalism as a political action theory, which, accordingly, legitimizes the respective legal policies it pursues. This process dangerously increases the gap between the EU’s political elite and the societies of its Member States.

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