Editorial

<abstract xmlns="http://www.w3.org/1999/xhtml">EU Member States outside the Eurozone are hesitating to enter the European Banking Union (EBU) and to establish “close cooperation” in bank supervision with the ECB. This paper analyzes the consequences of such asymmetric integration for financial stability in Europe. It argues that the main obstacles against establishing close cooperation are a lack of voting rights and insufficient access to the fiscal backstop provided by the European Stability Mechanism (ESM). The paper presents arguments as to why international cooperation in bank supervision could be welfare improving, if multinational banks are dominant. It also discusses suitable reform options for making it more attractive for EU Member States to begin a close cooperation with the ECB.</abstract>

The Asymmetric Implementation of the European Banking Union (EBU): Consequences for Financial Stability

<abstract xmlns="http://www.w3.org/1999/xhtml">We use incentivized economics experiments to test both the point predictions and comparative static predictions of optimal transfer pricing models, comparing behavior under varying conditions, including wholly versus partially-owned subsidiaries and different tariff and tax rates. As predicted, we find that transfer prices are responsive to relative tax and tariff rates as well as ownership proportions. Additionally, we examine convergence and learning in this setting. While individuals do not choose optimal transfer prices, their choices converge to optimal levels with experience. This paper thus makes two important contributions. First, by comparing behavior with theoretical predictions it provides evidence of whether (and when) individuals set transfer prices optimally. Second, by comparing behavior under conditions of full and partial ownership it provides evidence on the impact of policy interventions (like regulating ownership proportions by MNEs) on tax revenues.</abstract>

Bridgewater State University, Bridgewater, USA

Experimental Evidence on Transfer Pricing

<abstract xmlns="http://www.w3.org/1999/xhtml">This empirical study investigates American market responses to a Spanish product that is strongly culture-laden and may violate cultural taboos. Surveys were conducted in two contrasting US universities in Arkansas and California. Contrasting student majors were also chosen: Art and Business. The product is a life-sized baby doll, designed to be breast-fed rather than bottle-fed, which highlights the benefits and normality of breast-feeding babies. Although this product is popular in its original European market, US media accounts suggested strongly negative morality-based American reactions. This study found a strong overall non-acceptance of this product in all groups, but with significant differences between groups. Results quantify the market reaction and illuminate its cultural basis by comparing responses between two culturally different regions, two contrasting college majors, different genders, and different ethnicities. In doing so, this study helps to break new ground in the international marketing of culture-laden products.</abstract>

California State University Dominguez Hills, USA

Hamdan Bin Mohammed University Academic City, Dubai, UAE

Culture-Laden Imports: International Market Entry and Cultural Taboos

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper seeks to detect (post) crisis tendencies in the international activities of state-owned enterprises (SOE) and sovereign wealth funds (SWF) and identify the main challenges posed in exploring this topic. In doing so it draws on the inductive approach and qualitative method and discusses available studies on recent internalization trends in SOEs and SWFs. The number of SWFs worldwide has been rising since 2008, despite the 2008 crisis which brought heavy losses and negative publicity that caused a rerouting of funds towards domestic purposes. The long-term perspective adopted by SWFs is expected to make less vulnerable to financial market volatility, which should stimulate FDI. SOTNCs are a minority among SOEs in general, i.e. only a fraction of SOEs worldwide can be labeled as state-owned transnational companies; and no exceptional impact of the 2008 crisis is apparent in their functioning The review of selected literature and UNCTAD survey reports is the basis for our conclusions and suggestions for future research avenues.</abstract>

Poznań University of Economics and Business, Poland

Internationalization by State-owned Enterprises (SOEs) and Sovereign Wealth Funds (SWFs) after the 2008 Crisis. Looking for Generalizations

<abstract xmlns="http://www.w3.org/1999/xhtml">Most studies on corporate governance recognize endogeneity in the nexus between corporate governance and financial performance. Little attention has, however, been paid to the direction of causality between the two phenomena, and hence the Vector Error Correction (VEC) model, which allows for endogenous determination of the direction of causality, has not been widely employed. This study fills that gap by estimating the nexus and the direction of causality using the VEC model to analyze panel data on selected listed firms in Nigeria. The results agree with the findings of most previous studies that corporate governance significantly affects financial performance. Board skills, board composition and management skills enhanced financial performance indicators – return on equity (ROE), return on asset (ROA) and net profit margin (NPM); in many occasions, significantly. Board size and audit committee size did not, and can actually undermine financial performance. More importantly, financial performance did not significantly affect corporate governance. On the basis of the lag structure of the VEC model, this study affirms unidirectional causality in the nexus, running from corporate governance to financial performance, nullifying the hypothesis of bidirectional causality in the nexus.</abstract>

Department of Economics, Fountain University, Osogbo, Osun State, Nigeria

Department of Accounting and Finance, Fountain University, Osogbo, Osun State, Nigeria

Department of Economics, Western Delta University, Oghara, Delta State, Nigeria

Corporate Governance and Financial Performance Nexus: Any Bidirectional Causality?

<abstract xmlns="http://www.w3.org/1999/xhtml">Innovation determines the competitiveness of companies and countries. Innovative products and processes have revolutionized the world economy, and are particularly important in the energy industry. Demand for energy innovation originates from resource scarcity, a surge in energy consumption and stringent environmental regulations. The objective of this paper is to examine the application of selected energy-related innovations in Poland. The analysis is based on the database of the Organization for Economic Cooperation and Development (OECD). Our analysis covers the period 2009–2014, as extended by limited data availability. From it, we conclude that Poland performed well in selected energy-related innovations. This study extends knowledge concerning the link between energy efficiency/renewables and innovation.</abstract>

Selected Issues in Innovation in the Energy Industry. The Case of Poland

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