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Article

Access_open A Description of the Historical Developments in Standard Setting and Regulations for Auditors and the Audit Firms in an International Perspective

Journal The Dovenschmidt Quarterly, Issue 2 2013
Keywords Audit profession, international audit regulations, public-interest entities, historical developments
Authors Paul van der Zanden and Peter M. van der Zanden
AbstractAuthor's information

    The article discusses the historical developments within the audit profession as well as the developments in the rules and regulations relating to this profession. It does so in an international perspective. The authors compare the traditionally more Anglo-Saxon oriented approach with the traditionally more continental European approach. They discuss the influence and impact of these different approaches on each other as well as the impact of this process on regulation on a European level and implementation thereof on a local level. The developments in the Netherlands, which evidence this process, are used as an illustration. Throughout the article the authors also make some critical observations and notes with respect to the developments discussed.


Paul van der Zanden
Paul van der Zanden, Attorney at law, Banning N.V.

Peter M. van der Zanden
Peter M. van der Zanden, Emeritus professor Financial Accounting and former partner Ernst & Young.
Article

Access_open Corporate Governance of Banks

Is More Board Independence the Solution?

Journal The Dovenschmidt Quarterly, Issue 2 2013
Authors Edyta M. Dorenbos and Alessio M. Pacces
Author's information

Edyta M. Dorenbos
Research fellow, Tilburg Law School, Department of Business Law and European Banking Center, Tilburg School of Economics and Management, Tilburg University, the Netherlands.

Alessio M. Pacces
Professor of Law and Finance, Erasmus School of Law, Erasmus University Rotterdam and Research Associate, European Corporate Governance Institute. We thank Sarah van den Brand for valuable research assistance.
Article

Access_open The Regulation of Rating Agencies in Europe

Journal The Dovenschmidt Quarterly, Issue 2 2013
Keywords Credit Rating Agencies, Regulation No. 1060/2009, ESMA, sovereign ratings, complex products ratings
Authors Edith Weemaels
AbstractAuthor's information

    This article presents the current and future statutory framework for ratings agencies in Europe. The recent financial and economic crises dealt a fatal blow to this practice and the EU clearly intends to progress as quickly as possible when it comes to the regulation of credit rating agencies. This article examines the possibility that new EU framework serve to strengthen the position of credit rating agencies through the elimination of their unquestioned role in the markets. The author also presents existing and future European regulations and analyses the establishment and implementation of prudential supervision of the rating activity.


Edith Weemaels
Lawyer – Brussels Bar, Liedekerke Wolters Waelbroeck Kirkpatrick (Brussels), e.weemaels@liedekerke.com.
Article

Access_open Revisiting China’s Merger Control

Where Are We Going After the Three-Year Milestone?

Journal The Dovenschmidt Quarterly, Issue 1 2013
Keywords anti-monopoly law, merger control, competition effect
Authors Xinzhu Zhang and Vanessa Yanhua Zhang
AbstractAuthor's information

    After three years of enforcement of the Anti-Monopoly Law, the Ministry of Commerce (MOFCOM) has issued its own merger review guidelines and regulations. It has also published the decisions of eleven cases that were either blocked or approved with conditions. In this paper we review China’s rules for the implementation of merger control and analyze the patterns and implications from the recent case decisions. We find that although China’s merger control policy is largely consistent with international practice in many respects, there are still a few areas where China’s practice differs from those in other jurisdictions. These differences and their implications are analyzed in the article.


Xinzhu Zhang
Jiangxi University of Finance and Economics, Nanchang China and Research Center for Regulation and Competition, Chinese Academy of Social Sciences, Beijing, China. Email: xzzhang@public.bta.net.cn.

Vanessa Yanhua Zhang
Renmin University of China, Beijing, China and Global Economics Group, Beijing and New York. Email: vzhang@globaleconomicsgroup.com.

    In this article a non-binding global standard for solution of cross-border insolvency proceedings is introduced. These Global Principles for Cooperation in International Insolvency Cases can be used both in civil-law as well as common-law jurisdictions, and aim to cover all jurisdictions in the world. They are addressed to judges, insolvency practitioners and scholars, and aim to contribute to an improved global architecture of international insolvency.


Bob Wessels
Prof. Dr. Bob Wessels is an independent legal counsel in Dordrecht, The Netherlands, and professor International Insolvency Law, University of Leiden, School of Law. He can be reached at: info@bobwessels.nl.
Article

Access_open Regulating Credit Rating Agencies in the European Union

Lessons from Behavioural Science

Journal The Dovenschmidt Quarterly, Issue 1 2013
Keywords behavioural economics, credit rating agenies, lulling effect, neuroeconomics, due diligence
Authors Fabian Amtenbrink and Klaus Heine
AbstractAuthor's information

    Since the beginning of the global financial and economic crisis, the search for its causes has been in full flight on both sides of the Atlantic. Inter alia, fundamental failures in the evaluation of risk and the role that Credit Rating Agencies (CRAs) play in the assessment of credit risk are discussed. More specifically, the question is raised as to what the role of CRAs is in the financial markets, why this role may be problematic and how the main weaknesses of the present system can be addressed in the European Union (EU) and elsewhere. This contribution does not aim to provide a discussion of all theoretical aspects that might be involved in an economic analysis of CRAs, but to better understand the main behavioural economics and normative arguments that may be related. Thereby, the current EU regulatory framework on CRAs and credit ratings will be scrutinized. The basic hypothesis of this contribution is that the current and proposed future EU regulatory framework does not fully succeed in effectively tackling failures in the CRA market, because insights from behavioural economics are widely neglected.


Fabian Amtenbrink
Dr. Amtenbrink is Professor of European Union Law at the Erasmus School of Law, Erasmus University Rotterdam, The Netherlands. He is also Visiting Professor at the College of Europe (Bruges).

Klaus Heine
Dr. Heine is Professor of Law and Economics and Jean Monnet Chair of Economic Analysis of European Law at the Erasmus School of Law, Erasmus University Rotterdam, The Netherlands.
Article

Access_open Climate Change

A Major Challenge and a Serious Threat to Enterprises

Journal The Dovenschmidt Quarterly, Issue 1 2013
Keywords volgt
Authors Elbert R. de Jong and Jaap Spier
AbstractAuthor's information

    volgt


Elbert R. de Jong
Elbert de Jong is PhD candidate at the Molengraaff Institute for Private Law, Utrecht University.

Jaap Spier
Jaap Spier is Advocate-General in the Supreme Court of The Netherlands and Honorary Professor at Maastricht University.
Article

Access_open Law and China’s Economic Growth

A Macroeconomic Perspective

Journal The Dovenschmidt Quarterly, Issue 1 2012
Keywords China, economic imbalance, factor markets, economic policies, law and regulations
Authors Guangdong Xu
AbstractAuthor's information

    China is now stuck in an investment-driven growth pattern that has helped it achieve excessive economic growth in the short run but at the cost of environmental quality, ordinary citizens’ welfare, and long-term economic health. Two main factors can be identified as responsible for the formation and continuation of the current growth pattern. One is economic policy, especially fiscal and financial policies, which contribute to the decline in household consumption by depressing household disposable income and reducing social services provided by the government. The other is the law and regulations that the government has used to subsidize investment and production by distorting factor markets, including markets for capital, land, labor, energy, and environment. A systematic legal and institutional reform whose purpose is to liberalize factor markets is therefore required to rebalance China’s economy.


Guangdong Xu
China University of Political Science and Law.
Editorial

Access_open Validity and Compatibility of the SAM and KLD Screening Instruments

Journal The Dovenschmidt Quarterly, Issue 1 2012
Keywords Corporate sustainability performance (measurement), screening instruments, sustainability rating agencies, Sustainable Asset Management (SAM), Corporate Sustainability Analysis Framework (CSAF), sustainability (reporting) guidelines, content analysis, Sustainability Items
Authors Egbert Dommerholt
AbstractAuthor's information

    The discussion about corporate sustainability performance already has a rich and longstanding history.Todate corporate sustainability performance is a key issue in many companies. However, when asked what it means or how to apply this construct in a concrete business context, many entrepreneurs and managers are not able to give an answer. This confusion may be due to the multitude of definitions and descriptions of corporate sustainability performance constructs.To get a better understanding of corporate sustainability performance and to help companies shape their corporate sustainability performance, a plenitude of (reporting) guidelines are available today. However, because of a rich variation in foci, these guidelines also contribute to the corporate sustainability performance confusion among business people.Companies are no longer solely judged on the financial performance, but they also have to account for their sustainability performance to a variety of stakeholders. However, along with the increasing attention of stakeholders for corporate sustainability performance, the number of organizations that assessing companies’ governance, social, ecological and economic performance also increasesThe aim of this paper is to research the validity and compatibility of the screening instruments of two widely respected sustainability rating agencies: the Zurich (Switzerland) based Sustainable Asset Management Group (SAM) and the Boston (USA) based KLD analytics, Inc (KLD). These screening instruments are benchmarked against the Corporate Sustainability Analysis Framework designed and developed by Dommerholt 2009. The results suggest that the SAM and KLD instruments are imperfect measures of corporate sustainability performance, implying that the validity of these measures is questionable. The results also show that the screening instruments are not really compatible indicating that these instruments cannot be used interchangeably because of differences in the underlying conceptions of corporate sustainability performance. Therefore we can say that these screening instruments too seem to add to the confusions surrounding corporate sustainability performance (measurement).


Egbert Dommerholt
Lecturer at the Hanze University of Applied Sciences, Groningen and research associate at the Institute of Corporate Law, Governance and Innovation Policy (ICGI) of the Maastricht University.
Article

Access_open Boosting Our Future Quotient

Journal The Dovenschmidt Quarterly, Issue 1 2012
Keywords intergenerational, future-readiness, paradigm shift, future quotient, leadership dimensions, sustainability
Authors John Elkington
AbstractAuthor's information

    This article argues that efforts to implement CSR and sustainability will need increasingly long-term strategy and action, at a time when both our financial and ecological systems are in growing crisis. The resulting need to wind down dysfunctional economic and business models of the nineteenth and twentieth century is increasingly apparent. New ones now need be created that are fit for the future. This will be a future with powerful new players (e.g. China, India, Brazil) and with more than 9 billion people in a world already in “ecological overshoot. We need to the opportunity to create and shape a new order that will meet the needs of present and future generations.The article introduces the FQ concept, spotlights some key dimensions of high FQ-leadership and begins to sketch out a method to measure the future-readiness of leaders. In this context, the MindTime concept is presented as a potential tool to identify and evolve the relevant styles of thinking. The author identifies some sectors with a particular propensity for long-term thinking and concludes that high-FQ leaders demonstrate a number of specific characteristic, summarized here in what is dubbed the 7Cs approach.


John Elkington
Executive Chairman of Volans (<www.volans.com>) and Non-Executive Director at SustainAbility (<www.sustainability.com>).
Article

Access_open Public and Private Regulation

Mapping the Labyrinth

Journal The Dovenschmidt Quarterly, Issue 1 2012
Keywords private regulation, regulatory impact assessment, standard-setting, voluntary certification, sustainabbility reporting, effectiveness indicators, governance indicators
Authors Fabrizio Cafaggi and Andrea Renda
AbstractAuthor's information

    Private governance is currently being evoked as a viable solution to many public policy goals. However, in some circumstances it has shown to produce more harm than good, and even disastrous consequences like in the case of the financial crisis that is raging in most advanced economies. Although the current track record of private regulatory schemes is mixed, policy guidance documents around the world still require that policymakers award priority to self- and co-regulation, with little or no additional guidance being given to policymakers to devise when, and under what circumstances, these solutions can prove viable from a public policy perspective. With an array of examples from several policy fields, this paper approaches regulation as a public-private collaborative form and attempts to identify possible policy tools to be applied by public policymakers to efficiently and effectively approach private governance as a solution, rather than a problem. We propose a six-step theoretical framework and argue that IA techniques should: (i) define an integrated framework including both the possibility that private regulation can be used as an alternative or as a complement to public legislation; (ii) Involve private parties in public IAs in order to define the best strategy or strategies that would ensure achievement of the regulatory objectives; and (iii) Contemplate the deployment of indicators related to governance and activities of the regulators and their ability to coordinate and solve disputes with other regulators.


Fabrizio Cafaggi
European University Institute, Fiesole Università di Trento (F. Cafaggi).

Andrea Renda
LUISS Guido Carli, Rome; Centre for European Policy Studies, Brussels; European University Institute, Fiesole (A. Renda).
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