Suchergebnisse

Financial crisis, fraud and corruption -- Financial crisis prevention through regulation -- Ensuring corporate ethical behavior -- Private and public sector governance -- A holistic model of corruption and corporate fraud prevention

Corporate Social Responsibility has been a term used for the last decade and has been asserted that by contributing to CSR a firm becomes competitive. Whilst it has been argued that CSR contribution does increase a companys profit there has been little work to develop a tool in assessing the CSR contributions made and the impact on competitiveness. The current paper is identifying the areas SMEs in Cyprus concentrate their CSR contribution, the barriers and enablers making CSR possible as well as the tools used to evaluate the CSR contributions. The purpose is to identify the components so as to enable the research team of seven euro-Mediterranean countries to develop a tool on CSR competitiveness. This project is funded by the European Union.Since Cypriot SMEs operate in a small country with the idiosyncrasies and needs of a small country tend to emphasise the community rather than the market needs. Given the financial crisis at the moment the barriers are not only lack of resources but also lack of knowhow. The owners of the companies tend to be the major enablers which is a strong point and the government is making every effort to assist them.

When the Cyprus economy was booming in the 1990s, key issues emanating from sound corporate governance, such as accountability, transparency and effective independent boards were not deemed important. However, largely as a result of the Cyprus stock exchange collapse of 2000, this view changed. In September 2002, due to the collapse, the Cyprus Stock Exchange implemented a Corporate Governance Code predicated largely on Anglo‐Saxon principles of corporate governance.This paper reports the result of a study into levels of compliance with the Code by companies listed on the Cyprus Stock Exchange. The findings indicate that only a small minority complied with all significant aspects of the Code, and the vast majority did not comply with any. While the Code was well intended, the intended reforms do not appear to have significantly improved corporate governance. This is perhaps not surprising, given that the Cyprus equity markets and corresponding legislative support pertaining to corporate governance are in their infancy. In addition, some typical free market controls (e.g. low degree of concentration of ownership, reliable and timely information flows and opportunities for investor diversification) that facilitate international institutional investment do not exist in Cyprus. This suggests that the introduction of a Corporate Governance Code in Cyprus, or other developing economies, is likely to have only minimal impact unless it is supported by other initiatives. However, recent developments in Cyprus relating to greater education as to the benefits of corporate governance, as well as more stringent listing rules for companies lacking aspects of corporate governance, suggest that Cyprus is making serious endeavours to improve the corporate governance of its listed companies.

Chapter 1. Understanding Compliance with Laws and Regulations: A Mechanism-Based Approach; Anthony Bottoms.- Chapter 2. Legitimacy and Regulatory Compliance; Justice Tankebe.- Chapter 3. The Uncertain Professional Status of Compliance; James A. Fanto.- Chapter 4. Compliance: From Soft Law to Hard Law—A view from France; Maria Lancri.- Chapter 5. Living with the new General Data Protection Regulation (GDPR); Mark Foulsham.- Chapter 6. Risk Based Financial Regulation, and Compliance Officer Liability; Stuart Bazley.- Chapter 7. Whistleblowing: The Neglected Facilitator of Compliance; Eva Tsahuridu.- Chapter 8. The Skillset of an Effective Compliance Officer; Maria Krambia-Kapardis.- Chapter 9. Disentangling the Expectation Gap for Compliance Officers; Maria Krambia-Kapardis; Salomi Demetriou and Ioanna Stylianou

The relationship between corruption and tourism has been sporadically examined over the years. According to the existing theory, there is an inverted U relationship which implies that tourism demand initially increases as corruption increases (greasing the wheels) and after a certain threshold level of corruption, tourism demand decreases (sanding the wheels). Empirical studies so far concentrated on capturing the nonlinear relationship, by applying a simple linear model and by including corruption as a quadratic term. In the current paper, the authors revisit the "greasing and sanding the wheels" hypothesis by applying an advanced econometric technique, the threshold regression model, which deals with a key element of model uncertainty, namely parameter heterogeneity. In particular, using a sample of 83 countries from 2001 to 2018, the authors firstly examine if there is a nonlinear relationship between corruption and tourism, and then, they estimate the threshold value of corruption. According to the results, the null hypothesis of a linear model against the alternative of a threshold model with two regimes is strongly rejected. Furthermore, while the effect of corruption on tourism is positive in the low corruption regime and negative in the high corruption regime, a heterogeneous relationship is also found between other politico-socio-economic variables and tourism demand in the low and high corruption regimes. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s00181-021-02193-2.

The relationship between corruption and tourism has been sporadically examined over the years. According to the existing theory, there is an inverted U relationship which implies that tourism demand initially increases as corruption increases (greasing the wheels) and after a certain threshold level of corruption, tourism demand decreases (sanding the wheels). Empirical studies so far concentrated on capturing the nonlinear relationship, by applying a simple linear model and by including corruption as a quadratic term. In the current paper, the authors revisit the "greasing and sanding the wheels" hypothesis by applying an advanced econometric technique, the threshold regression model, which deals with a key element of model uncertainty, namely parameter heterogeneity. In particular, using a sample of 83 countries from 2001 to 2018, the authors firstly examine if there is a nonlinear relationship between corruption and tourism, and then, they estimate the threshold value of corruption. According to the results, the null hypothesis of a linear model against the alternative of a threshold model with two regimes is strongly rejected. Furthermore, while the effect of corruption on tourism is positive in the low corruption regime and negative in the high corruption regime, a heterogeneous relationship is also found between other politicosocio-economic variables and tourism demand in the low and high corruption regimes.

AbstractThe compliance officers' (CO) profession has been evolving over the last few decades. The expectations placed upon the individuals holding such a position vary across jurisdictions, but they are all expected to ensure employees and management of the business entity comply with the law. Given the limited research on CO in Europe, and the increasing public interest in this profession, the current authors have carried out a survey in Cyprus in an effort to map out and contextualize the CO' profession. The findings illustrate CO's academic and professional qualifications, their awareness of their legal liability, the level of knowledge and job performance of their duties as prescribed by law, as well as gaps in the performance of duties as expected by management, boards, and regulators. The policy implications derived from the study suggest coherence and synergies to be found through common exam and postgraduate qualification in the field of financial compliance.