Suchergebnisse

This study aims to examined the effect of cash flow and growth opportunity to the investment, and whether the exclusive relationship owned by the company with a government owned bank relationship moderates the effect of cash flow and growth opportunity on investment. This study used a sample of data from 101 manufacturing companies listed on the Indonesia Stock Exchange in the period 2013-2017. The multiple linear regression results show that cash flow and growth opportunity have a significant positive effect on investment, the government owned bank relationship weakens the effect of cash flow on investment but strengthens growth opportunity's influence on investment. This means that if the company has an exclusive relationship with a state-owned bank, it will reduce the dependence of cash flow to invest and increase investment opportunities.

Trapelano da qualche mese notizie sulla negoziazione di un accordo di libero scambio fra Unione europea e Stati Uniti: il Trattato Transatlantico per il Commercio e gli Investimenti (TTIP). Il procedimento è circondato da un alone di segretezza: è democratica una gestione a porte chiuse, all'interno degli esecutivi, dove con le consultazioni si ovvia alla mancanza di discussione, partecipazione e trasparenza? Dopo una prima parte dell'intervento dedicata al commento delle procedure seguite, nei paragrafi successivi si esamina il contenuto del TTIP. In primo luogo si analizzano le linee di quella che si prospetta come una massiccia deregolamentazione, che potenzialmente incide, ed entra in collisione, con la tutela di diritti come la salute, l'ambiente e il lavoro. In secondo luogo, si ragiona degli effetti dell'introduzione del meccanismo di risoluzione delle controversie tra Stato e investitore, quale strumento di giustizia privata che rischia di eludere le ordinarie vie giurisdizionali e limitare la potestà normativa degli Stati. Il TTIP – si osserva in conclusione – pare inserirsi, con una buona dose di spregiudicatezza, nel percorso che, in senso opposto alla limitazione del potere del costituzionalismo, restringe gli spazi di sovranità popolare e commissaria gli Stati nel nome della sovranità dei mercati. Since a few months ago transpire news as regards trade partnership between European Union and United States: the Transatlantic Trade and Investment Partnership (TTIP). The process is surrounded by secrecy: is democratic a management behind closed doors, within the executive, where consultations replace discussion, participation and transparency? On the content, first problem is the massive deregulation, which potentially affects the protection of rights such as health, environment and labor. Secondly, analysis on the effects of investor-State dispute settlement shows that this mechanism of private justice could evade ordinary legal remedies and limit State legislative powers. The TTIP - in short - seems to fit, unscrupulousy, in the path which, against constitutionalism, restricts the spaces of popular sovereignty and commissions the States in the name of market economy.

Questo articolo affronta i limiti opponibili alla partecipazione democratica nelle relazioni internazionali. Il tema vuole, dunque, a) fornire qualche precisazione sui nomi e sulle cose di cui si tratta, e quindi che cosa si intende per democrazia partecipativa, su quali principi si fonda e con quali meccanismi si attua; b) riassumere lo stato dell'arte in ordine, da un lato, alle modalità attraverso cui il fenomeno partecipativo si manifestato e, dall'altro, ai risultati ottenuti dalla pressione democratica che reclama trasparenza nelle negoziazioni in corso del TTIP; c) individuare nel gioco del bilanciamento degli interessi pubblici, quale interesse, tra quello relativo alla trasparenza e quello alla segretezza, prevale nelle relazioni internazionali europee di natura commerciale

We analyze the role of the State in social investment (education, health services, etc.), different from those in infrastructures. We do so because, in the current economic and social situation, this type of investment, in addition to strengthening the European social model, could be particularly effective in creating new jobs. To test the link between social investment and employment we modify the Paolo Sylos Labini's employment equation model (MOSYL), inserting in the model social investment instead of those in infrastructures. The quantitative implementation is based on Eurostat data for the 28 EU countries, and the results are encouraging: the employment rate is strongly influenced by factors outside the labor market, which affect not only the general economic environment (represented by GDP), but also by elements linked to the social context, concerning the new forms of welfare. Text of the speech given at the conference "Paolo Sylos Labini e la politica delle riforme", held at Sapienza University of Rome on 04 December 2015, organized by the Accademia dei Lincei with Economia Civile.

This paper analyses the important of regional investment agreements for promoting international trade in ASEAN countries. To visualize the above idea, this work will explain the roles of regional investment agreements to serve investment, trade facilitation and to protect regional investment interests. It is argued that regional investment agreements can serve as a vehicle for dialogue, coordination on and to response regional issues including regulatory harmonization, infrastructure development, and collaboration among members to facilitate investment. The paper shows how regional agreements will commit to eliminate barriers on substantially trade and investment, create positive welfare gains, the productivity and stimulus to growth in the region. This paper also analyses the effect of the establishment of an ASEAN Economic Community (AEC) by 2015 to the regional investment policies. AEC aiming at transforming ASEAN into a single market and production base with a highly competitive economic region, equitable economic development, free movement of goods, services, investment, skilled labor, and freer flow of capital, will likely accelerate regional integration and cooperation in the investment sectors fully integrated into the international trade. Then, this work demonstrates the implementation of regional investment cooperation into the formal instruments/agreements of investment policy architecture promoting and protecting cross border investment among nationals of ASEAN member states, such as ASEAN Investment Guarantee Agreement (IGA), the ASEAN Investment Area (AIA) and ASEAN Comprehensive Investment Agreement (ACIA). However, it is realized that the ASEAN members may resist and protest against the regional investment agreements because of conflicting their national interest. The paper proposed that the regional inv stment agreements need to be strengthened by harmonization and structural adjustment due to the member's resistance and protest. This idea may spark challenge because each member has fundamental differences on the nature and character of legal and economic systems reflecting different political systems, economic and social cultures in accordance with the philosophy of life values and national interests of each country. To overcome the challenge, this paper argues that ASEAN member countries need to unilaterally and collectively come up with structuring trade and investment policy harmonization to move ahead and reap the benefits from regional investment agreement as a common tool for contesting their interest in international trade. In addition, pre agreed flexibilities to accommodate the interests of all ASEAN countries may eliminate the problem.

Questo lavoro si propone di analizzare la recente legislazione anti tabacco adottata dall'Australia, con la quale, inter alia, sono state imposte forti restrizioni riguardo al colore, alla forma e ai loghi dei pacchetti di sigarette. Conseguentemente, diverse controversie sono state proposte a livello nazionale ed internazionale, contestando la legittimità della legge sotto diversi profili giuridici. In particolare, si segnalano i procedimenti pendenti dinanzi all'Organizzazione Mondiale del Commercio e dinanzi ad un tribunale arbitrale ad hoc per gli investimenti. Il lavoro intende evidenziare i rapporti tra i diversi meccanismi di risoluzione delle controversie.

We analyze the different characteristics of companies, and in particular of Small and Medium Enterprises (SMEs), having access to forms of public subsidy or private financing. We then examine one of the most widespread public subsidies aimed at young and innovative SMEs of the European Union (i.e., Horizon 2020) and compare it with Venture Capital, a financial instrument typically oriented to fund equity of similar companies. Conversely, by comparing the characteristics of the companies that receive one or the other types of instruments, we find significant differences in the corporate characteristics of the funded companies both in terms of size (revenues, assets) and development phase. ; Questo articolo analizza le differenti caratteristiche delle imprese, e in particolare delle PMI, che accedono a forme di sovvenzionamento pubblico o finanziamento privato. In quest'ottica, si prende in esame uno dei sussidi pubblici più diffusi orientato alle PMI giovani e innovative dell'Unione Europea (Orizzonte 2020) e lo si confronta con il finanziamento di Venture Capital, uno strumento tipicamente orientato a finanziare l'equity di aziende analoghe. Confrontando le caratteristiche delle imprese che ricevono l'uno o l'altro tipo di strumento, riscontriamo al contrario differenze significative nelle caratteristiche aziendali delle imprese finanziate dai due strumenti, sia in termini dimensionali (ricavi, asset) che di fase di sviluppo.

The 2007 Indonesian investment law granted national treatment for foreign investors, establishing a transparent 'negative list' for out-of-bonds investment sectors, and has been considired as a reformative regulation in Indonesia's economic strategy. However, decentralized systems give autonomy to local governments to manage their projects and infrastructure themselves. This leads into increasiig investment burdens through their opaque measures that are creating perceptions of risk for foreign investors. As a result, lack of legal certainty, inconsistent regulations and judiciary system would hamter investments. This article argues that law 25/2007 should be supported by a comprehensive investment policy to attract more foreign investors into Indonesia. A key element in establishing a competitive region is a free and open investment regime, This article addresses policy impediment to private investment in Indonesia as well as in the ASEAN region. Indonesia and ASEAN should have non-discriminatory treatment extended to foreign investors including ASEAN-based inveitors, as the establishment of ASEAN Economic community (AEC) will cornmence in 2015. Legal certainty of international business transaction by private investors is fostering investments by both direct investment and indirect investment (portfolio). Parties to investment agreements include individuals, small, medium and large multinational corporations, and countries. In this centralized global atmosphere, the Indonesian agovemment has to provide guarantees to leverage private investments.

Foreign direct investment is the largest source of external funds in both developed and developing countries. Some literature explains that one of the barriers to investment flow is corruption. Thus, this study aims to determine the effect of corruption as measured by the corruption perception index on foreign direct investment. Corruption is a political risk that affects the flow of foreign direct investment. The estimation results of the Generalized Method of Moment (GMM) show that the corruption perception index has a significant positive effect on foreign direct investment. The author also uses market seeking and efficiency seeking variables as potential factors that influence investors to direct foreign direct investment.

Questo lavoro nasce dall'esigenza di mettere a fuoco il modello di welfare e le logiche di intervento che informano il sistema dei Servizi Sociali territoriali, cercando di capire quanto essi, nell'attuale quadro sociale ed economico, siano realmente in grado di sostenere gli individui e le famiglie nei loro percorsi di vita. L'elaborato procede assumendo come riferimento il paradigma del Social Investment e concentrando l'analisi sul modello di organizzazione e sui processi operativi che caratterizzano l'attività dei Servizi Sociali nell'ambito della "Società della Salute del Valdarno Inferiore". Questa è il modello organizzativo dell'assistenza territoriale socio-sanitaria che la Regione Toscana ha introdotto, con la legge n 40/2005 e successive modificazioni, e finalizzato a sviluppare l'integrazione del sistema sanitario con quello socio assistenziale. L'obiettivo, a cui il testo si dedica nella seconda parte, è proprio quello di capire quanto l'operatività dei servizi sociali, nell'ambito di tale modello organizzativo e del territorio sopra indicato, si avvicini o si discosti dai principi del Social Investment e con quale ricadute in termini di efficacia degli interventi stessi. Necessaria premessa a questa analisi è il lavoro di contestualizzazione dei sistemi di welfare a livello europeo e nazionale, che viene condotto nella prima parte. Nel primo capitolo si descrivono, infatti, i caratteri salienti dei principali modelli di welfare europeo, facendo particolare riferimento al sistema di regolazione tra Stato, famiglia e mercato, in essi presente, ed evidenziando come esso abbia inciso sul processo di trasformazione che ha interessato il welfare nel corso dei decenni. L'attenzione si appunta in modo particolare sul sistema di welfare italiano e sulle sue particolari caratteristiche, in comparazione con gli altri sistemi di welfare europei, cercando di capire, nel secondo capitolo, quanto esso sia "attrezzato" per rispondere alle nuove sfide demografiche e sociali che stanno investendo l'Europa. Questa riflessione viene condotta a partire dall'analisi dei dati demografici di Eurostat ed Istat, dall'analisi dei dati di spesa e facendo riferimento alle riflessioni, elaborate dalla letteratura sulla relazione intercorrente tra dinamiche demografiche e politiche pubbliche. La seconda parte del testo si concentra sull'attività di ricerca finalizzata all'analisi del modello di welfare presente nel Valdarno Inferiore e delle logiche di intervento che lo caratterizzano. L'indagine, condotta a partire dall'analisi e riflessione sugli interventi specificamente attivati nei confronti della popolazione anziana, mantiene sullo sfondo le politiche sociali rivolte alla totalità della popolazione ed è basata sulla pianificazione e conduzione di due Focus Group, utilizzando in un caso il metodo delle "vignette" e nell'altro quello del "problem setting". I risultati della ricerca, descritti nel quarto capitolo, evidenziano come in realtà il sistema dei servizi sociali territoriali non riesca ancora ad affrancarsi dai condizionamenti del Welfare nazionale e dal suo modello culturale: sussidiarietà passiva, familismo, categorizzazione e frammentazione degli interventi hanno in questo ambito ancora un ruolo. Ma al tempo stesso l'analisi condotta nei focus group, mantenendo sullo sfondo il paradigma del Social Investment, ha consentito agli operatori di ragionare per differenza, di mettere in discussione le logiche dell'attuale modello dei servizi e immaginare percorsi per un possibile cambiamento. Welfare models and intervention strategies in the local social services of Valdarno Inferiore: toward a Social Investment perspective? The scope of this thesis is to bring into focus the local social welfare system and its intervention strategies, and to evaluate whether they are really able to sustain individuals and families in their walks of life, within the current economical and social framework. This report adopts the paradigm of "Social Investment" as a reference point, and concentrates its analysis on the organizational model and operational processes currently used by Social Services in the domain of the "Società della Salute del Valdarno Inferiore." This organization for programming and managing local social services and healthcare was created by the Tuscany Region in 2005, aimed at the integration of the healthcare system with that of social services. In order to contextualize the analysis, Chapter One looks at European Welfare and describes the salient characteristics of the primary European models, focusing on the regulatory system of relations between State, family, and economy, and on its role in transforming the welfare system over time. Chapter Two pays particular attention to the Italian welfare system and its important characteristics, compared to other welfare systems in Europe, seeking to determine if the Italian system is equipped to respond to the new demographic and social challenges facing Europe. Observations are made based on demographic data from Eurostat and Istat (European and Italian census), budget data, and on literature about the relations between demographic dynamics and public policy. The second part of the paper looks at the social welfare model of the Valdarno Inferiore and its intervention strategies. Chapter Three is devoted to a study, conducted by two focus groups of social workers, centering on concrete cases involving the elderly, without losing sight of the rest of the population. The research uses the "vignette" method in one case, and in the other, "problem setting." The results of the study, described in Chapter Four, reveal how the local social services, as a whole, have not yet become free from the conditioning of National Welfare, nor from its cultural model. What has emerged from this research is that passive subsidiarity, familism, categorizing people, and fragmenting interventions all have a role, and need to be addressed. At the same time, the study allowed the focus group, through discussion and reflection, with the paradigm of "Social Investment" in the background, to question the principles of the current system of social services, and to imagine a possible change.

This study investigates the potential horizontal and vertical spillovers from FDI towards firms' efficiency level on Indonesian manufacturing industries, using firm-level panel data. The result suggests that positive evidence of horizontal spillovers arise instantaneously, but the impacts of vertical spillovers appear a year later. These indicate that foreign competitors cause local firms more efficient in the same industry. Furthermore, after one period of time MNCs running their business in Indonesia, they bring positive impacts on downstream markets but deteriorate manufacturing industries in the upstream markets. Therefore, the Indonesian government must ensure that overall benefits from promoting FDI must overweight their negative impacts.