The literature and practice of place promotion, place marketing and place branding lack a common understanding of what these three concepts mean and through what kind of policies they can be ...implemented. Although scholars have provided several theoretical frameworks and definitions, both scholars and practitioners (advisors, civil servants, public and private stakeholders, and politicians) often use them synonymously. This paper argues that recent developments in both theory and practice – with respect to place promotion, place marketing and place branding – provide an opportunity to address this conceptual confusion. In the academic debate, a common understanding is slowly emerging and in practice, a more integral approach is gaining ground. To contribute to these advances, we present the outline of a framework to help distinguish between place promotion, place marketing and place branding, along with a discussion on why we believe these differences (should) matter to practitioners.
•A classification of place promotion, place marketing, and place branding respectively as instruments for urban policy;•A conceptual reframing, highlighting and incorporating the differences between these three instruments;•Insights into how the current conceptual confusion causes asymmetries in both theory and practice.
The aim of this paper is to examine whether shareholders consider the EU Emissions Trading Scheme (EU ETS) as value-relevant for the participating firms. An analysis is conducted of the share prices ...changes as caused by the first publication of compliance data in April, 2006, which disclosed an over-allocation of emission allowances. Through an event study, it is shown that share prices actually increased as a result of the allowance price drop when firms have a lower carbon-intensity of production and larger allowance holdings. There was no significant value impact from firms׳ allowance trade activity or from the pass-through of carbon-related production costs (carbon leakage). The conclusion is that the EU ETS does ‘bite’. The main impact on the share prices of firms arises from their carbon-intensity of production. The EU ETS is thus valued as a restriction on pollution.
•Firms are more positively valued with lower carbon-intensities of production.•Firms are more negatively valued with smaller holdings of allowances.•The stock market does not value the firms׳ allowance trade activity.•The stock market does not seem to value the pass-through of carbon costs in product prices.
Many have wrestled with too big to fail firms, with the attention predominantly focused on banks, especially the so-called systemically important ones, i.e. SIFI's ("Systematically Important ...Financial Institutions"). In this Article we look at too big to fail firms. We focus on cases of large firms that are not banks but were considered too big to fail when in financial distress. We look at a diverse set of multi-jurisdictional, internationally active, and nationally very important large firms, analyze their outcomes and whether and in what way they were supported by their respective governments. This analysis reveals that all these firms can be categorized in one of four types of resolution frames: a standard bankruptcy procedure, a bankruptcy procedure with funding support from the state, an ad hoc solution, and a full bailout by the government. We argue that only the first two types are needed for resolving financial distress, with the latter two inefficient. We provide arguments for the efficiency of the government support via the bankruptcy procedure in a jurisdiction and we discuss how this fits our cases. We conclude that for large firms the moral hazard associated with the too big to fail argument can be mitigated, but that it at least implies a bankruptcy procedure that is able to handle such large cases.
This paper analyses the different degrees to which place promotion, marketing and branding policies are institutionalised, based on a relatively straightforward and generally applicable methodology ...in order to stimulate international comparative research in the field. A consensus has emerged over the last decades among scholars and practitioners on the growing importance of place promotion, place marketing and place branding for local authorities. However, few comparative studies have paid specific attention to the extent to which local authorities have applied these instruments. In addition, to our knowledge, no comprehensive studies exist that cover all local authorities within a specific country. We aim to fill this gap. This paper systematically compares how in Dutch municipalities place promotion, place marketing and/or place branding is organised. It also analyses the reasons behind these differences in the institutionalisation of place promotion, marketing and branding using regression and cluster analyses of some key statistical characteristics of Dutch municipalities. The results of these analyses are clearly interpretable, which is a first indication of the validity of our relatively straightforward classification system to determine the popularity and institutionalisation of place promotion, place marketing and/or place branding by local authorities. As this classification is designed to be applicable to other studies, it hopefully stimulates further comparative research within and between national contexts. Based on a simple content analysis of automatically selected online resources, a comprehensive dataset was compiled that includes all 390 Dutch municipalities as of January 1st, 2016. The municipalities have been classified based on whether or not place promotion, place marketing and/or place branding has been a recent local policy issue, whether there is an identifiable, mandated entity responsible for the application of these instruments, and, if so, whether or not such an entity is internally or externally organised (viewed from the vantage point of the municipal organisations). Finally, we have classified the extent to which these mandated entities have an integrated mandate to employ these instruments towards more than one market segment (e.g., residents, businesses/investments, tourists/visitors). This paper presents one of the first comprehensive analyses on the national level of the (spatial) patterns of the popularity and institutionalisation of place promotion, place marketing and/or place branding by local authorities. Additionally, detailed analyses and combinations with official data from Statistics Netherlands and the Netherlands Environmental Assessment Agency enabled us to determine to what extent certain spatial attributes produce these (spatial) patterns: such as population size, population development and the dependence on tourism for the local economy.
Linking the European Union Emissions Trading System (EU ETS) to the Chinese national ETS promises considerable economic and political benefits. However, different policy choices regarding cap setting ...between the systems are likely to impede a potential linking. A striking distinction is that the EU ETS relies upon an absolute cap, while the Chinese national ETS appears to apply an ‘intensity-based cap’ during the early stages. The current linking literature focuses on mapping legal barriers in general and has not yet focused on EU and China, let alone the intricacies of policy design. This article seeks to fill this gap by concentrating on (static and dynamic) efficiency and environmental effectiveness implications of linking and cap design. From the analysis of the cap we derive policy implications for a hypothetical ETS linking between the EU and China. In response, comprehensive and predictable regulation is needed to ensure the attainment of ETS targets and thus facilitate better regulation.
This paper studies the effect of limited liability on corporate architecture. Corporate architecture is to be interpreted as the organizational instruments firms use to organize themselves into a ...coordinating, hierarchical ordered association of people. In this paper, it specifically refers to the use of four governance instruments within the firm to control the behavior of employees. These four are decision control rights, reward schemes, information systems and conflict resolution rules. Limited liability influences the way in which an incorporated group of firms employs each of these instruments. The most important effects are that limited liability makes it advantageous to allocate decision rights lower in the organization, use higher-powered reward schemes and economize on information systems. The effects lead to a saving of coordination costs within incorporated groups compared to unincorporated groups. Corporate groups thus differ in their governance arrangement from firms that have not organized in corporate groups. Alternatives that restrict limited liability have the effect of centralizing rights, flattening reward schemes and increasing investment in information systems. If corporate groups have attuned their architecture optimally, then restricting, or abolishing, limited liability generates additional coordination costs.
For decades, Indonesia’s sovereignty over Papua has been contested, resulting in violent conflicts. In 2001, the introduction of Papua’s special autonomy emerged as an integrative approach both to ...resolve conflicts and to accelerate development in the province. One of the key problems to be addressed was the improvement of the education sector. However, after more than a decade following its implementation, and despite increased financial support from the central government, the educational development in Papua has been disappointing. This article analyses the factors that have shaped the development of primary education in Jayawijaya, a highland district in Papua. By gathering qualitative data from policy studies and in-depth interviews, this article identifies and examines three major challenges that have affected the development of primary education in Jayawijaya after decentralization: the uniformity of policy, the problem with incentives, and poor monitoring due to the misalignment of territorial and functional structures. These findings demonstrate that the lack of awareness to recognize the variety of local contexts is counterproductive and could lead to policy failures. Papua’s special autonomy as an instrument of asymmetric decentralization has been attenuated by the continuation of “one-size-fits-all” top-down policies at the national level.
This paper studies the effect of limited liability on corporate architecture. Corporate architecture is to be interpreted as the organizational instruments firms use to organize themselves into a ...coordinating, hierarchical ordered association of people. In this paper, it specifically refers to the use of four governance instruments within the firm to control the behavior of employees. These four are decision control rights, reward schemes, information systems and conflict resolution rules. Limited liability influences the way in which an incorporated group of firms employs each of these instruments. The most important effects are that limited liability makes it advantageous to allocate decision rights lower in the organization, use higher-powered reward schemes and economize on information systems. The effects lead to a saving of coordination costs within incorporated groups compared to unincorporated groups. Corporate groups thus differ in their governance arrangement from firms that have not organized in corporate groups. Alternatives that restrict limited liability have the effect of centralizing rights, flattening reward schemes and increasing investment in information systems. If corporate groups have attuned their architecture optimally, then restricting, or abolishing, limited liability generates additional coordination costs.
Corporate Bankruptcy Tourists Couwenberg, Oscar; Lubben, Stephen J.
The Business Lawyer,
07/2015, Volume:
70, Issue:
3
Journal Article, Trade Publication Article
Peer reviewed
Foreign corporations facing financial distress have a choice: restructure in their home jurisdiction or file for bankruptcy in the United States. And some number of foreign corporations do file ...bankruptcy petitions in the United States. But besides the occasional anecdotal account, how frequently this actually happens or what types of foreign firms are apt to file in the United States is almost completely unstudied. American firms that file under chapter 11 and foreign firms that file under chapter 15 are the frequent objects of study, but what of the foreign firms that file under chapters 7 or 11? This Article addresses this obvious gap in the literature by constructing a database of foreign corporate debtors. By analyzing this new dataset, this Article concludes that the United States Bankruptcy Code is used by foreign debtors in a way that is diametrically opposed to most of the extant thinking on transnational insolvency. In particular, foreign debtors use the American bankruptcy system to impose a global discharge on assets, without the cooperation of any jurisdiction beyond the United States, where the case is pending. This is in complete contrast with the efforts of UNCITRAL to facilitate cross-border cooperation among jurisdictions.
Essential Corporate Bankruptcy Law Couwenberg, Oscar; Lubben, Stephen J.
European business organization law review,
03/2015, Volume:
16, Issue:
1
Journal Article
Peer reviewed
Open access
This article begins from a simple observation: Chapter 11 of the United States Bankruptcy Code is the global standard for corporate restructuring, but at the same time it is a far more complex ...procedure than most jurisdictions seem to require. This observation begs the question what parts of a bankruptcy system are ‘essential’. We argue that two elements are essential because they cannot be achieved by contracting alone: asset stabilisation and asset separation. Stabilisation ensures that the firm’s options are maintained. Asset separation ensures that the assets underlying these options can be separated from liabilities that are attached to them by law or contract. Both these elements drive much of the rules that are necessary to resolve distress but also show that parts of Chapter 11 are ‘unessential’ – for example, rules regarding reorganisation plans. Our goal is not to doubt the ‘richness and elasticity’ of corporate bankruptcy, particularly in the United States, but to find the essential elements. Beyond asset stabilisation and asset separation, features of the system are a matter of policy and politics. Understanding this helps in structuring insolvency systems and shows that Chapter 11 need not be the standard against which all other laws are measured.
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