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Topic Review Peer Reviewed
Sharing Economy
Sharing economy is a new type of economic performance with its main characteristic being the sharing among peers. This can be regarded as a new economical approach with the individuals sharing their remainder resources. In this way, there is less need for the possession of resources leading to a decrease in redundant production. However, many implications arise from this type of economy.
  • 761
  • 08 Jul 2022
Topic Review Peer Reviewed
Director Interlocks: Information Transfer in Board Networks
Director interlocks occur when a board member or an executive of a firm sits on the board of directors of another firm. As an essential social network application in the business world, interlocking directorates are documented to be non-trivial from the 1930s and continue to gain popularity thereafter. Corporate information and business practices can be transferred to another firm through an interlocking director sitting on both companies’ boards. Such information dissemination leads to changes in an interlocking firm’s decision-making processes. Existing business research attempts to decipher the underlying reasons why board interlocks become prevalent, how and what information is being transferred through this channel, and the intended or unintended consequences to firm strategic, governance, financing, and accounting practices. We first introduce theoretical research on board interlocks in management and then follow up with empirical evidence in finance and accounting. Since extant studies have not reached a consensus on various consequences of board interlocks, we contribute to the literature by summarizing the findings from multi-business disciplines, discussing their advantages and disadvantages, and calling for more research on the topic.
  • 761
  • 10 Jan 2024
Topic Review
Insights from Circular Economy Literature
The circular economy (CE) has become one of the prominent topics in both natural science and management literature over the last few decades. CE is a dual-loop regenerative system that focuses on the effective and efficient utilization of resources in the ecosystem, which is beneficial to environmental and economic performance optimization. Dual CE initiatives allow firms to increased resource eco-efficiency, as well as resource effectiveness. 
  • 760
  • 20 Feb 2021
Topic Review
Sustainable Product Innovation Based on Triple Bottom Line
Sustainable product innovation is essential for the realisation of sustainability through sustainable consumption. From the managerial perspective, sustainable products and service development require interdisciplinary knowledge, and the measurement of the environmental and socio-economic performance are significant indications for decision-making, ecolabelling scheme, marketing, etc. Therefore, incorporating the sustainability know-how with the knowledge of life-cycle thinking and LCM, to facilitate co-creation with engineers and value chain actors to develop circular economy business models is necessary. Furthermore, utilising a sustainable product and service innovation framework, such as Sustainable Product Development and Service (SPDS) approach, can be the groundwork for integrating businesses’ sustainability efforts based on the product life cycle. With the integration of Omni-channel marketing methods, the communication of sustainability information of products and services can also improve the consumer experience and empower customers to become loyal brand advocators, creating a positive circularity toward sustainable business.
  • 760
  • 22 Jul 2022
Topic Review
European Single Market
The European Single Market, Internal Market or Common Market is a single market comprising the 27 member states of the European Union (EU) as well as – with certain exceptions – Iceland, Liechtenstein, and Norway through the Agreement on the European Economic Area, and Switzerland through bilateral treaties. The single market seeks to guarantee the free movement of goods, capital, services, and people, known collectively as the "four freedoms". A number of potential EU accession candidates have Stabilisation and Association Agreements with the EU, which allow for limited participation in selected sectors of the Single Market, including Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. In addition, through three individual agreements on a Deep and Comprehensive Free Trade Area (DCFTA) with the EU, the post-Soviet countries of Georgia, Moldova, and Ukraine have also been granted limited access to the Single Market in selected sectors. Turkey has access to the free movement of some goods via its membership in the European Union–Turkey Customs Union. The United Kingdom left the European Single Market on 31 December 2020. An agreement was reached between the UK Government and European Commission to align Northern Ireland on rules for goods with the European Single Market, to maintain an open border on the island of Ireland. The market is intended to increase competition, labour specialisation, and economies of scale, allowing goods and factors of production to move to the area where they are most valued, thus improving the efficiency of the allocation of resources. It is also intended to drive economic integration whereby the once separate economies of the member states become integrated within a single EU-wide economy. The creation of the internal market as a seamless, single market is an ongoing process, with the integration of the service industry still containing gaps. According to a 2019 estimate, because of the single market the GDP of member countries is on average 9 percent higher than it would be if tariff and non-tariff restrictions were in place.
  • 760
  • 21 Oct 2022
Topic Review
Youth Associations and Entrepreneurship
The development of skills for entrepreneurship among young people has attracted interest at various levels, as a way of overcoming many problems that affect this group in the areas of economic development and job creation. It was possible to verify that youth associations assume a dual role, on the one hand contributing to the personal, social and professional development of its leaders, members and participants, and on the other hand, as a promoter of social transformation, particularly at the local level.
  • 760
  • 06 Apr 2022
Topic Review
Emotional Advertising
The correlation and perception of advertising on adolescents have been shown to be a key factor in the survival of subjective emotional states, as emotions are evaluation patterns that influence consumer behaviour.
  • 760
  • 26 Oct 2020
Topic Review
Corporate Financial Statements
Corporate financial statements address multiple stakeholders’ needs. International Financial Reporting Standards (IFRSs), among others, allow two different classifications, “by function of expense” and “by nature of expense”, for the statement of profit and loss and other comprehensive income for the period (from now on, also identified in short as “Income Statement”, or “IS”). XBRL standards ensure compliance and consistency in financial statements’ drafting and filing. XBRL taxonomies reflect the Income Statement IFRS disclosure requirement in the {310000} and {320000} codifications, respectively.
  • 760
  • 11 Aug 2021
Topic Review
Proactive Contracting
Proactive Contracting is akin to Proactive Law and focuses on the same properties, namely to prevent problems and promote relationships. The legal area of research developed in Scandinavia in the 1990s and has gradually gained attention. Proactive Contracting deals with Contract Management, Relational Management, Risk Management and Business Process Management. The word proactive is the opposition to reactive and refers to acting in anticipation of future problems, needs, or changes. A survey conducted by IACCM shows that businesses urge a paradigm shift in contracting, favoring a more relational approach. Thus, the focus of future contracting becomes more relational. Businesses may therefore face increased complexity as trading is done not only across physical boundaries, but also across religious, cultural, and ethical boundaries. The IACCM survey has underpinned the need for re-thinking contracts and the approach to business relationships, as international, and long relationships, make it hard to draft and agree upon every single event that might occur in the future. Proactive Contracting is moving away from the path of responding to these complex relationships with complex contracts. However, as it is hard to imagine realistic alternatives to contracts, Proactive Contracting suggest businesses to change perception of contracts to meet the needs of the future. Add to this the increased complexity of products due to technological evolution and it becomes clear that businesses need to actively deal with the danger of increasing complexity and uncertainty. In fact, a survey conducted by IBM Corporation revealed that 79% of Chief Executive Officers (CEOs) see increased global complexity as a major challenge over the coming years. As the legal framework increases in complexity, it becomes apparent that there is a need for creating certainty in order to support future trading. Businesses need to manage this complexity in order to avoid unnecessary losses, but also in order to exploit all the possibilities deriving from global interaction. Empirical studies on contracting capabilities and research on dynamic capabilities have shown that promoting proactive behavior in businesses is a key in the quest of future success. As globalization increases, sustainability and certainty become more urgent, resulting in decentralization of the traditional legal environment. The reason for this decentralization is that the traditional legal environment does not fulfill the task of creating the certainty and sustainability that businesses need in order to prosper. After the launch of the United Nations Decade of Education for Sustainable Development, mechanisms have evolved through which future development is achieved. According to these mechanisms, a sound development must be focusing on ethically acceptable, morally fair and economically sound processes. Management tools for global value chains have already been developed, and focus is especially on self- and private regulation instruments and standards - this is where proactive contracting and proactive law is coming to the fore.
  • 755
  • 08 Nov 2022
Topic Review
Global Wine Tourism during COVID-19
To compensate for loss of business during the COVID-19 crisis, wineries in the tourism industry had to apply new strategies. The year 2020 will be remembered as a year of disruption, when the outbreak and spread of the SARS-CoV-2 virus (COVID-19), along with the global efforts to contain it, caused ruptures—politically, economically, socially, and technologically. The lucrative tourism sector was severely affected as travel restrictions and lockdowns were enforced around the world, reducing it in terms of visitor numbers to 1990 levels. Wine tourism is an important component of national tourism for many wine-producing countries, comprising leisure, culinary, experiential, historical, and cultural visits, which were heavily impacted by this disruption. From the perspective of winery owners, visitors to their cellar door and tasting facilities have become an increasingly important revenue stream. Therefore, the suffering endured was acute, as wineries engaged in wine tourism had to quickly adapt their business model and strategies to fit the rapidly changing trading environment in order to stay viable. Many were forced to rethink their marketing approach, reimagining their tourism offerings. Some owners, however, saw the disruption as an opportunity to reset the tourism industry, to implement a more innovative and sustainable foundation. For this reason, it is of great importance to investigate the reaction of winery operators on the market changes.
  • 755
  • 05 May 2022
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