https://www.um.edu.mt/library/oar/handle/123456789/66505 2026-05-06T12:04:28Z 2026-05-06T12:04:28Z https://www.um.edu.mt/library/oar/handle/123456789/66514 2020-12-30T08:04:17Z 2020-01-01T00:00:00Z

Title: Journal of Corporate Governance, Insurance and Risk Management : volume 7 : issue 2 Editors: Todorović, Igor; Grima, Simon; Özen, Ercan; Tipurić, Darko Abstract: 1/ Eva Fenyvesi, Tibor Pinter - Characteristics of the hidden economy in Hungary before and after the regime change; 2/ Peter Baldacchino, Karl Cachia, Norbert Tabone, Simon Grima, Frank Bezzina - Corporate governance guideline relevance to Maltese family public interest companies : a small state perspective; 3/ Flavius Darie, Ileana Tache - Volatility of the Dow Jones Pharmaceuticals and Biotechnology Index in the context of the Coronavirus crisis; 4/ Oana Bogdana, Alin Dumitrescu - The compliance of the Romanian listed companies with the principles and provisions of the corporate governance code; 5/ Munevvere Yildiz - The effects of macroeconomic factors on bank loan interest rates in Turkey

2020-01-01T00:00:00Z Fenyvesi, Eva Pinter, Tibor https://www.um.edu.mt/library/oar/handle/123456789/66513 2021-01-26T11:27:34Z 2020-01-01T00:00:00Z

Title: Characteristics of the hidden economy in Hungary before and after the regime change Authors: Fenyvesi, Eva; Pinter, Tibor Abstract: Lately, economists and policymakers have been paying even closer attention to the hidden economy. Indeed, it makes a difference to the economy how much money goes into the state coffers. To uncover the hidden economy, however, it is necessary to be familiar with its nature and manifestations. In this paper, with the aid of previous research and literature, we attempt to illustrate the characteristics of the hidden economy in Hungary before and after the regime change and to map out the steps that have been taken to uncover it. This publication was preceded by a systematic literature review on the definition, causes, and effects of the hidden economy, consisting of the collection of both data and literature related to the domestic hidden economy. The following summarizes the results from the synthesis of literature: The Hungarian hidden economy existed even before the regime change and took a variety of different forms. These include tips, bribes, informal payments, unauthorized work and patchwork, moonlighting, unauthorized rental of real estate, use of the social property for personal gain, gains from the infringement of customs and exchange law, tax fraud by craftsmen and retailers, theft of public property, and corruption. Since 1990, not only have the dynamics of the hidden economy strengthened, but its types of activities have changed significantly as well. These include, but are not limited to: omitting a portion of revenue from the register; recognizing non-incurred material production costs among expenditures; including an excessive portion of personal household maintenance costs among production costs; organizing business and study trips abroad; finder’s fee; end-of-year depreciation or ‘transfer’ of inventories; wages of registered employees paid out of pocket; employment of unreported employees; parallel company formation; the economic activity of unincorporated individuals and the income generated thereby. The following are among the concrete steps taken in recent years to uncover the Hungarian hidden economy: the temporary employment booklet; the simplified entrepreneurial tax; the Electronic Trade and Transport Control System; online cash registers; the connection of vending machines to the tax office.

2020-01-01T00:00:00Z Baldacchino, Peter J. Cachia, Karl Tabone, Norbert Grima, Simon Bezzina, Frank https://www.um.edu.mt/library/oar/handle/123456789/66512 2022-05-24T05:04:05Z 2020-01-01T00:00:00Z

Title: Corporate governance guideline relevance to Maltese family public interest companies : a small state perspective Authors: Baldacchino, Peter J.; Cachia, Karl; Tabone, Norbert; Grima, Simon; Bezzina, Frank Abstract: The objectives of this paper are to investigate the relevance of guidelines on good corporate governance (CG) to family public interest companies (PICs) within the small state of Malta and to recommend how existing guidelines may be improved and tailored for such companies. An explanatory mixed-methods empirical approach is adopted with a structured questionnaire being first administered to 17 respondents in 12 PICs owned by different families. This was then followed by semi-structured interviews with the representatives of 11 of these PICs. Findings indicate that there is a need for the existing guidelines to be improved for them to become more in line with the needs of PICs which are characterised by dominant family interests. In this respect, this paper recommends possible principles and guidelines that may be used by the relevant authorities either to improve the existing PIC guidelines or to issue a new set of guidelines aimed specifically for family PICs. Given the peculiarities of such companies, it is clear that the guidelines have to contain elements that address the CG structure, such as the need to formally document a family governance plan. Clearer guidance is needed on the appointment and composition of the Board of Directors, on the employment, conduct, compensation and performance evaluation of managers, as well as on the composition of the ownership of family PICs. Additionally, the paper concludes that a relevant factor for family PICs in carrying out improvements to their CG is that they continue to place more importance than other PICs to their continued existence.

2020-01-01T00:00:00Z Darie, Flavius Tache, Ileana https://www.um.edu.mt/library/oar/handle/123456789/66511 2021-01-26T11:26:55Z 2020-01-01T00:00:00Z

Title: Volatility of the Dow Jones Pharmaceuticals and Biotechnology Index in the context of the Coronavirus crisis Authors: Darie, Flavius; Tache, Ileana Abstract: This paper’s analysis was triggered by the outbreak of the new virus COVID-19. In December 2019, the Chinese officials alerted the World Health Organization (WHO) of the existence of an unknown deadly virus. Coronavirus has rapidly spread across the world – to Europe, Middle East and the USA, forcing the World Health Organization to declare COVID-19 a global pandemic. Its spread has generated major concerns for the health and economic sectors. Meanwhile, all countries hope for the development of a vaccine. Using as a research method the EGARCH model, this paper investigates if it can be applied to model the trend of volatility of the pharmaceuticals and biotechnology markets, especially during the health crisis. More specifically, this paper tries to identify whether different specifications of univariate GARCH models can usefully anticipate volatility in the stock indices market. The study uses estimates from both a symmetric and an asymmetric GARCH models, namely GARCH (1, 1) and EGARCH models, for the Dow Jones Pharmaceuticals and Biotechnology index (DJUSPN). The dataset is extracted from “Investing.com” and covers the period September 2019 – August 2020, resulting in a total of approximately 252 daily closing prices. The data focuses on the response of the highest capitalized pharmaceutical and biotechnology companies from the US to combat the outbreak of the coronavirus. This study concludes that the EGARCH model is better than the unconditional volatility and the conditional GARCH (1, 1) volatility and it is best suited for modelling and forecasting the fluctuations of the stock indexes.

2020-01-01T00:00:00Z