Having in mind the main debate “grease the wheels” vs. “sand the wheels”, the main objective of this study is to find the way in which corruption and shadow economy influence economic and sustainable development. A large cross-country database of 185 countries is used for the 2005–2015 time period. We find that corruption and shadow economy are poverty-driven diseases and they highly characterize low-income countries. Thus, the higher levels of corruption and shadow economy are correlated with low levels of economic and sustainable development. Then, the main contribution of this work consists of finding general and empirical evidence for the destructive role held by the corruption and shadow economy phenomena upon the economic and sustainable development of states. However, we also find some evidence that corruption can be also seen as a way to circumvent the law in order to achieve higher economic benefits and thereby to increase economic development. In addition, we find that economic and sustainable development in high-income countries is more strongly and negatively affected by the phenomena of corruption and shadow economy than in the case of low-income countries. Our research may have political implications for the government institutions that need to adopt the best-required policies, in order to boost economic and sustainable development. For low-income countries, we find some evidence for positive effects of corruption and shadow economy upon economic and sustainable development and the immediate practical implications are not to encourage but to effectively and strongly fight against these destructive phenomena and to find the proper channels to increase the institutional quality and to adopt the appropriate regulatory policies.
This paper considers the information value of carbon-emissions disclosures for investors. Our argument is that Financial Institutions (FIs) do need to map the carbon-financial intensity of corporate activities so as to provide investors with higher returns on capital relative to the carbon emissions attached to this capital. Our analysis maps out carbon-financial risks in the S&P500 constituent companies that are domiciled in the US and capturing approximately 82% of the total U.S. equity market value. We examine the extent to which carbon-financial risk has already impacted on the allocation of capital (debt and equity) and market value exposure from carbon emissions in the S&P500. Our analysis of carbon generating and carbon dependent business models in the S&P 500 reveals a complex and interconnected physical-financial value chain. This new insight will force FIs to now become active investor’s rather than simply investing (or disinvesting) at a distance in order to secure a long-term decarbonisation of their portfolios. This papers also argues for new innovative disclosures such as company’s reporting their top 10 material carbon-stakeholder relations. This would help FIs understand a company’s business model in terms of carbon interdependency and inform regulatory and technical interventions thereby avoiding the possibility of a disruptive evacuation of capital from carbon-intensive business models.
As the investor base committed to financing sustainable companies in an attempt to combat the climate crisis expands, green financial products have become more attractive to issuers, corporate and sovereign alike. As a result, the EU is attempting to create favourable market conditions which mobilise the allocation of private capital for investments that reduce the contribution to climate change. As part of the EU Commission’s Action Plan for Sustainable Finance, it intends to create Green Bond Standards which aim to support the transition to greener securities investments. As a foundation, we provide an overview of the green bond market development. We then consider investment challenges such as incentivisation and transparency and discuss whether the Green Bond Standards shall likely resolve these issues. Furthermore, we confer that enforceability of current green securities regulations is weak to non-existent and propose possible policy approaches which address these issues.
Titles on IAS 41 are not very common in the literature and in this sense there is a limited understanding of the standard and the agri-business, especially when connected with accounting and sustainability. Far too many scholars when taking into consideration natural capital, place too much emphasis on abiotic products (wind, solar, etc) which have a different economic behaviour than the biotic ones (biological assets). The topic of IAS 41 is important, as agriculture is one of the strategic sectors for human living and it needs to be accounted for in careful manner. Our article connects accounting with agriculture, sustainability and non-financial reporting for an integrated perspective. There are certain intrinsic challenges that IAS 41 presents, especially when dealing with FVA, but there are also greater needs for materiality in the sustainable agricultural development in the EU legislation. Authors think that there is place for improvement whiten the standards and the future of EU farming should not leave accounting behind, making a call for a more integrated approach and understanding.
In 2013 the Commission on Faith and Order of the World Council of Churches (WCC) published the text entitled "The Church: Towards a Common Vision" 1 (TCTCV) as a result of several years of research, consultation and discernment in field of ecclesiology. An important part in the process of formulating this document was the consultation of WCC member churches and further Faith and Order Commission constituencies at their different levels. Already when the text reached a preliminary level and has been published under the title "The Nature and Mission of the Church," 2 churches, academic and ecumenical institutions etc. were invited to formulate comments and proposals for improving the text. A consultation held 2-9 March 2011 in Agia Napa/Paralimni, Cyprus, and hosted by His Eminence Metropolitan Vasilios of Constantia-Ammochostos featured several concrete and precise proposals for redrafting the text. 3 The final text of TCTCV incorporated many of the suggestions made at the Agia Napa/Paralimni consultation. The WCC Central Committee in 2012 which received the final version of TCTCV and sent it also to WCC member churches "to encourage further reflection on the Church and seek their formal responses to the text." As a response to the call of WCC Central Committee, an inter-orthodox consultation with participation of Eastern and Oriental Orthodox hierarchs, priests, deacons, university professors, lay (male and female) and youth took place in Paralimni, Cyprus from 6-13 October 2016, upon the invitation of WCC and thanks to the gracious hospitality of His Eminence Metropolitan Vasilios of Constantia-Ammochostos. The goal of the consultation was to formulate a common Orthodox response to TCTCV. This response is encapsulated in the final document
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