Regulating Related Party Transactions During the COVID-19 Crisis

Related party transactions ("RPTs") are frequently used as a tool for siphoning off value from a company, but they can also be an efficient instrument for assisting firms. The trade-off between stopping value-decreasing RPTs and promoting value-increasing RPTs requires lawmakers to seek an optimal balance, relying on several contingent factors. This paper highlights the strong interdependency between RPTs regulation and economic changes. After the 2008 crisis, policymakers have enhanced minority shareholders' control over RPTs, considering their involvement as the most effective safeguard against tunnelling. During the COVID-19 crisis, governments have introduced exemptions to the rules on RPTs, even if they might weaken minority shareholders' protection. The reason is that firms face dramatic liquidity shortfalls due to the pandemic, and RPTs can be a vehicle for providing finance to distressed companies, avoiding a wave of bankruptcies that would be dangerous for the economy. Thus, RPTs regulation has been tweaked for adapting to the new economic environment, and these legal changes, in turn, could affect the economic recovery

Exploring the direction on the environmental and business performance relationship at the firm level. Lessons from a literature review

The interest of scientists and companies in understanding the business implications of environmental investment is timely; however, a dilemma remains at the firm level: is the environment a “strategic competitive factor”, as in the “Porter point of view”, or is it a “luxury good”, as in the “Wagner point of view”? Our research contributes to this debate through a review of the papers published in scientific journals between 2000 and 2015 that discussed the direction of the relationship between the environmental and business performances of enterprises. The objectives of the research are: (a) to verify if there is an agreement in the scientific literature of the last 15 years about the “Porter–Wagner dilemma” when focusing at the firm level; (b) to underline the prevalent cause and effect directions of the relationship between environmental and business performance; and (c) to investigate the reasons for any disagreements in this topic among the scientists. The results show that the main agreement regards the positive bi-directional relationship, as a virtuous cyclic approach with mutual effects between business and environmental performance; nevertheless, more complex hypotheses emerge, such as nonlinear and/or conditional relationship, that need to be further explored. On the other hand, the Porter–Wagner dilemma remains, and the main reason for the non-agreement among scientists can be due to the several non-homogeneous variables considered in the analyses. Thereafter, as lesson for scientists, the priority is to share univocal methods to measure firms’ environmental and business performances

Corporate Response To The War In Ukraine: Stakeholder Governance Or Stakeholder Pressure?

This Article empirically investigates the corporate response to the Russian invasion of Ukraine in the framework of the stakeholder capitalism debate. Some describe corporate leaders’ decision to withdraw from Russia as an example of stakeholder governance, maintaining that they placed social responsibility over profits. Others question the authenticity of corporate support for Ukraine and argue that companies left Russia mainly driven by operational and reputational concerns. Against this backdrop, we conduct an empirical study of reactions to the outbreak of the war from companies in the S&P500 and STOXX600 indices. We explore whether managers effectively decided mostly on ethical and moral grounds, or whether perhaps there was another possible channel. In particular, we focus on assessing the role played by stakeholder pressure exercised on companies to leave Russia. First, we examine whether revenue exposure to Russia was associated with the corporate decision to withdraw or suspend Russian activities, and the speed of the decision’s announcement. The findings indicate that firms which quickly announced their withdrawal from Russia actually had little revenue exposure to the country. Furthermore, we conduct a Twitter-based test of the virality of boycott campaigns and examine their relationship with managers’ decision to take positive action in supporting Ukraine and exiting Russia. Our analysis shows that the decision to withdraw from Russia is significantly positively associated with boycott campaigns. Finally, our research underscores important differences across market sizes. The smallest companies in our sample (mid-cap companies) are on average the most exposed to the Russian economy, whereas the Twitter boycott campaigns concentrated markedly on bigger firms (large and mega-cap firms). Overall, the evidence presented in this paper suggests that corporate leaders tend to promote stakeholder interests when they face potential reputational damage that could affect shareholder wealth, or when it represents a good marketing move, so called “woke-washing”. The analysis also supports and reinforces the view that pressure from stakeholders – magnified by the use of social media – can successfully influence the corporate decision to pursue certain social goals and not only profits. However, our results highlight how size matters in the stakeholder capitalism debate. Stakeholder pressure on management can be an important and effective factor in achieving a socially desirable outcome, but it tends to focus on large, high-profile companies, while other market participants are left free to operate without this meaningful managerial constraint

Mapping diffusion of Environmental Product Declarations released by European program operators

In order to facilitate the adoption of green requirements in public procurement, European Commission has developed the Green Public Procurement (GPP) criteria for various typologies of products and services. Almost all GPP criteria require environmental labels as means of proof that the goods or supplies correspond to the required environmental characteristics. Among the labels required, there are type III labels, based on a life cycle assessment study. The aim of this study is to (i) investigate to what extent a specific type III label, called Environmental Product Declaration (EPD), is spread in Europe and (ii) explore whether there is a correspondence between institutional initiatives towards GPP and the market. This study explored the valid EPDs presented on the websites of the European program operators between September and December 2016. The identified EPDs were quantified and classified according to the programme operator, title of the reference Product Category Rule (PCR), country, language and the product based on a classification system developed by the United Nations. In total, 4,888 EPDs were collected mainly released by the Institut Baum und Umwelt e.V. (IBU) and PEP ecopassport (PEP). The obtained results showed that countries with the greater number of EPDs are France and Germany and that construction products are the types of products labelled most. The analysis of the languages used in the EPDs showed that 45% of the identified EPDs are written in local languages. The obtained results have been cross-referenced with the national situations in terms of presence of National Action Plans (NAPs) and mandatory rules regarding GPP. Our analysis revealed that there is correspondence between the presence of a NAP with principles towards GPP and the spread in the market of environmental labelling and that the product sectors covered by EPDs correspond to the sectors covered by GPP criteria

correction an epr study of ampullosporin a a medium length peptaibiotic in bicelles and vesicles

Correction for 'An EPR study of ampullosporin A, a medium-length peptaibiotic, in bicelles and vesicles' by Marco Bortolus et al., Phys. Chem. Chem. Phys., 2016, 18, 749–760

Time-resolved photoluminescence spectroscopy and imaging: New approaches to the analysis of cultural heritage and its degradation

Applications of time-resolved photoluminescence spectroscopy (TRPL) and fluorescence lifetime imaging (FLIM) to the analysis of cultural heritage are presented. Examples range from historic wall paintings and stone sculptures to 20th century iconic design objects. A detailed description of the instrumentation developed and employed for analysis in the laboratory or in situ is given. Both instruments rely on a pulsed laser source coupled to a gated detection system, but differ in the type of information they provide. Applications of FLIM to the analysis of model samples and for the in-situ monitoring of works of art range from the analysis of organic materials and pigments in wall paintings, the detection of trace organic substances on stone sculptures, to the mapping of luminescence in late 19th century paintings. TRPL and FLIM are employed as sensors for the detection of the degradation of design objects made in plastic. Applications and avenues for future research are suggested

A polyphenol rich extract from Solanum melongena L. DR2 peel exhibits antioxidant properties and anti-herpes simplex virus type 1 activity in vitro

DR2B and DR2C extracts, obtained by ethanolic maceration of peel from commercially and physiologically ripe aubergine berries, were studied for the antioxidative cytoprotective properties and anti-HSV-1 activity, in line with the evidence that several antioxidants can impair viral replication by maintaining reducing conditions in host cells. The antioxidative cytoprotective effects against tBOOH-induced damage were assessed in Caco2 cells, while antiviral activity was studied in Vero cells; polyphenolic fingerprints were characterized by integrated phytochemical methods. Results highlighted different compositions of the extracts, with chlorogenic acid and delphinidin-3-rutinoside as the major constituents; other peculiar phytochemicals were also identified. Both samples reduced reactive oxygen species (ROS) production and exhibited scavenging and chelating properties. DR2C partly counteracted the tBOOH-induced cytotoxicity, with a remarkable lowering of lactate metabolism under both normoxia and hypoxia; interestingly, it increased intracellular GSH levels. Furthermore, DR2C inhibited the HSV-1 replication when added for 24 h after viral adsorption, as also confirmed by the reduction of many viral proteins’ expression. Since DR2C was able to reduce NOX4 expression during HSV-1 infection, its antiviral activity may be correlated to its antioxidant properties. Although further studies are needed to better characterize DR2C activity, the results suggest this extract as a promising new anti-HSV-1 agent

Antiviral and antioxidant activity of a hydroalcoholic extract from Humulus lupulus L.

A hydroalcoholic extract from female inflorescences of Humulus lupulus L. (HOP extract) was evaluated for its anti-influenza activity. The ability of the extract to interfere with different phases of viral replication was assessed, as well as its effect on the intracellular redox state, being unbalanced versus the oxidative state in infected cells. The radical scavenging power, inhibition of lipoperoxidation, and ferric reducing activity were assayed as antioxidant mechanisms. A phytochemical characterization of the extract was also performed. We found that HOP extract significantly inhibited replication of various viral strains, at different time from infection. Viral replication was partly inhibited when virus was incubated with extract before infection, suggesting a direct effect on the virions. Since HOP extract was able to restore the reducing conditions of infected cells, by increasing glutathione content, its antiviral activity might be also due to an interference with redox-sensitive pathways required for viral replication. Accordingly, the extract exerted radical scavenging and reducing effects and inhibited lipoperoxidation and the tBOOH-induced cytotoxicity. At phytochemical analysis, different phenolics were identified, which altogether might contribute to HOP antiviral effect. In conclusion, our results highlighted anti-influenza and antioxidant properties of HOP extract, which encourage further in vivo studies to evaluate its possible application

Comparing local policy practices to implement ICT-based home care services for aging-in-place in Finland, France, Italy, Spain & Sweden

International audienceBackground. The current aging of the population across Europe is creating multiple challenges to the European states as well as to the European authorities. They have to design and implement sustainable policies for aging-in-place (for home care services for the elderly) to improve their wellbeing and inclusion in the information society. So far, several European initiatives have been runned to bring answers and solutions. Research aim. The aim of this paper is to understand wether and how several local authorities in the European Union build regulations and strategies for the ICT-based home care services intended to the elderly and where they stand regarding the literature’s recommendations.Method. We focus on the results of the SILHOUETTE project, that was part of CREATOR, an INTERREG-IV C mini-programme. We particularly focus on the public policy practices for the development of the ICT-based solutions for aging-in-place (home care services for the elderly) that the project identified. This paper is an analytical and comparative synthesis of these data in relation to the scientific literature. Public policy practices have been compared across territories of seven European countries. Results. We found that the seven regions are at different levels of maturity of public policy practices and that the SILHOUETTE project succeeded to enlighten different ways to boost the implementation of ICT-based solutions.Discussion. From this comparison we built a table showing the integrated stages of local strategies’ development. Comparison with the literature showed a greater development of Nordic countries, with the Finnish region being the only one whose guidelines included a great number of recommendations. Moreover, in this sector, the East/West gap is less present than in the global long-term care services sector and studies from other regions of the world can be useful for European stakeholders