Index
Contemporary Issues in Finance: Current Challenges from Across Europe
ISBN: 978-1-78635-907-0, eISBN: 978-1-78635-906-3
ISSN: 1569-3759
Publication date: 22 November 2016
This content is currently only available as a PDF
Citation
(2016), "Index", Contemporary Issues in Finance: Current Challenges from Across Europe (Contemporary Studies in Economic and Financial Analysis, Vol. 98), Emerald Group Publishing Limited, Leeds, pp. 191-197. https://doi.org/10.1108/S1569-375920160000098015
Publisher
:Emerald Group Publishing Limited
Copyright © 2017 Emerald Group Publishing Limited
INDEX
Accumulation, 5, 7
Acquis communautaire
, 141
Acquisition(s)
cross-border, pre-acquisition due diligence in, 111–130
price, components of, 113
Adding value to a firm, 100
Alternative investment, 38, 40, 42, 45, 47
Apple Pay, 27
Assurance, 162
Atom Bank, 27
Audit firm, 172–173
AuditNet, 53
Audit opinion, 173
Auditor/client relationship, 180
Auditor competence, 179
Audit report lags (ARL), in Maltese companies, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Avant, 26
Banking innovations, 21–34
Bankruptcy, avoiding, 77–94
companies, characteristics of, 84–85
empirical evidence, 85–93
methodology of, 80–83
Bill Trust, 31
Bitcoin, 27
Bluefin Payments, 31
Borrowers
SMEs as, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Business Association of Latvia, 64
Business Insider UK, 25
Chief Internal Controls Officer (CICO), 59, 60
Citigroup, 31
Client competence, 179
Commercial Bank System of Latvia (CBSL), 64
Committee of Sponsoring Organizations of the Treadway Commission
“the COSO report, Internal Control – Integrated Framework in 1992”, 50–51
Communication
inadequate, and derivative misuse, 57–58
Complacency, and derivative misuse, 58
Concentric diversification, 100
Concordato Preventivo. See Preventive Arrangement with Creditors (PACs)
Conglomerate diversification, 100
Consumer
behavior, and financial literacy, 5
intelligence, 8
self-control, 8
Convenient to blame derivatives, and derivative misuse, 56
Crowdfunding, 37–47
characteristics of, 41
fitness to support EU entrepreneurship, 45–47
proposals of, 47
recommendations for, 47
types of, 41
Debt-securities crowdfunding, 41
Derivative misuse, internal control of, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Development Finance Institution ALTUM (DFI ALTUM), 71–72
Directive on Payment Services (PSD), 32
Diversification, 99
concentric, 100
conglomerate, 100
Domestic economic activity in Baltic States, financial literacy impact on, 1–18
theoretical aspects of, 6–7
review of, 8–10
factor analysis of, 10–16
Donation-based crowdfunding, 41
Due diligence, pre-acquisition, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Enterprise value, 79, 81, 87–89
Enterprise zones. See Special Economic Zones (SEZs)
Entrepreneurship, in European Union, 42–45
crowdfunding fitness to support, 45–47
Envestnet® | Yodlee®, 24, 27
Equity crowdfunding, 41
EU funds, 72
Europe
mergers and acquisitions, 103–105
European Central Bank, 43, 44
European Commission, 38, 40–41, 97–98
European Union (EU)
crowdfunding in, 37–47
entrepreneurship in, 42–45
crowdfunding fitness to support, 45–47
Export zones. See Special Economic Zones (SEZs)
EY FinTech Adoption Index, 24, 26
Facebook Payments Inc., 27
Financial and Capital Market Commission (FCMC), 65
Financial crisis of 2007–2008, 6, 8, 22
Financial literacy
as conceptual development, 4–6
defined, 4–5
effect on domestic economic activity in Baltic States, 1–18
theoretical aspects of, 6–7
review of, 8–10
factor analysis of, 10–16
Financial reorganization, 98
Financial Services Technology Consortium. See FinTech
FinTech, 21–34
as competitor and partner, 28–31
recent trends in, 24–27
risks related to development of, 31–32
Firm culture, 59
Firm value, 101–103
“Food Union” strategy, 107, 108
Foreign direct investment (FDI)
inflow in Special Economic Zones, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
Funding Circle, 27, 31
Fuzzy Delphi method, 3, 4, 10–11, 15, 16
Gender, and financial literacy, 5
German Association of Automotive Industry (GAAI), 121
Global Derivatives, 53
Goldman Sachs, 31
Google Trends, 27
Google Wallet, 27
Great Depression, 4
Gross domestic product (GDP), 6–7, 8, 9
Group of Thirty
“Derivatives: Practices and Principles”, 50
Horizontal growth, 100
Household income, 8–9, 15
Hybrid models, 41
Incentives, 137
Income, 8–9
disposable, 12, 17
inequality, 9
Independent Expert (IE), 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry, 114–115
Insolvency, 70, 79, 80, 86, 93
Institutional investors, 45
Instruments
poorly designed/mis-categorized, and derivative misuse, 55
Internal control, of derivative misuse, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Internal Control Issues in Derivatives Usage, 51
Internal Controls Committee (ICC), 59, 60
International Network on Financial Education (INFE), 3, 4, 10, 12–15, 17
Investment, alternative, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia, 71
Italian Insolvency Law (IL), 78
Italy
bankruptcy, avoiding, 77–94
Klarna, 27
“Know your customer” approach, 31, 32
Kreditech, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Accumulation
, 5, 7
Acquis communautaire
, 141
Acquisition(s)
cross-border, pre-acquisition due diligence in
, 111–130
price, components of
, 113
Adding value to a firm
, 100
Alternative investment
, 38, 40, 42, 45, 47
Apple Pay
, 27
Assurance
, 162
Atom Bank
, 27
Audit firm
, 172–173
AuditNet
, 53
Audit opinion
, 173
Auditor/client relationship
, 180
Auditor competence
, 179
Audit report lags (ARL), in Maltese companies
, 161–181
components of
, 164
methodology of
, 167–168
research findings and implications of
, 168–180
ANCOVA regression model
, 175–176
audit firm
, 172–173
audit opinion
, 173
auditor/client relationship
, 180
client and auditor competence and organization
, 179
company size
, 172
determinants
, 171
extent of ARL
, 169–171, 172
extraordinary items
, 174
profitability
, 173
timeliness of financial reporting
, 176–179
type of industry
, 174–175
timeliness and regulations
, 163–164
variables relating to
audit firm size
, 165
audit opinion
, 165
company size
, 164–165
extraordinary item, presence of
, 166
profitability
, 166
type of industry
, 166–167
Avant
, 26
Banking innovations
, 21–34
Bankruptcy, avoiding
, 77–94
companies, characteristics of
, 84–85
empirical evidence
, 85–93
methodology of
, 80–83
Bill Trust
, 31
Bitcoin
, 27
Bluefin Payments
, 31
Borrowers
SMEs as, profiles of
, 63–74
EU funds
, 72
insolvency process and court efficiency
, 70
loans
, 66–69
proposals of
, 73–74
public and state support
, 70–72
recommendations for
, 73–74
reinvested profit in SMEs, use of
, 72–73
shadow economy
, 69–70
Business Association of Latvia
, 64
Business Insider UK
, 25
Chief Internal Controls Officer (CICO), 59, 60
Citigroup, 31
Client competence, 179
Commercial Bank System of Latvia (CBSL), 64
Committee of Sponsoring Organizations of the Treadway Commission
“the COSO report, Internal Control – Integrated Framework in 1992”, 50–51
Communication
inadequate, and derivative misuse, 57–58
Complacency, and derivative misuse, 58
Concentric diversification, 100
Concordato Preventivo. See Preventive Arrangement with Creditors (PACs)
Conglomerate diversification, 100
Consumer
behavior, and financial literacy, 5
intelligence, 8
self-control, 8
Convenient to blame derivatives, and derivative misuse, 56
Crowdfunding, 37–47
characteristics of, 41
fitness to support EU entrepreneurship, 45–47
proposals of, 47
recommendations for, 47
types of, 41
Debt-securities crowdfunding, 41
Derivative misuse, internal control of, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Development Finance Institution ALTUM (DFI ALTUM), 71–72
Directive on Payment Services (PSD), 32
Diversification, 99
concentric, 100
conglomerate, 100
Domestic economic activity in Baltic States, financial literacy impact on, 1–18
theoretical aspects of, 6–7
review of, 8–10
factor analysis of, 10–16
Donation-based crowdfunding, 41
Due diligence, pre-acquisition, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Enterprise value, 79, 81, 87–89
Enterprise zones. See Special Economic Zones (SEZs)
Entrepreneurship, in European Union, 42–45
crowdfunding fitness to support, 45–47
Envestnet® | Yodlee®, 24, 27
Equity crowdfunding, 41
EU funds, 72
Europe
mergers and acquisitions, 103–105
European Central Bank, 43, 44
European Commission, 38, 40–41, 97–98
European Union (EU)
crowdfunding in, 37–47
entrepreneurship in, 42–45
crowdfunding fitness to support, 45–47
Export zones. See Special Economic Zones (SEZs)
EY FinTech Adoption Index, 24, 26
Facebook Payments Inc., 27
Financial and Capital Market Commission (FCMC), 65
Financial crisis of 2007–2008, 6, 8, 22
Financial literacy
as conceptual development, 4–6
defined, 4–5
effect on domestic economic activity in Baltic States, 1–18
theoretical aspects of, 6–7
review of, 8–10
factor analysis of, 10–16
Financial reorganization, 98
Financial Services Technology Consortium. See FinTech
FinTech, 21–34
as competitor and partner, 28–31
recent trends in, 24–27
risks related to development of, 31–32
Firm culture, 59
Firm value, 101–103
“Food Union” strategy, 107, 108
Foreign direct investment (FDI)
inflow in Special Economic Zones, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
Funding Circle, 27, 31
Fuzzy Delphi method, 3, 4, 10–11, 15, 16
Gender, and financial literacy, 5
German Association of Automotive Industry (GAAI), 121
Global Derivatives, 53
Goldman Sachs, 31
Google Trends, 27
Google Wallet, 27
Great Depression, 4
Gross domestic product (GDP), 6–7, 8, 9
Group of Thirty
“Derivatives: Practices and Principles”, 50
Horizontal growth, 100
Household income, 8–9, 15
Hybrid models, 41
Incentives, 137
Income, 8–9
disposable, 12, 17
inequality, 9
Independent Expert (IE), 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry, 114–115
Insolvency, 70, 79, 80, 86, 93
Institutional investors, 45
Instruments
poorly designed/mis-categorized, and derivative misuse, 55
Internal control, of derivative misuse, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Internal Control Issues in Derivatives Usage, 51
Internal Controls Committee (ICC), 59, 60
International Network on Financial Education (INFE), 3, 4, 10, 12–15, 17
Investment, alternative, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia, 71
Italian Insolvency Law (IL), 78
Italy
bankruptcy, avoiding, 77–94
Klarna, 27
“Know your customer” approach, 31, 32
Kreditech, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Chief Internal Controls Officer (CICO)
, 59, 60
Citigroup
, 31
Client competence
, 179
Commercial Bank System of Latvia (CBSL)
, 64
Committee of Sponsoring Organizations of the Treadway Commission
“the COSO report, Internal Control – Integrated Framework in 1992”
, 50–51
Communication
inadequate, and derivative misuse
, 57–58
Complacency, and derivative misuse
, 58
Concentric diversification
, 100
Concordato Preventivo. See Preventive Arrangement with Creditors (PACs)
Conglomerate diversification
, 100
Consumer
behavior, and financial literacy
, 5
intelligence
, 8
self-control
, 8
Convenient to blame derivatives, and derivative misuse
, 56
Crowdfunding
, 37–47
characteristics of
, 41
fitness to support EU entrepreneurship
, 45–47
proposals of
, 47
recommendations for
, 47
types of
, 41
Debt-securities crowdfunding
, 41
Derivative misuse, internal control of
, 49–61
complacency
, 58
convenient to blame derivatives
, 56
design considerations
, 58–61
inadequate communication
, 57–58
insufficient regulatory environment
, 56–57
methodology of
, 52–55
political pressure
, 58
poorly designed and mis-categorized instruments
, 55
poorly designed internal controls
, 57
unsophisticated players
, 56
Development Finance Institution ALTUM (DFI ALTUM)
, 71–72
Directive on Payment Services (PSD)
, 32
Diversification
, 99
concentric
, 100
conglomerate
, 100
Domestic economic activity in Baltic States, financial literacy impact on
, 1–18
theoretical aspects of
, 6–7
review of
, 8–10
factor analysis of
, 10–16
Donation-based crowdfunding
, 41
Due diligence, pre-acquisition, in cross-border acquisitions
, 111–130
critical factors of
, 115–122
business capabilities and HR knowledge
, 116, 117–118
financial factors and acquisition premium
, 118, 119
macro-factors and business environment
, 118, 119
positive relationship
, 119–120
strategic partner, choice of
, 116, 117
quantitative research
, 122–128
suggestions for
, 128–130
Enterprise value, 79, 81, 87–89
Enterprise zones. See Special Economic Zones (SEZs)
Entrepreneurship, in European Union, 42–45
crowdfunding fitness to support, 45–47
Envestnet® | Yodlee®, 24, 27
Equity crowdfunding, 41
EU funds, 72
Europe
mergers and acquisitions, 103–105
European Central Bank, 43, 44
European Commission, 38, 40–41, 97–98
European Union (EU)
crowdfunding in, 37–47
entrepreneurship in, 42–45
crowdfunding fitness to support, 45–47
Export zones. See Special Economic Zones (SEZs)
EY FinTech Adoption Index, 24, 26
Facebook Payments Inc., 27
Financial and Capital Market Commission (FCMC), 65
Financial crisis of 2007–2008, 6, 8, 22
Financial literacy
as conceptual development, 4–6
defined, 4–5
effect on domestic economic activity in Baltic States, 1–18
theoretical aspects of, 6–7
review of, 8–10
factor analysis of, 10–16
Financial reorganization, 98
Financial Services Technology Consortium. See FinTech
FinTech, 21–34
as competitor and partner, 28–31
recent trends in, 24–27
risks related to development of, 31–32
Firm culture, 59
Firm value, 101–103
“Food Union” strategy, 107, 108
Foreign direct investment (FDI)
inflow in Special Economic Zones, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
Funding Circle, 27, 31
Fuzzy Delphi method, 3, 4, 10–11, 15, 16
Gender, and financial literacy, 5
German Association of Automotive Industry (GAAI), 121
Global Derivatives, 53
Goldman Sachs, 31
Google Trends, 27
Google Wallet, 27
Great Depression, 4
Gross domestic product (GDP), 6–7, 8, 9
Group of Thirty
“Derivatives: Practices and Principles”, 50
Horizontal growth, 100
Household income, 8–9, 15
Hybrid models, 41
Incentives, 137
Income, 8–9
disposable, 12, 17
inequality, 9
Independent Expert (IE), 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry, 114–115
Insolvency, 70, 79, 80, 86, 93
Institutional investors, 45
Instruments
poorly designed/mis-categorized, and derivative misuse, 55
Internal control, of derivative misuse, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Internal Control Issues in Derivatives Usage, 51
Internal Controls Committee (ICC), 59, 60
International Network on Financial Education (INFE), 3, 4, 10, 12–15, 17
Investment, alternative, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia, 71
Italian Insolvency Law (IL), 78
Italy
bankruptcy, avoiding, 77–94
Klarna, 27
“Know your customer” approach, 31, 32
Kreditech, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Enterprise value
, 79, 81, 87–89
Enterprise zones. See Special Economic Zones (SEZs)
Entrepreneurship, in European Union
, 42–45
crowdfunding fitness to support
, 45–47
Envestnet® | Yodlee®
, 24, 27
Equity crowdfunding
, 41
EU funds
, 72
Europe
mergers and acquisitions
, 103–105
European Central Bank
, 43, 44
European Commission
, 38, 40–41, 97–98
European Union (EU)
crowdfunding in
, 37–47
entrepreneurship in
, 42–45
crowdfunding fitness to support
, 45–47
Export zones. See Special Economic Zones (SEZs)
EY FinTech Adoption Index
, 24, 26
Facebook Payments Inc.
, 27
Financial and Capital Market Commission (FCMC)
, 65
Financial crisis of 2007–2008
, 6, 8, 22
Financial literacy
as conceptual development
, 4–6
defined
, 4–5
effect on domestic economic activity in Baltic States
, 1–18
theoretical aspects of
, 6–7
review of
, 8–10
factor analysis of
, 10–16
Financial reorganization
, 98
Financial Services Technology Consortium. See FinTech
FinTech
, 21–34
as competitor and partner
, 28–31
recent trends in
, 24–27
risks related to development of
, 31–32
Firm culture
, 59
Firm value
, 101–103
“Food Union” strategy
, 107, 108
Foreign direct investment (FDI)
inflow in Special Economic Zones
, 144–157
SEZ managing companies, activities of
, 150–152
voivodeships, investment attractiveness of
, 153–155
Funding Circle
, 27, 31
Fuzzy Delphi method
, 3, 4, 10–11, 15, 16
Gender, and financial literacy, 5
German Association of Automotive Industry (GAAI), 121
Global Derivatives, 53
Goldman Sachs, 31
Google Trends, 27
Google Wallet, 27
Great Depression, 4
Gross domestic product (GDP), 6–7, 8, 9
Group of Thirty
“Derivatives: Practices and Principles”, 50
Horizontal growth, 100
Household income, 8–9, 15
Hybrid models, 41
Incentives, 137
Income, 8–9
disposable, 12, 17
inequality, 9
Independent Expert (IE), 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry, 114–115
Insolvency, 70, 79, 80, 86, 93
Institutional investors, 45
Instruments
poorly designed/mis-categorized, and derivative misuse, 55
Internal control, of derivative misuse, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Internal Control Issues in Derivatives Usage, 51
Internal Controls Committee (ICC), 59, 60
International Network on Financial Education (INFE), 3, 4, 10, 12–15, 17
Investment, alternative, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia, 71
Italian Insolvency Law (IL), 78
Italy
bankruptcy, avoiding, 77–94
Klarna, 27
“Know your customer” approach, 31, 32
Kreditech, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Gender, and financial literacy
, 5
German Association of Automotive Industry (GAAI)
, 121
Global Derivatives
, 53
Goldman Sachs
, 31
Google Trends
, 27
Google Wallet
, 27
Great Depression
, 4
Gross domestic product (GDP)
, 6–7, 8, 9
Group of Thirty
“Derivatives: Practices and Principles”
, 50
Horizontal growth
, 100
Household income
, 8–9, 15
Hybrid models
, 41
Incentives, 137
Income, 8–9
disposable, 12, 17
inequality, 9
Independent Expert (IE), 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry, 114–115
Insolvency, 70, 79, 80, 86, 93
Institutional investors, 45
Instruments
poorly designed/mis-categorized, and derivative misuse, 55
Internal control, of derivative misuse, 49–61
complacency, 58
convenient to blame derivatives, 56
design considerations, 58–61
inadequate communication, 57–58
insufficient regulatory environment, 56–57
methodology of, 52–55
political pressure, 58
poorly designed and mis-categorized instruments, 55
poorly designed internal controls, 57
unsophisticated players, 56
Internal Control Issues in Derivatives Usage, 51
Internal Controls Committee (ICC), 59, 60
International Network on Financial Education (INFE), 3, 4, 10, 12–15, 17
Investment, alternative, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia, 71
Italian Insolvency Law (IL), 78
Italy
bankruptcy, avoiding, 77–94
Klarna, 27
“Know your customer” approach, 31, 32
Kreditech, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Incentives
, 137
Income
, 8–9
disposable
, 12, 17
inequality
, 9
Independent Expert (IE)
, 79–80
Industrial zones. See Special Economic Zones (SEZs)
Information asymmetry
, 114–115
Insolvency
, 70, 79, 80, 86, 93
Institutional investors
, 45
Instruments
poorly designed/mis-categorized, and derivative misuse
, 55
Internal control, of derivative misuse
, 49–61
complacency
, 58
convenient to blame derivatives
, 56
design considerations
, 58–61
inadequate communication
, 57–58
insufficient regulatory environment
, 56–57
methodology of
, 52–55
political pressure
, 58
poorly designed and mis-categorized instruments
, 55
poorly designed internal controls
, 57
unsophisticated players
, 56
Internal Control Issues in Derivatives Usage
, 51
Internal Controls Committee (ICC)
, 59, 60
International Network on Financial Education (INFE)
, 3, 4, 10, 12–15, 17
Investment, alternative
, 38, 40, 42, 45, 47
Investment and Development Agency of Latvia
, 71
Italian Insolvency Law (IL)
, 78
Italy
bankruptcy, avoiding
, 77–94
Klarna
, 27
“Know your customer” approach
, 31, 32
Kreditech
, 27
Latvia
Business Association of Latvia, 64
Commercial Bank System of Latvia, 64
Commercial Law, 68
dairy industry, mergers and acquisitions in, 105–107
Financial and Capital Market Commission, 65
Investment and Development Agency of Latvia, 71
SMEs as borrowers, profiles of, 63–74
EU funds, 72
insolvency process and court efficiency, 70
loans, 66–69
proposals of, 73–74
public and state support, 70–72
recommendations for, 73–74
reinvested profit in SMEs, use of, 72–73
shadow economy, 69–70
Lending Club, 27
Level of education, and financial literacy, 5
LinkedIn, 53
Liquidity, 40
Loans, 66–69
LURSOFT, 65, 66
Maltese companies, audit report lags in, 161–181
components of, 164
methodology of, 167–168
research findings and implications of, 168–180
ANCOVA regression model, 175–176
audit firm, 172–173
audit opinion, 173
auditor/client relationship, 180
client and auditor competence and organization, 179
company size, 172
determinants, 171
extent of ARL, 169–171, 172
extraordinary items, 174
profitability, 173
timeliness of financial reporting, 176–179
type of industry, 174–175
timeliness and regulations, 163–164
variables relating to
audit firm size, 165
audit opinion, 165
company size, 164–165
extraordinary item, presence of, 166
profitability, 166
type of industry, 166–167
Mergers and acquisitions, 95–108
in Europe, 103–105
financial specialization, 99
goals of, 101–103
in Latvian dairy industry, 105–107
motivation for, theoretical aspects of, 97–101
strategic acquisitions, 99
M-Pesa, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Latvia
Business Association of Latvia
, 64
Commercial Bank System of Latvia
, 64
Commercial Law
, 68
dairy industry, mergers and acquisitions in
, 105–107
Financial and Capital Market Commission
, 65
Investment and Development Agency of Latvia
, 71
SMEs as borrowers, profiles of
, 63–74
EU funds
, 72
insolvency process and court efficiency
, 70
loans
, 66–69
proposals of
, 73–74
public and state support
, 70–72
recommendations for
, 73–74
reinvested profit in SMEs, use of
, 72–73
shadow economy
, 69–70
Lending Club
, 27
Level of education, and financial literacy
, 5
LinkedIn
, 53
Liquidity
, 40
Loans
, 66–69
LURSOFT
, 65, 66
Maltese companies, audit report lags in
, 161–181
components of
, 164
methodology of
, 167–168
research findings and implications of
, 168–180
ANCOVA regression model
, 175–176
audit firm
, 172–173
audit opinion
, 173
auditor/client relationship
, 180
client and auditor competence and organization
, 179
company size
, 172
determinants
, 171
extent of ARL
, 169–171, 172
extraordinary items
, 174
profitability
, 173
timeliness of financial reporting
, 176–179
type of industry
, 174–175
timeliness and regulations
, 163–164
variables relating to
audit firm size
, 165
audit opinion
, 165
company size
, 164–165
extraordinary item, presence of
, 166
profitability
, 166
type of industry
, 166–167
Mergers and acquisitions
, 95–108
in Europe
, 103–105
financial specialization
, 99
goals of
, 101–103
in Latvian dairy industry
, 105–107
motivation for, theoretical aspects of
, 97–101
strategic acquisitions
, 99
M-Pesa
, 27
Neoliberal economics, 6
Operational reorganization, 98
Organisation for Economic Co-operation and Development (OECD), 3, 4–5, 10, 12–15, 17
Organizational learning theory, 115
Oscar, 26
OurCrowd, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Neoliberal economics
, 6
Operational reorganization
, 98
Organisation for Economic Co-operation and Development (OECD)
, 3, 4–5, 10, 12–15, 17
Organizational learning theory
, 115
Oscar
, 26
OurCrowd
, 27
Paypal, 27
Peer-to-peer financing, 38
Peer-to-peer lending, 41
Poland
FDI inflow in Special Economic Zones, 135–157
Political pressure, and derivative misuse, 58
Poorly designed internal controls, and derivative misuse, 57
Pre-acquisition due diligence, in cross-border acquisitions, 111–130
critical factors of, 115–122
business capabilities and HR knowledge, 116, 117–118
financial factors and acquisition premium, 118, 119
macro-factors and business environment, 118, 119
positive relationship, 119–120
strategic partner, choice of, 116, 117
quantitative research, 122–128
suggestions for, 128–130
Preventive Arrangement with Creditors (PACs), 78
Private consumption, 7
Profitability, 173
Profit-sharing, 41
Public support to SMEs, 70–72
Qufenqi, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Paypal
, 27
Peer-to-peer financing
, 38
Peer-to-peer lending
, 41
Poland
FDI inflow in Special Economic Zones
, 135–157
Political pressure, and derivative misuse
, 58
Poorly designed internal controls, and derivative misuse
, 57
Pre-acquisition due diligence, in cross-border acquisitions
, 111–130
critical factors of
, 115–122
business capabilities and HR knowledge
, 116, 117–118
financial factors and acquisition premium
, 118, 119
macro-factors and business environment
, 118, 119
positive relationship
, 119–120
strategic partner, choice of
, 116, 117
quantitative research
, 122–128
suggestions for
, 128–130
Preventive Arrangement with Creditors (PACs)
, 78
Private consumption
, 7
Profitability
, 173
Profit-sharing
, 41
Public support to SMEs
, 70–72
Qufenqi
, 26
R3, 27
Regulatory environment
insufficient, and derivative misuse, 56–57
Reinvested profit in SMEs, use of, 72–73
Reorganization
defined, 97–98
types of, 98
Restructuring, 78–82, 85, 87, 89, 90, 92, 93
Retail investors, 45
Revenue-sharing, 41
Revolution Money, 31
Rewards-based crowdfunding, 41, 46
Risk assessment, for pre-acquisition due diligence, 115–122
Samsung Pay, 27
Santander Bank, 31
SEZ Act of, 2003, 141
Shadow economy, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”, 23
Small and medium enterprises (SMEs), 38–47
as borrowers, profiles of, 63–74
role and profile of, 42–45
Small Business Act of, 2008, 43
Special Economic Zones (SEZs), 135–157
characteristics of, 141–143
FDI inflow in, 144–157
SEZ managing companies, activities of, 150–152
voivodeships, investment attractiveness of, 153–155
state aid rules, 139–141
Square, 31
State aid rules, in Special Economic Zones, 139–141
State support to SMEs, 70–72
Statista, 24
Survey of Innovative Businesses in Latvia (SIBiL), 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
R3
, 27
Regulatory environment
insufficient, and derivative misuse
, 56–57
Reinvested profit in SMEs, use of
, 72–73
Reorganization
defined
, 97–98
types of
, 98
Restructuring
, 78–82, 85, 87, 89, 90, 92, 93
Retail investors
, 45
Revenue-sharing
, 41
Revolution Money
, 31
Rewards-based crowdfunding
, 41, 46
Risk assessment, for pre-acquisition due diligence
, 115–122
Samsung Pay
, 27
Santander Bank
, 31
SEZ Act of
, 2003, 141
Shadow economy
, 69–70
Silicon Valley Bank
“2015 FinTech Report: Investment Trends in FinTech”
, 23
Small and medium enterprises (SMEs)
, 38–47
as borrowers, profiles of
, 63–74
role and profile of
, 42–45
Small Business Act of
, 2008, 43
Special Economic Zones (SEZs)
, 135–157
characteristics of
, 141–143
FDI inflow in
, 144–157
SEZ managing companies, activities of
, 150–152
voivodeships, investment attractiveness of
, 153–155
state aid rules
, 139–141
Square
, 31
State aid rules, in Special Economic Zones
, 139–141
State support to SMEs
, 70–72
Statista
, 24
Survey of Innovative Businesses in Latvia (SIBiL)
, 65, 66
Timeliness of financial reporting, 176–179
Transferwise, 27
Turnaround, 78, 87, 88
Unsophisticated players, and derivative misuse, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Timeliness of financial reporting
, 176–179
Transferwise
, 27
Turnaround
, 78, 87, 88
Unsophisticated players, and derivative misuse
, 56
Value-based approach to corporate governance, 100
Value drivers, 100
Value management, 100
Vertical growth, 100
Wealthfront, 26
William Garrity Associates Ltd, 26
Wilmott, 53
World Bank, 9
ZhongAn, 26
Value-based approach to corporate governance
, 100
Value drivers
, 100
Value management
, 100
Vertical growth
, 100
Wealthfront
, 26
William Garrity Associates Ltd
, 26
Wilmott
, 53
World Bank
, 9
ZhongAn, 26
ZhongAn
, 26
- Prelims
- Impact of Financial Literacy on Domestic Economic Activity in the Baltic States
- Banking and Fintech: A Challenge or Opportunity?
- Analysis of Crowdfunding in European Union: Performance and Perspectives
- Misuse of Derivatives: Considerations for Internal Control
- Profiles of SMEs as Borrowers: Case of Latvia
- Avoiding Bankruptcy in Italy: Preventive Arrangement with Creditors
- Mergers and Acquisitions: Examples of Best Practice in Europe and Latvia
- Critical Factors of Pre-Acquisition Due Diligence in Cross-Border Acquisitions
- The FDI Inflow to Special Economic Zones in Poland
- An Analysis of Audit Report Lags in Maltese Companies
- About the Editors
- About the Authors
- Index