Table of con T en T s
7
foR e WoR d ................................................. 13 cha PT eR 1. Rule of l aW oR Ruin of l aW in nigeR ia: Quo vadis? .. 15 Taiye Joshua Omidoyin 1. Introduction ............................................. 16 2. Context, Development and Components of Rule of Law ............. 17 3. The Posture of Rule of Law in Nigeria 21 4. Effect of Insecurity and ‘Ruin of Law’ on Nigeria’s National Development 24 5. Concluding Remarks 25 cha PT eR 2. ecuadoR and PeRu: R eflec T ions on sTaT e R efoR m, PosiT ioning of ‘democR acy ’ and Public Policies foR a com PeT iT ive economic and insT iT u T ional enviRonmen T ...................... 27 Rubén Méndez Reátegui 1. Introduction ............................................. 28 2. Ecuadorian and peruvian state reform from a multidisciplinary perspective 30 3. State and the process of ‘democratic execution’ for ecuador and peru ... 32 4. The state and the search for reform in ecuador and peru ............ 34 5. Policy decisions and governance 36 6. Scenarios for discussion 37 7. Other conclusive aspects related to the establishment of a competitive economic and institutional environment 39 8. Conclusions 40 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 cha PT eR 3. T he social and enviRonmen Tal R esPonsibiliT y i nseRT ed in T he coRPoR aT e con T ex T of T he 21sT cen T u Ry ....... 43 Renata Albuquerque Lima & Átila de Alencar Araripe Magalhães
Table of contents 8 1. Introduction ............................................. 44 2. The social / environmental responsibility inserted in the corporate context of the 21st century .................................. 45 3. Conclusion .............................................. 48 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 cha PT eR 4. does csR consTR ain e a R nings m anagemen T? 51 Yousf Almahrog, Zakaria Aribi & Philip Kostov 1. Introduction ............................................. 52 2. The atrical background and hypothesis development 53 2.1. Opportunistic perspective 54 2.2. Ethical perspective 55 2.3. Hypothesis development 57 3. Research Design .......................................... 58 3.1. Measurement of Earnings Management ..................... 58 3.2. Measurement of Corporate Social Responsibility .............. 59 3.3. Control variables ...................................... 60 4. Results ................................................. 61 5. Conclusions ............................................. 68 References 68 cha PTeR 5. sha R eholeRs’ agR eemen Ts and good coRPoR aTe goveR nance as innovaTions foR ecuadoR ian family oW ned comPanies ................................................... 77 José Carlos Portilla Ruiz & Rubén Méndez Reátegui 1. Introduction ............................................. 78 2. Agency theory, a prelude to shareholders’ agreements .............. 79 3. Fundamental characteristics of shareholders’ agreements ............ 80 4. The ecuadorian regulation of the shareholders’ agreement ........... 80 5. Proposed improvement to the shareholders’ agreement regulation ..... 83 6. Background on good corporate governance ...................... 84 7. Good corporate governance. Practical effects of the voluntary principles 85 8. Conclusions 87 References 88 cha PT eR 6. covid -19 and T he f inancial i nclusion .............. 91 Mostéfaoui Sofiane & Yousfat Ali 1. The Financial Inclusion and COVID-19.......................... 92 2. The Social Reflections of the Financial Inclusion and the Model of FI-SR Nexus ........................................... 92 3. The Financial Model under the Time Preference and the Behavioral Traits Paradigms .......................................... 95 4. The Interactions between Financial Inclusion and Economic Development............................................. 98 4.1. Households - Firms and the Financial Inclusion: Toward an
The Role of Fintech in the Post-Covid-19 World: Law and Regulation 9 Efficient Allocation of Resources .............................. 99 4.2. The Macroeconomic Implications of the Financial Inclusion ...... 101 5. The Measuring Approach of the Financial Inclusion ................ 103 6. Conclusion .............................................. 105 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 cha PTeR 7. insolvency PRoceedings, business cR ises and COVID -19: a com Pa R aT ive sT udy 111 Lissangee Stefanía Mendoza García & Rubén Méndez Reátegui 1. Introduction 112 2. Corporate reorganization proceedings? 113 3. Incentives in reorganization proceedings: claim holders 115 4. Regulatory regimes to prevent corporate bankruptcy processes 116 4.1. United States ......................................... 117 4.2. Ecuador ............................................. 118 4.3. Peru ................................................ 121 5. Conclusions ............................................. 122 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 cha PT eR 8. T he m ain obsTacles facing foR eign i nvesToR s in yemen -l egal PeR sPec T ive 127 Sharf Ali Mohammed Alkebsi 1. Introduction 127 2. Definition and Importance of Foreign Direct Investment (FDI) 128 3. Literature Review 129 4. Overview of Yemen ........................................ 130 5. Obstacles of FID in Yemen .................................. 131 5.1. Legal Obstacles........................................ 131 5.2. Lack of Infrastructure ................................... 133 5.3. Professional Skills ..................................... 133 5.4. Absence of Security and Political Stability .................... 134 5.5. The Judicial Impediment 135 5.6. Administrative Complexities 136 5.7. Other Obstacles 136 6. Recommendations 137 7. Conclusion .............................................. 137 cha PT eR 9. e x PloR ing T he dR iveR s of economic gRoWT h in sub saha R an a f R ica: T he i n T eR ac T ive effec T of globalizaT ion and f inancial develoPmen T .................................. 139 Ibrahim Nandom Yakubu 1. Introduction ............................................. 140 2. Literature Review ......................................... 141 2.1 Globalization and Economic Growth Nexus ................... 141 2.2 Financial Development and Economic Growth Nexus 142
Table of contents 10 3. Methodology ............................................. 143 3.1. Data ................................................ 143 3.2. Measurement of Variables ................................ 143 3.3. Model Specification .................................... 143 4. Empirical Results .......................................... 144 4.1 Descriptive Statistics .................................... 144 4.2 Correlation Analysis .................................... 144 4.3 Regression Results 145 5. Conclusion and Policy Implications 147 References 147 cha PT eR 10. moT ivaT ions foR foR eign bank en TRy in ghana: a coun TRy l evel a nalysis .................................... 151 Ibrahim Nandom Yakubu, Alhassan Bunyaminu & Iliasu Abdallah 1. Introduction ............................................. 152 2. Methodology ............................................ 153 2.1 Data and Sources ...................................... 153 2.2. Model Specification .................................... 154 2.3. Analytical Approach .................................... 154 3. Empirical Results 155 3.1. Descriptive Statistics and Correlation Analysis 155 3.2. Unit Root Tests 156 3.3. Bounds Testing for Cointegration 156 3.4 Regression Results ...................................... 157 3.5. Diagnostic Tests Results ................................. 158 4. Conclusion and Policy Implications ............................ 160 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 cha PT eR 11. R evenue diveR sificaT ion and PeR foR mance of i ndian banks in a deR egulaT ion eR a: a n em PiR ical a nalysis 165 Suresh Naik V, Nenavath Sreenu & Nadia Mansour 1. Introduction 166 2. Review of literature 167 3. Data and Methodology 170 3.1 Methodology 171 4. Descriptive Statistics ....................................... 173 5. Empirical Results .......................................... 174 6. Conclusion .............................................. 177 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Appendix ................................................... 180 chaPTeR 12. The neW PeRfoRmance comPensaTion sysTem (nPcs) and skills develoPmenT: emPiRical evidence fRom sonaTR ach comPany 189 Mostéfaoui Sofiane & Yousfat Ali 1. Introduction 190
The Role of Fintech in the Post-Covid-19 World: Law and Regulation 11 2. Sonatrach in Face of Globalization ............................. 190 2.1. A New Approach to Manage the Loss of Skills ................ 191 2.1. Managing the Technological Complexity ..................... 192 3. The Compensation System Linked to Performance . . . . . . . . . . . . . . . . . 194 3.1. A New Classification .................................... 194 3.2. A New Salary Structure ................................. 195 3.3. The Performance Management System ...................... 196 3.3.1. A Target Contract 196 3.3.2. The Performance Evaluation Process 197 4. Management by Skills and Knowledge 198 4.1. From a Boss - Employee Relationship to a Win - Win Partnership 199 4.2. From Position / Salary Report to Contribution / Remuneration Report ................................... 199 4.3. From Managing Seniority to Managing Expertise and Professionalism .................................... 201 5. Conclusion .............................................. 201 Acknowledgements ............................................ 202 References 202 cha PT eR 13. a PPlicaT ion of P y T hon PRogR amming foR PR edic T ing sTock PR ice of i nfosys using a R ima model 203 Nitin Jaglal Untwal 1. Introduction 203 2. ARIMA models ........................................... 204 3. Feature extraction and engineering ............................ 204 4. Data extraction .......................................... 205 5. Data cleaning ............................................ 205 6. Model evaluation .......................................... 206 7. Model identification ....................................... 207 8. Parameter estimation 208 9. Trial and testing 209 References 211 cha PT eR 14. m ediaT ion, a R biTR aT ion and a RT ificial i n T elligen T disPu T e R esolu T ion: online disPu T e R esolu T ion foR f in T ech ..... 213 Diego Robledo 1. Introduction ............................................. 214 2. Access to justice .......................................... 215 3. The legal scope of FinTech .................................. 217 4. Dispute Resolution: mediation and arbitration .................... 219 5. The promotion of ODR in Transnational Procedural Law ............ 222 5.1. Europe .............................................. 222 5.2. Latin America 225 5.3. Asia 227 6. WIPO Arbitration and Mediation for FinTech 227 6.1. B2B Disputes 228
and Technology Disputes
Domain-name dispute resolution
Dispute Resolution Service Providers
Arab Center for Dispute Resolution
Asian Domain Name Dispute Resolution Centre.........
Canadian International Internet Dispute Resolution Centre
The Czech Arbitration Court Arbitration, Center for Internet Disputes
National Arbitration Forum
WIPO Arbitration and Mediation Center...............
International Institute for Conflict Prevention & Resolution
dispute resolution
Table of contents 12 6.2. B2C disputes ......................................... 229 6.3. C2C disputes ......................................... 229 6.4. IP
.............................. 230 7.
.............................. 230 7.1.
....................... 231 7.1.1.
.................. 231 7.1.2.
232 7.1.3.
232 7.1.4.
232 7.1.5.
233 7.1.6.
233 7.1.7.
.. 233 7.2. Balance ............................................. 234 8. Blockchain
................................ 234 9. Conclusion .............................................. 236 Bibliography ................................................ 238
foR e WoR d
It is our intention that this book should move our readers into a pleasant academic experience of international collaboration that is based at the Universi ty of Salamanca, the oldest Spanish-speaking university, an academic center that brings together students and professors from all over the world. One of them is Nadia Mansour, a Doctor of Economics of Tunisian origin, who has been collab orating with our research group for some time in a fruitful task of attracting scholars from various fields around relevant and current issues.
The Covid-19 pandemic was a serious stress test in all areas, but also in ac ademic activity. The researchers had to make a virtue of necessity and took ad vantage of the possibilities of technology to pool their work. Thus, it was possi ble to meet representatives from geographical areas that are not frequent in Spanish Law Schools, but that have much to discuss with Spanish and Lat in-American jurists. Once again, Salamanca became a bridge between diverse experiences and valuable scientific contributions.
Of course, the initial approach was based on interdisciplinarity. It was about finding elements of contact between Finance and Law, as one more example of the constant learning that both economists and jurists need to better understand our own objects of study. The background of Dr. Mansour joined the experience of the Recognized Research Group IUDICIUM: Procedural Studies Group of the University of Salamanca’, in a cooperation that is already becoming daily and that has already shown its fruits in publications of very high level.
Through the call to interested scholars, specific responses were requested to the question about the role of Fintech in the post-pandemic context, both from an economic and legal perspective, and there were abundant interventions by specialists who presented their reflections, first in an oral meeting —although still virtual—, and later with the studies that are gathered in this collective book. A simple glance at the index shows us the variety of origins and the diversity of perspectives.
Many of the subjects raised here are fundamental, demonstrating that schol ars from four continents have well-founded answers to common concerns, over
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and above the enormous geographical and cultural distances that apparently separate them. It is an enriching dialogue that unites Nigerian thinkers with Ecuadorian lawyers and North African economists with promising Argentine ju rists, all willing to learn from each other to each contribute as much as possible in this complex construction of knowledge.
In this way, the limitations of the Rule of Law in a developing country like Nigeria open the reflections, which are followed by contributions from the com parison between Ecuador and Peru about the deepening of democracy in the context of a competitive economy. The Brazilian representation also wonders about the problem of social and environmental responsibility of companies, which is adequately complemented by studies on earnings management and the application of innovative methods such as agreements between shareholders regarding the Good Corporate Governance.
The economy has been a sector that has suffered especially during the pan demic, which is why scholars have also been concerned to adapt their concepts and principles to the study of the difficulties that we have had to live through, and thus, financial inclusion or the demands of insolvency procedures are exam ined, propitious areas for that interaction between finance and Law that trans versally influence this volume.
Very interesting constructions are the analysis of the obstacles to attracting foreign investors or the factors of economic growth in areas that are poorly de veloped, but that operate in a context of globalization. The application of inno vative methodologies completes this panoply of studies, without avoiding the examination of the consequences, both legal and economic, of the implementa tion of artificial intelligence instruments.
In short, there are more than enough reasons to congratulate Dr. Mansour, whose initiative managed to unite such varied contributions in the same objec tive—with brilliant conferences at the time, and with written studies that achieve to delve into the answers that our heterogeneous world needs urgently. Of all this, I have been able to be a privileged witness. It only remains to congratulate myself for all this and invite the avid reader not to delay their interest and con tinue reading the excellent chapters that make up this wonderful mosaic.
Salamanca, July 2022
Lorenzo M. BuJOsA vADELLPresident of the Ibero-American Institute of Procedural Law Full Professor of Procedural Law of the University of Salamanca
Foreword 14