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1
Hodge, David C. „Fiscal Equity in Urban Mass Transit Systems: A Geographic Analysis“. Annals of the Association of American Geographers 78, Nr. 2 (Juni 1988): 288–306. http://dx.doi.org/10.1111/j.1467-8306.1988.tb00208.x.
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Arestis, Philip, Hüseyin Şen und Ayşe Kaya. „Fiscal and monetary policy effectiveness in Turkey: A comparative analysis“. Panoeconomicus, Nr. 00 (2020): 19. http://dx.doi.org/10.2298/pan190304019a.
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Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey over the period 2003:q1-2019:q1. The empirical findings show that both policies are effective in promoting output growth but with varying degrees, suggesting that the impact of monetary policy on output growth is more significant than that of fiscal policy. Overall, based on the findings, we can suggest that the Turkish authorities should set sight on monetary policy to achieve higher output growth while seeking ways to improve the growth-enhancing role of fiscal policy. To that end, among many others, budgetary flexibility can be increased through creating fiscal space, and growth-friendly tax and spending reforms can be undertaken without undermining growth-equity trade-off while giving priority to proper coordination of fiscal policy with monetary policy.
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Lubis, Rukiah. „Analysis Relationship of Economic Growth, Fiscal Policies and Demographic to Islamic Human Development Index in Indonesia (Granger Causality Approach)“. FITRAH:Jurnal Kajian Ilmu-ilmu Keislaman 6, Nr. 1 (30.06.2020): 31–46. http://dx.doi.org/10.24952/fitrah.v6i1.2490.
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The purpose of study is to analyze the relationship of Economic Growth, Fiscal Policies, and Demographic to Islamic Human Development Index in Indonesia. The analysis method used Granger Causality test in 33 representative provinces. Taked sampling with Criteria Purporsive Sampling method. The results showed that there was relationship between Economic growth to Demographic and Islamic Human Development Index. There was relationship between Demographic to IHDI and fiscal policy in health and education. There was relationship of Fiscal Policy in health to Fiscal Policy in education. Recommendation of study was 1. Increasing economic growth with equity to support the maximalization IHDI in each region. 2. Optimizing Fiscal policies performance to improving public services in education and health so can be impact on the high IHDI distributed in Indonesia.
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Coombs, Gregory, und Brian Dollery. „AN ANALYSIS OF THE DEBATE ON INTERGENERATIONAL EQUITY AND FISCAL SUSTAINABILITY IN AUSTRALIA“. Australian Journal of Social Issues 37, Nr. 4 (November 2002): 363–81. http://dx.doi.org/10.1002/j.1839-4655.2002.tb01126.x.
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Glenn, William J., Lawrence O. Picus, Allan Odden und Anabel Aportela. „The equity of school facilities funding: Examples from Kentucky.“ education policy analysis archives 17 (10.08.2009): 14. http://dx.doi.org/10.14507/epaa.v17n14.2009.
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While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity, vertical equity, and fiscal neutrality. In general one could tentatively conclude that Kentucky’s capital-funding system was reasonably equitable until an expansion of district options in 2003–04 was followed by greater measures of inequity. This analysis points to specific methods for Kentucky to restore equity to its school capital funding structure as well as a model for analysis of other capital funding systems.
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Mechelli, Alessandro, und Riccardo Cimini. „The value relevance of earnings and book value across the EU. A comparative Analysis“. FINANCIAL REPORTING, Nr. 2 (März 2015): 83–113. http://dx.doi.org/10.3280/fr2014-002004.
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This paper aims to investigate whether the value relevance of accounting amounts differs across nations depending on the country characteristics identified by Nobes (2008) and Nobes and Parker (2010) that is the source of funds, the legal system and the fiscal legislation that led them to identify, in the EU, the so-called strong-equity and the weak-equity countries. Because of the different disclosure needs, our hypothesis is that insiders, within the strong-equity countries, disclose more relevant information than in weak-equity countries. To test this hypothesis, we analysed a sample including all the listed entities belonging to the EU at the time of the issuance of EU Regulation 1606/2002. The sample covered the period of 2006-2011 and included 16,513 firm-year observations. Our sample selection strategy allowed us to include entities required to comply with the same accounting standards (IAS/IFRS), so our findings do not depend on differences between requirements of different standard setters. Comparatively, our findings demonstrate that the value relevance of accounting amounts not only is higher in strong-equity countries than in weak-equity countries - validating our research hypothesis - but also that it is not driven by specific firms' characteristics that are the size, the future growth opportunity and the source of funds of the single entity.
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Basu, Rilina, und Ranjanendra Narayan Nag. „Money, the Stock Market and the Macroeconomy: A Theoretical Analysis“. Pakistan Development Review 52, Nr. 3 (01.09.2013): 235–46. http://dx.doi.org/10.30541/v52i3pp.235-246.
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The finance-growth nexus has become a significant issue in recent macroeconomic modelling and the centre of attention of policy makers. Over the past few decades equity markets have experienced phenomenal growth which has proved to be a major determinant of capital flow to emerging market economies. Naturally, one wants to know how development of equity markets influences the real sector and produces macroeconomic outcomes. In this paper we construct an open economy, structuralist model to examine the short-run and long- run effects of both policy-induced and exogenous shocks on output, the dynamics of stock market valuation and adjustment in monetary base. The model shows that devaluation or capital inflow will boost the economy, while fiscal expansion has deleterious consequences for stock market valuation and investment. JEL Classifications: G01, G12, F32, F36 Keywords: Tobin’s q, Effective Demand, Devaluation
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Tsuji, Chikashi. „Exploring the Financial Ratios: The Case Study of the Famed Chemical Industry Firms in the US“. Case Studies in Business and Management 1, Nr. 2 (11.10.2014): 11. http://dx.doi.org/10.5296/csbm.v1i2.6434.
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The objective of this paper is to explore the linkage between corporate financial conditions and the market valuation of the famed US chemical industry firms by the case study using financial ratio and market data. More concretely, we first conduct corporate financial ratio analyses including the Du Pont system analysis as to four well-known large chemical industry firms in the US. Our analyzing period is from the fiscal year of 1979 to 2012. After the financial ratio analyses for the above period, we further examine the relations between corporate financial conditions and the market valuation of the four US firms by using their stock price data after the end of the fiscal year of 2012. As a result, the corporate financial conditions of the four firms at the end of the fiscal year of 2012 appear to be adequately reflected in the subsequent stock prices in equity markets.
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복문수. „An Analysis on Fiscal Equity Effects of the Shared Property Taxation in Seoul Metropolitan City“. Korean Governance Review 25, Nr. 2 (August 2018): 75–101. http://dx.doi.org/10.17089/kgr.2018.25.2.004.
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West, Jonathan P., und Charles Davis. „Administrative Values and Cutback Politics in American Local Government“. Public Personnel Management 17, Nr. 2 (Juni 1988): 207–22. http://dx.doi.org/10.1177/009102608801700209.
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Fiscal constraints facing local governments and citizen resistance to tax increases have given impetus to cutback management. Some analysts have focused attention on the causes or consequences of reduced expenditures for programs and personnel while others have focused on strategies designed to buffer the impact of fiscal stress on public employees and the delivery of governmental services. A recent study by Klingner and Nalbandian indicates that cutback management can be viewed as an institutional response to conflict among the four basic values underlying public sector human resource management—political responsiveness, social equity, individual rights, and administrative efficiency. The authors test this model using data from a national survey of urban personnel managers. They conclude that the administrative values framework has limited applicability to the analysis of local cutback management and suggest that theory testing is inhibited by structural aspects of urban fiscal problems.
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Kopańska, Agnieszka. „Partial Fiscal Decentralization and Local Government Spending Policy“. e-Finanse 14, Nr. 3 (01.09.2018): 21–31. http://dx.doi.org/10.2478/fiqf-2018-0017.
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AbstractThe aim of this paper is to analyze how limits in revenue and spending autonomy of sub-sovereign governments influence their decisions. Revenue and spending autonomy indicators for Polish towns were established and used in analysis on school education expenditures during 2003–2016. The influence of limits on revenue autonomy on municipal spending has been extensively addressed in both theoretical and empirical literature. However, studies related to spending autonomy are rare. The analysis presented in this paper suggests that when limits exist in spending autonomy, more decentralized tasks are crowded out by regulated obligations. That is why the spending autonomy analysis is important to evaluate the equity between local units and the adequacy of local revenues to decentralized expenditures.The basic principle of local finance is that there should be an adequate relationship between the financial resources available to a local authority and the tasks it performs. However, in practice, the assessment of whether this has been achieved is very difficult. Often, only problems with the solvency of local governments indicate that we are dealing with a poorly constructed system of local finances. The expenditure autonomy indicator proposed in this article is a tool that provides a way to indicate problems with the adequacy of revenues before such anextreme situation occurs.
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Khan, Ahmad. „Note: Analysis of Key Determinants of Tax Policy and Administration“. LAHORE JOURNAL OF ECONOMICS 4, Nr. 1 (01.01.1999): 115–27. http://dx.doi.org/10.35536/lje.1999.v4.i1.a8.
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Introduction Similar to most countries, the objectives of the taxation system in Pakistan are not well-defined. Historically, the primary objective has been resource generation for the government. The taxation system has simultaneously addressed the secondary objectives of promoting area/sectorspecific economic activities, discouraging undesired imports/production, encouraging savings and investment. These objectives were met through a variety of tax concessions and exemptions, rebates and credits, differentiated tax rates and tariffs. The revenue shortfalls/leakages resulting from preferential tax treatment of the desired activities were offset through appropriate changes in various fiscal instruments, e.g. high tax rates and tariffs, regulatory duties, extended withholding and presumptive taxes, excise duties on services, and many more. These measures, in turn, complicated the taxation system and adversely affected the equity, neutrality and progressivity thereof.
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Davies, Bleddyn. „Equity and Efficiency in Community Care: Supply and Financing in an Age of Fiscal Austerity“. Ageing and Society 7, Nr. 2 (Juni 1987): 161–74. http://dx.doi.org/10.1017/s0144686x0001254x.
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ABSTRACTFrom the confrontation of fiscal austerity and growing needs in the United Kingdom has come a new ideology: ‘efficiency-focused mana-gerialism’. Common arguments and the adaptation of structures to reflect them can be seen in all areas of policy, but nowhere more clearly than in the long-term social care of the elderly, the subject of this paper. Perhaps the strand of policy analysis which most influences and epitomises the new managerialism is the work of the Audit Commission for Local Authorities in England and Wales, whose arguments and proposals have gained great and widespread influence. The commission's ‘three Es’ – economy, efficiency and effectiveness – have become among the most fashionable slogans of our time.
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JEFFERSON, THERESE, SIOBHAN AUSTEN, RACHEL ONG, MARIETTA E. A. HAFFNER und GAVIN A. WOOD. „Housing Equity Withdrawal: Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers“. Journal of Social Policy 46, Nr. 3 (20.02.2017): 623–42. http://dx.doi.org/10.1017/s0047279417000058.
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AbstractHousing wealth dominates the asset portfolios of the older population in Australia and many other countries. Given the anticipated spike in fiscal costs associated with population ageing, there is growing policy interest in housing equity withdrawal (HEW) to finance living needs in retirement. This paper sheds light on homeowners’ perceptions of the obstacles associated with two forms of HEW: mortgage equity withdrawal (where thein situhome owner increases his/her housing-related debt) and downsizing (where housing equity is released by moving to a lower-valued property). We uncover a series of age-specific barriers impeding older Australians’ use of these forms of HEW through qualitative analysis of semi-structured interviews conducted with home owners and professional service providers in related areas of policy and practice. To that end, we recommend the development of a range of safeguards that will minimise the risk exposure and other obstacles associated with HEW for older home owners.
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Zhang, Ping, Zizhou Bu, Youqiang Wang und Yilin Hou. „Education outlay, fiscal transfer, and inter-region funding equity: a county-level analysis of education finance in China“. Journal of Chinese Governance 1, Nr. 4 (Oktober 2016): 591–610. http://dx.doi.org/10.1080/23812346.2016.1243378.
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Wooldridge, Blue, und Heidi Jane M. Smith. „US sub-national governmental response to the ‘Great Recession’: implications for the ‘equitable distribution of the costs and benefits of public services’“. International Review of Administrative Sciences 83, Nr. 3 (03.09.2015): 425–42. http://dx.doi.org/10.1177/0020852315585056.
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Experts suggest that when faced with fiscal stress public managers can engage in three coping practices: an actual cutback in services, expansion of existing financial resources, or reduction in work force. During the Great Recession (2007–2012), US subnational governments utilized all three of these practices. The purpose of this article is to identify coping mechanisms used by state and local governments to respond to the Great Recession, and identify approaches to minimize the negative and disproportionate impact of these actions on women, minorities, and the economically disadvantaged. The authors provide specific examples of tactics employed by US subnational governments in response to fiscal stress and evaluate the equity of their consequences on the distribution of goods and services. A review of the concept of social equity, its related literature, and an analysis of the disparate impact of coping practices on underrepresented groups is provided. Finally, the article presents mitigating strategies in order to reduce the regressive impact of these coping practices on the vulnerable populations. Points for practitioners This article identifies ‘coping’ strategies used by US Subnational Governments in response to the Global Recession. It presents the inequities caused by these responses and suggests some ‘mitigating’ strategies to reduce the regressive impact on the disadvantaged.
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Lafuente-Lechuga, Matilde, Úrsula Faura-Martínez und Olga García-Luque. „European social models in times of crisis: Sapir’s contribution reviewed“. International Journal of Sociology and Social Policy 38, Nr. 3/4 (09.04.2018): 295–311. http://dx.doi.org/10.1108/ijssp-08-2017-0095.
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Purpose The purpose of this paper is to show evidence of the divergence of welfare outcomes in the European Union (EU) during the economic crisis, which made the European social model fail, and the convergence among European countries halt. This study reviews Sapir’s model for classifying European welfare state systems and adapts it to the new reality, taking into account Europe 2020 targets on poverty reduction and employment growth. Design/methodology/approach Two variables are used in the application of Sapir’s graphical analysis to European social models: the employment rate as efficiency indicator, and the people At Risk Of Poverty and/or Exclusion rate as equity indicator. Both efficiency and equity are present in Europe 2020 targets. In addition, a cluster analysis is applied. Findings The division of EU member states into four geopolitical social models has proved to be dynamic, changing in the period under analysis. As a consequence of the economic crisis and the fiscal consolidation, efficiency and equity levels across the EU are polarised between the Mediterranean and the Nordic models. Originality/value This paper shows the effects of the economic crisis in the EU, analysing the evolution between 2008 and 2014, and incorporating Eastern Europe new member states into the analysis.
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Felix, Eric R., und Marlon Fernandez Castro. „Planning as strategy for improving Black and Latinx student equity: Lessons from nine California community colleges“. education policy analysis archives 26 (23.04.2018): 56. http://dx.doi.org/10.14507/epaa.26.3223.
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In 2014, California policymakers passed the Student Equity Plans (SEP) policy to address disparities in the community college system. The reform effort formalized a campus-wide planning effort that required institutions to examine their data for disparities, develop goals and strategies to mitigate identified inequities, and use new fiscal resources to realize their plans. In recent years, there has been an increase in the enactment of state-level higher education policies, but few, if any, have focused on the notion of equity or explicitly named racial and ethnic groups as policy beneficiaries. This study examines nine student equity plans in the state’s largest community college district. Drawing upon critical policy analysis, we place a focus on understanding if, and how, the planning process was used to address inequities facing Black and Latinx students. Based on our analysis we found several themes on how plans identified and address barriers facing Black and Latinx students. After examining 178 equity activities, we found only 28 promising activities that explicitly targeted Black and Latinx students with culturally relevant, data-driven, evidence-based strategies. These findings have compelling implications for policymakers seeking to develop reform efforts and institutions using policy to address current and historic inequities faced by Black and Latinx students. The use of planning for improvement is commonplace in educational policy, but we find that more training and capacity-building efforts are necessary to use planning as an opportunity to address racial inequity in community college.
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Popescu, Madalina, Eva Militaru, Amalia Cristescu, Maria Vasilescu und Monica Maer Matei. „Investigating Health Systems in the European Union: Outcomes and Fiscal Sustainability“. Sustainability 10, Nr. 9 (06.09.2018): 3186. http://dx.doi.org/10.3390/su10093186.
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Healthcare systems aim to provide access to good quality care, while ensuring equity and solidarity. The fiscal sustainability of healthcare systems has become a matter of concern in recent European Union (EU) debates, considering the ever increasing need for adequate healthcare determined by factors such as aging population, investments in technology and infrastructure, medical products and wages. Our paper seeks to measure the health system performances of the EU countries by building up a composite index, which will then be used as a tool in investigating the relationship between health performance and the fiscal sustainability of health systems. A principal components analysis (PCA) was applied to build the composite index through the use of the most relevant health indicators provided by Eurostat and the Sustainable Development Knowledge Platform. The composite index offers a comprehensive performance assessment and provides a clear ranking of the EU countries based on their health system performances. Further investigation of the link between health performance and fiscal sustainability revealed that higher ranks are associated with higher shares of health expenditures in gross domestic product (GDP), a large share of employment in the health sector, and higher duration of working life. These patterns are followed by efficient health systems, encountering reduced sustainability risks.
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Baker, Bruce D. „Gifted Children in the Current Policy and Fiscal Context of Public Education: A National Snapshot and State-Level Equity Analysis of Texas“. Educational Evaluation and Policy Analysis 23, Nr. 3 (September 2001): 229–50. http://dx.doi.org/10.3102/01623737023003229.
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Should we be concerned if educational resources for gifted and talented children vary widely from school to school, district to district, or state to state? Does it matter whether those resources are distributed unevenly by race or social class? This article begins by addressing the basic underlying question: Do gifted and talented children require supplemental resources at all? Two alternate theoretical perspectives are discussed. Under one, the standards-based cost function, there is no need to provide supplemental resources to gifted children, whereas under the alternative resource-cost model, there may be a reasonable need. Accepting the resource-cost model assumption that gifted children do require supplemental resources, this article then explores the distribution of gifted and talented programming opportunities across a national sample of students(The National Educational Longitudinal Study of 1988) and the distribution of fiscal and human resources to gifted education within the Texas, a state long considered a national leader in gifted education. National results show that Hispanic and Native American students are less likely to have access to gifted programs in the eighth grade than Asian/Pacific Island students. Also, students in the lowest socioeconomic status (SES) quartile are far less likely than students in the highest two SES quartiles to have access to eighth-grade gifted and talented programs. Students in districts that are large or suburban, or both, are more likely than those in urban districts to have access, and students in Southern and Western states far more likely to have access than those in the Northeast. Texas results show substantial variance (CV = 125%) in spending per gifted pupil across districts. They further show that district level fiscal resources and community economic characteristics influence spending and the availability of specialized personnel.
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Hantono, Hantono. „THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY RATIO, TOWARD RETURN ON ASSETS (CASE STUDY ON CONSUMER GOODS COMPANY)“. ACCOUNTABILITY 7, Nr. 02 (31.12.2018): 64. http://dx.doi.org/10.32400/ja.24804.7.02.2018.64-73.
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This study aims to detect the effect liquidity ratio, leverage ratio and profitability on consumer goods companies listing on the Indonesia Stock Exchange 2014 – 2017. The object of this study is all consumer goods companies listing on the Indonesia Stock Exchange which publishes audited financial statements for fiscal year 2014 – 2017, which amounted to 24 (twenty four) companies. The sampling technique is by using purposive sampling method where the sample is determined based on certain criteria determined by the researcher and has limitations in terms of generalization. The sample of research is 42 (forty two companies) Data collection method using documentation method Data analysis technique used is descriptive quantitative analysis using current ratio, debt to equity ratio and return on assets.
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Czerwińska-Kayzer, Dorota, und Joanna Florek. „DETERMINANTS OF FINANCIAL PROFITABILITY OF FEEDINGSTUFFS PRODUCERS“. Annals of the Polish Association of Agricultural and Agribusiness Economists XXI, Nr. 1 (11.03.2019): 22–30. http://dx.doi.org/10.5604/01.3001.0013.0541.
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Return on equity is among the basic ratio of economic benefit for enterprise owners. It must be generated as a fundamental condition for the continuous operation and development of an enterprise, regardless of the type of business. The main purpose of this paper was to identify the strength and direction of impact of selected determinants behind financial profitability of animal feed producers. The analysis was based on a six-factor cause-and-effect model linking the determinants of financial profitability to three areas of business activity: the operating, financial and fiscal area. This study relied on the financial data between the years 2011–2016 of individual financial statements of animal feed producers. Based on the results of multiple regression analysis, no factors could be identified that consistently affect the return on equity in the period considered. However, the following can be concluded to be the main factors affecting the variation in return on equity of animal feed producers: the ratio of cash from operating activities to net sales; the return on capital employed; and the financing structure. As shown by this study, in order to improve profitability ratios and, thus, to provide more value to owners and increase the value of the company, managers of establishments producing animal feed should focus their efforts on improving cash management efficiency and asset turnover as well as managing sources of funding.
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Fujii, Masatoshi, Chie Hosomi und Yoshiaki Nose. „Equity crowdfunding and financial literacy of individual investors in Japan“. Journal of Capital Markets Studies 5, Nr. 1 (27.07.2021): 5–27. http://dx.doi.org/10.1108/jcms-03-2021-0007.
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PurposeThis study aims to fill the gap in previous research that focuses on the superficial aspects of equity crowdfunding (ECF) campaigns and financial practices by examining financial literacy aspects, such as due diligence and valuation, in terms of factors that influence Japanese individual investors' investments in ECF.Design/methodology/approachThe status of information disclosure in ECF campaigns is checked. In addition, the feasibility of the initial due diligence and valuation using this information is verified. Specifically, the lack of financial literacy hypothesis is developed and (1) expected market capitalization in the final fiscal year of the business plan and (2) expected returns on investment (IRR: internal rate of return) are estimated.FindingsECF campaigns in Japan disclose information equivalent to that obtained by professional venture capitalists. Analysis of the disclosed business plan allows for initial due diligence and valuation. By contrast, due diligence reveals that some projects are unlikely to be listed even if their business plans are met, and others have low IRRs. In addition, a stock acquisition rights project, in which even professional investors are unable to calculate IRRs, is completed at the same rate as a common stock project; this suggests that individual investors lack financial literacy.Originality/valueAnalyzing ECF from financial literacy aspects, such as due diligence and valuation, is unique. Such aspects are essential for private equity investments but have not been addressed in previous studies.
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Soffer, Leonard C. „SFAS No. 123 Disclosures and Discounted Cash Flow Valuation“. Accounting Horizons 14, Nr. 2 (01.06.2000): 169–89. http://dx.doi.org/10.2308/acch.2000.14.2.169.
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One of the cornerstones of financial statement analysis is the discounted cash flow valuation. Despite the broad use of this valuation technique, and the economic importance of employee stock options to firm values, there is little guidance on how employee stock options should be incorporated in a valuation. This paper provides a comprehensive approach to doing so, including consideration of the income tax implications of option exercises, the simultaneity of equity and option valuation, and the use of the disclosures that were mandated recently by Statement of Financial Accounting Standards No. 123. The paper provides a comprehensive example using Microsoft's fiscal 1997 financial statements and employee stock option disclosure. This paper should be of interest to academics and practitioners involved in corporate valuation and financial statement analysis.
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Mainardi, Stefano. „Efficiency pricing parameters for project appraisal in South Africa (textiles and clothing)“. South African Journal of Business Management 29, Nr. 2 (30.06.1998): 45–52. http://dx.doi.org/10.4102/sajbm.v29i2.770.
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In developing economies, market prices do not reflect relative scarcities and the fiscal system alone is less than adequate for the achievement of efficiency and equity goals. The use of economic, and eventually social, project appraisal continues to be a necessary policy instrument. Following the OECD-World Bank method of economic cost-benefit analysis, the article presents estimates of efficiency pricing parameters relative to two manufacturing sectors in South Africa. These estimates are partly based on medium-term policy options and projections. The choice of a sectoral, rather than a national, focus is explained by the effects of current policy reforms, which affect among others a complex trade regime, and by a varied production structure.
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Kyei, Kwabena A., und Albert Antwi. „Internal and External Factors of Future Returns in the Banking Business: Time Series Analysis of Interrelationship“. Journal of Economics and Behavioral Studies 9, Nr. 1(J) (12.03.2017): 82–89. http://dx.doi.org/10.22610/jebs.v9i1(j).1559.
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The paper seeks to find the interrelationship between internal and external factors of future returns in the banking business. A multivariate time series regression models are fitted for the dependent variable: return on equity (ROE) against the lag one independent variables, namely: deposit, size, loan, capital, inflation, gross domestic product (GDP) and stock market capitalization (SMC), for ABSA bank; using secondary data, which span from 1998 to 2014 fiscal years. Logarithm transformation of the absolute value of the de-trended data and first differencing at lag one were the smoothing techniques applied to the data. Multivariate time series regression by the least square approach with special consideration of the stepwise method was used in fitting the models to the data. Results indicated that first, there is a positive linear relationship between ROE and loans, a negative linear relationship between ROE and inflation from the differencing techniques; and equally a negative log-linear relationship between ROE and capital as well as a positive log-linear relationship between ROE and ROA for the logarithm de-trend technique.
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Kyei, Kwabena A., und Albert Antwi. „Internal and External Factors of Future Returns in the Banking Business: Time Series Analysis of Interrelationship“. Journal of Economics and Behavioral Studies 9, Nr. 1 (12.03.2017): 82. http://dx.doi.org/10.22610/jebs.v9i1.1559.
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The paper seeks to find the interrelationship between internal and external factors of future returns in the banking business. A multivariate time series regression models are fitted for the dependent variable: return on equity (ROE) against the lag one independent variables, namely: deposit, size, loan, capital, inflation, gross domestic product (GDP) and stock market capitalization (SMC), for ABSA bank; using secondary data, which span from 1998 to 2014 fiscal years. Logarithm transformation of the absolute value of the de-trended data and first differencing at lag one were the smoothing techniques applied to the data. Multivariate time series regression by the least square approach with special consideration of the stepwise method was used in fitting the models to the data. Results indicated that first, there is a positive linear relationship between ROE and loans, a negative linear relationship between ROE and inflation from the differencing techniques; and equally a negative log-linear relationship between ROE and capital as well as a positive log-linear relationship between ROE and ROA for the logarithm de-trend technique.
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Hasnat, Tanzeem. „Infrastructure as an Investment: A Study of Listed Infrastructure Firms in India“. Indian Economic Journal 66, Nr. 3-4 (Dezember 2018): 400–402. http://dx.doi.org/10.1177/0019466220935566.
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The important task of infrastructure provision and enhancement faces ever rising financing requirement in the face of little fiscal space and this points to the pertinence of market based finance. This calls for a pressing need to gauge the sectoral performance of infrastructure and this study takes up this task. The study assesses the risk-return and volatility profile of Nifty Infra, the National Stock Exchange (NSE) sectoral index for infrastructure vis-à-vis the broader Nifty 50 for the time period 2010-2019. The standard financial economic analysis finds the sectoral equity performance of infrastructure to be marginally below that of a broadly diversified index. Further, the study analyses the cashflow and leverage characteristics which are imperative factors in medium term risk return profile of infrastructure stocks. The disaggregated firm level analysis reveals that rent-like return do exist for the biggest players in the sector due to past installed capacities, while the subcontracting mechanism percolates to meagre cashflows for smaller players, partly bearing the greenfield risks.
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Adom, Richard Kwame, und Mulala Danny Simatele. „Analysis of public policies and programmes towards water security in post-apartheid South Africa“. Water Policy 23, Nr. 3 (25.03.2021): 503–20. http://dx.doi.org/10.2166/wp.2021.017.
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Abstract Many countries in the world, including South Africa, are water-stressed with increasing pressure on their water resources due to population growth, climate change, and inadequate funding. Post-independence in 1994, many policies and programmes were introduced by the government with the aim of promoting water management. While these policies and strategies achieved much in terms of water provision to communities and households, they failed to establish a water-conscious country with sufficient knowledge and expertise in water management. In addition, these policies and programmes are outdated, compartmentalised, complex, and lack robust water governance with resilient stakeholder partnerships that advance the more explicit second phase of the National Development Plan (NDP) to achieve water security under the threat of climate change. Using data collection tools inspired by the traditional method of participatory research, this paper analyses the structural and systematic factors hindering the implementation of comprehensive policies to achieve water security in South Africa. There is, therefore, an urgent need for South Africa to establish an independent water regulator to ensure coordination between different government departments, including the National Treasury, to strengthen weak governance capacity and to make it independent to attract private equity into the sector and to recover fiscal deficits in the water sector.
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Moore, William S. „Social Equity, Progressive Fiscal Policy, and Economic Growth: A Preliminary Analysis Using the Fifty States of the United States and the District of Columbia“. International Journal of Public Administration 30, Nr. 1 (10.01.2007): 65–75. http://dx.doi.org/10.1080/01900690601050112.
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Charalambakis, Evangelos. „Stock price reactions to the first wave of the COVID-19 pandemic: evidence from Greece“. Economic bulletin, Nr. 53 (2021): 69–82. http://dx.doi.org/10.52903/econbull20215304.
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This study investigates stock price performance at the industry level during the first wave of the COVID-19 pandemic in Greece. We identify five periods from January to May 2020, namely the pre-incubation, incubation, outbreak, lockdown, and lockdown lift periods. We provide evidence that industry-level stock returns witnessed their largest drop during the outbreak period. In particular, the travel and leisure, construction, telecommunications, industrial goods, real estate, technology and utility sectors had, on average, highly negative cumulative returns. The results also reveal a partial recovery in equity prices during the lockdown period, possibly due to the announcement of fiscal stimulus measures by the Greek government along with the initiation of the ECB’s pandemic emergency purchase programme (PEPP). The telecommunications, construction, technology, and travel and leisure sectors exhibited the highest performance over that period. We then evaluate the reaction of industry-level stock returns relative to the market index, performing an event study analysis. The empirical findings show that the utilities, telecommunications, personal goods and retail sectors experienced less losses compared with the market index during the outbreak period in Greece. Finally, despite the partial recovery of equity prices in the lockdown period, the results show that the basic raw materials, food and beverage, industrial goods and retail sectors underperformed compared with the market index in the short run.
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Ehikioya, Benjamin, Yuanjin Qin, Keifa Xie und Chen ru Yun. „Ownership structure and firm performance in emerging markets: evidence from Chinese listed firms“. Corporate Ownership and Control 6, Nr. 3 (2009): 465–72. http://dx.doi.org/10.22495/cocv6i3c4p5.
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This study investigates how ownership structure impacts on the corporate performance of listed firms in China. The study uses sample data of firms listed in the Shanghai and Shenzhen stock exchanges for the five year fiscal period that ended 2005. The results of the panel data regression analysis suggests firm performance to have positive and significant relation with the proportion of shares held by the institution, through the legal person holding companies. In addition, while state ownership indicates negative influence on performance, individual and foreign investors are found to have positive effect on performance, though at a minimal levels. Interestingly, the effect of ownership structure is stronger in firms experiencing the dominance of legal person share holdings over state shares. Further, firm size and ratio of debt to equity are also observed to have influence on the performance of Chinese listed firms. These findings are of great significant to policymakers, academics, shareholders and other stakeholders.
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Bachman, Sara S., Margaret Comeau, Carol Tobias, Deborah Allen, Susan Epstein, Kathryn Jantz und Lynda Honberg. „State Health Care Financing Strategies for Children with Intellectual and Developmental Disabilities“. Intellectual and Developmental Disabilities 50, Nr. 3 (01.06.2012): 181–89. http://dx.doi.org/10.1352/1934-9556-50.3.181.
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Abstract We provide the first descriptive summary of selected programs developed to help expand the scope of coverage, mitigate family financial hardship, and provide health and support services that children with intellectual and developmental disabilities need to maximize their functional status and quality of life. State financing initiatives were identified through interviews with family advocacy, Title V, and Medicaid organizational representatives. Results showed that states use myriad strategies to pay for care and maximize supports, including benefits counseling, consumer- and family-directed care, flexible funding, mandated benefits, Medicaid buy-in programs, and Tax Equity and Fiscal Responsibility Act of 1982 funding. Although health reform may reduce variation among states, its impact on families of children with intellectual and developmental disabilities is not yet clear. As health reform is implemented, state strategies to ameliorate financial hardship among families of children with intellectual and developmental disabilities show promise for immediate use. However, further analysis and evaluation are required to understand their impact on family and child well-being.
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Sirageldin, Ismail, und Francois Diop. „Equity and Efficiency in Health Status and Health Services Utilization: A Household Perspective (Distinguishedl Lecture)“. Pakistan Development Review 30, Nr. 4I (01.12.1991): 415–37. http://dx.doi.org/10.30541/v30i4ipp.415-437.
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The objective of this paper could be phrased as follows: What are the health consequences of changes in public fiscal and income policies? This is an important question, especially in times where programmes of macroeconomic structural adjustments are being implemented in many developing countries. The health consequences of these policies continue to be debated. Some argue that the main victims are mainly the poor and the vulnerable [cf. Cornia et al. (1987) and (1988)]. Others maintain that the longer term benefits will more than compensate for short-term losses and that the real test is to compare with the consequences of not making the adjustments. The conceptual and empirical foundation of the debate seems to be less than satisfactory, however. It is our view that to understand the health consequences of such policies a careful examination of three issues are required: (a) the existing pattern of disease; (b) the initial distributional structure (equity pattern) of public policies; and (c) the behavioural response of households in allocating resources towards health-promoting activities given (a) and (b). Our approach is necessarily context specific. It is in line with Streeten's (1988) conclusion that ..... the most important general lesson that emerged was that there are no general lessons, and that each case has to be treated separately and on its merits". Our purpose is to provide an overall general framework that serves as a guide to examine specific cases. For more detailed theoretical analysis, see Diop (1990), and for an empirical application, see Diop and Sirageldin (1990).
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Nurhasanah, Aan, Bambang Juanda und Eka Intan Kumala Putri. „ANALISIS KELAYAKAN DAN STRATEGI PENGEMBANGAN WILAYAH DALAM WACANA PEMBENTUKAN DAERAH OTONOM BARU BOGOR TIMUR“. TATALOKA 20, Nr. 1 (06.11.2017): 87. http://dx.doi.org/10.14710/tataloka.20.1.87-100.
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ABSTRACTBogor District as one of large region and large number of population has any problems related to accesibility and equity welfare. Regional proliferation considered as a way to overcome that problems. The study used scoring method based on PP no. 78 2007 with descriptive analysis, location quotient analysis, and Klassen Tiphology. This study was aimed to analyzed feasibility of regional proliferation and to formulate regional development strategy based on economic potentials in eastern Bogor District region. In general the result showed that eastern Bogor District region appropriate to organize as an autonomous region. High economic potential and fiscal cappacity of eastern Bogor region can be made as main factor to recommended eastern Bogor District region as an autonomous region. Thus, the selected strategies are how to develop backward regions base on leading sector, support primary sector development such as agricultural. Goverment policy is important to optimize natural resources management, spread out infrastructure development mainly to support rural area development. The implication of policy directed base on each region characters such as social, culture, spatial, basic sector. Furthermore regional development analysis can be set base on sub-district region.
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Nurhasanah, Aan, Bambang Juanda und Eka Intan Kumala Putri. „ANALISIS KELAYAKAN DAN STRATEGI PENGEMBANGAN WILAYAH DALAM WACANA PEMBENTUKAN DAERAH OTONOM BARU BOGOR TIMUR“. TATALOKA 20, Nr. 3 (31.08.2018): 282. http://dx.doi.org/10.14710/tataloka.20.3.282-294.
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ABSTRACTBogor District as one of large region and large number of population has any problems related to accesibility and equity welfare. Regional proliferation considered as a way to overcome that problems. The study used scoring method based on PP no. 78 2007 with descriptive analysis, location quotient analysis, and Klassen Tiphology. This study was aimed to analyzed feasibility of regional proliferation and to formulate regional development strategy based on economic potentials in eastern Bogor District region. In general the result showed that eastern Bogor District region appropriate to organize as an autonomous region. High economic potential and fiscal cappacity of eastern Bogor region can be made as main factor to recommended eastern Bogor District region as an autonomous region. Thus, the selected strategies are how to develop backward regions base on leading sector, support primary sector development such as agricultural. Goverment policy is important to optimize natural resources management, spread out infrastructure development mainly to support rural area development. The implication of policy directed base on each region characters such as social, culture, spatial, basic sector. Furthermore regional development analysis can be set base on sub-district region.
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Suprayitno, Eko. „KEBIJAKAN FISKAL ZAKAT DAN PAJAK PADA PEREKONOMIAN (Studi Komparatif Ekonomi Islam, Klasik dan Keynes)“. ULUL ALBAB Jurnal Studi Islam 9, Nr. 2 (26.12.2018): 193–221. http://dx.doi.org/10.18860/ua.v9i2.6215.
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This paper studies difference of analysis policy of fiscal religious obligatory (zakat) and tax in chartered investment counsel Classic, Keynes and Islam chartered investment counsel. In Islam chartered investment counsel there is religious obligatory which must be packed into model calculation earnings, because religious obligatory that with existence of religious obligatory will give larger one in economics through effect multiplier compared to chartered investment counsel system Classical and Keynes which only apply tax. It also argues that given the requirements of Muslim countries a direct tax and zakat on personal consumption expenditure. It would be comparable effect of direct taxes and zakat on their systems. Its introduction would help in financing a high level of economic development. Since it is highly anti-inflationary, its introduction would help in controlling inflation and achieving much desired price stability. More importantly, an expenditure tax by favoring saving vis-ai-vis consumption would expand zakat base. In order to realize these advantages an attempt is made in this paper to develop a workable model of an expenditure tax and zakat which would incorporate within itself the shariah based prescriptions. Profit and loss sharing, categorization of saving the creation of national equity fund are some of its prominent features.
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Batura, Neha, Jolene Skordis, Tom Palmer, Aloyce Odiambo, Andrew Copas, Fedra Vanhuyse, Sarah Dickin et al. „Cost-effectiveness of conditional cash transfers to retain women in the continuum of care during pregnancy, birth and the postnatal period: protocol for an economic evaluation of the Afya trial in Kenya“. BMJ Open 9, Nr. 11 (November 2019): e032161. http://dx.doi.org/10.1136/bmjopen-2019-032161.
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IntroductionA wealth of evidence from a range of country settings indicates that antenatal care, facility delivery and postnatal care can reduce maternal and child mortality and morbidity in high-burden settings. However, the utilisation of these services by pregnant women, particularly in low/middle-income country settings, is well below that recommended by the WHO. The Afya trial aims to assess the impact, cost-effectiveness and scalability of conditional cash transfers to promote increased utilisation of these services in rural Kenya and thus retain women in the continuum of care during pregnancy, birth and the postnatal period. This protocol describes the planned economic evaluation of the Afya trial.Methods and analysisThe economic evaluation will be conducted from the provider perspective as a within-trial analysis to evaluate the incremental costs and health outcomes of the cash transfer programme compared with the status quo. Incremental cost-effectiveness ratios will be presented along with a cost-consequence analysis where the incremental costs and all statistically significant outcomes will be listed separately. Sensitivity analyses will be undertaken to explore uncertainty and to ensure that results are robust. A fiscal space assessment will explore the affordability of the intervention. In addition, an analysis of equity impact of the intervention will be conducted.Ethics and disseminationThe study has received ethics approval from the Maseno University Ethics Review Committee, REF MSU/DRPI/MUERC/00294/16. The results of the economic evaluation will be disseminated in a peer-reviewed journal and presented at a relevant international conference.Trial registration numberNCT03021070
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Prots, Vasyl. „Features of property taxes and their role in the formation of local budget revenues“. Socio-Economic Problems of the Modern Period of Ukraine, Nr. 1(135) (2019): 66–70. http://dx.doi.org/10.36818/2071-4653-2019-1-12.
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The extension of powers and functions of local self-government bodies in the context of financial decentralization should be accompanied by an appropriate increase of local taxes and fees to local budgets. Currently, property tax is a new element of the local taxation system and a financial tool for local governments. Since the property tax system is at an early stage in its development, there are a number of debatable issues, in particular, it is really necessary to assess the current system of property taxation in Ukraine, to investigate the fiscal role of property taxes and to outline directions for its improvement. The paper argues that in contrast to Ukraine, property taxes in many countries include the taxes on certain types of property, on net assets, on transfer of property ownership. The author proves that the taxation of property is based on the following principles: equivalence; solvency and equity; fiscal efficiency and financial capacity; security; performance. The analysis shows that since 2015, due to increased tax revenues, local taxes and fees have become the second largest source of local budgets. In 2015-2017 the largest share in the structure of property tax was paid for land 90-93%, the tax on real estate, other than land plot 4,6-8,3%, transport tax 0,8-2,7%. However, the greatest increase of revenues to local budgets accounted for the tax on real estate. The main factors of the growth of property tax since 2015 are due to the inclusion of land and transport taxes to property tax and the introduction of new ratios of indexation of normative monetary estimates for calculating land payments. The shortcomings of the system of property taxation are identified, namely: the level of urbanization of the territory where the object of taxation is located is not taken into account; the existing approach to taxing the area of immovable property, different from the land, does not take into account the degree of its physical depreciation; non-compliance with the principle of social equality and the imperfect mechanism of taxation of non-residential real estate of economic entities and individuals. The paper suggests to include irregular taxes into property taxes, that is, taxes on transfer of property: inheritance tax; gift tax. To determine the amount of real estate tax and land tax, the rates should be set as a percentage of the market value of the tax object, in order to simplify the process of taxes administering.
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MASSAWE, Hanifa T. „Regulation of Property Tax in Tanzania: Legal and Administrative Challenges“. KAS African Law Study Library - Librairie Africaine d’Etudes Juridiques 7, Nr. 3 (2020): 424–38. http://dx.doi.org/10.5771/2363-6262-2020-3-424.
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Property tax represents one among the most feasible, conventional, steady and progressive source of revenue. Nonetheless this form of tax has not received the attention it requires for effective contribution towards revenue generation in developing countries. The situation is however different in developed countries which have made concerted efforts to tap the potentials of property tax to achieve both fiscal and non-fiscal advantages for their communities. While taking this into account the current article conceptualizes the basic principles underlying property taxation as one among the forms of direct taxation while underscoring its value to revenue generation in general perspective. Thereafter specific analysis is made towards its practical regulation in a Tanzanian standpoint in terms of specific laws and regulatory machineries in the country. The analysis revolves around the effectiveness of the existing tax laws and regulatory machineries in ensuring optimum contribution by property tax to the country’s revenue basket. On the basis of doctrinal and empirical data it is revealed that despite its potential to contribute to revenue generation, property tax still faces a number of both legal and non- legal challenges in its administration in the country. The legal challenges include poor legal definition on the concept of property, the flat rate structure on property tax, low deterrence effect of the penal sanctions. The non-legal challenges on the other hand include low registration of property owners and properties for identification purposes, irregular valuation process, low taxpayer education on property tax affecting voluntary property tax compliance and lacking resources for property tax administration by the respective regulatory machineries. As a way to remedy the situation the paper provides a number of legal and non-legal intervention measures. The intervention measures take account of the importance of taxation for developing countries Tanzania inclusive, thus recommending solutions which reasonably combine regulatory convenience with equity and effectiveness. The recommendations are an output of theoretical data, empirical findings and specific international best practices on property taxation. The recommendations focus on legal clarification of the tax base, the method and basis for valuation and provision of required resources for enforcement of relevant laws on property taxation.
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Abramova, M. A., O. I. Lavrushin, V. Ya Pishchik, B. B. Rubtsov und S. P. Solyannikova. „The Draft Guidelines for the Development of the Russian Financial Market in 2019–2021 prepared by the Bank of Russia: Expert Opinion of Financial University“. Economics, taxes & law 12, Nr. 3 (07.07.2019): 17–24. http://dx.doi.org/10.26794/1999-849x-2019-12-3-17-24.
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The relevance of the analysis of the draft guidelines for the development of the Russian financial market in 2019–2021 set forth in the draft program document issued by the Bank of Russia comes from the fact that in the current situation of the macroeconomic and financial instability Russia’s entry into the top five leading world economies is impossible unless business entities have access to internal sources of financing, primarily to debt and equity financing instruments, as well as to risk insurance tools.The subject of the research is the plans of the Bank of Russia for the development of the Russian financial market in 2019–2021 set out in the draft program document of the Bank of Russia to be approved in the summer of 2019. The purpose of the paper was to assess the above guidelines in terms of whether they can achieve the goal of boosting the growth and efficiency of the economy. Proposals are made to harmonize issues related to the development of the financial market with monetary and fiscal policy issues.The paper concludes that it is necessary to seek a balance between financial stability and stimulation of business activities of banks in the cooperation between the Bank of Russia and business corporations. It is noted that the program of the financial market development does not include issues related to the development of certain segments of the financial market (foreign exchange and precious metals markets).
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Dziemianowicz, Ryta. „Independent Fiscal Institutions as a Tool of Fiscal Governance“. Equilibrium 9, Nr. 1 (31.03.2014): 59–70. http://dx.doi.org/10.12775/equil.2014.004.
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The recent economic crisis, one of the symptoms of which is a sudden increase of public debt in the majority of OECD countries, again made the government and the society aware of the necessity for conducting transparent, but also responsible fiscal policy. Creating a framework of the fiscal discipline responsible fiscal policy started to be perceived as an essential condition of effective governance leading to reduce budget deficit and public debt. The independent fiscal institutions may be included into regulations supporting public finance management. Their fundamental aim is to reduce the related risk of conducting the irresponsible fiscal policy, monitoring it, controlling deficit and assessing long-term effects of government action in this area. The purpose of this article is to present independent fiscal institutions and evaluate their usefulness in enhancing the effectiveness of the fiscal policy and stabilizing public finance. Experiences of the EU and OECD countries were used in the analysis.
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Purohit, Brijesh C. „Demand for healthcare in India“. Healthcare in Low-resource Settings 1, Nr. 1 (07.03.2013): 7. http://dx.doi.org/10.4081/hls.2013.e7.
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In a developing country like India, allocation of scarce fiscal resources has to be based on a clear understanding of how investments in the heath sector are going to affect demand. Three aspects like overall healthcare demand, consumer decisions to use public and/or private care and role of price/quality influencing poor/rich consumer’s decisions are critical to assessing the equity implications of alternative policies. Our paper addresses these aspects through examining the pattern of healthcare demand in India. Data from the National Family Health Survey are used to model the healthcare choices that individuals make. We consider what these behavioral characteristics imply for public policy. This analysis aims to study disparities between rural and urban areas from all throughout India to five Indian states representing three levels of per capita incomes (all-India average, rich and poor). Results evidence that healthcare demand both in rural and urban areas is a commodity emerging as an essential need. Choices between public or private provider are guided by income and quality variables mainly with regard to public healthcare denoting thus a situation of very limited alternatives in terms of availing private providers. These results emphasize that existing public healthcare facilities do not serve the objective of providing care to the poor in a satisfactory manner in rural areas. Thus, any financing strategy to improve health system and reduce disparities across rich-poor states and rural-urban areas should also take into account not only overcoming inadequacy but also inefficiency in allocation and utilization of healthcare inputs.
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Buckby, Sherrena, Gerry Gallery und Jiacheng Ma. „An analysis of risk management disclosures: Australian evidence“. Managerial Auditing Journal 30, Nr. 8/9 (05.10.2015): 812–69. http://dx.doi.org/10.1108/maj-09-2013-0934.
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Purpose – Communication of risk management (RM) practices are a critical component of good corporate governance. Research, to date, has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies disclose RM information in annual report governance statements in accordance with the Australian Securities Exchange (ASX) corporate governance framework. Design/methodology/approach – To address this study’s research questions and related hypotheses, the authors examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, the authors identify, code and categorise RM disclosures made in the annual according to the disclosure categories specified in ASX Corporate Governance Principles and Recommendations (CGPR). The derived data are then examined using a comprehensive approach comprising thematic content analysis and regression analysis. Findings – The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all “material business risks” possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. While the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with some improvement in disclosure levels, the authors do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. Research limitations/implications – The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the findings may not be generalisable to smaller firms or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. Practical implications – The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. Originality/value – The Australian setting provides an ideal environment to examine RM communication as the ASX has explicitly recommended RM disclosures areas in its principle-based governance rules since 2007 (Principle 7). This differs from other jurisdictions where such disclosure recommendations are typically not provided and provides us with a benchmark to examine the nature and quality of RM disclosures. Despite the recommendation, the authors reveal that low levels and poor RM communication are prevalent in the Australian setting and warrant further investigation.
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Sekuła, Alicja, und Joanna Śmiechowicz. „Systems of general grants for local governments in selected EU countries against the background of the general theory of fiscal policy“. Equilibrium 11, Nr. 4 (31.12.2016): 711. http://dx.doi.org/10.12775/equil.2016.032.
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Fiscal policy, including its expenditure aspect, is often discussed and analysed from a variety of angles in the literature on public finances, undoubtedly due to the major importance of this topic. However, not all areas of the expenditure part of fiscal policy have been subjected to in-depth analysis. One of the less discussed tools of fiscal policy consists of general purpose transfers, which are a certain type of expenditure passed from the central budget to local governments. This study focuses on presenting the systems for subsidising sub-national governments in selected European countries and evaluating, based on a synthetic measure, the fiscal policies of France, Italy, the Netherlands, Lithuania, Poland and Finland implemented by means of general transfers, with the aim of identifying the best fiscal policy with respect to subsidising and the characteristic features determining its success. The method of unitisation of statistical feature values was employed in this study to enable comparative analysis. As suggested by the results of the analysis, spanning the years 2003–2012, the highest-ranked fiscal policy implemented via general-purpose transfers has been developed in the Netherlands.
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Dziemianowicz, Ryta, Aneta Kargol-Wasiluk und Renata Budlewska. „Fiscal councils as an element of the concept of fiscal governance in the European Union member states“. Equilibrium 11, Nr. 4 (31.12.2016): 675. http://dx.doi.org/10.12775/equil.2016.030.
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Fiscal governance is defined as a combination of institutions, rules and norms that structure good governance in the area of fiscal policy. It can be named as the specific mechanism of coordination by using of tools such as: budgetary procedures (legislative fiscal rules), fiscal rules (numerical) and independent fiscal institutions/ fiscal councils. Fiscal governance focuses on how the fiscal policy is planned, approved, conducted and monitored, including the involvement of not only public bodies, but the business sector and civil society too. In this study, particular attention was paid to capturing the essence of the relationship between the qualitative elements of fiscal councils activity and its impact on stabilizing the public finances in the view of fiscal governance concept. During the last world crisis in the EU countries, an interest in establishing fiscal councils has increased. Before 2008 there were only seven institutions in the EU, while in 2014 there are already 19. The question is - are these institutions efficient in stabilizing public finances? Therefore, the main objective of the article is the assessment of the role of the fiscal councils in the coordination of the fiscal policy in the EU Member States. The conducted analysis verifies this role on the basis of theoretical deliberation of the current state of the art. The empirical research verifies fiscal councils’ dependence on fiscal balance of EU countries. Research was conducted on the basis of the European Commission, Eurostat and International Monetary Fund data sets.
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Pramudena, Sri Marti. „ANALISA PERBANDINGAN LAPORAN KEUANGAN DAN RASIO KEUANGAN SEBAGAI ALAT UKUR KINERJA KEUANGAN PADA KOPERASI KARYAWAN SUCOFINDO (KOPERASI SUCOFINDO JAYA) TAHUN 2009 – 2011“. Jurnal Ilmiah Binaniaga 9, Nr. 2 (24.06.2019): 35. http://dx.doi.org/10.33062/jib.v9i2.338.
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This study aims to determine the financial position and financial performance Cooperative Sucofindo Jaya (KOPSUCOFINDO JAYA) from fiscal year 2009-2011 through a comparative analysis / comparisons and ratio analysis. From the research, the authors obtained a picture that results of the financial position and financial performance of KOPSUCOFINDO JAYA as follows: (1) To Horizontal Analysis of the Balance Sheet shows the overall unfavorable developments as the rise of short-term debt experienced a greater percentage increase than the increase in current assets (2) For Horizontal Analysis of the SHU, SHU in 2010 an increase of 125.38% compared to 2009 and in 2011 increased by 282.47% compared to 2009, but this increase was not followed by a reduction in the burden of cost of goods, especially business and this increase was obtained from the contribution percentage increase in other income. (3) For Vertical Analysis of the Balance Sheet shows that in terms of assets, current assets are assets that make up the largest component but also cause considerable investment value embedded in current assets and also showed asset turnover, receivables turnover and working capital is very low under 1 times. (4) For the SHU Vertical analysis shows that income JAYA KOPSUCOFINDO more than 85% absorbed in the Cost of Goods. (5) For liquidity analysis showed that highly liquid KOPSUCOFINDO JAYA obtain an average value above 400%. (6) For solvency analysis shows that the performance is not good / not solvable because the results of the analysis LITA average of above 95%, Total Debt to Equity Ratio in the top 2.000%, and Net Worth Debt Ratio to average below 4%. (7) For activity ratios indicate that the performance is not good for Turnover of Assets value of 1 times. (8) For the rentability analysis KOPSUCOFINDO JAYA show results for ROA of 0.86% (2009), 1.31% (2010), 1.18% (2011), ROE in 2009 is 14.81%, 26.43% in 2010 and 2011 amounted to 31.11%, for the ROI of 0.56% in 2009, in 2010 was 0.96% and by 0.93% in 2011. (9) For the analysis of profitability, for the analysis of GPM in 2009 amounted to 1.49%, in 2010 of 2.31% and 3.92% in 2011. As for the analysis of NPM in 2009 amounted to 0.97%, in 2010 by 1.70% and by 3.10% in 2011. Keywords: Cooperative Financial Performance, horizontal analysis, vertical analysis, Analysis of Liquidity, Solvency Analysis, Activity Analysis, Profitability Analysis, profitability analysis
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Domańska, Agnieszka, und Dobromił Serwa. „Factors of the European Economies' Vulnerability to External Shocks - An Empirical Analysis. The Example of 2008-2009 Crisis Costs“. International Journal of Management and Economics 40, Nr. 1 (17.10.2014): 72–95. http://dx.doi.org/10.2478/ijme-2014-0029.
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Abstract The article analyses the factors determining the vulnerability of the European countries to external shocks taking the example of the global 2008-2009 economic slowdown (also called the subprime crisis2) and its impact on economies in Europe. The particular attention is attached to factors related to the fundamentals of the economy, i.e. the GDP growth, fiscal and monetary stability and external stability. Attempting to level of the gap existing in the Polish literature in the empirical research on that problem, the hereby article also refers to wider problems of the macroeconomic factors enhancing economies' capabilities to meet the challenges of global crises and strengthening their competitiveness afterwards. The special attention in the paper was attached to the role of financial and trade openness. In the empirical study we have assessed the macroeconomic “outside” of the crisis in the European economies and then we have run the regression model process to estimate the factors determining the exposure to those costs in cross-country perspective. The above mentioned macroeconomic costs are the relative falls (“gaps”) in GDP, i.e. the difference between the hypothetical GDP (resulting from the average mid-term trend) in 2008-2009 and actual GDP incurred in those two “crisis years”. In the regression model (crisis costs as the explained variable) we used the chosen data and indicators denoting the potential factors of the European countries' exposure to 2007-2009 crisis shock as explanatory variables. As the calculation results show, the variables that contributed to higher 2008-2009 crisis effects in the European countries were among others: high unemployment and high real interest rates, considerable government sector debt before the crisis, high economic development level, high share of nonperforming credit portfolio and high share of equity in the banking sector's assets (signifying a relatively poorly developed banking system), as well as good quality of law. Greater costs of the 2007-2009 crisis were (on average) incurred by countries experiencing high inflation, rapid GDP growth (as compared to the other sample countries), and considerable share of investment in GDP before crisis, and the economies which were characterized by above-average industry concentration and high development of stock exchange and bank market. The study leads to a general conclusion that in case of the European countries, the recession only highlighted and enhanced many problems and unfavorable tendencies which had existed before.
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Mackiewicz-Łyziak, Joanna. „Fiscal sustainability in cee countries – the case of the Czech Republic, Hungary and Poland“. Equilibrium 10, Nr. 2 (30.06.2015): 53. http://dx.doi.org/10.12775/equil.2015.013.
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The aim of the study is to assess fiscal sustainability in the Czech Republic, Hungary and Poland and to test for existence of fiscal dominance in these countries in the context of the fiscal theory of the price level. The empirical study is conducted using unit root tests and cointegration analysis with possible structural breaks. The approach is consistent with so called backward-looking approach for fiscal dominance testing proposed by Bohn (1998). The results suggest that in the Czech Republic and Poland fiscal dominance prevailed in the analyzed period, while in Hungary – monetary dominance. The result for Hungary may be caused, however, by a one-time reduction in debt resulting from changes in pension system.
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Gupta, Kirti, und Shahid Ahmed. „Determinants of foreign portfolio flows to Indian debt market“. Journal of Indian Business Research 12, Nr. 4 (14.02.2020): 459–79. http://dx.doi.org/10.1108/jibr-01-2019-0024.
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Purpose The volatile nature of foreign portfolio flows, especially flows into debt market, has large implications on financial and macroeconomic stability in recipient countries. It is necessary to identify the main drivers of portfolio investments in bond market of developing economies to design effective policies to enhance resilience of the economy and help in managing capital flow volatility. The determinants of foreign portfolio investment to Indian equity market have been examined in literature, but flows to bond market remain unexplored. Thus, the purpose of this paper is to identify the possible determinants of foreign portfolio flows to Indian bond market both in the short and in the long run. Design/methodology/approach This study carries out a time series analysis by deploying autoregressive distributed lag (ARDL) approach to cointegration of monthly data of the period from January 2002 to December 2016 for the Indian economy. A mix of pull and push factors has been analysed in this study. Domestic growth, domestic stock market performance, interest rate differential, exchange rate, volatility in exchange rate, stock market returns in other emerging economies, foreign output growth and dummy variables to trace the external developments such as global financial crisis and unconventional monetary policies of advanced economies have been used as explanatory variables. Findings The dominant pull factor such as interest rate differential explains the dynamics of flows in Indian bond market. The relationship between capital movements and interest rate differentials is the most accepted paradigm in international finance (Haynes, 1988). Among other domestic factors are stock market performance, volatility in exchange rates and domestic growth rates which are found to be significant drivers of foreign portfolio bond flows to India. The study also confirmed that global conditions could induce a fast outflow of capital from India. Research limitations/implications The study concludes that both domestic factors and external factors are equally important in determining the foreign portfolio investments in the Indian debt market. Practical implications The empirical analysis conducted in this study suggests that direct and indirect measures can be taken to increase and stabilise foreign investments in the Indian bond market. Direct policy measures refer to those tools which are under the ambit of policymakers. Indirect measures comprise those tools that are not under the direct control of the fiscal and monetary authorities but require coordinated efforts of the government and private sector. In this context, strengthening of not only financial and economic but also administrative institutions will be necessary. Creditworthiness and policy credibility should be improved to address erratic foreign portfolio investment in debt market of India. Originality/value This study is an original research study. This study adds to the existing literature and is expected to guide policymakers on the specific aspect of the management of capital flows as it gets affected by changes in monetary and fiscal policies.