Journal articles on the topic 'Capital market monitoring'
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1
Robbie, Ken, Mike Wright, and Brian Chiplin. "The Monitoring of Venture Capital Firms." Entrepreneurship Theory and Practice 21, no. 4 (July 1997): 9–28. http://dx.doi.org/10.1177/104225879702100402.
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This paper analyzes the monitoring of venture capital firms by their funds providers, which has been hitherto generally neglected by academic researchers. The changing nature of competition in a mature market has introduced increased pressures for the enhanced monitoring of venture capital firms, especially in relation to target returns and reporting requirements. The paper provides evidence on the nature and extent of these monitoring arrangements derived from interviews and a questionnaire survey of leading players in the UK market.
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Teytelboym, Alexander. "Natural capital market design." Oxford Review of Economic Policy 35, no. 1 (2019): 138–61. http://dx.doi.org/10.1093/oxrep/gry030.
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Tadesse, Solomon. "The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence." Journal of Financial and Quantitative Analysis 39, no. 4 (December 2004): 701–30. http://dx.doi.org/10.1017/s0022109000003185.
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AbstractCapital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry-level data across 38 countries, I present evidence suggesting a positive relation between market-based governance and improvements in industry efficiency. The measures of governance are also positively correlated with productivity improvements and growth in real output. Furthermore, while governance affects efficiency, the capital provision services induce technological change. The evidence underscores the role of capital markets as a conduit of socially valuable governance services as distinct from capital provision.
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Hasan, Iftekhar, Akhtar Siddique, and Xian Sun. "Monitoring the “invisible” hand of market discipline: Capital adequacy revisited." Journal of Banking & Finance 50 (January 2015): 475–92. http://dx.doi.org/10.1016/j.jbankfin.2014.03.029.
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Buch, Claudia M. "Capital Market Integration in Euroland: The Role of Banks." German Economic Review 1, no. 4 (December 1, 2000): 443–64. http://dx.doi.org/10.1111/1468-0475.00021.
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Abstract The introduction of the euro marks a milestone in the process of European financial market integration. This paper analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of banks as providers of informational and of risk-diversification services. By eliminating exchange rate risks, the euro enhances the incentives of banks to expand within Euroland. Yet, while the currency bias in bank portfolios will be eliminated, the home bias will remain. Implications of market integration for the risk-taking and the monitoring of banks are not clear-cut.
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Cline, Brandon N., Jacqueline L. Garner, and Adam S. Yore. "Exploitation of the internal capital market and the avoidance of outside monitoring." Journal of Corporate Finance 25 (April 2014): 234–50. http://dx.doi.org/10.1016/j.jcorpfin.2013.12.004.
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Giovannini, Alberto, Edmond Malinvaud, and Colin Mayer. "National Tax Systems versus the European Capital Market." Economic Policy 4, no. 9 (October 1989): 345. http://dx.doi.org/10.2307/1344473.
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Rode, Sanjay. "Financing capital expenditure through municipal bond market in Navi Mumbai Municipal Corporation." Public and Municipal Finance 8, no. 1 (April 26, 2019): 11–27. http://dx.doi.org/10.21511/pmf.08(1).2019.02.
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In India, the urban local bodies do not have decentralization in various functions. Therefore, municipal corporations find various issues in functioning and revenue generation. It has resulted into either shortfall or low quality infrastructure services to people. The Navi Mumbai Municipal Corporation is developed as modern municipal corporation. Municipal corporation invested financial resources in development for civic infrastructure. Therefore, population, industries, educational institutions, markets, transport and other facilities are expanding very fast. The ordinary least square regression results shows that the municipal corporation has positive co-relation with revenue receipts from LBT, property tax and town planning. The revenue expenditure is positively co-related with municipal estate, public health and hospitals, primary and secondary education. The engineering work for poor is negatively correlated with revenue expenditure. The capital receipts are positively co-related with fire brigade, auditorium, sports and cultural programs and security deposits and water supply. The capital expenditure is positively co-related to women and child welfare schemes, primary education, environment monitoring. It is negatively co-related with dumping grounds. The municipal corporation must raise funds from capital market through municipal bonds. More investment must be made in civic infrastructure. Similarly, corporation must spend more funds on poor, welfare of women and children. Municipal corporation must monitor and protect environment. It must give more priorities for processing of solid and e-waste, protect local culture, primary and secondary education, health care for all and technology in provision of civic services. It must develop human resource and create best place to live in metropolitan region.
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Debreceny, Roger S., Asheq Rahman, and Tawei Wang. "Corporate Network Centrality Score: Methodologies and Informativeness." Journal of Information Systems 31, no. 3 (May 1, 2017): 23–43. http://dx.doi.org/10.2308/isys-51797.
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ABSTRACT This research proposes a Corporation Network Centrality Score (CNCS) that exploits the social network implicit in Twitter interactions that are relevant to capital markets. The CNCS is the eigenvector network centrality score for interactions about corporations. The CNCS provides a summary numeric metric that captures a wide range of market-relevant information about the corporation it represents. The study asserts that the CNCS will assist the monitoring of corporations by auditors, regulators, and other market participants. The research calculates the CNCS for Standard & Poor's (S&P) 1500 firms and then tests the robustness of the metric by regressing CNCS on a set of variables that are known to convey firm fundamentals information to the capital markets. The study finds that CNCS is strongly associated with firm-led disclosures, market-based firm characteristics, and accounting-based firm fundamentals information. JEL Classifications: M41.
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Ngo, Thanh, and Tu Le. "Capital market development and bank efficiency: a cross-country analysis." International Journal of Managerial Finance 15, no. 4 (August 5, 2019): 478–91. http://dx.doi.org/10.1108/ijmf-02-2018-0048.
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Purpose The purpose of this paper is to empirically investigate the causal relationship between banking efficiency and capital market development in 86 countries between 2006 and 2011. Design/methodology/approach The authors follow the two-stage framework: data envelopment analysis (DEA) with the use of financial ratios is used to arrive at efficiency scores of the banks in the first stage. Thereafter, those efficiency scores will be linked with the development level of the capital markets of the corresponding country in the second stage using the generalised method of moments in a simultaneous equations model. Findings The authors found that banking systems around the world were still inefficient, suggesting that it would take time for the global banking system to recover after the global financial crisis 2007/2008. More importantly, the findings demonstrated that the larger the capital market is, the less efficient its banking system would be. In contrast, banking efficiency can positively influence the development of the capital market. Research limitations/implications The data are unbalanced and limited to 86 countries; the study did not analyse the productivity change over time of those banking systems; and it would be useful to test the first-stage DEA with different sets of variables as well as different assumptions. Practical implications The paper suggests that for any economy around the world, an improvement in banking performance and efficiency rather than capital market development should be a priority, alongside with monitoring inflation. Originality/value The paper provides an unbiased analysis of the causal relationship between the banking sector and the capital market.
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Syafril, Syafwendi. "REFORMULATING THE APPLICABLE STRATEGIES IN IMPROVING FINANCIAL LITERACY AND INCLUSION INDEX TOWARD ISLAMIC CAPITAL MARKET." Jurnal Ilmiah Islam Futura 21, no. 1 (February 1, 2021): 63. http://dx.doi.org/10.22373/jiif.v0i0.5787.
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Indonesia’s financial inclusion and literacy index level in the Islamic capital market sector is quietly low at around 0.02% and 0.01%. Though Indonesia is known as a country with the largest Muslim population in the world with more than 85%. Furthermore, the fact of Indonesia is the 4th highest growth country in the capital market industry in Asia-Pacific throughout 2017. The potential for growth and development of the Islamic capital market in Indonesia is very high, but this fact is not followed by the growth rate of financial literacy and inclusion index especially in the capital market sector. The aim of this paper is to identify the new applicable strategic approach to improve Islamic financial literacy and inclusion in term of Islamic capital market sector. This research uses qualitative methods with a literature review from the article journal, government report, news report, and others in reviewing, identifying, and knowing the strategies that will be implemented. The results show there are six specific strategies used in improving Islamic capital market literacy and inclusion indexes namely, rebranding investment negative stereotype, building a sustainable promotion and campaign through offline and online platform, creating an online integrated marketplace for Islamic capital market products, improving corporate Sukuk and introducing a new SRI Sukuk product, forming agents & groups of Islamic capital market lovers, and monitoring & evaluating the applied strategy.
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Jiang, Changjun, Sanggyun Na, and Fengting Jiang. "Influencing Efficiency of Tax Relief on the Capital Market: An Empirical Study of China Supply-Side Reform." Sustainability 11, no. 11 (May 28, 2019): 3012. http://dx.doi.org/10.3390/su11113012.
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One of the primary tasks of supply-side reform is to promote the reform of fiscal and taxation systems. It is an important part of institutional innovation to coordinate fiscal and other reforms. From the perspective of the supply side, this paper discusses whether the adjustment of fiscal and monetary policies will have a positive impact on China’s capital market and economic growth. In this paper, a windows-EBM model is constructed to test the panel data of major economies between 2008 and 2016, discuss their impact on the efficiency of the capital market, and to make a comparative analysis on the strategies to improve the vitality of China’s capital market. We find that the impact of China’s macro policies on capital market efficiency during 2008-2016 shows a huge potential space for adjusting fiscal and monetary policies, because these input factors are obviously interchangeable in China’s supply-side reform. This is in line with the expected direction of China’s supply-side reform. This paper reveals the positive effect of supply-side reform on capital activity. Tax cuts and monetary policy measures are needed to balance capital markets and to ensure their active and sustainable development.
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Miloud, Tarek. "The Venture Capital Certification Role In Initial Public Offerings." Journal of Applied Business Research (JABR) 32, no. 2 (March 1, 2016): 479. http://dx.doi.org/10.19030/jabr.v32i2.9590.
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Using high frequency Euronext Paris data, the paper examines the market microstructure trading characteristics of venture backed initial public offerings (IPOs) in the French market. Previous North American market studies approve the role played by venture capital (VC) firms for the certification of IPOs and their role in reducing the asymmetric information between investors. The study sample is composed of IPOs realized during the period 2000–2013 both with and without VC firm involvement. The results present no significant price difference between both IPO types. The cost of asymmetric information and of price volatility is higher for the VC-backed operations. Moreover, the study shows that underpricing is positively correlated to the cost of the information asymmetry. Contrary to previous studies, the results show that the effects of VC firm certification and monitoring are not perceived by IPO investors in the French market.
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Malle, Silvana. "From Market to Capitalism: the Building of Institutional Ethics." Journal of Public Policy 14, no. 1 (January 1994): 1–16. http://dx.doi.org/10.1017/s0143814x00001227.
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ABSTRACTThis paper discusses the ethical barriers to development in economies whose institutions have not quite adjusted to the needs of capitalism. It is argued that at a given stage of market development, the market forces will either impose behaviours and moral codes which further sustain the development of capital markets or will be defeated. The defeat may lead a country back to pre-capitalist relations, behaviours and rules that will jeopardize any further development. In post-socialist economies, in particular, large sections of society are unprepared to apply the rules of advanced capitalist markets. Resistance to market becomes an obstacle to the building of institutional ethics and transparent markets. Only openness to foreign competition and foreign demand for higher ethical standards in business can help the adjustment of economic and legal institutions to the requirement of advanced markets. The Italian case offers an instructive example of contradiction between institutional backwardness and market dynamism in which the catalysing factor was foreign competition.
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Brandão, Isac de Freitas, Alessandra Carvalho de Vasconcelos, Márcia Martins Mendes De Luca, and Vicente Lima Crisóstomo. "Composition of the board of directors and pay-performance sensitivity." Revista Contabilidade & Finanças 30, no. 79 (March 2019): 28–41. http://dx.doi.org/10.1590/1808-057x201806610.
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ABSTRACT This article investigates, in the Brazilian capital market, the effect of the composition of the board of directors on executive compensation sensitivity to market performance, known as pay-performance sensitivity (PPS). Due to potential agency conflicts between controlling and minority shareholders and between shareholders and managers, members of the board of directors of the executive board or those appointed by the controlling shareholder might have less independence, something which may compromise monitoring effectiveness and, consequently, reduce the PPS. The purpose is contributing to understand the agency conflicts that have taken place in the Brazilian capital market and to define the configuration of the monitoring and compensation mechanisms that minimize total agency costs, maximizing shareholders’ wealth. The research results have implications for understanding the agency relations and for corporate governance in the Brazilian capital market. It is concluded that the relation between the monitoring exercised by the board of directors and executive compensation is a condition for its effectiveness as a governance mechanism in the Brazilian capital market. Data within the period 2013-2015 from 92 companies that participate in the Brazil 100 Index (IBRX 100) of the São Paulo Stock, Mercantile & Futures Exchange (BM&FBOVESPA) were analyzed. In addition to tests of difference between mean values and correlation, estimates were processed through feasible generalized least squares modeling. The independence of the board of directors vis-à-vis the controlling shareholder and the executive board may work as a corporate governance mechanism supplementing executive compensation. The results of this study indicate that the proportion of executives and independent members in the board of directors reduces the PPS, a measurement for executive compensation effectiveness made operational by the contemporary relation between increased managers’ compensation and increased company’s market value.
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Alves, Sandra. "Does Institutional Ownership Affect Accounting Conservatism in Portuguese Capital Market?" International Journal of Accounting and Finance Studies 4, no. 1 (January 16, 2021): p17. http://dx.doi.org/10.22158/ijafs.v4n1p17.
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Ownership structures vary among entities. These different ownership structures can result in variation in governance structures, which would reflect the different rights associated with various types of owners. These governance structures in turn could lead a greater or lesser degree of influence over the financial reporting process by large owners and/or managers. In this sense, existing literature suggests that conservatism is related to institutional ownership. For a sample of 26 non-financial listed Portuguese firms-year from 2002 to 2017, we examine the association between accounting conservatism and institutional ownership. The study’s results show that the coefficient institutional ownership variable is positive but not statistically significant. Thus, it is not possible to conclude that monitoring institutions are an important class of investors that demands conservatism as a governance device.
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Chiang, Ming-Chu, and I.-Chun Tsai. "Importance of Proper Monetary Liquidity: Sustainable Development of the Housing and Stock Markets." Sustainability 12, no. 21 (October 29, 2020): 8989. http://dx.doi.org/10.3390/su12218989.
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In this paper, we infer that when no excess monetary liquidity exists, people tend to invest available capital in assets associated with a high return or low risk. However, when excess monetary liquidity occurs, capital may successively boost asset markets, and the stock market wealth is thus likely to spill into housing markets, resulting in bubbles in these two markets and therefore in the unsustainable development of both the housing and stock markets. This paper uses relevant data from the United Kingdom from January 1991 to March 2020 to verify whether excess monetary liquidity is a crucial factor determining the relationship between the housing and stock markets. Continuous and structural changes are found to exist between housing price and stock price returns. This paper employs the time-varying coefficient method for estimation and determines that the influence of stock price returns on housing returns is dynamic, and an asymmetrical effect can occur according to whether excess monetary liquidity exists. An excessively loose monetary policy increases asset prices and can thus easily result in a mutual rise in asset markets. By contrast, when excess monetary liquidity does not exist, capital transfer among markets can prevent autocorrelation during excessive market investment and thereby aggravate market imbalance.
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Guo, Bin, and Ya Wen. "Monitoring Model on the Supply & Demand Equilibrium of Housing Provident Fund Market – Taking Shanghai and Xi'an for Instances." Advanced Materials Research 1079-1080 (December 2014): 1177–82. http://dx.doi.org/10.4028/www.scientific.net/amr.1079-1080.1177.
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This paper uses integrated simulation method, based onthe analysis of key factors affecting effective demand and supply of the housingprovident fund, supply and demand of monitoring model is established and theShanghai and Xi 'an of the housing provident fund market supply and demandpresent situation and future development condition has carried on the empiricalanalysis. The results show that the influence factors of effective supply of thehousing provident fund market for the number of provident fundcapture puts and deposit base, effective demand factors for the extraction of providentfund of draw capital and provident fund loan capital. On this basis, the modelof the monitoring results of Shanghai and Xi’an was consistent with actualsituation, and shows that the model credibility is higher.
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Schiehll, Eduardo, Melissa Gerhard, and Clea Beatriz Macagnan. "Institutional investors’ response to improved corporate governance: Evidence from the brazilian capital market." Contaduría y Administración 64, no. 4 (November 27, 2018): 135. http://dx.doi.org/10.22201/fca.24488410e.2018.1869.
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<p>This study examines whether normative pressures from stock market regulators to improve the governance quality of Brazilian listed firms influence the participation and activism of institutional investors. More specifically, we investigate the association between institutional investor’s ownership and firm’s voluntary adhesion to the São Paulo Stock Exchange (B3) differentiated levels of corporate governance quality. Empirical testing is performed on a ten-year (2002–2011) panel data set from a sample of 439 firms listed on the B3. Our findings suggest that firms in differentiated corporate governance levels, that is, with better level of transparency and commitment to monitoring, are more attractive to institutional investors. We interpret this result as evidence supporting the shareholder activism movement, attributed by several scholars to institutional shareholders. Our study contributes to the governance literature on the firm’s response to normative pressures and the ability of internal governance mechanisms to signal lower agency cost to capital market. Our evidence also contributes to the ongoing discussion about the role and influence of institutional investors in the functioning of capital markets, and more specific in emerging market like Brazil.</p>
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ASTRAUSKAITĖ, Ieva. "MULTIVARIATE ANALYSIS OF SHORT AND LONG-IMPACT INDICATORS FOR CORPORATE BOND MARKET DEVELOPMENT." Business, Management and Education 14, no. 1 (June 14, 2016): 116–35. http://dx.doi.org/10.3846/bme.2016.318.
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An additional instrument or established access to the capital market funding would increase business opportunities for performance, development, growth, channeling financing for sustainable and long-term economic growth and job creation. Capital market and its level of development or further development opportunities are exposed to different factors. Clear identification of them mobilizes the attention of accurate and useful decisions or actions influencing the expected results, their adoption and implementation, monitoring. With the purpose to identify a set of factors influencing the capital market deve lopment as well as to introduce a model of their short term and long term impact projections, the ARDL model for the US and Lithuanian cases is introduced. The concluding remarks state on different legal and regulatory framework, banking sector and ICT measures exposures to the different stages of the corporate bond market development.
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Ma, Xiaoteng, Ziyu Tang, Dan Wang, and Hao Gao. "The Influence of Risk Culture on the Performance of International Joint-Venture Securities." Sustainability 12, no. 7 (March 25, 2020): 2603. http://dx.doi.org/10.3390/su12072603.
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With the development of economic globalization, culture is a key factor supporting the sustainability of foreign direct investment (FDI), especially for multinational enterprises. This paper takes the Chinese capital market as a sample and, combined with interviews with managers of international joint-venture securities (IJVS), finds that the culture of participants formed in developed and emerging capital market has a significant impact on the performance of IJVS. Using the degree of price fluctuation to measure the risk culture of each capital market, this paper observes that the risk culture in the Chinese capital market is significantly stronger than that of developed countries. This paper also finds that the stronger the risk culture IJVS shareholders have, the better they can adapt to the environment of the Chinese capital market and the better the performance they can achieve. Furthermore, risk culture distance, calculated by the risk culture differences between foreign shareholders and Chinese capital market, are significantly negatively correlated with IJVS performance and efficiency.
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García-Sánchez, Isabel-María, Jennifer Martínez-Ferrero, and Tania Azevedo. "Does Capital Market Distrust CSR Reporting? Economic Benefits in Presence of Complementary Monitoring Mechanism." Journal of Business Accounting and Finance Perspectives 2, no. 3 (June 10, 2020): 1. http://dx.doi.org/10.35995/jbafp2030016.
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From a theoretical point of view, corporate social responsibility (CSR) disclosure actions have associated a large list of benefits as a result of the lower information asymmetry problems that provoke firms to enjoy better financial conditions and higher market value. However, empirically there is no unanimity in the academy about these positive impacts. In this paper, we consider that the possible discretionary decision that managers could have in the elaboration of CSR reporting implies distrust about the credibility and utility of sustainability information. In this regard, the presence of independence in boards and directors that ensure better control of management decision could moderate the relationship between the quality of CSR reports and their benefits. Independent directors, in their decision-making process, associate their personal image, reputation, and career with CSR disclosures. For an international sample of analysis, our empirical evidence supports the premise that the market only positively assesses the utility and comparability of corporate social responsibility information, giving firms a superior value when there is a complementary mechanism that guarantees information credibility.
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Cao, Viet Nga, and Anh Viet Pham. "Behavioral spillover between firms with shared auditors: The monitoring role of capital market investors." Journal of Corporate Finance 68 (June 2021): 101914. http://dx.doi.org/10.1016/j.jcorpfin.2021.101914.
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Jahur, Mohammad Saleh, S. M. Nasrul Quadir, and Mohammad Aktaruzzaman Khan. "DETERMINANTS OF STOCK MARKET PERFORMANCE IN BANGLADESH." Indonesian Management and Accounting Research 13, no. 1 (January 2, 2014): 16. http://dx.doi.org/10.25105/imar.v13i1.1161.
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<p>Stock market influences economic activity through the creation of liquidity of capital investment. Liquid stock markets make investment less risky and more investment. Stock market in Bangladesh is characterized by frequent changes in regulations, low market sizes-market capital & turnover, lowest number of financial products, low contribution to national exchequer, influx of large number investors without relevant knowledge, and expertise. Besides, Bangladesh stock market experienced different problems-regulatory failure, unethical and ill objective oriented behavior of market participants, lack of due diligence, and manipulation. So, market cannot perform well. In view of this, the present study has been undertaken aiming at identifying determinants of stock market in Bangladesh. The study has collected data from the secondary sources and analyzed the data collected by applying some descriptive measures, and linear regression model. The study has found that the stock market of the country is characterized by different features such as low size, low liquidity, low depth, acute fund crisis and so on. The study has also found from linear regression analysis that all macro-economic variables such as CPI, Interest Rate, IR, and ER have significant impact on the stock market performance. Finally, the paper concludes with some pragmatic policy measures such as sound macroeconomic policy for monitoring interest rate and exchange rate movement.</p><p>Keywords : Stock Market, Liquidity, Performance, Macro-economy, and investment</p>
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Kim, Jeong-Bon, Jay Junghun Lee, and Jong Chool Park. "Audit Quality and the Market Value of Cash Holdings: The Case of Office-Level Auditor Industry Specialization." AUDITING: A Journal of Practice & Theory 34, no. 2 (September 1, 2014): 27–57. http://dx.doi.org/10.2308/ajpt-50903.
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SUMMARY This study investigates the monitoring role of high-quality auditors defined as office-level industry specialists in the stock market valuation of cash assets. We find that the market value of cash holdings is significantly higher for the client of an industry specialist auditor. The marginal value of cash is 34 cents higher for the client of a joint-industry specialist at both the national and city levels than for the client of a nonspecialist. We also find that cash holdings are more closely associated with capital investment and the market value of capital investment is significantly higher when the auditor is a joint-industry specialist. Moreover, we find that the value of cash increases significantly when the client changes its auditor to a joint-industry specialist. Our findings hold even after controlling for the client's governance efficacy and financial reporting quality. Our results provide new insight into the mechanism through which high-quality audits affect firm value: External audits facilitate shareholders' monitoring over managerial cash expenditures, thereby leading market participants to attach a higher value to cash holdings.
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IGNATYUK, Anzhela, and Antonina SHOLOIKO. "SECURITY OF UKRAINE’S INSURANCE MARKET UNDER FINANCIAL GLOBALIZATION: THREATS AND DIRECTIONS OF REGULATION." Economy of Ukraine 2019, no. 4 (May 3, 2019): 18–28. http://dx.doi.org/10.15407/economyukr.2019.04.018.
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The main purpose of any insurance market is to ensure the continuity of the production process and the formation of sources of investment resources for the development of the country’s economy. However, in a context of financial globalization, this function can be unrealized due to the increased vulnerability of insurance markets to the impact of global crisis and capital outflow through the processes of mergers and acquisitions of insurance companies, foreign investments, international reinsurance, etc. This generates threats to the security of Ukraine’s insurance market. And hence, the purpose of the article is to develop recommendations on how to regulate the safety of Ukraine’s insurance market on the basis of an analysis of the manifestations of financial globalization in the world’s insurance markets and the identified threats. The authors consider financial globalization as the formation of a global financial market that can be defined as a market in which international financial intermediaries (banks, insurance companies, etc.) sell financial services worldwide. The processes of financial globalization cause such security threats to the insurance market, as: acquisition by foreign insurers of national insurance companies, outflow of investment resources abroad, growth of dependence on external reinsurance and others. To strengthen the security of Ukraine’s insurance market under financial globalization, the following directions of regulation are proposed: (i) to establish requirements for external investments of insurers not only in the part of securities of foreign issuers, but also in relation to other assets, which can be represented by insurance reserves; ii) to carry out ongoing monitoring of security indicators of the insurance market: the share of insurance payments belonging to reinsurers-non-residents in gross insurance payments; the share of foreign capital in the authorized capital of insurance companies; market share of foreign insurance companies; iii) to increase the independence from external reinsurance, the capitalization of Ukrainian insurers should be increased on the basis of the introduction of Solvency II principles for the growth of the reinsurance capacity of the national insurance market and stimulation of the export of reinsurance services.
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عبد المجيد حمادي, هند. "سحوق العمل العراقي من التقليدية الى الرقمية – تحديات ومعالجات." Iraqi Journal For Economic Sciences 2021, no. 69 (June 27, 2021): 114–30. http://dx.doi.org/10.31272/ijes2021.69.6.
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The study confirms that digital technologies have become closely related to labor markets, by providing the labor market with qualifications, human capital with skills and high experience, and on the efficiency of the performance of the digital transformation process, and therefore the hypothesis of the study is based on the existence of positive repercussions for the digital economy and investment in it in order to address the challenges that Facing the Iraqi labor market and then the digital transformation process, the study aims to demonstrate the reality of the digital technology sector in the Iraqi labor market by monitoring the qualitative indicators related to digital transformation, and then analyzing the reality of the relationship between digital technologies and the labor market. The importance of the study lies in the link between digital technologies and the labor market and the role of digital technologies in stimulating the labor market.
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Li, Xiaorong, and Kami Rwegasira. "Diversification and the Internal Capital Market Building Motive in China." Journal of Transnational Management 15, no. 2 (May 28, 2010): 103–16. http://dx.doi.org/10.1080/15475778.2010.481245.
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ZHANG, XIAOKE. "Political Parties and Financial Development: Evidence from Malaysia and Thailand." Journal of Public Policy 27, no. 3 (December 2007): 341–74. http://dx.doi.org/10.1017/s0143814x07000724.
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ABSTRACTDrawing upon theoretical studies on the policy impact of political parties, this article address cross-national differences in financial policy choice and capital market development in Malaysia and Thailand. An explanatory approach that considers inter-party organisational dimensions in tandem with intra-party structural attributes shows that financial and regulatory policies have varied significantly between Malaysia and Thailand in response to the national configurations of political parties. The different patterns of policy choices, in turn, have led to varied capital market structures and development trajectories. Thus the theoretical literature on the political economy of financial capitalism in developed countries, which stresses the importance of domestic political institutions, has implications for the political underpinnings of financial market reforms in emerging market countries.
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Mel'nikov, R. M. "Evaluating the return on religious capital in the Russian labor market." Economic Analysis: Theory and Practice 19, no. 9 (September 29, 2020): 1671–94. http://dx.doi.org/10.24891/ea.19.9.1671.
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Subject. The article addresses the impact of religious confession on wages and the likelihood of unemployment in Russia. Objectives. The aim is to test the hypothesis that religious faith and high church attendance are accompanied by an increase in employment earnings. Methods. Using the Russian Longitudinal Monitoring Survey data, I estimate the Mincer's extended equation with variables that characterize the respondent’s religious commitment. To assess the impact of religious identity and the activity rate of attendance at religious services on the likelihood of unemployment and life satisfaction, I use probit models. Results. The estimates demonstrate that the Russian labor market rewards men with moderate and high degree of religious commitment; their wage growth reaches seventeen percent of the level of non-believers with comparable education and work experience. However, faithful Muslim women are employed in the lowest paid areas. Religious faith and regular church attendance have a positive effect on satisfaction with life (significant for Orthodox Christian women). Conclusions. Positive impact of religious capital on income and employment can be attributed to the development of business qualities that are rewarded in the labor market, the mutual support of religious network participants. Therefore, it possible to consider religious capital, along with educational capital and health capital, as a component of human capital and a factor of socio-economic development.
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Carvalho, José Alves de, and José Alves Dantas. "Relationship between market discipline and capital buffers in Brazilian banks,." Revista Contabilidade & Finanças 32, no. 85 (April 2021): 109–25. http://dx.doi.org/10.1590/1808-057x202010400.
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ABSTRACT The aim of this study was to investigate the relationship between the market discipline and the capital buffers of Brazilian banks, identifying the channels through which this phenomenon materializes. The literature on market discipline and capital buffers has focused on developed countries. In Brazil, the topic is in its infancy, despite the characteristics of the market representing a relevant opportunity for broadening the related studies. Even with the specificities of an emerging market, the Brazilian banking industry provides a vast field for studying market discipline and capital buffers, given that the banks have leverage with investors, who are sensitive agents to alterations in the risk appetite of those entities. This study contributes to understanding the dynamics of the market discipline in the banking industry and to fostering discussions about the role of that private supervision in promoting the transparency and solidity of the financial system, providing support and guidelines for banking regulation. Using data from 193 Brazilian banks, from 2001 to 2017, the empirical tests included the estimation of panel data models, with the use of two-stage least squares (TSLS), following Ayuso et al. (2004), Flannery and Rangan (2004), and Nier and Baumann (2006). As the discipline exercised by the monitoring and influence of the market is not directly verifiable by external agents, six proxies were developed based on the cost of fundraising, on unsecured deposits, on subordinated debt, and on disclosure. The capital buffer was represented by the difference between the capital calculated by the institution and the minimum regulatory requirement. The results of the empirical tests revealed a positive association between the capital buffer and market discipline, providing evidence of the presence of that private supervision in the Brazilian banking industry.
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Tee, Chwee Ming. "Institutional investors’ investment preference and monitoring: evidence from Malaysia." Managerial Finance 45, no. 9 (September 9, 2019): 1327–46. http://dx.doi.org/10.1108/mf-07-2018-0314.
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Purpose The purpose of this paper is to examine the investment preference of various types of institutional investors in Malaysia, and its influence on firm valuation, operating performance and capital expenditure. Design/methodology/approach This study employs ordinary least squares model to examine: investment preference according to different types of institutional investors; the association between various types of institutional investors and firm valuation; the association between various types of institutional investors and firm performance; and the association between various types of institutional investors and capital expenditure. Findings The result shows that different types of institutional investors exhibit different investment preference. From the domiciles perspective, local institutional investors (LII) are found to be associated with higher Tobin’s Q, ROA and net profit margin. When viewed from business relationship perspective, “pressure-resistant” institutional investors (PRII) are positively associated with Tobin’s Q, ROA and net profit margin. Both LII and PRII are also associated with higher capital expenditure. Originality/value This study reveals the investment preferences of various types of institutional investors in an emerging market economy. The results show that institutional monitoring is associated with higher firm valuation, higher firm performance and higher capital expenditure. However, the effect is largely driven by local and PRII, particularly government-controlled institutional funds. These evidence suggest that different firm outcomes between emerging and advanced economy can be explained by variation in institutional setting.
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Ryu, Dongwoo, Kwang Ho Baek, and Junghyun Yoon. "Open Innovation with Relational Capital, Technological Innovation Capital, and International Performance in SMEs." Sustainability 13, no. 6 (March 19, 2021): 3418. http://dx.doi.org/10.3390/su13063418.
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The importance of international markets is constantly emphasized for small and medium enterprises(SMEs). In previous studies, technological innovation capabilities were emphasized as a factor that enables SMEs to compete in the international market. To this end, SMEs need to cooperate with external partners to strengthen their technological innovation capabilities to thus improve their international performance. With the perspective view of open innovation, this research explores the effects of relational capital and technological innovation capability on international performance, with a particular focus on the moderating effect of alliance proactiveness. Building on previous literature regarding internationalization, technological innovation, and alliance proactiveness, research hypotheses were developed and tested using data collected from 175 SMEs. A hierarchical regression analysis was applied. The analysis showed that, first, relational capital had a significant effect on the technological innovation capability. Second, technological innovation capability has a significant influence on the international performance. Third, technological innovation capability mediated the relationship between relational capital and international performance. Finally, alliance proactiveness was found to moderate the relationship between technological innovation capability and international performance. The key research findings imply that relational capital and alliance proactiveness are the key factors of international performance, as they improved the development of the technological innovation capability.
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Falaschetti, Dino, and Michael J. Orlando. "Cutting the dividends tax…and corporate governance too?" Corporate Ownership and Control 3, no. 2 (2006): 31–34. http://dx.doi.org/10.22495/cocv3i2p4.
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Economists tend to agree that the recent cutting of US dividends taxes will encourage investment and reduce financial distress. In addition to creating these “benefits,” however, the tax cut can also increase governance costs. For example, by removing a bias for leveraged capital structures, the tax cut foregoes debt’s superiority on at least three dimensions: Evaluating and monitoring demanders of financial capital; Constraining managerial agents’ from opportunistically employing capital market proceeds; and Encouraging non-financial stakeholders (e.g., employees, suppliers) to make firm-specific investments.
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Chan, S., and C. Clark. "Economic Development in Taiwan: Escaping the State—Market Dichotomy." Environment and Planning C: Government and Policy 12, no. 2 (June 1994): 127–43. http://dx.doi.org/10.1068/c120127.
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The case of a very successful developing country—Taiwan—is examined in order to assess the importance of market phenomena and governmental policy leadership for promoting development. In their analysis of postwar Taiwan, therefore, the authors reject the temptation to dichotomize ‘state versus market’, and instead argue strongly in favor of a ‘state and market’ approach. The ability to accommodate and manipulate economic market forces was central to Taiwan's economic miracle because the island's businesses became highly competitive on world markets and carved out a niche of comparative advantage in the global economy. Much of the credit for this, furthermore, rests with the flexible production of small private firms. However, the state also played a significant role in boosting the island's competitiveness by promoting several structural transformations of the economy, creating a good business environment for entrepreneurs, channeling foreign capital into a few vital sectors, and financing infrastructure and human capital development. A key factor in the state's positive role, in turn, appears to be regime autonomy. That is, until quite recently, the government has been rather autonomous from social forces and unconstrained by electoral politics and popular accountability.
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Zhou, Zhifang, Hong Zhou, Huixiang Zeng, and Xiaohong Chen. "The impact of water information disclosure on the cost of capital: An empirical study of China's capital market." Corporate Social Responsibility and Environmental Management 25, no. 6 (August 6, 2018): 1332–49. http://dx.doi.org/10.1002/csr.1643.
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Taye, Dejene. "Assessment of cattle marketing practices in Guradamole woreda, Bale zone of Oromia regional state, Ethiopia." International Journal of Agricultural Research, Innovation and Technology 6, no. 2 (February 27, 2017): 36–41. http://dx.doi.org/10.3329/ijarit.v6i2.31703.
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This study was conducted to assess cattle marketing practice in the crop-livestock production system areas of the highland, mid-altitude and pastoralists in the lowlands of Guradamole Woreda of Bale zone of Ethiopia. That is conducted from July 2015 to 2015 March. Cattle marketing practice were assessed based on market monitoring and questionnaire survey in each altitude. A total of 100 farmers were selected randomly from 10 peasant associations which are selected from each altitude based on proportion of peasant association in each altitude. Market monitoring was done at two livestock marketing places of Rayitu town and Jibri, which is capital city of Guradamole Woreda. Cattle marketing varied considerably across the peasant associations and marketing places. Cattle supplied to markets include calves, heifers, bulls and oxen, dry and lactating cows. Who often supply cattle to marketing places are farmers and pastoralists from Guradamole Woreda and neighboring ethnic societies. Livestock market infrastructure and management are among the key constraints to the development and sustainable management of livestock markets. Long trekking distances to markets are a significant impediment to pastoralists ability to profitably sell their cattle. During drought periods, animals lose weight on the journey to market, which significantly lowers their value. In some cases, animals are too weak to embark on the homeward journey, forcing producers to sell at very low prices. Poor and uneven access to market information remains a major constraint for market actors and producers in particular. Observations at market sites point to an imbalance in the bargaining power of traders and producers. Traders collude and jointly determine prices ahead of market day and producers have very little or no ability to negotiate prices.Int. J. Agril. Res. Innov. & Tech. 6 (2): 36-41, December, 2016
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Sergakis, Konstantinos. "Deconstruction and Reconstruction of the “Comply or Explain” Principle in EU Capital Markets." Accounting, Economics and Law - A Convivium 5, no. 3 (November 1, 2015): 233–88. http://dx.doi.org/10.1515/ael-2014-0007.
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Abstract The “comply or explain” principle has already acquired significant importance in corporate law and regulations and is considered to be the preferred regulatory tool in the EU for increasing transparency and disclosure of market participants’ strategies and activities. The flexibility of the principle is perceived as the most suitable way to create indirect coordination of practices amongst market actors, as well as better mutual understanding of their different priorities. Having initially shown its considerable appeal in the area of corporate governance statements issued by corporate entities, it has now expanded its influence into other areas serving similar transparency imperatives, such as the exercise of stewardship responsibilities by institutional investors and proxy advisors. In this paper, we will focus on the merits and shortfalls of the “comply or explain” principle in all the above-mentioned areas, both at national and at EU levels, and will critically challenge its effectiveness in the current regulatory framework. Moreover, we will seek to justify its continued use by demonstrating its future potential role as a veritable dialogue spectrum between different market participants. Lastly, we will emphasise the need for a soft monitoring process from national regulators which will enable both the “comply or explain” principle and its users to participate in a holistic effort for the adoption of sound investment strategies via the fruitful exchange of views and ideas and better communication with regard to their respective role in capital markets.
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Lim, Si Jie, Gregory White, Alina Lee, and Yuni Yuningsih. "A longitudinal study of voluntary disclosure quality in the annual reports of innovative firms." Accounting Research Journal 30, no. 01 (May 2, 2017): 89–106. http://dx.doi.org/10.1108/arj-08-2013-0056.
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Purpose This paper aims to measure mean voluntary intellectual capital disclosure (ICD) quality score for a sample of Australian Stock Exchange-listed biotechnology firms in the 2003, 2006 and 2010 reporting periods. The aim was to use data for the same companies over the whole period to discover whether the quality of voluntary reporting practice was improving over time, measuring lagged-mean ICD quality score against possible determinants of management disclosure practice. Design/methodology/approach Mean ICD quality score, and associated frequency data, was measured against possible determinants of managers’ disclosure practice. The dependent variable was an 18-item classification of ICD based on Sveiby’s Intangible Assets Monitor (Sveiby, 1997). Data collected from S&P Capital IQ database were used to compare ICD disclosure quality with possible drivers: competition (capital intensity); performance (profit and market returns); monitoring (audit firm and ownership); and control variables (revenue and leverage). Findings Mean voluntary disclosures of internal capital and external capital lower the quality over time using paired sample t-test comparison against 2003 as a base year. The lowest quality disclosure was about human capital, and the highest quality was about internal capital. Individual disclosure items within internal, external and human capital classification showed that internal capital items (intellectual property, corporate culture, management processes and financial relations) and external capital item (customers) were the significant contributors. Investigation of drivers using Spearman’s correlation against lagged ICD data showed that performance (relative market returns) and monitoring (ownership diffusion) were significant drivers of voluntary ICD, both in expected and unexpected ways. Originality/value Voluntary ICD quality and quantity are rarely measured in the same paper. The findings are unique and interesting especially for innovative Australian R&D firms when compared to recent findings for a larger sample of French companies.
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Bugeja, Martin. "Monitoring and the acquiring firm reaction to bad takeover bids." Corporate Ownership and Control 7, no. 2 (2009): 208–23. http://dx.doi.org/10.22495/cocv7i2c1p4.
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This study investigates variables that explain why bidding firms raise their offer price following a negative capital market reaction to a takeover announcement. We find that whilst an increasing number of blockholders restrains the pursuit of unprofitable takeovers, greater institutional ownership and takeover hostility increases the likelihood a bidder will raise their offer price. Multiple bidders and board independence are unrelated to an increase in takeover price. Inconsistent with agency theory, management ownership and free cash flow do not explain bidder actions.
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Katti, Supriya, and Mehul Raithatha. "Impact of Venture Capital Investment on Firm Performance: An Indian Evidence." Global Business Review 21, no. 4 (June 27, 2018): 1011–24. http://dx.doi.org/10.1177/0972150918779165.
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We evaluate the monitoring and certification hypotheses associated with venture capital (VC) investors involved with Indian listed firms having the potential to influence firm performance. Empirical results of our study do not support monitoring and certification hypotheses associated for VC investors involved in publicly listed firms in India. On the other hand, we find the evidence of value erosion due to the presence of VC investors. The negative effect is justified through the opportunistic behaviour of the investor having a very easy route to exit investment through the secondary market in case of expected underperformance of the firm. The study also reveals that the origin of VC investors does influence firm performance. The results have a significant impact due to the regulatory framework defining the portfolio of VC investors.
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Churski, Paweł, Hanna Kroczak, Marta Łuczak, Olena Shelest-Szumilas, and Marcin Woźniak. "Adaptation Strategies of Migrant Workers from Ukraine during the COVID-19 Pandemic." Sustainability 13, no. 15 (July 26, 2021): 8337. http://dx.doi.org/10.3390/su13158337.
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The COVID-19 pandemic has had far-reaching social and economic consequences. They are visible particularly in the functioning of local labour markets, affecting less privileged groups such as migrant workers, in a specific way. Here, our analysis aims to identify the strategies of adaptation of Ukrainian economic migrants to the changing situation in the local labour market in the Poznań agglomeration during the COVID-19 pandemic. The analysis relies on the results from quantitative research on changes in the demand for labour and adjustment of competence of immigrants to the Poznań agglomeration labour market throughout the pandemic and in the perspective of the nearest future, as well as on qualitative research conducted using the IDI (in-depth interviews) technique, carried out via the purposive sampling of 30 economically active Ukrainian migrant workers. The identified adaptation strategies are organised according to the assumptions of Pierre Bourdieu’s concept of capital(s). The capital of the researched group with respect to the labour market is treated as both the potential and resources the immigrants offer, produce, apply, and mutually convert in the implementation of their own adaptation strategies to the changing situation of the labour market. We extracted eight types of migrant adaptation strategies with respect to the labour market. These strategies differ in terms of objectives, resources, time perspectives, and other factors considered to be important from migrants’ perspectives. On the basis of interviews, we were able to assess the robustness of these strategies in view of economic shocks and identify the process of capital conversion and exchange.
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Chao, Xiangrui, Gang Kou, Yi Peng, and Fawaz E. Alsaadi. "BEHAVIOR MONITORING METHODS FOR TRADE-BASED MONEY LAUNDERING INTEGRATING MACRO AND MICRO PRUDENTIAL REGULATION: A CASE FROM CHINA." Technological and Economic Development of Economy 25, no. 6 (May 8, 2019): 1081–96. http://dx.doi.org/10.3846/tede.2019.9383.
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Trade-based Money Laundering, a new form of money laundering using international trade as a signboard, always appears along with speculative capital movement which has been accepted as the most concerned and consensus incentive giving rise to the collapse of the financial market. Unfortunately, preventing money laundering is very difficult since money laundering always has a plausible trade characterization. To reach this goal, supervision for regulator and financial institutions aims to effectively monitor micro entities’ behavior in financial markets. The main purpose of this paper is to establish a monitoring method including accurate recognition and classified supervision for Trade-based Money Laundering by means of knowledge-driven multi-class classification algorithms associated with macro and micro prudential regulation, such that the model can forecast the predicted class from the concerned management areas. Based on empirical data from China, we demonstrate the application and explain how the monitor method can help to improve management efficiency in the financial market.
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McGuire, James W. "Development Policy and Its Determinants in East Asia and Latin America." Journal of Public Policy 14, no. 2 (April 1994): 205–42. http://dx.doi.org/10.1017/s0143814x00007443.
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ABSTRACTA policy-focused human capital approach to development, incorporating industrial policy but stressing land reform, education, and labor-intensive production, is used to explain why South Korea and Taiwan have developed more successfully since 1960 than Argentina, Brazil, or Mexico. The policy-focused human capital approach is contrasted to free-market and cultural-values approaches.
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Bauer, Keldon, and Omar A. Esqueda. "Credit ratings, relationship lending and loan market efficiency." Studies in Economics and Finance 34, no. 1 (March 6, 2017): 122–42. http://dx.doi.org/10.1108/sef-06-2016-0149.
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Purpose Using the small-business loan market, this paper aims to test whether a structural shift in access to borrowers’ financial information (i.e. credit ratings) improves market efficiency, thereby improving entrepreneurs’ access to external capital. Design/methodology/approach This research uses the National Survey of Small Business Finance in a conditional logistic regression framework to tease out the marginal propensity to grant lines of credit given the firm’s credit rating – treating both of the events, namely, line of credit and credit ratings, as endogenous variables. This methodology overcomes potential reverse causality issues. Findings The results show that information brokers have allowed small firms to break away from long-term monopolistic lending relationships, thus contributing to more informationally efficient markets. Small businesses benefit from better-informed lenders by having better access to capital. Also, women appear less likely to receive a line of credit even after adjusting for credit ratings. Practical implications This research highlights the importance of credit report awareness/monitoring by entrepreneurs, as the small-business credit rating grows rapidly. Relationship lending is not enough to reach optimal financing costs. These papers call for more regulated credit ratings industry to reduce potential moral hazards. Originality/value This paper tests whether bank lending relationships (soft information) still matter after accounting for credit ratings (hard information). Additionally, this study measures the extent to which information sharing by data services bureaus, a proxy for informational efficiency, has increased allocation efficiency in the small-business loan market.
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Tsai, Bi-Kun. "Determinants of Consumers’ Retention and Subjective Well-Being: A Sustainable Farmers’ Market Perspective." Sustainability 11, no. 22 (November 14, 2019): 6412. http://dx.doi.org/10.3390/su11226412.
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Farmers’ markets have received much attention in many countries, and the amount of research on farmers’ markets is gradually increasing. The consumption process of consumers at farmers’ markets include both economic and social aspects, but most past studies have only focused on a single aspect. The economic perspective mainly focuses on transaction issues such as purchase motives, quality, satisfaction, purchase behavior, and post-purchase behavior, whereas the social perspective focuses on the social relations and psychological feelings created when consumers go to markets. This study aimed to integrate the economic and social perspectives and analyze the relationships among product performance evaluation, relational capital, repurchase intention, and subjective well-being of consumers at farmers’ markets after their purchase experiences. I chose three recurrent farmers’ markets in Taiwan, obtained 358 valid samples, and performed structural equation modelling analysis. The results indicated that the economic product performance exerted a significant and positive influence on repurchase intention, but its influence on subjective well-being was not significant. In contrast, the social relational capital was found to be a positive and significant factor of both repurchase intention and subjective well-being. On the whole, relational capital is more important than product performance. The suggestions for practice were as follows. First, farmers’ markets have economic and social value and are thus worth being promoted by government agencies. Second, the managers of farmers’ markets should implement a set of management mechanisms to ensure product performance and also create a market atmosphere that facilitates social interactions between farmers and consumers.
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Скачкова, Liudmila Skachkova, Михалкина, and Elena Mikhalkina. "Graduates: contemporary trends of the labor market and challenges of quality." Management of the Personnel and Intellectual Resources in Russia 1, no. 1 (April 25, 2012): 38–42. http://dx.doi.org/10.12737/1724.
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The article presents an overview of contemporary trends of the youth labour market affecting on the qualitative and quantitative proportions of the labour force in the near future. Among the key trends it is considered the controversial discussion about the quality of the labour force of graduates. It is proposed the authors' classification of the competitive characteristics of graduates (education, work experience, and behavioural competencies, employability, marketability, social capital), confirmed the results of monitoring the graduates' competencies of economic specialties in Southern Federal University.
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Samborska, Oksana. "MONITORING OF INDICATORS OF SOCIO-ECONOMIC DEVELOPMENT OF UKRAINE." Three Seas Economic Journal 1, no. 4 (December 28, 2020): 117–25. http://dx.doi.org/10.30525/2661-5150/2020-4-17.
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The transition to market relations and the corresponding structural changes in economy influenced the formation of incomes, their use and distribution system. The largest share in the structure of monetary income of the population is wages; it has increased in recent years. At the same time, there occurred the decline in production in the process of market transformation economy and, as a consequence, forced underemployment and unemployment of a large part of the working population, lack legislative levers of influence on the regulation of the property process stratification of the population led to a decline in living standards, deepening its stratification by the level of cash income and distribution of property, the inability of the majority of the population to do savings, spreading the shadow of monetary income of citizens, hiding them from taxation. This led to a reduction in the effective demand of the population, narrowing the volume of domestic market, reducing opportunities for domestic investment resources and restraint of economic growth of the state. The country’s economic growth is observed from year to year, it directly depends on the welfare of the population and their income. Socio-economic development of the country is impossible without the participation of the population and accumulation of human capital, investment in it. Structural changes in Ukraine’s economy – human capital index, average income, migration processes, declining total population – have negative consequences for economic growth in the country as a whole. Therefore, there is an urgent need to study this issue, taking into account all possible prospects. The peculiarities of these indicators specify the development of any country, where one of the main macroeconomic goals is due to the need to outpace the growth of national income in comparison with the growth of the index of human capital and income of citizens. The economic development of the country concerns money and the increase of the general welfare of the population. The way to improve the better life and economic development of the country is possible taking into account the transformation processes, but achieving this involves solving a set of goals and objectives facing governments at all levels. Economic and social development of the oblasts of Ukraine seeks to be better today. The delimitation of oblasts is caused by the level of the average wage, as well as the total per capita income. The study of indicators of socio-economic development requires clear and precise actions on the part of the state and local self-government. The creation of development strategies for a certain period helps to improve the situation in the oblasts of Ukraine, but it is a temporary phenomenon that is not a managed system in some cases. Currently, there is a problem of economic development, social protection of low-income groups and health care, retirement-age people and so on. All human and civil rights are equal and interrelated, and therefore they must be equally protected by the state: human’s life and health, honour and dignity, inviolability and security are the highest social values (Article 3); free development of personality (Article 23) is determined by the Constitution of Ukraine. The study outlines the relationship and interdependence of local budget revenues from subsidies and subventions of the state budget, economic activity of the population, as well as the unemployment rate is an important indicator of the general state of the economy.
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Azmuk, Nadiya. "Determination of the country's place for the development of creative human capital in the global dimension." Technology audit and production reserves 2, no. 4(58) (April 30, 2021): 24–27. http://dx.doi.org/10.15587/2706-5448.2021.230083.
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The object of this research is creative human capital. In the context of digitalization, creative human capital enhances the competitiveness of the national economy. This requires the creation of favorable conditions in countries for the formation and development of creative abilities among carriers of human capital. Creative human capital acquires special significance and additional value in the context of the spread of the use of digital technologies in business and production processes. It is creative human capital that creates added value through the ability to innovate. These processes are responsible for the growth in the need for creative skills of human capital. Therefore, in this work, using the example of Ukraine, the place of the country in the global dimension is determined in terms of the level of development of creative human capital in the context of the digitalization of the economy. To compare the national economy with other countries for the formation of creative human capital and the level of favorable environment for its development, the data of the Talent Competitiveness Index were used. The definition of a country in the global digital landscape is based on the use of the author's typology of employment, identifies five types depending on the combination of creative and digital skills in the labor process. In order to interpret the data obtained, the assessment of employment is coupled with the results of an expert survey. The survey involved 108 experts representing various aspects of social and labor relations: employees, employers, authorities. The results of the expert survey showed the existing demand in the national labor market for human capital, which has mastered creative and digital skills and combines in the labor process. A serious challenge for the national economy is the imbalance in the labor and education markets; it turns out to be in the demand for human capital with creative skills and the backwardness of the education market with the training of relevant specialists. An important direction of strategizing the development of the national economy is determined by balancing the labor market and education through strengthening the focus of the formal education system on the formation of creative skills. Application of the proposed approach to defining the country in the global digital landscape is a convenient tool for monitoring the level and dynamics of the country's creative capital development, the results of which can be used in developing a national development strategy.
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Yeon, Asmah Laili, and Faridahwati Mohd Shamsudin. "Non-compliance of licence holders towards disclosure based regulation in Malaysian securities markets." Journal of Financial Crime 23, no. 3 (July 4, 2016): 605–12. http://dx.doi.org/10.1108/jfc-08-2013-0050.
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Purpose The purpose of this paper is to examine non-compliance of licence holders towards disclosure-based regulation in Malaysian securities markets in relation to the implementation of the disclosure-based regulation. Design/methodology/approach This survey was conducted among 107 principal and representative licensees registered with the Securities Commission of Malaysia. They consist of licensed dealers, investment advisers and fund managers. The majority of the respondents were capital markets and services representative licensees, while only 17 respondents were capital markets and services licensees. Findings The survey indicates that non-compliance occurs because of lack of ethical values and orientation of the players in the industry. In addition, non-compliance was also reported to occur due to lack of understanding of law and regulations, inefficient company’s surveillance, control and internal monitoring programmes and weaknesses in the implementation and enforcement of law. Other reasons include greed (wanting to be rich quickly), selective application of the law, complicity between offenders and regulators, slow judicial processes and high legal cost for victims to pursue compensation. Practical implications As the enforcement agency, Securities Commission should further enhance efforts to monitor and enforce the law of capital markets. On the other hand, the courts have to impose fines on criminals based on the extent of the losses investors have suffered by investors and on the effects of the crime on market stability. More importantly, ethics training should be carried out to license holders by the relevant bodies and agencies in the securities market. Originality/value This paper provides measures on how to curb the unethical behaviour by carrying out ethics training and introducing new rules and regulations for the industry.