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1
Nemessályi, Ákos. "Financial Analysis of Agricultural Enterprises’ Economic Results." Acta Agraria Debreceniensis, no. 10 (May 11, 2003): 270–79. http://dx.doi.org/10.34101/actaagrar/10/3505.
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The main objective of this paper is to give an overview about the economic results and financial status of agricultural enterprises in Hajdu-Bihar Count, as well as, froa methodology viewpoint,find the place of the used indexes in the system of effectivity indexes in farm management . From the complex database describing the enterprises, the figures on the balance sheets and profit and loss accounts were used and analysed. As a result of the analysis the below statements can be made:The owner’s equity ratio within the total equity is very different in corporations and in individual farms. The lower values in case of corporations show their indebtedness. At the same time, the figures indicate that it is more difficult for individual farms to receive loans.The average of dynamic indebtedness indexes, in case of individuals are closer to 0 which generally derives from the low level of liabilities. The same indexes of corporations o the other hand show significant indebtedness. The figures indicate that the yearly cash flow can hardly cover the net liabilities.The profitability proportional to the production value is generally low, mostly negative, independent from size and organisational form.As a summary, it can be said, that individual as well as corporate farms suffer financing problems, the nature of these problems is different in the two groups. On the on hand, the operation and development of the individual, mostly the smaller, farms are hindered by the difficulties of acquiring external capital. On the other hand, the results of corporate, mostly the cooperative, farms is impeded by the burdens of liabilities accumulated in previous years.
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Shahbanov, R. B., and M. M. Khalidov. "On Accounting of Economic Entity Financial Results." Herald of Dagestan State University 36, no. 1 (March 31, 2021): 14–21. http://dx.doi.org/10.21779/2500-1930-2021-36-1-14-21.
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Shapoval, Yuliia. "Relationship between financial innovation, financial depth, and economic growth." Investment Management and Financial Innovations 18, no. 4 (November 22, 2021): 203–12. http://dx.doi.org/10.21511/imfi.18(4).2021.18.
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The intrinsic property of modern economic development is financial deepening in the light of incremental spearheading financial innovation opportunities. The paper deals with the relationship between financial depth, financial innovation, and economic growth among 22 OECD economies over 2007–2018 by applying pooled OLS and fixed effect panel data regression analysis. The purpose of the paper is to empirically test whether the economic growth depends on financial depth, financial innovation, and institutional environment (Worldwide Governance Indicators). The findings shed light on the recent discussion on the pros and cons of financial innovation. The estimation results show that while financial depth is a strong predictor of economic growth across high- and upper-middle-income economies, financial innovation is a slightly weaker predictor. Despite the identified positive impact of financial innovation on economic growth, it is asserted that the negative effect of financial depth may indicate oversaturated financial market in developed countries. Сonsistent with the general notion that the institutional framework promotes the capacity of the financial sector for financial innovations implementation, this paper states that financial depth and financial innovations are better prerequisites of economic growth than institutional development. AcknowledgmentThe paper was funded as a part of the “Relationship between financial depth and economic growth in Ukraine” research project (No. 0121U110766), conducted in the State Institution “Institute for Economics and Forecasting of the NAS of Ukraine”.
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Romanova, Svetlana. "Financial results of pharmaceutical industry: 2020." Remedium, no. 3 (December 1, 2021): 81–86. http://dx.doi.org/10.21518/1561-5936-2021-3-81-86.
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Financial status is the most important characteristic of the economic activity of the industry enterprises, which determines its economic attractiveness. Let us consider a set of indicators reflecting the availability, placement and use of financial resources of enterprises in the industry.Financial status of pharmaceutical companies is analysed using the data form State Statistical Reporting Form No. P-3 – Information on Company Financial Status.
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Bychkova, Gul'fira. "MODERN CONCEPT OF CALCULATING FINANCIAL RESULTS." Modern Technologies and Scientific and Technological Progress 2022, no. 1 (May 16, 2022): 329–30. http://dx.doi.org/10.36629/2686-9896-2022-1-329-330.
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Popovych, O., and L. Titarenko. "INTERPRETATION OF THE ECONOMIC ESSENCE OF THE CATEGORY "FINANCIAL RESULTS"." Investytsiyi: praktyka ta dosvid, no. 3 (February 15, 2019): 58. http://dx.doi.org/10.32702/2306-6814.2019.3.58.
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Romanova, Svetlana. "Financial performance of the pharmaceutical manufacturers: 2020 interim results." Remedium Journal about the Russian market of medicines and medical equipment, no. 11-12 (2020): 64–69. http://dx.doi.org/10.21518/1561-5936-2020-11-12-64-69.
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Financial status is the most important characteristic of the economic activity of the industry enterprises, which determines its economic attractiveness. Let us consider a set of indicators reflecting the availability, placement and use of financial resources of enterprises in the industry. Financial status of the industry enterprises is analysed using the data form State Statistical Reporting Form No. P-3 Information on Company Financial Status.
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Novichkova, Olga, Olga Tagirova, Alexey Nosov, and Marina Fedotova. "Forecasting the financial results of the agribusiness company." E3S Web of Conferences 222 (2020): 06016. http://dx.doi.org/10.1051/e3sconf/202022206016.
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Competent management of the company’s activities is largely determined by the ability to manage financial results, analyze the features of their formation, which ensures the effective functioning of the organization. Timely analysis allows to study development trends, deeply and systematically examine the factors of changes in activity results, justify plans and management decisions, monitor their implementation, identify reserves for improving the efficiency of economic activity, evaluate the results of the enterprise, and develop an economic strategy for its development. For commercial enterprises, the main criterion for performance assessment is the financial result. At the same time, not only the goals and objectives of the company are multiple, but also the methods used by specialists in planning of the financial results formation. The quality of management of financial results largely determines the effective operation of the company, the stable pace of its work and competitiveness in modern economic conditions.
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Lopes, Thiago Henrique Carneiro Rios, and Cleiton Silva de Jesus. "Financial liberalization and economic growth." Journal of Economic Studies 42, no. 2 (May 11, 2015): 207–23. http://dx.doi.org/10.1108/jes-08-2013-0118.
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Purpose – The purpose of this paper is to ascertain whether countries benefit from capital account liberalization in more democratic contexts. Design/methodology/approach – The authors used the follow methodologies in this paper: Pooled OLS, panel data with fixed effects and generalized method of moments. The empirical exercises were conducted for both a large sample and a smaller group of developing countries. Given the characteristics of the variables used in the standard model, the main conclusions were obtained from an estimation that took into account the presence of fixed effects and endogeneity. Findings – Considering a sample of 77 countries, the authors were able to ascertain that capital account openness has a positive effect on economic growth only in highly democratic countries. When the same estimates are carried out with a more restricted sample, composed of 50 developing countries, the results are more pessimistic. In this case, capital account openness has a negative and significant effect, although being more democratic is not sufficient in itself to reap the benefits of financial integration. Research limitations/implications – The results obtained in this paper are limited to the number of observations and the period analysed. Furthermore, the conclusions need to be confirmed by a test of robustness, which should be conducted in future works; such works could make use of other democracy indicators and other instruments. Originality/value – The innovation of the work, in comparison to those the authors consulted, resides in its testing, through an interactive variable, whether the effect of capital openness on economic growth depends on level of democracy.
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Adamenko, Iryna. "Financial stabilization in economic transformations." University Economic Bulletin, no. 43 (November 20, 2019): 126–33. http://dx.doi.org/10.31470/2306-546x-2019-43-126-133.
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Relevance of research topic. In the context of economic transformation, financial stability is a strategic objective of fiscal policy, which contributes to accelerating economic growth and revitalizing business activity in the country. Accordingly, ensuring effective influence on the social and economic processes of the public administration system involves reforming its components taking into account the globalization processes. Formulation of the problem. With the acceleration of the pace of financial and economic globalization, the issues of creating conditions for financial stabilization are being updated. An important direction in solving these issues at the state level should be to increase the effectiveness of fiscal policy. Analysis of recent research and publications. Issues of the formation and implementation of fiscal policy aimed at ensuring financial stability, acceleration of economic growth are presented in the papers of well-known domestic and foreign scientists: T. Bogolib, J. Buchanan, I. Zapatrina, G. Kucher, L. Lisyak, I. Lukyanenko, V. Makogon, P. Samuelson, J. Stiglitz, M. Pasichnyi, I. Chugunov and others. Selection of unexplored parts of the general problem. The mentioned questions are actualized in connection with the institutional transformations of the socio-economic model of the society’ development, which determine the need for increased effectiveness of fiscal policy. Much attention of financial institutions should be focused on ensuring financial stability and strengthening the stability of the financial system, strengthening its investment potential. Setting the task, the purpose of the study. The objectives of the study are to reveal the essence of the concept «financial stabilization», the definition of the peculiarities of the formation and implementation of fiscal policy in relation to its provision. The purpose of the study is to substantiate the strategic objectives of the fiscal policy on financial stabilization in the context of economic transformation. Method or methodology for carrying out the research. The article uses a set of methods of scientific research: system approach, structuring, analysis and synthesis, and others. Presentation of the main material (results of work). The essence of the concept «financial stabilization» is revealed, peculiarities of the formation and implementation of the fiscal policy concerning its provision are determined. The strategic tasks of fiscal policy concerning financial stabilization in the conditions of economic transformations are substantiated. The field of application of results. The results of this study can be used in the formation and implementation of fiscal policy in Ukraine. Conclusions according to the article. Ensuring financial stabilization is an integral part of the country's socio-economic development strategy. The tools of fiscal policy form a complex of financial and budgetary tactics. With their help, the implementation of the directions and tasks of the fiscal strategy is determined and the effectiveness of its implementation depends decisively. In the conditions of the formation of Ukraine as an independent state, the main reference point of fiscal policy was to ensure the solvency of the state as an instrument for creating conditions conducive to the revitalization of economic activity. At the current stage, the strategic goal should be to actively stimulate economic growth as the main instrument for ensuring financial stabilization through the rational management of public financial resources.
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Kozłowski, Maciej. "The Relationship Between Workers’ Financial Participation in Companies and Economic Results." Comparative Economic Research. Central and Eastern Europe 17, no. 1 (April 25, 2014): 167–91. http://dx.doi.org/10.2478/cer-2014-0010.
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It is known that workers’ financial participation, primarily in the form of wider participation of employees in profits and ownership, has been used in enterprises from many years, but in practice the period of implementation of different forms of financial participation has taken place only in the last four decades. Workers’ participation in decision-making has a longer tradition, so it is well described in the literature, and its impact on the results achieved by companies are known through the many research projects conducted by researchers around the world and through detailed reports. Financial participation has not been the focus of so many papers, so the knowledge and information from this area is incomplete. This is because of the lack of comprehensive studies on the various forms of participation, their irregularity, the lack of cooperation between states in the exchange of information concerning the number of implemented solutions, etc. Of course, it is not possible to include all of the companies in research and the results cannot be generalized due to the different conditions and selection criteria in particular countries. Also, the ambiguous interpretation of the term “financial participation” by different authors and different institutions does not allow for setting up and developing the output database necessary to conduct the research and carry out comparisons. In the literature, programs of financial participation are treated as an incentive system, without taking into account the wider context and the relationships between these programmes and the results achieved by the company. This contribution aims to give some theoretical and scientific examples, which, by virtue of their nature and severity can contribute to the possible diverse research solutions to the problems facing businesses, especially in today's dynamic, global economy. After forty years of empirical research on the benefits of the implementation of various programmes of financial participation, the information provided, in principle, only in the form of reports, is not sufficient to express opinions on the development of forms of participation. At the same time, it is concluded that the programmes of financial participation have had a positive effect on the results achieved by companies, especially in terms of social benefits. Arriving at the above opinion has been additionally impeded by the different attitudes of the social partners to the issue of participation and participatory approaches, the absence of explicit data showing the relationship between implemented financial schemes and financial results, changes in the competitive position of enterprises, etc. The outlined theory concerning how the workers’ ownership affects economic performance achieved by a company unfortunately has not changed. This article is not to bring about fundamental changes, but to find new threads or directions of deliberation.
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Ibragimova, Aminat. "TRANSFORMATION OF MANAGEMENT ACCOUNTING RESULTS TO NON-FINANCIAL AND FINANCIAL INFORMATION IN GEOLOGICAL EXPLORATION." Vestnik of Kazan State Agrarian University 14, no. 4 (April 12, 2020): 100–106. http://dx.doi.org/10.12737/2073-0462-2020-100-106.
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The article is devoted to the problems of transformation of the management accounting system and the information included in geological exploration, which involves the modernization of the management accounting system in the industry, which can provide internal and external users with financial and non-financial information, the introduction of non-financial reporting forms in practice, the modification of existing methods and applied technologies, convergence financial, economic and technological aspects in the course of standardization of accounting and reporting, as well as the development of a methodological mechanism that allows for effective management accounting in the framework of geological exploration. The author examined the Russian accounting practice which showed that management information support is carried out within the framework of financial accounting, which creates confusion in reporting. Information is often duplicated, causing errors in reporting indicators, on the basis of which incorrect management decisions are made. Currently, Russian accounting and reporting are developing in parallel with the economic realities of the state. Inconsistency with the nature of transformations and the level of development of the economic mechanism may lead to a decrease in the qualitative characteristics of the accounting information generated in the economy. A study of the evolution of the development of domestic accounting and reporting has led to the conclusion that interested users are interested not only in financial performance indicators, but also non-financial indicators that disclose economic, social and environmental aspects of the activity. The latter can be defined as a global challenge of an economic nature, which especially concerns the extractive industries, and, accordingly, geological activity in the search for deposits.
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Grimes, Paul W., Kevin E. Rogers, and William D. Bosshardt. "Economic Education and Household Financial Outcomes during the Financial Crisis." Journal of Risk and Financial Management 14, no. 7 (July 9, 2021): 316. http://dx.doi.org/10.3390/jrfm14070316.
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Using cross-sectional data from a nation-wide survey of American head-of-households conducted in the spring of 2010, we examined the ameliorating effects of economic literacy on the probability of specific household financial outcomes resulting from the 2008 financial crisis and the associated Great Recession. A series of probit regressions were estimated to capture the impact of economic literacy on the probability that households experienced job loss, delinquent mortgage payments, delinquent credit card payments, delinquent auto loan payments, loss of home, and personal bankruptcy. The head-of-household’s economic literacy was measured by the level of formal education received in economics and by the score achieved on an in-survey quiz of basic economic concepts and principles. The results indicate that realized quiz scores were correlated with the mitigation of job loss, late payment behavior, and personal bankruptcy, ceteris paribus. However, the results for the impact of formal economic coursework in school were mixed.
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Fetai, Besnik Taip. "Does financial development accelerate economic growth?" Journal of Financial Economic Policy 10, no. 3 (August 6, 2018): 426–35. http://dx.doi.org/10.1108/jfep-11-2017-0118.
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Purpose This study aims to empirically explore whether there is causality and in which direction, i.e. whether financial development generates economic growth or whether financial development merely follows economic growth in transition European countries, including Russian Federation and Turkey, during 1998-2015. Design/methodology/approach The study uses different techniques such as pooled OLS, fixed and random effects and the Hausman–Taylor model with instrumental variables. Findings The regression results show a positive relationship between financial development indicators and real GDP per capita growth, thus supporting the hypothesis that finance leads economic growth. The result also shows that financial crisis has a negative effect on real GDP per capita growth. Furthermore, these findings show that government spending and inflation have a negative impact on real GDP per capita growth. The study also shows that financial development plays growth-supporting role in real GDP per capita growth in 20 European countries in transition, including Russian Federation and Turkey. Practical implications As financial development generates real GDP per capita growth, on the basis of the results of the study, a course of action that involves institutional improvement and incentivizing competition in the financial sector is recommended to the Central Banks’ policymakers in transition economies. These will in turn lead to higher real GDP per capita growth. Originality/value The study is original in nature and makes effort to promote financial development in transition European countries, including Russian Federation and Turkey. The findings of this study will be of value to Central Banks and other policymakers.
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Lee, Inkoo, and Jong-Hyup Shin. "Financial Liberalization, Crises, and Economic Growth." Asian Economic Papers 7, no. 1 (January 2008): 106–15. http://dx.doi.org/10.1162/asep.2008.7.1.106.
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The paper computes the effect of financial liberalization on economic growth by combining the results of a panel model with those of a probit model. It finds a positive net effect from financial liberalization to growth. Surprisingly, we find that the net effect on growth is larger in the crisis-experienced country group than in the overall sample group. Our guess is that the crisis-experienced countries are mostly developing countries that usually enjoy higher growth rates than the developed countries because of the catching-up phenomenon. The paper also studies the link between financial liberalization and nominal interest rates, and finds, contrary to expectations, that the direct liberalization effect is positive. Our guess is that this reflected the overshooting of interest rates after crises.
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Nowak, Edward. "Results account as a source of economic information / Rachunek wyników jako źródło informacji ekonomicznych." Management 17, no. 1 (May 1, 2013): 371–81. http://dx.doi.org/10.2478/manment-2013-0026.
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Summary Financial result is one of the fundamental economic categories subject to measurement within the accounting system. Financial result is a complex economic category, since its fluctuations are determined by expenses and revenues. The volume of financial results is related to activities in each of the individual areas of business operation and to selected external factors. Information on company results is of interest to all stakeholders, both internal and external, but the information requirements of each group are dissimilar. One common denominator here is the use of financial information in economic decision-making processes. This paper presents the role of results account as an important source of information used for decision-making purposes by company stakeholders, both external and internal.
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Kriese, Maryam, Joshua Yindenaba Abor, and Elipklimi Agbloyor. "Financial consumer protection and economic growth." International Journal of Emerging Markets 14, no. 5 (December 2, 2019): 1060–80. http://dx.doi.org/10.1108/ijoem-05-2018-0229.
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Purpose The purpose of this paper is to examine the link between financial consumer protection (FCP) and economic growth. Design/methodology/approach The authors use cross-country data on 114 countries surveyed in the World Bank Global Survey on FCP and Financial Literacy (2013) and endogenous treatment regressions for the estimation. Findings The results indicate that FCP enhances economic growth through fair treatment, responsible lending, enforcement and dispute resolution and recourse regulations. The authors find no evidence to suggest that disclosure and compliance monitoring regulations have an effect on economic growth. Practical implications This study provides rich insight into the important question faced by policy makers, as to which FCP regulatory mechanisms to put in place to enhance economic growth. Originality/value This study provides current, cross-country empirical evidence on the debate as to whether FCP enhances economic growth.
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Borisovna Frolova, Victoria, Olga Vladimirovna Dmitrieva, Vladimir Aleksandrovich Biryukov, Galina Mikhailovna Avramenko, and Konstantin Anatolievich Lebedev. "Development of Control System of Financial and Economic Results of an Enterprise." International Journal of Engineering & Technology 7, no. 4.38 (December 3, 2018): 167. http://dx.doi.org/10.14419/ijet.v7i4.38.24346.
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The paper presents the proposals for the development of control system of financial and economic results of an enterprise. It was proved that teamwork, corporate culture and high competence of the participants create the necessary conditions for the formation of new thinking and highly professional action. It was found that a company should create the atmosphere of creativity and necessary change including the removal of barriers to the team interaction, the improvement of teamwork vertically, horizontally and throughout the management structure. It was determined that models and methods as elements of the result management system are the main and formative components of the financial and economic results control system of enterprises itself since the functioning of the entire system and each of its elements depends on the choice of specific management models and methods or their combination.
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Adeel-Farooq, Rana Muhammad, Nor Aznin Abu Bakar, and Jimoh Olajide Raji. "Trade openness, financial liberalization and economic growth." South Asian Journal of Business Studies 6, no. 3 (October 2, 2017): 229–46. http://dx.doi.org/10.1108/sajbs-06-2016-0054.
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Purpose The purpose of this paper is to empirically examine the effects of financial liberalization and trade openness on the economic growth of two countries, namely, Pakistan and India for the period 1985-2014. Design/methodology/approach This study uses the autoregressive distributed lag technique, which allows mixed order of integration. In addition, it uses the principal component method to create an index for financial liberalization to examine how it affects the economic growth of the selected countries. Findings The findings reveal that in the short and long run, trade openness has positive effect on the Pakistan’s economic growth while the financial liberalization has positive impact only in the long run. In the case of India, both financial liberalization and trade openness positively and significantly influence the economic growth in the short and long run. Practical implications By comparing the results of both countries, trade openness and financial liberalization increase the economic growth of India more than that of Pakistan. These results suggest that Pakistan should consider appropriate positive policies regarding financial liberalization and trade openness to achieve high and stable economic growth in the future. Originality/value This study creates financial liberalization index by using the principal component analysis method to explain the role of financial liberalization in the economic growth of Pakistan and India. In addition, it makes comparison of the results based on which country benefits most from the liberalization of trade and financial sectors. Only very few studies have examined these countries, yet their results have remained inconclusive as well.
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Honningdal Grytten, Ola, and Viktoriia Koilo. "Financial instability, institutional development and economic crisis in Eastern Europe." Investment Management and Financial Innovations 16, no. 3 (September 6, 2019): 167–81. http://dx.doi.org/10.21511/imfi.16(3).2019.16.
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This paper sheds light on the financial crisis of 2008–2010 in eleven emerging Eastern European economies (EE11): Armenia, Azerbaijan, Belarus, Bulgaria, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, Romania, Tajikistan and Ukraine. The aim is twofold. In the first place it seeks to find out if the financial instability hypothesis, as put forward by Minsky and Kindleberger, is a valid explanatory factor for the crisis. Secondly, it tries to map if general institutional frameworks of these countries were developed in order to stand against the factors leading into the financial crisis.To answer these research problems the paper maps cycles of three parameters representing the real economy, i.e. gross domestic product, manufacturing output and unemployment and four parameters representing the financial markets, i.e. money supply, credit volumes, inflation and government debt. The cycle approach is carried out with the help of a structural time series analysis to isolate cycles in time series. The paper concludes that there were substantial positive financial cycles previous to the financial crisis mirrored by similar cycles in the real economy. Similarly, the results show negative cycles in the same parameters during the years of crisis. It seems that an uncontrolled increase in money and credit caused the economy to overheat and thereafter contract into financial and real economy crises.Also, the paper compiles twelve different indices of institutional development. These are standardized and presented in an institutional development matrix, showing that the general institutional framework for the eleven economies was weak previous to and under the meltdown of the economies. The construction of an integrated institutional development index on the basis of the same twelve parameters confirms institutional shortcomings, which may have made the economies less able to guard themselves from a crisis initiated by both domestically and internationally financial instability.
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Вахорина, Марина, and Marina Vakhorina. "Analysis of Quality of Financial Results: Problems and Decisions." Scientific Research and Development. Economics 5, no. 6 (January 10, 2018): 41–44. http://dx.doi.org/10.12737/article_5a2a5b061e37a7.22829243.
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The problems connected with carrying out the analysis of financial results as subject of the economic analysis are considered. Within the research the main objectives and the directions of the analysis of financial results are proved. Special attention is paid problems of assessment of quality of profit, directed to her increase.
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Rocci, Andrea, and Margherita Luciani. "Economic-financial journalists as argumentative intermediaries." Argumentation in Journalism 5, no. 1 (March 24, 2016): 88–111. http://dx.doi.org/10.1075/jaic.5.1.05roc.
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The paper offers a single-case analysis of newsmaking discourse, considering the source, the writing process and the news product from the vantage point of argumentation. The case study examines how a journalist of the business-finance desk of a generalist newspaper copes with the argumentative and persuasive nature of the corporate press releases on financial results on which he depends for his reporting. The paper contributes to the understanding of journalistic practices in the economy-finance desk showing that even within the constrained genre of hard news reporting and despite the epistemic and practical limitations of newsmaking practices the journalist does not renounce to a critical stance towards the argumentation in the source. This is done without fully and explicitly assuming the argumentative roles of antagonist and protagonist of alternative standpoints but rather by rhetorically framing the reader in these roles. Methodologically, the paper showcases a two-way cross-fertilization between argumentation theory and the ethnography of newsmaking. The newsmaking process joining the press release and the newspaper article is analyzed in vivo thanks to the ethnographic methodology of Progression Analysis (PA). Progression Analysis provides a new kind of evidence for argumentative reconstruction, while argumentative reconstruction provides an explicit framework for comparing source and product texts and for laying down the reasoning behind the journalist’s decision making as elicited by (PA).
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OBAYORI, JOSEPH BIDEMI, and George-Anokwuru Chioma Chidinma B. "Financial Inclusion and Economic Growth in Nigeria." Business Perspective Review 2, no. 2 (September 11, 2020): 46–56. http://dx.doi.org/10.38157/business-perspective-review.v2i2.149.
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Purpose: Financial inclusion entails the delivery of financial services to individuals and businesses at segments of the society at a reasonable rate that meets their desired transactions. In view of this, the paper examined financial inclusion and economic growth in Nigeria from 1981-2018.
Methods: The ARDL model was used to analyze the annual time series data collected from the CBN Statistical Bulletin and the World Bank report. The augmented Dickey Fully (ADF) unit root test, to test for stationarity of the variables preceded the ARDL model.
Results: The ADF unit root test results showed that the dependent variable was stationary at order zero I(0), while the independent variables were stationary at order one I(1). Based on the first-hand results, it was revealed that both in the short-run and long-run, access and effective usage of financial services bring about a significant increase in economic growth. But per capita income has a negative but significant relationship with economic growth.
Implications: The study conforms to finance-led growth theory which averred that the financial system is a positive function of economic growth. Based on these findings, the paper recommended that more efforts needed to be done to enhance and extend financial inclusion services such as electronic transaction in the form of POS, ATM, mobile money, etc to all rural communities in Nigeria as well as financial literacy and engagement of low-income people in the formal financial services in order to increase economic growth.
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Chugunov, Igor, Valentyna Makohon, Tatjana Kaneva, and Iryna Adamenko. "Influence of financial support of human capital development on economic growth." Problems and Perspectives in Management 20, no. 2 (May 18, 2022): 269–80. http://dx.doi.org/10.21511/ppm.20(2).2022.22.
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The COVID-19 pandemic has intensified the issue of strengthening the financial support of human capital development and enhancing its impact on economic growth. This study aims to assess the impact of financial support of human capital development in terms of public spending on health and education on economic growth. Economic-statistical methods and correlation-regression analysis are used to determine the impact of the share of public spending on health and education in GDP on real GDP, and to assess the characteristics of financial support of human capital development. The study reveals evidence of a link between the level of public funding for human capital development and real GDP. At the same time, for Ukraine and the countries-full members of the Commonwealth of Independent States, in particular Armenia, Azerbaijan, Kazakhstan, Moldova, Belarus, the Kyrgyz Republic, Uzbekistan, and Russia, the results of the study were mixed. In recent years, with the share of public spending on health and education in GDP growing by 1 percentage point, real GDP has grown in 4 and 5 countries, respectively, and decreased in 5 and 4 countries out of 9 studied. The results show that a significant deterrent to strengthening the financial support of human capital development and its impact on economic growth is a significant level of uncertainty in economic processes, which determines the importance of revising the forms and methods of public financing of human capital.
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Zhuchinsky, Alexander. "Financial and economic results of the country club activities and their place in the system of controlling." University Economic Bulletin, no. 44 (February 12, 2020): 35–41. http://dx.doi.org/10.31470/2306-546x-2020-44-35-41.
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The subject of the research is theoretical and practical aspects of determining the financial and economic results of the activity of cultural and artistic institution. The purpose of the work is to determine the financial and economic results of the activities of cultural and artistic institution and to establish their positive dynamics due to the introduction of controlling tools in the systematic management of its development. The methodological basis of the article was both general scientific and special methods of scientific knowledge. The following methods were used: monographic; economic comparisons; statistical and economic, incl. formal and factor analysis; economic and mathematical; balance; graphic. Results of work. In the process of controlling in the system of activity of cultural and artistic institutions in the countryside and managing their development, financial and economic indicators and economic results occupy an important place. This is confirmed by the example of a rural house of culture. On the one hand, high and sustainable financial and economic results of its operation are important consequences of implementation, a kind of indicators of controlling efficiency. On the other hand, they are the financial basis for its further development and improvement. This is especially valuable in the context of decentralization of power, administrative-territorial reform, changing budgeting priorities for rural cultural institutions. The field of application of results. The conclusions and results of the article can be used in the educational process of economic faculties of higher educational establishments. They should be transferred for practical use in the management of socio-cultural enterprises. Conclusions. Factor analysis is important for enhancing the financial and economic performance of a rural club as a cultural and artistic institution. Economic factor analysis refers to the gradual transition from the initial factor system (performance indicator) to the final factor system, the disclosure of a complete set of direct quantitative factors that influence the change in the effective indicator. Their choice for the analysis of a particular indicator is made on the basis of financial and economic analysis of external factors. In this case, they usually proceed from the principle: the larger the set of factors under study, the more accurate the results of the analysis will be. Factor analysis can be done through questionnaires and be an important component of the controlling system.
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Gholipour, Hassan F., and Mary Elizabeth Dunkley. "Economic Policy Uncertainty and Household Financial Assets." Applied Economics Quarterly: Volume 65, Issue 2 65, no. 2 (June 1, 2019): 101–14. http://dx.doi.org/10.3790/aeq.65.2.101.
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Abstract We examine the relationship between economic policy uncertainty (EPU) and patterns of two major household financial assets. Using data from a set of OECD countries from 1995 to 2016 and applying cointegrating regressions, we find evidence that escalations in EPU shift households’ portfolios away from shares and towards currency and deposits. Our results have important implications for macroeconomic policymakers and corporate finance managers. JEL Classifications: G11, D81 Policy Uncertainty; Household Financial Assets; FMOLS
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Kołodziej, Sabina. "THE RELATION BETWEEN FINANCIAL KNOWLEDGE AND ECONOMIC DECISIONS." Problems of Education in the 21st Century 59, no. 1 (April 15, 2014): 59–67. http://dx.doi.org/10.33225/pec/14.59.59.
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Nowadays policymakers, government agencies and educators in Poland and in many European countries emphasize the role of individual possibilities to take independent decisions regarding one’s financial resources. Consequently, the increased interest in financial education programs is observed. Moreover, the complexity of financial products further demonstrates the need for a financial knowledge when making decisions in this sphere. However, simultaneously, the common observation of numerous examples of irrelevant decision-making, consequently leading to financial (e.g. abundant debt) or professional (e.g. loss of work) problems as well as results of studies on the level of financial knowledge show that in many cases our society, most probably, does not have the indispensable level of analyzed knowledge. The article presents results of 2 studies on the relation between financial knowledge and economic decisions made by Polish young adults. The study 1 focuses on the correlation between financial knowledge and saving decisions while the study 2 financial knowledge and respondents debts. In both studies the level of financial knowledge was measured by the test relating to the current economic situation of Poland, knowledge of basic economic and financial concepts and understanding of basic market mechanisms. Specially designed questionnaires analyzed respondents’ savings (study 1) and debts (study 2) decisions. The results of those studies show that examined a group of Polish young adults has an average level of financial knowledge. Moreover, the first study found positive correlation (on the level of statistical trend) between financial knowledge and savings decisions. The results of study 2 showed the higher financial knowledge among people who took credits or loans from bank in comparison with people who take credit and loans outside the banking system. Results obtained in the studies reinforce the idea of the important role of financial education in preparing young people to make their own economic decisions. Key words: debt, financial education, financial knowledge, saving, young people.
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Majdáková, Andrea, Blanka Giertliová, and Iveta Hajdúchová. "Prediction by financial and economic analysis in the conditions of forest enterprises." Journal of Forest Science 66, No. 1 (January 30, 2020): 1–8. http://dx.doi.org/10.17221/84/2019-jfs.
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Individual companies need to know their financial condition. They have a wide range of methods and procedures to create a system of the financial and economic analysis of a company. The analysis is focused on the evaluation of a specific group of methods for predicting the financial health of a business entity. Evaluations of the financial situation of a company are divided into point methods, mathematical and statistical methods and neural networks. The individual methods differ from each other in difficulty, in the extent of the analyzed areas and possibilities of application. The aim of this work is to assess the possibilities of using selected methods of comprehensive evaluation of companies as a tool for an analysis of the position of each company in the branch. The suitability and feasibility of each method are tested on a selected group of companies. Quick Test, Tamari Model, Beaver Model are included in this work. Based on the results, improvements and recommendations for the practical use were suggested. The results showed that the best predictive methods are Quick Test and Tamari Model, because they are quick and unequivocal when assessing the analyzed companies. An inappropriate prediction method is the Beaver model, which uses only two financial indicators to evaluate companies.
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Nusratullin, Ilmir, Raul Yarullin, Tagira Ismagilova, Olga Eremeeva, and Tatiana Ermoshina. "Economic and financial results of the USA and the European Union sanctions war against Russia: first results." Cuestiones Políticas 39, no. 68 (March 7, 2021): 251–72. http://dx.doi.org/10.46398/cuestpol.3968.16.
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As part of this study, the goal is set to assess the impact of sanctions imposed by the United States and the European Union on the economy and financial sector of Russia, to identify the effectiveness of the initial goals of these countries. To achieve the goal, the legal acts concerning the imposed sanctions of the USA and the European Union against Russia were first analyzed, a chronology of events was described, and sanctions were classified. Further, based on the data of the World Bank and the Federal State Statistics Service of the Russian Federation, the results of the sanction pressure on the Russian economy and financial sector were estimated. Then the results of this study were compared with the results obtained by other scholars. The paper concluded that the sanctions of the United States and the European Union did have an impact on the economy and financial sector of Russia, but this influence was not as significant as the leaders of these countries expected. In addition, the impact of the sanctions is gradually decreasing despite the introduction of new sanctions on various pretexts.
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Saleem, Adil, Judit Sági, and Budi Setiawan. "Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach." Economies 9, no. 2 (April 6, 2021): 49. http://dx.doi.org/10.3390/economies9020049.
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The pre-eminence of Islamic finance from the perspective of economic growth has been a long-standing debate. In recent decades, there has been a paradigm shift from interest-based banking to Islamic financial system. This study intends to examine the dynamic interaction of Islamic financial depth (IFD), Islamic financial intermediation (IFI), and asset quality with economic growth in a dual banking system. The paper employs autoregressive distributive lag regression (ARDL), error correction model (ECM) and Granger causality to examine the long and short run linkage by using the quarterly data of Pakistan from 2005 to 2019. The authors run two models to analyze the relative importance of financial depths (Islamic and conventional), financial intermediation (Islamic and conventional), and asset quality of both financial systems. A long-run relationship flowing from finance to growth in both Islamic and conventional finance models has been observed in our study. Furthermore, the findings recommend that strong financial intermediation plays an imperative role in driving economic growth by both financial sectors. The presence of a higher degree of Islamic financial assets in the economy contributes towards economic growth in the short-run. The results show that asset quality possibly plays an important intervening role in the overall finance-growth nexus.
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Paweenawat, Archawa, and Robert M. Townsend. "Village Economic Accounts: Real and Financial Intertwined." American Economic Review 102, no. 3 (May 1, 2012): 441–46. http://dx.doi.org/10.1257/aer.102.3.441.
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We propose a framework to create village economic and balance of payments accounts from a micro-level household survey. Using the Townsend Thai data, we create the accounts for villages in rural and semi-urban areas of Thailand. We then study these village economies as small open countries, exploring in particular the relationship between the real and financial variables. We examine cross-village risk-sharing and the Feldstein-Horioka puzzle. Our results suggest that within-village risk-sharing is better than across-village and, while there is smoothing in both, the mechanisms are different. We also find that, unlike countries, the cross-village capital markets are highly integrated.
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Sharma, Dipasha. "Nexus between financial inclusion and economic growth." Journal of Financial Economic Policy 8, no. 1 (April 4, 2016): 13–36. http://dx.doi.org/10.1108/jfep-01-2015-0004.
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Purpose The purpose of this study is to assess the nexus between the vast dimensions of financial inclusion and economic development of the emerging Indian economy. Design/methodology/approach In this study, vector auto-regression (VAR) models and Granger causality test were followed to test the main research question in Indian context. The data were collected on various dimensions of financial inclusion and economic development for the period 2004-2013. Findings Empirical results and discussion suggest that there is a positive association between economic growth and various dimensions of financial inclusion, specifically banking penetration, availability of banking services and usage of banking services in terms of deposits. Granger causality analysis reveals a bi-directional causality between geographic outreach and economic development and a unidirectional causality between the number of deposits/loan accounts and gross domestic product. The results obtained favor social banking experiments in India with a deepening of banking institutions. Research limitations/implications This study is limited to the banking institutions and specifically to the emerging and developing economies. Practical implications This study analyzes the quantitative value of social banking experiments and governments’ efforts to enhance financial inclusion in terms of economic growth. Social implications Financial inclusion plays a key role in developing a strong and an efficient financial infrastructure, which facilitates the growth of an economy. The findings of the study reveal that there is a strong association between banking penetration and growth. The discussion leads in the favor of deepening of the banking institutions, and therefore, policymakers can look forward to these findings to maintain a sustainable-inclusive-developed economic system in an emerging economy like India. Originality/value This study is original in nature and includes recent evidence and efforts to promote financial inclusion in the Indian economy. The findings of this study will be of value to banks and policymakers.
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LOPATOVSKYI, Victor, and Rostyslav KRASUTSKYI. "PECULIARITIES OF FORMATION AND USE OF INFORMATION ABOUT FINANCIAL RESULTS OF ACTIVITY OF BUSINESS ENTITY AS A RESULT OF EFFECTIVE PERFORMANCE." Herald of Khmelnytskyi National University 302, no. 1 (January 2022): 142–47. http://dx.doi.org/10.31891/2307-5740-2022-302-1-24.
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Research on financial performance and income taxation in times of economic downturn and crisis is always gaining attention and popularity, because the amount of profit depends on the viability of the enterprise, the level of wages and, accordingly, turnover and skills, and as a result of state budget revenues. different levels. Income tax, in turn, is a regulator of the distribution between the state and enterprises of all forms of ownership of profits, as the main source of innovation and investment activities. The current conditions and the economic situation in Ukraine and in the world as a whole pose new challenges for enterprises to optimize their activities, efficiency in the face of growing competition, the impact of aggressive internal and external factors. No business activity has development prospects without a positive financial result, which lacks the dynamics to grow. Profit has always been the main indicator of business efficiency. That is why the formation and definition of profit has caused and continues to cause so much debate in economics, as evidenced by the great variety of theories on its definition and sources of formation. This area of research attracts a lot of attention during the crisis, as profit is the most desirable source of resource recovery and enterprise development. Therefore, maintaining profitability at a sufficient level is a challenge for managers at all levels and divisions of the enterprise, especially given today’s oversaturated and over-competitive environment, where every enterprise is fighting for survival. The authors investigate the peculiarities of the formation and use of information about financial results as an effective indicator of enterprise activity, which is formed according to the system of its accounting and reporting and used by management to make management decisions on profit management. Financial results are a measure of the efficiency of any commercial enterprise, making a profit – the main purpose of doing business. Domestic and foreign scientists have prepared many scientific papers to highlight the peculiarities of the formation and use of information about financial results, but the main problem is that there is no one-size-fits-all solution to optimize financial results and increase profitability. The current economic turmoil shows new weaknesses in the activities of economic entities and policies to increase their profitability, and therefore research and writing scientific papers and practical recommendations on this topic will always be relevant.
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Sachenok, L. I. "Assessment of the financial stability of the results of the organization of Sevastopol." Vestnik Universiteta, no. 4 (June 5, 2021): 161–69. http://dx.doi.org/10.26425/1816-4277-2021-4-161-169.
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The assessment of economic stability and solvency is the main element of the analysis of the financial condition necessary for control, allowing to assess the risk of breach of obligations under the calculations of the enterprise. The purpose of the study was to assess the economic stability of the organization and develop measures to improve it in a market economy. The subject was the study of the financial condition of the organization in the aspect of economic stability. The paper evaluates the results of the economic activities of the micro-enterprise LLC “Solveks Group”. The author gives the characteristics of the organization, investigates the reporting indicators to identify errors in enterprise management. The enterprise was unprofitable for a long time, but recently began to make a profit. It became necessary to determine whether this trend is really positive, or whether it hides new problems. The study carries out an analysis of the liquidity and solvency of the organization, during which identifies a number of problems. The author makes recommendations for improving financial stability.
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Lebedev, A. V., and E. A. Razumovskaya. "Correlation between the results of social and economic development and parameters of the structure of Russian financial system." Finance and Credit 26, no. 4 (April 28, 2020): 757–73. http://dx.doi.org/10.24891/fc.26.4.757.
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Subject. The article investigates the structural parameters of the financial system, which enable to assess the quality of its structure. Objectives. We make attempts to test the hypothesis about the availability of relationship between the structure of the Russian financial system and the results of socio-economic development. Methods. To analyze the structure of the financial system of Russia, we employ the OECD international methodology and the data of the Central Bank of the Russian Federation. Results. The paper presents our own interpretation of macroeconomic identical relation reflecting the factor sources of economic growth; discloses the significance of capital as a financial parameter, which is subject to transformation under the influence of advanced digital technologies; includes the coefficients, which we developed for a qualitative analysis of the financial system structure, taking into account the specifics of the Russian national economy. One of the said coefficients (the actual indicator of financial potential) is intended to reflect the level of financial digitalization. Conclusions. Given the current controversial opinions on the impact of the financial system’s structure on economic growth, we believe that during the further study of the issue, it is important to rely not only on international methods, but also on domestic scientific developments, like the presented coefficients 5–9.
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Hussen, Abdulaziz A. "Impact of Financial Integration on Ethiopian Economic Growth." Business and Economic Research 10, no. 1 (December 3, 2019): 55. http://dx.doi.org/10.5296/ber.v10i1.15752.
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This paper analyzes theoretically the role of financial integration on economic growth and empirically examines the influence of financial integration on Ethiopian economic growth. Many researchers find different investigation results during their data analysis on the impact of financial integration on economic growth. The outcome of most researchers indicate that financial integration has a positive contribution to economic growth, while the result of quite a few numbers of researchers suggested that financial integration has a negative influence on economic growth. Similarly, few of them propose that the relationship between these two variables as bi- directional. Furthermore, literatures categorize the impact of financial sector on economic growth into four basic hypotheses. Which are supply leading, demand following, bidirectional, and independent hypothesis. These hypotheses suggest that financial integration has different role on economic growth and all of them are supported by several research results of various researchers. It is considered that the main reason behind these contrasting research results are the level of financial integration and the composition of financial flows. Moreover, the financial crises that occur in recent decades created a heated debate among researchers on the advantages and disadvantages of financial integration. However, most economists agree that financial integration is beneficial to the economy. The result of this paper analysis also shows, financial integration has a positive impact on the Ethiopian economic performance.
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Domagała, Joanna. "INTENSITY OF INTERNATIONALIZATION OF FOOD INDUSTRY SECTORS AND THEIR ECONOMIC AND FINANCIAL RESULTS." Annals of the Polish Association of Agricultural and Agribusiness Economists XXIII, no. 2 (June 29, 2021): 41–50. http://dx.doi.org/10.5604/01.3001.0015.0027.
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The aim of the article is to determine the relationship between the level of internationalization of food industry sectors and their economic and financial results. Unpublished CSO data for the years 2000-2017 were used. The data concerned the processing of fish, milk, meat, fruit and vegetables, beverage production, bakery and flour products, oils and fats, grain mill products, starches and starch products, ready-made feed and animal feed. To conduct the analysis, the internationalization intensity index calculated for individual food sectors was used. The analyzed sectors of the food industry were divided into 3 groups according to the intensity of internationalization. The most internationalized sectors were fish processing and the production of tobacco products, and the least internationalized sectors were milk and meat processing. In the next step, selected groups were compared in terms of economic and financial indicators. In order to confirm the statistical significance of the diagnosed differences, the Kruskal-Wallis rank sum test was used. The research confirmed that the increase in the internationalization of the food industry sectors mainly affects indicators related to the labor factor, technical progress and asset productivity.
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Ögren, Anders. "Financial revolution and economic modernisation in Sweden." Financial History Review 16, no. 1 (March 18, 2009): 47–71. http://dx.doi.org/10.1017/s0968565009000043.
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AbstractThe development of a well-adapted financial system was a main part of the successful Swedish economic modernisation in the latter half of the nineteenth century. In this article it is shown that this development followed the pattern of a financial revolution. Major institutional and organisational changes that took place roughly between the late 1850s and early 1870s led to a rapid increase in liquidity and financial services. This financial revolution preceded the acceleration in economic growth in general and in the modern, industrial sector in particular. Monetisation especially encouraged growth, both in the industrial sector and in GDP as a whole. The basis of the financial system, measured as commercial bank assets and equity capital, affected overall GDP growth. The results also clearly promoted the importance of the development of the financial sector and monetisation as an interlinked and complementary process.
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Eddien N. Ananzeh, Izz, and Mohammad D. Othman. "Analyzing the effect of financial development on economic growth – the Jordanian experience." Investment Management and Financial Innovations 16, no. 1 (February 14, 2019): 119–27. http://dx.doi.org/10.21511/imfi.16(1).2019.09.
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This study came to inspect the impact of the development of both financial market and banking system on the economic growth of Jordan based on the annual data covering the period 1993–2017. Through the use of many methodologies: Johansen cointegration test, (VECM), and Granger causality test, where real GDP was used as an indicator of economic growth, the real market value of stocks (Market Capitalization) (LCAP) and Share Turnover (LTURN) are indicators for the financial market, Money supply in the broad concept (LM2), and Local domestic credit (LCR) are indicators for the banking sector.The results of this study reported that the study variables are stationary, and in the level of order 2, they are integrated, and a long-run relationship between the study variables existed according to the Johansen co-integration test. VECM model result and the target model result confirm a short-run causality running from the all variables toward GDP. Granger causality test underline a single directional causality running from variables of our study to GDP and denote the short-run impact between LCAP, LTURN, LM2, LCR, and LGDP. The analysis of the variance decomposition shows that the development of the banking system affects economic growth almost equally with the impact of the development of the financial market. The results go to the same line of supply-leading hypothesis.
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Rateiwa, Ronald, and Meshach Jesse Aziakpono. "Financial structure and economic performance in selected African countries: time series evidence." Banks and Bank Systems 11, no. 2 (July 2, 2016): 45–60. http://dx.doi.org/10.21511/bbs.11(2).2016.05.
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In this paper, the authors investigate the long-debated question of whether or not a country’s financial structure matters for economic performance and, if so, how exactly it matters. The study uses the Johansen cointegration and vector error correction modelling framework within a country-specific setting to examine empirically the existence of a long-run equilibrium relationship between the financial structure of a country and per capita GDP and the causality thereof. The empirical assessment is based on evidence from selected African countries over the period 1971-2013, notably Egypt, Nigeria and South Africa. Firstly, cointegration test results reported in this paper show that there exists a strong relationship between the financial structure of Egypt and South Africa, and per capita GDP in these countries. However, such a relationship is weak in Nigeria, mainly attributable to its low level of financial development and the possibility of the natural resource curse emanating from the oil industry. Secondly, the evidence also strongly suggests that the nature of the relationship between the financial structure of Egypt and South Africa and per capita GDP is positive, albeit based on different measures of financial structure. In Egypt, financial structure is measured by the S-Size ratio, while, in South Africa, it is proxied by the S-Activity ratio. In Nigeria, there is no evidence suggesting that the country’s financial structure influences per capita GDP. Lastly, coefficients of the error correction term for all three countries are low, suggesting inefficiencies in the financial system and possible rigidities within the economies
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Best, Alton, Brian M. Francis, and C. Justin Robinson. "Financial Deepening and Economic Growth in Jamaica." Global Business Review 18, no. 1 (February 2017): 1–18. http://dx.doi.org/10.1177/0972150916666744.
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The paper empirically examines the question of whether bank liquid reserves to bank assets ratio and domestic credit to private sector as a percentage of GDP strengthens financial deepening on the real sector and hence catalyzes economic growth in Jamaica. A Granger causality approach is employed within a multivariate framework. Cointegration is used to examine the short- and long-run relationships within the model. Innovative accounting techniques (impulse response function and variance decomposition) are also utilized to determine the out-of-sample relation between financial deepening and economic growth. The empirical analysis is conducted with annual data from 1980 to 2014 with three proxies for financial deepening. The empirical evidence suggests a ‘supplying-leading’ relationship in both the short and long run. These results are confirmed by the innovation accounting techniques (impulse response function and the variance decomposition). Our findings imply that Jamaica should first concentrate on developing its financial sectors which has the potential to spur higher levels of economic growth in the real sectors of the economy.
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Salazar-Rebaza, Carola, Fioreny Aguilar-Sotelo, Monica Zegarra-Alva, and Franklin Cordova-Buiza. "Financing in the alternative securities market: Economic and financial impact on SMEs." Investment Management and Financial Innovations 19, no. 2 (April 11, 2022): 1–13. http://dx.doi.org/10.21511/imfi.19(2).2022.01.
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In Latin America, SMEs have difficulty accessing sources of financing that allow them to obtain more significant growth and strengthen their economic activity. Therefore, this paper aims to determine the impact of financing in the alternative securities market (MAV) on the economic and financial situation of Peruvian SMEs during 2017–2020. The methodology used in this study is a quantitative approach, descriptive, non-experimental design, and longitudinal measurement. In addition, a documentary analysis technique is employed. The population included 17 SMEs financed in the MAV; the paper considers the financial statements of 6 companies in the last 4 years as a sample. The results obtained show that SMEs financed through the MAV are of different categories and economic activities. Likewise, there is a predisposition of these in the issuance and placement of short-term instruments, determining a favorable economic and financial situation through the analysis of financial indicators, with sustainable profitability growth and an acceptable liquidity and solvency situation. The conclusion is that financing in the alternative securities market has contributed to the improvement of SMEs’ economic and financial state, allowing for sustainable growth and opportunities to diversify their operations.
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Bojnec, Štefan, and Sabina Žampa. "Subsidies and Economic and Financial Performance of Enterprises." Journal of Risk and Financial Management 14, no. 11 (October 20, 2021): 505. http://dx.doi.org/10.3390/jrfm14110505.
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The aim of this article is to analyze the economic and financial performance of Slovenian enterprises, as a European Union (EU) member state case study. A favorable economic and financial performance is crucial for long-term sustainable enterprise growth and survival. Eight economic and financial performance indicators are used to evaluate the sustainability in the growth of enterprises: seven of them are financial indicators—assets, revenues from sales, equity, net profits, operating efficiency, return on equity, and value added per employee—while the eighth variable is the economic indicator for the number of employees. A distinction is made between enterprises that did and that did not receive subsidies from national and EU funds. Three enterprise-level data sources are combined in the empirical analysis: balance sheet data from enterprise accounts, own surveys data, and government data on public subsidies to enterprises. The mean values and standard deviations of economic and financial indicators based on balance sheet data for the years in two financial periods are estimated. The summary statistics for economic and financial indicators and correlation analysis are conducted and the results of the economic and financial indicators are compared using the parametric paired sample two-tailed t-test that allows comparison between the enterprises in the two financial periods. An increase in the economic and financial indicators is investigated by comparing the enterprises that did receive subsidies with the enterprises that did not receive subsidies in the two financial periods. The empirical results confirm that the value added per employee is the only financial indicator where a positive link is found between the financial indicator and subsidies. The results suggest that subsidies can be important for cash flow into enterprises, but entrepreneurial activities are crucial for favorable economic and financial performance and long-term sustainable growth in a competitive market environment.
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HAIDARZHYISKA, Olha, Tetiana SHCHEPINA, and Iryna MASIUK. "Behavioral finance and their impact on the financial results of the enterprise." Economics. Finances. Law, no. 3(1) (March 31, 2020): 24–27. http://dx.doi.org/10.37634/efp.2020.3(1).4.
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Introduction. The article analyzes the differences between traditional finance and behavioral finance. The basic tools of micro-behavioral finance are highlighted, the influence of behavioral finance on ensuring the effective result of the activity of economic relations is determined. The necessity of further study of behavioral finance in modern financial science is substantiated. It describes how behavioral finance is intended to explain the behavior of economic relations in financial market decision-making, as well as how the behavioral approach is sufficiently manifested in predicting the effects of an entity's activities today. Purpose. The methodology of work is studied in the understanding of the concept of "behavior of people", as well as their representatives on the subjects of economic dependence. Results. In recent decades, a new science has emerged and is developing - behavioral finance, which is aimed at clarifying a number of anomalies that emerge in the financial markets. Behavioral finance casts doubt on the rational behavior of market participants and examines deviations in the decision-making system. Conclusion. Assessment of the prospects of enterprise development, taking into account changes in the economy and behavioral finance is the basis for the formation of forecast data and drawing up plans. As a rule, virtually all forecasting methods are based on changes that occur from one period to another, without taking into account the behavioral factor, which allows only to predict the financial results of the enterprise while maintaining existing trends in the market environment, without taking into account possible qualitative changes and may lead to inefficient economic activity, and thus to a decrease in profit.
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Rybakova, Tetiana. "Financial levers of foreign economic activity regulation." University Economic Bulletin, no. 39 (December 21, 2018): 151–56. http://dx.doi.org/10.31470/2306-546x-2018-39-151-156.
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Relevance of research topic. One of the features of foreign economic activity is vulnerability because of fluctuations of the global market environment, which requires the use of mechanisms for its regulation using financial instruments, methods and leverage. Formulation of the problem. Effective regulation of foreign economic activity, which would correspond to its actual goals and objectives, requires the formation of financial regulatory levers system. Analysis of recent research and publications. The issues of financial mechanism and financial regulation functioning today are the subject of detailed research in the professional scientific literature on finance. Scientific interest is also caused by studies of modern financial regulatory mechanisms in various areas of the national economy, in particular, regulation in the sphere of foreign economic activity. Selection of unexplored parts of the general problem. Nowadays there is no consensus on the essence of financial leverage, its features and place in the structure of the financial mechanism. There is a lack of research on the problems of using financial levers within the framework of the mechanism for regulating foreign economic activity. Setting the task, the purpose of the study. Classification of financial levers of foreign economic activity regulation and specification of their composition as to methods and instruments of regulation. Method or methodology for conducting research. The system and structural approach, the method of logical analysis, the method of comparison were used. Presentation of the main material (results of work). In the paper the importance of applying financial levers in foreign economic activity regulation is grounded. Based on the essence of financial regulation, the structure of the financial mechanism, the goals and composition of the system of foreign economic activity financial regulation, the classification of financial levers for its regulation has been proposed. Directions of financial levers actions, forms of levers implementation, methods of regulation, and levels of regulation are highlighted as classification signs. In the framework of the proposed classification by regulation methods, a set of financial levers is presented in relation to the corresponding methods and instruments for foreign economic activity regulation. The field of application of results. Research of foreign economic activity financial regulation problems, educational process (in the preparation of the relevant sections of textbooks and tutorials for courses “Finance”, “Foreign Trade”). Conclusions according to the article. The specific features of financial levers of foreign economic activity regulation are their multi-level influence on it, orientation at obtaining strengthening or retaining effect in accordance with the goals the state sets in the sphere of foreign economic activity regulation. Each lever is used within the relevant regulatory instruments and putting them in motion, and is aimed at the implementation of the regulatory action. Financial levers of regulation are interconnected into a single system and should be used comprehensively in foreign economic activity regulation.
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Hrynchyshyn, Iryna. "Financial capacity of territorial communities in the context of evaluating the results of administrative and financial decentralization." Socio-Economic Problems of the Modern Period of Ukraine, no. 5(139) (2019): 26–32. http://dx.doi.org/10.36818/2071-4653-2019-5-4.
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The article investigates the theoretical foundations of the financial capacity of territorial communities. Parameters of estimation of territorial communities’ financial capacity in the context of achievement of administrative-financial decentralization results are characterized. The necessity of improvement of criteria of territorial communities’ financial capacity is determined in terms of identification of sources of personal income tax, number of operating enterprises in the territory of the territorial community and the number of payers. Attention is paid to the need of improvement of the methodological basis for calculating the taxability index by taking into account the size of the able-bodied population, the median distribution of income tax per capita weighted by the population, and inclusion in the calculation of Kyiv city budget. The peculiarities of formation and use of financial resources of the territorial communities of Lviv and Poltava regions are clarified. The scientific and methodological approach to the evaluation of the financial capacity of territorial communities is improved by determining the priority of their expenditures, the interdependence of their own revenues and transfers with the financing of public services at the level of territorial communities. The directions of increasing the efficiency of functioning of territorial communities are outlined. Based on the assessment of the interdependence of the amount of generated financial resources and the financing of public services at the level of the territorial communities of Poltava region, it is determined that the growth of own revenues should be ensured for their proper functioning, first of all, through efficient use of their own financial and economic potential; parity in the ratio of economic and social expenditures in order to generate long-term positive effects of socio-economic development of territorial communities; diversification of functional expenditures for comprehensive provision of public services at the level of territorial communities.
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-, Wasiaturrahma, Shochrul Rohmatul Ajija, and Ramses Muhammad Rizal. "Financial Deepening and Economic Growth in Indonesia." Media Trend 14, no. 1 (April 2, 2019): 24–32. http://dx.doi.org/10.21107/mediatrend.v14i1.4552.
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The purpose of this study is to analyze the impact of financial deepening on economic growth in Indonesia. The time period studied for this research is from 1975 until2016. This study uses a quantitative research approach in the form of statistics and econometrics regression data. The data used is based on the annual time series data from 1975 until 2016. In this research, two models of testing are used, namely ARDL (Autoregressive Distributed Lag) and ECM (Error Correction Model). The results of this study indicate that financial deepening has a significant negative impact on economic growth in Indonesia. The Broad Money, Government Expenditure and Trade Openness variables influenced the variables of economic growth simultaneously in the period 1975-2016, but only the GDP and Trade openness variables had a significant influence on the dependent variable of GDP during the researched period. Therefore, Bank Indonesia (BI) needs to conduct further research on Broad Money trading (M2) so that the function of economic depth can encourage the growth of GDP Indonesia. In addition, there is a need for policies that will stimulate and facilitate foreign and domestic companies to sell their shares on BEI (Indonesian stock exchange) so that they can be traded by people whose impact will increase Indonesia's economic growth.
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Ivanchenkova, L. "MATERIAL-FINANCIAL BALANCE SHEET IN FOOD BUSINESS ACTIVITIES AND ITS ROLE IN THE FORMATION OF FINANCIAL AND ECONOMIC RESULTS." Agrosvit, no. 5 (March 19, 2019): 47. http://dx.doi.org/10.32702/2306-6792.2019.5.47.
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Ejem, Chukwu Agwu, and Udochukwu Godfrey Ogbonna. "Financial Conditions Index and Economic Performance in Nigeria." American Finance & Banking Review 5, no. 1 (May 6, 2020): 62–70. http://dx.doi.org/10.46281/amfbr.v5i1.564.
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The main aim of this study is to construct a financial conditions index for Nigeria and analyze its predictive power for future growth rate and inflationary trend. The study is based on yearly time series data from 1985 to 2018. The variables included in the construction of the index are riskless interest rate, stock market index, exchange rate, credit to private sector and interest rate spread. The weights attached to these variables are derived from ARDL coefficients, while the predictive power of the constructed index is examined within the VAR framework. The results from the ARDL model shows that credit to private sector and stock market index are the most significant factors for nominal GDP, hence having a substantial weight in the resultant financial conditions index. However, the results from VAR impulse response function and forecast error variance decomposition suggest that the constructed financial conditions index contain very little predictive information about future growth rate and inflationary trend.
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Tiazhkorob, Iryna, and Tetiana Markanych. "IMPACT OF THE COVID-19 PANDEMIC ON FINANCIAL RESULTS OF CONSULTING WORLDWIDE." INNOVATIVE ECONOMY, no. 7-8 (2021): 32–37. http://dx.doi.org/10.37332/2309-1533.2021.7-8.4.
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Purpose. The aim of the article is to determine the tendency to change the financial results of consulting activities in the world in the context of the COVID-19 pandemic. Methodology of research. The following general scientific research methods are used to achieve this goal, in particular: comparison – to compare the financial results of consulting activities depending on the field of activity of economic entities, between regions and countries of the world; absolute and relative values – in the analysis of revenues of leading consulting companies; tabular and graphical – to visualize the dynamics and structure of the analysed indicators; generalizations – to justify the conclusions. Findings. It is determined that the COVID-19 pandemic had a negative impact on the development of the consulting market in 2019-2020, which led to a reduction in its size. It was found that there are regional and sectoral differences in the loss of income of consulting companies around the world. It is concluded that the impact of the unfavourable economic situation on the financial results of the four leading consulting companies was insignificant relative to the level of the global consulting market. It is established that new models of consulting cooperation are remote (virtual) and hybrid models of work. It is stated that for the effective implementation of innovative technologies it is necessary to have a physical workplace for the company’s staff. The expediency of implementing a strategy of narrow specialization by consulting companies to avoid or limit the risk of lower prices and loss of income from consulting activities is substantiated. It is argued that there is a demand for professional consulting services from economic entities, due to the need to overcome the financial and economic consequences of the pandemic and adapt to new economic conditions. Originality. Characteristics of trends in the development of consulting activities in the world were further developed. Practical value. Determining global trends in the financial results of global consulting companies will serve as a basis for the formation of adaptive mechanisms of consulting activities in Ukraine. Key words: consulting market; consulting activity; consulting companies; income; pandemic COVID-19.