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1
Lukmanova, Inessa, Andrey Chizhik, Alexander Fadeev, Yaroslav Lavrinenko, and Elena Sharapova. "Methodological approaches to the assessment of capitalization of construction enterprises." MATEC Web of Conferences 170 (2018): 01096. http://dx.doi.org/10.1051/matecconf/201817001096.
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The paper is devoted to the study of methodological approaches to the assessment of capitalization of construction enterprises. The main objective of the study is the development of a strategy map of the enterprise, focused on the growth of its capitalization. The analysis of typology of capitalization mechanisms of companies is presented; author's recommendations on the arrangement of the financial mechanism of the company's fundamental capitalization are given. Theoretical approaches are considered and the influence of external and internal factors on the process of increasing the value of enterprises of the construction industry is determined. The mechanisms of capitalization are revealed and systematized due to the analysis of expansion of construction enterprises. The developed strategy map allows us to graphically identify the key factors that influence the creation of a high level of capitalization.
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Zaіtseva, Lіudmуla, and Kseniia Sieriebriak. "DEVELOPMENT OF AN APPROACH TO DETERMINING THE LEVEL OF CAPITALIZATION OF CORPORATE ENTERPRISES ON THE BASIS OF THE EVALUATION MECHANISM." Baltic Journal of Economic Studies 7, no. 4 (September 27, 2021): 85–90. http://dx.doi.org/10.30525/2256-0742/2021-7-4-85-90.
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The purpose of the article is to substantiate the approach to determining the level of capitalization of corporate enterprises on the basis of the evaluation mechanism. In accordance with the set goal the following tasks were solved: to evaluate the possibility of applying the existing approaches to the capitalization assessment, to substantiate the approach to the capitalization assessment of the enterprise taking into account the factors of assessment quality, and to determine the ways of increasing the capitalization of corporate enterprises. Methodology. The methodological component of the study is the cost approach to assessing the capitalization of an enterprise. The proposed approach is based on the integration of private assessments of the enterprise value, including the use of financial statements, which makes it possible to identify areas to increase the level of capitalization at the expense of the enterprise's own efficiency. The method of dialectical approach in understanding the economic essence of enterprise capitalization through its general and specific functions, determining the directions of efficiency and tools to increase the capitalization of the enterprise. The results of assessing the level of corporate companies' capitalization serve as an information base for making managerial decisions on the choice of sources of increasing the market value in the future. Practical implications. The study used the method of comparison and generalization in assessing the level of capitalization of the enterprise. The information base of the study are scientific developments of Ukrainian and foreign authors on the assessment of the level of capitalization of the enterprise, the materials of Ukrainian stock exchanges and official publications of financial statements of PJSC "Ukrnafta", PJSC "Turboatom". Value / originality. The proposed capitalization assessment model takes into account the factors of quality assessment and makes it possible to form an information platform for investors on forecasts of return on invested capital and risk on their shares.
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Anichkina, Olga, Irina Bogonosova, Larisa Prykina, Tatyana Dubrovskaya, and Aleksey Zaretskikh. "Methods to improve the capitalization level of enterprises." MATEC Web of Conferences 170 (2018): 01092. http://dx.doi.org/10.1051/matecconf/201817001092.
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The purpose of the study is to identify and systematize the capitalization methods of enterprises in the construction industry by analyzing of internal and external expansion. The paper analyzes models of capitalization with vertical and horizontal integration in the cluster structure, considers factors of growth of capitalization through cluster structures that have the greatest potential for innovative development. They ensure effective binding of internal resources in the innovative development projects, while using external sources of growth as fully as possible. As a result of the study, the algorithm was developed to form and implement the capitalization mechanism of activity of construction enterprises on the basis of the implementation concept of new forms of activity.
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Cheng, Jian, Jiangmeng Zhao, Daolin Zhu, and Hui Zhang. "Limits of Land Capitalization and Its Economic Effects: Evidence from China." Land 10, no. 12 (December 6, 2021): 1346. http://dx.doi.org/10.3390/land10121346.
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Academic debates over the advantages and disadvantages of land capitalization are ongoing in China, but the fundamental issues behind the debate have not been adequately explored. We suggest that the core issue in land capitalization is the degree of capitalization. This study first theoretically deduced the existence of land capitalization limits; then, we used panel data from 35 key cities to conduct an empirical test, and finally we analyzed the current risk of excessive land capitalization in China. The results indicated that the mutual restriction of multiple land attributes determined the limits of land capitalization. Therefore, land capitalization has been categorized into two types—moderate and excessive—which produce different economic effects. The degree of land capitalization and real economic growth showed a significant inverted-U relationship, and the turning point appeared when the land capital value reached 2.5 times the land factor value. According to this threshold, we can infer that many key cities have been overcapitalized, which may lead to an economic recession and affect the growth prospects of China’s economy. Further analysis indicated that excessive land capitalization could be related to the unique Chinese style of decentralization. These conclusions have important policy implications for the reform of land marketization in countries undergoing economic transition. The goal of land reform is to allow the market mechanism to play a major role in land resource allocation, but the excessive capitalization of land must be prevented.
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Zhuk, Valeriy, and Yulia Bezdushna. "Priority approaches for assessment of land assets in agriculture." Environmental Economics and Sustainable Development, no. 7(26) (2020): 68–76. http://dx.doi.org/10.37100/2616-7689/2020/7(26)/9.
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The publication focuses on prioritizing approaches to fair (market) valuation of agricultural land in financial and statistical reporting, as a factor in pricing its market turnover and capitalization in Ukraine's national wealth. Types of land valuation that are differentiated according to the purpose, methodology and purpose of the results are generalized. The procedure of soil boning, economic, regulatory and expert monetary evaluation of land plots is described. Priorities in approaches to land valuation for different purposes have been identified. It is concluded that the income approach, in particular the method of direct capitalization of rental income, is a priority in the assessment of agricultural land. Indicators for estimation of arable land by the method of capitalization of rent income, the procedure of their calculation of the source of information that we used in the process of testing these methodological approaches on a scale of Ukraine are generalized. A methodology for valuation of agricultural land for financial reporting purposes is proposed. The mechanism of introduction of the system of sectoral land valuation system, which is formed as an industry portal and functions under the regulatory and methodological support of state regulatory institutes with the aggregation of the available and most effective valuation methods and statistical databases, is substantiated. It is concluded that such a mechanism, with appropriate tools, will facilitate the capitalization of key domestic national wealth – agricultural land and provide for the possibility of price regulation of minimum and maximum prices when opening the relevant market. The priority approach to the assessment in this mechanism identified one that provides consideration of the value and market factor and the natural fertility and economic efficiency of the Ukrainian black earth.
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Posokhov, Igor, Victoriia Cherepanova, and Olha Podrez. "Capitalization as a Tool for Managing the Development of Industry and Rail Transport." SHS Web of Conferences 67 (2019): 01010. http://dx.doi.org/10.1051/shsconf/20196701010.
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The Ukrainian real economy encounters similar problems that do not allow its rapid development – high level of wear of productive assets, lack of modern equipment, outdated technologies, inappropriate environmental measures, high rate of occupational injury, etc. All this requires designing of new tools to manage the development of such important sectors of economy as industry and rail transport. Therefore, the urgent issues at the current stage of development of these industries include the definition of conditions for fixed assets capitalization and the sources of its financing. The scientific novelty of the results is identification and justification of the capitalization main components, determining the sources of funding and the mechanism for their attraction. The tool for managing the productive and environmental protection assets capitalization has been designed which is optimized using a two-dimensional dynamic programming model. The results obtained are the basis for the practical solution of the problem, and for further scientific research. This approach allows solving the problem of rail transport and industrial enterprises capitalization in a comprehensive manner, which contributes to their sustainable development.
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Грачева, Наталья, Natalya Gracheva, Виктор Одиноченков, and Viktor Odinochenkov. "FORMATION OF MECHANISM FOR ENTERPRISE STABLE DEVELOPMENT MANAGEMENT." Bulletin of Bryansk state technical university 2016, no. 4 (December 28, 2016): 320–29. http://dx.doi.org/10.12737/23270.
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The problems in functioning and development of enterprises under conditions of current economic challenges and trends are considered. Regarding strategic development the necessity in production modeling in terms of modern technologies allowing adapting quickly to the changes in environment is shown. As the tools supporting this idea the approaches ensuring quality of development and realization of planned and program projects of development are considered. There is offered a method for regulating a mechanism of the value added distribution and enterprises subsidy depending on the profitability level achieved and providing in such a way the capitalization of the own means for development.
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Xu, Jin Qiu. "Research on the Interactive Transmission Mechanism of House Price in China - Based on a Mixed VAR Model." Advanced Materials Research 108-111 (May 2010): 513–18. http://dx.doi.org/10.4028/www.scientific.net/amr.108-111.513.
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In order to study the interactive relationships between house price with marc-economy in China and reveal the transmission mechanism, this paper specifies a six dimensional VAR model to identify the forces driving house prices fluctuations in China over the period 1999-2009. By employing quarterly time series for real house prices, gross domestic product, money, consumer price index, market capitalization of tradable shares and labor remuneration of persons employed in all units, the author found that: (1) there is a stable and significant relationship of mutual causality between house price with these three factors including GDP, M2, CPI. (2) house price is quickly responses to the growth or falling of market capitalization of tradable shares .in other words ,it is a single causal relationship between them (3) There is not a significant causal relation between house price with labor remuneration .It may appear surprising. Yet this phenomenon accurately reflects the real estate bubble today. This paper deeply study the transmission mechanism of house price.
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Sprunger, Philip, and John Douglas Wilson. "Imperfectly Mobile Households and Durable Local Public Goods: Does the Capitalization Mechanism Work?" Journal of Urban Economics 44, no. 3 (November 1998): 468–92. http://dx.doi.org/10.1006/juec.1997.2077.
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Hananto, Hari. "PENGARUH KARAKTERISTIK MULTINASIONALITAS DAN THIN CAPITALISATION TERHADAP EFFECTIVE TAX RATE." Akuntansi dan Teknologi Informasi 14, no. 2 (February 10, 2022): 87–101. http://dx.doi.org/10.24123/jati.v14i2.4869.
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The company always tries to minimize tax payments through various ways. In particular, a multinational company, has more ability to do tax avoidance. One technique that can be used by multinational corporations is to transfer corporate income from one jurisdiction to another that has a lower corporate income tax rate to minimize overall group tax payments (PWC, 2011). This mechanism can result in superior tax payments for multinational companies that have subsidiaries or affiliated companies (Klassen & Laplante, 2012; Dyreng & Lyndsey, 2009). In addition to income transfer, multinational companies can also regulate their capital composition in order to take advantage of the ease of obtaining capital in a jurisdiction. This study aims to show empirical evidence about the effect of the nature of multinationality (multinational companies) and the existence of capitalization (thin capitalization) on the possibility of tax avoidance. The population sample used in this study were companies listed on the IDX during the 2017-2019 period. The results show that multinational companies have an effect on increasing tax avoidance efforts. Meanwhile, thin capitalization has no effect on efforts to increase tax avoidance.
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Agundu, Prince Umor C., and Waleru Henry Akani. "Dynamism of Monetary Transmission Mechanism in Nigeria: Interest Rate and Market Capitalization Causality Evidence." International Journal of Accounting & Finance Review 2, no. 1 (April 30, 2018): 81–91. http://dx.doi.org/10.46281/ijafr.v2i1.24.
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The potency of monetary transmission channels anchors the process by which interest rate movements and other cardinal aggregates influence critical financial fundamentals in an economy. This study, thus, examines dynamism of the monetary transmission mechanism with focus on the causality of interest rate and market capitalization in the Nigerian economy. Time series data covering a period of 36 years (1981 - 2015) were extracted from publications of monetary authorities and related agencies, including annual reports of Deposit Money Banks (DMBs) in the country. Facilitated by E-Views software, the analytical proceedings generated the required statistical outcomes in terms of coefficient of correlation (r), coefficient of determination (R2), t-statistic, and F-statistic. Granger causality test was also conducted to clearly establish the direction of causality between the focal variables. Essentially, the null hypothesis is rejected as probability of the F-statistic is less than the specified 0.05 level of significance. The granger causality test statistics run from four interest rate components to the operational capital market fundamental (with F-statistics of 5.758, 5.540, 4.209,and5.656; as well as probability values of 0.008, 0.009, 0.002, and 0.009 respectively). In view of the analytical outcomes, it is recommended that interest rate components be efficiently synergized to boost investors’ confidence and further drive monetary policy dynamics towards greater financial system vitality and sustainability in Nigeria.
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Fiordelisi, Franco, Ornella Ricci, and Francesco Saverio Stentella Lopes. "The Unintended Consequences of the Launch of the Single Supervisory Mechanism in Europe." Journal of Financial and Quantitative Analysis 52, no. 6 (December 2017): 2809–36. http://dx.doi.org/10.1017/s0022109017000886.
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The launch of the Single Supervisory Mechanism (SSM) was an historic event. Beginning in Nov. 2014, the most significant banks came under the direct supervision of the European Central Bank (ECB), while national supervisory authorities (NSAs) maintained direct supervision of the remaining banks. Thus, supervision is conducted on two levels, which could cause inconsistency problems. Did the behavior of the significant banks differ from that of the less significant banks during the SSM launch? We find that the significant banks reduced their lending activity more than the less significant banks did in order to shrink their balance sheets and increase their capitalization.
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Nurhayati, Siti. "The Student’s Ability in Using Punctuation and Capitalization through Performing Habit of Writing Diary." INTERACTION: Jurnal Pendidikan Bahasa 6, no. 2 (November 16, 2019): 11–20. http://dx.doi.org/10.36232/jurnalpendidikanbahasa.v6i2.326.
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In this study, the writer chose the students ability in using punctuation and capitalization through performing habit of writing diary at the second grade of SMP GUPPI Salawati. For that reason the writer wants to investigate and doing research in the library. The formulation of problem in this research are How is the students competence in apply writing mechanism, and what is the effect of performing habit of writing diary to increase students skill in writing mechanism. The methodology of this study is experimental study. it is means that its need statistic approach to explore the material. There are some of technique of collecting data such as the researcher after developing the test as the instrument of the research, asked the sample (students) to complete the text with punctuation, After they handed their works the writer checked the punctuation they had applied in the given text, and the writer analyze the comments or the mistake they made based on the theory. The result of this study is the writer found that teaching writing mechanism by performing habit of writing diary better than without performing habit of writing diary. It means that the students are more interest to write with writing diary and without writing diary.
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Maevsky, Vladimir I. "On the Basic Preconditions of Non-Neutrality of Money in Economic Theory." Journal of Institutional Studies 13, no. 1 (March 26, 2021): 006–19. http://dx.doi.org/10.17835/2076-6297.2021.13.1.006-019.
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Based on the experimental calculations carried out with the help of the shifting mode reproduction model, as well as on the theoretical studies of Marx, Schumpeter, Keynes and his followers - representatives of the post-Keynesian direction, two conclusions were made in the article. First, that non-neutrality of money takes place in both short- and long-term periods, and second, that each of these periods has its own basic preconditions for non-neutrality. For the short term, it is a "phenomenon of nominal rigidity", and for the long term, it is a "phenomenon of capitalization of money". The thesis is justified that the "phenomenon of nominal rigidity" manifests itself mainly within the framework of the existing production, when the economic growth caused by the increase in money supply is achieved by increasing capacity utilization and engagement of idle labor. Accordingly, the "phenomenon of capitalization of money" manifests itself through the conversion of issued money into investments in fixed capital and, through the growth of this capital (and capacities), affects the GDP growth. It is shown that behind the two considered basic prerequisites there are fundamentally different theoretical approaches. Behind the short-term "phenomenon of nominal rigidity" there is an orthodox vision of economy focused on the equilibrium pricing mechanism. Behind the long-term "phenomenon of capitalization of money" there is a heterodox vision related to the mechanism of money circulation, emission and economic growth caused by it. It has been concluded that in case of probable increase of competition between these theoretical approaches it is unacceptable if short-term basic preconditions of non-neutrality of money are used in the analysis of long-term processes and long-term preconditions are used in the analysis of short-term growth cases.
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Matveeva, Maria. "Ecological expertise as a factor of capitalization of land resources." MATEC Web of Conferences 212 (2018): 09012. http://dx.doi.org/10.1051/matecconf/201821209012.
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Ecological expertise is considered as a factor of the capitalization of land resources. The conducted research shows that without taking into account the environmental component of the national economy, the process of involving and capitalization of land resources in the economic circulation within the framework of the land development mechanism cannot be realized. The principles of ecological expertise in the article are presented in the form of a scheme. The introduction of green standards for the construction of Olympic facilities and infrastructure in Sochi is the most relevant example of the synthesis of economic, environmental and innovative aspects. Comparative characteristics of the international green standards BREEAM and LEED* (*BREAM (British Building Research Establishment Environmental Assessment Method) are presented. Comparative analysis showed that the BREEAM standard presupposes very stringent requirements (clearly formulated, not allowing deviations, a complicated cumbersome system, the high cost of obtaining approvals), while the LEED Standard is adapted only for the social and economic realities of the United States and provides for stringent requirements for the preparation of documentation, the lack of an independent audit of the evaluation activities; hard link of functionality with architectural forms that are not always acceptable outside of the USA. The application of green standards makes it possible to significantly increase the market value of land plots and necessitates the application of these standards in the development and implementation of investment and construction projects and programs.
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NAZARENKO, Y. A. "TAX ON THE WITHDRAWAL OF CAPITAL AS A MECHANISM TO INCREASE THE CAPITALIZATION LEVEL OF ENTERPRISES." Economic innovations 21, no. 2(71) (June 20, 2019): 83–90. http://dx.doi.org/10.31520/ei.2019.21.2(71).83-90.
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Topicality. Increasing the level of capitalization of the economy is of strategic importance for Ukraine, since market transformation in Ukraine is inherently capitalization of the economy. All this necessitates further investigation of the mechanisms of capitalization of enterprises, including tax mechanisms.Aim and tasks. Analyze tax on the withdrawal of capital and experience of its use in Estonia, identify its benefits and potential risks, propose improvements to its legislative support.Research results. The corporate income tax system is designed in such a way that dividends can be paid even if no profit is received. In the future, these dividends derived from one of the schemes are deposited on offshore accounts. According to conservative estimates of experts of the Institute for Social and Economic Transformation, the losses of the budget of Ukraine from offshore schemes amount to UAH 50-65 billion a year. The chances of tax evasion are great. Large Ukrainian companies, with the help of auditors, can reduce their tax burden from 18% to 3-4%. The main disadvantages of the income tax collection system are the discretion of the administration (the decision-making power of the officials at its discretion) and corruption. Many experts and businessmen see the solution to this problem by replacing the income tax with tax on the withdrawal of capital. This will ensure that business profits are not taxed as long as they are not paid out to the owners in the form of dividends and equivalent payments, that is, they are not taken out of business. Estimates of the negative short-term impact on budget revenues differ. The most optimistic estimates range from 0.5% to 1.2-1.3% of GDP. It is likely that the use of capital deduction will lead to a decrease in tax revenues, but such a sharp fall as the situation in Estonia in Ukraine is not likely to be, since the new tax will be paid by "loss-making" enterprises, and the operations used today for tax evasion will be taxed. Estimates of the negative short-term impact on budget revenues differ. The most optimistic estimates range from 0.5% to 1.2-1.3% of GDP. It is likely that the use of tax on the withdrawal of capital will lead to a decrease in tax revenues, but such a sharp fall as the situation in Estonia in Ukraine is not likely to be, since the new tax will be paid by "loss-making" enterprises, and the operations used today for tax evasion will be taxed.Analysis of the draft Law of Ukraine on tax on the withdrawal of capital allows to determine a number of proposals for its improvement in the part of enterprises that have accumulated losses in the amount exceeding their own capital or in the amount of UAH 100 million; exemption from tax on interest on the deposit, if they remain on it; defining the norms of the shortage that the enterprise can attribute to the property provided free of charge; deviation of the contractual value of the taxpayer's property upwards or downwards from ordinary prices; the unification of the tax rate on the withdrawal of capital with the tax rate on personal income.Conclusion. Tax on the withdrawal of capital forms a self-regulating economic system, that is, if dividends are not paid and invested in the development of an enterprise, then production increases, which in turn leads to an increase in value added tax and wage tax. The introduction of this tax will provide a number of positive consequences: growth of business activity, acceleration of modernization of enterprises, redistribution of the tax burden on all taxpayers, reduction of the tax burden; simplification of control and simplification of tax accounting, reduction of methods of tax minimization, shadowing of the economy.
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Zavora, Taina, and Yevhenii Kuzmenko. "Analysis of the stock market and perspective directions for its development." ЕКОНОМІКА І РЕГІОН Науковий вісник, no. 3(74) (September 27, 2019): 97–102. http://dx.doi.org/10.26906/eir.2019.3(74).1770.
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The analysis of the stock market of Ukraine was conducted. The peculiarities and main problems of functioning and perspective directions of development of the stock market in the conditions of the national economy are determined. It is substantiated that the stock market is the main financial market which able to accumulate financial resources, as well as an important tool for conducting innovation policy. It is determined that the perspective direction for development of the concept of regulation of the stock market will include a mechanism for increasing the capitalization. Liquidity and transparency of the stock market also will be the priority direction of development. As follows it will ensure improvement of market infrastructure and its reliable and efficient functioning; improvement of mechanisms of state regulation and protection of investors' rights.
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XU, TAO, JIANMIN HE, and SHOUWEI LI. "MULTI-CHANNEL CONTAGION IN DYNAMIC INTERBANK MARKET NETWORK." Advances in Complex Systems 19, no. 06n07 (September 2016): 1650011. http://dx.doi.org/10.1142/s0219525916500119.
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In this paper, a dynamic interbank market network model based on bank agent behaviors is developed to analyze financial contagion with counter-party and liquidity channels. Afterwards, we analyze the impact of dynamics on the stability of interbank market and find that dynamics of interbank market could enhance the resilience of the network, which suggests contagion might be overestimated in current studies. Moreover, we investigate the mechanism of contagion when counter-party and liquidity channels are both active in the dynamic interbank market network. Specifically, we analyze the effects of bank capitalization, interbank exposures, liquid assets, and bank credit lending preference on the stability of the banking system, respectively. First, we find that liquidity in interbank market and fluctuations of deposits could amplify the negative impact of each other on the resilience of interbank market network. Second, banks with higher capitalization level tend to be more resilient against financial contagion. Third, interbank exposures may have multiple effects on the resilience of interbank market network. Fourth, the resilience of interbank market network is a nonmonotonic function of percentage of liquid assets. Finally, we discover a complex relationship between bank credit lending preference and the resilience of interbank market.
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Mamedyarov, Z. "Role of Stock Markets in Stimulating Innovation Processes." World Economy and International Relations 64, no. 11 (2020): 31–41. http://dx.doi.org/10.20542/0131-2227-2020-64-11-31-41.
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The paper deals with the role of the stock market in innovative development, basically in case of the U. S. The author shows how the NASDAQ has provided tangible financial incentives for growth of high-tech industries, emphasizes the relationship between innovation and the financial sector, the importance of competition for capital in technological development. It is shown that the development of NASDAQ and increased competition of stock markets allowed high-tech U.S. companies to benefit from country’s strong financial sector and specialized market structures. The prerequisites for the successful emergence of biotech and ICT start-ups, as well as the venture market in the U.S. are still strongly connected with stock markets. However, the comparative analysis also revealed growing global competition from the Chinese stock markets. At the same time, in the last decade a new bubble is emerging on the U.S. stock market, which, as shown by the analysis of the median revenues of the major companies, differs from similar situations before the dot-com crisis and before the 2008–2009 crisis. Revenues of the largest companies in recent years have been growing along with their capitalization, which suggests that the bubble may take much longer to collapse than before. The author also shows the intensification of competition between stock exchanges and over-the-counter financing mechanisms for innovative companies: SME acquisitions by major corporations, intensification of mergers and acquisitions around the world. The role of mergers and acquisitions, which have become an alternative to IPOs, has become increasingly important over the past decade as a financing mechanism for innovative companies. In the last decade, the ICT-companies have dominated by market capitalization and gained sufficient market power to meet the demand for new developments and acquisitions of start-ups. This over-the-counter financing mechanism increases market uncertainty and may contribute to suboptimal solutions in the high-tech sector. However, the author found that the observed decline in U.S. IPOs is primarily affecting the ICT sector, while pharmaceutical and biotech companies continue to be actively listed.
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Grigor’ev, Vladimir V. "National Digital Currency: a Look into the Future." Economic Strategies 144 (September 20, 2020): 68–73. http://dx.doi.org/10.33917/es-5.171.2020.68-73.
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The author argues on advisability of introducing in our country a new virtual national digital currency that operates on the basis of blockchain technology, which will significantly develop the domestic economy. The article provides a definition and identifies certain types of virtual digital currency, shows its advantages and disadvantages, gives a description of the legal framework for the use of virtual digital currency, briefly highlights the experience of its application in our country and abroad, shows its cost capitalization at present. Particular attention is paid to the mechanism of the national digital currency functioning in our country with participation of government bodies.
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Li, Wei, Zhanwei Zhang, and Yang Zhou. "Policy Strategies to Revive Rural Land in Peri-Metropolitan Towns: Resource Identification, Capitalization, and Financialization." Land 10, no. 2 (January 29, 2021): 132. http://dx.doi.org/10.3390/land10020132.
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Previous planning for rural revival in towns has emphasized construction and government-led policies. However, we argue that the dilemmas of peri-metropolitan rural areas, such as Desakota in China, are far more complex faced with rural super village and hollowed village transformations. Rural revival planning needs to coordinate with the development of urbanized and rural areas towards multifunctional goals and plans as a whole. Therefore, we selected the town master plan of Lijia, a typical peri-metropolitan village in China, as a case study. Through a historical–interpretative approach involving analysis of planning policies, questionnaires, and in-depth interviews with the key stakeholders involved, we structured the process and mechanism of rural revival in Lijia into three phases: resource identification, capitalization, and financialization. In different phases, different stakeholders adopt different roles. The government takes a leading role in resource identification and capitalization, while firms take a leading role in the process of financialization. “Market-dominant and government-guided” planning stimulates villagers to participate in rural revival. We highlight the importance of multifunctional land-use in terms of rural revival in the master planning of peri-metropolitan villages and provide a practical reference for uniting multiple stakeholders, including governments, firms, and villagers.
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Chen, Ming. "“Valuation Adjustment Mechanism” in the Film Capitalization <br/>—A Case Study of the Movie “Lost in Russia”." Beijing Law Review 11, no. 01 (2020): 203–10. http://dx.doi.org/10.4236/blr.2020.111014.
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Muhammad Hanif, Muhammad Hanif. "Shar??ah Screening Process of Capital Markets: An Evaluation of Methodologies." journal of king Abdulaziz University Islamic Economics 32, no. 1 (January 2, 2019): 23–42. http://dx.doi.org/10.4197/islec.32-1.2.
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This study highlights the issues in the screening process of Shar??ah-compliant stock universe from Shar??ah and professional perspectives. We have critically analyzed Shar??ah-compliance methodologies of selected (eight) institutions in the light of Islamic principles of business. The findings suggest multiple weaknesses in the process, including variations in tolerance limits (for ?ar?m-elements), variations in the use of calculation methods (total assets and market capitalization), insufficient income purification mechanism, and confusions about the application of bay? al-?arf and bay? al-dayn regulations. In addition, we find lack of revisions in the tolerance limits, corresponding to the expansion of the Islamic finance market. We also find that certain important areas, such as questionable marketing and sales practices and environmental damages, are ignored in filtration. This study proposes a Shar??ah-compliance rankings mechanism for Islamic stock markets, within agreed upon framework, based on the degree of violations.
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Dantas, José Alves, Fernando Caio Galdi, Lúcio Rodrigues Capelletto, and Otávio Ribeiro Medeiros. "Discricionariedade na Mensuração de Derivativos como Mecanismo de Gerenciamento de Resultados em Bancos." Brazilian Review of Finance 11, no. 1 (May 30, 2013): 17. http://dx.doi.org/10.12660/rbfin.v11n1.2013.3658.
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The paper has the purpose of identifying whether Brazilian banks use discretionary accounting choices when recognizing and measuring derivatives for practicing earnings management and which are the determinants of this practice. Using a two-stage model to segregate the discretionary part in the estimated fair value of derivatives and based on information from the third quarter of 2002 to the fourth quarter of 2010, the empirical results confirm the reversing nature of these discretionary actions, show that banks utilize this type of action as a mechanism for earnings smoothing, and disclose that this practice is more common in private institutions, smaller in asset size and with lower capitalization. The evidence advances with respect to the previous literature, which have identified the use of derivatives in practicing earnings management by banks, but have not associated this practice to discretionary actions by the management.
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Jane, Chuen Jiuan. "Mechanical Selection System of Stock Portfolio Based on Grey Relational Analysis Attribute Reduction Mechanism." Applied Mechanics and Materials 311 (February 2013): 73–77. http://dx.doi.org/10.4028/www.scientific.net/amm.311.73.
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A stock portfolio selection system based on a Grey Relational Analysis (GRA) model, a Fuzzy C-Means (FCM) clustering scheme and Rough Set (RS) theory is proposed. In the proposed approach, 53 financial indices are collected automatically for each stock item every quarter and a GRA model is used to consolidate these indices into six predetermined financial ratios (Grey Relational Grades (GRGs)). The GRGs of the stock items are then clustered using a FCM scheme and the resulting cluster indices are processed using RS theory to identify the lower approximate set within the stock system. The stock items within the lower approximate set are filtered in accordance with established investment principles and the six GRGs of each surviving stock item are then consolidated to a single GRG indicating the overall merit of the corresponding stock item in terms of its ability to maximize the rate of return on the investment portfolio. The validity of the proposed approach is demonstrated using electronic stock data extracted from the financial database maintained by the Taiwan Economic Journal (TEJ). It is shown that the rate of return on the investment portfolio selected using the proposed GRA/FCM/RS system is higher than the average rate of return predicted by the variation in the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) over the same period. Thus, the feasibility of the GRA-based attribute reduction mechanism and the overall viability of the proposed portfolio selection system are confirmed. Introduction
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Kim, Yeonggwang, Jaehyung Park, Jinyoung Kim, Junchurl Yoon, Sangjoon Lee, and Jinsul Kim. "A Modified Quad Q Network Algorithm for Predicting Resource Management." Applied Sciences 11, no. 11 (June 1, 2021): 5154. http://dx.doi.org/10.3390/app11115154.
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As the resource management systems continues to grow, the resource distribution system is expected to expand steadily. The demand response system enables producers to reduce the consumption costs of an enterprise during fluctuating periods in order balance the supply grid and resell the remaining resources of the product to generate revenue. Q-learning, a reinforcement learning algorithm based on a resource distribution compensation mechanism, is used to make optimal decisions to schedule the operation of smart factory appliances. In this paper, we proposed an effective resource management system for enterprise demand response using a Quad Q Network algorithm. The proposed algorithm is based on a Deep Q Network algorithm that directly integrates supply-demand inputs into control logic and employs fuzzy inference as a reward mechanism. In addition to using uses the Compare Optimizer method to reduce the loss value of the proposed Q Network Algorithm, Quad Q Network also maintains a high accuracy with fewer epochs. The proposed algorithm was applied to market capitalization data obtained from Google and Apple. Also, we verified that the Compare Optimizer used in Quad Q Network derives the minimum loss value through the double operation of Double Q value.
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Balagobei, Saseela, and K. G. A. Udayakumara. "Board Leadership Structure and Firm Performance: Evidence from Listed Companies in Sri Lanka." International Journal of Accounting and Financial Reporting 7, no. 2 (December 25, 2017): 391. http://dx.doi.org/10.5296/ijafr.v7i2.12072.
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Corporate Governance as a mechanism helps to align management's goals with those of the stakeholders that are to increase firm performance. The aim of this study is to identify the relationship between board leadership structure and firm performance of listed companies in Sri Lanka during the period of 2014-2016. The data was collected from the secondary data sources and board leadership structure is measured by CEO duality. The sample of this study consists of 100 firms listed in Colombo Stock Exchange based on market capitalization. For the purpose of data analysis, Pearson’s correlation analysis and independent sample t-test were used to examine the hypotheses of this study. The findings reveal that board leadership structure is positively correlated with firm performance in terms of Tobin’s Q and there is no significant difference in firm performance between CEO duality firms & non-duality firms.
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Briano-Turrent, Guadalupe C., Karen Watkins-Fassler, and Martha L. Puente-Esparza. "The Effect of the Board Composition on Dividends: The Case of Brazilian and Chilean Family Firms." European Journal of Family Business 10, no. 2 (December 10, 2020): 43–60. http://dx.doi.org/10.24310/ejfbejfb.v10i2.10177.
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Based on the agency theory, this paper analyzes whether family firms pay more dividends compared to no-family firms and identifies whether the board composition affects the dividend policy. Brazil and Chile have established mandatory dividends, retain lower cash holdings, pay higher dividends compared with other markets in the region. The sample of study is composed by 853 observations from 49 Brazilian and 32 Chilean top publicly listed firms in terms of market capitalization over the 11-year period from 2004 to 2014. Using an unbalanced panel data, results indicate that family controlled firms distribute more dividends and board composition namely; board size and the proportion of women on the board have a significant and positive impact on the dividend policy of the firm. By contrast, COB-CEO duality has a negative effect. Thus, dividend policy constitutes an effective corporate governance mechanism in mitigating the family’ expropriation of minority shareholders’ wealth.
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Pérez-Solà, C., S. Delgado-Segura, G. Navarro-Arribas, and J. Herrera-Joancomartí. "Another coin bites the dust: an analysis of dust in UTXO-based cryptocurrencies." Royal Society Open Science 6, no. 1 (January 2019): 180817. http://dx.doi.org/10.1098/rsos.180817.
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Unspent Transaction Outputs (UTXOs) are the internal mechanism used in many cryptocurrencies to represent coins. Such representation has some clear benefits, but also entails some complexities that, if not properly handled, may leave the system in an inefficient state. Specifically, inefficiencies arise when wallets (the software responsible for transferring coins between parties) do not manage UTXOs properly when performing payments. In this paper, we study three cryptocurrencies: Bitcoin, Bitcoin Cash and Litecoin, by analysing the state of their UTXO sets, that is, the status of their sets of spendable coins. These three cryptocurrencies are the top-3 UTXO-based cryptocurrencies by market capitalization. Our analysis shows that the usage of each cryptocurrency presents some differences, and led to different results. Furthermore, it also points out that the management of the transactions has not always been performed efficiently and therefore, the current state of the UTXO sets is far from ideal.
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Sun, Laixiang. "The Development of China's Stock Market, 1984–2002. By Stephen Green. [London and New York: RoutledgeCurzon, 2004. xv+287 pp. £65.00. ISBN 0-415-32466-1.]." China Quarterly 178 (June 2004): 513–14. http://dx.doi.org/10.1017/s0305741004240292.
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Does the spectacular development of China's stock market present a theoretical puzzle? On one hand, within a short period of a little more than a decade (1990–2002), the total capitalization of the market grew from a negligible size to a level equivalent to more than 50 per cent of the country's GDP, and even if excluding non-floating shares held by the state and legal persons, the capitalization level was still equivalent to some 16 per cent of GDP. On the other hand, until very recently few of the institutions that underpin successful stock markets elsewhere were present. This seems to be in contradiction to the teaching of neo-institutional economics, which holds that only when the state is credibly committed to clarifying and defending functional institutions will people feel confidence enough to engage in complex transactions like stock trading. Does this imply a paradox? The author argues in this book that it is not so straightforward.The book provides detailed and convincing evidence to show that the impressive growth of China's stock market since 1990 has been to a great extent a result of policy-driven development favoured by a lack of alternative investment opportunities for increasingly wealthy private investors. Chinese companies in general viewed stock listing as a privilege and a fund-raising mechanism. Market participants perceived that the quality of listed companies was generally poor but that investors were protected because of the constant financial and policy supports provided by both local and the central governments. As a consequence, market participants had little incentive to pay much attention to corporate governance and other fundamentals. Would such features lead to a pessimistic scenario, meaning that the development would not be sustainable? Not so simple, the author suggests.
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Ірина Береза and Володимир Соколенко. "INTERNATIONAL BUSINESS IN UKRAINE: TAX COMPONENT." Bulletin of the National Technical University "Kharkiv Polytechnic Institute" (economic sciences), no. 1 (December 28, 2021): 46–49. http://dx.doi.org/10.20998/2519-4461.2020.1.46.
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In the system of regulation of international business, the tax component is of exceptional importance. The development of business is largely dependent on tax policy tools, the actual task of which is to create an optimal tax field in Ukraine, for the development of an open national economic system. The article is devoted to the study of theoretical and practical tax aspects in the international business of Ukraine. Effective level and taxation regime helps to attract foreign capital, develop international business, increase state revenues and increase gross domestic product of the country. The factors hindering the process of investing in our country are considered. The problems, as well as ways of their solution, concerning the tax component of Ukrainian business are analyzed. Detailed attention is focused on some tax aspects, which primarily include: transfer pricing rules, the rule of "thin capitalization", the rules of reporting of international groups of companies by country. Essential characteristics, features and rules of transfer pricing and "thin capitalization" are highlighted. The actions on the BEPS Action Plan are considered, which propose to eliminate the shortcomings of international tax regulation and differences in the national tax legislation of different countries, which promote "concealment" of corporate profits and its artificial transfer to low tax jurisdictions, where companies are no longer engaged in economic activity. The proposals on the improvement of bills that will recognize Ukraine as a cooperating country on taxation issues have been formed. These bills will make it possible to strengthen the economic link between Ukraine and the countries of the CIS and Eastern Europe. Recovering and strengthening these ties is the easiest to date, as each party feels that need. Right now Ukraine is taking measures for their restoration on the basis of an effective market mechanism of economic interaction.
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Huang, He. "How Does Information Transmission Influence the Value Creation Capability of a Digital Ecosystem? An Empirical Study of the Crypto-Digital Ecosystem Ethereum." Sustainability 11, no. 19 (September 27, 2019): 5345. http://dx.doi.org/10.3390/su11195345.
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With the advancement of digitization, digital ecosystems are playing an increasingly important role in value creation. The mechanism by which digital ecosystems create value, however, has been generally deemed to be a mixed effect due to various factors. On the basis of signaling theory, this paper explores the effect of information transmission on the value creation capability of a digital ecosystem from two dimensions: the scale and sustainability of value creation. Taking a sample of weekly transaction data from Ethereum during August 2015–August 2018, our research proposes an integrated framework of information transmission in value creating, and discusses the diffusion process of the network effect within the digital ecosystem. As a generally accepted exchange medium, digital currency traffic acts as an observable proxy of information flow in a crypto-digital ecosystem, where the effects of heterogeneity in transaction attributes are filtered. Empirical results show that information transmission positively influences the scale and sustainability of value creation activities in a digital ecosystem by affecting user number and transaction frequency. Further research reveals that user number is the initial driving force of the network effect and a critical factor for the overall ecosystem market capitalization. This research provides a new insight into the design of sustainable value creation mechanisms under digital circumstances.
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Wibowo, L. R., M. Budi Mulyawan, Yustina Ambarini M, and Ismatul Hakim. "MASYARAKAT HUKUM ADAT PASKA PUTUSAN MAHKAMAH KONSTITUSI 35: ANTARA REKOGNISI DAN MARGINALISASI." Jurnal SPATIAL Wahana Komunikasi dan Informasi Geografi 18, no. 2 (November 1, 2018): 123–32. http://dx.doi.org/10.21009/spatial.182.06.
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The Kandayan Dayak is one of the customary community (MHA) which has been hereditary living in the forest area of ​​West Kalimantan province. The Kandayan has rules and local wisdom in managing natural resource that have long been inspired by the ancestors, but their legal status of their residence and customary land area overlaps with the area of ​​forest timber forest product utilization (UPHHK-HTI) and oil palm plantations. The uncertainty of the ulayat rights made the Kandayan customary to move to areas outside the limited production forest controlled by UHHK-HTI. The limitations to access natural resources make these indigenous peoples have tocollaborate with local entrepreneur through profit-sharing mechanism. Along with this partnerships, they are losing the livelihood resources that have so far sustained their survival and they are also uprooted from the bonds of cultural relations with their land. In other words their sovereignty over the right of forest resources becomes eroded by excessive capitalization by the modern forest industry
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Xi, Yang. "Transformation of Shangai at the beginning of the New China. Observations from two sino-soviet coproductions." Desde el Sur 10, no. 2 (November 30, 2018): 363–76. http://dx.doi.org/10.21142/des-1002-2018-363-376.
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Since the Second Opium War, Shanghai was designated as a trading port, and because of its coastal location, the city became an isolated island. Its different from the backwardnessof China’s semi-colonial and semi-feudal society. Shanghai’s «capitalization» is more serious, and social culture is very special. It is a difficult point for a new regime to besupported in the early days of the founding of the People’s Republic of China. This article examines the publicity screenings of the two documentaries in 1950, «The Victory of the Chinese People» (中国人民的胜利) and «The Liberated China» (解放了的中 国), and analyzes how the two Sino-Soviet documentaries have attracted widespread attention. How did the new regime deploy the film industry’s work, talks about the direction of the «film maker» and the «imager» identification mechanism, from the expression of the phenomenon-level viewing to explore Shanghai people’s political identity facing the new China.
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Jankowski, Stepan. "“BRANDING” OF THE WORLD: A SOCIO-CULTURAL ANALYSIS OF HUMAN PERCEPTION OF THE WORLD." Scientific Journal of Polonia University 47, no. 4 (January 17, 2022): 34–39. http://dx.doi.org/10.23856/4705.
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A specific feature of the modern world is the capitalization of not only ideas, objects, social practices and institutions, but of the world itself. Branding is a special process, allowing the construction of an acceptable picture of reality that is independent of the practices of care and political domination. It initially focuses on a desired and expected target. The main topic of the present research is the phenomenon of the “Big Bang” in the cultural and social field. The analysis of transformation of scientific theory into a metaphor of sociocultural reality enables us to trace the mechanism of symbolic creation in modern society. Its study contributes to revealing the peculiarities in redistribution of symbolic capital as well as benefits and privileges that a «world-brand» has in comparison with “world-pictures”, “world views” and other forms of symbolic capital. The “world-brand” as a result of symbolic creation in the cultures of post-industrial civilization can be represented in the explicit parameters.
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Shah, Syed Alamdar Ali, Raditya Sukmana, and Bayu Arie Fianto. "Duration model for maturity gap risk management in Islamic banks." Journal of Modelling in Management 15, no. 3 (February 12, 2020): 1167–86. http://dx.doi.org/10.1108/jm2-08-2019-0184.
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Purpose The purpose of this paper is to propose models of duration for maturity gap risk management in Islamic banks. Design/methodology/approach A thorough review of literature on duration modeling, duration measurement in Islamic banks and Shariah compliance has been conducted to set parameters to develop Shariah-compliant maturity gap risk management mechanism. Findings Models based on durations of earning assets and return bearing liabilities using various rates of return earned and paid, benchmark rates and industry standards commonly used by Islamic and conventional banks. Practical implications Increased Shariah compliance has threefold impact. Firstly, it will increase trust of customers. Secondly, it will help improve profitability by reducing non-Shariah compliance penalties from the regulators. And finally, it will enhance market capitalization and returns stability to investors because of enhanced customer base, increased level of trust and increased profitability. Originality/value This research proposes Shariah-compliant maturity gap risk management models based on the concept of duration according to recommendations of Bank for International Settlements. As there is no such maturity gap risk management mechanism that meets the requirements of Shariah using benchmarks that are common between Islamic and conventional banks; therefore, this research presents risk management solutions that can be applied simultaneously in the entire banking sector.
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Rykova N. V. "FEATURES OF REGULATORY MECHANISMS FOR CAPITAL INTEGRATION IN THE CORPORATE SECTOR (ON THE EXAMPLE OF POLAND)." International Journal of Innovative Technologies in Economy, no. 3(30) (June 30, 2020): 21–25. http://dx.doi.org/10.31435/rsglobal_ijite/30062020/7146.
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The development of the corporate sector in Poland has become an important element in the formation of a new economic environment and the transformation of social relations. The article analyses the regulatory mechanism in the corporate sector of Poland, which concerns, in particular, the mechanisms of integration and capital development, with the help of the content analysis method. Considerable attention is paid to updating Polish legislation in accordance with the requirements of the European Union (EU). The author carried out a retrospective analysis of the process of the development of market economy in Poland and the place of privatization in it. The study describes significance of privatization processes in Poland for new progressive tendencies of development of public relations. The article analyses the problems that still remain relevant for the development of the corporate sector in Poland. The regulatory features of the activity of transnational companies in modern Poland and their significance for the economy are studied. The author notes the role of Poland’s membership in the EU to ensure further development of the market economy, the development of the corporate sector in it on the basis of capital integration. It is concluded about a significant capitalization of Polish companies. Access of Polish companies to capital is a necessary condition for dynamic development, as small Polish businesses are unable to accumulate investment funds on their own and incur high loan costs.
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Li, Chen, Meng Kou, Mohamed Hamed Arisha, Wei Tang, Meng Ma, Hui Yan, Xin Wang, et al. "Transcriptomic and Metabolic Profiling of High-Temperature Treated Storage Roots Reveals the Mechanism of Saccharification in Sweetpotato (Ipomoea batatas (L.) Lam.)." International Journal of Molecular Sciences 22, no. 13 (June 22, 2021): 6641. http://dx.doi.org/10.3390/ijms22136641.
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The saccharification of sweetpotato storage roots is a common phenomenon in the cooking process, which determines the edible quality of table use sweetpotato. In the present study, two high saccharified sweetpotato cultivars (Y25, Z13) and one low saccharified cultivar (X27) in two growth periods (S1, S2) were selected as materials to reveal the molecular mechanism of sweetpotato saccharification treated at high temperature by transcriptome sequencing and non-targeted metabolome determination. The results showed that the comprehensive taste score, sweetness, maltose content and starch change of X27 after steaming were significantly lower than those of Y25 and Z13. Through transcriptome sequencing analysis, 1918 and 1520 differentially expressed genes were obtained in the two periods of S1 and S2, respectively. Some saccharification-related transcription factors including MYB families, WRKY families, bHLH families and inhibitors were screened. Metabolic analysis showed that 162 differentially abundant metabolites related to carbohydrate metabolism were significantly enriched in starch and sucrose capitalization pathways. The correlation analysis between transcriptome and metabolome confirmed that the starch and sucrose metabolic pathways were significantly co-annotated, indicating that it is a vitally important metabolic pathway in the process of sweetpotato saccharification. The data obtained in this study can provide valuable resources for follow-up research on sweetpotato saccharification and will provide new insights and theoretical basis for table use sweetpotato breeding in the future.
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Tulush, Leonid, Oksana Radchenko, and Olena Hryshchenko. "Fiscal incentives for personal peasants in the context of ecological development of rural territories of Ukraine." E3S Web of Conferences 203 (2020): 05007. http://dx.doi.org/10.1051/e3sconf/202020305007.
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A study based on the example of Ukraine and other countries reveals the need to form a mechanism for financial incentives for high-end households of the rural population, including for the creation of additional environmental benefits in the context of the stable development of rural areas of Ukraine.The general scheme of the financial incentive mechanism, tools for ensuring environmental benefits for sustainable development of rural areas is given. A hypothesis has been put forward about the full participation of private peasant farms as stakeholders in the structure of the agricultural sector by involving them in the taxation system and state support through the application of a fixed amount of tax per 1 ha of farmland (or exemption from it); preferential procedure for the payment of social contributions; stimulation of production through access to credit resources (Credit Guarantee Fund), stimulation of diversification of activities; formation of preferences for capitalization; creation of specialized local markets for the sale of products of the household plots; simplification of access to land resources.The results obtained confirmed the positive impact of fiscal levers of transformation of households on sustainable economic development and environmental benefits of rural areas, which can be considered as the basis for the formation of state policy in terms of developing a strategy for rural development, ensuring food and environmental security in Ukraine.
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KHOTA, IRFAAN, and LEON PRETORIUS. "HARVESTING IP-BASED VALUE POTENTIAL: THE INTELLECTUAL PROPERTY SCORECARD AS A MECHANISM TO CAPITALIZE ON TECHNOLOGICAL INNOVATION, KNOWLEDGE, AND IP." International Journal of Innovation and Technology Management 09, no. 02 (June 2012): 1250009. http://dx.doi.org/10.1142/s0219877012500095.
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There is a staggering decline in the capitalization of intellectual property (IP) and low levels of investment in R&D, particularly with respect to emerging nations within the global IP environment, which limits accelerated industrial growth. In most emerging markets, this necessitates that management address multiple competencies better, that exploit organizational resources, knowledge, and management ability, to adapt faster than the competition. Our research offers a management model to address this management challenge strategically. This research also indicates that IP as a value creation mechanism is currently not a top management priority although investors increasingly look toward good IP management as an indicator of future organizational growth. The research presents the IP Scorecard, a further inductive development of Kaplan and Norton's traditional Balanced Scorecard. The IP Scorecard is a strategic management tool that enables management to drive a robust industrial growth strategy that is explicitly positioned within the knowledge economy, identifying target areas for organizational development around knowledge and IP management, in order to achieve the competitive higher-ground, by strategically creating and capitalizing on value arising from innovation and R&D activities. The IP Scorecard sensitizes management on where and how to carve out competitive turf, particularly from a knowledge and IP value creation perspective, seeking ultimately to enhance corporate/shareholder and product-life-cycle value. The paper encompasses limited field research findings on key IP-related strategic management considerations that promote leadership in innovation and R&D, across the product life cycle.
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Olayiwola, John, and Stephanie Okoro. "Tax Planning, Corporate Governance and Financial Performance of Selected Quoted Non-Financial Companies in Nigeria (2007–2018)." Organizations and Markets in Emerging Economies 12, no. 2 (December 22, 2021): 332–52. http://dx.doi.org/10.15388/omee.2021.12.59.
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This study examines the interactive effect of tax planning and corporate governance on the financial performance of 50 non-financial quoted companies in Nigeria between 2007 and 2018. The study sample that covers 9 sectors was selected purposively through stratified random sampling. Data used were collected from the audited annual reports and accounts of selected quoted companies in Nigeria and fact books published by the Nigeria Stock Exchange. A system GMM was employed to estimate the dynamic models, and results show that ownership structure (OS) and capital intensity (CI) exerted a significant and positive impact on the returns on assets. This implies that OS plays a significant role to ensure that CI triggers an increase in the return on assets of the quoted Nigerian companies. However, board diversity and thin capitalization wielded a significant and negative influence on return on assets. This study thus recommends that companies should put in place a strong corporate governance mechanism that will monitor, check and balance tax planning activities and strategies adopted by the management of quoted companies in Nigeria.
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Buema, Gabriela, Nicoleta Lupu, Horia Chiriac, Tiberiu Roman, Marieta Porcescu, Gabriela Ciobanu, Daniela Vasilica Burghila, and Maria Harja. "Eco-Friendly Materials Obtained by Fly Ash Sulphuric Activation for Cadmium Ions Removal." Materials 13, no. 16 (August 13, 2020): 3584. http://dx.doi.org/10.3390/ma13163584.
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Wastes are the sustainable sources of raw materials for the synthesis of new adsorbent materials. This study has as objectives the advanced capitalization of fly ash, by sulphuric acid activation methods, and testing of synthesized materials for heavy metals removal. Based on the previous studies, the synthesis parameters were 1/3 s/L ratio, 80 °C temperature and 10% diluted sulphuric acid, which permitted the synthesis of an eco-friendly adsorbent. The prepared adsorbent was characterized through SEM, EDX, FTIR, XRD and BET methods. Adsorption studies were carried out for the removal of Cd2+ ions, recognized as ions dangerous for the environment. The effects of adsorbent dose, contact time and metal ion concentrations were studied. The data were tested in terms of Langmuir and Freundlich isotherm and it was found that the Langmuir isotherm fitted the adsorption with a maximum adsorption capacity of 28.09 mg/g. Kinetic data were evaluated with the pseudo-first-order model, the pseudo-second-order model and the intraparticle diffusion model. The kinetics of cadmium adsorption into eco-friendly material was described with the pseudo-second-order model, which indicated the chemisorption mechanism.
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Adamaуtis, Lyudmila, Nadezhda Zonova, Elena Petrova, Nadezhda Palesheva, and Natalia Gritsuk. "Analysis of interrelation of financial results and financial condition of the company." MATEC Web of Conferences 265 (2019): 07019. http://dx.doi.org/10.1051/matecconf/201926507019.
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The article deals with the fundamental categories of company analysis in a market economy such as its financial results and financial condition. Special attention is given to the study and justification of the mutual influence and dependencies between them with the help of formalized analytical models, non-formalized logical and empirical studies and conclusions. In particular, the authors of the article justify the mechanism of the influence of profit and profitability on bankruptcy risks. They underline the importance of obtaining the required amount of profit and the correctness of its use. Moreover, the authors propose criteria for evaluating the rational distribution and use of the company's net profit. The influence of the profit capitalization factor is confirmed by the example of a model of sustainable economic growth. The authors emphasize the importance of the issues under consideration in the development of management decisions, including the formation of dividend policy. The article also presents the authors' approach to some methodological aspects of analyzing the use of profits. The research is based on the financial statements of Russian construction companies. However, these models can be applied to commercial companies in other fields of activity.
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Kochergin, D. A., and A. I. Ivanova. "Stablecoins: Classification, functional features and development prospects." Journal of the New Economic Association 53, no. 1 (2022): 100–120. http://dx.doi.org/10.31737/2221-2264-2022-53-1-5.
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The article is devoted to stablecoins and their prospects for use in the financial market. The authors propose the interpretation and classification of stablecoins and analyze their functional features and development prospects. Also impact of the global economic crisis on stablecoins is analyzed. The findings illustrated that stablecoins differ from traditional electronic money, as well as classic cryptocurrencies, and they can be interpreted as hybrid digital financial assets. Currently, the commonest digital coins with a stable rate are local stablecoins with backing. At the same time, both in terms of capitalization and transaction volume, dominated by centralized fiat-backed and gold-backed stablecoins. Decentralized non-backed stablecoins are not widespread, despite a number of technological innovations that may underlie their stabilization mechanism. The authors have identified main scenarios for the use of local and global stablecoins in the near future. It was observed that at a time of decreased volatility stablecoins are currently predominantly used as a tool to minimize the risk of price volatility in the crypto-assets market. In contrast, the growing interest in applying of global stablecoins under the new reduction volatility mechanisms, may encourage the extensive use of stablecoins in both retail and wholesale payments at the international level. In addition, the development of global stablecoins may entail risks to financial stability and the functioning of monetary systems, to minimize which it is necessary to develop a regulatory framework and financial procedures that take into account the possibility of a wide circulation of stablecoins.
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Ilchenko, Svitlana, and Ganna Glushko. "Investment attractiveness of the port industry in crisis conditions." Investment Management and Financial Innovations 14, no. 3 (November 13, 2017): 251–60. http://dx.doi.org/10.21511/imfi.14(3-1).2017.09.
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Historically, the maritime industry in Ukraine, which previously was subordinated to the Ministry of Transport of Ukraine and whose successor is the Ministry of Infrastructure of Ukraine, was complex of different organizations (shipping companies, ports, ship-repairing and shipbuilding factories and other related and auxiliary enterprises). They had their own organizational structures, goals and tasks and in some way interacted with each other. Such organization was aimed, first of all, at achieving target production indicators formed by the state authorities. In fact, such structure of maritime industry can be regarded as vertically integrated. When the issue of increasing the economic efficiency of the main component of the maritime industry (of the ports) was raised, the main efforts were aimed at minimizing the costs of their functioning. This led to the creation of horizontally integrated (in whole or in part) companies in the maritime industry. The driving factor for their implementation should be the transformation of organizational and economic mechanisms of regulation of the port’s activity from the point of view of a clearly defined anti-crisis character. Therefore, the goal of the study was to develop and justify the feasibility of using a model that will determine the effectiveness of the strategy of investment into the development of the organizational and economic mechanism of regulation of the port activity. The calculations of determining the best variant of an investment project under different external conditions are presented. In calculations based on certain criteria (appropriate levels of capitalization and effective dividend policies), we took into account the factors related to the expectations of the crisis in Ukraine, Ukraine’s unpreparedness to enter the new technological phase, the loss of scientific and technical personnel, inflationary phenomena and instability of the national and world currencies. In addition, within the framework of the developed model, the authors propose an algorithm that makes it possible to select the characteristics and determine the parameters of optimization of the organizational and economic mechanism of regulation of the port activity under the conditions of long-term continuation of the crisis situation.
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Ilchenko, S. V., and G. M. Glushko. "DEFINITION OF THE COMPETITIVENESS TAKING INTO ACCOUNT THE SPECIFICATION OF PORT ACTIVITY." Economic innovations 19, no. 1(63) (April 24, 2017): 73–81. http://dx.doi.org/10.31520/ei.2017.19.1(63).73-81.
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In the article the existing approaches to the definition of the competitiveness concept are analyzed. The author�s conception of competitiveness with regard to characteristics of sea ports is offered. Provided graphical representation concerning the definition of enterprises competitiveness of the port sector. In addition to the objective economic categories, such as price, salary, income and profits, the main elements of the organizational and economic management mechanism, in the current conditions, should also be added the level of competitiveness. It should be noted that the principles of the organizational and economic management mechanism formation had better be based on the systematic and situational approach. And the competitive advantages of the ports, formed on the basis of their production profile and the system of interconnected signs of competitiveness, must determine the need to select and implement a market strategy aimed at achieving these competitive advantages. In the presence of a competitive market and a developed competitive environment, the ability of significant number of enterprises in the ports sphere to survive will be determined by their competitiveness, which is realized in the process of enterprises in the market during the competition. The authors concluded that the main outcome of the competitive functioning arrangements of modern port should be the following: ensuring stable long-term market position, practically permanent profit growth and ensure capitalization. As a main result can be selected as one of the criteria, and all together, depending on the state of the port and the stage of its life cycle.
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Adadimova, L. Yu, and Yu G. Polulyakh. "PARAMETRIC CONTROL OF LAND RELATIONS IN THE AGRICULTURAL SECTOR OF THE ECONOMY." Scientific Review: Theory and Practice 10, no. 7 (July 30, 2020): 1311–21. http://dx.doi.org/10.35679/2226-0226-2020-10-7-1311-1321.
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The possibility of establishing parity in land relations in the agricultural sector and monitoring its observance in the context of digitalization and economic growth is being considered. General scientific methods of economic research and specific methodological approaches to the assessment of income-generating real estate (cost, profitable, comparative) are applied. The necessity of introducing into circulation the terms “parity of land relations” and their “parametric control” is substantiated. Participants in land relations are: the state (organizer and executor of the cadastral land valuation), local governments (recipients of the land tax), owners of the land plots, tenants (producers). A parametric control mechanism for the parity of land relations is proposed, which ensures the observance of the rights for all participants in these relations in terms of deriving economic results from using agricultural land, as well as contributing to the increase of the market efficiency for these lands. The developed mechanism (method) allows: to find violations in the balance of interests between the owners of land plots (land shares), their tenants and governing bodies at the regional and municipal levels; to identify the causes of emerging conflicts; to eliminate them or prevent their occurrence. Recommendations based on the results of the analysis can be reduced, first of all, to selecting an adequate value of the land rent capitalization coefficient in the process of agricultural land cadastral valuation, as well as adjusting the cadastral value of land plots (land shares), if possible, and changing the land tax rates and the rent size.
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Khan, Muhammad Atif, Muhammad Asif Khan, and Idrees Liaqat. "Role of Corporate Governance in Shareholders Value Creation." International Journal of Strategic Decision Sciences 8, no. 2 (April 2017): 70–82. http://dx.doi.org/10.4018/ijsds.2017040105.
Full textAbstract:
The mechanism of governing corporate affairs in line with strategic goal of shareholders' value creation (SVC) has been pivotal debate among academic and institutional scholars over last few decades. Most of the studies in developing countries including Pakistan, have considered more conventional measures, like firm financial performance to examine the impact of corporate governance (CG). Theoretically, firm financial performance optimization has little role in maximizing SVC, that rarely streams to shareholders' exchequer. Therefore, the study is unique in its nature that identifies market capitalization, the most appropriate measure of value creation for shareholders over long run. The authors gathered panel and longitudinal data pertaining to PSX-100 listed firm over the period of 10 years ranging from 2006-15, which is analyzed using multivariate regression. Hausman and Likelihood tests guide the process of appropriate econometrics model selection. Empirical findings reveal that CG dimensions such as audit committee independence (ACI), managerial ownership (MO) and ownership concentration (OC) have positive impact on SVC, except board size (BS) and board independence (BI). The study offers valuable policy recommendations to make CG practices more effective, however, application of the model proposition at macro and micro level can be a substantial extension to literature incorporating some controlling dimensions.
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Suetin, A. N., and E. A. Pantyukhin. "REASONS FOR THE GROWTH OF THE US STOCK MARKET DURING THE CRISIS." Bulletin of Udmurt University. Series Economics and Law 32, no. 1 (January 25, 2022): 80–87. http://dx.doi.org/10.35634/2412-9593-2022-32-1-80-87.
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This paper examines the reasons for the growth of the U.S. stock market in the context of the overvaluation of companies shares. Analysis of the S&P 500 Index's fair value assessment parameters shows an overestimation of the stock market's value. To understand the mechanism of asset price growth, three main indicators of market structure were considered - liquidity, volatility and market depth. Analysis of these indicators has led to an understanding of the processes that affect the value of financial sector assets. The growth of margin debt and the increase in the volume of call options trading in conjunction with the prevailing market conditions contribute to an increase of the U.S. stock market indices capitalization. To understand the systemic risks that can result from such a structure, the graph shows the correlation of indicators that show a direct correlation between volatility, liquidity, and market depth. First of all, the underestimation of systemic risks is due to the current Fed monetary policy. Most market participants rely on the alleged retaliatory action of regulators, which will be implemented immediately in case of emergencies. The problem described in this paper is one of understanding systemic risks, which can undermine the stability of the financial sector if they arise.
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B. O., Agu,, Nwankwo, S. N. P., and Onwuka, I. O. "Impact of Capital Market on Domestic Resource Mobilization for Economic Development in Nigeria (2000-2015)." Journal of Economics and Public Finance 3, no. 1 (December 9, 2016): 1. http://dx.doi.org/10.22158/jepf.v3n1p1.
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<p><em>The</em><em> </em><em>study investigated the impact of Nigerian capital market on domestic resource mobilization for economic development,</em><em> </em><em>using time series data from 2000 to 2015. The study employed secondary data obtained from the Central Bank of Nigeria Statistical Bulletin, the Nigerian Stock Exchange Fact Book and Securities and Exchange Commission database. To evaluate the impact of the independent variables on the dependent, the Ordinary Least Square (OLS) method of estimation was employed. Augmented Dickey Fuller (ADF)</em><em> </em><em>test was used to identify the order of integration. Economic growth was proxied by Gross Domestic Product (GDP) while the capital market variables considered include: Market Capitalization (MCAP), Total New Issues (TNI) and Value of Transactions (VLT).</em><em> </em><em>Applying Johansen and Juselius co-integration test, the result showed that there was at most one co-integrating equation in the model, implying that there is a long run relationship between the variables in the model. The causality test results suggest bidirectional causation between the GDP and the Value of Transactions (VLT) and to the GDP but not vice-versa. Using two-tailed test, the F-statistics is significant at 5 percent level of significance. Furthermore, there was no evidence of reverse causation from GDP to market capitalization and there was no evidence of independence causation between the GDP and Total New Issues (TNI).</em><em> </em><em>The study showed that the major problem with domestic resource mobilization in Nigeria have been that not enough savings are being generated to facilitate the required investment. Also, the type of savings available does not easily make financial intermediation possible. The Nigerian stock market has been constrained by policies that tend to make the exchange look like a mechanism by which government raise loan finance rather than an instrument for mobilizing industrial finance. It is recommended therefore that the regulatory authority should appraise and modify the restrictive policies that constrained resource mobilization capacity of the Nigerian capital market.</em></p>