This study thoroughly investigates the financial behaviors of financially independent, young, single professionals aged 24 to 35 in Balayan, Batangas, amidst a period of global inflation. Focusing on five industries—education, finance, government, healthcare, and retail—the research employs a mixed-methods approach. Quantitative analysis, involving 75 respondents through a 4-point Likert scale survey, is complemented by qualitative insights from in-depth interviews with 5 participants from each industry. The findings from numerical values revealed that demographics did not impact working professionals' saving (...) habits and buying behaviors during the global inflation surge. This suggests that despite differences in age, gender, industry, employment status, and monthly income or salary, all professionals prioritized robust, strong savings and reduced spending to ensure financial stability. The research underscores the significance for professionals in various industries to prioritize specific aspects of personal financial management during the prevailing global inflation surge. The study suggests that, irrespective of industry, working professionals should prioritize specific aspects of personal financial management during the global inflation surge. (shrink)

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is (...) analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the bank. The ratio of earning per share is maximum for Axis Bank Ltd i.e. 50.28 and the ratio of return on Assets is minimum for Axis Bank Ltd. The CAMELS’ analysis and t-test concludes that there is no significance difference between the Axis and Kotak Mahindra bank’s financial performance but the Kotak Mahindra bank performance is slightly less compared with Axis Bank. (shrink)

Banking sector is one of the fastest growing sectors in India. Today’s banking sector becoming more complex. The objective of this study is to analyze the Financial Position and Performance of the Bank of Baroda and Punjab National Bank in India based on their financial characteristics. This study attempts to measure the relative performance of Indian banks. For this study, we have used public sector banks. We know that in the service sector, it is difficult to quantify the (...) output because it is intangible. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. (shrink)

The paper reviewed financial resources which is a critical factor and component of Business Process Re-engineering in achieving academic performance of higher education institutions in the Democratic Republic of Congo. The objective of the study is to examine whether financial resources can contribute to improving and achieving academic performance of higher education institutions in general and students in particular. The study used a systematic literature review and content analysis was to establish the relationship between financial resources (...) and academic performance. The key findings are grouped in three dimensions: 1) financial resources; 2) budget and funding/financial model; 3) tuitions fees, scholarship and loans provision. The study found consistent evidence to show that there is a significant and positive relationship between financial resources and performance of higher education institutions. The study concluded that higher education sector in the Democratic Republic of Congo needs a radical change and fundamental rethinking in improving educational budget processes to meet the needs of the institutions, provision of scholarship and loans processes to students mainly those from poor background and designing innovative financial/funding model to sustain educational institutions. The study is based on academic capitalism theory. The recommendations were made based on the findings of the study. -/- . (shrink)

Financial literacy is becoming a pivotal skill in navigating the marketplaces within the predominant rising digital branches of trading domains; however, there remains a concerning gap in the purchasing behavior of adolescents, who are its primary users. With this in mind, the main objective of our research is to determine whether there is a relationship between a student's level of financial literacy and their online purchase decision-making. The researchers employed an explanatory mixed approach and purposive sampling to identify (...) respondents from Immaculate Conception College of Balayan, Inc. A 5-point Likert scale survey was utilized to collect data from 66 respondents, followed by semi-structured interviews with 10 selected participants. The results showed a moderately positive correlation between a student's financial literacy and online purchase decisions, as determined by the Pearson correlation coefficient. Thus, the thematic analysis revealed that respondents generally have good financial literacy, emphasizing factors like pricing, online reviews, and product ratings when making digital marketplace decisions. However, there are notable gaps in their understanding of basic financial concepts and their ability to apply them in real-life situations. To effectively enhance students’ financial literacy and online purchasing decisions, a holistic approach is necessary, including targeted interventions, practical applications, and continuous adaptation to evolving consumer behaviors. Educational institutions, policymakers, and stakeholders should work together to create comprehensive programs that provide students with the knowledge, skills, and attitudes needed to negotiate real-world financial situations and make sound judgments in the digital commerce ecosystem. By emphasizing practical learning, key financial concepts, and trustbuilding approaches, educators may empower students to become responsible consumers capable of managing their resources successfully and ethically. (shrink)

Although Minsky’s interpretation of Keynes’s macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical evaluation of Minsky’s Financial Instability Hypothesis from the perspective of the alternative Austro-Wicksellian paradigm. Although some of the similarities and/or analogies between Minsky’s approach and that of the Austrian School suggest a more than merely superficial affinity between the two theoretical frameworks and (...) although some scope for cross-fertilization between both approaches can be found, both theoretically and empirically, at a fundamental conceptual level both theories remain incompatible and difficult if not impossible to reconcile, in particular in terms of fundamental causality and in terms of policy conclusions and prescriptions. Despite the fact that Minsky’s policy conclusions are multifaceted and somewhat eclectic, they manifest a lack of familiarity with the conclusions of the Austrian analysis of the problems of central planning by Big Players such as Big Bank and Big Government. Both approaches also offer contrasting interpretations of the historical experience of the Global Financial Crisis. (shrink)

This paper aims to study the impact of Crowdfunding financial attributes on entrepreneurship risk taking. This study was applied on Arabic Crowdfunding platforms from all crowdfunding models. The population of the study consists of individuals, entrepreneurs, investors, employees at electronic-crowd funding Arabic platforms. According to last statics at (2018), there are (12) legit Arabic platforms working in this field. Several statistical tools were used for data analysis and hypotheses testing, including reliability Correlation using Cronbach’s alpha, “ANOVA”, Simple Linear (...) Regression. The overall findings of the current paper show that there is a significant statistical impact for financial properties on entrepreneurship and this effect around (25%). Furthermore, the current paper is unique by topic and population as it is the first study on Arabic crowdfunding platforms. (shrink)

The study investigated Meta-analysis on the effects of financial status on nutrigenomics and personalized diet in Nigeria. The study was guided by four research questions and three null hypotheses tested at 0.05 level of significance. The designs for this study were systematic review and meta-analytic. The study has infinite population. However, 53 studies on the effects of financial status on nutrigenomics and personalized diet in Nigeria were identified. Out of the 53 studies identified, only 31 studies which (...) met the requirements for meta-analysis were used as the sample. The sampling techniques were purposive and snowballing. A pro-forma was used for data collection. The instrument was validated by experts and the internal consistency reliability value of 0.97 was obtained using inter-rater agreement. Data collected with the instrument were analyzed with effect size, average weighted mean Z, Winer combined test and Fisher statistical transformation tables. The findings of the study revealed: moderate effect size on lower and upper financial status on nutrigenomics and personalized diet, small effect size on upper financial status on nutrigenomics and personalized diet, large effect size on lower financial status on nutrigenomics and personalized diet and variation on effect sizes of lower and upper financial status on nutrigenomics and personalized diet and significant effect sizes on upper, lower and consequently on lower and upper financial status on nutrigenomics and personalized diet 464 at Z-critical value of 1.96 at the 0.05 level of significance. (shrink)

The purpose of the paper is to determine the state of automotive corporations financial stability and to generalize the consequences of its violation for their activity and the global economy as a whole. Methods. The theoretical and methodological basis of the research is the scientific works in the field of corporate finance management and strategic development that studied analyzing and evaluating the financial stability of corporate companies, maintaining their financial stability in the medium and long term, official (...) statistics data of United Nations Conference on Trade and Development, financial statements of corporations Toyota Motor Corporation (Japan), Mercedes-Benz (Germany) and Tesla Motors (USA), own research results. The methodological basis of the study is a set of general scientific and special methods used to achieve the research goal: theoretical generalization, analysis and synthesis – in studying the content of scientific works on the research of financial stability of corporate companies and maintaining their financial stability; observation – to obtain primary information about the state of the world automotive market; the method of coefficient analysis and typing the situations – to assess the financial stability of automotive corporations; analytical – in determining the economic consequences of financial stability violation of automotive corporations; causation – to obtain final conclusions. Results. This article deals with the development of automotive industry in the world. The financial stability of leading automotive corporations is evaluated. The economic consequences of financial stability violation of automotive corporations are summarized. Financial strategies to improve the financial stability of automotive corporations are proposed. Practical value. The results of the study may be useful to the United Nations Conference on Trade and Development, the financial management of Toyota Motor Corporation, Mercedes-Benz and Tesla Motors. Value / originality – the state of financial stability of automotive corporations is determined and the consequences of its violation for their activity and the world economy as a whole are generalized. Further research should be directed towards the development of project measures to improve the financial stability of automotive corporations in the world. (shrink)

The article discloses the problem of distributing state financial support based on an integrated approach. The study has proved the urgency and necessity of state support for the lowest priority territorial units (regions). It answers the research question of what components need to be included in the methodology for determining state financial support. A comprehensive method for estimating the share of public funds is proposed, taking into account the investment attractiveness of a region (oblast) and the risk of (...) the corresponding region (oblast). To achieve this goal, the following general scientific and special methods and research techniques were used in the work, such as comparative analysis of scientific literature and information sources based on methods of comparison, systematization, and generalization; generalization of the analysis results, as well as logical generation of conclusions and integral assessment. -/- Since the problem of financing the construction and reconstruction of bridges is relevant for a number of countries, this technique was tested using an example of bridge construction. -/- According to the obtained results, territorial units (regions) that are not leaders in priority for the investor and have a high level of riskiness of investing financial resources become eligible for state financial support. The problem of financing such regions can be solved only through state support. The results of calculations show that the distribution of financial resources with the available volume of public finances K=1 allocated for support is carried out proportionally. An integrated approach made it possible to identify 10 territorial units (oblasts) for funding, with the oblasts with the worst priority factors receiving the largest share of state financial support. -/- This study is of practical interest to government agencies in the distribution of public funds, and it is of theoretical importance to researchers dealing with issues of financial security and public administration. (shrink)

By the end of the course students will be able to: - Analyze the issues caused by anonymization and financial virtualization -Develop a clear understanding of Digital Identity and the legal aspects of it - Identify the functioning of cryptocurrencies, blockchain and « digital cash » - Understand the reconfiguration of the balance of power between "traditional" financial actors and new financial players. - Assess the latest developments in cryptocurrency law - Explain new risks in terms of (...) financial security - Develop a prospective analysis on new financial technologies. (shrink)

In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis of (...) such financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing. (shrink)

I argue that epistemic failings are a significant and underappreciated moral hazard in the financial services industry. I argue further that an analysis of these epistemic failings and their means of redress is best developed by identifying policies and procedures that are likely to facilitate good judgment. These policies and procedures are “best epistemic practices.” I explain how best epistemic practices support good reasoning, thereby facilitating accurate judgments about risk and reward. Failures to promote and adhere to best (...) epistemic practices contributed to the 2008 financial crisis. I identify and discuss some of the ways in which best epistemic practices were violated in the events that led to the crisis, with a focus on the role of the credit rating agencies. I go on to discuss some of the ways in which these failings have been redressed. I conclude by observing how proactive regulation for best epistemic practices might help us to anticipate and avoid future crises. (shrink)

This article is devoted to the study of directions of financial safety of Ukrainian agricultural enterprises through the assessment of indicators economic activity and analysis of the export potential of agricultural products. The financial indicators of economic activity of Ukrainian agricultural enterprises, which affect the ensuring of financial safety, are determined. The activity of large Ukrainian agricultural enterprises in terms of their capitalization and formation of own capital are studied. Analyzed the commodity structure of exports agricultural (...) products of Ukrainian agricultural enterprises and determined the amount of foreign exchange earnings from EU countries. Due to economic-statistical and mathematical tools, a study of the dependence of GDP and the euro on foreign exchange earnings from exports of agricultural products of Ukrainian agricultural enterprises to the EU countries. Offered the scheme of directions of maintenance of financial safety of the agricultural enterprises of Ukraine in the context of internal environment of activity of economic entities and stabilization of macroeconomic indicators of the country. (shrink)

Financial analysis is a combined effort of knowledge and experience to obtain relevant ratios and elaborate on the results. The study is an application of financial analysis on Istanbul Public Transportation Company. As seen in the literature review section of the study public transportation companies require high subsidies by governments which is a factor to consider in the research. The research period is 2014- 2016. It is a comparative study with the inclusion of Izmir – ESHOT (...) and Ankara – EGO public transportation companies. The results are therefore compared with industry averages computed by the average of public transportation companies of three big cities in Turkey. The research is based on 7 selected ratios, 3 for measuring liquidity and the remaining 4 for measuring solvency. The ratios used in this paper are current ratio, acid test ratio, cash ratio, total debt ratio, debt equity ratio, equity multiplier, and long term debt ratio. According to the results, the companies have a very low current ratio which means they operate with low liquidity. Solvency analysis also reveal that, there are high degrees of leverage and negative shareholders’ equity. The research shows that companies might struggle to repay debts without government support. (shrink)

Financial analysis is a combined effort of knowledge and experience to obtain relevant ratios and elaborate on the results. The study is an application of financial analysis on Istanbul Public Transportation Company. As seen in the literature review section of the study public transportation companies require high subsidies by governments which is a factor to consider in the research. The research period is 2014- 2016. It is a comparative study with the inclusion of Izmir – ESHOT (...) and Ankara – EGO public transportation companies. The results are therefore compared with industry averages computed by the average of public transportation companies of three big cities in Turkey. The research is based on 7 selected ratios, 3 for measuring liquidity and the remaining 4 for measuring solvency. The ratios used in this paper are current ratio, acid test ratio, cash ratio, total debt ratio, debt equity ratio, equity multiplier, and long term debt ratio. According to the results, the companies have a very low current ratio which means they operate with low liquidity. Solvency analysis also reveal that, there are high degrees of leverage and negative shareholders’ equity. The research shows that companies might struggle to repay debts without government support. (shrink)

Over the past three decades, Vietnam has transitioned from an agrarian-based, centrally planned economy to a mixed economy with emerging market status. Additionally, projections indicate that Vietnam will be one of the world’s largest economies by 2050 if growth is sustained at present rates. The evolution of the financial sector, which began with the Doi Moi reforms in the mid-1980s, has been central to facilitating this growth. As the economy has expanded, Vietnam has maintained a gradualist approach to developing (...) market-based mechanisms of resource allocation. However, financial markets are still in an embryonic stage and substantial reform is required if the economy is to meet the expected rates of development. Against this backdrop, this dissertation critically evaluates trends and dynamics in Vietnam’s journey of financial development over the past three decades, with a particular emphasis on the experiences of small and medium-sized enterprises (SMEs). Drawing on quantitative analysis, secondary data and interviews conducted with a range of firms and stakeholders, I argue that financial development in Vietnam has had positive effects in terms of increasing access to funding for SMEs. As the financial system has developed, allocative efficiency has improved to the benefit of SMEs. However, some informants criticised the progress made to date, arguing that a funding mismatch still exists. Specifically, weak corporate governance, state-owned enterprises and a lack of derivatives have prevented effective capital market development. Given Vietnam’s high level of political corruption, this paper concludes that policy makers must place more attention on the political-economic structures of Vietnam if achieving middle-income status is to occur. Specifically, a tighter and more controlled effort to dismantle corporate bureaucracy and nepotism would allow better access to funding for Vietnamese SMEs. (shrink)

The concept of non-arbitrage plays an essential role in finance theory. Under certain regularity conditions, the Fundamental Theorem of Asset Pricing states that, in non-arbitrage markets, prices of financial instruments are martingale processes. In this theoretical framework, the analysis of the statistical distributions of financial assets can assist in understanding how participants behave in the markets, and may or may not engender arbitrage conditions. Assuming an underlying Variance Gamma statistical model, this study aims to test, using the (...) FBST - Full Bayesian Significance Test, if there is a relevant price difference between essentially the same financial asset traded at two distinct locations. Specifically, we investigate and compare the behavior of call options on the BOVESPA Index traded at (a) the Equities Segment and (b) the Derivatives Segment of BM&FBovespa. Our results seem to point out significant statistical differences. To what extent this evidence is actually the expression of perennial arbitrage opportunities is still an open question. (shrink)

While this article sets out to advance our knowledge about the characteristics of Nigerian cybercriminals (Yahoo-Boys), it is also the first study to explore the narratives of the Economic and Financial Crimes Commission (EFCC) officers concerning them. It appraises symbolic interactionist insights to consider the ways in which contextual factors and worldview may help to illuminate officers’ narratives of cybercriminals and the interpretations and implications of such accounts. Semi-structured interviews of forty frontline EFCC officers formed the empirical basis of (...) this study and were subjected to a directed approach of qualitative content analysis. While prior studies, for example, indicated that only a group of cybercriminals deploy spiritual and magical powers to defraud victims (i.e. modus operandi), our data analysis extended this classification into more refined levels involving multiple features. In particular, analysis bifurcates cybercriminals and their operations based on three factors: [a] educational-attainment, [b] modus-operandi, and [c] networks-collaborators. Results also suggest that these cybercriminals and their operations are embedded in “masculinity-and-material-wealth”. These contributions thus have implications for a range of generally accepted viewpoints about these cybercriminals previously taken-for-granted. Since these criminals have victims all over the world, insights from our study may help various local and international agencies [a] to understand the actions/features of these two groups of cybercriminals better and develop more effective response strategies. [b] to appreciate the vulnerabilities of their victims better and develop more adequate support schemes. We also consider the limitations of social control agents’ narratives on criminals. (shrink)

Our planet contains 194 independent states and much more nations. They share membership of the United Nations and in consequence they subscribed the Universal Declaration of Rights. These are rooted in the modern universal conception of states and human rights formulated by philosophers of the Enlighten Age like Locke, Kant., Montesquieu, Voltaire and Rousseau. Concepts like democracy are mirrored to the organization of the political life as it was developed in North America and Europe at the end of the 18th (...) and the 19th century. Universality was deeply rooted in the Western intellectual, moral and religious tradition of that part of the world. Even globalization of the economic and social life is governed by the same Western standards and worldwide consumed basic goods like prime matter,. food and energy is expressed in terms of Western currency like dollar, pound sterling or euro. Despite this economic globalization there were two contradictory political evolution to discern: At the one hand more than 70 new states where created and on the other hand 28 European states started to integrate to a political European Union. The latter trend was based on a deep economic integration and since the creation of the euro also a financial integration. Basic idea was the creation of a free economic market as bases for a political unified Europe. Euro criticism is not only identified with conservatism, nationalism, narrow mind and even racism, euro criticism is deprived from any intellectual significance. However other trends put some shadow on the European project. First the Soviet experience around Marxism, Leninism and Stalinism unified more different nations than the European Union but ended in a complete political and economic chaos. Secondly the financial euro crisis involves only the tacit undermining of the national political independence of the member states, but does not make room for a deep analysis what the fundamentals are of this crisis such as lack of confidence of the citizen in the created unified political and financial market and its main instruments like banks that we consider as the fundamental boundary conditions of the worldwide globalization of goods, power and all aspects of human life. Furthermore we claim that this market in al its aspects is the worst answer to the inconvenient yet unavoidable truth that Western way of life of consumption includes a ecological footprint that exceeds since many years the sustainability of our planet. -/- . (shrink)

In modern conditions the questions of personnel management, including motivation, acquire new meaning. Particularly given the problems relevant to the service sector, where at the beginning of the XXI century employing more than 60% of the workforce in developed countries. These circumstances determine the need for a modern concept of material and immaterial motivation of service industries. Such factors determine the need for the development modern concept of material and immaterial motivation of service industries staff. To obtain indicated objective during (...) research analyzed the existing concepts and paradigm of staff motivation with highlighting their advantages and disadvantages. The results obtained allowed to establish that scientific and expert community does not have the unified approach to the classification and identification of the most effective ones. Special attention is given to modern developments and approaches to the motivation problem. This fact caused the structure of follow studies, including three interlinked vectors: analysis of the essential content of the fundamental concepts in the field of staff motivation; defining features of employee motivation at the enterprises sphere of services; introduction to the key successful international practices which apply by service companies. In general, the results obtained enabled the author’s model of the modern concept of material and non-material motivation at the enterprises the service sector and the corresponding mechanism for the implementation. (shrink)

Biomass is one of the main sources of energy in Kenya accounting for over 68% of the total primary energy consumption. The continued dependency on biomass energy has resulted to land degradation, deforestation, drought and famine. The adoption and continued use of biogas energy technologies within the developed and developing countries is of great social, economic and environmental benefit. Although the positive benefits of using biogas is clear, in Africa and Kenya the households’ biogas adoption level is low. The main (...) purpose of this study was to analyze social, economic factors that influence adoption of biogas energy among farm households in Nandi, Uasin-Gishu and Trans-Nzoia counties in North Rift region of Kenya. The target population was all the farm households in the three counties. The study employed farm household multistage research design mainly cluster, and simple random sampling techniques to get a sample size of 295 respondents for the study. Farm households were used as units for analysis. Data was collected using questionnaires and analyzed using descriptive and inferential statistics. Logit model was used to estimate the parameters of the regression model. The results indicated that: social-economic factors were significant determinants of adoption of biogas technology (p – value 0.0000 < 0. 05) for all variables in North Rift region of Kenya. From the study findings, the following recommendations are drawn: Firstly government and other stakeholders should design policies that encourage the use of sustainable energy sources such as biogas. Secondly, incentives and provision of subsidies in terms of financial support should be given to households to acquire biogas devices. Thirdly households should be educated on benefits of using biogas. Government should also ensure efficient extension services in the study area by organizing workshops, trainings and make provisions to facilitate extension. (shrink)

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation - is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the (...) emergence of systemic instability in the banking sector always has a negative impact on financial stability in general and has extremely negative socio - economic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined. (shrink)

The purpose of the article is to develop a methodology for alternative substantiation of financial support for bridge construction. To achieve the purpose, the following general scientific and special methods and techniques of research were used: “golden ratio” rule; systematization and generalization; generalization of the results of the analysis and the logical generation of conclusions. Initially, the article analyzed the state of bridge structures in Europe and Ukraine. Based on the analysis, a disappointing situation has been identified, (...) namely that a significant ratio of bridges number require major overhaul or are in critical condition. During the research, the following tasks were solved, namely: physical wear of the bridge as a failure was considered; the feasibility of investing in reconstruction or new bridge construction was determined. For the purpose of rational use of financial resources, which are limited in the age of economic challenges, and on the basis of the rule of “golden proportion”, the maximum percentage of investment in reconstruction is determined. If the limit is exceeded, it is decided to build a new bridge. This result allows making an economically sound decision and evaluating the effectiveness of the invested resources. It is proved that if the wear index of the overhaul bridge construction is higher than the wear rate of the new bridge construction by λ2 / λ1, and the amount of funds for overhaul reaches 70% of the funds needed to build a new one, it is better to build a new bridge. (shrink)

The paper is devoted to the study of determinants determined the level of financial security of economic systems. It is shown that the financial security of an economic system implies the achievement of a level of financial stability that will contribute to simultaneously maintaining financial equilibrium and ensuring targeted growth in line with the development strategy. The level of financial security of rail transport in Ukraine was analyzed and it was determined that the decline in (...) its security was the result of a complex interaction of external and internal factors, the main of which were tight government regulation, shifting the financial burden of social responsibilities to Ukrzaliznytsya, PJSC, lack of competition in the transportation of the main nomenclature of cargo and the unsatisfactory state of non-current assets. Based on the Argenti’s method, it is shown that the consequence of the inefficient financial management of Ukrzaliznytsia, PJSC are the reduction of its insolvency. Three main determinants of the financial security of rail enterprises were identified: a reduction in traffic volumes, an unstable capital structure and the impossibility of timely repayment of current liabilities. An additive model for assessing the impact of selected determinants on the level of financial security of Ukrzaliznytsia, PJSC is proposed. The analysis of the model parameters showed that the greatest impact has the index of industrial production, which is due to the predominant formation of its own financial resources of rail transport due to income from freight traffic. A complex of measures designed to improve the financial condition of rail enterprises was proposed. It is substantiated that in order to equalize existing threats, it is necessary to take political decisions aimed at improving the financial condition of Ukrzaliznytsia, PJSC by reducing the intensity of leaching of its financial resources, as well as implementing an anti-crisis financial strategy aimed at optimizing the capital structure and financial rehabilitation of rail enterprises. (shrink)

Concerns about population ageing apply to both developed and many developing countries and it has turned into a global issue. In the forthcoming decades the population ageing is likely to become one of the most important processes determining the future society characteristics and the direction of technological development. The present paper analyzes some aspects of the population ageing and its important consequences for particular societies and the whole world. Basing on this analysis, we can draw a conclusion that the (...) future technological breakthrough is likely to take place in the 2030s (which we define as the final phase of the Cybernetic Revolution). In the 2020s – 2030s we will expect the upswing of the forthcoming sixth Kondratieff wave, which will introduce the sixth technological paradigm (system). All those revolutionary technological changes will be connected, first of all, with breakthroughs in medicine and related technologies. We also present our ideas about the financial instruments that can help to solve the problem of pension provision for an in-creasing elderly population in the developed countries. We think that a more purposeful use of pension funds' assets together with an allocation (with necessary guarantees) of the latter into education and upgrading skills of young people in developing countries, perhaps, can partially solve the indicated problem in the developed states. (shrink)

We know that technological developments will affect economic development which will have an impact on the level of public consumption. Law Diminishing Marginal Utility cause boredom which will comprehensively reduce one's purchasing power and interest in the commodities on the market. Capitalism and its development always try to encourage people's consumption continuously to the maximum point. Hedonism and consumerism cause financial imbalances which are a real threat to our society today. Law Diminishing Marginal Utility and followed by the application (...) of Economic Materialism Asymmetry to reduce unnecessary or philosophically form a normative framework so as not to get trapped in a destructive hedonistic cycle. These measurements are not carried out quantitatively or in a stricter context, this is intended to make it easier for the public to apply theoretical concepts from analysis to create a balance of consumption which has implications for alleviating poverty. (shrink)

Abstract: This research paper presents a novel approach to predict audit risks using a neural network model. The dataset used for this study was obtained from Kaggle and comprises 774 samples with 18 features, including Sector_score, PARA_A, SCORE_A, PARA_B, SCORE_B, TOTAL, numbers, marks, Money_Value, District, Loss, Loss_SCORE, History, History_score, score, and Risk. The proposed neural network architecture consists of three layers, including one input layer, one hidden layer, and one output layer. The neural network model was trained and validated, achieving (...) an impressive accuracy of 100% and an average error of 0.000015, indicating its robust predictive capability. Moreover, we conducted feature importance analysis to identify the most influential features for predicting audit risk. The key features found to be critical for classifying fraudulent activities in audit risk prediction are Sector_score, PARA_A, SCORE_A, PARA_B, SCORE_B, TOTAL, numbers, marks, Money_Value, District, Loss, Loss_SCORE, History, and History_score. This research contributes to the field of audit risk prediction by demonstrating the effectiveness of a neural network-based approach and highlighting the importance of specific features in detecting fraudulent activities. The findings have significant implications for auditors and organizations seeking to enhance their audit risk assessment processes, ultimately leading to improved financial transparency and fraud detection. (shrink)

Cambodians are still vulnerable. To reverse those conditions, National Social Protection Strategy (N.S.P.S) was developed for the poor and vulnerable people to promote their livelihoods. Royal Government of Cambodia (R.G.C) has paid attention to social assistance. In strategic plans, highlights on strengthening, and collectively developing social security, consistent and effective. With these issues, the government establishes a national social protection policy framework to help all people in particular poor and vulnerable people (M.o.E.F, 2017, p.1). The research aims at reviewing the (...) institutional capacity of government institutions in charge of the National Social Protection Framework (N.S.P.P.F) toward its goal achievement The Department for International Development (D.E.F.I.D) capacity approach is proposed as a framework for this institution of government toward its goal achievement. The D.E.F.I.D (2003) cited in Kay amp Franks (2003) identifies the approach for assessing capacities in three-level. The strengths and the weakness of the seven points were identified. Those included an Overview of N.S.P.P.F, financial resources, relationship with others, policies and systems, strategies, structures, and technical skills and competencies. It was concluded that budget limitations and lack of data and guidelines for implementing the frameworks were limited. Recommendations were identification of People with Disability (P.W.D) data, people close to the poverty line, the inclusion of P.W.D, increase in budget, and budget decentralization. (shrink)

Currently, under the conditions of permanent financial risks that hamper the sustainable economic growth in the financial sector, the development of evaluation and risk management methods both regulated by Basel II and III and others seem to be of special importance. The reputation risk is one of significant risks affecting reliability and credibility of commercial banks. The importance of reputation risk management and the quality of their assessment remain relevant as the probability of decrease in or loss of (...) business reputation influences the financial results and the degree of customers’, partners’ and stakeholders’ confidence. By means of imitating modeling based on Bayesian Networks and the fuzzy data analysis, the article characterizes the mechanism of reputation risk assessment and possible losses evaluation in banks by plotting normal and lognormal distribution functions. Monte-Carlo simulation is used to calculate the probability of losses caused by reputation risks. The degree of standardized histogram similarity is determined on the basis of the fuzzy data analysis applying Hamming distance method. The tree-like hierarchy based on the OWA-operator is used to aggregate the data with Fishburne's coefficients as the convolution scales. The mechanism takes into account the impact of criteria, such as return on equity, goodwill value, the risk assets ratio, the share of the productive assets in net assets, the efficiency ratio of interest bearing liabilities, the risk ratio of credit operations, the funding ratio and reliability index on the business reputation of the bank. The suggested methods and recommendations might be applied to develop the decision-making mechanism targeted at the implementation of reputation risk management system in commercial banks as well as to optimize risk management technologies. (shrink)

Abstract: Before now it is believe that it is only company that their activities adversely affect the environment that should be socially responsible. This has change over the years as some country has made it mandatory for business to be socially responsible without which they cannot do business. For insurance company, their activities have to do with rendering of services and as such do not destroy the environment. The main objective of the study was to determine corporate social responsibility accounting (...) and financial performance of insurance companies in Nigeria. The research design adopted for the study is expo facto research design. The population of the study consists of all the 40 companies quoted in the Nigeria Stock Exchange as at December 2016. A sample of 25 insurance companies was selected base on their size from the population of the insurance companies. Data for the study were obtained from annual reports for the period of ten (10) years ranging from 2007 to 2016. Multiple regression analysis was carried out to determine the desire relationship. Findings show a significant relationship between corporate social responsibility accounting and return on capital employed and net profit margin, while a negative relationship with earnings per share. The implication of the findings is that there is evidence of conscious effort of the sampled insurance companies to discharge their social responsibility. The study recommends among other that management should be proactive and ensure that their social responsibility policies are adequately implemented, and ensure that Nigerian companies comply with government laws regarding business regulation in the country. (shrink)

Abstract: This study tries to establish the microfinance and financial inclusion nexus in Nigeria from 1981 to 2017. The Augmented Dickey-Fuller (ADF) test, co-integration test and Error Correction Model (ECM), as well as diagnostics and stability test were employed in the analysis. The research findings revealed that microfinance has positive significant effect on financial inclusion in Nigeria in the short–run and long–run. This finding is in line CBN objectives for the establishment of microfinance banks. The effect of (...) lending interest rate has a positive but has no significant with financial inclusion in the model one while it is statistically significant with poverty in Nigeria in the mode two. The positive lending interest rate has a statistically significant effect on the level of financial inclusion and national poverty index used as a proxy for poverty rate in the long run in the models. Also, the research also found that microfinance has really a tool to fight against poverty in Nigeria in the short-run, while it’s not really a tool to fight against poverty in the long-run in Nigeria. It was therefore recommended that Government agency and regulatory authority policies and practices need to play a key role in making micro-credit available to the economically-active poor people who are not being served by the formal financial sector. Also, apart from monitoring lending interest rates, the government needs to establish frameworks to prevent undercapitalization, fraudulent practices, and unwarranted interference from bank board members in Nigeria. (shrink)

Exchange rate movement is a mostly debatable issue amongst economists and strategic financial planners in the economies as a vital phenomenon, of every economy in the developing the world. This study sets out to examine the impact of cash conversion cycle, Size, Age, and exchange rate movement on firms’ financial decisions. The estimation used techniques of static panel data analysis in this study; pooled OLS, random effects, and fixed effects. Interaction techniques are applied to check the impact (...) of the exchange rate by multiplying this variable with the main variables of cash conversion cycle, that is receivable in days and payables in days. The results depict there is a significant negative relationship between return on assets and exchanger rate during the period of review while the beta of cash conversion cycle has negative value; age and size are positive and significant at 1% level with return on assets. Therefore, it is recommended that organizations that have some measure to agreement in foreign currencies can adopt some advanced hedging technique to occupy the exchange rate movements risk to improve firm’s performance. (shrink)

Hedonism is a basic problem in society, especially in Indonesia. There are several negative impacts produced by hedonism such as poverty, debt problems, and social conflict. With an income level that does not match one's level of spending, this can cause an imbalance in one's financial condition. The economic theory of Marxism—which was pioneered by Karl Marx through one of his books entitled The capital—helps us to understand more about logical considerations when consuming and maximizing utility to fulfill the (...) collective interest. Capitalism creates a quite radical push in one's consumption activity, where by analysis Law Diminishing Marginal Utility, capitalists will easily make new innovations so that they can produce new commodities that are deliberately positioned as commodities needed by society. Debt to Income Ratio which is one of the ratios to measure the liability and income of entities can be used as a step to prevent or slow down the development of a culture of hedonism and raise collective awareness in the midst of a fairly chaotic capitalist system. (shrink)

In 2001 soon after the Asian Crises of 1997-1998, the DotcomBubble, 9/11, the Enron crises triggered a fraud crisis in Wall Street that impacted the market to the core. Since then scandals such as the Lehman Brothers and WorldCom in 2007-2008 and the Great Recession have surpassed it, Enron still remains one of the most important cases of fraudulent accounting. In 2000’s even though the financial industry had become highly regulated, deregulation of the energy industry allowed companies to place (...) bets on future prices. At the peak of the dotcom bubble Enron was named as a star innovator but when the dotcom bubble burst, Enron’s plan to build high speed internet did not flourish and investors started to realize losses. Furthermore, the financial losses of the operations were hid using the market to market accounting technique instead of book value and using special purpose entities to hide debt. The root cause that was identified as a company with a toxic corporate culture focused on officer compensation rather than social responsibility and hence faulty leadership. Is it possible then that; ethical accounting practices, social responsibility and ethics all become inferior goods as income rises in an ‘irrationally exuberant’era? (shrink)

An extended analysis compared to observations shows that modern “globalised” world civilisation has passed through the invisible “complexity threshold”, after which usual “spontaneous”, empirically driven kind of development (“invisible hand” etc.) cannot continue any more without major destructive tendencies. A much deeper, non-simplified understanding of real interaction complexity is necessary in order to cope with such globalised world development problems. Here we introduce the universal definition, fundamental origin, and dynamic equations for a major related quantity of (systemic) risk characterising (...) real complex system development tendencies at any level of dynamics. Practically important conclusions are derived, opening further detailed applications in economy, finance and development practice. (shrink)

A method of identifying banks’ business models and studying the features of their risk profile, considering the system of indicators featuring the structure of assets, liabilities, income, expenses, and other qualitative indicators based on monthly statistical reporting. Kohonen's self-organizing maps (SOM) are used to process large data sets, revealing objects’ hidden features by forming homogeneous groups according to similar values of a large system of indicators. The choice of the system of indicators that play the most significant role in describing (...) the business models of modern banks is substantiated. The proposed method makes it possible to group banks with homogeneous characteristics into so-called structural-functional groups and studies the change in the characteristics of groups of banks over time to compare their behavior during periods of active development of the system and during a crisis. That approach is useful for studying the banking system at the macro level, as it provides a quantitative measure of its financial stability. The more banks are in groups with negative values of parameters, increased risks, and unprofitable performance, the worse the general state of the system. The method also allows studying the features of each structural and functional group and the business models’ features at the meso-level. The number and composition of banks inherent in any group change dynamically, which characterizes the features of the relevant business model in a particular period. The averages of each group reflect the objective changes in the banking system structure. In addition, the SOM trajectory can be built for each individual bank determining the development of its strategy, features of a particular business model, and risk profile. At the micro-level, it allows comparing the features of individual banks within the SFGB and models ways to improve efficiency and financial stability by forecast values for SOM. An extensive system of indicators used to form structural and functional groups of banks allows to quickly respond to changes in the banking system, identify areas of increased risk and explore the adequacy and effectiveness of banks’ business models. (shrink)

The paper re-expresses arguments against the normative validity of expected utility theory in Robin Pope (1983, 1991a, 1991b, 1985, 1995, 2000, 2001, 2005, 2006, 2007). These concern the neglect of the evolving stages of knowledge ahead (stages of what the future will bring). Such evolution is fundamental to an experience of risk, yet not consistently incorporated even in axiomatised temporal versions of expected utility. Its neglect entails a disregard of emotional and financial effects on well-being before a particular risk (...) is resolved. These arguments are complemented with an analysis of the essential uniqueness property in the context of temporal and atemporal expected utility theory and a proof of the absence of a limit property natural in an axiomatised approach to temporal expected utility theory. Problems of the time structure of risk are investigated in a simple temporal framework restricted to a subclass of temporal lotteries in the sense of David Kreps and Evan Porteus (1978). This subclass is narrow but wide enough to discuss basic issues. It will be shown that there are serious objections against the modification of expected utility theory axiomatised by Kreps and Porteus (1978, 1979). By contrast the umbrella theory proffered by Pope that she has now termed SKAT, the Stages of Knowledge Ahead Theory, offers an epistemically consistent framework within which to construct particular models to deal with particular decision situations. A model by Caplin and Leahy (2001) will also be discussed and contrasted with the modelling within SKAT (Pope, Leopold and Leitner 2007). (shrink)

Purpose: To develop proposals on the directions of institutional support for the processes of creativity of the Ukrainian economy. Design/methodology/approach: The analysis of trends in the creativity of the Ukrainian economy is carried out and proposals are developed for conceptualizing institutional support for these processes. The authors set out to develop proposals for institutional support for creativity processes and offer recommendations for systematic updating of Ukrainian legislation in the areas of state regulation of high-tech business. The information base was (...) the information materials of the State Statistics Service of Ukraine, Ministry of Economic Development and Trade of Ukraine, the statistical databases of the European Commission, OECD and World Bank for the period 2014–2020. The research methodology is based on scientific tools that include comparative analysis and economic and mathematical modeling. Findings: Building a national program of public investment in creative development will allow us to systematically approach the issue of institutional support for technological breakthroughs. Research limitations/implications: Recommendations on the development and improvement of legislative instruments of deregulatory policy, harmonization with European standards are substantiated. Directions of systematic updating of legislation on guaranteeing foreign investment of creative projects and targeted investment of joint research projects of academic science and creative organizations are proposed. The implementation will allow a systematic approach to the issue of institutional support for the technological breakthrough of Ukraine. Originality/value: There is a need to step up institutional activities in the field of organizing research centers, introduce targeted investment in the academic science and research activity of creative organizations. (shrink)

This paper argues, through conceptual analysis, against an objection to the disapproval of banks for the 2007-8 crisis: the idea that they could not have acted otherwise (at least not rationally) and that no one should be blamed for a fact one could not have avoided. If true, it would threaten the justification of corporate social responsibility and the legal liability of managers. Identified as the ‘inevitability thesis’, this objection is illustrated by an analysis of the film Margin (...) Call (2011) and associated with other investigations on ethics and responsibility. The target thesis stems from a confusion between different notions of responsibility (for a task, for a decision, for causing an event and for repairing it) and leads to an incoherent form of fatalism. Finally, it is suggested that the invocation of ‘inevitability’ may be a way of rationalizing the decision, obscuring reasons to the contrary. (shrink)

This article intends to analyze the performance and the efficiency of companies and to identify the key factors that may explain it. It was selected a sample with 15 enterprises: 7 Portuguese and 8 Ukrainian ones, belonging to several industries. Financial and non-financial data was collected for 6 years, during the period of 2009 to 2014. Research questions that guided this work were: Are the enterprises efficient/profitable? What factors influence enterprises’ efficiency/performance? Is there any difference between Ukrainian and (...) Portuguese enterprises’ efficiency/performance, which factors have more influence? Which industrial sector is represented by more efficient/profitable enterprises? The main results showed that in average enterprises were efficient with low level of profitability. According to gained results several indicators were highlighted so that companies would pay more attention to them. (shrink)

The necessity for a government “lender of last resort” has been advanced as a justification for central banking. In this paper, I compare lending practices under central banking with those that would be likely to exist under a system of fractional-reserve free banking (FRFB). To do this I examine the underlying nature of banks as warehousing and credit-granting institutions and consider how redemption runs can arise as a consequence of fractional reserves in this system. Following the work of Thornton and (...) Bagehot, I describe principles of prudent lending that can be used to stem a redemption run when it arises. I examine the market incentives that apply under FRFB and how these incentives are perverted under a system of central banking. I find that a government central bank is not well-placed to lend according to prudent standards, and in fact is likely to use its power to pursue political goals that are at odds with prudent lending. I examine the US financial crisis and the actions of the Federal Reserve System to illustrate this view. (shrink)

The Rohingyas, the longest-standing stateless refugees in Malaysia, are continuously denied access to formal education. The UN Refugee Agency and local non-government organizations run learning centers that offer non-formal education to Rohingya children. Existing literature highlights that, in the absence of formal openings, alternative educational programmes remain the main provider of refugee education in Malaysia. This study, using the Inter-Agency Network for Education in Emergencies' five-domain framework, examines the educational standards provided to Rohingya refugees in Malaysia. The findings suggest that (...) most learning centers lack financial, human, and infrastructural resources. Lack of opportunity for secondary schooling makes primary education less worth it. Moreover, prevailing cultural and religious norms make it challenging for Rohingya children (especially girls) to access educational opportunities outside the community. National examinations and academic accreditation for learning are inaccessible to refugees, including Rohingyas. This paper deliberates on some immediate and long-term measures that can potentially address these issues. However, all actors, including UNHCR and the Malaysian government, must collaborate towards formulating a sustainable solution to this critical problem. (shrink)

In this study, we examine the own- and cross-effects of the return and volatility spillover between the equity markets of Vietnam and the two ASEAN countries, namely, Singapore and Thailand using monthly stock returns. In attempt to explore the level and magnitude of the spillover effects of the other markets on the Vietnamese stock market, we apply the multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) framework. By utilizing the time-varying conditional volatility and conditional correlations between the stock markets which are resulted (...) from estimation of the GARCH-BEKK model, the study also further shed light on the issues of portfolio diversification. In general, the study found the weak return linkages among the markets. Specifically, the study found no return linkages between Vietnam and Thailand and the unidirectional relationship between Vietnam and Singapore. However, the volatility linkages are highly significant for the three stock markets. It is found that the shock transmission relationship between emerging markets (i.e. Vietnam, Thailand) and developed market (i.e. Singapore) is unidirectional in direction to the emerging markets and the volatility transmission relationships between those are bidirectional. Besides, the variation in Vietnamese stock volatility is found to be more strongly influenced by the past own-shock effects than the past cross-shock effects. This indicates the low level of financial integration of Vietnam into the regional markets and implies the potential rooms for the international portfolio diversification gains. The findings on the return and volatility linkages have several important implications for both investors and policy makers. Firstly, because of the low correlations between the stock markets found, the investors can earn the gains from the portfolio diversification in the three markets. Secondly, the Vietnamese policy makers should be concerned with the harmful volatility spillover originating in the Thailand market that can affect the stability of the stock market. Thirdly, the implication is related to the monetary policy. The finding that the own shock transmissions have the strongest impact on the Vietnamese market’s volatility suggest that the policy makers should pay more attention to the domestic shocks so that the adequate and timely policy can be made. (shrink)

Abstract: Accurate stock price prediction is essential for informed investment decisions and financial planning. In this research, we introduce an innovative approach to forecast stock prices using an Artificial Neural Network (ANN). Our dataset, consisting of 5582 samples and 6 features, including historical price data and technical indicators, was sourced from Yahoo Finance. The proposed ANN model, composed of four layers (1 input, 1 hidden, 1 output), underwent rigorous training and validation, yielding remarkable results with an accuracy of 99.84% (...) and an average error of 0.005. Additionally, we conducted a feature importance analysis, identifying the key drivers of stock price prediction, such as "High," "Low," "Open," "Volume"," and "Date." This study not only offers a highly accurate stock price prediction model but also contributes valuable insights into the influential factors affecting stock prices, enhancing the field of financial analysis and investment decision-making that are suitable for the task. (shrink)

Financial sustainability of protected areas is one of the main challenges of management. Financial self-sufficiency is an important element in improving conservation effort in these areas. This study seeks to review best practices in recreational fee systems in different countries and to find a relevant entry fee for a wildlife sanctuary in Malaysia. The revenue of the National Elephant Conservation Center (NECC) in Kuala Gandah, Malaysia, comes from several sources, including the national government, but all these budgetary sources (...) are strained by tighter public budgets and greater demands. The present study investigates the introduction of visitor entrance fees to supplement an otherwise inadequate budget for supporting the operational costs of the sanctuary. Factor analysis and a double-bounded contingent valuation method were combined to estimate tourists' willingness to pay (WTP) the proposed entrance fee. Factor analysis showed that respondents' motivation to support the NECC with user fees is conditioned by their direct experiences with elephants, their satisfaction with NECC's educational programs and services, and other experiences it gives to users. The WTP model considered respondents' four motivation factors with their sociodemographic characteristics. Since NECC visitors arrive from both within and outside the country, this study suggests to center managers a two-tier fee structure (residents vs. nonresidents of Malaysia), based upon mean WTP estimates. This study further suggests that revenue from such an entrance fee for NECC could support the Center's management and development costs. © 2015 Elsevier B. (shrink)

After the financial crisis of 2008, many economists expressed dissatisfaction with the state of macroeconomics. They criticised deficiencies in the dominant dynamic stochastic general equilibrium modelling approach and conceptions of good macroeconomic research behind that dominance. This paper argues that there is a deeper problem in macroeconomics, which remains unaddressed. I connect existing literature critical of the institutions of macroeconomics and of economics in general to the institutional preconditions of effective criticism outlined by the philosopher Helen Longino. I find (...) that as an epistemic community, macroeconomics does not function in a way that adequately supports critical evaluation of established beliefs, norms and practices. This failure may partly explain why many views on macroeconomic modelling, the tenability of which economists questioned after the crisis, were able to persist for so long. My analysis gives additional support to several recent proposals for institutional reforms in economics. (shrink)

This paper endeavors to understand the research landscape of finance research in Vietnam during the period 2008 to 2020 and predict the key defining future research directions. Using the comprehensive database of Vietnam’s international publications in social sciences and humanities, we extract a dataset of 314 papers on finance topics in Vietnam from 2008 to 2020. Then, we apply a systematic approach to analyze four important themes: Structural issues, Banking system, Firm issues, and Financial psychology and behavior. Overall, there (...) have been three noticeable trends within finance research in Vietnam: (1) assessment of financial policies or financial regulation, (2) deciphering the correlates of firms’ financial performances, and (3) opportunities and challenges in adopting innovations and ideas from foreign financial market systems. Our analysis identifies several fertile areas for future research, including financial market analysis in the post-COVID-19 eras, fintech, and green finance. (shrink)

The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as (...) crowd-funding and SME-bonds, analyze experience of applying fiscal instruments to support investment and innovations. The researchers underline the role of social investment as an innovative strategy for European SMEs that could be applied in Ukraine and East-partnership countries, suggest new conceptual approach to the evaluation of innovative business development. They also analyse trends of Ukrainian IT enterprises development in the context of modern information services in a global market. Additional attention is paid to the analysis of SMEs’ entrepreneurial potential in conditions of global social and technological changes, estimation effects of applying electronic governance technologies to provide administrative services by public authorities of various levels of governance. Finally, the researchers disclose economic mentality of legal entities as an informal side of financial assets and substantiate the necessity of creation entrepreneurial universities as drivers of innovative development of economy. The materials of the monograph will be useful to scholars, financial managers of companies, financial analysts, representatives of state bodies who implement the state policy in the field of SMEs development in the East-partnership countries, as well as students of economic universities. (shrink)