Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in (...) developing nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Journal of Risk and Financial Management (ISSN 1911-8074: SI Entrepreneurial Finance).

The study aimed to measure the effect of Crowdfunding financing on entrepreneurship aspirations in Arabic region. Population consists of members in (15) Crowdfunding Arabic platforms which are working with all models and online at (2018). Descriptive approach and a questionnaire used as a tool for this research. The results showed that Crowdfunding financing effect positively on entrepreneurship aspirations, Crowdfunding used mostly to finance small business or microfinance and charity. Add to that, Crowdfunding leads to financial efficiency and costs reduction, (...) more flexible payments methods and more opportunities for entrepreneurs. The study recommended the importance of entrepreneurship culture and its role in promoting entrepreneurs, the effect off Fintech and various e-banking and e-payments methods, and the need of more interest in innovation and creativity. (shrink)

Drawing a sample of 135 successful African immigrant-owned businesses, this paper sets out to investigate how their owners acquired the necessary capital for start-up and growth thereafter. The paper was designed within the quantitative and qualitative research paradigms, in which a triangulation of three methods was utilised to collect and analyze the data. The paper revealed that although African immigrants are characteristically at a disadvantage when it comes to accessing capital from formal financial institutions, this does not stop them from (...) pursuing entrepreneurial activities. At the start-up stage, they typically resort to personal savings, business credit, family credit, and loans from informal financial institutions. According to the ability to raise capital, we found that a varying range of start-up capital was utilised, which tended to vary across the different ethnic groups studied. Once started, we found that the sources of additional finance available to these immigrants did not change significantly. They conventionally turned to friends, co-ethnics and self-help financial associations to ‘feed’ their need for further funding. (shrink)

In Mexico, the management of public resources has been questioned by the State, and mainly the results that the public administration at its three levels (federal, state and municipal), by the lack of transparency in the application and verification of public resources. The experience that gives us the operation of different emerging programs that focused on reducing social and economic inequality in the country, we can locate them as the first attempts in the search for a solution that is complex. (...) Moving from the role of the benefactor and welfare state to the promoter of the regions and in the recognition of the focalization of priority attention areas, the path that has been taken is not only the beginning. Recognizing the public nature of public finances as a promoter of social development, we must understand it as the one assumed by the State through social, political and economic co-responsibility to solve poverty and marginalization of its own public policy orientation and vision of solution has been made since the eighties. From the above, we can point out some preliminary conclusions including the study of the indigenous language-speaking population with a high level of social exclusion in the methodology for the definition of multidimensional poverty in Mexico, will allow the allocation of public resources in the fight against poverty to be effective since it will make it possible to identify to the target population that is subject to social exclusion and marginalization. This invites us to a final reflection: What to do to address the just social demands of the indigenous population that is immersed in poverty, marginalization and exclusion? What to do so that they do not leave their communities, and if they have already done so, how to attend to the needs of family groups that are due to the expense of a remittance that may never arrive? (shrink)

This study assessed external debts and the financing of education in Nigeria using time series data obtained from World Bank, and CBN Statistical Bulletin covering a period of 31 years from 1988 -2018. The model of the study was derived, while the data collected were analysed using the Ordinary Least Squares. Diagnostic tests such as Augmented Dickey- Fuller (ADF) unit root test, Johansen co-integration, Vector Error Correction (VEC) techniques of estimation, and Granger Causality tests were all performed. Findings revealed a (...) significant long-run relationship between external debts and the financing of education; external debts have a significant effect (F=39.07055, p<.05) on the financing of education in Nigeria; external debt stock and external debt service payment have no significant effect on the financing of education; real GDP and Exchange rate have a significant effect on the financing of education in Nigeria respectively. Based on these findings, it was concluded that external debt is a big hindrance to the financing of education and consequently, the economic growth of Nigeria. It was recommended amongst others that the government should use borrowed funds from external sources for productive capital projects or development initiatives such as investment in education and the eradication of illiteracy. (shrink)

This paper studies the issue of financing the Space Industry at the State Level in the Postwar period as part of the country’s recovery plan, as one of the foremost critical zones of technological development and to ensure space security and defence. The European Space Agency (ESA) is, identified as the main player in the European space sector. It is determined that the current structure of ESA – Space 4.0 – provides for the success of European space activities in close (...) coordination with the needs of European societies and economies. Despite all the prospects, offered by the Space Industry, a number of barriers can hinder full participation in the space economy. These ‘barriers’ include the requirement of large capital investments, technological risk and longer de-velopment times. Public-private partnerships have been, identified, as an effective way to overcome these barriers, so the government should play an important role in pro-moting innovation through the space sector. The war in Ukraine, which began on Feb-ruary 24, 2022, once again, reminds us of the unique value, and critical use of outer space for security and defence purposes. From intelligence gathering and monitoring to the availability of communications. It is determined that the war already has serious consequences for the European space sector. The Space Industry of Ukraine is a critical component of the national economy of Ukraine because it is the motor of numerous imaginative changes in other segments of the economy and contributes to the improve-ment of social, political, financial and natural circles of society. In Ukraine, there's an incessant disappointment in the State to fulfil its commitments to the ventures in the Space Industry. In the conditions of full-scale, ‘war’ the Space Industry isa key element of national security and defence of Ukraine. The financing of the Space Industry at the State level in the post-war period is crucial as part of the country’s recovery plan. (shrink)

The purpose of this article is to define the methods of counteracting the financing of terrorism, as well as the obligations of public and private entities in this regard. The basis for the considerations will be the analysis of EU normative acts, and the leading research method will be the dogmatic method supported by the historical method.

This is a collection of the abstracts of lectures given at the International Conference on Differential Equations, Approximations and Applications, which will be held at the old campus of the Vietnam National University at Hanoi December 10-15, 2001.

The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing is finance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too slow (...) to follow the volatility of the market. In response to this conundrum Social Studies of Finance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzarato’s theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance to finance. (shrink)

The rapidly declining biosphere integrity, representing one of the core planetary boundaries, is alarming. One of the most widely accepted measures to halt the rate of biodiversity loss is to maintain and expand protected areas that are effectively managed. However, it requires substantial finance derived from nature-based tourism, specifically visitors from urban areas. Using the Bayesian Mindsponge Framework (BMF) on 535 Vietnamese urban residents, the current study examined how their biodiversity loss perceptions can affect their willingness to pay for (...) the entrance fee and conservation in protected areas. We found that perceived environmental degradation, loss of economic growth, loss of nature-based recreation opportunity, and loss of knowledge as consequences of biodiversity loss has indirect effects on paying willingness through the mediation of the attitude towards conservation. Especially, the perceived knowledge loss also has a direct positive influence on the willingness to pay for the entrance fee and conservation. In contrast, perceived loss of health is negatively associated with the attitude towards conservation. Based on these findings, we suggest that building an eco-surplus culture among urban residents can be a promising way to generate more finance from nature-based tourism for conservation in protected areas and ease the domestic government's and international organizations' funding allocations problems. (shrink)

Abstract: The concept of debt financing has assumed considerable importance in recent years given the fundamental role debts now play in forming the financial structure of corporate firms. Quite evident in the debt finance literature is the juxtaposition between debt financing and corporate performance which suggests that debt financing can influence corporate performance. Against the narrow measures of debt financing which are common with most studies that have been carried out on the debt finance-performance dynamics; we attempted a (...) more robust combination of debt finance choices in modelling for corporate performance. Based on data gleaned from the audited annual reports of fifteen (15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed that total debt, long-term debt and short-term debt to asset ratios positively influence the performance of consumer goods firms in Nigeria. Based on the findings of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short-term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their performance. (shrink)

The concept of organizational stigma has received significant attention in recent years. The theoretical literature suggests that for a stigma to emerge over a category of organizations, a “critical mass” of actors sharing the same beliefs should be reached. Scholars have yet to empirically examine the techniques used to diffuse this negative judgment. This study is aimed at bridging this gap by investigating Goffman’s notion of “stigma-theory”: how do stigmatizing actors rationalize and emotionalize their beliefs to convince their audience? We (...) answer this question by studying the stigma over the finance industry since 2007. After the subprime crisis, a succession of events put the industry under greater scrutiny, and the behaviors and values observed within this field began to be publicly questioned. As an empirical strategy, we collected opinion articles and editorials that specifically targeted the finance industry. Building on rhetorical analysis and other mixed methods of media content analysis, we explain how the stigmatizing rhetoric targets the origins of deviant organizational behaviors in the finance industry, that is, the shareholder value maximization logic. We bridge the gap between rhetorical strategies applied to discredit organizations and ones used to delegitimize institutional logics by drawing a parallel between these two literatures. Taking an abductive approach, we argue that institutional contradiction between field and societal-level logics is sufficient, but not necessary to generate organizational stigma. (shrink)

The problem of supporting scientific and educational institutions is considered. A method of selective financing of scientific and educational institutions that create innovative technologies taking into account their investment in innovative developments is proposed. On the basis of statistical data on the indicators for assessing the activities of scientific and educational institutions and the indicator of the innovative potential of a scientific and educational institution from the production of innovations (PNn), their rating was calculated. The essence of PNn is to (...) compare the indicators of the volumes of income of the special fund Dsfn and the volume of expenditures of the scientific and educational institution Vn. -/- In order to stimulate scientific and educational institutions to create innovative technologies, it was proposed to introduce targeted investments. The problem of quantifying the rate of premium on the basis of an integrated approach in terms of indicators of innovative potential from the production of innovations and the rating of a scientific and educational institution for 2 institutions (namely: K and H) has been solved. Institution K will receive a large increase, and institution N will receive a smaller increase, the value of which will be 56.23 % and 43.76 %, respectively. The results showed the independence of the indicator of the innovative potential of a scientific and educational institution from the production of innovations from the previous rating of a scientific and educational institution, or vice versa. The proposed methodology has been tested by an experimental method, targeted investments have been determined based on an integrated approach in terms of indicators of innovative potential and the rating of a scientific and educational institution. -/- This study is of practical interest to government authorities and grantors when allocating funds according to the vector of selective financing of scientific and educational institutions through targeted investments in the development of innovative technologies, and theoretically – to researchers dealing with issues of financial security, protectionism and public administration. (shrink)

The general area of business and professional ethics is full of vexing and confusing problems. For example, questions concerning the im portance of ethical standards, whether ethics is unnecessary given appropriate legal enforcement, whether it is imperative to teach ethical behavior in professional education, and similar questions are all controversial. The specific ethical problems to be found in the areas of accounting and finance are at least as difficult as those in other areas. However, there is one kind of (...) ethical problem which is unusually prominent in finance and accounting, which deserves to be recognized more widely in ethics as a significant kind of issue. This is the problem of conflicts of interest. (shrink)

The purpose of this paper is to provide an analysis of the discipline of political economy, international political economy and their respective historical developments. The paper will then focus on globalization and evaluate the strength and weaknesses of the policy to globalize. Further analysis will be conducted to show the importance of the topic of globalization as it relates to public finance. Rosen & Gayer (2014), Sackery, Schneider & Knoedler (2016), Marlin-Bennett (2017), Ravenhill (2008) and Weingast & Witman (2006) (...) will provide insights into the development of the discipline and its modus operendi. The historical development of the discipline will be provided for by Ingram (1915) and the aforementioned authors will also provide insights into the weakness and strengths of the policy to globalize. Garett & Mitchell (2001) and Kumar (2006) will provide additional insights into the importance of globalization as it pertains to public finance. (shrink)

Green New Deal policies are proposed to tackle the climate emergency. These policies focus on driving climate innovation through unprecedented financial policy levers. However, while the macro-level financing dynamics are clear, the influence of niche level dynamics of sustainable innovation financing remain unexplored within these policy settings. Through the context of the European Green Deal and a focus on the agri-tech start-up sector in the Netherlands, we identify factors likely to reduce the efficacy of these policies from an innovation management (...) perspective—such as project matching issues, socio-ethical factors or the characteristics of agri-food climate innovations. We go on to conceptualise that these challenges represent a range of asymmetries—from classic information asymmetries to less common value and objective asymmetries—between climate innovators and private investors and financers. Many remedies for asymmetries involve costs, likely to further inhibit the efficacy of the European Green Deal and similar policies. A partnering approach is proposed, where the non-financial resources of incumbent actors are harnessed and leveraged to enhance climate innovation performance. (shrink)

Nowadays a lot of new financial instruments for SMEs innovation projects are getting more popular in the business environment. A great number of them are traditional like credit loans at the same time we can observe the appearance of innovative ones. Variable set of financial instruments generalized on fig.1. This classification is giving by Organiztion of Economic Cooperation and Development ( OECD). As we can see from the fig.1 the classification is based on risk approach. For further research it is (...) needed to сlarify these definitions. Firstly, asset based finance is the method of assigning structured turnaround capital and term loans, disbursement of debit portfolio, stocks, machines, funds, and / or real estate. This type of finding is suitable for SMEs beginners, refinancing existing loans, growth financing, mergers and acquisitions. (shrink)

Given how much importance there is of economics and finance in our lives as humans (materialist side is foremost as per Marx), it should be given more importance by Philosophy and Sociology. This brief report is meant to highlight few research paradigms available in Philosophy and Sociology to give its proper social context and provide deep underlying of Risk, Insurance and Finance.

The urgent need to address climate change poses a range of complex moral and practical concerns, not least because rising to the challenge will require cooperation among countries that differ greatly in their wealth, the extent of their contributions to the problem, and their vulnerability to environmental and economic shocks. This thesis by publication in the field of climate ethics aims to characterise a range of national responsibilities associated with acting on climate change (Part I), and to identify proposals for (...) fulfilling those responsibilities through fair and feasible institutional arrangements (Part II). I aim not only to address substantive gaps in scholarly understanding of those responsibilities, but also to strengthen the ability of climate ethics to engage meaningfully with climate policy. Chapter 2 addresses the question of whether wealthy countries owe a “climate debt” to poor countries. It finds that even if climate debt (suitably interpreted) may provide a coherent and morally plausible concept, its political value as a discursive frame that can provide a basis for cooperation is limited. Chapter 3 investigates the role that equity may play in negotiations on a long-term climate change agreement. It argues that developed and developing countries may reach a “principled bargain” if both converge on a way of differentiating their responsibilities that places less emphasis on a rigid dichotomy between the two groups and more emphasis on objective criteria relating to their contribution to the problem and capacity to address it. Chapter 4 explores a question largely overlooked in climate ethics, namely whether wealthy countries owe compensation to those who are adversely affected by the climate policies which they enact. I find that enacting countries have responsibilities to compensate both domestic and foreign citizens who would suffer disproportionate losses from the effects of policies. Chapter 5 assesses whether wealthy countries may legitimately adopt unilateral (or “fragmented”) rather than multilaterally coordinated approaches to raising climate finance for developing countries. It finds that coordinated target-setting, effort sharing and oversight arrangements are essential, but that a mix of unilateral and coordinated approaches to raising funds will be necessary for securing legitimacy. In Chapter 6, through addressing the broader question of what should count as official aid, I consider whether wealthy countries may draw on aid budgets to support developing countries’ efforts to address climate change. I find that the current definition of official aid should be retained but supplemented by specified exclusions from eligibility in order to preserve the aid regime’s integrity. Nevertheless, some climate finance may justifiably be counted as aid provided that concerns relating to the diversion of aid funding are addressed. In addressing these research questions, the thesis seeks not only to make original theoretical contributions to climate ethics but also to strengthen broader scholarly understanding of the ways in which ethics and international public policy may inform one another, particularly by highlighting the role of framing considerations (Chapter 2), feasibility considerations (Chapter 3), and the ways in which principles of fairness and legitimacy map onto institutional functions (Chapters 4, 5 and 6). (shrink)

Cet article considère la question de la légitimité du financement public des écoles dites ethnoreligieuses à la lumière du modèle interculturaliste de citoyenneté. La première section dresse un bref portrait historique du débat autour de cette question tel qu’il s’est présenté au Québec. Ensuite, elle explique en quoi cette problématique révèle une tension inhérente aux principes clés de l’interculturalisme. La seconde partie propose une critique de l’approche standard pour aborder l’enjeu du financement public des écoles ethnoreligieuses et défend une approche (...) alternative fondée sur une vision plus globale des finalités politiques de l’interculturalisme. La troisième et dernière section propose, en s’appuyant sur le modèle alternatif défendu, quatre mesures régulatrices visant à répondre aux difficultés que posent les politiques de financement public des écoles ethnoreligieuses. (shrink)

That there is a positive correlation between healthy populations and socio-economic and human development is not in dispute. It is in countries’ interests, therefore, to aim to have healthy, productive citizens. A strong, well-functioning public health care system would go some way to realising this. In sub-Saharan Africa, the issue of how to finance health care and make it accessible to the majority of citizens is an ongoing challenge. While the overall intention behind The Structural Adjustment Programmes (SAPs) of (...) the 1980s and 1990s was to assist development, the inadvertent result in many African countries that subscribed to SAPs was, in fact, the deepening of poverty and inequality. (shrink)

There are two different ways in which one can connect the declarations of a worldwide financial crisis and a worldwide climate crisis. The first way has relatively clear legal aspects and requires just a bit of extra thought to see the connection. Insofar as institutions and sources of law have attempted to address climate change to date, states have come to regard the United Nations Convention on Climate Change (UNFCCC) and the Protocol thereto, signed during a regular annual Conference of (...) the Parties in 1997 at Kyoto, as the organizing force of all serious legal actions. There are two foci of the UNFCCC and Protocol - mitigation of the causes of climate change and adaption to the effects of climate change. In the first ten years of life with the UNFCCC, much of the focus was upon mitigation. During that period, adaptation was regarded as only a regrettable fallback position to be considered if we were unable (or as it turns out, unwilling) to mitigate. (shrink)

In this chapter, one considers finance at its very foundations, namely, at the place where assumptions are being made about the ways to measure the two key ingredients of finance: risk and return. It is well known that returns for a large class of assets display a number of stylized facts that cannot be squared with the traditional views of 1960s financial economics (normality and continuity assumptions, i.e. Brownian representation of market dynamics). Despite the empirical counterevidence, normality and (...) continuity assumptions were part and parcel of financial theory and practice, embedded in all financial practices and beliefs. Our aim is to build on this puzzle for extracting some clues revealing the use of one research strategy in academic community, model tinkering defined as a particular research habit. We choose to focus on one specific moment of the scientific controversies in academic finance: the ‘leptokurtic crisis’ opened by Mandelbrot in 1962. The profoundness of the crisis came from the angle of the Mandelbrot’s attack: not only he emphasized an empirical inadequacy of the Brownian representation, but also he argued for an inadequate grounding of this representation. We give some insights in this crisis and display the model tinkering strategies of the financial academic community in the 1970s and the 1980s. (shrink)

This paper examines ethics in finance, specifically related to responsible investment. In recent years, socially responsible principles are becoming the de facto standard not only for socially responsible but also for profitable investing. For instance, the United Nations developed the Principles for Responsible Investment (PRI) in 2006, which require institutional investors to incorporate ESG (Environmental, Social and Governance) issues into investment analysis and decision-making processes. This raises the following question: can responsible investments be justified from an ethical point of (...) view? In this paper I first explain responsible investments. Then, I turn to the ethical foundation of responsible investments. There are two arguments for responsible investments. I argue that both fail. Therefore, my conclusion is that the ethical foundation of responsible investments is not firm. (shrink)

Optimization and Stochastic Processes Applied to Economy and Finance. Textbook for the BM&F-USP (Brazilian Mercantile and Futures Exchange - University of Sao Paulo) Master's degree program in Finance.

This article develops a framework for analyzing and comparing privacy and privacy protections across (inter alia) time, place, and polity and for examining factors that affect privacy and privacy protection. This framework provides a method to describe precisely aspects of privacy and context and a flexible vocabulary and notation for such descriptions and comparisons. Moreover, it links philosophical and conceptual work on privacy to social science and policy work and accommodates different conceptions of the nature and value of privacy. The (...) article begins with an outline of the framework. It then refines the view by describing a hypothetical application. Finally, it applies the framework to a real‐world privacy issue—campaign finance disclosure laws in the United States and France. The article concludes with an argument that the framework offers important advantages to privacy scholarship and for privacy policy makers. (shrink)

The purpose of the article is to analyze the prerequisites, advantages, problems and prospects for the development of the processes of financial decentralization in Ukraine. Initially, the article reveals the features of the federal and unitary arrangements of states. As research has shown, the principles of fiscal federalism have been increasingly used by unitary states. The legislative and normative legal acts regulating the implementation of the decentralization policy in Ukraine are justified and given. Characteristics of the formation of new structures, (...) such as: united territorial societies and their sources of financing are characterized. Changes in incomes in local budgets as a result of decentralization are analyzed, and their significant growth is observed. The mechanism of horizontal leveling of the tax ability of territories has been developed, which helps to remove imbalances and unevenness, most of the budgets of Ukraine are recipients of budgetary funds, since they receive a basic subsidy. The influence of the development of information technologies on entrepreneurial activity in small towns and villages is determined. Information technology is a tool of points of growth of territories. Decentralization will not gradually increase due to urbanization processes, but will be accompanied by new development mechanisms, where the labor force and the means of production will unite and help create a qualitatively new environment. (shrink)

While immigrants are at liberty to start self-help financial associations (referred to as stokvels in South Africa) to cater for their unfufilled need for capital, the benefits of this laudable effort are seldom maximised due to a number of shortcomings. Aim: This paper seeks to ascertain the operational obstacles that immigrant-run stokvels face and to suggest solutions accordingly. Method: Aiming to complement each other, quantitative and qualitative research approaches were utilised to conduct this study. Quantitative and qualitative data were collected (...) through a self-administered questionnaire and one-on-one in-depth interviews. Purposive sampling technique was employed to reach the 123 participants who responded to the survey questionnaire and the 10 that took part in oneon-one in-depth interviews. Results: The typical immigrant African entrepreneur who participates in a stokvel, is a married male between ages of 30 and 46, and is fairly educated. While most of the respondents conceded that their stokvels faced operational problems, they also noted that the default on loan repayment and unskilled personnel on the loan management team were the issues of a greater concern. Hence, providing training and practical management skills becomes paramount to the smooth functioning of these stokvels. Uniqueness and implications: Though presumed to be a possible source of finance for immigrant-owned businesses, most studies have not explored the operational challenges that stokvels in South Africa face. The lessons drawn from this study may be of benefit to the respondents, policy-makers and academics. (shrink)

According to the classical finance theory it is assumed that investors show rational behaviour in order to achieve maximum gain.but this approach has changed since 1980s. There are a lot of academic studies emphasizing the determining effect of human psychology in financial decisions. Behavioral finance considers the interaction between emotions and investors decisions. According to the New financial approach investors show irrational behaviours and take prejudices into the account for investment decisions as opposed to traditional perspective. Behavioral (...) class='Hi'>finance analyzes the market anomalies which conventional financial theories are inadequate to explain based on an assumption that individuals are not rational. While doing this, it benefits from the other sciences such as psychology, sociology, and antropology, etc. One type of behavioral finance is herd behavior. In this paper, domestic and foreign literature research on herd behavior in financial markets were analyzed. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, that (...) the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (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)

The identity and institutional capabilities of the European Union (EU) have changed over the years. As a global player in international politics, the EU has recognized the need to develop a comprehensive space policy perspective. This perspective is shaped by changes in the dynamics of the space ecosystem, the "New Space", and this phenomenon consists of new business models, new technologies, new markets, new value chains and new actors. New space actors (private investors) have fundamentally changed the dynamics of space (...) activities. The subject of the research is the peculiarities of the influence of investment processes of the EU and Ukraine on the development of space industries. The methodological basis consisted of general scientific and special methods of knowledge, based on a systematic approach to the consideration of economic processes. The article aims to examine investment in the context of space management in the EU and Ukraine, and to examine in detail the trends in such funding of space companies. In order to better understand the European space system. The article concludes that, recognizing the indisputable importance of space applications and safety of space systems, the EU attaches great importance to taking into account the trend of "New Space" in its governance structure and stimulating changes in this sector. Unfortunately, Ukraine lags far behind in this respect. In the EU, in the initial stages of space research and use, space programs are financed from the general budget, and as individual activities reach a level of profitability, their public funding is reduced. Therefore, the sphere of commercial space activities and the share of private investments in their total financing are rapidly growing. The reduction of state expenditures is compensated by investments of private business in commercial projects. Thus, the article emphasizes the particular importance of private investments in the development of the Ukrainian space industry and points to the need to develop the commercialization of space activities, especially given the potential in the absence of budget financing. It is impossible to compare the sufficiently powerful and effective investment system of the EU and the lack of even state financing of the space industry in Ukraine. Against the backdrop of hostilities in Ukraine, there is a significant need to reconsider investments in this area on the basis of public-private and international partnerships. Conclusion. The main tasks for Ukraine are revision and change of the state policy, right accents on investments into the space industry, qualitative overcoming of bureaucratic obstacles, approval of a new Strategy of Space Industry Development. As an example, one could use the experience of the EU and refer to its previous experience in this sphere to have an opportunity to stay among the world space powers. (shrink)

Abstract: We face objections against punishing financial firms and managers for producing risks for the financial system – that it’s either paternalistic or inefficient. Against the first: financial crises are so damaging that governments and deposit insurance funds have to intervene – an implicit guarantee to creditors. This is controversial from the perspective of political morality: it implies using resources from the public for the benefit of better-off people who willingly incur risks. So, we begin by studying a possible justification (...) for this arrangement from the ‘incentives argument’ derived from the Rawls difference principle, in the light of G. Cohen’s criticisms. Against the second: we cannot completely dispense with coercive instruments - mainly for the moral hazard entailed by the implicit guarantee. Therefore, we conclude the threat of liability must have a punitive and a preventive character, extending to non-compliance with norms on risk even before generating major economic effects. Keywords: Incentives, Responsibility, Moral Hazard, Justice, Finances JEL Classification: D63, G28, K42 -/- Resumo: Enfrentamos duas objeções à punição de instituições financeiras e gestores pela produção de riscos ao sistema financeiro – que seria paternalista e ineficiente. Contra a primeira: crises financeiras prejudicam tanto a economia que governos e fundos garantidores são obrigados a intervir – uma garantia implícita aos credores. Isso é polêmico da perspectiva da moralidade política: implica utilizar recursos do público em benefício de pessoas em melhor situação que voluntariamente incorrem em riscos. Na primeira seção, estudamos justificar esse arranjo a partir do “argumento do incentivo”, decorrente do princípio da diferença de Rawls, à luz das críticas de G. Cohen. Contra (b), arguimos que não podemos prescindir completamente de instrumentos coercitivos – mormente pelo risco moral decorrente da garantia implícita. Logo, é preciso que a ameaça de responsabilização tenha um caráter punitivo e preventivo, se estendendo ao descumprimento de normas sobre risco mesmo sem gerar efeitos econômicos maiores. Palavras-chave: Incentivos, Responsabilidade, Risco Moral, Justiça, Finanças JEL Classification: D63, G28, K42 -/- (This is a translation of the working paper "Equality and Responsibility"). (shrink)

In accordance with Order No. 548 of the Ministry of Infrastructure dated December 21, 2015 “On measures for the development of road transport and the road economy for the period until 2020”, strategic directions and strategic development goals were developed. This is necessary to ensure the implementation of plans and the implementation of EU legislation in accordance with the Association Agreement. In accordance with the Order, the priorities were to reform the road sector and to ensure the development and maintenance (...) of the road network in good condition. It was also proposed to modify the existing road financing system. (shrink)

Despite the many advantages that mobile money o ers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this study adopted an (...) exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clientele, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. (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)

Sustainable Finance is the procedure of taking Environmental, Social, and Governance (ESG) factors into consideration when making financial investment decisions (Zheng et al., 2021). Changing climate, moderation, adaptation, and the larger environment are all causes of environmental issues. Conservation of biodiversity, pollution avoidance, and circular economics are all part of it. Labor relations, investments in human capital and communities, and human rights challenges are examples of social factors. The governance of governmental and non - governmental businesses, including management structures, (...) employee relations, and executive payment, is critical in ensuring that social and environmental factors . (shrink)

For years now, public education, and especially public higher education has been under attack. Funding has been drastically reduced, fees increased, and the seemingly irresistible political force of ever-tightening austerity budgets threatens to cut it even more. But I am not going to take the standard line that government financial support for public higher education should be increased. I view that battle as already lost. What I am going to propose is that we stop arguing about the allocation or reallocation (...) of ever more scarce public resources and think of another way to fund public higher education. It's time for a new approach, one that satisfies the left's claim that higher education should be affordable for all, yet one that does not involve increasing expenditure of public funds or commit the government to entitlement programs that it cannot now or at least cannot long afford. What we need is a new proposal that is acceptable to both sides if we are to bring public education into the twenty-first century. And this is what this paper is devoted to providing. (shrink)

Islamic Banking and Financial Crisis, edited by Habib Ahmed, Mehmet Asutay, and Rodney Wilson, definitely has merit. The book comes at a time when conventional financial institutions face stress and, in many instances, utter failure as a result of the 2008 global financial crisis. While the book is not designed primarily as a retrospective, it does offer an opportunity for reflection.

Technology transfer is the movement of technical and organizational skills, knowledge, and methods from one individual or organization to another for economic purposes. This process usually involves a group that possesses specialized technical skills and technology that transfers it to a target group of receptors who do not possess those skills, and who cannot create that technology themselves.

This study investigated the impact of investor psychological bias on a firm’s market value. In detail, we examined the effect of investor overconfidence (optimism) and loss aversion (pessimism) on firm market value. We also aimed to investigate the moderating effect of corporate governance on the relationship between investor behavior biases and firm market value. This study used a sample of 143 firms listed on the Saudi Stock Exchange over the period from 2012 to 2021. The results suggest that investor overconfidence (...) affects a firm’s value positively. On the other hand, loss aversion is negatively associated with the firm’s market value. Furthermore, we find that corporate governance (measured by board size and board independence) enhances the positive association between overconfidence and firm market value. In contrast, we find that corporate governance seems to marginally mitigate the negative effect of loss aversion. (shrink)

Does AI conform to humans, or will we conform to AI? An ethical evaluation of AI-intensive companies will allow investors to knowledgeably participate in the decision. The evaluation is built from nine performance indicators that can be analyzed and scored to reflect a technology’s human-centering. When summed, the scores convert into objective investment guidance. The strategy of incorporating ethics into financial decisions will be recognizable to participants in environmental, social, and governance investing, however, this paper argues that conventional ESG frameworks (...) are inadequate for AI-intensive companies. To fully account for contemporary technology, the following categories of evaluation will be developed and featured as vital investing criteria: autonomy, dignity, privacy, performance. With these priorities established, the larger goal is a model for humanitarian investing in AI-intensive companies that is intellectually robust, manageable for analysts, useful for portfolio managers, and credible for investors. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

The current economic crisis caused by the COVID-19 pandemic has created new changes and challenges for society, which has led to a deeper identification of pressing problems and to develop strategies and models for overcoming crises in various countries, industries and businesses. The formation and improvement of modern strategies and models of crisis management is impossible without optimizing the resources of economic entities, providing assistance at various levels of government to support priority sectors of the economy, finding additional sources of (...) funding to combat the COVID-19 pandemic. To ensure the effective develop and implementation of modern strategies and models of crisis management it is necessary to have information about the state of economic entities, relevant commodity, raw materials, financial markets, explore the internal and external environment, determine the impact of risks on current activities business entities or industries. The effectiveness of crisis management strategies and models is determined by the ability of the management system to ensure the support of business activity of economic entities in the relevant market and to stimulate effective consumer demand. The purpose of writing this scientific monograph is to substantiate the theoretical and methodological foundations and to form and improve strategies and models of crisis management taking into account new changes and challenges for society related to the COVID-19 pandemic and declining business activity of economic entities. The object of the author’s research was the process of formation and improvement of crisis management strategies and models in the conditions of market imbalance and change of the external environment, reduction of activity volumes of economic entities, growth of budget expenditures to combat the COVID-19, formation of new forms of activities and penetration of information technology into various spheres of life to optimize the negative consequences of a pandemic. The subject of the study were socio-economic, organizational and institutional processes of formation and effective implementation of strategies and models of crisis management in various areas of economic activity; substantiation of mechanisms for ensuring the competitiveness of economic entities and the formation new forms of entrepreneurship; development of modern information technologies; consideration of best practices in business process management and digitalization using world experience in various sectors of the economy caused by the COVID-19. (shrink)

Abstract: We examine how trustworthy behaviour can be achieved in the financial sector. The task is to ensure that firms are motivated to pursue long-term interests of customers rather than pursuing short-term profits. Firms’ self-interested pursuit of reputation, combined with regulation, is often not sufficient to ensure that this happens. We argue that trustworthy behaviour requires that at least some actors show a concern for the wellbeing of clients, or a respect for imposed standards, and that the behaviour of these (...) actors is copied in such a way that it becomes a behavioural norm. We briefly suggest what such behavioural norms might need to be if trustworthy behaviour is to be achieved, and consider how they might be supported; we describe the research that is necessary in order to understand these norms in more detail. We argue that the norms of traders are different from the norms of those engaged in other activities, since they are inevitably self-interested, and we consider the risk that traders’ norms might undermine those of other actors. We analyse the task for governance in dealing with this problem, and the role which leadership by a corporate board and management might play in doing this. We describe the need for further research in to describe how this might be done. (shrink)

Fear, anger and hopelessness were the most frequent traumatic emotional responses in the general public during the first stage of outbreak of the COVID-19 epidemic in the Czech Republic (N = 1,000). The four most frequent categories of fear were determined: (a) fear of the negative impact on household finances, (b) fear of the negative impact on the household finances of significant others, (c) fear of the unavailability of health care, and (d) fear of an insufficient food supply. The pessimistic (...) communications used by the Czech mass media contributed to intensifying traumatic feelings, fears and psychological distress in the general public during the outbreak of the COVID-19 epidemic. The anxious emotional tone of the messages and the presentation of selectively chosen “bad ending stories” contributed to the psychological traumatization of the Czech population. This form of communication was motivated by an effort to reach the broadest audience possible. Older adults were the most affected part of the population because of their isolation and their very limited opportunity to share their worries and emotions with others. The communication used by the Czech mass media during the outbreak of the COVID-19 epidemic is a representative example of a traumatizing form of media communication during an epidemic. (shrink)

This essay is a contribution to social ontology, drawing on the work of John Searle and of Hernando de Soto. At the center of the argument is the proposition advanced by de Soto in his Mystery of Capital to the effect that many of the entities which structure our contemporary social reality are entities which exist in virtue of the fact that there are (paper or digital) documents which support their existence. I here develop de Soto’s argument further, focusing specifically (...) on the ontological problems raised by a family of new types of social phenomena – exemplified most dramatically in the domain of finance for example in the form of what are called ‘structured investment vehicles’ – made possible as a result of the employment of computer technology in entity creation. I address also Searle’s most recent work on social ontology, and conclude with an appendix on the theory of documentality advanced by Maurizio Ferraris. (shrink)