Full Text Available In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial literacy is one among a number of strategies directed towards inducing changes in consumer behaviour. It sits between the old regulatory model which relies on disclosure of information for effective and rational decision-making and a newer regulatory model which takes into account individuals' perceptions and behavioural biases and may seek to accommodate for these by imposing obligations on financial services providers beyond the mere disclosure of information. Financial literacy is generally the ability to understand how money works, how a person can earn money or make it more. It specifically refers to the set of skills and knowledge that allows people to make informed and effective decisions with all of their financial resources. This article discusses Australian and South African legal obligations and social responsibilities aimed at promoting the financial literacy of consumers.
Full Text Available Islamic financial institutions (IFIs are established based on Islamic foundations and their corporate practices are expected to be aligned with Islamic laws and framework. This study seeks to understand the determinants for the CSR disclosure of IFIs in Malaysia. Using the 2010 annual reports of 37 IFIs, this study investigates the effects of financial performance and corporate governance mechanism (proxied by Shariah supervisory committee or SCC and ownership structure on CSR disclosure. Results reveal that between financial performance and SCC and ownership structure, only the latter significantly influences CSR disclosure. Overall, the findings offer insights into current reporting practices and propose ideas pertaining to the establishment of an Islamic-based CSR reporting framework. The significant factors influencing CSR disclosure may be used to develop effective practice among IFIs in Malaysia and other countries.
Full Text Available The Great Financial Crisis has been touted to be the worst crisis since the Great Depression of 1930; its effect has profound ramifications on the global economy. The nature and the severity of the crisis provoked an unprecedented policy response from policy makers at both global and domestic levels. To address the rampaging crisis, the Bank of England implemented a number of conventional and unconventional policy measures to curtail the economic rot and to stimulate economic growth. There is a broad consensus in the empirical literature and other evidence found in this paper that a number of the policies implemented in the United Kingdom played a significant role in re-directing and stimulating the economy. This paper reviews the various policy measures adopted by the Bank of England from the inception of the financial crisis in 2008 and assesses their effectiveness in bringing back the economy from the brink of collapse. Our review shows that quantitative easing (QE policy and the expansionary fiscal policy adopted by the Bank of England were effective policy tools used in stimulating economic growth, stemming the effect and shortening the duration of the crisis in the United Kingdom
Full Text Available This article aimed to examine the influence of Corporate Social Responsibility (CSR disclosure to the financial performance proxy on Return on Assets (ROA, Return on Equity (ROE, and company value proxy on Price to Book Value (PBV empirically as well as knowing the existence of the audit quality as moderating variable whether it will affect the relationship between CSR disclosure on ROA, ROE, and PBV. The object of this study was mining companies listed on the Indonesia Stock Exchange period 2010-2012. The sample was selected using a purposive sampling method and obtained samples as many as 26 companies with a total data of 78 data. Hypothesis testing methods used were simple regression analysis and moderated regression analysis. The results of this study showed that Corporate Social Responsibility (CSR disclosure had an effect on ROA, but had no effect on ROE and PBV, and audit quality as a moderating variable could not affect the relationship of CSR disc losure on ROA, ROE, and PBV.
Anderson, Carla; Card, Karen
The purpose of this quasi-experimental nonequivalent control group study was to determine the influence that a financial education intervention administered in First Year Experience courses had on students' perceptions of their financial behavior such as compulsive spending and credit card use. This study utilized the five-point Likert-type…
Élias Rizkallah; Inmaculada Buendía Martínez
After the crash of financial institutions and the negative effects of the financial crisis, financial service cooperatives (FSCs) emerged as good performer compared to commercial banks. But this condition will not be enough to face the challenges that the new financial panorama will bring on the banking arena. Among them, challenges related to the corporate social responsibility (CSR) sphere will play a special role. In Canada, the financial regulatory framework forces some federal institutio...
Suryani, Arna; Herianti, Eva
The purpose of this study is to determine the effect of prudential principle of financial statements in IFRS on earnings response coefficients and profit management of manufakturing companies. This study uses analytical methods Partial Least Square (PLS) through analisys software called Smart PLS 2.0 M3. The object of this research is manufacturing companies in Indonesia with a total of 57 analysis unit manufacturing company during the period from 2013 to 2015.Based on the results of the stud...
Racha El Moslemany
Full Text Available The aim of this paper to establish the relationship between corporate social responsibility disclosure and financial performance in the Egyptian banking sector. Only three banks were included in the study because Corporate Social Responsibility is a new concept that has not yet been fully established in the banking sector in Egypt. Secondary data were obtained from the annual financial reports of the banks for the period from 2008 to 2011. Corporate social responsibility score was obtained using content analysis of reports of the companies on various components of corporate social responsibility as reported in their annual financial reports. The present study identified four dimensions in the pilot study: Environment, Community, Customer, and Employee. Descriptive analysis was used to describe data collected such as Pearson correlation method. The authors used regression analysis to study the relationship between the dependent variables and the independent variables and the bank age and bank size were used as control variables in the analysis. The results indicated an insignificant relationship between the independent variables (corporate social responsibility toward environment, community, customer, and employee used in the model and the dependent variables Corporate Financial Performance as measured by (ROA, ROE, NPM, and EPS. The results of the study proved the absence of a significant relationship between the dependent and the independent variables as a whole. Yet, some relationships were found concerning individual measures. The major limitation of this paper is the sample size. In addition, failure of corporations to disclose CSR in the annual reports will have a material effect on these findings. The findings of this paper have practical implications on the management of Banks in Egypt to re-think and re-strategize their CSR policies that incorporate social and economic performance to improve their CFP.
Gail Pearson; Philip N Stoop; Michelle Kelly-Louw
In Australia there is an obligation to promote the informed participation of financial consumers while in South Africa there is an obligation to educate consumers. The Australian obligation is concerned with the financial system as a whole while the South African obligation has generally been focused on general financial education as a tool to promote financial inclusion. There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial li...
Raluca Miruna Zapciu
Full Text Available The field of corporate social responsibility (CSR has grown exponentially in the last two decades. There are different views of the role of the firm in society and disagreement as to whether wealth maximization should be the sole goal of a corporation. Nevertheless, there still remains a debate about the legitimacy and value of corporate responses to CSR concerns. This paper examines the effect of CSR on financial performance. It examines the effect CSR- related shareholder proposals lead to positive announcements returns and superior accounting performance. Also, the channels through which companies benefit from CSR are examined. The paper finds that CSR improves employee satisfaction and helps companies cater to customers that are responsive to sustainable practices and that the adoption of CSR proposals is associated with an increase in labor productivity and sales growth. The results indicate that the sign of the relationship is positive and statistically significant relationship between corporate social responsibility and financial performance, supporting the view that socially responsible corporate performance can be associated with a series of bottom-line benefits.
This thesis examines the economics of corporate social responsibility, with an emphasis on the role of financial markets and institutions. Questions that are raised are: What does corporate social responsibility mean in an economic context? What is the impact of corporate social responsibility on
David Barbosa Ramírez; Christian Medina López; Myriam Vargas López
Globalization and financial capitalism keep a synergy in a global context whose problems such as environmental degradation, social inequity, economic crises and corruption are intensified. Corporate Social Responsibility emerges as a mechanism that seeks to mitigate some of these problems, although its effectiveness and impact today are challenged. The system which globalization, financial capitalism and social responsibility are a part of, is currently facing a number of structural tensions ...
Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.
Full Text Available Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.
Meyer, Melanie A; Hudak, Ronald P
We investigated the relationship between financial literacy and patient engagement while considering the possible interaction effects due to patient financial responsibility and patient-physician shared decision making, and the impact of personal attributes. Participants consisted of an Internet-based sample of American adults (N = 160). Hierarchical multiple linear regression analysis was conducted to examine the relationship of the study variables on patient engagement. We found that patient financial responsibility (β = -.19, p financial literacy and patient engagement; moreover, the moderation effects of patient financial responsibility and shared decision making with financial literacy also were not statistically significant. Increasing patient financial responsibility and patient-physician shared decision making can impact patient engagement. Understanding the predictors of patient engagement and the factors that influence financial behaviors may allow for the development of interventions to enable patients to make better healthcare decisions, and ultimately, improve health outcomes.
Aug 27, 2015 ... Principles, theoretical concepts and factors affecting ... Keywords: Team, Teamwork, Effectiveness, Financial, Management,. Companies, Strategic ..... The response rates were higher from the Accounting, Client Service and.
There is no obligation for consumers to attain a minimum standard of literacy in credit or finance generally. Financial literacy is one among a number of strategies directed towards inducing changes in consumer behaviour. It sits between the old regulatory model which relies on disclosure of information for effective and ...
David Barbosa Ramírez
Full Text Available Globalization and financial capitalism keep a synergy in a global context whose problems such as environmental degradation, social inequity, economic crises and corruption are intensified. Corporate Social Responsibility emerges as a mechanism that seeks to mitigate some of these problems, although its effectiveness and impact today are challenged. The system which globalization, financial capitalism and social responsibility are a part of, is currently facing a number of structural tensions that contribute to the analysis, understanding and solving of the mentioned problems. This paper identifies and analyzes four of the aforementioned structural tensions.
Choi, Jong-Seo; Kwak, Young-Min; Choe, Chongwoo
This paper studies the empirical relation between corporate social responsibility (CSR) and corporate financial performance in Korea using a sample of 1122 firm-years during 2002-2008. We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al. (2008). Corporate financial performance is measured by ROE, ROA and Tobin’s Q. We find a positive and significant relation between corporate financial performance and t...
... 40 Protection of Environment 31 2010-07-01 2010-07-01 true Statement of financial responsibility... From Test Rules § 790.99 Statement of financial responsibility. Each applicant for an exemption shall submit the following sworn statement with his or her application: I understand that if this application...
Feuerriegel, Stefan; Neumann, Dirk
Due to the integration of intermittent resources of power generation such as wind and solar, the amount of supplied electricity will exhibit unprecedented fluctuations. Electricity retailers can partially meet the challenge of matching demand and volatile supply by shifting power demand according to the fluctuating supply side. The necessary technology infrastructure such as Advanced Metering Infrastructures for this so-called Demand Response (DR) has advanced. However, little is known about the economic dimension and further effort is strongly needed to realistically quantify the financial impact. To succeed in this goal, we derive an optimization problem that minimizes procurement costs of an electricity retailer in order to control Demand Response usage. The evaluation with historic data shows that cost volatility can be reduced by 7.74%; peak costs drop by 14.35%; and expenditures of retailers can be significantly decreased by 3.52%. - Highlights: • Ex post simulation to quantify financial impacts of demand response. • Effects of Demand Response are simulated based on real-world data. • Procurement costs of an average electricity retailer decrease by 3.4%. • Retailers can cut hourly peak expenditures by 12.1%. • Cost volatility is reduced by 12.2%
Based on first-order and second-order agenda building theory, this study analyzes the responsiveness of German financial media to frames of the "cultural change" proclaimed in the banking industry, exemplified by Deutsche Bank. Findings suggest a difference between the two major German financial
Iglesias Rodriguez, P.
The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what
Abstract There is concern about lack of financial literacy and need for financial literacy education, but little or no attempt to understand their nature. Three questions were asked: 'What is financial literacy?', 'What is financial literacy education?' and 'What might be the components of an effective financial literacy curriculum?'. Adopting an inductive grounded theory approach and a pragmatist philosophy, in association with real-world organisations such as the National ...
Christiansen, Charlotte; Joensen, Juanne S.; Rangvid, Jesper
We investigate how changes in marital status affect financial investments and how these effects vary with background risk. We use detailed register-based panel data and difference-in-differences estimatiors to benchmark common unobserved influences on financial investments. Women increase...... the fraction of wealth invested in stocks after marriage and decrease it after divorce, whereas men show the opposite behavior. Households whose joint labor income risk is reduced more by marriage have a higher increase in their exposure to risky assets in marriage. Thus income risk sharing in the household...... is important for financial risk taking and investment responses to marital transitions...
Full Text Available The effect of corporate social responsibility (CSR on financial performance has important implications for enterprises, communities, and countries, and the significance of this issue cannot be ignored. Therefore, this paper proposes an integrated model to explain the influence of CSR on financial performance with intellectual capital as a mediator and industry type as a moderator. Empirical results indicate that intellectual capital mediates the relationship between CSR and financial performance, and industry type moderates the direct influence of CSR on financial performance. Such results have critical implications for both academia and practice.
Full Text Available The purpose of this research is to test the effect of financial and non-financial variables to firm performances between Indonesia and Thailand. The observation data used in this study is manufacturing companies from several sectors. Secondary data was used, collected from Indonesia Stock Exchange and Stock Exchange of Thailand during 2011 - 2013. By combining 3 years research, there are 55 Indonesian companies and 50 Thailand companies that meet predetermined criteria. Multiple Regression was used to analyze. This study uses Return on Equity, Earnings per Share, Market Value Added as financial variables and Earnings Quality, Institutional Ownership, Independent Commissioner, Audit Committee, Corporate Social Responsibility as non-financial variables. Test results show that both financial and non-financial variables can effect to firm performance.
... Vessel Operator Financial Responsibility Requirements for Non-Performance of Transportation AGENCY..., 2011, the Commission issued its Notice of Proposed Rulemaking (NPRM) to update its financial... cost of financial responsibility coverage because of the use of alternative coverage options. However...
Chung, Yunhyung; Park, Youngkyun
This study investigates the joint effects of financial education and educational networks on students' financial literacy. With a sample (N = 105) of senior students in a business college, the study finds that not only financial education, but also strong networks with professors, are positively related to the financial literacy of business…
Full Text Available This paper investigates the link between long-run corporate financial performance, corporate social responsibility, and customer satisfaction. Using annual financial data, customer satisfaction index, and the Dow Jones Sustainability Index, the paper seeks to establish whether it pays organizations to use ethical methods in striving to be sustainable. Data used for this research cover the period 2001 to 2008. We used dynamic panel data linear regression models to analyze the effect of customer satisfaction and social responsibility on short-run and long-run financial performance. It was found that it may benefit organizations to use ethical methods in pursuing sustainability. since organizations who invest time, money, and effort in corporate social responsibility activities, their good reputations and satisfied customers yield long-term cash flow growth. Keywords: corporate customer satisfaction, Corporate Social Responsibility, corporate financial performance DisciplinesL business studies, international studies, ethics, finance studies
Full Text Available This article analyzes rate-of-return and risk related to investments in socially responsible and conventional country indices. The socially responsible indices are the DJSI Korea, DJSI US and Respect Index, and the corresponding conventional country indices are the Korea Stock Exchange Composite KOSPI, Dow Jones Industrial Average and WIG20TR. We conclude that investing in the analyzed SRI indices do not yield systematically better results than investing in the respective conventional indices, both in terms of neoclassical risk and return rate.
The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.
Full Text Available In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds. Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.
P.A.M. Diekman (Peter)
textabstractWaarom heeft u nog vertrouwen in een bank? En waarom vertrouwt u uw geld nog toe aan banken? Deze vragen staan centraal in de oratie ‘Protecting Financial Market Integrity. Roles and Responsibilities of Auditors' van prof.dr. Peter A.M. Diekman RA. Hij stelt dat zowel de intern als de
Fasanya Olaleke Ismail
Full Text Available This paper examines the impact of Corporate Social Responsibility (CSR on Financial Performance of Firms in Nigeria. This study utilizes primary data that were obtained through the use of structured questionnaires. The questions were structured in such a way as to gather pertinent and specific information on how effective Corporate Social Responsibility (CSR has improved the financial viability of firms in Nigeria. This paper employs both descriptive and quantitative techniques in which chi-square technique was used to test the significance relationship among the frequencies. The study reveals that proper and effective CSR goes a long way in improving the trend of firms’ financial performance in Nigeria using Cadbury Nigeria Plc. as the study area. It was observed that CSR could be a key instrument to the financial development of any organizations through the process of giving back to the community.
Full Text Available We think that financial institutions have a greater social responsibility to develop theircustomers’ financial culture than to support a football team. We assert that nowadaysfinancial institutions have a responsibility to be able to continue to operate banks withoutauxiliary state support. We believe that auditors, who for decades certified the financialreports of banks whose balance sheets were fictitious and whose depositors’ andshareholders' money was not safe, played no small role in the development of the recentfinancial crisis. Consequently we hold that the auditors’ greater social responsibility isunavoidable. On the other hand, after the crisis, due to the fact that social responsibility hascome to the fore, auditors also have to prepare for the challenge that corporate reports areincreasingly integrated reports which, in addition to mandatory economic information, alsovoluntarily impart data on social and environmental impact and activities.
This paper analyses the effects of stricter financial reporting enforcement on capital allocation and reporting quality in a game-theoretic model and derives conclusions about optimal enforcement strictness. Analysis of the model shows that reporting quality strictly increases with tighter
Full Text Available Corporate Social Responsibility (CSR is a desirable approach considering it reduces risks, increases brand value, improves transparency, and has a possible impact on the financial health of the business. Initiated as an act of philanthropy, it has recently become mandatory as a part of the Companies Act, 2013 in India which mandates CSR spending. The study had an objective to validate that CSR disclosures lead to better financial performance of a company and vice-versa. The study analyzed the relationship between CSR disclosure and financial performance and vice versa using various approaches viz., exploratory to understand the trends and practices and statistical by adopting multiple regression modelling techniques. The results of the study reveal that the company’s financial performance (profitability has a cause and effect relationship with the CSR disclosure and vice versa, which substantiated the theories predicting that CSR can affect the financial performance of the company.
This study aims to identify the impact of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance.It examines 126 manufacturing companies listed at the Indonesian Stock Exchange (IDX) and have issued audited financial statements for 2006. The statistical method used to test the hypothesis is Path Analysis. The main results suggest that Good Corporate Governance has effects on both Corpor...
Full Text Available Financial literacy is a need for people responsible for their money. The decisions people made in respect with the money have impact on their future. Their responsibility and the risks assumed increase as long as employers and government responsibility and assumed risks in this respect decrease. Financial education is based on principles such as: active long life learning, individuals needs oriented, part of the early education provided by schools, basic concepts on financial issues and risks oriented. In Romania, financial education is part of school based curriculum. The Ministry of Education recommends all schools interested in delivering financial education programs schools a syllabus for an optional subject focused on financial issues. Banks are also interested to contribute to financial education. They help schools in conducting financial education programs and, additionally, they developed their own financial education programs.
... 29 Labor 1 2010-07-01 2010-07-01 true Responsibilities of the Chief Financial Officer. 20.62... Administrative Costs § 20.62 Responsibilities of the Chief Financial Officer. The Chief Financial Officer, or his... instructions, which he or she may deem appropriate. The Chief Financial Officer shall also take such...
... 29 Labor 1 2010-07-01 2010-07-01 true Responsibilities of the Chief Financial Officer. 20.90... Responsibilities of the Chief Financial Officer. The Chief Financial Officer, or his or her designee, shall provide... appropriate. The Chief Financial Officer shall also take such administrative steps as may be appropriate to...
... 29 Labor 1 2010-07-01 2010-07-01 true Responsibilities of the Chief Financial Officer. 20.37....37 Responsibilities of the Chief Financial Officer. The Chief Financial Officer, or his or her..., which he or she may deem appropriate. The Chief Financial Officer shall also take such administrative...
Schokkaert, Erik; Van de Voorde, Carine
Since 1995 Belgian sickness funds are partially financed through a risk adjustment system and are held partially financially responsible for the difference between their actual and their risk-adjusted expenditures. However, they did not get the necessary instruments for exerting a real influence on expenditures and the health insurance market has not been opened for new entrants. At the same time the sickness funds have powerful tools for risk selection, because they also dominate the market for supplementary health insurance. The present risk-adjustment system is based on the results of a regression analysis with aggregate data. The main proclaimed purpose of this system is to guarantee a fair treatment to all the sickness funds. Until now the danger of risk selection has not been taken seriously. Consumer mobility has remained rather low. However, since the degree of financial responsibility is programmed to increase in the near future, the potential profits from cream skimming will increase.
In organisations, accounting—understood broadly as calculative practices—is claimed to serve as a critical vehicle when introducing forms of individual financial responsibility. Whereas most prior accounting research has been preoccupied with asserting this claim, this paper opens an opportunity to examine the limitations of accounting as a technology of responsibilisation. It does so by moving the empirical focus beyond the borders of people’s work settings and into the private sphere of eve...
Full Text Available The financial consequences of growth capital are different depending of accomplishing technical. In these circumstances the General Meeting of Shareholders decide to increase capital. The decision depends on the effect of increasing the potential financial capital, financial stability and financial structure of the company. Next, I will present the financial consequences of growth capital to a company profile in the petrochemical industry.
Suciu Marta-Christina; Lacatus Maria Liana
Financial literacy is a need for people responsible for their money. The decisions people made in respect with the money have impact on their future. Their responsibility and the risks assumed increase as long as employers and government responsibility and assumed risks in this respect decrease. Financial education is based on principles such as: active long life learning, individuals needs oriented, part of the early education provided by schools, basic concepts on financial issues and risks...
Bratberg, Espen; Monstad, Karin
Excessive sickness absence may hurt productivity and put a strain on public finances. One explanation put forward for increasing absence rates is that a tougher labour market represents a health hazard. A competing hypothesis is that loss of job security works as a disciplinary device. We use a financial shock that hit the public sector in Norway in 2007 in some, but not all, municipalities to identify the effect of reduced job security on sickness absence. Public sector workers i...
Rindu Rika Gamayuni
Full Text Available Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial performance have significant influence to the firm value simultaneously. Intangible assets has no significant influence to financial policies but has positive and significant influenced to financial performance ROA and firm value. Debt policies and financial performance ROA influenced firm value positive and significant. Financial statements limitation in measuring and disclosing intangible assets is the cause of significant difference between book value equity and market value equity. Measurement and disclosure of intangible assets intellectual capital precisely and aqurately is very important because intangible assets have a positive and significant effect to the firm value. Accounting standards should be concerned about this.
Weinstein, Netta; Stone, Dan N
Evidence suggests that experiencing financial insecurity lowers well-being and increases problematic financial behaviors. The present article employs a self-determination theory (SDT; R. M. Ryan & Deci, 2000a) perspective to understand the mechanisms by which experiencing financial insecurity contributes to these detrimental outcomes. Informed by SDT, we expected that the basic psychological needs for autonomy, competence, and relatedness would drive these effects. Studies were concerned with individuals' general experiences of financial insecurity (using community samples; Studies 1 and 2), and employed manipulations involving self-reflection (Study 3) and hypothetical scenarios (Study 4). Findings demonstrated that financially insecure conditions undermined basic psychological needs and lowered well-being (measured in terms of self-esteem, depression, and anxiety). In addition, lower satisfaction of basic psychological needs linked financial insecurity to a greater likelihood of engaging in financial cheating (Studies 2 and 3) and risky financial decisions (Study 4). Importantly, this pattern of effects remained in evidence across socioeconomically diverse samples and income levels. We discuss implications for future interventions to improve the wellness of individuals in financially insecure circumstances. (PsycINFO Database Record (c) 2018 APA, all rights reserved).
... 29 Labor 1 2010-07-01 2010-07-01 true Responsibilities of the Chief Financial Officer. 20.10... to Credit Reporting Agencies § 20.10 Responsibilities of the Chief Financial Officer. The Chief... guidelines and instructions, which he or she may deem appropriate. The Chief Financial Officer shall also...
Fitzgerald, Sarah; Drake, Julie
Financial management in primary schools has changed in the UK with the introduction of the Schools Financial Value Standard (SFVS). There is increasing delegation of financial responsibility to the management team in the school, increasing the role of the head teacher and the governing body as part of overall responsibility for the strategic…
...-closure by using a trust fund, surety bond, letter of credit, financial test, insurance or corporate... 40 Protection of Environment 22 2010-07-01 2010-07-01 false Financial responsibility for post... Standards Applicable to Class I Hazardous Waste Injection Wells § 146.73 Financial responsibility for post...
... Inc...... Charles A. Robertson, 15 Chairman & Chief Executive Officer. Carnival Corporation & PLC..... David Bernstein, Senior 15 Vice President & Chief Financial Officer. Crystal Cruises, Inc Ann G. Miller... FEDERAL MARITIME COMMISSION Notice of Hearing Schedule; Passenger Vessel Financial Responsibility...
Full Text Available The correlation between theoretical and empirical of corporate governance (CG and corporate financial performance (CFP is not there without controversy. This paper aims to determine the moderating effects of corporate social responsibility (CSR, on the relationship between corporate governance and corporate financial performance. The sample of this research are banking companies that are listed on Indonesia Stock Exchange between the period of 2010-2014, taken by using purposive sampling method. Moderated Regression Analysis (MRA analysis was used in this study. The results of this study indicate that corporate governance affects the company's financial performance positively. Aspects of corporate governance such as audit committees and number of board meetings have a positive relationship with financial performance, but there is no relationship from the aspect of independent board of commissioners. Furthermore, CSR can only strengthen the positive relationship between the number of board of commissioners’ meetings and the financial performance of the company. The frequency intensity of board of commissioners’ meetings can increasingly address corporate governance reforms by improving and realizing social responsibility as part of sustainability innovation by optimizing media and CSR reporting methods.
Full Text Available With increasing concerns about environmental issues and the advancement of China’s “going global” strategy, a new issue-proactive corporate social responsibility has emerged. Proactive corporate environmental responsibility refers to business actions that go beyond regulatory requirements for supporting sustainable environmental development. This study examines the role of proactive corporate environmental responsibility on corporate financial performance in the Chinese energy industry by the multi-variables regression analysis of panel data. Using data of 264 firm-year observations from 2009–2014 in the energy industry, the results showed that Proactive corporate environmental responsibility has a positive effect on corporate financial performance passing the endogeneity test. The results also demonstrate that private ownership has stronger promotion on the relationship between proactive corporate environmental responsibility and corporate financial performance. This study helps to increase the body of knowledge about proactive corporate environmental responsibility of the emerging economy, provides insights into the corporate environmental responsibility practice, and government environmental regulation and policy.
William R. White
Full Text Available It is now six years since a devastating financial and economic crisis rocked the global economy. Supported strongly by the G20 process, international regulators led by the Financial Stability Board have been working hard ever since to develop new regulatory standards designed to prevent a recurrence of these events. These international standards are intended to provide guidance for the drawing up of national legislation and regulation, and have already had a pervasive influence around the world. This paper surveys recent international developments concerning the prudential regulation of financial institutions: banks, the shadow banking system and insurance companies. It concludes that, while substantial progress has been made, the global economy nevertheless remains vulnerable to possible future financial instability. This possibility reflects three sets of concerns. First, measures taken to manage the crisis to date have actually made the prevention of future crises more difficult. Second, the continuing active debate over virtually every aspect of the new regulatory guidelines indicates that the analytical foundations of what is being proposed remain highly contestable. Third, implementation of the new proposals could suffer from different practices across regions. Looking forward, the financial sector will undoubtedly continue to innovate in response to competitive pressures and in an attempt to circumvent whatever regulations do come into effect. If we view the financial sector as a complex adaptive system, continuous innovation would only be expected. This perspective also provides a number of insights as to how regulators should respond in turn. Not least, it suggests that attempts to reduce complexity would not be misguided and that complex behaviour need not necessarily be accompanied by still more complex regulation. Removing impediments to more effective self discipline and market discipline in the financial sector would also seem
Africa's financial system is strongly bank-based and so this paper investigate .... development in Nigeria while an opening of capital without trade in Nigeria does ...... on Financial Globalization, Hosted by the International Monetary Fund and.
... must submit annual, current, and audited non-consolidated financial statements prepared in accordance... certificant, apart from any other affiliated entity, and identify the consolidated financial statement to...-insurance. By filing with the Director, NPFC, the financial statements specified in paragraph (b)(3)(i) of...
Liong, Anne S; Liong, Samuel U
Catastrophic events often threaten or cause depletion of resources. It is generally accepted that changes inherent to disasters are stressful. The Conservation of Resources Theory predicts that positive and negative changes in resources will have markedly different effects.28 This theory proposes that resource losses are psychologically stressful, whereas resource gains buffer against the effects of resource loss. For first responders, the level of preparedness is crucial. Investments in planning, training, and logistics are necessary to mitigate the stress associated with a crisis. Stress is also related to not knowing the future of their loved ones if death or permanent incapacity occurs, hence specific laws and financial resources provide a safety net to dependents of first responders and survivors. This kind of safety gives the first responders peace of mind and assurance that the future of their dependents will not be jeopardized. Incentives that are offered let the first responders know that they are valued and appreciated. Indeed, financial support considerably helps first responders before, during, and after catastrophic events. It assists them to cope with stress at the individual level and allows them to become more resilient; this resonates to the community and country in which they serve and enhances their potential to save lives and prevent disabilities. Copyright © 2010 Elsevier Inc. All rights reserved.
STOICA Ovidiu; CAPRARU Bogdan
The international financial turmoil rise challenges in evaluating and choosing the optimal financial supervision institutional arrangements in many countries. Our study focuses on the financial supervision institutional architecture and its effectiveness in the European Union during the international financial crisis.We evaluated the effectiveness of the financial supervisory framework by groups of countries, categorised according to the supervisory model. Our analysis demonstrates that the p...
... Canada-domiciled motor carriers and freight forwarders to maintain, as acceptable evidence of financial... Superintendent of Financial Institutions PAU--Power of Attorney and Undertaking PACICC--Property and Casualty... subject to FMCSA's current Federal motor carrier financial responsibility rules. Canada requested that...
Anika Sedyaning Wikanti
Full Text Available This research analyzes the contagion effects of the US financial markets on Indonesian fi-nancial markets during the 2008 global financial crisis. It specifically investigates whether the slump in the US stock prices directly produced a slump in Indonesian stock prices, or indirectly through the slump in regional stock prices. It also examines whether the slump spilled over into rupiah exchange rate. Using Vector Autoregression and Vector Error Correction Model, the paper finds direct contagion effect of the US financial crisis into Indonesian stock markets. It also finds both direct and indirect contagion effect of the US financial crisis into foreign exchange market.Keywords: Contagion, stock price, exchange rate, financial crisisJEL classification numbers: G12, G15
... HOMELAND SECURITY (CONTINUED) MARINE POLLUTION FINANCIAL RESPONSIBILITY AND COMPENSATION OFFSHORE OIL POLLUTION COMPENSATION FUND Access, Denial, and Detention § 135.401 Access to vessel, Certificates of...
Frederic S. Mishkin
This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. The fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to counter the contra...
, respectively the display of "peer decisions". This display is exclusively linked to the processing of information as opposed to considering solutions. This is significant because neuroscience is characterized by neural activity that generates new information in decision making. Thus, neural prediction is determined by the ventral striatum, which predicts the occurrence of peer decisions. The large part of the literature in social psychology suggests that people have a direct need to follow others, especially manifested in situations where there is no objectively correct action, so the cause of intermediaries used peer action as a social anchor on which it bases its behavior. Certain dialectical relationship between neuroscience and neurofinance determines a deeper understanding of financial decision making which leads to different results and different cognitive operations. Our thoughts, although abstract in form, determine procedures of certain neural circuits within our brain. The goal of neuroscience is uncovering these circuits and the possibility of deconstructing complex thought processes in individual components and determine how they integrate into our thought process. The results lead towards the understanding of decision making which shape our future and fate. The market implications, from the aspect of neurofinances, is vital in uncovering deeper knowledge about the effect of emotions and states such as attitudes towards risk, excessive trust, heuristic bias and gender, which finally results in financial decision making on an individual and institutional basis. The implications of fear and corruption in the financial industry can be explained through neurofinance and even give us more choices in the decision process. Social decisions demand an evaluation of costs and benefits for oneself and others. Connected with emotions and caution, the amygdala is involved in decision making and social interactions. The harm caused by the amygdala deteriorates social interaction
The effect of financial leverage on profitability of manufacturing companies listed on the Ghana stock exchange. ... Journal of Business Research ... For many years many studies have focused on the effect of financial leverage on firm performance and yet there has been no specific result that can be generalized regarding ...
Full Text Available The aim of the study is to measure influence of taxation while making financial decisions and predict it with the general application in Turkey. Except for equity returns of financial and negative capital institutions registered in Borsa Istanbul between 2000 and 2012, those of all other businesses were calculated. In order to measure cost of capital, Capital Assets Pricing Model(CAPM was employed. Businesses were divided into for regions as stated in Tax Incentive Law according to the study. As stated in Tax Incentive Law, the businesses whose costs of capital were divided into six regions where statistical analysis was made to determine whether taxation influenced financial decisions of the related businesses based on Tax Incentive Law or not. Assessment of the findings within the study determined that businesses in 1 st, 2 nd and 3 rd regions were affected by taxation 5,69, 2,75 and 1,39 as means between 2007 and 2012, respectively. Accordingly taxation load of businesses in 1 st region provinces was found to be heavier than those of businesses in other regions. Considering the Tax Incentive Law, it was found to be statistically important that taxation load of the related region should be taken into account in making any financial decisions. In this respect, there is an impact of tax when one makes financial decisions. However, other relevant factors should also be considered.
... Section 3.24 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL AUTHORIZATION AND ADMINISTRATION OF ACCOUNTING AUTHORITIES IN MARITIME AND MARITIME MOBILE-SATELLITE RADIO SERVICES Application... financial status. To the extent that the applicant is a business, formal financial statements will be...
Low, Alexander F H; Phillips, Andrew B; Ancker, Jessica S; Patel, Ashwin R; Kern, Lisa M; Kaushal, Rainu
Health information technology (HIT) is widely viewed as an important lever with which to improve the quality and efficiency of the healthcare system. However, there has long been debate about its financial effects. To characterize the existing data on the financial effects of HIT and to consider the implications for the effect of HIT on healthcare spending. Systematic literature review. We identified articles by (1) searching PubMed using the intersection of terms related to HIT applications and terms related to financial or economic effect; and (2) reviewing the reference lists of the included articles as well as additional policy articles and literature reviews. A total of 57 articles met our inclusion criteria, including 43 articles (75%) reporting financial benefits to a stakeholder associated with HIT. These included 26 articles (46%) reporting cost savings, 6 articles (11%) reporting revenue gains, and 11 articles (19%) reporting a mixture of cost savings and revenue gains. Among articles with experimental study designs, 22 of 34 (65%) reported financial benefits; and among articles explicitly measuring costs and benefits, 19 of 21 (90%) reported financial benefits. The most prevalent mechanisms were savings on administrative goods and/or personnel, savings on pharmaceuticals, and revenue gains through improved billing. Overall there is a dearth of articles on this topic, especially ones with strong study designs and financial analyses. HIT can have financial benefits, but more research is required, especially on HIT's effects under emerging delivery and payment reform efforts.
Full Text Available The aim of the paper is to evaluate the influence of the financial crisis and corruption on the corporate social behaviour of Romanian organisations. Starting from the reference literature on financial crisis, corruption and corporate social responsibility, this article is an investigation of the impact that financial crisis and corruption characteristics have on the corporate social responsibility of the organisations. Our research underpins quantitative and qualitative methodology based on the outcomes of the HeRmeS international project.
Adriana SCHIOPOIU BURLEA; Carmen RADU; Liviu CRACIUN; Costel IONASCU; Marius MITRACHE; Radu LOLESCU
The aim of the paper is to evaluate the influence of the financial crisis and corruption on the corporate social behaviour of Romanian organisations. Starting from the reference literature on financial crisis, corruption and corporate social responsibility, this article is an investigation of the impact that financial crisis and corruption characteristics have on the corporate social responsibility of the organisations. Our research underpins quantitative and qualitative methodology based on ...
This research aims to identify the influence of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance, and also to observe the possible influence of Corporate Social Responsibility on Corporate Financial Performance. This research examines 126 manufacturing companies which are listed in Indonesian Stock Exchange (ISX) and have issued an audited financial statement for 2006. The statist...
Piqueira, José Roberto C.; Mortoza, Letícia Pelluci D.
With the financial market globalization, foreign investments became vital for the economies, mainly in emerging countries. In the last decades, Brazilian exchange rates appeared as a good indicator to measure either investors' confidence or risk aversion. Here, some events of global or national financial crisis are analyzed, trying to understand how they influenced the "dollar-real" rate evolution. The theoretical tool to be used is the López-Mancini-Calbet (LMC) complexity measure that, applied to real exchange rate data, has shown good fitness between critical events and measured patterns.
... cooperation and coordination among self-regulatory organizations, and the development of a national market... with applicable financial responsibility rules. 240.17d-1 Section 240.17d-1 Commodity and Securities... financial responsibility rules. (a) Where a member of SIPC is a member of more than one self-regulatory...
... systems containing petroleum. 281.37 Section 281.37 Protection of Environment ENVIRONMENTAL PROTECTION... for No-Less-Stringent § 281.37 Financial responsibility for UST systems containing petroleum. (a) In... UST systems containing petroleum, the state requirements for financial responsibility for petroleum...
Portna Oksana V.
Full Text Available Development of scientific principles of reproducing the total financial potential of the country and its effective form is an urgent problem both in theoretical and practical aspects of the study, the solution of which is intended to ensure the active mobilization and effective use of the total financial potential of Ukraine, and as a result — its expanded reproduction as well, which would contribute to realization of the internal capacities for stabilization of the national economy. The purpose of the article is disclosing the essence of the effective form of reproducing the total financial potential of the country, analyzing the results of reproducing the total financial potential of Ukraine. It has been proved that the basis for the effective form of reproducing the total financial potential of the country is the volume and flow of resources, which are associated with the «real» economy, affect the dynamics of GDP and define it, i.e. resource and process forms of reproducing the total financial potential of Ukraine (which precede the effective one. The analysis of reproducing the total financial potential of Ukraine has shown that in the analyzed period there was an increase in the financial possibilities of the country, but steady dynamics of reduction of the total financial potential was observed. If we consider the amount of resources involved in production, creating a net value added and GDP, it occurs on a restricted basis. Growth of the total financial potential of Ukraine is connected only with extensive quantitative factors rather than intensive qualitative changes.
William B DeHart
Full Text Available Delay discounting, as a behavioral measure of impulsive choice, is strongly related to substance abuse and other risky behaviors. Therefore, effective techniques that alter delay discounting are of great interest. We explored the ability of a semester long financial education course to change delay discounting. Participants were recruited from a financial education course (n = 237 and an abnormal psychology course (n = 80. Both groups completed a delay-discounting task for $100 during the first two weeks (Time 1 of the semester as well as during the last two weeks (Time 2 of the semester. Participants also completed a personality inventory and financial risk tolerance scale both times and a delay-discounting task for $1,000 during Time 2. Delay discounting decreased in the financial education group at the end of the semester whereas there was no change in delay discounting in the abnormal psychology group. Financial education may be an effective method for reducing delay discounting.
DeHart, William B; Friedel, Jonathan E; Lown, Jean M; Odum, Amy L
Delay discounting, as a behavioral measure of impulsive choice, is strongly related to substance abuse and other risky behaviors. Therefore, effective techniques that alter delay discounting are of great interest. We explored the ability of a semester long financial education course to change delay discounting. Participants were recruited from a financial education course (n = 237) and an abnormal psychology course (n = 80). Both groups completed a delay-discounting task for $100 during the first two weeks (Time 1) of the semester as well as during the last two weeks (Time 2) of the semester. Participants also completed a personality inventory and financial risk tolerance scale both times and a delay-discounting task for $1,000 during Time 2. Delay discounting decreased in the financial education group at the end of the semester whereas there was no change in delay discounting in the abnormal psychology group. Financial education may be an effective method for reducing delay discounting.
Suskim Riantani; Hafidz Nurzamzam
This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD). The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. M...
Full Text Available Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show that: (1 extensive financial quantity expansion cannot support high innovation efficiency R&D (Research and Development activities in private enterprises, low- and medium-technology enterprises, and underdeveloped area enterprises, as it causes financial inefficiency problems and a shortage of R&D inputs; and (2 financial efficiency and financial competition have nonlinear effects on firm R&D. Financial inefficiency and either low or excessive financial competition result in a lack of highly efficient firm R&D. Only improvements in financial efficiency and moderate competition can significantly promote firm R&D. The results of this study reveal an important way to improve the influence of financial inefficiency on firm R&D by moving away from simply expanding financial quantity to promoting quality instead.
General purpose of financial statements is to satisfy the needs of users who are not in the position to require of the entity to prepare reports tailored to their particular information needs. Because the public is one of these users interested of social information and because the financial statement do not provide sufficient social information to satisfy these needs, the study demonstrate the need to integrate the responsible social reporting into financial reporting. In order to support th...
Armour, B S; Pitts, M M; Maclean, R; Cangialose, C; Kishel, M; Imai, H; Etchason, J
Managed care organizations use explicit financial incentives to influence physicians' use of resources. This has contributed to concerns regarding conflicts of interest for physicians and adverse effects on the quality of patient care. In light of recent publicized legislative and legal battles about this issue, we reviewed the literature and analyzed studies that examine the effect of these explicit financial incentives on the behavior of physicians. The method used to undertake the literature review followed the approach set forth in the Cochrane Collaboration handbook. Our literature review revealed a paucity of data on the effect of explicit financial incentives. Based on this limited evidence, explicit incentives that place individual physicians at financial risk appear to be effective in reducing physician resource use. However, the empirical evidence regarding the effectiveness of bonus payments on physician resource use is mixed. Similarly, our review revealed mixed effects of the influence of explicit financial incentives on the quality of patient care. The effect of explicit financial incentives on physician behavior is complicated by a lack of understanding of the incentive structure by the managed care organization and the physician. The lack of a universally acceptable definition of quality renders it important that future researchers identify the term explicitly.
Hall, Mark A.; Dinan, Michaela A.; DePuy, Venita; Friedman, Joëlle Y.; Allsbrook, Jennifer S.; Sugarman, Jeremy
Background The effects of disclosing financial interests to potential research participants are not well understood. Objective To examine the effects of financial interest disclosures on potential research participants’ attitudes toward clinical research. Design and Participants Computerized experiment conducted with 3,623 adults in the United States with either diabetes mellitus or asthma, grouped by lesser and greater severity. Respondents read a description of a hypothetical clinical trial relevant to their diagnosis that included a financial disclosure statement. Respondents received 1 of 5 disclosure statements. Measurements Willingness to participate in the hypothetical clinical trial, relative importance of information about the financial interest, change in trust after reading the disclosure statement, surprise regarding the financial interest, and perceived effect of the financial interest on the quality of the clinical trial. Results Willingness to participate in the hypothetical clinical trial did not differ substantially among the types of financial disclosures. Respondents viewed the disclosed information as less important than other factors in deciding to participate. Disclosures were associated with some respondents trusting the researchers less, although trust among some respondents increased. Most respondents were not surprised to learn of financial interests. Researchers owning equity were viewed as more troubling than researchers who were compensated for the costs of research through per capita payments. Conclusions Aside from a researcher holding an equity interest, the disclosure to potential research participants of financial interests in research, as recommended in recent policies, is unlikely to affect willingness to participate in research. Electronic supplementary material The online version of this article (doi:10.1007/s11606-008-0590-4) contains supplementary material, which is available to authorized users. PMID:18386101
Full Text Available General purpose of financial statements is to satisfy the needs of users who are not in the position to require of the entity to prepare reports tailored to their particular information needs. Because the public is one of these users interested of social information and because the financial statement do not provide sufficient social information to satisfy these needs, the study demonstrate the need to integrate the responsible social reporting into financial reporting. In order to support this reason, taking into account the data supplied by the entities listed on the Global Reporting Initiative regarding the corporate social responsibility. The results of the study show that social indicators can be disclosed in a monetary form which reinforces the need for their integration into financial reporting and the need to define a new concept: the social – financial responsible reporting.
Full Text Available The recent global financial crisis affected almost all aspect of human life. This paper explored effects of the global financial crisis on farmers' income, remittance and prices of food staples and highlighted certain government policy responses. The study was conducted in Nigeria. Secondary data were used. Data were analyzed using descriptive statistics, equivalent variation and Shannon index analysis. Results showed the global financial crisis affected the agrarian households/sector in Nigeria. The increase in prices meant more nominal income to farmers but grossly reduced their welfare due to decrease in real income as result of high inflation trend. Recommendations include that government should continue to sustain agrarian programs aimed at helping poor farmers to increase their capacity in production to meet the growing demand and changes. In both cases, the disturbed age structure has a reverse effect on the movement of the population (the size of reproductive contingent, but also to all other structures of the population (the size of contingent employment, population, compulsory school contingent, contingent dependent population ratio. Rating natural conditions aimed at separation of homogenous territorial units with some degree of benefits and limitations types of economic development.
Alexandre Laurin; Finn Poschmann; Robin Banerjee
The relative soundness of the Canadian domestic financial system throughout the crisis suggests that Canada’s regulatory framework does not require a major overhaul. But Canada could benefit if other countries introduced reforms to improve their macroeconomic stability. Other reforms are needed.
King Rice, Jennifer; Malen, Betty; Jackson, Cara; Hoyer, Kathleen Mulvaney
This article provides evidence and generates insights about the power of financial rewards to motivate school administrators and the design features that influence their motivational potency. The multi-year mixed-methods study is grounded in expectancy and goal setting theories that suggest (a) awards must be salient and sizable enough to appeal…
Full Text Available This study aims to analyze the effect of financial performance of local governments towards the disclosure compliance of financial information on the website, as well as the political environment as a moderating variable for the effect of the financial performance of local governments towards disclosure compliance of financial infor-mation on the website. The study was conducted at the local government in Sulawesi with the sample consisting of 53 governments. The data were analyzed by partial least square (PLS. The results showed that good financial performance of local governments can encourage disclosure compliance of financial information on the website. This study also found that the political environment cannot moderate the effect of the financial performance towards the disclosure compliance of financial information on the website. This is due to the people who are interested more in paper-based reporting. The implication of this study was to encourage related re-search as well as encouraging local governments to use website as a media for finan-cial information reporting. Gorontalo district government is local government, which has excellent financial performance with complete disclosure of financial information on the website.
Kabir, Rezaul; Thai Minh, Hahn
Purpose: The theoretical and empirical relationships between corporate social responsibility (CSR) and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging
Kluth, Michael Friederich; Lynggaard, Kennet
The 2008 global financial crises produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, their design and adoption reveal important variations. Crucially, the Irish state initially assumed full...
This paper was one of the first writings that appeared on the subject and presented at a local conference while pending publication with the Indian Economic Journal.After a brief Introduction, Section 2 discusses broadly the process used for generating the data used for analysis as also the position of Malaysian economy during the crisis. Section 3 deals with controls as a tool for managing the financial turmoil. Section 4 argues, on the basis of results, that for Malaysia the imposition of ...
Full Text Available This paper analysis the effect of reporting quality on financing and investment. It is important for us to understand the relation among them in order to prepare Indonesian companies for ASEAN Economic Community in 2015. The study examines the effect of financial reporting quality on financing and investment of 15 Indonesian companies with large market capitalization based on the Standard and Poor’s Rating Services in its first survey of the major corporate credit trends in the Association of Southeast Asian Nations (ASEAN. Those companies may still be under-investing in relation to its regional peers. The results suggest that (1 financial reporting quality has negative effect on financing. (2 financial reporting quality has positive effect on investment among companies with higher likelihood of over-investing and negative effect on investment among those with higher likelihood of under-investing.DOI: 10.15408/etk.v16i1.4600
Rindu Rika Gamayuni
Abstract The purpose of this study is to test empirically the relationship between intangible assets financial policies and financial performance to the firm value at going-public company in Indonesia. Path analysis was used to ascertain the relationship between intangible assets financial policies financial performance and firm value at going-public company in Indonesia in the year 2007 to 2009. This study also provides empirical evidence that Intangible assets financial policies financial p...
Full Text Available This paper contributes to the knowledge on corporate social responsibility (CSR initiatives of by businesses and its ability to influence their financial performance. Consequently, the main objective is to examine the relationship between CSR and financial performance in the airline industry in Central and Eastern Europe. The paper does not attempt to establish causality between CŚR and financial performance. The paper attempts to contribute to the existing knowledge in the field by examining the extent to which CSR relates to financial performance of airline firms. A sample of 20 audited financial statements of airline firms were selected randomly. The study analyzed the impact of CSR activities on the financial performance of firms. The Return on Equity (ROE and Return on Assets (ROA were used as indicators to measure financial performance of firms whiles the independent variables were Community Performance (CP, Environment Management System (EMS and Employee Relations (ER. The study found that there is a significant positive relationship between CSR initiatives and financial performance measures. More specifically, there was found to be a positive relationship between the independent variables of CSR thus, CP, EMS and ER and the financial performance of airline firms in terms of the ROE and ROA.
O'Neil, Brock; Tyson, Mark; Graves, Amy J; Barocas, Daniel A; Chang, Sam S; Penson, David F; Resnick, Matthew J
Alternative payment models, such as accountable care organizations, use financial incentives as levers for change to facilitate the transition from volume to value. However, implementation raises concerns about adverse changes in market competition and the resultant physician response. We sought to identify physician characteristics and market-level factors associated with variation in response to financial incentives for cancer care that may ultimately be leveraged in risk-shared payment models. Retrospective cohort study of physicians providing minimally invasive bladder cancer procedures to fee-for-service Medicare beneficiaries. We examined the relationship of between-group differences in market-level factors (competition [Herfindahl-Hirschman Index (HHI)] and provider density) and physician-level factors (use of unique billing codes, number of billing codes per patient, and competing financial interest) to responsiveness to financial incentives. Incentive-responsive providers had increased odds (odds ratio [OR], 1.19; 95% CI, 1.04-1.35) of practicing in markets with the highest quartile of provider density but not HHI (OR, 0.96; 95% CI, 0.87-1.05). Incentive-responsive providers were more likely to bill in the highest quartile for unique codes (OR, 1.49; 95% CI, 1.32-1.69) and codes per patient (OR, 1.18; 95% CI, 1.11-1.25) and less likely to have a competing financial interest (OR, 0.76; 95% CI, 0.72-0.81). Responsiveness to financial incentives in cancer care is associated with high market provider density, profit-maximizing billing behavior, and lack of competing financial ownership interests. Identifying physicians and markets responsive to financial incentives may ultimately promote the successful implementation of alternative payment models in cancer care.
V. G. Shirobokov
Full Text Available Summary. Modern foreign political and economic situation in Russia contributes to the development of inflation in our country, which has a negative impact on the financial results of business. In this case, the application of IAS 29 «Financial reporting in hyperinflationary economies» is not possible because of a default specified in the standard criteria for the current situation in the Russian economy. It reduces the reliability of the financial statements. The aim of the work is to improve the methodology for the application of IAS 29 «Financial reporting in hyperinflationary economies» in the current economic environment by identifying existing problems in the application of standards and their solutions. In this paper, using scientific methods of analysis, synthesis, and abstraction it is identified shortcomings in the methodology for the application of IAS 29 and the ways to overcome them. In order to improve the methodology for the application of IAS 29 «Financial reporting in hyperinflationary economies» it is justified materiality level the impact of inflation, which is five per cent; developed criteria for materiality of influence. For accounting for a significant impact of inflation on income (loss of the business it is offered a special accounting mechanism, which includes a separate bookkeeping account 85 «Profit (loss from inflationary price changes» the new sub-account for 90 «Sales» and 91«Other income and expenses», register Help-calculation of the effects of inflation, as well as developed form as part of disclosures in the financial statements. It is concluded that the application of IAS 29 «Financial reporting in hyperinflationary economies» is not always possible, despite the need for taking into account the negative impact of inflation on the financial results of the business entity. The proposed accounting mechanism satisfies this need, which increases the reliability of accounting data and reporting.
João Carlos Hipólito Bernardes do Nascimento
Full Text Available This study aimed to measure the level of financial literacy of Business Administration course students at a federal Higher Education Institution (HEI. To this end, a survey was conducted on 307 students. The Item Response Theory (IRT was employed for data analysis and the findings support the conclusion that the students show a low level of financial literacy, as well as the existence of a conservative investment profile among students. This scenario, in line with previous empirical studies conducted in the Brazil, is worrying given the potential negative externalities resulting from poor financial decisions, especially those related to home financing and retirement preparations. This study contributes to the empirical evaluation, within the national context, of the use of IRT in estimating financial literacy, and shows that it is, indeed, an important methodological option in the estimation of this latent trait. Furthermore, this enables financial knowledge to be compared through consistent and reliable means, using studies, populations, realities and separate programs.
Mejía, Shannon T; Settersten, Richard A; Odden, Michelle C; Hooker, Karen
The "Great Recession" shocked the primary institutions that help individuals and families meet their needs and plan for the future. This study examines middle-aged adults' experiences of financial loss and considers how socioeconomic and interpersonal resources facilitate or hinder maintaining a sense of control in the face of economic uncertainty. Using the 2006 and 2010 waves of the Health and Retirement Study, change in income and wealth, giving help to and receiving help from others, household complexity, and sense of control were measured among middle-aged adults (n = 3,850; age = 51-60 years). Socioeconomic resources predicted both the level of and change in the engagement of interpersonal resources prior to and during the Great Recession. Experiences of financial loss were associated with increased engagement of interpersonal resources and decreased sense of control. The effect of financial loss was dampened by education. Sense of control increased with giving help and decreased with household complexity. Findings suggest that, across socioeconomic strata, proportional loss in financial resources resulted in a loss in sense of control. However, responses to financial loss differed by socioeconomic status, which differentiated the ability to maintain a sense of control following financial loss. © The Author 2015. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: email@example.com.
Full Text Available This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD. The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. Multiple linear regression and correlation analysis using t test and F test were applied as a technique of analysis. The test of the classical assumption such as the normality, multicollinearity, heteroscedasticity, and autocorrelation applied before the multiple linear regression. The result shows that the company size had positive and significant effect to the CSR disclosure, financial leverage does not show significant effect to the CSR disclosure, profitability does not have significant effect to the CSR disclosure during the investigation.
Najeeb Zada; Ahcene Lahsasna; Muhammad Yusuf Saleem
The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar'iyyah and attempts to derive public policy guidel...
Zhao Tingting; Bell, Lindsey; Horner, Mark W.; Sulik, John; Zhang Jinfeng
Residential energy-efficient and renewable energy (EERE) products play an important role in energy conservation and carbon emissions reduction. Various financial incentive programs have been developed to promote the adoption of these products. However, their effectiveness in attracting consumers is not very well understood. In this study, we investigated impacts of financial incentives on homeowner's decision making towards six EERE products. Two forms of incentives, tax credits and interest-free loans, were examined through a household mailing survey in Florida, the United States. Results showed that, although half of the respondents were interested in EERE products, the high investment cost was a major concern that hindered their purchase activities. Homeowners were attracted to financial incentives and valued tax credits much higher than interest-free loans. The current federal home energy tax credit levels were found to attract only 2–12 percent of homeowners to buy EERE products. The willingness of participation was especially low for the costly products (such as solar panels). The participation rate was also very low for lower income (i.e., annual household income below $50,000) families living in older residences. This study contributes to the understanding of economic and social aspects of consumer decision making on energy efficiency and alternative energy. - Highlights: ► We investigated consumer responses to energy efficiency incentives. ► These included tax credits and interest-free loans for six types of energy products. ► We found that tax credits are more effective than interest-free loans. ► The current tax credit rates are insufficient for expensive products (e.g., solar panels). ► A higher amount of incentives is required for the lower-income (<$50 K/yr) households.
Daniel F. Ofori
Research purpose: This article examined the impact of corporate social responsibility on financial performance using empirical evidence from the Ghanaian banking sector. Motivation for the study: Although corporate social responsibility is a hot topic in Ghana and banks do practise it, no detailed study has been conducted to ascertain whether banks derive any benefits therefrom. Research design, approach and method: A sample size of 22 banks was involved. A structured questionnaire was used to obtain primary data whilst archival records were used to gather the secondary data. Main findings: The findings revealed that banks in Ghana view corporate social responsibility practices to be a strategic tool; banks are motivated to practise corporate social responsibility by legitimate reasons as much as they are motivated by profitability and sustainability reasons. Also, although there is a positive relationship between corporate social responsibility practices and financial performance, the financial performance of banks in Ghana does not depend significantly on their corporate social responsibility practices but rather on other control variables, such as growth, origin, debt ratio, and size. Practical implications: Properly adopted and implemented, corporate social responsibility can pay its way by contributing toward firm performance. Contribution: There is a positive but currently insignificant relationship between corporate social responsibility and financial performance amongst Ghanaian banks. However, given the numerous benefits of corporate social responsibility, it is recommended that firms continue to give priority to this practice.
Kluth, Michael Friederich; Lynggaard, Kennet
) variations in domestic exposure to the financial industry, notably its relative size, dominant business models and exposure to real estate markets and 2) variations in institutional features, notably banking sector preferences and legacies of collective action. While limited explanatory power can......The 2008 global financial crisis produced very different responses in Ireland and Denmark. While both countries embraced depositor guarantee schemes and recapitalization programmes, these were designed and adopted in significantly different ways. Crucially, the Irish state initially assumed full...
Jensen, Thais Lærkholm; Johannesen, Niels
Did the financial crisis in 2007–2008 spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders...... and banks. We document that banks exposed to the financial crisis reduced their lending relative to nonexposed banks, which in turn caused a significant decrease in the borrowing and spending of their customers. The effects were persistent: borrowing remained lower through the postcrisis years and spending...
Runeson, Roma; Vingård, Eva; Lampa, Erik; Wahlstedt, Kurt
The present study is part of a 3-year longitudinal study on work and health among employees in the public sector in Sweden. The aim was to study associations between self-rated health (SRH) and financial situation, education, and managerial responsibility. Of the 9003 employees, 7533 answered the baseline questionnaires (84%). Altogether 9373 subjects received the follow-up questionnaire, and 6617 subjects responded (71%). In total 4240 completed the questionnaire on both occasions, and this group comprised the study population. SRH consisted of the response to a single question: 'In general, would you say your health is excellent, very good, good, poor, or very poor?' The health was investigated in terms of the development of health status in the 3-year follow-up. The exposure factors were: financial situation, education, and managerial responsibility. Odds ratios were analysed using logistic regressions. Good financial situation and further education were predictors in maintaining good health and in avoiding poor health. The analysis also indicated the following determinants of sustained good SRH: having a good financial situation (OR 1.99 at baseline and OR 1.87 at follow-up), having a further education compared to lower education (OR 1.17 at baseline), and not having a worsening financial situation between baseline and follow-up (OR 0.53). Financial situation and educational level were important factors that influence the subjective perception of health.
Chiang, Bea; Nouri, Hossein; Samanta, Subarna
The purpose of the research is to examine the effect of the two different teaching approaches in the first accounting course on student performance in a subsequent finance course. The study compares 128 accounting and finance students who took introductory financial accounting by either a user approach or a traditional preparer approach to examine…
Søgaard, Jakob Egholt; Anton Schultz, Esben; Schaarup, Jonas Zielke
We exploit a temporary tax rebate introduced in Denmark in 2008 to estimate the effect of financial incentives on retirement decisions. The scheme offered individuals in a limited number of cohorts a tax rebate of up to 100,000 DKK (approximately $20,000) if they stayed on the labor market until...
We analyse the performance of socially responsible investments in the Netherlands. It appears that the financial performance of the various types of socially responsible investments differs considerably. We construct a proxy for mutual funds' CSR policies and use information about the environmental
Cohen, Genna R; Erb, Natalie; Lemak, Christy Harris
To develop a framework for studying financial incentive program implementation mechanisms, the means by which physician practices and physicians translate incentive program goals into their specific office setting. Understanding how new financial incentives fit with the structure of physician practices and individual providers' work may shed some insight on the variable effects of physician incentives documented in numerous reviews and meta-analyses. Reviewing select articles on pay-for-performance evaluations to identify and characterize the presence of implementation mechanisms for designing, communicating, implementing, and maintaining financial incentive programs as well as recognizing participants' success and effects on patient care. Although uncommonly included in evaluations, evidence from 26 articles reveals financial incentive program sponsors and participants utilized a variety of strategies to facilitate communication about program goals and intentions, to provide feedback about participants' progress, and to assist-practices in providing recommended services. Despite diversity in programs' geographic locations, clinical targets, scope, and market context, sponsors and participants deployed common strategies. While these methods largely pertained to communication between program sponsors and participants and the provision of information about performance through reports and registries, they also included other activities such as efforts to engage patients and ways to change staff roles. This review covers a limited body of research to develop a conceptual framework for future research; it did not exhaustively search for new articles and cannot definitively link particular implementation mechanisms to outcomes. Our results underscore the effects implementation mechanisms may have on how practices incorporate new programs into existing systems of care which implicates both the potential rewards from small changes as well as the resources which may be
Van Dril, T. [ECN Policy Studies, Petten (Netherlands)
The EU ETS (emissions trading system) has a growing surplus of allowances built up over the last few years. The economic downturn is regarded to be a major cause of the oversupply and the low level of the CO2 allowance price. From 2013 onwards, the ETS will enter its third phase in which a substantial part of the current allowances will be auctioned. In summer 2012, the European Commission proposed a draft Regulation to adjust the timing of auctions of emission allowances. The Commission states that it is not wise to feed a market that is already oversupplied and wants to auction fewer allowances in the next years (Set Aside). These Set Aside allowances should then be auctioned in the later years of the 2013-2020 ETS period (backloading). The proposal document does not suggest permanent withdrawal of allowances, since this requires amending the ETS directive. However, permanent withdrawal (cancellation) is certainly considered as an option to reinforce the ETS. The Netherlands Ministry of Finance is primarily interested in the economic effects of Set Aside scenarios. This paper focuses on the effects of Set Aside allowances on the government budget. Not just the auction revenues are considered, but also the indirect effect on funding renewable energy generation.
Aditya Satya Yudharma
Full Text Available Corporate social responsibility is becoming increasingly important in Indonesia and many companies get into trouble when they do not care about environmental and social issues. The purpose of this research is to analyze the influence of corporate social responsibility expenditure on the financial performance and value of a firm. The samples used in this study were 56 companies listed in the Indonesia Stock Exchange 2012 and 2013. The samples were chosen using the purposive sampling method based on certain designated criterias. Corporate social responsibility expenditure is measured by employee welfare cost and social expenditure for the community. The financial performance is measured by return on assets (ROA and the firm value is measured by Tobin’s Q ratio. For testing hypothesis, this study used multiple regression analysis. The result of this study showed that the employee welfare cost had a positive effect toward financial performance (ROA and no effect toward firm value (Tobin's Q while social expenditure for community had no effect toward financial performance (ROA and firm value (Tobin’s Q.
Sitikantha Parida; Zhihong Wang
In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...
Herawati Nyoman Trisna
Full Text Available The aims of this study are to determine: the difference of financial literacy level between students who have had experience in financial learning and who have not had experience in financial learning. The data for this study was collected through financial literacy test and questionnaire which was distributed through randomized sampling method. A total of 173 completed and usable questionnaire have been collected. The result shows that the level of financial literacy among accounting students comes under below optimal standard category. Students who have had financial learning experience have a higher level of financial literacy than students who have not. This study provides means to improve financial learning for accounting students in preparation for creating a prosperous future.
Tate, James Adam
State fiscal support for public higher education is declining, particularly during recessionary periods. Public colleges and universities have limited channels of revenue and depend on state appropriations for current operating needs. There is an imperative now for public institutions to do more with less, be more efficient and effective in order…
Full Text Available This research aims to identify the influence of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance, and also to observe the possible influence of Corporate Social Responsibility on Corporate Financial Performance. This research examines 126 manufacturing companies which are listed in Indonesian Stock Exchange (ISX and have issued an audited financial statement for 2006. The statistical method used to test the hypothesis is Path Analysis. The result suggests that Good Corporate Governance influences both the disclosure of Corporate Social Responsibility and Corporate Financial Performance and that Corporate Social Responsibility significantly influences Corporate Financial Performance. The result also suggests that CEO Tenure, the controlling variable, holds a significant influence on the disclosure of Corporate Social Responsibility. Yet, there is no strong evidence to support the type of industries as an influencing factor of Corporate Social Responsibility. Furthermore, we found that the latter condition would also apply when we analyze the influence of Corporate Secretary and Nomination and Remuneration Committee on Corporate Financial Performance. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk mengidentifikasi pengaruh antara struktur Coorporate Governance yang diproksikan sebagai kepemilikan institusional, kepemilikan manajerial terhadap corporate social responsibility dan corporate social responsibility terhadap corporate financial performance. Penelitian menggunakan data sekunder dari laporan tahunan 2006 perusahaan publik yang terdapat di Pusat Referensi Pasar Modal (PRPM Bursa Efek Indonesia (BEI. Sampel dalam penelitian ini sebanyak 126 perusahaan. Melalui pendekatan analisa jalur (path analysis menunjukkan Good Corporate Governance yaitu kepemilikan managerial dan institusional mempunyai pengaruh terhadap
This article aims to assess the impact of the global fi nancial and economic crisis on two sectors in South Africa, namely, the automobile sector and the textile and clothing sector. It also examines the role of public policy in responding to that crisis. Its main objective is to determine whether or not those responses were ...
Moreira Cunha André
Full Text Available The paper analyses the economic policy responses of the Brazilian government to the international financial crisis. In doing so, the paper aims to answer a specific question: Can the economic policies implemented in 2008-09 be identified as Keynesian economic policies? It concludes that, despite the fact the Brazilian economic policies response to the international financial crisis seems remember Keynesian economic policies, it is not possible to argue that the recovery of the Brazilian economy can be considered a Keynesian showcase.
Liu, Hsing; Liao, Chi-Yo; Ko, Jing-Yuan; Lih, Jiann-Shing
Empirical analysis of the price fluctuations of financial markets has received extensive attention because a substantial amount of financial market data has been collected and because of advances in data-mining techniques. Price fluctuation trends can help investors to make informed trading decisions, but such decisions may also be affected by a psychological factors-the anchoring effect. This study explores the intraday price time series of Taiwan futures, and applies diffusion model and quantitative methods to analyze the relationship between the anchoring effect and price fluctuations during first passage process. Our results indicate that power-law scaling and anomalous diffusion for stock price fluctuations are related to the anchoring effect. Moreover, microscopic price fluctuations before switching point in first passage process correspond with long-term price fluctuations of Taiwan's stock market. We find that microscopic trends could provide useful information for understanding macroscopic trends in stock markets.
Full Text Available Abstract Taking the perspective of brand priming theory, this study proposes that brands associated with an audacious personality trait may influence consumers to be take more risks in making subsequent decisions. Two experiments, run in sport brands contexts, showed that individuals exposed to brands with high (vs. low audacity traits demonstrated a higher rate of risk taking in financial decisions. The studies also showed that this effect is moderated by individuals’ experience with the financial market. This moderation suggests that there was an activation of a goal not just semantic activation, but through the brand priming. This research provides insights into how today's consumers deal with brand priming effects in risky choice settings. From a managerial perspective, it can help managers to understand the likely effects of brand priming on behavior and better predict the probability of risk aversion or risk seeking outcomes.
The term Corporate Social Responsibility (CSR) is becoming more and more often spelled out in various contexts of the academic and corporate life. The concept of CSR is rather broad and the term CSR could be defined in various ways, as there has been no unified definition established so far. Yet the word ‘corporate’ in the term could indicate that CSR is exclusive matter of private companies. However, as demonstrated in this paper, the non-corporate institutions, in particular the Internation...
Full Text Available This paper presents a study to investigate the effects of perception and marketing expenditures as well as financial and non-financial promotions on brand equity. The proposed study of this paper prepares a questionnaire in Likert scale and distributes it among regular customers of three types of Shampoo in city of Tehran, Iran. The implementation of structural equation modeling for the proposed study of this paper has been accomplished based on LISREL software. The results of the survey on testing various hypotheses indicate that perception on marketing expenditure, financial as well as non-financial promotion and word of mouth advertisement influence positively on brand awareness and negatively on non-financial promotions (α=0.01. In addition, brand awareness influences positively on perception quality (α=0.01. Brand awareness as well as brand associate also influence on brand loyalty (α=0.01.
Full Text Available The banking incomes and costs represent an important source of information regarding the profitability of a bank. The paper aims to analyse the current financial world crisis. After describing its causes and effects, the study focuses on the crisis’ impact on the global economy; Romania is the core of this analysis, as it is a country which feels very strongly the effects of the international financial turmoil. In a banking environment such as Romania's, constantly changing and subject to the pressure of a fierce competition, all the attention of the banks management teams is oriented towards the costs and their possible reduction in regard to maximizing the profit. In this context we considered as particularly important the analysis of the bank costs within the framework of the Romanian banking system, analysis which targets their structure on one side and their evolution and efficiency on the other side.
Anttila-Hughes, J. K.
A variety of recent extreme climatic events are considered to be strong evidence that the climate is warming, but these incremental advances in certainty often seem ignored by non-scientists. I identify two unusual types of events that are considered to be evidence of climate change, announcements by NASA that the global annual average temperature has set a new record, and the sudden collapse of major polar ice shelves, and then conduct an event study to test whether news of these events changes investors' valuation of energy companies, a subset of firms whose future performance is closely tied to climate change. I find evidence that both classes of events have influenced energy stock prices since the 1990s, with record temperature announcements on average associated with negative returns and ice shelf collapses associated with positive returns. I identify a variety of plausible mechanisms that may be driving these differential responses, discuss implications for energy markets' views on long-term regulatory risk, and conclude that investors not only pay attention to scientifically significant climate events, but discriminate between signals carrying different information about the nature of climatic change.
Kabir, Mohammed Rezaul; Thai Minh, H.; Thai Minh, H.
The theoretical as well as empirical relationships between corporate social responsibility and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging countries.
Rajan, Ramkishen S.
Financial crises seem to have become the norm rather than the exception since 1992. The author examines the impact of a crisis of confidence and resultant capital outflows from a small and open economy and the possible policy options in response to such outflows, using simple tools and definitions that will be familiar to any money and banking or…
Full Text Available This paper investigates the relationship between financial ratios and indicator of systemic risk in the Tehran Stock Exchange. The study selects 73 manufacturing companies of the Tehran Stock Exchange market over the period 2003-2010. The study first calculates the independent variables in the form of financial ratios and then the ratios affecting the systematic risk index are extracted using entropy method. The output of this stage is the introduction of five influential financial indicators as the independent variables of the study. Using t-test and Pearson correlation coefficient the rate of independent variables effect on the systematic risk index is evaluated and finally, using stepwise regression method, the effect of independent variables on the dependent variable is examined. According to results of our survey, the correlation coefficient of such indices as “the ratio of stock price to the profit of each share”, “Current ratio”, “each share profit ratio” and “the stockholders rights return ratio” have respectively the highest correlation with the systematic risk index.
Alexander Olawumi Dabor
Full Text Available The objective of this study is to investigate the casuality between corporate social responsibility and firm financial performance. The study employed two least square regression approaches. Fifty-two firms were selected using the scientific method. The findings revealed that corporate social responsibility and firm performance in manufacturing sector are mutually related at 5%. The study recommended that management of manufacturing companies in Nigeria should expend on CSR to boost profitability and corporate image.
Ashmarina, Svetlana I.; Zotova, Anna S.; Smolina, Ekaterina S.
The article considers the need of ensuring the sustainable development of organizations in the unstable external environment; financial sustainability which is understood as the optimal structure of funding sources of a business entity is proved to be the most significant factor of sustainable development. The article proves that the index of…
Desy Ratna Yuwita Amelia
Full Text Available This research examines the association between Corporate Social Responsibility (CSR disclosure and financial performances-Return on Assets (ROA, Return on Equity (ROE, and Stock Return-within the cigarette companies listed on Indonesian Stock Exchange. This research used 3 cigarettes companies; PT Gudang Garam Tbk., PT Hanjaya Mandala Sampoerna Tbk., and PT Bentoel Internasional Investama. Simple linear regression is used to examine the association between CSR disclosure and the cigarettes companies’ financial performance. The study reveals that the disclosure of CSR only has positive influences toward Return on Assets; yet, it does not correlate with the Return on Equity and Stock Return.
Full Text Available The primary objective of this study is to investigate the effect of growth and financial strength variables on the financial leverage for some listed companies in the Tehran Stock Exchange. For this purpose, a sample of 700 firm-years among listed companies in the Tehran Stock Exchange over the period 2006-2010 was examined. In the present study, the growth variables, including asset growth, profit growth and sales growth; and financial strength calculated by the Altman Z-bankruptcy model have been considered as independent variables. In addition, the ratios of long-term debt to total assets, long-term debt to fixed assets, total long-term debt and short-term receivable facilities to equity capital and total long-term debt and short-term receivable facilities to total assets are used as measures of financial leverage and dependent variables. The results indicate that there is a negative and significant relationship between assets growth and some indexes of financial leverage. There is also a positive and significant relationship between the variables of profit growth, sales growth and financial strength with financial leverage measures.
Full Text Available This study aims to establish a rigorous and effective model to detect enterprises’ financial statements fraud for the sustainable development of enterprises and financial markets. The research period is 2004–2014 and the sample is companies listed on either the Taiwan Stock Exchange or the Taipei Exchange, with a total of 160 companies (including 40 companies reporting financial statements fraud. This study adopts multiple data mining techniques. In the first stage, an artificial neural network (ANN and a support vector machine (SVM are deployed to screen out important variables. In the second stage, four types of decision trees (classification and regression tree (CART, chi-square automatic interaction detector (CHAID, C5.0, and quick unbiased efficient statistical tree (QUEST are constructed for classification. Both financial and non-financial variables are selected, in order to build a highly accurate model to detect fraudulent financial reporting. The empirical findings show that the variables screened with ANN and processed by CART (the ANN + CART model yields the best classification results, with an accuracy of 90.83% in the detection of financial statements fraud.
Ruckert, Arne; Labonté, Ronald
In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.
Teresi, Jeanne A; Ocepek-Welikson, Katja; Lichtenberg, Peter A
The focus of these analyses was to examine the psychometric properties of the Lichtenberg Financial Decision Screening Scale (LFDSS). The purpose of the screen was to evaluate the decisional abilities and vulnerability to exploitation of older adults. Adults aged 60 and over were interviewed by social, legal, financial, or health services professionals who underwent in-person training on the administration and scoring of the scale. Professionals provided a rating of the decision-making abilities of the older adult. The analytic sample included 213 individuals with an average age of 76.9 (SD = 10.1). The majority (57%) were female. Data were analyzed using item response theory (IRT) methodology. The results supported the unidimensionality of the item set. Several IRT models were tested. Ten ordinal and binary items evidenced a slightly higher reliability estimate (0.85) than other versions and better coverage in terms of the range of reliable measurement across the continuum of financial incapacity.
Perelló, Josep; Masoliver, Jaume
We prove that Brownian market models with random diffusion coefficients provide an exact measure of the leverage effect [J-P. Bouchaud et al., Phys. Rev. Lett. 87, 228701 (2001)]. This empirical fact asserts that past returns are anticorrelated with future diffusion coefficient. Several models with random diffusion have been suggested but without a quantitative study of the leverage effect. Our analysis lets us to fully estimate all parameters involved and allows a deeper study of correlated random diffusion models that may have practical implications for many aspects of financial markets.
Financial Statements and accompanying notes provided on .... to good governance principles. there is the risk that ...... responsibilities of the centre's internal auditor includes reviewing internal controls, including accounting and financial.
Yang, Pengbo; Shang, Pengjian; Lin, Aijing
Transfer entropy is a powerful technique which is able to quantify the impact of one dynamic system on another system. In this paper, we propose the effective phase transfer entropy method based on the transfer entropy method. We use simulated data to test the performance of this method, and the experimental results confirm that the proposed approach is capable of detecting the information transfer between the systems. We also explore the relationship between effective phase transfer entropy and some variables, such as data size, coupling strength and noise. The effective phase transfer entropy is positively correlated with the data size and the coupling strength. Even in the presence of a large amount of noise, it can detect the information transfer between systems, and it is very robust to noise. Moreover, this measure is indeed able to accurately estimate the information flow between systems compared with phase transfer entropy. In order to reflect the application of this method in practice, we apply this method to financial time series and gain new insight into the interactions between systems. It is demonstrated that the effective phase transfer entropy can be used to detect some economic fluctuations in the financial market. To summarize, the effective phase transfer entropy method is a very efficient tool to estimate the information flow between systems.
Effect of Professionalism, Competence, Knowledge of Financial Management, and Intensity Guidance Apparatus Inspectorate for Quality of Financial Statements (Study on Inspectorate Regencies/Cities in Aceh
Full Text Available This research aims to: 1. Examine the influence of professionalism, competence, knowledge of financial management and intensity guidance apparatus Inspectorate together to the quality of the financial statements of Regions; 2. Examine the effect of professionalism partially on the quality of the financial statements of Regions; 3. Test the effect of partial competencies to the quality of the financial statements of Regions; 4. Examine the effect of knowledge of financial management partially on the quality of the financial statements of Regions; 5. The authorities test the effects of intensity guidance apparatus partially on the quality of the financial statements of Regions. The object of this research is the Government Internal Supervisory Apparatus (APIP working in the Inspectorate districts/cities in Aceh amounted to 23 people who perform inspection tasks. The source of data in this study uses primary data which is the result of the acquisition of questionnaires from survey respondent, while research data collection techniques are done with documentation techniques. The analytical method used is Multiple Linear Regression Analysis. The results showed that: 1. Professionalism, competence, knowledge of financial management and intensity guidance apparatus jointly affect the quality of financial reporting area. 2. Professionalism partially affects the quality of financial reporting area. 3. Competence partially affects the quality of financial reporting area. 4. Knowledge of financial management partially affects the quality of financial reporting area. 5. The intensity guidance apparatus partially affects the quality of financial reporting area.
Full Text Available In the analysis, we integrated stakeholder and agency theories to explore the connection between corporate social responsibility (CSR and sustainable financial development by considering the moderating effect of ownership structure. After empirical analysis, we found the following conclusions. First, the short-term and long-term economic performance is positively affected by CSR, which leads to sustainable financial development. Second, ownership circulation has a positive relationship with economic performance in the short run, which short-term profit increases as ownership circulation strengthens. Third, the effect of CSR on short-term economic performance is moderated by ownership structure. Excessive concentrated ownership may lead to decisions that do not satisfy all key stakeholders and may reduce the positive effect of CSR on economic performance. Finally, we suggest that Chinese energy companies should pay more attention to improving corporate social responsibility to maintain good economic performance and develop sustainable competitive advantage. Meanwhile, companies should optimize ownership concentration to avoid weakening the positive effects of social responsibility on short-term economic performance.
Răileanu Szeles, M.
Full Text Available This paper is aimed at analyzing the macroeconomic benefits and drawbacks of financial globalization in the CEE area. First, the literature on financial openness and its impact on consumption, economic growth and poverty are examined, in order to see whether the empirical findings are consistent or rather divergent. Then, the paper analyzes the necessity and consequences of the financial integration in the CEE area, with a focus on the challenges imposed by the global financial crisis.
Lins, K V; Servaes, H; Tamayo, A
During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between the firm and both its stakeholders and investors, built through investments i...
This study examines the relationship between corporate governance characteristics and the extent of Islamic social responsibility disclosure in Kuwait. The annual reports of 40 Shariah-compliant financial institutions listed on the Kuwait Stock Exchange in 2010 are examined. Four major corporate governance characteristics are investigated: 1) the existence of a Shariah supervisory board; 2) the number of board members; 3) the proportion of non-executive directors to the total number of di...
Chin Diew Lai
Full Text Available One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Philippines, and Thailand. For Malaysia, no significant causal relation is found from the rate of interest to exchange rates, as the authorities in Malaysia did not actively adopt a high interest rate policy to defend the currency.
Full Text Available This research focuses on investigating changes in the financial diplomacy of the Norwegian firms’ leverages due to the decrease in banks’ lending as a consequence of the financial crisis shock wave. The research question is whether the leverage ratio measured as debt-to-equity significantly declined as a consequence of the credit crunch. Its purpose is to analyze the relationship between firms, financial diplomacy and banks and find out its implications on the capital structure, answering to the question whether firms whose bank received a large shock after Lehman Brothers’ default changed their capital structure or they found substitutes for bank lending. This paper does not study whether the changes in financial leverage led to a decreased performance of the companies, the research focuses on the relationship between Norwegian financial diplomacy and firms, emphasizing how performance of the banks influences the way in which a company finances its assets and which substitutes does it have when there is a credit crunch.
Rashidian, Arash; Omidvari, Amir-Houshang; Vali, Yasaman; Sturm, Heidrun; Oxman, Andrew D
The proportion of total healthcare expenditures spent on drugs has continued to grow in countries of all income categories. Policy-makers are under pressure to control pharmaceutical expenditures without adversely affecting quality of care. Financial incentives seeking to influence prescribers' behaviour include budgetary arrangements at primary care and hospital settings (pharmaceutical budget caps or targets), financial rewards for target behaviours or outcomes (pay for performance interventions) and reduced benefit margin for prescribers based on medicine sales and prescriptions (pharmaceutical reimbursement rate reduction policies). This is the first update of the original version of this review. To determine the effects of pharmaceutical policies using financial incentives to influence prescribers' practices on drug use, healthcare utilisation, health outcomes and costs (expenditures). We searched the Cochrane Central Register of Controlled Trials (CENTRAL) (searched 29/01/2015); MEDLINE, Ovid SP (searched 29/01/2015); EMBASE, Ovid SP (searched 29/01/2015); International Network for Rational Use of Drugs (INRUD) Bibliography (searched 29/01/2015); National Health Service (NHS) Economic Evaluation Database (searched 29/01/2015); EconLit - ProQuest (searched 02/02/2015); and Science Citation Index and Social Sciences Citation Index, Institute for Scientific Information (ISI) Web of Knowledge (citation search for included studies searched 10/02/2015). We screened the reference lists of relevant reports and contacted study authors and organisations to identify additional studies. We included policies that intend to affect prescribing by means of financial incentives for prescribers. Included in this category are pharmaceutical budget caps or targets, pay for performance and drug reimbursement rate reductions and other financial policies, if they were specifically targeted at prescribing or drug utilisation. Policies in this review were defined as laws, rules
McCormick, Martha Henn
Comprehensive strategies for educating children and youth so they can become effective managers of money and successful navigators of a complex financial marketplace have not yet emerged from the dialogue and debate surrounding financial education. A rich and growing body of research about adult financial education exists, but youth financial…
Gross, Jacob P. K.; Berry, Matthew; Reynolds, Pauline
Financial aid and student success are interrelated and essential components of strategic enrollment management. From an economic perspective, by reducing the price students pay, financial aid affects student demand for education. However, financial aid also has nonmonetary effects. For example, students receiving institutional scholarships may…
This paper investigates comparing the financial performance for socially responsible investment equity indices and conventional investment equity indices in the United States, accounting for the recent financial crisis. Two conventional indices are used as a benchmark to four socially responsible indices. The conventional indices used in this paper are the S&P500 Index and CRSP Total Market Index. The socially responsible indices used are the Calvert Social Index, FTSE4Good U.S. Select Index,...
Full Text Available This paper examines the relationship between Corporate Social Responsibility (CSR and Corporate Financial Performance (CFP using panel data for 228 Chinese mineral listed firms from 2010 to 2013 with Pooled Least Squares regression analysis. Our study considers five different sublevel CSR issues—shareholder responsibility, employee responsibility, environmental responsibility, public responsibility, and supplier, customer and consumer responsibility—in capturing the effects of CSR elements on CFP. The estimation results show the different effects of each sublevel CSR issue on CFP. Overall, shareholder, employee responsibility, environmental responsibility, supplier, customer and consumer responsibility have significant relationships with CFP, which are the stakeholders who have the closest linkage with firm operations. Meanwhile, public responsibility outside the firm does not show significant interaction with CFP, which is why many mineral firms ignore the public interest and this leads to conflicts. Shareholder responsibility has the most significant positive effect on CFP. Supplier, customer and consumer responsibility and environmental responsibility usually have negative effects on CFP as costs increase. Moreover, all 228 listed mineral firms that were selected in this paper have been classified into five sub-sectors: the extractive industry, metal fabrication industry, oil and gas industry, gas and water-related industry, and oil-producing equipment industry, based on the Industry Classification Benchmark (ICB. Our study shows that the differences in the relationship between CSR and CFP for five sublevel industries are due to industry characteristics. If the government wants to solve these conflicts and positively encourage firms to adopt CSR, it is necessary to create a mining development environment whereby firm profits are closely tied to CSR.
Hung, Angela A.; Mihaly, Kata; Yoong, Joanne K.
Financial literacy--the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being--is becoming more and more important as individuals and families become increasingly responsible for their own long-term financial well-being. Financial and economic literacy education programs have been…
Pearson, Steven D; Lieber, Sarah R
As health care costs continue to rise, an increasing number of self-insured employers are using financial rewards or penalties to promote healthy behavior and control costs. These incentive programs have triggered a backlash from those concerned that holding employees responsible for their health, particularly through the use of penalties, violates individual liberties and discriminates against the unhealthy. This paper offers an ethical analysis of employee health incentive programs and presents an argument for a set of conditions under which penalties can be used in an ethical and responsible way to contain health care costs and encourage healthy behavior among employees.
The article introduces the use of probabilistic risk assessment for modeling the incident response process of online financial services. The main contribution is the creation of incident response trees, using event tree analysis, which provides us with a visual tool and a systematic way to estimate the probability of a successful incident response process against the currently known risk landscape, making it possible to measure the balance between front-end and back-end security measures. The model is presented using an illustrative example, and is then applied to the incident response process of a Swedish bank. Access to relevant data is verified and the applicability and usability of the proposed model is verified using one year of historical data. Potential advantages and possible shortcomings are discussed, referring to both the design phase and the operational phase, and future work is presented. © 2014 Society for Risk Analysis.
Feuerriegel, Stefan; Neumann, Dirk
Demand Response allows for the management of demand side resources in real-time; i.e. shifting electricity demand according to fluctuating supply. When integrated into electricity markets, Demand Response can be used for load shifting and as a replacement for both control reserve and balancing energy. These three usage scenarios are compared based on historic German data from 2011 to determine that load shifting provides the highest benefit: its annual financial savings accumulate to €3.110 M for both households and the service sector. This equals to relative savings of 2.83% compared to a scenario without load shifting. To improve Demand Response integration, the proposed model suggests policy implications: reducing bid sizes, delivery periods and the time-lag between market transactions and delivery dates in electricity markets. - Highlights: •Comparison of 3 scenarios to integrate Demand Response into electricity markets. •These are: optimize procurement, offer as control reserve, avoid balancing energy. •Ex post simulation to quantify financial impact and policy implications. •Highest savings from load shifting with a cost reduction of 3%. •Model suggests reducing bid sizes, delivery periods and time lags as policy issues.
Dorantes, Andrew R.; Low, Justin R.
As a result of the Great Recession, higher education in the United States suffered from the most significant financial crisis since the Great Depression (Breneman 2008; Zumeta 2010). This crisis affected all institutions of higher education since it challenged three major revenue sources: net tuition income, endowment income, and gift income…
Full Text Available The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar’iyyah and attempts to derive public policy guidelines that are useful in developing a timely and efficient crises management framework for Islamic finance industry. By using qualitative methods, the study found that the global financial crisis resulted in great destruction of financial institution. Although Islamic finance was quite immune to the global crisis as compared to its conventional peer, concerns still exist. It is time that Islamic finance industry learns from the financial woes of the rest of the world. =========================================== Krisis keuangan baru-baru ini mengakibatkan efek destruktif pada industri keuangan. Industri keuangan Islam (IKI masih naif dan sebagian besar belum teruji dalam menghadapi gejolak keuangan besar. Isu utama dan ketidakpastian dari kebangkrutan IKI meliputi moral hazard, dana talangan pemerintah, pengambilan risiko yang berlebihan dan asuransi deposito. Makalah ini membahas isu manajemen krisis dalam IKI dari perspektif al-Siyasah al-Shar'iyyah dan berusaha mendapatkan pedoman kebijakan publik yang bermanfaat dalam mengembangkan kerangka kerja manajemen krisis yang tepat waktu dan efisien bagi IKI. Dengan menggunakan metode kualitatif, studi ini menemukan bahwa krisis keuangan global mengakibatkan kehancuran besar bagi industri keuangan. Meskipun keuangan Islam cukup kebal terhadap krisis global dibandingkan dengan keuangan konvensional, kekhawatiran masih ada. Sudah saatnya industri keuangan Islam belajar dari krisis keuangan dari seluruh dunia.
Wray, J L; Sadowski, S M
The authors present an overview of current graduate medical education (GME) issues, particularly the financial challenges to teaching hospitals resulting from the Balanced Budget and Tax Payer Relief Acts of 1997 and other recent market-driven factors. They describe in detail the nature of Medicare GME payments before and after the 1997 legislation, with specific examples, and explain the negative financial impact of the legislation and aspects of the legislation that are designed to alleviate that impact. Other factors influencing GME program size and composition are also discussed, including oversupplies or shortages of physicians, the concern that teaching hospitals are using public funds to train international medical graduates, changing training requirements, etc. The authors also describe a recent consulting assignment during which they assisted a major teaching hospital to develop a GME strategy that was responsive to the organization's mission and patients and that took into account future GME financing challenges. Detailed explanations are given of how the consultants analyzed the hospital's GME programs and finances, developed and ranked key institution-specific program criteria (strategic, organizational and operational, and financial), and, in consultation with all key stakeholders, formulated a GME strategy specific to the institution's needs. The authors conclude by cautioning that each institution's GME strategy will be different, but that it is important for institutions to develop such strategies to better face future challenges.
DOD's pervasive financial and business management problems adversely affect the economy, efficiency, and effectiveness of its operations, and have resulted in a lack of adequate accountability across...
Gross, Jacob P. K.; Zerquera, Desiree; Inge, Brittany; Berry, Matthew
Lack of financial resources to pay for postsecondary education--perceived and actual--has been cited as a barrier to student access and persistence, particularly for Latino students. This study investigates the following question: "To what extent does financial aid affect the educational attainment of Latinos enrolled in Associate's degree…
Hanssens, D.M.; Dekimpe, Marnik; Wierenga, B.; van der Lans, R.
We consider marketing-mix models that explicitly include financial performance criteria. These financial metrics are not only comparable across the marketing mix, they also relate well to investors’ evaluation of the firm. To that extent, we treat marketing as an investment in customer value
Kirchner, M.; van Wijnbergen, S.
Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice and
Ragland, Sheri E.
In 2008, state legislatures provided $6 billion in financial aid to 2 million low-income young adults. When low-income young adults receive state financial aid and do not complete college, states lose their investment because fewer people with degrees will contribute to the state's economy. Declining states' budgets have led to (a) the rising cost…
...' financial decision-making capabilities. DATES: Comments must be received on or before October 31, 2012... public disclosure. Sensitive personal information such as account numbers or Social Security numbers... their financial decision making capabilities. OFE is interested in promoting innovation to assist...
This rejoinder refutes the comments of Mohamed Ariff and Faiz Mohammad on the author’s article: The 1997-98 Financial Crisis in Malaysia: Causes, Response, and Results”, published in the Islamic Economic Studies, Vol. 9 No. 2, 2002. My basic difference with the reviewers is this: they maintain that weaknesses of the sort piling up in the economy over the years invited currency attack, while I have reasons to believe that it came to Malaysia independently of her fundamental, rather eroded them...
Haase Timothy J.
Full Text Available In this study I investigate what impact monetary policy shocks have on firms’ fixed investment, the less liquid portion of gross investment that requires more planning. I account for firms facing financial constraints firms by utilizing a common measure of asset size, which is used in previous literature. I use two exogenous, continuous series of monetary policy shocks to show that constrained firms have statistically different responses to policy than unconstrained firms. Specifically, I find that constrained firms’ fixed investment significantly responds more to monetary policy shocks than unconstrained firms.
Hao, Yu; Zhang, Zong-Yong; Liao, Hua; Wei, Yi-Ming; Wang, Shuo
Based on panel data for 29 Chinese provinces from 1995 to 2012, this paper explores the relationship between financial development and environmental quality in China. A comprehensive framework is utilized to estimate both the direct and indirect effects of financial development on CO 2 emissions in China using a carefully designed two-stage regression model. The first-difference and orthogonal-deviation Generalized Method of Moments (GMM) methods are used to control for potential endogeneity and introduce dynamics. To ensure the robustness of the estimations, two indicators measuring financial development-financial depth and financial efficiency-are used. The empirical results indicate that the direct effects of financial depth and financial efficiency on environmental quality are positive and negative, respectively. The indirect effects of both indicators are U shaped and dominate the shape of the total effects. These findings suggest that the influences of the financial development on environment depend on the level of economic development. At the early stage of economic growth, financial development is environmentally friendly. When the economy is highly developed, a higher level of financial development is harmful to the environmental quality.
Bosch-Badia, Maria-Teresa; Montllor-Serrats, Joan; Tarrazon-Rodon, Maria-Antonia
In contemporary complex societies, social values like ethics, corporate social responsibility, and being respectful with the environment, among others, are becoming social requirements. Corporations are expected to fulfill them and, according to empirical evidence, an overwhelming majority aspires to good social valuation. At the same time, the maximization of market share value in the long run continues to be the central corporate goal. Making environmental and social expenses compatible with value creation is a central challenge for corporations since it implies the financial sustainability of Corporate Social Responsibility (CSR). The value creation capacity of CSR projects, mainly through innovation, is widely acknowledged in economic literature and corporate practice. This fact arouses the need of having a quantitative framework capable of summarizing the value creation capacity of the variables involved in CSR projects. With this aim we build up a sensitivity analysis of real option ratios that studies and quantifies the value creation capacity of CSR projects connected with innovation. Ratio analysis has the advantage of being scale independent. Hence, it furnishes a homogeneous framework to express the interaction of value creation variables and, thus, supports strategic thinking quantitatively. Often, CSR expenses can be regarded as preliminary projects that create the opportunity to undertake a full future project. For them, we obtain the minimum expectations scenario that makes financially sustainable a preliminary project that can be interpreted as a call option. We propose a classification of CSR projects from the decision analysis perspective following a two-fold approach: Their relationship with value creation and their links with existing corporate activities. This classification of CSR projects aims at contributing to choose the best capital budgeting method to study the financial sustainability of the project and identifying those CSR projects
Full Text Available In contemporary complex societies, social values like ethics, corporate social responsibility, and being respectful with the environment, among others, are becoming social requirements. Corporations are expected to fulfill them and, according to empirical evidence, an overwhelming majority aspires to good social valuation. At the same time, the maximization of market share value in the long run continues to be the central corporate goal. Making environmental and social expenses compatible with value creation is a central challenge for corporations since it implies the financial sustainability of Corporate Social Responsibility (CSR.The value creation capacity of CSR projects, mainly through innovation, is widely acknowledged in economic literature and corporate practice. This fact arouses the need of having a quantitative framework capable of summarizing the value creation capacity of the variables involved in CSR projects. With this aim we build up a sensitivity analysis of real option ratios that studies and quantifies the value creation capacity of CSR projects connected with innovation. Ratio analysis has the advantage of being scale independent. Hence, it furnishes a homogeneous framework to express the interaction of value creation variables and, thus, supports strategic thinking quantitatively. Often, CSR expenses can be regarded as preliminary projects that create the opportunity to undertake a full future project. For them, we obtain the minimum expectations scenario that makes financially sustainable a preliminary project that can be interpreted as a call option. We propose a classification of CSR projects from the decision analysis perspective following a two-fold approach: Their relationship with value creation and their links with existing corporate activities. This classification of CSR projects aims at contributing to choose the best capital budgeting method to study the financial sustainability of the project and identifying
Pit, Sabrina Winona; Hansen, Vibeke; Ewald, Dan
Few studies have investigated the effect of small unconditional non-monetary incentives on survey response rates amongst GPs or medical practitioners. This study assessed the effectiveness of offering a small unconditional non-financial incentive to increase survey response rates amongst general practitioners within a randomised controlled trial (RCT). An RCT was conducted within a general practice survey that investigated how to prolong working lives amongst ageing GPs in Australia. GPs (n = 125) were randomised to receive an attractive pen or no pen during their first invitation for participation in a survey. GPs could elect to complete the survey online or via mail. Two follow up reminders were sent without a pen to both groups. The main outcome measure was response rates. The response rate for GPs who received a pen was higher in the intervention group (61.9%) compared to the control group (46.8%). This study did not find a statistically significant effect of a small unconditional non-financial incentive (in the form of a pen) on survey response rates amongst GPs (Odds ratio, 95% confidence interval: 1.85 (0.91 to 3.77). No GPs completed the online version. A small unconditional non-financial incentives, in the form of a pen, may improve response rates for GPs.
Signal, Louise; Lanumata, Tolotea; Bowers, Sharron
Growth in the high-cost, unregulated fringe lender market (with these lenders commonly referred to as loan sharks) has occurred both internationally and in New Zealand in recent years. The credit practices of loan sharks create financial hardship for many people including Māori, Pacific and low-income New Zealanders. This paper reports on research that explored strategies for reducing the impact of the fringe lender market on Māori, Pacific and low-income New Zealanders. A narrative literature review and 10 key informant interviews were conducted to provide information on how best to intervene to reduce the impact of the fringe lender market for these people. The main interventions identified were: two regulatory approaches, one for capping interest rates and another to create codes of responsible lending; access to safe affordable micro-finance options; financial literacy education; and Pacific cultural change around fa'alavelave, which are the 'obligations' of giving. Protecting consumers from the unsafe practices of fringe lenders requires a combined approach of discouraging the undesirable practices of fringe lenders through regulation and encouraging the growth of safe, affordable micro-finance options. Financial literacy education is a valuable activity for directing consumer attention to the safest options, but in isolation will have limited effect if options are limited. Health promoters have a valuable role to play in implementing these interventions.
Earnhart, D.; Lízal, Lubomír
Roč. 34, č. 1, (2006), s. 111-129 ISSN 0147-5967 Institutional research plan: CEZ:MSM0021620846 Keywords : Czech Republic * environmental protection * financial performance Subject RIV: AH - Economics Impact factor: 0.964, year: 2006
This study investigates the effect of the recent financial crisis on the investment of Dutch SMEs (small and medium sized enterprises). Precisely, the focus is on the availability of internal finance and external finance of Dutch SMEs and their effect on the investments during the recent financial
Vermeeren, Brenda; Steijn, Bram; Tummers, Lars; Lankhaar, Marcel; Poerstamper, Robbert-Jan; van Beek, Sandra
One of the main goals of Human Resource Management (HRM) is to increase the performance of organizations. However, few studies have explicitly addressed the multidimensional character of performance and linked HR practices to various outcome dimensions. This study therefore adds to the literature by relating HR practices to three outcome dimensions: financial, organizational and employee (HR) outcomes. Furthermore, we will analyze how HR practices influence these outcome dimensions, focusing on the mediating role of job satisfaction. This study uses a unique dataset, based on the 'ActiZ Benchmark in Healthcare', a benchmark study conducted in Dutch home care, nursing care and care homes. Data from autumn 2010 to autumn 2011 were analyzed. In total, 162 organizations participated during this period (approximately 35% of all Dutch care organizations). Employee data were collected using a questionnaire (61,061 individuals, response rate 42%). Clients were surveyed using the Client Quality Index for long-term care, via stratified sampling. Financial outcomes were collected using annual reports. SEM analyses were conducted to test the hypotheses. It was found that HR practices are - directly or indirectly - linked to all three outcomes. The use of HR practices is related to improved financial outcomes (measure: net margin), organizational outcomes (measure: client satisfaction) and HR outcomes (measure: sickness absence). The impact of HR practices on HR outcomes and organizational outcomes proved substantially larger than their impact on financial outcomes. Furthermore, with respect to HR and organizational outcomes, the hypotheses concerning the full mediating effect of job satisfaction are confirmed. This is in line with the view that employee attitudes are an important element in the 'black box' between HRM and performance. The results underscore the importance of HRM in the health care sector, especially for HR and organizational outcomes. Further analyses of HRM
Sayinzoga, Aussi; Bulte, Erwin H.; Lensink, Robert
We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the
Goh Soo Khoon; Lim Mah Hui; Tan Yao Sua
This paper examines the impact of the 2008 Global Financial Crisis (GFC) on Malaysia’s economy as well as challenges and responses of the government in countering this crisis. It argues that the impact of the GFC is different from the 1997 Asian Financial Crisis (AFC). The AFC impacted the financial industry with the resultant collapse of Malaysia’s currency, while the GFC impacted the export sector with direct repercussions on Malaysia’s real economy. This paper explores the structural weakn...
One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring...
Full Text Available Stakeholder behavior and reputation are held to be the two main factors explaining the positive correlation between corporate social responsibility and financial performance. To date, however, researchers have not determined which of these factors is of greater significance. The results of this study indicate that the relative effects of stakeholder behavior and reputation are affected by market conditions. During a crisis, the former factor plays a greater role, while the latter becomes more prominent during the period of market recovery in the wake of a crisis. These findings have important practical ramifications as they provide guidance to companies on how to allocate their CSR budgets depending on the state of the economy to maximize their effect on the bottom line.
Full Text Available This study explores and tests the relationship between corporate social responsibility (CSR and corporate financial performance (CFP in developing countries, focusing mainly to examine the financial aspects of high vs low-ranked firms in the CSR Index in Egypt for eight consecutive years (excluding 2011 because of its special situation due to instability caused by the revolution. Moreover, this study empirically examines different financial ratios for 18 firms listed in Egyp-tian Stock Exchange EGX 30 for eight years, 2007 – 2015. Using the Standard and Poor’s index (S&P/EGX ESG Index to measure the CSR, and using accounting based measures (from Egypt for information Dissemination (EGID database and the Cairo and Alexandria Stock Exchange Disclosure book. This study’s purpose is to find the suitable measures of the CFP along with CSR, as well as, the relationship between them, to conclude whether CSR is beneficial for compa-nies or not. The main question here is: What is the type and significance of the relationship be-tween CSR and the CFP in Egypt? the ANOVA analysis was chosen and used on both compa-ny’s CSR and CFP variables, also constructed a Pearson Correlation between CSR and CFP va-riables and examined the multiple regression model to discriminate between the CFP of high and low-ranked firms in the CSR Index and recognize the type and significance of the relationship be-tween CSR and CFP. The results show that CSR has a positive significant relation with the CFP. The paper has implications for enhancing the understanding of performance management by understanding the relationship between CSR and CFP.
Thi Anh Nhu Nguyen
Full Text Available The paper examines the factors, which affect decision-making on regular personal saving behaviour in the context of an emerging market in Vietnam. Focusing on financial literacy, the paper uses a combined measure of actual financial knowledge and a self-assessment of overall financial knowledge. The sample of the study consists of 240 commercial banks customers selected in 12 branches of four banks in Ho Chi Minh City. The questionnaire covers: (1 actual financial knowledge; (2 self-rating of financial knowledge; (3 financial risk tolerance; and (4 demographic characteristics of the respondents. The results of a logistic regression analysis show that perceived and actual financial literacy have separate effects on regular personal saving. Particularly, actual financial knowledge has a statistically significant positive relationship with regular personal saving with odds ratio higher than 6.5 times. However, perceived financial knowledge and financial risk tolerance factor are not statistically significant with regular personal saving. Finally, this paper offers evidence that the interaction variable, which is used to combine education level with their major study, has a statistically significant relationship with regular personal saving.
Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie
50% in magnitude during …financial crises. No such changes are observed during NBER recessions, so in this sense …financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...
Christensen, Bent Jesper; Nielsen, Morten Ørregaard; Zhu, Jie
% in magnitude during financial crises. No such changes are observed during NBER recessions, so in this sense financial crises are special. Applications to a number of major developed and emerging international stock markets confirm the increase in the leverage effect, whereas the international evidence......We investigate the impact of financial crises on two fundamental features of stock returns, namely, the risk-return tradeoff and the leverage effect. We apply the fractionally integrated exponential GARCH-in-mean (FIEGARCH-M) model for daily stock return data, which includes both features...... and allows the co-existence of long memory in volatility and short memory in returns. We extend this model to allow the financial parameters governing the volatility-in-mean effect and the leverage effect to change during financial crises. An application to the daily U.S. stock index return series from 1926...
It is well-known that long construction times significantly increase the cost of an individual nuclear plant. Long construction times, however, are not confined to either a single plant or a single utility. Rather, they apparently occur in almost all nuclear plants currently under construction. The total financial requirement to complete the 82 nuclear plants currently under construction was assessed. The analysis was performed assuming a construction time of ten years in one case, and six years in another. It was found that decreasing the construction time from ten to six years will reduce the financial requirements of the utility industry by $89 billion
Biørn, Erik; Hagen, Terje P; Iversen, Tor; Magnussen, Jon
For policy-makers the heterogeneity of hospital response to reforms is of crucial concern. Even though a reform may entail a positive effect on average efficiency, policy-makers will consider the reform as less attractive if the variation in hospital efficiency increases. The reason is that increased variance of efficiency across hospitals is likely to increase the impact of geography on access to hospital services. This paper examines the heterogeneity with respect to the impact of a financial reform-Activity Based Financing (ABF)-on hospital efficiency in Norway. From a theoretical model we find an ambiguous effect of hospital heterogeneity on the effect of ABF on efficiency. The data set is from a contiguous 10-year panel of 47 hospitals covering both pre-ABF years and years after its imposition. Substantial heterogeneity in the responses, as measured by both estimated and predicted coefficients, is found. We did not find any significant correlation between pre-ABF measures of efficiency and the effect of ABF on efficiency. We did however find a strongly significant correlation between the effect of ABF and post-ABF efficiency. Thus, the analysis confirms the impression that, whereas pre-ABF efficiency did not play any role in how hospitals responded to ABF, those responding generally ended up as better-performing hospitals. Hence, for the type of reform studied in this article we find that policy-makers do not need to worry about the impact of location on patients' access to hospital services.
Ryder, N.; Turksen, U.; Tucker, J.
In September 2007, the collapse of the United States (US) sub-prime mortgage market resulted in the global meltdown of the financial markets. This in turn led to the collapse of many international financial institutions including Northern Rock, Bradford and Bingley, American Insurance Group, Freddy Mac, Fannie Mae and Lehman Brothers. The G20 countries responded with a plethora of financial stimulus packages aimed at combating the largest global financial problem since the Wall Street Crash i...
Leuven, E.; Oosterbeek, H.; van der Klaauw, B.
This paper reports on a randomized field experiment in which first-year university students could earn financial rewards for passing all first-year requirements within one year. Financial incentives turn out to have positive effects on achievement of high-ability students, whereas they have a
Lensink, B.W.; Hermes, C.L.M.; Murinde, V.
In this paper we assess the effects of financial liberalization on capital flight in African economies. A portfolio model, in which capital flight is one of the assets, is estimated on a sample of nine African countries for 1970-91. The estimation results suggest that financial liberalization
James Leigland; Henry Russell
Rapid growth in project finance, driven by huge increases in liquidity, helped fuel the gains in private participation in infrastructure (PPI) in developing countries in the past decade. But when the financial crisis hit, the excess liquidity began to dry up as lenders backed away from practices that had helped generate it. The effects are already apparent in greater delays in financial cl...
Issel, L Michele; Olorunsaiye, Comfort; Snebold, Laura; Handler, Arden
We explored the relationships between local health department (LHD) structure, capacity, and macro-context variables and performance of essential public health services (EPHS). In 2012, we assessed a stratified, random sample of 195 LHDs that provided data via an online survey regarding performance of EPHS, the services provided or contracted out, the financial strategies used in response to budgetary pressures, and the extent of collaborations. We performed weighted analyses that included analysis of variance, pairwise correlations by jurisdiction population size, and linear regressions. On average, LHDs provided approximately 13 (36%) of 35 possible services either directly or by contract. Rather than cut services or externally consolidating, LHDs took steps to generate more revenue and maximize capacity. Higher LHD performance of EPHS was significantly associated with delivering more services, initiating more financial strategies, and engaging in collaboration, after adjusting for the effects of the Affordable Care Act and jurisdiction size. During changing economic and health care environments, we found that strong structural capacity enhanced local health department EPHS performance for maternal, child, and adolescent health.
Empirical research suggests that financial globalization has insignificant effects on business cycles. Based on standard theoretical models it might be conjectured that the effects should be significant. I show that this conjecture is wrong. Theoretical effects of financial globalization can be determined to any level of precision by expanding the underlying artificial samples. In contrast, in the data the effects are imprecisely estimated because of short samples. I show that if the conclusi...
Full Text Available This paper analyzes the importance of building financial statements and their compliance with the activities by running an entity, primarily for micro units. Main objective of this paper is to present the necessity of the implementation of legal frameworks in the field of accounting and the application of accounting standards for financial reporting. National Accounting Standards are significant factors to increase the quality of financial information, bringing new technologies, increased competition and culture of service etc. National Accounting Standards help in the sustainable economic development of the country and integration into the EU. This paper analyzes a series of articles in the field of research in the field of accounting. This paper presents the theoretical and practical aspects of a company’s long-term assets, treating the amortization calculated according to accounting standards. An important point is the appearance of these items in the balance sheet. According to the empirical viewpoint, various studies give different results. Also, the entities as a primary source of economic development are part of this paper. The application of accounting standards began in Albania on 1 January 2009. From these date all the units are obliged to draw up financial statements according to national and international standards of accounting. Actually nowadays (starting from the fiscal year 2014 the submission of balance sheet is made electronically.
DeWaegenaere, A.M.B.; Sansing, R.C.; Wielhouwer, J.L.
This study examines a setting in which a tax-reporting decision is delegated to a firm's tax manager. Using financial accounting measures of tax expense to evaluate the tax manager allows the firm to efficiently attain the level of tax avoidance it prefers, despite the fact that the consequences of
De Waegenaere, A.M.B.; Sansing, R.; Wielhouwer, J.L.
This study examines a setting in which a tax-reporting decision is delegated to a firm's tax manager. Using financial accounting measures of tax expense to evaluate the tax manager allows the firm to efficiently attain the level of tax avoidance it prefers, despite the fact that the consequences of
This article aims at finding the relationship between households' personality traits and their financial literacy level. The data in this research are from the household survey which can represent the population in Dutch. Using the Big Five personality traits and economic locus of control--extraversion, agreeableness, conscientiousness, emotional…
Earnhart, D.; Lízal, Lubomír
Roč. 13, č. 4-5 (2002), s. 67-68 ISSN 1020-5470 Institutional research plan: CEZ:AV0Z7085904 Keywords : ownership structures * privatization * financial performance Subject RIV: AH - Economics http://go.worldbank.org/JL12RVXEW0
Full Text Available One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring investments and exert corporate governance can facilitate the exchange of goods and services, distribution and risk management, reducing transaction costs and data analysis may lead to better allocation of resources and ultimately economic growth. Insurance companies and generally insurance industry in each country is the most important and active financial institutions operating in the financial market especially capital markets in addition to securing economic activity could have basic role in mobility of financial markets and providing funds to invest in the economic activity through the provision of insurance services. In this study, successful financial services of insurance and investment funds in insurance companies such as Dana, Alborz, and Asia have been studied in Tehran. According to the hypothesis, there is a significant correlation between successful implementation of insurance services and money and capital financial markets. There is a significant correlation between different types of insurance services (institution-building, instrument making, and general insurance policies and money and capital financial markets.
Full Text Available During the past few years, Tehran Stock Exchange (TSE has been changed into one of the most popular places to invest and index has been quadrupled in fewer than three years. As a result, many people have been attracted to invest on TSE market. This paper presents an empirical investigation to study the effects of investors’ personal characteristics including financial management skills, wealth and financial intelligence on investors’ risk tolerance among 384 randomly chosen investors who were active on TSE market in city of Esfahan, Iran. Using structural equation modeling, the study has determined that financial management skills, wealth and financial intelligence influence positively on investors’ risk tolerance.
International Monetary Fund
The buffers built in the aftermath of Uruguay’s 2002 banking crisis have shielded the financial sector from the effects of the global financial turmoil. Growth has been robust and the outlook continues to be favorable. However, inflation persists but capital inflows have improved, and policy measures have been taken in response. Uruguay exhibits no obvious signs of near-term domestic macrofinancial vulnerability. The external risks to the economy and the financial system come from a fragile g...
Kalwij, A.S.; Alessie, Rob; Dinkova, M.; Schonewille, Gea; van der Schors, Anna; van der Werf, Minou
In this paper, we report the results of a controlled field experiment designed to estimate the short-term effects of a 45-minute financial education program on financial literacy and savings behavior in Dutch primary schools. Among fifth and sixth graders, the program led to a pre- to posttest
Molinari, C; Morlock, L; Alexander, J; Lyles, C A
This study examined whether hospital governing boards that invest in board education and training are more informed and effective decision-making bodies. Measures of hospital financial viability (i.e., selected financial ratios and outcomes) are used as indicators of hospital board effectiveness. Board participation in educational programs was significantly associated with improved profitability, liquidity, and occupancy levels, suggesting that investment in the education of directors is likely to enhance hospital viability and thus increase board effectiveness.
Full Text Available In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions. This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents.
LILIANA NICOLETA SIMIONESCU
Full Text Available Many scholars, academicians and practitioners have intensively examined corporate social responsibility (CSR and corporate financial performance (CFP in the literature on CSR along the years. Mainstream of these studies suggested a positive relationship or negative, neutral as few others found and/or curvilinear relationships. Hence, this paper develops an understanding for a mediator instrument as regards the relationship between corporate social responsibility and corporate financial performance. The present paper proposes to provide a theoretical framework, which explains how and why, companies through their socially responsible activities leads to a certain company performance by promoting a potential mediator respectively stakeholder ability to influence (SIC. Companies with socially responsible activities accumulate satisfactory SAI stock enjoying an enhanced financial performance. As more the companies invest in CSR activities, the greater SAI stock became. Based on the literature reviewed, the present paper enriches the literature on CSR by proposing three variables that can be used to employ the framework at a company level. The variables are corporate social responsibility (CSR, stakeholder ability to influence (SAI and corporate financial performance (CFP.
Full Text Available The paper explores some mechanisms of corporate governance (ownership and board characteristics in Spanish listed companies and their impact on the likelihood of financial distress. An empirical study was conducted between 2007 and 2012 using a matched-pairs research design with 308 observations, with half of them classified as distressed and non-distressed. Based on the previous study by Pindado, Rodrigues, and De la Torre (2008, a broader concept of bankruptcy is used to define business failure. Employing several conditional logistic models, as well as to other previous studies on bankruptcy, the results confirm that in difficult situations prior to bankruptcy, the impact of board ownership and proportion of independent directors on business failure likelihood are similar to those exerted in more extreme situations. These results go one step further, to offer a negative relationship between board size and the likelihood of financial distress. This result is interpreted as a form of creating diversity and to improve the access to the information and resources, especially in contexts where the ownership is highly concentrated and large shareholders have a great power to influence the board structure. However, the results confirm that ownership concentration does not have a significant impact on financial distress likelihood in the Spanish context. It is argued that large shareholders are passive as regards an enhanced monitoring of management and, alternatively, they do not have enough incentives to hold back the financial distress. These findings have important implications in the Spanish context, where several changes in the regulatory listing requirements have been carried out with respect to corporate governance, and where there is no empirical evidence regarding this respect.
The response to the ongoing international crisis is a holistic response due to the multiple effects impacting on the various segments of societies around the world. Since 1945, the world has to perform again, a new leap in terms of development process based on the pressing need for socio-economic reconstruction. The level of globalisation and…
As the healthcare marketplace, characterized by declining revenues and heavy price competition, continues to evolve toward managed care, teaching hospitals are being forced to act more like traditional industrial organizations. Profit-oriented behavior, including emphases on market strategies and competitive advantage, is now a necessity if these hospitals are going to survive the transition to managed care. To help teaching hospitals evaluate strategic options that maximize financial effectiveness, this study examined the financial and operating data for 100 major U.S. teaching hospitals to determine relationships among competitive strategy, market environment, and financial return on invested capital. Results should help major hospitals formulate more effective strategies to combat environmental turbulence.
Alicia C. Dowd
Full Text Available This study examined the distribution of financial aid among financially dependent four-year college students and the effectiveness of different types of financial aid in promoting student persistence and timely bachelor’s degree attainment. The findings of descriptive statistical and logistic regression analyses using the NCES Beginning Postsecondary Students (1990-94 data show that subsidized loans taken in the first year of college have a positive effect on persistence. The first-year distribution of aid does not close the income gap in bachelor’s degree attainment. Living on campus and first-year grade point average are the most important predictors of timely degree completion.
The results of this analysis have practical applications in the boardroom; they are proof that all social policies increment financial resources, and vice versa, that increased financial performances lead to greater social benefits. As a consequence, this paper encourages all board members to seriously weigh investing financial resources in developing policies that boost the levels of social behavior components in order to contribute globally to the improvement of society.
Full Text Available Using panel data on 30 provinces in China from 2005 to 2012, this paper conducts an empirical test on the threshold effect of the relationship between financial development and carbon emission intensity from the perspectives of financial scale and financial efficiency. The results show that at a low level of per capita GDP, the expansion of the financial scale and the enhancement of financial efficiency will increase carbon intensity. When the per capita GDP is greater than the threshold value (RMB 37,410, the expansion of the financial scale will also increase carbon intensity, but the potency of this effect will be weaker. At the same time, the improvement of financial efficiency will help reduce carbon intensity. Most provinces with per capita GDP greater than the threshold value (RMB 37,410 are located in the eastern coastal areas of China, whereas most provinces with per capita GDP less than the threshold value are located in the central and western areas of China. Both raising the level of openness and improving the industrial structure will have significantly positive effects on carbon intensity.
Yanhui Xi; Hui Peng; Yemei Qin
The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation....
Muhammad Ali Nasir
Full Text Available This study derives an optimal macroeconomic policy combination for financial sector stability in the United Kingdom by employing a New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE framework. The empirical results obtained show that disciplined fiscal and accommodative monetary policies stance is optimal for financial sector stability. Furthermore, fiscal indiscipline countered by contractionary monetary stance adversely affects financial sector stability. Financial markets, e.g. stocks and Gilts show a short-term asymmetric response to macroeconomic policy interaction and to each other. The asymmetry is a reflection of portfolio adjustment. However in the long-run, the responses to suggested optimal policy combination had homogenous effects and there was evidence of co-movement in the stock and Gilt markets.
Full Text Available There have been many corporate collapses and financial crises in recent years linked to a lack of effective corporate governance. The South African King IV Code of Corporate Governance recommends that corporate governing bodies should be comprised of an appropriate balance of knowledge, diversity, and independence for discharging their duties objectively and more efficiently. This study examines the effect of corporate governance structures on firm financial performance. The secondary data of selected Johannesburg Stock Exchange (JSE, Socially Responsible Investment (SRI Index-listed mining firms’ sustainability reports, and integrated annual financial statements are used. Using panel data analysis of the random effects model, we determined the relationship between board independence and board size and the return on equity (ROE for the period 2010–2015. Results indicate a weak negative correlation between ROE and board size, and a weak, but positive, correlation between ROE and board independence. Additionally, there is a positive, but weak, correlation between ROE and sales growth, but a negative and weak relationship between ROE and firm size. The study suggests that effective corporate governance through a small effective board and monitoring by an independent board result in increased firm financial performance. We recommend that South African companies see compliance with the recommendations of the King IV Code on Corporate Governance not as a liability, but an ethical investment that may likely yield financial benefit in the long-term. Although complying with corporate governance principles does not necessarily translate into a significant economic benefit, firms should, however, continue to adopt corporate governance for ethical reasons to meet stakeholder’s social and environmental needs for sustainable development.
Balderrama, Fanor; Longo, Christopher J
Smoking has a tremendous negative impact on the Canadian economy and contributes to growing costs in the healthcare system. Efforts to reduce smoking rates may therefore reduce strain on the healthcare system and free up scarce resources. Academic literature on economic smoking cessation incentives presents a countless variety of interventions that have met with varying degrees of success. This study reviews six different variables used in the design of incentives in smoking cessation interventions: direction, form, magnitude, certainty, recipient grouping, and target demographic. The purpose of this study is to provide analysis and recommendations about the contribution of each variable into the overall effectiveness of smoking cessation programs and help health leaders design better interventions according to their specific needs.
Carbo Valverde, S.; Benink, H.A.; Berglund, T.; Wihlborg, C.
Purpose – The purpose of this paper by the European Shadow Financial Regulatory Committee (ESFRC) is to provide an account of the financial crisis in Europe during the period 2010-2013 and an analysis of how the relevant authorities reacted to the crisis. Design/methodology/approach – These actions
Kohtamaki, Vuokko; Lyytinen, Anu
This paper discusses some current problems and challenges of the Finnish AMKs (polytechnic institutions), and whether financial autonomy could contribute to finding solutions for some of these problems. It provides an overview of the current status of financial autonomy of polytechnics in 6 European countries, and finally attempts to find links…
Full Text Available This study investigated the correlation between investment, financial results and sport results achieved and to evaluate the relative efficiency of Serbian football clubs. In this regard, two postulations were examined: firstly, investments in football clubs produce better sports results; secondly, investments in football clubs result in a stronger financial position. A correlation analysis and Data Envelopment Analysis (CCR model were applied. Thirteen football clubs were included in the analysis, which represents eighty per cent of the Serbian Football League First Division Clubs. The study was conducted in the period 2009-2011that includes football seasons 2009-2010, 2010-2011 and 2011-2012. A strong positive correlation between investment and sport results was found only for the top football clubs, while the econometric regression did not show any correlation. The findings also show that there is no relation between investment and net income. The analysis of technical efficiency confirmed these findings, which revealed that the best football clubs are usually the farthest away from the efficiency frontier.
Hill, L.J.; Hadley, S.W.
In this paper, we examine the effects of federal tax laws on the financial attractiveness of seven renewable and four conventional electric power generating technologies adopted by investor owned utilities (IOUs) and non-utility electricity generators (NUGs). The results show that federal income tax laws applicable to renewable generating technologies generally provide very attractive financial incentives for the adoption of these technologies by IOUs and NUGs. If an IOU and NUG is subject to the alternative minimum tax, however, it may not be able to take full advantage of these financial incentives. (author)
Full Text Available This paper empirically investigates the contagion effects of the Global Financial Crisis (2007-2009 from the financial sector to the real economy by examining nine sectors of US and developed European region. We provide a regional analysis by testing stock market contagion on the aggregate level and the sector level, on the global level and the domestic/regional level. Results show evidence of global contagion in US and developed European aggregate stock market indices and all US sector indices, implying the limited benefits of portfolio diversification. On the other hand, most of the European regional sectors seem to be immune to the adverse effects of the crisis. Finally, all non-financial sectors of both geographical areas seem to be unaffected by their domestic financial systems. These findings have important implications for policy makers, investors and international organizations.
Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.
Todea Nicolae; Udrea Ana Maria; Cioca Ionela Cornelia
The purpose of this article is to present issues of assessment and reassessment of tangible assets due to fair value in the context of harmonization of national accounting regulations with International Financial Reporting Standards. The main objectives considered when drafting the article are to identify both tangible Romanian accounting standards and according to the international presentation on the effects of fair value and their subsequent assessment of the entity's financial position an...
Lagat, Cornelius; Okelo, Caroline
This study intended to establish the effect of internal control systems on financial management in Baringo County government in Kenya. Internal control systems are integral components of the management processes of a public sector institution which should be established in order to provide reasonable assurance that the financial operations are carried out transparently and accountably. The study adopted the Committee of Sponsoring Organizations of the Tread way Commission (COSO) theoretical f...
Full Text Available Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences, often disastrous for countries and the globe, and as such allowed the crisis to be repeated. Effects of the 2007 financial crisis, which originally started in the USA’s mortgage market and which was quickly spread all over the world, even to this date it still continues to have effect on real economies of many states, e.g. Greece. The spread of the crisis was primarily due to globalization and commercial trades among countries. Because of the dependence of economies on one another it was created the domino effect and all the countries were affected from the crisis. As a result, the crisis seems to have revealed the disadvantages of globalization. Finances of the world were shocked and rapid fluctuations were reflected in the stock prices. Kosovo, as a new and small country in the Western Balkans is not much globalized and open which was beneficial in preventing it from being affected from the global financial crisis. Its economy has slightly felt the effect of the crisis because the banking system in Kosovo is not much open to the international financial markets as they operate mostly with their clients’ deposits. The purpose of this research is to assess the implications of the global financial crisis in the banking system of Kosovo, and also to identify the measures that the Central Bank and the Government should undertake in order to protect the economy from external implications.
Huda, Syamsul; Diana, Nana
The purpose of this study was to determine the effect of internal and external factors of students on the achievement of intermediate financial accounting courses 1 partially and simultaneously. This type of research is quantitative, while the data used in this study is primary data in the form of questionnaires and secondary data in the form of midterm semester exam on intermediate financial accounting 1 semester odd academic year 2016/2017. Hypothesis testing using multiple regression analy...
Primary Duties or Responsibilities Financial Responsibilities Support the effective ... On a monthly basis, prepares a summary for Accounting with the proper ... Analyses, reviews, and assesses incoming administrative issues to the office of the ...
Hussain, M. Azhar
Has the worst financial and economic crisis since the 1930s reduced the subjective wellbeing function's predictive power? Regression models for happiness are estimated for the three first rounds of the European Social Survey (ESS): 2002, 2004 and 2006. Many explanatory variables are significant...... happiness. Nevertheless, 73 % of the predictions in 2008 and 57 % of predictions in 2010 were within the margin of error. These correct prediction percentages are not unusually low - rather they are slightly higher than before the crisis. It is surprising that happiness predictions are not adversely...... with expected signs and an average determination coefficient around 0.25. Based on these estimated parameters happiness is predicted for the latest three rounds of the ESS: 2008, 2010 and 2012. Happiness is slightly underestimated in both 2008 and 2010, e.g. actual happiness generally is above predicted...
Sara K Shivapour
Full Text Available The capacity to make sound financial decisions across the lifespan is critical for interpersonal, occupational, and psychological health and success. In the present study, we examined how healthy younger and older adults make a series of increasingly complex financial decisions. One-hundred and sixteen healthy older adults, aged 56 to 90 years, and 102 college undergraduates, completed the Financial Decision Making Questionnaire, which requires selecting and justifying financial choices across four hypothetical scenarios and answering questions pertaining to financial knowledge. Results indicated that Older participants significantly outperformed Younger participants on a multiple-choice test of acquired financial knowledge. After controlling for such pre-existing knowledge, several additional age effects were observed. For example, Older participants were more likely to make immediate investment decisions, whereas Younger participants exhibited a preference for delaying decision-making pending additional information. Older participants also rated themselves as more concerned with avoiding monetary loss (i.e., a prevention orientation, whereas Younger participants reported greater interest in financial gain (i.e., a promotion orientation. In terms of sex differences, Older Males were more likely to pay credit card bills and utilize savings accounts than were Older Females. Multiple positive correlations were observed between Older participants’ financial decision-making and performance on neuropsychological measures of non-verbal intellect and executive functioning. Lastly, the ability to justify one’s financial decisions declined with age, among the Older participants. Several of the aforementioned results parallel findings from the medical decision-making literature, suggesting that older adults make decisions in a manner that conserves diminishing cognitive resources.
Full Text Available Currently, oversupply coal and coal-based power in China poses a great challenge to energy structure optimization and emissions reduction. The energy industry, however, is closely linked to the financial sector. In view of this, using a non-linear Panel Smooth Transition Regression (PSTR model, this paper examines the threshold effects of financial developments on energy supply structures for 17 energy supply provinces in China observed over 2000–2014. The main results are: (1 The ratio of coal supply (LCSR specification is seen to be a four-regime PSTR model with added value in the financial industry/GDP (LFIR as the threshold variable. The LFIR and LCSR show a positive correlation, and the elastic coefficients change between 0.02 and ~0.085; the impact of financial institutions’ loan balance/GDP (LLAN on LCSR takes on an inverse U-shaped curve: first positive, then negative, and again positive with the financial crisis in 2008 as the turning point; (2 The ratio of thermal power generation (LTPG specification is seen to be a two-regime PSTR model with investment in the coal industry/GDP (LCIR as the threshold variable. Results show that LFIR has a negative effect on LTPG, and the coefficients in the low regime tend to be 0.344%, then gradually decrease to 0.051% in the high regime. The influence of LLAN on the LTPG is positive before and negative after the financial crisis. The influence of the foreign direct investment GDP proportion (LFDI, the degree of financial openness on the LCSR and LTPG both remain negative. Therefore, in the process of formulating energy conservation policies and adjusting energy-intensive industrial structures, the government should fully consider the effect of financial developments.
Mestry, Raj; Govindasamy, Vanitha
This paper examines the collaborative relationship between principals and School Governing Bodies (SGBs), and how this impacts on the management of financial resources in public schools. In South Africa, educational trends such as decentralisation, the shift of responsibility in roles, community involvement, building of partnerships and…
Full Text Available For the effective and better implementation of CSR law, development of SRI market in the investment world is essential. Unless the investors turn socially responsible, CSR principles cannot be enforced in practice. This paper examines whether the companies that are socially responsible are performing better than general companies in terms of risk, return and various risk-adjusted measures during pre-crisis, crisis and post-crisis periods. We find that despite having higher risk, socially responsible stocks portfolios generated significantly higher returns and hence outperformed other portfolios on the basis of all risk-adjusted measures, as well as net selectivity returns during crisis period. The results uphold even with the use of Fama-French three factor model for estimating excess returns. Besides augmenting existing literature, our results clearly corroborate the fact that investors can derive benefits by investing in socially responsible companies (especially in crisis period. The study supports the view that socially responsible products can be used as a safe investment vehicle by investors during adversity. Therefore, regulators, policy makers and mutual funds should construct and make available various socially responsible investment products to initiate the movement of socially responsible investing in India.
Cheema, Marvi K; MacQueen, Glenda M; Hassel, Stefanie
Impulsivity and risk-taking behaviours are reported in bipolar disorder (BD). We examined whether financial management skills are related to impulsivity in patients with BD. We assessed financial management skills using the Executive Personal Finance Scale (EPFS), impulsivity using the Barratt Impulsiveness Scale (BIS) and response inhibition using an emotional go/no-go task in bipolar individuals (N = 21) and healthy controls (HC; N = 23). Patients had fewer financial management skills and higher levels of impulsivity than HC. In patients and controls, increased impulsivity was associated with poorer personal financial management. Patients and HC performed equally on the emotional go/no-go task. Higher BIS scores were associated with faster reaction times in HC. In patients, however, higher BIS scores were associated with slower reaction times, possibly indicating compensatory cognitive strategies to counter increased impulsivity. Patients with BD may have reduced abilities to manage personal finances, when compared against healthy participants. Difficulty with personal finance management may arise in part as a result of increased levels of impulsivity. Patients may learn to compensate for increased impulsivity by modulating response times in our experimental situations although whether such compensatory strategies generalize to real-world situations is unknown.
Healthcare financing and insurance is changing everywhere. We want to understand the impact that financial pressures can have for the uninsured in advanced economies. To do so we focus on analyzing the effect of the introduction in the US of managed care and the big rise in financial pressures that it implied. Traditionally, in the US safety net hospitals have financed their provision of unfunded care through a complex system of cross-subsidies. Our hypothesis is that financial pressures undermine the ability of a hospital to cross-subsidize and challenges their survival. We focus on the impact of price pressures and cost-controlling mechanisms imposed by managed care. We find that financial pressures imposed by managed care disproportionately affect the closure of safety net hospitals. Moreover, amongst those hospitals that remain open, in areas where managed care penetration increases the most, they react by closing the health services most commonly used by the uninsured.
Substantial research results suggest the global financial crisis has negatively affected consumers' trust in financial service providers. Notably, trust not only relates to consumer trust in individual companies but also relates to the broader business context in which consumers may plan and carr...
Washington Consulting Group, Inc., Washington, DC.
The fourth module in a self-instructional course for student financial aid administrator neophytes provides an introduction to the management of federal financial aid programs authorized by the Higher Education Act Title IV with an emphasis on the role of the financial aid office. Areas covered in Module 4 include how to recognize the basic areas…
Mulder, A.W. (Bert); Hartog, M.W. (Martijn)
This research focuses an optimal arrangement of open spending as added instrumental value to the accountability incommunicating financial information towards citizens within The Netherlands. Open Spending is more and more of relevance in the Netherlands and is addressed as one of the key action points in the Open Government Partnership Action plan of The Netherlands. In order to adequately communicate financial information towards citizens, 5 arrangement variables of accountability (transpare...
Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa
Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications. PMID:28553191
Lusardi, Annamaria; Mitchell, Olivia S; Curto, Vilsa
Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications.
Kivumbi, George W; Nangendo, Florence; Ndyabahika, Boniface Rutagira
A descriptive case study with multiple sites and a single level of analysis was carried out in four purposefully selected administrative districts of Uganda to investigate the effect of financial management systems under decentralization on malaria control. Data were primarily collected from 36 interviews with district managers, staff at health units and local leaders. A review of records and documents related to decentralization at the central and district level was also used to generate data for the study. We found that a long, tedious, and bureaucratic process combined with lack of knowledge in working with new financial systems by several actors characterized financial flow under decentralization. This affected the timely use of financial resources for malaria control in that there were funds in the system that could not be accessed for use. We were also told that sometimes these funds were returned to the central government because of non-use due to difficulties in accessing them and/or stringent conditions not to divert them to other uses. Our data showed that a cocktail of bureaucratic control systems, corruption and incompetence make the financial management system under decentralization counter-productive for malaria control. The main conclusion is that good governance through appropriate and efficient financial management systems is very important for effective malaria control under decentralization.
Full Text Available This study aims to determine the influence of corporate social responsibility (CSR which had been focusing proxy components to the environment, energy, health and safety, labor, product, public health and the financial performance using the variable return on equity (ROE. The sample was taken by 10 banking companies which listed on the Stock Exchange in the year 2007 to 2012 revealing the CSR in the annual report. T he sampling method technique used purposive sampling. The model used in this research is multiple linear regressions. The results showing the influence of CSR simultaneously was measured by components of the environment, energy, health and safety, labor, product, public health and the return on equity (ROE relating to F counted as equal to 6.522 with a significance level of 0.000 and the environment variable partially that did not affect the ROE as a significance level of 0.881> 0.05, thus energy variables did not significantly ROE due to the significance 0.980> 0.05. The other variables concerning to the health and safety of workers significant influence with ROE due to the significance of 0.002 < 0.05. In addition, the other variables of labor has not significant ROE due to the significance 0.683> 0.05, variable product does not influence significant the ROE because of the significance 0.490> 0.05, variable community involvement did not influence significantly the ROE is due to the significance 0.234> 0.05 and a common variable influence significantly the ROE for significance 0.002 <0.05.
Naimzada, Ahmad K.; Ricchiuti, Giorgio
Despite canonical behavioural financial market models [Day R, Huang W. Bulls, bears and market sheep. J Econ Behav Org 1990;14:299-329], that use different types of agents (i.e., fundamentalist vs. chartists), we develop a model in which the source of instability is the interaction of groups that are homogeneous in the strategy they use, but have heterogeneous beliefs about the fundamental value of the asset. Specifically, heterogeneity arises among two groups of fundamentalists that follow gurus. We show that an increasing distance between beliefs (the degree of heterogeneity), leads first (i) to a pitchfork bifurcation to arise secondly (ii) it generates, together with a larger reaction to misalignment of both market maker and agents, the appearance of a periodic, or even, chaotic, price fluctuation; (iii) finally a homoclinic bifurcation [Dieci R, Bischi GI, Gardini L. From bi-stability to chaotic oscillations in a macroeconomic model. Chaos, Solitons and Fractals 2001;12:805-22] transforms a two piece chaotic set into a one piece chaotic set that generates bull and bear markets.
Full Text Available This study uses stakeholder theory to explore how corporate governance [CG] characteristics influence corporate social responsibility disclosure [CSRD] in the context of a global financial crisis [GFC]. Empirical data are drawn from Portugal, a country strongly affected by the GFC. Portuguese companies are characterized by high ownership concentration. The largest shareholder is often the CEO and Board Chair (a phenomenon known as CEO duality. We analyse the association between CSRD (measured by a 40-item disclosure index and CG variables (board size, CEO duality, board independence, ownership concentration and presence of an audit committee or CSR committee for 48 of the 51 listed companies in Portugal. The control variables are company size and industry type. We find that CSRD is affected positively by board size, CEO duality, company size and industry type. This accords with suggestions implicit in stakeholder theory that a larger board will represent a broader diversity of stakeholders and will promote better monitoring, more assertive stakeholder management, greater transparency, and increased levels of CSRD. Larger companies and companies close-to-consumers are associated with high levels of CSRD, ostensibly because they are more visible and subject to greater societal monitoring during a period of financial crisis. We reveal that in a country characterized by high ownership concentration, CEO duality has a positive effect on CSRD.
Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas
While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding "access to finance", financial infrastructure and financial literacy are mainly substitutes. However, regarding the "use of financial services", the effect of higher financial literac...
Omar Giovanni Rosero Villabón
Full Text Available The research about the relationship between the level of social responsibility (CSR of an organization and the corresponding financial and economic performance (FP has been a task that has more than 30 years. More than 25 meta-analysis or study summaries have been developed, that analyze up to 186 studies. The paper presents in detail the most recognized figures and what has been the evolution of research in this area of knowledge. Both social responsibility and financial performance variables, frequently used by researchers are identified. In these investigations a positive relationship between csr and fp is tested. A few claim that the relationship is not strong or relevant; and fewer states that the relationship is negative.
Weinfurt, Kevin P; Friedman, Joëlle Y; Allsbrook, Jennifer S; Dinan, Michaela A; Hall, Mark A; Sugarman, Jeremy
There is little guidance regarding how to disclose researchers' financial interests to potential research participants. To determine what potential research participants want to know about financial interests, their capacity to understand disclosed information and its implications, and the reactions of potential research participants to a proposed disclosure statement. Sixteen focus groups in 3 cities, including 6 groups of healthy adults, 6 groups of adults with mild chronic illness, 1 group of parents of healthy children, 1 group of parents of children with leukemia or brain tumor, 1 group of adults with heart failure, and 1 group of adults with cancer. Focus group discussions covered a range of topics including financial relationships in clinical research, whether people should be told about them, and how they should be told. Audio-recordings of focus groups were transcribed, verified, and coded for analysis. Participants wanted to know about financial interests, whether or not those interests would affect their participation. However, they varied in their desire and ability to understand the nature and implications of financial interests. Whether disclosure was deemed important depended upon the risk of the research. Trust in clinicians was also related to views regarding disclosure. If given the opportunity to ask questions during the consent process, some participants would not have known what to ask; however, after the focus group sessions, participants could identify information they would want to know. Financial interests are important to potential research participants, but obstacles to effective disclosure exist.
Ikka Nur Wahyuny
Full Text Available This research was conducted to measure the impact of the implementation of Islamic Financial Literacy Education Module and Halal Product for Micro, Small and Medium Enterprises (MSMEs. The population in this study is the perpetrators of SMEs that run their business in the region of Yogyakarta Special Region. The sampling technique used is purposive sampling so that the sample used is 60 with the division of 30 experimental group and 30 people as the control group. Development of media using ADDIE model. Educational module has been through the phase of analysis, design, development, and implementation of MSMEs. At the evaluation stage, measurements are made to the perpetrators of SMEs with paired t test. The results of effectiveness test show the use of Islamic Financial Literacy Education Module and Halal Product can increase Islamic financial literacy and halal literacy of MSMEs perpetrators. Increased Islamic financial literacy and halal literacy can be seen from the average score before and after the use of Islamic financial literacy learning module and halal literacy. The conclusion of this research is a module with an important syariah theme done to provide ease in the transfer of knowledge of Islamic financial management and halal literacy for MSMEs.
Ram Karthikeyan Thangaraj
Full Text Available This study involves a financial analysis of 43 publicly listed and large private companies in the building and construction supply chain from 2005 to 2010; straddling the period of the global financial crisis (GFC; and examines the impact of the GFC on the performance of these companies. The construction supply chain was divided into four sectors – material suppliers, construction companies, property developers and real estate investment trusts (REITs. The findings indicate that the impact was minimal for both material suppliers and construction companies, but especially severe for the more leveraged property developers and REITs. Building material suppliers and construction companies have benefitted substantially from the building economic stimulus package provided by the Australian government to mitigate the effects of the GFC. Decreases in the valuation of assets have, to a large extent, reduced the profitability of property developers and REITs during the GFC but these companies have recovered quickly from these adverse conditions to return to a sound financial position by the end of the 2010 financial year. The results will inform investors, managers and construction professionals in devising strategies for prudent financial management and for weathering future financial crises.
Arkadopoulos, Nikolaos; Gemenetzis, Georgios; Danias, Nikolaos; Kokoropoulos, Panagiotis; Koukopoulou, Ioanna; Bartsokas, Christos; Kostopanagiotou, Georgia; Smyrniotis, Vassilios
Intraoperative use of specialized equipment and disposables contributes to the increasing cost of modern liver surgery. As a response to the recent severe financial crisis in our country we have employed a highly standardized protocol of liver resection that minimizes intraoperative and postoperative costs. Our goal is to evaluate cost-effectiveness of this protocol. We evaluated retrospectively all patients who underwent open hepatic resections for 4 years. All resections were performed by the same surgical team under selective hepatic vascular exclusion, i.e., occlusion of the hepatoduodenal ligament and the major hepatic veins, occasionally combined with extrahepatic ligation of the ipsilateral portal vein. Sharp parenchymal transection was performed with a scalpel and hemostasis was achieved with sutures without the use of energy devices. In each case we performed a detailed analysis of costs and surgical outcomes. Our cohort included 146 patients (median age 63 years). 113 patients were operated for primary or metastatic malignancies and 33 for benign lesions. Operating time was 121 ± 21 min (mean ± SD), estimated blood loss was 310 ± 159 ml (mean ± SD), and hospital stay was 7 ± 5 days (mean ± SD). Six patients required admission in the ICU postoperatively. 90-day mortality was 2.74 %, and 8.9 % of patients developed grade III/IV postoperative complications (Clavien-Dindo classification). Total in-hospital cost excluding physician fees was 6987.63 ± 3838.51 USD (mean ± SD). Our analysis suggests that, under pressing economic conditions, the proposed surgical protocol can significantly lessen the financial burden of liver surgery without compromising patient outcomes.
Joseph UGOCHUKWU MADUGBA
Full Text Available The major purpose of the study is to examine the Impact of CSR on Earning Per Share (EPS, Return On Capital Employed (ROCE and Dividend Per Share (DPS of listed banks in Nigeria. It is believed by the researchers that this study will be of immense use to the government, financial institutions and the general public. The study covered the period 2010-2014. The Impact of EPS, ROCE and DPS was tested on CSR. Simple regression analysis was employed by the researchers in testing the data collected from the annual published financial statement of the selected banks. The regression result showed that EPS and DPS have negative significant relationship with CSR while ROCE has a positive significant relationship with CSR. The research recommends that the government should by way of legislation through regulatory authorities, compel financial institutions to embark actively in CSR, also CSR should be seen as an investment and reported as such in the financial statements of financial institutions.
Haesevoets, Tessa; De Cremer, David; Van Hiel, Alain; Van Overwalle, Frank
Norm violations are ubiquitous in organizations and often result in tangible harm and a loss of trust. One possible response to enhance trust involves the provision of financial compensation. Unfortunately, little is known about the processes that underlie the effect of such a tangible response to increase trust. We employed techniques in cognitive neuroscience (functional magnetic resonance imaging) to examine these processes. Participants placed in the scanner played the role of recipient in a series of dictator games with different allocators who (unknown to them) were preprogrammed. An unequal division of resources was used as a norm violation that resulted in a financial loss. Afterward the inflicted harm was restored through equal financial compensation. Our neuroimaging data indicate that financial compensation activates forgiveness-related brain areas and that this activation mediates the positive effect of financial compensation on trust. We discuss the theoretical and managerial implications of using tangible responses to increase trust in organizational settings. (PsycINFO Database Record (c) 2018 APA, all rights reserved).
Steegmans, J.W.A.M.|info:eu-repo/dai/nl/377458708; Hassink, W.H.J.|info:eu-repo/dai/nl/090437411
This paper examines the effect of the relative financial position of buyers and sellers on house prices, distinguishing between income and wealth effects. Using administrative data from the Netherlands (2006–2010) that combine transaction data, house characteristics, and household characteristics of
Александр Иванович МЕНЕЙЛЮК
Full Text Available The article describes the methods of selecting effective models of construction projects of residential buildings and recommendations for its use. The technique is based on the construction of the models in the program Microsoft Project and analysis using the program COMPEX. Methods can be used not only for building projects. It is especially effective in a variable financial situation.
Weißenberger, Barbara E.; Angelkort, Hendrik
To provide accounting information for management control purposes, two fundamental options exist: (a) The financial records can be used as a database for management accounting (integrated accounting system design), or (b) the management accounting system used by controllers can be based upon a so-called third set of books besides the financial and tax accounting records. Whereas the latter approach had been typical for firms in German-speaking countries until the 1980s, since then an increasi...
Full Text Available Many studies state that favourable accounting treatment has been one of the main reasons behind employee stock options. In addition, stock options have recently been the target of growing criticism with a possible influence on incentive effectiveness and outrage costs. In such a perspective, the main purpose of the paper is to explore the impact of IFRS 2 and of the recent financial crisis on stock option compensation. Empirical evidence suggests that: (i IFRS 2 did not have a significant effect on stock option granting, (ii the issue of stock options is less likely to occur during the financial crisis.
Edyanus Herman Halim
Full Text Available This study attempts to examine the effect of the Risk Management Committee on firm performance, and the intervening effect of the Risk Management Committee on the relationship between Corporate Governance, Firm Size, Financial Reporting Risk, and Firm Performance. Using the purposive sampling method, 299 firms were selected as the sample. This study used secondary data obtained from the companies’ annual reports, and the data was then analyze using SPSS, version 20.0. The results of this study indicate that the entire research hypothesis is accepted. This study found that the Risk Management Committee affects firm performance, and that Risk Management Committee acts as the intervening variable in the relationship between corporate governance, firm size, and financial reporting risk on firm performance. The existence of RMC would facilitate the company to control better the quality of financial reporting risks.
Everhart, Damian; Neff, Donna; Al-Amin, Mona; Nogle, June; Weech-Maldonado, Robert
Hospitals facing financial uncertainty have sought to reduce nurse staffing as a way to increase profitability. However, nurse staffing has been found to be important in terms of quality of patient care and nursing-related outcomes. Nurse staffing can provide a competitive advantage to hospitals and as a result of better financial performance, particularly in more competitive markets. In this study, we build on the Resource-Based View of the Firm to determine the effect of nurse staffing on total profit margin in more competitive and less competitive hospital markets in Florida. By combining a Florida statewide nursing survey with the American Hospital Association Annual Survey and the Area Resource File, three separate multivariate linear regression models were conducted to determine the effect of nurse staffing on financial performance while accounting for market competitiveness. The analysis was limited to acute care hospitals. Nurse staffing levels had a positive association with financial performance (β = 3.3, p = .02) in competitive hospital markets, but no significant association was found in less competitive hospital markets. Hospitals in more competitive hospital markets should reconsider reducing nursing staff, as these cost-cutting measures may be inefficient and negatively affect financial performance.
Full Text Available Technology development has influenced various fields, and financial field is one of them. Applying new technologies in financial field has led to the emergence of a new kind of reporting called Internet Financial Reporting, and is used increasingly day by day due to the increasing use of internet. Adopting this kind of reporting has caused changes in the process of informing stockholders and other users. Since increasing and updating information quality can influence on decision makers to buy/sell their stock certificate, and, on the other hand, the demand for buying and selling stock certificate might influence on stock price, we aimed to evaluate the effect of internet financial reporting on the stock price of listed companies in Tehran Stock Exchange. For this purpose, a group of companies was selected as the experimental group, and some others as the control group. Then, we investigated stock price changes in both groups, and compared changes. The results indicate that internet financial reporting had no effect on the stock price in the investigated companies.
Everhart, Damian; Neff, Donna; Al-Amin, Mona; Nogle, June; Weech-Maldonado, Robert
Background Hospitals facing financial uncertainty have sought to reduce nurse staffing as a way to increase profitability. However, nurse staffing has been found to be important in terms of quality of patient care and nursing related outcomes. Nurse staffing can provide a competitive advantage to hospitals and as a result better financial performance, particularly in more competitive markets Purpose In this study we build on the Resource-Based View of the Firm to determine the effect of nurse staffing on total profit margin in more competitive and less competitive hospital markets in Florida. Methodology/Approach By combining a Florida statewide nursing survey with the American Hospital Association Annual Survey and the Area Resource File, three separate multivariate linear regression models were conducted to determine the effect of nurse staffing on financial performance while accounting for market competitiveness. The analysis was limited to acute care hospitals. Findings Nurse staffing levels had a positive association with financial performance (β=3.3; p=0.02) in competitive hospital markets, but no significant association was found in less competitive hospital markets. Practice Implications Hospitals in more competitive hospital markets should reconsider reducing nursing staff, as these cost cutting measures may be inefficient and negatively affect financial performance. PMID:22543824
Regional governance systems may resolve the dilemmas of global financial integration, and the Eurozone is the most advanced attempt to do so. The Euroland sovereign debt crisis is a test of this proposition but the outcome finds the EU wanting. The first section places EMU in the broader context of
Burgoon, B.; Demetriades, P.; Underhill, G.
We challenge recent findings by Abiad and Mody (2005) which suggest that financial liberalization has little to do with political variables. This analysis is at odds with some of the established literature, and only with difficulty comes to terms with the considerable cross-national variation in the
.... Carnival suggests that financially sound PVOs that have a number of cruise brands be treated as a single... percent of outstanding UPR. Without recognition of alternative forms of coverage, three of the commenting... cap (i.e., $45 million) may request relief from the Commission by seeking recognition of additional...
A.W. (Bert) Mulder; M.W. (Martijn) Hartog
This research focuses an optimal arrangement of open spending as added instrumental value to the accountability incommunicating financial information towards citizens within The Netherlands. Open Spending is more and more of relevance in the Netherlands and is addressed as one of the key action
..., credit and financial companies, sureties, guarantors, insurers, travel agents, cruise passengers and... Maritime Commission is issuing this Inquiry to solicit information and comments concerning the benefits and... that will assist in assessing comprehensively the benefits or burdens that the Nonperformance Coverage...
Mandavia, Rishi; Mehta, Nishchay; Schilder, Anne; Mossialos, Elias
Provider financial incentives are being increasingly adopted to help improve standards of care while promoting efficiency. To review the UK evidence on whether provider financial incentives are an effective way of improving the quality of health care. Systematic review of UK evidence, undertaken in accordance with Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) recommendations. MEDLINE and Embase databases were searched in August 2016. Original articles that assessed the relationship between UK provider financial incentives and a quantitative measure of quality of health care were included. Studies showing improvement for all measures of quality of care were defined as 'positive', those that were 'intermediate' showed improvement in some measures, and those classified as 'negative' showed a worsening of measures. Studies showing no effect were documented as such. Quality was assessed using the Downs and Black quality checklist. Of the 232 published articles identified by the systematic search, 28 were included. Of these, nine reported positive effects of incentives on quality of care, 16 reported intermediate effects, two reported no effect, and one reported a negative effect. Quality assessment scores for included articles ranged from 15 to 19, out of a maximum of 22 points. The effects of UK provider financial incentives on healthcare quality are unclear. Owing to this uncertainty and their significant costs, use of them may be counterproductive to their goal of improving healthcare quality and efficiency. UK policymakers should be cautious when implementing these incentives - if used, they should be subject to careful long-term monitoring and evaluation. Further research is needed to assess whether provider financial incentives represent a cost-effective intervention to improve the quality of care delivered in the UK. © British Journal of General Practice 2017.
Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.
Joseph E. Isebor
Full Text Available The financial crisis 2007-2009 will not be forgotten in a hurry because of its impact on the global financial system almost replicating the Great Depression. Major and causal factors contributed to the financial crisis, and this prompted the establishment of Basel III to contain the crisis. Basel III introduced improved capital and liquidity rules, but still could not contain the crisis. This leaves regulators with questions of how to prevent another financial crisis in the future. Evidences suggest that the financial market is evolving because of its complex and changing nature, and so are the international banking regulations (Basel I, Basel II and Basel III that support the system in terms of maintaining economic and financial stability. It is clear that Basel III will not stop the next financial crisis even though the Basel accords continue to evolve in response to maintaining economic and financial stability, with the core purpose of preventing another financial crisis. Uncertainties lies ahead, and regulators cannot be sure of what will likely cause the next crisis, but indications suggest that the financial markets and international banking regulations in the form of Basel accords will continue to evolve
Full Text Available Financial corporations and especially banking institutions have important needs concerning to the development of software around their business core. The software, that traditionally had been developed in house by the IT departments, is now usually outsourced to IT firms. These firms work under the software factories model. An important feature within this sector is that usually the financial groups keep the ownership of these firms because the strategic value of the software for the core business. These firms work almost exclusively for the owner financial group developing their software, but they have to demonstrate that they are so profitable and competitive like any other firm. The organizational structure of these firms has some differential features. Top level tasks (software design and project management are usually performed by the IT firm but the development is usually subcontracted to other software companies. Although financial corporations have always paid a special interest to investing in management and organizational policies to improve their efficiency, there have being always an important lack regarding to the control and monitoring of the software projects. They do not have suitable tools for monitoring actual process effectiveness. Adapting scorecards to this environment could be a useful tool for monitoring and improvement the process. Scorecard could here be used both as a tool for internal effectiveness measurement as well as externally, presenting sustainability indicators for the shareholders, the financial institutions. This paper aims to identify and define a collection of Key Performance Indicators which permit effectiveness to be improved under this context, focusing in the specific supply-chain model given by owner (financial group, software factory and software developers (subcontracted.
Emmanuel Igbawase Abanyam; Paul Aondona Angahar
This paper examines the effect of global financial crisis and the sovereign debt crisis on public sector accounting. The global financial crisis and sovereign debt crisis were contextually analysed bringing out clearly its effect on public sector accounting which include accounting issues related to public sector intervention, accounting for recapitalization of investment, accounting for fiscal support, accounting for financial guarantees. The paper found out that, the unresolved fiscal and d...
Bouchaud, J P; Matacz, A; Potters, M
We investigate quantitatively the so-called "leverage effect," which corresponds to a negative correlation between past returns and future volatility. For individual stocks this correlation is moderate and decays over 50 days, while for stock indices it is much stronger but decays faster. For individual stocks the magnitude of this correlation has a universal value that can be rationalized in terms of a new "retarded" model which interpolates between a purely additive and a purely multiplicative stochastic process. For stock indices a specific amplification phenomenon seems to be necessary to account for the observed amplitude of the effect.
Full Text Available There is a positive relationship between financial development and economic growth in short-run and long-run. Financial development is beneficial to the reduction of poverty. But the financial instability which accompanies financial development is is costly for the poor and reduces the positive effect of financial development on the reduction of poverty. The paper aims to analyze in detail the relationship and the (direct and indirect effects between these variables, taking into account their economic and social importance. It is also highlighted the correlation between the financial economy and the real economy, emphasizing the impact on social welfare involved by the interaction of the above mentioned variables.
Full Text Available The purpose of the article is to study the impact of subjects of state financial control, primarily internal, over the budget on all levels of executive power, in order to eliminate subjectivity in their actions and increase the efficiency of public finances in general. Method. The study, which requires a deeper consideration of the issue of transformation of the content of the role performed by subjects of state financial control, primarily internal, in the presence of crisis phenomena in the economy. Methodology. The study of this issue is based on the analysis of the performance of the State Audit Service of Ukraine in identifying violations that led to losses of financial and material resources for the period of 2011–2017. Results. In our opinion, the dynamics of a constant decrease in the size of eliminated financial violations testifies to the insignificant effectiveness of the implemented control measures. The lowest, according to statistical indicators, is an indicator of elimination of financial violations in recent years, as well, the number of financial audits has also decreased significantly. Moreover, the number of inspections in individual cases had no effect on the final result. At the same time, the transition to new standards of inspections, with a view to deregulating and reducing the level of subjectivism, is less effective, but more transparent, which is positive in a slowdown of the economy, despite a certain reduction, but there is a significant level of corruption. Subjectivity in the actions of the controlling bodies can exert significant pressure on the entities subject to their supervision. Therefore, in order to achieve an optimal balance between the effectiveness of control measures and the reduction of pressure on economic entities, it is necessary to bring the existing system to standards that correspond to the level of developed countries. Currently, the process of changing approaches to inspections is based on
Meisam Shirkhodaei; Mansoreh Aligholi; Soheil Askari
Marketing performance measurement has been converted to the major priority in the field of marketing, due to the responsibility to competitive increasing pressures, and financial limitations of organizations. Review of earlier researches, indicates that rarely maintenance of account leads to damaging to the credibility of marketing, compromising marketing statue and even threatening the marketing existence as a separated strength within the company. Inability of marketers to determine the...
CIURLAU LOREDANA; BUSAN GABRIELA
The global economy entered into the greatest economic crisis after the great recession, which affected both developed countries and emerging countries, demonstrating the degree of interdependence of world economies. The financial crisis has put in front of the Governments of a number of challenges, the most important of which are: a new approach to budgetary fiscal policies by Governments, a global coordinated response of the authorities in the affected countries, the need to improve recognit...
Nobi, Ashadun; Maeng, Seong Eun; Ha, Gyeong Gyun; Lee, Jae Woo
This study considers the effects of the 2008 global financial crisis on threshold networks of a local Korean financial market around the time of the crisis. Prices of individual stocks belonging to KOSPI 200 (Korea Composite Stock Price Index 200) are considered for three time periods, namely before, during, and after the crisis. Threshold networks are constructed from fully connected cross-correlation networks, and thresholds of cross-correlation coefficients are assigned to obtain threshold networks. At the high threshold, only one large cluster consisting of firms in the financial sector, heavy industry, and construction is observed during the crisis. However, before and after the crisis, there are several fragmented clusters belonging to various sectors. The power law of the degree distribution in threshold networks is observed within the limited range of thresholds. Threshold networks are fatter during the crisis than before or after the crisis. The clustering coefficient of the threshold network follows the power law in the scaling range.
Shaker Al Ani Mawih K.
Full Text Available The main objective of this study is to investigate and analyze the effects of corporate citizenship activities on the financial performance and market performance of Omani manufacturing companies in the Sultanate of Oman for the period 2009-2013. The Financial performance of companies is measured by two independent variables: return on assets (ROA and return on equity (ROE. Market performance is measured by the fair market value of shares (FMV. CCAs are determined by the voluntary disclosures of corporate citizenship activities by the companies. The study concludes that there is a positive impact by CCAs on the financial and market performance of the Omani companies that leads to profit maximization.
Full Text Available This paper develops a generalized short-term model of a small open financially repressed economy, characterized by unorganized money markets, intermediate goods imports, capital mobility, flexible exchange rates and rational expectations, to analyze the price- and output-effects of financial liberalization. The analysis shows that financial deregulation, in the form of increased rate of interest on deposits and higher cash reserve requirements, unambiguously and unconditionally reduces domestic price level, but fails to affect output. Moreover, the result does not depend on the degree of capital mobility. The paper recommends that a small open developing economy should deregulate interest rates and tighten monetary policy if reducing inflation is a priority. Such a policy, however, requires the establishment of a flexible exchange rate regime.
The purpose of this study was to examine the effects of financial aid policies on student persistence between the first and second year at a private four-year postsecondary institution in Taiwan. A two-phase sequential research design was employed with priority was given to the quantitative data--structural equation modeling (SEM). While the…
The purpose of this study was to examine the effects of financial aid policies on student persistence between the first and second year at a private four-year postsecondary institution in Taiwan. A two-phase sequential research design was employed with priority was given to the quantitative data-structural equation modeling (SEM). While the…
Bijlsma, Michiel; Kool, Clemens; Non, Marielle
Empirical studies on the finance-growth relationship show a wide range of estimated effects. We perform a meta-analysis on in total 551 estimates from 68 empirical studies that take private credit to GDP as a measure for financial development and distinguish between linear and logarithmic
Bijlsma, Michiel; Kool, Clemens; Non, Marielle
Empirical studies on the nance-growth relationship show a wide range of estimated effects. We perform a meta-analysis on in total 551 estimates from 68 empirical studies that take private credit to GDP as a measure for financial development and distinguish between linear and logarithmic
Parker, Philip D.; Jerrim, John; Anders, Jake
Recent research has suggested significant negative effects of the Global Financial Crisis (GFC) on mental health and wellbeing. In this article, the authors suggest that the developmental period of late adolescence may be at particular risk of economic downturns. Harmonizing 4 longitudinal cohorts of Australian youth (N = 38,017), we estimate the…
Jenkins, William A.; Fischer, Mary
Higher education institution business officers need to follow principles of presentation, judgment, and measurement in developing effective executive financial reports. Principles include (1) keep the statement simple; (2) be consistent in reporting from year to year; (3) determine user needs and interests; (4) limit data; (5) provide trend lines;…
Radzi, Norfariza Mohd; Ghani, Muhammad Faizal A.; Siraj, Saedah
The agenda for national development requires a persistent improvement in education as a tool for creating knowledgeable human capital, highly skilled labour, a high technology society and ultimately a highly civilized nation for the future challenging world. It requires considerable financial and technical investment as well as effective and…
Inuwa, Umar; Abdullah, Zarifah; Hassan, Haslinda
This study examined the effect of cooperative learning approach on financial accounting achievement among secondary school students in Gombe state, Nigeria. A pre-test-post-test-control group design was adopted. 120 students participated in the study were selected randomly from six schools. The students were divided into two equal groups, namely:…
International Monetary Fund; World Bank
The assessment of the current state of the implementation of the Basel Core Principles (BCP) for effective banking supervision in Nigeria, against the BCP methodology issued by the Basel Committee on Banking Supervision (BCBS) in October 2006, was completed between August 27 and September 19, 2012, as part of a Financial Sector Assessment Program (FSAP) update, undertaken jointly by the Fu...
Full Text Available Fraudulent financial statement is a serious problem and to be a threat to stakeholders, especially for investor. The thing is happened because there is illegal action done intentionally, such as disclosing financial information that doesn’t match with the real condition. The purpose of this research is to acquire a effectiveness of empirical proof of fraud triangle consisting of Pressure, Opportunity, and Rationalization in detecting financial statement fraud that are indicated by using Beneish Model. The sample of this research consists of 39 companies are indicated doing fraud and 57 companies aren’t indicated doing fraud listing at BEI (Bursa Efek Indonesia in 2012 – 2014. Test of this research uses logistic regression method. Based on the result and conclusion, this research shows that opportunity (independent commissioner ownership has significant effect to fraudulent financial statement while pressure (AGROW, financial target (ROA, and rationalization (Total accrual don’t have significant effect to fraudulent financial statement.
Full Text Available This paper analyses the channels through which the economic and financial crisis of 2008–2009 was transmitted to Sub-Saharan Africa, with a focus on countries in situation of fragility. Trade stands out as the main direct channel, even though intra-Africa remittances play a relevant role, given that most migrants in Sub-Saharan Africa cannot afford the cost of migrating to Europe or to the United States and stay close, remaining in the continent. Whether reduced aid flows also act as a crisis transmission channel remains an open question, even though preliminary estimates suggest that, at least in the medium run, OECD countries are likely to lower aid, with potentially very damaging effects. The paper also shows that many African countries in a situation of fragility are characterised by very low resilience and capacity to cope with shocks. It concludes, by highlighting how Sub-Saharan Africa (fragile countries’ policymakers’ room for manoeuver is limited in periods of crisis because of low fiscal space and limited institutional capacity. It advocates that the right response to the crisis would be to mobilise domestic resources, although this will require functional institutions able to offset the potential trade-offs between adverse short-term shocks and a long-term perspective.
Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong
By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.
On June 7, 1985, the US Nuclear Regulatory Commission (NRC) published an advance notice of proposed rulemaking (ANPRM) in the Federal Register to address funding for cleanup of accidents and unexpected decontamination by certain materials licensees. The NRC asked for public comment to help them determine whether to amend its regulations to require certain materials and fuel cycle licensees to demonstrate that they possess adequate financial means to pay for cleanup of accidental releases of radioactive materials. If licensees lack adequate financial resources and funds are to available for prompt cleanup, the consequences could be potentially significant for the public, the licencee and the federal government. The purpose of this paper is to explain the purpose and scope of the Commission's proposed regulatory action, as well as describing several accidents that made the Commission consider this action. Additionally, the paper will address other regulatory precedents. Finally, the paper will conclude by generally characterizing the public comments and items of concern raised by commenters
This paper argues that the 1997-98 financial crisis did not hit Malaysia because the economic fundamentals of the country were weak. It was the result of massive unpredictable flight of short-term portfolio investment from the region including Malaysia. The paper assembles evidence, and employs econometric tools to support the contention. It maintains that the choice of the country to impose selective capital controls for remedying the situation was efficacious, and proved fairly rewarding. I...
Full Text Available The aim of this study is to figure out whether managerial risk taking behaviourand firm financial performance is effected by stock option compensation.Inliterature stock optioncompensationismentionedasa meansto solve agencyproblems. It is analysed how stock option compensation aligns theshareholders’andmanagers’ interestsand its effects on firm financialperformance. Additionally, it isinvestigatedwhether this effecthas a link to theglobal financial crisis which hasobviously related to the managers’extreme riskseeking behaviourespecially in financial sector. Inthis study, 189 firms fromS P index are analysedutilizingthe panel dataanalysismethod between years1998-2009. Additionally, regression method is used to measureeach year. Thedata set is grouped as financial and non financial sector tobetterpresent theeffects of global financial crisis.According to the results of this study, stockoption compensation is positively related to investment magnitudes which aretaken as indicators of risk taking behavior.On the other hand, it is negativelyrelated to firm financial performance.According to the results of yearlycomparison, in financial sector the invesment magnitudes are bigger than the nonfinancial sector just two years before the financial crisis and net cash flow fromthe investing activities is significantly negative when compared with non financialsector.Therefore,it is aimed to findoutthe relation between the extreme riskseeking behaviorbefore the global financial crisisand the incentive compensationstructures.
Denis Aleksandrovich Tatarkin
Full Text Available The article deals with questions of increasing the management efficiency of the regional financial resources. As the main hypothesis, the idea of the optimization of the management of the regional financial flows based on the multiplicative economic effect is proved. This measure will allow to evaluate more efficiently the impact of the regional socio-economic policy. The article presents a multifactor model of the management of the regional financial flows on the regional level — the matrix of financial flows, based on the principles of the general economic equilibrium theory, the balance method of «input-output» and the methodology of national accounts. The paper introduces a methodology for the integration of the regional consolidated budget balance in a matrix of financial flows. Matrix multipliers of the consolidated budget balance are calculated for some regions of the Russian Federation allowing to model the economic multiplicative effects resulting from impact of different types of exogenous factors on the economic development of the regions, such as to predict the impact of fiscal redistribution on the GRP and income, to assess the impact of foreign investment on economic growth, to explore the effectiveness of the federal tax policy at the regional level. The article shows that the multiplier effect depends on several factors, including the foreign trade relations of the region, its dependence on imports, the share of value added in gross output, as well as the household savings. Various levels of government can use the author’s approach during development of strategies for socio-economic development, in assessing the extent and direction of the influence of exogenous factors on the economy of the territory, as well as in analyzing the investment initiatives from the private sector applying for state financial support for projects. In the conclusion, the ways of improving the management of financial flows on the basis of
Humlum, Maria Knoth; Vejlin, Rune Majlund
We investigate the effects of financial aid on student employment and academic outcomes in high school. We exploit administrative differences in the amount of financial aid received based on timing of birth to identify the causal effects of interest. Specifically, individuals born early...... in a quarter receive less financial aid than comparable individuals born late in the previous quarter. We find that receiving less aid induces individuals to work more during high school. However, we do not find any evidence that receiving less financial aid and thereby working more is associated with any...
Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.
Full Text Available Background: Healthcare cost and reforms are at the forefront of international debates. One of the current discussion themes in oncology is whether and how patients’ life changes due to costs of cancer care. In Norway, the main part of the treatment costs is supported by general taxpayer revenues. Objectives: The objective of this study was to clarify whether head and neck cancer patients (n=67 in northern Norway experienced financial health-related quality of life (HRQOL deterioration due to costs associated with treatment. Design: HRQOL was examined by the European Organization for Research and Treatment of Cancer (EORTC QLQ-C30 in the beginning and in the end of radiation treatment in patients treated at the University Hospital in Northern Norway. Changes in financial HRQOL were calculated and compared by paired sample T-tests. Multiple regression analyses were used to examine correlations among gender, marital status, age and treatment with or without additional chemotherapy and changes in the HRQOL domain of financial difficulties. Results: The majority of score results at both time points were in the lower range (mean 15–25, indicating limited financial difficulties. We observed no statistically significant differences by gender, marital status and age. Increasing financial difficulties during treatment were reported by male patients and those younger than 65, that is, patients who were younger than retirement age. The largest effect was seen in singles. However, differences were not statistically significant. Conclusions: During the initial phase of the disease trajectory, no significant increase in financial difficulties was found. This is in line with the aims of the Norwegian public healthcare model. However, long-term longitudinal studies should be performed, especially with regard to the trends we observed in single, male and younger patients.
Barte, J.C.M.; Wendel-Vos, G.C.W.
The aim of this review is to give an overview of the available evidence on the effects of financial incentives to stimulate physical activity. Therefore, a systematic literature search was performed for randomized trials that investigate the effects of physical-activity-related financial incentives
Full Text Available This study examined the effect of cooperative learning approach on financial accounting achievement among secondary school students in Gombe state, Nigeria. A pre-test-post-test-control group design was adopted. 120 students participated in the study were selected randomly from six schools. The students were divided into two equal groups, namely: experimental (i.e., cooperative learning approach and control group (i.e., conventional approach, both at random. A Financial Accounting Achievement Test (FAAT was used as an instrument for data collection. The study found that at the pre-test stage, there was no statistically significant difference between the achievement of cooperative learning students and conventional approach students, the results suggested that the students were initially equal in terms of their achievements. Nevertheless, at the post-test stage, the achievement of students who were exposed to the cooperative learning was found to be significantly better than the achievement of students who were exposed to the conventional approach. The findings further suggested that cooperative learning approach effectively enhanced the financial accounting achievement of the secondary school students. It is, therefore, recommended that government should encourage both curriculum planners and secondary schools’ teachers to adopt cooperative learning approach as an instructional approach for teaching financial accounting in secondary schools to improve students’ achievement in the subject.
Full Text Available In South Africa, public schools are expected to do their utmost to improve the quality of education. However, a notion exists that for a school to improve the quality of education, enough resources should be available. Although this notion is critical, it is the argument of this article that school financial management capacity is also a challenge in most of the public schools in South Africa. In this regard, the study, attempted to establish the effectiveness of budgeting in the public schools to ensure that quality education is promoted; and whether parents in the SGBs are knowledgeable enough to prepare the school budgets. In order to realise these objectives, an empirical study was undertaken, following the literature study which formed its basis. The findings confirmed that knowledge of budgeting as an aspect of financial management is lacking or inadequate in some schools. This is demonstrated by the level of contradictions of schools in meeting their basic needs, such as procurement of books and other materials. Consequently, it was recommended that capacity building endeavours should focus on financial planning, communication, decision-making, organising, delegating, coordinating, leading, and controlling in order to bring about effective financial management in public schools.
Full Text Available This paper employs a quarterly time series to determine the timing of structural breaks for interest rates in USA over the last 60 years. The Chow test is used for investigating the non-stationary, where the date of the potential break is assumed to be known. Moreover, an empirically examination of the financial sector to check if it is positively related to deviations from an assumed interest rate as given in a standard Taylor rule. The empirical analysis is strengthened by analysing the rule from a historical perspective and look at the effect of setting the interest rate by the central bank on financial imbalances. The empirical evidence indicates that deviation in monetary policy has a potential causal factor in the build up of financial imbalances and the subsequent crisis where macro prudential intervention could have beneficial effect. Thus, my findings tend to support the view which states that the probable existence of central banks has been one source of global financial crisis since the past decade.
Romens, Sarah E; Casement, Melynda D; McAloon, Rose; Keenan, Kate; Hipwell, Alison E; Guyer, Amanda E; Forbes, Erika E
Children who experience socioeconomic disadvantage are at heightened risk for developing depression; however, little is known about neurobiological mechanisms underlying this association. Low socioeconomic status (SES) during childhood may confer risk for depression through its stress-related effects on the neural circuitry associated with processing monetary rewards. In a prospective study, we examined the relationships among the number of years of household receipt of public assistance from age 5-16 years, neural activation during monetary reward anticipation and receipt at age 16, and depression symptoms at age 16 in 123 girls. Number of years of household receipt of public assistance was positively associated with heightened response in the medial prefrontal cortex during reward anticipation, and this heightened neural response mediated the relationship between socioeconomic disadvantage and current depression symptoms, controlling for past depression. Chronic exposure to socioeconomic disadvantage in childhood may alter neural circuitry involved in reward anticipation in adolescence, which in turn may confer risk for depression. © 2015 Association for Child and Adolescent Mental Health.
Sinaulan; Noor; wildan
Research aims to confirm and test the interactive effect of motivation, job satisfaction, and job performance. This study applied to employees of Sharia Financial Institutions in Jakarta. The number of respondents is 70 employees with randomly selected samples stratified. Research analysis data using multiple indicators within analyzed using structural equation model. The results showed that there was a positive interactive effect motivation on job performance and job performance on motivatio...
Full Text Available The global economy entered into the greatest economic crisis after the great recession, which affected both developed countries and emerging countries, demonstrating the degree of interdependence of world economies. The financial crisis has put in front of the Governments of a number of challenges, the most important of which are: a new approach to budgetary fiscal policies by Governments, a global coordinated response of the authorities in the affected countries, the need to improve recognition of public services and their reform, the need to do more with fewer resources. The crisis represents an opportunity to redefine the economy and to reform public finances. The recession is proving slow because the fiscal space for stimulating the economy is small. Budgetary correction involves painful measures, austere fiscal measures to be applied, however, because internal financial equilibrium and ensure the financing of the deficit by maintaining international agreements, legislative projects difficult, and treating the root causes of the structural deficit.
Gouchoe, S.; Everette, V.; Haynes, R.
The North Carolina Solar Center at NC State University, in collaboration with the National Renewable Energy Laboratory, examined 10 state financial-incentive programs in six states using a case-study approach in order to clarify the key factors-both internal and external to the program-that influence their effectiveness at stimulating deployment of renewable energy technologies. While existing information resources such as the National Database of State Incentives for Renewable Energy (DSIRE, www.dsireusa.org) have documented what incentive programs are available, the effectiveness of such programs is not well understood. Understanding the impact of current financial incentives on the deployment of renewables and the factors that influence their effectiveness is critical to a variety of stakeholders, particularly in states considering new incentives or interested in improving or discarding existing ones.
Chen, Jimmy; Scholtens, Bert
Responsible investors, like regular investors, need to investigate whether to actively or passively manage their investments. This especial is of interest for responsible investing as it requires additional information generation and processing compared to more conventional investing. This study
more generally to the future course of the epidemic and of HIV/AIDS-related policies pursued by the government.VMMC in South Africa is highly effective in reducing both HIV incidence and the financial costs of the HIV response. The return on investment is highest if males are circumcised between ages 20 and 25, but this return on investment declines steeply with age.
以《公司法》、《财务通则》和证监会监管的制度变革为依据分析了我国法规对公司财务责任的现实要求，以产权理论、社会责任、利益相关者和公司契约理论为基础探讨了财务责任的起源、形成及内外统一问题，最后提出了现代公司财务责任的基本理论框架。%This paper analyzed the practical requirements of a company's financial responsibili-ty in terms of the institutional change of Company Law,General Rules on Enterprise Finance and the CSRC regulations,discussed the origins of financial responsibility and reunification of internal and external financial responsibility through the property rights theory,theory of social responsi-bility,stakeholder theory and corporate contract theory,and finally put forward the modern the-oretical framework of company financial responsibility.
Full Text Available Supply chain management plays essential role on improvement of the efficiency of production systems. It helps firms meet their expectations, deliver their products on time and build a good brand. This paper performs an empirical investigation to study the effect of good relationships among various suppliers on financial figures in an Iranian automaker. The proposed study investigates the effects of seven variables including communication, cooperation, commitment, compatibility, organization climate, dependency and trust on two financial figures including return on assets and return on equities. Using structural equation modeling, the study detects that communication, dependency and trust influence positively on return on assets. In addition, communication, cooperation, trust and commitment have positive impact on return on equities.
Mengel, S.; Wouters, M.
This study motivates and tests hypotheses about the antecedents of the use of financial planning and control systems in very small and young start-up firms, and, in turn, the effect of this on firm performance. This setting is of particular interest since theory on financial planning and control in
The recent financial turmoil has prompted to review the current financial regulatory framework mechanism. The present financial system reform could be a cause of the integration and consolidation processes in banking, because banks play a very important role in the economy. This article examines the changes of European Union's financial system, regulatory rules, and extending the potential of the financial sector perspective. This paper attempts to evaluate the European Union financial struct...
The paper analyzes effects of the financial crisis on stock market of the Czech Republic and Spain. We employ BEKK-GARCH model in order to study volatility spillovers and transmissions from the US stock market to stock markets of the Czech Republic and Spain. The multivariate GARCH models results show statistically significant, but relatively small, almost irrelevant volatility spillovers from the US stock market to stock markets of the Czech Republic and Spain. The Czech stock market exhibit...
International Monetary Fund
This technical note presents a factual update of the 2001 assessment of Switzerland’s compliance with the 1997 Basel Core Principles for Effective Banking Supervision (BCP), including a follow-up on implementation of the 2001 BCP assessment, undertaken in the context of the original Financial Sector Assessment Program in 2001. The note discusses that the Swiss Federal Banking Commission (SFBC) has made impressive progress both organizationally and to its supervisory practices to strengthen Sw...
Representatives Subject: Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight From fiscal...year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and...organizations wishing to donate gifts to the Department of Defense (DOD).1 Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which
ŞİŞMANOĞLU, Elçin; YAŞAR AKÇALI, Burçay
Innovation has become a prime component for gaining a competitive advantage in the market for all companies. Companies should take into consideration research and development (R&D) expenditure to be innovative. This study investigates the effect of R&D expenditure of some information and technology companies in Turkey as an indication of innovation on their financial performance. Data is collected from seven information and technology companies for 2005-2014 periods. Data is a...
This research aims to know the effectiveness of Problem Based Learning (PBL) Model comparing to Drill Model on Intermediate Financial Accounting subject. The research was a quasi-experimental research. Population was four classes of Accounting Education students in the year of 2014/2015 at Faculty of Educational Science and Teaching of Riau Islamic University (UIR). Sample was taken by using purposive sampling. Then, it used Problem Based Learning (PBL) at experimental class and Drill Model a...
Ramon-Ballester, Francisco; Wezel, Torsten
This paper empirically investigates the extent to which the financial linkages of Latin American banks with the exterior are influenced by political risk and deposit dollarisation. We find that the sum of banks’ foreign assets and liabilities is a function of risk-return considerations and excess domestic credit demand. An increase in political risk is shown to be associated with a build-up of foreign positions by the banking sector, but this adverse effect on the banking system is mitigated ...
Full Text Available The purpose of the paper is to substantiate, on the real figures, the need for enterprise’s financial and economic activities analysis as a condition of management decisions making to achieve the success of the company. Methodology. The research is based on a comparison and analysis of data from the organization top management. So using matrix analysis in the paper, the financial and economic activities effectiveness is evaluated. Based on these calculations, it is possible to make conclusions about the necessity of an identified management decisions regarding the future activity of the company. Results. Daily managers of various function levels accept hundreds and thousands of decisions regarding seemingly slight problems of the organization in general. At the same time, every such a decision, especially relating to the activity of the whole structure, should be clearly justified. Such a need stems from the fact that every decision leads to certain consequences. If there is a need to make a decision relating to the future of the enterprise (e.g., embodiment, reorganization, etc., it should be based on the data of the entire structure. And that is generally very difficult to do. Many factors complicate the possibility of comprehensive evaluation of the company’s activity. At the same time, analysis of basic indicators will provide the specialist with some directions according to which the priority of the analysis can be indicated and appropriate management decision can be made. Practical implications. It is built an effectiveness matrix of financial and economic activities of the enterprise. Analysis of financial and economic activities makes it possible to design necessary strategic and tactical plan for the enterprise development, revealing its reserves of production efficiency increasing. So the aim of the paper is the assessment of the effectiveness of financial and economic activities of the company on the base of matrix analysis as a
Shift from National Reporting to Reporting in Accordance with International Financial Reporting Standard for Small and Medium-sized Entities and Its Effect on Financial Management – the Case of the Czech Republic
Full Text Available The aim of this paper is to evaluate the effect of the shift from Financial Reporting under the Czech legislature (CZ GAAP to the International Financial Reporting Standard for financial management in Small and Medium-sized Enterprises (IFRS for SMEs. The reasons for the shift and major differences between CZ GAAP and IFRS for SMEs are mentioned, as well as the changes relevant to the shift. Not only changes in accounting departments are defined but also the changes that affect a company as a whole. Furthermore, information from Financial Reporting used in Financial Management is described. Also, the effect of the changes in Financial Reporting on this information and related modifications affecting Financial Management are evaluated.
Dicks, B.M.; White, I.C.
The incidence of oil spills from offshore industry operates on the United Kingdom continental shelf is reported for the period 1979 to 1988. The properties of North Sea crude oils which determine their fate and effects when spilled onto the surface of the sea are summarized. Examples of oil impacts on specific North Sea habitats and communities are used to illustrate the effect of oil spills and the economic impact on human activities such as recreation, industry and fishing are considered. Since most oil spills will dissipate through natural processes if they remain at sea long enough, the most appropriate response to a spill from a platform in the middle of the sea is often aerial surveillance to monitor the movement and dissipation of the oil. However, if an active response is required, containment and collection of the oil or chemical dispersion are the two main options. In coastal waters, it will be necessary to focus protection efforts on selected sensitive areas of coastline. Once the oil is ashore there are still occasions when the best course of actions is to do nothing as clean-up operations may do more harm than good. If oil removal is feasible and necessary, the methods which are most effective are usually straightforward and require no sophisticated technology. Contingency planning is an essential preparation for all operations to deal with oil spills. (UK)
Full Text Available This paper aims to analyse the changes in accounting surplus (loss, equity and assets, and liabilities as a result of accounting policy changes from the Australian Accounting Standards (AAS to the International Financial Reporting Standards (IFRS in Australian local government entities. Using the reconciliation notes disclosed by 117 local government entities, evidence is provided on the effects of IFRS adoption by identifying the key items that of difference between IFRS and AASB. The results show some differences between two sets of accounts prepared under these different accounting standards. While the average surplus (loss of local councils has decreased, their equities, assets and liabilities have increased, with no major significant changes in their overall financial position, except for liabilities. These results indicate the possible consequences of the adoption of IFRS by local government entities in other countries on performance indicators who have or are yet to implement these standards.
Full Text Available This research aims to know the effectiveness of Problem Based Learning (PBL Model comparing to Drill Model on Intermediate Financial Accounting subject. The research was a quasi-experimental research. Population was four classes of Accounting Education students in the year of 2014/2015 at Faculty of Educational Science and Teaching of Riau Islamic University (UIR. Sample was taken by using purposive sampling. Then, it used Problem Based Learning (PBL at experimental class and Drill Model at controlled class. Data was collected by using interview, observation, and tests (pre-test and post-test. Moreover, data were analyzed by using independent sample test. Findings show that there is no any difference of learning outcomes between students who taught by Problem Based Learning (PBL Model and Drill Model on Intermediate Financial Accounting.
In accordance with recommendations made by the Finance Committee and decisions taken by Council in December 2010, certain financial benefits and contributions impacting salaries and stipends have been adjusted with effect from 1 January 2011. 1) Annual adjustments An increase of 0.35% to the scale of basic salaries paid to Staff Members and the scale of stipends paid to Fellows (Annexes R A 5 and R A 6 of the Staff Regulations). No adjustments to the subsistence allowances of Paid Associates and Students (Annex R A 7 of the Staff Regulations). No modifications to the following social benefits: Family, child and infant allowances (Annex R A 3 of the Staff Regulations) Payment ceilings of education fees (Annex R A 4 of the Staff Regulations). 2) Five-yearly review 2010, financial elements: Adjustment of basic salaries: An increase of 1% for Career Path D. An increase of 2% for Career Paths E to G. Technical adjustment of th...
Full Text Available Objectives It’s very important to quantify the influence of various factors in the development offinancial crisis. Once these factors can be determined we can attempt to stop this phenomenon or at leastminimize its effects. Prior Work Previous studies have shown that the phenomenon of globalization makesextremely disturbing phenomena quickly transmitted from one market to another, provided that these marketswill be connected. But what is the explanation when countries not linked in any way react in same way at theappearance of disturbances in one of the country? Approach We study the phenomenon of contagion bycomparing the economy and financial market evolution, in Romania, during the last global financial crisis.Results We can conclude that the Romanian market actually reacts to the behavior of investors while the inthe real economy effects are felt much later and/or have a weaker intensity. Implications For investors it’simportant to follow their expectations of the market evolution much more than the current economicconditions. Value Knowing the influence of various factors in the evolution of financial markets we willknow what steps must be taken so that these crises will not be felt in the real economy or their impact will bereduced.
Hossein Akbari Radzhabali
Full Text Available In accordance with Article 44 of the Constitution of the Islamic Republic of Iran, the Iranian economy is made up of three separate parts: state, cooperative and private. The public sector includes all major industries, mines, roads, rails and more. The cooperative sector includes cooperatives operating in the field of production and distribution. The private sector includes companies and private producers, industry, construction and other services and commercial activities in which the public sector and to co-operate. As a result, the private sector plays a very important role. The impact of privatization through economic analysis and statistical surveys. (The difference between before and after privatization. This study evaluated the effectiveness of privatization through the financial performance of companies privatized between 1999 to 2008 were tested. To achieve this, the number of 13 companies were selected that were privatized between 2007 and 2014. Then, about four dependent variables were studied. Privatization, as well as the independent variable were calculated. These studies were examined on the basis of a statistical method used to test hypotheses and annual financial statements. The results showed that privatization is the combined effect on the performance of the companies surveyed. The privatization program will also have a positive impact on the company’s financial performance, such as the EVA, operating cash flow and return on equity and return on investment does not affect the speed.
Full Text Available We develop three closed-loop supply chain models where manufacturers can utilize financial or physical support to push a third party to collect the used fashion product for remanufacturing. We first examine two strategies for the collective recycling responsibility (CRR, namely, the financial sharing (FS and the physical sharing (PS, using the model with no CRR as a benchmark. After that, we conduct a detailed comparison among the three models in terms of the retail price, demand, return rate, and the profits received by the supply chain members. With this study, we find the following. (i The FS or PS support offered by the manufacturer to the third party will result in a lower retail price and a higher demand. (ii The optimal return rate with PS scheme is always higher than that without the CRR, and the one with FS scheme is at least as high as that without the CRR. (iii All the members in the closed-loop supply chain can always benefit from the CRR. In addition, (iv which scheme of the FS, PS, or no CRR is the best for the supply chain members will depend heavily on the transfer price of the used product.
Kirigia, Joses M; Nganda, Benjamin M; Mwikisa, Chris N; Cardoso, Bernardino
There is ample evidence in Asia and Latin America showing that past economic crises resulted in cuts in expenditures on health, lower utilization of health services, and deterioration of child and maternal nutrition and health outcomes. Evidence on the impact of past economic crises on health sector in Africa is lacking. The objectives of this article are to present the findings of a quick survey conducted among countries of the WHO African Region to monitor the effects of global financial crisis on funding for health development; and to discuss the way forward. This is a descriptive study. A questionnaire was prepared and sent by email to all the 46 Member States in the WHO African Region through the WHO Country Office for facilitation and follow up. The questionnaires were completed by directors of policy and planning in ministries of health. The data were entered and analyzed in Excel spreadsheet. The main limitations of this study were that authors did not ask whether other relevant sectors were consulted in the process of completing the survey questionnaire; and that the overall response rate was low. The main findings were as follows: the response rate was 41.3% (19/46 countries); 36.8% (7/19) indicated they had been notified by the Ministry of Finance that the budget for health would be cut; 15.8% (3/19) had been notified by partners of their intention to cut health funding; 61.1% (11/18) indicated that the prices of medicines had increased recently; 83.3% (15/18) indicated that the prices of basic food stuffs had increased recently; 38.8% (7/18) indicated that their local currency had been devalued against the US dollar; 47.1% (8/17) affirmed that the levels of unemployment had increased since the onset of global financial crisis; and 64.7% (11/17) indicated that the ministry of health had taken some measures already, either in reaction to the global financing crisis, or in anticipation. A rapid assessment, like the one reported in this article, of the
The notion of corporate social responsibility is established on the reciprocal dependence between a company and society, as well as the indicators that influence this relationship. This paper explores whether profitability and company size have a potential influence on levels of corporate social responsibility according the annual dates of romanian companies, using statistical correlations. The research found that company size and company profitability have an influence toward the corporate s...
Turner, John D.
This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...
Kwong, Jeff C; Dhalla, Irfan A; Streiner, David L; Baddour, Ralph E; Waddell, Andrea E; Johnson, Ian L
Since 1997, tuition has more than doubled at Ontario medical schools but has remained relatively stable in other Canadian provinces. We sought to determine whether the increasing tuition fees in Ontario affected the demographic characteristics and financial outlook of medical students in that province as compared with those of medical students in the rest of Canada. As part of a larger Internet survey of all students at Canadian medical schools outside Quebec, conducted in January and February 2001, we compared the respondents from Ontario schools with those from the other schools (control group). Respondents were asked about their age, sex, self-reported family income (as a direct indicator of socioeconomic status), the first 3 digits of their postal code at graduation from high school (as an indirect indicator of socioeconomic status), and importance of financial considerations in choosing a specialty and location of practice. We used logistic regression models to see if temporal changes (1997 v. 2000) among Ontario medical students differed from those among medical students elsewhere in Canada apart from Quebec. Responses were obtained from 2994 (68.5%) of 4368 medical students. Across the medical schools, there was an increase in self-reported family income between 1997 and 2000 (p = 0.03). In Ontario, the proportion of respondents with a family income of less than $40,000 declined from 22.6% to 15.0%. However, compared with the control respondents, the overall rise in family income among Ontario students was not statistically significant. First-year Ontario students reported higher levels of expected debt at graduation than did graduating students (median $80,000 v. $57,000) (p financial situation was "very" or "extremely" stressful and to cite financial considerations as having a major influence on specialty choice or practice location. These differences were not observed in the control group. At Canadian medical schools, there are fewer students from low
Bradbury, J.A.; Jones, M.L.
This report identifies and summarizes existing sources of financial assistance to States and Indian tribes in preparing and responding to transportation emergencies and ensuring the safe transportation of hazardous shipments through their jurisdictions. The report has been prepared as an information resource for the US Department of Energy's Office of Environmental Restoration and Waste Management, Office of Transportation, Emergency Management and Analytical Services. The report discusses funding programs administered by the following Federal agencies: Federal Emergency Management Agency; Department of Transportation; the Environmental Protection Agency; and the Department of Energy. Also included is a summary of fees assessed by some States on carriers of hazardous materials and hazardous waste. The discussion of programs is supplemented by an Appendix that provides a series of tables summarizing funding sources and amounts. The report includes several conclusions concerning the level of funding provided to Indian tribes, the relative ranking of funding sources and the variation among States in overall revenues for emergency response and safe transportation
Vogler, Sabine; Zimmermann, Nina; Leopold, Christine; de Joncheere, Kees
The objective of this paper is to analyze which pharmaceutical policies European countries applied during the global financial crisis. We undertook a survey with officials from public authorities for pharmaceutical pricing and reimbursement of 33 European countries represented in the PPRI (Pharmaceutical Pricing and Reimbursement Information) network based on a questionnaire. The survey was launched in September 2010 and repeated in February 2011 to obtain updated information. During the survey period from January 2010 to February 2011, 89 measures were identified in 23 of the 33 countries surveyed which were implemented to contain public medicines expenditure. Price reductions, changes in the co-payments, in the VAT rates on medicines and in the distribution margins were among the most common measures. More than a dozen countries reported measures under discussion or planned, for the remaining year 2011 and beyond. The largest number of measures were implemented in Iceland, the Baltic states (Estonia, Latvia, Lithuania), Greece, Spain and Portugal, which were hit by the crisis at different times. Cost-containment has been an issue for high-income countries in Europe - no matter if hit by the crisis or not. In recent months, changes in pharmaceutical policies were reported from 23 European countries. Measures which can be implemented rather swiftly (e.g. price cuts, changes in co-payments and VAT rates on medicines) were among the most frequent measures. While the "crisis countries" (e.g. Baltic states, Greece, Spain) reacted with a bundle of measures, reforms in other countries (e.g. Poland, Germany) were not directly linked to the crisis, but also aimed at containing public spending. Since further reforms are under way, we recommend that the monitoring exercise is continued.
Created in 1979 within the CEA, the National Radioactive Waste Management Agency (ANDRA) was established by the December 1991 Waste Act as a public body in charge of the long-term management of all radioactive waste, under the supervision of the Ministry of Ecology, Energy, Sustainable Development and the Sea (formerly the Ministry of Industry and the Ministry of Environment), and the Ministry of Research. Its 3 basic missions were extended and their funding secured through the 2006 Planning Act: - a R and D mission to propose safe long-term solution for radioactive waste without current disposal system; this mission includes long-term storage, since the 2006 Planning Act, in order to propose interim solutions while final ones are being studied; - an industrial mission concerning, on one hand, waste acceptance criteria and control and, on the other hand, siting, construction, operation, closure and monitoring of repositories. This mission includes as well a public service mission in terms of i) collection of waste of the 'small-scale nuclear activities' producers or owners (including the so-called 'household' radioactive waste, i.e. waste owned by private individuals) and ii) clean-up and rehabilitation of orphan polluted sites; - an information mission, notably through the regular publication of the National Inventory of radioactive materials and waste. This mission includes as well an active policy of dialogue with stakeholders both at national and local level. This document is the activity and financial report of the Andra for the year 2014
Full Text Available The new EU target of achieving 80-95% emission reductions by 2050 calls for novel energy policy solutions. Previous research has failed to evaluate the influence of all relevant elements of energy policy on technology-specific sustainable renewable energy diffusion. This paper adds to existing research by studying the effectiveness of financial and fiscal instruments on diffusion, additionally controlling for potential political, economic, social, and environmental drivers. These drivers are analysed for 26 EU countries over the period 1990-2011. The main results show that feed-in tariffs, quotas, and tenders effectively promote wind technologies. Other explanatory variables have technology- and model-dependent impacts.
... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What are the financial management... WORKFORCE INVESTMENT ACT Administrative and Management Provisions § 670.950 What are the financial... and other service providers must manage Job Corps funds using financial management information systems...
Marcelo Alvaro da Silva Macedo
listed, were the Paper and Pulp and Steel and Metallurgy. From this point, it was made a comparison of the behavior of the socially responsible companies with the other belonging to their sector, which were listed among the Best and Bigger, “Maiores e Melhores” from the Exame Magazine (2006. The idea is to check if the companies which have adopted “politically” correct practices through social and environmental actions showed a performance, in terms of liquidity, debt and profitability, statistically higher in relation to the market. The results show that, it isn’t observed significant differences in the indexes under analysis between the two companies groups (socially responsible and the market. Key-words: Social Responsibility; Performance; ISE.
Turingan, Erin M; Mekoba, Bijan C; Eberwein, Samuel M; Roberts, Patricia A; Pappas, Ashley L; Cruz, Jennifer L; Amerine, Lindsey B
Background: Drug manufacturers change distribution models based on patient safety and product integrity needs. These model changes can limit health-system access to medications, and the financial impact on health systems can be significant. Objective: The primary aim of this study was to determine the health-system financial impact of a manufacturer's change from open to limited distribution for bevacizumab (Avastin), rituximab (Rituxan), and trastuzumab (Herceptin). The secondary aim was to identify opportunities to shift administration to outpatient settings to support formulary change. Methods: To assess the financial impact on the health system, the cost minus discount was applied to total drug expenditure during a 1-year period after the distribution model change. The opportunity analysis was conducted for three institutions within the health system through chart review of each inpatient administration. Opportunity cost was the sum of the inpatient administration cost and outpatient administration margin. Results: The total drug expenditure for the study period was $26 427 263. By applying the cost minus discount, the financial effect of the distribution model change was $1 393 606. A total of 387 administrations were determined to be opportunities to be shifted to the outpatient setting. During the study period, the total opportunity cost was $1 766 049. Conclusion: Drug expenditure increased for the health system due to the drug distribution model change and loss of cost minus discount. The opportunity cost of shifting inpatient administrations could offset the increase in expenditure. It is recommended to restrict bevacizumab, rituximab, and trastuzumab through Pharmacy & Therapeutics Committees to outpatient use where clinically appropriate.
Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.
PURPOSE OF THE STUDY : The increasing government regulation of automative transportation : industries in the United States has produced the need for : financial and economic studies of the effects of such policies. : The purpose of this document is t...
Boatright-Horowitz, Su L.
Interactive response systems "clickers" can provide multiple benefits to the students and faculty who use them, including immediate performance feedback and greater student engagement in learning. My own exploration of this technology has yielded five pedagogically different types of polling questions, specifically measurement of student…
Barte, J.C.M.; Wendel-Vos, G.C.W.
The aim of this review is to give an overview of the available evidence on the effects of financial incentives to stimulate physical activity. Therefore, a systematic literature search was performed for randomized trials that investigate the effects of physical-activity-related financial incentives for individuals. Twelve studies with unconditional incentives (eg, free membership sport facility) and conditional incentives (ie, rewards for reaching physical-activity goals) related to physical ...
Full Text Available The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation. With the new representations, a theoretical explanation of leverage effect is provided. Simulated data and daily stock market indices (Shanghai composite index, Shenzhen component index, and Standard and Poor’s 500 Composite index via Bayesian Markov Chain Monte Carlo (MCMC method are used to estimate the leverage market microstructure model. The results verify the effectiveness of the model and its estimation approach proposed in the paper and also indicate that the stock markets have strong leverage effects. Compared with the classical leverage stochastic volatility (SV model in terms of DIC (Deviance Information Criterion, the leverage market microstructure model fits the data better.
Lall, U.; Allaire, M.; Ceccato, P.; Haraguchi, M.; Cian, F.; Bavandi, A.
Catastrophic floods can pose a significant challenge for response and recovery. A key bottleneck in the speed of response is the availability of funds to a country or regions finance ministry to mobilize resources. Parametric instruments, where the release of funs is tied to the exceedance of a specified index or threshold, rather than to loss verification are well suited for this purpose. However, designing and appropriate index, that is not subject to manipulation and accurately reflects the need is a challenge, especially in developing countries which have short hydroclimatic and loss records, and where rapid land use change has led to significant changes in exposure and hydrology over time. The use of long records of rainfall from climate re-analyses, flooded area and land use from remote sensing to design and benchmark a parametric index considering the uncertainty and representativeness of potential loss is explored with applications to Bangladesh and Thailand. Prospects for broader applicability and limitations are discussed.
Mehri Akhavi Babi
Full Text Available This study was conducted to investigate the effects of financial risks on the relationship between earnings per share and stock returns. The statistical population of the study consisted of the companies accepted by Tehran Stock Exchange. According to the conditions for sampling, 65 companies were selected during a period of six years from 2008 to 2013 (i.e., 390 fiscal years, and four hypotheses were set forth to achieve the purposes of the study. The first hypothesis tried to assess the relationship between earnings per share and stock returns. The second, third, and fourth hypotheses investigated the significance of the effects of three financial risks, namely liquidity, credit, and solvency risks on the relationship between earnings per share and stock returns. The hypotheses of the study were tested using linear and multiple regressions. The findings of the study indicated that there was a positive and significant relationship between earnings per share and stock returns. In addition, the results proved that the credit and solvency risks had negative and significant effects on the relationship between earnings per share and stock returns, but the effect of liquidity risk on this relationship was not significant.
I. I. Shanin
Full Text Available In article, the questions connected with approach on effective development of industrial enterprises on the example of the furniture entities are considered. Effective development of the entities is directed to cost reduction in case of production and implementation of products, for improvement of indicators of financial and economic activities. The research is conducted on the example of the furniture entities of the Voronezh region and Krasnodar Krai. Any entity constantly uses these or those resources connected with material, labor and finance costs. All resources, which are consumed during a certain production cycle, create a cost budget or the expense plan of the entity, which are the most important economic indicators of activities of any entity. Not always at the entities the attention is properly paid to forecasting of production expenses for a further stage of functioning. Most the entities will organize the activities in such a way that current plans pass from year to year, and at the same time the alternative ways directed to cost reduction in case of production and further sales of products aren't considered. Any entity needs forecasting and planning of costs for the following production stages, for the purposes of innovative development and effective functioning of productive activity of the entity. First, it is necessary for assessment of opportunities when financing productive activity and for further scheduling of expenses, directed to cost reduction and cost reallocation. Having analysed activities of the entities and having studied accounting (financial records, it is revealed that at the entities in 2015 in comparison with 2014, there was a decrease in outputs, but at the same time, the loss is observed. Based on the carried-out analysis, on the example of financial and economic activities of JSC GRAFSKOYE and JSC GKMF, conclusions are drawn, cost reduction allowances in case of production are revealed, and recommendations in
Boyd, Kathleen A; Briggs, Andrew H; Bauld, Linda; Sinclair, Lesley; Tappin, David
To investigate the cost-effectiveness of up to £400 worth of financial incentives for smoking cessation in pregnancy as an adjunct to routine health care. Cost-effectiveness analysis based on a Phase II randomized controlled trial (RCT) and a cost-utility analysis using a life-time Markov model. The RCT was undertaken in Glasgow, Scotland. The economic analysis was undertaken from the UK National Health Service (NHS) perspective. A total of 612 pregnant women randomized to receive usual cessation support plus or minus financial incentives of up to £400 vouchers (US $609), contingent upon smoking cessation. Comparison of usual support and incentive interventions in terms of cotinine-validated quitters, quality-adjusted life years (QALYs) and direct costs to the NHS. The incremental cost per quitter at 34-38 weeks pregnant was £1127 ($1716).This is similar to the standard look-up value derived from Stapleton & West's published ICER tables, £1390 per quitter, by looking up the Cessation in Pregnancy Incentives Trial (CIPT) incremental cost (£157) and incremental 6-month quit outcome (0.14). The life-time model resulted in an incremental cost of £17 [95% confidence interval (CI) = -£93, £107] and a gain of 0.04 QALYs (95% CI = -0.058, 0.145), giving an ICER of £482/QALY ($734/QALY). Probabilistic sensitivity analysis indicates uncertainty in these results, particularly regarding relapse after birth. The expected value of perfect information was £30 million (at a willingness to pay of £30 000/QALY), so given current uncertainty, additional research is potentially worthwhile. Financial incentives for smoking cessation in pregnancy are highly cost-effective, with an incremental cost per quality-adjusted life years of £482, which is well below recommended decision thresholds. © 2015 Society for the Study of Addiction.
In the field of quality and the application of the series ISO 9000, in the last decade lot of has been done referring to the implementation, education and documentation of the system quality. In this work a significant effort is given to recognize the connection between material costs and financial effects. I consider that in our area of leaving a little significance is still given to the quality costs, or maybe clearly said, the costs that are made due to bed quality, although it is known that the one of the basic aim of the implementation of the quality system is profit raising. (Original)
Bernet, Patrick Michael; Getzen, Thomas E
Investor trust is valuable to health care organizations. Without it, they may face higher capital costs. This study explores recent cases of fraud and the appearance of impropriety by health care organizations, focusing on the manners in which trust was violated, the systems that allowed those violations, and the effects on financial markets. Increases in the incidence and scale of such transgressions may be harbingers of worse times ahead. This article examines how recent events have affected the cost of capital, and what health care organizations can do to avoid being judged by the company they keep.
Deepening and expanding financial crisis triggered in October 2008 in the U.S. and other countries is the event that has caused the utmost concern of the policy makers in the economy and society. Forecasts for Romania show a slowdown in economy. As the current global status indicates the likelihood of a major global economic crisis, we attempt through this study to identify the real causes of this deepening crisis in Romania. As well as public policy priorities to counteract the effects of th...
September 2002 · NREL/SR-620-32819 Case Studies on the Effectiveness of State Financial Incentives for Renewable Energy S. Gouchoe, V. Everette, and R. Haynes North Carolina State University Raleigh, North Carolina National Renewable Energy Laboratory 1617 Cole Boulevard Golden, Colorado 80401-3393 NREL is a U.S. Department of Energy Laboratory Operated by Midwest Research Institute · Battelle · Bechtel Contract No. DE-AC36-99-GO10337 September 2002 · NREL/SR-620-32819Case Studies on the Effecti
Full Text Available The goal of this experimental project was to investigate lay peoples’ perceptions of epistemic authority (EA in the field of finance. EA is defined as the extent to which a source of information is treated as evidence for judgments independently of its objective expertise and based on subjective beliefs. Previous research suggested that EA evaluations are biased and that lay people tend to ascribe higher EA to experts who advise action (in the case of medical experts or confirm clients’ expectations (in the case of politicians. However, there has been no research into biases in lay evaluations of financial experts and this project is aimed to fill this gap. Experiment 1 showed that lay people tended to ascribe greater authority to financial consultants who gave more active advice to clients considering taking out a mortgage. Experiment 2 confirmed the action advice effect found in Experiment 1. However, the outcomes of Experiments 2 and – particularly – 3 suggested that this bias might also be due to clients’ desire to confirm their own opinions. Experiment 2 showed that the action advice effect was moderated by clients’ own opinions on taking loans. Lay people ascribed the greatest EA to the advisor in the scenario in which he advised taking action and where this coincided with the client’s positive opinion on the advisability of taking out a loan. In Experiment 3 only participants with a positive opinion on the financial product ascribed greater authority to experts who recommended it; participants whose opinion was negative tended to rate consultants who advised rejecting the product more highly. To conclude, these three experiments revealed that lay people ascribe higher EA to financial consultants who advise action rather than maintenance of the status quo, but this effect is limited by confirmation bias: when the client’s a priori opinion is salient, greater authority is ascribed to experts whose advice confirms it. In this
Zaleskiewicz, Tomasz; Gasiorowska, Agata; Stasiuk, Katarzyna; Maksymiuk, Renata; Bar-Tal, Yoram
The goal of this experimental project was to investigate lay peoples' perceptions of epistemic authority (EA) in the field of finance. EA is defined as the extent to which a source of information is treated as evidence for judgments independently of its objective expertise and based on subjective beliefs. Previous research suggested that EA evaluations are biased and that lay people tend to ascribe higher EA to experts who advise action (in the case of medical experts) or confirm clients' expectations (in the case of politicians). However, there has been no research into biases in lay evaluations of financial experts and this project is aimed to fill this gap. Experiment 1 showed that lay people tended to ascribe greater authority to financial consultants who gave more active advice to clients considering taking out a mortgage. Experiment 2 confirmed the action advice effect found in Experiment 1. However, the outcomes of Experiments 2 and - particularly - 3 suggested that this bias might also be due to clients' desire to confirm their own opinions. Experiment 2 showed that the action advice effect was moderated by clients' own opinions on taking loans. Lay people ascribed the greatest EA to the advisor in the scenario in which he advised taking action and where this coincided with the client's positive opinion on the advisability of taking out a loan. In Experiment 3 only participants with a positive opinion on the financial product ascribed greater authority to experts who recommended it; participants whose opinion was negative tended to rate consultants who advised rejecting the product more highly. To conclude, these three experiments revealed that lay people ascribe higher EA to financial consultants who advise action rather than maintenance of the status quo , but this effect is limited by confirmation bias: when the client's a priori opinion is salient, greater authority is ascribed to experts whose advice confirms it. In this sense, results presented in the
Full Text Available Since the financial crisis first erupted in the summer of 2007, the US Federal Reserve has sought to contain negative spillovers into the real economy by dramatically loosening monetary policy. Initially, this was done by lowering its key lending rates, but as the crisis has worsened, and rates have approached closer to zero, it has resorted to expanding its balance sheet in a historically unprecedented fashion. The Fed’s total assets have more than doubled to nearly $2 trillion since the summer of 2007.Much of the debate surrounding the wisdom of this extraordinary increase in the production of money has revolved around its expediency–in other words, will it actually work to rescue the economy? Very little has been said, at least explicitly, about whether it is the morally right thing to do.This paper seeks to fill this gap by providing a moral analysis of the Fed’s response to the financial crisis. For this purpose, we apply Aristotelian virtue theory, Lockean natural rights philosophy, Kantian deontology, and Benthamite utilitarianism. The idea is that if a consensus, or a strong majority, can be reached from differing philosophic assumptions and starting points, then the resulting judgment ought to be compelling for all neutral observers. On the basis that the Fed’s efforts are likely to result in a marked rise in inflation, we argue that every one of these four moral theories ultimately renders a negative judgment. As such, we conclude that the Fed is pursuing an immoral course.
Bush, Sarah B.; McGatha, Maggie B.; Bay-Williams, Jennifer M.
The current state of the economy elevates the need to build awareness of financial markets and personal finance among the nation's young people through implementing a financial literacy curriculum in schools. A limited amount of time spent on financial literacy can have a positive effect on students' budgeting skills. This knowledge will only add…
Huddleston, Thomas, Jr.; Batty, Burt F.
Student financial assistance services are becoming a major part of the institutional marketing plan as traditional college-age students decline in numbers and price competition among institutions increases. The effect of financial aid on enrollment and admissions processes is discussed along with the role of the financial aid officer. (Author/LBH)
This thesis investigates the effect of financial liberalization on economic growth, income inequality and financial instability. Chapter 1 describes aim and scope of the thesis. Chapter 2 provides a meta-analysis of the literature on financial liberalization and economic growth. It is found that
Full Text Available The purpose of this study is to investigate the Corporate Social Responsibility CSR/the Social Responsibility Disclosure SRD reporting practices referring to the published banking financial statements and the published auditors' reports. The study was conducted on the foreign bank branches from Romania and is based on their Romanian language web-sites, that constitute the data for the analysis. The results show that voluntary CSR/SRD concepts to disclose the financial statements and the auditors' reports on the Romanian web-sites were applied only by two from nine foreign bank branches. We plead for a social responsibility of the banks, even if they are foreign bank branches that conduct their activities according to the law from their origin countries. Disclosing the economic outputs via web-site could contribute to a high level of banks' transparency and makes part from the responsibility to society into the Corporate Social Responsibility CSR concept.
Stuckler, David; Basu, Sanjay
In April 2009, the G20 countries committed US $750 billion to the International Monetary Fund (IMF), which has assumed a central role in global economic management. The IMF provides loans to financially ailing countries, but with strict conditions, typically involving a mix of privatization, liberalization, and fiscal austerity programs. These loan conditions have been extremely controversial. In principle, they are designed to help countries balance their books. In practice, they often translate into reductions in social spending, including spending on public health and health care delivery. As more countries are being exposed to IMF policies, there is a need to establish what we know and do not know about the IMF's effects on global health. This article introduces a series in which contributors review the evidence on the relationship between the IMF and public health and discuss potential ways to improve the Fund's effects on health. While more evidence is needed for some regions, there is sufficient evidence to indicate that IMF programs have been significantly associated with weakened health care systems, reduced effectiveness of health-focused development aid, and impeded efforts to control tobacco, infectious diseases, and child and maternal mortality. Reforms are urgently needed to prevent the current wave of IMF programs from further undermining public health in financially ailing countries and limiting progress toward the health Millennium Development Goals.
Kuznetsov Aleksey Alekseevich
Full Text Available The article substantiates the necessity of extension and development of tools for methodological evaluation of effectiveness of public-private partnership (PPP projects both individually and in comparison of effectiveness of various mechanisms of projects realization on the example of traditional public procurement. The author proposed an original technique of modelling cash flows of private and public partners when realizing the projects based on PPP and on public procurement. The model enables us promptly and with sufficient accuracy to reveal comparative advantages of project forms of PPP and public procurement, and also assess financial effectiveness of the PPP projects for each partner. The modelling is relatively straightforward and reliable. The model also enables us to evaluate public partner's expenses for availability, find the terms and thresholds for interest rates of financing attracted by the partners and for risk probabilities to ensure comparative advantage of PPP project. Proposed criteria of effectiveness are compared with methodological recommendations provided by the Ministry of Economic Development of the Russian Federation. Subject: public and private organizations, financial institutions, development institutions and their theoretical and practical techniques for effectiveness evaluation of public-private partnership (PPP projects. Complexity of effectiveness evaluation and the lack of unified and accepted methodology are among the factors that limit the development of PPP in the Russian Federation nowadays. Research objectives: development of methodological methods for assessing financial efficiency of PPP projects by creating and justifying application of new principles and methods of modelling, and also criteria for effectiveness of PPP projects both individually and in comparison with the public procurement. Materials and methods: open database of ongoing PPP projects in the Russian Federation and abroad was used. The
Weeks, William B; Paraponaris, Alain; Ventelou, Bruno
Women represent a growing proportion of the physician workforce, worldwide. Therefore, for the purposes of workforce planning, it is increasingly important to understand differences in how male and female physicians work and might respond to financial incentives. A recent survey allowed us to determine whether sex-based differences in either physician income or responses to a hypothetical increase in reimbursement exist among French General Practitioners (GPs). Our analysis of 828 male and 244 female GPs' responses showed that females earned 35% less per year from medical practice than their male counterparts. After adjusting for the fact that female GPs had practiced medicine fewer years, worked 11% fewer hours per year, and spent more time with each consultation, female GPs earned 11,194€, or 20.6%, less per year (95% CI: 7085€-15,302€ less per year). Male GPs were more likely than female GPs to indicate that they would work fewer hours if consultation fees were to be increased. Our findings suggest that, as the feminization of medicine increases, the need to address gender-based income disparities increases and the tools that French policymakers use to regulate the physician supply might need to change. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.
Full Text Available The purpose of the paper is to investigate role of the financial performance, ownership structure and number of syari'a supervisory board of Islamic banks in Indonesia on the sustainability of corporate social responsibilities (CSR disclosure. Ownership structure and number of syari'a supervisory board of Islamic banks as proxy of implementation good corporate governance (GCG. There are seven (7 fully fledge Islamic banks in Indonesia. This study uses logic regression to test empirically whether the CSR is highly influenced by the factors identified earlier. Evidence was found that size, ROA and leverage do not have significant role in corporate social responsibilities (CSR disclosure. Specifically, the results infer the fact that the CSR disclosures are significant and positively associated to bank size and ownership structure only. The result of the study has confirms the hypothesis that bank size and ROA has positive associated with CSR disclosure. This suggested that large and profitable banks have more resources to devote to social activities. Leverage negatively influences the disclosure of CSR. Thus, lowly leveraged banks will tend to make larger donations than highly leveraged banks. Ownership structure and number of syari'a supervisory board of Islamic banks have positive associated to CSR disclosure. These results also confirm the predictions that good corporate governance mechanism lead to the greater monitoring and thereby greater CSR disclosure.
Per Erik Solem
Full Text Available The article explores the possible short-term effects of the financial crisis in Norway on cognitive, affective, and behavioral components of managers’ attitudes to older workers. The quick shifts in business cycles in 2008 and 2009, i.e., the financial crisis, produced some immediate reactions among managers. In particular, the protection of older workers by downsizing (the seniority principle gained less support within the first half year of the crisis; however, there was a return to the former level of support within the next half year. This pattern of change was observed in the private sector, while managers in the public sector changed attitudes on a smaller scale and in the direction of increased support for the seniority principle. The data are from the Norwegian Senior Policy Barometer where national samples of managers in private companies and in the public sector are interviewed. The study has a time series design with new samples (N=750 each year from 2003 to 2011. The cognitive component of attitudes was less affected by the financial crisis than the behavioral disposition mentioned above. The tendency was for more positive conceptions of older workers among managers in the public sector. In the private sector, the views of managers changed even less and in the opposite direction. An impact of more gradual business cycles is seen in the affective component of attitudes. Yet, older workers are among the least popular categories to recruit in both rising and falling cycles. The finding that managers in the private sector are more affected than managers in the less market-exposed public sector supports the possible effects of the financial crisis on attitudes to older workers. For senior policy, it is notable to keep track of long-term trends and not to be beset by short-term shifts in the need for older workers. Lasting effects of falling business cycles on the employment of older workers may be prevented by reinforcing a solid basis
Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov
In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.
Asongu, Simplice A.; Koomson, Isaac; Tchamyou, Vanessa S.
Purpose – This study assesses the effect of time-dynamic financial globalisation uncertainty on financial development in 53 African countries for the period 2000-2011. Design/methodology/approach – Financial globalisation uncertainty is estimated as time-dynamic to capture business cycle disturbances while all dimensions identified by the Financial Development and Structure Database of the World Bank are employed, namely: financial depth (money supply and liquid liabilities), financial sy...
Full Text Available Socially responsible investment (SRI has experienced strong growth in recent years. In 2012, $1 out of every $9 US assets under professional management was invested in some form of sustainable investment.1 Global sustainable investment assets have expanded dramatically, rising from $13.3 trillion at the outset of 2012 to reach a total of $21.4 trillion at the start of 2014. Most of the SRI assets are in Europe (63.7 percent, but the relative contribution of the United States has increased from 28.2 percent in 2012 to 30.8 percent in 2014, and over this two-year period, the fastest growing region has been the United States, followed by Canada and Europe. These three regions are also the largest regions in terms of assets, accounting for 99 percent of global SRI.2
Full Text Available Corporate social responsibility (CSR has recently received considerable attention in literature. One of the vehicles by which companies can conform to CSR in South Africa is Black Economic Empowerment (BEE. In this regard, BEE has been employed to assist previously disadvantaged groups of investors obtain a larger share of the equity of South African listed companies. The question has often been asked whether the announcement of BEE transactions by listed companies increases shareholder wealth. This article tries to answer this question by examining the share performance of 125 BEE transactions involving 95 companies during the period January 2002 to July 2006. The results indicate a positive relation between BEE transaction announcements and shareholder wealth creation, but only during the last part of the period covered by the study.
Myrvete Badivuku-Pantina; Anera Alishani
Financial crises are phenomena that happened before and continue to happen even nowadays. There were many financial crises in the last century, starting with the Great Depression of 1929 and continuing with other financial crisis, and it was believed that people would learn from their previous experiences and would not allow the crisis to happen again. But the financial crisis of 2007, created the impression that no one wanted to learn for the real causes of their occurrence and consequences,...
Patel, Minal R; Kruger, Daniel J; Cupal, Suzanne; Zimmerman, Marc A
Little is known about the role of positive financial behaviors (behaviors that allow maintenance of financial stability with financial resources) in mitigating cost-related nonadherence (CRN) to health regimens. This study examined the relationships between positive financial behaviors, financial stress, and CRN. Data came from the 2011 Speak to Your Health! Community Survey (n = 1,234). Descriptive statistics were computed to examine financial stress and CRN, by chronic condition and health insurance status. We used multivariate logistic regression models to examine the relationship between positive financial behaviors and financial stress and their interaction on a composite score of CRN, controlling for health insurance status, educational level, age, marital status, number of chronic conditions, and employment status. Thirty percent of the sample engaged in CRN. Participants reported moderate financial stress (mean, 13.85; standard deviation [SD] = 6.97), and moderate positive financial behavior (mean, 8.84; SD = 3.24). Participants with employer-sponsored insurance, Medicaid, Medicare, the Genesee Health Plan, high blood pressure, asthma, and diabetes had the highest proportion of CRN. The relationship between financial stress and CRN was not significantly different between those who reported lower versus higher levels of positive financial behavior (P = .32). Greater financial stress was associated with a greater likelihood of CRN (odds ratio [OR] = 2.49; 95% confidence interval [CI], 2.08-2.99). Higher level of positive financial behavior was associated with a lower likelihood of CRN (OR = 0.80; 95% CI, 0.67-0.94). Financial literacy as a means of promoting positive financial behavior may help reduce CRN. An intervention strategy focused on improving financial literacy may be relevant for high-risk groups who report high levels of financial stress.
Maiga, Adam S; Nilsson, Anders; Jacobs, Fred
The interface between management control and information technology is an under-developed research area with a knowledge gap concerning its implications for financial performance. This study contributes to bridging this gap by investigates the interaction effect of cost control systems and information technology integration on manufacturing plant financial performance. We surveyed a sample of 518 managers of U.S. manufacturing plants, approximately evenly distributed between those using activ...
Briers, B.M.E.; Laporte, S.
This study shows that people experiencing financial dissatisfaction may choose and consume food for its energy value. Because money and food are closely related, exchangeable resources, financially dissatisfied people may be motivated to replenish their need for financial resources by consuming
Full Text Available In 2007, the United States witnessed a financial crisis that gradually developed into one of the most serious global financial and economic recessions in the history of (postmodern society. Its effects are numerous. This article studies one of its spatial effects; that is, newly built (after 2005 residential and office buildings that are either unfinished or already built but not fully occupied. In Ljubljana in November 2011, there were ninety-seven locations with unoccupied or partly occupied residential houses and office buildings or groups of houses and office buildings together with abandoned or active construction sites. The majority of the structures studied were predominately represented by several blocks of flats and groups of dwellings. The others are office buildings or buildings and complexes with distinctively mixed residential-business functions. There are more than 1,500 empty flats and almost 75,000 m² of office area in the buildings surveyed. Spatial analysis showed that the structures surveyed are relatively scattered throughout Ljubljana. However, there were some clusters of buildings, especially in areas with the best accessibility. This article analyses the causes of this phenomenon, which is creating a new morphological element in Ljubljana. The article concludes by stating possible directions for future research.
Scott, Anthony; Sivey, Peter; Ait Ouakrim, Driss; Willenberg, Lisa; Naccarella, Lucio; Furler, John; Young, Doris
The use of blended payment schemes in primary care, including the use of financial incentives to directly reward 'performance' and 'quality' is increasing in a number of countries. There are many examples in the US, and the Quality and Outcomes Framework (QoF) for general practitioners (GPs) in the UK is an example of a major system-wide reform. Despite the popularity of these schemes, there is currently little rigorous evidence of their success in improving the quality of primary health care, or of whether such an approach is cost-effective relative to other ways to improve the quality of care. The aim of this review is to examine the effect of changes in the method and level of payment on the quality of care provided by primary care physicians (PCPs) and to identify:i) the different types of financial incentives that have improved quality;ii) the characteristics of patient populations for whom quality of care has been improved by financial incentives; andiii) the characteristics of PCPs who have responded to financial incentives. We searched the Cochrane Effective Practice and Organisation of Care (EPOC) Trials Register, Cochrane Central Register of Controlled Trials (CENTRAL) and Cochrane Database of Systematic Reviews (CDSR) (The Cochrane Library), MEDLINE, HealthSTAR, EMBASE, CINAHL, PsychLIT, and ECONLIT. Searches of Internet-based economics and health economics working paper collections were also conducted. Finally, studies were identified through the reference lists of retrieved articles, websites of key organisations, and from direct contact with key authors in the field. Articles were included if they were published from 2000 to August 2009. Randomised controlled trials (RCT), controlled before and after studies (CBA), and interrupted time series analyses (ITS) evaluating the impact of different financial interventions on the quality of care delivered by primary healthcare physicians (PCPs). Quality of care was defined as patient reported outcome
Full Text Available This study aims to determine the effects of leverage change, sales, market to book ratio; transaction cost, and interest rate after merger or acquisition on profitability change (return on assets or return on equity. The method used is multiple linear regressions. The type of data is cross sectional data. The samples are go public bidder companies that have annual or quarterly financial reports during one year before and after the merger or acquisition. The research results show leverage change, sales, market to book ratio, transaction cost and interest rate after merger or acquisition simultaneously have significant effect on the year and the next year change of return on asset or return on equity. Partially, leverage change and market to book ratio significantly influence on changes of profitability. Sales and interest rate significantly influence on the next year changes of profitability. Transaction cost partially has significant effect on next year changes of profitability.
Humphrey Nabiswa Chetambe; Maurice Sakwa
The ever increasing cost of education to Governments and to citizens calls for effective management of school resources by administrators. When the Government of Kenya (GOK) introduced free secondary education, the national budgetary allocation for the program was between Ksh.25 billion and Ksh.39.7 billion in the financial year 2007/08 and this figure was projected to increase to between Ksh.28.3 billion and Ksh.74.3 billion in 2011 due to increasing demand for secondary education (Republic ...
İsmail Erkan Çelik
Full Text Available Many reasons lie at the base of all financial crises from the past to the present. If we take into consideration the 2008 subprime mortgage crisis, the only reason cannot be mortgage loans. But the mortgage issue continued to advance and created several other problems. Definitely, the source of mortgage loans problem also had many roots. One of the reasons was the lack of correct use of accounting principles and auditing. This is a strong proof and indicator that, there are many accounting based reasons behind the occurrence of the financial crises. Many examples can be given showing moving away from the basic principles of accounting rules and the general accounting concepts. Moreover, institutions being not fully independent, running creative accounting practices, having problems with fair valuation and transparency issues, presenting unreal financial reports, and sharing misleading audit reports are all related to financial crises.Furthermore, specific businesses and people abuse accounting rules, standards and related legislation for the sake of their own interests. Accounting and finance history has shown us that, even audit institutions, credit institutions and rating agencies are getting unfair advantages and generating unethical cash by making intentional accounting and finance errors, which is actually categorized as fraud.The aim of this study is to analyze financial crises and to determine if accounting practices have any relationship with financial crises. The research investigated an oil company’s financial and operational indicators before and after the 2008 financial crises with related tables and figures. Also, an interview was run with the company’s accounting officer. Based on the statements of firm’s accounting officer, correct accounting practices defended firm from several negative effects of the 2008 financial crisis.
Full Text Available Abstrak Penelitian ini mengkaji pengaruh kinerja keuangan terhadap kredit perbakan BUMN di Indonesia. Perbankan yang terpilih menjadi objek penelitian adalah Bank Rakyat Indonesia (BRI, Bank Nasional Indonesia (BNI, Bank Mandiri dan Ban Tabungan Negara Indonesia (BTN. Data yang digunakan adalah data panel yaitu data sekunder tahunan yang diinterpolasi dalam data per triwulan, yang bersumber dari otoritas jasa keuangan, Bank Indonesia, Bappenas, BPS dan publikasi resmi lainnya. Pengaruh variabel bebas terhadap jumlah kredit diestimasi menggunakan regresi berganda metode Random Effect Model (REM. Hasil Penelitian menunjukkan bahwa perkembangan rata-rata kinerja keuangan perbankan BUMN mengalami fluktuasi dan mengalami variasi masing-masing Bank, sedangkan hasil pengujian menggunakan data panel semi log dengan model REM menunjukkan bahwa variabel non performing loan dan loan to deposit ratio memiliki pengaruh positif dan signifikan terhadap variabel jumlah kredit perbankan BUMN di Indonesia, sementara itu return on assets tidak berpengaruh signifikan. Kata Kunci : Dana pihak ketiga, NPL, LDR,ROA, dan Kredit Perbankan BUMN Abstract This study examines the effect of financial performance on state-owned banks credit in Indonesia. Banks selected to be analyzed are Bank Rakyat Indonesia (BRI, Bank Nasional Indonesia (BNI, Bank Mandiri, and Bank Tabungan Negara Indonesia (BTN. Panel data used is annual secondary data interpolated into quarterly data from Financial Services Authority, Bank Indonesia, The National Development Planning Agency or BadanPerencanaan Pembangunan Nasional (Bappenas, Central Bureau of Statistics or Badan (BPS, and other official publications. The influence of independent variables to the amount of credit is estimated using multiple regression, Random Effects Model (REM. The result of the study indicates that all state-owned banks had fluctuations in financial performance growth and it is different for all banks, while the
Adwin Surja Atmadja
Full Text Available This study attempts to examine the existence of cointegration relationship and the short run dynamic interaction among the five ASEAN stock market indices in the period of before and during the 2007 financial crisis. The multivariate time series analysis frameworks are employed to the series in both sub-sample periods in order to answer the hypotheses.The study finds two cointegrating vectors in the series before the financial crisis period, however it fails to detect any cointegrating vector in the period of financial crisis. Granger causality tests applied to the series reveal that number of significant causal linkages between two variables increase during the crisis period. Moreover, the accounting innovation analysis shows an increase in the explanatory power of an endogenous variable to another within the system during the crisis period, indicating that the contagious effect of the 2007-US financial crisis has entered into the ASEAN capital market, and significantly influenced the regional indices’ movements.
This paper provides an overview of the findings in the empirical economics and finance literature on the effects that various financial system characteristics have on real economic outcomes. Starting with a brief overview of the nexus between the deepening of financial systems and economic growth and development, the paper reviews to what extent financial market concentration, system diversity, the size of institutions, and the type and mandate of financial institutions have on outcomes such ...
van den Broek, Tijs; Langley, David; Hornig, Tobias
Protests that target firms’ socially irresponsible behavior are increasingly organized via digital media. This study uses two methods to investigate the effects that online protests and mitigating firm responses have on shareholders’ and consumers’ evaluation. The first method is a financial
van Den Broek, Tijs; Langley, David; Hornig, Tobias
Protests that target firms’ socially irresponsible behavior are increasingly organized via digital media. This study uses two methods to investigate the effects that online protests and mitigating firm responses have on shareholders’ and consumers’ evaluation. The first method is a financial
Casilla-Lennon, Marianne M; Choi, Seul Ki; Deal, Allison M; Bensen, Jeannette T; Narang, Gopal; Filippou, Pauline; McCormick, Benjamin; Pruthi, Raj; Wallen, Eric; Tan, Hung-Jui; Woods, Michael; Nielsen, Matthew; Smith, Angela
Costly surveillance and treatment of bladder cancer can lead to financial toxicity, a treatment related financial burden. Our objective was to define the prevalence of financial toxicity among patients with bladder cancer and identify delays in care and its effect on health related quality of life. We identified patients with bladder cancer in the University of North Carolina Health Registry/Cancer Survivorship Cohort. Financial toxicity was defined as agreement with having "to pay more for medical care than you can afford." Health related quality of life was measured using general and cancer specific validated questionnaires. Statistical analyses were performed using the Fisher exact test and the Student t-test. A total of 138 patients with bladder cancer were evaluated. Median age was 66.9 years, 75% of the patients were male and 89% were white. Of the participants 33 (24%) endorsed financial toxicity. Participants who were younger (p = 0.02), black (p = 0.01), reported less than a college degree (p = 0.01) and had noninvasive disease (p = 0.04) were more likely to report financial toxicity. On multivariable analysis only age was a significant predictor of financial toxicity. Patients who endorsed financial toxicity were more likely to report delaying care (39% vs 23%, p = 0.07) due to the inability to take time off work or afford general expenses. On general health related quality of life questionnaires patients with financial toxicity reported worse physical and mental health (p = 0.03 and life (p = 0.01), physical well-being (p = 0.01) and functional well-being (p = 0.05). Financial toxicity is a major concern among patients with bladder cancer. Younger patients were more likely to experience financial toxicity. Those who endorsed financial toxicity experienced delays in care and poorer health related quality of life, suggesting that treatment costs should have an important role in medical decision making. Copyright © 2018 American Urological Association
Full Text Available El ensayo se focaliza en el estudio de la responsabilidad social de la empresa centrándose en la comunicación económica – financiera. Como consecuencia de la crisis económica se ha alterado el equilibrio de la economía occidental y los modelos financieros éticos. En los últimos treinta años, la comunicación económica-financiera se ha vuelto estratégica para la gestión cotidiana de las empresas y, no solo, para aquellas que cotizan en la Bolsa. En su evolución, la dimensión de la comunicación dedicada a la economía y a las finanzas, no se dirige solo a los inversionistas, sino también se extiende a todos los públicos, buscando mayor transparencia y previendo la implicación participativa de los stakeholders. Los contenidos se caracterizan por ser únicamente económicos, regulados por las normativas nacionales e internacionales, utilizan la información y la narración para reconstruir los procesos, las historias y los valores de la organización. Tal evolución es favorecida por el uso de los nuevos medios que fortalecen la imagen de la organización y exaltan los valores, los objetivos y los proyectos futuros. En particular, los elementos de la responsabilidad social de la empresa expresan el valor, la credibilidad y la identidad misma del gobierno corporativo. El ensayo presenta un análisis de las modalidades comunicativas adoptadas por las empresas europeas líderes en los mercados financieros internacionales, centrándose en el estudio del contenido, las herramientas y las estrategias de comunicación. The essay focuses on the key role the corporate social responsibility in financial communications. Following the recent economic crisis that has upset the balance of the western economy, but also the affirmation of the ethical models funds in the last three decades, the financial communication has taken on a strategic importance in the daily management of a business and, not only in those listed. In its evolution
Andréia Carpes Dani
Full Text Available This study aims to verify the integration level between the financial and management accounting systems as a result of the convergence process with the international accounting standards and of the effectiveness of controllership in Brazilian companies. A descriptive research was undertaken, based on the application of the questionnaire by Angelkort and Weißenberger (2011 to the 500 Best and Biggest of Revista Exame, issue 2011, using a sample of 32 companies that answered the research. The correlations between the integration level of the financial and management accounting systems and the variables “consistency of financial language”, “quality of services provided” and “degree of influence in decision making”, during the convergence period with the international accounting standards, were positive and moderate. It was also observed that the period before the accounting convergence (2004 till 2007 showed a better integration level of the financial and management accounting systems than the accounting convergence period (2008 till 2011. In conclusion, the accounting convergence process increased the integration level of the financial and management accounting systems in the investigated companies, as well as the effectiveness of controllership, particularly in the consistency of the financial language, in the quality of the services provided and in the influence of the controllers’ services on these companies’ decisions.
Baum, Rachel; Characklis, Gregory W.; Serre, Marc L.
As the costs and regulatory barriers to new water supply development continue to rise, drought management strategies have begun to rely more heavily on temporary conservation measures. While these measures are effective, they often lead to intermittent and unpredictable reductions in revenues that are financially disruptive to water utilities, raising concerns over lower credit ratings and higher rates of borrowing for this capital intensive sector. Consequently, there is growing interest in financial risk management strategies that reduce utility vulnerabilities. This research explores the development of financial index insurance designed to compensate a utility for drought-related losses. The focus is on analyzing candidate hydrologic indices that have the potential to be used by utilities across the US, increasing the potential for risk pooling, which would offer the possibility of both lower risk management costs and more widespread implementation. This work first analyzes drought-related financial risks for 315 publicly operated water utilities across the country and examines the effectiveness of financial contracts based on several indices both in terms of their correlation with utility revenues and their spatial autocorrelation across locations. Hydrologic-based index insurance contracts are then developed and tested over a 120 year period. Results indicate that risk pooling, even under conditions in which droughts are subject to some level of spatial autocorrelation, has the potential to significantly reduce the cost of managing financial risk.
Ladd, Lawrence R.
Released in conjunction with the "Sustaining an Ethical Culture on Campus" webcast, this essay in the "Perspectives" series examines the complexities of the role of the chief financial officer. This white paper focuses on how the financial leader of an institution must balance technical knowledge along with stellar…
Full Text Available The objective of the study was to analyze how farmers’ managerial thinking and management process effectiveness contribute to profitability of farming. A structural equation model of these two elements of management capacity and financial performance was applied on survey data and bookkeeping results from 117 dairy farms. The model explained one-fourth of the varying profitability of sample farms. The results show that farmers’ managerial thinking is connected to farm profitability, but management process effectiveness is not. It was concluded that it is essential for good performance that the farmer has a clear vision of developing farming with business and investment plans. Successful farmers also have a firm confidence in their managerial skills, a strong emphasis on instrumental and intrinsic values, and a high appreciation of farming as occupation. They also see the farm as an entrepreneurial business unit and intend to follow the corresponding principles of management.
Latham, Lesley P; Marshall, Emily Gard
The use of financial incentives provided to primary care physicians who achieve target management or clinical outcomes has been advocated to support the fulfillment of care recommendations for patients with diabetes. This article explores the characteristics of incentive models implemented in the context of universal healthcare systems in the United Kingdom, Australia, Taiwan and Canada; the extent to which these interventions have been successful in improving diabetes outcomes; and the key challenges and concerns around implementing incentive models. Research in the effect of incentives in the United Kingdom demonstrates some improvements in process outcomes and achievement of cholesterol, blood pressure and glycated hemoglobin (A1C) targets. Evidence of the efficacy of programs implemented outside of the United Kingdom is very limited but suggests that physicians participating in these enhanced billing incentive programs were already completing the guideline-recommended care prior to the introduction of the incentive. A shift to pay-for-performance programs may have important implications for professionalism and patient-centred care. In the absence of definitive evidence that financial incentives drive the quality of diabetes management at the level of primary care, policy makers should proceed with caution. It is important to look beyond simply modifying physicians' behaviours and address the factors and systemic barriers that make it challenging for patients and physicians to manage diabetes in partnership. Copyright © 2015 Canadian Diabetes Association. Published by Elsevier Inc. All rights reserved.
Pavlickova, Hana; Bremner, Stephen A; Priebe, Stefan
A recent cluster-randomized controlled trial found that offering financial incentives improves adherence to long-acting injectable antipsychotics (LAIs). The present study investigates whether the impact of incentives diminishes over time and whether the improvement in adherence is linked to the amount of incentives offered. Seventy-three teams with 141 patients with psychotic disorders (using ICD-10) were randomized to the intervention or control group. Over 1 year, patients in the intervention group received £15 (US $23) for each LAI, while control patients received treatment as usual. Adherence levels, ie, the percentage of prescribed LAIs that were received, were calculated for quarterly intervals. The amount of incentives offered was calculated from the treatment cycle at baseline. Multilevel models were used to examine the time course of the effect of incentives and the effect of the amount of incentives offered on adherence. Adherence increased in both the intervention and the control group over time by an average of 4.2% per quarterly interval (95% CI, 2.8%-5.6%; P time and treatment group. Further, a higher total amount of incentives was associated with poorer adherence (βbootstrapped = -0.11; 95% CIbootstrapped, -0.20 to -0.01; P = .023). A substantial effect of financial incentives on adherence to LAIs occurs within the first 3 months of the intervention and is sustained over 1 year. A higher total amount of incentives does not increase the effect. ISRCTN.com identifier: ISRCTN77769281 and UKCRN.org identifier: 7033. © Copyright 2015 Physicians Postgraduate Press, Inc.
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This paper provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing “normal times” from periods of financial crises. In addition to confirming the significant positive effect on growth exerted by financial development and financial integration, our estimates show that a higher degree of financial openness tends to reduce the contractionary effect of financial crises, by cushioning the effect on the domestic supply of credit. Consequently, the high reliance on international capital flows by transition countries does not necessarily increase their financial fragility. This implies that financial protectionism is a self-defeating policy, at least for transition countries.
Full Text Available Small and medium-sized enterprises (SMEs are crucial, and not only for the Czech economy. Their sustainable growth is important for the economy of most European countries. Because of this, the issues surrounding their financing, government support and public perception are widely discussed. The problems connected with external financing of SMEs are closely related to effective management of financial risk, which can minimize competition, create better financial structure and increase the firm’s competitiveness. Our results of the questionnaire survey in the Czech Republic in 2015 were obtained using Structural Equation Modelling (SEM and revealed a factor which the male sample believed to be an important influence on the perception of financial risk is a bank’s approach to business. This factor is significantly influenced by knowledge, rules and principles including the knowledge of banks’ credit conditions, their transparency and the ability of entrepreneurs to manage financial risks. In the female sample, state and public perception showed to be much more important in the perception of financial risk. Male entrepreneurs mitigate financial risks through a bank’s assistance whereas female entrepreneurs emphasize the role of society.
The global financial crisis poses a threat to global health, and may exacerbate diseases of poverty, e.g. HIV, malaria and tuberculosis. Exploring the implications of the global financial crisis for the health sector response to tuberculosis is useful to illustrate the practical problems and propose possible solutions. The response to tuberculosis is considered in the context of health sector development. Problems and solutions are considered in five key areas: financing, prioritization, government regulation, integration and decentralization. Securing health gains in global tuberculosis control depends on protecting expenditure by governments of countries badly affected by tuberculosis and by donors, taking measures to increase efficiencies, prioritizing health expenditures and strengthening government regulation. Lessons learned will be valuable for stakeholders involved in the health sector response to tuberculosis and other diseases of poverty.
Full Text Available In a continuously changing business environment accounting data have to provide useful information in order to achieve relevant and faithful representation in financial statements. Since global markets have changed radically, growing international trade means the horizons of investors and borrowers have now become global, which has increased the level of their risks. Concerning international trade and investment, one of the most important risks is uncertainty about future foreign currency exchange rates and interest rates. Changes in financial markets have increased the use of derivative instruments (such as forwards, futures, swaps, and options to hedge risk exposure worldwide, while the related accounting standards have not kept pace with those changes. Because of the complexity and variety of these instruments, reporting on derivatives faces many difficulties, since a different framework and different accounting concepts are required to present useful financial information. For these reasons the growing use of derivative financial instruments and the challenges of the global financial system have intensified and sharpened debates about whether derivative instruments increase or decrease the risk of banks, affecting faithful representation based on their financial statements and decision usefulness of the reported information. This study aims to describe the transformation of accounting concepts and its effect on fair value accounting for derivative financial instruments in the information economy. The research question of the paper is whether the advantages of fair value accounting exceed the disadvantages, especially in the case of derivatives, in reducing the uncertainty and risk associated with financial reporting. Based on this question, the purpose of the empirical research is to assess the level of different risks which banks operating in Hungary face when using derivative financial instruments and to investigate how and to what extent
Rikhardsson, Pall; Sigurjonsson, Olaf; Arnardottir, Audur Arna
Past research seems to suggest that companies adopting certain strategies favor certain sets of performance measures. That is to say companies using entrepreneurial focused strategies favor non-financial measures or a balanced mix of financial and non-financial measures. Companies adopting reactive...... or operational strategies seem to favor financial measures and are less likely to use non-financial measures. We take this research further by focusing not only on the link between strategy types and performance measures but also on what specific performance measures are used in connection to which strategies....... Furthermore, we examine the link between the strategies adopted, the performance measures favored and the financial performance of the companies. The empirical data collection was carried out in winter 2013 with a population of the 300 largest companies in Iceland. The survey was sent to the CFO...
Stability in financial institutions and in financial markets are closely intertwined. Banks and other financial institutions need liquid markets through which to conduct risk management. And markets need the back-up liquidity lines provided by financial institutions. Market liquidity depends not only on objective, exogenous factors, but also on endogenous market dynamics. Central banks responsible for systemic stability need to consider how far their traditional responsibility for the health ...
Haesevoets, Tessa; Reinders Folmer, Chris; Van Hiel, Alain
Despite the popularity of financial compensation as a means for addressing trust violations, the question whether (more) money can indeed buy trust back remains largely unexplored. In the present research, we focus on the role of violation type and compensation size. The results of a scenario study and a laboratory experiment show that financial compensation can effectively promote the restoration of trust for transgressions that indicate a lack of competence. Conversely, for transgressions which signal a lack of integrity, financial compensation is not an effective tool to repair trust. Moreover, our findings indicate that for both violation types, overcompensation has no positive effects on top of the impact of equal compensation. These findings therefore show that when it comes to trust, money cannot buy everything. PMID:26714025
Brounen, Dirk; Koedijk, Kees; Pownall, Rachel
Greater personal responsibility toward financial decision-making is being advocated on a global basis. Individuals and households are encouraged to take a more active approach to personal finance. In this paper, we examine behavioral factors, which lead households toward savings and financial
Sharma Ashish K.
Full Text Available India has a huge industrial demand for process heating at temperatures that can be provided with commercially available solar collectors. Government of India with support from multi-lateral agencies has initiated an ambitious programme for promoting large scale adoption of Solar Industrial Process Heating (SIPH in the industrial sector of the country. This paper presents the details of an attempt to study the effect of several existing and potential incentives on the financial attractiveness of SIPH systems in India. A case of solar process heating in dairy industry has been presented to demonstrate the relative efficacy of different incentives on the economics of SIPH systems in terms of their impact on levelized cost of useful thermal energy delivered. Finally, policy implications of the results obtained have been discussed.
Full Text Available We do not support the intervention of the state in the economy. Considering that freedom has its price. Only that, here it is, the Resolution of the European Parliament since March, 25th 2010, referring to the effects of the world financial and economical crisis on the developing countries, shows that the fiscal paradises offer the possibility to hide money, stimulating actions that undermine the good governing, especially regarding the taxation and the legal state. The illegal capital flows coming from the developing countries are estimated at 641-941 billion dollars, representing about ten times the value of the world help for development. Does this mean the liberalization of the capital market, of the currency exchange and of the international commerce? After all, the developing states are under a double pressure generated by the integration on the markets and by the money volatility.
Full Text Available The literature suggests CCTs and remittances may protect poor households from income risk. We present a theoretical framework that explores how this ‘insurance’ effect can change households’ decision to apply for a loan via changes in credit demand and supply. Empirical evidence from poor rural households in Nicaragua shows CCTs did not affect loan requests while remittances increased them. The risk protection provided by remittances seems stronger, relative to CCTs, such that improvements on borrowers’ expected marginal returns to a loan or on creditworthiness more than offset decreasing returns to additional income. This suggests those transfers that best protect households from income risk favor financial deepening in the context of segmented markets.
Ferranti, Jeffrey M; Langman, Matthew K; Tanaka, David; McCall, Jonathan; Ahmad, Asif
Healthcare is increasingly dependent upon information technology (IT), but the accumulation of data has outpaced our capacity to use it to improve operating efficiency, clinical quality, and financial effectiveness. Moreover, hospitals have lagged in adopting thoughtful analytic approaches that would allow operational leaders and providers to capitalize upon existing data stores. In this manuscript, we propose a fundamental re-evaluation of strategic IT investments in healthcare, with the goal of increasing efficiency, reducing costs, and improving outcomes through the targeted application of health analytics. We also present three case studies that illustrate the use of health analytics to leverage pre-existing data resources to support improvements in patient safety and quality of care, to increase the accuracy of billing and collection, and support emerging health issues. We believe that such active investment in health analytics will prove essential to realizing the full promise of investments in electronic clinical systems.
Full Text Available This paper aims to investigate companies’ environmental, social, governance (ESG, and financial implications of their commitment to the United Nations Global Compact (UNGC. The focus is placed on companies operating in the three countries with the highest number of UNGC participants: Spain, France, and Japan. The results clearly reveal that adoption of the UNGC often requires an organizational change that fosters stakeholder engagement, ultimately resulting in improvements in companies’ ESG performance. Additionally, the results reveal that ESG performance has a significant impact on financial performance for companies that adopted the principles of the UNGC. These findings provide both non-financial and financial incentives to companies to commit to this voluntary corporate social responsibility (CSR initiative, which will have important implications on companies’ strategic management policies that aim to foster sustainable businesses and community development. Finally, the linkages between the UNGC-committed companies’ ESG and financial performance may be influenced by geographical spread, mainly due to the appearance of differences in the institutional, societal, and cultural settings.
Andrew W. Lo
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can...
Aydin, Gokhan; Ulengin, Burc
This study aims to find empirical evidence linking consumer based brand equity (CBBE) with financial performance of firms. Aaker’s CBBE approach is adopted and this equity is measured using a questionnaire developed from scales in existing literature. Differing from the extant literature, this study relates CBBE and firms’ performance by taking a direct approach in measuring financial performance by utilizing independently audited financial statements. A face-to-face survey study encompassing...
Roe, Mark J.; Siegel, Jordan
Political instability impedes financial development and is a primary determinant of differences in financial development around the world. Four conventional measures of national political instability — Alesina and Perotti’s (1996) well-known index of instability, a subsequent index derived from Banks’ (2005) work, and two indices of managerial perceptions of nation-by-nation political instability — persistently predict a wide range of national financial development outcomes for recent decades...
Roe, Mark J.; Siegel, Jordan
We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development. First, structural conditions first postulated by Engerman and Sokoloff (2002) as generating long-term inequality are shown here empirically to be exogenous determinants of political instability. Second, tha...
Roshchektayeva U. Y.
The article deals with the qualitative characteristics of the accounting (financial) statements in accordance with International Financial Reporting Standards: understandability, relevance, reliability and comparability. The article gives a definition of reliability of the accounting (financial) statements as one of the most important quality characteristics that ensure the usefulness of accounting information for a wide range of users. We present main consequences of the lack of consideratio...
Oliynyk-Dunn Olena O.
Full Text Available The article is aimed at clarifying the feasibility of optimizing the structure of the company’s capital based on the effect of financial leverage for the simplest situation – in the absence of profit taxation and without considering the dynamic aspects, related to changes in the total volume and composition of assets. On the basis of use of the recognized theoretical provisions – the Modigliani-Miller postulates – the authors illustrate the fundamental difference of results of the capital structure optimization by the criterion of maximizing the profitability of equity, which stipulates use of the effect of financial leverage, and on the criterion of maximizing the value of the owners capital. It has been concluded about the disadvantage for owners of implementation in the above-mentioned static situation of any revision of the capital structure accompanied by an increase in the financial leverage ratio, as it does not lead to an increase in the value of enterprise, but only provides a threat to its decline, and worsens financial security. Building of any optimization models of the enterprise’s capital structure, including those based on use of the effect of financial leverage, has been recognized as not expedient in the considered situation.
Stephenson, Beth A.
Climate change is a well-documented phenomenon. If left unchecked greenhouse gas emissions will continue global surface warming, likely leading to severe and irreversible impacts. Generating renewable energy has become an increasingly salient topic in energy policy as it may mitigate the impact of climate change. State renewable energy financial incentives have been in place since the mid-1970s in some states and over 40 states have adopted one or more incentives at some point since then. Using multivariate linear and fixed effects regression for the years 2002 through 2012, I estimate the relationship between state renewable energy financial incentives and residential electricity consumption, along with the associated policy implications. My hypothesis is that a renewable energy rebound effect is present; therefore, states with renewable energy financial incentives have a higher rate of residential electricity consumption. I find a renewable energy rebound effect is present in varying degrees for each model, but the results do not definitively indicate how particular incentives influence consumer behavior. States should use caution when adopting and keeping renewable energy financial incentives as this may increase consumption in the short-term. The long-term impact is unclear, making it worthwhile for policymakers to continue studying the potential for renewable energy financial incentives to alter consumer behavior.
Sabina, Asiago Lenah; Okibo, Walter; Nyang'au, Andrew; Ondima, Cleophas
Job satisfaction is a major challenge among employees in many organizations. The purpose of this research project is to assess the effect of non-financial incentives on job satisfaction of teachers in public secondary schools of Kisii Sub County in the Republic of Kenya. The specific objectives for the study include: to assess the effect of…
Relton, Clare; Strong, Mark; Thomas, Kate J; Whelan, Barbara; Walters, Stephen J; Burrows, Julia; Scott, Elaine; Viksveen, Petter; Johnson, Maxine; Baston, Helen; Fox-Rushby, Julia; Anokye, Nana; Umney, Darren; Renfrew, Mary J
Although breastfeeding has a positive effect on an infant's health and development, the prevalence is low in many communities. The effect of financial incentives to improve breastfeeding prevalence is unknown. To assess the effect of an area-level financial incentive for breastfeeding on breastfeeding prevalence at 6 to 8 weeks post partum. The Nourishing Start for Health (NOSH) trial, a cluster randomized trial with 6 to 8 weeks follow-up, was conducted between April 1, 2015, and March 31, 2016, in 92 electoral ward areas in England with baseline breastfeeding prevalence at 6 to 8 weeks post partum less than 40%. A total of 10 010 mother-infant dyads resident in the 92 study electoral ward areas where the infant's estimated or actual birth date fell between February 18, 2015, and February 17, 2016, were included. Areas were randomized to the incentive plus usual care (n = 46) (5398 mother-infant dyads) or to usual care alone (n = 46) (4612 mother-infant dyads). Usual care was delivered by clinicians (mainly midwives, health visitors) in a variety of maternity, neonatal, and infant feeding services, all of which were implementing the UNICEF UK Baby Friendly Initiative standards. Shopping vouchers worth £40 (US$50) were offered to mothers 5 times based on infant age (2 days, 10 days, 6-8 weeks, 3 months, 6 months), conditional on the infant receiving any breast milk. The primary outcome was electoral ward area-level 6- to 8-week breastfeeding period prevalence, as assessed by clinicians at the routine 6- to 8-week postnatal check visit. Secondary outcomes were area-level period prevalence for breastfeeding initiation and for exclusive breastfeeding at 6 to 8 weeks. In the intervention (5398 mother-infant dyads) and control (4612 mother-infant dyads) group, the median (interquartile range) percentage of women aged 16 to 44 years was 36.2% (3.0%) and 37.4% (3.6%) years, respectively. After adjusting for baseline breastfeeding prevalence and local government
Webster, Lee Ann H
Medical practice leadership teams, often consisting primarily of physicians with limited financial backgrounds, must make important business decisions and continuously monitor practice operations. In order to competently perform this duty, they need financial reports that are relevant and easy to understand. This article explores financial reporting and decision-making in a physician practice. It discusses reports and tools, such as ratios, graphs, and comparisons, that practices typically include in their reports. Because profitability and cash flow are often the most important financial considerations for physician practices, reports should generally focus on the impact of various activities and potential decisions upon these concerns. This article also provides communication tips for both those presenting practice financial information and those making the decisions. By communicating effectively, these leaders can best use financial information to improve decision-making and maximize financial performance.
Highlights: ► The apparent multifractality can be decomposed quantitatively. ► There is a marked finite-size effect in the detection of multifractality. ► The effective multifractality can be further decomposed into two components. ► A time series exhibits effective multifractality only if it possesses nonlinearity. ► The daily DJIA volatility is analyzed as an example. - Abstract: Many financial variables are found to exhibit multifractal nature, which is usually attributed to the influence of temporal correlations and fat-tailedness in the probability distribution (PDF). Based on the partition function approach of multifractal analysis, we show that there is a marked finite-size effect in the detection of multifractality, and the effective multifractality is the apparent multifractality after removing the finite-size effect. We find that the effective multifractality can be further decomposed into two components, the PDF component and the nonlinearity component. Referring to the normal distribution, we can determine the PDF component by comparing the effective multifractality of the original time series and the surrogate data that have a normal distribution and keep the same linear and nonlinear correlations as the original data. We demonstrate our method by taking the daily volatility data of Dow Jones Industrial Average from 26 May 1896 to 27 April 2007 as an example. Extensive numerical experiments show that a time series exhibits effective multifractality only if it possesses nonlinearity and the PDF has an impact on the effective multifractality only when the time series possesses nonlinearity. Our method can also be applied to judge the presence of multifractality and determine its components of multifractal time series in other complex systems.
An operational Contingency Plan is one of the single most important aspects of effective oil spill response operations. It is a spill control game plan. A thorough contingency plan provides a set of guidelines that can be used to help direct all phases of spill response activities. More than simple a compilation of lists and rosters, the contingency plan reflects strategic and philosophical elements of spill response that help to ensure a viable response to any spill incident. Facilities and oil carrying vessels should have well maintained contingency plans with these features. This paper describes the requirement for effective oil spill response pans and the training required to exercise them
In this chapter, I review basic tenets of response expectancy theory (Kirsch, 1985), beginning with the important distinction between response expectancies and stimulus expectancies. Although both can affect experience, the effects of response expectancies are stronger and more resistant to extinction than those of stimulus expectancies. Further, response expectancies are especially important to understanding placebo effects. The response expectancy framework is consistent with and has been amplified by the Bayesian model of predictive coding. Clinical implications of these phenomena are exemplified. © 2018 Elsevier Inc. All rights reserved.
Full Text Available There is still a debate regarding a possible restoring of the confidence in European financial markets because there are still underlying problems from the super-sized finance that actually worsened. Anti crisis strategy efficiency and future costs of real reform make analysts more prudent in forecasts. In addition, a possible reduction risk appetite and the loss of confidence will fuel a negative perspective regarding the recovery of emerging economies, extreme fragile to regional or global contagion effects. In modern financial crises, the events spiral out of control, panic and contagion come very fast. Greek debt crisis is the most serious extreme financial event in the Eurozone, with severe contagion features. An analysis of Eurocontagion effects in the context of Greece crisis by using a dynamic version of the Hawkes jump-diffusion model is suggested.
Tradable green certificates (TGCs) have recently become a diffuse instrument to support renewable electricity in OECD countries. Although it is perhaps too early to draw a conclusive judgement on the effectiveness of this instrument in increasing renewable capacity and decreasing the price of certificates, one view in the literature maintains that long-term contracts are of particular importance for TGCs to be effective. This paper contributes to this debate by analysing how financial constraints and technological progress can induce investors to hold pessimistic expectations of their ability to sell green certificates and still make a profit. Clearly, these expectations will prevent investors from building new capacity to fulfil the quota comprised in TGCs and will keep the price of certificates traded in the market high. As this kind of expectation is not influenced by most design features of TGCs, one can conclude that long-term contracts are particularly important in determining the effectiveness and cost-effectiveness of these instruments. Some attention should therefore be paid to the features of the TGCs, which induce obliged parties to offer long-term contracts to renewable generators. (author)
Webb Ware, J K; Larsen, J W A; Kluver, P
To assess the financial effect of programs for controlling bovine Johne's disease (BJD) in beef herds. A spreadsheet simulation model of a self-replacing beef herd in south-eastern Australia selling 400-kg steers at 15 months old. The model calculated the monthly cash flow, and net present value (NPV) of cumulative cash flow, over 10 years. Four main control options were compared: (1) a base herd (no action to control the disease), (2) test and cull, and (3) partial and (4) total destocking. It was assumed that BJD was eradicated after 3 and 5 years with total and partial destocking, respectively, and not eradicated with a test and cull program. Scenarios were compared for both commercial and stud enterprises. If there was no discount on the sale price of cattle in commercial herds, deaths from BJD had to exceed 5% before the NPV of partial or total destocking was similar to taking no action to control the disease over a 10-year period. When cattle sales incurred a 10% discount, deaths had to exceed 1% before the destocking strategies would break even after 10 years. Control options for BJD should be carefully planned on an individual herd basis, as significant production and financial risks accompany destocking programs. Eradication will only be more profitable in the longer term, compared with living with the disease, when discounts on the sale of stock from infected herds are high. This can occur with the selling of store cattle or breeders. In stud herds, BJD will usually cause the total failure of the business. © 2012 The Authors. Australian Veterinary Journal © 2012 Australian Veterinary Association.
Zografaki, Irini; Papamichail, Dimitris; Panagiotopoulos, Takis
Starting in 2008 recession affected many European countries and especially Greece. Previous studies have reported increases in low birth weight, preterm birth and stillbirth rates in Greece during early crisis. In our study we used data on births from 1980 to 2014 that allowed us to distinguish recent changes, which could possibly be attributed to the financial crisis, from long term trends, and controlled for maternal age and country of origin as potential confounders. Our study covered a longer period (up to 2014) than what has been studied before and looked separately at the effect of early and established crisis. We used national vital statistics data from 1980 to 2014. We performed age standardization and calculated age standardized rates and standardized rate ratios (SRRs) for perinatal factors for three time periods (pre-crisis, early crisis and established crisis) for Greek and non-Greek women. We found an increase in low birth weight deliveries independent of maternal age and origin and an increased stillbirth rate in Greek women younger than 25 in early (RR = 1.42 95%CI: 1.12-1.80) and established crisis periods (RR = 1.36 95%CI: 1.07-1.72) compared with pre-crisis. Non-Greek women have also been affected, with their advantage regarding birth outcomes becoming less profound in the established crisis period (low birth weight: established crisis SRR = 0.84 95%CI: 0.82-0.87, pre-crisis SRR = 0.79 95% CI: 0.76- 0.81). The financial crisis has possibly adversely affected perinatal factors in Greece. Our results highlight the need of appropriate public health interventions and family support policies, especially for younger people, unemployed and immigrants.
Kaiser, Tim; Menkhoff, Lukas
A meta-analysis of 126 impact evaluation studies finds that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lowe...
Robb, Cliff A.; Sharpe, Deanna L.
Analysis of survey data collected from 6,520 students at a large Midwestern University affirmed that financial knowledge is a significant factor in the credit card decisions of college students but not entirely in expected ways. Results of a double hurdle analysis indicated that students with relatively higher levels of financial knowledge were…
Kennedy, Brianna; Oliverez, Paz M.; Tierney, William G.
Financial aid-related information and services are provided to students and families in a variety of ways. The timing of when information is shared with these groups also varies. Financial aid information is typically provided through events sponsored by high schools, colleges and universities, and multiple community and government-sponsored…
Bates, Homer L.; Waldrup, Bobby E.; Shea, Vincent
Major changes are coming to U.S. financial accounting and accounting education as U. S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) converge within the next few years. In 2008, the U.S. Securities and Exchange Commission (SEC) published a proposed "road map" for the potential…
The recent financial crisis not only affected the financial sector but also the whole economy. The crisis caused many countries to experience a major decline in economic output and the usual consequences associated with a recession. The Dutch economy has also not been fully immune from the crisis’s
Akira Kohsaka; Jun-ichi Shinkai
We examine the role of financial shocks in business cycles in general and in financial crises in particular in East Asia (Indonesia, Korea, Malaysia and Thailand) since the 1990s. Estimating a Financial Conditions Index, we found that financial shocks explain most of business downturns in all the economies in the Asian Financial Crisis (AFC) in 1997-98, but that the effects of financial shocks are diverse across economies in the Global Financial Crisis (GFC) in 2008-09. In the GFC, the financ...
Berta Dian Theodora
Full Text Available This research aims to know the student’s lifestyle whether it is influenced by education that has been accepted in family or their financial literacy. Samples were 334 out of 2040 students of Indraprasta PGRI University, Jakarta. Technique of data analysis used path analysis. Findings show that 60.78% of students are in the middle category for economic education in family, 47% of students are in the high category for financial literacy and 58% of students have a high lifestyle. Economic education influences the lifestyle by 6.4% and financial literacy affects on lifestyle by 3.7%. The influence of family education through financial literacy toward lifestyle is 1.9%. Therefore, it can be concluded that financial literacy does not increase the influence of education Economy in family to lifestyle. Then, the results of the research will be used as one of the reference in the application of entrepreneurship lectures.
Sarhad Hamza Khdir
Full Text Available The objective of mandatory adoption of IFRS is to enhance the quality of accounting information in worldwide. However, this effort made challenged for European Union as a supranational body to achieve similar advantages of converged the IFRS standards. This study examines the effectiveness of IFRS on the European Union as a supranational body and whether the EU has successfully converged to the IFRS standards. The paper will also analyze if there are any difficulties with switching to the IFRS standards versus the traditional local accounting practices in EU. The results obtained show that the first application of IFRS has adopted among EU countries and the results indicate that the adoption of IFRS leads to improvement in value relevance. The results also imply that the IFRS adoption for EU does not ensure better quality of accounting information and standardized IFRS is not effective to implement for all EU because there is a lot of misperception in terms of these guidelines for preparing financial statement. The culture difference among EU shows that IFRS is not fits size standard for all EU that can lead EU to conform at the same time. The conclusion of this report will provide the answer whether it is or not effective for the EU to fully converge to the IFRS standards as a whole.
Chen, Wang; Wei, Yu; Lang, Qiaoqi; Lin, Yu; Liu, Maojuan
In this paper, we propose a new approach based on the multifractal volatility method (MFV) to study the contagion effect between the U.S. and Chinese stock markets. From recent studies, which reveal that multifractal characteristics exist in both developed and emerging financial markets, according to the econophysics literature we could draw conclusions as follows: Firstly, we estimate volatility using the multifractal volatility method, and find out that the MFV method performs best among other volatility models, such as GARCH-type and realized volatility models. Secondly, we analyze the tail dependence structure between the U.S. and Chinese stock market. The estimated static copula results for the entire period show that the SJC copula performs best, indicating asymmetric characteristics of the tail dependence structure. The estimated dynamic copula results show that the time-varying t copula achieves the best performance, which means the symmetry dynamic t copula is also a good choice, for it is easy to estimate and is able to depict both the upper and lower tail dependence structure. Finally, with the results of the previous two steps, we analyze the contagion effect between the U.S. and Chinese stock markets during the subprime mortgage crisis. The empirical results show that the subprime mortgage crisis started in the U.S. and that its stock market has had an obvious contagion effect on the Chinese stock market. Our empirical results should/might be useful for investors allocating their portfolios.
In an environment marked by growing claims regarding corporate social responsibility (CSR), debates on governance show the need for taking into account all the legitimate involved parties of the company within the framework of the legal or voluntary financial communication (Dowling and Pfeffer, 1975; Lind B lom, 1994; Gray et al.., 1995). If the accounting regulation, the laws and the rules in western countries require the consideration of the environmental aspects in the accounts and the ann...
propose solutions aimed at reducing the effects of global financial crisis by ... rates of return leading to more investment and higher growth for developing countries. .... capital can without notice turn into outflows as it did in Russia and East Asia.
1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...
Dorien F Bangma
Full Text Available Financial decision-making (FDM is crucial for independent living. Due to cognitive decline that accompanies normal aging, older adults might have difficulties in some aspects of FDM. However, an improved knowledge, personal experience and affective decision-making, which are also related to normal aging, may lead to a stable or even improved age-related performance in some other aspects of FDM. Therefore, the present explorative study examines the effects of normal aging on multiple aspects of FDM.One-hundred and eighty participants (range 18-87 years were assessed with eight FDM tests and several standard neuropsychological tests. Age effects were evaluated using hierarchical multiple regression analyses. The validity of the prediction models was examined by internal validation (i.e. bootstrap resampling procedure as well as external validation on another, independent, sample of participants (n = 124. Multiple regression and correlation analyses were applied to investigate the mediation effect of standard measures of cognition on the observed effects of age on FDM.On a relatively basic level of FDM (e.g., paying bills or using FDM styles no significant effects of aging were found. However more complex FDM, such as making decisions in accordance with specific rules, becomes more difficult with advancing age. Furthermore, an older age was found to be related to a decreased sensitivity for impulsive buying. These results were confirmed by the internal and external validation analyses. Mediation effects of numeracy and planning were found to explain parts of the association between one aspect of FDM (i.e. Competence in decision rules and age; however, these cognitive domains were not able to completely explain the relation between age and FDM.Normal aging has a negative influence on a complex aspect of FDM, however, other aspects appear to be unaffected by normal aging or improve.
Erlynda Y. Kasim
Full Text Available Abstract The quality of financial reporting produced by the company are expected to meet the quality characteristics to Achieve the objective of the conceptual framework of financial reporting. Good implementation of adequate corporate governance in a company is one of the factors that Determine the quality of financial reporting. Similarly the internal implementation of audit firm certainly factors Affect the quality of financial reporting. Quality financial reporting will certainly get a market response that can be seen from the level of the stock return. The paper examines two independent variables items namely Good Corporate Governance and Internal Audit and its influence on the quality of financial reporting and its implications to Return Shares. In the design of this study will be performed on companies listed in the Indonesia Stock Exchange with multiple linear regression method.
Adolfssson, Alexander; Åström, Marie
Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduce...
ahmadu, aminu; Md. Harashid, Haron; Azlan, Amran
The purpose of the study is to examine the leading factors towards philanthropic dimension of corporate social responsibility in the Nigerian financial sector. The need to build corporate image, prompt managers towards prioritizing the philanthropic dimension of CSR. Satisfaction of stakeholder needs to reduce the pressure exerted on managers’ leads also to the assumption of more philanthropic activities. Within these set of circumstances, the objective of the study is to explore the possible...
Tøge, Anne Grete
Unemployment has a number of negative consequences, such as decreased income and poor self-rated health. However, the relationships between unemployment, income, and health are not fully understood. Longitudinal studies have investigated the health effect of unemployment and income separately, but the mediating role of income remains to be scrutinized. Using longitudinal data and methods, this paper investigates whether the effect of unemployment on self-rated health (SRH) is mediated by income, financial strain and unemployment benefits. The analyses use data from the longitudinal panel of European Union Statistics on Income and Living Conditions (EU-SILC) over the 4 years of 2008 to 2011. Individual fixed effects models are applied, estimating the longitudinal change in SRH as people move from employment to unemployment, and investigating whether this change is reduced after controlling for possible mediating mechanisms, absolute income change, relative income change, relative income rank, income deprivation, financial strain, and unemployment benefits. Becoming unemployed is associated with decreased SRH (-0.048, SE 0.012). This decrease is 19 % weaker (-0.039, SE 0.010) after controlling for change in financial strain. Absolute and relative changes in household equalized income, as well as changes in relative rank and transitions into income deprivation, are not found to be associated with change in SRH. Financial strain is found to be a potential mediator of the individual health effect of unemployment, while neither absolute income, relative income, relative rank, income deprivation nor unemployment benefits are found to be mediators of this relationship.
Mao, Dung Minh
In this study, the relationship between the perception of financial stress (measured by income inadequacy), parenting quality (measured by positive parenting, consistent discipline, and good supervision), and the moderating effect that cooperative co-parenting (measured by co-parenting alliance) were investigated within a sample of parents who…
Bacikova-Sleskova, Maria; van Dijk, Jitse P.; Geckova, Andrea Madarasova; Nagyova, Iveta; Salonna, Ferdinand; Reijneveld, Sijmen A.; Groothoff, Johan W.
Objectives: The main purpose of this paper is to explore whether unemployment influences adolescents' subjective perception of health and whether perceived financial stress and social contacts can mediate the effect of employment status on health. We are also interested in the differences in
Full Text Available An accurate measurement of the impacts of external shocks on construction demand will enable construction industry policymakers and developers to make allowances for future occurrences and advance the construction industry in a sustainable manner. This paper aims to measurethe dynamic effects of the late 2000s global financial crisis on the level of demand in the Australian construction industry. The vector error correction (VEC model with intervention indicators is employed to estimate the external impact from the crisis on a macro-level construction economic indicator, namely construction demand. The methodology comprises six main stages to produce appropriate VEC models that describe the characteristics of the underlying process. Research findings suggestthat overall residential and non-residential construction demand were affected significantly by the recent crisis and seasonality. Non-residentialconstruction demand was disrupted more than residential construction demand at the crisis onset. The residential constructionindustry is more reactive and is able to recover faster following the crisis in comparison with the non-residential industry. The VEC model with intervention indicators developed in this study can be used as an experiment for an advanced econometric method. This can be used to analyse the effects of special eventsand factors not only on construction but also on other industries.
French, Benjamin; Small, Dylan S.; Saulsgiver, Kathryn; Harhay, Michael O.; Audrain-McGovern, Janet; Loewenstein, George; Asch, David A.; Volpp, Kevin G.
Rationale: Targeting different smoking cessation programs to smokers most likely to quit when using them could reduce the burden of lung disease. Objectives: To identify smokers most likely to quit using pure reward-based financial incentives or incentive programs requiring refundable deposits to become eligible for rewards. Methods: We conducted prespecified secondary analyses of a randomized trial in which 2,538 smokers were assigned to an $800 reward contingent on sustained abstinence from smoking, a refundable $150 deposit plus a $650 reward, or usual care. Measurements and Main Results: Using logistic regression, we identified characteristics of smokers that were most strongly associated with accepting their assigned intervention and ceasing smoking for 6 months. We assessed modification of the acceptance, efficacy, and effectiveness of reward and deposit programs by 11 prospectively selected demographic, smoking-related, and psychological factors. Predictors of sustained smoking abstinence differed among participants assigned to reward- versus deposit-based incentives. However, greater readiness to quit and less steep discounting of future rewards were consistently among the most important predictors. Deposit-based programs were uniquely effective relative to usual care among men, higher-income participants, and participants who more commonly failed to pay their bills (all interaction P values patient characteristics. Clinical trial registered with www.clinicaltrials.gov (NCT 01526265). PMID:27064456
Full Text Available At the ideological level, the current crisis, as the others in history, has triggered an intellectual debate among several applicable ideas: ultra-liberal theory of the "invisible hand" of Adam Smith, Keynes's theory of state interventionism and even neo-Marxist theories. Globalization, with all its core components, generates a chain reaction when the phenomenon occurs, either positive or negative. The origin of the current financial crisis should be sought in the effects of massive cross-border capital flows and the use of more complex derivatives. Reaching the saturation of the three engines of economic growth worldwide in the period after the collapse of the socialist bloc is another important cause of all the failures that currently exist worldwide. Acquisition of toxic assets from bank balance sheets, their recapitalization and takeover by the state, but also the reinforcement of the prudential supervision of capitalization, liquidity and risk management system, improved transparency and speed the process of evaluating or reinforcing authorities' response to risk, can be considered short or long term anti-crisis measures, as appropriate.
Lim, Kyuseong; Kim, Soo Yong; Swanson, Todd; Kim, Jooyun
We investigated the distribution functions of Korea's top-rated companies during two financial crises. A power-law scaling for rank distribution, as well as cumulative probability distribution, was found and observed as a general pattern. Similar distributions can be shown in other studies of wealth and income distributions. In our study, the Pareto exponents designating the distribution differed before and after the crisis. The companies covered in this research are divided into two subgroups during a period when the subprime mortgage crisis occurred. Various industrial sectors of Korea's companies were found to respond differently during the two financial crises, especially the construction sector, financial sectors, and insurance groups.
Full Text Available Abstract Background Financial incentives appear to be effective in promoting smoking cessation in pregnancy. The mechanisms by which they might operate however, are poorly understood. The present study examines how financial incentives for smoking cessation during pregnancy may work, by exploring pregnant women's experiences of trying to stop smoking, within and outside of a financial incentives scheme. Methods Thirty-six (n = 36 UK-based pregnant smokers (n = 36, offered standard NHS Stop-Smoking Services, of whom twenty (n = 20 were enrolled in a financial incentives scheme for smoking cessation (n = 20 and sixteen (n = 16 were not, were interviewed about (i their motivation to stop smoking, and (ii the factors they perceived as influencing their quitting efforts. Framework Analysis was used to analyse the data. Results Women in the two groups reported similar reasons for wanting to stop smoking during pregnancy. However, they described dissimilar experiences of the Stop-Smoking Services, which they perceived to have differentially influenced their quit attempts. Women who were incentivised reported using the services more than women who were not incentivised. In addition, they described the motivating experience of being monitored and receiving feedback on their progress. Non-incentivised women reported problems receiving the appropriate Nicotine Replacement Therapy, which they described as having a detrimental effect on their quitting efforts. Conclusion Women participating in a financial incentives scheme to stop smoking reported greater engagement with the Stop-Smoking Services, from which they described receiving more help in quitting than women who were not part of the scheme. These results highlight the complexity of financial incentives schemes and the intricacies surrounding the ways in which they operate to affect smoking cessation. These might involve influencing individuals' motivation and self-regulation, changing engagement with
Wang, Jianxin; Gochoco-Bautista, Maria Socorro; Sotocinal, Noli
Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (1) financial conditions and financial development affect corporate investments through different channels. Financial conditions affect firms' growth opportunities an...
Characklis, Greg; Foster, Ben; Kern, Jordan; Meyer, Eliot; Zeff, Harrison
Environmental uncertainty poses a growing number of financial risks to society, with droughts, floods, extreme temperatures and violent storms imposing costs that approach 500 billion per year. While structural forms of mitigation (i.e. levees, dams) will certainly play a role in limiting financial impacts, these are large investments whose full value is only rarely realized. Furthermore, the value of such long-lived measures becomes increasingly uncertain in a changing climate, raising the issue of whether they will be effective 20-30 years hence. Financial instruments, such as index insurance, can provide increased flexibility by providing compensation for losses only when they occur, and limited contract periods allow terms to be periodically rewritten in response to changing conditions. Financial instruments can also be effectively combined with other economic tools and infrastructure to create integrated solutions in which infrastructure mitigates losses from moderate events, while financial products compensate for more rare, but extreme, events. There is a long history of environmentally-related insurance and hedging instruments, but to date the actuarial analyses that underlie contract structure and pricing have been based on straightforward observations, such as cumulative rainfall. More recently, simple correlations between two time series have been used to develop index-based contracts. Links between temperature and electricity demand, for example, provide a basis for contracts that are used to limit the financial exposure of power generators to low revenues during unseasonably warm winters or cool summers. Unfortunately, few environmental risks can be so quickly and easily linked to a financial impact. However, with a more advanced understanding of the environmental systems that give rise to financial losses, opportunities exist to develop innovative contracts for a range of new applications. Recent research describes the characterization and mitigation
Financial incentive does not affect P300 (in response to certain episodic and semantic probe stimuli) in the Complex Trial Protocol (CTP) version of the Concealed Information Test (CIT) in detection of malingering.
Rosenfeld, J Peter; Labkovsky, Elena; Davydova, Elena; Ward, Anne; Rosenfeld, Lauren
Previous research indicated that the skin conductance response of the autonomic nervous system in the Concealed Information Test (CIT) is typically increased in subjects who are financially and otherwise incentivized to defeat the CIT (the paradoxical "motivational impairment" effect). This is not the case for RT-based CITs, nor P300 tests based on the three-stimulus protocol for detection of cognitive malingering (although these are not the same as CITs). The present report is the first attempt to study the effect of financial motivation on the P300-based Complex Trial Protocol using both episodic and semantic memory probe and irrelevant stimuli. The Test of Memory Malingering (TOMM) was used to validate behavioral differences between the two groups we created by offering one (paid) group but not another (unpaid) group a financial reward for beating our tests. Group behavioral differences on the TOMM did confirm group manipulations. Probe-minus-irrelevant P300 differences did not differ between groups, although as previously, semantic memory-evoked P300s were larger than episodic memory-evoked P300s. © 2017 Society for Psychophysiological Research.
Providing financial incentives to commuters to use alternative modes is a common element of managing transportation demand. Although these incentives have become common during the past two decades as elements of transportation demand management (TDM)...
...). This implied that NASA not only could generate reliable information once a year for external financial reporting purposes but also could provide accurate, reliable information for day-today decision-making...
During the last two decades, financial incentives : have become common in efforts to reduce : demand on roadways by motivating commuters to : use alternative modes of transportation. Despite : common use, limited effort has been made to : understand ...
Çakmak, S. Serdar
Ankara : Department of Management and Graduate School of Business Administration of Bilkent University, 1996. Thesis (Master's) -- Bilkent University, 1996. Includes bibliographical references leaves 22-24 Announcements of financial statement informations provide valuable signals for investors. There are evidences documenting the changes in trading volume and stock returns at the time of annual and interim financial statement announcements in comparison to those in non-announcement p...
This paper investigates how government bond purchases affect leverage-constrained banks and non-financial firms by utilising a stochastic general equilibrium model. My results indicate that government bond purchases not only reduce non-financial firms' borrowing costs, amplified through a reduction in expected defaults, but also lower banks' profit margins. In an economy in which loans priced at par dominate in banks' balance sheets - as a reflection of the euro area's structure - the leverag...
Mikhail Stolbov; Maria Shchepeleva
We extend the conventional approach to the construction of financial stress indices (FSI) for emerging economies proposed by Balakrishnan et al. (2011). Based on the principal component analysis, our index accounts for developments in the residential real estate market, adopts distinctive indicators for the banking sector and sovereign debt risks, covering the period from February 2008 to September 2015 for 14 emerging economies. The FSIs accurately capture the periods of impaired financial i...
Petersen, Laura A.; Simpson, Kate; Pietz, Kenneth; Urech, Tracy H.; Hysong, Sylvia J.; Profit, Jochen; Conrad, Douglas A.; Dudley, R. Adams; Woodard, LeChauncy D.
Importance Pay for performance is intended to align incentives to promote high quality care, but results have been contradictory. Objective To test the effect of explicit financial incentives to reward guideline-recommended hypertension care. Design, Setting, and Participants Cluster randomized controlled trial of 12 Veterans Affairs hospital-based outpatient clinics with five performance periods and a 12-month washout. We enrolled 83 primary care physicians and 42 non-physician personnel (e.g., nurses, pharmacists) working with physicians to deliver hypertension care. Interventions Clinics randomized to one of four groups: physician-level (individual) incentives; practice-level incentives; individual- plus practice-level incentives (combined); or none. Intervention participants received up to five payments every four months; all participants could access feedback reports. Main outcome measures For each four-month period, the number of hypertensive patients among a random sample who achieved guideline-recommended blood pressure thresholds or received an appropriate response to uncontrolled blood pressure; and/or been prescribed guideline-recommended medications and the number who developed hypotension. Results Mean (standard deviation) total payments over the study were $4,270 ($459), $2,672 ($153), and $1,648 ($248) for the combined, individual, and practice-level interventions, respectively. The adjusted change over the study in patients meeting the combined blood pressure/appropriate response measure was 8.84 percentage points (95% confidence interval [CI], 4.20–11.80) for the individual-level, 3.70 (95% CI, 0.24–7.68) for the practice-level, 5.54 (95% CI, 1.92–9.52) for the combined, and 0.47 (95% CI, −3.12–4.04) for the control groups. For medications, the change was 9.07 (95% CI, 4.52–13.44), 4.98 (95% CI, 0.64–10.08), 7.26 (95% CI, 2.92–12.48), and 4.35 (95% CI, −0.28–9.28) percentage points, respectively. The adjusted estimated
Full Text Available This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.
Lapierre, L.M.; Steenbergen, E.F. van; Peeters, M.C.W.; Kluwer, E.S.
Using multiwave survey data collected among 251 financial sales professionals, we tested whether involuntarily working more from home (teleworking) was related to higher time-based and strain-based work-to-family conflict (WFC). Employees' boundary management strategy (integration vs. segmentation)
Lapierre, Laurent; van Steenbergen, E.F.; Peeters, M.C.W.; Kluwer, E.S.
Using multiwave survey data collected among 251 financial sales professionals, we tested whether involuntarily working more from home (teleworking) was related to higher time-based and strain-based work-tofamily conflict (WFC). Employees’ boundary management strategy (integration vs. segmentation)
Maeda, Eri; Higashi, Takahiro; Hasegawa, Tomonobu; Yokoya, Susumu; Mochizuki, Takahiro; Ishii, Tomohiro; Ito, Junko; Kanzaki, Susumu; Shimatsu, Akira; Takano, Koji; Tajima, Toshihiro; Tanaka, Hiroyuki; Tanahashi, Yusuke; Teramoto, Akira; Nagai, Toshiro; Hanew, Kunihiko; Horikawa, Reiko; Yorifuji, Toru; Wada, Naohiro; Tanaka, Toshiaki
Treatment costs for children with growth hormone (GH) deficiency are subsidized by the government in Japan if the children meet clinical criteria, including height limits (boys: 156.4 cm; girls: 145.4 cm). However, several funding programs, such as a subsidy provided by local governments, can be used by those who exceed the height limits. In this study, we explored the impacts of financial support on GH treatment using this natural allocation. A retrospective analysis of 696 adolescent patients (451 boys and 245 girls) who reached the height limits was conducted. Associations between financial support and continuing treatment were assessed using multiple logistic regression analyses adjusting for age, sex, height, growth velocity, bone age, and adverse effects. Of the 696 children in the analysis, 108 (15.5 %) were still eligible for financial support. The proportion of children who continued GH treatment was higher among those who were eligible for support than among those who were not (75.9 % vs. 52.0 %, P financial support to continuing treatment were 4.04 (95 % confidence interval [CI]: 1.86-8.78) in boys and 1.72 (95 % CI: 0.80-3.70) in girls, after adjusting for demographic characteristics and clinical factors. Financial support affected decisions on treatment continuation for children with GH deficiency. Geographic variations in eligibility for financial support pose an ethical problem that needs policy attention. An appropriate balance between public spending on continuation of therapy and improved quality of life derived from it should be explored.
Dwi Ermayanti Susilo
Full Text Available Financial Performance (FP is one of the important things for a company to know the development of the company. One important thing that influences FP is the Intellectual Capital (IC. Research was conducted to get the best IC analysis in order to get success and fulfill the daily human needs which always increases. Therefore, it had research problem ‘how was the components of IC affecting the FP of PT Kalasuba Indonesia (KSI, and the objective is to explore the IC components in affecting the FP. It was interesting to be explored because it had unique characteristics, which consist of spiritual knowledge, attitude, discipline, management knowledge and managerial experience, as well as skill and capabilities, in which the first three points were different from the rest. It used qualitative analysis method as the instrument. It was done by collecting the data through observation and was analyzed using the Robbins theory. It can be concluded that those five IC has important effect in increasing FP of PT KSI and keeping it stable.
Behkami, Nima A; Dorr, David A; Morrice, Stuart
The goal of this study is to describe a framework that allows decision makers to efficiently evaluate factors that affect Electronic Health Record (EHR) adoption and test suitable interventions; specifically financial incentives. The United States healthcare delivery system is experiencing a transformation to improve population health. There is strong agreement that "meaningful use" of Health Information Technology (HIT) is a major enabler in this effort. However it's also understood that the high cost of implementing an EHR is an obstacle for adoption. To help understand these complexities we developed a simulation model designed to capture the dynamic nature of policy interventions that affect the adoption of EHR. We found that "Effective" use of HIT approaches break-even-point and larger clinic revenue many times faster that "average" or "poor" use of HIT. This study uses a systems perspective to the evaluate EHR adoption process through the "meaningful use" redesign as proposed in the American Reinvestment and Recovery Act 2009 in the United States healthcare industry by utilizing the System Dynamics methodology and Scenario Analysis.
In accordance with recommendations made by the Finance Committee and decisions taken by Council in December 2010, June and December 2011, certain financial benefits and contributions impacting salaries and stipends have been adjusted with effect from 1 January 2012. 1) Five-yearly review 2010 (decisions taken by Council in December 2010) In line with the second phase of Council decisions, increases of 1% and 2% have been applied to basic salaries in Career Path D and Career Paths E to G respectively1); In addition, Health Insurance Scheme contribution rates have been modified (from 4.27%) to 4.41% for the member and (from 6.59%) to 6.86% for the Organization. 2) Package of measures towards restoring full funding of the Pension Fund (decisions taken by Council in June 2011) In accordance with Council decisions, the Organization’s contribution rate for new members of the Fund as of 1.1.2012 is 17%. The provisions for current members remain unchanged. 3)&nb...
Wang, Jing; Chen, Lina; Ye, Ting; Zhang, Zhiguo; Ma, Jingdong
Several years have passed since the rural New Cooperative Medical Scheme (NCMS) in China was established and policies kept continuous improvement. Its policies on chronic diseases vary by county but have certain shared characteristics. Following this modification of medical insurance policy, this study reassesses the provision of insurance against expenditure on chronic diseases in rural areas, and analyzes its effect on impoverishment. We conducted an empirical study using multi-stage stratified random sampling. We surveyed 1,661 rural households in three provinces and analyzed the responses from 1,525 households that participated in NCMS, using descriptive and logistic regression analysis. The NCMS has reduced the prevalence of poverty and catastrophic health expenditure (CHE), as measured by out-of-pocket (OOP) payments exceeding 40% of total household expenditure, by decreasing medical expenditure. It provides obvious protection to households which include someone with chronic diseases. However, these households continue to face a higher financial risk than those without anyone suffering from chronic diseases. Variables about health service utilization and OOP payment differed significantly between households with or without people suffering from chronic disease. And CHE risk is commonly associated with household income, the number of family members with chronic diseases, OOP payment of outpatient and inpatient service in all three provinces. To reduce CHE risk for these households, it is critical to decrease OOP payments for health services by enhancing the effective reimbursement level of NCMS and strictly regulating the providers' behaviors. We recommend that a combinatory changes should be made to the rural health insurance scheme in China to improve its effect. These include improving the NCMS benefit package by broadening the catalogue of drugs and treatments covered, decreasing or abolishing deductible and increasing the reimbursement ratio of outpatient
Halpern, Scott D; French, Benjamin; Small, Dylan S; Saulsgiver, Kathryn; Harhay, Michael O; Audrain-McGovern, Janet; Loewenstein, George; Asch, David A; Volpp, Kevin G
Targeting different smoking cessation programs to smokers most likely to quit when using them could reduce the burden of lung disease. To identify smokers most likely to quit using pure reward-based financial incentives or incentive programs requiring refundable deposits to become eligible for rewards. We conducted prespecified secondary analyses of a randomized trial in which 2,538 smokers were assigned to an $800 reward contingent on sustained abstinence from smoking, a refundable $150 deposit plus a $650 reward, or usual care. Using logistic regression, we identified characteristics of smokers that were most strongly associated with accepting their assigned intervention and ceasing smoking for 6 months. We assessed modification of the acceptance, efficacy, and effectiveness of reward and deposit programs by 11 prospectively selected demographic, smoking-related, and psychological factors. Predictors of sustained smoking abstinence differed among participants assigned to reward- versus deposit-based incentives. However, greater readiness to quit and less steep discounting of future rewards were consistently among the most important predictors. Deposit-based programs were uniquely effective relative to usual care among men, higher-income participants, and participants who more commonly failed to pay their bills (all interaction P values rewards, deposits were more effective among black persons (P = 0.022) and those who more commonly failed to pay their bills (P = 0.082). Relative to rewards, deposits were more commonly accepted by higher-income participants, men, white persons, and those who less commonly failed to pay their bills (all P incentives suggests potential benefits of targeting behavior-change interventions based on patient characteristics. Clinical trial registered with www.clinicaltrials.gov (NCT 01526265).
Full Text Available The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing on financial crisis. The research is based on Turkish market data between the period 2002-2009. The research can be extended with global market data especially from the emerging market for a comparative study. Research in this field should focus more to industry dynamics rather than macroeceonomic variables explaining crisis to explore housing sector dynamics. The real estate managers should look to central bank reserves and corporate bankruptcies more closely as a macroeceonomic variable affecting housing industry. The effect of macroeceonomic variables in the period of financial volatility is limited in the housing market, whereas industry factors should be analized. Central bank reserves and corporate bankruptcies are important indicators of housing industry growth that can be used as an instrument. To to the author’s knowledge, the paper is the first study to investigate the link between financial crisis and housing market in Turkey.
Crosbie, W.A.; Gittus, J.H.
The proceedings of a conference on 'Medical Response to Effects of Ionising Radiation' in 1989 in the form of nineteen papers published as a book. Topics discussed include radiation accidents at nuclear facilities, the medical management of radiation casualties, the responsibilities, plans and resources for coping with a nuclear accident and finally the long term effects of radiation, including leukaemia epidemiology studies. All papers were selected and indexed separately. (UK)
Full Text Available this paper investigates the effective use of the tools of financial management in conditions of risk and uncertainty of the Russian economy. Based on the analysis of the economic situation the author identifies the need to improve financial management of the Russian business aimed at the identification and analysis of crisis signals in the organization, and ensure the solvency and financial stability to keep it from bankruptcy.
Bradbury, J.A.; Leyson, J.; Lester, M.K.
This report revises and updates the 1995 report Financial Assistance to States and Tribes to Support Emergency Preparedness and Response and the Safe Transportation of Hazardous Shipments, PNL-10260 (UC-620). The presentation of data and some of the data reported have been changed; these data supersede those presented in the earlier publication. All data have been updated to fiscal year 1995, with the exception of FEMA data that are updated to fiscal year 1994 only. The report identifies and summarizes existing sources of financial assistance to States and Tribes in preparing and responding to transportation emergencies and ensuring the safe transportation of hazardous shipments through their jurisdictions. It is intended for use as an information resource for the U.S. Department of Energy`s Office of Environmental Management (EM), Office of Transportation, Emergency Management, and Analytical Services (EM-76).
Bradbury, J.A.; Leyson, J.; Lester, M.K.
This report revises and updates the 1995 report Financial Assistance to States and Tribes to Support Emergency Preparedness and Response and the Safe Transportation of Hazardous Shipments, PNL-10260 (UC-620). The presentation of data and some of the data reported have been changed; these data supersede those presented in the earlier publication. All data have been updated to fiscal year 1995, with the exception of FEMA data that are updated to fiscal year 1994 only. The report identifies and summarizes existing sources of financial assistance to States and Tribes in preparing and responding to transportation emergencies and ensuring the safe transportation of hazardous shipments through their jurisdictions. It is intended for use as an information resource for the U.S. Department of Energy's Office of Environmental Management (EM), Office of Transportation, Emergency Management, and Analytical Services (EM-76)
International Monetary Fund
This paper evaluates Financial Sector Assessment Program (FSAP) intensity and effectiveness of Federal Bank supervision in Canada. The IMF report highlights that a key element of effective supervision is a willingness to increase supervisory pressure promptly when a supervisor identifies weaknesses in an institution. The IMF funding for Canadian banks is primarily through deposits and lending focuses on traditional bank products in Canada in the personal and commercial sectors. It also highli...
BELENESI (BUMBA MARIOARA
Full Text Available In a highly competitive economy, driven by globalization, the abundance of digital information and communication facilities, the investor directs its capital to those companies that promise added value of the invested capital. Even so, companies seek to obtain favorable terms of financing by rendering sensitive the investors. To achieve their goal, they must provide information about their financial and non financial performance with sufficient regularity to meet the information needs of actual or potential capital bidders in decision making. Financial communication through standardized annual statements of financial reporting in the context of corporate governance is no longer sufficient. The organization has more resources than those included in its balance sheet, capable of attracting huge benefits, but which do not meet the criteria for recognition in the financial statements. It requires, therefore, a voluntary disclosure of information on intangible resources, which are key factors in creating future value for both the organization itself and the industry it is part of. The reports of intellectual capital can effectively complement the shortcomings of the traditional model of accounting and financial reporting. In our paper we wanted to analyze financial communication in the context of corporate governance, presented through financial statements, reaching the intellectual capital reporting practices, as a means to improve communication of the organization with the outside. In this sense we presented two examples of good practice of two service companies (consultancy and design that publish annually intellectual capital reports. To alleviate the negative consequences of non-recognition of intangible assets in the financial statements, we are for the voluntary disclosure of information on intangible assets in the intellectual capital reports, annual reports, those regarding corporate responsibility, or at least in the explanatory notes of
Liz Zeny Merry
Full Text Available The objectives of this research are to study the influence of empowerment, employee engagement, and organizational commitment on a performance of the financial management staffs at Riau Islands Provincial Government. Quantitative approach used in this research with survey method. The samples of this research were 230 staffs selected randomly. The data were obtained by distributing questionnaire and analyzed by using path analysis. The results of research shows that: (1 empowerment, employee engagement and organizational commitment had a positive direct effect on employee performance; (2 empowerment and employee engagement had a positive direct effect on organizational commitment; (3 empowerment have a positive direct effect on employee engagement. The research findings recommend to improve employee performance by improving empowerment, employee engagement and organizational commitment of the financial management staff at Riau Island Provincial Government
Full Text Available Financial incentives are used by natural resource management organisations to encourage landholders to adopt sustainable practices where the outcomes on a farm scale may be negative or marginal. There is a growing body of research aimed at understanding why landholders do or do not agree to participate in financial incentive programs, however research that considers when and how financial incentives work to bring about long-term behaviour change is relatively immature. The purpose of this review is to answer the question ‘What factors influence the effectiveness of financial incentives on long-term natural resource management practice change?’ In synthesising the evidence, it was found that there are numerous characteristics of the practice change itself, along with the program design and implementation, which are important to understand long-term behaviour change. These include whether inexpensive maintenance or long-term funding is available; whether the changes are relatively simple to sustain; whether the program involves structural changes; whether there is land use rigidity; and whether the changes have resulting environmental benefits that are highly observable. Additionally, it is advisable for programs that use financial incentives to include the following program features: ongoing extension support and a focus on building relationship and trust; flexibility in how the practice change is applied; active landholder involvement from planning to evaluation; and contract length that is appropriate for the complexity of the NRM practice. These characteristics can be used to guide policy makers in their natural resource management investment decisions. There is a clear need for greatly increased monitoring and evaluation of existing programs, both during the program and after its conclusion, in order to more fully understand its long-term impacts and ultimate effectiveness. Finally, landholders undertaking a practice change generally
White, Brandi; Ellis, Charles; Jones, Walter; Moran, William; Simpson, Kit
Objective Periods of economic instability may increase preventable hospitalizations because of increased barriers to accessing primary care. For underserved populations such as the homeless, these barriers may be more pronounced due to limited resources in the health care safety net. This study examined the impact of the global financial crisis of 2007-2008 on access to care for the homeless in New York State. Methods Hospitalizations for ambulatory care sensitive conditions (ACSCs) were used as a proxy measure for primary care access. Admissions for ACSCs were identified in the New York State Inpatient Database from 2006 to 2012. Hospitalization rates for ACSCs were calculated for the homeless and nonhomeless. Multivariable linear regression was used to investigate the impact of the financial crisis on hospitalization rates for ACSCs. Results The findings indicate that during the financial crisis, homeless adults had significantly higher preventable hospitalizations than nonhomeless adults, and the uninsured homeless had significantly higher preventable hospitalizations when compared to other homeless subgroups. After the financial crisis, preventable hospitalizations for the homeless stabilized but remained at higher rates than those for the nonhomeless. Conclusions These findings are important to developing health policies designed to provide effective care for underserved population such as the homeless.
Jothi, A Lenin
Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m
Andreas Freytag; Peter Draper; Matthias Bauer
These days, plenty of cognoscenti in academia and politics share the common concern that the build-up of global macroeconomic imbalances threatens the international economy. While there is broad disagreement on the essence of what an imbalance exactly is, the term is generally associated with perceived macroeconomic disequilibria in balance of payments, but also fiscal and monetary policy. In the aftermath of the financial crisis the G20 leaders addressed these issues in the 'Seoul Action Pla...
Lynch, J R; McCue, M J
The financial and operating performance of independent not-for-profit hospitals acquired by US for-profit multi-hospital systems in 10 Southern states between the years 1978 and 1982 was explored. The impact of system ownership on acquired hospitals was investigated by comparing the average financial performance of hospitals in the two years immediately prior to acquisition to the average for 1984 and 1985 and by comparing changes in the performance of acquired hospitals with changes in matched independent facilities. Findings suggest that for-profit multi-hospital systems were able to improve many of the financial and operating problems of acquired facilities. In comparison to independent not-for-profit hospitals, acquired hospitals were found to increase access to long-term debt, make improvements to plant and equipment, improve profitability, and increase efficiency to a greater extent. Prices in acquired hospitals rose more than those in independents and liquidity decreased to a greater extent.
Full Text Available An increasing array of development of banking system of Pakistan, through the use of information technology and modernization of products and services has led to financial innovations to be considered as important determinant of demand for money. This paper investigates the relationship of financial innovations and demand for money in Pakistan using Pesaran and Shin (1995 ARDL approach for long run and ECM for short run determination using yearly observations from 1957 to 2008. Using the ARDL coefficient estimation approach financial innovations demonstrates positive relationship, not found to significant but highly elastic and does not have deterministic trend for long run estimation whereas positively significant and deterministic trend for money demand function in short run in case of Pakistan.
Heising, C.D.; George, V.P.
This study examines the economy-wide financial risk associated with reactor accidents as a result of various regulatory response options that might be imposed after a serious accident, including partial or complete nuclear moratoria. The authors find that such risks may be two to three times greater than the plant-specific financial risk estimates that have previously been calculated by others (ie 500 million (1985) dollars per reactor year versus 5 to 50 million dollars). (author)
Zhang, G; Zhu, Y X; Wang, P; Liu, P; Li, J F; Sha, S; Yang, W Z; Li, H
Objective: To understand the government financial investments to community based organizations (CBO) involved in HIV/AIDS Control and Prevention of China and its influencing factors. Methods: Questionnaire of the situation of CBO involved in HIV/AIDS control and prevention were designed, and filled by the staff of Provincial Health Administrative Departments of 31 provinces (autonomous regions and municipalities). The research focused on the fields of CBO involved in HIV/AIDS response in 31 provinces (autonomous regions and municipalities), including intervention on HIV/AIDS high risk population (female sex worker (FSW), man who sex with man (MSM), drug user (DU) and case management and care for people living with HIV/AIDS (PLWH)). 29 valid questionnaires were collecting, with Shanxi Province and Inner Mongolia Autonomous Regions not filled. Questionnaire included financial supports from local governments, transfer payment from central government for CBO involved in HIV/AIDS response in 2014, and unit cost for CBO involved in HIV/AIDS control and prevention. Multivariate analysis was conducted on the project application and financial investment of community based organizations involved in HIV/AIDS control and prevention in 2014. Results: The total amount of CBO to apply for participation in AIDS prevention and control was 64 482 828 Yuan in 2014. The actual total amount of investment was 50 616 367 Yuan, The investment came from the central government funding, the provincial level government funding, the prefecture and county level government funding investment and other sources of funding. 22 of 28 provinces (autonomous regions and municipalities) received the funds from the central government finance, and median of investment funds 500 000 Yuan. 15 provinces (autonomous regions and municipalities) gained the funds from the provincial government finance, and median of investment funds 350 000 Yuan. 12 provinces (autonomous regions and municipalities) got the funds
Baranga Laurentiu Paul
Full Text Available Structured products are financial instruments issued by a financial institution where the amount claimed by the investor from the issuer depends on the variation of the price of the underlying instrument based on which the certificate is issued, namely: individual shares, share costs, stock indexes, currencies, commodities or combinations of these according to the prospectus. These products appeared with the development and diversification of financial services during the recent years, as well as due to the emergence of liquidity suppliers of international importance. The liquidity providers have developed on their own platforms a new range of derivatives which are different from the classical derivatives. These new derivatives, similar to contracts for difference (CFDs, have given to other institutions the possibility of transferring their risk more easily, regardless of the nature or type of the underlying asset. Thus, the financial institutions issuing structured financial products have found in liquidity providers the possibility of developing the CFDs required for their risk transfer operations. The issuers of structured products do not accept new risky positions when they issue certificates because they neutralize them through suitable risk transfer operations. The issuing financial institutions structure certificates from a variety of financial assets and/or commodities in order to adjust them to the various risk profiles of investors both in terms of expected return and in terms of the response to risk. Thus, products are issued that quickly respond to the trends of the financial or commodity markets. Investors in structured financial products benefit from the economic effect of a derivative but are exposed to financial risks that are more complex and more difficult to understand and at the same time depend on the reliability and stability of the contractual relationships between various financial institutions.
Feierabend, Anja; Mahler, Philippe; Staffelbach, Bruno
This paper focuses on the effects of a family supportive work environment on employees' attitudes and behaviors. We therefore differentiate between employees with childcare responsibilities and those without. As the implementation of family supportive services is financially costly, it is important to know if and how a family-friendly work policy affects the attitudes and behaviors of the entire workforce. Using a survey of results taken from 1260 randomly selected employees in Switzerland, w...
Seyed Mohamad Fahimi
Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share
Full Text Available This thesis takes listed pharmaceutical enterprises as examples. It applied spss17.0 software to construct regression model and made empirical research on the advertisement and R&D expenditure effect of listed pharmaceutical enterprises based on financial performance. The empirical research found that: for enterprise profitability, there’s no significant correlation between advertisement expenditure and enterprise profit capability. However, there’s significant positive correlation between R&D expenditure and enterprise profit capability. For the quality of assets, there’s no significant influence of advertisement expenditure left on the quality of assets. However, there’s negative influence of R&D expenditure left on the quality of assets with a gradually weakening trend. To study advertisement and R&D expenditure effect of listed pharmaceutical enterprises based on financial performance, this thesis chooses investment directions of pharmaceutical enterprises as the new angles to promote shift in development strategies of those enterprises.
Wickramasinghe, Vathsala; Dabere, Sampath
The objective of the study is to investigate the effect of performance-based financial incentives on work performance. The study hypothesized that the design features of performance-based financial incentive schemes themselves may influence individuals' work performance. For the study, survey methodology was used and 93 technical-level employees…
Lopez Bernal, James A; Gasparrini, Antonio; Artundo, Carlos M; McKee, Martin
The current financial crisis is having a major impact on European economies, especially that of Spain. Past evidence suggests that adverse macro-economic conditions exacerbate mental illness, but evidence from the current crisis is limited. This study analyses the association between the financial crisis and suicide rates in Spain. An interrupted time-series analysis of national suicides data between 2005 and 2010 was used to establish whether there has been any deviation in the underlying trend in suicide rates associated with the financial crisis. Segmented regression with a seasonally adjusted quasi-Poisson model was used for the analysis. Stratified analyses were performed to establish whether the effect of the crisis on suicides varied by region, sex and age group. The mean monthly suicide rate in Spain during the study period was 0.61 per 100 000 with an underlying trend of a 0.3% decrease per month. We found an 8.0% increase in the suicide rate above this underlying trend since the financial crisis (95% CI: 1.009-1.156; P = 0.03); this was robust to sensitivity analysis. A control analysis showed no change in deaths from accidental falls associated with the crisis. Stratified analyses suggested that the association between the crisis and suicide rates is greatest in the Mediterranean and Northern areas, in males and amongst those of working age. The financial crisis in Spain has been associated with a relative increase in suicides. Males and those of working age may be at particular risk of suicide associated with the crisis and may benefit from targeted interventions.
Enrica Detragiache; Asli Demirgüç-Kunt
The authors study the empirical relationship between banking crises and financial liberalization using a panel of data for 53 countries for 1980-95. They find that banking crises are more likely to occur in liberalized financial systems. But financial liberalization's impact on a fragile banking sector is weaker where the institutional environment is strong--especially where there is respect for the rule of law, a low level of corruption, and good contract enforcement. They examine evidence o...
users make on the basis of the financial information. .... IDRC's brand and reputation could impact partner- .... building and to provide internal services in support of the ...... maintains books of accounts, information systems, and financial and management controls that .... The significant accounting policies of the Centre are: a.
The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing o...
Britt, Sonya L.; Canale, Anthony; Fernatt, Fred; Stutz, Kristen; Tibbetts, Racquel
This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97).…
Prawitz, Aimee D.; Cohart, Judith
Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both…
Sayinzoga, Aussi; Bulte, E.H.; Lensink, Robert
We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the new
Getter, H; Nowinski, J K
Development of the Interpersonal Problem Solving Assessment Technique (IPSAT), College form, is described. Guided by Rotter's Social Learning Theory, problem-solving, and assertiveness research, a semi-structured free response format was designed to assess components of interpersonal effectiveness, The instrument yields patterns of self-reported behaviors in six classes of problematic social situations. A detailed manual enabled reliable scoring of the following response categories: Effectiveness, avoidance, appropriateness, dependency and solution productivity. Scores were not materially affected by sex, verbal ability, or social desirability response sets. Correlations with the College Self-Expression Scale, the Edwards Personal Preference Schedule and the Lanyon Psychological Screening Inventory provided initial evidence of validity. Comparison of mean IPSAT scores of 23 psychotherapy clients with those of 78 normative subjects showed that clients report less interpersonal effectiveness and more avoidance than controls. Implications for utility of the IPSAT are discussed.
weapons' arsenal. Yet, the newly independent Kyrgyz Republic was left alone with an enormous amount of uranium waste, which was extracted on the Kyrgyz territory to produce these nuclear armaments. As a consequence of the Soviet policy, uranium waste storage sites represent a direct danger to the environment of present-day Kyrgyzstan. Therefore, Russia as the official successor of the Soviet Empire should help the Kyrgyz Republic to deal with this costly and extensive problem. These environmental issues serve as a basis for the given work. In turn, research will be primarily concentrated on several the most problematic radioactive waste storage sites, namely, the Mailuu-Suu, Kadji-Say, Kara-Balta, and Ak-Tuz uranium storages. Today, Kyrgyzstan has 50 radioactive waste storage sites, located throughout its territory and contained altogether about 300 million tons of wastes. In general, it could be suggested that the financial responsibility could be delegated to the Kyrgyz government; the Central Asian Community; Russia. It is clear with the first instance, the Kyrgyz government, as it ought to deal with the environmental problems of its country. The situation is more sophisticated and arguable in terms of second and third instance, namely, the Central Asian Community and, particularly, Russia. This paper is designed to prove not only the necessity for their involvement, but rather their responsibility for the present-day situation with the Kyrgyz storage sites. As regards the other Central Asian States, it is in their interests since they are under immediate threat of being affected. Concerning Russia, it is rather a moral right to demand its assistance than a legally legitimate one. All information, related to uranium, its extraction and further utilization was totally classified and only revealed after the Soviet Union's dissolution. Only in 1994 did the Kyrgyz public become acquainted with the truly poor environmental conditions of the newly fledged Republic. Yet, no
Faems, D; Sels, L; De Winne, S; Maes, J
The contribution of this study, which assesses the influence of HRM on financial performance, is fourfold. (1) We assess the relative contribution of different HR domains to organizational performance. By controlling for the overall HRM intensity in all analyses we try to meet one of the most
This paper discusses possible macroeconomic implications for low-income countries of increased revenue inflows that may follow from implementing certain global greenhouse gas mitigation policies. Such revenue sources include revenue from emissions offset mechanisms, direct investments, and financial transfers that form parts of possible future mitigation treaties. In the short run such rev...
Earnhart, D.; Lízal, Lubomír
Roč. 17, č. 4 (2007), s. 247-266 ISSN 0961-0405 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : Czech Republic * environmental protection * financial performance Subject RIV: AH - Economics
van Praag, B.M.S.; Romanov, D.; Ferrer-i-Carbonell, A.
We analyze individual satisfaction with life as a whole and satisfaction with the personal financial situation for Israeli citizens of Jewish and Arab descent. Our data set is the Israeli Social Survey (2006). We are especially interested in the impact of the religions Judaism, Islam and
Tijdens, K.; van der Lippe, T.; de Ruijter, E.
Household services are increasing. Which households consume these services, in particular domestic help? This article tests whether time and financial resources influence the use of domestic help, performing logistic regression analyses with the WWIQ-2000/01-data (N=10,969), addressing working women
Brennan, Ross; Vos, Lynn
The need to endow marketing graduates with skills relevant to employability grows ever more important. Marketing math and elementary financial understanding are essential employability skills, particularly given the contemporary emphasis on marketing metrics, but the evidence is that marketing graduates are often relatively weak in such skills.…
Bangma, Dorien F.; Fuermaier, Anselm B. M.; Tucha, Lara; Tucha, Oliver; Koerts, Janneke
Objectives Financial decision-making (FDM) is crucial for independent living. Due to cognitive decline that accompanies normal aging, older adults might have difficulties in some aspects of FDM. However, an improved knowledge, personal experience and affective decision-making, which are also related
Greenglass, E.; Antonides, G.; Christandl, F.; Foster, G.; Katter, J.K.Q.; Kaufman, B.E.; Lea, S.E.G.
The recent financial crisis has affected most countries. With cutbacks in business, trade and government spending, millions world-wide have lost their jobs, with young people disproportinately affected. This paper synthesizes the thoughts expressed during an interdisciplinary discussion held in July
Full Text Available The puzzling momentum strategies’ payoffs defied the rational financial theory asserting the stocks returns’ unpredictability. Moreover, the momentum effect persist the main stocks returns’ anomaly escaping any risk-based explanation. The resilience of this phenomenon had favoured the development of behavioural financial field, which breaks with the investor’ full rationality hypothesis. This paper attempts to reconcile between the rational and behavioural financial theories, through the introduction of the progressive rationality concept. Especially, we argue that recognizing the temporary inappropriate investors’ reactions; can resolve the puzzling momentum anomaly. To fulfil our objective, we identify the appropriate autoregressive level that captures the significant autocorrelations involved by the investors’ over and under reactions. Then, we explore the profitability of the 6/6 momentum strategy implemented on the adjusted stocks’ returns. The adjusted momentum strategy is still profitable but no longer puzzling, since the related excess return is henceforth fully captured by a β and a size effect.Key words: Tunisian momentum effect, the rational finance theory, the behavioural finance theory, the three-factorial model and the autoregressive process.
Owen Barwell - Chief Financial Officer Owen Barwell - Chief Financial Officer A photo of Owen , analysis, and management. He previously served as the Acting Chief Financial Officer and Deputy Chief Financial Officer of the U.S. Department of Energy (DOE), where he was directly responsible for DOE's
The article provides the analysis of information support for the developing agrarian businesses financial security activities. The impact of financial statements on financial security has been proved through generalization procedure of such calculating indicators as operating margin, return on assets, total liquidity ratio and financial autonomy ratio. A causal effect between mass underestimation of operating fixed assets in accounting and inflated profitability rates in agribusinesses operat...
The empirical literature that explores whether physicians respond to financial incentives has not definitively answered the question of whether physicians alter their treatment behavior at the margin. Previous research has not been able to distinguish that part of a physician response that uniformly alters treatment of all patients under a physician's care from that which affects some, but not all of a physician's patients. To explore physicians' marginal responses to financial incentives while accounting for the selection of physicians into different financial arrangements where others could not, I use data from a survey of physician visits to isolate the effect that capitation, a form of reimbursement wherein physicians receive zero marginal revenue for a range of physician provided services, has on the care provided by a physician. Fixed effects regression results reveal that physicians spend less time with their capitated patients than with their non-capitated patients.
Full Text Available The recent financial crisis that begun in 2007 in the US, which then swept around the world, has left deep scars on the already wrinkled face of the global economy. Some national and regional economies, which had money for expensive makeup, or created money, managed to blur or hide the scars left by the crisis, others are still facing difficulties in overcoming the effects of this. The rapacity of banks, their greed and risk ignorance, were the origin of the outbreak of the last major economic and financial crisis but unfortunately those who were responsible or, rather, irresponsible, paid little or nothing at all for the burden of their bad loan portfolio. This cost has been supported by the population, either directly by paying high interest and fees [Mihai I., 2007], or indirectly, through the use of public budgets to cover the losses of banks, most of which had private capital. In this context, we intend to examine the state of financial intermediation in Romania in the post-crisis period, and to primarily follow: (i The structure and evolution of the banking system; (ii Non-government credit situation; (iii The level of savings; (iiii Loan-deposit ratio; (v The degree of financial intermediation and disintegration phenomenon etc., and to articulate some conclusions and suggestions on the matters that have been explored.
Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.
In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…
Saver, Richard S
Concern about financial conflicts crowds out sufficient consideration of other interests that may bias research conduct. Regulations, institutional policies, and guidance from professional bodies and medical journals all primarily focus on financial ties. But why? Economic gain is not the only powerful influence. This article argues that we under-prioritize non-financial interests in the regulation of medical research. It critiques the usual reasons given for regulating financial and non-financial interests differently - that the interests contrast in terms of tangibility, that financial interests are optional, and that financial interests can be efficiently carved out as a discrete area of focus. Moreover, disparate regulatory treatment seems inattentive to the very similar social and psychological forces that animate the bias effect of both financial and non-financial interests and fails to account for how financial and non-financial interests synergistically interact. Under-prioritization of non-financial interests threatens to erode public trust and creates negative spillover effects that weaken financial conflicts regulation. Optimal regulation requires a more integrated, balanced, and proportionate response to secondary interests in medical research. © 2012 American Society of Law, Medicine & Ethics, Inc.
Conneely, James F.
Strong financial management is a strategy for strategic planning success in student affairs. It is crucial that student affairs professionals understand the necessity of linking their strategic planning with their financial management processes. An effective strategic planner needs strong financial management skills to implement the plan over…