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The relationship between Multi-National Enterprises' (MNEs) accounting practices, corporate governance and business strategy, including internationalisation strategy and Foreign Direct Investment (FDI) His research explores issues related to auditor independence, the audit market, fair value accounting, determinants of executive compensation and regulation of executive pay, foreign IPOs and intangibles. Gilad co-edited Routledge Companion to Fair Value and Financial Accounting, 2 SP nd sp Edition, 2018 and co-authored "Applying IFRS Standards", 4 SP th sp Edition, Wiley (2016). [Extracted from the article]

Data processing technology (2 papers) Data processing technology can effectively reduce financial transaction costs and help accurately meet the needs of investors. With the rapid development of science and technology, financial technology (Fintech) has continuously made new breakthroughs, promoting the upgrading and innovation of financial model and reshaping the supply chain and value chain for financial industry. At the same time, certain key data processing technologies improve the efficiency of resource allocation and facilitate the reform and transformation of financial markets. [Extracted from the article]

Finally, in the last decade of the twentieth century, the other classes of derivatives were introduced: credit derivatives, catastrophe derivatives, weather derivatives and property derivatives. The development of the theory and practice of risk management is closely related to the emergence of different risks. The rules proposed by the Basel Committee initially covered credit risk, but then grew to include market risk, operational risk and liquidity risk. This refers in particular to equity derivatives, currency derivatives, interest rate derivatives and commodity derivatives in the form of options, futures, forwards and swaps. [Extracted from the article]

This paper first theoretically analyzes the impact mechanism of digital finance on industrial structure upgrading, and then empirically analyzes the relationship between digital finance and industrial structure upgrading. The results show that the development of digital finance can promote the upgrading of industrial structure. Further analysis shows that the proper allocation of government attention is also key to achieving digital finance development and industrial structure upgrading. The above conclusions provide policy implications between the development of digital finance and the upgrading of industrial structure in China. [ABSTRACT FROM AUTHOR]

Building on administrative data and machine-learning models, I develop a firm-specific measure of regulatory intensity: cost of compliance with all federal paperwork regulations. Regulatory intensity increases the cost of goods sold and overhead spending (SGA). It also incentivizes companies to reduce capital investment, hire fewer employees, and lobby more. The effects are particularly strong among financially constrained firms and those with irreversible investment opportunities, suggesting that regulation affects companies through budgetary pressures and heightened uncertainty. The findings highlight the real effects of regulation and the underlying mechanisms. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise |${\$}$| 12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the enterprise. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The paper deals with the analysis on the innovative approaches in the accounting and audit of the book value of assets. The results of analyses proved that of the book value of assets in the accounting and audit, especially in the context of financial crises, implementation of the new or modified standard of accounting and reporting becomes an important part of the issues. Herewith, financial and management decision, which compare book and market value, trying to predict the future (fair) value of assets or even a company (firm). The main goal of the paper is analysed of the tendency in the scientific literature on the accounting and audit of the book value of assets to identify future research directions. For the analysis, the VOSviewer and Scopus tools were used. This study reviews 714 papers from the Scopus database. The time for analysis was all timeline of the Scopus database. The results showed the growing tendency in publishing the documents in the Scopus database focused on the accounting and audit of the book value of assets issues. It began to increase from 1997 to 1999, from 2007 to 2009, and from 2014 to 2017. Moreover, the focus of investigation moved from general issues to problem of the fair value of assets, implementation of modifying standards of reporting and accounting. In 2018, the number of documents increased by 1225% compared to 1997. It was the year with the biggest number of paper devoted to analysing the innovative approaches in the accounting and audit of the book value of assets. Mostly the innovative approaches in the accounting and audit of the book value of assets were analysed under the subject area as follows: Business, Management and Accounting; Economics, Econometrics and Finance; Social Sciences; Engineering. Besides, the biggest share of the scientists which investigated issues the innovative approaches in the accounting and audit of the book value of assets was from the USA, United Kingdom, Australia and China. In 2019 papers focused on analyses of the innovative approaches in the accounting and audit of the book value of assets were published in journals with high impact factor as follows: Contemporary Accounting Research, Accounting Review, International Journal of Accounting, Managerial Finance, Accounting And Business Research. Such results proved that theme on the innovative approaches in the accounting and audit of the book value of assets is actually in the ongoing trends of the modern accounting, finance, management and audit. The findings from VOSviewer identified 6 clusters of the papers which investigated innovative approaches in the accounting and audit of the book value of assets from the different points of views. The first most significant cluster merged the keywords as follows: accounting information, fair value, financial reporting, fair value accounting, firm value, intangible assets, intellectual capital etc. The second biggest cluster merged the keywords as follows: costs, cost accounting, accounting method, assets value, assets valuation, depreciation, cost-benefit analyse, balance sheet etc. The third biggest cluster focused on criminal aspects of value relevance, book value, the book value of equity, equity valuation, earnings, dividend etc. Such tendency allows making a conclusion, financial and management decision, which compare book and market value, trying to predict future (fair) value of assets or even a company (firm) are very close and popular in different issues. [ABSTRACT FROM AUTHOR]

The worldwide fight against climate change and its impacts finds support in the realm of green financing. The realization of the United Nations' sustainable objectives hinges upon it. Considering that green financing is hailed as the future of banking and investment, it demands a thorough comprehension. The purpose of this study is to delve into the cutting-edge trends within the domain of green financing research. Employing a mixed-methods approach involving bibliometric and qualitative analysis, this research aims to provide insights into this vital field. Utilizing a mixed-methods approach, this study employs a bibliometric analysis, qualitative assessment, and content analysis to delve into the realm of green financing. Over a thousand interconnected papers are quantitatively analyzed, with validation from reputable sources such as Google Scholar, Web of Science, and ScienceDirect. The study's findings reveal a clear trajectory. China leads in the implementation of green finance within business operations, with the USA following suit. These results underscore crucial applications of green financing within specific research domains. This study unveils significant applications of green financing across various research domains. Furthermore, it highlights methods to harness the potential benefits of green financing, thus promoting research and development advancements. [ABSTRACT FROM AUTHOR]

The article presents commentary from Paola Sapienza about a paper written by Naveen Khanna and Sheri Tice (K&T) entitled "The Bright Side of Internal Capital Markets," which appeared in the August, 2001 issue of the "Journal of Finance." In that paper K&T discussed the impact on both diversified and stand-alone firms of Wal-Mart's entry into their markets. The author of the current paper notes that K&T assumed Wal-Mart's entry to be an exogenous and unanticipated event, and raises questions over whether that is indeed the case.

What the field seeks to do is identify and better understand new categories of investors who seek to play a more hands-on role in the management of companies and what they do; the former would include private equity (PE), venture capital (VC) and crowdfunding. Third, Di Pietro, Monaghan and O'Hagan-Luff (2022) show how external investors (including angels, VC and PE funds) affect human resource management (HRM) in small, entrepreneurial firms. Also, PE-backed firms have low average productivity levels, which is important for PE investors to realize performance improvements and generate returns for their investors. This collection of papers was gathered together to celebrate the lifetime scholarly achievements of Mike Wright, Fellow of the British Academy of Management (BAM). [Extracted from the article]

We conducted a randomized, controlled trial with small- and medium-sized enterprises in Kenya to estimate the causal impact of an electronic payment (e-payment) technology on business finance. Using an encouragement design, we exogenously increased e-payment usage among a random subset of firms by relaxing adoption transaction costs and information barriers. Sixteen months after the intervention, we find that the e-payment technology increased access to mobile loans (in the number of loans as well as in the amount borrowed) by at least 50% (0.17 standard deviation), likely because of the reduction of information asymmetries brought by an increase in digital transactions. We find no effect of the e-payment technology on sales and profits, but we do find a reduction of sales volatility and precautionary investment, especially for smaller firms. This suggests that mobile loans help smaller firms cope with short-term negative shocks. We provide a stylized model of business finance that rationalizes these findings. This paper was accepted by Bruno Biais, finance. Funding: This paper was produced under the framework of the "Enabling Innovation and Productivity Growth in Low Income Countries (EIP-LIC/PO5639)" project, funded by the Department for International Development (DFID) of the United Kingdom and implemented by Tilburg University. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4821. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to know the tactician role of financial technology (FinTech) in the field of accounting and auditing through contextualized systematic literature review by using bibliometric analysis. Design/methodology/approach: The qualitative bibliometric analysis includes studies from 2017 to 2021 using the Scopus and Web of Science databases, which yielded 277 published papers with the keywords, FinTech accounting and auditing. The contextualized systematic literature review greatly helped in clarifying the content within each cluster. Findings: The study identified the tactician role of fintech primarily in the accounting and auditing professional field. Fintech is still in its inception, with continual development and implementation taking place especially, in the auditing field. The findings also confirm that FinTech can produce a confluence between various research areas, including accounting, auditing, business finance, economics, management and business field. Research limitations/implications: The study describes the tactician role of FinTech and its huge possibility for future study in the accounting and auditing field among professionals, academics and regulators. Practical implications: This study be able to help accounting professionals, policymakers and government regulators to establish policy development, as this research emphasizes the tactician role of FinTech in the accounting and auditing field. Social implications: FinTech in accounting and auditing might add to the existing field of FinTech in the IR4.0 era that give benefits to different players such as policymakers, governments, researchers, FinTech entrepreneurs and practicing professionals. Originality/value: To the best of the author's knowledge, little focus has been given about FinTech in the accounting and auditing field using bibliometric analysis. The insights of systematic literature review provide researchers on FinTech among practicing professionals and offer opportunities for further scientific endeavours. [ABSTRACT FROM AUTHOR]

This paper aims to explore how blockchain facilitates supply chain finance (SCF) platform business model reconfiguration. We conduct a case study on a typical Chinese SCF platform to address research questions and propose a blockchain-enabled SCF platform business model framework. The results show that (1) the reconfiguration of the SCF platform business model is driven by internal factors (content, governance, transaction structure) and external factors (sector dynamics, geographical environment, technology) in the context of blockchain. (2) Blockchain influences the SCF platform business model reconfiguration through empowering the operation of SCF information, financial, material, and value flows. (3) The introduction of blockchain changes the business model of the SCF platform significantly, which is mainly reflected in the improved value proposition, expanded value network, strengthened value creation, and generated value appropriation. This study contributes to the existing literature on SCF, business model, and blockchain. The research also provides some important practical implications. [ABSTRACT FROM AUTHOR]

The enterprise financial management cloud platform can conveniently obtain computing resources such as network, storage, and services according to actual needs based on the network. The maintenance of resources can be realized in a general way, and various computers and their storage resources can be effectively integrated and effectively utilized. But internal conflicts within the company, such as asset management issues, can seriously hinder the company's long-term growth. In order to solve the above problems, this paper analyzes the actual needs of the current financial information management personnel of enterprises and the business process of financial management. Combined with the characteristics and requirements of the current enterprise financial management, the integrated fuzzy mathematics cluster analysis was introduced to complete the design and implementation of the financial IMS, and to build a modern, systematic, and scientific enterprise management system. It greatly improves the financial level of the enterprise and the intelligent level of enterprise management, provides objective and strong support for enterprise decision-making through the enterprise's financial management ability, and finally realizes the long-term development of the enterprise. The prediction effect of the samples under the FCM is shown in Table 3. The prediction effect of the training samples of the normal company is 83.33%, and the prediction effect of the training samples of the ST company is 80%. The test sample prediction effect of normal company is 83.33%, the test sample prediction effect of ST company is 80%, and the comprehensive prediction effect under the FCM is 85.28%. [ABSTRACT FROM AUTHOR]

This section provides information on issues and events relevant in the field of business finance and accounting, as of December 1985. Each year, the Board of Editors of the Journal of Business Finance and Accounting (JBFA) vote for the award of prizes for the most interesting or distinctive papers published in JBFA in the preceding year in the respective areas of accounting and control, and of finance and financial management. Each prize is worth £100. The Center and the Department of Accountancy are planning to sponsor another international seminar on accounting on April 3-5, 1986, at the University of Illinois. The seminar theme is Recent Accounting and Economic Developments - Far East. The seminar will feature speakers with backgrounds to allow them to contribute importantly to the seminar. The speakers will include university and governmental leaders as well as the world of accounting and auditing practice. The Center announces a new publication entitled Recent Accounting and Economic Developments in Western Europe to be available soon. This special publication includes the edited papers presented at the April 1985 international seminar. This seminar focused on the accounting and economic problems of contemporary importance to Western Europe.

This paper offers a game-theoretic model of a firm that raises funds for financing an innovative business project and chooses between ICO (initial coin offering) and equity financing. The model is based on information problems associated with both ICO and equity financing well-documented in the literature. Several new features are introduced, for example, information complexity, which is analyzed along with a more traditional imperfect information and an asymmetric information approach. The model provides several implications that have not yet been tested. For example, we find that the message complexity can be beneficial for firms conducting ICOs. Also, high-quality projects can use ICO as a signal of quality. Thirdly, the average size of projects undertaking equity financing is larger than that of firms conducting ICO. [ABSTRACT FROM AUTHOR]

This paper focuses on the agricultural supply chain and proposes a new financing model of risk sharing: the collateralized loan. In order to examine the operational effectiveness of the risk-sharing mechanism, we consider the effects of government subsidies and risk aversion factors. In the collateralized loan, the purchaser serves as the leader to provide loans to the farmer when the farmer provides collateral. The simulation results demonstrate that government subsidies can bring significant spillover effects to the whole supply chain. The effect's extent increases as the subsidy increases. And the spillover effect is more obvious under the collateralized loan than bank financing. The discount factor also generates a spillover effect for the agricultural supply chain through the inversion mechanism. The lower the discount factor, the more obvious the spillover effect. The increase in government subsidies facilitates the operation of risk-sharing mechanisms, while the increase in risk aversion hinders the operation of the mechanisms. This paper provides new insights into the issue of agricultural finance and managerial implication to precisely assist farmers in greater need. [ABSTRACT FROM AUTHOR]

Crowdfunding is an innovative strategy for financing a new business venture from the general public instead of seeking funds in traditional ways, such as issuing bonds or bank lending. This study aims to identify the determinants affecting the success of a crowdfunding campaign and how different measurements for crowdfunding success, different crowdfunding models, and the selection of subdivided determinants influence the determinants' impacts on crowdfunding success. We set the disciplines in the search strategy to select studies related to crowdfunding success. Ultimately, 94 empirical papers are selected to reveal the different findings for the determinants of crowdfunding success; based on this information, we construct an integrated framework for future research. There has been much research on project- and creator-related factors; however, many of these factors have inconsistent relationships with crowdfunding success due to varying measurements of success. In particular, different measurements used within the same study for determinants or crowdfunding success may also produce inconsistent results. In addition, different crowdfunding models of a project have been found to induce additional findings. Our review of the determinants of crowdfunding success and the definitions of the determinants, as well as the proposed integrated framework, can help focus future work on relatively new or unique determinants rarely addressed in the existing literature. This work provides practical implications for both theory and practice, and directions for future research. [ABSTRACT FROM AUTHOR]

SCF (Supply Chain Finance), as an emerging technology-driven financial optimization approach, has grown quickly worldwide with the development of information technology. China is one noteworthy country influenced by SCF development; its traditional financial market structure dominated by banks is undergoing change. The E-commerce-centered SCF has evolved into the representative capital provider in the new financial "Blue Ocean" market. For capturing competitiveness, Chinese JD (Jingdong) SCF practice backed to JD E-commerce is a typical example involving business model innovations, but with few previous related studies on this aspect. Therefore, to fill the research gap, this paper introduces a hybrid theoretical analysis of the BMC (Business Model Canvas) considering a three-layer strategic innovation structure and financial analysis regarding a modified competitive advantages-gaining model to comprehensively explore the recent innovative development and transformation of JD SCF business based on the perspective of competitive advantages. This study identifies JD SCF's two times of business model innovations that benefit from its sustainable development; verifies that "cost", "differentiation", and "focused strategy" are three means for JD SCF practice gaining competitiveness at different development stages and simultaneously emphasizes that the latter two are influenced by business model innovation. The mixed analysis work in this paper may contribute both theoretical and practical implications. [ABSTRACT FROM AUTHOR]

The 25th issue of Financial Innovation (FIN), Volume 7, No. 1(2021) presents seven papers contributed by 27 authors and co-authors from five countries and areas: China, India, Italy, Iran and Turkey. The second paper, "S&P BSE Sensex and S&P BSE IT Return Forecasting using ARIMA", by Madhavi Latha Challa, Venkataramanaiah Malepati, and Siva Nageswara Rao Kolusu, forecasts the return and volatility dynamics of S&P BSE Sensex and S&P BSE IT indices of the Bombay Stock Exchange. The sixth paper, "Stock prices and economic activity nexus in OECD countries: new evidence from an asymmetric panel Granger causality test in the frequency domain", by Veli Yilanci, Onder Ozgur and Muhammed Sehid Gorus, investigates the stock price-economic activity nexus in 12 member countries of the Organization for Economic Cooperation and Development (OECD) by employing monthly data over the period 1981:1-2018:3. [Extracted from the article]

The article discusses the important contribution that non-financial institutions make to money markets. The article focuses on the short-term investment practices of non-financial corporations, and outlines any changes in these practices since 1939. The article explains that, because of the significant increase in money-market investment, these investments can have a real impact on the growth of various sectors. The article addresses the determinants of types of securities held by non-financial corporations and trends in corporate short-term investment practices. The author notes that corporate portfolio managers have significant cash for investment, and market growth is evident by the number of companies selling commercial paper directly and sales changes in commercial paper houses.

In the introduction to the first-ever special issue on the spatial dimensions of FinTech, we show that despite a FinTech fever in business and media, research on FinTech is still niche, particularly in social sciences. We describe FinTech as a research area full of controversies, ripe and in need of geographical research. As we outline, papers in this issue contribute to the debate primarily by examining the role of the state, financial centres and uneven development in FinTech. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the relation between debt structure and future external financing and investment. Furthermore, it aims to analyze the association between debt structure and future financial performance. Design/methodology/approach: Volume, maturity, possessing collateral and having priority at the settlement date are the dimensions of debt structure that have been employed in this paper. The sample consists of 1,060 firm-year observations from Tehran Stock Exchange corporations during the period 2009–2018. Findings: The findings reveal that greater reliance on financial leverage (debt volume) and short-term debt are associated with increases in future debt financing as well as future equity financing. Moreover, these two dimensions of debt structure are positively related to future investment. This paper also shows that the positive impact of financial leverage and short-term debt on future financing and investment can finally lead to a favorable financial performance. Regarding other dimensions of debt structure, the results suggest that although collateralized debt with the priority option at the settlement date enhances future external financing, this type of debt can ultimately lead to a reduction in future investment and financial performance. Finally, the findings indicate that uncollateralized debt exacerbates future financial performance. Research limitations/implications: Financial performance can be affected by several factors, including available funds, investment amount, investment efficiency and managerial capability. However, this paper only considers the investment amount and external financing as the channels through which debt structure improves future financial performance. This study has the potential to contribute to one of the most important issues in finance and business fields, despite its probable trivial drawbacks. Practical implications: Financing strategies as one of the most controversial topics have been meticulously scrutinized in this paper and practical implications are made to facilitate the process of decision-making regarding the optimal type of debt financing. Originality/value: This study extends the literature by analyzing the direct link between debt structure and firm performance in firms domiciled in developing markets. [ABSTRACT FROM AUTHOR]

Choosing the right kind of financing is considered essential and critical in the world of business finance. It is the combination of debt and equity financing that a company uses to sustain its funding patterns that is referred to as the "capital structure" of a company. For this project, we will examine theoretical and empirical research on capital structure, as well as the primary elements that influence how organisations choose their capital structure. The present study looks at the main competing "capital structure" theories, as well as the assumptions that drive each of them. The examination highlights the factors that impact a company's "capital structure" decision. Factors of "capital structure" determinants discovered via empirical study on "capital structure" determinants so far. Research Methodology: The nature of Present Research study is descriptive based and conceptual, Empirical review paper. The data has been collected from various repute journals such as Elsevier Science direct, articles published in peer-reviewed journals, textbooks etc. The review is based on various research works that were selected through well defined inclusion and exclusion criteria. Results: Many research studies on large organisations have been done using secondary data and regression models, and many of these studies have been conducted on large organisations utilising primary data. It was discovered that the impact of leverage differs by industry, which should be examined further in future study. The present research examines ""capital structure" theories" and factors that impact "capital structure" selection in the financial industry. When it comes to "capital structure" choices, firms have been demonstrated to follow the pecking order theory. [ABSTRACT FROM AUTHOR]

Research Question/Issue: Relying on enhanced market power and improved information environment associated with institutional cross‐ownership, this paper examines the relation between institutional cross‐ownership and trade credit in China. Research Findings/Insights: Listed firms with cross‐ownership can obtain more trade credit. The main conclusion is robust when we consider endogeneity problems, alternative measures of institutional cross‐ownership, and the effect of a financial crisis. Further, we perform several tests to examine the influencing mechanisms, confirming that the positive relation between institutional cross‐ownership and trade credit is more pronounced for listed firms in more competitive industries, or with poorer information environment. Further analysis also finds that the positive effect of institutional cross‐ownership on trade credit is more prominent for listed firms with fewer bank loans. Theoretical/Academic Implications: This paper emphasizes information sharing and cooperation among listed firms with institutional cross‐ownership and argues that the information improvement effect is a relatively more important mechanism in affecting listed firms' decisions. Practitioner/Policy Implications: China's market‐oriented reform is in progress and shows some weaknesses in corporate governance and investor protection. The research focusing on institutional cross‐ownership can provide useful suggestions for policy makers on how to improve corporate governance and construct efficient capital markets. [ABSTRACT FROM AUTHOR]

Large firms may issue debt securities to obtain external financing or set up lowly-taxed affiliates for internal debt-shifting purposes. In addition, they may channel interest payments through Dutch special purpose entities (SPEs) to avoid withholding taxes, a widely-used arbitrage strategy. Analysing the capital structure of large EU-based multinationals, this paper provides evidence that the use of Dutch-issuing SPEs is associated with higher debt financing relative to equity. Furthermore, it shows that EU subsidiaries of larger firms are more leveraged and that the use of Dutch on-lending SPEs is also associated with higher subsidiary leverage. Thus, the paper provides evidence that Dutch SPEs facilitate higher external debt financing as well as internal debt shifting. The findings indicate that withholding taxes on interest payments to entities outside the EU, determined by individual EU member states, are not very effective. The national tax systems of EU countries such as the Netherlands, which does not impose interest withholding tax, allow large firms to avoid those taxes. [ABSTRACT FROM AUTHOR]

Supply chain finance is an effective way to solve the problem of capital turnover of construction enterprises and stabilize economic growth under epidemic situation. Blockchain technology can solve the problems in the current supply chain finance business, such as incorrect information between banks and enterprises, lack of visibility in transaction process, and possible joint fraud in the core enterprise model. However, it still has problems such as inconvenient information verification, data fraud, and difficulty to achieve a balance between efficiency, security and cost. This paper presents a hybrid chain model combining PANDA (a consensus algorithm based on public chain) and X-Alliance (a consensus algorithm based on alliance chain). Such proposed hybrid chain model can process the transaction of each account in parallel, asynchronize from other unrelated accounts in the network, provide more reliable data storage and authority management, and ensure the ownership of change tracking data, which has higher performance and lower protection cost while ensuring data security and privacy security. According to the data of network crawling, the experimental results show that the throughput can reach 1200tps when four nodes are deployed. The model serves for the supply chain financial data management of engineering projects, making trade authenticity review, risk assessment and credit transmission of core enterprises more efficient. On this basis, each participant can carry out analysis and give early warning of capital flow, timely analyze and calculate the authenticity of transaction background. The proposed method provides a reference for the normal operation of the project fund under the COVID-19 epidemic. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to evaluate whether trust and distrust in upper-level managers exert different influences on the budgetary proposals of middle managers. Such proposals involve different levels of managerial effort that impact overall budgetary slack.Design/methodology/approach This paper is based on a laboratory experiment with 160 business managers.Findings The results show that the more (less) middle managers trust (distrust) their upper-level managers, the more (the less) effort they commit to budgetary proposals. The authors also find that middle managers with low trust are prone to invest more effort and thus create less budgetary slack than managers with high distrust. The results also show that the introduction of suspicion does not vary this initial choice of effort and budgetary slack.Research limitations/implications This paper shows the importance of trust and distrust as informal control systems in organizations. The findings support the importance of extrinsic motivation for enhancing effort and reducing budgetary slack. There are a wide range of exogenous variables that have an effect on the development of trust and distrust.Practical implications Practitioners may improve their management control by facilitating trust and preventing distrust in interpersonal relationships because both are informal controls that can reduce and increase, respectively, dysfunctional behaviors in organizations, such as budgetary slack.Originality/value This paper is among the first to show the distinct effects of trust and distrust (high and low) in the efforts of middle managers. This study provides a dynamic viewpoint of trust through the introduction of suspicion in a budget negotiation. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is twofold: to classify the research to-date on supply chain finance (SCF) according to the main themes and methods, and to propose directions for future research. Design/methodology/approach – The review is based on 119 papers mainly published from 2000 to 2014 in international peer-reviewed journals and in the proceedings of international conferences. Findings – The articles that provide a definition of SCF reflect two major perspectives: the “finance oriented” perspective – focused on short-term solutions provided by financial institutions, addressing accounts payable and receivable – and the “supply chain oriented” perspective – which might not involve a financial institution, and is focused on working capital optimisation in terms of accounts payable, receivable, inventories, and sometimes even on fixed asset financing. Research limitations/implications – While efforts were made to be all-inclusive, significant research efforts may have been inadvertently omitted. However, the authors believe that this review is an accurate representation of the body of research on SCF published during the specified time frame, and feel that confidence may be placed on the resulting assessments. Originality/value – The paper presents a comprehensive summary of previous research on this topic and identifies the most important issues that need to be addressed in future research. On the basis of the identified gaps in the literature, four key issues have been highlighted which should be addressed in future research. [ABSTRACT FROM AUTHOR]

Numerous managerial and corporate finance perspectives suggest mutual tax advantages when depreciation is transferred from an asset's user to a lessor, creating a perceived loss of tax revenue for the government. This study delves deeper into the lease versus buy decision and its ramifications on government tax revenue. It goes beyond tax rate discrepancies, exploring how factors like lessor‐lessee borrowing rate differences, asset lifespan, depreciation, and lease payment schedules impact tax revenues, both analytically and numerically. The paper establishes a strong theoretical foundation, emphasizing positive‐sum games involving lessees, lessors, and governments in individual deals. Government benefits from leasing vary across asset classes, market structures, depreciation timelines, credit quality, tax credits, and business cycles. The proposal is that the aggregate impact at the federal level could be positive, negative, or neutral across all leasing deals. These insights surpass conventional knowledge, offering valuable perspectives for finance and accounting educators, students, practitioners, and policymakers. [ABSTRACT FROM AUTHOR]

Crowdfunding is an innovative strategy for financing a new business venture from the general public instead of seeking funds in traditional ways, such as issuing bonds or bank lending. This study aims to identify the determinants affecting the success of a crowdfunding campaign and how different measurements for crowdfunding success, different crowdfunding models, and the selection of subdivided determinants influence the determinants' impacts on crowdfunding success. We set the disciplines in the search strategy to select studies related to crowdfunding success. Ultimately, 94 empirical papers are selected to reveal the different findings for the determinants of crowdfunding success; based on this information, we construct an integrated framework for future research. There has been much research on project- and creator-related factors; however, many of these factors have inconsistent relationships with crowdfunding success due to varying measurements of success. In particular, different measurements used within the same study for determinants or crowdfunding success may also produce inconsistent results. In addition, different crowdfunding models of a project have been found to induce additional findings. Our review of the determinants of crowdfunding success and the definitions of the determinants, as well as the proposed integrated framework, can help focus future work on relatively new or unique determinants rarely addressed in the existing literature. This work provides practical implications for both theory and practice, and directions for future research. [ABSTRACT FROM AUTHOR]

This editorial introduces and assesses the collective contribution of three papers that collectively provide a special section of ABR on the topic of corporate financial reporting enforcement.[1] Empirically, the papers provide insights ranging from an analysis of the cross national impact of enforcement actions on the quality of corporate financial reporting in the banking sectors of 37 countries to detailed case studies of enforcement processes, outcomes and consequences in two contrasting institutional settings - namely, Romania and Italy - and covering, respectively, the development of a national Financial Reporting Enforcement System (FRES) and the institutional actions, interactions and silences concerning a controversial share revaluation in 2013 by the Bank of Italy. They comprise an appealing mix of a broad-based, cross-country analysis of the banking industry (which has not attracted a great deal of empirical attention in accounting archival research) and two detailed case studies of financial reporting enforcement processes. Duru et al. ([22]) study the comparative impact of enforcement regimes on the value relevance of earnings and common equity across the banking sectors of 37 major economies for the estimation window 1999-2012. There are also fundamental questions to ask as to whether the desired enforcement goal is for the development of more rigorous and stronger regulatory enforcement regimes and authorities, or whether the more effective of "enforcement" regimes could be ones where the systemic emphasis rests less on ever increasing levels of inspection and intrusion (to secure compliance with standards) and more on engendering an acceptance of responsibility; securing compliance through a spirit of enablement rather than a fear of punishment. [Extracted from the article]

The SI collectively provides policy recommendations for designing optimal green and energy efficiency financing schemes for researchers, policymakers and market players on access to green and sustainable finance. Keywords: Green finance; Corporate finance; Financial modeling; Risk management; Sustainability EN Green finance Corporate finance Financial modeling Risk management Sustainability 613 616 4 07/13/22 20220701 NES 220701 1. Academics and practitioners are questioning the role that green and sustainable finance plays, which goes beyond the primary function of finance as funding the economy. [Extracted from the article]

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Research summary This article provides a review of the entrepreneurial finance literature in the surprisingly not very well integrated entrepreneurship and finance journals. Entrepreneurial finance encompasses venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding, among other forms of finance. We analyze trends in citation activity to these topic areas across 16 journals that publish at least somewhat regularly on these topics, and we show there has been a rise in citations on venture capital, private equity, and IPOs post-2006. We highlight an unfortunate degree of segmentation in the literature, as well as topics that have been the subject of scholarly focus, and identify promising topics for future research. Managerial summary Who does research in entrepreneurial finance-entrepreneurship or finance scholars? And which types of journals are more likely to publish research in entrepreneurial finance? In this article, we provide an overview of the literature on topics that include venture capital, private equity, private debt, trade credit, IPOs, angel finance, and crowdfunding. Our review of the literature shows some elements of segmentation by the specific topic, which we explain is partly due to the fact that datasets on entrepreneurial finance themselves are often segmented and do not include information on more than one form of entrepreneurial finance at a time. Further, we show citation patterns are segmented by the type of journal, with finance journals being much less likely to refer to entrepreneurship journals. Copyright © 2017 Strategic Management Society [ABSTRACT FROM AUTHOR]

In this paper, conditions are discussed under which maximum wealth does not correspond to maximum welfare. As one might suspect, these conditions involve situations in which capital investment on the part of the individual firm influences not only the wealth of its stockholders but also the prices and/or characteristics of existing assets available to stockholders in the market. In these situations changes in nominal stockholder wealth due to corporate investment may not correspond in direction to the concomitant changes in the size of stockholders' "real" opportunity sets. The discussion of conditions under which changes in wealth do not measure changes in welfare naturally leads to consideration of (a) conditions under which the price maximization rule is equivalent to maximization of stockholder welfare, and (b) alternative investment criteria which avoid the problems associated with price maximization. With respect to the optimality of the price maximization rule it is argued that rather stringent conditions on capital market structure are required. This is particularly true of, though not limited to, the case of uncertainty. As for alternative investment criteria, a simple and "operational" welfare maximizing rule is given of which price maximization is a special case under appropriate conditions. The welfare rule, however, applies to all capital market structures. [ABSTRACT FROM AUTHOR]

The paper deals with the detection of creative accounting of enterprises in the agricultural sector to verify whether creative accounting is used to an increased extent by those farming enterprises that have been granted a bank loan; and then whether there is an effort to manipulate financial statements mainly in microsmall or medium and large enterprises. Four mathematical-financial models were applied to 150 accounting units with primarily agricultural activity to verify the hypotheses. Beneish M-score, Jones model, Altman Z-score and IN05 model were used. An increased risk of using creative accounting methods was identified in 28% of the investigated companies on average during the monitored period. Still, the assumption that the size of the accounting unit has a significant effect on the use of creative accounting methods was not proven. However, a higher motivation to manipulate financial statements can be expected in smaller accounting units due to their less stable financial position confirmed Altman Z-score and IN05 models. At the same time, a higher probability of using and a tendency to use creative accounting techniques were found among units that were granted a bank loan, which stems from the need to secure and maintain sufficient financing for business activities. [ABSTRACT FROM AUTHOR]

The global finance and business is a trillion‐dollar sector whose final demand drives a significant amount of economic production and services in other sectors through trade systems. As economic production and services have a significant impact on the environment, they play a fundamental role in supporting the global sustainable development goals (SDGs). Despite this, little attention has been paid to environmental impact driven by the final demand of global finance and business sector (i.e., environmental footprint). In this paper, we estimated the carbon dioxide (CO2), sulfur dioxide (SO2) and particular matter 10 (PM10) footprints of finance and business sector of 187 economies from 2000 to 2016 using a global multi‐regional input–output model. Our results show that global environmental footprints peaked 10 years ago, and the latest CO2, SO2 and PM10 footprints are approximately 1371, 8.2 and 6.1 million tons, respectively. We also found that 99% of environmental footprints originate from 20% economy‐sectors, and the critical economy‐sectors are identified. In addition, policy interventions on environmental intensity, production efficiency and trade network for mitigating the environmental footprints are proposed as well. Our findings provide a holistic and dynamic picture of the environmental footprints of the global finance and business sector. [ABSTRACT FROM AUTHOR]

In this exploratory article, we aim to open a research agenda for renewed attention to the relationship between the capitalist state and the technology ecosystem. Over the last decade, private technology companies have increasingly become enmeshed with the activities of the state in arenas such as policing, healthcare, and welfare administration. At a time when so many facets of state activity are being infiltrated by technology firms and their products, we ask how we should theorise the relationship between the capitalist state and technology capital? This paper develops one approach to answer this question by aligning the priorities of tech capital with those of the neoliberal state namely, through the disciplining and managing of the relative surplus population. In this arena, we argue, a form of techfare has begun to take shape: a technology-assisted extension and intensification of the disciplinary logics that work to lock the relative surplus population into exploitative market relations and punitive institutions in advanced capitalist countries like the United States. We explore techfare and the disciplining of labour through two avenues: the business of consumer finance vis-à-vis debt and credit instruments, and various forms of tech-enabled strategies of law-enforcement. [ABSTRACT FROM AUTHOR]

Financing structure is an important and very complex issue in the financial theory and the rights and obligations of relevant stakeholders of enterprises are also concentrated in the financing structure. Therefore, the financing structure has a significant impact on the value of enterprises. A reasonable financing structure is conducive to standardizing the behavior of enterprises and improving the value of enterprises. The change of corporate financing structure is often used as a signal to external investors about the company's future income expectations, especially because the financing structure has a certain impact on the company's performance, which makes the problem of financing structure more valued by the theoretical and financial circles. For the empirical information about company financing, this paper explores the influencing elements of the company's running overall performance assisted with the aid of the blockchain, and the net of matters provides a chain model and constructs the operating performance indicators according to the comprehensive score. We select the commercial credit financing rate, short-term loan financing rate, long-term loan financing rate, debt financing rate, equity financing rate, and endogenous financing rate. The control variables are total capital, ownership concentration, and average age of the company. The conclusion is drawn by regression analysis. Commercial savings financing rate, fairness financing fee, and endogenous financing fee are positively correlated with the working performance; short-term loans and average age of the company are negatively correlated with the operating performance; and long-term loan financing rate, bond financing rate, and equity concentration are not significantly correlated with the operating performance. [ABSTRACT FROM AUTHOR]

This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients, specifically more vulnerable people, while also focusing on the demand side. Applying the keywords "co-occurrence networks" and "citation networks," we examined 524 studies indexed on the ISI Web of Science database between 2012 and March 2021. The subsequent content analysis of bibliometric-coupled articles concerns the main research topics in this field: the socioeconomic outcomes of microfinance, the dichotomy between social performance and the mission drift of microfinance institutions, and how entrepreneurship and financial innovation, specifically through crowdfunding, mitigate poverty and empower the more vulnerable. The findings reinforce the idea that microfinance constitutes a distinct field of development thinking, and indicate that a more holistic approach should be adopted to boost microfinance outcomes through a better understanding of their beneficiaries. The trends in this field will help policymakers, regulators, and academics to examine the nuts and bolts of microfinance and identify the most relevant areas of intervention. [ABSTRACT FROM AUTHOR]

Purpose: Introduce the concept of crowdfunding, its essence and assumptions, as well as determine its role and significance in financing start-up activities in Poland. Design/methodology/approach: For the purpose of attaining the objective and demonstrating hypotheses, data and information contained in papers and reports by Polish and European institutions and organisations like European Start-up Monitor 2015, 2016, 2018, Polskie startupy 2015, 2016, 2017, 2018, 2019 (Start-up Poland Foundation) are analysed and specialist literature is reviewed. Findings: Sources of financing of start-up activities in Europe and Poland are identified. Alternative sources of financing for innovative business activities are indicated, together with the significance of crowdfunding as a source of capital for start-ups. Originality/value: The paper addresses the important issue of social financing, a present-day source of financing for innovative projects. Knowledge about the role and significance of this form of financing for development of start-ups in Poland is scant. Alternative sources of start19 up financing are explored and the role of crowdfunding in this respect is indicated. [ABSTRACT FROM AUTHOR]

Qimen Dunjia is a treasure of Chinese wisdom. In ancient China, it is known as the Emperors Study, the best of all the forecasting tools. Qimen Dunjiawas first used in the military and created brilliance in history. Jiang Ziya, Zhang Liang, Zhu Geliang, Guo Ziyi, Zhao Pu, and Liu Bowen are the world influential men, famous for their talents of using Qimen Dunjia in Chinese history. on interpretation, grasping opportunities and so on. I do inductive classification to evaluate the value of Qimen Dunjiain solving qualitative business problems. The paper is also the research summary of the study. In my research, Qimen Dunjia is a scientific decision-making model and is based on the universe holographic theory. According to universe holographic theory, holographic law not only exists in the biological world, but everything in the universe contains hologram. As "a drop of water can reflect the sea", Qimen Dunjia put the universe into a specific spatio-temporal category in line with the seasons change, the temporal and spatial variation rule. With the help of original parameters of mathematical symbols in the system, the Qimen Dunjia model which contains the heaven, human and earth as a huge system which shows good and bad of the inference on decision. The analogy of yin and Yang, five elements of heaven and earth, the heavenly stems and earthly branches, nine stars, eight, doors and other cosmic code symbols dominate the system operation. Through the related information displayed by the symbols, the Chinese can understand the past and forecast the future, which is the unique Chinese world outlook and methodology. The paper analyzes the astronomical geography meaning, different effects to people and things by Qimen Dunjia symbol in details, describing the unity of heaven and man reflected in Qimen Dunjia model in a scientific way. Chinese ancestors once tried the Qimen Dunjia in the field of commercial applications, and a lot of works have been published, such as "Golden Letter Jade Mirror Qi Men Dun Jia", "Special Tips of Qi Men", "Law of Qi Men" and so on. However, they are not systemic and do not offer enough interpretation on the case. Today many Qimen Dunjia experts have remarkable contribution on business area such as Zhang Zhichun, Du Xinhui, Wang Zhifeng and so on. They all have a clear unique insights in using Qimen Dunjia in the commercial field. Within the paper, I make a comparative analysis between the historical development and modern application, hoping that on the basis of previous studies, through the classification of relatively complete induction, symbol interpretation and summary description, rules can be more intuitive and persuasive, so that more and more people will accept the decision model in the commercial field. This paper describes the application of Qimen Dunjiain details and proves the maturity and stability of the scientific decision model. In addition, through the help of inductive method, we make detailed analysis on many important predictions of today's commercial investment subjects by means of Qi Men Dun Jia. By means of statistical induction and analysis, we try to make the using of Qimen Dunjia more simple, more specification in the commercial investment application Finally, this paper also put forward that Qimen Dunjia is a pure Chinese decision model, which is a unique discovery and effort seeking business rules from the traditional Chinese culture. Compared with the Western model of decision making, its speed, cost and accuracy advantages are obvious. Moreover this model can make correct decision under asymmetric information, which presents new challenges to the Western business decision analysis model. This paper also proposes that future Qimen Dunjia research in commercial areas may be focused on the model updating itself, so that it can give more clear and definite guide on the commercial field. [ABSTRACT FROM AUTHOR]