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This paper analyses the impact of economic factors on stock prices based on a crosssectoral approach. After the analysis of academic literature in the field, the graphical analysis of stock price movements in different sectors is conducted and multiple stock price factors panel regression models are constructed. The results of the research show that the strongest difference between sectors was observed in the effect on stock prices of such factors as inflation and interest rates. When analyzing other factors, no significant difference in effect between sectors was observed. [ABSTRACT FROM AUTHOR]

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This paper analyses the theoretical issues of financial sustainability on several levels. First of all, the variety of definitions of sustainability is discussed. After that, the concept of financial sustainability is clarified and the main elements of financial sustainability are indicated. Finally, the map of financial sustainability concepts is presented and three main approaches to financial sustainability (at international, national, and company levels) are identified. In addition, the relationship between the application of financial derivatives and a company's financial sustainability is briefly discussed. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic and induced economic and social constraints have significantly impacted the confidence of both consumers and businesses. Despite that, comprehensive studies of the impact of the COVID-19 pandemic on the consumer and business sentiment are still lacking. Thus, in our research we aim to identify consumer and business confidence indicators' reaction to the spread of the COVID-19 pandemic in the Eurozone, the United States, and China. For this purpose, we used the method of correlation-regression analysis. We chose the consumer-confidence index, manufacturing purchasing manager's index, and services purchasing manager's index as dependent variables; and the number of confirmed cases of COVID-19, the number of deaths caused by COVID-19, and the mortality rate of COVID-19 infections as independent variables. The results showed a relatively rapid and robust effect of COVID-19 in the short period, but longer-term results depended on the region and were not so unambiguous: in the case of the Eurozone, the spread of COVID-19 pandemic did not affect the consumer-confidence index (CCI) or, in the cases of the United States and China, affected this index negatively; the purchasing managers' index (PMI) in the services sector was significantly negatively affected by the mortality risk of COVID-19 infection; and the impact on the purchasing managers' index (PMI) in the manufacturing industry appeared to be mixed. [ABSTRACT FROM AUTHOR]

Although there is a number of researchers studying innovations in general specifically pointing out the risky nature of financial innovations, and the necessity to study their impact the empiric studies describing the effect of the innovations in financial technologies upon capital markets are scarce. There is no credible evidence leading to an unambiguous conclusion as to the impact of innovation in financial technologies upon the development of capital markets in Central and East European countries (CEECs). Thus, the main scientific problem of this article is the lack of reliable quantitative evidence of the impact of innovations in financial technologies on capital market development in CEECs. According to that, the aim of this article is to assess the impact of the financial technologies innovations upon the capital markets of the CEECs on the basis of the most recent available data (2006-2017). The study methods employed by the authors included an analysis of the relevant scientific literature, comparative dynamic analysis, panel data models (constant, fixed and random effects) and other statistical methods. As a result, the panel model of the impact upon the capital markets in CEECs is developed based on the analysis of the data from 9 Central and Eastern European countries for a period of 12 years (2006-2017). The model suggested by the authors explains almost four fifths of the changes in the capital market expressed in the capitalisation indicator. The panel models of constant, fix and variable effects is an evidence of a negative statistically significant impact of the summary innovation index reflecting the level and the scope of financial technologies upon the development of capital markets in the Central European States when the other selected macroeconomic variables remain in control. The panel model of development of capital markets also showed that a statistically significant positive impact upon the capital market development in CEECs was produced by forecasted GDP growth, inflation and capital investment factors (variables). On the other hand, foreign direct investment, unemployment, interest rate, public debt, government budget deficit do not have a statistically significant impact upon the development of capital markets in the selected CEECs. The model constructed by the author is characterised by fairly high reliability and determination indicators, therefore, may be used for the purpose of a further assessment and projecting of the impact of financial technologies and other actions upon the development of the capital markets. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic and pandemic-induced lockdowns and quarantine establishments have inevitably affected individuals, businesses, and governments. At the same time, the spread of the COVID-19 pandemic had a dramatic impact on financial markets all over the world and caused an increased level of uncertainty; the stock markets were no exception either. Most of the studies on the impact of the COVID-19 pandemic on stock markets are based either on the analysis of a relatively short period (the beginning of pandemic) or a longer period, which, in turn, is very heterogeneous in terms of both the information available on the COVID-19 virus and the measures taken to contain the virus and address the consequences of the pandemic. However, it is very important to assess the impact not only at the beginning of the pandemic but also in the subsequent periods and to compare the nature of this impact; the studies of this type are still fragmentary. Therefore, this research aims to investigate the impact of the COVID-19 pandemic on stock markets of two of the most severely affected European countries—Italy and Spain. To reach the aim of the research OLS regression models, heteroscedasticity-corrected models, GARCH (1,1) models, and VAR-based impulse response functions are employed. The results reveal that the stock market reaction to the spread of the COVID-19 pandemic differs depending on the country and period analyzed: OLS regression and heteroscedasticity-corrected models have not revealed the statistically significant impact of the spread of the COVID-19 pandemic, while impulse response functions demonstrated the non-zero primary response of analyzed markets to the COVID-19 shock, and GARCH models (in the case of Spain) confirmed that the COVID-19 pandemic increased the volatility of stock market return. This research contributes to the literature by providing a comprehensive impact assessment both during the whole pre-vaccination period of the pandemic and during different stages of this period. [ABSTRACT FROM AUTHOR]

The research aims to examine and evaluate the accounting information disclosure (AID) quality of the non-current tangible assets in the annual financial statements of private sector entities of Lithuania and identify characteristics of these enterprises that have an impact on the AID quality. The research model of the AID quality in the financial statements is created. Based on the national accounting standards' legal requirements, the original checklists were structured, and the disclosure quality indexes (DQIs) allowing evaluation of AID (both mandatory and voluntary) quality were formed. The empirical results show that Lithuanian enterprises' AID quality was sufficient and average during the investigation period. The significant AID quality change was not observed during the short term (2007–2008), i.e., when Lithuania was going through a significant change in the economy, where the rapid growth was followed by the financial crisis. In addition, it was investigated whether significant changes were observed during the long term (2007–2016) when Lithuania was transforming from a developing to a developed country. The results show that during this period the disclosure of mandatory (for all enterprises) and voluntary information did not change significantly, while additional (for large and medium) AID quality increased. Multiple panel regression analysis showed that the enterprise's characteristics (such as its size, debt-paying capacity, indebtedness, tangible assets, and profitability) appeared to have a statistically significant effect on the AID quality. The research findings could contribute to helping shareholders, potential investors or creditors, financial analysts, and other stakeholders when making decisions in regard to the evaluation of the AID quality as well as helping regulators to increase standards for information transparency and comparability. [ABSTRACT FROM AUTHOR]

The aim of the research is to examine and evaluate the accounting information disclosure quality of the non-current tangible assets in the financial statements of the municipalities of Lithuania and identify municipality characteristics having an impact on the accounting information disclosure quality. Although the question of Lithuania public sector accounting information disclosure quality has been relevant since the Public Sector Accounting and Financial Reporting Reform in 2010, this research is the first of its kind in Lithuania. Based on the legal and regulatory requirements and related scientific literature, the research model of the accounting information disclosure quality in the financial statements has been created. Using the content analysis of consolidated annual financial statements of Lithuanian municipalities (years 2013–2016), the disclosure quality index has been calculated, as well as the accounting information disclosure quality of the tangible assets has been evaluated and compared. The results show that the quality of accounting information disclosure of Lithuanian municipalities in 2013 was low (revealed 37.87% of the mandatory information), while in subsequent years, the disclosure of mandatory information increased (to 45.50% in 2016) and the quality of information disclosure became average. Multiple panel regression analysis revealed that specific factors such as size of the municipality, municipality debt-paying capacity, municipality tangible assets, and municipality revenue, have a statistically significant impact on the accounting information disclosure quality. [ABSTRACT FROM AUTHOR]