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The article evaluates the applicability of the Dynamic Financial Analysis (DFA) method for assessing the financial performance of insurers by incorporating into the analysis various areas of risk affecting the financial position, with a particular focus on solvency. DFA is, along with Asset Liability Management (ALM) and Data Envelopment Analysis (DEA), one of the most widely used methods. Intelligent information systems are of great importance for the advancement of research in the assessment of the financial situation and solvency of insurance companies, since they allow the analysis of data over several periods, the identification of cause-and-effect relationships, and the evaluation of the impact of individual variables on the phenomenon under study. DFA makes it possible to carry out an integrated and holistic quantitative analysis of the relevant risk factors and determine the interrelationships between the determinants. The aim of the research is to present the methodological assumptions and to demonstrate, on the basis of a critical literature review, the usefulness of the Dynamic Financial Analysis (DFA) for the assessment of the financial condition and solvency of insurers. The article presents the methodology for proceeding with DFA, and critically evaluates the cases of application of the method that have been described in the literature. Its advantages and disadvantages were indicated. It was confirmed that the DFA method can be an important tool for making financial decisions of insurers. The disadvantages of the method are the ambiguous approach to the treatment methodology, as well as the need to generate a large number of scenarios for the insurance sector. Systematizing the approaches and regulating the application of the DFA method would spread its use by insurers. [ABSTRACT FROM AUTHOR]

Current study aimed at exploring the impact of expert systems components (knowledge base, inference engine, explanation component, user interface, acquisition component) on organizational financial efficiency from perspective of financial managers within industrial organizations in Jordan. The quantitative deductive approach was utilized, and a questionnaire was handed to a convenient sample of (331) financial managers and analysts within industrial organizations. SPSS was adopted in order to process and analyze primary data; results of study accepted the main hypothesis which was articulated "expert systems components have statistically significant influence on financial efficiency" with r = 0.656 and a substantial relationship between "expert systems" and "financial Efficiency". This relationship accounted for 43.1% of the variance in the examined variable (the dependent variable). Regarding sub-variables, it was seen that the highest in influence was "user interface" scoring an r= 0.592 and a medium relationship with financial efficiency that accounted for 35.1% of the variance. Study recommended the need for expert systems to be able to reason and explain the reasons for the recommendations they make and to respond to simple questions raised by non-specialists. Further recommendations were presented in the study. [ABSTRACT FROM AUTHOR]

The emphasis placed on climate change at the COP28 summit highlights the need for a deeper understanding of the factors influencing sustainable development. Therefore, this study utilizes data from 27 OECD countries from 1992 to 2020 to investigate the complex relationships among renewable energy consumption (RE), environmental regulations (ER), financial efficiency (FE), and trade-adjusted carbon emissions (CCE). Additionally, we examine the moderating role of FE in the relationship between RE and CCE. This study employs the method of moment quantile regression to demonstrate that an increase in RE and more strict ER substantially reduces CCE. Similarly, FE has a significant inverse effect on environmental degradation. Further, we observe that as RE increases, FE plays a crucial moderating role, reinforcing the inverse relationship with CCE. In the context of the COP28 summit, this study recommends that policymakers integrate renewable energy strategies with financial restructuring to facilitate sustainable economic growth amidst climate change. [ABSTRACT FROM AUTHOR]

This paper examines the impact of women borrowers' culture on the financial efficiency of microfinance institutions (MFIs) between the years 2011 to 2019. The sample data consisted of 90 MFIs from ASEAN-4 countries. As the first stage analysis, data envelopment analysis (DEA) was employed to determine the score of financial efficiency for the MFIs. In the second stage, Multivariate Panel Regression Analysis were used to examine the impact of women borrower on the level of financial efficiency of the MFIs. The findings reveal that Cambodia has the highest financial efficiency score in ASEAN 4. This indicates that the MFIs in Cambodia are sustainable in providing financial services to the poor in the long run. Moreover, the findings also found a positive relationship between women borrowers culture and the efficiency of the MFIs, which implies that women borrowers reduce the risk of default, thus confirming that women have better loan repayment rates than male borrowers. The outputs from this study provide new insights for the stakeholder of the MFIs as well as policymakers to develop a strategy in order to promote the continuous development of the MFIs. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Sociales (13159518) is the property of Revista de Ciencias Sociales de la Universidad del Zulia Venezuela and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The 2008 financial crisis hits economic growth particularly in banking sector. The impacts also not spared to Microfinance Institutions' (MFIs) since MFIs nowadays become integral part in financial system. This paper aims to evaluate financial efficiency of the MFIs in the period of pre and post-financial crisis in first objective. Next, to examine impact of firm characteristics and economic determinants on financial efficiency within the similar period. Total of 166 MFIs from ASEAN 4 countries were selected which include Vietnam, Cambodia, Indonesia, and the Philippines between pre-crisis years, 2000-2007 and post-crisis years, 2010-2017. Using Data Envelopment Analysis, first stage analysis estimates level of financial efficiency of MFIs. In second stage, application of Multivariate Panel Regression Analysis evaluates the effects of firm characteristics and economic determinants on financial efficiency level of the MFIs. Result on first stage revealed the post-crisis efficiency score higher than the pre-crisis efficiency score and this implies financial crisis does not financially affected the MFIs hence appear to be sustainable in the long-run. The findings in the next stage reveal firm characteristics and economic determinants mostly found insignificant for postcrisis period while significant in the pre-crisis. The insignificant outcomes prove the crisis has resulted some variables being unable to explain variation in financial efficiency of the MFIs. Generally, the microfinance industry will be benefited from this study as an input for any concurrent crisis in the future. This is vital since the MFIs is the only financial institutions that provide financial access to the poor. [ABSTRACT FROM AUTHOR]

• We find that, following the 2008 global financial crisis, there was a rapid increase in overall financial misallocation among enterprises. • The degree of financial misallocation across regions varies considerably, with the western region the largest, followed by the central region and the eastern region the smallest. • Compared to non-advanced manufacturing enterprises, firms in advanced manufacturing industries experience a higher degree of financial misallocation. • Financial misallocation plays mediating roles between government debt or house price and economic growth or employment. This study documents the financial misallocation in China from 2000 to 2022. We find that, following the 2008 global financial crisis, there was a rapid increase in overall financial misallocation among enterprises. The degree of financial misallocation across regions varies considerably, with the western region the largest, followed by the central region and the eastern region the smallest. Compared to non-advanced manufacturing enterprises, firms in advanced manufacturing industries experience a higher degree of financial misallocation. Lastly, we briefly explore the mediating role of financial misallocation at the macroeconomic level. This study contributes to a deeper understanding of financial misallocation in developing countries. [ABSTRACT FROM AUTHOR]

• This study unveils a relationship between ESG performance, firm efficiency, and cash holdings. • The analysis reveals the significant negative effect of ESG performance on cash holdings. • Enterprises embracing the ESG performance are less likely to hold excessive cash. • The analysis infers the mediating role of firm efficiency in ESG-cash holdings nexus. • The financial intermediation theory was found valid in current settings of research. This study examines the impact of Environmental, Social, and Governance (ESG) principles on firm efficiency and cash holdings in China's non-financial sector from 2010 to 2022. Through fixed effect and system GMM regression analyses, it finds that higher ESG scores enhance operational efficiency, leading to decreased cash reserves. The research highlights that sustainable practices contribute to ethical standing and financial resilience, encouraging firms to integrate ESG strategies with financial objectives. The corporate firms are encouraged to view sustainable practices not merely as compliance measures but as strategic imperatives that contribute to both ethical standing and financial resilience. By exploring the linkage between sustainable practices and financial strategies, this study enriches the dialogue on sustainable finance and responsible corporate governance, demonstrating the financial benefits of ESG adherence. [ABSTRACT FROM AUTHOR]

Copyright of Internext: Revista Electrônica de Negócios Internacionais da ESPM is the property of Associacao Escola Superior de Propaganda e Marketing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Selcuk University Social Sciences Institute Journal is the property of Selcuk University Social Sciences Institute Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A conventional Data Envelopment Analysis (DEA) model has a lack of practical applicability and consideration, and to measure social and financial efficiency due to deficient in the computational capacity to deal with social outputs. This study attempts to investigate the efficiency of 22 microfinance institutions (MFIs) in Pakistan during the period of 2010-2016. Therefore, this study proposed a methodological application of radial and non-radial DEA model, which practically concede the mathematical computation to increase the analytical capability of radial social and financial efficiency and non- radial social and financial performance, because the non-radial DEA model has higher discriminating power as compared to radial DEA. Results show that the microfinance institutions (MFIs) such as, Agahee, Akhuwat, Naymet, NRSP, and OPD have highest values of radial financial and social efficiency and these microfinance institutions are performing well in terms of financial revenue, percentage of female clients and average loan size in order to generate revenue from production by using specific amount of labour force and their operating system. Whereas, the TMFB, CSC and GBTI shows lowest values, thus it indicates that these microfinance institutions are not performing well as compared to other microfinance institutions. Further, the sensitivity analysis confirms the robustness of our results as the outcomes are insensitive with the inaccuracy of data variation. [ABSTRACT FROM AUTHOR]

The study aimed to identify the determinants and to measure the efficiency of different MFIs providing monetary assistance in Pakistan. In addition to this, the study intended to distinctively measure the social efficiency and financial efficiency of MFIs programs. The study applied Data Envelopment Analysis (DEA), which is recognized as a robust and modern technique as compared others. More importantly, DEA deals with double bottom line objectives of financial institutions by simultaneously measuring social efficiency and financial efficiency. Furthermore, the study regressed explanatory variables to determine the double bottom line objectives of financial institutions. Results indicate that none of the MFIs were efficient by utilizing single input. However, it is found that the efficiency of MFIs increases as the inputs are increased. The study yielded that age and size of the institution are substantial determinants of efficiency of MFIs. The MFIs in Pakistan strongly lack efficiency which needs to be improved in throughout the organizations. The MFIs should focus on enhancement of human resource capabilities to achieve optimal level of output through latest and advanced techniques. The study provides guidelines for policy makers to reward and allocate the funds (resources) for MFIs based on social efficiency and/or financial efficiency. [ABSTRACT FROM AUTHOR]

Various forms of shared services are adopted by local governments throughout Japan, just as they are in many other countries. There are high hopes of their being efficient and effective means of service provision and resource management of considerable value to the localities in which they are established and operate. But are the hopes fulfilled, and what are the key factors in how the arrangements are structured, work and achieve results? These are important questions, which are addressed in this article with particular reference to the experience of partial service associations as one form of shared services in two prefectures in Japan. The findings reveal that such associations do not necessarily improve financial efficiency because of various transaction costs. These costs, along with other significant aspects of the arrangements, are certainly worthy of further comprehensive research and analysis. [ABSTRACT FROM AUTHOR]

In Japan, the Great Heisei Consolidation has facilitated municipal mergers for economies of scale and drastically reduced the number of municipalities since 2000.This phase of merger promotion ended in 2010. The central government’s strongest focus was on encouraging mergers in areas where many municipalities each had a population of less than 10,000. An analysis of the “metropolitan power diffusion index” (MPDI) and “move resources” shows that, although half of the areas achieved good modifications, mergers do not always improve financial efficiency. However, the more striking result is that municipalities in prefectures that resisted the central government’s consolidation incentives, especially Hokkaido where there are many small municipalities, continued to receive the benefit of local allocation tax revenue redistribution from the central government due to their relatively disadvantaged fiscal status. By contrast, the benefits of well-modified municipalities that followed the recommendations of central government policy and achieved good outcomes were reduced and financial exemption was cut. Thus, the central government’s use of accelerated and restrictive approaches to incentivise consolidation was limited by its ongoing willingness to bail out needy municipalities that did not accept with national policy. [ABSTRACT FROM AUTHOR]

This paper studies the relationship of financial development and income inequality in China over the period of 1978-2013. Using the structural vector auto-regression (SVAR), the empirical results are consistent with the G-J hypothesis of an inverted U-shaped relationship between financial development and income inequality. An economy in its initial stages of financial development would present increasing inequality and only in a second or even third stage of development would inequality actually decrease. The evidence is valid for two indicators defined to measure the scale and the efficiency of financial development, respectively. Financial reform aimed at forming an appropriate financial system should be accelerated to help to reducing income inequality in China. [ABSTRACT FROM AUTHOR]

Copyright of Universidad & Empresa is the property of Colegio Mayor de Nuestra Senora del Rosario and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

To deepen financial reform, China's financial policy displays more regional characteristics and the expansion of financial innovation to the regions has a far-reaching impact. This paper aims to evaluate the performance of financial innovation in 30 provinces in China. By using the panel data of 30 provinces in China, we apply the three-stage data envelopment analysis (Three-stage DEA) to regional financial innovation with environmental constraints taken into account. The application of Three-stage DEA that involves environmental factors and statistical noise enables us to assess the innovation disparity in the financial industry of each province in terms of technology. The conclusions are as follows: (1) Technical efficiency and scale efficiency are significantly reduced except for pure technical efficiency in the intermediary-oriented model compared with that before adjustment. The main reason for the decrease in overall efficiency is that the real level of financial innovation declined after the external environmental factors have been excluded. And the overall level in the market-oriented model is lower than that in the intermediary-oriented model. (2) External environment variables, including the regional economic basis, government loan intervention, the founding of the regional financial market, will affect the input of regional financial industry in accounting technical efficiency. Firstly, with a higher level of economic development, the quantity of personnel employed in the financial industry tends to rise. Secondly, the intervention from the local government is positive in the slack model of capital investment input, indicating that more government intervention in one area will lead to the inefficient use of capital investment in the financial industry. The estimated value of personnel input is negative, implying that personnel redundancy is negatively correlated with government intervention. Finally, the effect of the regional dummy variable is significantly negative in the slack of capital input, indicating that the regional financial market can improve the efficiency of capital investment in the financial sector. (3) The efficiency gap between provinces and districts still exists. It is revealed in our finding that there are efficiency disparities between coastal and interior regions, and between eight economic zones as well. It is suggested that fostering a good external environment is beneficial not only to promoting the efficiency of regional financial innovation, but also to bridging the gap between developed and developing provinces. Expanding the perspective of financial innovation research, this paper extends efficiency evaluation from traditional manufacturing to financial industry. Specifically, in this paper, regional financial innovation refers to the ability to reduce costs and increase the efficiency of input factors in financial industry. However, there is still plenty of room for research in this field, such as the characteristics of financial innovation in organizational structure, the external environment of financial competition and cooperation, and the growth effect of financial innovation. These are the directions for further research. [ABSTRACT FROM AUTHOR]

The paper presents several aspects regarding the optimization of the operation for a mixed cycle gas turbine, Titan 130S type, installed at S.C. CET S.A. Bacau, during the warm season. The optimization entails the partial loads operation and has been done using the multicriterial analysis, taking into consideration the operation restrictions required for this type of gas turbine. The criteria that regard this analysis are: thermal energy requirements, the global efficiency in high cogeneration, the electric energy price, the emission level of NOx and CO2. These criteria have been applied on several operating conditions of gas turbine. As a result of this analysis has been chosen the optimum operating regimen that corresponds to a predefined forecast period. These operating conditions took into account the need to provide the necessary heat forecast thermal energy to provide hot water for domestic and non-domestic clients from Bacau city during summer by energy and financial efficiency conditions with a low level of pollutant emissions. Two operating restrictions were considered for the gas turbine: the first one is a technical type and the second one regards the admissible level for NOx emissions. The technical restrictions refer to maximum number of turbine start-ups in this case daily number of start-ups and annual number of start-ups for this type of turbine being limited. This limitation is due to the equipment's wear during the turbine start-up drive and exceeding the allowed number of start-ups leads to premature wearing and to the growth of the maintenance expenses. The restrictions regarding the NOx emissions level derive from the installation of a SoLoNOx combustion system for this type of turbine. The SoLoNOx combustion system ensures a low level of NOx emissions and the considered restriction is due to this type of combustion start-up operation at loads higher than 60% of this type of gas turbine rated power. This system uses powerful swirl injectors, which produce an intense circulating area for the mix-fuel in the combustion chamber with low oxygen level so as the combustion takes place at a low temperature blocking the formation of thermal NOx. [ABSTRACT FROM AUTHOR]

This article aimed at assessing the integrated harmony status of Chinese financial system by a fuzzy algorithm calculating the harmony degree of the system for the three aspects: financial scale, financial structure and financial efficiency. It analyzed the frangibility and tested the relation between the financial development and economic growth. The results show that the integrated harmony reflects the capability and ability of anti risk of Chinese financial system. However, the status is not good enough and it is stringent to improve the financial efficiency. [ABSTRACT FROM AUTHOR]