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The population's understanding of contemporary and important topics is gaining importance with the increasing complexity of financial systems and trends. As financial markets continue to evolve and deepen, possessing financial knowledge and following current trends has become necessary. Sustainable investment, also referred to as ESG investment, has recently become a key factor in promoting a sustainable economy and environmental protection. Research on sustainable investments is growing and becoming more significant, but there are still opportunities for continued research on this topic. Research is conducted through structured interviews with three different groups of respondents in the Croatian capital market, and the findings are presented. Collecting information from different groups of respondents enables a comparative observation of information, which contributes to a deeper understanding of the respondents' attitudes and perceptions, as well as greater reliability and authenticity of the study. The aim of this research is to assess the perception of regulatory representatives, institutional investors, and certified financial experts about sustainable investments and to compare the answers to the respondents' questions to determine similarities or differences in their thinking and attitudes. Also, the paper uses data collected by a qualitative research method, that is, by interviewing three groups of respondents. The conducted qualitative research confirms that capital market participants are aware of the importance of sustainable investments and the positive impact of sustainable investments on environmental protection, improvement of society and the financial sector. A key finding of this study is that sustainable investment has the potential to create a more financially sustainable and stable economy and encourages several positive changes at the level of the national capital market and economy. [ABSTRACT FROM AUTHOR]

The Covid-19 endemic is a challenge in the economic field, the endemic causes uncertainty in the exchange rate. This uncertainty causes the exchange rate to fluctuate which is characterized by data volatility. Data volatility for investors causes investors to always be ready to face the possibilities that will occur in the capital market to make decisions about their portfolios. Uncertainty in investing makes investors have to be able to predict future data accurately. To overcome this, the researchers conducted forecasting using the Neural Network (NN) method using Principal Component Analysis (PCA) as the preprocessing method. NN optimization is used with the aim of overcoming the occurrence of overfitting in the training process. The preprocessing process is used to overcome the problem of multicollinearity in the Rupiah exchange rate data used. To show the performance of using PCA and NN, MAE and MSE performance measures are used. The experimental results show that PCA+NN is able to reduce errors compared to individual NNs. [ABSTRACT FROM AUTHOR]

Purpose: This study seeks to examine the relevance of goodwill information to the market value of listed companies in both the Portuguese PSI index and the Spanish IBEX-35 index from 2007 to 2022. Methodology: To evaluate the relevance of the accounting value of goodwill, for companies from non-financial sectors listed on the Portuguese PSI and Spanish IBEX-35, to investors, we tested several specifications using Tobin's Q ratio as indicator of company market value. The estimation was conducted within the framework of a foundational empirical model that extends the panel-fixed effects estimator, enabling simultaneous testing for industry, year, and firm-fixed effects. Results: We observe a significant and positive correlation between our proxy variable for company market value and goodwill, which supports the prevailing notion in the literature that investors perceive information regarding goodwill as significant in their decision-making process. Originality: In view of the results achieved and the importance that information on goodwill has for the equity markets, it is pertinent to define the added value of information from subsequent measurement methods that can be adopted (impairment testing and/or systematic amortisation) for the investor, in order to provide the most relevant information, maintaining a true and fair view of the company's situation. [ABSTRACT FROM AUTHOR]

Stocks are the most popular instruments and the most chosen by investors because they provide an attractive level of profit for investors. In investing, investor must consider return and risk. The place where investors transact is called the capital market. The capital market must be efficient, because an efficient capital market is a market where the prices of all traded securities reflect all available information quickly and accurately. In an efficient capital market, trading in the capital market is sensitive and many parties are involved, allowing for deviations or anomalies to appear. The occurrence of anomalies in a capital market allows investors to get abnormal returns, which should not be possible if the market is efficient. Anomalies that often occur are calendar anomalies. Calendar anomalies are events that are not anticipated and can provide an opportunity for investors to obtain abnormal returns that occur at calendar intervals, such as the day effect. The purpose of this study is to analyze calendar anomalies on the Indonesian stock market to see if there are day effects, week effects and January effects using stochastic dominance method. Stochastic dominance is a technique for choosing risky investments without having to pay attention to the return distribution by comparing the cumulative probability of returns. The results of this study indicate that returns on Tuesday tend to be higher than other days, returns on 2nd and 4th week higher than prior weeks in general, and the January effect is not found in this study. [ABSTRACT FROM AUTHOR]

Crypto-assets are defined as digital representations of value or of rights, applications of distributed ledger technology (DLT), including blockchain technology. DLT means an information repository that keeps records of transactions and that repository is shared across, and synchronised between, a set of DLT network nodes. Representations of value regarding crypto asset include a value attributed to a crypto-asset by the parties concerned or by market participants. That means the value is based on the interest of the purchaser of the cryptoasset only. Digital assets that cannot be transferred to other holders do not fall within the definition of crypto-assets. Therefore, digital assets that are technically impossible to transfer directly to other holders should be excluded from the scope of the European Regulation [Regulation (EU) 2023/1114]. Some crypto-assets qualify as financial instruments as defined in Directive 2014/65/EU of the European Parliament and of the Council1 (MiFID II) and fall within the scope of existing Union legislative acts on financial services. Therefore, a set of rules already applies to issuers of such crypto-assets and to firms conducting activities related to such crypto-assets. But other crypto-assets fall outside of the scope of Union legislative acts on financial services. European legislator chooses to regulate crypto assets that not fall within the regulation of financial instruments outside of this regulation. The new regulation [Regulation (EU) 2023/1114]2 intended to legislate in the field of crypto-assets, not interfering with financial instruments. Somehow similar to financial instruments market architecture the new regulation defines crypto assets types (e-money tokens, 'asset-referenced tokens' and third type outside the two defined types), admission to trading of crypto-assets and offer to the public of crypto assets, crypto-asset services and application for authorization as a crypto-asset service provider or operation of a trading platform for crypto-assets, prevention and prohibition of market abuse involving crypto-assets. Similar to capital market domain, Member States shall designate the competent authorities responsible for carrying out the functions and duties provided for in the regulation on crypto assets market. Member States shall notify those competent authorities to EBA (European Banking Authority) and ESMA (European Securities and Markets Authority). [ABSTRACT FROM AUTHOR]

Capital markets are a very important intermediary between companies that need capital for their business ventures and creditors who participate in the capital market in order to increase the value of their stake in the long term. The most important capital markets are the bond market, the stock market and the foreign exchange market. One of the key stock market performance indicators are the stock market indices that measure the value of the stock or a segment of the stock market that can be classified according to economic activity. They are used to observe the behavior of a group of stocks, and by reviewing the average behavior of a group of stock over the years investors can gain an insight into the performance of a group of shares. The region of Southeast Europe is still in a period of transition, and the current macroeconomic situation deters investors from trading on the relevant capital markets they consider it a risky investment. The main focus of this paper is the structure of stock market indices that use the freefloat market capitalization methodology and the interpretation of the reason of their movements in the last six months. The relevant stock market indices are BELEXline (Serbia), SBITOP (Slovenia), BUX (Hungary), BIFX (Bosnia and Herzegovina), MONEX (Montenegro) MBI10 (North Macedonia) and finally CROBEX (Croatia). The aim of this paper is to interpret the influence of external factors on the stock market indices. [ABSTRACT FROM AUTHOR]

The Recovery and Resilience Facility (RRF) administered by the European Commission is the important part of a temporary financial instrument - NextGenerationEU. Through this mechanism, the European Commission raises funds by borrowing from capital markets, i.e., issuing bonds on behalf of the European Union. Out of the €750 billion for NextGenerationEU, €672.5 billion have been allocated to the Recovery and Resilience Facility to finance the Recovery and Resilience Plans developed by the member states of the European Union. Thus, Romania has also developed its own Recovery and Resilience Plan establishing its priority areas of investment, approved by the Council of the European Union in October 2021. This paper refers to the allocation of funds through the National Recovery and Resilience Plan for Component C15: Education, Investment 16: Digitalization of universities, and their preparation for the digital professions of the future. For the digitalization of state and private universities in Romania and their preparation for the digital professions of the future, a competitive call for projects was launched in 2022, with a financial allocation of 234 million euros excluding VAT (VAT is covered by the national state budget). With a limit of 3.9 million euros per university, each university in Romania had the opportunity to participate in the competition for the acquisition of digital infrastructure and the development of advanced digital skills for members of the academic community. [ABSTRACT FROM AUTHOR]

The company's operations are aimed at maximizing value for its owners. In the case of joint-stock companies, the key is the value of their shares, whose oscillations on the capital market depend on the dynamics of supply and demand. However, what is behind these fluctuations is often the result of investors' expectations, which are formed on the basis of fundamental and speculative assessments of the company itself. Fundamental assessments are based on financial indicators and can be expressed in value, while speculation cannot. Therefore, the main goal of this research is to investigate the influence of selected financial variables of the company on the annual change in the price of shares listed on the Zagreb Stock Exchange. The variables covered in the research, and whose impact on stock change is investigated, include return on equity (ROE), net financial debt (NFD)/EBITDA ratio, percentage change in annual revenue, enterprise value (EV)/EBITDA ratio, yield from dividend, operating margin ratio, debt-to-equity ratio and current liquidity ratio. The research was conducted on a sample of companies that are included in the official stock index of the Zagreb Stock Exchange, CROBEX, with data from 2010 to 2019, with an emphasis on the period before the Covid-19 pandemic. The analysis was performed using panel analysis, which allows a better understanding of the dynamics and connections between variables across different companies and years. The results of this research can provide a deeper insight into the factors that shape the price of shares on the Zagreb Stock Exchange (ZSE) and useful guidelines for investors, managers and regulatory bodies in making decisions. [ABSTRACT FROM AUTHOR]

Since the capital market was attacked by economic crisis as the impact of covid-19 earlier in 2020, the real problems in capital market appears and clear. The stock price shows the real condition of the firm. The "penny stock" is one of the interest things to observe as the reflection of the firm's real condition. The "penny stock" has been a victim already. The players in Capital Market stated that the "penny stock" is the cause of all disasters happen to investors. This Research was designed to prove whether the statement of players in Capital Market is true. The support theory for this article is the efficient market hypothesis, proposed by Fama in 1970 and the contradiction of market microstructure theory implementation. The market microstructure theory proposed by O'hara in 1995. J-Penny is the formula to detect the "penny stock". J-Penny is the econometrics formulation designed to reflect the standard deviation of weighted average price between price and volume in big size data. The process of this research is started by formulating the concept and tested by simulation. The simulation process took 4 stocks as the samples. The samples have many differences in observation. This simulation process proved that the J-Penny is able and accurate to differentiate the normal stock and penny stocks. The data in this research processed by using python to have the accurate result. [ABSTRACT FROM AUTHOR]

The financial analysis examines the content of the financial statements, which are prepared in accordance with generally accepted accounting principles and aims to provide information on the amount and risk of future cash flows. The object of financial analysis are the inflows and outflows of economic activity and their distribution over time. The financial analysis needs an efficient capital market for stock prices. The analysis of the financial condition of the companies is of great importance for their future. Based on this analysis, certain decisions can be made by managers and owners. In addition, potential investors, commercial banks and other stakeholders can draw conclusions based on the analysis of financial condition and make certain decisions concerning companies. [ABSTRACT FROM AUTHOR]

The typical structure of the healthcare sector involves (specialist) intertwined practices co-occurring in formal or informal networks. These practices must answer to the concerns and needs of all related stakeholders. Multimorbidity and the need to share knowledge for scientific development are among the driving factors for collaboration in healthcare. To establish and keep up a permanent collaborative link, it takes effort and understanding of the network characteristics that must be governed. It is not hard to find practices of Network Governance (NG) in a variety of industries. Still, there is a lack of insight in this subject, including knowledge on how to establish and maintain an effective healthcare network. Consequently, this study's research question is: How is network governance organized in the healthcare sector? A systematic literature study was performed to select 80 NG articles. Based on these publications the characteristics of NG are made explicit. The findings demonstrate that combinations of governance style (relational versus contractual governance) and governance structure (lead versus shared governance) lead to different network dynamics. Furthermore, the results show that in order to comprehend how networks in the healthcare sector emerge and can be regulated, it is vital to understand the current network type. Additionally, it informs us of the governing factors. [ABSTRACT FROM AUTHOR]

The main objective of the research is to determine the impact of organizational behavior among small and mediumsized companies in the scientific literature between 2012 and 2022. The Prisma 2020 methodology (Preferred Reporting Items for Systematic Reviews and Meta - Analyses) was used for the processing of data obtained in the collection of articles supported by databases such as: Redalyc, Scopus, Dialnet and Scielo from which a total of 18 articles related to the study variable were obtained, 90% of them coming from Latin America, occupying the first place Colombia followed by Ecuador, all in Spanish language; on the other hand, the sectors and items that were used for the studies were 30% private and industrial educational sector. For the analysis of relevant information and keywords on the variable, ATLAS ti.22 was used, which allows identifying the concepts and topics with greater mention and relevance, among them: the authors indicate that the study of organizational behavior allows predicting the behavior of people within companies; it also helps to find the best work structure, identifies people's skills and improves the flow of horizontal and vertical communication; at the same time, it is the most complex to develop because each person is considered a genuine and unique link, which have different criteria, thoughts and points of view. In conclusion, it is argued that in order to maintain a good working environment within the company where effective labor relations based on ethical and moral values are fostered or executed, the full understanding and management of behaviors and attitudes among the members of the organization must be prioritized; only in this way will there be a satisfactory impact on the performance of the collaborators. This research will allow future researchers to link organizational culture with the performance and loyalty of their collaborators, prioritizing policies and norms that sustain harmony and efficiency in a company. [ABSTRACT FROM AUTHOR]

Corporate leaders are constantly dealing with stress in parallel with continuous decision-making processes. The impact of acute stress on decision-making activities is a relevant area of study to evaluate the impact of the decisions made, and create tools and mechanisms to cope with the inevitable exposure to stress and better manage its impact. The intersection of leadership and neurosciences techniques is called Neuroleadership. In this work, an experiment is proposed to detect and measure the emotional arousal of two groups of business professionals, divided into two groups. The first one is the intervention/stress group, n=30, exposed to stressful conditions, and the control group, n=14, not exposed to stress. The participants are submitted to a sequence of computerized stimuli, such as watching videos, answering survey questions, and making decisions in a realistic office environment. The Galvanic Skin Response (GSR) biosensor monitors emotional arousal in real-time. The experiment design implemented stressors such as visual effects, defacement, unfairness, and timeconstraint for the intervention group, followed by decision-making tasks. The results indicate that emotional arousal was statistically significantly higher for the intervention/stress group, considering Shapiro and Mann-Whitney tests. The work indicates that GSR is a reliable stress detector and may be useful to predict negative impacts on executive professionals during decision-making activities. [ABSTRACT FROM AUTHOR]

The present study aims to determine the level of disclosure about financial risks in Portuguese non-financial companies and to identify the determinants of the level of disclosure. To carry out this study, the research methodology used was the content analysis of the reports and accounts, for the period 2017, of 40 non-financial companies listed on Euronext Lisbon, using a disclosure index for financial risks, created based on the requirements contained in the International Financial Reporting Standard No. 7 - Financial Instruments: Disclosures. After the content analysis, to identify the determining factors of disclosure level, a linear regression model was built to relate certain characteristics of the companies with the disclosure level presented. It was possible to conclude that the companies under study have an average disclosure level of about 50% of the requirements contained in IFRS 7 and that the size of companies and the concentration of capital significantly and positively influence the level of disclosure about financial risks. Indebtedness was also a determinant factor, but with a negative sign, being an uncommon result in relation to most other studies. [ABSTRACT FROM AUTHOR]

The analysis of stock markets can be done through an existing scientific approach, used in the field of physics. We can make a correlation between the stock market and the theory of open thermodynamic system and its negentropy. Stock markets are not isolated. They are continuously influenced by the existing information on the market, so that within the system, which tends towards a state of equilibrium, this external factor disturbs the initial state of equilibrium. We can deduce that markets can be influenced by a multitude of other factors (also, markets can influence each other) and can be influenced from the outside (different financial events that cause increases or decreases in market values). Thus, we find in the "econo-dynamic system", an energy transfer based on the exchange of information in the markets. We will focus on the evaluation of capital market negentropy. In this study, we will analyze the elements that make us associate a stock market system with a thermodynamic one. In the end, we have shown the Covid's (SARS CoV-2) quantitative impact on capital markets, especially concerning two stock market indicators, Dow Jones Industrial Average and Nikkei 225, respectively. [ABSTRACT FROM AUTHOR]

The stock price in the capital market moves randomly, the high low stock price is influenced by many factors. Therefore, it is necessary to predict the stock price so that it can help investors to see the future prospects of investment. In this study, TLKM's stock price prediction will be conducted by comparing several algorithm models, namely Neural Network (NN), Linear Regression (LR), and Support Vector Machine (SVM). To measure the accuracy level of each algorithm model used validation model 10 Fold Cross Validation and evaluation using Root Mean Squared Error (RMSE). The results of this study concluded that TLKM stock price data can be predicted using Neural Network (NN) algortima model, with rmse prediction accuracy of 24,102 +/-2,415 (micro: 24,258 +/-0,000) smallest compared to other algorithm models. [ABSTRACT FROM AUTHOR]

In recent years the performance of most african capital markets has shown a downward trend, Zambia included. The Lusaka Stock Exchange stock price index performed the worst, dropping 26.83% in local currency by the end of 2016. This study sought to find out the effect of exchange rate on stock market capitalisation. The time sample that was used in this study was a yearly time series that span from 1994 to 2017, thus representing 23 observations from each ZMW/USD exchange rate and market capitalisation. Multiple regression analysis was performed using the Johansen Cointegration test and the Vector Error Correction model (VECM), where market capitalisation was used as the dependent variable while Exchange rate, Inflation rate and GDP were used as the independent variables. All the findings were conducted to test whether F-test statistic hold at 5% level of significance and these were done using E-views, statistical software package. The probability rejection rule of p value < 0.05 indicating relationship between variables, the research results with a probability of 0.0416 and 0.0440 shows that there is a long run relationship between valuables. While the study also found a negative relationship between exchange rate and stock market capitalisation, that the coefficient of - 0.109843 indicates that the stock value decreases by 10.98 percent for any one percent depreciation of the Kwacha against the dollar. Hence, this suggests that the depreciation of the exchange rate negatively affects the performance of the Lusaka Stock market capitalisation. GDP also showed a negative effect of exchange rate on GDP implying that for any one percent depreciation of the currency, GDP decreases by -54.15879. The results for inflation rate also showed a negative relationship between exchange rate and inflation. Inflation rate of -20.7728 showed a negative effect. If the currency depreciates by any one percent change, inflation changes by - 20.7728. Therefore, this study recommends that the bank of Zambia, ministry of finance and mines to adopt policies that can lead to boosting the economy via an increase in productivity so as to ensure an increase in foreign exchange earnings in the country. These policies may include a predictable and non-discriminatory regulatory environment and an absence of undue administrative impediments to business more generally. Hence, ensuring that there is public sector transparency, which may include an impartial system of courts and law enforcement penned at redressing the tax system that could constitute eliminating barriers to attracting more firms to participate in the capital market. Generally, development in financial inclusion in the financial system will encourage both foreign and domestic capital flows. Therefore, the more foreign currency inflows in the country the better will be the performance of the stock market which will ultimately result in an increase of values all shares on the stock market. [ABSTRACT FROM AUTHOR]

This research compares the portfolio performance of the value stocks, growth stocks, and sharia stocks using the Markowitz model. Efficient portfolios were formed using Markowitz modeling. An efficient portfolio is a portfolio that has the highest expected portfolios at the same risk levels. Three portfolios are constructed from three different groups: IDX Value30, IDX Growth 30, and JII70 stocks. The research sample was chosen based on its positive return, no corporate action, and member of the three mentioned groups. One-way-Anova test was performed to compare the three portfolios located on each efficient frontier. Lingo software was used to perform the modeling operation to get the stocks that make up the portfolio and the proportion of funds for each stock that minimizes portfolio risk. By setting various expected returns, various minimum portfolio risks were obtained. The results showed that portfolio JII70 stocks provided the highest performance, and portfolio growth stocks gave the lowest performance. The reason is that the pandemic period makes the conditions of all sectors very vulnerable, unstable, and unpredictable. Thus, investing in Islamic stocks with good fundamental performance and a low debt to total asset ratio gives investors' confidence. Because the possibility of the company experiencing default would be lower. Under highly unpredictable conditions, passive investment strategies in safe stocks and having sound fundamentals are the safest alternative during this pandemic. [ABSTRACT FROM AUTHOR]

The sea transportation or maritime industry is a strong force for Indonesia which consists of several islands; meanwhile, business in this field has great potential to be developed, especially in the capital market. Therefore, this study examines four predictors that affect stock prices in maritime companies listed on the Indonesia Stock Exchange in 2013 – 2019. The hypothesis was formulated using panel data regression analysis tools with the least square dummy variable technique. The results showed that profitability and financial leverage are robust predictors of the hierarchical regression parameters, while the firm size and market value are not proven as predictors. This study presents the originality of the stock prices determinant in the maritime industry to guide investors' decisions and company management to optimize firm value. [ABSTRACT FROM AUTHOR]

The latest version of directive regarding markets in financial instruments, Directive 2014/65/EU of the European Parliament and of the Council of 15 may 2014, known as MiFID II, lists trading venuesin EU jurisdictions as the regulated markets, multilateral trading facilities (MTFs) and organised trading facilities (OTFs). The differences between these three trading places are laying down through European secondary legislation. European approach on markets do not follow the American model on trading markets: stock exchanges and alternative trading systems (ATS). Although the names differ, the essence has been preserved for alternative trading systems and multilateral trading facilities. Trading venues include regulated markets and multilateral trading facilities. Both trading places involve a multilateral system „which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments”. In both cases the pairing of orders is done in a way that results in a contract. In both cases the orders are issued in respect of the financial instruments admitted to trading under markets rules which is authorised by competent authority (Financial Supervisory Authority, FSA). Both places are operated regularly and in accordance with national and European law. The difference between the types of trading places will be quantitative, not qualitative. MTF – multilateral trading facility, the alternative market – although it is not a regulated market in the strict sense, it looks very similar. Still, it differs from regulated market by the lack of regulated procedures for admission to the market, simplified authorization and more relaxed market operation. The difference is only about a level - missing or different - of regulation, not about the essence of the concepts. Fundamentally, although more relaxed, alternative markets create the same particular framework for the formation of legal acts and operations regarding the financial instruments accepted by the system (market). [ABSTRACT FROM AUTHOR]

The stocks are one of a variety of securities that are traded in general through the stock exchange. One sector that is quite large in the Indonesian capital market is banking stocks. Banking stock prices are often used by economic analysts as a reflection of the Indonesian economy, this is because banking stock prices are one of the largest sectors in the Indonesian capital market. However, since the discovery of the Covid-19 outbreak in Indonesia in March 2020, banking stock prices have fallen drastically. Since then, the movement of banking stock prices has continued to fluctuate and be uncertainty. This study will forecast banking stock prices using BBCA, BMRI, and BBRI stock price data by adding an intervention variable, namely the time the Covid-19 outbreak was discovered in Indonesia. In this study, we will compare hybrid model of the univariate time series and Artificial Neural Network known as ARIMAX-NN with hybrid model of the multivariate time series and artificial neural network as VARX-NN. The results of this study show that hybrid VARX-NN model produces a smaller RMSE value than ARIMAX-NN model in BBCA, BMRI and BBRI. [ABSTRACT FROM AUTHOR]

This paper addresses the regional ecosystem dynamics for sustaining a high percentage of young entrepreneurial firms. Extant research holds that young entrepreneurial firms are dependent on access to capital, competence, and networks available in a diverse urban environment to succeed. However, there exists huge variation between the failure rate of young entrepreneurial firms between comparable cities. A comparison across Scandinavian capital cities shows that the survival rate among Oslo based newly founded firms is lower, compared to firms located in Stockholm and Copenhagen. This is paradoxical since this region scores high on several relevant measures, and thus justifies an in-depth qualitative study to reveal how known factors play together to increase start-up firm survival rate. We conducted a strategically sampled embedded case study of 19 start-up firms across 8 different industries, supplemented with 3 interviews with investors, from the Oslo-region. Our findings reveal important mechanisms in interaction across ecosystem stakeholders that can explain start-up firm survival. Based on these finding we identify 21 entrepreneurial needs and provide 11 propositions for further research as well as recommendations for practitioners and policy makers aiming for regional entrepreneurial eco-system development. [ABSTRACT FROM AUTHOR]

Coherent and qualitative information ensure the effectiveness of capital markets, highlighting the vital role of efficient risk management reporting and its decisive involvement in communicating companies' future threats and prospects comprehensively. Volatility within the business context, multi-criteria in decision-making processes, vague reporting standards and the necessity for more pragmatic approaches that facilitate non-linear relationships require more sophisticated techniques to interpret this kind of complexity into reliable quantitative data that can be integrated into strategic decision-making procedures. Multicriteria Decision Aid Analysis can provide powerful tools to extrapolate the most influential parameters that shape distinctive risk disclosure patterns, allowing the decision-maker to select alternative paths based on aggregation - disaggregation technics and preferences, in order to achieve disclosure efficiency. The objective of this paper is to underline the advantages of employing the Fuzzy Set Qualitative Comparative Analysis (fsQCA) and the Stochastic UTA method in order to demonstrate equifinality in corporate risk disclosure efficiency. [ABSTRACT FROM AUTHOR]

In investing, investors consider the movement of return to find the right investment decision. Stochastic Dominance (SD) rule shows the dominant stock among stock returns where a particular distribution can be added to give more relevant results. The lognormal distribution represents the value of return on the capital market because it is positively skewed. The aim of this research is to apply stochastic dominance method on stock return with the assumption that data comes from a lognormally distributed population. The daily closing stock price data from stock indexes listed on the Indonesia Stock Exchange (IDX) were used in this research. SD method with log normal distribution were applied on the data after testing whether stock returns follow the lognormal distribution. Based on the analysis, the method used in this research can be applied to JKII, LQ45, SRI KEHATI, JKII 70, ISSI, JKAGRI, JKBIND, JKCONS, JKMING, and KOMPAS 100 indexes. It can be concluded that additional distribution information on stock returns data increase the decision rule of SD. [ABSTRACT FROM AUTHOR]

The corporate governance theme has been a subject of great debate due to the financial scandals of recent years. However, it is currently seen as a key factor for the success of organizations. This is because of the strong evolution that it has undergone over the years and the increase in financial market demands. Corporate governance is also seen as a crucial component in strengthening investor confidence. According to the literature, good corporate governance allows for the achievement of a degree of trust necessary for the proper functioning of a market. Currently, good corporate governance practices contribute to attracting investors, increasing stakeholder confidence, raising a company's reputation, and increasing business transparency among other benefits. The present study aims to analyse corporate governance disclosure in companies listed on Euronext Lisbon in 2020. To achieve this aim, we perform a content analysis of the corporate governance and annual reports as well as the consolidated annual accounts of a sample comprising 32 companies listed on Euronext Lisbon as at 31st December 2020. To analyse the extent of disclosure, a disclosure index is created based on the recommendations of the Portuguese Securities Market Commission; this makes it possible to measure the degree of compliance with recommended disclosures. Only disclosures related to the board of directors, the audit committee, the external auditor, and the statutory auditor are considered. The average value of the disclosure index is 0.977, with the most disclosed information related to the statutory auditor and the least disclosed related to the audit committee. This study contributes to a good understanding of corporate governance in the Portuguese context. [ABSTRACT FROM AUTHOR]

A stock is one of the assets sold by a company in the capital market. The capital market is one of the facilitators to distribute funds from the parties that have excess funds to the parties that need more funds. A rise that happened because of the number of stocks traded and the high volume of trading pushes the development of the capital market in Indonesia. Stock prices are formed when supply and demand happen in the capital market. The manipulation of financial statements, stock portfolios, and COVID-19 led to changes in the stock price of the insurance sector. This study aims to determine the variables that can affect the stock price. The variables used in this study are managerial ownership, sales growth, total assets turnover ratio, and premium growth ratio of insurance sub-sector companies listed on the Indonesia Stock Exchange in 2018 - 2020. The sample for this study is selected by using the purposive sampling method. For the three-year observation, 45 data samples are used. After the outlier, the data samples are changed to 36. The research method for this study is panel data regression analysis. The results showed that managerial ownership, sales growth, total assets turnover ratio, and premium growth ratio affect the stock price. Managerial ownership and premium growth ratio positively affect the stock price, while sales growth and total assets turnover ratio do not affect the stock price. [ABSTRACT FROM AUTHOR]

In the Indonesian Capital Market, normatively, the position of independent shareholder in conflict-of-interest transaction is as strong party that approves or disapproves the conflict of interest transaction. However, the substance of the regulation regarding to conflict of interest transaction from 1991 to 2020 has not protected independent shareholders. Where, the approval of independent shareholders is not always identical to their strong position, which in practice the Director, Commissioner, or Major Shareholder overrides the provisions of the conflict of interest transaction, namely without prior approval from independent shareholders. Apart from that, there are six other factors that indicate that independent shareholder in conflict-of-interest transaction have a weak position. The weakness arises usually because the independent shareholders only learn about the loss of the transaction after the conflict-of-interest transaction has been carried out. These weakness include: 1) the concentrated shareholdings system that adopted by indonesia; 2) the difficulty of Bapepam (now Financial Service Authority) FSA)) to monitor the public company before conducting a conflict of interest; 3) the occurrence of nominee practices in conflict of interest transaction; 4) no matter how many independent shareholders are present, they are unable to affect the continuity of general meeting of shareholder (GMS) and voting keep been carried out; 5) not fulfilling the applicable conflict of interest procedures and regulations, especially the approval of independent shareholders in the GMS; and 6) law enforcement against public companies who violate the provisions of conflict of interest transaction so far does not provide a deterrent effect. Thus, it is urgent for Capital Market regulators to be able to make a clear and specific arrangement for independent shareholders to be protected from all transaction decisions containing conflict of interest that are dominated by subjective elements of the Board of Directors to the detriment of independent shareholders and the company. [ABSTRACT FROM AUTHOR]

Social media such as Twitter is a online platforms to exchange stock information. Many researchers believe that more information about the stock market should reduce volatility. This study aims to see the impact of agreement among investors in the capital market moderated by investor alpha. Is it only considered noise or valuable information? We used data on Twitter to capture agreement among investors and the impact of investor alpha from 2016 to 2021 and analyze 10242 stock-related daily messages using computational linguistics and examine the mechanism leading to an efficient aggregation of information from investor alpha or quality of investment advice based on 60 largest trading volume stock registered in Indonesia Stock Exchange. We used the moderation model PROCESS analysis regression to seek to determine whether the size or sign of the effect agreement among investors in the capital market depends in one way or another on the quality of investor alpha. Our results show that disagreement among online investors positively correlated with volatility and the impact of agreement among investors on volatility in the capital market depends on the quality of investor alpha. In other words, the level of agreement between investors can affect the volatility of the stock market depending on the accuracy of the recommendations given by alpha investors on the stock returns for a period. [ABSTRACT FROM AUTHOR]

Investment in the capital market has its own charm for investors. The share price of each company listed on the Indonesia Stock Exchange sometimes changes, either increasing or decreasing the share price. Therefore, investors often have difficulty in choosing which stocks have a small risk but can generate a large return. This study aims to determine the expected return on stocks of the pharmaceutical and health research sub-sectors based on the use of the Capital Asset Pricing Model (CAPM) method. The research method used is the Capital Asset Pricing Model (CAPM) to determine the estimated rate of return or expected return and to determine the relevant risk and return on each asset when the capital market is in a balanced condition. The population of the study is the shares of companies in the pharmaceutical and health research sub-sector 2017-2022. The research sample used a purposive sample method and resulted in 8 companies that did not experience delisting and were listed on the IDX during the study period. Efficient stocks are stocks with individual returns greater than the expected rate of return. There are 5 stocks with a positive average return and are included in the efficient stock group and 3 are included in the inefficient stock group. [ABSTRACT FROM AUTHOR]

The relationship between economic variables and the capital market is different in the boom and recession periods. Considerable differences are found depending on the country and the related periods. According to the results of the previous studies, it is clear that non-linearly estimating this behavior has not received much attention by researchers in Iran, thus, it is necessary to study this issue with asymmetric and non-linear relationships regarding the asymmetric distribution of variables. The main purpose of this study was to investigate the interaction between the returns of the stock market, foreign exchange market, as well as gold and oil market in the boom and recession periods by using the Quantile-Quantile approach. The results of this study using daily data from 2011 to 2019 showed that the rela-tionship between the stock market and the foreign exchange market, the global oil and gold markets is non-linear, and this dependence is different during the boom and recession peri-ods. In extreme conditions of the market, the dependence of these markets on the stock market is more than in other periods. [ABSTRACT FROM AUTHOR]

This research deals with the analysis of different risk measures used for the identification of the rewarded risk factors. Namely, various research has shown that there are some unrewarded risk factors on the market that are relatively easy to expose, which reduces the desired effects of diversification. Because of that, different approaches are used to identify rewarded risk factors. One of them is applied in this research and for that purpose, three different measures of the risk are used. Generally, when the returns distribution is skewed, the downside risk is relevant which could be tested via measure downside beta or coskewness. Downside beta is a modified measure of a systematic risk that takes into account only deviations in stock returns that are below the average market return. Given the fact that this research is conducted on the stocks for which return distribution is mainly positively asymmetric, the third moment is taken into account i.e. skewness. In the context of the contribution of the asymmetry of the individual stock to the asymmetry of a market portfolio, the new measure of risk is taken into account – coskewness. Besides downside beta and coskewness, the third measure used is beta, the standard measure of systematic risk in financial analysis. To determine whether risk measures can be used as a proxy for the expected return and if they have the power to explain cross-sectional variability in stock returns on the Croatian stock market, monthly returns of 64 stocks are used. Stocks included in the analysis were listed on The Zagreb Stock Exchange (ZSE) and included in the CROBEX index at some point in time in the period from January 2005 till April 2019. The applied methodology consists of a time-series analysis of the risk premium and regression analysis: Fama-MacBeth and panel data analysis. The findings show that the downside beta, as a measure of loss aversion did not yield statistically significant risk premiums which raises the question of a loss aversion awareness and reward for it on the Croatian stock market. Also, evidence is found in support of the view that the coskewness could be used as a proxy for the expected return on the Croatian stock market. [ABSTRACT FROM AUTHOR]

This study investigates the effect of stock option-based compensation for management on the short-term market reaction. The idea of the positivist approach of the agency theory is that granting stocks to employees in general, but mostly to executives, and making them stockholders as well, brings value to the other stockholders. Moreover, since stock option grants and stock awards in Croatia are not as common as in the developed capital markets, stock grants can also be a sign for a firm that invests more resources into their human resources management thus attracting quality management. On average, only 3% of the listed firms in Croatia have been granting stock options compared to as much as 70% in the USA. Croatian firms do not directly publish their stock option plans. The data on managerial stock options consists of notifications from Zagreb Stock Exchange (“ZSE”) of all Croatian publicly quoted firms during June 2010–May 2021. During this period there were 827 notifications on employees’ transactions. These notifications include all the dispositions and acquisitions by employees on the ZSE. In order to apply event study test methods for this purpose, after being filtered, 47 notifications on stock option exercises are used. To the best of our knowledge, this is the first empirical evidence describing the market reaction following stock option based-compensation on the ZSE. The results are statistically significant and they indicate that stock options to managers are perceived negatively by the market in the short term. Hence, we can confirm that stock option exercises do convey information to the market, but we cannot confirm that stock option exercises bring value to the other stockholders in the short term. The possible explanation is that investors on the Croatian market do not find stock option grants as convergence of the interests of managers and stockholders, but rather as an additional expense for the firm. [ABSTRACT FROM AUTHOR]

Value relevance is one of the basic assumptions of quality of accounting information and accounting information is considered to be value relevant when it is associated with share prices. Global crisis caused by COVID 19 pandemic affected all spheres of economy and rose investor’s uncertainty to unexpected levels. Due to such considerations it is interesting to analyze how value relevance of accounting information reacted to crisis caused by this pandemic. The aim of this study is to investigate value relevance of accounting information on Croatian capital market in period 2016-2020. Focus is to determine impact of COVID 19 crisis on the value relevance of accounting information. More precisely, authors determine how value relevance of book value and earnings reacted on crises caused by COVID 19 pandemic. Research is conducted on a sample of companies that were listed on Croatian capital market in the observed period. In order to get better insight into research problem, value relevance was analyzed in two periods: pre-crisis period and crisis period. Pre-crisis period included total of 105 firm-year observations while crisis period included 70 firm-year observations. Association between accounting variables and share price was tested by using Feltham and Ohlson's (1995) model. Results show that accounting information on Croatian capital market are value relevant in per-crisis and in crisis period. Moreover, value relevance of earnings and book value increased in observed period but crisis caused by COVID 19 brought a shift in information content of accounting information in favor of earnings. Research results show how book value has greater explanatory power in pre-crisis period while earnings have greater explanatory power in crisis period. When both accounting variables are combined together results also confirm that crisis caused by COVID 19 had negative impact on the value relevance of book value followed by positive effect of the value relevance of earnings. More precisely, during crisis period earnings are statistically significantly correlated to share prices while book value is not correlated with share prices. [ABSTRACT FROM AUTHOR]

Communicating performance and the impact of sustainability by a company only makes sense if it leads to a positive evolution of it by increasing its value in the global capital market, the interest and trust of stakeholders and the transparency of information considered relevant, reputation in the market. Responsibility builds trust between companies and stakeholders. Trust strengthens the validity of the relationship. Stakeholder involvement is essential, GRI supports the involvement of stakeholders in companies and how they provide information on issues they are interested in assessing a company's performance. The paper highlights that GRI standards can be an important benchmark for both companies and investors, and integrated reporting can be a catalyst for transparent, sustainabilityoriented reporting in Romanian companies. The research shows that the most important thing is not the report itself, but how companies use the information and observations that come out of the report and how it can be made different for both the companies and the stakeholders. [ABSTRACT FROM AUTHOR]

Classical statistical and econometric theory, intended to provide functional forecasting models in capital markets, is the mathematical foundation for a number of theories - efficient market theory, Harry Markowitz's optimized portfolio theory, the CAPM model developed by Sharpe, and the modern theory of portfolio - Modern Portfolio Theory (MPT). Although capital markets are considered at their best to be efficient, in real world, testing their efficiency proved eroneous. As the concept applies normally to random processes, or Brownian motions. But in very rare moments markets are efficient (weak or strong form of efficieny), rather than they follow fractional Brownian motions. In other words, for this particular type of process, the memory effect over the price is encompassed. For determining which cathegory of process the price may follow, R/S Analysis is a robust tool for testing whether a historical price series, for certain time interval, follows a Brownian motion or there is some memory effect over it. Determining the Hurst exponent for company ALRO S.A., for a the period of time since listing, until 16/07/2021 was the aim of this paper. Values of the Hurst Exponenent indicate important information regarding memory effect inside the stock market, or appearance of some random process. As a conclusion, Romanian capital market has evolved from a very low stability market to a more stable investment environment, meaning increasing liquidity over the market. [ABSTRACT FROM AUTHOR]

European law lays down a diversity of rules for undertakings for collective investment which operate on the principle of risk-spreading. First tier of legislation regards undertakings for collective investment in transferable securities (UCITS) which are tailored for low-risk appetite (Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities). Such undertakings provide a way of investing money alongside other investors in transferable securities or in other liquid financial assets. UCITS distributes units or shares which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings' assets. Such UCITSs may be constituted in accordance with contract law (as common funds managed by management companies) or statute (as investment companies). Second tier of legislation regarding collective investment comprises alternative investment funds (AIFs), with a large rage of juridical forms and repurchasing options. A specific type of AIF is European venture capital fund (EuVECA). European law reserves designation 'EuVECA' in relation to the marketing of venture capital funds in the Union. Qualifying venture capital fund with qualifying investments are established for the delimitation of these entities (EuVECA). [Regulation (EU) no. 345/2013 of the European Parliament and of the Council on European venture capital funds]. [ABSTRACT FROM AUTHOR]

The stock market in Indonesia is currently in an encouraging condition with the increasing number of investors and revolving funds. This study was conducted to determine stock price movements, in this case the shares of companies engaged in banking which are associated with the development of the number of followers on social media through several social media channels, namely Youtube, Twitter, and Instagram (ig). This study uses descriptive quantitative methods with panel data analysis and population determination of the total number of social media followers from the beginning of creation until now. From this population, the authors determine the sample in the form of the number of social media followers from banks whose shares are listed on the Indonesia Stock Exchange within a period of 3 months from April to June 2021. From the data analysis conducted, the results obtained in the form of the number of media followers social banking companies affect stock prices in the secondary market either simultaneously or together. Partially, the number of followers of the Twitter social media platform has the most influence on the bank's stock price compared to the YouTube and Instagram platforms. The results of this research can be a means for investors to determine their actions in the capital market, and also for issuers, in this case banks, to improve their reputation. [ABSTRACT FROM AUTHOR]

The accounting scandals that had occurred at the beginning of the 21st century have emphasized the importance of access to unbiased financial information. Those initial occurrences were only a prelude to the global wave of creative accounting cases involving large multinational companies which had not passed the Republic of Croatia either. There is a wide variety of motivational factors which provide companies with an impetus to manage earnings, as well as different types of earnings management measures, whose main features are presented in the theoretical part of this paper. The earnings management construct was measured using aggregate discretionary accrual measures. The main objective of the paper was to give an insight into the level of manipulation in accounting records of corporations listed at the capital market in the Republic of Croatia and to compare values of different accrual measures estimated for the period from 2017 to 2019. Also, the signs of discretionary accrual values were examined to determine if companies have the tendency of overestimating or underestimating their financial performance. The sample of companies was collected from publicly available financial information on the financial position, financial performance and cash flows disclosed by companies listed on the official website of the Zagreb Stock Exchange. [ABSTRACT FROM AUTHOR]

The purpose of this study was to analyze the effects of financial literacy on student interest in investing in the capital market on Bandung City’s Residents with Student Status. This study used a quantitative method with 400 students as a sample and used questionnaire method to collect data. The instruments analyzed using validity test and reliability test. The data analysis technique that used in this study is classic assumption test, simple linear regression analysis, hypothesis test, and coefficient of determination. The result of this study indicates that there is a significantly positive effect between financial literacy variable on student’s investment interest. The result of this study also indicates that the independent variables (financial literacy) affect the dependent variable (investment interest) by 47% and the other 57% is affected by other variables which not examined in this study. [ABSTRACT FROM AUTHOR]

Investment is a certain amount of money or other resources that is done in the hope of obtaining benefits in the future. Stocks are a common investment that is much in demand by investors. In investment activities, there is the most important component, namely volatility. Such volatility is identical to the conditional standard deviation of stock price return. The important thing in investing in addition to return is risk. Value at Risk (VaR) is a statistically estimated method of risk assessment of the maximum losses that may occur on a capital market instrument at a certain confidence level. To evaluate the quality of VaR estimates, models should always be back tested with appropriate methods. Back testing is a statistical procedure in which actual gains and losses are systematically compared to appropriate VaR estimates. The goal of this research is a time series model to determine Value at Risk and back testing. So the model that will be used is the Autoregressive Moving Average-Glosten Jagannathan Runkle-Generalized Autoregressive Conditional Heteroscedastic (ARMA-GJR-GARCH) model. ARMA is a combination of AR and MA models, while GJR-GARCH is a development of the GARCH model by incorporating leverage effects. The time series method used in this research is the ARMA-GJR-GARCH model on determining Value at Risk. The results obtained based on return data used against the two stocks analyzed were the ARMA (3.1)-GJR-GARCH (2.0) and ARMA (1.2)-GJR-GARCH (1.1) models. The value at risk return of the two stocks analyzed was 0.0225 and 0.0439, respectively. Back testing conducted against both stocks had a good performance, with QPS values of 0.1573 and 0.0364. Such research can be used by investors as a consideration in investing decisionmaking. [ABSTRACT FROM AUTHOR]

This paper investigates the information technology financial sector using the following indices: QTEC, DJUSTC, NDXT, and XTX. These indices stem from popular market indices such as the Dow Jones, NASDAQ, and Standard & Poor's 500 Index and thus, are apt choices to study the sector. From a list of public technology companies with listed stocks, a sample of 40 stocks was selected. The past 100 days (100 business days before May 18th, 2021) of closing prices were used for both the indices as well as the stocks and the natural logarithm of all values was taken such that they could be compared despite different price ranges. These values were used to build simple linear regression models for all the stocks and for the indices themselves and Standard t-tests were run to determine whether there are statistically significant differences between the slopes of the price/value vs. time graphs. Based on the number of statistically insignificant values there are, a relative estimate can be made for how well the indices track the stocks overall and individually using the Chi-square test for homogeneity and index holdings. [ABSTRACT FROM AUTHOR]

Recent trends and innovations in the global economy contribute to the environment where financial products are becoming increasingly complex and are creating an urgent need for adequate financial education. There is a wide range of approaches to the improvement of financial literacy and this paper provides a brief literature review of individual components of the financial literacy with the emphasis on financial behavior. The research analyzes how frequently Croatian daily newspapers contain articles related to bank savings and examines whether the daily newspapers can be used as an adequate source of information for improving the financial literacy of individuals. The content analysis method was conducted on 561 newspaper articles and the results show the diversity of reporting on savings, while, at the same time, a moderate number of educative articles can potentially encourage people to start improving their financial behavior. Understanding financial literacy as a task for the whole society will improve the well-being of each individual and proactive media reporting can be a good incentive. [ABSTRACT FROM AUTHOR]

The development of new financial services represents a major challenge for financial institutions. There are more and more competitors in the market, it is becoming easier to move from one bank to another, and customers are looking for better value. The economic crisis, scandals and pandemic also affected the distrust of users in financial institutions. On the other hand, the living standard in this part of Europe is quite low, compared to Western Europe and developed countries. Credit products are in high demand in this area due to the existential needs of the population. Non-purpose loans, as the most expensive loans in developed and socially stable environments, are used exclusively for personal entertainment, such as going to restaurants, wellness programs, entertainment tickets and similar events. This paper confirms that in Bosnia and Herzegovina most non-purpose loans are spent for existential purposes, what leads in a large percentage of the socially vulnerable population. By increasing the offer of special-purpose loans, which are much cheaper than non-purpose loans, customers would be more satisfied and it would be easier to repay the loan financially. [ABSTRACT FROM AUTHOR]

In modern business environment business combinations represent the way the companies are trying to achieve certain goals such as to increase market share, to enter into new markets, to eliminate competition, to acquire new technology etc. The majority of business combinations worldwide are those which result in the acquisition of new control and ownership by the acquirer. International Financial Reporting Standards (IFRSs), as the global financial reporting standards, contains guidelines for accounting of such business combinations. More concretely, the accounting treatment of such business combinations is defined within International Financial Reporting Standard 3 - Business combinations (IFRS 3) which prescribes the application of acquisition method for business combinations which result in gaining new control and ownership by the acquirer. Besides those business combinations (which result in gaining new control and ownership by the acquirer), there are business combinations which result in continuing ultimate control and ownership. Those business combinations are commonly known as business combinations under common control. Business combinations under common control are those in which all the companies or businesses involved in business combinations are ultimately controlled by the same party, both before and after the business combinations. Such business combinations are often considered as a group restructuring. The accounting treatment of business combinations under common control is not defined by IFRS 3. Thus, the acquirer within business combinations under common control which apply IFRSs has to implement its own approach for accounting of such business combinations. The lack of guidelines for accounting of business combinations under common control result in the application of diverse accounting methods in practice when these combinations are involved. Due to that, International Accounting Standard Board (IASB) has initiated the research project of developing accounting guidelines in IFRSs for business combinations under common control. IASB has issued a discussion paper in 2020 in which the Board's attitudes and meanings towards the application of accounting method for business combinations under common control has been presented and opened for stakeholders' public discussion. Since large consolidated groups as well as consolidated groups which contain public interest entity in Croatia prepare consolidated financial statements according to IFRSs, this paper aims to identify whether consolidated groups in Croatia, which prepare consolidated financial statements according to IFRSs, have defined an accounting method to be used for the calculation of business combinations under common control. The research has included all consolidated groups in Croatia that have prepared consolidated financial statements for 2017 and 2019 according to IFRSs. The research is carried out on the analysis of notes to consolidated financial statements of consolidated groups in Croatia for 2017 and 2019 which have been publicly declared. In order to fulfil the basic purpose of the paper, the methods of descriptive statistical analysis have been used. The research results have indicated that only 9% of notes to consolidated financial statements contain the information of accounting method that have to be applied for business combinations under common control. Moreover, the results of research have indicated that predecessor's book value method is mostly applied for business combinations under common control in consolidated groups in Croatia. [ABSTRACT FROM AUTHOR]

Different high-profile corporate scandals worldwide but also in Croatia have highlighted the crucial importance of credible, high quality financial reporting system. The issue of financial reporting quality (FRQ) is an important part of the regulatory and supervisory infrastructure, as well as an activity of great public interest, so it arises a question of its adequate and reliable measurement. Higher quality of financial reporting brings the more significant benefits to investors and other financial statement users. As earnings are widely believed to be the single most important information item provided in financial statements, therefore FRQ is commonly approximated by earnings quality. Researchers developed a huge range of earnings quality metrics, such as accruals quality, persistence, volatility, conservatism, etc. but various releases and restatements from external resources are also used. The aim of this paper and its' scientific contribution is two folded: first, to present an extensive review of the most relevant FRQ measures, including their variations; and second, to provide a list of their advantages and disadvantages. Moreover, the suitability of their application in Croatia as a case of bankoriented economy with accounting macro-oriented system will be discussed. [ABSTRACT FROM AUTHOR]

The current global market for their capital equipment requirement to fulfill their project needs looks for the supplier point of contact is unique, Knowledgeable with high degree of accountability. The Project Manager who is the one holding complete ownership for a project, handling throughout project life cycle in manufacturing industries. Hence, it is mandatory that Project Manager should possess and demonstrate entrepreneurship behaviors throughout the project life cycle. Thus, entrepreneurship skills for the Project manager as an employee of an organization shall be termed as "Intrapreneurship". This type of behavior will be more beneficial in the larger industries like heavy construction, fabrication, EPC and original equipment manufacturing industries where the project execution deployed professionally. Aim of the project manager to exhibit entrepreneurial value by discovering requisites skills, market value and proven processes to create project management function with high efficiency. This type of skills are not mandatory to other stake holders in the same firm as their contribution towards the project life cycle is confined to some extent only. On the other hand, the project managers, who are handling the project throughout the complete lifecycle from purchase order receipt until warranty completion as per contract that includes all activities such as preparing the master schedule, sub-supplier purchase order, budget allocation, progressive payment and other milestone payment collections, monitoring the project revenue, control over the spend on projects, exploring change management, impact due to rework, rejection and cost of poor quality etc., Intrapreneurship project manager possesses an enterprise mindset to complete the project successfully and deliver the best results within the budget and on time delivery. [ABSTRACT FROM AUTHOR]

The economic growth in developed countries, including Southeast Asia, has a significant effect on economic growth in every region. Of these, all of the countries are agreed to cooperate, for instance, ASEAN. The economic sector's cooperation is one type of ASEAN collaboration, such as the movement of capital. It is one of the pillars that has been the precursor of capital market integration in ASEAN countries. It is a financial instrument that trades securities. Thus, the present paper examines the canonical correlation of global capital index, exchange rates and gold price between two ASEAN countries, namely Indonesia and Malaysia. This quantitative study uses secondary data collected from world bank databases and the central bureau of Indonesia's statistics from 2015 to 2019, consisting of 260 samples. The data analyzed using canonical correlation technique. The analysis results found that the global index, exchange rates and commodity prices between Indonesia (IHSG) and Malaysia (KLCI) have significantly correlated. In conclusion, this study successfully proved that the economic growth of one country is associating with others. This study confirmed that global index, exchange rate, and gold price have significantly correlated between Indonesia and Malaysia. [ABSTRACT FROM AUTHOR]