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Environmental pollution and climatic change impel economies to discover new methods for sustainable economic development. Green growth is considered an effective way of environmental sustainability. From this perspective, this study evaluates the impact of fiscal policy shocks, financial institutions, and markets development on the green growth of high-polluting economies. The study employed a CS-NARDL approach for investigating the short-run and long-run estimates. The results show that positive shocks in government spending tend to significantly increase green growth in the long-run. In contrast, the negative shock is government spending does not report any significant influence on green growth in the long-run. Financial institution's and financial market's efficiency have a positive impact on green growth in the long-run. Thus, the findings of the study suggest that government spending should be increased with a particular focus on financial markets efficiency and financial institution's efficiency to enhance green growth. [ABSTRACT FROM AUTHOR]

Over the past few decades, microfinance institutions have attracted the interest of governments and academics alike, given their unique nature of being financial institutions with a dual mission of promoting social development and reducing poverty. However, concerns have been raised about their effectiveness in achieving these goals while remaining financially sustainable. In this study, we attempt to examine the factors that have the greatest impact on the social, financial, and overall efficiency of microfinance institutions in African regions. We adopt a two-step approach: First, we assess the efficiency scores of 95 microfinance institutions in Africa between 2005 and 2018 using a data envelopment analysis (DEA) approach. We then regress their efficiency scores on a set of determinant variables, capturing the microfinance institutions' characteristics. Our findings suggest that a majority of institutions prioritize profitability over social outreach. Furthermore, the panel data regression indicates that factors such as profitability, equity capitalization, types of loans, and low gross domestic product (GDP) have a positive influence on microfinance institutions' efficiency. Conversely, variables including their risk portfolio, grants, microfinance institution status (Non-Governmental Organization (NGO), cooperative, etc.), operational area, political environment, and size exert a negative impact on efficiency. Through this study, we seek to enhance our understanding of microfinance institutions and to identify the factors that impact their operational efficiency, thereby reinforcing their crucial role in advancing financial inclusion, empowering marginalized communities, and fostering inclusive economic growth. [ABSTRACT FROM AUTHOR]

Background and Aim: This study investigates the transformative impact of artificial intelligence (AI) on traditional management accounting practices, focusing on predictive analytics, automated reporting, and decision-making processes. The aim is to investigate how AI enhances the efficiency and accuracy of management accounting, as well as its strategic capabilities. Scope: The research is limited to AI applications within management accounting, examining current practices and the extent of AI integration. Methods: A mixed-methods approach combines an analysis of literature with available case studies. Results: The findings reveal that AI greatly enhances predictive analytics by boosting model accuracy and swiftly processing large datasets. AI-powered automated reporting improves efficiency and minimizes errors, while AI-based decision support systems deliver real-time insights and detect complex patterns, resulting in more effective strategic decisions. The study concludes that AI has the potential to revolutionize management accounting by enhancing predictive accuracy, operational efficiency, and strategic decision-making. However, successful implementation must address challenges related to data quality, system integration, and regulatory compliance. Originality: This paper contributes novel insights into how AI technologies can effectively integrate into accounting practices. Practical Implications: The findings are helpful for accounting professionals and business managers seeking to leverage AI to enhance their accounting practices, providing valuable recommendations for implementation and addressing potential challenges.

Effective waste management is fundamental to sustainable development and the well-being of societies. This study focuses on the financial efficiency of urban waste collection in Portuguese municipalities, with the aim to analyze the effects of the allocation of public resources in the waste management sector. The main objective is to analyze the relationship between public spending and waste collection over a five-year period. Through the application of the classic data envelopment analysis model (DEA), the study seeks to observe the existence of benchmarking patterns, identify possible inefficiencies, and determine opportunities for improvement in urban waste management and collection practices. The results suggest substantial variations in waste collection efficiency between municipalities and a positive correlation between public spending and the volume of waste collected. The results emphasize the need for a strategic allocation of financial resources in order to promote sustainable waste management practices. The paper highlights the importance of municipalities reassessing their strategies for allocating financial resources to ensure a better balance between funding and efficiency in the use of resources. The conclusions offer valuable practical implications for defining strategies and managing municipal waste collection services in Portugal and other countries with similar contexts. AcknowledgmentThis article is financed by Instituto Politécnico de Setúbal [Polytechnic Institute of Setúbal].

As prominent oil producers, Gulf Cooperation Council (GCC) countries have played a significant role in the global energy market. However, as the world's attention increasingly shifts towards environmental sustainability, understanding the implications of the GCC's economic activities on CO2 emissions becomes indispensable. This research paper investigates the relationship between specific economic indicators and their impact on CO2 emissions in the GCC from 2001 to 2021. This study employs quantile regression, a robust statistical method that estimates the conditional quantiles of a response variable given a set of predictor variables. The findings reveal several essential insights: Financial institution efficiency is significant and negative at a 1% level at the lower (10th, −83,537.3) and higher quantiles (90th, −549,002.3). The relationship between the GDP per capita and CO2 emissions varies across quantiles, highlighting the complexity of the growth–environment nexus. Total patents exhibit a positive and significant relationship with emissions, underscoring the importance of directing innovation towards environmentally sustainable solutions. Renewable energy consumption displays a nuanced relationship with CO2 emissions, with a more substantial negative impact observed at higher consumption levels. This underscores the potential of renewable energy to mitigate emissions when integrated at scale. This study's outcomes hold crucial policy implications for GCC countries as they seek to align economic growth with environmental sustainability. The findings emphasize the importance of fostering financial institution efficiency, promoting green innovation, and expanding renewable energy sources to reduce emissions. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Estudios Cooperativos is the property of Universidad Complutense de Madrid 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.)

Policymakers and academics are interested in identifying mechanisms that promote environmental sustainability due to their relationship with climate change. This research evaluates the channels that transmit the effect of technology and financial efficiency on environmental quality. The relationship is moderated by real production per capita, foreign direct investment, natural resource rents, and institutional quality in the context of the Environmental Kuznets Curve. The research covers the 1996–2021 period for a sample of 88 economies classified into three groups according to the World Bank Atlas Method. We use second-generation cointegration techniques with structural breaks and quantile regression models. The findings offer sufficient evidence to conclude that the impact of technology and financial efficiency on environmental quality is heterogeneous throughout the distribution. Our findings suggest that technology is more associated with maximizing production than mitigating or restoring environmental deterioration. A policy implication derived from our research is to encourage the generation of carbon-free technology and promote financial efficiency in upper-middle-income countries to achieve environmental sustainability.

The pandemic, followed by the Russian aggression against Ukraine, caused rapid changes in the economy. European countries experienced unprecedented price increases, which resulted in a significant increase in the cost of capital. This resulted primarily in limited access to capital and a significant reduction in investments in the real estate market. In addition, investors began to withdraw capital from investments in the real estate market to other assets, encouraged by their rising rates of return. The article presents how the indicated circumstances translated into the financial efficiency of companies from the Real Estate sector. Listed companies of the European Economic Area in the years 2019-2022 were analyzed. Changes in the main accounting measures and market measures for individual countries as well as the characteristics of real estate market participants were analyzed.

The peculiarity of oil and gas projects is their long implementation period, during which they are subject to the influence of a large number of different risk factors that complicate project implementation and result in failure to achieve the planned economic indicators set by investors. The effective operation of companies therefore depends on how reliably investors can predict the prospects for project development. The success of the subsequent functioning of the investment project depends to a large extent on the reliability of the assessment of the effectiveness of the investment project, based on the optimally chosen strategy of its development, and, above all, on the anticipation of possible risk factors and tools for their prevention. Therefore, at present, the competitive struggle in the oil and gas production industry is currently shifting to the area of pre-project preparation of investment projects and increasing the reliability (quality) of their economic efficiency assessment at the stage of making a decision to start their implementation.Geological risks become important in the implementation of exploration projects, the first stage in the overall process of developing the Company's assets. It is necessary to find a balance between the cost of project implementation and the amount of accumulated hydrocarbons for the forecast period, which will ensure maximum profitability of the project. The challenge to optimize the financial outlay on the implementation of geological exploration works by focusing on the most promising and important projects for companies becomes relevant. In this regard, the article considers the methodological approaches proposed by the author to assess the risks of exploration with the aim of improving the efficiency of the planning process and reducing inefficient financial costs.

Many emerging markets rely on land financing, whereby land grants are used to raise funds for the government. In the short term, land financing eases the government's fiscal deficit and boosts regional economic development. However, the long-term implications of such behaviour have not been adequately discussed. This study focuses on the relationship between local government land finance dependence (LGLFD) and urban innovation quality (UIQ). We find that LGLFD significantly inhibits the improvement of UIQ, and this inhibition occurs through three main channels: changing government spending preferences, reducing financial efficiency, and deteriorating the institutional environment. Our empirical study analyses 3662 samples from 264 Chinese cities from 2003 to 2016, confirming our research hypothesis. Further research finds that there is significant heterogeneity in the effect of LGLFD on UIQ. Based on these conclusions, some policy implications are proposed. [ABSTRACT FROM AUTHOR]

The objective of this study is to provide a complete overview of models, methodologies, and variables used in the measurement of financial and social efficiency in financial entities, their determining factors, the main topics on which the studies revolve, as well as their possible gaps, through a structured literature review. Researched was done in 67 multi-country bibliographic sources (1992-2023) identified in the WOS and SCOPUS databases. The studies focused on ten topics: ownership, social efficiency, crisis, risk, determinants, size, mergers and acquisitions, methodologies, input-output and others. Among the main findings is the type of ownership, it is evident that efficiency varies according to the institutional context (banks, cooperatives, microfinance institutions). The evidence so far indicates that cooperatives and non-governmental organizations (hereafter NGOs) are less efficient than banks and Non-Banking Financial Institutions (hereafter, NBFIs). Social and financial performance can produce synergies; however, cooperatives that are more financially efficient are not efficient in their social dimension or vice versa. Efficiency in times of crisis has been a factor of interest in studies of cooperatives and they have proven to be resilient in these times. Non-Performing Loans (hereafter NPL) risks reduce efficiency as well as liquidity and solvency risks. With respect to the determinants of efficiency, competition, territory, and financial indicators: Capital, Asset, Management, Earning and Liquidity (hereafter CAMEL) are significant in the studies. Size has been a characteristic factor due to economies of scale; larger cooperatives tend to be more efficient not only economically but also from a social point of view. Data Envelopment Analysis (hereafter DEA) is the most used methodology to determine the efficiency of financial cooperatives based on the inputs and outputs used. Mergers and acquisitions do not improve efficiency and the determining in being part of these processes is the smaller asset size. This study revealed the importance of the financial efficiency and social efficiency as factors in financial cooperatives. Future lines of research are also added when gaps in the literature are detected.

Purpose: Kenya has experienced a drought in initial public offerings (IPOs) since 2014. Among varied causes of IPO Drought is decline in demand of IPO shares by retail investors. This paper assert decline in demand is partially attributed to low-quality listings in the past that underperformed in both short- and long-run. Design: The paper investigated quality of listing firms at the time of listing on all IPOs made between 2000 to 2014 in Nairobi Securities Exchange using various dimensions. Findings: The results revealed most of listing firms lacked growth opportunities, reported weak financial performances and engaged in earnings managements. Liberal listing guidelines aiming at attracting firms to list in numbers led to low-quality offerings. Implication: Strategy of liberal listing requirements is counterproductive as demand for the listings keep shrinking due to low-quality of listed firms that underperform in long-run. The study recommends reviewing of listing requirements so that only high-quality firms are allowed to list to keep the market vibrant. As long as low quality offerings are allowed, retail IPO investors will keep off the market as they suffer adverse selection costs

The coexistence of carbon neutrality and capitalism can be realized if environmentally friendly management is proven to enhance profitability. The focus of green logistics practices (GLPs) is on maximizing energy efficiency in logistics services, potentially leading to cost reductions for companies. Such practices can be supported through public reports, such as Environmental, Social, and Governance (ESG) reports, and government policies, including government certification. The primary objective of this study is to investigate whether the financial efficiency of logistics companies can be improved through the implementation of GLPs and a relevant government policy. To achieve this objective, a two-stage analysis was conducted using Data Envelopment Analysis - Slack-Based Measure (DEA-SBM) and Tobit regression analysis. The DEA-SBM was employed to assess whether the financial efficiency of logistics companies adopting GLPs and a relevant government policy was superior to that of companies not adopting such practices. Additionally, Tobit regression analysis was employed to analyze the effects of GLPs, ESG reports, and a government policy on the financial efficiency of logistics companies. The findings of the study indicate the necessity for collaboration between the private and public sectors to implement GLPs in a financially positive manner. In conclusion, the research demonstrated that the implementation of GLPs, coupled with public disclosure through ESG reports or equivalents and a government policy, had a positive impact on the financial efficiency of logistics companies.

This article addresses the problem of interrelations between economic factors and military conflicts, examining the role of econometric forecasting in the context of academic management during periods of uncertainty surrounding hostilities. It delves into the two principal theories of classical macroeconomics – neutrality and dichotomy – and explores their applicability to the complex interplay between economic forces and military dynamics. In doing so, it challenges the conventional binary view of conflicts as either war or peace, emphasizing the nuanced gradations that emerge over time. The study highlights the significance of economic advantages in shaping decisions related to military conflicts and underscores the role of econometric forecasting as a critical factor in academic institutions navigating the indirect repercussions of hostilities. The article also presents a comprehensive examination of strategic interactions, introducing distinctions between moves, rounds, and plays in conflict scenarios. Drawing on recent research and publications, the article underscores the importance of understanding the economic principles governing the preservation of peace and forecasting the consequences of such decisions. It references seminal work by economists P. Romer, R. Lucas, R. Barro, I. Salla y Martin, and R. Levine, who laid the foundation for the study of endogenous economic development. The theories of trade and military conflict are two distinct branches in economic analysis and prediction. Trade theory is founded on contractual agreements and mutual benefits, while the military conflict theory centers on competition for dominance. It's important to recognize that various analytical methods exist for modeling equilibrium in such situations, whether they involve active hostilities or the coexistence of armed forces during economic stagnation due to anticipated conflicts. It becomes evident that the decision to initiate or de-escalate a military conflict is primarily driven by economic advantages, even in the domain of academic management. In this context, econometric forecasting techniques play a role in the economic activities of academic institutions, which may experience direct or indirect consequences of hostilities. This is because various sectors must compete for their survival amidst these dynamics. Purpose. The study's objectives include assessing the impact of military budgeting productivity on economic growth using economic and mathematical modeling techniques, with a focus on countries facing uncertainties related to hostilities, evolving budget and tax regulations, and inflation. The article adapts the models of J. Battis and T. Koeli to facilitate this analysis. Methods Macroeconomic Analyses, Economentric Analyses, Trend Analyses Results. Determining the optimal level of taxation to obtain the necessary income for the budgets of academic institutions in conditions of uncertainty in the conduct of hostilities. In conclusion, the study challenges classical economic doctrines by establishing a strong connection between military budget allocation and the real sectors of the economy. It underscores that a nation's economic growth is contingent upon the productivity and effectiveness of its military budgeting, even in a globalized world economic system. This study opens the door to further research in this interdisciplinary field. Keywords: Econometric forecasting, Academic management, Uncertainty, Hostilities, Economic modeling, Endogenous economic development, Academic institutions, Budgeting, Military conflicts, Financial impact, Economic growth, Strategic decision-making, Budget optimization, Risk assessment, Financial efficiency. Methods Macroeconomic Analyses, Economentric Analyses, Trend Analyses fig .: ; tab .: ; bibl .: 9.

The object of the study is Russian industrial companies whose shares are traded on the Moscow Exchange. The study’s subject is financial and financial connections in the field of using intellectual capital’s competence component as an important factor in business growth. The relevance of the study is important for the increasing role of intellectual capital and its components as a determining factor in business growth, as well as the need to identify new determinants that influence company capitalization. In the context of overcoming the consequences of sanctions, intellectualization and digitalization of the economy, the problem of the study of the dependency of the capitalization of Russian companies on the state of the components of intellectual capital is significantly updated. The purpose of the study is to assess and model the impact of the competence component of intellectual capital and financial efficiency on the capitalization of Russian manufacturing companies.Methods of comparative and statistical analysis, calculation of financial and economic indicators, correlation and regression analysis, and the Farrar-Glauber test were used. According to correlation analysis, the capitalization of Russian public companies in the production sector is influenced by an internal factor such as patent activity. The constructed multifactor linear regression model allows for the conclusion that a 1% increase in the number of patents raises the company’s market capitalization by 1.23% while all other factors remain constant. It is concluded that in the Russian market the importance of material assets as a factor in business growth significantly prevails over the influence of the competence component of intellectual capital. Recommendations are given, the implementation of which in the practice of Russian manufacturing companies will maximize their capitalization by taking into account the financial and economic advantages from the use of the competence component of intellectual capital.

The aim of the article is to assess the economic and financial condition of cooperative banks in Poland in 2020-2022, i.e. in the period of deterioration of the conditions of banking activity and the resulting specific market and regulatory challenges. It has been shown that many indicators of the activity of cooperative banks have improved compared to previous years, especially 2017-2019, or reached levels comparable to those recorded in the years of economic prosperity. This applies to e.g. return on assets and return on equity ratios and the loan portfolio quality ratio. Comparison of the financial results achieved by cooperative banks in 2020-2022 with the results of commercial banks shows that in difficult conditions for banking activity, local banks showed good economic condition and financial efficiency. However, this does not change the fact that cooperative banks must continue to adapt their operating model to modern market and regulatory challenges, in particular to technological challenges and growing customer expectations in terms of the quality of banking services.

The level of financial efficiency in Sub-Saharan Africa (SSA) remained low and incomparable to that of industrialized nations of the world, despite the supposed advantages of foreign capital inflows. This study examined the relationship between foreign financial inflows and financial efficiency in Sub-Saharan Africa against this backdrop (SSA). This study's specific goals are to look into how remittance inflows affected financial efficiency in SSA and how FDI inflows affected it as well. Out of 49 countries in Sub-Saharan Africa, 42 were chosen for the study using a purposive sampling technique and an ex-post facto research design. The study used pooled mean group, mean group, and dynamic fixed effects techniques to estimate the model parameters using panel autoregressive distributed lag (PARDL) methods of estimation. The findings revealed that remittance inflows have significant positive impact on the financial efficiency, while FDI inflows have insignificant influence on the financial efficiency. In addition, the combination of economic growth with remittance inflows yielded negative impact on the financial efficiency while the combination of economic growth with FDI inflows yielded a positive impact on financial efficiency. The study concluded that remittance and FDI inflows play vital roles in guaranteeing improvement in financial efficiency of Sub-Sahara African countries directly and indirectly through inclusive economic growth. The study recommended that financial openness policies, like removing restrictions and encouraging free flow of financial resources between entities in domestic economy and foreign economies to promote further foreign financial inflows and enhance further financial efficiency. It is also recommended that financial openness policy should be pursued alongside inclusive economic growth measures such as economic diversification policies.

The potential of agricultural cooperatives to foster socioeconomic development is a critical issue in developing countries. This study examines the factors that influence market choice among South African agricultural cooperatives. Data for 381 agricultural cooperatives were collected from the Cooperative Data Analysis System, drawn from the original database of 3,197 cases from 2017. Cases with missing observations were omitted. A multivariate approach utilising principal component analysis and K-means clustering was employed to identify the typologies of market choices. Multinomial logistic regression was then applied to determine the factors influencing agricultural cooperatives' choice of market typologies. The study reveals that the financial and social efficiency of agricultural cooperatives, the age of the institution, the square of the age of the institution, ownership of livestock, cooperative size, and credit access all influence market typology selection. Training programs such as those in financial management, corporate governance, accounting and bookkeeping, management committees, and the number of managers in cooperatives also impact cooperatives' market choice. The findings of this study should facilitate the design of policies that cater to cooperatives encountering diverse market choices. By influencing the choices of agricultural cooperatives, stakeholders can contribute to more meaningful cooperative involvement in markets. [ABSTRACT FROM AUTHOR]

Purpose: In general, efficiency is a criterion for evaluating the performance of a decision unit from different dimensions. Data envelopment analysis is a mathematical programming method for evaluating the performance of decision-making units. The purpose of this study is to measure the financial efficiency of firms by considering both incoming assets and financing. Methodology: In this research, a new method called the three-dimensional model of data envelopment analysis was introduced, and performance analysis was done on 10 active firms in Iran's steel industry for 5 years, from 2016 to 2021. Findings: The results showed that several firms have good performance in managing incoming assets but are inefficient in terms of financing. At the same time, some firms have poor management performance compared to inputs, but they are efficient in terms of financing. Therefore, when analyzing a firm's performance, an indicator that considers both inputs and financing at the same time is needed. According to this, we proposed a new measurement method and analyzed the current financial situation of each decision-making unit through the method of return to scale, and a path has been determined for financial improvement. Originality/Value: Attention to the effect of negative and destructive factors such as borrowings and debts of the decision-making unit in data envelopment analysis has been the key and different aspect of this study, compared to other previous studies. According to the literature review, using the redesigned DEA model has not been considered by Iranian researchers, and due to a new approach to data envelopment analysis, our approach has distinguished itself from the previous works. [ABSTRACT FROM AUTHOR]

The purpose of the study is to improve the methodological support for the assessment of the financial efficiency of the agricultural sector of Ukraine under the influence of the innovative potential management of its resource provision. The main scientific methods used in the study are fundamental provisions of the theory of innovation and finance, correlation and multifactor regression analysis, mathematical programming, etc. According to the results of the conducted research the parameter of technological progress as an indicator of the level of innovation development of the agrarian sector of the Ukrainian economy was obtained after modelling of autoregressive multiplicative Tinbergen-Solow production function. The numerical value of the technological progress parameter indicates a potential for additional growth in agricultural output of +0.142%, while other conditions remain unchanged. 23 indicators of the state of the resource provision of the agricultural sector were systematized in 4 groups: the results of the production activity of the agricultural sector (6 indicators), the resource supply of the agricultural sector (8 indicators), the efficiency of the use of resources by agricultural enterprises (4 indicators), and sustainability of the financial condition of agricultural enterprises (5 indicators). A power-law four-factor regression model of the impact of the output volume of the agricultural sector, the value of current assets, return on capital and the current liquidity ratio on the volume of net profit of agricultural enterprises of Ukraine was obtained. It is proved that the elasticity of net profit for agricultural output is 0.01%, for the value of current assets - 1.46%, for capital accumulation - 0.72%, for current liquidity - 3.2%. We constructed the target functions of maximization of the agricultural production output on the basis of the Tinbergen-Solow production function, net profit on the basis of the four-factor power model of net profit, return on equity on the basis of the two-factor DuPont model for the short term. The solving of target functions allowed for maximization of the return on equity of agrarian enterprises of Ukraine only at the expense of the existing innovation potential of production resources and will be used in further research by the authors.

The level of financial efficiency in Sub-Saharan Africa (SSA) remained low and incomparable to that of industrialized nations of the world, despite the supposed advantages of foreign capital inflows. This study examined the relationship between foreign financial inflows and financial efficiency in Sub-Saharan Africa against this backdrop (SSA). This study’s specific goals are to look into how remittance inflows affected financial efficiency in SSA and how FDI inflows affected it as well. Out of 49 countries in Sub-Saharan Africa, 42 were chosen for the study using a purposive sampling technique and an ex-post facto research design. The study used pooled mean group, mean group, and dynamic fixed effects techniques to estimate the model parameters using panel autoregressive distributed lag (PARDL) methods of estimation. The findings revealed that remittance inflows have significant positive impact on the financial efficiency, while FDI inflows have insignificant influence on the financial efficiency. In addition, the combination of economic growth with remittance inflows yielded negative impact on the financial efficiency while the combination of economic growth with FDI inflows yielded a positive impact on financial efficiency. The study concluded that remittance and FDI inflows play vital roles in guaranteeing improvement in financial efficiency of Sub-Sahara African countries directly and indirectly through inclusive economic growth. The study recommended that financial openness policies, like removing restrictions and encouraging free flow of financial resources between entities in domestic economy and foreign economies to promote further foreign financial inflows and enhance further financial efficiency. It is also recommended that financial openness policy should be pursued alongside inclusive economic growth measures such as economic diversification policies. [ABSTRACT FROM AUTHOR]

Copyright of Annals of the Polish Association of Agricultural & Agribusiness Economists is the property of Polish Association of Agricultural & Agribusiness Economists 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.)

In the era of globalization, there is a high degree of interconnection between a country's economy and the state of its financial sector. Effective functioning and dynamic development of the financial sector become an urgent need for ensuring stable economic growth. However, quite often, many developing countries on their path to this development face a series of constraints. These restrictions can seriously affect their financial potential, hindering the development of financial systems. Given these factors, the importance of overcoming them and searching and developing the latest innovative methods for analyzing financial phenomena and processes comes to the fore and become a pressing task of the present. Following this trend, this paper presents the author's model of estimating the state of the financial market. The comparative basis for this assessment was the integral indicator of the state, formed based on partial estimates of financial depth, access to finance, financial stability, and financial efficiency. The foundation for it was the methodology of fuzzy-set modeling, the purpose of which, regarding the issues under investigation, is in-depth study of the influence of financial structures on economic growth and the classification of financial indicators. Applying this model in practice, the authors have collected and analyzed extensive arrays of data concerning integral indicators of access to finance, financial depth, stability, and efficiency for two countries, Russia and the USA, and conducted a comparative analysis of the financial markets' changes during the selected period. The obtained results and observations allow to conclude that, unlike the USA, where instability and negative dynamics are observed, the financial market of Russia remains relatively stable during the period under review. Thus, on the basis of applying this model, it is possible to develop a more effective financial and banking policy. The model provides significant opportunities for deep and comprehensive analysis of financial phenomena and processes, which contributes to a more accurate assessment of the state of the financial market and rational forecasting of its future development.

The rapid development of fintech is transforming the global financial system. However, how does fintech impact financial efficiency? Based on the technology spillover theory, this study analysed the theoretical mechanism of fintech's impact on financial efficiency and used the text mining method to construct a fintech level index for each province in China. Using interprovincial panel data from 2008 to 2018, the study empirically tested the relationship between fintech development and financial efficiency. The results show that technology spillover theory can adequately explain the impact of financial technology on financial efficiency and that there is a U-shaped nonlinear relationship between fintech development and financial efficiency. Further analysis shows that financial decentralisation moderates the marginal effect of fintech on financial efficiency. The effect of fintech on financial efficiency is more significant in regions with greater financial decentralisation. Therefore, at this stage, the study recommends that we actively embrace fintech, continuously deepen the integration of technology and finance, promote improvement in financial efficiency, and expand the positive role of local governments in technological innovation. [ABSTRACT FROM AUTHOR]

Whereas the bulk of empirical research has employed nonparametric approaches to estimate efficiency in local government, especially Data Envelopment Analysis (DEA), in this paper we employ a Network DEA (NDEA) model to investigate the impact of the separate divisions of financial management and service provision on overall municipal efficiency. We apply this approach to the New South Wales (NSW) state local government system in Australia using a NDEA model for the four-year period of 2014/15 to 2017/18. We find that the overall efficiency of NSW local councils is statistically significantly associated with financial efficiency more strongly than with service efficiency, indicating that financial activities are relatively more important in terms of municipal performance. Using a fractional regression model in a second-stage NDEA model, we also establish that urban local councils are more efficient than their rural counterparts in terms of both financial efficiency and overall network efficiency. [ABSTRACT FROM AUTHOR]

The aim of the study is to establish and analyze the relationship between expenditure on corporate philanthropy and financial performance of cooperative banks in Poland. The study covered 70 cooperative banks, where the level of expenditure on social activities was above the average in the sector. The research was carried out using the Generalized Method of Moments for the years 2013-2020. Studies have shown positive importance of corporate philanthropy in shaping financial efficiency. The research also indicated a significant shift in the time between spending on social activities and the financial results obtained. The obtained results indicate an area that has not been thoroughly analyzed: the impact of spending on social activities in the context of shaping the financial efficiency considering time shifts. This knowledge may result in more intentional creation of the efficiency policy by management, considering corporate philanthropy, Corporate Social Responsibility, or the introduction of appropriate regulatory changes for the assessment of financial institutions by responsible entities. [ABSTRACT FROM AUTHOR]

Many emerging markets rely on land financing, whereby land grants are used to raise funds for the government. In the short term, land financing eases the government’s fiscal deficit and boosts regional economic development. However, the long-term implications of such behaviour have not been adequately discussed. This study focuses on the relationship between local government land finance dependence (LGLFD) and urban innovation quality (UIQ). We find that LGLFD significantly inhibits the improvement of UIQ, and this inhibition occurs through three main channels: changing government spending preferences, reducing financial efficiency, and deteriorating the institutional environment. Our empirical study analyses 3662 samples from 264 Chinese cities from 2003 to 2016, confirming our research hypothesis. Further research finds that there is significant heterogeneity in the effect of LGLFD on UIQ. Based on these conclusions, some policy implications are proposed.

China's economy has achieved remarkable success, while it has also paid a high environmental cost. Environmental pollution not only causes great economic losses, but also severely restricts the development of society. Both theory and practice demonstrate that financial development plays a significant role in environmental governance, but the internal mechanism of its impacts has remained to be explored. It is vital to investigate the influence mechanism of financial development on the environmental quality in order to accomplish sustainable economic development through finance and enhance environmental quality concurrently. This paper, using mediating model, spatial Durbin and spatial error model, constructs a theoretical framework financial development on environmental quality from two dimensions, i.e., Financial Interrelations Ratio (FIR) and Financial Efficiency (FE), based on panel data of 234 cities in China from 2010 to 2019. And the results are as follows: (1) the improvement of Financial Interrelations Ratio (FIR) and Financial Efficiency (FE) had not yet reached the level of environmental pollution improvement; (2) in terms of mechanism, the rise of the level of financial development promoted economic growth, but inhibited the optimization of industrial structure, which increased industrial pollution emissions and deteriorates environmental quality; (3) urban environment had significant spatial dependence; (4) the impact of financial development on environmental quality in eastern region has been transformed into an improvement effect, while it still shows a deteriorating effect in central and western regions. Some policy recommendations related to the use of financial development to improve environmental quality are proposed at last, which will help to promote ecological protection and high quality synergistic economic development in China.

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]

Microfinance Institutions (MFIs) strive to alleviate poverty by offering financial access and services to the poor in society. MFIs play a significant role in a country's social and economic advancement. This study aims to examine the relationship of the economic and political globalisation with the social and financial efficiency of MFIs in the Philippines and Malaysia from 2012 to 2020. There are two types of analysis adopted in this study: the non-parametric Data Envelopment Analysis (DEA) and the multiple panel regression model. In the first stage, the DEA approach is employed to determine the MFIs' level of efficiency. Next, the determinants of financial efficiency and social efficiency are identified through panel regression. The results of the robustness test show that MFIs have better and more effective financial efficiency compared to social efficiency. Therefore, this result shows that the MFIs concentrate more on profitability and sustainability of the operations and they tend to neglect their primary goal in terms of the social function, i.e., reducing poverty, since the scores for financial efficiency are higher than those for social efficiency. Furthermore, the MFIs, government, policymakers, investors, and future researchers benefit from the outcomes of this study, as they can obtain a comprehensive insight on the efficiency of MFIs and the variables that could contribute to the efficiency in MFIs. [ABSTRACT FROM AUTHOR]

The financing difficulty of green innovation projects has always been an obstacle to enterprises' green innovation. Digital financial inclusion provides a new opportunity to solve the financing difficulty of green innovation. Based on the construction of a theoretical framework for digital financial inclusion to influence green innovation, this study empirically analyzes the impact and mechanism of digital financial inclusion on green innovation by using the provincial panel data of China from 2011 to 2020. The results show that digital financial inclusion has a significant positive impact on green innovation. The promotion effect of the development of digital financial inclusion on green innovation is mainly driven by the depth of digital financial inclusion use and the digitalization of financial inclusion. The results of the intermediary effect analysis show that digital financial inclusion can promote green innovation by alleviating capital misallocation and improving financial efficiency. [ABSTRACT FROM AUTHOR]

Purpose:The main objective of this study is to investigate the relationship between risk management reporting and financial efficiency.Design/Methodology/Approach:Risk management reporting is measured by a score indicating whether companies report on risk management in their annual reports. Efficiency is measured by the total asset turnover, which is the ratio of net revenue on total assets. This study applied a panel research design and data are collected from 138 companies listed on Bursa Malaysia in the product and service industries from 2018 to 2020.Findings:The result of this study shows that there is a significant relationship between risk management reporting and efficiency in Malaysia. The result of this study also shows between all available risk management reporting features in Malaysian companies' annual reports cyber risk, equity risk, inventory risk, market risk, and regulatory risk, have significant relationships with financial efficiency.Practical Implications:The outcomes of this study may be useful for companies that have not prepared risk management reporting to understand the impact on their financial efficiency. The findings may also provide important suggestions for the boards of directors of these companies considering the preparation of such a report.Originality/Value:The study contributes to the scientific literature by conducting an extensive analysis on the results of risk management reporting from the perspective of financial efficiency. The significant relationship between risk management reporting and efficiency provides evidence that risk management is an important determinant of financial efficiency and, ultimately, of improving company’s performance.

This study aimed to analyze the financial efficiency, determine influencing factors and propose solutions to developing organic rice farming models. The results showed that while it requires farmers to have more production experience and education, organic rice farming has advantages in producing more per land area with lower production costs and more stable product output. The lack of labor and tools for mechanization were the main difficulties of using this model. The average profit per crop of the organic rice model was 1,768,000 VND/1,000 m2/crop, approximately 530,300 VND/1,000 m2/crop higher than the traditional rice model. Regression analysis results showed that the financial performance of the two models was affected by the educational level of farmers and types of costs such as fertilizers, pesticides and labor. Production experience of farmers also influences the efficiency of the organic rice production model, while factors related to seed and selling price affect the efficiency of the traditional rice production model.

The aim the research at the resulting: To identify the perception of the Internet of Things and its components, and to clarify the concepts and components of the efficiency of management information systems and their measurement, as well as to measure the influence of the Internet of equipment on the efficiency of management information systems at the University of Baghdad. The descriptive analytical approach has been used in the search, and a questionnaire, consisting of 184 forms, was planned and dispersed to a sample of administrative workers at the University of Baghdad at the higher and medium administrative levels. The documents been composed and analyzed by SPSS program. The most significant of which is the next: There is a direct impact of the Internet of things on raising the efficiency of management information systems at the University of Baghdad. Internet of things (IoT) components are moderately available at the University of Baghdad. Also, the human element efficiency is moderate at the University of Baghdad. Therefore, they must have more training programs and their capabilities and skills must be improved for technical transformation and fitting up with the use of modern technologies. Moreover, the high efficiency of the senior and middle administrative staff at the university, the efficiency of electronic and technical human resources, equipment and technologies which are available, and the efficiency of workers in the financial department and their use of techniques in financial transactions. The Search reached a set of results and recommendations, the most important of which are: There is a direct influence of the Internet of Things on raising the efficiency of management information systems at the University of Baghdad. Improving the reality of the Internet of Things at the University of Baghdad. This can be done according to the following methods: By focusing on infrastructure and providing the necessary material capabilities.

With the aim of obtaining the financial efficiency of the system as a whole and of its Port Authorities, a DEA-Bootstrapping model study has been performed to determine the overall performance, a methodology used mainly to obtain terminal efficiencies and applied to the port system in this article. Economic inputs have been selected, such as total assets and net income from port charges, as opposed to operational outputs, as these are performance indicators; the tons moved in a year and the vessels housed in the same period. The conclusions drawn include, firstly, that the overall average financial efficiency of the Spanish port system was low for 2017 and 2018 (close to 0.44), primarily caused by the assets of which the system is composed. Secondly, the ports with the highest financial efficiency are consolidated ports in the Spanish port system, with large volumes of traffic and assets designed to attract new vessels and goods. [ABSTRACT FROM AUTHOR]

Globalization, technological changes, competitive conditions, and crises lead businesses to use their resources effectively. Businesses, which have to grow and develop continuously, need a successful evaluation of efficiency in order to achieve their goals and to gain an advantage over their competitors. In this direction, it is aimed to evaluate the financial activities of 26 businesses operating in the BIST food, beverage, and tobacco sector between the years 2018 and 2020, using the DEA CCR and fuzzy DEA CCR methods with 6 input and 3 output ratios. In the research, it was aimed to determine the efficiency values of the enterprises with the classical DEA method and to calculate them with the fuzzy DEA method according to different alpha levels, so that the methods complement each other and reach more consistent results. Since the food sector is important for the national economy, the DEA method used in the analysis part is suitable for efficiency measurement, and the fuzzy DEA method is used in very few studies related to the sector, especially in Turkey, the relevant sector and analysis methods have been preferred. As a result of the study, according to DEA, in 2018, 16 enterprises, 17 enterprises in 2019, and 20 enterprises in 2020 were active. However, as a result of fuzzy DEA, it was understood that the enterprises with the highest efficiency were VANGD and KNFRT, and the enterprises with the lowest efficiency were KERVT and ULUUN. [ABSTRACT FROM AUTHOR]

This paper presents a methodology which blends sensitivity analysis (SA) and fuzzy arithmetic for managing uncertainty in project financing transactions. Specifically, we adopt the perspective of the equityholders and use the average return on equity (ROE) to measure shareholder value creation and, in particular, the financial efficiency of the equity investment. We cope with uncertainty via global and local SA and fuzzy arithmetic; we use the fuzzy version of the well-known (global) Gamma indicator and we introduce the fuzzy versions of two (local) importance measures, the differential importance measures (DIM). We then apply them to the pro forma financial statements drawn up by the analyst for measuring and ranking the impact of the key accounting parameters on the resulting values and we show how the uncertain accounting and financial magnitudes of the project company affect the financial efficiency. Among the advantages of this analysis, aimed to enhance the managerial insights generated by the financial model and to lead to appropriate managerial actions, we focus on the attractiveness of fuzzy calculus and possibility theory to represent and compute all relevant financial data that appear in project financing and budgeting, where available information is characterized by incompleteness or nonstatistical uncertainty. In this context, fuzzy computing and appropriate SA techniques, based on application of the extension principle, allow complete investigation of the project characteristics. [ABSTRACT FROM AUTHOR]

The main purpose of this study is to scrutinize the effect of financial inclusion on financial sustainability, financial efficiency, gross domestic product, and human development in the context of G20 nations. This study has employed annual data of 15 developed and emerging economies during the period from 2004 to 2017. The current study has utilized a single index for financial inclusion, financial sustainability, and financial efficiency by employing principal composite analysis (PCA). The outcomes of the panel stationarity test confirmed the ARDL model for both the long and short runs. Equally, the findings of the ARDL Model 1 showed no association between financial inclusion and financial sustainability in the short run, however, in the long run, inclusive finance showed a significant impact on sustainability. Likewise, the ARDL Model 2 showed that financial inclusion has no effect on efficiency in the short run, while it positively influenced financial efficiency in the long run. The results of the ARDL Model 3 are also similar to Models 1 and 2 where inclusive finance showed no effect on poverty in the short run, but a significant effect in long run. Similarly, the ARDL Model 4 also presented no association between GDP and inclusive finance in the short run, while it showed significant relationships in the long run. Moreover, the outcomes of the GMM Model 1 showed a significant impact of inclusive finance on financial stability, and these results were similar to the GMM Model 2 between financial inclusion and financial efficiency. Additionally, GMM Models 3 and 4 have shown that inclusive finance has a statistically significant impact on poverty and economic expansion, respectively. The outcomes of this article are essential for policymakers, academics, regulators, and practitioners with valuable and convincing debate over financial inclusion, economic growth, poverty, sustainability, and financial efficiency. [ABSTRACT FROM AUTHOR]

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The analysis aims to examine the impact of eco-innovation and financial efficiency on CO2 emissions and renewable energy consumption in highly polluted Asian economies, including China, India, Russia, and Japan. For empirical analysis, we have applied the ARDL pooled mean group (ARDL-PMG) model. The long-run estimated coefficient of environmental innovations is positively significant in both renewable energy models and negatively significant in the CO2 emissions model. These results imply that environmental innovations help facilitate renewable energy consumption and reduce CO2 emissions. On the other side, the estimates of financial development are insignificant in both renewable energy and CO2 emissions models. However, the estimates of financial institution efficiency and financial markets are positively significant in both renewable energy and CO2 emissions models, implying that financial institutions and market efficiency increase renewable energy consumption and decrease CO2 emissions. [ABSTRACT FROM AUTHOR]

Policymakers and academics are interested in identifying mechanisms that promote environmental sustainability due to their relationship with climate change. This research evaluates the channels that transmit the effect of technology and financial efficiency on environmental quality. The relationship is moderated by real production per capita, foreign direct investment, natural resource rents, and institutional quality in the context of the Environmental Kuznets Curve. The research covers the 1996–2021 period for a sample of 88 economies classified into three groups according to the World Bank Atlas Method. We use second-generation cointegration techniques with structural breaks and quantile regression models. The findings offer sufficient evidence to conclude that the impact of technology and financial efficiency on environmental quality is heterogeneous throughout the distribution. Our findings suggest that technology is more associated with maximizing production than mitigating or restoring environmental deterioration. A policy implication derived from our research is to encourage the generation of carbon-free technology and promote financial efficiency in upper-middle-income countries to achieve environmental sustainability. [ABSTRACT FROM AUTHOR]

This article examines public–private partnership as an effective mechanism in the investment market. It also analyzes the advantages of PPP in comparison with budget-investment projects. The author provides the main problems of PPP projects implementation and suggests ways to solve them.

The research first summarizes the theoretical mechanism of digital finance to improve financial efficiency and sustainability; then, it proposes three hypotheses. After that, a DEA-BCC model and a super-efficiency DEA model are constructed to estimate a series of financial efficiency levels in 31 Chinese provinces. Utilizing the estimated financial efficiency values, this paper further tests each of the three hypotheses using both a random effects model controlling for cross-sectional correlation problems and an LSDV model, respectively. The findings show that (i) technological advance is the main driver of financial efficiency improvement in each region in China, while the role of scale effect in improving financial efficiency is weakening; (ii) the development of digital finance does significantly contribute to the improvement of regional financial efficiency; and (iii) the increase in both the breadth of coverage and depth of adoption of digital finance are core driving forces for the promotion of financial efficiency, with the breadth of digital financial coverage a stronger positive effect. Hence, this study can provide an important reference for policymakers and financial institutions to better understand the relationship amongst digital finance, financial efficiency, and sustainability as well as achieve sustainable financial inclusion. [ABSTRACT FROM AUTHOR]