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Banking systems play an essential role in the economy through their varied functions. They facilitate access to credit, ensure efficient money management and promote the smooth functioning of financial markets. In the current period, in financial and credit institutions there is an orientation towards the use of AI. Thus artificial intelligence has been introduced in bank asset management, in analyzing and assessing the risks of bank customers, in bank marketing, etc. The aim of the paper is to present the current AI technologies used in banking, highlighting the transformations that the field has undergone in recent years as a result of the implementation of AI. Moreover, the benefits, but also the risks that may arise for all actors participating in the banking market will be highlighted. We focus our attention on AI because it stimulates innovation in industry and opens the way to new business opportunities.

Data pembiayaan klaim rawat inap HIV/AIDS oleh BPJS Kesehatan di Jawa Timur tahun 2017-2021 berdasarkan tipe RS perawatan kasus HIV/AIDS cenderung tidak memperhatikan keparahan kasusnya. Pada Kota Mojokerto, Kabupaten Mojokerto dan Kabupaten Jombang, proporsi terbesar kasus rawat inap HIV/AIDS paling banyak dilayani di RS tipe B. Desain penelitian yang digunakan adalah studi kasus tipe 2 yaitu kasus tunggal embedded dan menggunakan. pendekatan kualitatif. Hasil penelitian menunjukkan bahwa proporsi terbesar pasien JKN rawat inap HIV/AIDS adalah jenis kepesertaan PBI yang merupakan segmen masyarakat tidak mampu. Sehingga hal ini seharusnya menjadi perhatian serius baik pemerintah pusat maupun pemerintah daerah agar lebih berkomitmen dalam pembiayaan HIV/AIDS. Klaim rawat inap kasus HIV/AIDS di RS Wilayah Kerja BPJS Kesehatan Kantor Cabang Mojokerto dalam kurun waktu tahun 2017-2021 proporsi kasus tertinggi pada tipe RS B. Pada dasarnya pelayanan sudah berjalan sesuai dengan aturan-aturan seperti Permenkes, Perda dan SOP-SOP yang ada di setiap faskes. Namun, kasus rawat inap HIV/AIDS yang terkonsentrasi sebagian besar di RS Tipe B menggambarkan mekanisme sistem rujukan berjenjang tidak berjalan sebagaimana mestinya. Hal ini dikarenakan tidak semua fasilitas kesehatan yang telah terikat kerja sama dengan BPJS Kesehatan adalah fasilitas kesehatan yang sudah PDP. Kata kunci: HIV/AIDS, rawat inap, regulasi

We analyse the effect of leverage components and banks’ ‘business model channels’ on risk-taking for Brazilian banks. Using a detailed dataset from the Brazilian financial system, the results show that the measurement of leverage components is relevant for determining banks’ risk. We highlight two important findings. First, we provide novel insights for the design of a generalised method of moments (GMM) estimation using external instruments. Second, the derivative and on-balance-sheet operations are risky for investment and foreign banks. These results provide important information for banking supervision and regulation and bring new insights regarding banks’ leverage behaviour.

Globally, foodborne illness is a significant public health challenge. Food safety inspection plays a crucial role in the regulation of food businesses to prevent foodborne illnesses. To be an effective health protection measure, however, food safety inspections must facilitate the thorough evaluation of food safety risks. Our research examined how food safety inspectors from Australia, Ireland, New Zealand, the UK, and the U.S. assessed food contamination control during food premise inspections. Data were collected via an online survey of environmental health practitioners who routinely conduct food safety inspections. The findings indicated that inspectors are generally aware of food safety hazards that can be present at food businesses and have deployed a variety of relevant data-gathering methods to inform their examination of the extent of contamination control. The findings also indicated a prevailing methodological incongruence stemming from the absence of a robust inspection methodology. We propose that these shortcomings be addressed by solutions that are formulated based on established hazard analysis critical control point (HACCP) principles and qualitative field research. The development of a clear and appropriate methodology will support food safety inspections to provide a robust and reliable means for evaluating food safety risk and ultimately reduce the incidence and burden of foodborne illness. [ABSTRACT FROM AUTHOR]

Tourism is a phenomenon that arises due to the interaction between tourists, service providers/tourism industry, and the government in providing facilities and services that support tourism activities. These various interactions form a system that is interconnected with each other. The tourism system is described as closed, but this model can be used to analyze the crucial components of providing attractiveness to a tourist destination. Kelong Village, with its unique combination of red soil, green sea, and blue sky, presents a special dish that stuns with Kelong Island's beauty. The journey to this charming location involves breaking through a pine forest flanked by lakes and beaches, a challenge heightened by the high humidity. The island's unspoiled mangroves, which grow on the beach, offer a unique fishing experience. The charm of the sunset is also a beauty that tourists can enjoy. It is important to note that the beauty of Kelong Village is not just in its natural attractions but also in the local wisdom that underpins its community-based tourism. This local wisdom is a cultural aspect we should all appreciate and respect, enriching our understanding of the world and the communities we visit. Our study is based on a comprehensive normative juridical research method, a robust and widely respected approach in the field. This method, known for its reliability and accuracy, has produced insightful results, instilling a high level of confidence in the credibility of our study. You can trust the information presented in this study, knowing that it is based on a solid and reliable research method. We have taken every measure to ensure the accuracy and reliability of our findings so you can be confident in the information we present.

Governments, researchers, and developers emphasize creating trustworthy AI, defined as AI that prevents bias, ensures data privacy, and generates reliable results that perform as expected. However, in some cases problems arise not when AI is not trustworthy, technologically, but when it is. This article focuses on such problems in the food system. AI technologies facilitate the generation of masses of data that may illuminate existing food-safety and employee-safety risks. These systems may collect incidental data that could be used, or may be designed specifically, to assess and manage risks. The predictions and knowledge generated by these data and technologies may increase company liability and expense, and discourage adoption of these predictive technologies. Such problems may extend beyond the food system to other industries. Based on interviews and literature, this article discusses vulnerabilities to liability and obstacles to technology adoption that arise, arguing that trustworthy AI cannot be achieved through technology alone, but requires social, cultural, political, as well as technical cooperation. Implications for law and further research are also discussed.

The article highlights a new approach in the field of veteran business, which is called the «policy of heroes» and is the quintessence of the new Ukrainian doctrine, that is, a new vision and philosophy of what a successful Ukraine should be like after the victory. The article discusses the institutional and regulatory tendencies and empirical trends of the veteran entrepreneurial community and the role played by veterans in the development of modern Ukrainian society in general and business in particular. The general trends of veteran business are typologized, the key role of modern grant instruments of the State support (assistance) in the formation of a common mental space between society and veterans for their speedy reintegration into economic life, ensuring their full participation in the creation of the economic front of the State is substantiated. The purpose of this article is to analyze the impact of the russian-Ukrainian war on the dynamics of the formation of the veteran community, to carry out a typology of key challenges and, on their basis, a substantiation of the need for further strategizing of individualized and comprehensive reintegration of veterans into civilian life in order to ensure their successful and sustainable adaptation to the new socioeconomic realities of doing business. The scientific novelty of the article lies in the study of the «policy of heroes» in the paradigm of the new Ukrainian doctrine as a new phenomenon in the architecture of the institution of veteran business, its conceptualization through the prism of endo- and exogenous threats (risks) generated by the russian-Ukrainian war in the institutional and regulatory coordinates of adaptation of veterans to starting and running a business, including in rural areas. The article proves that the «policy of heroes» of the new Ukrainian doctrine strategizes and determines the vector of further institutional and regulatory progress in the system of the State incentives for business reintegration of veterans into civilian life. It is proved that the experience gained by veterans during their service in the institutional centers of the Security and Defense Forces forms unorthodox contours of anti-crisis inertia during both the initiation and further functioning of veteran business under the legal regime of martial law, providing the development process with signs of sustainability and predictability, taking into account the post-war context of the reconstruction of the national economy and the directives of the Ukraine Facility Plan for 2024–2027. This is fostered by the modernization and Europeanization by the State of tools to support veteran business through the system of grants. This system actually «stitches» the vision of the President of Ukraine regarding the «policy of heroes» declared in the vision of the new Ukrainian doctrine, with the current and future needs of veterans and the capabilities of the State, which, in particular, are determined by the need to accelerate the process of reintegration of veterans into public life.

The COVID-19 pandemic has had a transformative impact on social and economic value, as well as the role of mediating technology and regulation driving participation in the sharing economy. Considering the consequences that such transformations entail, in this paper, we provide a multi-stakeholder perspective of the pandemic's impact on sharing economy enablers and drivers, and the resulting short and long-term implications for customers, providers, platform companies, and policymakers. Through the amalgamation and exploration of these multiple perspectives, we then present a roadmap of the key research themes, considerations, and policy gaps, supplemented with insights contributing toward the vision for a sustainable sharing economy. The comprehensive overview provided in this paper offers multiple avenues for future research across social, economic, technological, and regulatory domains.

This study investigates the effect of companies’ sustainability performance on their future earnings management. Applying moral licensing theory, we predict that sustainability performance decreases accruals, while increases real earnings management. We analyse a dataset comprising of 47,186 firm-year observations from 44 countries during 2002–2021. We use a two-stage Heckman approach to address potential endogeneity and conduct supplementary fixed-effects regression tests for separate periods of before-after crisis and regulatory effectiveness, quality and enforcement. Our findings suggest that firms with superior sustainability performance have an impact on decreased (increased) accrual-based (real) earnings management. We also found a greater impact of sustainability initiatives by companies in countries with lower regulatory effectiveness, lower regulatory quality standards, and mandatory government regulation. This study is the first in encompassing SDGs practices through advanced testing, analysis and offering insights into the implications of government regulation on management decisions on earnings. Our research provides practical contributions for policymakers to evaluate ongoing efforts and development of corporate ESG-related policies as well as investors in using earnings information.

It is found that under martial law, the importance of the agricultural sector for the expanded reproduction of the potential of the national economy as a whole along with the provision of the macroeconomic stability in the country increases. It is determined that one of the basic factors of accelerated development of the agrarian sector of the economy of Ukraine is the intensification of foreign economic activity of subjects of agrarian entrepreneurship, intense activities at the processing and food production plants, in particular by increasing the volume of exports of products with high added value and limiting unproductive and increasing high-tech agricultural imports. It is substantiated that the key institutional prerequisite for expanding the spectrum of foreign economic relations of Ukrainian subjects of agrarian and agro-industrial entrepreneurship is the improvement of the system of regulation of foreign economic activity through the introduction of additional regulators in the range of methods, instruments, levers of regulatory influence on export-import flows and the development of logistics and warehousing infrastructure. It is determined that the regulation of foreign economic activity of subjects of agrarian entrepreneurship along with the processing and food production plants is a set of budgetary-tax, customs, loaning, anti-dumping, insurance, licensing and reglementary methods and instruments of regulatory influence on export-import flows of agricultural products and food products, as well as on improving the infrastructure of storage of agricultural products and foods. It is substantiated that in the conditions of martial law, first of all, it is necessary to ensure the diversification of methods and tools of direct and indirect budgetary support for agricultural exports, in particular in terms of ensuring timely and uninterrupted VAT reimbursement to Ukrainian exporters of agricultural products, as well as diversification of methods and tools of loaning support for exporters of high value-added products and operators of high-tech imports for the needs of agrotechnical, veterinary and agrochemical support for the development of the domestic agricultural sector.

The purpose of the study is to systematize methodical approaches to managing the liquidity of banks during the period of extreme volatility in the conditions of war, measures of the National Bank of Ukraine in the field of supervision and regulation of the liquidity of individual banks. The stability of the banking system, its liquidity, and the ability to perform basic functions are of utmost importance under martial law. Correct resolution of issues related to the regulation of banks’ liquidity for the formation of sustainable sources of funding is the basis for expanding lending, which is especially important in the context of significant destruction of the State-owned property, property of enterprises and the population. In the current wartime conditions, Ukrainian banks must maintain adequate liquidity, remain solvent, while lending to customers. The implementation of supervision and regulation in the field of ensuring the bank liquidity is complicated by the matter that the traditional factors influencing it were supplemented by specific factors of war, which caused a sharp drop in economic activity and GDP, withdrawal of funds from accounts, panic about the national currency exchange rate, a significant decrease in demand for financial services, interruptions in the operation of payment systems during blackouts, changes in financial monitoring resulting in a significant expansion of sanctions lists and termination of servicing residents of the aggressor country. Therefore, Ukrainian banks need to use anti-crisis liquidity management instruments (taking into account the regulatory field), which are adaptive in nature and take into account the totality of external factors influencing a viable banking business model under martial law. Further research on the factors influencing the bank’s liquidity, systematization of elements of the process of supervision and regulation of the bank’s liquidity, methods and relevant instrumentarium under martial law remain extremely important.

This research seeks to answer the following research question “What kind of regulation architecture can stimulate creative destruction and growth of two different types of new industries like telemedicine, and for-profit-hospital?” Online interview method was used to investigate the telemedicine industry and for-profit-hospitals at Daegu-Gyeongbuk province in South Korea and Cardiff-Wales in the UK. Findings provided following grounded theories. First, the way to create a converted new industry is not deregulation but regulation conversion. Though, deregulation helps to expand the modern market, it could disturb the emergence and growth of new markets. Second, the regulation can be an essential policy method to create emerging new markets when there are enough (potential) suppliers owing to technological developments or the accumulation of a new workforce equipped with new technologies. According to the UK for-profit-hospitals, regulations for consumer protection and decreasing transaction costs or complexity in the new market could trigger market creation. Third, digital transformation has motivated open innovation dynamics in all industries. The expanded open innovation dynamics with digital transformation can promote, most of all, the appearance of converted new industries like telemedicine.

Purpose: Bank reputations took a severe knock following the global financial crisis of 2007–2009. To get the global banking industry back on its feet, regulations existing at the time were strengthened and new ones were introduced. While the industry has come a long way in clawing back its reputation, research on the present state of reputations of some global banks suggests that these reputations are still underpinned by national regulators. In the South African context, it is not clear to what extent bank reputations are underpinned by the reputation of the main banking regulator: the South African Reserve Bank (SARB). This article looks at perceptions of private banking customers to ascertain whether they believe that bank reputations derive from the reputation of the regulator. Design/methodology/approach: A quantitative research methodology was applied. Purposive sampling was used to collect data from 111 banking customers using a Likert scale. Four hypotheses on reputation-regulation relationships were then tested using the non-parametric Wilcoxon Signed Rank test. Findings/results: The results show that regulation plays no role in how private banking customers perceive bank reputations. Practical implications: This study highlights that there is little scope for banks to accrue ‘reputational rent’ by free riding on the reputation of the regulator. Banks must therefore take steps to proactively engage in their own reputation building exercises. Originality/value: This research is the first to look at the reputation–regulation interface in the local banking industry from private banking customers’ perspective. It highlights that each bank must work hard to build the reputation it desires.

Competition policy has become an important issue in the context of global trade and capital liberalisation processes over the past decade. The set of rules is established on several levels (at national level or at group level in the case of trade or financial unions, but also taking into account the sectors of activity taken individually). The average level of duty on imports decreased significantly and various non-tariff restrictions were removed. However, trade barriers put in place by private parties have remained largely unaddressed, even though these trade practices can distort trade and investment flows and lead to conflicts between countries. Competition policy refers to anti-competitive business practices (sometimes referred to as restrictive business practices). Competition laws were first introduced in the United States and later in European countries. Latin American countries have recently adopted competition laws. The subject is complex and interdisciplinary. It brings together the areas of international law, company law, industrial organisation, innovation policy, transnational corporations, international trade and transport. Competition policy aims to prevent undertakings from reducing the efficiency of market mechanisms. The aim is to discourage undertakings from forming cartels or monopolies and abusing a dominant position, and to ensure that mergers and acquisitions are subject to adequate control. These practices often limit competition and remove incentives for excellence, innovation, price reductions and improved customer service. Anti-competitive practices can also act as barriers to trade, distorting trade and investment flows. They can reduce global prosperity and lead to conflicts between countries. Therefore, some kind of international agreement may be needed to prevent or remove these new types of trade barriers.

Abstract This article presents a narrative review of seven selected studies investigating the impact of digital innovation on entrepreneurship and its outcomes within diverse sociopolitical contexts. Results show that improved innovation output scores and the ability to absorb innovative models are associated with higher GDP growth rates. Technological changes account for 35–40% of the dynamics, while regional factors account for 40%. Internet usage has led to decreased operational costs, increased sales, and better customer interaction for 88% of companies, enabling 83% to expand their markets and 78% to engage more effectively with suppliers. Digitalization fosters entrepreneurship expansion into new markets, creating a positive feedback loop between the two variables. Additionally, the study found that government roles have a more significant influence on entrepreneurship sustainability compared to electronic readiness. Digital technologies have been shown to enhance firm productivity, particularly in manufacturing and intensive industries.

This paper examines the debate surrounding the classification of crypto assets as securities and its implications on the regulatory framework. The emergence of blockchain technologies and their widespread adoption have presented challenges for regulators in fitting these assets into existing financial and regulatory frameworks. The U.S. Securities and Exchange Commission (SEC) has taken a proactive stance in asserting its authority over the crypto economy. To analyze the SEC's position, this paper explores the Howey Test, a legal framework used to determine whether an investment arrangement qualifies as a security. It evaluates each criterion of the test in the context of crypto assets and discusses the SEC's evolving stance. The paper emphasizes the importance of considering the context and actual influence of investors and promoters when determining whether a common enterprise exists. It also highlights the need to distinguish between cryptocurrencies marketed as currencies and those primarily used as investment assets. The paper concludes that clear definitions and regulatory guidelines are necessary to address the complexities of crypto assets and their interaction with traditional financial markets. The outcome of ongoing lawsuits and regulatory decisions will shape the future development and integration of crypto assets into existing frameworks.

Governments, researchers, and developers emphasize creating “trustworthy AI,” defined as AI that prevents bias, ensures data privacy, and generates reliable results that perform as expected. However, in some cases problems arise not when AI is not trustworthy, technologically, but when it is. This article focuses on such problems in the food system. AI technologies facilitate the generation of masses of data that may illuminate existing food-safety and employee-safety risks. These systems may collect incidental data that could be used, or may be designed specifically, to assess and manage risks. The predictions and knowledge generated by these data and technologies may increase company liability and expense, and discourage adoption of these predictive technologies. Such problems may extend beyond the food system to other industries. Based on interviews and literature, this article discusses vulnerabilities to liability and obstacles to technology adoption that arise, arguing that “trustworthy AI” cannot be achieved through technology alone, but requires social, cultural, political, as well as technical cooperation. Implications for law and further research are also discussed.

AbstractThis study seeks to examine the role of regulation in the relationship between financial development and financial inclusion in Sub-Saharan Africa (SSA). Based on available data, the study used 30 SSA economies from 2008 to 2020, employing a generalized method of moments. The study found that as much as financial development enhances financial inclusion directly in SSA and regulation on its own brings more people into the financial system, increasing regulations that restrict financial sector activities in the region should not be above the level of 1.6047, or it would hinder financial development from improving financial inclusion. The study recommends that the financial sector introduce user-friendly products, including low-cost financial services. Second, the central banks of SSA economies can recognise or award financial firms that are the best contributors to financial inclusion. This will encourage other financial firms to do their best. Additionally, policymakers should consider the threshold when employing regulations to enhance financial sector-induced financial inclusion in SSA. Specifically, the study indicates that at least the mean of the current two years of regulations should be computed and compared to the threshold before deciding whether to be more restrictive or not.

AbstractThe rapid growth of the digital economy in Indonesia provides a positive trend for startups. The valuation of Indonesia’s digital economy is the highest in Southeast Asia. This paper aims to identify problems and legal issues regarding startups. This research also tries to formulate regulations that can support the development of startups in Indonesia. The data collection technique used is library research by examining books, journals, reports, and laws related to startups. The data analysis technique used is the legal norm method by analyzing laws and regulations related to startups. Based on the results of the research, it was found that startups in Indonesia still face various legal problems such as the absence of startup regulations and the complicated and lengthy startup licensing process. Based on these problems, it is recommended that Indonesia has regulations that specifically regulate startups. The regulation regulates the process of facilitating business licensing for startups, financial support and capital raising schemes. To overcome these problems, Indonesia needs to reformed regulations in the startup sector and apply the licensing concept through a risk-based approach.

Data sharing has been offered as a useful tool to open up impregnable markets to competition. EU law has a rich tradition in enabling business-to-business data sharing in a sector-specific (or vertical) fashion, which has formed the basis of the quest for an internal market where data flows freely. Two recent legislative instruments, the Digital Markets Act and the Data Act, contain industry- and actor-specific data sharing provisions. By unleashing troves of data hoarded by large incumbents, the Acts aspire to empower small and medium-sized enterprises, unlocking organic innovation. Notwithstanding the normative desirability of such a goal, it is unclear whether verticalized rules on data sharing can foster innovation by entrants and smaller undertakings. This Article legally and economically appraises the Acts to shed light on this issue. Read together, the data sharing provisions under the Digital Markets Act and the Data Act pursue the common aim of spurring disruptive (market creating) and complementary innovation. However, the Acts suffer from legal uncertainty and are liable to produce unintended economic consequences, such as diminishing the ability of complementors to satisfy consumers whilst simultaneously strengthening incumbent platform operators. The conclusions cast doubt on whether the vertical data sharing rules of the Acts can achieve their intended objectives, that is, ensuring the contestability of digital markets by promoting organic innovation by smaller scale firms.

Construction has been and represents one of the most targeted areas of activity in the economy, starting from the market value and reaching the economic policies that regulate them. This paper analyzes the evolution of the construction sector and brings into discussion a new concept, namely that of recycling constructions that are restructured, demolished or undergoing technical changes (Mahpour, 2018). This new principle was launched with the new approaches specific to the green and circular economies due to the need to reduce the gap between needs and resources (Liu et al., 2021). Moreover, the most important factor that determines the permanent development of the real estate and construction field is the growth of the population in the last 30 years at a global level, which has been an ascending one, but also the formation of developed economic centers such as the big capitals or the already developed areas. People have been prone to access the already existing infrastructure in the logistically and economically evolved areas, rather than focusing on the formation of new areas, which has led to the migration and centralization of the workforce in certain geographical areas (Hossain et al., 2020).

The transformation of the digital economy has been constantly evolving in the society of the 4.0 industrial revolution, particularly under the governmental policies of developed countries. One of the most popular tools in digital economy activities is cryptocurrency, which has led to a rise in digital awareness among people who are more inclined to live their lives electronically and digitally. The aim of this study is to explore the problems and prospects associated with the usage of cryptocurrency and identify ways to address these issues using the governmental roadmap in China and Cambodia. The methods employed in this study include descriptive, explanatory, and comparative analyses. The results demonstrate that the adoption of cryptocurrency presents both opportunities and threats to the Chinese and Cambodian economies. These opportunities and threats need to be carefully considered and balanced by policymakers and stakeholders. The conclusion drawn from the study is that there is still no official acceptance and recognition of cryptocurrency by the Chinese and Cambodian governments. This is primarily due to the fact that the risks and challenges associated with cryptocurrencies are deemed to be greater than the foreseeable opportunities, making them difficult to manage effectively.

Purpose – This study aimed to explore the effect of Financial Innovation (FI) on economic growth in Ghana, with a dataset spanning 1960–2019, adopting a broader conceptualization of FI as the ratio of broad money to narrow money. Design/methodology/approach – The study employs a non-linear autoregressive distributed lag (ARDL) time series econometric model to estimate data from the World Bank (1960–2019). Findings – There is no evidence that FI significantly impacts economic growth. This could be due to the early and strict regulation of the financial technology (FIN-TECH) sector and the general inconclusiveness of the impact of financial development on economic growth. Practical implications – Policymakers must empirically explore the impact of early and strict regulation on the transformational impact of FI. Originality/value – The paper is among the first to apply a broader conceptualization of FI in estimating the impact of FI on economic growth.

The article deals whith the directions, methods and tools of state stimulation of innovation and investment potential of the national economy. The role of the state in solving problems related to innovation and investment potential of the country is defined. Considered ways of forming innovative and investment policy, effective implementation of state regulation tools, correct definition of its priorities, strategy and management actions. The existing management systems of the innovation and investment potential of the national economy have been analyzed and systematized. Considerable developments of scientists in the development of theoretical and practical aspects of regulation of innovation and investment processes are taken into account. The main components of the innovation and investment potential of the state are outlined. The main directions and principles of stimulating innovation and investment potential at the state level have been determined.

Financial auditors, members of the recognized national professional bodies, provide independent services such as statutory audit of the annual financial statements published by economic entities and other financial audit services, out of which an important category is represented by the financial audit of projects financed through European funds. In this paper, we present a comparative study of the way these two activities are undertaken in Romania, from the point of view of the aspects concerning the regulatory and the transparency status of the audit services delivered. Following our analysis, we will present the common elements that have been identified between the two audit fields, the most important being the significant public interest presented by the audited information, the verification of the accounting of some complex economic transactions, the possibility of the appearance of errors and frauds in the process of the preparation and presentation of the audited information and the specific financial audit procedures that are applied by financial auditors in their audit work. Further, we will highlight the main differences existing between the two fields, respectively the legislative regulation as opposed to performing the audits based on the options of the management authorities or of the beneficiaries of the European funding, the different audit supervising bodies (ASPAAS - The Authority for Public Supervision of the Statutory Audit Activity and, respectively, CAFR - The Chamber of Financial Auditors of Romania) and the situation regarding the ensuring of the transparency of the audit activities performed. As a result of this research, we draw conclusions about the necessity and the means through which the financial audit of EU-funded projects can be better organized, monitored and exploited in order to support the protection of the financial interests of the European Union and implicitly of the European citizens.

Abstract This study presents a systematic literature review of regulation, profitability, and risk in the banking industry and explores the relationship between them. It proposes a policy initiative using a model that offers guidelines to establish the right mix among these variables. This is a systematic literature review study. Firstly, the necessary data are extracted using the relevant keywords from the Scopus database. The initial search results are then narrowed down, and the refined results are stored in a file. This file is finally used for data analysis. Data analysis is done using scientometrics tools, such as Table2net and Sciences cape software, and Gephi to conduct network, citation analysis, and page rank analysis. Additionally, content analysis of the relevant literature is done to construct a theoretical framework. The study identifies the prominent authors, keywords, and journals that researchers can use to understand the publication pattern in banking and the link between bank regulation, performance, and risk. It also finds that concentration banking, market power, large banks, and less competition significantly affect banks’ financial stability, profitability, and risk. Ownership structure and its impact on the performance of banks need to be investigated but have been inadequately explored in this study. This is an organized literature review exploring the relationship between regulation and bank performance. The limitations of the regulations and the importance of concentration banking are part of the findings.

The paper examines how corruption-induced inhibitions influence business-related corruption from the perspectives of business leaders in Ghana. Data were collected through focus group discussion with Chief Executive Officers (CEOs) of multi-national and local companies operating in Ghana. The findings show that business leaders encounter multiple regulatory agencies with duplicated and overlapping functions, multiple charges for virtually the same and duplicated services, multiple law enforcement agencies also performing regulatory functions at the Ports of entry, inadequate information on processes and costs of services, and inadequate channels for reporting corrupt activities in Ghana. The paper argues that these challenges trigger corruption-induced inhibitors which in turn, negatively affect the growth of the private-sector in Ghana. [ABSTRACT FROM AUTHOR]

Rule evasion by companies is a major driver of change in contemporary market societies. Recent research holds that periods of market instability offer opportunities to bring rule evasion under control because crises expose hidden market practices. Based on original archival evidence from the financial crisis of 1974, this article shows that rule evasion is disclosed not automatically, but strategically and selectively. To explain the ensuing dynamics, the article develops a Goffmanian framework in which regulators learn of a crisis of rule evasion backstage (in their interactions with companies) but use a conventional definition of the situation frontstage (in their presentations to the public). In an as yet unrecognized outcome, the regulators may find themselves caught between frontstage and backstage: their communications to the public limit their room for maneuver against the companies backstage, forcing them to repurpose their extant crisis-management tools. Because regulators publicly pretend to stay within their mandate, this form of crisis response renders re-regulation of rule evasion less likely. The finding contributes a new explanation for a central puzzle in the burgeoning sociology of crises: why periods of instability so rarely lead to change. [ABSTRACT FROM AUTHOR]

Research Question: This study is an appraisal of XBRL existing literature to find out what exists and what is lacking in the literature regarding the incentives of XBRL adoption, and its consequences. Motivation: The literature has not fully investigated the incentives of XBRL adoption and its consequences for the users of financial statements. The aim of this study is to synthesize current literature on XBRL adoption and its consequences. Idea: eXtensible Business Reporting Language (XBRL) is revolutionizing financial reporting on a global scale. It has the support of the world's most powerful institutions, including stock exchanges, central banks, standard setters, regulators, and other industry interests. It has attracted the attention of accounting researchers to better understand its influences on accounting and auditing professionals. Methodology: The current study uses qualitative research methods that includes a review and a synthesis of a variety of archival materials. Papers on XBRL are summarized under two main categories: incentives of XBRL adoption, and its consequences. Findings: The review suggests that the majority of publications are published in the second decade during 2011-2021 period. This result may imply that researchers try to give more answers for regulators, policy makers and standard-setters about issues related to the concrete implementation of XBRL in different contexts and countries. In addition, the current review notices that most of the previous studies that focus on the determinants of XBRL adoption are exploratory and use the qualitative method through surveys and/or interviews. While these studies extend our knowledge about the motivations that push towards the XBRL adoption, future studies could confirm these results with more objective measures. The current study notices that most prior studies focus on a single country, hence future research may use comparative analysis of XBRL adoption in different countries as it may offer a better understanding of the actual use of XBRL in diverse contexts. Further studies should consider emerging countries, and more particularly GCC countries, where XBRL technology adoption is mandatory and take into account the socio-economic culture of these countries. As a future direction, there is a need of investigation on the role of regulation in improving the use of XBRL and the extent of compliance with XBRL IFRS taxonomy. Future studies may also investigate the potential consequences of XBRL technology on financial reporting quality to give answers for standard-setters and policy makers. Contribution: Our research contributes to the existing literature by creating a foundational knowledge base that will be relevant to different stakeholders including, governments, practitioners, and researchers on the effects of implementing XBRL, as well as the relevance of such theories in explaining XBRL adoption.

The growth of fintechs has exponentially modified the international financial system. These changes affect social mechanisms that regulate the performance of economic agents, generating the need to modify the current role played by institutions. Despite the clear relationship that exists between fintechs and institutions, studies exploring the details of this relationship are still scarce. The objective of this article is to propose a review and analysis of the current state of research on fintechs and institutions. To achieve this goal, a systematic literature review was conducted, with the selection and analysis of 123 documents published which were based on preestablished inclusion and exclusion criteria. The main results show the development of a framework that allows us to increase our understanding of fintechs and institutions; the identification of three propositions that serve as a guide to the institutional landscape in which fintechs operate; and finally the recognition of a research agenda.

The COVID-19 pandemic has intensified the issue of strengthening the financial support of human capital development and enhancing its impact on economic growth. This study aims to assess the impact of financial support of human capital development in terms of public spending on health and education on economic growth. Economic-statistical methods and correlation-regression analysis are used to determine the impact of the share of public spending on health and education in GDP on real GDP, and to assess the characteristics of financial support of human capital development. The study reveals evidence of a link between the level of public funding for human capital development and real GDP. At the same time, for Ukraine and the countries-full members of the Commonwealth of Independent States, in particular Armenia, Azerbaijan, Kazakhstan, Moldova, Belarus, the Kyrgyz Republic, Uzbekistan, and Russia, the results of the study were mixed. In recent years, with the share of public spending on health and education in GDP growing by 1 percentage point, real GDP has grown in 4 and 5 countries, respectively, and decreased in 5 and 4 countries out of 9 studied. The results show that a significant deterrent to strengthening the financial support of human capital development and its impact on economic growth is a significant level of uncertainty in economic processes, which determines the importance of revising the forms and methods of public financing of human capital.

This study aims to examine and prove the effect of personal and reliability factors on both the adoption as well as the utilization of e-government indirectly through the intention to use. The proposed model uses various theories, such as technology acceptance, diffusion of innovation, and unified theory of acceptance and use of technologies. It incorporates contracts from the e-government adoption and usage model to explore and understand the factors that drive different types of e-technology adoption and use. Employing purposive sample, the paper collected around 158 respondents that were used to support this study. According to the findings, there are 103 government employees in the sample, 36 general public, and 19 businessmen in the Provincial Government of DKI Jakarta (Indonesia). After the questionnaire’s reliability and validity were rigorously evaluated, the data were analyzed using the Structural Equation Modeling (SEM) technique. The results indicate that personal factors and perceived trust significantly affect the adoption and the utilization of e-government. In addition, reliability variables highly influence intention to use. Moreover, intention to use does not mediate the effect of personal factors, reliability factors, and e-government adoption use. This study is expected to be material for consideration and evaluation of the quality of ICTs-based public information for government officials and staff.

The article is devoted to the issues of implementation and application of international financial reporting standards (IFRS) in the accounting system of Ukraine. The prerequisites and necessity of introducing IFRS into the accounting practice of domestic enterprises are outlined as a requirement of time, a market system of management and a necessary condition for integration into the European Union. Among the important factors of IFRS implementation is international cooperation; therefore special attention is devoted to the coverage of Ukraine's foreign economic activity. The key aspects of the process of implementation and application of IFRS in Ukraine have been reflected. The peculiarities of regulatory regulation of the formation and presentation of financial statements according to international standards are disclosed. Business entities that, in accordance with the legislation of Ukraine, are required to keep records and prepare financial statements in accordance with IFRS have been singled out. The main problems of the application of IFRS in Ukraine have been clarified, in particular the differences between the requirements of international and national standards for approaches to accounting and disclosure of information in financial reporting. The ways to solve existing problems are outlined. The expected positive results from accounting according to international standards in the direction of the development of international cooperation on the basis of increasing the trust of foreign partners in the quality of the information in the financial statements of domestic enterprises have been determined.

This article discusses four examples of risk regulations in the United States, namely vehicle emissions, appliance efficiency, chemical safety, and the labeling of genetically modified food. In each example, consumer or environmental regulations were initiated at the state level despite business opposition. But when faced with a multiplicity of state product regulations, the affected firms decided to support the expansion of federal regulations. They were willing to accept stronger federal standards in order to preempt individual states from enacting more stringent standards than the federal government. This, in turn, led to a conflict between firms who wanted federal preemption of state restrictions and states who wanted to be able to enact regulations more stringent than those of the federal government. The outcomes of each of these conflicts over the scope of federal preemption had important impacts on each multilevel governance regulatory regime. The ability of both levels of the American government to enact more innovative risk regulations – often referred to as dynamic federalism – has made it more likely that they will be strengthened. [ABSTRACT FROM AUTHOR]

Multimodal transportation is an important component of the transport system. The development of multimodal transportation requires coordination of various modes of transport and their integration into a single organizational system that operates on the basis of the formation of logistics centers. The article considers the problem of forming an ecosystem of multimodal transportation in Ukraine, reveals the peculiarities of its taxation and interaction in the digital economy. The existing regulatory and legal support of logistic activities in Ukraine is also analyzed. At present, multimodal transportation is of great importance for the economy of Ukraine. This is one of the important innovative directions in the development of the transport system at both the national and the international levels. Despite the fact that this direction is actively developing, today there is no clear legal and contractual support for this institution. The article analyzes the role of tax regulation of multimodal transportation along with the risks of environmental burden. It is noted that in Ukraine, amendments to the legislation in the field of regulation of multimodal transportation are extremely important, as well as the need to adopt a separate law that would allow to develop modern methods of cargo delivery, improve the quality of service for consumers of transport services, and reduce transportation costs. Among the main reasons that hinder the development of mixed transportation are the following: imperfection of the regulatory and legal settlement of multimodal transportation issues and the disparity between the levels of development of the capacity of ports for processing goods and railway infrastructure. The prospect of further research is the development of a theoretical and methodological approach to the choice of strategies and instruments for the development of transport infrastructure and tax regulation of multimodal transportation.

Background: The motivation for this article is the observation of political and private efforts to establish an EU-based rating agency as a counterweight to the three major agencies and observe other approaches to increase competition in the rating market.

The presented research is aimed at defining the features of organizing the centralized heat provision of large localities in Ukraine and countries of the world. Within the terms of the set aim, the article considers the characteristics of the main heat supply organizations of large cities of Ukraine, the major regional and municipal programs that are effective in them, and the characteristic features of heat supply; the main problems of centralized heat supply in these localities. It is noted that Ukraine displays one of the world’s highest saturation of cities with heat networks: the total length of heat pipelines is approximately 47 thousand km in terms of two-pipe calculation. The share of centralized heating in the total structure of heat supply in Ukraine comprises about 42%. The centralized heat supply system is provided for approximately 60% of the total area, hot water supply – more than 40% of the total area of the country’s housing stock. On the basis of consideration of heat supply systems in several large cities of Ukraine, the general features of their district heating systems are identified. The experience of building a heat supply system in separated countries of the world (Russia, China, Denmark, Finland, USA, Canada, etc.) is analyzed. The scale of district heating systems in the researched world countries is considered. Modern trends in the development of district heating systems in Europe are studied and differences between Ukrainian district heating systems, including in terms of powers of local authorities in the field of heat supply, are determined. It is specified that local authorities in Ukraine are practically deprived of powers to regulate the development of CHP plants and capacities operating on renewable energy sources, which in developed countries is a priority for the development of centralized heat supply.

This research study identifies a specific layer of regulation within the governance regime which is a key factor impeding the procurement and delivery of public infrastructure in South Africa. We first identify current weaknesses of conflict and confusion at the level of soft law in the procurement and delivery of public infrastructure projects. Then we present a detailed case study of a successful South African megaproject (the procurement and delivery of the public infrastructure for two new universities, the New Universities Project) to demonstrate that these weaknesses can be avoided. The research note’s regulatory account focuses on the key element of quality in the South African public procurement regime, distinguishing that concept from the often conflated notion of value-for-money. We discuss how the problems identified could be addressed by means of changes to soft law prior to the finalisation of the current and ongoing public procurement legislative reform process. Contribution: Through a case study of the on-time and with-budget public procurement and delivery of two new universities for South Africa, the article demonstrated that national policy on public infrastructure can be successfully implemented, with attention to the key soft law layer of regulation.

Starting from the fact that this topic is in the development phase, the author points to the significance of innovation in the EU, as a relatively new concept. Innovation plays an increasing role in our economy. It provides gives for citizens as both consumers and workers. The work essentially determines the innovation in the EU, and then reviews recent developments in legal project management. The aim of the paper, respecting article size limit, is to present specific features of the innovation in the EU, both: economic and legal aspects.

Over the last few years, virtual assets have become more widespread in the market, which has manifested itself both in the growth of transactions with them and in the rapid growth of the capitalization of the cryptocurrency market. The international community and individual governments have introduced regulations for the virtual asset market, but the degree of transparency remains low. This poses risks of using virtual assets as a tool for various schemes of money laundering or terrorist financing. The purpose of the article is to identify potential vulnerabilities of virtual currencies to the impact of shadow cash flows, as well as to assess existing approaches to regulating their circulation and prevent the use of these assets for money laundering purposes. The article highlights the standards developed in world practice for determining the legal status of virtual currencies and their state regulation, assesses the process of introducing regulation of the circulation of virtual assets in Ukraine. Imperfect regulation and insufficient experience in market monitoring lead to the vulnerability of virtual assets to their use in the movement of illicit cash flows, in particular in the schemes of money laundering. The authors identified some other vulnerabilities in virtual currencies, including the possibility of their use for financial fraud, tax evasion, instability of virtual currencies, limited control over their circulation, as well as the low level of protection of the rights of market participants. Overcoming these vulnerabilities requires a combination of public and private sector efforts, which should be aimed at creating safeguards for criminal capital to enter the virtual asset market, as well as to ensure market transparency and protect the interests of participants from potential losses and possible fraud. The virtual asset market is an innovative and promising segment of the financial market, so we consider the important task of its effective regulation to stimulate legal transactions and clearly separate them from illegal transactions

The study is conducted to explain the suitability of credit risk control management to minimize the non-performing loans at XYZ Bank Branch Surabaya as stipulated by the Basel Accord Committee in Financial Services Authority Regulation No. 18/PJOK.03/2016 about the Implementation of Risk Management for Commercial Banks. Based on the Basel III guidelines, credit risk management includes seven mechanisms. The seven mechanisms are the policy framework, credit risk rating framework, credit risk limits, credit risk modeling, credit risk mitigation, credit audits, and loan review mechanisms. The study uses a qualitative study by the case study approach. The results showed that the control of credit risk management implemented by Bank XYZ Surabaya Branch to minimize non-performing loans to individual debtors in the SME segment had not run effectively. It was primarily about the evaluation of credit risk, which led to the emergence of a new set of risks such as errors in credit risk evaluation, target market losses and ineffective allocation of loan funds, and inadequate strategies for collecting net credit to customers. The study also provides several recommendations for credit risk management as the strategy to reduce the risk of lending to individual debtors in the SME segment at XYZ Bank Branch Surabaya.

The purpose of the paper is to summarize and present the fundamental trends of the past few decades related to the financial crisis of 2008 and growing integration of European sovereign economies, including the integration of energy markets, that led to development of regulation of relationships and preventing manipulation in such markets. This regulation has become a powerful new determinant for the European multinational enterprises of the energy sector (MNE) when developing their own risk management strategies. Methodology. The analysis is based on the recent studies of the pan-European power exchange company Nord Pool Group, international organization Energy Community and relevant regulations and recommendations of the European Parliament and of the Council and European Union Agency for the Cooperation of Energy Regulators. Results of the analysis showed the growing demand for transparency and stability in the European wholesale energy markets. This demand was reflected in the EU Regulation 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT) that was adopted by the European Parliament and the Council of the EU in 2011. While REMIT Regulation, on one hand, provides reliable and equal conditions for MNE, on the other hand, it increases the risk and burden of REMIT compliance obligations for such MNE. The consequences of misconduct can potentially be serious – both high fines and personal liability of MNE employees. Today the European multinational enterprises of the energy sector must develop the respective risk management strategies to ensure effective governance of this type of risks. Practical implications. MNE participants of the EU energy market should develop efficient risk management strategies to comply with REMIT requirements, in addition to existing commitments on the transparency of the Third Package. The REMIT compliance risk management strategies will support MNE market participants in complying with rules and policies, creating a secure structure for employees of such enterprises and promoting fair and equal conditions for trade, trusting the energy market. Furthermore, proper REMIT compliance risk management strategy will help to avoid or minimize the risk of fines and other regulatory sanctions and potential civil lawsuits. It will also help to avoid or minimize the risk of reputation loss, such as negative media reviews or poor customer experience. Value/originality. The conducted analysis provides deep understanding of the main drivers of the European wholesale energy markets regulations that create a compelling determinant for the risk management strategies of multinational enterprises of the energy sector. Ukraine has committed itself to the Energy Community to implement the REMIT Regulation in its regulatory field, which increases the relevance of developing appropriate multinational enterprises risk management strategies within the country.