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Recently, many listed food companies have started to eagerly disclose their food safety information; the question is, why? This study empirically tests the impacts of food safety information disclo...

This thesis analyzed the cross‐section data of 630 non‐financial listed enterprises and adopts a logit model to estimate the relationships between political relations and corporate environmental behavior. The paper also adopts an ordered logit method to estimate the marginal impact of political connections to enterprises’ disclosure of information on environment and sustainable development. Through analysis, this thesis found that political connections lower the probability for enterprises to disclose information on environment and sustainable development. With the Level III scoring method, this article classified the performances of disclosing corporate environmental information into three levels. It is found that corporate political connections increase the probability for enterprises not to disclose any environmental information and lower the probability for enterprises to refer to GRI Sustainability Reporting Guidelines. 该论文分析了630 个非金融上市企业的截面数据, 并采用Logit 模型估测政治关系与企业环境行为之间的关系。本文还采用有序Logit 法估计企业信息披露的政治人脉对环境和可持续发展产生的边际效应。经过分析, 该论文发现, 政治人脉降低了企业披露有关环境和可持续发展方面的信息的可能性。通过采用Level III 评分法, 本文将披露企业环境信息的表现分为三个等级。结果发现, 企业的政治人脉增加了企业不披露任何环境信息的可能性, 并降低了企业参照GRI《可持续发展报告指南》的可能性. Esta tesis analizo los datos de la seccion transversal de 630 empresas que no cotizan en bolsa y adopta el modelo Logit para estimar las relaciones entre las relaciones politicas y el comportamiento del entorno corporativo. El documento tambien adopta el metodo Logit ordenado para estimar el impacto marginal de las conexiones politicas en la divulgacion de informacion de las empresas sobre el medio ambiente y el desarrollo sostenible. A traves del analisis, esta tesis encontro que las conexiones politicas reducen la probabilidad de que las empresas divulguen informacion sobre el medio ambiente y el desarrollo sostenible. Con el metodo de calificacion de Nivel III, este articulo clasifico las actuaciones de divulgacion de informacion ambiental corporativa en tres niveles. Se descubrio que las conexiones politicas corporativas aumentan la probabilidad de que las empresas no divulguen informacion ambiental y disminuyen la probabilidad de que las empresas se refieran a las Pautas de informes de sostenibilidad de GRI.

Patients frequently use Facebook for health-related reasons, like seeking of information or the recommendation of practitioners or hospitals. In this way, Facebook provides a powerful communication platform for electronic word-of-mouth (eWOM). Hospitals increasingly use Facebook to positively influence the perception of their brand reputation and performance. The present explorative study provides detailed information regarding eWOM behavior of persons on the Facebook page of an Upper Austrian hospital. Data of the hospital’s Facebook page was gathered and analyzed with NodeXL. By using a text analysis, we categorized the hospitals’ posts. Reactions towards the different types of postings were analyzed by counting emojis, the number of shares and comments. Within the study, there was an in-depth evaluation of communication data (313 posts of the hospital, more than 14,000 eWom actions by 3327 women, men and organizations). The study shows how heterogeneous users are in their eWOM behavior and that a variety of topics on the Facebook page stimulates electronic recommendations. One major finding of the study is that a significant part of the eWOM is done by only a few users. According to this, a so-called Intensive WOM Behavior (IWB) can be identified. Users of the IWB-group behave heterogeneously. Most react either with an emoji, a comment or a share. Only a few IWB-users respond with a combination of these eWOM-reactions. By providing first insights into the existence of IWB-users as well as their eWOM-behavior, this study offers new insights to eWOM in Facebook.

• The port capacity investment decisions of two actors are studied under uncertainty. • Higher uncertainty and congestion costs lead to later and larger investment. • More public money involvement leads to larger and earlier investment. • The concession fee allows the port authority to modify the terminal operator's investment strategy. • The joint investment decision could also result from negotiation. Since port capacity investments involve expensive large projects with high uncertainty and irreversibility, we use real options calculations to study the optimal size and timing of the investment decision in new port capacity. This paper focuses on container port cases where the managing port authority (PA) is responsible for the investment in infrastructure on the one hand. On the other hand, the terminal operating company (TOC) that obtained a concession from the PA to handle the containers, invests in the superstructure. Moreover, the PA is often partly or fully publicly owned, leading to the consideration of social welfare among its objectives. Examples of such container ports include Gioia Tauro in Italy when it was developed, and the port of Luanda in Angola. In the type of ports considered, the PA's strategy could be to urge the TOC to invest in the PA's individual optimum. When a share of the PA is owned publicly, social welfare is to be considered in the maximisation. In this light, the PA and the TOC could agree to invest at the service ports’ single actor optimum and redistribute the additional aggregate gains. Higher public involvement leads to a larger investment that is also made earlier, augmenting benefits generated by the port. This relationship between investment size and timing is exceptional in the real options literature. Moreover, the investment decision is complicated by the fact that port users are averse to congestion and the costs it involves. When this cost or uncertainty is higher, it is found that more capacity will be installed, but at a later moment.

Context Federal and state policy makers have debated the evolving concept of community benefit and the extent to which nonprofit hospitals are providing benefits to the community in exchange for the tax benefits they receive. Objective This study compares community benefits spending by nonprofit hospitals in Nebraska and other selected states in both 2012 and 2015. Expenditures are also examined by rural, regional, and urban hospitals within Nebraska. Methods Community benefit expenditure data were taken from Community Benefit Insight and consolidated into the categories of direct patient care, community health improvement initiatives, and health professions education and research. Results When community benefit expenditures were compared across 11 states, Nebraska had the highest percentage of expenditures for community health improvement initiatives in both 2012 and 2015. Although community benefit expenditures for the 44 nonprofit hospitals within Nebraska increased from 2012 to 2015, they remained flat as a share of total hospital expenditures. In 2015, 63% of community benefit expenditures were allocated to direct patient care, which represented a 7.3% decrease from 2012. This decline led to greater spending on community health improvement initiatives (3.1%) and health professions education and research (4.2%). Rural, regional, and urban hospitals spent more proportionately on community health improvement initiatives in 2015 than in 2012. Conclusions The shift in community benefit expenditures from direct patient care to community health improvement initiatives and health professions education and research suggests that hospitals are investing in programs with broader community-wide benefits. Nebraska allocates a significantly larger share of its community benefits spending to community health improvement activities than other Great Plains and Midwestern states. Nebraska is in the process of implementing Medicaid expansion, which may shift future community benefits spending decisions.

The past three decades have witnessed a major restructuring in faculty appointments and careers. Tenure-track and tenured faculty are declining as a share of the professoriate while non-tenure trac...

Oceanography and marine geosciences are closely related subjects, though they have had differing influences. The UK, which has experienced the financial benefits of North Sea oil and gas, while also having an extensive fishing industry and a science base linked to other English-speaking countries and European countries, potentially illustrates some changing influences and collaborative tendencies well. In this article, differences in article publication rates and collaborative tendencies, both globally and for the UK, are examined using the Web of Science™, Scopus™ and Georef™ for the period 1946–2018. The results show that publication rates of global oceanography articles rose exponentially faster than all global scientific publishing from the mid-1960s to 1980. Subsequently, the exponential rate of increase slowed though has remained faster than global science publishing. Global Marine Geoscience publication rates increased into the late 1980s, but have since declined. UK oceanography has roughly followed global trends, though its share of global oceanographic publishing declined from 28% in the 1950s to 8% in 2018. UK Marine Geoscience publishing has also generally followed global trends for that field. However, its share of global publications abruptly increased from 4.9% (average 1960–1980) to 13.2% by 1990, largely due to articles arising from UK participation in the Deep-Sea Drilling Project and Ocean Drilling Program. Oceanography and marine geoscience have also experienced strongly differing histories of collaborative articles over the last four decades. While oceanographic articles co-authored with researchers in other countries have been steadily increasing as a share of total UK Oceanography articles, those of marine geoscience peaked in 1990 and have since declined, though remained at high levels similar to those experienced by 2018 in Oceanography. Comparing global publication rates in both fields with measures of data and sample collection at sea suggests fundamental changes occurred in the way research was carried out. For example, Marine Geoscience publication rates were strongly correlated with geophysical track-line distances for the decade until ~1970, but were inversely correlated for the decade after then. This reflects, for example, the development of plate tectonics, which partly involved analysis of existing marine geophysical data, improved equipment capabilities and the increased role of scientific drilling.

We model the evolution of the number of individuals that are reported to be sick with COVID-19 in Germany. Our theoretical framework builds on a continuous time Markov chain with four states: healthy without infection, sick, healthy after recovery or after infection but without symptoms and dead. Our quantitative solution matches the number of sick individuals up to the most recent observation and ends with a share of sick individuals following from infection rates and sickness probabilities. We employ this framework to study inter alia the expected peak of the number of sick individuals in a scenario without public regulation of social contacts. We also study the effects of public regulations. For all scenarios we report the expected end of the CoV-2 epidemic.We have four general findings: First, current epidemiological thinking implies that the long-run effects of the epidemic only depend on the aggregate long-run infection rate and on the individual risk to turn sick after an infection. Any measures by individuals and the public therefore only influence the dynamics of spread of CoV-2. Second, predictions about the duration and level of the epidemic must strongly distinguish between the officially reported numbers (Robert Koch Institut, RKI) and actual numbers of sick individuals. Third, given the current (scarce) medical knowledge about long-run infection rate and individual risks to turn sick, any prediction on the length (duration in months) and strength (e.g. maximum numbers of sick individuals on a given day) is subject to a lot of uncertainty. Our predictions therefore offer robustness analyses that provide ranges on how long the epidemic will last and how strong it will be. Fourth, public interventions that are already in place and that are being discussed can lead to more and less severe outcomes of the epidemic. If an intervention takes place too early, the epidemic can actually be stronger than with an intervention that starts later. Interventions should therefore be contingent on current infection rates in regions or countries.Concerning predictions about COVID-19 in Germany, we find that the long-run number of sick individuals (that are reported to the RKI), once the epidemic is over, will lie between 500 thousand and 5 million individuals. While this seems to be an absurd large range for a precise projection, this reflects the uncertainty about the long-run infection rate in Germany. If we assume that Germany will follow the good scenario of Hubei (and we are even a bit more conservative given discussions about data quality), we will end up with 500 thousand sick individuals over the entire epidemic. If by contrast we believe (as many argue) that once the epidemic is over 70% of the population will have been infected (and thereby immune), we will end up at 5 million cases.Defining the end of the epidemic by less than 100 newly reported sick individuals per day, we find a large variation depending on the effectiveness of governmental pleas and regulations to reduce social contacts. An epidemic that is not influenced by public health measures would end mid June 2020. With public health measures lasting for few weeks, the end is delayed by around one month or two. The advantage of the delay, however, is to reduce the peak number of individuals that are simultaneously sick. When we believe in long-run infection rates of 70%, this number is equally high for all scenarios we went through and well above 1 million. When we can hope for the Hubei-scenario, the maximum number of sick individuals will be around 200 thousand “only”.Whatever value of the range of long-run infection rates we want to assume, the epidemic will last at least until June, with extensive and potentially future public health measures, it will last until July. In the worst case, it will last until end of August.We emphasize that all projections are subject to uncertainty and permanent monitoring of observed incidences are taken into account to update the projection. The most recent projections are available athttps://www.macro.economics.unimainz.de/corona-blog/.

What is the purpose of tax deductions? A common view among tax law scholars is that tax deductions are required to properly measure income. I present an alternative theory of tax deductions, relying on standard economic efficiency grounds. I develop a model which highlights the fact that economic activities have costs and benefits, but an income tax system taxes only some of those benefits. The efficient deduction rule allows the deduction of a share of the cost equal to the share of the benefit that is taxed. I also show that the deadweight loss due to a departure from the efficient deduction rule increases quadratically with the departure, making larger departures from the rule much more costly than smaller ones. I then review various tax deduction rules in the Internal Revenue Code, analyzing each rule under the two theories of tax deductions, and demonstrating that the efficiency theory is useful both for teaching tax deductions and as a guide to optimal tax policy.

The corporate governance effect of boardroom gender diversity has attracted more and more attention in theory and practice, but less attention is paid to whether boardroom gender diversity affects ...

Compiling data from dozens of archival sources, I compile the most extensive series to date of the long-run imprisonment rate for five English-speaking nations: Australia, Canada, England and Wales, New Zealand and the United States. These series are constructed as a share of adults rather than the entire population, and I discuss why the latter can be misleading. In the late-nineteenth century, Australia had the highest incarceration rate of these nations. Today, the United States has the highest rate. With the exception of Canada, incarceration rates have risen markedly since the mid-1980s. These new series are made available in full, to allow other researchers to explore the consequences and causes of incarceration.

The article is devoted to the consideration of the conceptual foundations of corporate rights and clarification of their legal nature. The study attempts to reveal the concept of “corporate rights” and determine their place in the Ukrainian legal system. For this purpose, the legislative definitions of the term “corporate rights” were studied and scientific approaches to its understanding and interpretation were clarified. The paper analyzes the concepts of “corporate rights” provided in the Commercial Code of Ukraine, the Law of Ukraine “On Joint Stock Companies” and the Tax Code of Ukraine. As a result, a certain dualism in the interpretation of corporate rights was identified In the scientific environment, corporate rights are usually considered in an objective and subjective sense. In the objective sense, corporate law is understood as a set of legal norms, which regulates the relations between the corporation and its participants (corporate legal relations) and is ensured by the force of state coercion. Corporate law in a subjective sense is considered a right (possibility of certain behavior) of a person within the limits provided by law. That is, it is a set of rights (powers), which are given to a person who joins a corporate enterprise. The study made the following conclusions. 1. Corporate rights in the subjective sense can be considered in economic and legal terms. 2. In the economic sense, corporate rights are part of the capital (property, money), which the founder of a corporate enterprise transfers into the ownership of a legal entity formed as a result of the activities of the founder, primarily the creation of the property base of such enterprise. 3. In the legal sense, corporate rights should be considered as a set of rights and powers of a person (physical or legal) transferred to a participant after entering, creating or acquiring a share in the statutory capital of a corporate enterprise. As a rule, the scope of such powers depends on the organizational legal form of the corporate enterprise and the size of its share in the statutory capital. 4. Corporate rights are relative in nature, arise in relation to a specific legal entity, only on condition and on the basis of making a share (contribution, share) in its statutory capital

Subject/subject. The national economic system of Russia in general substantially depends on readiness of the innovative sector to participate in global production. The control system of intangible assets in Russia represents the certain structure needing legislative support today. The world practice demonstrates efficiency of such cooperation. However so far in Russia the methodological base of development and reproduction of objects of non-material character is not created, as represents a subject of discussions. Purposes/tasks. The purpose of the present article is the analysis and identification of the factors influencing rather low level of objects of non-material character in structure of balance of the enterprises. The purpose caused need of the solution of the following tasks: 1. To carry out the analysis of a share of intangible assets in structure of accounting reports of large enterprises of the Russian Federation. 2. To describe advantages of increase in volume of intangible assets in structure of balance of the enterprises; 3. To create recommendations about increase in a share of intangible assets in structure of balance. Methodology. In article modern methods and tools of the complex analysis on the basis of systematization and structuring thematic material were used. So, dynamics of a share of intangible assets in structure of accounting reports of large enterprises of the Russian Federation and Republic of Tatarstan in 2017 which emphasizes relevance of the chosen research subject is presented in article. Results. Conclusions and recommendations concerning increase in intangible assets in structure of balance which, undoubtedly, will be reflected in financial performance of activity of the enterprises became result of the conducted research. Conclusions/importance. The significance of this article is determined by the results of studies that can be used in the practical activities of enterprises.

У статті проведено аналіз складу активів пайового інвестиційного фонду як різновиду інвестицій. Зазначено, що можливість здійснення інвестиційної діяльності у формі інвестиційних фондів вперше на законодавчому рівні було закріплено в 1994 році. Наведено основні джерела правового регулювання створення та діяльності пайових інвестиційних фондів. Проаналізовано правову природу пайового інвестиційного фонду в контексті поняття майнового комплексу як об’єкта цивільних правовідносин. Зроблено висновок, що пайовий інвестиційний фонд не можна ототожнювати з майновим комплексом. Адже останній становить єдине ціле в розумінні використання в сукупності всіх елементів для певної мети. Активи пайового фонду можуть використовуватися шляхом їх вкладення в різноманітні об’єкти інвестиційної діяльності. Основою формування пайового фонду є матеріалізовані цінності, переважно грошові кошти, тоді як до складу майнового комплексу входять також нематеріальні активи у вигляді гудвілу, який включає ділову репутацію, прав інтелектуальної власності, прав користування ресурсами природного середовища тощо. Окрему увагу в статті присвячено борговим зобов’язанням, які входять до складу активів венчурного фонду. Зокрема, такий вид активу пайового фонду може призвести до порушення прав та інтересів інвесторів та третіх осіб. Автором наводиться приклад із судової практики, який наочно демонструє ризикованість віднесення до складу активів пайового фонду боргових зобов’язань. Обґрунтовано, що кредитор має право вимоги до боржника, яке можна трактувати як відкладену можливість отримати матеріальну вигоду в майбутньому. Але таку можливість не можна ототожнювати з реальними майновими активами. Адже право вимоги кредитора може бути не задоволено зі сторони боржника з об’єктивних чи суб’єктивних обставин. Робиться висновок, що боргові зобов’язання не можна відносити до активів інституту спільного інвестування у формі інвестиційного фонду.

In medicine, an intelligent data and communication environment should support diagnosis, prevention and treatment, as well as health care management and influencing a healthy lifestyle. The introduction of the eHealth system into practice is a demanding process, the eHealth system implies obligations for healthcare workers. Many criticize the failure of this project, doctors complain about its malfunction and complexity, patients worry about the safety of their health data. Under the conditions of the Slovak Republic, there is a threat of fines for doctors who do not yet use eHealth. Indeed, many of them, despite their efforts, are unable to join the system, and the state itself has a share of the blame, tolerates this procedure quietly and obscures it with impunity. But the law must be respected.

Purpose The purpose of this paper is to start with the background of the construction of the M-score model, find the variables that can represent the fraud characteristics of Chinese companies, and use the data of Chinese A-share listed companies to modify the M-score model. Design/methodology/approach In this paper, the fraud behavior of Chinese enterprises that M-score cannot detect is summarized as the basis of adding variables. Then, based on the data of Chinese listed companies, a modified M-score model including nine variables is constructed by the logistic regression method based on Wald. Findings Based on the original 8 variables of M-score, this paper adds 10 new variables that can represent the fraud characteristics of Chinese listed companies, and finally, constructs a modified M-score model with 9 variables. Results indicated that indexes such as gross profit margin, fixed assets depreciation rate, equity concentration and audit opinion can characterize the financial fraud of Chinese listed companies. Practical implications The modified M-score model based on the characteristics of Chinese enterprises’ fraud is more suitable for Chinese market, which can help investors avoid fraud risks, protect their own rights and interests and reduce losses. Originality/value Starting from the background of the model, this paper looks for variables that can characterize the characteristics of fraud in Chinese listed companies. Then, subdivides the research samples into specific fiscal years in which fraud occurs, so that the modified M-score model can be more suitable for the Chinese market.

Sugarcane is a prominent cash crop. Present investigation was carried out to assess costs and returns in sugarcane cultivation in two leading sugarcane growing districts, Samastipur and Begusarai in Bihar as Hasanpur Sugar mill is located in the study area. Multistage sampling technique was applied for selection of sample respondents. The result revealed that the total cost of sugarcane cultivation was estimated to be Rs. 154968.57/ha. The operational cost was found to be Rs.92079.63/ha, constituting 59.42% of the total cost. Overhead cost came out to be Rs. 62888.93/ha and accounted for 40.58% of the total cost of cultivation of sugarcane. It was also observed that the total cost of cultivation increased as the farm size increased. Human labour cost came out as an important cost with a share of 17.01% of the total cost followed by transportation charge 9.87%, seed cost 7.91%. Inter farm size-wise comparison of different item of cost revealed that the cost of human labour decreased with increasing farm size while expenditure on machine labour showed the reverse trend. The overall B:C were estimated to be 2.40, 2.25, 2.37, 1.54, 2.11, 1.42 and 1.29 on the basis of costs A1, A2, B1, B2, C1, C2, and C3, respectively. B:C on the basis of cost C3for different size group of farms were found to be 1.19, 1.36, 1.18and 1.44. Net return over Cost A1 and costA2 for all the farm size groups was found to be Rs.128724.60/ha and Rs. 122729.50/ha, respectively and over Cost C1, cost C2 and cost C3were worked out to be Rs115973.50, Rs. 65678.37 and Rs.50181.08 per hectare, respectively. Sugarcane production was found profitable in the study area. State government initiatives towards formation and implementation of state advised price (SAP) could also make sugarcane cultivation more remunerative. Being a labour intensive crop would certainly help in enhancing socio-economic status of poor peasants of India.

Shares choice to enter a portfolio is a good topic in finance and management, as it affects the portfolio performance which is managed by a Fund Manager. In this research, we aim to create an artificial neural network model to choose a share to enter a portfolio based on its financial factors and big data about the financial condition of companies. The artificial neural network model has 15 input nodes of attributes associated with a company’s financial situation, 8 hidden layer nodes, and 1 output node. The accuracy of the model is 85.71%, with a learning rate of 0.05 trained over 2000 iterations.

The focus of this research paper is on sovereign debt management evaluation. During the first decade of the 21st century, the PIIGS countries in the EU28 were the main generator of risks in in the public finance sector, thus creating a threat for cross-border economic shocks. In 2018, Greece and Italy had the worst debt-to-GDP ratios and were earmarked as a benchmark for countries with sovereign debt problems. Greece is an example of a country with a non-systematic risk for the EU due to its low share of EU28’s GDP of 1.16% (as of 2018) despite its record debt ratio of 176%. However, Italy is not only among the top 4 EU28 economies with a share of its national GDP in that of the EU28 of 11.1%, but also has a record debt ratio of 131%, which is significant for one of the top economies in the EU28 group. In view of the above, the paper is structured into three main sections. Section One presents an analysis of the efficiency of sovereign debt management as a key element of public finance management in the 28 EU Member States. Section Two presents a justification of the use of the Support Vector Machines (SVM) method for econometric analysis of macroeconomic data. Section Three presents groups and empirically tested internal and external indicators that affect the debt ratio of Italy and Greece. The analysis was conducted with quarterly time series of data for the period 2000-2018 using support vector regression (SVR) for sovereign debt testing calculated using software for interactive and functional programming - Python. The test results and their vector distribution in terms of SVR are presented as histograms. The main conclusion is that both for Greece and for Italy, there is a strong correlation between the SVM support vectors obtained through the algorithm, which is also due of the strict selection of indicators whose correlation is reformatted by the model algorithm, limiting its negative significance on the final result.

In this paper, we present the processes of public debt development in Kosovo for the period of its functioning, respectively from 2009 until 2018. There is no long history of it, but there is a dynamic constant growth. The methodology used in this paper is based on empirical study analysis, and the scientific literature we have elaborated has found that many thinkers who support public debt with arguments justify this non-fiscal instrument to finance the budget deficit as well as some others who object it. In addition to the international debt with 42% share, in 2012, the domestic debt began to function, with securities issuing at 58%. Along with the country's economic growth, we have also increased budget, and GDP growth. While every year we have an average economic growth of 3.2% to 3.5%. In 2013, compared to 2012, the budget increase is 1.96%, in 2016 compared to 2015 is 7%. In 2017 compared to 2016 we have a growth of 8.31%. In 2009, the debt-to-GDP ratio had a share of 6.12%, in 2014 it reached 10.65%, in 2017 the share of debt to GDP (GDP) was 16.63% and in Q3 of 2018 it was 16.92 %. In the countries of the region and the European Union we have different levels. Most states have a high level of debt to GDP.The study of the literature review was carried out using selected four databases containing publications. Research has been done to find out how much the public debt level is based on the specifics of the economy and fiscal policy in Kosovo. In addition to the dynamics of public finance development, public debt has also been realized.

Examination of the real estate market shows that implementing innovations in this field is a very difficult task. This prompts the question of the necessity of digitalizing the real estate business and of the demand for online integration platforms in this field.Aim. The presented study aims to assess the demand for online integration platforms in the real estate business.Tasks. The authors compare the online integration platforms in the real estate market with the online integration platforms in the hospitality sector and the individual passenger transport market in terms of the share of user profits that integrators receive for their services on the online platform; compare the share of user profits that integrators receive for their services on the online platform with the equivalent indicator in various other global economic activities; assess the value of the services provided by an online integration platform using the methodology proposed by G. G. Azgaldov and N. N. Karpova.Methods. The data were acquired from public Internet sources and personal interviews with the directors of companies that represent or employ the services of online integration platforms in St. Petersburg. The interviews and work with Internet sources were conducted in November 2019.Results. An integrator in the real estate market receives a share of profits of their service users that is comparable to that of the integrators in the hospitality sector and the individual passenger transport market. The share of profits of a Russian integrator in the real estate market is significantly higher than that in such industries as entertainment, fashion, or sports. The value of an online integration platform can be defined as highly valuable, since the expected value of this indicator is 1.5 times higher than the maximum table value.Conclusions. The performed analysis shows a high demand for online integration platforms in the real estate business. Market participants are willing to pay for the ability to use new digital technologies.

The distribution of the total area is covered with forest vegetation of forest sites within the territory of the Left-bank Forest-steppe zone for prevailing species was conducted on the basis of the materials on forest management (taxation database). The distribution of the area and stock of oak stands by categories of forests and their age structure in terms of origin were analysed. In the course of the research we identified, that the main forest forming species composition in the forests of the Left-bank Forest-steppe zone is varied and submitted with 70 tree species. Oak stands (Quercus robur L.) are the most common as they occupy 46.4 % (284.1 thousand ha) of the total area is covered with forest vegetation of forest sites. Research findings suggest that the largest share of the total area of oak forests of the Left-bank Forest-steppe zone account for recreational forests – 38.7 % (109.7 thousand ha), slightly smaller – 28.1 % (79.9 thousand ha) there is a share of protective forests, and the share of exploitable forests, and also forests with conservational, academic, historical, and cultural purposes stands at 18.2 % (51.8 thousand ha) and 15.0 % (42.7 thousand ha) respectively. The distribution of the total stock of oak forests between categories of forests is almost the same as by the area. In all categories of forests it was noted imbalance of age structure of oak stands with a predominance middle-aged and premature stands, a very considerable share of mature and old growth stands and the limited share of young stands. The assignment of each individual forest site of oak stands to a certain categories of forests requires to establish an appropriate regime of forest management, especially for relevant forms of felling. In order to effective manage forests effectively, in particular, in the oak forests of the Left-bank Forest-steppe zone it can be useful to improve their age structure using their structural and functional distribution, which is defined according to their classification into relevant categories of forests.

Günümüz rekabet koşullarında işletmelerin mevcut pazar paylarını korumaları ve yeni pazarlardan pay alabilmeleri için sürekli olarak performanslarını değerlendirmeleri gerekmektedir. Müşteri odaklı modern pazarlama kapsamında işletmelerin pazarlama ve lojistik faaliyetlerini etkin bir şekilde kullanmaları oldukça önemlidir. Bu çalışmada, FORTUNE 500 listesinde yer alan ve Türkiye’de lojistik hizmetler alanında faaliyet gösteren işletmelerin 2016 ve 2017 yılı için Veri Zarflama Analizi (VZA) ile etkinliğinin ölçülmesi amaçlanmıştır. Ayrıca çalışmada üretim ve pazarlama bölümleri arasındaki önemli bir fonksiyon olan lojistik kavramı ve bu kavramın pazarlama ile olan ilişkisi açıklanmaya çalışılmıştır. Etkinlik analizinde 9 işletme değerlendirilmeye alınmıştır. Etkinlik analizi sonucunda 2016 yılında 3 işletme 2017 yılında ise 5 işletme etkin çıkmıştır., In today's competitive conditions, businesses need to continuously measure their performance in order to protect their current market share and gain a share in new markets. It’s very important for businesses to use marketing and logistics activities effectively within the scope of customer-oriented modern marketing. The aim of this study is to measure the efficiency with Data Envelopment Analysis (DEA) of businesses in FORTUNE 500 list, which are operating in the logistics services in Turkey, for 2016 and 2017. In addition, in this study, The concept of logistics which is an important function between production and marketing departments and its relation with marketing has been tried to be explained. In the efficiency analysis, 9 enterprises have been measured. As a result of the efficiency analysis, 3 enterprises in 2016 and 5 enterprises in 2017 have been found to be efficient.

Shared rental housing has long been one of the few affordable options available to low-income urban singles. Gaining access to a share rental dwelling has historically relied on ‘low tech’ communic...

This article provides a detailed analysis of the development of the business tourism industry as the fastest growing economy in the world. Currently, about 65% of events with the participation of entrepreneurs are held in Europe, approximately 22% – in Asia. The share of Asian countries in this business is expected to grow at a faster pace. The business tourism sector will grow accordingly. The article considers the competitive advantages of the Russian Federation as a center for the development of the international business tourism industry. It is noted that traditionally the most popular venue for events is Moscow, where the infrastructure for business tourism is most developed. Business trips to St. Petersburg are in demand. High business activity are distinguished by Samara and Yekaterinburg, the Volga region, primarily Kazan.In the course of the analysis, it was revealed that 165 cities of the Russian Federation have the ability to hold major events, congresses and conferences. Modern congress venues are now actively developing in Kazan, Yekaterinburg, Krasnoyarsk, Novosibirsk. It was noted that according to official estimates, Russia’s share in the world market of international congress events is less than 1%. This is very small, given that we occupy a share of approximately 3% in world trade. As a result, it was concluded that the presence of the Russian Federation in the international business tourism market is insufficient, as well as the need for certain decisions in this area.

PurposeThe purpose of this paper discusses the fundamental nature of the corporate awards disclosed in the annual reports of Chinese A-share listed companies. The authors hypothesise and investigate the role of awards playing as non-financial performance, which is a Chinese characteristic, and therefore, can substitute for financial performance from the perspective of an executive’s preference of financial performance.Design/methodology/approachThis study focusses on the corporate awards disclosed in company annual reports. It regards award-winning at the enterprise level as a kind of non-financial performance of Chinese enterprises, which represents achievements in the status competition and establishes good conditions for enterprises. The authors design empirical models and use data of A-share listed company to investigate the research questions and check the robustness of conclusions by eliminating endogenous problems and sample selection problems.FindingsThe empirical evidence reveals that corporate awards reduce management financial performance preference. This is reflected not only in reduced current period positive accruals earnings management, which can directly improve current period financial performance but also in reduced current period negative earnings management, which can indirectly improve future financial performance. The authors also find that there is an industry spillover effect of corporate awards, which is that awards increase the financial performance preference of other company executives within the industry.Research limitations/implicationsAs a form of non-financial performance, corporate awards provide more reference information for investors. Currently, academic attention to this issue in China is still lacking. What is the essence of corporate awards, what economic consequences are there for listed companies and what effect is there on China’s capital market development? These questions are worthy of further study.Originality/valueFirst, the literature on corporate awards has focussed on the effect of awards on individual behaviour, mainly considering awards as non-monetary rewards and exploring their economic consequences. Therefore, the hypothesis that awards are “Chinese-style performance” is an extension of the literature and theory related to the economic consequences of awards from the individual to the enterprise level, which is an important addition to the literature on corporate awards and their economic consequences. Second, the authors propose and prove that awards are an important demonstration of a company’s competitive performance. This study provides a better understanding of how Chinese companies display their performance and the behavioural logic behind the performance demands of company management.

From the perspective of non-financial performance, this study investigates the effect of corporate awards on executive compensation. We find that as a measure of non-financial performance, corporat...

Buildings sector is the second energy consuming sector worldwide with a share of 40% of final energy consumption. It is responsible for almost a third of greenhouse gases emissions. Therefore, it is essential to regulate the performance requirements based on definition of the acceptable limits specifications of the building envelope depending on the materials type, climate zone and other parameters. In fact, improving the energy in buildings is an ongoing research especially with necessity of developing new low energy materials within the suitably adapted techniques and implementations. Upon several basis set, this paper highlights the adopted solutions by several researchers consisting on integrating local passive and bioclimatic approaches to reap relevant results in terms of energy savings and indoor comfort. In the local context, relying on local materials like limestone rocks and natural fibers such as hemp insulation led to significant reductions in the thermal loads of the building.

This paper selects the data of China’s A-share listed companies from 2012 to 2018, and uses propensity score matching and difference-in-difference method to analyze the impact of private placement on enterprise innovation. The research found that: private placement will promote enterprise innovation; after further subdividing the nature of ownership, compared with state-owned enterprises, the role of private placement in promoting enterprise innovation is more obvious in non-state-owned enterprises; after subdividing the characteristics of the sector, compared to the Main board listed companies, the promotion effect of private placements on enterprise innovation is even more pronounced on GEM and SME board listed companies. Based on the empirical research in this article, regulators should further improve the private placement system, while encouraging investors to actively exercise their supervisory power, supervise the use of funds raised by private placement and actively support enterprise innovation activities, so as to enhance the innovation vitality of the entire economic market.

The competitive position of an enterprise usually changes dynamically with the continuous growth and development of the enterprise. In this process, the business risks of the enterprise also change. According to the audit demand insurance theory, companies often use auditing to avoid and reduce risks, and auditors usually consider the corresponding risk premium in order to protect their own interests. This article uses the non-financial companies in China’s A-share market from 2011 to 2016 as a sample to study the impact of enterprises’ competitive position and growth on its audit fees. The research results show that: the competitive position of the company has a negative impact on audit fees; the growth of the company has a positive impact on audit fees; Further research shows that the impact of enterprises’ competitive position on audit fees is no longer significant in high-growth companies and still significant in low-growth companies, so corporate growth has a weakening effect on this relationship. This research enriches the content of the research on influencing factors of audit fees, and also has certain significance for the audit fees of accounting firms in practice.

This paper adopts the sample of heavily polluting industry listed companies’ data from 2013 to 2018, takes the amount of investment related to environmental protection in “projects under construction” divided by the capital stock as the proxy variable of environmental investment, takes the shareholding ratio of management as the proxy variable of shareholding incentive, empirically tests the relationship between the environmental investment and the incentive of stock ownership, and finds that the incentive of stock ownership significantly promotes the level of environmental investment. In addition, the incentive effect of stock ownership on the level of environmental investment only exists in the sample’s fierce industry competition.

Sharia shares are securities proof of equity participation in a company. On the base of this proof of participation shareholders are entitled to a share of income arisen from the company's business. This concept of equity participation with share rights of operating income does not conflict with Sharia principles. This study aimed to analyze the effect of exchange rate, foreign exchange reserves and consumer price index on the Sharia stock index of Asian countries, where the research object was the Islamic stock index of Indonesia, Malaysia, Japan and India. It is known that many factors influence on the stock index movements in a country, including domestic interest rates, foreign exchange rates, international economic conditions, a country's economic cycle, inflation rates, tax regulations, and the money supply. In this study, the authors examine the influence of only three factors – the exchange rate, foreign exchange reserves and consumer price index. The panel data regression method was used for the period of January to December 2019. The results of the regression analysis shown that the variables of exchange rates, foreign exchange reserves and the consumer price index together had a significant effect on the Islamic stock index of Asian countries. The R-squared value was 0.997762, meaning that 99% of the variation in the Islamic stock index of Asian countries could be explained by variations in the variable exchange rates, foreign exchange reserves and the consumer price index. The individual test results show that the exchange rate had a significant negative effect on the Islamic stock index of Asian countries. Meanwhile, foreign exchange reserves and the consumer price index had a significant positive effect on the Islamic stock index of Asian countries.

Gender equality in the Republic of Serbia has still not been reached. The female unemployment rate is 11,1% and the inactivity rate is more than 50% which endagers the sustainable development for the Republic of Serbia. Even though the problem has been recognized, adequate measures have still not been taken to address it. For that reason, this paper provides an analysis of the need for economic empowerment of women in the Republic of Serbia, as well as the adequacy of tax measures to achieve such a goal, based on which six fiscal measures are proposed in this paper. The measures proposed are aimed at the economic empowerment of women, primarily through their employment and encouragement to use their property rights, which entail a number of other positive effects on the position of women. The measures proposed are tax breaks aimed at encouraging flexible work arrangements (part-time work and work "from home"), as well as the possibility of provision of child-care services for employees. Also, an increase in the tax burden for making gifts consisting of a share on agricultural land by a female to a male family member is proposed.

This paper investigates herding behavior between Chinese A-share and HK stock market based on Shanghai-Hong Kong Stock Connect. This research innovatively details the difference in herding behavior between two markets bidirectionally. By applying CCK model and quantile regression, we examine herding behavior between Chinese and HK stock market in asymmetric situations from the perspective of net capital flow of Shanghai-Hong Kong Stock Connect. Our findings suggest that the impact of HK share on A share’s herding behavior increases after Shanghai-Hong Kong Stock Connect starts trading. To some extent, the direction of net capital flow of Shanghai-Hong Kong Stock Connect acts as a powerful indicator for investors, which skillfully deflects Chinese stock market. Besides, the way in which HK’s stock market influences that of Chinese mainland has undergone a transformation.

Company can not only make charity donation, but also carry out volunteer service to perform philanthropic responsibilities. So how do company’s philanthropic activities affect its financial performance? This paper uses data of Chinese A share listed companies to investigate the effect of philanthropic activities on corporate financial performance by two-stage Heckman selection model. The results show that corporate charity donation has a positive impact on its financial performance, however volunteer service has a negative and significant on it. There are evidences show that as a rational person, companies perform philanthropic responsibilities through charity donations, which can have a better positive impact on companies.

Due to the random nature of stock market, it is extremely difficult to capture market trends with traditional subjective analysis. Besides, the modeling and forecasting of quantitative investment strategies are not easy. Based on the research of experts and scholars at home and abroad and the rotation effect of large and small styles in China’s A-share market, a stock picking strategy combining wheeling effect and random forest is proposed. Firstly, judge the style trend of the A-share market, that is, the relatively strong style in the large and small-sized market. The strategy first judges the trend of the A-share market style, then uses a multi-factor stock selection model through random forest to select stocks among the constituent stocks of the dominant style index, and buys the selected stocks according to the optimal portfolio weights determined by the principle of minimum variance. The empirical results show that the annualized rate of return of the strategy in the eight years from January 1, 2012 to April 1, 2020 is 3.6% higher than that of the single-round strategy, far exceeding the performance of the CSI 300 Index during the same period.

The authors studied the actual policies and emerging effects of state incentivizing of investment activity instruments under the ‘new model’ of development for the Far East of Russia. There were shown the specifics of localizing investments in the resource region in shape of preferential regimes of Territories of Advanced Social and Economic Development (TAD or ASEZ Advanced Special Economic Zones) and also extraterritorial preferences as direct subsidies from the federal budget to infrastructure projects of strategically important investment projects and regional investment projects. The effects of these instruments employed in the Far Eastern Federal District in 2014–2020 demonstrate that the package of state measures formed for attracting investments and its separate elements (royalty benefits, the criterion of maximum attraction of private investments for every rouble of budget ones, etc.) have promoted investments mainly in extraction of minerals in the total surveyed range of support instruments. The outcome of these preferences was further growth of resource-based industries in the Far East economy structure (which to a certain extent predetermines the perspective economy structure of the macro region). The analysis of the rate of accumulation (a share of investments in the regional Gross Domestic Product) as a factor of economic growth showed that the majority of Far Eastern regions (except the mono-mineral Sakhalinskaya and Magadanskaya oblasts and the Chukotsky Autonomous Okrug) do not reassert the role of resource-based industries as key drivers for their economic growth which would have justified state incentives for extraction of mineral resources in particular. Certain modifications have been revealed in the very instruments of state incentives under the ‘new model’ of development in the Far East of Russia among which is a blurring of border lines between preferential territories to legitimize incentivizing of mineral companies; a changed (reduced) role of regional authorities in implementation of different instruments; forming ‘multi-layer’ preferences in the interest of mineral companies. It was demonstrated that in the surveyed contour of key actors interacting in the process of implementing different instruments of a ‘new model’ for development of the Far East of Russia (federal and regional administration, businesses) with greater vividness comes to the fore a tendency for shaping key outcomes of preferences in mineral companies

This paper uses a random-effects model and takes 224 listed companies in China from 2002 to 2017 as a sample to empirically study the relationship between the corporate income tax shield effect and corporate capital structure in China. It is found that the debt tax shield and corporate capital structure are significantly positive. Relatedly, the non-debt tax shield is significantly negatively related to the corporate capital structure. At the same time, the impact of debt tax shields and non-debt tax shields on corporate capital structure varies from industry to industry.

In this paper, we consider the problem of cloud market share among Infrastructure as a Service (IaaS) providers in a competitive setting. The public cloud market is dominated by few large providers, which prevents a healthy competition that would benefit the end-users. We argue that to make the cloud market more competitive, new providers, even small ones, should be able to inter this market and find a share. This problem of deeply analyzing the cloud market and providing new players with mechanisms allowing them to have a market share has not been addressed yet. In fact, to make the cloud market open and increase the cloud service demand, we show in this paper that the cloud providers have to compete not only over price, but also quality. Most of the research performed in the cloud market competition focus only on pricing mechanisms, neglecting thus the cloud service quality and user’s satisfaction. However, to be consistent with the new era of cloud computing, Cloud 2.0, providers have to focus on providing value to businesses and offer higher quality services. As a solution to the aforementioned problem, we propose a conceptual, user-centric game theoretical framework that includes a two-stage game: 1) to capture the user demand preferences (optimal capacity and price), a Stackelberg game is used where IaaS providers are leaders and IaaS users are followers; and 2) to enhance the service ratings given by users in order to improve the provider position in the market and increase the future users’ demand, a differential game is proposed, which allows IaaS providers to compete over service quality (e.g., QoS, scalability and adding extra features). The proposed two-stage game model allows the new IaaS providers, even if they are small, to have a share in the market and increase user’s satisfaction through providing high quality and added-value services. To validate the theoretical analysis, experimental results are conducted using a real-world cloud service quality feedback, collected by the CloudArmor project. This research reveals that due to the fact that service customization tends to enhance the customers loyalty in today’s subscription cloud economy, the best strategy for small IaaS providers is to increase the service cost and improve the quality of their added-value solutions to prevent customers’ defection. This not only elevates the provider’s profit, but also increases the quality equilibrium that leads to a higher user satisfaction. Consequently, higher satisfaction enhances the provider’s rating and future users demand.

The EU’s current renewable energy legislation sets a binding EU target for renewables as a share of overall energy consumption, allied with binding national targets for renewables as well. Yet the precise implications of having imposed such ‘mandatory’ binding targets have received little attention to date. This contribution examines the history and evolution of such targets, the context within which they must be pursued and applied, and some of the problems in and prospects for their enforcement and effectiveness. Comparisons are drawn with other areas of EU law where appropriate and some tentative lessons learned, as well as challenges still to be faced, are offered by way of conclusion.

International audience; An incumbent seller contracts with a buyer and faces the threat of entry. The contract stipulates a price and a penalty for breach if the buyer later switches to the entrant. Sellers are heterogenous in terms of the gross surplus they provide to the buyer. The buyer is privately informed on her valuation for the incumbent's service. Asymmetric information makes the incumbent favor entry as it helps screening buyers. When the entrant has some bargaining power vis-à-vis the buyer and keeps a share of the gains from entry, the incumbent instead wants to reduce entry. The compounding effect of these two forces may lead to either excessive entry or foreclosure, and possibly to a fixed rebate for exclusivity given to all buyers.

The decreased demand for new vehicles will put pressure on the economy of the Czech Republic, a country deeply integrated into global value chains, as part of global vehicle production. The aim of this research was to define an appropriate industrial policy for the Czech Republic that will ensure that the country maintains its competitive position in the global market. A constrained optimization model was built, based on input–output analysis, to determine the optimal value-added structure and the intersectoral structure of the Czech economy for the country to retain its exporting character. The optimization problem was solved by using a particle swarm optimization algorithm. The results suggest that the optimal industrial policy plan for the country is the structural transformation of production, mainly targeting the development of technologically advanced sectors of manufacturing (such as: chemicals and chemical products; basic pharmaceutical products; computer, electronic, and optical products; electrical equipment; and machinery and equipment). The suggested restructuring process increased the domestic value-added in gross exports as a share of total exports by 6.77%, creating optimal production capabilities for the economy. The Czech Republic appears to have the potential for the implementation of an industrial policy, avoiding the increasingly vulnerable motor-vehicle sector.

The relationship between corporate social responsibility and vulnerability to stock market crashes and how this relationship is moderated by the norm of corporate governance was empirically explored in this research article. This study used a panel data analysis using a group of 58 companies selected during the years 2009-2018 from operating in various industries hawking their stock on the Pakistan Stock Exchange (PSX) to investigate this interaction effect. To quantify the company's share price probability of a crash, an inverse restrictive skewness (NCSKEW) of returns and bottom-to-up variance (DUVOL) spread has been used as a proxy. The results of this research suggest that the risk of a share price slump is adversely and significantly linked to CSR. Consistency structures of governance mechanisms (size of the board, percentage of autonomous directors on board, concentration of ownership, percentage of executive directors onboard) have a substantial moderating impact on the risk of a fall of the share price. © 2021 Ascociacion Internacional de Economia Aplicada. All Rights Reserved.

Financialisation being but the end product of a complex process, countering it is not a question of modifying individual behaviour but of changing the law. In sharecropping, the standard contract between landowner and labourer gets shared only based on what has actually been produced: risk is being shared along the terms of the contract guaranteeing to both parties a share of the produce, not a fixed quantity of it. Imbalance creeps in when rent is being paid without being a true share of wealth having been created, in what is nowadays called ‘consumer credit’: when interest is charged and paid from wealth that has not been generated through combining human labour with the resources lent as an investment but by the borrower mortgaging wages yet to come. Got historically added to the dysfunction of consumer lending, speculation with the meaning traditionally assigned to it in finance of ‘wagers on the rise or fall of the price of financial products’. Speculation doesn't add any economic value but shifts only amounts of money between bettors, generating a number of risks. Counterparty risk: the loser possibly defaulting, triggering then a damaging chain reaction of defaults. Moral hazard risk: bettors attempt to push the market in the direction favouring their bet. Systemic risk: bettors take advantage of the well-established fact that should they lose, the public sector will act as a saviour of last resort, bailing them out. This all can be redressed by law, and by law only.

Background Monitoring and responding to health hazards and emergencies is an Essential Public Health Operation delivered by public health services (PHS) (2). In the European Region, there is a wide range of organizational and financial models for PHS delivery to the populations, but the best approach is still largely unknown (3). This work aims to analyze PHS organization and financing and compare their health results during the COVID-19 pandemic in 3 countries: Portugal, England and Germany. Methods We searched The European Observatory on Health Systems and Policies database; GoogleScholar® for the terms “organization” and “financing” associated with PHS and Europe; OurWorldInData® for COVID-19 data. Results PHS Organization: PT has national, regional and local units with a top-down decision-making hierarchy, though information flows both ways. EN has the national health system and Public Health England (that supports autonomous local elected health authorities), with independence and little overlapping between them. DE has Federal, State, County and Municipal health actors with self-government and administrative autonomy to a certain degree. Spending on ‘preventing care' as a share of total health expenditure: PT (1,7%), DR (3,2%) and EN (5,1%). COVID-19 cases: DE showed best results while PT and EN were similar. Conclusions WHO states the most effective and efficient method of delivering PHS is through an integrated approach, rather than through vertical programmes (2), but PT vertical organization with information flowing both ways and a network of horizontal supporting PH institutions may favor needed coordinated responses during a pandemic. In geographically larger countries, exerting autonomous decisions at different levels may improve preventive measures' efficacy. This analysis adds to the previous literature that suggests the most efficient PHS are adapted to local contexts. Key messages The best PHS organization is still unknown, though adaptation to regional and local contexts seems key for better results. Greater spending on “preventive care” does not necessarily guarantee better results, suggesting PHS organization may have a more important role.

The article reveals the mechanism for implementing the pre-emptive right to purchase a share in the right of common ownership of residential premises when selling at public auction. It is proved that it consists in the right to receive a priority opportunity to buy out a share from the debtor at a price commensurate with the market value of this share until, it is sold at auction.

Prior research has shown that mental health in urban slums is associated with the a share number of older individuals in personal networks. This presentation will examine the extent to which that association is mediated through Internet and social media use. We conducted face to face interviews with residents (minimum 18 years) in two high density, low income areas of Accra (West Africa) and Trivandrum (Kerala, India), where local teams have conducted repeated studies of personal networks since 1994. Our preliminary results show that mobile phones are primary way in which respondents communicate with members of their core networks. Further preliminary results show that while research in high income areas has generally shown the importance of larger networks for positive mental health, our analysis of urban slums reveals a different pattern. First, there is no general association of larger networks with reduced symptoms of anxiety and depression. Second, one particular group of relationships is strongly associated with depression and anxiety: ties with older individuals. The questions we explore are: (1) To what extent are indicators of mental health related to indicators of Internet and social media usage? (2) To what extent are indicators of mental health related to indicators of social network size and composition? (3) To what extent are indicators of Internet and social media usage related to indicators of indicators of social network size and composition?