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This study investigates the effect of the COVID-19-induced decline in economic activities on the financial and social efficiency of microfinance institutions (MFIs). We find that the pandemic-induced impact decreases the financial efficiency of MFIs; however, the social efficiency of MFIs is increased under the impact of COVID-19. To explore potential channels through which efficiency is influenced by the COVID-19 outbreak, we examine the supply and demand side of MFIs’ funding. We find that the lending rate mediates the relationship between the impact of COVID-19 and MFI efficiency, whereas the mediating role of the funding rate is negligible.

Public administration efficiency is increasing on the agenda, considering the scarcity of public resources and the greater demand of citizens for their needs to be met. This research aims to study the determinants of the financial efficiency of the Portuguese municipalities. For this , the determinants were grouped into three categories: sociodemographic, political and budgetary. There seems to be evidence, considering the results, that political determinants do not influence the financial efficiency of municipalities. Regarding the sociodemographic determinants, it is observed that the financial efficiency of the municipalities is influenced by location, purchasing power index, tourism and the unemployment rate. Tax revenue and financial independence are budgetary determinants that positively influence the financial efficiency of municipalities. Staff expenditure have a negative effect on it. info:eu-repo/semantics/publishedVersion

The curiosity of how startups become unicorns is increasing. Only one-fifth of unicorns operating in the world trade their shares publicly. Financial data from the balance sheets and profit (loss) statements of 97 unicorns, which had IPOs between 2009-2018, was collected with the aim to analyse what specific characteristics of financial ratios over a particular IPO related period can be identified for unicorns operating in different regions and sectors. ANOVA was used to analyse the financial efficiency from different perspectives: (I) the financial profile of a unicorn, (II) the financial efficiency of a unicorn based on the business sector (Software; Products and Services; Technology; Internet and Healthcare sectors), and (III) the financial efficiency of a unicorn based on the region of origin (US+, Europe and Asia). Research showed that unicorns are mostly financed by investors, but remain unprofitable. Positive profitability was found in Europe, and the highest liquidity - in Healthcare sector.

The study's motivation is to evaluate the impacts of financial inclusion and financial efficiency on foreign Cash flows in the Road and Belts countries for the period spanning 1971-2019. The study applies several econometrical techniques, but the magnitudes of financial inclusion and financial efficiency on foreign cash flows have been detected by performing Autoregressive Distributed Lagged in panel form and Cross-sectional ARDL and directional causality assess by performing non-granger causality test. The panel root test ascertains variables are stationary in mixed order but not after the 2nd difference; cross-sectional dependency test established that units possess some common dynamic among them. The long-run association reveals the results of panel cointegration tests. The results of ARDL and CS-ARDL confirm a positive statistically significant influence running from financial inclusion to foreign cash flows in the form of remittances and FDI. However, the magnitudes of financial inclusion and financial efficiency on foreign cash flows are prominent in the long-run. The directional causality test ascertains the feedback hypothesis explaining the causal effects between financial inclusion and financial efficiency and remittance and financial inclusion and FDI.

Тема выпускной квалификационной работы: «Исследование эффективности и разработка кадровой политики спортивного клуба (на примере ЖБК Черные медведи – ÐŸÐ¾Ð»Ð¸Ñ‚ÐµÑ )». Предметом исследования выступает кадровая политика женского баскетбольного клуба «Черные медведи-ÐŸÐ¾Ð»Ð¸Ñ‚ÐµÑ Â». Целью диссертации является выявление Ð¼ÐµÑ Ð°Ð½Ð¸Ð·Ð¼Ð¾Ð² совершенствования кадровой политики Ð¶ÐµÐ½ÑÐºÐ¸Ñ Ð±Ð°ÑÐºÐµÑ‚Ð±Ð¾Ð»ÑŒÐ½Ñ‹Ñ ÐºÐ»ÑƒÐ±Ð¾Ð², а также анализ и оценка эффективности внедрения Ð½Ð¾Ð²Ñ‹Ñ Ð¿Ñ€Ð¾ÐµÐºÑ‚Ð¾Ð² развития спортивного клуба. Задачи, которые решались в Ñ Ð¾Ð´Ðµ исследования: Анализ рынка профессионального спорта в женском баскетболе; Проведение комплексного анализа внешней и внутренней среды спортивного клуба ЖБК «Черные медведи-ÐŸÐ¾Ð»Ð¸Ñ‚ÐµÑ Â»; Проведение диагностики Ñ„Ð¸Ð½Ð°Ð½ÑÐ¾Ð²Ñ‹Ñ Ð¿Ð¾ÐºÐ°Ð·Ð°Ñ‚ÐµÐ»ÐµÐ¹ спортивного клуба; Проведение диагностики показателей деловой активности спортивного клуба; Разработка проектов развития спортивного клуба; Оценка Ñ€Ð°Ð·Ñ€Ð°Ð±Ð¾Ñ‚Ð°Ð½Ð½Ñ‹Ñ Ð¿Ñ€Ð¾ÐµÐºÑ‚Ð¾Ð² развития спортивного клуба. Работа проведена на базе ЖБК Черные медведи – ÐŸÐ¾Ð»Ð¸Ñ‚ÐµÑ , где собиралась значительная часть фактического материала: расчеты Ð¸ÑÑ Ð¾Ð´Ñ из текущего положения организации, внешний финансовый анализ, динамика изменения финансового состояния организации. Описана и проанализирована деятельность ÑÐ¿Ð¾Ñ€Ñ‚Ð¸Ð²Ð½Ñ‹Ñ ÐºÐ»ÑƒÐ±Ð¾Ð² по баскетболу, описана кадровая политика, проведен анализ рынка, сделаны выводы о целесообразности инвестирования в различные проекты развития ÑÐ¿Ð¾Ñ€Ñ‚Ð¸Ð²Ð½Ñ‹Ñ Ð±Ð°ÑÐºÐµÑ‚Ð±Ð¾Ð»ÑŒÐ½Ñ‹Ñ ÐºÐ»ÑƒÐ±Ð¾Ð². Проведен анализ положения спортивного клуба на рынке, для оценки влияния внешней макросреды и микросреды были использованы такие инструменты, как PEST-анализ и SWOT-анализ, в результате были сделаны выводы о взаимовлиянии Ð²Ð½ÑƒÑ‚Ñ€ÐµÐ½Ð½Ð¸Ñ Ð¸ Ð²Ð½ÐµÑˆÐ½Ð¸Ñ Ñ„Ð°ÐºÑ‚Ð¾Ñ€Ð¾Ð². Проведена коммерческая оценка Ñ‚Ñ€ÐµÑ Ñ€Ð°Ð·Ð»Ð¸Ñ‡Ð½Ñ‹Ñ Ð¿Ñ€Ð¾ÐµÐºÑ‚Ð¾Ð² развития ÑÐ¿Ð¾Ñ€Ñ‚Ð¸Ð²Ð½Ñ‹Ñ ÐºÐ»ÑƒÐ±Ð¾Ð². Итогом данной диссертации является обоснование целесообразности проектов развития ÑÐ¿Ð¾Ñ€Ñ‚Ð¸Ð²Ð½Ñ‹Ñ ÐºÐ»ÑƒÐ±Ð¾Ð²., The subject of the study is the personnel policy of the women's basketball club "Black Bears-Polytech". The purpose of the dissertation is to identify mechanisms for improving the personnel policy of women's basketball clubs, as well as to analyze and evaluate the effectiveness of the implementation of new sports club development projects. Tasks that were solved during the study: Analysis of the professional sports market in women's basketball; Conducting a comprehensive analysis of the external and internal environment of the sports club "Black Bears-Polytech"; Carrying out diagnostics of financial indicators of a sports club; Development of sports club development projects; Evaluation of the developed projects for the development of a sports club. The work was carried out on the basis of the Black Bears – Polytech Housing and Communal Services, where a significant part of the factual material was collected: calculations based on the current situation of the organization, external financial analysis, dynamics of changes in the financial condition of the organization. The activity of sports clubs in basketball is described and analyzed, the personnel policy is described, the market analysis is carried out, conclusions are made about the expediency of investing in various projects for the development of sports basketball clubs. The analysis of the position of the sports club in the market was carried out, tools such as PEST analysis and SWOT analysis were used to assess the impact of the external macro-environment and microenvironment, as a result, conclusions were drawn about the mutual influence of internal and external factors. A commercial evaluation of three different projects for the development of sports clubs was carried out. The result of this dissertation is the justification of the feasibility of projects for the development of sports clubs.

Данная статья представляет собой попытку ретроспективного анализа управления государственным имуществом в Российской империи с 1837 по 1917 годы. Интерес к указанной теме обусловлен тем, что в современной России проблема совмести- мости эффективной хозяйственной деятельности с бюрократическим типом организаций, представляющих государство [11, c. 75], что является одной из ключевых организацион- ных и экономико-управленческих проблем. Извлечение уроков на основе ретроспективно- го анализа эффективного управления государственным имуществом в имперский период с выбором целей и способов его управления позволит избежать повторения многих оши- бок порой чреватых своими непредсказуемыми последствиями. Богатый исторический опыт эффективного управления государственным имуществом в Российской Империи, особенно в тот период, когда этот процесс в масштабах страны осуществлялся специально созданным ведомством (министерством) [9, c. 69–70], позволя- ет утверждать, что экономически обоснованный подход к управлению государственным имуществом и использование выверенных управленческих технологий дают возможность приносить существенный доход в государственный бюджет., The presented article is an attempt of retrospective analysis of state property management in the Russian Empire from 1837 to 1917. The interest in this topic is due to the fact that in modern Russia the problem of compatibility of efficient economic activity with the bureaucratic type of organizations representing the state [11, p. 75] is one of the key organizational and economic-management problems. Taking away lessons on the basis of retrospective analysis of effective management of state property in the imperial period with the choice of goals and ways of its management will allow us to avoid repeating many mistakes, sometimes fraught with unpredictable consequences. Rich historical experience of effective management of state property in the Russian Empire, especially during the period when this process on a national scale was carried out by a specially created agency (ministry) [9, p. 69–70] suggests that an economically justified approach to state property management and the use of verified management technologies can bring substantial income to the state budget., ВЕСТНИК СУРГУТСКОГО ГОСУДАРСТВЕННОГО ПЕДАГОГИЧЕСКОГО УНИВЕРСИТЕТА, Выпуск 5 (80) 2022, Pages 155-163

Semi-intensive prawn farming is currently facing difficulties in both the production and consumption processes. Climate change and an unstable output market are the main causes affecting the investment efficiency of semi-intensive prawn farming. The authors carry out the study to evaluate the financial efficiency of semi-intensive prawn farming in My Xuyen District, Soc Trang Province. Research data are collected from 100 households raising prawns. The research results show that, with an average investment cost of 19.8 million VND/1000m2/crop, farmers may earn a profit of 6.5 million VND/1000m2/crop, and the profit margin achieved reaches 0.25 times. Therefore, the model of semi-intensive prawns achieves high financial efficiency and brings a great income for prawn farmers.

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

Since 1995, a national health insurance (NHI) program has been in operation in Taiwan, which provides uniform comprehensive coverage. Forced by severe financial deficit, global budgeting reimbursement was adopted in the healthcare sector to control healthcare expenditures in 2002. A two-stage data envelopment analysis (DEA) approach was used to measure the efficiency of hospital resource allocation among stakeholders in Taiwan’s NHI system, and to further explore the changes in resource allocation after the introduction of a global budgeting payment scheme. The dataset was collected from the annual statistical reports of Taiwan’s Ministry of Health and Welfare (MOHW) and was used to estimate the efficiency of resource allocation in hospital-based healthcare services under global budgeting. In terms of efficiency during the period from 2003 to 2009, one-third of decision-making units (DMUs) improved their productivity in stage I, and seven out of the total of eighteen DMUs saw falls in financial efficiency in stage II. After global budgeting was implemented, there were significant positive impacts on the efficiency of hospital resource allocation in Taiwan. The two-stage DEA model for analyzing the effects of the global budgeting reimbursement system on productivity and financial efficiency represents a key decision-making tool for hospital administrators and policymakers.

Mexico, one of the countries with greatest natural wealth, makes a very attractive commercial partner for the rest of the countries, either for promotion or production processes. In this context, according to the interests of this article, rail transport is mainly used to move goods for import or export. Year by year, in the metropolitan area of Guadalajara, there is an increase in the construction sector that now “represents 11% of the gross domestic product in Jalisco” (Mexican Chamber of the Construction Industry, 2021) and for this, the distribution of various products and raw materials is needed, including heavy machinery and raw materials such as stone (marble), which is difficult to move because of its volume and requires rail transport to be distributed. This research aims to identify through documentary analysis the financial risk factors that affect the distribution of stone (marble) and heavy machinery via rail transport, in companies located in the metropolitan area of Guadalajara, Jalisco. México, uno de los países con mayor riqueza natural, es un potencial socio comercial muy atractivo para el resto de los países, ya sea para procesos de promoción o de producción. En este contexto, de acuerdo con los intereses de este artículo ,para realizar los traslados de mercancías para la importación o para la exportación, se utiliza principalmente el transporte ferroviario. Año a año, en la zona metropolitana de Guadalajara, existe un incremento en el sector de la construcción que ahora “representa el 11% del producto interno bruto en Jalisco” (Camara Mexicana de la Industria de la Construcción, 2021) y para ello se necesita la distribución de varios productos y materia prima, entre ellos maquinaria pesada y materia prima como piedra (mármol), que es difícil de trasladar por su volumen y necesita del transporte férreo para distribuirse. La presente investigación pretende mediante el análisis documental identificar los factores de riesgo financiero que afectan la distribución de piedra (mármol) y la maquinaria pesada vía transporte ferroviario, en empresas ubicadas en la zona metropolitana de Guadalajara, Jalisco.

Agroforestry Systems (AFS) appears to enhance the productivity of agro-ecosystems and improve the financial gains of family farming. It is questioned in this study the effectiveness of the use of SAFs to increase the productivity and the financial income of small areas. Thus, the objective of the study is to evaluate the productive performance, the labor demand and the financial efficiency of the SAFs. The methodology was based on a case study, where during the period of six months information was collected through semi-structured interviews, as well as the daily routine of three farmers who are inserted in the context of the Contested Settlement, in the municipality of Lapa, Paraná. To perform the prognosis of the financial analysis, the AmazonSAF 8.1 spreadsheet was used. On the optimized model, from three accompanied farmers, the SAF-3 presented the best financial productive performance, exceeding 17 tons / 0.5 ha / year of food, which corresponds to a NPV of R $ 339,123.40 during the analyzed period with guaranteed sale by the National School Feeding Plan (PNAE). The demand for labor, in all SAFs, is concentrated in the cultivation of short-cycle species, reaching more than 200 daily working per year. It is concluded official financial indicators demonstrate financial viability for the three SAFs. But the cash flow does not demonstrate regular profitability from the eighth or ninth year until the 15th, because vegetable revenues were so high in the first years of cultivation that they managed to maintain positive financial indicators for the entire period. Los sistemas agroforestales (SAF) parecen mejorar la productividad de los agroecosistemas y mejorar las ganancias financieras de la agricultura familiar. En este estudio se cuestiona la efectividad del uso de SAF para incrementar la productividad y los ingresos financieros en áreas pequeñas. Así, el objetivo del estudio es evaluar el desempeño productivo, la demanda de mano de obra y la eficiencia financiera de las SAF. La metodología se basó en un Estudio de Caso, donde durante el período de seis meses se recopiló información a través de entrevistas semiestructuradas, así como la rutina diaria de tres agricultores que se insertan en el contexto del asentamiento Contestado, en el municipio de Lapa, Paraná. Para realizar el pronóstico del análisis financiero se utilizó la hoja de cálculo AmazonSAF 8.1. En modelo optimizado, de los tres agricultores monitoreados, SAF-3 mostró el mejor desempeño productivo financiero, superando las 17ton / 0.5ha / año de alimentos, lo que corresponde a un VAN de R $ 339.123,40 mil durante el período analizado con venta garantizada Escuela Nacional Plan de alimentación (PNAE). La demanda de mano de obra, en todas las SAF, se concentra en cultivo de especies de ciclo corto, llegando a más de 200 diarios por año. Se concluye que los indicadores financieros oficiales demuestran la viabilidad financiera de los tres SAF. Pero flujo de caja no muestra una rentabilidad regular desde el octavo o noveno año hasta el 15, ya que los ingresos por hortalizas fueron tan altos en los primeros años de cultivo que lograron mantener indicadores financieros positivos durante todo el período. Os Sistemas Agroflorestais (SAFs) surgem para potencializar a produtividade dos agroecossistemas e melhorar os ganhos financeiros da agricultura familiar. Questiona-se neste estudo a efetividade do uso de SAFs ampliarem a produtividade e o rendimento financeiro de pequenas áreas. Assim, o objetivo do estudo é avaliar o desempenho produtivo, a demanda de mão de obra e a eficiência financeira dos SAFs. A metodologia baseou-se em um Estudo de Caso, onde durante o período de seis meses foram coletadas informações por meio de entrevistas semiestruturadas, bem como foi acompanhado o cotidiano de três agricultores que estão inseridos no contexto do assentamento Contestado, no município da Lapa, Paraná. Para realizar o prognóstico da análise financeira foi utilizado a planilha AmazonSAF 8.1. No modelo otimizado, dos três agricultores acompanhados, o SAF-3 apresentou o melhor desempenho produtivo financeiro, ultrapassando 17ton/0.5ha/ano de alimento, que corresponde a um VPL de R$ 339,123.40 mil reais durante o período analisado com garantia de venda pelo Plano Nacional de Alimentação Escolar (PNAE). A demanda de mão de obra, em todos os SAFs, se concentra no cultivo das espécies de ciclo curto, atingindo mais de 200 diárias por ano. Conclui-se que os indicadores financeiros oficiais demonstram viabilidade financeira para os três SAFs. Mas o fluxo de caixa não demonstra regularidade da rentabilidade a partir do oitavo ou nono ano até o 15, pois as receitas das hortaliças foram tão altas nos primeiros anos de cultivo que conseguiram manter os indicadores financeiros positivos para todo período.

Microfinance is seen as an important tool for financial inclusion and the fight against poverty because it has both a social and financial focus. The main objective of this paper is to evaluate the financial and social efficiency of 18 microfinance institutions (MFIs) in the year 2016 from 8 member countries of the Southern African Development Community (SADC). The methodology chosen is the data envelopment analysis (DEA) with variable returns to scale (VRS) using an input-oriented production approach. The results indicate higher scores of financial efficiency than social efficiency. This may suggest that microfinance institutions adopt a more institutionalist approach over the welfarist approach. We also find evidence that providing financial services to women or the entire disadvantaged population is profitable. However, non-bank financial institutions (NBFIs) and non-governmental organizations (NGOs) are more efficient in this regard than credit unions or banks info:eu-repo/semantics/publishedVersion

Nowadays, the necessity and utilization of Automatic Teller Machine (ATM) technologies increase in rural areas. Financial technology became a crucial thing and created efficiency in their activities. Some previous research uncovers technology that could create efficiency in the economy, including financial technology. This paper, interest in investigating and detect how ATM technology establishes financial efficiency on villagers. This research was conducted in rural communities on the island of Madura, Indonesia. This study uses SFA (Stochastic Frontier Analysis) model to estimate technical efficiency. This research found out that ATMs in rural communities on Madura Island produce highly financial efficiency. It proved that the villagers in Madura need ATM technology for carrying out their economic activities.

Orientation: Access to and use of formal finance can be an epitome for poverty reduction in developing and transitional economies. Most of these economies experienced great growth in gross domestic product (GDP) compounded with exploding inequality, including racial wealth gaps, increasing starvation, exorbitant health and housing costs. Research purpose: The aim of this study was to examine the relationship between financial intermediation and poverty within the context of financial dimensions of financial access, financial efficiency and financial stability. Motivation for the study: Previous literature focuses mainly on the role of financial development in poverty reduction, with a dearth of literature on the other financial dimensions of financial access, financial efficiency and financial stability in reducing poverty. Research approach/design and method: A quantitative approach was used in this study through econometric analysis of the data. A panel data analysis was used for a panel of 35 developing countries, mainly in Africa. The panel heterogeneous estimation method of pooled mean group was employed in a panel autoregressive distributed lags setting for this article Main findings: Financial intermediation, including the other financial dimensions, reduces poverty. The effect of the financial dimensions depended on how poverty is measured. Practical/managerial implications: Policymakers and development agencies should take note of poverty measurement in addressing poverty challenges. Distorted understanding of poverty will result in distorted policies, which yield little or no results for the effective use of formal finance to reduce poverty. Contribution/value-add: Other financial dimensions of the formal financial sector can be considered for the use in poverty reduction strategies.

В данной статье рассматриваются подходы к оценке эффективности рекламной кампании, приводятся различные точки зрения по поводу оценки эффективности рекламы. Собственнику или предпринимателю важно знать и уметь анализировать показатели эффективности рекламы, чтобы оценивать ее реальную отдачу для бизнеса., This article discusses approaches to assessing the effectiveness of an advertising campaign, provides various points of view on assessing the effectiveness of advertising. It is important for an owner or entrepreneur to know and be able to analyze advertising performance indicators in order to assess its real return to the business.

This study examined the profitability and financial efficiency of small-scale indigenous chicken egg farmers. Farm-level data were analyzed using descriptive statistics and farm budget models. Results revealed that small-scale indigenous chicken egg enterprises were profitable, as indicated by the average net farm income and percentage profit measures. However, farmers were far from efficient in using financial resources, with the majority operating within the marginal efficiency levels. The cost structure indicated that feeds, day-old chicks, transportation, and water usage were the critical cost items accounting for more than 80% of the production cost.

This study examines the impact of rule of law and government size under the dimensions of economic freedom to the social and financial efficiency of microfinance institutions (MFIs) from Thailand, Philippines, Malaysia, Indonesia, and Cambodia 2011 to 2018. The Data Envelopment Analysis (DEA) approach has been applied to identify the efficiency level of MFIs. At the same time, the Pooled Ordinary Least Square (PoOLS) and Generalized Least Square (GeLS) methods comprising the Fixed Effect (FEMod) and Random Effect (REMod) models are used to examine the impact of dimensions of economic freedom and potential determinants on the efficiency level of MFIs. Overall, the results revealed that the technical efficiencies for both social and financial efficiency are contaminated by managerial inefficiency, which is measured by pure technical efficiency. This indicates, although the MFIs had been operating on a relatively optimal scale, they were facing the inefficiency from the managerial side. Besides, the results from the panel regression analysis have implied that both property rights and government integrity under the measurement of rule of law positively influence the MFIs’ financial efficiency. Meanwhile, the impact of government size shows both tax burden and government spending are significantly positive to the social efficiency of MFIs. As the policy implication, the information provides suggestion to the government on how its role can help in improving the efficiency level of MFIs and implements some useful initiatives to help MFIs to sustain in the long term. In addition to that policymakers can identify the relevant inputs of MFIs and thus revise the policy accordingly and design new policies and regulations based on different economic freedom dimensions. The results of the present study provide a reference to guide them in decision making on their investments. For academicians or researchers, they can obtain more information regarding the efficiency of MFIs that is valuable for further research or study.

Given the present-day economic situation, which is characterized by economic destabilization as a result of the pandemic crisis, auditors are facing the issue of establishing materiality, which is partly based on the fact that a certain level of financial misstatement influences the decisions of the involved parties. The aim of the present study is to suggest an econometric model for readjusting significance threshold levels through quick audit tests used on sustainable companies. The main objectives of the study are to emphasize the causal relationship between the manifestation of constant errors in financial reports and the inconsistency of audit opinions, as well as to put into practice the causal relationship that exists between the improvement of the audit function and sustainability itself, given companies&rsquo, crisis situation. In this particular context&mdash, based on the entire sample of companies listed in the Bucharest Stock Exchange (BVB), Bucharest Exchange Trading Plus category (BET Plus)&mdash, we estimated a number of financial indicators between 2009 and 2018 so that we could determine the materiality of accounting errors identified by auditors in order to express an opinion regarding the reliability and accuracy of financial reporting. The study&rsquo, s key findings show that, given the economic crisis, the significance threshold level is a volatile test and it needs to be reconsidered taking into account the decline in the quality of reporting and, indirectly, the disclosure of financial information. From a holistic point of view, we believe that our study will have a significant impact on both practitioners and regulatory entities by shifting the qualitative approaches of analysis itself towards key prudential regulations stipulated by International Standard on Auditing (ISA) 320, ISA 450 and ISA 700. The study also highlights the process of refining information sources that can impact the significance, understanding and materiality of business decisions.

MENA region is undergoing rapid demographic transition, where 50% of the population is under the age 25 and high youth unemployment rates are argued to be one of the main sources of political instability. Fighting youth ex- clusion from work is one of the main challenges in the region. In this paper we evaluate the economic impact of the demographic transition for selected coun- tries which experience di_erent speeds of transition, namely: Iran, Morocco and Egypt. The impact of demographic shift on the evolution of human capital stock and physical capital stock, has been highlighted by the literature. Since _nan- cial markets play a crucial role to allocate capital and channel the funds to the productive sector, it is hence fundamental to take into account the role of the _nancial markets in the growth process associated with demographic change. We have developed a general equilibrium overlapping generations model with a cost for capital mobilisation as a proxy for _nancial markets' e_ciency. We have found that the demographic shift will be an important driver for growth in the upcoming decades. Furthermore, our results show that a more e_cient _nancial sector leads to better economic performance. Speci_cally, youth are the primary bene_ciaries: an increase in the _nancial sector e_ciency can reduce up to 8 percentage points of the youngest age group unemployment.

This study searches the role of the financial system efficiency in renewable energy demand for the case of the 36 OECD countries. Numerous financial system proxies are used between 1990 and 2017. Results show that financial system proxies generally are poorly linked to the renewable energy demand of the OECD member states. Although the coefficient of the overall financial development proxy is positively significant for renewable energy demand, the coefficients of financial efficiency are insignificant. The present study finds significant effects of the overall financial markets and institutions on renewable energy demand; however, any vital link between financial system efficiency and renewable energy demand could not be obtained in the OECD countries. Policy implications regarding this major finding are provided in the current study.

With the advent of corporate social responsibility, practical aspects of environmental responsibility have gained importance and recognition among both manufacturing and service enterprises, including financial services. This trend is also evidenced extensively in the literature. On the other hand, the literature reveals a significant gap in the research into the matter of environmental responsibility of banks in the light of their financial effectiveness. In addition, the European Union (EU) regulations require banking entities to provide reports of any activities related to protection of natural resources. Two important dilemmas arise in this context&mdash, how to measure the environmental involvement of the banking sector and how to relate this type of involvement to the sector&rsquo, s financial effectiveness? We applied Analytic Hierarchy Process (AHP), linear ordering methods&mdash, standardized sum method and synthetic measure of development, Pearson&rsquo, s and Spearman&rsquo, s correlation coefficients, Student&rsquo, s t and Mann-Whitney U tests and boxplots to measure environmental responsibility of banks and to examine the empirical relationship between environmental engagement and bank financial performance data. We also used analytical methods for the study of financial and non-financial reports of banks. We posited three research hypotheses related to measurement of environmental involvement of banks (ecologization) and to correlations between the sector&rsquo, s financial effectiveness and its environmental involvement. The study does not confirm any direct influence of banks&rsquo, financial results upon the scale of their environmental involvement. Based on the above, the we also made an attempt at explaining the results and identifying directions of further research into the subject.

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