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Firms typically treat their costs as tightly-guarded secrets. In six studies, we test the effect of firm disclosure of the costs to produce a given product (i.e., cost transparency) on purchase interest. We begin with a natural field experiment conducted with an online retailer, in which cost transparency increased sales (Study 1A). We subsequently replicate this field experiment in a controlled lab setting (Study 1B), and show that cost transparency is particularly potent in boosting purchase interest above other forms of transparency (Study 2). Guided by our theoretical framework, Studies 3 and 4 show that the effect is mediated by consumers’ trust in the firm, with Study 4 showing that this mediator explains variance above and beyond perceptions of price fairness. Finally, Study 5 demonstrates the critical role of the voluntary nature of the disclosure, by showing that cost transparency boosts purchase interest only when voluntarily instated by the firm, as opposed to involuntarily (e.g., as required by law). These results imply that the proactive revelation of costs can improve a firm’s bottom line.

Hospitals face catastrophic financial challenges in light of the coronavirus disease 2019 (COVID-19) pandemic. Acute shortages in materials such as masks, ventilators, intensive care unit capacity, and personal protective equipment (PPE) are a significant concern. The future success of supply chain management involves increasing the transparency of where our raw materials are sourced, diversifying of our product resources, and improving our technology that is able to predict potential shortages. It is also important to develop a proactive budgeting strategy to meet supply demands through early designation of dependable roles to support organizations and through the education of healthcare staff. In this paper, we discuss supply chain management, governance and financing, emergency protocols, including emergency procurement and supply chain, supply chain gaps and how to address them, and the importance of communication in the times of crisis.

In this paper we explore the factors that determine delegation of implementation in project aid. In particular, focusing on the importance of informational asymmetry between levels of government, we empirically assess whether this choice is influenced by the relative importance of the local information at the recipient country level. Moreover, we test whether this choice can in turn influence project performance. Using information on more than 5800 World Bank projects for the period 1995-2014, and controlling for characteristics at both country and project level, we find that transparency does influence the probability that a project is implemented locally rather than nationally. More specifically, a one standard deviation decline in transparency increases the probability of a locally implemented project by three percentage points. We also find that a local implementing agency may increase the probability of a successful project only up to a certain level of a country’s transparency. Electronic supplementary material The online version of this article (10.1007/s11558-020-09396-9) contains supplementary material, which is available to authorized users.

To increase market transparency, independent system operators (ISOs) have been working on minimizing uplift payments based on convex hull pricing theorems. However, the large-scale complex systems for ISOs bring computational challenges to the existing convex hull pricing algorithms. In this paper, based on the analysis of specific generator features in the Midcontinent ISO (MISO) system, besides reviewing integral formulations for several special cases, we develop two integral formulations of a single generator that can capture these features. We then build a compact convex hull pricing formulation based on these integral formulations. Meanwhile, to improve the computational efficiency, we propose innovative iterative algorithms with convergence properties, plus a complementary algorithm, to obtain a convex hull price. The computational results indicate that our approach leads to an exact convex hull price on MISO instances with and without transmission constraints and the solutions can be obtained within 20 minutes., Comment: Accepted by IEEE Transactions on Power Systems

Invoice financing has been a steadily growing component of the financing market as a whole for the last few years, and, in 2016, it became the third largest financing market. Nonetheless, the risk of frauds is still very high, and most solutions proposed so far are based on private, proprietary platforms that cannot match the global nature of such a market. Even the most recent proposals based on blockchain are mainly adopting a private, permissioned blockchain due to the lack of confidentiality in public blockchain. In this article, we propose an Invoice financing platform based on a public blockchain supporting both fully open and group-restricted auctioning of invoices. We addressed the confidentiality issue by storing the confidential data encrypted in IPFS and the corresponding hash in the smart contract hosted on Ethereum blockchain. Our blockchain-based solution ensures data confidentiality and benefits from the main properties of the public blockchain required in Invoice financing systems, such as transparency, immutability, trustworthiness, and security. Furthermore, our platform introduces a reputation system based on the past behavior of entities, computed using the blockchain global ledger. Such a reputation system allows insurance companies to modulate the cost of the insurance contracts they offer. This combination guarantees the complete transparency and tamperproofness of a public blockchain, while it allows reducing insurance costs and fraud possibilities.

An established succession planning program for the identification and grooming of its next leader helps maintain the continuity of firm strategy and leadership style, which influences long-term firm performance and viability. Disclosure of succession planning information may alleviate investors’ doubts about whether the firm has a succession planning plan, while it may increase competition for CEO candidates, leading to increases in the cost of securing qualified candidates. This study explores what determines firms’ decisions to provide this disclosure using firms that initiate CEO succession planning disclosure in a given year and their control firms. We find that firms are more likely to initiate the disclosure of CEO succession planning when 1) segment concentration (negatively related to organizational complexity) becomes lower, 2) the board of directors becomes more independent, 3) the CEO has reached the retirement age of 64, 4) the CEO becomes more important relative to other executive officers in the industry labor market, 5) the number of analysts following (reflecting external monitoring) increases, and 6) CEO tenure (reflecting CEO entrenchment) declines. Overall, our findings suggest that the disclosure of CEO succession planning is motivated by investor demand for a smooth transition among top management and enhanced transparency in CEO succession planning.

Fiscal transparency entails government financial reporting and independent audits. This study postulates and tests the dual functions of external auditors: an examiner who assesses government compliance with accounting rules and an adviser who supplements government financial management capacity. Computational text analyses show that localities, especially those with lower financial management capacity, are likely to adopt similar languages in summarizing the governments’ financial conditions if they share the same auditor, suggesting auditor input in government disclosure. The auditor advisory role intensifies with a longer tenure. Further analyses show that auditor tenure is positively associated with the timeliness of audited financial reports. On the other hand, a long tenure reduces the likelihood of auditors identifying internal control deficiencies and thus points to accountability concerns. These findings highlight the importance of government capacity building in fiscal transparency initiatives and the unique challenges to auditor independence in the public sector.

The infrastructure finance gap has long-standing implications for economic and social development. Owing to low efficiency, high transaction costs, and long transaction time, conventional infrastructure financing instruments are considered to be major contributors to the increasing mismatch between the need for infrastructure development and available financing. Implemented through smart contracts, blockchain tokenization has shown characteristics that are poised to change the capital stack of infrastructure investment. This study analyzed the first SEC-compliant energy asset security token, Ziyen-Coin, from the perspective of the key participants, relevant regulations, and token offering procedures. Results show that tokenization can improve infrastructure assets liquidity, transaction efficiency, and transparency across intermediaries. Conventional infrastructure financing instruments were compared with blockchain tokenization by reviewing the literature on infrastructure finance. The benefits and barriers of tokenizing infrastructure assets were thoroughly discussed to devise ways of improving infrastructure financing. The study also found that the potential of tokenization has not yet been fully realized because of the limited technical infrastructures, regulation uncertainties, volatilities in the token market, and absence of the public sector. This study contributes to the present understanding of how blockchain technology can be implemented in infrastructure finance and the role of tokenization in the structure of public–private partnership and project finance.

Cross-border tax evasion has been a central issue in international taxation in recent years. The use of Offshore Financial Centres (OFCs) and low tax jurisdictions to facilitate the wealth of high net worth individuals has led to offshore tax evasion and has eroded the tax bases of countries. Meanwhile, international tax cooperation is emerging with the aim of enhancing tax transparency. One way to reach tax transparency is with the implementation of the exchange of information for tax purposes. The tax authorities have already implemented the exchange of information on request; however, this method is ineffective to fight against offshore tax evasion. The tax authorities must already obtain the evidence of their suspicion over the taxpayers; otherwise, their request may be denied as a ‘fishing expedition’. The demand for offshore financial information is obvious since it will enable tax authorities to oversee the level of offshore tax compliance. This study considers the importance of the Automatic Exchange of Information (AEOI) as a tool to access the resident’s financial information of residents who kept their financial assets in other jurisdictions with a case study in Indonesia. The financial information from other jurisdictions is fundamental for Indonesia because it can be used for analysis and law enforcement of taxpayers, especially those who previously saved money abroad and have not reported or paid the correct amount of tax. This paper recognizes that despite the benefits of the AEOI, the implementation of the AEOI in Indonesia is still facing challenges, although it has been two years since its first implementation. This study will follow a qualitative methodological approach with a detailed literature review and real experience in Indonesia. Finally, this article explores the current stage of implementing the AEOI in Indonesia and the challenges faced by Indonesia with some proposed solutions for the Directorate General of Taxes for the effective implementation of the AEOI in Indonesia.

The purpose of this study explains the influence of customer knowledge, service quality, location, administrative costs and transparency of customer interest in choosing the Islamic Pegadaian Gold Savings Account in Takengon. And to find out the factors of the five management variables above simultaneously influence the Interest of Customers in Choosing Takengon Sharia Pegadaian Gold Savings. This quantitative study uses multiple regression analysis techniques. The results of the study, found the value of t-count Customer Knowledge (X1), Service Quality (X2), Location (X3) and Transparency (X5) is greater than t-table where the value of t-counts are respectively (2.862> 1.989 ); (3,191> 1,989); (5,282> 1,989) and (3,536> 1,989) as well as significant to the Customer's Interest in Choosing Takengon Sharia Pawnshop Gold Savings. It can be concluded that Ha is accepted and H0 is rejected. But for Administration Costs (X4), although the t-value obtained is also greater than the t-table but the value is negative (-2,701> 1,989). This means that the negative effect of administrative costs on customer interest in Choosing the Islamic Pegadaian Gold Savings in Takengon is in the opposite direction. In other words, if the administrative costs increase, the interest of customers in choosing sharia pawnshop gold savings in takengon decreases. Vice versa. Furthermore, simultaneously F-count> F-table = (24.227> 2.32), it can be concluded receiving Ha. This means that the variables of Customer Knowledge, Service Quality, Location and Price simultaneously have a positive and significant impact on Customer Interest in Choosing Sharia Pegadaian Gold Savings in Takengon. Keywords: Gold Savings, Customer Interest, Location, Service Quality, Knowledge, Administrative Costs Abstrak Tujuan penelitian ini menjelaskan pengaruh pengetahuan nasabah, kualitas layanan, lokasi, biaya administrasi dan transparansi minat nasabah dalam memilih Tabungan Emas Pegadaian Syariah di Takengon. Dan untuk mengetahui faktor-faktor dari kelima variabel manajemen diatas secara simultan berpengaruh terhadap Minat Nasabah dalam Memilih Tabungan Emas Pegadaian Syariah Takengon. Penelitian kuantitatif ini menggunakan teknik analisis regresi berganda. Hasil penelitian, ditemukan nilai t-hitung Pengetahuan Pelanggan(X1), Kualitas Layanan(X2), Lokasi(X3) dan Transparansi(X5) lebih besar dari t-tabel yang mana nilai t-hitungnya secara berturut-turut adalah (2,862 > 1,989); (3,191 > 1,989); (5,282 > 1,989) dan (3,536 > 1,989) serta signifikan terhadap Minat nasabah dalam Memilih Tabungan Emas Pegadaian Syariah Takengon. Dapat disimpulkan bahwa Ha diterima dan H0 ditolak. Namun untuk Biaya Administrasi (X4), walaupun nilai t-hitung yang diperoleh juga lebih besar dibandingkan t-tabel tetapi nilainya negatif (-2,701> 1,989). Artinya pengaruh negative yang diberikan biaya administrasi terhadap Minat nasabah dalam Memilih Tabungan Emas Pegadaian Syariah di Takengon berlawanan arah. Dengan kata lain jika biaya Administrasinya meningkat maka minat pelanggan dalam memilih tabungan emas pegadaian syariah di takengon menurun. Begitu sebaliknya. Selanjutnya secara simultan F-count > F-table= (24.227 > 2.32), dapat disimpulkan menerima Ha. Artinya variabel Pengetahuan Pelanggan, Kualitas Layanan, Lokasi dan Harga secara simultan pengaruh positif dan signifikan terhadap Minat Pelanggan dalam Memilih Tabungan Emas Pegadaian Syariah di Takengon. Kata kunci: Tabungan Emas, Minat Nasabah, Lokasi, Kualitas Pelayanan, Pengetahuan, Biaya Administrasi

We examine the relation between borrowing firms’ corporate political transparency and the cost of debt. Using a sample of S&P 500 firms over the 2012–2016 period, we document a significant negative association between firms’ corporate political transparency and their cost of debt. We also find that the negative association is more pronounced when the borrowing firms are in less unionized industries and have younger executives (CEOs or board of directors). Our results are robust to a variety of sensitivity tests.

Purpose The purpose of this paper is to give a comprehensive review and synthesis of automated textual analysis of corporate disclosure to show how the accuracy of disclosure tone has been incremented with the evolution of developed automated methods that have been used to calculate tone in prior studies. Design/methodology/approach This study have conducted the survey on “automated textual analysis of corporate disclosure and its impact” by searching at Google Scholar and Scopus research database after the year 2000 to prepare the list of papers. After classifying the prior literature into a dictionary-based and machine learning-based approach, this study have again sub-classified those papers according to two other dimensions, namely, information sources of disclosure and the impact of tone on the market. Findings This study found literature on how value relevance of tone is varied with the use of different automated methods and using different information sources. This study also found literature on the impact of such tone on market. These are contributing to help investor’s decision-making and earnings and returns prediction by researchers. The literature survey shows that the research gap lies in the development of methodologies toward the calculation of tone more accurately. This study also mention how different information sources and methodologies can influence the change in disclosure tone for the same firm, which, in turn, may change market performance. The research gap also lies in finding the determinants of disclosure tone with large scale data. Originality/value After reviewing some papers based on automated textual analysis of corporate disclosure, this study shows how the accuracy of the result is incrementing according to the evolution of automated methodology. Apart from the methodological research gaps, this study also identify some other research gaps related to determinants (corporate governance, firm-level, macroeconomic factors, etc.) and transparency or credibility of disclosure which could stimulate new research agendas in the areas of automated textual analysis of corporate disclosure.

PurposeThe purpose of this study is to investigate consumers' perceptions of and consumer behaviour towards apparel labels and environmental, sustainable and social apparel.Design/methodology/approachQuantitative research was conducted, and empirical data were collected from 399 US consumers.FindingsFindings indicate that consumers expressed positive sentiments towards apparel sustainability, yet they lacked knowledge about socially and environmental practices within the apparel industry. Overall, it is apparent that the respondents have an interest in environmental and social labelling; but they are not aware of brands that sell these types of garments nor their validity. It was also found that consumers may not have much knowledge regarding environmental, sustainable and social apparel or their meanings.Originality/valueBy surveying the consumers about their perspectives on apparel labels and environmental, sustainable and social apparel, valuable market information was obtained. Sustainably and ethically produced garments are of demand as transparency in the apparel industry grows. Brands looking to become more transparent about their production methods will need to find new ways to reach their target market by accurately labelling products and educating their consumers about these label claims.

Sustainability is now increasingly recognized as central to the growth of emerging market economies. For the private sector, this represents both demands for greater social and environmental responsibility as well as a new landscape of business opportunity. The financial sector has been late to respond to this trend but is emerging as an important driver across all sectors in an economy. In the banking sector, new standards and codes of conduct promote corporate accountability, transparency, and consideration of impacts on the environment and society.

PurposeThis study explores whether a firm's environmental and social (E&S) transparency affects corporate payout policies having two forms of dividend payout and stock repurchase payout.Design/methodology/approachFocusing on a large sample of S&P 500 firms, and utilizing Tobit estimators, the author examines whether a firm's environmental transparency and social transparency affect the levels of each dividend payout and stock repurchase payout. Transparency reflects comprehensive scores compiled by Bloomberg, capturing both the quantity (in terms of the number of data points) and the quality (with respect to objective and industry-relevant data points) of verified E&S information attributed to a firm's E&S practices.FindingsThe findings demonstrate that transparency, both environmental and social, relates to higher corporate payouts (i.e. higher dividend payout and higher stock repurchase payout). These positive relationships are magnified for firms suffering from high information asymmetry, low financial reporting quality and for those with weak governance. Moreover, the author finds that dividend payout is more stable in high E&S transparent firms than in low E&S transparent firms. The study findings continue to hold after a battery of robustness and sensitivity checks such as alternative measures, specifications, estimators, use of the instrumental variable regression approach and mitigation of omitted variable biasResearch limitations/implicationsThe study findings suggest that investors' interests (demanding for high corporate payouts) and other stakeholders' interests (demanding for high E&S transparency) are not necessarily in conflict, and investors' demands can be met while maintaining commitment to high E&S transparency. In addition, the study results imply that higher E&S transparency complements higher corporate payouts and signals to the market both a firm's commitment to E&S transparency and its ability to have high corporate payouts. In this line, the study findings clarify the high value of E&S transparency screening in investors' decision-making process as such transparency leads to higher corporate payouts for investors (i.e. facilitating wealth transfer to shareholders). Finally, the study findings are relevant to standard setters and regulators who emphasize the importance of E&S transparency.Originality/valueBy integrating two distinct streams of literature on corporate finance and corporate social responsibility (CSR), the author introduces E&S transparency as a novel nonfinancial driver of corporate payout policies. Finally, the study findings are in line with the notion that firm transparency (reflected in E&S transparency) can be a crucial element in justifying a firm's corporate payout policies and, in an overall view, firm policies.

We develop a theory that shows signaling a firm’s fundamental quality (e.g., its operational capabilities) to lenders through inventory transactions to be more efficient—it leads to less costly operational distortions—than signaling through loan requests, and we characterize how the efficiency gains depend on firm operational characteristics, such as operating costs, market size, and inventory salvage value. Signaling through inventory being only tenable when inventory transactions are verifiable at low enough cost, we then turn our attention to how this verifiability can be achieved in practice and argue that blockchain technology could enable it more efficiently than traditional monitoring mechanisms. To demonstrate, we develop b_verify, an open-source blockchain protocol that leverages Bitcoin to provide supply chain transparency at scale and in a cost-effective way. The paper identifies an important benefit of blockchain adoption—by opening a window of transparency into a firm’s supply chain, blockchain technology furnishes the ability to secure favorable financing terms at lower signaling costs. Furthermore, the analysis of the preferred signaling mode sheds light on what types of firms or supply chains would stand to benefit the most from this use of blockchain technology. This paper was accepted by Victor Martínez-de-Albéniz, operations management.

Background Though insurance coverage is evolving for male infertility services, most patients continue to pay out of pocket. These costs such as semen analysis and intracytoplasmic sperm injection preparation may affect the utilization of those services. We sought to determine online price transparency specifically for male infertility services on the websites of in-vitro fertilization (IVF) clinics in the US. Methods In this cross-sectional analysis, pricing data was acquired from each clinic on the Society for Assisted Reproductive Technology (SART) website as of July 2019. Each website was examined for availability and cost of services. Pricing data that required applying for a quote or a phone call was excluded. Mean price was calculated for each service. Additionally, practice location in an insurance coverage mandated state (ICMS) was also analyzed to evaluate for any effect on price transparency. Results Only 24.7% (89/361) of SART clinic websites included any pricing information. Of clinics with websites (361/383), 16.3% (59/361) had ≥2 prices reported and only 5.0% (18/361) had ≥6 prices reported. Only 3.6% (13/361) reported prices for male-related infertility services. Average semen analysis price was $161 of 10 reporting clinics. Four clinics reported sperm cryopreservation or annual sperm storage price, $388 and $555, respectively. Sperm retrieval cost $244 at the two reporting clinics. ICMS did not affect male price transparency, ICMS 3.1% (6/194) vs. non-ICMS 4.2% (7/167) (P=0.576). Conclusions Price transparency of SART clinics on websites is relatively poor with only about one-quarter of clinics providing any cost information at all. Male infertility related pricing information is even more rarely reported compared to other IVF services potentially causing a stronger barrier for males to pursue infertility treatment.

Governance is well recognized as shifting boundaries of responsibilities for doing things among key partners. What is less clear is how exactly power relations are altered and where power is concentrated as new forms of governance emerge. In our article we use the concept of policy post-exceptionalism to critically assess ‘Going for Growth’, a strategic action plan that, until the recent past, underpinned the Northern Ireland agri-food industry. The agri-food sector has an important and prominent role in the Northern Ireland economy. The Going for Growth strategy illustrates how particular interests within the sector are supported by government, as demonstrated through the Renewable Heat Initiative and a scheme promoting anaerobic digestors. Using policy post-exceptionalism to scrutinize the strategy, our research shows what can go wrong when a transition to post-exceptionalism occurs. While Going for Growth purported to represent the wider interests that one might expect to find in a post-exceptionalist approach to agri-food governance, in fact the concentration of power with corporate actors left little space for the inclusion of wider interests. We conclude that this strategy represented a move towards tense post-exceptionalism, creating at least one political scandal, raising questions of legitimacy and transparency and fundamentally undermining political viability of wider government. It is an extreme case of what can happen when post-exceptionalist policymaking goes wrong., Highlights • The agri-food sector assumes a central role in Northern Ireland (NI) policymaking. • NI's Going for Growth strategy represents a part-shift policy post-exceptionalism. • Private agri-food interests have benefitted significantly from public subsidy. • Going for Growth concentrated power in the hands of a few strategic agri-food actors.

After the subprime crisis, with the worsening of asset quality all around Europe, a lack of harmonization emerged concerning credit classification, monitoring, provisioning and writing-off in the banking industry. A wave of analysis and new regulations by the Supervising Authorities aimed at highlighting best practices and creating a common standard, in order to enhance transparency and accounting data comparability across the European Union. A point of particular attention concerned the usage of forbearance measures and the classification and provisioning of forborne positions. This paper deep-dives into this issue leveraging on the public dataset disclosed by the European Banking Authority, following the 2018 EU-wide Transparency Exercise. The purpose of this paper is twofold. On one side, we want to gauge the extension of the forbearance measures’ usage among a sample of major European banks and the drivers of this usage. On the other side, we want to analyze which main factors impact on the loan loss provisioning of forborne positions.

Background Drug price transparency is defined as readily available information on the price of pharmaceutical drugs to either authorities or consumers. Price transparency, together with other information, helps define the value of drugs and enables informed decision making. It has also been used as a reference in drug price setting mechanisms in some countries’ pricing policies. Objective To investigate the evidence available: 1) on government initiatives to mandate transparency in drug pricing worldwide, 2) on the reported effects of drug pricing transparency initiatives on drug price, and 3) on the limitations and barriers of the implementation of drug pricing transparency. Methods Databases such as Medline-Ovid, Cochrane Central Register, PubMed, and Science Direct were used to search for relevant literature from inception to February 2018. A manual search of grey literature such as policy papers, governmental publications, and websites was also performed to obtain the information that was not available in the articles. Using narrative synthesis, the results were critically assessed and summarized according to its context of drug pricing approaches. Results Of the 4382 relevant articles located, 12 studies met the inclusion criteria for drug price transparency initiatives. Only 3 studies reported the outcomes on the regulation of drug prices. Two studies in South Africa showed that price transparency initiatives did not necessarily reduce drug prices. Another study in the Philippines indicated a reduction in medicines’ price based on the effects of government-mediated access prices. The limitations and barriers in price transparency initiatives include fragmentation of the healthcare system and nondisclosure of discounts and rebates by pharmaceutical companies. Conclusion Drug pricing transparency initiatives have been implemented in many countries and commonly coexist with a country's pricing policies. Nevertheless, due to sparse evidence, the effect of drug price transparency initiatives on price control is still inconclusive.

After the Getback SA scam, a special Bond Issuers’ Register (RZE) was created to strengthen market supervision, which makes it easier for investors to search for information on debt securities. Thanks to this register, we can finally learn about the actual size and several important features of the Polish non-Treasury debt securities market. The first objective of the article is to show significant changes in the law concerning the form of registration of bonds and their potential impact on further market development. The second goal is to show the previously unknown scale and main features of the bond market, including in particular municipal bonds.The first hypothesis is that the obligatory registration of bonds in KDPW together with the publicly available Bond Issuers' Register (RZE) have improved the transparency and security level of the Polish non-treasury bond market and facilitated trading in these securities on the secondary market. The second hypothesis is that the Bond Issuers’ Register is the first publicly available tool for a comprehensive analysis of the Polish non-treasury bond market, which revealed, among other things, the high fragmentation of issuers (especially in local government bonds), the dominance of state-controlled issuers, the predominance of floating rate bonds and a significant size of the bond market registered outside KDPW. Po aferze Getback SA, w celu wzmocnienia nadzoru nad rynkiem obligacji, stworzono specjalny Rejestr Zobowiązań Emitentów (RZE), który ułatwia inwestorom wyszukiwanie informacji na temat papierów dłużnych. Rejestr ten po raz pierwszy ujawnił rzeczywisty rozmiar oraz kilka ważnych cech polskiego rynku obligacji nieskarbowych. Pierwszym celem artykułu jest pokazanie istotnych zmian prawa dotyczących rejestracji obligacji oraz ich potencjalnego wpływu na dalszy rozwój rynku. Drugim celem jest ukazanie nieznanej dotąd skali i głównych cechy rynku obligacji, w tym w szczególności obligacji komunalnych.Pierwsza hipoteza brzmi: obowiązkowa rejestracja obligacji w KDPW wraz z publicznie dostępnym Rejestrem Zobowiązań Emitentów poprawiły przejrzystość i poziom bezpieczeństwa polskiego rynku obligacji nieskarbowych oraz ułatwiły obrót tymi papierami na rynku wtórnym. Druga hipoteza brzmi: Rejestr Zobowiązań Emitentów jest pierwszym publicznie dostępnym narzędziem do kompleksowej analizy polskiego rynku obligacji nieskarbowych, który ujawnił m.in. duże rozdrobnienie emitentów (w szczególności w obligacjach samorządowych), dominację emitentów kontrolowanych przez Skarb Państwa, przewagę obligacji o zmiennym oprocentowaniu oraz znaczącą liczbę obligacji zarejestrowanych poza KDPW.

Digital currency can reduce the issuance and circulation costs of physical cash and improve the convenience and transparency of economic activities. Therefore, digital currency has received widespread attention from central banks in recent years. As an important financial infrastructure, the UnionPay network is expected to provide effective support for the construction and operation of a digital currency system. This study uses the UnionPay network as basis to systematically propose a digital currency information system from three aspects, namely, digital currency account opening, exchange, and use, and further expounds on the operation mechanism of a digital currency information system prototype. This study also discusses how to apply blockchain technology to digital currency, such as using distributed ledger for digital currency confirmation and registration and using blockchain-enabled smart contracts to realize the forward guidance function of the central bank digital currency. Lastly, the current research introduces the value of using the UnionPay network to support the operation of a digital currency information system and its technical challenges, aiming to provide beneficial guidance and reference for future research effort.

In recent years businesses have to act responsibly towards their stakeholders and carry out activities in this direction in addition to their activities aimed at making traditional profits as a requirement of corporate social responsibility. One of the stakeholders of the businesses is the environment. Businesses have to interact with the environment during their activities. Unfortunately, however, they may sometimes harm the environment during or as a result of these activities. At this point, as required by the principles of transparency and accountability of corporate social responsibility, businesses are required to account for the result of their interactions with the environment and prepare their environmental reports. Businesses also need to audit their environmental interactions. In this study, the relation and importance of green accounting and green auditing concepts within the framework of corporate social responsibility principles are conceptually mentioned. Secondary data collection method was used in the study. Environmental activities should also be monitored within the green accounting system. It is considered that environmental activities will be more beneficial for the environment, not only within the enterprise but also by independent audit firms.

From 2014 to 2018, issuers of retail structured products in Germany established and calculated the Issuer Estimated Value (IEV), a fair value designed to offer more transparency for retail investors. By reporting the IEV in the product information sheet, banks implicitly make a statement on their expected gross margin and, as one of the first papers, we provide an empirical study of the fairness of these disclosed figures. On a sample of discount and capped bonus certificates, we find that reported issuer margins can be verified using standard option pricing models and we illustrate that hedging costs take on an important role for structured product valuation. Consequently, the answer to the raised question in the title seems to be an (initial) &lsquo, yes&rsquo, for our chosen product sample. Even though in 2018 the IEV calculations have been replaced by similar margin and cost statements due to the newly introduced Packaged Retail and Insurance-based Investment Products Regulation, this finding might still be a good guide for future research.

This paper digests the influences of financial transparency and media coverage in the Chinese stock market. In China, media performs under a regulatory system and media information is regarded as t...

The aim of the article. Domestic stocks suffer a problem of ensuring information transparency and objectivity of trading results, manipulations caused by the distortion of trading results in favor of certain participants. One way to solve this problem is to introduce e-bidding, which reduces the degree of subjectivity in determining best offers during the trading process. However, the domestic practice of digital stock trading proves that existing procedures do not prevent the manipulation of dishonest participants. This situation undermines confidence in e-trading and stock trading in general, causing significant economic losses. This is a burning problem in the stock trading of unprocessed timber, which is due to deficient legislation and governmental regulations of this process. These facts, as well as the significant public response associated with large-scale theft of timber, arise the task of changing principles and improving the system of stock electronic trading of raw timber. The aim of the article is to improve principles and approaches to e-trading of raw timber to increase its efficiency and transparency. The results of the analyses. Main factors contributing to the introduction of digital technologies in various types of business are identified and systematized. The generalized scheme of carrying out effective and transparent electronic trading with application of modern digital technologies is developed, the system of principles of its functioning is formed. The scheme of interaction of stock trading participants at stages of decision-making is developed. Basic characteristics of an improved system of electronic trading of unprocessed timber are defined, the basic approaches to their maintenance are offered. The advantages of practical implementation of the proposed approach to the introduction of a new system of electronic bidding are outlined: wider functionality and increased bidding efficiency; improved informational support of substantiated decisions on purchase and sale; simpler, efficient and non-bureaucratized documentary; ensured bidding objectivity and transparency; advanced control and analysis of bidding, prevention of manipulation. Conclusions and perspectives for further research. The obtained results deepen the theoretical and methodological principles of the organizational and economic mechanism of electronic trading of raw timber in terms of increasing its efficiency and transparency. Further research should be aimed at assessing the feasibility and adaptation of developments for application in stock trading in other fields of the domestic economy. Key words: stock trading, digital trading technologies, trading transparency, trading objectivity, trading efficiency, raw timber.

The article highlights the needs to create a Unified Information System for Defense Resources Management (DRMIS). The main problems of creating DRMIS are identified in the article. The research shows that form of consolidation of information and providing prompt access to it for analysis and effective decision-making process. The core of IT service in the military-defense environment is also revealed. There are three areas of management of functional services of a Single Information System for Defense Resources Management is separated to: - Development, acquisition and implementation of IT services; - Provision and support of IT services (formalization of customer service requirements for IT services, coordination of divergences between service requirements with the relevant IP service resources and provision of end users with IT services that meet requirements); - Monitoring. Requirements to the processes of management of functional services of DRMIS are formed: functionality, service time, availability, reliability, confidentiality, scale and cost. The basic requirements for the management of functional services are also determined not only by the properties of the IP that provide them. The quality of the IP service itself is essential, as well as the level of regulation of the IP service and end users of IT services. The advantages of using DRMIS functional services in the Defense Sector are indicated: - Transparency of state bodies; - Increasing public confidence in the activities of government agencies; - Reduction of costs and time for the implementation of strategic, large-scale tasks; - Increasing labor productivity; - Access to services 24/7/365; - Clear and timely response to changes in regulations and focus on future global challenges; - Creating the image of Ukraine as an IT state. It is established that in modern conditions the complexity of information systems in the field of defense is growing, and methods and technologies for effective management of their IT infrastructure are developing dynamically. The directions of further effective management of IT services in the field of defense are developed.

This article discusses the concept of blockchain and its application to public administration research as a tool to increase trust in the government. The contribution of this article is that it unv...

Contract renewal with the incumbent is common practice in the contracting-out of public services. It could, however, affect competition by reinforcing trends towards market concentration. This article contributes empirical evidence on the determinants of the result of public tenders for the renewal of private provision of the urban water service. A dataset with information on 215 public tenders held in Spain between 2008 and 2019 is employed. The methodology is grounded in logistic regression techniques. The findings indicate that incumbents' size does not play a role in the proba-bility of alternating between service providers. Furthermore, competition−proxied by the number of bidders−and transparency in managing public tenders both increase the likelihood of alternating be-tween providers. Lastly, the estimates suggest that larger municipality size and discretionary power of entrenched political parties might also play a role in favoring incumbents' contract renewal.

A cartel is an agreement made by a business actor with its competitors to gain excessive profits, which is stated in article 11 of Law No. 5 of 1999 concerning anti-monopoly and unfair business competition in Indonesia, the influence of cartels in business competition can cause unfair competition, damage market stability, and shut down competition in a particular market. The objectives presented in this study are to determine the forms of cartels that usually occur in limiting unfair business competition in Indonesia, and to determine the factors used by KPPU in identifying early indicators of cartel systems. This study uses a normative legal method with rationality which examines the influence of the cartel system on the stability of business competition in Indonesia, which appears to have experienced norm blur. The data source used in solving problems is the statutory approach. Literatures, journals and various related documents. The results of the discussion show that cartels have several types, namely regional cartels, production, prices, conditions, profit sharing, the influence of the cartel system in business competition which has a negative impact which causes unfair business competition, as well as harms various parties ranging from business actors, consumers, to the government. Then, in identifying the occurrence of cartels, there are several factors used by KPPU, namely structural factors consisting of the level of market concentration, number of companies, company size, homogeneity of goods or services, multi-market contacts, supply and production capacity, ownership linkages, ease of entry. specific market share, the character of demand. The next factor is the behavioral factor which is divided into two parts, starting from transparency and information exchange.

In the era of consumer distrust of corporations, transparency is becoming a must rather than an option. While prior research has explored why businesses should disclose their costs and how consumers may react to such cost transparency, it is still unclear how marketers can best communicate cost transparency. The present research offers a practical examination of how and when cost transparency is effective, specifically, by examining the moderating role of authentic and hubristic pride on the effectiveness of cost transparency. Across two experimental studies, the effectiveness of cost transparency is leveraged using authentic pride, whereas hubristic pride decreases it. Further, we empirically demonstrate the mediating role of moral elevation. Overall, the results demonstrate that marketing messages that elicit authentic pride can increase the effectiveness of cost transparency. Hence, the current research highlights how marketers and brands can effectively combine specific emotional appeals with cost transparency to obtain favorable consumer evaluations.

Purpose The purpose of this study is to examine the effect of integrated reporting (IR) quality on both market liquidity and analyst forecast accuracy in South Africa as the only country in the world having IR as a listing requirement. This study uses the Sustainability Disclosure Transparency Index (SDTI) as a proxy for IR disclosure quality. The analysis of this study is based on the period after the publication of the international framework and its adoption by the International Reporting Committee of South Africa in 2014. Design/methodology/approach The companies sampled in this study are those listed on the Johannesburg Stock Exchange (JSE) from 2013 to 2015. The major factor driving the selection of this particular period was to not only analyse the existing IR practice but also investigate IR two years after King III came into force. The SDTI developed by Integrated Reporting and Assurance Services (IRAS) was used to analyse IR quality. Ordinary least squares regressions were analysed. The models include year and industry fixed effects. The variance inflation factor and its tolerance were used to test the severity of multi-collinearity. Also, alternative measures of IR quality and alternate model specifications were analysed to check the robustness of the results. Findings The authors find that quality of IR is associated with lower earnings forecast error. The evidence indicates that earnings forecast error is lower for firms in the materials sector of the South African economy. Consistent with prior research, the results also suggest that forecast errors are higher for companies with volatile returns and lower for larger firms. Additional analysis indicates that IR quality is positively associated with market liquidity. Overall, these findings support the virtues of IR, thus providing useful information to capital markets. Research limitations/implications The results obtained cannot be generalised to other jurisdictions. While the South African economy is the best setting to investigate IRs, new economies are also working actively on IR disclosures, so future research is likely to extend the literature in this field. Secondly, the availability of data constrained the sample size; however, this only mediates against finding any statistically significant result. While the IRAS database offers information about 324 JSE companies, Datastream covers only the 170 largest South African firms. In spite of the sample reduction, robust and consistent results are found in the market liquidity and analyst forecast accuracy proxies. Practical implications The sample period of this study (2013-2015) allows to understand disclosure behaviour after the international IR framework was published and endorsed by the JSE. The release of the IIRF gave clear guidance to firms regarding the nature and purpose of IR. Overall, the results obtained in this paper are consistent with IR expectations, thus providing useful information for investors and financial analysts. It is expected that the results might have practical implications for other nations about the cost and benefits of implementing integrated management reporting. Originality/value This paper contributes incrementally to the existing debate about whether disclosure information through IR has real benefits or is a passing fad. It examines the economic consequences of IR in a mandatory setting using an in-house ranking system, adapted to South Africa, designed by IRAS to determine IR quality. IRAS provides an SDTI that assesses the accuracy, consistency, completeness and reliability of quantitative data for 84 indicators based on IR and global reporting initiative aspects and subdivided into seven categories.

Purpose of the study: The high degree of inflation persistence will impact the Indonesian economy. The purpose of this study is to determine the degree of inflation persistence in Indonesia following the adoption of a flexible Inflation Targeting Framework (ITF). Methodology: Traditionally integrated univariate and fractional approach will be carried out in this research. The inflation variables used are core inflation, administered price inflation, volatile inflation, and general inflation. The data used is from 2014M1 to 2019M2. Main Findings: After data analysis, the researchers found that high persistence behaviors are found, especially in the core, administered, and volatile inflation, following the flexible adoption of the ITF. The time it takes for inflation to return to equilibrium is 1 to 8 months for each group. Applications of this study: The result is important for the highest authorities in improving their policy. Structural improvements through monetary policy based on inflation expectations, increasing the transparency of food prices, and synergy with Central as well as Regional Inflation Control is suggested for the authorities. Novelty/Originality of this study: This study presents a different perspective of research within the inflation topic. It takes the recent policy implementation of a country and analyses its effect. To the best of the authors knowledge, this research is the first to explain the effect of the Inflation Targeting Framework on Indonesia's inflation condition.

Los avances tecnológicos revolucionan los medios y cambian la interrelación que los agentes económicos establecen con los mercados y la sociedad. Las transacciones en monedas virtuales son cada vez más comunes y el Bitcoin ha llegado a posicionarse como la moneda líder del mercado basándose en su tecnología empleada para garantizar la transparencia y efectividad de las transacciones, conocida como cadena de bloques o Blockchain, pero además de los expertos en la materia y académicos investigadores interesados en profundizar estos temas, existe un mundo de lectores que se introducen en la comprensión de esta temática, con tal finalidad se ha elaborado este articulo para ayudar a comprender las características de este mundo. En primera instancia se proporciona herramientas y conceptos claves para comprender la dinámica de la Blockchain y su relación estrecha con el Bitcoin. Se explica la conceptualización de token y como forma parte de las Ofertas Iniciales de Monedas (ICOs), además de explicarse como estas últimas ayudan al desarrollo de nuevos proyectos de monedas virtuales; también se proporcionan cifras de la situación actual de las ICOs y de sitios web especializados en la materia. Se describe el mercado de las criptomonedas, la capitalización total y excluyendo al Bitcoin, proporcionando porcentualmente el alcance de las principales criptomonedas. Se caracteriza la evolución del mercado del Bitcoin y se describen algunas de las causas que especialistas en la materia creen que provocó la caída de los precios del Bitcoin en 2018 y el argumento de por qué se recuperó en 2019.

We provide a new explanation for why central banks have become transparent over the last three decades. We apply recently developed social interaction panel regression models for the observational data, which allow the identification of peer effects. The identification is based on variations in the past monetary policy regime exogenously determined with respect to transparency. Previous literature has argued that domestic factors such as macroeconomic stability were behind the trend toward greater transparency. In contrast, our results indicate that transparency primarily increased because of a favorable global environment and, importantly, because of the peer effects among central bankers. Central bankers thus learned from each other’s experiences regarding transparency.

In the context of the COVID-19 coronavirus pandemic, the risks of individual pharmaceutical market players or groups of players taking measures to supply medications that may lead to an economically unjustified increase in drug prices or artificially create a shortage of products are increasing worldwide. Aims: Finding the best way to protecting intellectual property rights for medications in conditions of the COVID-19 coronavirus pandemic. Methods: The methodological basis of the study was formed by an integral and coordinated system of scientific methods that contributed to the study of such a complex socio-legal phenomenon as the availability of medicinal products in conditions of the COVID-19 coronavirus pandemic. At the same time, a synergistic approach was applied, which combined the special research methods of various branches of law, pharmaceutical science and practice. Results: The article reveals and identifies the distinctive features of using patent protection measures and parallel imports in the drug markets of various countries of the world and the impact of the TRIPS Agreement on the availability of medications for the public in conditions of the COVID-19. Conclusion: For many countries, including Ukraine, the introduction of parallel imports can be efficient in the short term. Allowing parallel imports of medications has significantly fewer negative consequences for the copyright holder, since the improper quality of the products, in which the invention is used without the use of a trademark, most often does not affect the business reputation of the patent owner. Nevertheless, the chosen model of permitting the use of parallel imports to ensure the availability of medications in Ukraine remains a topical and controversial issue that requires a lot of professional discussion. Legislators should be very careful and cautious about the development and implementation of the institution of parallel imports of medications to Ukraine paying attention to the development of a whole system of quality and transparency control for procedures related to parallel imports to this country.

Inter-firm productivity differences are not only explained by internal and external institutions, but also interactions between them. Using data adapted from enterprise surveys and Provincial Compe...

The issues related to the use of RFID technology in the supply chains of the fashion industry have been considered. The prospects of using this technology in the supply chains of the fashion industry are related to a number of features that characterize the industry. Such features include a high product range and its rapid turnover, rapid changes in purchasing preferences, and the need to respond quickly to changes in consumer demand. Traditionally, RFID technology is used to identify data in warehouse logistics or company distribution system, but the scope of application of this technology in the fashion industry is constantly expanding. The technology can be used to increase the transparency and security of supply chains, marketing research and in other areas. It has been also emphasized that the joint application of RFID technology with other digital technologies, such as blockchain, is promising. Some restrictions related to the application of technology in the industry have been also highlighted.

The purpose of this research is to analyse efficient use of contracting authority funds and reduction of its risks. Since all legal norms should be understood in the light of the aims of the law, this aim, together with others, is important in the interpretation of the Public Procurement Law. To interpret the aim correctly, it is important to understand its origins, history, how it is further reflected in law and how it is applied in practice. Therefore, authors analyse all those aspects using historical, descriptive, dogmatic and analytical research methods. Understanding of this principle is important in practice since it should be applied together with other principles, for example, equal treatment of tenderers and transparency, but it sometimes can even contradict them. Therefore, lack of understanding of this aim can lead to incorrect application of law. There is no publicly available research on this topic and, as one of the aims of the law, it is further developed and applied in practice. It is important for contracting authorities and tenderers to understand the meaning, possibilities and limitations of this principle. Therefore, this research is both original and practically applicable. As a result of the study, readers can gain more insight into the impact of this aim on public procurement.

The banking and financial services (BFSI) sector is one of the most crucial areas in any economy. It is fastest growing and the listed players in this space has given high returns to the investors over the last decade. Commercial banks in the Indian context have witnessed radical changes in terms of enormous progression in off-balance sheet risk management of financial assets, regulatory amendments, NPA recognition norms, significant consolidation of the financial sector and introduction of e-commerce norms and online banking. In this context, Indian economy is similar to the other economies of BRICS countries. These countries are emerging economies with higher GDPs and undertaking various reforms to boost the consumption, transparency and business needs. So, it is pertinent to evaluate the M&A activities that have taken in India and other BRICS countries and comparing the same. This paper analyses the M&A that have taken place in India and other BRICS countries based on certain fundamental parameters which are based on regulatory requirements, profitability and overall returns on investments. The results of these tests indicate that there is insignificant change in most of parameters during post-merger phase. Further, other parameters showed a negative effect of merger on acquirer during post-merger period.Keywords: Mergers and Acquisitions, BRICS, Financial Performance, Banking SectorJEL Classifications: G34, G21DOI: https://doi.org/10.32479/ijefi.10091

Using the 2010 Transparency and Disclosure norms in India as a discontinuity in the institutional regime within which credit rating agencies operated, we use a difference-in-difference estimator to study how the market reacts to rating changes when regulatory norms require a higher level of transparency. Using data on the market and bank-based instruments from India we show that the market places greater premiums when ratings are generated in a regime with greater transparency and disclosure requirements. We find that the results are driven mostly by downgrades in ratings rather than upgrades, suggesting that the market responds more aggressively to downgrades. Transparency norms for credit rating agencies is an important governance feature even in emerging country credit markets.

This paper investigates the non-linear effects of two aspects of economic openness, namely, trade openness and financial openness, on banking system stability. We use a panel of 42 emerging markets from 2000 to 2014 to test whether bank risk-taking behaviour varies with the level of openness. We find that a higher degree of trade openness promotes bank stability linearly. Conversely, the non-linear effect of financial openness on bank risk-taking is evident. When the financial system is not sufficiently open, the impact of financial openness on bank stability is insignificant. However, as the domestic financial market becomes more open, financial openness can help discipline the behaviour of banks, making them more stable. We also find evidence that these effects are transmitted through the market discipline channel. Our findings highlight the importance of strengthening the domestic regulatory framework and transparency as the economy becomes more integrated.

The goal of the paper is to present the intervention strategies used by central banks in order to influence the value of the domestic currency, transparency versus discretion when it comes to publishing data about FX intervention and the cost and effectiveness of intervention. It is rarely that nowadays countries allow for an exchange rate to be formed on the market basis through the effects of supply and demand for foreign exchange on the foreign exchange market. The central bank buys or sells a foreign currency in the foreign exchange market in order to increase or decrease the value of its national currency in comparison to the foreign currency. The reasons for the intervention are the reduction of short-term oscillations of the exchange rate, the impact at the level of foreign exchange reserves, as well as the maintaining the price and financial stability as the ultimate goal of most central banks. The paper will present intervention strategies on foreign exchange market, which involves the implementation of interventions in the market of options, forward, foreign currency repo and foreign currency swaps. Then, on the spot market, interventions using an auction, as well as the application of foreign currency indexed certificates.

Economic and financial analyses of port projects are essential to ensure project viability in terms of defined objectives, adequate returns to private and public stakeholders, and to society in general. Moreover, including early-stage risk analysis ensures better decision making and better outcomes. However, project risk management is not very frequently used in port infrastructure projects. To improve this area and to ensure the kind of transparency, with clear figures, that would make ports attractive to private investors, a general methodology is described for including risk analysis in an economic-financial analytical model of a port investment project that considers probabilistic distributions for selected input and output variables to yield more information than could be obtained from a deterministic model. The proposed methodology is illustrated by applying it to a port terminal investment project by the Cartagena Port Authority (Spain).

There is evidence that blockchain plays a crucial role in the Internet of Things (IoT)-based implementation due to its transparency, traceability, and immutability, in which the participants are incentivized to behave authentically and precisely for rewards. Despite the domination of subsidy in reward, the decrease of the mining rate and the imperativeness of fees make the fee market become a pivotal role to motivate miners in the blockchain. However, the current mechanism for selecting transactions into a block poses a risk to the stability of the system, which stems from the vicious competition of users and the insufficient incentives of miners. In this article, we propose a novel transaction selection mechanism by leveraging the Lyapunov optimization and large deviation theory. This article is: 1) fair because the proposed mechanism is not single-factor dominated, both personal utility of the miner and overall utility of the system are taken into account; 2) sustainable since miners are incentivized greatly to guarantee the mining behavior; and 3) robust . The analysis based on the large deviation theory enhances the robustness of the blockchain. To the best of our knowledge, we are the first to consider both miner’s benefit as well as system benefit to establish a better fee market in the blockchain for IoT enhancement. Our theoretical analyses and simulation results demonstrate the effectiveness of the proposed mechanism.

Starting in 1967, with the issuance of an Order-in-Council by Canada’s Privy Council, the concept of providing Canadians access to their Federal Government Records was promulgated through their N...

In this paper, we investigate the strategic behavior in queues by considering the effect of the number of customers behind. The equilibrium joining strategy of customers is obtained and its implications for the service system are examined. We find that the complete queue transparency (i.e., disclosing the real-time system information) can have positive effect on customers, which might encourage more customers to join. Further, the follow-the-crowd (FTC) behavior can be observed, which results in multiple equilibria. By comparing the customer welfare under two different information levels, we demonstrate that, somewhat surprisingly, the queue transparency does not necessarily hurt the customer welfare, and a higher customer welfare can be obtained in the transparent case than that in opaque case when the demand volume is large.

Objective To evaluate the current pharmaceutical supply chain, from both a regulatory and market perspective, to identify instabilities as well as propose methods to ensure consistent drug quality and access. Data sources Data sources include publicly available Food and Drug Administration (FDA) databases. Summary Recent recalls of important drugs such as angiotensin receptor blockers, heparin, epinephrine, and acyclovir highlight the importance of ensuring access to essential medications. However, the current drug supply chain has multiple weaknesses from both regulatory and market perspectives. A lack of adequate inspection and quality standards means that quality issues often go unfound, but when they are found, disruptions to the supply chain are amplified by a dependence on India and China for active pharmaceutical ingredients. The mutual recognition agreement, India Pilot Program, and increased number of FDA foreign inspectors were steps in the right direction, but more must be done to ensure access. Conclusion Ensuring drug quality and access is not possible without first providing greater transparency into the drug supply chain. This allows both health care consumers and the FDA to respond to drug quality issues. Additionally, extra steps including broadening the scope of the mutual recognition agreement, encouraging increased self-regulation in China and India, and mandating unannounced inspections of foreign manufacturers may help in providing a more stable supply chain.

Purpose The study aims to capture customers’ different price expectations by constructing a multidimensional price perception in Islamic banking setting and the impact on customer satisfaction and behavioral intention, as a single price perception approach cannot reflect heterogeneity of price expectations. The study conceptualized customers’ price expectation into price reliability, price confidence, price transparency, relative price, price–quality ratio and price fairness. Design/methodology/approach An online questionnaire was distributed to Islamic banking customers in Indonesia to test seven proposed hypotheses of price perceptions on customer satisfaction and behavioral intention. The instrument used a five-point Likert-type scale to capture customer perception on the instrument variables and analyzed the functional relation of the model using multiple regression analysis. Findings Empirical findings reveal that customers experienced more price expectations in their banking decision-making process. The number and complexity of price expectations depend primarily on the customers’ interest, particularly on price transparency, relative price and price–quality ratio, and these dimensions affect satisfaction and behavioral intention. Islamic banking customers in Indonesia are highly aware of price transparency, have “relative thinking” on price differences and put price–quality ratio in their assessment. Research limitations/implications The study was conducted in Indonesian Islamic banking industry; the extension to other different countries may reveal difference in price complexity and implication to behavioral consequences. Any difference in customer attitude would bring managerial implication for different Islamic bank managers. Additionally, this study developed and examined five price dimensions, however, there may be additional price dimensions in different environment contexts. Further research is needed to identify any other price expectations that may affect customers’ behavior. Practical implications The results of this research allow bank practitioners to develop relevant pricing strategy to fulfil customers’ different price expectations in their decision-making process. Appropriate measures to different price expectations improve satisfaction, loyalty and, in turn, increase bank profits. Furthermore, this research provides useful information for future researchers in different settings. Originality/value This paper provides empirical analysis of pricing strategy by Indonesian Islamic banks and insights on customers’ experience toward different price expectations.

Based on the theoretical underpinnings of the agency theory and liquidity theory, the purpose of this study is to show how managers who want to enhance the performance of Pakistan’s non-financial sector can use liquidity policy in relation to corporate governance. Nowadays, Pakistan is facing a severe liquidity crisis; this study contributes by examining the mediating role of liquidity on the link of corporate governance-performance. We use data from 63 firms from 2010 to 2018, excluding 17 outliers. To analyze the data, we use the Seemingly Unrelated Regression (SURE) model and nlcom-Stata test. Our findings support the mediating role of liquidity on the link between corporate governance and performance. In addition, the results show that corporate governance improves performance. Furthermore, the study supports a significant positive association of liquidity and performance. For robustness, we use two performance variables – return on assets (ROA) and Tobin’s q (TQ) – where ROA represents full mediation and TQ indicates partial mediation. This study helps to use liquidity policy to strengthen the inside and outside dimensions of corporate governance mechanisms that improve the performance of firms. Overall, these findings suggest better disclosure, transparency, and solutions to auditing issues that add value to the firms.