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Bitcoin falls dramatically short of the scale provided by banks for payments. Currently, its ledger grows by the addition of blocks of ∼2,000 transactions every 10 minutes. Intuitively, one would expect that increasing the block capacity would solve this scaling problem. However, we show that increasing the block capacity would be futile. We analyze strategic interactions of miners, who are heterogeneous in their power over block addition, and users, who are heterogeneous in the value of their transactions, using a game-theoretic model. We show that a capacity increase can facilitate large miners to tacitly collude—artificially reversing back the capacity via strategically adding partially filled blocks in order to extract economic rents. This strategic partial filling crowds out low-value payments. Collusion is sustained if the smallest colluding miner has a share of block addition power above a lower bound. We provide empirical evidence of such strategic partial filling of blocks by large miners of Bitcoin. We show that a protocol design intervention can breach the lower bound and eliminate collusion. However, this also makes the system less secure. On the one hand, collusion crowds out low-value payments; on the other hand, if collusion is suppressed, security threatens high-value payments. As a result, it is untenable to include a range of payments with vastly different outside options, willingness to bear security risk, and delay onto a single chain. Thus, we show economic limits to the scalability of Bitcoin. Under these economic limits, collusive rent extraction acts as an effective mechanism to invest in platform security and build responsiveness to demand shocks. These traits are otherwise hard to attain in a disintermediated setting owing to the high cost of consensus. This paper was accepted by Kartik Hosanagar, information systems.

Nowadays, and more than a decade after the first steps towards autonomous driving, we keep heading to achieve fully autonomous vehicles on our roads, with LiDAR sensors being a key instrument for the success of this technology. Such advances trigger the emergence of new players in the automotive industry, and along with car manufacturers, this sector represents a multibillion-dollar market where everyone wants to take a share. To understand recent advances and technologies behind LiDAR, this article presents a survey on LiDAR sensors for the automotive industry. With this work, we show the measurement principles and imaging techniques currently being used, going through a review of commercial systems and development solutions available in the market today. Furthermore, we highlight the current and future challenges, providing insights on how both research and industry can step towards better LiDAR solutions.

The paper examines the sociolegal and economic significance of legislative measures taken to support families with children and granting the possibility of using maternal (family) fund for the acquisition, construction or reconstruction of residential premises. It analyzes numerous issues related to the acquisition, registration, exercise and protection of joint tenancy (the right to common share ownership of residential premises) acquired in this way, including: the procedure for determining the share in the ownership of residential premises acquired in this manner. The paper also examines factors on which the size of the share of each of the family members depends and parties to the agreements concluded regarding such a distribution. Much attention is also paid to the issues of whether it is mandatory, when determining the size of a share in the ownership of a dwelling, to take into account the opinion of a child who has reached the age of 10, and the competition between the rights and interests of parents and children in respect of dwellings belonging to them on the basis of a joint tenancy (common share property). On the basis of the analysis of the Soviet and Russian civil and housing legislation in order to prevent the violation of the rights of parents to such property by adult children living with them, the author makes a proposal to legally restrict the administrative powers belonging to children.The author summarizes that the presence of an indissoluble consanguinity in the form of the origin of children from parents and the efforts of parents to take care of the child’s health, to meet the child’s needs, to provide conditions for the child’s full development and education necessitate a special legal consolidation of the rights to living premises belonging to children and parents on the ground of the right to joint tenancy (common shared ownership). The inclusion into Art. 246 of the Civil Code of the Russian Federation of provisions restricting the administrative powers of adult children will constitute another step towards the humanization of Russian civil legislation.

This paper aims to model the link between productivity, relocation cost and corruption by applying game theory. Firms sometimes compete with one another through the bribes that they offer authorities in exchange for special privileges. Provinces are also in competition with another to retain and attract investors. The optimization problem identifies what fraction of revenue is optimal for a bribe so that both firms and authorities can optimize their outcomes. We have proven that corruption is the equilibrium outcome. Notably, the bribe rate as a share of revenue should decrease as firms’ productivity enhances, especially for those who are able to relocate to other provinces.

Purpose Few studies have focused on the impact of conjugal control and non-conjugal control on the innovation capability of family firms. In the context of the relative lack of research on the relationship between family firm heterogeneity and innovation ability, this study aims to focus on the differentiated impact of husband–wife-controlled family listed companies and non-husband–wife-controlled family listed companies on their innovation capabilities, which provides empirical evidence with more Chinese institutional and cultural characteristics for the development of corporate organizational management and innovation theories. Design/methodology/approach Taking all A-share listed family firms from 2007 to 2016 as the research sample, this paper examines the influence of spousal control on firm innovation level by empirical research method. Findings The empirical results show that compared with non-spousal-controlled family enterprises, spousal-controlled family enterprises have significant positive effects on the level of enterprise innovation. Further studies suggest that joint management of spousal-controlled family enterprises improves the level of innovation. Authority difference of the couple will weaken the innovation capacity. However, the wife’s professional skills can promote the innovation level. Originality/value Focusing on the characteristics of family internal structure and embedding marriage relationship in the enterprise organization, this paper investigates the influence of different characteristics of husband and wife and cooperation mode on enterprise innovation, and the conclusion enriches the theory of family business and family science, as well as provides important information reference for the stakeholder groups in the capital market.

En México el sector agropecuario contribuye con cerca de 3.4% del PIB nacional, sobresaliendo la actividad hortofrutícola con 45% de las exportaciones del sector, donde el tomate rojo representa 8.41%. México es el principal proveedor a nivel mundial de este producto con una participación de 19% de las exportaciones mundiales por arriba de España o Países Bajos. El objetivo es determinar la competitividad del tomate rojo de México en el mercado internacional mediante la ventaja relativa de exportación (VRE) y la participación constante de mercado (CMS). Se encontró competitividad del producto mexicano en el mercado estadounidense y una alta concentración de mercado, enviando 98% de las exportaciones de tomate rojo mexicano hacia ese destino.

Financialization of non-financial corporations is an important factor affecting innovation activities. This paper calculates the optimal financialization of enterprises and the deviation of optimal financialization, divides amples into moderate and excessive financialization, then investigates the relationship between financialization and sustainable innovation in different research samples using the data of A-share manufacturing enterprises in China from 2012 to 2018. The results indicate that the deviation of optimal financialization is negatively related to the persistent innovation of enterprises. However, financialization had significantly different effects on persistent innovation in different research sample. More specifically, excessive financialization could crowd out the persistent innovation, but moderate financialization may promote the persistent innovation. This study provides a new perspective for understanding the relationship between financialization and innovation, and helps finance better serve the real economy.

The pharmaceutical industry plays a considerable role in developing vaccines and medications for prevention and reduction in disease incidence, treatment of ailments and enhancement in quality of life by contributing to innovative research and engaging in technological advancements to meet the complex healthcare demands of the population. India globally occupies 3rd position in pharmaceutical production by volume and 14th by value. The domestic pharma industry consists of 3,000 drug companies with 10,500 manufacturing units. It delivers drugs to maintain health or prevent infections and alleviate diseases distressing the global population. The current research study aimed to reveal the determinants of dividend pay-out of Indian pharmaceutical companies. Dividend policy is a crucial financial policy on paying cash dividend presently or paying an increased dividend at a later stage. At times of cash surplus, the management could pay out a portion or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program. The objectives of the current research study are, to identify the factors determining dividend payout of pharmaceutical companies in India, to examine the relationship between dividend payout and corporate profitability and to analyse the impact of dividend policy on the firm value. Secondary data was collected from the published annual reports for the years 2015-16 to 2019-20.

The following field experiment analyzes the effect of payments in a setting of shared social responsibility where charitable giving is incorporated into a pay-what-you-want scheme as a share of the payment. The field experiment involved free walking tours. Within a timeframe of 10 weeks, tours operated as usual, while every second week a Donation Week was implemented. During Donation Week, 5% of the tips were donated to a charitable organization by the tour firm. Results reveal that tips are significantly higher in the Donation Week compared to the Baseline and that the rise in tips roughly outweighs the cost of the donation payment. Thus, while tour guides’ profits do not differ between treatments donations to charity may be generated additionally in Donation Week.

In a monopoly industry with firm-union wage bargaining, we show that it is optimal to privatise a share of the public firm. The optimal privatisation share increases with the union's higher bargaining power and/or wage-orientation and, when the latter is large, full privatisation becomes socially optimal. Interestingly, the optimal privatisation share is the highest (lowest) when the government attributes a medium-low (low and high) weight to the workers' welfare, notably when the union's bargaining power and/or wage-orientation are sufficiently high. This may be counterintuitive because it implies that left-wing governments (with a weak and moderate union) tend to privatise more greatly.

China has become the world’s largest luxury goods consumer market due to its population base. In view of the bright prospects of the luxury consumer market, major companies have entered and want to get a share. For the luxury goods industry, traditional mass marketing methods are not able to serve corporate sales and marketing strategies more effectively, and targeted marketing is clearly much more efficient than randomized marketing. Therefore, in this paper, based on consumer buying habits and characteristics data of luxury goods, the paper uses a machine learning algorithm to build a personalized marketing strategy model. And the paper uses historical data to model and form deductions to predict the purchase demand of each consumer and evaluate the possibility of customers buying different goods, including cosmetics, jewelry, and clothing.

Artificial agents have become increasingly prevalent in human social life. In light of the diversity of new human–machine interactions, we face renewed questions about the distribution of moral responsibility. Besides positions denying the mere possibility of attributing moral responsibility to artificial systems, recent approaches discuss the circumstances under which artificial agents may qualify as moral agents. This paper revisits the discussion of how responsibility might be distributed between artificial agents and human interaction partners (including producers of artificial agents) and raises the question of whether attributions of responsibility should remain entirely on the human side. While acknowledging a crucial difference between living human beings and artificial systems culminating in an asymmetric feature of human–machine interactions, this paper investigates the extent to which artificial agents may reasonably be attributed a share of moral responsibility. To elaborate on criteria that can justify a distribution of responsibility in certain human–machine interactions, the role of types of criteria (interaction-related criteria and criteria that can be deferred from socially constructed responsibility relationships) is examined. Thereby, the focus will lay on the evaluation of potential criteria referring to the fact that artificial agents surpass in some aspects the capacities of humans. This is contrasted with socially constructed responsibility relationships that do not take these criteria into account. In summary, situations are examined in which it seems plausible that moral responsibility can be distributed between artificial and human agents.

This research investigates how competition intensity and differences in cost structures affect decisions made by competing suppliers and the role that behavioral factors play as influences. We use controlled laboratory experiments to study the scenario of suppliers competing for a share of demand being outsourced by a single buyer. The buyer seeks to maximize the service level provided by suppliers by allocating based on different performance measures which create varying levels of competition intensity. The experimental treatments include those performance measures as well as differences in supplier cost structures. Our experimental results show that in the majority of cases suppliers’ decisions do not confirm theoretical predictions from the Nash equilibrium, and we find patterns in those deviations. To explain them, we first evaluate behavioral factors found in the literature including bounded rationality, learning, and other-regarding behavior. We then introduce a new behavioral factor, rival-chasing. Rival-chasing builds on other-regarding behavior by considering competitors’ actions in addition to their outcomes. We find that rival-chasing can explain patterns in suppliers’ behavior that cannot be explained by other behavioral factors.

This paper examines the effects of the U.S. shale oil boom in a two-country DSGE model where countries produce crude oil, refined oil products, and a non-oil good. The model incorporates different types of crude oil that are imperfect substitutes for each other as inputs into the refining sector. The model is calibrated to match oil market and macroeconomic data for the U.S. and the rest of the world (ROW). We investigate the implications of a significant increase in U.S. light crude oil production similar to the shale oil boom. Consistent with the data, our model predicts that light oil prices decline, U.S. imports of light oil fall dramatically, and light oil crowds out the use of medium crude by U.S. refiners. In addition, fuel prices fall and U.S. GDP rises. We then use our model to examine the potential implications of the former U.S. crude oil export ban. The model predicts that the ban was a binding constraint in 2013 through 2015. We find that the distortions introduced by the policy are greatest in the refining sector. Light oil prices become artificially low in the U.S., and U.S. refineries produce inefficiently high amount of refined products, but the impact on refined product prices and GDP are negligible.

Aim This study estimated the GDP share of pharmaceuticals in Iran based on the drivers of pharmaceutical expenditure and compared it with that of 31 members of the Organisation for Economic Cooperation and Development (OECD). Subject and methods The factors contributing to pharmaceutical expenditure were identified through literature review and studied by 8 experts to classify the factors. Then, using the panel data method, a model was built to estimate the GDP share of pharmaceutical expenditure based on the extracted factors of the selected countries in Iran’s model. To explain the observed differences, several regression analyses were performed based on cross-sectional data. The analyses were performed using EVIEWS software, version 10. Results The explanatory variables for the selected countries in the panel model (R2 = 0.98) were specified. Government health expenditure (β = 0.1432), the share of generic drugs (β = − 0.0143), gross domestic product (GDP) per capita (β = − 0.0058) and the rate of disability-adjusted life-years (DALY) (β = 0.0028) contributed most to pharmaceutical expenditure. In comparison, in the Iranian estimation model (R2 = 0.84), government health expenditure (β = 0.0536) and the share of generic drugs (β = 0.0369) had a significant impact on pharmaceutical expenditure. In the estimation model with more estimators for Iran (R2 = 0.99), government health expenditure (β = 0.1694), disease prevalence (β = 0.0537), the share of generic drugs (β = 0.0102), the DALY rate (β = 0.0039), GDP per capita (β = − 0.0033), and the drug price index (β = 0.0007) contribute most to pharmaceutical expenditure. Conclusion In the models of the study, factors related to the structure of the healthcare system and the pharmaceutical system contributed most to pharmaceutical expenditure as a share of GDP. Moreover, disease profiles show its predictive role in the second model for Iran.

We document the contribution of skin color toward quantifying inequality of opportunity over a proxy indicator of wealth. Our Ferreira–Gignoux estimates of inequality of opportunity as a share of total wealth inequality show that once parental wealth is included as a circumstance variable, the share of inequality of opportunity rises above 40%, overall and for every age cohort. By contrast, the contribution of skin tone to total inequality of opportunity remains minor throughout.

Reflections on problematic moments in the teaching of statistics as a part of mathematics school education are presented. The article concerns problems related to the predominant approach, on one hand the inclusion of statistics in school education, in which statistics is perceived as a part of mathematics, and on the other hand to the definition of the conceptual framework, ignoring the requirements of measurement theory and the lack of a systematic approach in teaching, as consequence of the configuration of the curriculum. In accordance with the set goal, an argumentation of the defended thesis is presented - the current approach approved through the curriculum prevents the development of systematic and logically consistent knowledge about the collection, processing and analysis of statistical information.

In 1994, the education policy goal for the Chinese government was that the education expenditure as a share of GDP should be at least 4% of GDP. However, this educational policy goal has not been achieved until 2010. Another relevant social issue was related to teachers’ pay: there were 168 strike and protests occurred in almost every part of China from 2014 to 2015. In this article, we examine the impact of fiscal centralisation policies have on China’s educational spending and teachers’ salary. We use a county-level panel data for period of 2001 to 2005 and apply a quasi-experiment. This study finds evidence that fiscally-centralising policies, exemplified by the Corporate Income Tax Reform passed in 2002, are one of the determinants that lead to less education expenditures and subsequently affect teachers’ merit salary.

Households can mitigate the disequilibrium in housing consumption that they face during their lifecycle by moving to another house, rebuilding, extending or altering their current house. The option of moving is rarely exercised in India due to high transaction costs. The default option is doing nothing. The purpose of this paper is to investigate the importance of access to, and availability of, formal housing finance in determining the choice of housing disequilibrium mitigating strategies, using nationwide housing survey data for those who decided to mitigate housing consumption disequilibrium through rebuilding, extending or altering their current house. Multinomial Logit method is used to model household housing consumption adjustment choice. The results indicate that when the share of own funds as a share of total construction cost reduces, and the access to formal finance increases, there is a tendency to shift towards rebuilding rather than expanding or altering. The results are discussed in the context of a recent government policy, Pradhan Mantri Awas Yojana (Prime Minister Housing Scheme), that aims to improve housing conditions.

In 2015, countries pledged to spend more on research as a share of gross domestic product (GDP) when they committed to the Sustainable Development Goals. According to the UNESCO Science Report: The race against time for smarter development, released in June 2021, research spending actually increased by 19.2 per cent between 2014 and 2018 – with almost half of this growth driven by China alone.

This paper studies how security design affects project outcomes. Consider a firm that raises capital for multiple projects by offering investors a share of the revenues. The revenue of each project is determined ex post through bargaining with a buyer of the output. Thus, the choice of security affects the feasible payoffs of the bargaining game. We characterize the securities that achieve the firm’s maximal equilibrium payoff in bilateral and multilateral negotiations. In a large class of securities, the optimal contract is remarkably simple. The firm finances each project separately with defaultable debt. Welfare and empirical implications are discussed. (JEL C78, D21, D86, G12, G32)

The purpose of this paper is to investigate the relationship between green industrial policies and domestic biofuel production among OECD countries. The analysis builds on a data set including 24 OECD countries over the time period 2000–2016. This panel is estimated using a variant of the so-called Poisson pseudo-maximum-likelihood model and includes the mix of demand-pull (biofuel blending mandates) and technology-push policies (government R&D), as well as the interaction between these two types of instruments. The results suggest a positive relationship between blending mandates and domestic biofuel production. Thus, a more stringent blending mandate does not only increase the use of biofuels, but also domestic production (as a share of total fuel use). Government R&D has not, however, induced domestic biofuel industrialization processes. The results even suggest a negative interaction effect between government R&D and blending mandates, in turn implying that these two polices target different technological fields. The blending mandates tend to primarily favor commercialized first-generation biofuels, while government support to biofuel R&D has instead been focused on advanced biofuel technology.

Investigating the existence and causes of idiosyncratic volatility premium puzzle in developing stock market can enrich the research on this asset pricing puzzle. To investigate the existence and whether limits to arbitrage in China’s A-share market can explain the idiosyncratic volatility premium puzzle, this paper uses listed stocks in China’s A-share market from 2002 to 2019 as a sample. We calculate three individual measures and one comprehensive measure of limits to arbitrage based on Chinese specific regulations. After that, we conduct univariate portfolios analysis, regression analysis, and bivariate portfolios analysis to obtain evidence. We prove that idiosyncratic volatility premium puzzle exists in China’s A-share market and is robust and that limits to arbitrage in this market can partly explain this asset pricing puzzle. This paper enriches research on asset pricing anomaly and can help us evaluate the effect of China’s A-share market reform.

Taking the A-share listed companies in the 2018-2019 Environment, Social and Governance (ESG) rating by the China Alliance of Social Value Investment (CASVI) as samples, we analyze the impact of Corporate Social Responsibility (CSR) performance on the current systematic risk and its deferred effect. By using quantile regression and the ordinary least squares (OLS) for cross-comparison, we find that 1) for high-risk companies, the current performance of CSR can help reduce systematic risks, and 2) for low-risk companies, the more progress they make in CSR performance but do not disclose social responsibility information according to the global reporting initiative (GRI) guideline, the more systematic risks they will encounter; if they proactively disclose such reports, however, they may reduce systematic risks. Based on our findings, we propose the following measures: 1) the government should properly guide economic development; 2) companies should actively disclose CSR reports so as to achieve a win-win result for both the companies and their stakeholders; 3) investors should consult social responsibility information to make rigorous investment plans, before making investment decisions.

The stock market is sometimes referred to as a "mirror" of the country's economic health since it acts a barometer to measure the economic growth. A potential buyer sets a price, known as an offer price, for a share of stock in the stock market, and a potential seller asks for a fixed price for it. When buying or selling in the market, both the buyer and the seller agree on the asking price or bid price. A trade occurs when the bid and ask prices are equal. As a result, stock valuation is extremely important in day-to-day stock exchange transactions. A company's success is reflected in its stock price. Companies with strong results are thought to have strong demand for their stock, which will drive up the price, and vice versa. Stock price fluctuations are influenced by rumours, speculation, and short-selling, among other manipulation practices. The present research on the above backdrop will make an analysis on the volatility of blue chip companies listed in the NIFTY 50 of National Stock Exchange in India.

The paper analyses the notion of an economy’s Incremental Capital‐Output Ratio and proceeds to provide estimates of the Incremental Capital‐Output Ratio for the Moldovan economy utilising National Accounts data. The purpose of the study is to calculate estimates of the Incremental Capital‐Output Ratio for the Moldovan economy’s transition period to date, utilise the derived estimates to analyse aspects of economic growth in Moldova over its transition period and use the average value of the Incremental Capital‐Output Ratio over the recent period for simulation and forecasting purposes. On the whole the reported empirical estimates of the Incremental Capital‐Output Ratio for the Moldovan economy lie within the range of values reported in the economic literature. Furthermore, the evolution of the Incremental Capital‐Output Ratio in the first few years of sustainable growth in Moldova reflects the wide availability of unemployed or underemployed resources in the economy at the time thus allowing the achievement significant economic growth which was associated with low values of the Incremental Capital‐Output Ratio over the period. The paper proceeds to utilise the recent Incremental Capital‐Output Ratio estimates for the Moldovan economy over the period 2015 to 2019 inclusive to calculate an average estimate of the Incremental Capital‐Output Ratio and use this average estimate to generate estimates of the Gross Fixed Capital Formation ratios as a share of GDP required to reach a number of indicative growth paths in the medium to long term. It is notable that the growth path which is attainable given current conditions in the economy is close to the latest medium term forecasts by International Financial Institutions and the Ministry of Economy and Infrastructure. The paper concludes by discussing the design of economic policy and development planning in Moldova and suggesting areas for further work.

Background Achieving universal health coverage (UHC) includes financial risk protection. To date, catastrophic healthcare expenditure (CHE), the impoverishing effect of out-of-pocket (OOP) healthcare payments, and unmet healthcare need are the most widely used indicators for assessing the financial risk protection of a healthcare system. This study aimed to estimate the Russian healthcare system’s financial risk protection by focusing on CHE, OOP and unmet healthcare need. Methods The study used eight waves of the Russia Longitudinal Monitoring Survey (RLMS) (2010-2017) to analyze the financial risk protection of the Russian healthcare system. Commonly used indicators – CHE, both incidence and intensity, the impoverishing effect of CHE and unmet need –were used. Results We found low incidence and intensity of CHE in the Russian Federation. Our results are robust to various definitions of CHE (eg, as a share of total household expenditure or total household income). Furthermore, the impoverishing effect of OOP healthcare payments remains limited, despite the most recent economic slowdown (2014–2016). This could be explained by a noticeable reduction in CHE during the crisis years, as postponing healthcare was adopted as a coping mechanism, particularly among households heavily affected by the crisis. Conclusion As stressed by the UHC framework, our findings suggest that CHE only partly captures inefficiencies and inequities in coverage, because one tenth of households forwent medical care for medicines and certain services. As spending on medicines and dental care are the main drivers of CHE, policy interventions should focus on extending coverage for pharmaceutical and dental care and target financial barriers to seeking care, particularly for the poor and vulnerable.

Motivation: The paper addresses the issue of shares in corporate income tax (CIT) as revenue for the budgets of provincial governments. A study of the formation of revenues from this source in relation to total revenues in 2019–2021 was carried out, resulting in the observation that amongst the provinces a wide disparity exists in terms of the importance of CIT shares as a source of revenue. In most provinces, the percentage ratios of the size of CIT shares planned for 2021 in the structure of total revenue decreased compared with 2019. The study made it possible to advance a thesis on the possible impact of the COVID-19 pandemic on the decline in provincial revenue from CIT shares, as well as to confirm views criticizing certain features of CIT shares, such as their lack of stability or the lack of influence of provincial governments on the shaping of this source of revenue. Shares in CIT formally constitute the provinces’ own revenue, but in practice they are funds transferred from the state budget. Income taxes in Poland are the revenue of the state, which has an exclusive influence on the normative shape of these taxes and the implementation of the regulations concerning them. The province, as a beneficiary of the CIT share, has no influence on this income. In view of the fact that in some provinces CIT revenue as a share of total revenue exceeds 40%, a problem arises in the event of a decrease in the revenue from this tax to the state budget, and consequently to the provincial budgets. The COVID-19 pandemic and the economic crisis caused by it result, inter alia, in a decrease in revenues from income taxes, which is reflected in provincial budgets. Aim: The aim of the article is to determine whether and to what extent the COVID-19 pandemic affected the revenues of self-governing voivodships from CIT shares. The authors also indicated solutions aimed at mitigating the negative consequences for provinces of the drop in revenues from CIT shares. Results: The research carried out on revenues to the budgets of provincial local governments from the CIT share indicates that in 2021, 11 out of 16 provinces will have a lower percentage share of this income in the structure of all their revenues when compared to 2019.

This study aims to examine some factors affecting the financial performance of manufacturing companies in the Indonesia Stock Exchange (IDX). This research uses data on the financial statements of 20 manufacturing companies listed on IDX in the period 20132017 and carried out share distribution facilities for their employees. This research model is a panel regression model done by testing the common effect model, fixed-effect model, and random effect model. Based on the Chow test and Hausman test, it is found that the best model in this study is the fixed effect model. The study results find that dividend policy, a share giving program to employees, and debt to equity ratio are significant factors affecting the financial performance of manufacturing companies in Indonesia. From these three factors, the debt to equity ratio is the dominant factor determining the financial performance of manufacturing companies, while investment decision does not significantly affect it. Future research studies can be carried out by focusing on other industrial sectors such as the Jakarta Islamic Index 70 and adding other macroeconomic variables.

“Unless all existence is a medium of revelation, no particular revelation is possible”– William Temple, quoted in Grant (1945).The RTPI Gold Medal is awarded at the discretion of the Board of Trust...

This paper examines the influence of smog on firm earnings and information content using the data of Chinese A share listed firms and the air quality monitoring data released by the China National ...

Family-run enterprises are business organisations in which the reins of control are concentrated in the hands of a single family or an individual who for the enterprise aims to continue operation through successive generations of the family. In Serbia, family-run companies usually begin as an individual entrepreneurship, a form of closed company (general and limited partnership) or relatively closed company (limited liability company). The legal difficulties that arise following the death of an individual entrepreneur (natural person) differ from those following the death of a member in a company (legal entity). Companies are imbued with rights and responsibilities separate from the personal rights and responsibilities of their members. Members of a company, including the head, are not considered owners of the company’s property in legal terms. Instead, they have shares in the company, and those shares entitle them to membership (management and proprietary) rights. Thus, when a member dies, the company’s property, in whole or in part, is not subject to inheritance (although that deceased member’s share is). This differs from the situation following an individual entrepreneur’s death. The law does not recognise a natural person conducting business as an individual entrepreneur as having two legal personalities (personal and business); everything is treated as personal. Therefore, all the assets and debts of a deceased individual entrepreneur are subject to inheritance, regardless of whether or not they were accrued in the course of business. The succession of a share following a member’s death is regulated separately for each company form, and all issues not governed by the Companies Act or a company’s incorporation document are subject to the rules of Serbia’s Law of Inheritance. Inheritance rules differ greatly for a share in a personal company (general or limited partnership) and a share in a capital company (limited liability or joint-stock company). In principle, whether or not a deceased member’s rights and responsibilities can be passed through inheritance depends on the company’s form, its incorporation document, and the relevance of the heirs’ connection to the deceased and the company. The less complicated these are, the fewer the legal obstacles to inheritance.

This paper analyzes the epidemiological and economic effects of quarantines. We use a basic epidemiological model, a SEIR-model, that is calibrated to roughly resemble the COVID-19 pandemic, and we assume that individuals that become infected or are isolated on average lose a share of their productivity. An early quarantine postpones but does not alter the course of the pandemic at a cost that increases in the duration and the extent of the quarantine. For quarantines at later stages of the pandemic there is a trade-off between lowering the peak level of infectious people on the one hand and minimizing fatalities and economic losses on the other hand. A longer quarantine dampens the peak level of infectious people and also reduces the total number of infected persons but increases economic losses. Both the peak level of infectious individuals and the total share of the population that will have been infected are U-shaped in relation to the share of the population in quarantine, while economic costs increase in this share. In particular, a quarantine covering a moderate share of the population leads to a lower peak, fewer deaths and lower economic costs, but it implies that the peak of the pandemic occurs earlier.

The extant literature recognize that social relations and networks strengthen corporate innovation, but the contribution of the top management teams and the channel of social status and network loc...

This research analyzes the factors that influence the decision to use the equity funding platform in Indonesia. Equity crowdfunding platform is a platform that organizes the crowdfunding process, where investors will receive an equity instrument that provides a share of ownership or a share of future income. This research model is compiled based on the merging of previous research models related to the intention to use the equity funding platform, such as Financing Objectives, Number of Shares Assigned, Number of Inquiries, Familiarity with the Company or Its Product, Target Attractiveness and Campaign Specification. Sources of data were collected from respondents using the equity crowdfunding platform who are JABODETABEK people through a questionnaire, and obtained 428 respondents. The data were analyzed using the SmartPLS 3, and the results show that the variable Familiarity with the Company or Its Product and Target Attractiveness affects people's decisions in using the equity crowdfunding platform.

We devise an analytical framework where the distribution of factor income across agents and the distribution of labor earnings across workers is influenced by the possibility of profit sharing with workers. Firms choose periodically to compensate workers with only a real base wage or a share of profits in addition to this real base wage as alternative productivity-enhancing strategies. As supported by robust empirical evidence, labor productivity is higher in profit-sharing firms than in non-sharing firms. The frequency distribution of productivity-enhancing strategies and labor productivity across firms are co-evolutionarily time-varying, which impacts on the distribution of factor income between profits and wages and thereby on the rates of employment and output growth, as well as on the distribution of labor earnings across workers. Heterogeneity in productivity-enhancing strategies across firms (and hence labor earnings inequality across workers) may be a stable long-run equilibrium outcome. This polymorphic equilibrium features the frequency of profit-sharing firms and the employment rate varying positively (negatively) with the real base wage (profit-sharing coefficient). Yet the employment rate is path dependent in the polymorphic equilibrium. As shown analytically and with numerical simulations, the microdynamics landscape is shaped by the real base wage and the profit-sharing coefficient as bifurcation parameters.

Lending is a main instrument of bank institutions’ influence on the development of economy and its subjects. The aim of the paper is to analyze the condition of entrepreneurial subjects lending by the bank system, especially agrarian enterprises, and separation of main restraining factors of its development. During 2017-2020 there is observed an essential reduction of volumes of medium-term and long-term credits, given to entrepreneurial subjects. The use of short-term credits for less than 1 year, the most specific weight (80.5 %) of which is possessed by microentrepreneurial subjects with annual income less than 50 thousand euro, prevails. It has been established, that high cost of credit resources, absence of correspondent guarantee and insufficient competitiveness of most entrepreneurial subjects prevent the development of credit relations for all participants (borrowers, creditors and state). Agricultural economy that produces more than 12 % of GDP and provides more than 40 % of Ukrainian currency receipts, demonstrates positive financial results of activity, is really underfinanced at the expanse of bank credits. A share of credits, directed to the agrarian sector during last years, is essentially less than the contribution of the branch in the gross added value formation in the country. A bank credit policy, acceptable for all entrepreneurial subjects and directed on credit cost decrease and long-term lending increase, is necessary. Studies of the influence of arrangements in the AIC by reduction of credit prices on effective indices (pure profit of agrarian enterprises) has testified a close connection (R=0,9803), comparing with other factors, that is why the practice of using the preferential lending mechanism must be continued, but by stable, not continuously changing approaches and by direct state support of just small and medium entrepreneurial subjects, which are most limited in access to credit resources of bank institutions.

Companies’ disclosing information of targeted poverty alleviation in China has become a referee for investors to judge the morality of the corporate management and influenced the decision-making of...

The long-term nature of corporate legal relations necessitates the theoretical selection of certain moments of their emergence, change and termination. The update of the corporate legislation has necessitated a review of the established positions on the moment of termination of corporate legal relations, analysis and study of the legislation and resolution of problems that arise in connection with its application. The introduction of the institution of consent in corporate legal relations necessitated a scientific rethinking of certain aspects of the mechanism of termination of corporate legal relations. The article investigates the main scientific approaches to determining the moment of termination of corporate legal relations, analyzes the moment of termination of corporate legal relations depending on the grounds for their termination. Based on four main approaches to determining the moment of termination of corporate legal relations, the positions of scientists who adhere to them are studied, changes to the current corporate legislation are analyzed, inconsistencies regarding the moment of termination of corporate legal relations are revealed. The peculiarities of the moment of termination of corporate legal relations in case of alienation of a share (part of a share) in the authorized capital of the company, exclusion of a participant from the company, its withdrawal, withdrawal, recovery from the defendant (claim from his possession) to a share (part of the share) are analyzed. Peculiarities of state registration of changes in information about a legal entity in the aspect of determining the moment of termination of corporate legal relations are determined. A position has been formed regarding the application of a separate approach to determining the moment of termination of corporate legal relations on certain grounds for termination of corporate legal relations and suggested ways to resolve existing inconsistencies in corporate law regarding certain grounds for termination of corporate legal relations.

PurposeIn this paper, the authors assess the responsiveness of OOP healthcare expenditure to macro-fiscal factors, as well as to tax-based, SHI, mixed systems and voluntary PHI financing. Although the relationship between OOP expenditure, macroeconomy, aggregate public and PHI financing is well documented in the existing empirical literature, little is known for the impact of several macro-fiscal drivers and the existing health financing arrangements associated with voluntary PHI on OOP expenditure.Design/methodology/approachThe authors gather panel data by applying three official organizations’ databases. They elaborate static and dynamic panel data methodology to a dataset of 49 European and OECD countries from 2000 to 2015.FindingsThe authors’ findings do not indicate a considerable impact of GDP growth and general government debt as a share of GDP on OOP payments. Unemployment rate presents as a positive driver of OOP payments in all three compulsory national health systems post to the 2008 economic crisis. OOP payments are significantly influenced by countries’ fiscal capacity to increase general government expenditure to GDP in SHI and mixed health systems. Additionally, study findings present that government health financing, irrespective of the different health systems structure characteristics, and OOP healthcare payments follow different directions. Voluntary PHI financing considerably counteracts OOP payments only in tax-based health systems.Practical implicationsIn the backdrop of a new economic crisis associated to the COVID-19 epidemic, health policy planners have to deal with the emerging unprecedented challenges in financing of health systems, especially for these economies that have to face the fiscal capacity constraints owing to the 2008 financial crisis and its severe recession.Originality/valueTo the best of authors’ knowledge, there is no empirical consensus on the effects of macro-fiscal parameters, different compulsory health systems financing associated with the parallel voluntary PHI institution funding on OOP expenditure, for the majority of European and OECD settings.

Given the efficiency loss regarding the Chinese capital market, it is necessary to examine ways to improve pricing efficiency. Thus, this study considers A-share market listed companies (2005–2019)...

Analysis of Return on Equity Against Stock Prices at PT. Bekasi Asri Pemula, Tbk. This study aims to find out how Return on Equity (ROE) on Stock Prices. The object of this research is PT. Bekasi Asri Pemula, Tbk for the period 2014 - 2017. This study used a qualitative method consisting of two variables, namely Return On Equity (ROE) as an independent variable and stock price as the dependent variable. The data analysis technique used is simple linear regression analysis, correlation analysis, coefficient of determination analysis, and t test. The results of testing the research show that return on equity has a significant influence on stock prices. This result can be seen in the correlation analysis (r) of 0.82 which means that the relationship is very strong. The results of the coefficient of determination analysis show that return on equity has an influence on stock prices of 67.24% and 32.76% influenced by other factors not examined. The constant value of this regression equation is positive. This shows that the dependent variable Y will increase constantly if the variable X is zero. While the value of 15.752.67 shows that if the variable X (Return On Equity) is ignored then the stock price will be worth a 15.752.67 from b of 653,812.04 indicating that each increase in the variable Return on Equity (ROE) of 1 unit will be followed by a share price increase of 2, 40935758%. Whereas partially t test because t count

Sharia banking is currently on the rise and has become a reference for people to invest their funds for various needs. For this reason, various Islamic banking products must be able to be understood by the public, one of which is wadi'ah savings products. This study will discuss the analysis of Wadi'ah savings products at PT. Al Falah Banyuasin Sharia People's Financing Bank. This research is a qualitative study using primary data from direct interviews with stakeholders. The results of this study indicate that the wadi`ah principle applied to the Al Falah Banyuasin BPRS is the wadi'ah yad dhamanah which is applied to current account products. Wadi'ah dhamanah is different from wadi'ah amanah. With the two contracts carried out at the wadiah, it is possible for the depositor to get a share of the profits obtained by the deposit manager.

Firms can donate a share of profits to charity as a form of corporate social responsibility (CSR). Recent experiments have found that such initiatives can induce higher effort by workers, generating benefits for both sides of the labour market. We design a novel version of the gift-exchange game to account for self-selection, and find that wages remain the most effective incentive to attract and motivate workers, with corporate donations playing a smaller role than previously suggested. We also show that firms substitute donations to charity with lower wage offers, keeping their profits constant but reducing workers' earnings. Initiatives of corporate philanthropy can thus be marginally beneficial for firms, but considerably costly for workers.

Urban developments in expanding economies require increasing investments in infrastructure and services. If these are not provided by developers and landowners, the cost has to be met by the government and taxpayers. Financial benefits of economic development accrue to developers and landowners in the form of increased land values, but previous attempts to redirect a share of these benefits to the government have rarely been successful. A more logical and practical alternative would be the introduction of a system that returns dividends to the government in proportion to its investments in infrastructure and services.