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In 1930, a trust was formed to provide a home for men of British descent from throughout the Empire who had come as students to London. The Dominion Students Hall Trust (DSHT) and its physical embodiment, London House, thereafter emerged as centres for imperial connectedness. Through the support and finance of elites in business, banking, and government, and partnership with imperial interest groups, London House established itself as a symbol of and locus for the pre-eminent imperial vision of the inter-war. This vision was founded on a belief in the value of cooperation between Great Britain and the self-governing Dominions, constituents of a 'British Commonwealth of Nations' or 'British world'. In this article, British world cooperation is shown to have been fundamental to the foundation and success of the DSHT, making London House an instance of what Tamson Pietsch has termed 'British world sites'. Drawing on this idea, the article demonstrates how preconceptions about imperial unity and British race patriotism affected the DSHT's foundation as well as London House's architecture. It concludes with an appraisal of how the deterioration of the British world's cachet as a source of imperial unity and supranational identity was received by both institutions. [ABSTRACT FROM AUTHOR]

This document is a preface to a special issue of the journal Biochemistry, written by someone who worked closely with Vladimir Petrovich Skulachev (VP) on a significant project. The author describes their relationship with VP and highlights his leadership and dedication. They discuss VP's belief in the importance of people and his approach to managing a large team. The document emphasizes the significance of the project, which aimed to develop a therapeutic drug based on VP's discovery of "mitochondrial electricity" and potentially address aging. The author also discusses the decrease in funding for science and research in recent years and the need for new models of financing. They reflect on the past when scientists had more financial support and the current reality of having to actively seek funding through grants and contracts. The author concludes by stating the responsibility to fulfill VP's vision and complete the project. [Extracted from the article]

With the speedy development of economy, there are many issues in business enterprise finance, and organization finance is going through large risks. With more and more complicated market environment, the uncertainty danger of business enterprise operation intensifies, and economic crises happen frequently. The monetary disaster of a company regularly shows that there can also be a complete crisis. Once the organization is deeply in economic crisis, it can also now not be capable to make certain the ordinary capital chain of the enterprise, and in serious cases, it may also have an effect on the sustainable operation of the agency or even make the employer bankrupt and liquidate. Therefore, we have to set up a best financial catastrophe early warning model to prevent and control the occurrence of economic disaster risk. BP neural network can, quite in shape nonlinear feature relationship, have true gaining knowledge of adaptability, excessive parallel computing and statistics processing ability. In view of the actual state of affairs of commercial enterprise, business enterprise and economic risk, the BP neural community algorithm is used to predict agency financial risk and a hazard prediction model in particular primarily based on BP neural community is established. The simulation consequences exhibit that the accuracy and correctness of economic hazard conduct early warning primarily based on BP neural network are 91.51% and 95.28%, respectively. It is proved that the fast-warning approach of economic threat that is conducted primarily based on BP neural network has excessively taken a look at the accuracy and robust cognizance ability. [ABSTRACT FROM AUTHOR]

In the recent 20 years, the capital flows between Korea and European Union have increased and diversified. In particular, the business cycles of two economies have shown similar patterns since the Global Financial Crisis. This study examines both trends and investigates the roles of finance and trade on business cycle co-movements between two economies. The empirical results show that the business cycles can diverge due to either the common shocks or the country-specific shocks. Furthermore, financial integration increases the business cycle co-movements driven by both the country-specific shocks and the common shocks between two economies. [ABSTRACT FROM AUTHOR]

Background: Podiatrists' earnings have an important influence on workforce dynamics. This includes the profession's ability to attract and retain workers so the population's healthcare needs can be met. This study aimed to describe financial characteristics of podiatry work and factors relating to a sense of financial security. Methods: This was a cross sectional study using data from Victorian podiatrists who participated in Wave 1 of the Podiatrists in Australia: Investigating Graduate Employment (PAIGE) survey. Demographic and financial characteristics were described. The outcome measure, financial security, was collected through a self-reported belief based on current financial situation and prospects, respondents' perception of having enough income to live on when they retire. Univariate logistic regression was used to determine associations with rural or metropolitan practice locations. Multiple ordered logistic regression was performed to explore associations between factors relating to financial security and retirement prospects. Results: There were 286 Victorian podiatrist (18% of n = 1,585 Victorian podiatrists) respondents. Of these, 206 (72% of n = 286) identified as female, 169 (59% of 286) worked in the private sector and the mean (SD) age was 33.4 (9.5) years. The mean (SD) annual gross income was $79,194 ($45,651) AUD, and 243 (87% of 279) made regular superannuation contributions. Multiple ordered logistic regression analyses identified factors associated with podiatrists' perception of having adequate retirement income. These included being an owner/partner of their main workplace (adj OR = 2.70, 95% CI = 1.49–4.76), growing up in a rural location (adj OR = 2.27, 95% CI = 1.38–3.70), perceiving a moderate overall health rating (adj OR = 2.03 95% CI = 1.51–2.75), not having financial debt related to education and training (adj OR = 2.02, 95% CI = 1.24–3.32) and regular contributions to a superannuation scheme (adj OR = 4.76, 95% CI = 2.27–10.00). Conclusion: This is the first known study to explore podiatrists' earnings and perceptions regarding financial security. Findings suggest modifiable ways to improve financial security of podiatrists including support and education about personal and business finances including debt management, understanding the importance of contributions to superannuation when self-employed, and developing skills and supports for podiatrists to run their own businesses. This research is exploratory and is relevant for understanding the impact that income and financial security have on workforce dynamics. [ABSTRACT FROM AUTHOR]

Background: Podiatrists' earnings have an important influence on workforce dynamics. This includes the profession's ability to attract and retain workers so the population's healthcare needs can be met. This study aimed to describe financial characteristics of podiatry work and factors relating to a sense of financial security. Methods: This was a cross sectional study using data from Victorian podiatrists who participated in Wave 1 of the Podiatrists in Australia: Investigating Graduate Employment (PAIGE) survey. Demographic and financial characteristics were described. The outcome measure, financial security, was collected through a self-reported belief based on current financial situation and prospects, respondents' perception of having enough income to live on when they retire. Univariate logistic regression was used to determine associations with rural or metropolitan practice locations. Multiple ordered logistic regression was performed to explore associations between factors relating to financial security and retirement prospects. Results: There were 286 Victorian podiatrist (18% of n = 1,585 Victorian podiatrists) respondents. Of these, 206 (72% of n = 286) identified as female, 169 (59% of 286) worked in the private sector and the mean (SD) age was 33.4 (9.5) years. The mean (SD) annual gross income was $79,194 ($45,651) AUD, and 243 (87% of 279) made regular superannuation contributions. Multiple ordered logistic regression analyses identified factors associated with podiatrists' perception of having adequate retirement income. These included being an owner/partner of their main workplace (adj OR = 2.70, 95% CI = 1.49–4.76), growing up in a rural location (adj OR = 2.27, 95% CI = 1.38–3.70), perceiving a moderate overall health rating (adj OR = 2.03 95% CI = 1.51–2.75), not having financial debt related to education and training (adj OR = 2.02, 95% CI = 1.24–3.32) and regular contributions to a superannuation scheme (adj OR = 4.76, 95% CI = 2.27–10.00). Conclusion: This is the first known study to explore podiatrists' earnings and perceptions regarding financial security. Findings suggest modifiable ways to improve financial security of podiatrists including support and education about personal and business finances including debt management, understanding the importance of contributions to superannuation when self-employed, and developing skills and supports for podiatrists to run their own businesses. This research is exploratory and is relevant for understanding the impact that income and financial security have on workforce dynamics. [ABSTRACT FROM AUTHOR]

The paper deals with the detection of creative accounting of enterprises in the agricultural sector to verify whether creative accounting is used to an increased extent by those farming enterprises that have been granted a bank loan; and then whether there is an effort to manipulate financial statements mainly in microsmall or medium and large enterprises. Four mathematical-financial models were applied to 150 accounting units with primarily agricultural activity to verify the hypotheses. Beneish M-score, Jones model, Altman Z-score and IN05 model were used. An increased risk of using creative accounting methods was identified in 28% of the investigated companies on average during the monitored period. Still, the assumption that the size of the accounting unit has a significant effect on the use of creative accounting methods was not proven. However, a higher motivation to manipulate financial statements can be expected in smaller accounting units due to their less stable financial position confirmed Altman Z-score and IN05 models. At the same time, a higher probability of using and a tendency to use creative accounting techniques were found among units that were granted a bank loan, which stems from the need to secure and maintain sufficient financing for business activities. [ABSTRACT FROM AUTHOR]

Due to small firm sizes and inter-linkages between household and business finances, small-scale entrepreneurs in developing countries are inherently vulnerable to temporary and permanent income shortfalls, and hence household poverty. While the International Labour Organisation (ILO) generally defines self-employment without employees as vulnerable employment, little empirical research has been done on the extent to which the self-employed are indeed vulnerable. This paper makes two main contributions: first, it operationalises the concept of vulnerability in the context of self-employment in developing countries by defining vulnerability as the risk of having business income below a living wage threshold. Secondly, it investigates the extent and correlates of vulnerability. Using a six-year balanced entrepreneur panel dataset from Kampala, Uganda, it is shown that the self-employed are heterogeneous with respect to vulnerability and observed earnings: 58–74% of the samples are classified as vulnerable in a given year and mostly earn incomes below the living wage threshold. Vulnerable entrepreneurs are shown to be significantly different from non-vulnerable entrepreneurs in several dimensions, including those that do not directly predict income. [ABSTRACT FROM AUTHOR]

In this exploratory article, we aim to open a research agenda for renewed attention to the relationship between the capitalist state and the technology ecosystem. Over the last decade, private technology companies have increasingly become enmeshed with the activities of the state in arenas such as policing, healthcare, and welfare administration. At a time when so many facets of state activity are being infiltrated by technology firms and their products, we ask how we should theorise the relationship between the capitalist state and technology capital? This paper develops one approach to answer this question by aligning the priorities of tech capital with those of the neoliberal state namely, through the disciplining and managing of the relative surplus population. In this arena, we argue, a form of techfare has begun to take shape: a technology-assisted extension and intensification of the disciplinary logics that work to lock the relative surplus population into exploitative market relations and punitive institutions in advanced capitalist countries like the United States. We explore techfare and the disciplining of labour through two avenues: the business of consumer finance vis-à-vis debt and credit instruments, and various forms of tech-enabled strategies of law-enforcement. [ABSTRACT FROM AUTHOR]

The financial challenges of the last two years generated by the pandemic, military conflicts, etc. have determined Romanian companies to evaluate their businesses and choose the best sources in order to continue their economic activity. The companies' short- and medium-term objectives were shaped according to the new economic and social conditions. Access to financing is a key element for development, to build new jobs, to remain competitive. Consequently, the need for short-term financing increased and was honored by accessing factoring products by companies. Through the conducted study, it was highlighted that for small and medium-sized companies, factoring products are of interest and are very useful. The evolution of the products granted by Romanian financial institutions are in correlation with the international market, but the proportions are different. Developed countries promote financing through factoring, the proof is the volumes reported by factoring companies. At the same time, financial institutions maintain their prudential criteria in conditions where the economy is influenced by social and political factors, some unpredictable and with a high degree of risk. [ABSTRACT FROM AUTHOR]

Small and Medium-sized Enterprises play a significant role in most economies by contributing to job creation and economic growth. A majority of such merchants rely on business financing, and thus, financial institutions and investors need to assess their performance before making decisions on business loans. However, current methods of predicting merchants' future performance involve their private internal information, such as revenue and customer base, which cannot be shared without potentially exposing critical information. To address this problem, we first propose a novel approach to predicting merchants' future performance using credit card transaction data. Specifically, we construct a merchant network, regarding customers as bridges between merchants, and extract features from the constructed network structure for prediction purposes. Our study results demonstrate that the performance of machine learning models with features extracted from our proposed network is comparable to those with conventional revenue- and customer-based features, while maintaining higher privacy levels when shared with third-party organizations. Our approach offers a practical solution to privacy concerns over data and information required for merchants' performance prediction, enabling safe data-sharing among financial institutions and investors, helping them make more informed decisions on allocating their financial resources while ensuring that merchants' sensitive information is kept confidential. [ABSTRACT FROM AUTHOR]

Stock-flow consistent modelling (SFC) is currently one of the most active fields of research in post-Keynesian macroeconomics. SFC models make it possible to study the dynamics of a monetary economy of production within a consistent accounting framework. However, with some rare exceptions, SFC models do not take into account the repayment of bank loans used to finance business investments. It is assumed that these investments are financed by perpetual loans or by constant turnover. In this article, we reject this assumption and build a model based on recent studies, in which firms repay part of their past debt in each period. We then study the dynamics of this model. The results obtained indicate that the dynamics of an SFC model is significantly affected by taking these repayments into account. [ABSTRACT FROM AUTHOR]

Greater access to finance by SMEs in developing countries is one of the most import powerful strategies to reduce poverty and unemployment issues and promote economic growth. The main objective of this study is to construct financial inclusion index for SMEs and identify the determinants of SMEs' financial inclusion. The data are collected from the primary survey conducted in Sabaragamuwa province using the Stratified Random sampling method to achieve the abovementioned aims. A sample of 139 SMEs is used to analyze the data from a well-structured questionnaire. Principal Component Analysis (PCA) and Multiple Regression Analysis are applied to construct an index and identifying factors. The study's findings reveal that the financial inclusion index for SMEs is weighted equally by access and quality of the financial services as the pillars. Further, the financial inclusion of SMEs is mainly determined by demand-side factors (ability to manage economic changes, proffer record keeping, and willingness to expand the business), supply-side factors (collateral requirements and application procedure), institutional factors (ownership type and sector of the firm), and some demographic characteristics of owner-manager of SMEs. The study recommends that the state bankers, commercial bankers, and policymakers should put in place policies that encourage financial service providers to set up their operations close and incorporate innovative approaches to ensure that they adopt technologies and financial services that are more accessible. [ABSTRACT FROM AUTHOR]

Digital finance is an innovative business that applies information technology in the financial industry. Although empirical research on digital finance for development has grown enormously during the last decade, studies about the relationship between digital finance and human development remain limited. To fill this gap, this study uses data from the China Household Financial Survey and Peking University Digital Financial Inclusion Index to examine the association between digital finance and happiness. Results show that the association between digital finance and happiness is negative. Mechanism analyzes suggest that digital finance is negatively associated with happiness through the increasing debt burden and overspending behavior. Further heterogeneous analyzes find that age, debt level, and trust degree can be moderators in the relationship between digital finance and happiness. The results have both academic and practical implications for improving digital finance business and human development. [ABSTRACT FROM AUTHOR]

The introduction of Crowd-Sourced Equity Funding (‘CSEF’) into the Australian corporate fundraising landscape sought to give effect to the democratisation and direct participation goals of the Financial Technology (‘FinTech’) movement. CSEF offers a useful avenue for micro- and small-to-medium enterprises (‘MSMEs’) to access funds from the ‘crowd’. However, this article argues that the current regulatory framework fails to give effect to the core principles underpinning CSEF as part of the FinTech movement. This creates a particularly vulnerable cohort of shareholders who are not given a ‘voice’ in the corporation, nor do they have the typical ‘exit’ options associated with public share ownership. The article proposes that corporate governance reforms should aim to enhance the distinctive attraction of CSEF as a corporate fundraising mechanism: the collaborative pursuit of nonfinancial motivations for investment, and the adoption of engagement mechanisms that advance efforts towards the democratisation of finance and collaboration as a means of social interaction. [ABSTRACT FROM AUTHOR]

Global commercial third-party funding has given rise to wide-ranging regulatory approaches worldwide. Consequently, funders can engage in crossborder regulatory arbitrage by exploiting regulatory gaps within and among nations. This Article argues that the global community of nations should articulate a universal approach to the behavioral expectations of third-party funders operating transnationally, independent of local laws regarding the technical business of funding. It asserts that the key to fostering the ethical development of the third-party funding industry is to develop a globally applicable but locally enforced code of conduct or professional responsibility for the industry. Moreover, a successful regime for funder professional responsibilities should be genuinely transnational, transsubstantive, and forum neutral. The ideal framework should also be clear but not rigid, and comprehensive but customizable. Individual governments, transnational regulatory efforts, and funders creating internal governance codes can then adopt the principles in this framework to achieve global harmonization. This Article takes three crucial steps toward harmonizing the professional responsibility tenets for the third-party funding industry through a transnational, transsubstantive, and forum-neutral Model Code of Conduct for Third-Party Funders. First, this Article provides a brief overview of several existing approaches to regulating and enforcing third-party funding ethics and professional responsibility globally. Second, this Article distills from these existing approaches universal principles as the starting point for drafting a global Model Code of Conduct for Third-Party Funders in the future. Third, this Article discusses several implementation and enforcement options for such a code, including drawing an analogy to the successful and celebrated New York Convention, which is globally applicable but locally enforced. Finally, this Article concludes by proposing avenues for further inquiry to bring this idea to fruition. [ABSTRACT FROM AUTHOR]

In 2019, the Business Roundtable changed its long-standing commitment to shareholder wealth maximization in favor of stakeholder capitalism. Business schools tend to teach the shareholder view in finance courses and the stakeholder view in business ethics courses. Given the increasing popularity of stakeholder capitalism, is it time for business educators—whether teaching finance or business ethics—to abandon the shareholder approach in favor of stakeholder capitalism? The author examines the shareholder wealth maximization and stakeholder capitalism approaches and trends in socially responsible investing. The article concludes with a proposed harmonization of the shareholder and stakeholder views. [ABSTRACT FROM AUTHOR]

The enterprise financial management cloud platform can conveniently obtain computing resources such as network, storage, and services according to actual needs based on the network. The maintenance of resources can be realized in a general way, and various computers and their storage resources can be effectively integrated and effectively utilized. But internal conflicts within the company, such as asset management issues, can seriously hinder the company's long-term growth. In order to solve the above problems, this paper analyzes the actual needs of the current financial information management personnel of enterprises and the business process of financial management. Combined with the characteristics and requirements of the current enterprise financial management, the integrated fuzzy mathematics cluster analysis was introduced to complete the design and implementation of the financial IMS, and to build a modern, systematic, and scientific enterprise management system. It greatly improves the financial level of the enterprise and the intelligent level of enterprise management, provides objective and strong support for enterprise decision-making through the enterprise's financial management ability, and finally realizes the long-term development of the enterprise. The prediction effect of the samples under the FCM is shown in Table 3. The prediction effect of the training samples of the normal company is 83.33%, and the prediction effect of the training samples of the ST company is 80%. The test sample prediction effect of normal company is 83.33%, the test sample prediction effect of ST company is 80%, and the comprehensive prediction effect under the FCM is 85.28%. [ABSTRACT FROM AUTHOR]

The research presents the interrelationships between banking performance, competitiveness and sustainability of the three banking systems and the impact of each sustainability variable selected on the other macroeconomic indicators in short, medium and long-time horizon. The empirical study involved the use of a panel Auto Regressive Vector methodology and was based on macroeconomic indicators relevant to the performance of the banking system (return on assets, return on equity, an annual growth rate of Gross Domestic Product), as well as indicators that can be assimilated to sustainability (renewable fuels used, CO2 emissions). The dependent variables were return on assets and the annual growth rate of Gross Domestic Product. The global sample analyzed comprises 29 countries, spread over three continents (Europe, North America, Asia), with data collected over a 10-years period (2011-2020). These countries together account for approximately 62% of global GDP (data from 2020). The research results show that as banks invest in green energy and sustainable products, competitiveness will also increase, which will have a negative impact on profitability in the short term. In the medium and long term, this impact will become positive also in terms of profitability increase. This strategic move to develop sustainable business models and to finance a higher percentage of green investments also adds extra competitive advantages, such as reputation and smart differentiation, from other less sustainability-oriented banking systems. The process impacts the systemic level, the macro perspective, the banking organizational level, the micro perspective, together with the perception of the customers. [ABSTRACT FROM AUTHOR]

Many banks are eager to adopt technology solutions to enhance operational efficiency in managing supply chain finance, which involves various participants and complex financial activities. Previous research either focuses on the technology aspect or the optimization of a supply chain; there is little specific guidance on how banks can form a holistic model to evaluate their Fintech strategy for supply chain finance. By using an integrated approach, this study adopted the decision- making trial and evaluation laboratory (DEMATEL) and several analytical methods to construct a hybrid decision model for banks. We concluded four plausible Fintech strategies from previous research and highlighted the advantages of the blockchain-based strategy. We used a domestic bank in Taiwan as a case study during the evaluation phase and implemented crisp and confidence-based fuzzy assessments. The result indicates that the blockchain-based leading strategy would be ideal for this bank. The hybrid decision model also unveils the complicated relationships among those evaluation factors, which sheds light on banks pursuing their innovation in financial services. The findings contribute to banks developing their Fintech-based supply chain financing business, and the supply chain participants may also benefit from securing efficient loans to expedite their operations. [ABSTRACT FROM AUTHOR]

The digital currencies contributed to the acceleration of transactions between the parties, and reduced the burdens of the cost of financial intermediaries, and the absence of a guarantor of tlie transactions that guarantees the rights of the parties. The Bitcoin currency, which is a new breed of digital currency systems based on digital enctyption, revolutionizing the world of finance and business. Bitcoin has many risks, including uncertainty/obscurity and having lack of guarantor and regulator of tliis currency. In addition, the high volatility of the prices may lead to huge losses, some of legal fetwa establishments have given a fetwa that it is haram or illegal to use tliese digital currencies. [ABSTRACT FROM AUTHOR]

The availability of capital resources for companies is essential to promote investment, job creation, and economic growth. In the financial environment, it is common to find the banking system and the debt market as sources of resources. However, the level of financial education combined with the size and depth of the stock market in any nation conditions companies 'access to alternative sources of financing with differentiated financial costs. In this sense, the article aims to contribute to understanding the Mexican debt market, explaining how it works, its main characteristics, and providing information on two instruments used to raise capital: obligations and certificates. The text is divided into three sections: the first is dedicated to the importance of financial markets and financing for companies; the second deals with the corporate financing options available in Mexico; the third describes in-depth the characteristics of the securities known as obligations and tradable certificates, based on the applicable regulations; and finally, the fourth section is dedicated to explaining the functioning and types of certificates that can be placed. [ABSTRACT FROM AUTHOR]

Financing structure is an important and very complex issue in the financial theory and the rights and obligations of relevant stakeholders of enterprises are also concentrated in the financing structure. Therefore, the financing structure has a significant impact on the value of enterprises. A reasonable financing structure is conducive to standardizing the behavior of enterprises and improving the value of enterprises. The change of corporate financing structure is often used as a signal to external investors about the company's future income expectations, especially because the financing structure has a certain impact on the company's performance, which makes the problem of financing structure more valued by the theoretical and financial circles. For the empirical information about company financing, this paper explores the influencing elements of the company's running overall performance assisted with the aid of the blockchain, and the net of matters provides a chain model and constructs the operating performance indicators according to the comprehensive score. We select the commercial credit financing rate, short-term loan financing rate, long-term loan financing rate, debt financing rate, equity financing rate, and endogenous financing rate. The control variables are total capital, ownership concentration, and average age of the company. The conclusion is drawn by regression analysis. Commercial savings financing rate, fairness financing fee, and endogenous financing fee are positively correlated with the working performance; short-term loans and average age of the company are negatively correlated with the operating performance; and long-term loan financing rate, bond financing rate, and equity concentration are not significantly correlated with the operating performance. [ABSTRACT FROM AUTHOR]

In this research, the effect of the characteristics of the board of directors in choosing the accumulated profit and loss method for financing the company (evidence from the Tehran Stock Exchange) was investigated. The statistical population in this research includes all active companies in Tehran Bahadur Stock Exchange. The method of the present research is of the field type according to the practical purpose and in terms of data collection, and according to the data analysis, it is descriptive and exploratory. For this purpose, a statistical sample of 146 companies was selected from the Tehran Stock Exchange for a period of 8 years (2011 to 2018). The research findings showed that the estimated coefficient of the independence of the board of directors and the financing of the company through accumulated profit and loss is at the error level of 0.05; Because the p-value calculated for the coefficient of this research variable is less than 0.05; Therefore, it can be said that there is a significant relationship between the independence of the board of directors and financing through the accumulated profits and losses of the companies admitted to the Tehran Stock Exchange. [ABSTRACT FROM AUTHOR]

The authors examine the impact of a new online learning system on student performance in a core finance course required of all business majors. They find that the online learning system significantly reduces the number of students that withdraw from the course prior to course completion. Additionally, the benefits of a lower withdrawal rate transcend all modalities of course delivery and are greatest for students with declared majors outside of finance. Finally, though use of the online learning system reduces the withdrawal rate of students, it does not appear to result in significant grade inflation among those students completing the course. [ABSTRACT FROM AUTHOR]

The transportation sector is a crucial sector of the sustainability of every national economy. Previous studies highlighted the core significance of transport enterprises in European countries over the past 60 years. The long-term sustainability of enterprises is determined by their ability to gain earnings. Thus, earnings are the synonym of significance in corporate life. The purpose of this study was to capture the lever year, the trend, and the slope of the development of earnings in the transport sector before the COVID-19 pandemic. Time series of the annual earnings of the enterprises from the close countries of the V4 region were used during a 10-year period. Buishand's test sets the change-points of the development and indicated the values of specific central lines. The year 2013 was the lever date for the earnings of 830 Slovak and 1042 Hungarian enterprises. The year 2015 was the year of momentum for 757 Polish enterprises. The development of 397 Czech enterprises was mainly influenced by the year 2014. The results of the Mann–Kendall test detected a positive trend in the series of business finance in all countries. In addition, the Sen's slope was estimated in the transport sector for the analyzed period 2010–2019. [ABSTRACT FROM AUTHOR]

The 43 national cross-border e-commerce policies promulgated by the Chinese government in recent years are selected as the research samples, and the PMC index model is applied to evaluate the mechanism design based on the IoT and data-driven innovation mechanism of international business finance statistics. On this basis, the implementation effects of specific policies on cross-border e-commerce in China are evaluated and analyzed, and the role of national macropolicies in guiding local policies is also discussed, with the aim of providing a reference basis for the Chinese government to formulate relevant policies, as well as providing new ideas and methods for the evaluation of cross-border e-commerce policies. [ABSTRACT FROM AUTHOR]

When starting a business, one of the major decisions that need to be made is how such business will be financed. Entrepreneur can consider different possibilities, the most commonly used sources of financing include own resources of entrepreneur(s) and combination of own resource and borrowed resources. Due to legal requirements, in Croatia it is theoretically impossible to start a company without own resources, although it is possible to start a companywith symbolical amount of own resources. For a new company it could be hard to lend money fromfinancial institutions due to the lack of business experience and asset, which could serve as collateral. Considering different available ways of financing new business, the aim of this paper is to analyse how new established Croatian smes are financed. The conducted research has shown that new entrepreneurs are using more borrowed resources to finance their asset compared to own resources. [ABSTRACT FROM AUTHOR]

As an important interest rate derivative, swaption gives its owner the right but not the obligation to enter into an underlying interest rate swap, which helps them avoid interest rate risks from their core business or financing arrangements. How to find a reasonable swaption price is a core problem in finance. In order to overcome the paradox of stochastic finance theory, this paper proposes pricing formulae for payer swaption and receiver swaption by modeling the interest rate via uncertain differential equations. Furthermore, corresponding numerical methods are proposed to calculate swaptions' prices when analytic forms are unavailable, and some examples are documented to illustrate the effectiveness of our methods. [ABSTRACT FROM AUTHOR]

This paper discusses the impact of digital financial inclusion on regional capital's turn from the fictitious to the substantial economy. The continuous decline of the capital efficiency of the real economy is an important reason for the misallocation of financial capital, such as the financialization of real enterprises. Development of the digital financial inclusion helps to relieve small and micro businesses from financing constraints, encourage civilian consumption, and improve services concerning issues of agriculture, rural areas, and farmers. Yet, its financial features also indicate potential systematic risks, manifested as the capital's departure from its intended purpose of serving the substantial economy, given some beneficiaries' investment in the fictitious economy. Based on the provincial panel data between 2011 and 2019, this paper constructs an index describing capital's diversion from the fictitious to the substantial economy. This paper then analyzes the impact of digital financial inclusion on such a diversion of the regional capital, investigating the regulatory effects caused by the uncertainty in economic policies. Empirical study reveals that digital financial inclusion has an evident positive effect on regional capital's diversion from the fictitious to the substantial economy but without any spatial spillover effect. Among the three subdimensions of digital financial inclusion-scope of coverage, depth of usage, and level of digitalization, the scope of coverage has the strongest positive effect, and digitization level, the weakest. The positive correlation between digital financial inclusion and capital diversion from the fictitious to the substantial economy is under negative regulation due to economic policy uncertainty. In other words, increasing uncertainty in the economic policy would weaken digital financial inclusion's support of the substantial economy. [ABSTRACT FROM AUTHOR]

The development of management accounting promotes the integration of business and finance, and with the continuous development of information technology and the advent of the era of big data, the development of corporate financial informatization provides tools for the integration of business and finance. This paper improves the big data technology, improves the traditional accounting process, combines the big data technology to build a computerized accounting system, and obtains scientific and effective accounting information processing results through intelligent big data processing. The design goal of the enterprise accounting management system is that the system can efficiently complete the enterprise cost budget accounting work after the design is completed and ensure the normal and stable progress of the enterprise cost budget accounting work. Through the experimental research results, it can be known that the computerized intelligent accounting system based on big data technology constructed in this article has certain effects. [ABSTRACT FROM AUTHOR]

FinTech, the merging of finance and modern Internet-based technology, has rapidly presented itself as a disruptor to traditional business financing, notably in the form of crowdfunding and peer-to-peer lending. In this article, we examine the determinants of the use of FinTech finance by businesses, with a particular focus on the ownership, governance, and business practices that may modify the relationships with conventional motivations for external finance. Using a comprehensive sample of Chinese hi-tech small and medium-sized enterprises (SMEs), we find that state-owned enterprises (SOEs) and family firms and financially constrained firms are respectively much less and much more likely to seek FinTech finance. In the Chinese context, we argue that part of this may be because of the relative ease with which SOE SMEs can access cheaper conventional finance through SOE banks. The quality of traditional relationship banking also affects the relative desirability of FinTech financing. As for family firms, we find that innovation, as exemplified by R&D activity, effectively overrides any conventional reluctance to access external finance, suggesting the relative benefits of FinTech finance for innovative high-growth firms. [ABSTRACT FROM AUTHOR]

The expansion of the cryptocurrency market in the last 10 years has been exponential and a 'watch and wait strategy' towards the regulation of crypto-assets is no longer appropriate and justifiable. Opportunely, the European Union (EU) has recognised the need for a digital finance strategy to address regulatory gaps and help relaunch and modernise the European economy in the aftermath of the COVID-19 pandemic. The philosophy behind the EU Digital Finance Strategy, in particular the proposed Regulation on Markets in Crypto-Assets (MiCA) and the proposed Digital Operational Resilience Act (DORA), is innovation-friendly. The EU legislative initiatives seek to unlock the potential of crypto-assets while mitigating the risks to financial stability, market integrity and consumer protection. This will lead to additional and better financial products for consumers, improving financial inclusion and financing of businesses. [ABSTRACT FROM AUTHOR]

Somaliland's endurance as Africa's longest de facto state has for decades preoccupied scholarship on state formation and democratization. The prevailing democratic success narrative has, however, downplayed the complex internal political dynamics and crises that have characterized Somaliland's independence since 1991. Relying on a number of robust resources, including 110 interviews and archival work conducted in Somaliland from 2015 until 2021, this article examines at close range Somaliland's political economy and provides a more cautious assessment of Somaliland's democratization trajectory. It argues that the political authority of cross-border oligarchic–corporate structures and the securitization of aid created an 'oligopolistic state' and 'peaceocracy' rather than a national, democratic government. This analysis highlights how de facto states struggle to balance political control and financial hardship generating creative and uneven governance structures. This study also raises important questions about how donors in the Gulf and in Asia provide new opportunities for recognition through Islamic finance and business that may affect de facto states' commitments to democratization. Finally, it contributes to theorizing about the ideologies of privatized governance that emerge in peripheral and developing economies and the political consequences of perennial non-recognition. [ABSTRACT FROM AUTHOR]

The need to accelerate the decarbonization of heating, as well as the rise of the 'smart home', mean that there is an increasing focus on the role of innovative consumer offerings in driving the shift to zero carbon domestic heating. In this context, Heat as a Service (HaaS) business models, which provide consumers with an agreed heating plan rather than simply paying for units of fuel, are receiving increased attention. This paper explores HaaS based on insights from facilitated group discussions with key stakeholders, and learning from HaaS trials, in the United Kingdom. Results identified evidence needs and research gaps related to: addressing issues of trust between consumers and suppliers, supportive policies, financing business models, and openness and interoperability of technology and data. Based on the findings, we propose policy and research recommendations to better understand the role of HaaS business models in decarbonization. [ABSTRACT FROM AUTHOR]

The basic principle of Blockchain technology operation and the types of supply chain finance business models are described. The advantages of Blockchain technology in supply chain finance are analyzed. The problems existing in the supply chain finance business model based on Blockchain technology are studied. Accordingly, some suggestions such as improving the data protection in Blockchain, improving the docking efficiency between banks and enterprises, using intelligent contracts to identify the authenticity of transactions between enterprises, introducing talents and strengthening technological innovation, are put forward. [ABSTRACT FROM AUTHOR]

Ebegil, Özdemir and Gökpinar [[14]] adopted the Ridge and Liu-type estimators into some shrinkage estimators using a median ranked set sample in the presence of multicollinearity. Sancar and Inan [[15]] proposed a Liu-type logistic estimator as a two-parameter estimator to overcome the multicollinearity problem in the logistic model to insist that using the two-phase approaches is not guaranteed to overcome multicollinearity. They applied those approaches to the 2017 Annual Industry and Service Statistics data and found that restricted calibration estimators were more efficient than the generalized regression estimator in estimating the variables with high variance such as turnover. For classical estimation methods, they used maximum likelihood estimators, moment's estimators, least squares estimators, and weighted least squares estimators, percentile estimators, the ordinary least squares estimators, best linear unbiased estimators, L-moments estimators, trimmed L-moments estimators, and Bain and Engelhardt [[3]] estimators. [Extracted from the article]

The article evaluates the impact of tax support for R&D on the volume of R&D outputs generated by companies. The number of patent applications was chosen as the R&D metric for business output. Both linear dependence using linear regression and non-linear dependence using decision trees were used within the research. The significance of indirect support in the context of other sources of funding R&D activities of companies was primarily assessed. The dependence of the number of patent applications on individual sources of financing of the Business Enterprise Expenditure on R&D was examined. Even after scaling variables, the research in the period under review confirmed the strongest dependence between the number of patent applications and the financial resources provided by the Business enterprise sector for all countries surveyed. Subsequently, the model reduced by the impact of Business enterprise sector resources was created. Of the three remaining variables considered, the analysis showed the strongest dependence of the number of patent applications on the amount of indirect support. The research points to the fact that impact of tax support on the volume of relevant R&D outputs is relatively significant. [ABSTRACT FROM AUTHOR]

Earnings management is a legal and widely preferred phenomenon of business finance that financial managers use to maintain and improve the enterprise's competitiveness. Managers purposely manipulate business earnings to achieve the required status of the enterprise. The consequence of these activities is to provide a positive perspective for the owners, encourage the profitability for the creditor and the investors as well as demonstrate economic strengths to competitors. This article aims to identify parallels and differences in earnings management of enterprises in the Visegrad Four and the Baltics in terms of competitiveness for the nineyear period 2010-2018. The research uses a final sample of 4,543 observations from the EBITs of Slovak, Czech, Hungarian and Polish enterprises as well as 1,633 observations from the EBITs of Latvian, Lithuanian and Estonian enterprises. Time-series methods with all necessary assumptions have been run for the analyzed financial dataset. The results of the econometric modeling of unit roots show significant parallels in these groups of countries. The enterprises from the Visegrad group and the Baltics group use the apparatus of earnings management to be competitive. The obtained results confirm the systematic but legal manipulation from the side of management. A quantitative analysis of homogeneity tests using 1,000,000 Monte Carlo simulations indicates significant time differences of manipulation in these emerging countries. The year 2014 signaled a radical "accelerando" in earnings management for the V4, and the year 2016 is highlighted for the Baltics. [ABSTRACT FROM AUTHOR]

Globalisation has enormously expanded the availability of urban policy information and prompted the need for policy mobility studies. In contrast to objective evidence and rational forms of place-based adoption, policy mobility studies direct attention to the plethora of actors involved in policy mobility and the contested pathways through which policy is adopted, adapted and mutated. Supportive scholars call for consideration of relational and territorial influences, supply- and demand-side dimensions and the interaction between actor and structural interpretations. Given distended forms of adoption, supply-side perspectives acknowledge how influential intermediary actors may exaggerate evidence and codify best practice to effect desired outcomes. Here recognition is given to the limits of 'city' or 'local'-based autonomy and the importance of considering inter-government relations as part of demand-side perspectives. In particular, significance is attributed to local government advocacy and problem–potential bridging practices. Grounded evidence is presented via the analysis of two Scottish city council tax increment financing business cases constructed to gain Scottish Government approval. [ABSTRACT FROM AUTHOR]

Crypto assets that allow value transfer without intermediaries on the blockchain system have started to be used to finance new initiatives. Businesses can finance their startups with a cryptocurrency offering in an existing blockchain system or their own blockchain systems. In our study, the business finance model with the initial coin offering is introduced in detail, and the current benefits and risks for entrepreneurs, investors and regulators are evaluated. It has been concluded that the inital coin offering has the potential to provide funds to entrepreneurs from investors in different regions of the world, entrepreneurs can obtain high returns from these investments, but take high risks, and regulators in different countries have developed different approaches to initial coin offering. In addition, we are recommended that there is need for a reliable crypto assets market legislation presence in Turkey. [ABSTRACT FROM AUTHOR]

Highly innovative Small and Medium Enterprises (SMEs) generally provide additional societal and economic benefits to countries through several ways like; technology uptake, enhancing the value chain processes, social cohesion, amplifying the comparative advantage and ultimately contributing to national economic growth and development. This study purposed to investigate how SMEs in the Ugandan agricultural sector are adopting the innovations from the Research & Innovation (R&I) information with the help from banks and the different agricultural SME financiers. The study was underpinned by the systems theory and it adopted a positivist research paradigm and an exploratory research design. Quantitative methods epistemology was employed. Quantitative data were collected from a sample of 231 SME respondents in the agricultural sector using semi structured questionnaires. The respondents consisted of proprietors of SMEs in the agricultural sector in the central region of Uganda and their representatives. The findings of the study revealed the; SME are engineering innovations from the R&I information accessed from university libraries, SMEs experience certain peculiar difficulties when adopting and applying innovations and the SMEs have a limited awareness of flexible agro-business loans from financial institutions. The study further reveals the SME experiences of applying for these agro-based loans, some of the benefits SMEs have got from patronising these loans, the reasons why many SMEs don't apply for these loans and suggestion on how to improve business financing information for SME innovations. [ABSTRACT FROM AUTHOR]

Indigenous Australian landowners are increasingly seeking to develop agricultural production on their lands to improve the welfare and economic opportunities of their communities. This can require substantial capital input and, in the absence of enough government funding, Indigenous groups are turning to private investors. Development literature has explored private sector‐led and 'financialized' approaches to development at a macro level as something that is done to communities; however, less research has examined how remote communities themselves seek to develop their natural assets through partnerships with businesses and with global finance. This article examines the work being done to prepare land for external investment. It provides an example of emergent assetization processes being undertaken outside the financial sector, driven by social outcomes seemingly beyond the domain of shareholder value. Paradoxically, individuals engaged in these asset‐making processes may oppose the withdrawal of direct funding for community development associated with a financialization of development, yet they are left with few options but to further these efforts by seeking private finance themselves — facilitating financialization for development. This interaction of structural effects and local agency complicates narratives of financialization as they are commonly presented and has important implications for Indigenous economic development in Northern Australia. [ABSTRACT FROM AUTHOR]

Nowadays financialization seems to be an inherent and obvious phenomenon and it appears to have infected all industrialized economies. Within general phenomenon of financialization, three areas should be indicated: financialization as a system of capital accumulation, financialization of business entities and financialization of every day-life. In our paper we try to investigate family businesses that are unique due to the overlap of family and business subsystems in one entity. More specifically, we undertake to find out whether intertwining of family values with business objectives can influence the level of absorption of various finance instruments that are offered on nowadays financial market. Analysis revealed a few statistically significant relationships between perception of family firm objectives and absorption of basic and sophisticated finance instruments. It is the first to suggest, that family firms which are intrinsically--oriented, i.e. those more willing to keep independence or to keep long term survival, are less prone to absorb sophisticated finance instruments, e.g. private equity, venture capital, hybrid capital or they are less keen to become a public company. On the other hand, if a family firm is more oriented towards risk minimisation or keeping long term growth, then it is also more open for absorption of advanced finance instruments. [ABSTRACT FROM AUTHOR]

The purpose of the article is to analyze the main milestones of the activity and reveal the cultural and artistic features of the figure of Phineas Taylor Barnum as a representative of show business and professional art of the showman. The methodology combines methodological tools of culturological, historical, art history, bibliographic, socio-cultural approaches. Also used general scientific research methods - analysis, synthesis - to detail the subject of research; generalization - to conceptualize the conclusions. Scientific novelty. For the first time in Ukrainian culturology and art history, an attempt was made to briefly analyze the activities of FT Barnum and its significance for show business. Conclusions. Thus, the popularity of F. Barnum's show was based on the exploitation of unusual images and the image of his "star" artists. He also proved that show business is not only a part of mass culture, but also entrepreneurship, which should bring financial benefits. Any offer in the show business market is just a product, no matter what wrapper it is packaged to be in demand. It is the financial gain and tastes of the mass public that dictate the rules of the game in the show business market. That is, at the end of the XIX century, the showman understood and substantiated the main components that contribute to success in show business: finance, advertising, image. Thus, F. Barnum actually became the first image-maker, publicist and producer in one person. A man who may have been intuitive at first, but understood not only all these things, but also the subtleties of the psychology of the mass consumer of products in the show business sphere. [ABSTRACT FROM AUTHOR]