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We hypothesize that the physical characteristics of cash lead to differences in "pain of holding" which influences spending. In one field study (rural India) and two controlled experiments (N = 1710), we tested that hypothesis by endowing people with coins or equivalently valued banknotes and measuring their pain of holding and spending. Holding denomination constant (e.g., $1 coins vs. $1 banknotes), participants reported a greater pain of holding for coins (vs banknotes) which in turn increased spending. These findings were consistent across three incentive‐compatible experiments using a range of contexts (spending/donation), populations (Americans/Indians), and currencies (USD/INR). There was no evidence that coins were spent more than banknotes because of lower perceived purchasing power. Our findings suggest that the pain of holding contributes to under‐saving, which may be especially problematic among vulnerable populations who rely on cash. Conceptually, we shed new insight on the denomination effect (greater spending of smaller than larger denominations) and the pain of paying (the aversive experience of spending money). Practically, we provide recommendations for practitioners who wish to encourage donations, spending, or saving. [ABSTRACT FROM AUTHOR]

As US consumers increasingly turn to multiple financial institutions, multiple FinTech providers and multiple payment apps, getting a full picture of the consumer's wallet is rare. Drawing on data collected through the Survey and Diary of Consumer Payment Choice — a representative survey of US consumers conducted since 2008 — this paper provides insights into US consumers' adoption of bank accounts and payment instruments, their recent use of payment instruments, their payment choices for purchases and bills, and the evolution in their practices over the last decade of innovation in payments. [ABSTRACT FROM AUTHOR]

The paper discusses the huge and rarely acknowledged, much less addressed, issue of government payment systems competing with private sector payment systems that serve consumers, businesses and banks. This paper's discussion of government payment systems, however, does not include central banks' real-time gross settlement systems. It discusses a range of public and private sector payment systems, payment-network innovation, accountability and value, why governments develop and run payment systems, and why they should not. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Al-Anbar University for Islamic Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The introduction of interest-bearing Central Bank Digital Currency (CBDC) presents central banks with an additional instrument for implementing monetary policy. This article develops a Heterogeneous Agents New Keynesian model, incorporating financial frictions, to investigate the transmission mechanism and wealth distribution effects of digital currency interest rate from two distinct perspectives: (i) the interaction between the central bank and financial intermediaries and (ii) the substitution dynamics between cash and digital currency. By comparing models that include and exclude financial intermediaries, our research uncovers that in a society where CBDC is fully implemented, the reverse actions of financial intermediaries can hinder the efficacy of the central bank's monetary policy and result in elevated costs associated with policy formulation. Additionally, the leverage effect of financial intermediaries exacerbates wealth inequality and contributes to the expansion of investment, thereby promoting an increase in economic output. Comparing societies where CBDC entirely replaces cash with those where CBDC coexists alongside cash, this paper demonstrates that the presence of cash mitigates significant economic fluctuations triggered by CBDC, while the complete elimination of cash amplifies wealth inequality. Consequently, it is crucial for the central bank to account for the behavior of financial intermediaries when adjusting digital currency interest rate and explore the development of an appropriate interest rate mechanism tailored to digital currency. Simultaneously, maintaining cash circulation for a specific period can act as an economic stabilizer. [ABSTRACT FROM AUTHOR]

This study focuses on investigating the relationship between binder chemical composition, microstructure development in alkali-activated paste (AAP), and the sulfuric acid resistance of alkali-activated concrete (AAC). Experimental analyses, including x-ray diffraction, thermogravimetric, and scanning electron microscopy (SEM) tests, were performed on the AAP to understand the impact of critical chemical compositions on the formation of hydrotalcite, portlandite, CSH, and CASH during the alkali-activation process. The sulfuric acid resistance of AAC was evaluated through various tests, including compressive strength, porosity, chemical titration analysis, and weight loss tests. These tests aimed to assess the ability of AAC to withstand sulfuric acid attacks and investigate how the binder's chemical composition influenced its resistance to acid exposure. The results revealed that higher alumino-silicate ratios (Al/Si) and magnesium oxide (MgO) content in the binder composition led to increased amounts of hydrotalcite and CASH in the alkali-activated system when zeolite and metakaolin were used as replacement materials for slag. The AAC specimens with slag and metakaolin showed lower porosity at the same replacement ratio. The increased amounts of hydrotalcite and CASH in the AAC microstructure contributed to a reduction in the concentration of sulfate ions penetrating the AAC, leading to improved sulfuric acid resistance. This information can contribute to optimizing binder formulations for improving AAC's mechanical properties and durability in corrosive environments. Practical Applications: Concrete samples containing metakaolin and synthetic zeolite tested throughout this research project can be utilized in different construction and civil engineering applications, all with differing degrees of suitability. Metakaolin and synthetic zeolites can be used as a slag replacement in concrete samples and used in masonry bricks, commonly used in masonry walls, columns, and partitions. Furthermore, load-bearing or nonload-bearing masonry structures for building and civil engineering can also adopt the incorporation of AAC. Metakaolin and synthetic zeolite types utilized in this research project could also be applied to produce slag granular mixtures for use in the construction of roads and airfields. The requirements for the relevant constituents, composition and laboratory performance classification are specified in BS EN 12390-1:2019. [ABSTRACT FROM AUTHOR]

Despite the wide reach of anti-money laundering legislation worldwide and increasing media attention, fostered by journalistic leaks such as Panama Papers, empirical knowledge on how criminals launder their illicit proceeds is still scarce. The few available empirical studies show that money laundering (ML) schemes are often less sophisticated than they are depicted in the political and media debate. To contribute to the empirical knowledge of ML behaviour, and test this hypothesis, the present study analyses the ML activities related to 2818 Italian offenders included in the ML section of the LexisNexis' WorldCompliance database. Through a quantitative content analysis of textual information related to each offender's profile, it highlights the characteristics of the ML offenders, the methods (or 'typologies' in FATF terms) employed, the assets seized, the business sectors involved and the countries in which ML was conducted. The results confirm that criminals tend to employ unsophisticated typologies, as well as prefer Italy or jurisdictions that are close (geographically and culturally) to Italy for laundering their illicit proceeds. Tangible assets (first real estate and registered vehicles) are more frequent than financial assets. Finally, differences exist between the laundering by mafia-related ML offenders and non-mafia ones. The study provides empirical ground to progress in the knowledge of how ML offenders behave, and supports the idea that criminals, when laundering their proceeds, do not act as legitimate entrepreneurs, but may be driven by other constraints and drivers. [ABSTRACT FROM AUTHOR]

The transition to digital payments is an ongoing trend, yet cash remains important for a substantial and diverse group of individuals. This emerges from a study using rich payment diary data of Dutch consumers. A total of 7% of the respondents report always using cash at points of sale and 28% indicate they cannot do without cash. Cash is especially important for people with low digital literacy, people who are blind or visually impaired, people with limited or no hand function, people with a mild intellectual disability and people who find it difficult to make ends meet on their income. Even though many parties involved in the payment industry are developing their payment solutions to enhance accessibility for a broader audience, there will continue to be people for whom the use of digital payments poses significant challenges. It is therefore essential that cash remains accessible and available. [ABSTRACT FROM AUTHOR]

CBDC Field Research Insights for the 2023 Report, “CBDC: Expanding Financial Inclusion or Deepening the Divide? Exploring Design Choices that Could Make a Difference”The use of “e-money” in Indonesia began in 2007. In 2009, uang elektronik (electronic money) was given a distinct legal definition apart from the type of digital money used with credit, debit, and ATM cards (BI 2009). Defined as a means of payment, e-money is stored electronically (for instance, on a server) and functions practically as a type of digital credit that can be purchased from licensed companies and usually accessed through an app. Once purchased, this money can only leave the app in the form of payment to an affiliated merchant, unless the customer has upgraded their account. In this way, e-money operates similarly to gift cards—money that has been earmarked for a specific purpose (Zelizer 1995).The discourse around digital payments in Indonesia has emphasized developing toward a “less-cash” society (BI 2014; SNKI 2017). In a context dominated by cash, and where few people have access to credit cards, e-money represents a novel alternative to cash-based transactions (Azali 2016; Demirgüç-Kunt et al. 2018). However, while the e-money transacted through these apps may be denominated in state-issued rupiah, it is being transported within a privately controlled infrastructure.

This article is devoted to the issues of determining the legal essence of the digital ruble as a completely new, and therefore not fully regulated and studied phenomenon. To answer these questions, the author conducts a comparative analysis of the digital ruble with various legal categories: digital currency, objects of civil rights, digital rights. In the process of comparing these concepts, the author comes to the conclusion that the digital ruble by its nature and legal characteristics is both an independent object of civil rights and digital law. In this regard, the issue of the need for detailed regulation of this very ambiguous and complex legal category is currently very acute.The purpose of this article is to determine the place of the digital ruble in the system of civil rights. To achieve this goal, the work used methods of analysis, synthesis, analogy, generalization and abstraction.

The progressive digitisation of social and economic relations means that cash is tending to be replaced by other digital means of payment. Despite this, cash is still very relevant for certain groups, it has some intrinsic characteristics that are difficult to replicate, and is guaranteed by primary law. In this context, Member States ¿and in particular Spain¿ have adopted a two-pronged approach to cash, both promoting and restricting at the same time its use by citizens. In view of this dispersion of national responses, the EU legislator is working on a proposal for regulation to ensure that cash remains an effective payment alternative. The aim is to prevent the erosion of the legal tender status of cash by defining its admissibility more precisely and by boosting its accessibility to the public. This promotion of cash is framed within a European context of transition, which also includes the commitment to the digital euro. This digital currency will, in principle, complement cash, from which it takes some of its basic characteristics. However, the launch of the digital euro appears as a firm step towards replacing cash, which means that the cohabitation of the two means of payment would be temporary.

The management of an entity faces diverse decisions concerned with corporate operations and financing choices. Investigating various factors affecting a company’s cash holdings provides valuable insights into the decision-making processes of an organization. This study examines the effect of Anti-Takeover Provisions (ATPs), Managerial Overconfidence, and their interaction on the level of an entity’s cash holdings. Conducting a regression analysis, this study examines 3,409 firm-year observations from Korean listed entities covering 2011 to 2018. Results reveal that anti-takeover provisions positively influence an entity’s cash holdings (coefficient = 0.464, t-stat value = 7.83). Additionally, managerial overconfidence negatively affects cash holdings (coefficient = –0.140, t-stat value = –2.77). Furthermore, the interaction between anti-takeover provisions and managerial overconfidence significantly influences cash holdings (coefficient = –0.402, t-stat value = –3.46), especially in firms employing specific provisions such as supermajority vote requirements for executive dismissal (coefficient = –0.445, t-stat value = –2.73), issuance of convertible preferred stock (coefficient = –0.341, t-stat value = –1.76), and golden parachutes (coefficient = –0.715, t-stat value = –3.02). This study provides empirical evidence on how anti-takeover provisions and managerial traits influence corporate cash reserves. The study offers valuable insights for regulators, investors, and corporate management. It also emphasizes prudent cash management, urging firms, especially those with anti-takeover provisions and overconfident management, to reconsider financial policies to mitigate risks associated with aggressive decision-making.

This study advances a resource-based theory and institutional based view integrative theoretical model which contends that the export performance of firms will depend upon both firm-specific factors and their home institutional environments. Specifically, the study hypothesizes that firm capital structure (CS), competition from informal sector (IC), and political instability (PI) in home countries will directly and negatively affect their export performance (EXP). Furthermore, we hypothesizes that availability of cash (CA) will have direct and positive effect on EXP. Using partial least square structural equation model (PLS-SEM), the researchers test the hypotheses based on a dataset of 161 firms from Ethiopian manufacturing sector (i.e., Leather industry, textile industry, and Food & Beverage industry). The study confirms that CS, IC in home countries, and PI in home countries have significant negative effects on the EXP of the firms’. On the other hand, there is no statistically significant direct relation exists between CA and firm’s EXP as measured by sales volume and sales revenue. Nonetheless, aside from the insignificant relation between CA and EXP, we can conclude that CS has negative impact on firm’s EXP.

AbstractThe current study investigates the direct and indirect effects of firm-specific and environmental factors on export performance. Specifically, the study investigates the direct and indirect (mediation role of promotion (PR) and research & development (RD) activities) effect of capital structure (CS), availability of cash (CA), competition from informal sector (CI), and political instability in home countries (PI) on export performance (EXP). Partial least square structural equation model (PLS-SEM) is used to analyze a year data (2022) from sample of 161 firms in Ethiopian manufacturing industry (i.e. Leather industry, textile industry, and Food & Beverage industry), to find the relation between independent (CS, CA, CI, and PI), mediating (PR and RD), and dependent (EXP) variables after controlling for factors like firm size, and industry category. The result indicates that CS has robust direct and indirect effects on EXP while PI has only direct effect. However, CA needs the intermediation of other variables (i.e. RD) to affect EXP. This finding supports the argument that assessments of direct relationships should not be the primary concern in marketing studies; rather, the sum of the direct and indirect effects of a particular variable must be evaluated for more interpretation.

CBDC Field Research Insights for the 2023 Report, “CBDC: Expanding Financial Inclusion or Deepening the Divide? Exploring Design Choices that Could Make a Difference”In our project, we looked at family remittances between the United States and Mexico, the third-largest remittance corridor worldwide by volume, after China and India. By family remittances, we mean cross-border transfers of funds that originate from a sender to a beneficiary. The sender is a migrant worker (documented or undocumented, Mexican-born or offspring with at least one parent born in Mexico), who sends a share of their income—around 20% of their wage, or an average US$370 per month, in two or three installments—across the border. Beneficiaries are family members, typically women—mothers, close relatives, or spouses.

CBDC Field Research Insights for the 2023 Report, “CBDC: Expanding Financial Inclusion or Deepening the Divide? Exploring Design Choices that Could Make a Difference”The Reserve Bank of India (RBI), India’s central bank, announced the pilot launch of the Digital Rupee (e₹), a central bank digital currency (CBDC), in October 2022. The first pilot Digital Rupee in the wholesale segment (e₹-W) began on November 1, 2022, and over the next few months, RBI plans to launch the Digital Rupee in the retail segment (e₹-R) for customers and merchants.

• The key objective of this research is to gain a deeper understanding of the factors associated with pain of paying and to extend knowledge of the consequences. • Using survey data collected among a large group of Dutch consumers, we find that electronic payments hurt less than cash payments. • This holds especially for contactless payments and iDEAL payments, a frequently used online payment method in the Netherlands. • On average, cash is perceived to be most helpful in preventing overspending, whereas contactless payments are the least helpful. • It is important that policymakers develop tools that help consumers in averting overspending when utilizing electronic payment methods, particularly contactless ones. The key objective of this research is to gain a deeper understanding of the factors associated with pain of paying and to extend knowledge of the consequences. Using rich consumer survey data on the Netherlands, we find that electronic payments – both online and offline – hurt less than cash payments. This holds especially for contactless payments and iDEAL payments, a frequently used online payment method in the Netherlands, and for older people in particular but not for teenagers. Furthermore, the perceived pain of paying is positively related to the price of the product or service and slightly lower for an outing compared to grocery shopping. In addition, the pain is relatively high for individuals that are likely to value money more, such as people who find it hard to make ends meet with their income. On average, cash is perceived to be most helpful in preventing overspending, whereas contactless payments are the least helpful. The lower the perceived pain of paying contactless is in comparison to the pain associated with other payment methods, the lower its perceived usefulness in preventing overspending. Moreover, the intensity of use of contactless payments is negatively correlated with the relative pain of paying contactless, which suggests that people try to avoid the pain of paying. As the usage of cash is declining, it is important that policymakers develop tools that help consumers in averting overspending when utilizing electronic payment methods, particularly contactless ones. [ABSTRACT FROM AUTHOR]

This study investigates the consequences of bank mergers on non-financial borrowers' working capital management. We find evidence that bank mergers increase corporate cash holdings and decrease receivables and investments in inventories by reducing bank credit availability. Bank mergers also decrease trade credit used through the reduction in bank credit availability. These findings are new contributions to the literature, suggesting that borrowing firms find it more difficult to manage working capital after bank mergers occur and that bank-dependent firms find it more difficult to manage working capital than their non-dependent counterparts after mergers. [ABSTRACT FROM AUTHOR]

American consumers tip $36bn annually, predominantly using small sums of cash. Yet, little is known about how the denominations of cash affect tipping behavior. In contrast to existing findings on the spending of different denominations (i.e., the denomination effect), we posit that consumers are less likely to tip smaller (vs. larger) denominations (e.g., $1 in 4 × 25¢ coins vs. a $1 banknote) to the same total value. We term this the "denomination‐tipping" effect and predict that it occurs because it is more embarrassing to tip with smaller denominations than larger denominations. Consistent with this prediction, we find across one field study and four online studies (N = 1402) that consumers are less likely to tip smaller (vs. larger) denominations, and that this "denomination‐tipping" effect is mediated by feelings of embarrassment regarding tipping smaller denominations. Our findings add to the literature on how cash denomination affects consumers' usage of money in the context of tipping, and we provide practical guidance on how service providers can minimize the adverse impact of smaller denominations on tips to their service staff. [ABSTRACT FROM AUTHOR]

Copyright of Opuntia Brava is the property of Universidad de Ciencias Pedagogicas de Las Tunas, Centro de Documentacion e Informacion Pedagogica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The CSH–PCE additive provides more nucleation area for cement to hydrate more quickly. Al3+ has been proven to enter the CSH structure and influence the composition and morphology. In this paper, CASH–PCE nanocomposites (CPNs) with different Al/Si ratios are synthesized at different PCE concentrations using a co-precipitation method. And the effect of various systems of CPNs on the workability, hydration kinetics, pore structure, and mechanical properties of cementitious materials are studied. In the results, PCE is observed to adsorb onto CASH surfaces, and with an increase in PCE concentration, the adsorption of PCE increases, leading to a reduction in CPNs particle size and an enhancement in the workability of cement. Al3+ can regulate the particle size of CPNs by affecting the adsorption capacity of PCE. The study on the hydration kinetics shows that the smaller particle size of CPNs has a more obvious promoting effect on cement hydration. [ABSTRACT FROM AUTHOR]

This study investigated whether mobile payment (MP) adopters in China extend their MP usage during their travel abroad, through the lens of continuity theory. The findings from in-depth interviews articulated six major concerns while using MP at home, namely perceived risks, costs, incompatibility, complexity, customer support, and social influence. Three major concerns for not using MP when travelling abroad include perceived security risk, costs, and incompatibility. Discontinuity of usage include past experiences and concerns about using MP in the home country, together with their negative evaluation of the MP service environment of the travel destinations. This study answers why some Chinese tourists abandon MP when they travel. Practical implications are offered to service providers to enhance users’ experiences. [ABSTRACT FROM AUTHOR]

Emergency department (ED) patients may be billed for critical care time (current procedural terminology codes 99291 and 99292) if they receive at least 30 min of critical care services. We sought to determine the median cash (self-pay) prices for critical care time performed in the ED in the United States and assess for associations between hospital characteristics and prices. We performed a cross-sectional analysis of hospital cash prices for critical care time performed in the ED using the first 25 alphabetical states. For each hospital, we recorded hospital characteristics including state, control (nonprofit, governmental, or for-profit), size, teaching status, and system. We then searched for each hospital's cash prices for 99291 and 99292 using Turquoise and hospital websites. We determined the median price for 99291 nationally, regionally, and for large hospital systems. We performed multivariable quantile regression to assess for associations between hospital characteristics and prices for 99291. Of the 2629 eligible hospitals, 2245 (85.4%) and 1893 (72.0%) reported cash prices for 99291 and 99292, respectively. For 99291, the cash price ranged from $45 to $84,775 with a median of $1816 (IQR: $1039-3237). For 99292, the median price was $567 (IQR: $298–1008). On multivariable analysis, hospitals had higher cash prices for 99291 if they were located in the West, for-profit, or part of a large system. In particular, hospitals owned by Tenet Healthcare charged the most for 99291 (median $28,244). The cash prices for critical care time vary substantially based on hospital characteristics. In particular, for-profit hospitals and those in the West tend to charge the most. Given that patients who require critical care are unlikely to be able to choose the hospital to which they present, standardization of critical care time fees should be considered. [ABSTRACT FROM AUTHOR]

This study aims to find out about the influence of the type of liquid collateral on the customer's decision to take Cash Collateral Credit and; The influence of the credit process through digital marketing on the customer's decision to take Cash Collateral Credit at Bank ABC. As mentioned earlier, this research is a qualitative research framed using the CIT (Critical Incident Technique) method. It was found that CCC's outstanding did not grow significantly and was still far below 1% (one prosen) both in terms of total outstanding KYD (Credit Granted) and from total outstanding deposits. The fact that CCC's NoA did not grow significantly and is still further below 1% (one prosen) is both reviewed from the total NoA of KYD given and of the total NoA of deposits. Moreover, from Table 1.2, it can be seen that liquid-type collateral such as CCC at Bank ABC seems less interested when compared to loans with non-liquid collateral. [ABSTRACT FROM AUTHOR]

Healthy soil is essential for maintaining food security and enhancing ecosystem functions. Green manure application improves soil fertility and is an alternative to chemical fertilizers; however, research on optimizing soil health assessment systems and providing comprehensive and accurate information for local farmland green manure management models remains limited. In this study, we used maize and potato intercropped with green manure farmland in the main crop production area of a semi‐arid irrigation area in Northwest China as the research object, integrated the regional soil environment characteristics, and used principal component analysis and other methods to establish a minimum index data set including physicochemical, biological, and yield indices. A soil health assessment system applicable to the study region was constructed and optimized by drawing the scoring curve. The results showed that green manure treatment exerted a positive effect on the soil bulk density, nutrient content, extracellular enzyme activity, and the yield of maize and potato fields. This evaluation method showed that both green manure treatments could improve the soil health index of two major crop fields, with scores of 6.9 (3.7–8.6) and 6.2 (4.5–7.0) for maize and potato farmland, respectively, with a greater positive effect caused on maize. This evaluation system can not only reflect the soil conditions of farmland accurately given the application of green manure in the semi‐arid irrigation areas of northwest China but also provide reference for the promotion of organic fertilizers such as green manure and the resolution of regional soil health differences. [ABSTRACT FROM AUTHOR]

This study examines the effect of corporate governance on a company’s cash holdings, focusing on a firm’s compliance levels with core corporate governance indicators as outlined in the corporate governance report. Utilizing a random effect generalized least squares (GLS) regression model, this study evaluates 812 firm-year observations from Korean publicly traded companies covering the period 2018 to 2021. The results indicate that companies with robust governance structures generally maintain lower levels of cash holdings (coefficient = –0.0263, p-value = 0.044), corroborating the flexibility hypothesis. Moreover, higher compliance levels with governance matters concerning shareholder protection (coefficient = –0.0388, p-value = 0.090) and board of directors (coefficient = –0.0512, p-value = 0.052) are associated with reduced cash holdings. Further analysis, accounting for a firm’s organizational capital, underscores that the inverse relationship between corporate governance and cash holdings is more pronounced in organizations with lesser organizational capital (coefficient = –0.0548, p-value < 0.01). This study contributes empirical evidence showing that strict compliance with core corporate governance indicators, indicative of strong corporate governance, substantially affects a firm’s cash management. Additionally, this study offers valuable insights for regulatory authorities and investors and enhances the existing body of knowledge on the interplay between corporate governance and cash holdings.

The objective of this paper is to validate the existence of an extensively documented secular upward trend in corporate cash holding. To do this, we use the new data for Poland and review original datasets from Bates et al. [2009] for the U.S. We find no trace of a trend for Poland and believe most trends for the U.S. come from the cash piling toward the end of the sample period. At best, the U.S. trend applies merely to small firms. We believe cash holding is a period-dependent time-varying variable which also depends on external shocks (e.g., the pandemic or tax regulations). We show that simple addition of macro data (GDP in our case) vastly improves models focused only on optimal cash holding and firm-specific characteristics. We call for a new three-stage approach to study corporate cash, in which micro considerations are complemented by macro data and external liquidity shock analysis.

The problem of managing the enterprise's cash flows is relevant, since the successful management of these resources is the key to the financial security and stability of any business entity. The purpose of the study was to identify universal recommendations for improving the enterprise's cash flow management by generalizing the theoretical aspects of cash flow management and analysing the cash flows of PJSC “Odesa Cognac Factory”. The following methods were used in the study: systematization and generalization (theoretical aspects were studied and existing views of scientists on the essence and management of cash flows were summarized), factor analysis (key financial factors influencing the process of enterprise cash flow management were identified), coefficient analysis (analysis of the efficiency of enterprise cash flow management was carried out). Using the example of the operating enterprise PJSC “Odesa Cognac Factory”, the dynamics of changes in the key components of cash flow management is analysed and the existing gaps in their management are identified. The carried out analysis allowed identifying possible directions for improving the efficiency of cash flow management of the enterprise and to provide certain recommendations, as a result of implementation of which the enterprise will have a positive impact on its further activities, namely: focusing on optimization of available cash flows and their balancing; studying the regularity of their movement in the enterprise by calculating the liquidity and solvency indicators; considering the possibility of introducing the use of budgeting and financial management in the enterprise as additional tools for managing cash flows; creation of an independent department for controlling the movement of available cash flows; use of reliable and timely accounting information on cash flows when making certain management decisions due to the increased use of modern information technologies. The practical value of the study is the universal nature of the recommendations provided for the implementation of measures to improve the efficiency of cash flow management, since these recommendations can also be used by other similar enterprises

Using a policy change in 2016 as a natural experiment, we employ a Difference-in-Difference (DID) model to analyse the effects of mobile payments development on crime rates in Chinese prefectures from 2015 to 2019. Our findings indicate that mobile payments expansion has a significant negative effect on theft, with the reduction of residents' cash holdings serving as a potential mechanism. However, we find no significant impact on non-economic crimes like sexual assault and murder. This study provides evidence supporting the role of policies and technologies enabling mobile payments development in deterring crime and enhancing social security. [ABSTRACT FROM AUTHOR]

We explore how credit market frictions matter for the coessentiality of money and credit. Limited commitment calls for credit limits that are tailored according to borrowers' productivity. Under an adverse selection problem caused by asymmetric information, however, lenders impose the credit limit of the low‐productivity borrower onto the high‐productivity borrower. If productivities differ sufficiently between borrowers, the high‐productivity borrower is credit‐constrained and is willing to hold money to compensate for the deficiency of their credit limit, whereas the low‐productivity borrower is not. This implies the coessentiality of money and credit in the sense that their simultaneous use improves welfare. [ABSTRACT FROM AUTHOR]

Using a large sample of Swedish private firms, we investigate the link between the prior corporate bankruptcy experiences (BEs) of directors and CEOs and the financial risk of their current firms. We find that firms with directors and CEOs previously involved in bankruptcies exhibit more aggressive corporate financial policies, have a higher corporate bankruptcy risk and are subject to a higher cost of debt. Our findings align with an innate characteristics explanation: corporate BEs and current corporate risk‐taking reflect personal risk preferences. Furthermore, while we find evidence of income losses for CEOs and directors involved in bankruptcies, such losses are transient, potentially explaining the risk‐taking behavior after experiencing bankruptcy. Overall, our results suggest that the presence of individuals with prior BE can be considered a signal of higher financial risk for their firms. This insight is relevant to regulators, lenders and corporate decision‐makers. [ABSTRACT FROM AUTHOR]

Theoretical background: Financial flexibility is a manifestation of the ability to finance investments resulting from the need. The sources of flexibility may be different. These are own money (savings) and financial leverage. The approach to investments is not clear, because they are understood in very different ways and have a diverse nature. Research shows that the higher the financial flexibility, the greater the investment opportunities and the greater the investment activity. Purpose of the article: The aim of the research was to identify investment activity in entities such as family farms, in groups separated according to financial flexibility, and to identify factors that influence the amount of investment expenditure. The idea was to indicate whether this process involves periods of increased activity or is rather a continuous process, how this process takes place in separate groups, and which sources of flexibility are most important for meeting the needs of farmers. Research methods: The research covered approximately 12,000 family farms. Financial flexibility groups were separated based on cash resources and the level of financial leverage. There are 4 groups: HC_HL (highly flexible), HC_LL, LC_HL, LC_LL (lowly flexible). The work uses comparative analysis and panel methods (estimation by weighted averages). Main findings: The research showed that investment activities were carried out with varying intensity at intervals depending on financial flexibility. In groups with greater flexibility, they were more cyclical (there were periods of low activity), in groups with lower flexibility this process was continuous (no periods of a clear reduction in investment expenditure). The main factor that had a positive impact on investment outlays were financial flows from operating activities, but also financial leverage and cash, but only when farmers used credit at the same time. However, the factors that had a negative impact on investment activity were subsidies for investment activities (exception: HC_LL group) and the share of cash in assets. To sum up, it should be stated that credit, as a source of financial flexibility, is the driving force behind investment activities in Polish family farms. [ABSTRACT FROM AUTHOR]

The Reserve Bank of India (RBI), on 1st December 2022, through a pilot project, launched retail central bank digital currency (CBDC) (₹) with ₹1.71 crores with four participating banks in four cities. The RBI created around 1.5 million users in the project before its more comprehensive application. The CBDC may form in either token or account types, and the RBI for ₹ prefers the token. Tokenisation can be physical and digital, and its trading is possible in full and fractionally. For smooth implementation of retail digital currency (DC), the RBI Act was amended incorporating DC as a legal tender at par with currency notes and coins as a legal tender. Although the pilot project reports a successful launch and the RBI made it compatible with quick response (QR) codes, Indians’ cash preference remains. Against this backdrop, the present study assesses the relative merit of in the CBDC retail scenario. The study concludes that DC retail could substantially transition the Indian financial market if the RBI and government could counter the fundamental challenges associated with its success, such as the provision of working without internet connectivity. [ABSTRACT FROM AUTHOR]

Even though the literature implies that customers and banking organizations can profit from digital banking in various ways, client adoption of this service is still low, especially in emerging and developing nations. Consumers' openness to digital services limits their willingness to adopt digital banking, especially mobile banking services. We used a quantitative research method based on a questionnaire sent during August–December 2022 to Romanian individuals and received 118 answers, which we analyzed using the logistic regression model; throughout, we determined the extent of mobile banking use, payments, and banking products needed within the population with tertiary education, as well as new developments that the shift to digitalization brings to users, with new features for existing products, cryptocurrency accounts, and fintech companies now being complementary to traditional banks. Our study presents current customer perceptions of implementing bank digitalization through mobile applications in a developing nation like Romania; here, advantages are counterbalanced by limitations and there are, undoubtedly, difficulties to be overcome in the quest for a more effective e-business framework. We determined the factors that are relevant in making people use fintech accounts using logit analysis. [ABSTRACT FROM AUTHOR]

This study explores the relationship between a company's cryptocurrency holdings and its sustainable performance. The study also looks into how factors such as external financial crises, internal financial conditions, and cash shortages affect the link between possession of cryptocurrencies and company sustainable performance. The empirical findings showed that while holdings of cryptocurrencies may generally have a negative impact on a company's performance, cryptocurrency holdings by businesses during an external financial crisis such as COVID-19 may have a positive relationship with the sustainable performance of the business. The findings support earlier research that suggested cryptocurrency ownership can have both positive and negative effects on a company, but that it can also boost firm performance in times of external financial hardship. By demonstrating a higher favorable connection for larger amounts of cryptocurrency holdings, these results can be further supported. The implications of holding cryptocurrencies on internal and external financial strain vary. Regarding internal financial issues, it was discovered that keeping cryptocurrencies had a favorable impact on sustainable performance for financially healthy businesses. It was also demonstrated that the company's cryptocurrency holdings, which it keeps despite its cash shortage, had a detrimental impact on performance. Even in such a case, it was confirmed that holding cryptocurrencies has a favorable impact on a company's sustainable performance when it is in good financial standing. The findings imply that, despite the unavoidable external financial challenges, the internal financial condition must be healthily maintained if a business engages in cryptocurrency. [ABSTRACT FROM AUTHOR]

IntroductionPhysical inactivity is a risk factor for obesity and non-communicable diseases. Despite myriad health and non-health benefits resulting from physical activity (PA), most individuals do not meet PA recommendations. Providing an incentive for meeting activity goals may increase activity levels. Classical economists argue that cash is the best incentive. Behavioral economists have posited that hedonic (pleasurable) incentives (e.g., massages, restaurant meals) may be superior to cash when incentives are offered over multiple time periods. To date, no studies have directly compared the effectiveness of cash versus hedonic incentives in promoting PA across multiple time periods.MethodsWe conducted a two-arm, parallel, 4-month randomized controlled trial with healthy adults in Singapore where participants were randomized to either cash or hedonic incentives. Participants could earn up to SGD50 (≈USD37) in cash or hedonic incentives each month they met the study’s step target of 10,000 steps daily on at least 20/25 days out of the first 28 days of a month. The primary objective was to compare the mean proportion of months that participants met the step target between the two arms.ResultsBy month 4, participants in the cash (N = 154) and hedonic incentive (N = 156) arms increased their mean daily steps by 870 (p

The study explores the factors likely to induce Polish customers to pay by cash, instead of payment cards, for goods and services they are purchasing. The basis of our investigation is microdata obtained in 2020, during the “Payment Habits in Poland in 2020” study, which was conducted by Narodowy Bank Polski (National Bank of Poland) in 2020. The analysis is performed using the two-stage Heckman approach. In the first stage, card adoption factors are analyzed using a probit model; then, in the second stage, the OLS model is employed to analyze the propensity to pay by cash, despite having a payment card. Apart from typical factors affecting the use of different payment methods, e.g., age, income, education, or perceptions about payment methods, we find an important role of two, yet under-investigated factors, namely: the COVID-19 pandemic and spatial aspects. E.g., we find that self-reported change in payment behavior during the pandemic indeed was reflected in diary studies. Furthermore, we show that instances of merchants’ refusal to accept cash significantly impacted payment choices. Moreover, the results indicate significant spatial heterogeneity in payment behavior and that aspects like distance to the nearest ATM impacted cash usage, as more cash is used when ATMs are farther away, illustrating the concept of "cash burns." Lastly, it has been noticed that during the pandemic, ownership of contactless payment cards significantly reduced cash usage, most probably due to the fear of contracting the disease by physical contact with surfaces (like cash).

The “digital divide” is widely acknowledged as exacerbating inequality by leaving some people on one side or the other of a knowledge divide without access to appropriate tools for the future and all the opportunities that digital technology promises. Attempts to understand this gap tend to focus on issues of trust, levels of financial education, and digital skills, mainly seeking to understand why some individuals and groups—who are mostly assumed to have minimal financial know-how and digital skills—do not trust either online financial institutions or exclusively app‐based finance. Considering the large investment in fintech solutions driven by these industries, and the practical features designed in part to make the user’s life easier and user experience more intuitive and reassuring, it is worth noting that such queries are inclined to conclude that these untapped users cannot imagine a digital future due to their own lack of digital skills and lack of exposure to tech. This article suggests that, for a portion of this population, many of whom are digital natives, this is not the case. instead, they can invest in understanding and adapting to technology and do so. Yet they are uncomfortable with the “instantaneousness” of some transactions because this doesn’t allow them enough time to address a problem or have recourse for anything unforeseeable. Furthermore, their interest in fintech’s inclusive platforms is foreshadowed by their vivid futurist understandings and imaginations. Indeed, they envision precisely the kind of digital significance that is often assumed that they do not. However, this article argues that the key difference is that many envision the future as a digital dystopia and are resisting what Lauren Berlant refers to as “cruel optimism.” These types of imaginings motivate many to resist the vulnerabilities that they believe can make them overly dependent on technology in ways that they believe can potentially place them at risk. This article focuses on the US multi‐bank‐owned Zelle payment system and its online and app‐based banking features as a case study to illustrate these points. It further argues that the inclusivity that online digital banking platforms aspiringly offer is often viewed by potential users not as a portal toward equality but rather as “a leap of faith” toward digital dependency and future vulnerability.

The trend towards digitalization of all spheres of public life has also affected the economic sector. The needs and requests of customers of banks and other financial organizations are changing. An increasing number of consumers are choosing remote interaction instead of personal contact. Such changes put the financial services sector in front of the need for a comprehensive transformation of business processes in the direction of information technology. The relevance of the work lies in the widespread distribution of remote channels that simplify the process of obtaining financial services. The article discusses the main trends in the digitalization of the financial services sector and the factors contributing to such changes. The purpose of the study: to consider the main trends in the digitalization of the financial services sector and the factors contributing to such changes. Materials and methods. The methodological basis of this study is the analysis of regulatory documentation, classification, generalization. Results: recommendations were developed and given to ensure the availability of financial products and services for the population and business, which in the future will contribute to sustainable development and increase the competitiveness of the financial sector. Practical implications: the results obtained can be used as a basis for the development of strategies for the introduction of digital technologies in financial organizations.

Abstract Background In low-income countries, households’ food insecurity and the undernutrition of children are the main health problems. Ethiopia is vulnerable to food insecurity and undernutrition among children because its agricultural production system is traditional. Hence, the productive safety net program (PSNP) is implemented as a social protection system to combat food insecurity and enhance agricultural productivity by providing cash or food assistance to eligible households. So, this study aimed to explore spatial patterns of households’ insufficient cash or food receiving from PSNP, and identify its associated factors in Ethiopia. Methods The 2019 Ethiopian Mini Demographic and Health Survey dataset was used. A total of 8595 households were included in this study. Data management and descriptive analysis were done using STATA version 15 software and Microsoft Office Excel. ArcMap version 10.7 software was used for spatial exploration and visualization. SaTScan version 9.5 software was used for spatial scan statistics reports. In the multilevel mixed effect logistic regression analysis, explanatory variables with a p-value of less than 0.05 were considered significant factors. Results Overall, 13.5% (95% CI: 12.81–14.27%) of the households’ level beneficiaries received cash or food from PSNP. The spatial distribution of households’ benficiaries received cash or food from PSNP was not random, and good access to cash or food from PSNP was detected in Addis Ababa, SNNPR, Amhara, and Oromia regions. Households’ heads aged 25–34 (AOR:1.43, 95% CI: 1.02, 2.00), 35–44 (AOR: 2.41, 95% CI: 1.72, 3.37), and > 34 (AOR: 2.54, 95% CI: 1.83, 3.51) years, being female (AOR: 1.51, 95% CI: 1.27,1.79), poor households (AOR: 1.91, 95% CI:1.52, 2.39), Amhara (AOR:.14, 95% CI: .06, .39) and Oromia (AOR:.36, 95% CI:.12, 0.91) regions, being rural residents (AOR:2.18, 95% CI: 1.21,3.94), and enrollment in CBHS (AOR: 3.34, 95% CI:2.69,4.16) are statistically significant factors. Conclusions Households have limited access to cash or food from the PSNP. Households in Addis Ababa, SNNPR, Amhara, and Oromia regions are more likely to receive benefits from PSNP. Encouraging poor and rural households to receive benefits from the PSNP and raise awareness among beneficiaries to use the benefits they received for productivity purposes. Stakeholders would ensure the eligibility criteria and pay close attention to the hotspot areas.

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The German payments market is sizeable, handling almost one-quarter of the non-cash transactions conducted in the euro area, and benefiting from structurally lower cost levels. At the same time, it is characterised by a highly complex and intense competitive set. These two factors seem to result in low fee levels. The COVID-19 pandemic has accelerated structural change (and digital payments adoption) in a market with distinctive institutions and consumer preferences. This paper reviews both the key players shaping the overall payments market, as well as the characteristics of key payment solutions and situations. In doing so, the paper identifies and explains the idiosyncrasies of the German market, linking back to the aforementioned factors shaping the German payments market. [ABSTRACT FROM AUTHOR]