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Previous studies have evaluated the characteristics of enterprises; however, the understanding of the effects of foreign capital and competition with the informal sector on the occurrence of bribery is limited. Competition with the informal sector is related to fundamental characteristics of the involved countries, such as low development levels, which, in turn, is connected to high levels of corruption. There is no consensus concerning the impact of foreign capital on corruption. Using a multilevel logit, we estimate the likelihood of bribery among firms in 88 emerging countries. This study finds that competition with informal enterprises is associated with an increased likelihood of bribery occurrence; however, there is no difference between foreign and domestic corporations in terms of corrupt behavior. We split the countries into six regions. Competition with the informal sector presents a positive effect on the firms' likelihood to bribe in five of these six regions. Foreign capital is statistically nonsignificant in all regions, while a significant difference is found across the regions related to the effects of improvement in bureaucratic quality, income, and national political stability. The study indicates that homogenous anti‐corruption policies are not very effective. [ABSTRACT FROM AUTHOR]

Renewable energy usage is deemed a feasible panacea to environmental degradation and energy poverty. In pursuit of carbon neutrality, nations are obligated to formulate strategies that bolster renewable energy initiatives following the Sustainable Development Goals of the United Nations. Given this, this article scrutinises the impact of financial development on the advancement of renewable energy consumption within the renewable energy- environmental Kuznets curve (REKC) framework while controlling for foreign direct investment (FDI), trade openness, governance and urbanisation using a panel of 38 Sub-Saharan African (SSA) nations from 2002-2019. The empirical findings based on the panel corrected standard error (PCSE) and the Feasible Generalized Least Squares (FGLS) models validated the REKC hypothesis for renewable energy consumption in the SSA region. Financial development, economic growth, trade openness, governance, and urbanisation have a substantial and detrimental impact on renewable energy consumption, whereas FDI has a neutral effect. The Dumitrescu-Hurlin causality tests demonstrate a bidirectional (feedback) causality between renewable energy consumption and all its determinants except for trade openness, where a unidirectional causality from renewable energy consumption to trade openness was established. Given these insights, our paper adds to empirical literature and provides incisive suggestions for policy formulation.

Foreign direct investment (FDI) has become an important factor influencing corporate operational strategies, yet the impact of its inclusiveness on corporate environmental, social, and governance (ESG) performance remains unclear. In this study, the correlation of city-level FDI inclusiveness with corporate-level ESG performance was investigated based on data from 1258 Chinese A-share listed companies between 2011 and 2021. The effects of FDI inclusiveness on corporate ESG performance and its underlying mechanisms were investigated. The findings indicate that an increase in FDI inclusiveness significantly improves corporate ESG performance. Additionally, the moderating role of corporate competitive advantage and urban entrepreneurial vitality was analyzed, and the findings indicate that an increase in urban FDI inclusiveness significantly improves corporate ESG performance. Managerial green attention and corporate innovation capability play intermediary roles in the overall impact, with the total impact being positively moderated by investor attention. Furthermore, the influence of FDI inclusiveness on corporate ESG performance exhibits significant heterogeneity resulting from variations in digital policies, environmental policies, and ownership structures. [ABSTRACT FROM AUTHOR]

Copyright of External Economic Bulletin / Külgazdaság is the property of KOPINT Konjunktura Kutatasi Alapitvany 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.)

This article analyses the subordinate internationalisation of Latin American economies based on the foreign capital understanding in the Latin American neo-structuralism. We discuss the theoretical foundations of this tradition to examine the economic consequences of foreign capital share in the productive structure of these countries after liberalisation. We also identify new forms of susceptibility of Latin American economies through foreign dominance in domestic economic activities. There is an ambiguity in the role of foreign capital, which requires control and coordination to flourish. The State intervention is important to i) enable a positive insertion into global value chains, ii) to foster industrialisation, iii) to mitigate adverse effects of financial flows, and iv) to encourage investments against exogenous cyclical effects. [ABSTRACT FROM AUTHOR]

Empirical evidence on the benefits of international ownership for small and medium‐sized enterprises (SMEs) financial performance is either not available for most African and Middle Eastern countries or presents mixed results. In this paper, we investigate this further by examining the effects of ownership structure on firm performance, using financial data covering SMEs in 60 African and Middle Eastern countries, for the years 2006–2015. Results from pooled ordinary least squares and random‐effects estimations indicate that international ownership is significantly positively correlated with firm performance for (most of) Africa and the Middle East. Examining the interaction of international ownership with capital resources, we find that internationally owned firms do not use capital more efficiently than locally owned firms, implying that internationally owned firms use international resources—other than capital—more efficiently. [ABSTRACT FROM AUTHOR]

The article explores how foreign capital inflows affect employment structures in host countries, focusing on the impact of Nordic multinational corporations (MNCs) in Lithuania. Topics discussed include the correlation between sectorial foreign direct investment (FDI) and sectorial employment, the application of the Clark-Fisher model to analyze employment changes, and the interaction between MNC expansion and sectorial employment dynamics.

This article examines the role and significance of Czechoslovak investments in Yugoslavia during the interwar period. Drawing upon published literature and archival sources, the study analyzes the extent of Czechoslovak capital involvement in various sectors of the Yugoslav economy, including banking, industry, and tourism. It investigates Czechoslovak investments’ motivations, geographical distribution, and socio-economic implications for Yugoslavia. The findings reveal that Czechoslovak investments constituted a substantial portion of foreign capital in Yugoslavia, contributing to industrial development, job creation, and modernization. However, they also highlight the complex dynamics of economic integration and foreign influence in interwar Yugoslavia, shedding light on the nuanced relationship between Czechoslovak investors and the Yugoslav economy.

This paper aims to examine the role of economic diplomacy in attracting foreign capital to emerging countries, by developing a composite index measuring diplomatic activity. We focus on what extent does economic diplomacy influence the inflow of foreign capital to emerging countries. Then, we used data from fifty-five (55) developing economies in 2018. The composite index for diplomatic activity is constructed using principal component analysis. Further, we investigated the effect of this index on foreign capital inflows using linear regression based on the ordinary least squares method. The results indicate that the increase in the number of embassies alone does not significantly influence the evolution of diplomatic action. However, diplomacy plays a non-negligible role in attracting foreign capital. Our results demonstrate a positive and significant link between diplomacy and foreign funding, highlighting the importance of this tool for attracting investment and supporting growth in these countries. The findings of this work are going to serve both scientific and practitioners’ communities as it sheds light on the larger debate around the growing role of economic diplomacy in emerging countries in the context of globalization. Moreover, it provides a useful tool for measuring the effectiveness of foreign policies and their impact on economic expansion.

Theoretical background: An important source of systemic risk in the banking system is the ownership structure, especially the ratio of foreign capital, which affects not only the results of individual banks but also the situation of the entire sector during the financial crisis. The effects of foreign capital engagement in a local banking system not always have to be exclusively positive. In particular, this refers to the systemic risk contribution of foreign capital in the national banking system as well as foreign capital concentration and potential systemic risk transfer through foreign capital. These threats are becoming especially important for the Polish banking sector, where foreign capital to assets ratio – despite its gradual decrease since 2008 – is still higher than 40%. Purpose of the article: The aim of this article is to assess foreign capital systemic risk contribution in the Polish banking system and the scale of threat posed by possible transfer of this risk through foreign capital. Research methods: Two methods were employed in this study, i.e. (1) supervisory measure of individual banks’ systemic risk contribution, including the guidelines of the European Banking Authority, and (2) SRISK% measure, which shows which part of the systemic capital shortfall is generated by which bank. The systemic capital shortfall, on the other hand, is defined as a sum of additional own funds necessary to meet the regulatory minimum should a 40% fall of total capitalisation of the banking system occur within the subsequent 6 months. At the same time, owing to the application of both of the above methods, we could draw on their strengths while eliminating the identified weaknesses. Main findings: Our analyses did not indicate that the level of foreign capital concentration in the Polish systemically important banks may contribute to systemic risk transfer through foreign capital. Although all Polish banks owned by foreign capital, identified as systemically important, are subsidiaries of the banks which – in their home countries – are also considered as systemically important, their contribution to the Polish systemic risk is generally a few times lower than systemic risk contribution of their parent institutions, with the exception of one bank, which should be carefully monitored by the Polish financial safety net. The rising systemic risk contribution of the banks owned by foreign capital and identified as systemically important in the Polish banking system should not be a matter of concern thanks to the diversified share of individual banks in it. The conclusions drawn in the study are important both in terms of the policies adopted by the safety net institutions and from the point of view of further improvement of systemic risk measures, especially those assessing the contribution of individual banks to this risk.

The aim of the article is to theoretically and methodically substantiate the current problems of foreign investment with the subsequent development of recommendations for attracting capital from foreign partners to Ukrainian business. On the basis of the use of abstract-logical and statistical-economic methods of research, the current trends in the development of investment and attraction of foreign investment in Ukrainian business are determined; on the basis of the SWOT analysis, the strengths and weaknesses of the investment attractiveness of domestic business are identified in order to minimize risks. The article indicates that the current state of the market economy is characterized by constant changes, intensification of competition and unpredictability of conditions of operation. It is specified that the availability of financial resources is one of the key factors of success in doing business to minimize the negative impact of the both internal and external environment. It is noted that in case of insufficient amount of own resources of enterprise, there is a need to find external sources of financing, including attracting foreign investment. This will contribute to the expansion of product markets, access to the latest technologies, as well as improving the financial condition of the enterprise in the future. It is determined that the process of attracting foreign investment when doing business has certain advantages and disadvantages, which should be taken into account when planning investment activity and managing entrepreneurial activity. The negative impact of hostilities in Ukraine on the level of its investment attractiveness is noted. The current state and trends in attracting foreign investment into Ukraine are analyzed. Strategic directions for attracting foreign investment in Ukrainian business, as well as ensuring favorable conditions for improving the investment climate, are proposed. Prospects for further research in the direction of the inflow of foreign capital into the domestic economy are the identification of promising industries for its attraction in the post-war period.

The article analyzes how structural changes taking place in companies affect wages and determine their changes. It is relevant to examine how the structural changes of companies are related to wage indicators, because this reveals one of the most important economic consequences of the structural changes of companies, which is also significant at the level of the national economy. The aim of the research is to theoretically base the essence of structural changes, to empirically evaluate how the structural changes of companies and wages are related. A statistical study was conducted, investigating the links between wages and structural changes in Lithuanian companies. The method of correlation-regression analysis was applied. The results of the study show that one of the most prominent structural effects affecting wages is the development of enterprise activity (judging by indicators of turnover and investment in fixed assets) – this structural change is positively correlated with wage growth. Another structural change in companies, which is associated with the increase in wages, is the growth of foreign capital in domestic companies. The results of the study have practical significance in understanding the factors that determine wage growth in the country’s companies and forecasting wage growth. Article in Lithuanian. Įmonių struktūriniai pokyčiai ir darbo užmokestis Santrauka Straipsnyje analizuojama, kaip įmonėse vykstantys struktūriniai pokyčiai veikia darbo užmokestį ir lemia jo pokyčius. Aktualu nagrinėti, kaip įmonių struktūriniai pokyčiai susiję su darbo užmokesčio rodikliais, nes tai atskleidžia vieną svarbiausių įmonių struktūrinių pokyčių ekonominių pasekmių, reikšmingų ir šalies ekonomikos lygmeniu. Straipsnio tikslas – teoriškai grindžiant struktūrinių pokyčių esmę, empiriškai įvertinti, kaip susiję įmonių struktūriniai pokyčiai ir darbo užmokestis. Atliktas statistinis darbo užmokesčio ir struktūrinių pokyčių Lietuvos įmonėse sąsajų tyrimas. Taikytas koreliacinės regresinės analizės metodas. Tyrimo rezultatai rodo, jog vienas ryškiausių struktūrinių poveikių, veikiančių darbo užmokestį, yra įmonių veiklos plėtra (vertinant pagal apyvartos ir investicijų į ilgalaikį turtą rodiklius) – šis struktūrinis pokytis teigiamai koreliuoja su darbo užmokesčio augimu. Kitas įmonių struktūrinis pokytis, siejamas su darbo užmokesčio didėjimu, yra užsienio kapitalo šalies įmonėse augimas. Tyrimo rezultatai turi praktinę reikšmę suvokiant veiksnius, lemiančius darbo užmokesčio augimą šalies įmonėse, ir prognozuojant darbo užmokesčio augimą. Reikšminiai žodžiai: įmonė, verslas, struktūriniai pokyčiai, darbo užmokestis, kapitalas, užsienio kapitalas, darbuotojų skaičius.

Copyright of Science: Future of Lithuania / Mokslas: Lietuvos Ateitis is the property of Vilnius Gediminas Technical University 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.)

This research investigates the effect of the expansion of the digital economy on the quality of regional investment introduction in China using city-level data from 2011 to 2019. The findings of the study indicate that the growth of the digital economy can greatly raise the calibre of regional investment, and this conclusion has withstood a number of robustness tests, including endogeneity. The growth of the digital economy primarily draws high-quality foreign investment through enhancing productivity, attracting talent, and increasing return on investment. A region's high-quality development plan can increase the promotion effect of the digital economy on the quality of foreign investment, but the promotion effect of the digital economy on the quality of foreign investment clearly demonstrates regional variation. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Academic Social Science Studies is the property of Journal of Academic Social Science Studies 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 article examines the situation with free economic zones (FEZ) and territories of advanced development (TAD) in modern Russia. The purpose of the article is to identify the problems of the functioning of FEZ and TOP, as well as the analysis of successful projects of free economic zones in Russia. The development of economic potential is one of the main goals of managing the economy of the country. Against this background, an important role is played by free economic zones (FEZ), as well as territories of advanced development (TAD), which aim to create favorable economic conditions, promote the socio–economic development of the state, attract foreign investment, as well as the creation of high–tech industries, the development of transport infrastructure and the tourism industry. A clear and thoughtful creation and functioning of free economic zones, which is impossible without sound government programs and effective local governance, is a factor in the long–term sustainable development of both the country and its individual regions.The article examines the current situation with free economic zones (FEZ) and territories of advanced development (TAD) in modern Russia within the framework of their functioning and prerequisites for their creation. The research results consist in identifying the problems of the functioning of free economic zones, identifying structural problems that represent errors in the creation and functioning of such territories that require immediate solutions soon, as well as analyzing projects of free economic zones in Russia that are successful and cost–effective within the framework of the regional development program.

At the Lausanne Peace Conference, one of the most important issues to be resolved between the Government of the Grand National Assembly and the Entente States was the status of companies with foreign capital operating in Turkey. On the one hand, the conference process was going on, on the other hand, due to the rising nationalist sentiment, demands for the purge of foreigners and non-Muslims working in companies with foreign capital began to rise. This demand was fueled by the perception that foreigners and non-Muslims were economically better off than the Muslim/Turkish segment, thanks to capitulations and other privileges. In line with the objections and criticisms from the Muslim/Turkish section, the purges that started immediately after the victory intensified with the signing of the Lausanne Peace Treaty and continued throughout the 1920s. It is possible to summarize the reasons for these purges against foreign and nonMuslim employees in companies under three headings: purges as a nation-building project, economic reasons and security-related reasons. The new Turkish state, which defined itself as a nation-state, naturally wanted to homogenize the population inherited from the Ottoman Empire. Accordingly, it began to pursue policies that excluded non-Muslims who were considered unreliable in the process of building a nation from the definition of “nation”. One of the most well-known of these policies was the elimination of non-Muslims from companies. In fact, with these purges, the new Turkish state, on the grounds of providing economic independence as well as political independence, eliminated foreign and non-Muslims who were active in working life and who were now considered unreliable, and put into effect policies that would replace the reliable Muslim/Turkish element.

The article offers a comprehensive analysis of the activity of the Russian merchant fleet in China in the second half of the 19th century. This historical issue is particularly relevant in connection with the active development of modern foreign trade in China and the strengthening of Russian-Chinese trade and economic ties. The historical research is based on the materials of the central archives of Russian Federation (including the Archive of Foreign Policy of the Russian Empire and the Russian State Historical Archive). The methodology is based on a comparative analysis of Russian shipping in China and similar activities of other foreigners, and a system analysis that allows us to study the issue in the context of the overall development of Russian-Chinese trade. An important component of the article is the statistical analysis of data on the development of maritime Russian-Chinese trade, foreign shipping in China, and freight rates. The article considers the development of the organization of maritime Russian-Chinese trade in Odessa and the Far East directions. On the example of several treaty ports (Hankou, Shanghai, and Chifu), the features of the development of Russian commercial navigation in Chinese waters and the accompanying complexities of this process are shown. As a result, the author comes to the conclusion that there is a direct correlation between the level of infrastructure development in the Russian Far East and the expansion of the presence of the Russian merchant fleet in the treaty ports of China at the end of the 19th century.

The article studies how the economic life of the Amur region in the first half of the 1860s is reflected in contributions to the newspapers Amur and Vostochnoe Pomorie, with a focus on the newspaper coverage of foreign entrepreneurs' activities in the region. The authors analyze how the journalists tried to attract foreign capital to Russia, and how they interpreted the legal and cultural conditions that foreign traders encountered in the Amur region. Equally taken into consideration are the features and prospects of intercultural communication in the region, the respective publications attitudes towards the Russian annexation of the Amur region, and their perceptions of the factors that stood in the way of the comprehensive development of the region and of the attraction of foreign entrepreneurs. The article analyzes the image that the newspaper authors drew of life in the Russian Far Eastern peripheries; in particular, a number of articles were very critical in their discussion of how to remove obstacles to attracting foreigners to the region. At the same time this contribution argues that by their description of the nature and living conditions in the Amur region, the regional newspapers also contributed to the inflow of domestic and foreign investments into the Far Eastern region. It seems that this experience can be useful for the economic development of remote Russian territories also today, after a necessary adjustment.

We examine Chinese President Xi Jinping's close relations with Malaysian Prime Minister Najib Razak (2009-2018) and Philippine President Rodrigo Duterte (2016-), an outcome of China's Belt & Road Initiative (BRI). We argue strongmen use their political power, shaped by their own political-economic systems, to tap into the BRI's available capital to fuel their political agendas. We illustrate this argument in Malaysia, a country with a centralized party system, and in the Philippines, one with an oligarchy-driven economy with decentralized political parties. In Malaysia, Najib was able to directly use BRI to generate economic rents, reward business allies, and dispense patronage through company directorships and subcontracts to party members to strengthen his political position. In contrast, the Philippines' inherently coalitional system highlights the messiness as well as compromises in states with decentralized political competition. While Duterte is perceived to be an all-powerful autocrat, in reality he needs the support of major political elites, oligarchs, and local politicians for most major decisions. Duterte still used BRI to reward his cronies, weaken the opposition, and tame the oligarchs. [ABSTRACT FROM AUTHOR]

This paper investigates current budgeting practices of Czech companies. The article aims to provide recent empirical evidence on the impact of business complexity on budgeting in the Czech Republic, with the main focus on modern budgeting methods. Despite the plethora of critical voices against traditional budgeting, budgeting remains an essential part of most companies' corporate governance. The empirical investigation is based on a questionnaire survey and its statistical evaluation using tests of goodness of fit and cluster analysis. Fundamental research questions of the paper include the influence of business complexity on Czech companies' budgeting practices, factors that currently play an essential role and their importance, and the approach of Czech companies to modern budgeting practices. The results indicate that Czech firms use various financial management tools, including budgets. Traditional budgeting methods are still dominant in most companies; empirical data evaluation confirmed mild differences between companies financed by domestic and foreign capital; nevertheless, those distinctions were not confirmed by statistical testing. Essential factors in the budgeting practice of the respondents are the connection of budgets to strategic planning and the possibility of using budgets as a tool for business performance evaluation. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic and the war in Ukraine have contributed to a slowdown in banking internationalisation, but the growing trend of emerging markets towards international capital movements, technological innovations in the financial sector, and sustainable trade relations is increasing the relevance of international banking research in Ukraine. Based on an analysis of the historical overview of views on global banking in the last decades of the twentieth and first decades of the twenty-first century, the article defines the definitional features of international banking. The article emphasises the importance of foreign competition for the domestic banking sector. In this sense, a retrospective analysis of the entry of foreign banking capital into the domestic market of Ukraine is carried out and the strategies of foreign banks' penetration and forms of their presence are identified from the point of view of the evolution of the banking system development and transformation of the regulatory environment in Ukraine. The author notes the impact of the European integration vector on the intervention capabilities of international banks in the domestic market and the entry of domestic participants into the European market, and outlines the reaction of the financial system to the resulting internal and external shocks. As part of the overall transformations aimed at bringing Ukraine's accession to the EU closer, the author notes that the entry of foreign banks results in the introduction of new financial products and instruments, with a special focus on the convergence of the regulatory regime based on a harmonised set of prudential requirements and the concept of equivalence. It is noted that the domestic banking sector today, given all external and internal challenges and threats, has significant reserves in terms of capitalisation, and foreign banks are its support, and the author substantiates the need to continue an effective policy of foreign capital attraction in compliance with EU requirements and standards. [ABSTRACT FROM AUTHOR]

Theoretical background: An important source of systemic risk in the banking system is the ownership structure, especially the ratio of foreign capital, which affects not only the results of individual banks but also the situation of the entire sector during the financial crisis. The effects of foreign capital engagement in a local banking system not always have to be exclusively positive. In particular, this refers to the systemic risk contribution of foreign capital in the national banking system as well as foreign capital concentration and potential systemic risk transfer through foreign capital. These threats are becoming especially important for the Polish banking sector, where foreign capital to assets ratio – despite its gradual decrease since 2008 – is still higher than 40%. Purpose of the article: The aim of this article is to assess foreign capital systemic risk contribution in the Polish banking system and the scale of threat posed by possible transfer of this risk through foreign capital. Research methods: Two methods were employed in this study, i.e. (1) supervisory measure of individual banks’ systemic risk contribution, including the guidelines of the European Banking Authority, and (2) SRISK% measure, which shows which part of the systemic capital shortfall is generated by which bank. The systemic capital shortfall, on the other hand, is defined as a sum of additional own funds necessary to meet the regulatory minimum should a 40% fall of total capitalisation of the banking system occur within the subsequent 6 months. At the same time, owing to the application of both of the above methods, we could draw on their strengths while eliminating the identified weaknesses. Main findings: Our analyses did not indicate that the level of foreign capital concentration in the Polish systemically important banks may contribute to systemic risk transfer through foreign capital. Although all Polish banks owned by foreign capital, identified as systemically important, are subsidiaries of the banks which – in their home countries – are also considered as systemically important, their contribution to the Polish systemic risk is generally a few times lower than systemic risk contribution of their parent institutions, with the exception of one bank, which should be carefully monitored by the Polish financial safety net. The rising systemic risk contribution of the banks owned by foreign capital and identified as systemically important in the Polish banking system should not be a matter of concern thanks to the diversified share of individual banks in it. The conclusions drawn in the study are important both in terms of the policies adopted by the safety net institutions and from the point of view of further improvement of systemic risk measures, especially those assessing the contribution of individual banks to this risk. [ABSTRACT FROM AUTHOR]

There is a clear need to research the issue of planning processes within companies. Although there are many publications on individual planning processes, insight into the impact of foreign capital participation after the COVID-19 pandemic is lacking. The focus of the study is the determination of statistically significant differences in individual management planning processes, whilst identifying differences in the functioning of companies both with and without foreign capital participation. The method of data collection was an interview and questionnaire survey conducted into seven aspects of the planning process, namely setting goals, generating plans, marketing planning, production planning, personnel planning, financial and investment planning, and monitoring. The influencing factor "foreign capital participation" was selected for particular focus. As our results suggest, foreign capital participation in companies has a fundamental impact on a company's planning processes, sustainability and efficiency. The conclusions drawn are that foreign capital participation has a fundamental impact on our understanding of the business environment, and that to sustain a high-quality business, the issue requires even more in-depth research. [ABSTRACT FROM AUTHOR]

Could North Korea (officially the Democratic People's Republic of Korea) actually become Northeast Asia's next big free market economy? At first blush, economic optimism about the "Hermit Kingdom" seems incredibly misplaced. North Korea is one of the most repressive countries in the world; with an overwhelming adherence to the state ideology of juche (national self-reliance), the North Korean government continues to systematically deny citizens almost all basic liberties. As if that were not enough, North Korea threatens to attack nearby nations and the United States with nuclear missiles, in spite of international sanctions that are meant to compel North Korean denuclearization. On the other hand, North Korea has expanded its efforts to enhance its international profile, including talks of potentially reuniting with South Korea and unprecedented meetings with the heads of state of both the United States and China. A post-sanctions North Korea could present an opportunity for franchisors, franchisees, and foreign capital to enter the country, exponentially expand its market potential, and mutually benefit from the positive spillovers of economic liberalization (e.g., cross-cultural communication and technology transfers). There are, indeed, tremendous challenges--risks and potential rewards--to bringing foreign capital and investment, including franchising, to North Korea. Economic liberalization and enhanced foreign capital, investment, and franchising can be achieved through the multilateral efforts of major trading nations and significant, but certainly attainable, changes in North Korean norms and laws. [ABSTRACT FROM AUTHOR]

This paper adopts a two-stage stochastic frontier analysis framework to analyse the roles of foreign and domestic capital in the aggregate production of gross domestic product (GDP) and CO2-equivalent emissions across 36 OECD countries from 1990 to 2014. The first stage estimates a quadratic output directional distance function to derive the marginal products of foreign and domestic capital with respective to GDP and emissions. The second stage examines explanations for variations in the marginal rate of technical substitution (MRTS) of foreign and domestic capital across OECD countries. Our paper finds two important empirical evidence findings on the role of foreign capital in the aggregate production of desirable and undesirable outputs. Firstly, that foreign capital appears to be more effective than domestic capital in generating GDP and curbing CO2-equivalent emissions. We find that one standard deviation of GDP (or $2333 billion in 2011 dollars) would require $1857 billion (in 2011 dollars) of foreign capital in comparison with $4867 billion of domestic capital, ceteris paribus. On the other hand, the reduction of CO2-equivalent emissions by one standard deviation would demand $4091 billion (in 2011 dollars) of foreign capital relative to $16,539 billion of domestic capital. Second, foreign capital is more effective in reducing emissions in countries characterised by higher GDP per capita, larger population density, and higher shares of manufacturing sectors and exports. [ABSTRACT FROM AUTHOR]

Copyright of Afyon Kocatepe University Journal of Social Sciences / Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi is the property of Afyon Kocatepe University (AKU) Sosyal Bilimler Enstitusu 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 essence and structure of the banking system of Ukraine were largely regulated by law in the 1990s. Many changes have taken place since then. Today there are questions about changing the conceptual tools of banking science in terms of new understanding and formation of the banking ecosystem. The article is devoted to the study of basic concepts of banking science. The aims of the study are to formulate a new concept of "banking ecosystem" from the standpoint of open systems theory, to improve infrastructural components of the banking system of Ukraine. The research methodology is based on the use of open systems theory, a dialectical approach, systematic and comparative analysis, generalization of concepts, theory of open systems in the natural sciences. The information base is the legislation and regulations regulating banking activities in Ukraine, scientific works of domestic and foreign scientists, Internet resources. Results. The analysis reveals that the legislative wording has shortcomings in the definition of responsible regulators on the part of the state. The author's vision of concept "banking ecosystem" from the standpoint of open economic environment, the formation of incoming and outgoing financial flows and relationships is proposed. The list of participants of the modern infrastructure of the banking system of Ukraine is formulated. It is argued that the banking system of Ukraine should be studied using chaos theory and open systems theory, when the impact of the cooperative effect of joint behaviour of players cannot be fully predicted and there exists a synergistic effect. The mathematical approach and criteria for the openness index of the banking system and for the synergistic effect of the interaction between participants in the banking system is offered.

After explaining the content coverage and elementary explanation of the basic dimensions of the paradigm of sustainable development, the concept of sustainability is considered in the light of preserving the total amount of capital in the production process, assuming no technological change and population growth. The research task set in this way brought to the fore the extremely complex question of the substitutability of produced and natural capital (stocks of natural resources and carrying capacity of the environment). The answer to it is directly related to the concept of weak and strong sustainability. The concept of poor sustainability allows substitutability between produced and natural capital, provided that the total amount of available capital does not decrease. On the contrary, the concept of strong sustainability implies a special observation of produced and natural capital. It practically eliminates the possibility of replacing one form of capital with another in the production process and from the point of view of the development economy is the only acceptable option in the long run. If unlimited substitution between natural and produced capital is allowed, then natural resources will eventually be depleted due to the creation of produced capital.

China's foreign capital R&D network has become a core component of the high-quality development of the national innovation ecosystem. Narrowing the spatial difference in the foreign R&D network is considered an essential strategy to improve China's holistic innovation capability. Previous studies only examined the internal factors of the system while mostly ignoring the quantitative analysis of the spatial differences diffusion. Based on the dissipative structure theory, the current paper demonstrates the construction of positive and negative entropy indexes of foreign capital R&D networks in China. Rested on a survey dataset of 340 foreign R&D institutions in 21 Chinese provinces from 2016 to 2017, this paper analyzes the spatial differences and driving factors of the innovation development of foreign capital R&D networks across the country using the Brusselator model. The results show that China's entire deviation degree of foreign capital R&D networks is small. Still, there are significant spatial differences in the deviation between the entropy value and the ideal status of dissipative structure in foreign R&D networks, with the minor deviation-value areas located in the eastern regions. In addition, the central and western regions where the late-mover layout of the foreign R&D network deviates are far from the ideal status. Among them, the western (i.e., Xi'an and Chengdu) foreign R&D network is significantly better than the central innovation performance. It is found that policy traction of talent advantage and intellectual property rights protection positively impact the negative entropy flow of foreign R&D networks in China, which becomes an influential driving force for the future system equilibrium. The paper concludes with several policy implications to guide China's innovation and ecological optimization of foreign capital R&D networks. [ABSTRACT FROM AUTHOR]

The article highlights the main debatable issues of President L. Kravchuk’s economic policy in the first years after the declaration of Ukraine’s independence. It was studied how the young state built its economic strategy on the remains of the destroyed Soviet system, while simultaneously trying to move away from its command and administrative component. The miscalculations of the government and the current President in particular are shown. [ABSTRACT FROM AUTHOR]

Copyright of Diversitas Journal is the property of Diversitas Journal 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.)

Copyright of Studies in Politics & Society / Polityka & Społeczeństwo is the property of University of Rzeszow 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.)

How do Chinese firms assess investment risk? I argue that major Chinese firms tend to invest in countries whose leaders they perceive as strong. However, their perception of a host country leader's strength arises from a range of subjective and relational factors, including their party school socialization, Chinese state's preferences for strong leaders, efforts by the host country regime to 'sell' the image of a strong leader, and information brokerage by Chinese think tanks. Thus, the path taken by Chinese firms cannot be fully explained by 'objective' measurable indicators such as policy bank financing or natural endowments; social relationships and norms are crucial too. There are also unintended consequences of investing in countries where they consider leaders to be strong. If the leader turns out to be weak, this ultimately increases the likelihood of cancellation of ongoing major Chinese projects. In contrast, if the leader is indeed strong, this strategy could result in pushback, leaving Chinese firms vulnerable to the leader's whim to act against Chinese interests. To illustrate, I draw on elite interviews, contrasting Chinese investment in the Philippines under Arroyo (2001–2010) and Duterte (2016-), Malaysia under Najib (2009–2018), and Indonesia under Jokowi (2014-). [ABSTRACT FROM AUTHOR]

This study empirically tests for the heterogeneous effects of foreign capital inflow on income distribution, measured by the Gini index, in the Post-China 16 (PC16) countries between 1995 and 2017. In the benchmark model, we apply fixed- and random-effects models. As an alternative model, we use a dynamic panel model based on the Arellano–Bond estimator and autoregressive distributed lag model. We investigate the effects of total foreign capital inflow and individual types of foreign capital (foreign direct investment (FDI), portfolio investment, and other investments), including their equity and debt subcategories. Our results show that the foreign capital inflow to the PC16 countries offers economic benefits only to specific income groups. FDI does not have statistically significant effects on income inequality, but portfolio investment makes income distribution more heterogeneous, and other investments reduce income differences. In addition, we find that income differences are increased by debt-type FDI and portfolio debt investment. In the short run, the effects of debt-type FDI, portfolio debt investment, and other investment inflows are significantly reduced. Finally, debt-type FDI increases income inequality more in countries with higher gross domestic product and human development index values, whereas the poorest and least developed countries use the debt portfolio capital such that it increases income inequality. [ABSTRACT FROM AUTHOR]

Analyzing the literature, which indicates the high importance of financial surplus in investment expenditures, which are essential in creating a competitive advantage, and having in mind that with GDP growth a decreasing trend can be observed in the sphere of investment expenditures in Poland, an analysis was made of the sources of financing investment expenditures of enterprises and the financial result of entities with domestic and foreign capital operating in Poland. This made it possible to identify the situation of the Polish economy over the years in terms of the structure of investments and to try to answer the question of whether the financial results achieved by entities with domestic capital are sufficient to make the investments necessary to maintain a high position in the competitive environment. As a result of the analysis, it was found that entities with domestic capital, representing a majority of around 80 % of the total balance sheet contributors in Poland, generate only 60% of the gross financial result, while less than 20 % of foreign companies have a financial result exceeding 40%. The methods used include an analysis of the literature, data contained in statistical databases (CSO and Eurostat). The data presented cover the period 2005-2020, mostly in the form of annual aggregates for Poland. [ABSTRACT FROM AUTHOR]

Copyright of Kastamonu University Journal of Economics & Administrative Sciences Faculty / Kastamonu Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Kastamonu University 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 paper is aimed at assessing the economic efficiency of food industry enterprises based on the foreign capital indicator. The decisive emphasis was placed on the hypothesis that, within the economic efficiency of groups of companies with and without foreign capital, companies with foreign capital would be more efficient. This hypothesis was not confirmed in the 2020 calculations, as some enterprises without foreign capital also achieved comparable or better results compared to groups of enterprises with foreign capital. Given that the calculation of the economic efficiency of food enterprises by the method of classifying groups of enterprises was carried out for the first time, we therefore consider the result to be a preliminary finding. [ABSTRACT FROM AUTHOR]

Copyright of Studies in Law & Economics / Studia Prawno-Ekonomiczne is the property of Lodz Scientific Society / Lodzkie Towarzystwo Naukowe 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 article presents a Constructivist framework for subnational diplomacy (aka paradiplomacy), critiquing the Neoliberal assumptions regarding US states' search for foreign capital as driven by 'objective' market forces, free of intra-subnational conflicts and geopolitical implications. Using Formosa Plastics' investment projects in Texas and Louisiana as case studies, it argues that paradiplomatic agency—rather than restricted to subnational executives—is located across a range of state and non-state subnational actors, who form intra-subnational, national and international coalitions when advancing or challenging US states' economic internationalization. Their contests over the purpose of international action and the locus of authority that speaks for subnational communities in the global marketplace reflect their intersubjective constructions of reality. Such constructions not only provide subnational actors with an understanding of themselves and their interests, but also delineate the boundaries of what is permissible and necessary, rendering certain internationalization strategies as 'obvious', while precluding others. [ABSTRACT FROM AUTHOR]

The assessment of the development in Hungary at the end of the XIX-th century by general consul in Budapest prince A. N. Lvov is considered in the article. It is claimed in the material that the attitude of the diplomat did not always coincide with real facts, his political view and absence of economic education did not allow him to approach the analysis of situation of Hungarian industry at the turn of the XIX-th - XX-th centuries.

The article aims to assess the improvement of the process capability by implementing the Six Sigma methodology in furniture enterprises with different levels of the quality management system (QMS) and ownership. The implementation of the Six Sigma methodology according to the DMAIC steps, also analysis, evaluation, and comparison of the implementation results were performed to improve the process performance. The implementation of the Six Sigma methodology was carried out in an international enterprise with foreign capital and a certified Quality Management System (QMS) and in a domestic enterprise with purely domestic capital without an established Quality Management System. The implementation results confirmed the positive development in the key indicators of critical processes, namely, in the reduction of DPMO, the increase of efficiency and the level of Sigma Process, and the values of process capability indices. The positive effects were more pronounced in the international enterprise compared to the domestic. The application of the Six Sigma methodology brings better results in manufacturing companies with international management skills and implemented certified QMS. These two aspects can be key success factors by managing and improving process capability. The practical contribution of the paper can be seen in the proposal of suitable methods and tools by implementing Six Sigma conception in furniture manufacturing regardless of the ownership or level of quality management systems.

Insurance companies are institutions of public trust, and this affects their corporate culture, strategies and management systems. One of the image concerns is reporting on socially responsible actions in non-financial reports. The prime objective of the research presented in this paper is to analyze the dependence between the level of non-financial reporting in the insurance market and the share of foreign capital, measured based on the market size of foreign insurance companies compared to all insurance companies, and the share of foreign insurance companies in non-financial reporting. The study concerned insurance markets in the Czech Republic, Hungary, Poland and Slovakia, and the overall market of the Visegrad Group countries. The theoretical section provides a review of the literature and applicable legislation to indicate the causes of non-financial reporting by insurance companies. Next, the correlation was used to determine the relationship between the variables studied, the regression method was applied to determine the impact of the variables studied, in particular foreign capital, on the level of non-financial reporting. A model was constructed, and the results of its estimation were analyzed. Analysis of the data demonstrated that the greater the share of foreign capital, the higher the level of non-financial reporting. The study results indicate that the share of foreign insurance companies can become a determinant in the development of non-financial reporting.

Regie Company, t is a multinational institution established under the Düyûn-ı Umûmiyye Administration, which gave a clear status to the foreign capital control over the important income items of the Ottoman Empire. Regi was organized in Ankara as a directorate and civil servant in 1884, as it was throughout the empire. The fact that the company was operating with a large staff structure throughout the province between 1884 and 1925 shows that tobacco is an important source of income in the region. In this context, the establishment, organizational structure, administrative staff structure, social and economic reflections of the activities of Reji Company in the region, which has privileges in all kinds of activities from tobacco cultivation and production to sales in Ankara province, archive documents, provincial yearbooks and findings obtained from written sources, investigated accordingly. [ABSTRACT FROM AUTHOR]

The essence and structure of the banking system of Ukraine were largely regulated by law in the 1990s. Many changes have taken place since then. Today there are questions about changing the conceptual tools of banking science in terms of new understanding and formation of the banking ecosystem. The article is devoted to the study of basic concepts of banking science. The aims of the study are to formulate a new concept of "banking ecosystem" from the standpoint of open systems theory, to improve infrastructural components of the banking system of Ukraine. The research methodology is based on the use of open systems theory, a dialectical approach, systematic and comparative analysis, generalization of concepts, theory of open systems in the natural sciences. The information base is the legislation and regulations regulating banking activities in Ukraine, scientific works of domestic and foreign scientists, Internet resources. Results. The analysis reveals that the legislative wording has shortcomings in the definition of responsible regulators on the part of the state. The author's vision of concept "banking ecosystem" from the standpoint of open economic environment, the formation of incoming and outgoing financial flows and relationships is proposed. The list of participants of the modern infrastructure of the banking system of Ukraine is formulated. It is argued that the banking system of Ukraine should be studied using chaos theory and open systems theory, when the impact of the cooperative effect of joint behaviour of players cannot be fully predicted and there exists a synergistic effect. The mathematical approach and criteria for the openness index of the banking system and for the synergistic effect of the interaction between participants in the banking system is offered. [ABSTRACT FROM AUTHOR]

The relevance of the study is due to the abolishment of the moratorium on the sale of agricultural land and the risks arising from the land market opening in Ukraine. The paper aims to identify the effectiveness of land mortgages for the agricultural sector of the economy and determine the mechanisms of state policy aimed at legal groundwork to guarantee rights of landowners. The comparative analysis of the land market development in the Central European states contributed to identifying system-based state management of land market formation processes, which had a positive effect on the land reform outcomes in these states. The analysis results confirmed the timeliness of the land market opening in Ukraine, which is related to the chosen economic and political course. The investment attractiveness of the Ukrainian agro-industrial complex is due to high productivity of lands and is supported with the possibility of mortgaging agricultural land. Neutralization of factors hindering the foreign investment attracted to agricultural business will contribute to the attraction of efficient technologies and highly productive use of the agricultural land in Ukraine. Some measures aimed at the land relations transformation in Central Europe do not consider the peculiarities of the Ukrainian agricultural sector. In particular, it is not reasonable to sell agricultural land to foreigners. Assessment of certain provisions of the Law of Ukraine ‘On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Agricultural Land Transactions’ No. 552-IX shows the inevitability of abuse by foreign-owned banking institutions of the possibility to alienate the lands pledged under any loan agreements. Criminalization of evasion from the alienation of agricultural land as collateral will prevent the risks of acquiring Ukrainian agricultural lands by foreign-owned banking institutions. It is concluded that the banking system will only perform the functions of an investor in the agricultural sector of the economy, so there is a need to strengthen the state regulation of the land market in Ukraine.