Pub Date : 2021-12-28DOI: 10.21511/ed.20(1).2021.05
Viktoriia Pysmak, Lidiya Mazhnyk, T. Sigaieva
The development of the national economy and its components in modern conditions is increasingly dependent on technological shifts based on innovation. The ability to form and effectively use potential is becoming a decisive factor in enhancing the competitiveness and development of enterprises. The development of managerial capacity will allow enterprises to adapt quickly to new environmental conditions and make effective management decisions. With the transformation of the economic system towards social orientation, there is a transition from outdated forms of enterprise potential management to a new vision of the quality of management potential. Basic approaches to assessing the quality of management potential in its innovative development were formed. The main features of the innovative development of managerial potential were identified. The main features of the development of innovative management potential were determined. A basic structure for management potential innovative development measures was proposed, which regulates that a company’s policy in the field of improving the efficiency of management capacity is a subordinate element of the general strategy of an enterprise, but at the same time it is necessary to monitor the balance between economic performance and social justice.
{"title":"Innovative development of the management potential at a modern enterprise","authors":"Viktoriia Pysmak, Lidiya Mazhnyk, T. Sigaieva","doi":"10.21511/ed.20(1).2021.05","DOIUrl":"https://doi.org/10.21511/ed.20(1).2021.05","url":null,"abstract":"The development of the national economy and its components in modern conditions is increasingly dependent on technological shifts based on innovation. The ability to form and effectively use potential is becoming a decisive factor in enhancing the competitiveness and development of enterprises. The development of managerial capacity will allow enterprises to adapt quickly to new environmental conditions and make effective management decisions. With the transformation of the economic system towards social orientation, there is a transition from outdated forms of enterprise potential management to a new vision of the quality of management potential. Basic approaches to assessing the quality of management potential in its innovative development were formed. The main features of the innovative development of managerial potential were identified. The main features of the development of innovative management potential were determined. A basic structure for management potential innovative development measures was proposed, which regulates that a company’s policy in the field of improving the efficiency of management capacity is a subordinate element of the general strategy of an enterprise, but at the same time it is necessary to monitor the balance between economic performance and social justice.","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49232043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-28DOI: 10.57111/econ.20(4).2021.24-30
S. Onyshchenko, A. Hlushko, Oleksandr Kivshyk, A. Sokolov
The relevance of scientific research is determined by the need to substantiate the specifics of the impact of the shadow economy as a polysystemic phenomenon, inherent in any national economic system, on the economic security of the state. The purpose of the work was to study the size, trends of the shadow economy in Ukraine and its impact on the economic security of the state in order to form the directions of unshadowing the economy as a necessary condition for the accelerated economic growth of Ukraine. The methodical approach used for the implementation of the specified research goal is based on a combination of an integral, indicator, graphic method and a method of comparative analysis of assessments of the shadow economy and the level of economic security of the state. It has been proven that the shadow economy is a real threat to the economic security of the state, the destructive influence of which, in the case of its excessive spread, increases in the conditions of fluctuations in the market situation and economic instability. The problems of the asymmetric influence of the shadow economy on the formation of the business environment in Ukraine are considered. A direct inverse relationship between the level of shadowing of economic activity and the level of economic security of Ukraine was revealed. It has been proven that the scale of the shadowing of the national economy of Ukraine is threatening and particularly dangerous. Emphasis is placed on the need to develop and implement the policy of unshadowing and decriminalising the economy. Recommendations are provided as to unshadowing the economy in the direction of the formation of a favourable security-oriented business environment by overcoming the deep sources of the development of shadow socio-economic processes in order to minimise threats to the economic security of Ukraine. The results of the scientific work, as well as the conclusions formulated on their basis, can be used in the improvement of the state policy of ensuring the economic security of Ukraine in conditions of the European integration and increasing influence of global challenges
{"title":"The shadow economy as a threat to the economic security of the state","authors":"S. Onyshchenko, A. Hlushko, Oleksandr Kivshyk, A. Sokolov","doi":"10.57111/econ.20(4).2021.24-30","DOIUrl":"https://doi.org/10.57111/econ.20(4).2021.24-30","url":null,"abstract":"The relevance of scientific research is determined by the need to substantiate the specifics of the impact of the shadow economy as a polysystemic phenomenon, inherent in any national economic system, on the economic security of the state. The purpose of the work was to study the size, trends of the shadow economy in Ukraine and its impact on the economic security of the state in order to form the directions of unshadowing the economy as a necessary condition for the accelerated economic growth of Ukraine. The methodical approach used for the implementation of the specified research goal is based on a combination of an integral, indicator, graphic method and a method of comparative analysis of assessments of the shadow economy and the level of economic security of the state. It has been proven that the shadow economy is a real threat to the economic security of the state, the destructive influence of which, in the case of its excessive spread, increases in the conditions of fluctuations in the market situation and economic instability. The problems of the asymmetric influence of the shadow economy on the formation of the business environment in Ukraine are considered. A direct inverse relationship between the level of shadowing of economic activity and the level of economic security of Ukraine was revealed. It has been proven that the scale of the shadowing of the national economy of Ukraine is threatening and particularly dangerous. Emphasis is placed on the need to develop and implement the policy of unshadowing and decriminalising the economy. Recommendations are provided as to unshadowing the economy in the direction of the formation of a favourable security-oriented business environment by overcoming the deep sources of the development of shadow socio-economic processes in order to minimise threats to the economic security of Ukraine. The results of the scientific work, as well as the conclusions formulated on their basis, can be used in the improvement of the state policy of ensuring the economic security of Ukraine in conditions of the European integration and increasing influence of global challenges","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48923307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-20DOI: 10.57111/econ.20(4).2021.8-15
O. Vovchenko
Due to economic globalization, changes in the regulatory environment, technological shifts and geopolitical events, banks face uncertainty that has a negative impact on their financial stability. It is important for banking institutions to develop an effective risk management system that will help identify, control and mitigate emerging risks. The goal of the study was to substantiate current directions for transforming the banks’ risk management system to secure anti-crisis regulation and financial stability. Monitoring of the banking sector financial stability has been carried out based on determining the probability of a financial crisis, applying an indicative method; economic and statistical methods of information collection and analysis, formalization, systematization and modelling have also been applied in the article. The importance of a risk-oriented approach to conducting banking business as a basis for counteracting destabilizing factors of influence has been considered. Securing the bank’s financial stability under conditions of uncertainty provides for integration of its risk management system into the structure, linking all other management subsystems at the strategic, tactical and operational levels. Bank risk management has been considered not as a separate independent function of bank management, but as a component of the institution’s adaptive management system, integrated with strategic and tactical planning, performance management, internal control and audit. It has been determined that in order to ensure the bank’s adaptability and its quick response to changes in the financial market it is necessary to introduce changes into the risk management system in the following directions: establishing the responsibility of the bank’s top management and its owners for the bank’s performance at the legislative level; improving the corporate governance and promoting its reliability; forming the bank’s risk culture. The study is useful for banking specialists who can use recommendations for the development and improvement of the risk management system under conditions of uncertainty. The given material can serve as an important source of information for regulatory bodies, supervisory institutions in policy making and setting standards of the risk management system in banks
{"title":"Development of the banks’ risk management system under conditions of uncertainty","authors":"O. Vovchenko","doi":"10.57111/econ.20(4).2021.8-15","DOIUrl":"https://doi.org/10.57111/econ.20(4).2021.8-15","url":null,"abstract":"Due to economic globalization, changes in the regulatory environment, technological shifts and geopolitical events, banks face uncertainty that has a negative impact on their financial stability. It is important for banking institutions to develop an effective risk management system that will help identify, control and mitigate emerging risks. The goal of the study was to substantiate current directions for transforming the banks’ risk management system to secure anti-crisis regulation and financial stability. Monitoring of the banking sector financial stability has been carried out based on determining the probability of a financial crisis, applying an indicative method; economic and statistical methods of information collection and analysis, formalization, systematization and modelling have also been applied in the article. The importance of a risk-oriented approach to conducting banking business as a basis for counteracting destabilizing factors of influence has been considered. Securing the bank’s financial stability under conditions of uncertainty provides for integration of its risk management system into the structure, linking all other management subsystems at the strategic, tactical and operational levels. Bank risk management has been considered not as a separate independent function of bank management, but as a component of the institution’s adaptive management system, integrated with strategic and tactical planning, performance management, internal control and audit. It has been determined that in order to ensure the bank’s adaptability and its quick response to changes in the financial market it is necessary to introduce changes into the risk management system in the following directions: establishing the responsibility of the bank’s top management and its owners for the bank’s performance at the legislative level; improving the corporate governance and promoting its reliability; forming the bank’s risk culture. The study is useful for banking specialists who can use recommendations for the development and improvement of the risk management system under conditions of uncertainty. The given material can serve as an important source of information for regulatory bodies, supervisory institutions in policy making and setting standards of the risk management system in banks","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41515231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-27DOI: 10.57111/econ.20(3).2021.15-24
K. Korsunova
As a result of rapid technological progress and the emergence of new markets and competitors, companies must adapt their marketing strategies to remain competitive. The primary determinant of international marketing has shifted towards benchmarking, where companies seek to improve their methods and optimize their operations to increase profits, which is a pressing issue. The purpose of the article was to conduct a theoretical analysis of the concept of benchmarking and its meaning in the context of international marketing, as well as to identify new trends in global marketing that have arisen due to globalization. The theoretical and methodological basis of the article was the works of Ukrainian and foreign scientists. Methods of scientific abstraction, critical analysis, and abstract-logical methods were used during the research. The paper investigated how globalization affected the international marketing strategies of companies. It has been proven that companies must adapt to these changes using new approaches and strategies. The article identifies benchmarking as a significant trend for a company’s success in international marketing, which allows for identifying areas for improvement and applying best practices. Other factors influencing international marketing success include market research, product adaptation, branding, distribution channels, and pricing strategies. The article also analyses the challenges and opportunities of international marketing, such as cultural differences and access to new markets. The study highlights the importance of structural trends, such as benchmarking, in determining a company’s success in international marketing. This methodology also provides insight into the factors that influence international marketing success, the challenges and opportunities companies face, and the strategies they can employ to succeed in the global marketplace. The results of this research can be used to develop an international marketing strategy that considers the specifics of different markets and countries, expand the company’s international markets and develop the company’s international cooperation with other enterprises, and also to increase the effectiveness of international marketing campaigns and quick adaptation to changes in the international market
{"title":"Structural trends of international marketing in the conditions of globalization changes","authors":"K. Korsunova","doi":"10.57111/econ.20(3).2021.15-24","DOIUrl":"https://doi.org/10.57111/econ.20(3).2021.15-24","url":null,"abstract":"As a result of rapid technological progress and the emergence of new markets and competitors, companies must adapt their marketing strategies to remain competitive. The primary determinant of international marketing has shifted towards benchmarking, where companies seek to improve their methods and optimize their operations to increase profits, which is a pressing issue. The purpose of the article was to conduct a theoretical analysis of the concept of benchmarking and its meaning in the context of international marketing, as well as to identify new trends in global marketing that have arisen due to globalization. The theoretical and methodological basis of the article was the works of Ukrainian and foreign scientists. Methods of scientific abstraction, critical analysis, and abstract-logical methods were used during the research. The paper investigated how globalization affected the international marketing strategies of companies. It has been proven that companies must adapt to these changes using new approaches and strategies. The article identifies benchmarking as a significant trend for a company’s success in international marketing, which allows for identifying areas for improvement and applying best practices. Other factors influencing international marketing success include market research, product adaptation, branding, distribution channels, and pricing strategies. The article also analyses the challenges and opportunities of international marketing, such as cultural differences and access to new markets. The study highlights the importance of structural trends, such as benchmarking, in determining a company’s success in international marketing. This methodology also provides insight into the factors that influence international marketing success, the challenges and opportunities companies face, and the strategies they can employ to succeed in the global marketplace. The results of this research can be used to develop an international marketing strategy that considers the specifics of different markets and countries, expand the company’s international markets and develop the company’s international cooperation with other enterprises, and also to increase the effectiveness of international marketing campaigns and quick adaptation to changes in the international market","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43842468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-24DOI: 10.57111/econ.20(3).2021.40-47
Оlena Коbа
In order to develop a methodology for assessing the system of economic security of entities in conditions of economic and political instability, there is a necessary and urgent task to determine the nature, characteristics, relationship between its levels, factors influencing their formation. The purpose of the study is to generalize scientific approaches and clarify the essence, features and relationship between the levels of formation of the economic security system. The generalization of the existing approaches to the formation of the economic security system was carried out using a monographic method. The essence of the levels of the economic system is determined by methods of analysis and synthesis. The research analysed existing approaches to determining the hierarchy of the economic security system and presented a scheme for the formation of levels of economic security, consisting of a mega-level (global and international economic security), a macro-level (national), a meso-level (regional and sectoral economic security), a mіcro-level (economic security of entrepreneurship, enterprise, individual) and the relationship between them. The category “economic security of the industry” was defined as a set of conditions that ensure economic development, competitiveness and protection of its economic interests. It was established that the economic security of the industry depends on its specifics, functions, objects, subjects, specific risks and threats. The role of the economic security of the industry and the economic security of the individual in the system of the hierarchy of levels of economic security was substantiated. The obtained results are the basis for the development of a methodology for assessing the system of economic security of various entities, which can be used by their management in order to identify threats in a timely manner and quickly implement measures to eliminate them
{"title":"System of economic security and levels of its formation","authors":"Оlena Коbа","doi":"10.57111/econ.20(3).2021.40-47","DOIUrl":"https://doi.org/10.57111/econ.20(3).2021.40-47","url":null,"abstract":"In order to develop a methodology for assessing the system of economic security of entities in conditions of economic and political instability, there is a necessary and urgent task to determine the nature, characteristics, relationship between its levels, factors influencing their formation. The purpose of the study is to generalize scientific approaches and clarify the essence, features and relationship between the levels of formation of the economic security system. The generalization of the existing approaches to the formation of the economic security system was carried out using a monographic method. The essence of the levels of the economic system is determined by methods of analysis and synthesis. The research analysed existing approaches to determining the hierarchy of the economic security system and presented a scheme for the formation of levels of economic security, consisting of a mega-level (global and international economic security), a macro-level (national), a meso-level (regional and sectoral economic security), a mіcro-level (economic security of entrepreneurship, enterprise, individual) and the relationship between them. The category “economic security of the industry” was defined as a set of conditions that ensure economic development, competitiveness and protection of its economic interests. It was established that the economic security of the industry depends on its specifics, functions, objects, subjects, specific risks and threats. The role of the economic security of the industry and the economic security of the individual in the system of the hierarchy of levels of economic security was substantiated. The obtained results are the basis for the development of a methodology for assessing the system of economic security of various entities, which can be used by their management in order to identify threats in a timely manner and quickly implement measures to eliminate them","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46192596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-21DOI: 10.57111/econ.20(3).2021.25-39
Oksana Pysarchuk
The problem of the quality of specialists training and the issue of financing the training of higher education seekers in Ukraine at the expense of budget funds and the funds of individuals and legal entities are examined. The purpose of the study is to identify ways to increase the efficiency of the use of budget funds to finance the training of students while ensuring the proper quality of this process. During the research, the Data Science toolkit has been used to work with large arrays of Big Data information. In combination with the application of a set of empirical methods, the research enables to put forward a hypothesis about the existence of an irrational distribution of budget funds among higher education institutions (HEIs) to finance the training of students in certain specialties. The article reviews the dynamics of the development of the network of HEIs of Ukraine during the period of independence of state-owned, communal and private forms of ownership and departmental subordination. A comparative analysis of the network structure in relation to the number of higher education seekers has been carried out in comparison with the corresponding structure of the network of educational institutions in European countries and in the USA, which confirms the relevance of the optimization of the network of HEIs and its structure. The presence of artificially created HEIs, which are subordinate to individual ministries and state services with privileged operating conditions, gradually reduces the quality of training in the absence of internal competition, which leads to a gradual decrease in the efficiency of the use of budget funding. The work quantitatively substantiates the state’s financial losses from the irrational distribution of the state order among HEIs for the training of specialists with higher education. HEIs with a high proportion of incomplete groups, that are unable to ensure high quality of specialist training, are unable to attract external sources of funding for specialist training as a result of non-competitiveness in the market of educational services, are only spending budget funds without proper results. According to the research results, generalized optimization criteria of the network of HEIs of Ukraine are proposed, which can be used by the governmental bodies of Ukraine
{"title":"Analysis of the higher education institutions network and the problem of its financing","authors":"Oksana Pysarchuk","doi":"10.57111/econ.20(3).2021.25-39","DOIUrl":"https://doi.org/10.57111/econ.20(3).2021.25-39","url":null,"abstract":"The problem of the quality of specialists training and the issue of financing the training of higher education seekers in Ukraine at the expense of budget funds and the funds of individuals and legal entities are examined. The purpose of the study is to identify ways to increase the efficiency of the use of budget funds to finance the training of students while ensuring the proper quality of this process. During the research, the Data Science toolkit has been used to work with large arrays of Big Data information. In combination with the application of a set of empirical methods, the research enables to put forward a hypothesis about the existence of an irrational distribution of budget funds among higher education institutions (HEIs) to finance the training of students in certain specialties. The article reviews the dynamics of the development of the network of HEIs of Ukraine during the period of independence of state-owned, communal and private forms of ownership and departmental subordination. A comparative analysis of the network structure in relation to the number of higher education seekers has been carried out in comparison with the corresponding structure of the network of educational institutions in European countries and in the USA, which confirms the relevance of the optimization of the network of HEIs and its structure. The presence of artificially created HEIs, which are subordinate to individual ministries and state services with privileged operating conditions, gradually reduces the quality of training in the absence of internal competition, which leads to a gradual decrease in the efficiency of the use of budget funding. The work quantitatively substantiates the state’s financial losses from the irrational distribution of the state order among HEIs for the training of specialists with higher education. HEIs with a high proportion of incomplete groups, that are unable to ensure high quality of specialist training, are unable to attract external sources of funding for specialist training as a result of non-competitiveness in the market of educational services, are only spending budget funds without proper results. According to the research results, generalized optimization criteria of the network of HEIs of Ukraine are proposed, which can be used by the governmental bodies of Ukraine","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46256768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-08DOI: 10.57111/econ.20(3).2021.8-14
S. Gebreyesus
The governments today are concerned not only with performing basic responsibilities but also with promoting the economic development of their respective countries. The aim of the study was to examine the connection between government expenditure and economic growth in Ethiopia, Kenya, Tanzania, and Rwanda to provide information for policymakers on fiscal policy issues. Panel (time-series cross-section) data over the period of 2011 to 2020 was used. A linear regression model was employed, and a descriptive analysis was carried out. The findings of the study revealed that the four countries’ economies grew at a fluctuating rate over the study period. Ethiopia had a substantially larger GDP and the lowest GDP per capita, while Kenya had the lowest GDP and the highest GDP per capita among the nations. Kenya’s GDP per capita was double that of Ethiopia’s and Tanzania’s at the end of the study period. In addition, the results of the regression mode show a positive but insignificant connection between government expenditure and economic growth in the four countries
{"title":"The connection between government expenditure and economic growth: Case study of four Eastern African countries","authors":"S. Gebreyesus","doi":"10.57111/econ.20(3).2021.8-14","DOIUrl":"https://doi.org/10.57111/econ.20(3).2021.8-14","url":null,"abstract":"The governments today are concerned not only with performing basic responsibilities but also with promoting the economic development of their respective countries. The aim of the study was to examine the connection between government expenditure and economic growth in Ethiopia, Kenya, Tanzania, and Rwanda to provide information for policymakers on fiscal policy issues. Panel (time-series cross-section) data over the period of 2011 to 2020 was used. A linear regression model was employed, and a descriptive analysis was carried out. The findings of the study revealed that the four countries’ economies grew at a fluctuating rate over the study period. Ethiopia had a substantially larger GDP and the lowest GDP per capita, while Kenya had the lowest GDP and the highest GDP per capita among the nations. Kenya’s GDP per capita was double that of Ethiopia’s and Tanzania’s at the end of the study period. In addition, the results of the regression mode show a positive but insignificant connection between government expenditure and economic growth in the four countries","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43298024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-20DOI: 10.21511/ed.20(1).2021.04
M. Azis, Michael Hadjaat, Rositawati, Dio Caisar Darma
Profits that are calculated to finance unexpected cash need expedite management. This paper investigates the effect of corporate governance on cash holdings with systematic risk as a moderating variable. The population consists of companies from the property and real estate sectors listed on the Indonesia Stock Exchange (IDX) during 2012–2020. Through the purposive sampling technique, the sample obtained 41 companies as the study object. Data analysis is focused on panel data and its interpretation through the Moderated Regression Analysis (MRA). Hypothesis testing uses statistical terms at the 5% probability level. Important findings underline that corporate governance has a positive significant effect on cash holdings, while systematic risk has a negative insignificant effect. On the other hand, the moderation between corporate governance and cash holdings through systematic risk is positive significant. Systematic risk reflects the reliability of a stock; when the risk is higher, it tends to increase in cash flow situations, and investors prefer high-risk investments with the expectation of profit from returns. It is hoped that future contributions will serve as reference material for academics, government, and companies engaged in the financial service sector.
{"title":"Evaluation of systematic risk, corporate governance, and cash holdings: evidence from Indonesia","authors":"M. Azis, Michael Hadjaat, Rositawati, Dio Caisar Darma","doi":"10.21511/ed.20(1).2021.04","DOIUrl":"https://doi.org/10.21511/ed.20(1).2021.04","url":null,"abstract":"Profits that are calculated to finance unexpected cash need expedite management. This paper investigates the effect of corporate governance on cash holdings with systematic risk as a moderating variable. The population consists of companies from the property and real estate sectors listed on the Indonesia Stock Exchange (IDX) during 2012–2020. Through the purposive sampling technique, the sample obtained 41 companies as the study object. Data analysis is focused on panel data and its interpretation through the Moderated Regression Analysis (MRA). Hypothesis testing uses statistical terms at the 5% probability level. Important findings underline that corporate governance has a positive significant effect on cash holdings, while systematic risk has a negative insignificant effect. On the other hand, the moderation between corporate governance and cash holdings through systematic risk is positive significant. Systematic risk reflects the reliability of a stock; when the risk is higher, it tends to increase in cash flow situations, and investors prefer high-risk investments with the expectation of profit from returns. It is hoped that future contributions will serve as reference material for academics, government, and companies engaged in the financial service sector.","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43935634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-02DOI: 10.21511/ed.20(1).2021.03
Evans Kulu, S. Mensah, Prince Mike Sena
The role of institutions in both the inflow and the impact of foreign direct investment is of great im¬portance. The quality of institutions in a country can direct investment towards improving growth. This paper analyzes the individual and combined effect of foreign direct investment and institutions on economic growth in Ghana. The paper used the Auto Regressive Distributed Lag (ARDL) tech¬nique for secondary data obtained from 1995 to 2019. All data series, except for the quality institution index, were drawn from the World Bank Development Indicators. Institutional Quality Index data was obtained from the Heritage Foundation’s Economic Freedom Index website. The results of the ARDL model indicate that foreign direct investment and a quality institutional index together have a significantly positive effect on a country’s economic growth compared to their individual effects in both the short and long run. The study recommends that government policies should be aimed at attracting foreign direct investment while strengthening institutions and regulations to enhance output growth.
{"title":"Effects of foreign direct investment on economic growth in Ghana: the role of institutions","authors":"Evans Kulu, S. Mensah, Prince Mike Sena","doi":"10.21511/ed.20(1).2021.03","DOIUrl":"https://doi.org/10.21511/ed.20(1).2021.03","url":null,"abstract":"The role of institutions in both the inflow and the impact of foreign direct investment is of great im¬portance. The quality of institutions in a country can direct investment towards improving growth. This paper analyzes the individual and combined effect of foreign direct investment and institutions on economic growth in Ghana. The paper used the Auto Regressive Distributed Lag (ARDL) tech¬nique for secondary data obtained from 1995 to 2019. All data series, except for the quality institution index, were drawn from the World Bank Development Indicators. Institutional Quality Index data was obtained from the Heritage Foundation’s Economic Freedom Index website. The results of the ARDL model indicate that foreign direct investment and a quality institutional index together have a significantly positive effect on a country’s economic growth compared to their individual effects in both the short and long run. The study recommends that government policies should be aimed at attracting foreign direct investment while strengthening institutions and regulations to enhance output growth.","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42044528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-25DOI: 10.21511/ed.20(1).2021.02
S. Frolov, V. Orlov, O. Lozynska, Fathi Shukairi
General trends of the current stage of development of the world and domestic economies confirm the most important trends of financial systems of the leading countries, including Ukraine. Among them, it is advisable to highlight the following: financial inclusion, formation of an unassailable reputation by financial institutions, reducing the volume of shadow banking, increasing the level of the population’s financial literacy, developing financial technologies, and deepening the financial system. All of this involves increasing the size of financial assets in relation to the size of the economy based on the GDP indicator. Based on the results of generalizing the approaches of scientists to the list of determining factors affecting the development of the country’s financial system, the key role of the level of financial literacy of the population was established. The article presents the total index of financial literacy of the population of individual countries of Europe and the world based on the index components. The development of the financial system in all these areas creates conditions for a gradual transition to the development of a new quality financial ecosystem. The article proposes a definition of the financial ecosystem in the context of established hybrid of real and digital space based on the integration of financial institutions as key players with technology companies, public service providers and other participants. To ensure development, the advantages and disadvantages are specified based on the results of the SWOT analysis, which allowed to systematize the strengths and weaknesses, as well as the opportunities and threats of the financial ecosystem development. Based on the results of the analysis, four basic strategies for restructuring the financial system were developed, which are the basis for proposals for the development of the financial ecosystem and changing the business models of functioning of its subjects in Ukraine.
{"title":"Strategic and tactical benchmarks for restructuring the financial system of Ukraine","authors":"S. Frolov, V. Orlov, O. Lozynska, Fathi Shukairi","doi":"10.21511/ed.20(1).2021.02","DOIUrl":"https://doi.org/10.21511/ed.20(1).2021.02","url":null,"abstract":"General trends of the current stage of development of the world and domestic economies confirm the most important trends of financial systems of the leading countries, including Ukraine. Among them, it is advisable to highlight the following: financial inclusion, formation of an unassailable reputation by financial institutions, reducing the volume of shadow banking, increasing the level of the population’s financial literacy, developing financial technologies, and deepening the financial system. All of this involves increasing the size of financial assets in relation to the size of the economy based on the GDP indicator. Based on the results of generalizing the approaches of scientists to the list of determining factors affecting the development of the country’s financial system, the key role of the level of financial literacy of the population was established. The article presents the total index of financial literacy of the population of individual countries of Europe and the world based on the index components. The development of the financial system in all these areas creates conditions for a gradual transition to the development of a new quality financial ecosystem. The article proposes a definition of the financial ecosystem in the context of established hybrid of real and digital space based on the integration of financial institutions as key players with technology companies, public service providers and other participants. To ensure development, the advantages and disadvantages are specified based on the results of the SWOT analysis, which allowed to systematize the strengths and weaknesses, as well as the opportunities and threats of the financial ecosystem development. Based on the results of the analysis, four basic strategies for restructuring the financial system were developed, which are the basis for proposals for the development of the financial ecosystem and changing the business models of functioning of its subjects in Ukraine.","PeriodicalId":33449,"journal":{"name":"Ekonomika rozvitku","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42288838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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