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This paper investigates which company characteristics affect the decision to introduce profit‐sharing. Unlike most studies, this paper relies on a ten‐year panel. The…
This paper investigates which company characteristics affect the decision to introduce profit‐sharing. Unlike most studies, this paper relies on a ten‐year panel. The results presented in this paper are based on the estimation of a panel data fixed‐effect logit model. Given that they are immune from heterogeneity bias, it is believed that these results are more reliable than those obtained by estimating cross‐sectional models. These results are in line with the common findings of the literature. Companies that are more likely to introduce profit‐sharing (PS) are larger firms which invest more, due to the lower cost of debt, and tend to pay higher wages as an incentive to boost the initially lower productivity. These companies are more likely to undertake investment projects which support the interpretation of PS as a risk‐sharing device.
This study is concerned with markets operating in Turkey in the Istanbul Stock Exchange (BIST), which have been observed and studied in relation to herd behavior. During…
This study is concerned with markets operating in Turkey in the Istanbul Stock Exchange (BIST), which have been observed and studied in relation to herd behavior. During the research part of the study, the existence of herd behavior was investigated with the help of the daily closing price data of the firms in BIST between January 2011 and December 2017. In the research section of the study, the authors used regression analysis. In the analysis, the authors used the index value of the BIST whole Index. The average value of the index value of BIST whole Index was taken. Then, according to this average, 1% percentile and 5% percentile were taken. In the periods in the 1% percentile (at the dates) the result was that herd behavior was present. The herd behavior was observed for the periods (for dates) included in the percentile of 1%. On the other hand, the results of the analysis for the 5% percentile show that the herd behavior is only seen in the upper extremes.
Purpose: This purpose of this chapter is to present several theories of financial inclusion. Financial inclusion is the ease of access to, and the availability of, basic financial services to all members of the population. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs in a responsible and sustainable way. Financial inclusion practices vary from country to country, and there is need to identify the underlying principles or propositions that can explain the observed variation in financial inclusion practices. These set of principles or propositions are called theories.
Methods: The chapter uses conceptual discussions to formulate alternative theories of financial inclusion.
Findings: The study shows that financial inclusion theories are explanations for observed financial inclusion practices. It also shows that the ideas and perspectives on financial inclusion can be grouped into theories to facilitate meaningful discussions in the literature.
Originality/value: Currently, there are no observed or elaborate theories of financial inclusion in the policy or academic literature. This chapter is the first attempt to develop theories of financial inclusion. The theories are intended to be useful to researchers, academics and practitioners. The resulting contributions to theory development are useful to the problem-solving process in the global financial inclusion agenda.
The purpose of this chapter is to demonstrate how blockchain technology – which permits the Internet-based exchange of value (digital assets) – enables supply chain…
The purpose of this chapter is to demonstrate how blockchain technology – which permits the Internet-based exchange of value (digital assets) – enables supply chain finance banks to overcome the challenges they face when attempting to create win–win transactions for supply chain participants. Traditionally, buyers and suppliers linked together in a supply chain have conflicting objectives as manifested by a zero-sum payoff structure. Suppliers want their invoices to be paid quickly in order to reduce their need for working capital. In contrast, buyers want to delay payment of invoices as long as possible in order to reduce their need for working capital. In other words, suppliers want a short cash conversion cycle; buyers want a long cash conversion cycle. This conflict is eliminated by the insertion of a financial intermediary (supply chain finance bank) between the buyer and the supplier. The bank eliminates the conflict by: (1) using its balance sheet to decouple the cash conversion cycles of the buyer and supplier; and (2) providing cheaper financing to impatient suppliers and reluctant buyers (since the bank has a higher credit rating than both the supplier and the buyer).
Vietnam started significant transition policy since 1986 with the introduction of extensive policy of Doi Moi process. The transition from a centrally planned economy…
Vietnam started significant transition policy since 1986 with the introduction of extensive policy of Doi Moi process. The transition from a centrally planned economy toward market-oriented economy has brought some significant results; however Vietnam has until recently stood out as a success story among the transitional economies from a developmental perspective. This requires further investigation of other factors relating to the viability assumption of neoclassical economics. This paper aims to investigate the relationship between corporate governance and firm value in Vietnam, a small and open neo-transitional economy. The result suggests a positive relationship of board size and the value of a firm, but it is not significant. The result also shows a lack of significant negative relationship of other two independent corporate governance variables (shareholder concentration and CEO duality) and the value of a firm. However, to some extent, too high shareholder concentration and CEO duality tend to have negative impacts to the firm value. Other control variables such as price-to-book value ratio and return on total assets have significant and positive impacts on the value of a firm, while the market capitalization has a negative relationship with the value of a firm.
Purpose: This chapter proposes a number of measures for financial inclusion and financial exclusion.Method: The author use ratio analysis and statistics to develop several…
Purpose: This chapter proposes a number of measures for financial inclusion and financial exclusion.
Method: The author use ratio analysis and statistics to develop several indices of financial inclusion.
Findings: This chapter finds that there are several indices of financial inclusion that can contribute to inform policy making in the financial inclusion agenda.
Implications: The indices developed in this chapter can help policymakers toward designing better financial inclusion policies and can provide feedback and insight to policy makers to improve current financial inclusion policies.
Originality: The literature on financial inclusion and exclusion lacks a comprehensive index that measures the extent of financial inclusion and exclusion across countries. This chapter attempts to fill this gap by proposing some index or indicators of financial inclusion and exclusion.
Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present…
Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present several such models ranging from cellular automaton and register machines to quantum computation. The additional benefit of such models is displayed by extending them to model political entanglement to determine the impact of allowing majority redistributive voting. In general, the insights obtained from simulating the computations of simple rules can serve as an additional way to study economics, complementing equilibrium, literary, experimental, and empirical approaches. I culminate by presenting a minimal model of economic complexity that generates complex economic growth and diminishing poverty without any parameter fitting, and which, when modified to incorporate political entanglement, generates volatile stagnation and greater poverty.
Introduction: The frequency and complexity of cyber assaults have grown in recent years. Consequently, organisations have increased their expenditures in more robust…
Introduction: The frequency and complexity of cyber assaults have grown in recent years. Consequently, organisations have increased their expenditures in more robust infrastructure to protect themselves from these cyber assaults. These organisations’ assets, data, and reputations are at risk due to rapidly increasing cybercrimes. However, complete protection from these many and ever-changing threats is very challenging as a result. To deal with them, companies are taking steps to reduce risks and limit company losses in their occurrence.
Purpose: Progressively, the insurance sector organisations are including digital protection as a component of the board’s general danger technique. Protection enterprises, then again, depend on accurately expecting risks, while a significant number of them depend on normalised approaches. Because of the exceptional attributes of the digital assaults, transporters now and again depend on subjective strategies dependent on master decisions. There is an unmistakeable absence of observational information on digital protection, specifically subjective examinations planning to comprehend and depict necessities, impediments, and cycles applicable for digital protection.
Methodology: There are various unanswered inquiries and worries about the oversight and legitimate and administrative assessment of network safety weaknesses in the protection business. In the wake-up of looking over all these worries and issues, steps to alleviate them are laid out after an extensive literature survey and secondary data sources. In this study, the authors have principally viewed the executive parts of the associations as the danger. While considering network protection, their insight of needs was taken as one among a few dangerous treatment systems, just as the necessities of the organisations’ protection in assessing the danger level of likely customers.
Findings: This section analyses past research in network safety and information security in the protection market. The danger of the executives’ strategies, the numerical models, and the forecasts of digital occassions are illustrated in this section. Lastly, the future headings are likewise expressed momentarily.
Practical implications: This review might be valuable for additional examination and logical discussion, yet additionally for down-to-earth applications. Moreover, it could be gainful to organisations as a supportive instrument for better agreement on what digital protection is and how to get ready to take on network safety and information security procedures in the association.
Significance: These associations’ resources, information, and notoriety are in danger because of quickly expanding cybercrimes. Cybercriminals are utilising more refined approaches to start digital assaults. Digital protection was anticipated to affect security conduct before any proof was gathered. Progressively, organisations are including digital protection as a feature of their general danger to the executive system. Because of the exceptional attributes of the digital assaults, transporters as often as possible depend on subjective methods dependent on master decisions. Thus, this space of network safety and information security is vital uniquely in the protection market.
Academic institutions are under increasing pressure to show that their research output has impact. As this concept is easier to quantify in science-based disciplines, this…
Academic institutions are under increasing pressure to show that their research output has impact. As this concept is easier to quantify in science-based disciplines, this chapter reviews how one interprets what “impact” is in finance. It suggests how best to incorporate it into academic research through the use of a simple to understand impact ratio. It provides an overview of the leading academic publications and their role in this process. It asks how impact within finance is understood, appreciated and subject to critique. It concludes that academics should demonstrate how they can facilitate the development of capital markets through evidence-based policy and enhancing capital market efficiency.
The purpose of this paper is to add to the existing literature about whether and how a continuous belief-update mechanism affects investors' risk perceptions in…
The purpose of this paper is to add to the existing literature about whether and how a continuous belief-update mechanism affects investors' risk perceptions in crowdfunding. The authors build on existing literature on the impact of a continuous belief-update mechanism on return expectations and risk perceptions, as a result of the funders' personal return and risk experiences, and apply this approach to the crowdfunding area. The authors thus add two specific insights about these dynamic new markets. First, the authors measure the perceived risk along multiple dimensions. Second, the authors consider how perceived risk differs across experienced investors and inexperienced investors, using two levels of analysis.
The paper uses a unique data set of survey respondents on crowdfunding with financial returns. The data set covers Germany, Poland and Spain. Survey data were derived by market research conducted in two stages. The first stage consists of two questions asked within an omnibus survey conducted by computer-assisted telephone interviews. In the second stage, multiple questions (including QA.1 and QA.2 and demographics) were included in an online survey or computer-assisted web interview for the same three countries.
The authors find that experienced investors perceive risks at lower levels than users that are aware of crowdfunding, but have not yet had the experience of an actual investment. The authors also find that investors, who invest larger proportions of their savings in crowdfunding with financial returns, perceive risks even lower than “lighter” investors, for the majority of risks the authors investigate.
The study is limited in three European countries and explores crowdfunding with financial returns only.
The study suggests that investors' participation and activity in crowdfunding with financial returns can be increased, either via providing incentives for “first investment” or via the creation of investment simulators.
This study contributes to the following three areas. First, the authors shed new evidence on the dynamics of crowdfunding with financial returns and explore how decisions are being made in a context of reverse information asymmetries. Second, the authors explore how the “crowd” reshapes risk perceptions via a belief-update mechanism; this is of high importance under the absence of traditional financial intermediaries, which increases the severity of information asymmetries. Third, the authors enrich literature associated with how laypeople take investment decisions, showing how prior experience affects investment decision making.