Financial capacity instruments are psychometric tools designed to evaluate individual decisional capacity based on financial decisions. As tests are complex and need special conditions for administration and evaluation, it is difficult to use them in daily geriatric clinics. Our scoping review objective was to evaluate existing financial capacity instruments from the perspective of simplicity and portability. We evaluated one English speaking knowledge database (Medline) using a dedicated MeSH terminology. The review yielded one independent instrument, The Semi-Structured Clinical Interview for Financial Capacity, that can be easy adapted for every-day clinical use. It is simple to understand and perform and do not need trained personnel for administration. It can be finalized in 15 minutes. Initially validated on 261 subjects (with different forms of cognitive impairment), it showed good accuracy and precision mainly in subjects with cognitive impairment. The test is less apt to detect early or fluctuating cognitive impairment. Simplicity, the main advantage of the test, allows gamification fact that increases portability. Familiar images (coins, money) that are used for performing simple tasks does not need complex translation and adaptation. In form of a game, the test is suitable for serial administration, increasing the chance for early capacity reduction detection. Results reflect a physician judgement related to the subjects’ capacity to understand and execute simple financial instructions and not financial proficiency scores. The main limitation of our review is that we investigated only one, English speaking, knowledge database. The scoping strategy generated a financial capacity instrument that can be used in geriatric clinics for early diagnostic of decisional capacity reduction. Further studies are needed to evaluate the reliability and validity of the test in conditions of serial administration and in populations having various financial experience.

It has been observed that most adult citizens, globally, are not enjoying financial services. They are financially excluded, especially rural dwellers. Monetary authorities initiated financial inclusion, with the aim of including all adult population who are excluded from financial services into the financial system at an affordable cost to meet their basic needs. Studies have shown that it encourages household savings and affects growth positively. Central Bank of Nigeria initiated financial inclusion in 2012 and commenced implementation in 2014. Given the short period of its implementation, this study ascertained the effect on economic growth in Nigeria. The study used time series data ranging from 2004 to 2021. The study covered the pre-inclusion period, through its implementation period. Ordinary Least Square technique was adopted for data estimation. Preliminary and post-estimation tests were also conducted. Despite the short period of the implementation of financial inclusion strategy, the OLS result affirmed that it positively affects economic growth. It was concluded that financial inclusion is a growth driver. It was recommended that Central Bank of Nigeria, in collaboration with commercial banks and microfinance banks, continue to enforce inclusion exercise in all rural communities, ensuring that women, youths, farmers, traders in the informal sector, are captured by the financial system. Also, Central Bank Nigeria should set up financial inclusion compliance committee at the Local Government levels, with a State Monitoring unit to ensure compliance.

This paper focuses on the paradigm that explains the link between energy transitions and financial transformations. In particular, it attempts to shed some light on the following question: How did the transition from wood to coal affect financial development in late 18^th and early 19^th century Britain? The results demonstrate that the energy transition in Britain during the 1^st Industrial Revolution constituted an important moment in the country's financial development and can be used as an example of how an energy innovation can foster the financial development of particular countries or regions.

This study was conducted to propose the Green Economic Development Plan for Manufacturing S.M.E.s based on financial performance and operations thru Green Initiatives. The descriptive survey method used to gather data to determine the green initiative's implementation of small and medium (S.M.E.s) manufacturing enterprises. Green initiatives use as a basis for crafting a green economic development plan. Document analysis was also employed to obtain data from any available printed materials and records provided by the respondents. Such methods of gathering information used to validate data gathered from local and foreign-related literature. The observation also employed to survey the assets owned and validate any green initiatives practiced, including their implementation. The study's findings show that among the green initiatives implemented by SMMEs, which resulted in the reduction of total costs and expenses, were the proper disposal and segregation of waste materials, water management by recycling wastewater and using water-efficient equipment, natural resources, and raw materials management. SMMEs should encourage active participation and support of suppliers and customers in achieving G.E.D.'s objectives by developing incentive schemes.Furthermore, SMMEs should continue to benchmark with G.E.D. Practitioners are operating locally and abroad to adopt best greening strategies and regularly network with concerned government agencies for continuous updating on G.E.D. Initiatives that may benefit the firm. Further research may be conducted on green initiatives implemented by small and medium enterprises in other industry sectors.

This paper highlights the impact of financial inclusion on individuals’ borrowing and saving decisions in the United States and the United Arab Emirates. It does so, using data from the 2014 Global Financial Inclusion database, and an empirical strategy consisting of first testing the significance of the joint bivariate model over its binary conterparts using the Lagrange multiplier test, followed by a contrast between the fully-parametric and semi-parametric specifications of the saving and borrowing equations. Based on model performance measures, the semi-parametric bivariate probit specification is identified as a better framework for describing the two processes of saving and borrowing, with a correlation coefficient of 12.3%. Although no significant difference exists between UAE and US residents in borrowing behavior, we find that US residents are 31.4% more likely to save than their UAE counterparts. In addition, and in line with the Permanent Income Hypothesis, the results reveal the absence of an income based saving or borrowing gradient in the two countries. Conversely, we found the prevalence of a gender based saving (12.4%) and borrowing (13.8%) inequality in favor of the male gender. Furthermore, access to a bank account and a debit card, companies policy of direct wage and salary transfer, and government transfer programs with direct deposit options are all financial inclusion strategies that are found to significantly raise the likelihood of saving and borrowing. As such, companies with payroll practices based on cash or physical paycheck issuing, especially in the US, should revise such policy to create more financial inclusion, and thereby more saving potential which in turn would contribute to further borrowing, investment and growth of the national economy.

In the context of the economic and political uncertainty associated with the 2019-nCoV pandemic, it is necessary to determine the socio-psychological factors involved in the transformation of the behavior of insurance consumers under the influence of a biogenic threat. This study measures financial anxiety and its impact on the insurance behavior of Russian citizens. The correlation, comparative, and regression analyses of the financial anxiety of Russian citizens cover three stages of observation: before the start of the 2019 nCoV pandemic (“FA up to 19 nCoV; N = 766), during the period of quarantine measures announced in Russia in March 2020 (“FA 19-nCoV-1”; N = 856), and after the relaxation of quarantine measures at the end of April 2020 (“FA 19-nCoV-2”; N = 963).Psychological analysis data were obtained from the online survey “Financial anxiety (in the context of insurance)”. The questionnaire is psychometrically reliable and easy to use. It includes five measurement scales: MR1—Physical manifestations of financial incentive anxiety, MR2—With money shortages and financial uncertainty, MR3—The value of insurance coverage, MP4—Financial Confidence, and MR5—Perception of insurance and investment risks. It was found that Russian citizens consider it important to have insurance coverage for a “rainy day”, and they showed confidence in the insurance market during the biogenic crisis. However, unfortunately, during the 19-nCoV-1 and 19-nCoV-2 periods, Russian citizens did not feel financially secure, unlike in the period before 19-nCoV. Women showed high scores for physical manifestations of financial anxiety and low financial confidence in the future, in contrast to men, regardless of the observation period.

In the context of economic and political uncertainty associated with the 2019-nCoV pandemic, it is necessary to determine the socio-psychological factors in the transformation of the behavior of insurance consumers under the influence of the biogenic threat. This study is devoted to measuring financial anxiety and its impact on the insurance behavior of Russian citizens. Correlation, comparative and regression analyzes of financial anxiety of Russian citizens cover three stages of observation: before the start of the 2019 nCoV pandemic (“FA up to 19 nCoV; N = 766), during the period of quarantine measures announced in Russia in March 2020 (“ FA 19- nCoV-1 "; N = 856) and after the relaxation of quarantine measures at the end of April 2020 (" FA 19-nCoV-2 "; N = 963). Psychological analysis data were obtained from the online survey "Financial anxiety (in the context of insurance)". The questionnaire is psychometrically reliable and easy to use, including 5 measurement scales: MR1. Physical manifestations of financial incentive anxiety, MR2. With money shortages and financial uncertainty, MR3. The value of insurance coverage, MP4. Financial Confidence, MR5. Perception of insurance and investment risks. Russian citizens considered it important to have insurance coverage on a “rainy day” and showed confidence in the insurance market during the biogenic crisis. But, unfortunately, Russian citizens during the 19-nCoV-1 and 19-nCoV-2 periods did not feel financially secure in the future, unlike the period before 19-nCoV. ”Women showed high scores for physical manifestations of financial anxiety and low financial confidence in the future, in contrast to men, regardless of the observation period.

The study's motivation is to gauge the nexus between economic policy uncertainty and financial innovation for the period 2004M1 to 2018M12 in BRIC nations. For establishing a long-run cointegration study applied Autoregressive Distributed Lagged (ARDL) and asymmetry effects of economic policy uncertainty investigated following nonlinear framework known as NARDL. Furthermore, directional causality is established by performing a non-granger causality test. Cointegration test results of Fpss, Wpss, and tBDM confirmed the long-run association between EPU and financial innovation. On the other hand, the Wald test results proved asymmetry effects furring from EPU to financial innovation both in the long-run and short-run. Referring to asymmetry effects that positive and negative shocks in financial innovation, the study revealed that negative linkage between shocks in EPU and financial innovation in the long-run but short-run effects are insignificant. Furthermore, financial innovation measured by R&D investment exhibits positive linked with shocks in EPU, implying that uncertainty induces innovation in the economy. Refers to directional causality estimation, the study revealed evidence supporting the feedback hypothesis between EPU and financial innovation in all sample countries.

Over the past decade, the credit quality of loan portfolios across most countries in the world remained relatively stable until the financial crises hit the global economy in 2007–2008. In this paper I discuss, the relationship between non-performing loans and economic landscape. Since 2008, nonperforming loans have been an increasingly hot topic in the international scene, due to their important and rising volume and their impact on the economy as a whole, on the banking system and on its credit supply. Since then, average bank asset quality deteriorated sharply due to the global economic recession. Yet the deterioration of loan performance was very uneven across countries. I am interested in explaining these differences in bank asset quality across countries and over time. In this paper, I therefore study the empirical determinants of non-performing loan (NPL) ratios using a data set for EU countries covering the past decade. The paper assumes that the spatial organization of banking systems and the geographical distribution of comercial banks branches, ATMs and GDP growth are major factors influencing the effectiveness in credit system. The aim of this paper is to construct a continuous and quantifiable model, which will demonstrate a role of economic condition, technology, competition, policy, business climate in Financial Stability. Main hypotheses suggests, that GDP growth, interest rate, new business, FDI, ATMs and geographical distribution of branches have an influences on NPL (non-performing loans).

The relationship between economic growth, growth volatility and financial sector development continues to attract attention in the theoretical and empirical literature. Over time, some studies hypothesize that finance has a causal linear relationship with growth. Recently several other authors contradict this claim and argue that the relationship that exists between finance and growth is nonlinear. We investigate these claims for Nigeria for the period between 1970 and 2015, using semi-parametric econometric methods, Hansen sample splitting techniques and threshold estimator. We observed no evidence of ‘Too much finance’ as claimed by many researchers in recent times. We show that the relationship between financial development and economic growth is U-shaped. This is equally true for the relationship between financial development and growth volatility. We also discuss policy implications of our findings and recommend financial innovations and decentralization of stock exchanges to boost access to financial services, in addition, improved regulation to enhance financial market efficiency.

The purpose of this study was to evaluate the financial performances of the publicly held healthcare companies in crisis periods in Türkiye. The 2018 Economic Crisis and the COVID-19 pandemic crisis were included in the study as the crisis periods. We collected the financial data of the publicly held healthcare companies and calculated three liquidity, three turnover, three leverage and three profitability ratios by ratio analysis to use as financial performance indicators. We then conducted Wilcoxon signed-rank tests and we did separate analyses for the 2018 Economic Crisis and the COVID-19 pandemic crisis. The results of the analyses showed that there were no statistically significant differences between the publicly held healthcare companies’ liquidity, turnover, leverage, profitability ratios and thus their financial performances before the crises and after the crises. While the results are reassuring and give valuable insights to managers and policy makers to determine the areas that needs to be strengthened to be better prepared for possible future crises, our sample was limited. Therefore, this study presents an exploratory foundation for future studies which are needed to make a case of financial stability for the publicly held healthcare companies before and after the crisis periods.

The main purpose of study is to identify the impact of COVID-19 pandemic on the green financing of banks and non-bank financial institutions (NBFIs) in an emerging economy such as Bangladesh. Also, this study shows the green banking activities of the banks and NBFIs during the pandemic. To analyze the impact of the pandemic on green financing, secondary data were obtained from the quarterly and annual reports of Bangladesh Bank (BB) on green financing as well as the annual reports and websites of 61 banks and 34 NBFIs in Bangladesh for the period 2021–2019. Subsequently, the study deployed dependent t-test statistics, growth rate (year-on-year), descriptive statistics, relative percentage changes, and varying tables and graphs to analyze the obtained secondary data. The empirical findings revealed that during the COVID-19 pandemic, there was an increase in green finance for all banks and NBFIs compared to before the epidemic, indicating that the pandemic had no negative impact on the total green finance growth of all banks and NBFIs. On the other hand, compared to the pre-pandemic period, bank-wise growth in green financing was higher for state-owned commercial banks (SOCBs), specialized banks (SDBs), and private commercial banks (PCBs) but lower for foreign-owned commercial banks (FCBs) during the COVID-19 epidemic. This suggests that the pandemic does not affect the expansion of green finance by SOCBs, SDBs and PCBs but significantly impacted the growth of green financing by FCBs. Furthermore, the research findings showed that the total outstanding and classified loans within the green finance investment decrease for both banks and NBFIs during the COVID-19 pandemic. The results indicated that the Bangladeshi banks’ level of automation towards green banking were satisfactory during the pandemic. Therefore, major policy implications for the green economic recovery by the government, BB, and managers of the banks and financial institutions in emerging economies like Bangladesh were discussed.

Does the choice of proxy for stock market development matter? This paper suggests that the growth effect of stock market development is sensitive to the choice of proxy and using alternative financial development indicators have practically no influence on the results. We found that using either the stock market capitalization to GDP ratio or the stock market returns; have a positive and significant effect on growth. However, we cannot make same conclusion when one uses either the ratio of total value of trades on the major stock exchanges to GDP or stock market turnover ratio to proxy for stock market development as the coefficient on these variables were found to be statistically insignificant. The indexes extracted from principal component analysis confirm the sensitivity of the effect to the choice of proxy. This finding suggest that stock market development is a conceptual terms, thus, representing it with single indicators make it impossible to identify which stock market development indicators have a significant positive growth effects.

Achieving universal access to water and sanitation services in developing countries requires a coherent legal, political, and institutional environment, along with a clear financial strategy. Regionalizing utilities may be crucial for addressing disparities, economic inequalities, and governance challenges. Regionalization offers economies of scale, resource efficiency, knowledge sharing, and collaboration. The cornerstone will be ensuring the financial-economic viability of regional utilities, considering their social impacts in terms of affordability. The State of Santa Catarina case study is assessed. In the case of Santa Catarina, only four regional utilities currently generate sufficient revenue, without factoring in necessary investments, indicating the need to review design parameters to improve operational efficiency and increase revenues. Additional financial support may be required to ensure universal access. Tariff adjustments must strike a balance between cost-effectiveness and affordability for families.

The study aims to examine the effects of artificial intelligence (AI) on the consistency and analysis of financial statements in hotels in ASEZA, Jordan. This research is an exploratory, empirical study, which uses the methodology of data collection and interpretation to draw conclusions. The researchers used the arithmetic mean, standard deviation, T-test and ANOVA test to calculate the degree of significance of the study questions. The findings of a basic linear regression study of the impact of AI implemented in Jordanian hotels on the integration of accounting information systems and the association between AI and the integration of accounting information systems (R = 59.6%) also indicate that the fixed limit value amounted to (2.060) and the value of (Beta) for T-test

Global economy, financial markets and technology are on the verge of moving to a new stage of development – information society. Three major world countries the US, Russia and China will play a leading role in this process. However, the specific development path will depend on many factors, including the stability of legal systems, security of computer and financial technologies, the effectiveness of legislation. The focus of this article is to assess the current condition of the economy the major countries, to identify trends and methods of stabilization of legal systems on the basis of balance of rights and obligations of the business, suggest some methods of objective evaluation of the impact factors of the total taxes, fixed costs and the legal system dynamics on financial indicators.

This study explores the impact of financial inclusions on financial resilience. In doing so, we utilize the World Bank’s data on global financial inclusions. Our study confirms that the respondents with financial accounts are more resilient than those without accounts. The chances of being financially resilient are around 1.4 times higher for the account holders than their counterparts. We find a significant relationship between gender and financial resilience; males are 1.4 times more resilient than females when other covariates are considered in the regression model.

This study focuses on a sample of Chinese listed companies from 2019 to 2020 to explore the relationships among corporate social responsibility, financial constraints, and financial performance. In addition, we discuss five factors affecting financial constraints. We also analyze the types of enterprises that can improve their financial performance by implementing corporate social responsibility keeping in mind the factors that lead to a high degree of financial constraint. The results indicate that: 1. The degree of financial constraints has a negative and significant impact on financial performance; 2. There is a reverse relationship between the degree of financial constraints and the effectiveness of corporate social responsibility measures; 3. Enterprises with high financial constraints (due to lower financial slack and revenue growth rates) can significantly improve their financial performance through the implementation of effective corporate social responsibility programs. 4. Enterprises with high financial constraints, caused by financial slack and revenue growth rate, can significantly improve their financial performance by implementing corporate social responsibility programs.

Reporting on CSR activities has become the essence of reporting for modern business entities. In this regard, particular attention is paid to public interest companies. Therefore, the following paper aims to answer the question of whether there are differences in the linguistic structure of the studied CSR reports in three selected industry indices on the Warsaw Stock Exchange (WSE) in Poland, i.e. WIG-energy index, WIG-fuel index, WIG-mining index and their relationship with the performance of selected companies. The study was conducted on a purposely selected sample of companies between 2013 and 2018. A total of 138 CSR reports and 138 annual separate financial statements prepared in accordance with international balance sheet law were collected. The study was carried out based on a panel regression model. It was found that CSR reports contained similar average percentages of parts of speech such as nouns and adjectives. When linking the economic performance of companies, expressed with selected indices, to the information on the implementation of CSR concepts, it was revealed that the results are more likely to describe business performance when it is satisfactory.

Financial literacy is a path to sustainability and has an important role in ensuring the financial sustainability of individuals, families, enterprises and national economies. The level of these economic indicators such as debt, payment discipline, savings and financial management all translate into prosperity or insolvency and bankruptcy and result partially from financial literacy. The higher the level of financial literacy, especially of young people, the more favorable the level of economic indicators, which translates into the economy and sustainable development. However, despite many years of research, there is still a lack of a uniform and coherent definition of financial literacy, as well as methods for measuring it. This study offers a small step forward, presenting the authors’ own view of the concept of financial literacy, the conceptualizations of financial literacy and methods used for investigating. Moreover, they present the results of a survey conducted on the financial behaviour, financial attitudes, and financial knowledge of the Polish youth and compare this to a PISA study on 15-year-old students. Results demonstrate a good, and partially very good, level of financial literacy among young Poles, showing that they are rational in their financial decision making.

This study examines the effect of market risk on the financial performance of 31 non-financial companies listed on the Casablanca Stock Exchange (CSE) over the period 2000-2016. We utilize three alternative variables to assess financial performance, namely return on assets, return on equity and profit margin. Next, we use the degree of financial leverage, the book-to-market ratio, and the gearing ratio as market risk variables. Besides, we employ the pooled OLS model, the fixed effects model, the random-effects model, the difference GMM and the system GMM models. The results show that market risk indicators have a negative and significant influence on the companies' financial performance. The elasticities are greater following the book-to-market ratio compared to the degree of financial leverage and the gearing ratio, respectively. In most cases, the firm size, the tangibility ratio, and the cash holdings ratio have a positive effect on financial performance, whereas the firms' age, the debt-to-income ratio, stock turnover, and leverage hurt the performance of these non-financial companies. Therefore, decision-makers and managers should mitigate market risk through appropriate strategies of risk management, such as derivatives and insurance techniques.

We seek to examine effective collaboration when engaging in value cocreation with the customer for mobile financial services in EMs. Our study is a motivation for multi-stakeholder engagement in value cocreation with financial inclusion of all consumers including marginalized populations. Furthermore, our work discovers that social sustainability is a product of social creativity and results in financial inclusion. We apply a qualitative descriptive methodology utilizing exemplars from extant research and phenomenology to analyze the data from the contexts of Ghana and Kenya. The results show that value is co-created for mobile financial services in networks in emerging markets when actors integrate resources for social and environmental sustainability as essential elements for mobile financial inclusion.

This research paper aims to examine the various aspects of cryptocurrencies, from their inception to their current status in the financial market, using a multidisciplinary approach that incorporates mathematical and psychological methods to explore the factors that contribute to the success of celebrity endorsements and the potential risks associated with them. The first section (1.1) of this research paper will provide an overview of cryptocurrencies, exploring their history, functionality, and impact on the global financial market. This will involve examining the technical details behind cryptocurrencies, such as blockchain technology, and the differences between various types of virtual assets. The research will also discuss the potential advantages and disadvantages of investing in cryptocurrencies, as well as the regulatory challenges they face. The second section (2.1) of the research paper will focus on the psychological aspect of cryptocurrency investing, analyzing the connection between personality traits and the likelihood of purchasing a cryptocurrency based on a celebrity endorsement. This will involve investigating Howard Gardner's theory of multiple intelligences to understand the qualities that make people more susceptible to investing in a cryptocurrency without prior knowledge (Gardner, 1983). The third section (3.1) of the research paper will delve into the mathematical side of cryptocurrency investing, examining the factors that contribute to the success of celebrity endorsements and the artificial growth of cryptocurrencies. This will involve developing software to calculate the artificial growth of a cryptocurrency over a 24-hour period and analyzing the data to understand the underlying factors driving its value. By taking a multidisciplinary approach, this research will shed light on the complexities of investing in virtual assets and help inform investors of the potential risks and benefits of investing in cryptocurrencies through qualitative and quantitative analyses and through the use of a Multi-Level Latent Class Analysis (LCA).

There has been rampant fold-ups, merger and acquisitions occurring in the Ghanaian banking industry. Then, the questions arise: Is the Ghanaian Financial System in Crisis? This study was conducted to find answers to these problems unsolved with prior literature. A sample of seventy customers of the Royal Bank, 8 employees of the Royal Bank and 2 managers of the Royal Bank were selected for a case-survey. The study also monitored the Trend of the Ghanaian Financial System through the reading and monitoring of daily news on the Financial System and reports of banks. The data from the field and the secondary data from news and reports were analysed symmetrically. The study drew on Minsky’s Financial Crisis Theory to explain the phenomenon in the Ghanaian economy and to draw predictions of what would happen in other developing economies. The study found out that: (1) The Ghanaian financial system is fragile and it holds true for most developing economies; (2) The financial system suffers greatly when the confidence level of customers falls significantly; (3) Management information systems raises the confidence level of customers (borrowers and lenders) such that there is a greater fall and impact in times of instability in the economy; (4) The higher the level of MIS adoption in an unstable economy, the more fragile the Financial System becomes and (5) A higher adoption of Management Information Systems in a Fragile Financial System indirectly contributes to Financial Crisis of the Financial System.

Aim: The aim of the paper is to assess the usefulness of sectoral means in financial analyses of enterprises. Research methods: The article uses an inductive-deductive approach to assess the suitability of sectoral means used in analyses of financial standings of enterprises. The method of analysis and logical construction was used for literature review. The methods of descriptive statistics such as, arithmetic means, standard deviation and coefficient of variation were used in order to analyze the data and draw conclusions based on the results. Contribution: The assessment of the usefulness of sectoral means in the context of their variability seems to be a crucial aspect for the analysis of a company’s financial situation. When assessing the financial standing of an enterprise, it is necessary to use a comparative analysis method, based on, inter alia, a comparison in space. This type of comparison requires the use of sectoral means, whose assessment is extremely important to drawing reliable and correct conclusions of the financial situation of a company.

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies; but most economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim will be to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

The present paper investigates the effect of poverty on foreign direct investment (FDI) inflows in developing countries. It complements the important extant literature on the effect of FDI inflows on poverty by examining the issue the other way around. The analysis is conducted using a sample of 117 countries over the period 1980-2017, and the two-step system Generalized Methods of Moments (GMM) technique. It has relied on two indicators of poverty, namely poverty headcount ratio and poverty gap. Findings indicate that over the full sample, poverty influences negatively FDI inflows, including through its adverse effect on human capital (that is, both education and health). Unsurprisingly, low-income countries (considered as poorest countries in the full sample) experience a higher negative effect of poverty on FDI inflows than other countries. On another note, participation in international trade matters for the effect of poverty on FDI inflows. In fact, an increase in poverty levels results in lower FDI inflows in countries that experience low workers' productivity, a less developed financial sector, and a low level of infrastructure development. Furthermore, the effect of poverty on FDI inflows does not depend on the prevailing economic growth rate. Finally, the analysis has revealed the existence of a non-linear effect of poverty on FDI inflows for the poverty headcount indicator, but not for the poverty gap indicator. The non-linear effect of poverty headcount on FDI inflows is such that a rise in poverty headcount ratio results in lower FDI inflows, but an additional increase in poverty more than further discourages FDI inflows. The conclusion discusses the implications of these findings.

The present paper investigates the determinants of the country’s modernisation through the lens of its citizens. A combination of the ‘hard’ determinants of country’s modernisation (effectiveness of digitisation, infrastructure, environment and interoperability of natural resources; behaviour in line with environmental trends of the EU) and ‘soft’ (interest in opportunities and benefits of renewable energy) was investigated. It was revealed that even for some developed countries, the ‘hard’ determinants have a greater impact on country’s modernisation compared to the ‘soft’ ones. A representative cross-sectional survey of 1015 respondents and a factor coupled with a network analysis served as the main research instruments. Lithuania served as a geographic setting for the research.

Development of Halal Tourism in Indonesia is the focus of the Indonesian government and MSMEs have an important role in supporting the development of halal tourism in Indonesia. This study aims to examine the relationship between marketing communication and Islamic financial literacy on Islamic financial inclusion and MSMEs performance in the halal tourism sector. A covariance-based SEM technique utilizing LISREL software was used to analyze the data from this investigation. Non-probability sampling was employed to collect the data, and the sample consists of 152 halal tourism entrepreneurs. We find that positive and significant association between Islamic financial inclusion and business performance. We also find that there are a positive and significant association between Islamic Financial Literacy and Islamic Financial Inclusion. Marketing communication and Islamic financial inlcuon a positive relationship but insignificant. This studi implies that to establish a halal tourist ecosystem for long-term development in Indonesia, commercial actors must lend their full support. This study demonstrates that they can thrive when MSMEs in the halal tourist ecosystem are backed by Islamic banking and Islamic rural banks. As a result, a more accommodating approach from Islamic banking is required to provide access to halal finance for business actors in Indonesia’s halal tourism ecosystem.

Recent years' global shocks (e.g., the 2008 financial crisis and the COVID-19 pandemic) and environmental shocks - such as natural disasters - have heightened the vulnerability of developing countries to future shocks, and can compromise their development prospects. International institutions and researchers have advocated that the strengthening of productive capacities in these countries would help them enhance the resilience of their economies to shocks, and promote sustainable development. The present paper has examined the effect of productive capacities on economic growth and economic growth volatility in developing countries, in particular when they face a high level of structural economic vulnerability. The analysis covers 117 developing countries over the period 2000-2018. It shows that productive capacities do not only promote economic growth, but also reduce economic growth volatility. On the other hand, structural economic vulnerability reduces economic growth, in particular when it exceeds a certain level, and induces greater volatility of economic growth. Interestingly, the findings suggest that productive capacities promote economic growth and reduce economic growth volatility in countries that face a high degree of structural economic vulnerability. These findings support the recommendation by international institutions and researchers that if they were to enhance the resilience of their economies to shocks, and promote sustainable economic growth, developing countries (in particular the poorest ones) should strengthen their productive capacities.

In exploring the intricacies of financial analysis, this study delves into the efficacy of traditional financial ratios versus cash flow ratios in foreseeing a company's fiscal well-being. By harnessing the PRISMA 2020 framework, an exhaustive and systematic dissection of diverse scholarly articles was embarked upon. The quest was to unearth the more reliable predictor of financial stability among these two sets of ratios. With a methodical examination of academic writings, this inquiry juxtaposed various models, scrutinizing their foresight capabilities. The revelations were telling; cash flow ratios emerged as more potent forecasters compared to their traditional counterparts. Intriguingly, models that blend both ratio types showed a marked improvement in predictive accuracy, hinting at a synergistic effect. This underscores the insight that while traditional ratios are informative, their amalgamation with cash flow ratios yields a richer, more rounded grasp of a company’s fiscal state. Conclusively, for stakeholders, especially investors, adopting this dual-ratio approach is pivotal for enlightened decision-making. This research enriches the financial analysis domain by spotlighting the salience of cash flow ratios, advocating for their integration with conventional methods for a sharper financial health appraisal.

This study seeks to determine how economic policy uncertainty (EPU) influences investment decisions and the market value of the Pakistan Stock Exchange. The study examines investment and operational data from 249 energy and petroleum companies between 2015 and 2020, in addition to macroeconomic variables such as EPU. This study investigates the moderating effects of EPU on investments in fixed and intangible assets, as well as its effect on Tobin's Q and the market price per share. The outcomes demonstrate that EPU reduces the costs of both tangible and intangible assets for businesses. In addition, companies with a greater Tobin's Q and market price per share are more impacted by uncertain corporate investment policies. However, financial leverage is found to be negatively correlated with share price and positively correlated with earnings per share and earnings per unit. Tobin's Q is positively correlated with financial leverage, indicating that firms that raise capital through debt are more likely to create value for investors. The research indicates that market-dependent enterprises are more susceptible to the unpredictability of monetary policy. Eventually, the findings suggest that consistent and transparent economic policies may increase the efficiency of corporate investment.

The transport sector is pivotal and indispensable in our daily existence, being the exclusive conduit for the intercontinental conveyance of commodities and individuals. Hence, comprehending the phenomenon of business failure within the transport industry assumes paramount significance in delineating an effective competitive policy for this sector. The primary objective of this research paper is to execute a comparative investigation between statistical models forecasting business failure and models founded on artificial intelligence, within the context of the transport sector. This analysis spans the temporal expanse from 2014 to 2021 and encompasses the nations of Portugal, Spain, France, and Italy, aiming to ascertain superior efficacy among these models. The dataset employed for this endeavor encompassed a final cohort of 4866 companies, comprising 2881 that endured as going concerns and 1985 that succumbed to business failure. The models developed for this study exhibited the capacity to accurately categorize a proportion of companies ranging from 71% to 73%. Nonetheless, upon comparative scrutiny of these outcomes with those derived from the statistical models dedicated to business failure prediction, it becomes evident that the latter demonstrate an enhanced predictive prowess, manifesting fewer errors in the classification of the scrutinized companies.

Climate change and net zero are expected to have a significant impact on eco-nomic activity in developing countries, and thus, on the financial cash flow of organizations. In this paper, we propose a procedure for assessing the financial impact of climate change on organizational cash flow in developing countries. Our study contributes to the research on scenario-based climate change impact analysis. The applied research design is exploratory and mainly qualitative, constructing financial impact scenarios combined with narratives to determine the impact of climate change on individual cash flow line items. The narra-tives rationalize cash flow variations and enrich the estimates by adding expert knowledge, in the form of financial micro-stories and descriptions to the pro-posed procedure. We present a hypothetical citrus farming company in a de-veloping country to demonstrate the application of the proposed measurement procedure. The results obtained suggest that (1) the procedure is practical be-cause financial cash flows are known and widely used in financial analysis and because they can be implemented in a spreadsheet; that (2) the procedure pro-vides flexibility because it can be adapted to suit the specific needs of different companies, depending on a selected climate change scenario, the company’s exposure to climate change, its resilience and vulnerability; (3) that the prac-tice of thinking in terms of financial worst-case, base-case and best-case sce-narios, which reflect different levels of uncertainty, helps to model the finan-cial impacts of climate change and provides a forward-looking perspective on how much a company’s cash flow could change.

Of course, now we know that quantum mechanics has been a fundamental structure of our world since our universe came into being. However, it has been only a century since the experimental and theoretical discovery of quantum mechanics and its extensions into many implications and applications. In particular, there are implications across many disciplines that most likely will affect education, health, security, etc. Examples are given of the need for starting education as early as possible in schools, the use of nano-robots to deliver drugs targeted to specific molecular sites, to developing new cryptographic systems to safeguard our privacy.

Shelter-in-place policies and the closure of non-essential workplaces intended to disrupt transmission of the SARS-COV-2 virus are effective approaches to combating COVID-19. They have, however, caused record levels of unemployment in the United States, raising questions of whether mitigation is more societally damaging than the disease. Here we use a coupled epidemiological-economic model to estimate the impact on employment of an unmitigated, business-as-usual approach to the pandemic. We compared unemployment between March-August 2020 in ten Californian socio-economic systems (SESs) to unemployment forecast by a model of industrial sector inter-dependencies subjected to unmitigated outbreaks of COVID-19. We found that economic losses are unavoidable because disease-driven losses propagate economically through SESs, amplifying losses to the disease. While model forecasts are generally lower than actual unemployment, jobs savings would come at the cost of greatly increased worker mortality. The costs would also be disproportionately greater among smaller and inland SESs.

The medical sector is of the utmost importance in every country for well-known reasons such as their economic development, national security, quality of life, and so on. Many researchers were dedicated to this topic, however, in Romania there are limited studies on this subject. One reason is that most of the businesses in this sector are individual enterprises or small family businesses. In our research paper we deploy several analysis methods to see the financial sustainability of companies operating in the medical industry. By analyzing a sample of 23931 companies and we have concluded that their performance has increase in the peak of the pandemic and that the financial stability is high. Our results are in line with other similar studies that were conducted in other regions.

The authors propose in this study to evaluate financial performance applications for stock prices of the Indonesian Stock Exchange in manufacturing companies. The method of research used here is a quantitative descriptive method. In that statement, Indonesian Stock Exchange manufacturing companies between 2016 and 2018 are the population use in this research, using the sampling technique Purpose Sampling. This research uses secondary data from 2016 to 2018, the financial reports of Indonesian Stock Exchange manufacturing companies. The Indonesian stock exchange web site has been provided with all data sources at https://www.idx.co.id, and searching for www.google.id. Our analysis shows that book value prices and the net profit margin affect stock prices. The value of financial performance at the Indonesian Stock Bourses manufacturing companies' cost amounts to 64.5 percent, while other factors not listed in this study account for 35.4 percent.

The subject of this paper is to analyse the Math Principia of Economic 3D Black Holes in Roegenian economics. This idea is totally new in the related literature, excepting our papers. In details, we study two special problems: (i) math origin of economic 3D black holes, (ii) entropy and internal political stability depending on national income and the total investment, for economic RN 3D black hole. To solve these problems, it was necessary to jump from macroeconomic side to microeconomic side (a substantial approach so different), to complete the thermodynamics-economics dictionary with new entities, to introduce the flow between two macroeconomic systems, to study the Schwarzschild type metric properties on an economic 4D system, together with Rindler coordinates, Einstein 4D PDEs, and economic RN 3D black hole. In addition, we introduce some economic Ricci type flows or waves, for further research.

This paper has examined the effect of economic complexity on poverty in developing countries. The analysis has used a sample of 84 countries over the period 1980-2017. Results indicate that greater economic complexity results in lower poverty headcount rates. This is particularly the case for countries that enjoy higher economic growth rates, lower levels of income inequality and lower degrees of economic growth volatility, including due to lower sizes of export demand and financial flows shocks. These findings have important policy implications for developing countries that are exploring ways and means to recover from the current COVID-19 pandemic crisis, and prepare for future crises.

Despite the expansion of financial institutions and proliferation of mobile financial services, reaching the unbanked and bringing them under formal financial services has become a policy concern in many developing countries. Due to the lack of financial accounts, unbanked people prefer informal, risky, and inconvenient mechanisms for receiving, sending and transferring money. Previous studies rely much on common intervention like no account maintenance and opening fees, easy documentation processes and money subsidies for opening financial accounts. This study aims to examine the impact of the motivational workshop on opening savings accounts through causality among the unbanked people in a setting where the respondents are unbanked despite having all the requirements and many institutional offers for opening savings accounts. We encouraged the unbanked people through a one-hour-long motivational workshop to open saving account. Based on our cross-sectional data and randomized controlled trial experiment among 505 unbanked Village Defense Party (VDP) members at Dhubil Union under Sirajganj in Bangladesh, we have the evidence that motivational workshop positively impacts opening ac-counts by 32.33 percent. However, the account opening rate differs in terms of respondent’s pref-erence for financial institutions. Our study also finds that unbanked people have the highest pref-erence for mobile financial services for opening accounts resulting in 15.33 percent. The result of the study has some policy implications for adopting effective strategies of financial access in many developing countries.

The potential effect of implementing environmental regulations on economic growth is a controversial issue for a long time. As portrayed by Porter hypothesis, environmental regulations may impact on economic growth by reconstructing the economic structure. A number of previous literature proved the connections between the above three parties. With the intention of exploring the nature of this mechanism, it is important to understand the internal inter-relation of the three parties, requiring data from a large economy experiencing the transition in economic structure. By constructing a panel containing data from 30 Chinese provinces over 10 years (2008-2019), this paper investigate the dynamic inter-relation of the three parties by introducing PVAR model with Granger Test. Results reveal that environmental regulations give a “U” shaped impact to economic growth. In return, economic growth promotes the development of economy with a weakening strength. In addition, results also support the hypothesis that economic structure is the intermediate of economic growth and environmental regulations. There is a rooftop for the effect of economic structure to environmental regulations. The rooftop may signify the best optimization of primary structure.

This study aims to determine the cash sales accounting information system that is suitable for online store applications. Using qualitative methods with the object of research, namely the online stores. Sources of data obtained from several online stores. Data collection methods used are semi-structured interviews, observation, and document analysis. From the analysis and design of the buying and selling cycle information system in online business development, it was found that the development of information systems is a very important stage in the efficiency and effectiveness of the buying and selling cycle. By implementing a good and correct accounting information system design on an online store, it can facilitate the recording and minimize the occurrence of errors/loss of data. In addition, with a good information system design, the division of tasks between various sections becomes clear.

Banking sector is generally taken out of sample while the sustainability performance, and the financial performance are compared with each other. The core aim of this study is to analyze the effect of the declarations made in the cope of sustainability reports on the financial performance in the banking sector. Seven banks were included in the study which were placed at least one time in BIST Sustainability Index in between 2010-2017 years. Environment, human resources, product liability and community involvement were determined as sustainability criteria and return on assets, return on equity and net interest margin were determined as financial performance criteria. Non-Parametric Statistic Tests and Panel Data Analysis were used for analysis and types, and the sizes of banks were selected as dummy variables. As a result, it is found that the declarations of sustainability reports have a significant effect only on return on assets and have no significant effect on return on equity and net interest margin. And also, when we analyzed the relationship of sustainability criteria and return on assets, we found that the declarations about environment and human resources have negative effects on return on assets.

The study is devoted to analyzing the economic sustainability of the town of Amherst, MA. The city's top employer and core enterprise is the University of Massachusetts Amherst, with over 32,000 students and almost 2,000 staff members. Based on a literature review, a hypothesis was put forward that a university city should have a high level of economic sustainability. To assess economic sustainability, the USCESI Index was developed. It evaluates sustainability in three groups of parameters: society, economy, and ecology. The first group includes the level of racial diversity, the level of education of the population, and the access to medical services. The second group consists of the Gini coefficient by income level, the median cost of housing, and the unemployment rate. The environmental situation is assessed according to the Air Quality Index developed by the US Environmental Protection Agency. For comparison, the town of Braintree, MA, was taken. The USCESI was calculated for both locations. The analysis showed that both Amherst and Braintree have a high degree of economic sustainability. However, it was revealed that proximity to a significant economic center has a more powerful positive impact on economic sustainability than the location of a large university.

In this research, we investigate the healthcare expenditure patterns in Uzbekistan, analyze their economic implications, and provide policy recommendations. The study focuses on the time frame from 2000 to 2019, employing quantitative data analysis, theoretical frameworks such as Wagner’s Law, and an economic geography perspective. Our objective is to gain insights into the relationship between economic development and healthcare spending, identify spatial disparities, and forecast future trends. The findings reveal fluctuations in per capita healthcare spending, emphasizing the necessity for sustainable financing mechanisms and preventive measures. Ultimately, our study underscores the significance of aligning healthcare expenditure decisions with economic objectives while prioritizing the well-being of the population.

Aim: This study measures and evaluates the socioeconomic burden of people living with keratoconus in Saudi Arabia. Methods: The study employed a cross-sectional design, a Keratoconus Economic Burden Questionnaire, and a convenient sample of 89 keratoconus patients (58.4% male) drawn from multiple regions in Saudi Arabia. It was conducted using online surveys and the data was analysed using appropriate quantitative techniques. Results: The mean age and annual income of participants were 33.24 years and Saudi Riyal (SAR) 33,505.6180 (SD=62,215.29), respectively, with only 37% being employed for wages. Up to 94.4% needed glasses or contact lenses at least once a week and 73.0% received care from optometrists. The condition forced 45.9% of the respondents to change careers or leisure activities, with a further 51.3% having to take time off work. The mean annual out-of-pocket expenses for buying and maintaining glasses or contact lenses as well as traveling and accommodation for keratoconus-related treatment were SAR 8,673.19 (SD=11,307.73), with 48.32 incurring upwards of SAR 12,000 over the period. The treatment costs increased with disease duration, r(89) = .216, p < .05. Regression results show that the existence of comorbid eye disease, changing glasses at least once a year, and wearing either glasses or contact lenses at least once a week individually have statistically significant, negative effects on the total annual keratoconus treatment costs, while disease duration, utilisation of optometrists, and taking time off had a statistically significant increase on the total cost (p<.05). Conclusion: With a prevalence rate of 1 in 375, progressive debilitation, and the lifetime nature of the disease, keratoconus is a critical public health concern in Saudi Arabia. The resulting visual impairment and discomfort as well as both direct and indirect economic burdens have considerable impacts on the patient's quality of life.

The purpose of this paper is to apply China’s economy growth prospects and its potential drivers of future. China's fast rise and its growth model have accelerated important existing structural trends in the global economy and made them decisive characteristics of the world economy. China's role in the world economy over the coming decades, an exercise which would not be possible without an investigation of the prospects for China's continued economic rise. On the one hand, China is a large export market for the United States. A lot of U.S. firms use China as the final destination of assembly in their global supply chain networks. China’s huge holdings of U.S. Treasury securities support the federal government finance its budget failures. However, some analysts contend that China consolidates a number of distortive economic policies such as protectionist industrial policies and an undervalued currency that undermine U.S. economic interests. They warn that efforts by the Chinese government to promote indigenous innovation, often through the use of subsidies and other distortive measures, could negatively affect many leading U.S. industries

In this paper, we investigate the “statics and dynamics” return and volatility spillovers transmission across developed and developing countries. Quoted against the U.S. dollar, we study twenty-three global currencies over 2005 – 2016. Focusing on the spillover index methodology, the generalised VAR framework is employed. Our findings indicate no evidence of bi-directional return and volatility spillovers between developed and developing countries. However, a unidirectional volatility spillover from developed to developing countries is highlighted. Furthermore, our findings document significant bi-directional volatility spillovers within the European region (Eurozone and non-Eurozone currencies) with the British Pound (GBP) and the Euro (EUR) as the most significant transmitters of volatility. The findings reiterate the prominence of volatility spillovers to financial regulators.

The commitment of the EU to Corporate Social Responsibility (CSR) is projected in the EU law about annual reporting by businesses. Since EU member states further develop this framework by their own domestic laws, annual reporting with CSR information is not unified and just partially mandatory in the EU. Do all European businesses report CSR information and what public declaration to society do they provide with it? The main dual purpose of this paper is identifying the parameters of this annual reporting duty and studying the CSR information provided by the ten largest Czech companies in their annual statements for 2013-2017. Based on legislative research and the teleological interpretation, the current EU legislative framework with Czech particularities is presented and, via a case study exploring 50 annual reports, the data about the type, extent and depth of the CSR is dynamically and comparatively assessed. It appears that, at a minimum, large Czech businesses satisfy their legal duty and e-report on CSR in a similar extent, but in dramatically different quality. Employee matters and adherence to international standards are used as a public declaration to society more than the data on environmental protection, while social matters and R&D are played down.

Huge amounts of wastes are generated during shrimp processing, representing approximately 65% of the initial shrimp weight, which can become an environmental problem when accumulated. Residues such as shrimp shells can be processed to obtain value-added products such as chitin, chitosan, astaxanthin, and a nitrogenous extract under the biorefinery concept. In this work, the economic evaluation and the techno-economic sensibility analysis for a mass integrated biorefinery based on shrimp were developed to determine the economic feasibility of the project and to identify the critical techno-economic variables that affect the profitability of the process. The results showed that a biorefinery for the annual processing of 4,113.09 tons of fresh shrimp in Colombia is profitable, with a return on investment percentage (%ROI) equal to 65.88% and a net present value (NPV) of 10.40 MM USD. The process supports decreases of up to 28% in capacity of production and increases of 12% and 11% in the cost of raw materials and variable operating costs without incurring losses, respectively. However, the decrease over 500 USD/t in the shrimp meat selling price is not supported, thus it is mainly recommended to increase the selling price of this product.

The flux of opinions in newsletters and social media platforms significantly influences market perceptions regarding corporate entities and their financial instruments. This paper introduces an advanced model, the Sentiment Dynamics Analyzer (SDA), which leverages a refined hierarchical architecture of Transformers to effectively discern the sentiment embedded within financial texts, ranging from news headlines to microblogs. We have enhanced a RoBERTa model with specialized sentiment lexicons and an augmented layer of Transformer models tailored for nuanced sentence-level sentiment detection, aiming to assign a sentiment score from -1 to +1. Our evaluations demonstrate that SDA not only surpasses the previous best methods but also exhibits superior performance over robust baseline models. This success underscores the utility of integrating tailored contextual analyses with sector-specific sentiment insights in improving predictive accuracy.

The healthcare system is intricate and dynamic. For the purpose of organising and planning a system, where allocating funds appropriately is essential and therefore managerial skills play a critical role. A certain portion of each nation's GDP is allotted to the health sectors. Managers and decision-makers in the healthcare systems are using resources effectively, yet the quantity of funding they receive from the government or other stakeholders is insufficient sometimes. A sound understanding of both basic and advanced economics is necessary for the care management, to make cost-effective judgements in public health. Healthcare officials at all levels (regional, state, federal, or international), need to be knowledgeable about public health issues and the related modern economic climates. Business executives and healthcare managers need effective practical knowledge to handle partner-financial allocation (demand-supply chain) and handle economic volatility.

This paper examines the relationship between the ratio of independent board member to the financial performance of the company under the mediation of the three pillars of environment, society, and governance (ESG) in Taiwan. The study addresses a research gap between independent directors and corporate financial performance, an issue that is rarely discussed today. The author develops the hypotheses and tests them by applying panel data regression to the data tables taken from the Thomson Reuters Eikon database to analyze data on 173 Taiwanese companies that reported ESG from 2009 to 2021. The results show that the relationship between the ratio of independent directors and financial performance has a positive relationship. At the same time, the 3 pillars of ESG also clearly show the intermediary role in this relationship. Finally, this study provides additional insights into the relationship between the ratio of independent directors and financial performance in the Taiwan context.

Rising raw material prices can have a significant impact on the financial performance of the food and beverage (F&B) business. The purpose of this study was to determine the impact of rising prices of staples onfinancial resilience F&B business in Indonesia. This study uses a quantitative approach with bivariate correlation analysis and secondary data from the financial reports of F&B companies listed on the Indonesia Stock Exchange for the 2020-2022 period. The results showed that the increase in the price of basic commodities had a significant positive impact onfinancial resilience F&B company. This can be seen from the decline in the profitability and liquidity of F&B companies as a result of the increase in the price of basic commodities. Therefore, F&B companies must pay attention to and manage the risk of rising prices of basic commodities to maintainfinancial resilience and sustainable business continuity.

To support the decision making process of new investors, this paper aims to implement Machine Learning algorithms to generate investment indications. Three artificial intelligence techniques were implemented, namely: Multilayer Perceptron, Logistic Regression and Decision Tree, which performed the classification of investments. The results of the different algorithms were compared to each other using the metrics: accuracy, precision, recall, and F1-score. The Decision Tree was the algorithm that obtained the best classification metrics and an accuracy of 77%.

According to its inner property, a crisis in the financial market can be considered as a collective behavior phenomenon. Through the prism of collective behavior, the crisis does not happen if the companies are independent of each other. In this work, cooperative movement processes in a stock market are investigated in a manner similar to that Vicsek first described collective behavior for self-propelled entities. To this end, a phase space is defined as the one in which the return of volume of transactions versus return of price is represented with each share in each day corresponding to a unique point in the space. The findings of the observation show that during times of crisis, the phase space is limited with the vector velocity of shares in the same direction. In contrast, on a regular day, the phase space is entirely accessible, with vector velocity aligned randomly. Moreover, in line with the Vicsek model, an order parameter is introduced, which evaluates the cooperative effects for the shares so that the higher the value of this parameter, the stronger the collective behavior of the shares.

Hospital indebtedness is a complex and very diverse phenomenon. Thus, the goal of this study is the comparison of the financial performance of public hospitals in accordance with their ownership and size. The results of the research lead to the conclusion that the vast majority of public hospitals are indebted, and their ownership structure does not affect their financial condition. What is more, the statistical analysis depicted that large Marshall hospitals are less indebted than poviat-commune ones. In the group of medium-size hospitals, the situation was the opposite. Moreover, the study did not confirm the significant relationship between the size or ownership and the financial status of the hospital. The analysis conducted in the article is aimed at filling in the gap in studies comparing the indebtedness between different types of public hospitals.

While some researchers have suggested that the self-employment (SE) sector is a haven during a financial Crisis, others believe that SE is not necessarily the desired outcome, but an indicator that the labor market is tightening for some groups. Few researchers have compared the SE sector before and after the occurrence of a significant financial Crisis, especially in developed countries. This paper analyzes the determinants of entry into self-employment during the 2008 Spanish Crisis. Using data from the Encuesta de Presupuesto Familiar (EPF), results show that although the rate of SE did not experience a significant change during this time the Crisis affected people differently based on gender, with being females more affected than males. Results also suggest differences between Comunidades Autonomas in how the self-employment sector behaved during the Crisis.

This research explores the influence of nationality and financial literacy on satisfaction with neobank services among university students. Through a comparative analysis between German and international students, the study unveils that international students exhibit significantly higher satisfaction levels, suggesting that cultural differences and the requirement for international financial services play a crucial role Oishi et al., 1999. Although financial literacy was anticipated to have a strong impact, its effect on satisfaction did not reach statistical significance, indicating a nuanced relationship. This perhaps because the study sample of students partaking in the survey was mostly Graduate students in the field of Economics, Finance and Management. Demographic factors such as gender and age were found to be less influential compared to nationality and financial acumen Gelfand et al., 2011. These findings highlight the importance of tailored financial services and the potential of financial education in enhancing neobank satisfaction Gerrans et al., 2014. The study contributes to the understanding of consumer behavior in digital banking, offering insights for neobanks aiming to improve service adoption and customer loyalty within the university student demographic.

A more sustainable society and economy also implies a more sustainable behavior in the consumption of financial products. A possible change in focus can come from the demand side, so that more sustainable consumption of financial products have to go hand to hand with financial literacy. However, financial literacy, potential favoring of this sustainable behavior, is far from reaching an international consensus about its definition, object and scope. Two objectives are analyzed; the different interpretations of financial literacy in the academic literature, as well as its evolution and how, in what context and with what other concepts the term is used in social networks. Scientometric techniques and content analysis have been used to carry out a systematic review of literature and also NLP to analyze the comments on Social Networks. Critical moments are identified in the definition of financial literacy. Also ten sentiments are analyzed in social networks in wich positivity, trust, and anticipation predominate. Greater attention to this issue is necessary both from the private initiative and from public policies, so that financial literacy is an effective tool for a more sustainable behavior by consumers. Finally, a new definition is proposed based on our findings.

The paper addresses an analysis of the efficiency and profitability of the operation of a photovoltaic installation located in the geometric centre of Europe (near Białystok, Poland), where the intensity of solar irradiation is not too high compared to other European countries. It is calculated that in that place average solar irradiation being lower even by approx. 26 kWh than that for the whole Europe, which results in a 26% drop in the economic potential of the utilisation of solar energy for its conversion. A case study and an economic analysis show that without minimum funding amounting to 50% of the investment costs paid for the modernisation of a central heating system assisted by PV cells, the time of return of pecuniary expenditures exceeds 7 years. Apart from the Simple Pay-Back Time SPBT, discount indicators determined in the paper also include the net present value NPV and the internal rate of return IRR. Moreover, a direct ecological effect has been determined for such an investment.

This conceptual article is aimed at evaluating the COVID19 impacts on the global economy and to postulating an ‘economic paradigm shift’. We argue that the existing economic, political, and trade principles have been challenged due to the global pandemic issue. We also compare the COVID19 impact on Western countries and Eastern countries with their control mechanisms. The emerging of new economies is due to the travel restrictions and disrupt of the global economies are discussed that pave a gateway to the economic paradigm shift. The article finally assesses the advent of 5G technology and its implications to face any future health threats that will lead to the next economic paradigm shift in the modern world.

Sustainability means that the current use of resources does not compromise the well-being of future generations. Ever since Malthus (1798) forecast that population tends to grow faster than the growth of resources to support the population, people have claimed that current resource use is unsustainable, so future generations will be materially worse off than those in the present, yet for more than two centuries this has not been the case. The reason is that markets, and market prices, act to conserve scarce resources, and in market economies, entrepreneurs have an incentive to discover more efficient ways to use resources. The claim that twenty-first century market economies are not sustainable is not supported by the evidence. This paper explains why entrepreneurship in market economies produces sustainable economic progress.

Previous studies have suggested that digitization of finance leads to growth in the economy in several middle- and high-income countries, but research in low- and lower-middle-income countries (LLMICs) remains limited. This research aimed to examine the trends, barriers, relationships, and prospects of finance digitization in LLMICs. This study used analytical and descriptive cross-sectional study designs. Sixty-six countries were purposively selected based on the available data on the Global Findex and the World Development Indicators databases. Descriptive analysis was used to identify the trends in the finance digitization indicators, correlation analysis was used to assess the nature of the association between finance digitization and the economy, and exponential smoothing was used to predict future outcomes in digital finance. The results indicated that the adoption and utilization of finance digitization increased in these countries, but the growth rates varied by region and income group. Low-income countries reported the highest rates of subscriptions to digital finance accounts and storing money in digital accounts, while lower-middle-income countries (LMICs) reported higher rates of inbound/outbound digital transactions, borrowings, and savings using digital channels. Sub-Saharan Africa reported the highest rates of digital finance account subscriptions, digital savings, and digital borrowings, while Europe and Central Asia reported the highest rates of in/out digital transactions. Barriers to digitization in these countries included poor access to the internet, high cost of digital finance products, and lack of a mobile phone, with low-income countries facing more challenges. The analysis revealed a negative significant relationship between finance digitization and Gross National Income growth and a positive significant correlation between finance digitization and other economic growth indicators (gross savings and Gross Domestic Product). Finance digitization was predicted to continue to rise in these countries for the next decade. The study recommended that policymakers should promote the adoption of digital finance and address the barriers and risks of finance digitization in LLMICs, as it had positive effects on economic growth.

The concept of public financial accountability, often associated with account-rendering, lacks a clear and comprehensive definition in the realm of accounting literature. Disentanglement the true essence of a phenomenon is essential, as formal definitions can only provide a superficial understanding. This study seeks to delve into the core principles of public financial accountability and their implications for financial reporting in the public sector. Applying a qualitative approach, data was gathered through in-depth interviews with 25 Nigerian scholars, professionals, and public affairs experts. The analysis reveals that the essence of public financial accountability lies in upholding citisens' trust in public officials, ensuring the responsible management of public financial resources for the greater public good, and effectively communicating financial decisions, actions, and outcomes to the public through a transparent reporting mechanism. This study sheds light on the fundamental nature of financial accountability in the public sector, enhancing our understanding of its significance in governance and financial reporting.

This study investigates the impact of financial integration on international dynamics from the perspective of volatility shocks. To achieve this, I employ an IRBC model with time-varying volatilities, recursive preferences, and a global bank. The model demonstrates that volatility shocks trigger precautionary saving incentives, but the specific effects vary based on the type of shock. In the presence of productivity volatilities, countries with a higher level of financial integration exhibit greater divergence in their business cycles, while financial integration tends to result in more synchronized business cycles in the face of financial volatilities. Disregarding volatility shocks would underestimate the impact of financial integration on the comovement of business cycles across countries. Furthermore, welfare analysis also indicates that financial markets play a crucial role in enhancing social welfare, regardless of the type of volatility.

The demand for renewable energy is increasing globally due to concerns about climate change, pollution, and the finite nature of fossil fuel resources, as renewable energy has been recognized as a significant factor in realizing sustainable development. The government of Saudi Arabia adopted the reduction of fossil fuel subsidies policy as a financial motivation for supporting both the production and consumption of fossil fuels. Therefore, this study aims to investigate the influence and shocks of Saudi’s financial development indicators on renewable energy consumption (REC). And to examine the track of causality between financial development indicators and REC. The study covers the annual data period of 1990-2021 and applies the Basic Vector Autoregressive model (VAR), Granger causality test, forecast error variance decomposition (FEVD), and impulse response function (IRF). The results imply that the financial development indicators have a significant positive impact on REC. The results of causality between REC and financial development indicators were conflicting. The results reveal that REC variation is explained by its innovative shocks and has a positive response to shocks in financial development. Authorities can encourage investment in renewable energy consumption by providing financial incentives also the governments can foster national and international partnerships between investors, policymakers, and industry stakeholders. Employing different determinants of financial development indicators and incorporating population factors in the REC function will be highly recommended for forming the renewable energy demand in Saudi Arabia.

This study delves into the integration of Decentralized Finance (DeFi) within metaverses, probing its implications and potential. It elucidates DeFi protocols and the intricacies of metaverses before inspecting their intersection and the resulting economic prospects. The analysis further appraises inherent risks such as financial volatility, security, and regulatory issues. Case studies provide tangible insights into DeFi applications in metaverses. Future trajectories of DeFi in metaverses are projected, underlining the possible impact on the broader financial sector. This paper contributes to burgeoning research at the nexus of blockchain technology, finance, and virtual reality.

This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both firm and country level. There are few studies of this type that "cross-examine" technical/social innovative capacity at the firm level vs. the same innovative capacity at the level of the world's major countries. Our proposed study brings some novel elements to the literature on this topic. First, the study synthesizes the factors/variables explaining technical/social innovative capacity as ranked by the GCI (Global Competitiveness Index) and GII (Global Innovation Index) at the country level and then correlates these variables with the factors explaining innovative capacity for the 50 companies in the BCG (Boston Consulting Group) ranking. Second, the study identifies three "driving forces" (digital technologies, managers and the market) as the main variables determining financial innovativeness at firm level. Third, based on the "cross" analysis of the information/data provided by the BCG study vs. the GII and GCI studies, the study suggests some ways to delineate and quantify financial innovation as part of social innovation (e.g., it is argued that 80% of the social innovation achieved annually by a firm relates to the financial relationships engaged by the firm with various categories of stakeholders). Finally, the study is also important from a pragmatic point of view as it suggests/proposes a number of principles that can be considered by managers for building a KM (knowledge management) and continuous innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation through the massive use of disruptive technologies.

This study aims to determine the Implication of innovation, proactivity, risk-taking, artistic orientation, and financial literacy on creative economy businesses during the COVID-19 pandemic. This was conducted on 120 creative economy businessmen in Bandar Lampung City, which is a miniature of Indonesia with multiethnic cultures. The results showed innovation is not significant, but proactive attitude, artistic orientation, and financial literacy have a significant implication on the performance of creative economic businesses during the Covid-19 pandemic.

Distortion of financial statements is recognized as one of the most important issues in the field of accounting and auditing, which is also one of the most common issues today. In this regard, the present research was conducted, in which stock exchange information was used to investigate, predict, and model accounting distortions. For this purpose, financial performance, non-financial metrics, market-based metrics and commitment, or selection items were reviewed over a 6-year period. For collecting data of distorting companies, database of the Society of Certified Public Accountants in Iran was used and the information was analyzed using data mining methods (decision tree, neural networks, and Bayesian method). The results showed that analysis of financial statements҆ information has a high accuracy in determining and identifying the distorted financial statements. Using this information, it is possible to get better acquainted with the methods of document distortion and to take necessary measures in order to control and prevent administrative violations at national and international levels. Given frequent occurrence of these violations, artificial intelligence models can be used to identify these papers.

FinTech has been in the focus of the discussion for quite some time. However, the market share of FinTech companies is still relatively small in compared to more traditional financial services. The purpose of this paper is to analyse the status quo, current developments and challenges ahead for the Latvian FinTech sector. We combine three analyses: the political and legal, the economic, the social and the technological environment (PEST) analysis, an analysis of the size and performance of FinTech companies during the last 10 years, and a survey among FinTech companies. We find that the current status of regulation is one of the main obstacles to FinTech development, because it does not sufficiently consider FinTech-specific aspects. Problems in attracting skilled workforce, and an environment that is not very supportive of new developments in finance are further challenges and might explain at least part of the growth and performance difficulties. A revision, modernization and harmonization of regulation is essential to create a level playing field for all market participants: FinTech companies, traditional financial service providers and those originally traditional players that are integrating FinTech solutions in their business model. Further efforts are also required to foster the Latvia’s attractiveness for skilled workforce. We hope that this study helps increase the visibility of Latvian FinTech and contributes to the development of the new Latvian FinTech strategy.

Methods of path integrals are used to develop multi-factor probabilities of bid-ask variables for use in high-frequency trading (HFT). Adaptive Simulated Annealing (ASA) is used to fit the nonlinear forms so developed to a day of BitMEX tick data. Maxima algebraic code is used to develop the path integral codes into C codes, and sampling code is used for the fitting process. After these fits, the resultant C code is very fast and useful for forecasting upcoming ask, bid, midprice, etc., when narrow and wide windows of incoming data are used. A bonus is the availability of canonical momenta indicators (CMI) useful to forecast direction and strengths of these variables.

Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption. Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045. The results are not in agreement with the ones obtained by Case, Quigley and Shiller. In an attempt to investigate the disparity we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments. Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well known Case-Shiller 10-City Composite Index. Now the housing effect on consumption is much stronger and larger than the financial effect. Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states. Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011. These forecasts were not verified. Probably, the new techniques used by politics played an important role. We also find that extreme behaviors cannot be predicted.

Considering the impact of religiosity on the perceptions regarding life quality, in this paper we focus on the effects of the appurtenance to a religion on the standard of living in several economically developing countries (Turkey, Ukraine, Senegal and Morocco). The data have been collected using a survey carried out in 2012 and the empirical analysis was based on non-parametric tests and multinomial logistic regression. The results indicate there are differences between religious persons and atheists regarding gender, marital status, perceptions of daily life and standards of living. Females and officially married people or single people tend to be more religious. A person claiming to belong to a religion has 2-4-fold more chances to achieve a considerable improvement in the standards of living as compared to an atheist. Moreover, religious people from the analyzed countries are more optimistic about their life overall. Taking into account the sample’s characteristics and the countries chosen, we can claim that the results obtained are truly cross-cultural in nature. Moreover, most of the conclusions reached would be to some extent relevant to other developing economies of Eastern Europe, North Africa and Middle East.

The advent of remote work has ushered in a new era of economic transformation, redefining the dynamics of local economies, and unleashing the multiplier effect on a national scale. This abstract explores the profound implications of remote work on local economies, dissecting how the multiplier effect operates within a nation's economic landscape. The multiplier effect is a fundamental economic concept that highlights how changes in spending and investment can create a ripple effect, leading to a magnified impact on an economy. This concept gains new significance in the context of remote work, as it triggers a chain reaction of economic activities that radiate from remote workers to their local communities. The increased flexibility and reduced geographical constraints of remote work have reshaped the allocation of resources. The continued reliance on remote work may lead to a reduction in demand for commercial real estate in urban centers, necessitating adaptive urban planning strategies. In conclusion, the rise of remote work has initiated a transformative era for local economies, driven by the multiplier effect. By amplifying the impacts of spending and investment, remote work fosters job diversification, innovation, and infrastructure development within communities. As remote work continues to reshape the landscape of work and life, understanding and harnessing its multiplier effect remains paramount for policymakers, businesses, and local communities alike. The multiplier effect is a concept in economics that illustrates how changes in spending can lead to larger impacts on a nation's economy through a chain reaction of economic activities. It demonstrates that an initial injection of spending, whether from government expenditure, investment, or consumption, doesn't just have a one-time impact. Instead, it sets off a series of interconnected spending and income-generation processes that result in a larger overall increase in economic activity. t's important to note that the multiplier effect can work in reverse as well. If there's a decrease in spending, it can lead to a decrease in economic activity and income through the same chain reaction process. This concept highlights the interconnected nature of economic activities and emphasizes the significance of changes in spending patterns on a nation's overall economic health. The magnitude of the multiplier effect is influenced by factors such as the marginal propensity to consume (the proportion of additional income that households spend), leakages (savings and taxes that reduce the multiplier effect), and the extent to which additional spending creates additional production capacity within the economy. Understanding the multiplier effect is essential for policymakers, as it helps them gauge the potential impacts of changes in fiscal and monetary policies on the economy.

Uzbekistan, as an emerging national economy, aims to attract foreign direct investment (FDI) to foster the development of its free economic zones (FEZs). While recent policy reforms have enhanced the country's appeal to investors and facilitated the inflow of international capital, challenges persist in attracting investment. This study employs an economic geographical approach to analyze and propose solutions to these obstacles. By examining the spatial patterns of FEZs and FDI through a comprehensive geographical lens, this research utilizes document analysis as an alternative to empirical analysis, considering the broader context rather than focusing on a specific FEZ. The findings reveal that the insufficiency of an innovation-driven environment, logistical systems, energy resource-related issues, among others, negatively impact the inflow of FDI into FEZs. Moreover, the study underscores the significance of economic geography in understanding these factors. Finally, relevant insights and recommendations are provided from an economic geographical perspective.

Introduction: Pre-Exposure Prophylaxis (PrEP) for HIV prevention has been implemented in several countries. Previous literature has shown that its cost-effectiveness (and, under some specifications, cost-saving character) is dependent on the reduction in price due to generics, the time-horizon and its effectiveness. The intervention has never been studied in Catalonia, a territory with extensive implementation. Methods: Economic evaluation of the implementation of HIV pre-exposition prophylaxis using administrative data from Men who have Sex with Men (MSM) who receive the treatment (at the generic price). A deterministic compartmental model and a social perspective with a micro-costing approach over the time horizon 2022-2062 are used. A baseline 86% effectiveness of PrEP is assumed. Results: Daily oral PrEP is found to be cost-saving: discounted savings in costs are attained after 16 years, and after 40 years they reach 81 million euros. In terms of health indicators, 10,322 additional discounted QALYs are generated by the intervention. Results are sensitive to sexual behavioral patterns among MSM, the price of PrEP (reduced if offered on-demand), its effectiveness and the discount rate. Conclusions: The use and promotion of PrEP in Catalonia is predicted to result in substantial health and monetary benefits because of reductions in HIV infections. Short-term investments in the promotion of PrEP will result in important cost-savings in the long term.

Keywords: Innovation ecosystems, Economic sustainability, Hydrocarbon-based economies, Economic diversification, Qualitative approach

The Nordic countries are practically always well positioned in the main international economic, social and sustainability indices and recommending the scientific literature that the variables that these indices intend to measure translate into sustainable economic growth, with this unprecedented empirical study we intend to verify through the ARDL methodology for space temporal 2004 -2018 if the maintenance of high scores in these indexes translates into effective economic growth. The ARDL methodology has the advantage of giving us short- and long-term coefficients. Using four of the main international indices, we conclude that for Nordic countries for economic growth, economic freedom is of no significance and business-friendly regulation is the most important variable. A fundamental discovery in our study (in which Granger's Causality complements the ARDL methodology) is that these countries have been able to adapt perfectly to the globalization process and that entrepreneurship has worked as an important contribution to the continued economic and social success of these countries, allowing them to continue to enjoy their “Nordic Welfare States” in these uncertain and troubled times. These variables have contributed to its economic and social sustainability.

For water-stressed regions like Iran improving the effectiveness and productivity of agricultural water-use is of utmost importance due to climate change and unsustainable demands. Therefore, a hydro-economic model has been developed here for the Zarrine River Basin with the central concept of that demands are value-sensitive functions, where quantities of water-uses at different locations and times have a changeable economic benefits. To do this, the potential crop yields and the surface and groundwater resources, especially Boukan Dam inflow are simulated using the hydrologic model, SWAT, based on predicted climatic scenarios i.e. quantile mapping-downscaled projections. Then, to allocate the agricultural water based on the agro- economic crop water productivity (AEWP) of crops, a basin-wide water management tool, MODSIM, is customized. Next, a simulation- optimization model has been developed using a coupled CSPSO-MODSIM, to optimize the total AEWP, considering climatic impact and crop pattern scenarios, for 2020-2038, 2050-2068 and 2080-2098 periods. Finally, the optimum crop pattern and crop water irrigation depths are presented for different RCPs and periods. The results indicated that this approach will improve considerably the AEWPs and decrease the agricultural water-use up to 40%. Thus, this integrated model is able to support water authorities and other stakeholder in a water-scarce basin, as is the study area.

In recent years, with the increasing prominence of environmental and social issues, investors have been paying more attention to the ESG performance of enterprises, highlighting the importance of ESG factors in the financial field. This study is based on the theories of banking business models, stakeholder theory, risk management theory, and ESG investment theory. It uses the financial data and ESG scores of Chinese listed banks to deeply analyze the ESG factors and explore their impact on the liquidity risk of commercial banks. The research found that (1) good ESG performance can reduce the liquidity risk commercial banks face by improving bank value and financial performance. (2) ESG factors can also enhance the liquidity management level of commercial banks through standardization and sustainable business principles, thereby reducing the occurrence and impact of liquidity risk. Therefore, it is necessary to reduce the liquidity risk of banks and promote the sustainable development of commercial banks from four aspects: ESG performance and management, bank value, financial performance, and policy regulation.

Contemporary financial systems, despite their inherent complexity and resilience, face significant challenges related to transparency, efficiency, and security. Notable deficiencies in transparency and emerging security vulnerabilities underscore the pressing need for innovative solutions in current financial practices. Hence, this paper introduces a financial distribution system based on a consortium blockchain. Given organizations’ preference for keeping sensitive data private, the partially decentralized nature of consortium blockchains plays a pivotal role in the proposed system’s architecture. Moreover, within this system, the proposed smart contract serves a dual role. It functions not only as a transactional tool but also as a specialized solution designed to improve transactional procedures. Its multifaceted capabilities include ensuring data accuracy, facilitating swift execution, and ensuring adherence to regulatory requirements within the dynamic financial distribution landscape. Through rigorous testing and empirical analysis utilizing the Hyperledger Besu platform, it has been observed that the performance of the proposed system surpasses traditional blockchain frameworks. The results unequivocally demonstrate the proposed system’s proficiency in handling high-frequency financial transactions with minimal computational burden.

This paper draws upon the theory of turbulence in physics to explore the similarities and differences between volatility in financial markets and turbulent phenomena at a statistical physics level. By analogizing the dynamics of financial markets with fluid turbulence, we have developed an innovative analytical framework aimed at deepening the understanding of the complexity inherent in financial markets. Our research methodology includes a comparative analysis of simulated time series data for the Standard & Poor's 500 Index and fully developed turbulent velocity time series. We focus on the similarities in key statistical physical properties, including probability distributions, correlation structures, and power spectral densities. Furthermore, we have established a model of capital flow in financial markets and proposed corresponding solutions. Through computational simulations and data analysis, we find that while financial market volatility shares some statistical characteristics with turbulent phenomena, significant differences exist in the shapes of probability distributions and the temporal scales of correlations. This suggests that although financial markets exhibit patterns akin to turbulence, the behavior of this complex, multi-variable driven system does not completely correspond to natural turbulence, highlighting the limitations of directly applying turbulence theory to financial market analysis. Our study offers a new perspective for the theories of financial markets and the field of econophysics, providing fresh insights into the complexity of financial markets and contributing to the prevention and management of financial risk.

Financial bubble prediction has been a significant area of interest in empirical finance, garnering substantial attention in the literature. This study aimed to detect and forecast financial bubbles in the Vietnamese stock market from 2001 to 2021. The PSY procedure, which involves a right-tailed unit root test to identify the existence of financial bubbles, was employed to achieve this goal. Machine learning algorithms were then utilized to predict real-time financial bubble events. The results revealed the presence of financial bubbles in the Vietnamese stock market during 2006-2007 and 2017-2018. Additionally, the empirical evidence supported the superior performance of the Random Forest and Artificial Neural Network algorithms over traditional statistical methods in predicting financial bubbles in the Vietnamese stock market.

Abstract—Annually, approximately 500,000 Merger and Ac- quisition (M&A) transactions are disclosed globally, each trans- action inciting substantial perturbations to the associated com- panies’ equity prices. The probability of an M&A transaction’s closure, as perceived by the public, inherently influences the stock price of the target company leading up to the proposed date of the deal. Given the recent advancements in the realm of Natural Language Processing (NLP), we propose an empirical investigation into the correlation between digital dialogue sur- rounding M&A transactions and consequent movements in the stock prices of involved companies. Utilizing transformer-based encoder-only architectures, we fine tune a stance detection model on an extensive dataset, amassed from digital communication platforms, featuring public discourse related to five historical M&A transactions. Ultimately, we achieved 70% accuracy on deal-completion stance detection using the Roberta-base model. We subsequently employ the aggregated the public sentiment towards the completion or termination of a proposed M&A transaction to model stock price movement. Utilizing a multitude of time-series based approaches, we achieve a mean absolute error of 2.29 USD for next-day price prediction and 3.40 USD for next-week price prediction. Ultimately, we find an existing but tenuous relationship between online discourse and the price trajectory of target companies, ultimately highlighting the complex social and economic phenomena behind M&A deals.Index Terms—Mergers and Acquisitions, Stock prediction, su- pervised learning, neural networks, Recurrent Neural Network, LSTM, stance detection, transformers

In resent years, China’s digital economy has achieved significant global recognition for its instrumental role in supporting sustainable economic and social development. Based on the panel data from China's provinces between 2013-2021, this paper investigates the impact and transmission mechanism of financial deepening on digital economy development. The study finds that financial deepening significantly improves digital economy development. Heterogeneity analysis indicates that financial deepening offers greater support to digital economy development in central and western regions than in the east. Further analysis shows that financial deepening improves technological innovation, which in turn promotes the digital economy development. After applying a test of robustness, the results proved significant.

Globally, over 1.4 billion adult people remain unbanked. This worrisome phenomenon was exacerbated by the outbreak of the COVID-19 pandemic, which further created a new dimension of inequality in accessing financial services. Digital financial inclusion promises to be an effective tool for addressing this socioeconomic ill and propelling economic development. Given the limited studies on the subject in the context of the developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in the developing economies so as to provide cutting-edge interventions for redress. It is against this background that this study seeks to address the following research questions: (1) What is the state of digital financial inclusion in the developing economy? (2) What are the policies and practices regarding digital financial inclusion in the developing economy? (3) What are the barriers to digital financial inclusion and innovative interventions for redress? Findings reveal that about 44% of the adult population in developing countries does not have access to financial services, with only a few countries that have made significant progress and gains through policy and practice such as mobile financial services, mobile money interoperability, native connectivity, human capital development, and digitalization of public services for digital financial inclusion. The findings also identify challenges and implications with recommendations, which are discussed in detail in the paper.

The Centers for Disease Control and Prevention recommends everyone between 13-64 years be tested for HIV at least once as a routine procedure. HIV routine screening is reimbursable by Medicare, Medicaid, expanded Medicaid, and most commercial insurance plans. Yet, scaling-up HIV routine screening remains a challenge. We conducted a scoping review for studies on financial benefits and barriers associated with HIV screening in clinical settings in the U.S. to inform an evidence-based strategy to scale-up HIV routine screening. We searched Ovid MEDLINE®, Cochrane, and Scopus for studies published between 2006 - 2020 in English. The search identified 383 Citations; we screened 220 and excluded 163 (outside the time limit, irrelevant, or outside the U.S.). Of the 220 screened articles, we included 35 and disqualified 155 (did not meet the eligibility criteria). We organized eligible articles under two themes: financial benefits/barriers in healthcare settings (9 articles); and Cost-effectiveness in healthcare settings (26 articles). The review concluded recommendations in three areas: (1) Finance: Incentivize healthcare providers/systems for implementing HIV routine screening and/or separate its reimbursement from bundle payments; (2) Personnel: Encourage nurse-initiated HIV screening programs in primary care settings and educate providers on CDC recommendations; and (3) Approach: Use opt-out approach.

Responding to the influences of climate change, on the one hand, and selected benefits of digital technology, on the other hand, an energy transition of global scale appears to be underway. Many observers project that a significant element of the energy transition will be a growing dependence on electricity, a dependence possibly doubling by 2050. Such a transformation, however, would likely require re-configuring the architecture of complex, centralized electricity grids, an artifact of a context of more than a century ago. In concert with the energy transition, we argue to modify the objective of the electricity grid to enable efficient, pervasive optimization in local service areas that provides incentives for users to be efficient in their energy use. At the core of our argument is the presentation of economic incentives denominated in an electricity-backed commodity currency such that incumbent electricity generators could augment their economic purpose of electricity production and electricity distribution to include financial intermediation. A direct consequence of this institutional transformation is the opportunity for all users to generate wealth. There are others who have been inspired to conjure ways that energy could be a candidate currency. Our argument is distinctive, though, in exploiting how an institution (the power grid system) could be repositioned and how all agents in the system could benefit by the institutionalization of electricity as money.

Cash holding is important for Chinese manufacturing firms coping with the increasing cost of financing and stiff market conditions. This study examines the impact of cash holding on the firm value of Chinese manufacturing firms. We find evidence that a non-linear relationship exists between cash holding and firm value in manufacturing firms of China. The study reveals that financially constrained firms having a higher level of cash holding negatively affects the firm value, while the unconstrained firms having a lower level of cash holding positively influences the firm value. Finally, this research is enriched by adopting the novel measure of managerial op-timism and reveals the interactive role of cash holding and optimism on firm value. The study concludes that managerial optimism influences the firm’s cash holding decisions and this is more costly for unconstrained firms.

Hybrid Classical-Quantum computing has already arrived at several commercial quantum computers, offered to researchers and businesses. Here, applications are made to a model of financial options, Statistical Mechanics of Financial Markets (SMFM). These applications were published in many papers since the 1980's. This project only uses Classical (super-)computers to include quantum features of these models. Since 1989, an optimization code, Adaptive Simulated Annealing (ASA), has been to fit parameters in such models. Since 2015, a path-integral algorithm, PATHINT, used previously to accurately describe several systems in several disciplines, has been generalized from 1 dimension to N dimensions, and from classical to quantum systems, qPATHINT. Published papers have described the use of qPATHINT to neocortical interactions and financial options. The classical space by SMFM applies nonlinear nonequilibrium multivariate statistical mechanics to fit parameters in conditional short-time probability distributions, while the quantum space described by qPATHINT deals specifically with quantum systems, e.g., quantum money. This project thereby demonstrates how some hybrid classical-quantum systems may be calculated quite well using only classical (super-)computers.

(1) Background: The CEO message of hospital homepage contain various contents such as the hospital's future vision, promises with customers, upgraded services and public activities. The CEO’s message of the homepage includes non-financial information as well as financial information of corporates. Also, it provides useful information for not only company's goals and vision but also firm performance and strategies for the future. This study aims to investigate associations between CEO’s message of hospitals homepages and financial status. We used the balanced scorecard frame to analyze what content on the hospital's homepage is related to the hospital's various financial ratios. (2) Methods: We adopt a text mining method to extract significantly repeated keywords from the CEO’s message of hospital website. And we classify these keywords by a balanced scorecard frame. To examine the relationship between keywords of CEO’s message of the hospital homepage and hospital’s financial ratio, T-test is conducted for the difference in the TF-IDF (Term Frequency is Divided by Inverse Document Frequency) mean of the home page contents and its relationship with the views of the balanced scorecard framework. (3) Results: According to empirical results on 65 samples collected from local hospitals, there are some significant relationship between the qualitative content of the hospital's homepage and the quantitative financial ratio that indicates profitability, activity, leverage, liquidity, and transfer to essential business fund (EBF) income. (4) Conclusions: The introduction section of a homepage is most accessible to customers, containing the aims and ideals of hospitals and reflecting their values and visions [1]. In addition, in view of financial status, they can either emphasize financial strength or focus on other areas to mask weakness of financial information. This study reminds us of the importance of hospital website’s disclosure, and it can be inferred from the financial status of the hospital. It also highlights the need for harmonization between quantitative data, financial statements, and qualitative data, CEO’s messages. (5) Implications: To our best knowledge, this paper is the first research attempting to investigate the relation between text of hospital homepage and financial ratio of hospital through text mining technique and balanced scorecard frame. Hospitals take a crucial part in a country’s welfare and healthcare backbone industry. Nevertheless, in many countries, hospital organization sectors tend to remain a source of critical fiscal deficits due to its ineffective and sloppy management. We expect that the result of this paper can provide hospital managers to useful information.

Background: Forecasting nonlinear stochastic systems most often is quite difficult, without giving in to temptations to simply simplify models for the sake of permitting simple computations. Objective: Here, two basic algorithms, Adaptive Simulated Annealing (ASA) and path-integral codes PATHINT/PATHTREE (and their quantum generalizations qPATHINT/qPATHTREE) are offered to detail such systems. Method: ASA and PATHINT/PATHTREE have been effective to forecast properties in three disparate disciplines in neuroscience, financial markets, and combat analysis. Applications are described for COVID-19. Results: Results of detailed calculations have led to new results and insights not previously obtained. Conclusion: These 3 applications give strong support to a quite generic application of these tools to stochastic nonlinear systems.

Background: Forecasting nonlinear stochastic systems most often is quite difficult, without giving in to temptations to simply simplify models for the sake of permitting simple computations. Objective: Here, two basic algorithms, Adaptive Simulated Annealing (ASA) and path-integral codes PATHINT/PATHTREE (and their quantum generalizations qPATHINT/qPATHTREE) are offered to detail such systems. Method: ASA and PATHINT/PATHTREE have been effective to forecast properties in three disparate disciplines in neuroscience, financial markets, and combat analysis. Applications are described for COVID-19. Results: Results of detailed calculations have led to new results and insights not previously obtained. Conclusion: These 3 applications give strong support to a quite generic application of these tools to stochastic nonlinear systems.

Many countries have been facing the problem of bank insolvency across the globe. Asset deterioration is one of the main reasons for insolvency of banks. The objective of the paper is to ascertain the determinants of nonperforming loans (NPLs) in the banking sector of Pakistan for the period 2006-16. Other than the bank specific and macro variables proposed by the literature, the roles of weighted maturity and output gap are for the first time examined. We find significant impact of output gap on NPLs however weighted maturity has insignificant role in shaping the future NPLs. Bank specific drivers of NPLs include bank size and capital adequacy ratio.

In this paper we analyze the relationship between bankruptcy risk and the corporate life cycle in Pakistan from 2005 to 2014. For this purpose, we run a Hierarchical Linear Mixed Model (HLM) for a sample of 301 non-financial listed firms in 12 different sectors. The empirical outcomes reveal that firms during introduction, growth and, decline stages (mature stage) of life-cycle experience higher (lower) bankruptcy risk. Moreover, in juxtaposition with growth stage, bankruptcy risk is higher at the introduction stage of life-cycle. These findings suggest that financial managers should be cautious about the financial fragility of the firm at each stage of corporate life-cycle. The results also entail that Pakistani firms do not follow a sequential pattern in their life-cycle rather they have the tendency to revert to a previous stage or jump to the next stage of life-cycle. This is the first study that empirically examines the association between firm life-cycle stage and corresponding bankruptcy risk and asserts that managers must incorporate the life-cycle effects into their financial planning and decision making for sustainable working of an enterprise.

This study compared the performance of five Family Generalized Auto-Regressive Conditional Heteroscedastic (fGARCH) models (sGARCH, gjrGARCH, iGARCH, TGARCH and NGARCH) in the presence of high positive autocorrelation. To achieve this, financial time series was simulated with autocorrelated coefficients as ρ = (0.8, 0.85, 0.9, 0.95, 0.99), at different time series lengths (as 250, 500, 750, 1000, 1250, 1500) and each trial was repeated 1000 times carried out in R environment using rugarch package. And the performance of the preferred model was judged using Root Mean Squared Error (RMSE) and Mean Absolute Error (MAE). Results from the simulation revealed that these GARCH models performances varies with the different autocorrelation values and at different time series lengths. But in the overall, NGARCH model dominates with 62.5% and 59.3% using RMSE and MAE respectively. We therefore recommended that investors, financial analysts and researchers interested in stock prices and asset return should adapt NGARCH model when there is high positive autocorrelation in the financial time series data.

In this paper, we focus on the impact of financial liberalization on stability of emerging stock market. We identify crises in a group of Latin American (Argentina, Brazil and Chile) and Asian countries (Philippines, Korea, Taiwan and Thailand) during 1975–2005. This paper aims to apply the methodology of CMAX method. Our results indicate that liberalization triggers more unstable stock market in the short run and generate several crises. Still, liberalization seems to generate more stable financial markets in the long run. Financial liberalization does not increase the frequency of crises in emerging countries and at long-term, crises are less several.