Academic literature on the topic 'Capital formation theory'

In a digital economy, the intellectual capital of the enterprise is the most important strategic resource at the fundamental level of modern business processes; and human and relational capital of organizations are generated in accordance with the innovative potential of the enterprise. The study is devoted to the analysis of theoretical approaches and models for studying the intellectual capital of the enterprise in the era of formation and development of the digital economy. Our research is based on objective principles of a systematic approach, economic analysis, logical approach and multimethodology. We have used a set of general and special methods in this article (they are historical method, method of analysis and synthesis, abstract-logical method, scientific abstraction) has also been used in the work. Paind 3D and XMind programs were used for graphic images. Scientists in various fields and disciplines have proposed different conceptual frameworks to identify and justify the correlation between enterprise intellectual capital and economic results at the micro level in systems theory, institutional theory, resource dependence theory and others, as well as the concept of enterprise intellectual capital. The article presents the results of a comparative analysis of the works of Ukrainian and foreign scientists, economists and experts in the management of intellectual capital of the enterprise. The model of intellectual capital of the enterprise has been offered, in which 19 elements in structure of human, structural and relational capitals of the organization have been defined. In the process of analyzing the intellectual capital of the enterprise, conclusions and proposals have been made under the prism of the specifics of the formation of its constituent elements in the era of formation and development of the digital economy. The findings, as well as an overview of approaches to assessing and measuring the intellectual capital of the enterprise can be used in developing organizational methods and improving the policy of human resources management of organizations. The leading vector of further development of intellectual capital of enterprises in the digital economy should be the design of the process of accumulation, classification, measurement and transformation of knowledge capital, as well as the development of tools presentation its elements as materialized and innovative assets. Key words: intellectual capital; knowledge; information; digital economy.

Purpose – The purpose of this paper is to integrate knowledge inheritance theory with the social capital perspective to explain the initial endowments of spinoffs. Design/methodology/approach – The authors maintain that social capital plays a crucial part, both as a mechanism supporting the generation of intellectual capital prior to a spinoff’s foundation, and as an endowment that complements this capital once the spinoff is founded. Knowledge inheritance remains a fundamental mechanism for the formation of a spinoff’s intellectual capital. Its other endowment, social capital, derives from three types of relationship that future entrepreneurs develop within, through and outside their parent firm, all three of which are crucial to the formation of a spinoff’s intellectual capital. Findings – The first result of the theoretical research is an integrative framework of a spinoff’s endowments. Moreover, the authors apply this framework to address two key research questions in the spinoff literature, i.e. whether spinoffs can differ from their parents in terms of intellectual capital; and why spinoffs tend to co-locate near their parents, in geographical clusters. The integrative approach helps to tackle these questions. Originality/value – This conceptual paper offers a more comprehensive explanation of the emergence of spinoffs in terms of their initial endowments than the knowledge inheritance theory.

Purpose of the study: One of the most important terms to solve the problems of the education system is the educational institution’s intellectual capital, which significantly transforms the role and functions of the modern educator. The purpose of the article is to identify the essence of the University's intellectual capital and to justify the trajectory of its development, due to the needs and capabilities of education stakeholders. Methodology: Based on the methodology of education quality management the article justifies the leading role of quality education as an imperative of the University development. Intellectual capital is considered from the standpoint of organizational resources that determine the cost of the final product – the quality of education and the competitive position of the University; its development is carried out based on the project-target approach. Results: Modern requirements for the intellectual capital of the educational organization are revealed, the role and essence of pedagogical activity of teachers of higher education institutions in its formation are shown. The importance of continuous improvement of hard and soft competencies of University teachers as a way of incrementing intellectual capital is shown. The adaptive model’s design of University teachers’ career strategies based on design-target mechanisms is presented that determines the organizational development of the University. Applications of this study: The results determined the possibility to consider organizational and human knowledge and competence as a special type of investment to improve the functioning of the University. The recommendations for the construction of models of the University intellectual capital management are presented. The article is intended for employees of the education system, educators, researchers, and heads of the University departments. Novelty/Originality of this study: The contribution is made to the theory of the University’s social and cognitive management based on expanding the powers of quality management in the field of intellectual capital management.

The article is devoted to the study of unsolved problems of the human capital theory, as follows the determination of the mechanism of human capital formation, methods of economic analysis of its effectiveness and accounting costs for its formation. The authors rely on the approach to the definition of “human capital” generally accepted in the economic theory, in terms of which it is a complex of knowledge and the most important resource for sustainable development of the economy, as well as on the structural and systematic approaches, according to which the components of human contribute to the sustainable development of the economy capital acting in concert with each other. In this setting, the main unit of human capital is the member of the creative class. The authors consider a cost approach as the methodological basis for accounting and evaluating human capital in practice. As the main research methods, the authors use the model-building technique for the formation and accumulation of human capital, special methods of economic analysis and statistics. The theoretical and practical significance of the study lies in identifying the management mechanism of human capital formation and validation of the integrated assessment methods and the methods of accounting the effectiveness of the costs of developing human capital in the enterprise management system, which were tested when measuring the effectiveness of the particular enterprise’s investments in human capital.

Many professional traders, hedgers, and institutional investors utilise spread trading to engage in the futures market. Most of the literature dedicated to futures spreads was published between the late 1970s and early 1990s, and has partly lost its relevance. This is because of the emergence of new financial instruments, changed relationships and regulations within the financial industry and, furthermore, the advent of round-the-clock electronic trading which has increased the number of players and liquidity of futures markets many times over (Hull, 2006). Hence, there is a need to explore futures spreads from a contemporary perspective. The six publications which form the basis of this PhD examine futures spreads from different perspectives. They address questions surrounding spreads systematisation, classification and analysis. The thesis develops a new framework for futures spreads analysis which has practical application as an investment tool. This thesis makes a contribution to theory and practice in the area of futures spreads. The research results could find wide application in the futures industry and of interest to the research community.

Thesis (Ph.D.)--Indiana University, Dept. of Economics, 2009.
Title from PDF t.p. (viewed on Jul 13, 2010). Source: Dissertation Abstracts International, Volume: 70-12, Section: A, page: 4784. Adviser: Gerhard Glomm.

Social capital is a rich topic in the development literature. Despite this, there is an incomplete understanding of how social capital is formed when placed within the enabling or constraining structure of Global Value Chains. While governance of Global Value Chains is well understood as a powerful force that shapes the participation of farmers, the literature to date has not effectively explored the extent to which governance may shape participation among farmers. The aim of this thesis is to explore how, if at all, governance shapes the formation of two types of farmers' social capital: structural and cognitive. Within the context of Peru's Alternative Development Program, where there is a purposeful effort to develop the social capital of farmers, qualitative research was conducted on two case study Global Value Chains: cacao and palm oil. Interviews were conducted with stakeholders across the Global Value Chain, from farmers and collective organisations to exporters and importers. The case studies revealed that governance can be an enabler of structural social capital formation, but its role is shaped by the institutional context and existing attitudes towards social structure. Governance can be an enabler or barrier to cognitive social capital formation, depending on the nature of the governing relationship between buyer and supplier. To date, the literature on social capital formation has typically focused on factors internal to a collective group. The findings in the thesis shed light on the role of exogenous structures on the formation of social capital.

Ce travail analyse le rôle des sociétés de capital-investissement dans la formation d’alliances stratégiques sur le marché français du capital-investissement. Après nous être fait une idée de l’importance du phénomène à l’aide des informations nouvelles que nous avons générées par notre propre enquête, nous apportons une explication au phénomène observé. L’analyse théorique se fait sous l’angle de la création de valeur actionnariale, en recourant conjointement aux théories contractuelles et cognitives. Les théories sociologiques des réseaux viennent compléter les principaux arguments de ces deux cadres théoriques. Le modèle explicatif qui en découle est ensuite mis à l’épreuve empirique à l’aide d’une étude multi-méthodes à visée infirmationniste, combinant une analyse économétrique et une étude de cas multiples. Nos résultats permettent de conclure que les sociétés françaises de capital-investissement jouent un rôle tant intentionnel que non intentionnel dans la formation d’alliances stratégiques pour leurs participations. Ces rôles mettent en avant une intervention tant passive qu’active des sociétés françaises de capital-investissement. Bien que l’argumentation cognitive trouve, dans son ensemble, plus de support que l’argumentation contractuelle, l’analyse fait ressortir l’intérêt de recourir à une utilisation conjointe des théories contractuelles et cognitives qui se révèlent complémentaires
This research analyses the role of Private Equity firms in the formation of strategic alliances within the field of the French Private Equity market. We start to provide evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon. The study addresses the questions of how and why Private Equity firms act as relational intermediaries to help their portfolio companies form alliances. Both questions are investigated in the light of the Private Equity firms’ contribution to the value creation process that comes with alliance formation. Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (transaction cost theory and the positive theory of agency); (2) the knowledge based view; and 3) social network theories to complement the resulting from jointly use of the previous two theories. The theoretical construct is then tested empirically by means of a multi-method study with explanatory design, based on the pattern of joint evidence from both statistical tests and a multiple case study. Results show that French Private Equity firms do play a role in alliance formation. This role can be intentional as well as non-intentional. Furthermore, although arguments from the knowledge-based perspective finds more support in explaining this behavior than from the mainstream theories, our study highlights the benefits of the joint use of these theories and the complementary nature of them to better explaining the phenomenon as a whole

This academic work is based on remarkable works of economists Ramsey, Cass, Koopmans and Kaldor, it brings closer the intertemporal growth theory and its empirical implications on the Czech economy. Simply the purpose of this academic work is to analyse investment and its development in the Czech economy, theoretically identify and empirically study it. Furthermore, to monitor investments by different types and sectors. The study also is committing to better comprehension of mutual effects of capital formation and economic growth.

Dans un monde décrit comme VICA (volatile, incertain, complexe et ambigu), les grandes organisations internationales (Union Européenne, OCDE, World Economic Forum, etc.) multiplient les études pour identifier les compétences du 21ème siècle. Leurs résultats montrent que les soft skills - les compétences qui ne relèvent ni du savoir, ni du savoir-faire - sont des leviers de la performance individuelle et organisationnelle (Carnevale & Smith, 2013). Pour autant, le concept de soft skill reste flou et les travaux concernant leur développement rares (Boyatzis, 2006). L’objectif de notre thèse est de développer une meilleure connaissance des soft skills et de leurs modes de développement. Nous adoptons pour ce faire une démarche qualitative mobilisant différentes méthodologies et terrains de recherche : une étude exploratoire multi-site, une recherche-intervention et l’étude d’un cas extrême (Yin, 2014). Nos résultats, éclairés par la théorie sociocognitive de Bandura (2001), nous permettent de contribuer à une meilleure compréhension conceptuelle des soft skills, d’identifier les facteurs personnels et environnementaux de leur développement et in fine, de soumettre des préconisations pour la mise en œuvre d’une démarche soft skills dans les organisations
In a world described as VICA (volatile, uncertain, complex and ambiguous), major international organizations (European Union, OECD, World Economic Forum, etc.) are multiplying studies to identify the skills of the 21st Century. Their results show that soft skills - skills that are neither knowledge nor know-how - are levers of individual and organizational performance (Carnevale & Smith, 2013). However, the concept of soft skill remains unclear and research on its development is rare (Boyatzis, 2006). The objective of our thesis is to develop a better knowledge of soft skills and their development modalities. To do this, we adopt a qualitative approach using different methodologies and fields of research: a multi-site exploratory study, an intervention research and the study of an extreme case (Yin, 2014). Our results, informed by Bandura's (2001) social cognitive theory, allow us to contribute to a better conceptual understanding of soft skills, to identify the personal and environmental factors of their development and ultimately, to submit recommendations for the implementation of a soft skills approach in organizations

碩士
國立高雄第一科技大學
資訊管理研究所
102
Cloud computing is an architecture in application services on the Internet that does not require complex installation and regular maintenance. It can be easily accessed through the Internet and it has already been widely used in business as well as in daily personal lives. The cloud service has three models, namely: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS). According to a forecast made by the market research firm, IDC, if SaaS can play a key role in cloud computing, then SaaS cloud services will account for 75% of industrial output, and the market for cloud services will reach $ 72.9 billion in 2015; enough to see the SaaS model gaining worldwide popularity and inevitably becoming the new trend in software industry in the future. Software-as-a-Service (SaaS) has evolved to become a popular information service, providing greater convenience and assistance to end-users both at work and in their daily routines. This research focuses on Social Capital Theory (Relational capital & Cognitive capital) and Technology Facilitating conditions to analyze how SaaS Providers relates and interacts with end-users. A more detailed examination of how end-users determine the trustworthiness of SaaS Providers will also be discussed. Questionnaires are used to gather and investigate the impact SaaS has on end-users at work and in their daily routines. The results of the questionnaires gathered from 216 samples SaaS end-users found that (1) The Technology Facilitating conditions made possible by the technological innovation of SaaS Providers will positively affect the relational and cognitive capital of end-users, and (2) SaaS Providers and end-users’ relational and cognitive capital will positively affect the trustworthiness that end-users have on SaaS Provider.

The culture industry should become attractive for capital investment through the development of organizational-economic mechanisms of support in the form of integrated structures as well as through the development of mechanisms of its financing: systems of culture multi-channel backing and state-private partnership which would allow to create prerequisites for the appearance and implementation of new ideas and projects in the culture field, contributing to culture sphere formation as a full-fledged source of state income. As a result of this project implementation, original new fundamental theoretical assumptions and empirical data in the culture industry field and the regional development will be obtained. The project focuses on the study of fundamental basics research of the culture industry functioning, solves scientific problems of the culture industry effectiveness evaluation and direction justification of its support and funding; there are being worked out strategies and mechanisms of the culture industry efficiency development and increase in accordance with the characteristics and needs of regional economies.

This book argues that the position of women in late medieval and early modern Europe was relatively strong. This, van Zanden, De Moor, and Carmichael argue, is evident from the fact that marriage was usually based on consensus, implying that women had a clear say in their marriage. The authors analyze the medieval roots of this European Marriage Pattern, demonstrating that it was much stronger in northwestern Europe than in the Mediterranean. That women had considerable agency was one of the factors behind the rise of Europe in the centuries before the Industrial Revolution. This had huge consequences for the average age of marriage (which was very high), fertility (which was restricted by the high age of marriage), human capital formation (resulting in high levels of numeracy and literacy), and labor-force participation by women. However, the authors also explore the negative effects of the European Marriage Pattern, such as the greater vulnerability of these relatively small families, and the large group of single women, subject to external shocks particularly in old age. Special institutions emerged, such as the beguinages, to cope with these pressures. Finally, by comparing these European households with household patterns in the rest of Eurasia, this book puts the European Marriage Pattern into global perspective.

Firms must increasingly innovate to gain a competitive advantage. One method of innovation is by designing work or grouping individuals in ways that create unique relationships between their knowledge, skills, abilities, and other characteristics, and by designing these relationships to be accessible by the firm (i.e., creating human capital resources). Synergistic relationships between two or more human capital resources are therefore human capital resource complementarities. In the chapter we discuss how talent-management practices relate to the formation, maintenance, and bundling of human capital resource complementarities. We start by briefly summarizing the key features of resource complementarities observed within the broader strategy literature. We then consider the nature of complementarities specifically for human capital resources, and consider numerous types of complementarities that may exist. We conclude by proposing a research agenda to understand how talent-management practices are related to human capital resource complementarities and competitive advantage.

This chapter examines the effects of national level politics and institutions on the long-term evolution of diversified business groups. A central goal of this chapter is to connect the analysis of business groups to broader debates on the political economy of advanced capitalism, especially varieties of capitalism, power resource theory, legal families, and entrenchment. States (through regulations) and firms (via their corporate practices, especially concentrated ownership and cross-ownership) across much of continental Europe and Japan protected business groups by forestalling takeovers, while capital markets in liberal economies encouraged the formation of new kinds of business groups (especially private equity) by facilitating takeovers. Brief summaries of the evolution of business groups over the past century in Sweden and the United States illustrate these different dynamics in coordinated and liberal economies.

This book, using contemporary history and original empirical research, updates traditional rentier state theory, which largely fails to account for the existence of Islamist movements, by demonstrating the political capital held by Muslim Brotherhood affiliates in Kuwait, Qatar, and the United Arab Emirates (UAE). While rentier state theory predicts that citizens of such states will form opposition blocs only when their stake in rent income is threatened, this book demonstrates that ideology, rather than rent, has motivated the formation of independent Islamist movements in the wealthiest states of the region. It argues for this thesis by chronicling the history of the Brotherhood in Kuwait, Qatar, and the UAE, and showing how the organization adapted to the changing (and often adverse) political environs of those respective countries to remain a popular and influential force for social, educational, and political change in the region. The presence of oil rents, then, far from rendering Islamist complaint politically irrelevant, shapes the ways in which Islamist movements seek to influence government policies.

AbstractThe formative years of the British Mandate over Palestine marked a period of profound changes, in which cultural transformation manifested in a rapid growth of modern leisure, new recreation sites and cultural patterns in the urban centres of Palestine. These processes were significantly evident in Haifa as the city had been chosen by the British as the economic and effectively political capital of Palestine. This chapter scrutinises the rapid cultural changes that unfolded, analysing the significant role of Christian communities in this process. It examines the ways in which Christians’ connections with European powers contributed to their crucial involvement in developing the city’s cultural life and how Christians’ engagement in cultural activities strengthened their Palestinian identity in a period of intensive nation-building.

ZusammenfassungThis paper investigates the function of translation in the context of scientific communication, examining the correspondence between the Italian universal scientist Lazzaro Spallanzani, his translator Jean Senebier, and the Swiss naturalist Charles Bonnet. The main thesis is that the function of scientific translation goes far beyond the simple communication of scientific content and that it in fact played a complex role in the system of exchange and circulation of symbolic capital within the scientific community in the Early Modern Period. To illustrate the complexity of scientific translation, the paper focusses on Spallanzani’s remarkable adoption of a twofold perspective: on the one hand, it examines Spallanzani’s translation of Bonnet’s Contemplation de la nature; on the other, it considers some of Senebier’s French translations of the Italian scientist. In both cases, translations not only played an important role in the career planning of the actors involved, but were also part of science policy strategies. Last, but not least, they were crucial for the formation and stabilization of national science systems.

This chapter applies competence–control theory to capital market governance. For much of the twentieth century, centralized market intermediaries such as the New York Stock Exchange and London Metal Exchange served as efficient platforms for capital formation and risk management. However, this pattern of good self-regulatory governance was displaced by socially unproductive rent-seeking and widespread distortions following the introduction of increased competition between fragmented exchange platforms and external statutory controls. The governor’s dilemma provides an elegant framework for explaining this deterioration in the quality of capital market governance, which confounds standard expectations about the salutary effects of competition and the presumed vices of self-regulation. Unpacking the changing modalities of governor control (cooptation versus delegation) and the impact of differences in market structure (centralization versus fragmentation), this chapter shows that good market governance was supported by soft control mechanisms and a radical attenuation of the competence–control tradeoff in centralized markets. This efficient equilibrium unraveled as growing goal divergence—induced by market fragmentation—encouraged harder governor controls that inadvertently eroded the competence of market intermediaries.

В настоящее время теория социального капитала продолжает являться бурно развивающимся направлением современных социально-экономических исследований. В данной статье затронута эволюция развития данной концепции, ее противоречивость и важность социального капитала в реалиях формирования цифровой экономики. Currently, the theory of social capital continues to be a rapidly developing area of modern socio- economic research. This article touches on the evolution of the development of this concept, its complexity and the importance of social capital in the realities of the formation of the digital economy.

The more a country is open to trade, the more it attracts investors and the faster its economy develops. However, some study showed that sometime it can be the opposite of all this. In this context, the main purpose of this study is to investigate the relationship between trade openness, capital formation and economic growth in African countries. To do so, we collected data of GDP per capita, trade (% of GDP), Gross national expenditure and capital formation variables. The method applied is panel cointegration and causality by using time series of 38 African countries for the period of 1990-2014. According to the results there is long run relationship between all the variables and the cross sectional co-integration test result indicates that there is more cointegration in Comoros, Equatorial Guinea, Niger and Guinea-Bissau. With highest GDP per capita, Equatorial Guinea has more long-run relationship between trade openness, capital formation and economic growth. However, one of the poorest countries in the world (Niger), has also efficient long run relationship between the variables. The panel causality test results suggest that there is unidirectional causal relationship from trade openness to economic growth. There is also bidirectional causality link between capital formation and economic growth. In the same context, causal link exists from capital formation to trade openness. The study suggests that African countries must increase the investment promotions in order to increase the capital formation and trade openness then to boost economic growth.

Karen (or Kariang or Yang) are a group of heterogeneous ethnic groups that do not share common culture, language, religion, or material characteristics, and who live mostly in the hills bordering the mountainous region between Myanmar and neighboring countries (Fratticcioli 2001; Harriden 2002). Some of these groups have migrated to Thailand’s borders. Given these huge numbers of migrant Karens, there is a paucity of research and understanding of how Karen learners from upland ethnic groups negotiate and construct their identities when they socialize with other lowland learners. This paper explores ways in which Karen learners negotiate and construct their identities through language socialization in the Thai learning context. The study draws on insights from discourse theory and ecological constructionism in order to understand the identity and negotiation process of Karen learners at different levels of identity construction. Multiple semi-structured interviews were conducted to gain deeper understandings of this phenomenon between ethnicity and language socialization. The participants were four Karen learners who were studying in a Thai public university. Findings suggest that Karen learners experience challenges in forming their identity and in negotiating their linguistic capital in learning contexts. The factors influencing these perceptions seemed to emanate from the stakeholders and the international community, which played significant roles in the context of learning. The findings also reflect that Karen learner identity formation and negotiation in language socialization constitutes a dynamic and complex process involving many factors and incidences, discussed in the present study. The analysis presented has implications for immigration, mobility, language, and cultural policy, as well as for future research.

Due to ongoing structural changes and socio-economic transition from the production economy to the knowledge economy, human capital plays a vital role in developing and creating new ideas and knowledge. Logistics industry is the fastest growing economic activity in Lithuania. The development of human capital becomes important in securing competitive advantage and improving performance for Lithuanian logistics enterprises. Logistics enterprises themselves try to find solutions how to create, develop and share the knowledge amongst its employees and how strategically develop and manage own human capital. The aim of the research is to examine the contemporary academic perspectives on measuring human capital and the factors affecting its value. In order to provide theoretical and practical basis of the factors affecting human capital formation in logistics enterprises, a study of the correlation between internal and external factors was conducted. Based on the investigation of 30 respondents from Lithuanian logistics enterprises, the correlation between 20 factors affecting human capital value was analysed via a path and correlation analysis. The results of correlation analysis showed that there was a significant negative correlation between the factors of the external environment “Demographic” (such as migration, structure of population and others) and the factor from the environment of the individual “Family” content; the correlation coefficient was -0.671. And it was positively correlated with the factor from the environment of the organisation “Culture” and “Value of organisation” (+0,695). Taking these results into consideration, the focus should be drawn on transforming the function of human resources management as well as providing a facilitative environment for developing the necessary skills in the professional and technical field.

This article is about the objective requirement in audit for acceptance of the well-founded economic decision by users of the financial reporting to exclude or lower information risk, and also are dealt with the reasons of occurrence of information risk and ways of their decrease. And also are researched market of auditing services, the location of the audit entities and their influence on ensuring timely auditing businesses. Financial reporting transparency are studied and their impact on the financial issue of the managing subject. Recommended actions aimed at ensuring transparency of financial statement of an entity and the rights of owner. And explored the current state and prospects of development of independent audit, it is influense on the formation of national capital.

в статье предложен авторский подход, основанный на представлении об организационном социальном капитале как объекте изучения, не сводимом к сумме индивидуальных социальных капиталов или к общественному социальному капиталу. Представлено понимание организационного социального капитала как организационного ресурса, обладающего содержательной и типологической сложностью. Социальная солидарность рассматривается с позиций глобального цивилизационного кризиса, демонстрирующего исчерпанность модели западного развития. Отсутствие ясных ориентиров социального движения, дефицит «духовных скреп» формирует ситуацию поиска практико-ориентированного концепта. Один из таких концептов – идея солидарного общества, в основе которого лежит принцип: «жить не для себя, не для других, а со всеми и для всех». Солидарное общество представляет собой альтернативу обществу индивидуализированному, разорванному, атомистическому и основано на общности ответственности. Процессы формирования социального капитала и солидарного общества схожи, поскольку исходят из сущности социального закона: первичны социальные отношения, вторичны социальные институты, третичны – организации. И социальный капитал, и социальная солидарность основаны на первичности социальных отношений. Общность основания позволяет рассматривать указанные феномены как взаимосвязанные и в значительной мере взаимообусловливающие тренды социального развития. the article suggests the author's approach based on the organizational social capital idea as an object of study that is not reduced to the sum of individual social capitals. An understanding of organizational social capital as an organizational resource with content and typological complexity is presented. Social solidarity is viewed from the perspective of a global civilizational crisis that demonstrates the exhaustion of the Western development model. The lack of clear guidelines for the social movement, the lack of “spiritual bonds” creates a situation of searching for a practice-oriented concept. One of these concepts is a solidary society idea which is based on the principle: “live not for yourself, not for others, but with everyone and for everyone”. A solidary society is an alternative to an individualized, broken, and atomistic society because of it is based on shared responsibility. The processes of social capital and solidary society formation are similar in essence since they proceed from the essence of the social law: primary social relations, secondary social institutions, and tertiary organizations. Both social capital and social solidarity are based on the primacy of social relations. The common ground allows us to consider these phenomena as mutually interrelated and largely mutually determining social development trends.

t The various combinations of sources of financing that a business uses in its operations have multiple impacts on the generation of its cash flow. Such influence can be viewed from the aspect of forming the total cost of financing the company, from the aspect of investments where such an indicators represents the minimum level of required profitability of investment projects, as well as from the aspect of investors in an enterprise where different capital structure carries with it a different level of financial risk. It is therefore not surprising that there is considerable scientific interest in this issue and numerous researches conducted on this topic. Moreover, the relevance of the subject is also evidenced by the fact that there are numerous theories on the formation of capital structure and its consequences on the valuation of the company, that is, the influence on the market value of the company's shares. This paper will determine the average values of the formation of the capital and financial structure of Croatian companies listed on the Zagreb Stock Exchange. The analysis of 30 companies over a ten-year period from 2009 to 2018 will seek to show the impact that the formed capital structure has on profitability. By establishing a negative link between the selected debt indicators and the profitability indicators, the validity of contemporary capital structure theories, which have their starting point in behavioral finance and are specific for developed financial markets, has been rejected.

This study explores how intersecting identities based on disability, ethnicity and religion impact the wellbeing of deaf Uzbek Jehovah’s Witnesses in post-Soviet Uzbekistan. By analysing the collected ethnographic data and semi-structured interviews with deaf people, Islamic religious figures, and state officials in the capital city Tashkent, it provides the case of how a reaction of a majority religious group to the freedom of religious belief contributes to the marginalisation and exclusion of religious deaf minorities who were converted from Islam to the Jehovah’s Witnesses. The paper argues that the insensitivity of the dominant Muslim communities to the freedom of religious belief of deaf Uzbek Christian converts excluded them from their project activities and allocation of resources provided by the newly established Islamic Endowment Public charity foundation ‘Vaqf’. Deaf people in Uzbekistan are often stigmatised and discriminated against based on their disability identity, and religious inequality may further exacerbate existing challenges, lead to unintended exclusionary tendencies within the local deaf communities, and ultimately inhibit the formation of collective deaf identity and agency to advocate for their legitimate rights and interests.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.