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1
Jayaraman, Tiru K., Lin Sea Lau, and Cheong Fatt Ng. "Role of Financial Sector Development as a Contingent Factor in the Remittances and Growth Nexus: A Panel Study of Pacific Island Countries." Remittances Review 3, no. 1 (May 15, 2018): 51–74. http://dx.doi.org/10.33182/rr.v3i1.426.
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Except for emergencies and for technical assistance for raising skills and institution building, foreign aid to Pacific island countries (PICs) for budgetary support has been phased out since the late 1990s. Because of the small sized domestic markets, foreign direct investment (FDI) is small and is confined to development of tourism infrastructure. On the other hand, inward remittances received from the rising number of islanders migrating overseas for work are increasing, far exceeding aid and FDI. However, influence of remittances on economic growth depends on financial sector development (FSD) for mobilizing the savings from the remittance receipts for domestic investment. This paper assesses the role of FSD in the nexus between remittances and economic growth through a panel study of five major PICs, namely Fiji, Samoa, Solomon Islands, Tonga and Vanuatu. The study findings show that the ongoing efforts for strengthening FSD have to be stepped up by focusing on financial inclusion through spread of branchless banking and promotion of information and communication technology.
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Aksenov, Pavel A. "The US Foreign Investment Regulation: Trade War Restrictions." International Trade and Trade Policy, no. 4 (January 3, 2020): 31–41. http://dx.doi.org/10.21686/2410-7395-2019-4-31-41.
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Over the past several years, the United States has taken a leading position in the world in attractiveness to foreign investors, largely due to the policy of favoring foreign investment and the absence of significant restrictions on incoming FDI. Currently the United States are trying to find a balance between openness to foreign investment and emerging issues related to the economy and national security. As a result of the adoption of the Foreign Investment Risk Review Modernization Act in 2018, the authority of the US Foreign Investments Committee was significantly expanded and the requirements for transactions were tightened, in particular, monitoring and verification of compliance with national security requirements. Despite the fact that these measures affected all incoming FDI in the United States, they are primarily an instrument of competition between the United States and China. Restrictions on outbound investment by China, as well as new requirements on the part of the United States, have significantly reduced the flow of FDI from China to the United States, especially in high-tech industries and infrastructure projects. Meanwhile, the US direct investment in China has remained stable over the past few years. In addition, there are some industry regulations on the share of foreign investors in the capital of energy companies, broadcasting companies, banks and others. Investment relations between the two countries, according to the investors, despite political and trade contradictions, remain quite close.
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Leiter, Michael, John Caccia, Heather Cruz, Michael Hoffman, James Schnell, Ivan Schlager, Donald Vieira, Jonathan Gafni, and Daniel Gerkin. "Governance implications of CFIUS reform for US investment funds with foreign investors." Journal of Investment Compliance 20, no. 1 (May 7, 2019): 36–39. http://dx.doi.org/10.1108/joic-01-2019-0010.
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Purpose To explain how corporate governance is likely to be affected by drastic changes to national security reviews by the Committee on Foreign Investment in the United States (CFIUS), especially for US funds with foreign investors. Design/methodology/approach The article summarizes the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and then details the pilot program and how to qualify for exceptions. Findings While many questions and considerations remain, including how FIRRMA will play out across various industries, we concluded that there will be an increase in CFIUS filings. Originality/value Practical guidance from experienced national security and CFIUS lawyers.
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Baltz, Matthew J. "Navigating the Globalization Dilemma: Democratic Pressure and the Making of U.S. Inward Foreign Direct Investment Policy in the 1970s." Journal of Policy History 31, no. 1 (November 30, 2018): 101–25. http://dx.doi.org/10.1017/s0898030618000350.
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Abstract:The tension between democratic institutions and the project to integrate international markets for trade and investment has been an enduring feature of the contemporary era of globalization. This article analyzes how officials in the executive branch navigated this tension in the making of inward foreign direct investment policy during the 1970s. Based on recently declassified archival sources, it traces how top officials in the Ford administration decided to establish a new interagency committee in order to appear responsive to congressional pressure and still leave its “open door” investment policy intact. Yet this measure only marked the first step in resolving their political dilemma. Lower-level functionaries then had to manage the problem of how to give the new committee the appearance of strength while also maximizing its discretion to be weak. Overall, this article contributes the first comprehensive account of both phases of the policy-making process using new archival evidence.
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Lee, Michael J., Adrian Florea, and Nicolas Blarel. "Opening the Black Box of Finance: North–South Investment, Political Risk, and US Military Intervention." Political Studies 67, no. 4 (February 20, 2019): 872–94. http://dx.doi.org/10.1177/0032321718813570.
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In this article, we examine the foreign policy implications of different types of investment flows. North–South investment is more sensitive to political risks (expropriation, default, civil war) than North–North investment. We argue that North–South investment flows create a constituency within the US financial sector that is likely to support stabilising intervention – military intervention aimed at reducing political risk abroad. Examining political action committee donations from Fortune 500 financial firms with a cross-sectional Tobit model, we find that US financial firms with greater exposure to the Global South are likely to favour congressional candidates with a record of voting for intervention in developing countries. This study contributes to the literature on economic interdependence and peace, proposes an original method for capturing the revealed preferences of political actors, and enhances our understanding of the sectoral underpinnings of foreign policy-making.
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Mandalika, Lucky, Hermanto Hermanto, and Lilik Handajani. "Pengaruh Corporate Governance Terhadap Luas Pengungkapan Integrated Reporting dan Implikasinya terhadap Nilai Perusahaan." E-Jurnal Akuntansi 30, no. 3 (March 14, 2020): 556. http://dx.doi.org/10.24843/eja.2020.v30.i03.p01.
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The objective of this study is to analyze the effect of corporate governance on the extent of integrated reporting (IR) disclosure and its implications for corporate value in public companies for the 2017-2018 period. Corporate governance is proxied by the proportion of independent commissioners, audit committee expertise, frequency of audit committee meetings, institutional ownership, and foreign ownership.The results showed a significant positive effect on the frequency of audit committee meetings on IR disclosure area. Meanwhile, there is no influence of the proportion of independent commissioners, audit committee expertise, institutional and foreign ownership on the extent of IR disclosure. Other findings also reveal that there is no influence of IR disclosure on corporate value. For managers, this research implies IR disclosure to improve company performance. For investors, IR are expected to help in making investment decisions.
Keywords: Integrated Reporting; Corporate Governance; Corporate Value.
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Kaczmarek, Bogusław. "Foreign direct investment of Polish enterprises in Ukraine – its conditions and structure." Management 21, no. 2 (December 1, 2017): 109–23. http://dx.doi.org/10.1515/manment-2017-0008.
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Summary The aim of the article is analysis (structure and direction of development) of Polish foreign direct investments in the Ukraine. The article consists of four parts: first shows the definition of FDI and some aspects and economic conceptions explaining the conditions of their undertaking by companies. The second part presents the economic situation of Ukraine as a country for FDI localization; the third part presents the legal and administrative conditions of business conditions in this country, and fourth shows the characteristics of FDI made in Ukraine by Polish entrepreneurs. Materials for the preparation of this article were collected at the State Statistics Committee of Ukraine and at the Faculty of Industry and Trade of the Embassy of the Republic of Poland in Kiev. The data included also the elaboration of O.W. Polowin posted by Academy of Sciences of Ukraine.
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Byrne, Alice. "A ‘Sound Investment’? British Cultural Diplomacy and Overseas Students: The British Council's Students Committee, 1935–1939." Contemporary European History 30, no. 2 (May 2021): 265–83. http://dx.doi.org/10.1017/s0960777321000072.
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This article explores the UK government's first foray into cultural diplomacy by focusing on the activities of the British Council's Students Committee in the run-up to the Second World War. Students were placed at the heart of British cultural diplomacy, which drew on foreign models as well as the experience of intra-empire exchanges. While employing cultural internationalist discourse, the drive to attract more overseas students to the United Kingdom was intended to bring economic and political advantages to the host country. The British Council pursued its policy in cooperation with non-state actors but ultimately was guided by the Foreign Office, which led it to target key strategic regions, principally in Europe and the Mediterranean Basin.
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Dohale, Sonali, Kara M. Bombach, Cyril T. Brennan, Renée A. Latour, and Axel S. Urie. "CFIUS issues final regulations on national security review of foreign investments in the United States under FIRRMA: broader reach, mandatory filings, and limited exceptions." Journal of Investment Compliance 21, no. 2/3 (November 23, 2020): 143–49. http://dx.doi.org/10.1108/joic-09-2020-0025.
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Purpose The article examines the sweeping changes to the review process undertaken by Committee on Foreign Investment in the United States (CFIUS) as a result of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The Article specifically reviews the long-awaited final sets of regulations, effective as of February 13, 2020, and analyzes their impact on the CFIUS process, as well as considers the implications of FIRRMA for parties to foreign acquisition, control, and investment transactions. Design/methodology/approach The Article begins with an overview of the CFIUS framework and a general explanation of FIRRMA. It then moves to an analysis of FIRRMA and the resulting changes to the prior CFIUS regime. The Article concludes with general considerations and provides recommendations for parties who may find themselves analyzing the potential applicability of CFIUS to foreign acquisition and investment transactions. Findings FIRRMA resulted in significant changes to the existing CFIUS regulatory framework. Practical implications Parties should learn the CFIUS changes as a result of FIRRMA, including the new mandatory filing requirements as well as implications for non-controlling investment transactions. Parties should include CFIUS analysis and planning in the earliest stages of deal planning and due diligence. Originality/value The article provides an in-depth review of the changes to CFIUS resulting from FIRRMA. The changes to the existing CFIUS landscape have resulted in new mandatory filing requirements and expanded jurisdiction over non-controlling investment and real estate transactions, which are discussed in the article.
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Nathaniel, Andika Supra, and Sansaloni Butar Butar. "Determinan Efisiensi Investasi Perusahaan Publik di Indonesia." Jurnal Akuntansi Bisnis 17, no. 2 (November 21, 2019): 192. http://dx.doi.org/10.24167/jab.v17i2.2341.
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Conceptually, a company should invest in projects that will generate a positive Net Present Value (NPV). However, information asymmetry can lead to wrong investment decisions, namely investing in projects with a negative NPV and rejecting projects that produce a positive NPV. The wrong investment decision causes under (over) investment. This study aims to reexamine the effect of debt maturity, tangibility, foreign ownership, frequency of audit committee meetings, and company age on the company's investment efficiency. This study uses secondary data in the form of financial statements and annual reports of companies listed on the Indonesia Stock Exchange for the period 2012-2016. Number of samples used in this study are 289 companies. The results of the regression analysis show that debt maturity, tangibility have a positive effect on investment efficiency. Foreign ownership, company age, institutional ownership and managerial ownership negatively affect investment efficiency. Meanwhile, the frequency of meetings of the audit committee and the independent board of commissioners did not affect the investment efficiency.
Abstrak
Secara konseptual, perusahaan seharusnya melakukan investasi pada proyek yang akan menghasilkan Net Present Value (NPV) positif. Namun, asimetri informasi dapat menyebabkan putusan investasi yang keliru yaitu berinvestasi pada proyek dengan NPV negatif dan menolak proyek yang menghasilkan NPV positif. Keputusan investasi yang keliru menyebabkan terjadinya under (over) investment. Penelitian ini bertujuan untuk menguji kembali pengaruh maturitas utang, tangibilitas, kepemilikan asing, frekuensi pertemuan komite audit, dan umur perusahaan terhadap Efisiensi Investasi Perusahaan. Penelitian ini menggunakan data sekunder yang berupa laporan keuangan dan laporan tahunan perusahaan yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Sampel yang digunakan dalam penelitian ini sebanyak 289 perusahaan. Hasil analisis reegresi menunjukkan bahwa maturitas utang, tangibilitas berpengaruh positif terhadap efisiensi investasi. Kepemilikan asing, umur perusahaan, kepemilikan institusional dan kepemilikan manajerial berpengaruh negatif terhadap efisiensi investasi. Sementara, frekuensi pertemuan komite audit dan dewan komisaris independen tidak berpengaruh terhadap efisiensi investasi.
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Abdeljawad, Islam, Ghassan A. I. Oweidat, and Norman Mohd Saleh. "Audit committee versus other governance mechanisms and the effect of investment opportunities: evidence from Palestine." Corporate Governance: The International Journal of Business in Society 20, no. 3 (March 27, 2020): 527–44. http://dx.doi.org/10.1108/cg-06-2019-0185.
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Purpose This paper aims to explore how the presence of an audit committee is associated with other corporate governance mechanisms, i.e. board structure, ownership structure and quality of external audit. The present study evaluated whether the presence of the audit committee complements or substitutes other governance mechanisms in Palestinian companies. Moreover, the effect of investment opportunities on the relationship between the formation of the audit committee and the quality of the auditor was addressed. Design/methodology/approach The association between the formation of the audit committee and other governance variables was modelled as a binary logistic model. The sample comprising 44 firms listed on Palestine exchange for the period between 2013 and 2017, amounting to 220 firm-year observations. Findings Based on the investigation, the results have indicated that board independence, the distinction between the chairman and chief executive officer function, ownership concentration and audit quality enhance the chance of audit committee formation, implying complementary effect. Contrastingly, board size and board ownership serve as a substitute to audit committee formation. It has also been found that investment opportunities act as an effective moderating factor that strengthens the relationship between audit quality and the formation of the audit committee. Originality/value The study provides valuable insight into the interaction between multiple corporate governance mechanisms within the economy of Palestine where the external uncertainty is high and investment opportunities are constrained by the decisions of the occupying authority. The findings may help regulators and policymakers in Palestine alongside those of other countries with similar environmental features to revise and update their corporate governance codes to ensure that the best control can be achieved, subsequently attracting more foreign and domestic investments.
12
Pasco, B. J. C. "United States National Security Reviews of Foreign Direct Investment:: From Classified Programmes to Critical Infrastructure, This is What the Committee on Foreign Investment in the United States Cares About." ICSID Review 29, no. 2 (April 10, 2014): 350–71. http://dx.doi.org/10.1093/icsidreview/sit054.
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I Made Narsa, Arini Nur Khulil Jannah,. "Factors That Can Be Predictors of Carbon Emissions Disclosure." Jurnal Akuntansi 25, no. 1 (June 1, 2021): 70. http://dx.doi.org/10.24912/ja.v25i1.725.
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This research is to analyze the role of ISO 14001, performance environment index PROPER, environmental committee, and foreign diversity to carbon emissions disclosure in the plantation company that registered at the Indonesian stock exchange of 2013 to 2019. The data used was 77 companies. The testing of hypotheses uses multiple linear regression with a minimal significance of 5%. this research proves that there is four a variable that has a significant result on the disclosure of the carbon emission in plantation company that is ISO 14001, performance environment index PROPER, environmental committee and Foreign diversity. Three variables have no effect on the disclosure of carbon emissions that is age company, leverage, and return of equity. This research can be used stakeholder to see the company’s responsibilities through their environment to ensure there is no risk in the company’s future performance before reaching their investment decision.
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Iwasaki, Ichiro. "What determines audit independence and expertise in Russia? Firm-level evidence." Corporate Ownership and Control 11, no. 2 (2014): 81–107. http://dx.doi.org/10.22495/cocv11i2p7.
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Using a unique dataset of joint-stock companies, we explore the corporate audit system in transition Russia. In comparison with companies in Western and Asian Pacific states, Russian firms have a weaker audit system in terms of the independence and expertise of the audit committee and the external auditor. Board composition, foreign investment, and affiliation with a business group are highly important factors determining audit committee composition and audit firm choice as well as a combination of the two auditing bodies. However, each of these factors has a clearly distinct impact. Moreover, empirical evidence suggests that government ownership, company size, fund procurement activities, and overseas advancement significantly affect audit independence and expertise in Russia.
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Grindal, Karl. "Trade regimes as a tool for cyber policy." Digital Policy, Regulation and Governance 21, no. 1 (January 14, 2019): 19–31. http://dx.doi.org/10.1108/dprg-08-2018-0042.
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PurposeThis research develops a framework for assessing international trade regimes which could be used to address global cybersecurity challenges based on the corresponding costs of implementation and their distribution. Trade regimes, such as export controls, tariffs, investment restrictions and localization requirements, have disparate effects on foreign and domestic producers and consumers.Design/methodology/approachThese trade regimes and their effects are explored through a literature review and conceptual framework. A case study then assesses trends in the use of the Committee on Foreign Investment in the United States (CFIUS).FindingsCFIUS investment restrictions have justified blocking specific Chinese acquisitions of American companies, at least partially, on cybersecurity grounds using a targeted and evidence-based approach. Because of its targeted effect, CFIUS is the least likely of these trade regimes to block legitimate international trade. Restrictions on international trade, without sufficient cause, produce dead weight loss under the theory of comparative advantage.Originality/valueThese costs should be accounted for in any policy-based decision, particularly as policy entrepreneurs increasingly push for embedding cybersecurity reforms into these trade regimes. While the literature on trade regimes and cybersecurity is growing, this paper advances this research with its comparative framework.
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Im, Eun-a., Hyoung-goo Kang, and Sang-gyung Jun. "The Effect of NPS‘s FX Trading on Exchange Rate." Journal of Derivatives and Quantitative Studies 24, no. 3 (August 31, 2016): 399–421. http://dx.doi.org/10.1108/jdqs-03-2016-b0002.
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In June 2014, the asset under management of National Pension Service (NPS) of Korea reached over 444 trillion won. NPS forecasts that the asset size will gradually grow to around 2,561 trillion won until 2043. The NPS investment of domestic equities and fixed income securities have been already saturated. So the NPS started to expand in global investment. Accordingly, the worries have grown that NPS's trading in foreign exchange markets may lead to the instability in FX markets. This study has analyzed the influence of NPS's foreign exchange transactions in domestic FX market. The period of study was 54 months from Jan 2010 to June 2014. For detailed research, separate analysis was performed by full year and each year. Our main findings can be summarized as follows : There are statistically plus significant influences of the NPS’s trading volume on the estimated volatility of spot rate on the first half. However, there are minus significant influences on the second half. The NPS's FX trading is known to be systematically regulated by the financial planning of the investment committee. The result of this study shows that the regulation of the NPS’s FX trading minimizes the disturbances of the currency by maintaining the stable market expectation in FX markets.
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Khanapurkar, Uday. "CFIUS 2.0: An Instrument of American Economic Statecraft Targeting China." Journal of Current Chinese Affairs 48, no. 2 (August 2019): 226–40. http://dx.doi.org/10.1177/1868102620906973.
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On 13 August 2018, the president of the United States signed a bill to strengthen the Committee on Foreign Investment in the United States (CFIUS), an interagency executive body responsible for screening foreign investments made in the United States for national security risks. The move is primarily aimed at preventing Chinese firms from exploiting the US open capital markets to acquire technology. While much commentary exists spelling out the changes made to CFIUS by way of the legislation, their focus is largely on the legal and business ramifications of the policy at the firm level. This analysis assesses what CFIUS strengthening portends for the tech ambitions, examines the Chinese state’s response to the move, and observes its relevance to US–China economic decoupling.
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Chariri, Anis, Gretta Ratna Sari Br Bukit, Octrine Bethary Eklesia, Bourinta Uly Christi, and Daisy Meirisa Tarigan. "Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies." E3S Web of Conferences 31 (2018): 09001. http://dx.doi.org/10.1051/e3sconf/20183109001.
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The negative effects of globalization and rapid growth of industries on environment have changed the business paradigm from profit issues to profit, people and planet (triple bottom line). Consequently, a number of companies have invested their money in environmental issues (called as green investment). This study aims to investigate the effect of firm characteristics on green investment and how green investment influences financial performance. Using annual reports of companies receiving the Program for Pollution Control, Evaluation and Rating (PROPER) award and listed on the Indonesia Stock Exchanges in the year of 2009-2014 as research data, the findings showed that firm size, foreign ownership, industry profile, and frequency of audit committee meeting significantly influenced green investment whereas ISO14001 management certification had no effect on it. Interestingly, green investment positively determined an increase in firm financial performance. This reveals that the better the green investment, the higher the financial performance of the companies. The findings contribute to the importance of adopting green investment as a company's strategy to increase profit without destroying the environment. Secondly, this finding can be used by government as a reference for formulating any regulations concerning business and environment. Finally, the finding contributes to the importance of including environmental issues in business education.
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Moody, George E., and Don P. Holdren. "The Effect Of The Tax Reform Act of 1986 On U.S. Manufacturing Corporations." Journal of Applied Business Research (JABR) 2, no. 4 (November 1, 2011): 72. http://dx.doi.org/10.19030/jabr.v2i4.6560.
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This paper considers the impact of the Tax Reform Act of 1986 on capital intensive industries. While the findings in this report may not be applicable to service-type businesses, it was felt that the impact on manufacturing businesses would be the most severe. The specific areas of impact considered are investment tax credits, tax on foreign earned income, the change in depreciation, and the effect of lowering tax rates on the cost of capital. The authors reviewed the tax bill after it came out of the Joint Conference Committee ready for a vote of the Congress. In addition, studies were done using Pittsburgh Plate Glass for the investment tax credit effects and using General Motors and Chrysler for the cost of capital effects. Three of the four areas studied were found to impact negatively on either earnings or capital investment for manufacturing firms; so one would have to conclude that instead of being neutral, these new tax law changes will impact negatively on U.S manufacturing corporations.
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Musallam, Sami R. M. "Effects of board characteristics, audit committee and risk management on corporate performance: evidence from Palestinian listed companies." International Journal of Islamic and Middle Eastern Finance and Management 13, no. 4 (July 10, 2020): 691–706. http://dx.doi.org/10.1108/imefm-12-2017-0347.
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Purpose This paper aims to investigate the effects of board characteristics, audit committee and risk management on corporate performance. Design/methodology/approach Using a sample of 31 Palestinian non-financial listed companies from 2010 to 2016, this study uses a generalized least square method. Findings The results show that the effects of board ownership, board independence, audit committee meeting, audit committee size, audit committee financial expertise and risk management are positive and significant on corporate performance while the effects of chief executive officer duality and audit committee size are negative and significant on corporate performance. Practical implications The results of this paper are important to policymakers, shareholders and directors of companies to make appropriate choices about the board, audit committee characteristics and risk management to protect the interest of different stakeholders, increase the flow of capital and foreign investment into non-financial companies. Social implications This paper fills a gap in the corporate governance literature by investigating the effects of board characteristics, audit committee and risk management on corporate performance in Palestine as one of the youngest stock exchanges in a region that assists in testing the validity of agency theory in a young and small emerging market context. Originality/value This paper is the first to investigate the effects of board characteristics, audit committee and risk management collectively on corporate performance in Palestine as prior research on these topics has been investigated separately.
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Haryono, Adi. "PENGATURAN INDUSTRI PERTAHANAN TERKAIT INVESTASI ASING (REGULATION ON DEFENSE INDUSTRY RELATED TO FOREIGN INVESTMENT)." Negara Hukum: Membangun Hukum untuk Keadilan dan Kesejahteraan 8, no. 2 (November 1, 2017): 271–87. http://dx.doi.org/10.22212/jnh.v8i2.1070.
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Diverse foreign investment schemes on defense industry in various countries are undergoing reform stage in order to recover domestic industry as well as to create sustainable industries. The transformation evolves in investment regulations and industry governance. This research use a normative juridical approach on the open and closed defense industry related to foreign investment, and on government role to create sustainable Joint Venture (JV). The Government has regulate level of participation of foreign investor on defense industries, based on strategic value level of defense industry’s cluster, thru level of control toward foreign investor in defense industry, starting from 0 percent to maximum 49 percent for closed sector under JV with State Owned Enterprise (SOE) for conditional open sector, and to maximum of 100 percent for open sector. Law No. 16 of 2012 on Defense Industry stipulates that the Industry of Key Equipment is non-accessible for foreign participation, while Law No. 25 of 2007 on Direct Investment, stipulates that the industry of weaponry, explosive device, gunpowder, and combat equipment, are non-accessible for foreign participation, and as a consequence harmonization of the two Laws is of necessity. To create sustainable JV, planning and control over JV by the government is crucial. Government thru Defense Industry Policy Committee (KKIP), determines on which industrial sector is economical and has competitive edge to defense industry and also determines which SOE and foreign partner will run the organization of JV. Control over JV with 51% of shares owned by SOE will be conducted according to Law No. 40 of 2007 on Limited Liability Company. AbstrakBerbagai skema PMA industri pertahanan di berbagai negara mengalami tahapan reformasi demi tercapainya revitalisasi industri dalam negeri maupun terciptanya industri yang berkesinambungan. Reformasi yang dilakukan meliputi peraturan penanaman modal dan tata kelola industri. Penelitian ini merupakan penelitian yuridis normatif tentang bidang usaha yang terbuka dan tertutup bagi PMA di industri pertahanan, dan bagaimana pemerintah membentuk Joint Venture(JV) yang berkesinambungan. Pemerintah telah mengatur tingkat partisipasi PMA di industri pertahanan berdasarkan tingkat nilai strategis suatu klaster industri pertahanan, melalui derajat pengendalian pihak asing di suatu perseroan pertahanan, dari sektor tertutup atau 0%, bersyarat di bawah BUMN hingga 49%, dan sektor terbuka hingga 100%. UU No. 16 Tahun 2012 tentang Industri Pertahanan mengatur bahwa Industri Alat Utama merupakan Industri yang tertutup bagi partisipasi asing, sementara UU No. 25 Tahun 2007 tentang Penanaman Modal mengatur bahwa industri senjata, mesiu, alat peledak, dan peralatan perang tertutup bagi asing, sehingga harmonisasi peraturan diperlukan. Untuk membentuk JV yang berkesinambungan, perencanaan Pemerintah dan pengendalian JV memegang peranan penting. Penentuan sektor industri pertahanan yang berdaya saing dan ekonomis dilakukan oleh Komite Kebijakan Industri Pertahanan (KKIP), termasuk penentuan BUMN dan Mitra PMA yang akan menjalankan organ perseroan JV. Pengendalian JV yang 51% sahamnya dimiliki oleh BUMN, akan dilakukan sesuai UU No. 40 Tahun 2007 tentang Perseroan Terbatas.
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Abdullahi, Yahya Uthman, and Magajiya Tanko. "Firm Performance, Corporate Governance Mechanisms and CEO Turnover: Evidence from Nigeria." Applied Finance and Accounting 6, no. 1 (February 23, 2020): 66. http://dx.doi.org/10.11114/afa.v6i1.4732.
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This paper examines the influence of firm performance and internal governance mechanisms on CEO turnover decision. The sample of the study is all Nigerian non-financial firms listed on the Nigerian Stock Exchange (NSE) from year 2011 to 2015 consisting of 72 cases of CEO turnover. Using logistic regression analysis, this study provides evidences that poor accounting-based performance (ROA) and low engagement of female directors in corporate boards do increase the probability of CEO turnover. Furthermore, firms dominated with foreign ownership and those with independent board nominating committee are swifter in removing their CEOs. However, this study fails to support the argument that firms with large board size and those that are dominated by managerial ownership, help to enhance the monitoring practices, which ought to sanction underperformed CEOs with dismissal. Consequently, this study recommends that the Nigerian government should enact a legislation on gender quota to ensure that more female directors are appointed to the boards and as well encourage more foreign ownership in the Nigerian corporate landscape by attracting foreign investment into the economy via favourable policies. This paper contributes to the literature concerning CEO succession in developing markets with poor corporate governance structure such as Nigeria.
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Prasad, R. Sivarama, and R. S. NSharma. "Growth of Indian Life Insurance Density and Penetration." Ushus - Journal of Business Management 16, no. 1 (January 1, 2017): 1–20. http://dx.doi.org/10.12725/ujbm.38.1.
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The Government of India nationalized insurance industry in 1956 on 19th Januaryleading to the amalgamation of154 Indian, 16 non-Indian Insurers and 75 provident societies, in total 245 Indian and foreign insurers, to form the Life Insurance Corporation of India. The Life Insurance Corporation of India, a public sector corporation, enjoyeda monopoly in the business for four decades until the entry of private life insurers with foreign joint ventures having 26% Foreign Direct Investment(FDI).As per one of the major recommendations of Sri R N Malhotra committee, on 19th April 2000, Insurance Regulatory and Development Authority was set up by the Government of India through the passing of an act of the Parliament. The IRDA aimed to promote insurance and protect the insured. Since its formation, the IRDA has been proving itself successful in promoting orderly growth and development in Indian Insurance sector. This study is an attempt to study life insurance density and penetration in Indian life Insurance industry toassess the growth in theexpansion of life insurance business in India. An analysisis made, and some conclusions are drawn with the help of growth percentages and trend calculations
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Waweru, Nelson, Musa Mangena, and George Riro. "Corporate governance and corporate internet reporting in sub-Saharan Africa:the case of Kenya and Tanzania." Corporate Governance: The International Journal of Business in Society 19, no. 4 (August 5, 2019): 751–73. http://dx.doi.org/10.1108/cg-12-2018-0365.
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PurposeThis paper aims to investigate corporate internet reporting (CIR) by Kenyan and Tanzanian listed companies and whether the level of CIR is related to corporate governance structures.Design/methodology/approachThe authors collect data over a four-year period from companies listed on the Nairobi Securities Exchange and the Dar es Salaam Securities Exchange. Panel data models (random effects) are used for the analysis.FindingsThe results indicate that the level of CIR in both countries is high, but the highest in Kenya. The authors find that CIR increases with foreign ownership, audit committee independence and financial expertise but decreases with domestic ownership concentration. They also show that the effects of ownership concentration are moderated by country-specific factors. Overall, the results demonstrate that effective governance structures may lead to higher levels CIR in sub-Saharan Africans.Originality/valueThis study extends, as well as contributes to the existing literature by the examining the corporate governance-disclosure nexus relating to CIR in sub-Saharan Africa. These findings have policy implications for African countries looking to attract foreign investment.
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Santiago-Rodriguez, F., and I. S. Lola. "Economic and Statistical Analysis of Trade and Economic Cooperation Between the Kyrgyz Republic and the Russian Federation." Voprosy statistiki 26, no. 3 (March 30, 2019): 51–64. http://dx.doi.org/10.34023/2313-6383-2019-26-3-51-64.
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The authors developed economic and statistical analysis on bilateral economic and trade and investment partnership between the Republic of Kyrgyzstan and the Russian Federation for the past decade and formulated proposals for the further coordination of long-term foreign economic policy.The paper provides an analytical review of intercountry trade and investment cooperation with emphasis on manufacturing. It is based on data from various international organizations (United Nations Conference on Trade and Development, Eurasian Economic Commission) and the National statistical committee of the Kyrgyz Republic. Extensive statistical material supports the thesis on using the benefits of integration for the economy of the Kyrgyz Republic, even though it remains dependent on political fluctuations and has an underdeveloped business environment.The authors examine the implementation of bilateral contracts, projects and agreements from 2008 to 2016, with an emphasis on critical long-term interests of two states, and discuss perspectives for trade and economic cooperation in the medium and long terms. They also cover questions regarding coordination of economic policy in the abovementioned areas. Considerable attention is given to evidence-based reasoning in favor of strengthening the Russian-Kyrgyz partnership in the field of trade and investment. There is also a need for statistical support for the implementation of joint programs to improve the sustainability and competitiveness of national economies, as well as a broad integration cooperation agenda within the Eurasian Economic Union and other associations.
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Badaruddin, Muhammad, and Suciliani Octavia. "TURNKEY PROJECT DAN DINAMIKA PENGATURAN KETENAGAKERJAAN ASING DI INDONESIA." Jurnal Asia Pacific Studies 1, no. 2 (January 27, 2018): 137. http://dx.doi.org/10.33541/japs.v1i2.617.
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China’s aggressiveness to conduct its belt and road initiatives through the Pacific Rim meets Presiden Joko Widodo’s ambition to attract foreign investment. The Indonesian President has been very ambitious in reaching high economic growth that requires readiness of infrastructure support. In dealing with China, Indonesia is required to accept China’s turnkey project scheme for infrastructure development, particularly in welcoming Chinese workers and equipments as an integral part of the project package. As a consequence, Indonesia has to loose its foreign worker regulation despite creating new contradictions with its domestic policy. This article is trying to investigate China’s funding and investment influence in Indonesia particularly in the foreign worker management during the period of President Joko Widodo Administration. The research conducted with qualitative method particularly the case study to analyze a sequential case in the field. Result of this research shows that the China’s turnkey project scheme impacts the foreign worker management in Indonesia. Our data displays pretty massive cases related to Chinese workers, extending from the violation of immigration regulation to the increase number of smuggling and other criminal activities. This research also highlight the indication that the Joko Widodo Administration tend to loose the Indonesian foreign worker regulations, as well as being less assertive in processing varous immigration cases which related to Chinese foreign workers. Moreover, the Jokowi administration has changed lots of regulations despite it has conflicting issues with the Law on Foreign Worker. On the other hand, the Parliament’s Special Committee on the Foreign Worker Issue has recommended the Jokowi Administration to pay more serious attention on cases related to the Chinese workers.
Keywords: Turnkey Project, Foreign Investment, Foreign Aid, Regulation on Foreign Worker, Illegal Foreign Worker
Abstrak
Agresivitas Pemerintah China dalam menjalankan belt and road initiatives ke berbagai negara yang terpetakan dalam road map-nya, bertemu dengan kepentingan Indonesia di bawah Pemerintahan Joko Widodo. Yakni ambisi untuk mengejar target pertumbuhan yang tinggi yang mempersyaratkan dibangunnya berbagai proyek infrastruktur sebagai penunjangnya. Pembangunan berbagai proyek tersebut membutuhkan ketersediaan anggaran yang cukup besar dalam waktu cepat. Salah satu strategi pemenuhannya adalah dengan mencari investasi maupun pinjaman luar negeri, terutama asal China yang secara koinsiden juga sedang agresif berekspansi. Kehadiran investasi dan pinjaman asal China di Indonesia dengan skema turnkey project ternyata menimbulkan ekses yang tidak sederhana. Skema tersebut menjadi salah satu pintu masuk tenaga kerja asal China melalui proyek-proyek infrastruktur yang ternyata menimbulkan permasalahan baru dalam pengaturan sektor ketenagakerjaan asing (TKA) di Indonesia. Irisan fenomena dari keinginan untuk merealisasikan proyek infrastruktur secara cepat, kebutuhan anggaran yang cukup tinggi terhadap pendanaan proyek dari China, dan kekurangsiapan dalam pengaturan masuknya tenaga kerja asing adalah fokus dari penelitian yang hasilnya penulis tuangkan dalam artikel ini. Dari penelitian yang dilakukan, terdapat peningkatan berbagai kasus yang terkait dengan kehadiran TKA asal China, antara lain adalah penyalahgunaan visa, penyalahgunaan status kerja, sampai pada meningkatnya angka penyelundupan dan tindak kriminalitas. Penelitian ini menggunakan metode kualitatif dengan menganalisis secara triangular beberapa data yang didapatkan melalui wawancara terhadap narasumber primer, pengolahan dokumen-dokumen resmi, analisis terhadap berbagai literatur dan pemberitaan media massa.
Kata Kunci: Turnkey Project, Investasi Asing, Pinjaman Asing, Tenaga Kerja Asing, Peraturan Ketenagakerjaan
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Lavelle, Kathryn C. "Congress in the World: Benefits of the Congressional Fellowship Program for the Study of International Relations." Perspectives on Politics 6, no. 3 (August 18, 2008): 539–51. http://dx.doi.org/10.1017/s1537592708081279.
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The Congressional Fellowship Program of the American Political Science Association charted new territory in the 1950s when it opened the internal workings of Congress to subsequent generations of political science scholars. Numerous programs incorporating a “Hill” experience into a variety of academic disciplines have imitated it since then. However, scholarship in the subfield of international relations has not benefited from the opportunities the program offers to the same extent as other disciplines and subfields have. I use a sample of legislative and policy matters that I encountered as a fellow in the 2006–2007 year to argue that a wide spectrum of theoretical work in international political economy would profit from insights generated by the type of direct participation the program affords. Specifically, I connect literature across subfields on institutional change, and relate how my experiences with Darfur divestment legislation, Committee on Foreign Investment in the U.S. (CFIUS) legislation, and politics in a financial crisis hold the potential to enrich our understanding of the international political economy. I suggest where more direct experience with other issues by other scholars could prompt additional insights for research on U.S. foreign policy and international relations.
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Mirshekari, Gh, and H. Taleghani. "Study and Performance of Sepah Bank in International Affairs and Its Impact on the Economy of Iran." Journal of Politics and Law 9, no. 2 (March 31, 2016): 192. http://dx.doi.org/10.5539/jpl.v9n2p192.
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Banking system was born with the establishment of Sepah Bank in 1304. This bank has special role in international trade, financial and economic and monetary relations. Sepah bank by allocating the credit and providing the necessary resources for foreign investment and international trade after the Islamic Revolution in Iran and alignment with government policies has always had a special place in macroeconomic. In 1386 this Bank was sanctioned by America government, and since then it has been consistent with this conditions and when was sanctioned by United Nations as first Iranian bank because of Iran's nuclear program, how to comfort with this status and to fight was placed on the agenda. By establishing a special committee in bank based on the leader directions to resist economy, alternative ways to get out of the existing situation was carried out and Sepah bank was considered as a pattern for next sanctioned bank.
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Baade, Robert A., and Victor A. Matheson. "Going for the Gold: The Economics of the Olympics." Journal of Economic Perspectives 30, no. 2 (May 1, 2016): 201–18. http://dx.doi.org/10.1257/jep.30.2.201.
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In this paper, we explore the costs and benefits of hosting the Olympic Games. On the cost side, there are three major categories: general infrastructure such as transportation and housing to accommodate athletes and fans; specific sports infrastructure required for competition venues; and operational costs, including general administration as well as the opening and closing ceremony and security. Three major categories of benefits also exist: the short-run benefits of tourist spending during the Games; the long-run benefits or the “Olympic legacy” which might include improvements in infrastructure and increased trade, foreign investment, or tourism after the Games; and intangible benefits such as the “feel-good effect” or civic pride. Each of these costs and benefits will be addressed in turn, but the overwhelming conclusion is that in most cases the Olympics are a money-losing proposition for host cities; they result in positive net benefits only under very specific and unusual circumstances. Furthermore, the cost–benefit proposition is worse for cities in developing countries than for those in the industrialized world. In closing, we discuss why what looks like an increasingly poor investment decision on the part of cities still receives significant bidding interest and whether changes in the bidding process of the International Olympic Committee (IOC) will improve outcomes for potential hosts.
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Kalchenko, Olga, Svetlana Evseeva, Oksana Evseeva, and Kristina Plis. "Strategy of economic and social development of St. Petersburg until 2030 achievement." SHS Web of Conferences 73 (2020): 01010. http://dx.doi.org/10.1051/shsconf/20207301010.
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The paper focuses on the goals' achievements of the Strategy of economic and social development of St. Petersburg until 2030. Strategic directions of St. Petersburg development until 2030 (human capital development, improving urban environment, providing sustainable economic growth, ensuring effective governance and civil society development) are examined. The feasibility of economic and social development indicators, predicted in 2012 for 2020 and 2030, is verified on the basis of actual data for 2016. The indicators, predicted values of which are hard-to-reach and require revision, are revealed. Such indicators are: employed in economy, percent of people with higher education, workplaces with high labor productivity and foreign investment in economy of St. Petersburg. The paper examines the dynamics of the main indicators presented by the Committee for Economic Policy and Strategic Planning of St. Petersburg. The list of indicators is not exhaustive. The Strategy is based on the UN sustainable development goals and one of its scenarios has prospects for implementation.
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Kallamu, Basiru Salisu, and Nur Ashikin Mohd Saat. "Audit committee attributes and firm performance: evidence from Malaysian finance companies." Asian Review of Accounting 23, no. 3 (September 7, 2015): 206–31. http://dx.doi.org/10.1108/ara-11-2013-0076.
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Purpose – The purpose of this paper is to examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia. Design/methodology/approach – The population of the study comprises firms listed under finance sector of the main market of Bursa Malaysia. The number of firms listed on the main market of Bursa Malaysia as at the time of data collection (2012) was 822, out of which 37 were finance firms. Since the number of finance companies listed on the main market was only 37, all companies were used as sample for this study. This comprises companies involved in commercial, investment and Islamic banking, insurance, Takaful and other finance-related services. The sample for the period prior to MCCG varies over the period of observation. The number of finance companies in 1992, 1993, 1994, 1995 and 1996 was 36, 40, 44, 47 and 54, respectively. The sample comprises companies in commercial banking, investment banking, Islamic banking, insurance, Takaful and other finance-related services. The sample comprises firms listed on the main board of Kuala Lumpur stock exchange as it was called before the name was changed to Bursa Malaysia. The companies listed under the Ace market are not included due to their small number and because they are subject to different listing requirements. The list of the finance companies for the period 2007-2011 is obtained from the web site of Bursa Malaysia while for the period 1992-1996, the list is obtained from Bursa Malaysia knowledge centre. The observation period for the study covers financial period from 2007 to 2011 which represents post MCCG period while period from 1992 to 1996 represents the period before MCCG. Findings – The findings suggests a significant positive relationship between independent AC members and profitability while dual membership of directors on audit and nomination committee is significant and negatively related with profitability. The result supports agency theory which suggests that independent directors provide effective monitoring of the management thereby enhancing profitability and reducing possibility for opportunistic behavior by the management and ultimately enhancing performance. In addition, the result indicates that there was significant improvement in corporate governance in finance companies after the MCCG was issued compared to the period before it was issued. Research limitations/implications – The study focussed only on finance companies listed on Bursa Malaysia. The attributes examined include independence, expertise, experience, executive membership and interlock of directors, future studies could examine other attributes such as internal process of the committee and personal characteristics of the directors. Furthermore, the study used secondary data future studies could use primary data or a combination of primary and secondary data. The study only examined the period before MCCG and after the code was issued, future study could examine the impact of the first and second revision and compare it with period after the first and second revision. Practical implications – The findings contribute to the literature and the understanding of the influence of AC attributes such as independence and experience of the directors on the committee by showing an association between director independence, expertise, experience and improved performance. Management and board of companies may use the findings to make appropriate choices about AC attributes and governance mechanisms to improve performance particularly with regards to independence, expertise, experience and interlock of the directors. Social implications – The study has provided policy makers with a better understanding of the various features a AC should have which could be incorporated in future policy formulation in order to safeguard investments of shareholders, protect the interest of various stakeholders and enhance the flow of capital and foreign direct investment into finance companies and the economy in general. Comparison of the result between the pre MCCG and post MCCG period shows an improvement in corporate governance in finance companies after the MCCG was issued. This implies that the initial issue of MCCG impacted positively on the governance of the finance companies. Originality/value – To best of the authors knowledge the study is the first to examine the attributes of AC in finance sector as a whole and to examine the impact in the period before and after the MCCG was issued.
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I., Ajoje. "COVID 19 & THE WORLD ECONOMY: STRATEGIES FOR ECONOMIC RECOVERY AND SUSTAINABILITY SAVINGS INTEREST RATE REVIEW IN NIGERIA." International Journal of Development Strategies in Humanities, Management and Social Sciences 10, no. 2 (December 21, 2020): 52–64. http://dx.doi.org/10.48028/iiprds/ijdshmss.v10.i2.05.
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The emergence of COVID 19 has adversely affected the global economy as it has practically shut down the global economy since its emergence. Governments of each country have taken drastic decisions in order to save its citizens from the death associated with this highly infectious disease. Such decisions include; total halt in academic, economic and social activities. This has adversely shrunk the economies as their revenue generation power dwindled with an increased expenditure on research, palliatives and sensitisation about the disease. A near collapse of the global economy has been projected towards end of 2020. In order to avert this, economic decision makers are taking different actions and policies that will reduce the shock of this disaster and also revamp the economy. This period coincides with when Nigerian economy is just recovering from the 2016 economic recession with declining per capita income as well as collapsing global oil prices. In order to recover the economy which has previously been characterised by dwindling economic indicators, the Government applied some structural changes targeted at the Medium and Small scale enterprises. To further recover the Nigerian economy, the Central Bank of Nigeria through the Monetary Policy Committee has announced a cut in the savings interest rate on local currency to be negotiable subject to 10 percent of the Monetary Policy Rate which is 12.5 percent effective September 1, 2020 leaving the minimum savings rate at 1.25 percent. This will reviewed and accessed as it affects investment, GDP, Consumption, Savings and how quickly and effectively this can revamp the economy considering all other factors such as the Foreign Direct Investment and the fluctuating global oil prices.
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Асадулліна, Наіля Рамілівна. "РОЗВИТОК КОМЕРЦІЙНИХ БАНКІВ УЗБЕКИСТАНУ В УМОВАХ ЛІБЕРАЛІЗАЦІЇ ВАЛЮТНО-КРЕДИТНИХ ВІДНОСИН." TIME DESCRIPTION OF ECONOMIC REFORMS, no. 4 (January 27, 2020): 86–91. http://dx.doi.org/10.32620/cher.2019.4.11.
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The liberalization of monetary relations has identified the problem of maintaining the level of economic standards for the banking sector of the Republic of Uzbekistan, in accordance with the requirements of the Basel Committee on Banking Supervision (Basel-3) and the Central Bank of the Republic of Uzbekistan. The aim of the research is to identify ways of stable development of commercial banks in Uzbekistan in the conditions of liberalization of monetary relations. The object of research is the process of stable development of commercial banks in Uzbekistan, as well as ways to improve the efficiency of the banking system as a whole. Research methods – logical, comparative, analytical, scientific and methodological. The hypothesis of the research is that ways to improve the effectiveness of public administration depend on the qualifications of managerial personnel and feedback from the local population. Statement of basic materials. The article considers the priority tasks of the banking sector of the republic, aimed at maintaining stability and stable development. As a priority measure to increase the stability of commercial banks in Uzbekistan, we propose intensifying efforts to attract foreign direct investment in the banking sector of the republic, including through an initial public offer (IPO) in the domestic market, or by placing depositary receipts of shares of commercial banks of the republic in foreign countries stock exchanges. Originality and practical significance of the research. The choice of a model of government in the economy is inevitably associated with geopolitical priorities and ideas about the country's place in the modern world. This means that governance institutions are also influenced by the assessment of governance effectiveness and political factors, which in turn are divided into domestic political ones – this is the support of the idea of state independence by the population. The findings of the research. All proposed measures in the banking system should ultimately increase the volume of attracted investments and ensure the implementation of large investment projects, which are a good example of the successful implementation of state policy on the rational use of the richest raw material base and industrial capacities, ensuring sustainable economic growth, and organizing production with high added value, enhance export potential.
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HORODETSKA, Tetiana, Inha IVASIUK, and Vadym BORODIN. "Mechanism of implementation of innovative practices by enterprises under turbulence conditions." Economics. Finances. Law, no. 1/1 (January 27, 2021): 5–10. http://dx.doi.org/10.37634/efp.2021.1(1).1.
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The purpose of the paper is to analyze ways to increase innovation and substantiate the methodological and practical aspects of creating an effective management system for innovation in the food industry. According to the results of the study, it was noted that the management system of innovative activities of food companies needs to be improved in accordance with modern conditions. The synthesis of levers, methods, legislation and information base should create an effective mechanism for managing the innovation activities of the food industry and help Ukrainian food producers to take a worthy place in the world market. The main materials used in the study were statistical data of the State Statistics Committee of Ukraine and the Odesa Regional Department of Statistics; data of the Ministry of Economy of Ukraine, the Department of Food Industry, laws and regulations on investment management; data of domestic and foreign periodicals. Methods used in statistical data processing – method of analysis and synthesis, media content – methods of comparison and grouping. In this context, the emphasis is on the problems and prospects of food enterprises, in particular on innovation processes (IP), which should ensure cost-effective use of innovations in the form of new technologies, products or services, organizational, technical and socio-economic solutions of production, financial, commercial, administrative or other nature. Thus, the problem of improving the management of innovation processes in domestic enterprises is of fundamental importance, its solution will facilitate the transition to the creation and use of higher technology, and thus accelerate economic growth of the national economy and build a modern innovation and investment model of society. This process involves qualitative transformations of government institutions, structural restructuring of the economy in various areas of management, the introduction of new approaches in the management of the food industry, which continues to be the dominant sector of the country.
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SHEVCHENKO, Liubov, Maryna Trokhymivna SHENDRYHORENKO, and Vitaliia LIADSKA. "Financial statements of banking institutions under IFRS as the main element of accounting." Economics. Finances. Law, no. 11/1 (November 27, 2020): 38–40. http://dx.doi.org/10.37634/efp.2020.11(1).8.
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The paper consider the stage of preparation, functions and essence of the financial statements of banking institutions, as well as its purpose. It is established that a necessary condition for the operation of each bank is a unique accounting system. The most important indicator that reflects the activities of banking institutions and financial institutions, as well as information of internal and external users for financial decisions is the financial report. Effective bank management depends on the integrity, reliability and reliability of the information provided. The financial statements of each bank reflect the results of activities for the light period. The bank must prepare financial statements in accordance with the requirements of International Financial Reporting Standards and regulations of the National Bank of Ukraine and submit statistical reports on operations, liquidation, solvency, guidance and information. The effective functioning of the bank depends on various factors affecting its financial stability. All bank operations are exposed to risks, so customers, investors and their partners need certain guarantees of return on investment in banks. Especially important in modern conditions is the openness of all market participants, especially credit institutions. This is achieved by complete financial information about their activities. Notice of financial statements, which gives the participant a complete picture of financial stations, the results of its activities at the moment and in the future. Such information is easy to compare with the reporting data of foreign counterparties. The preparation of such reports should be regulated and enshrined in the legislation of Ukraine. However, now we have some discrepancies in the reporting of banks for IFRS in the requirements of the NBU and the requirements of the IFRS Committee. The paper examines the features of the financial statements, which are present banking institution, in accordance with International Financial Reporting Standards Reporting (IFRS) and requirements of the National Bank of Ukraine, differences between these requirements, as well as the benefits of the transition on IFRS for the banking sector and enterprises of Ukraine as a whole together with the problems of implementation in the Ukrainian banking system of International Financial Reporting Standards. The approach to the implementation of IFRS in banking institutions will ensure the creation of a new level of trust in potential partners, as well as attract foreign investment and loans, which will help solve national banking problems.
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Kaur, Surinder, Venkat A. Raman, and Monica Singhania. "Impact of corporate characteristics on human resource disclosures." Asian Review of Accounting 24, no. 4 (December 5, 2016): 390–425. http://dx.doi.org/10.1108/ara-09-2014-0103.
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Purpose Human resource (HR) disclosures are voluntary in nature in most countries including India. The voluntary nature of HR disclosures results in discrepancy in the HR disclosure practices across companies and industries. The purpose of this paper is to examine the extent of HR disclosures in annual reports of Indian listed companies and to identify their determinants in a three stage analysis. Design/methodology/approach In the first stage a 16 item human resource disclosure index (HRDI) has been constructed for the set of CNX 200 companies listed on National Stock Exchange. Thereafter the effect of various independent variables on HRDI is analysed descriptively. Finally in the third stage HRDI has been regressed against the independent variables using regression analysis technique to identify key determinants of HRDI. Findings The research reveals that there is high variation among sample companies as regard HRDI. The results of descriptive analysis, correlation analysis and multivariate regression analysis establish that government’s participation in ownership and market capitalisation has positive significant effect on HRDI at 1 per cent, presence of separate HR directors committee, presence of more independent directors on board at 5 per cent and cross-list America and profit after tax at 10 per cent level. Implicitly HRDI is positively affected by size of company as measured by market capitalisation. Though contrary to expectations, other variables leverage, number of employees, assets, ownership concentration, type of auditor, age, complexity of business structure, employee expense to total operating expense ratio, industry affiliation, foreign investment and proportion of non-executive directors on board are found to have moderate though insignificant influence on HRDI. Research limitations/implications Cross-sectional design, dependence on annual reports as a primary document for disclosure and subjectivity in HRDI construction are the main limitations of the research. A longitudinal study may be carried to study the pattern of HR disclosures in future. Weighted ranking of different items of disclosures may be studied to improve the understanding of extent of disclosures. Practical implications The HRDI as constructed in the research may be used as a benchmark by companies to improve their HR disclosures. It can also be used by accounting bodies and company regulators while deciding about standards regarding HR disclosures. Investors can also use HR disclosures made by a company as a basis to understand its financial standing and future potentials. Originality/value The study adds to the existing literature by developing 16 item HRDI to measure the extent of disclosures by listed companies in India and thereafter by including some new propositions in the determinants of HRDI have never been tested in the existing studies. These propositions are government’s participation in ownership, separate HR committee of directors, board composition and foreign activity. These propositions have been empirically validated in this research except for foreign activity.
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Aslam, Ejaz, and Razali Haron. "The influence of corporate governance on intellectual capital efficiency: evidence from Islamic banks of OIC countries." Asian Journal of Accounting Research 5, no. 2 (September 18, 2020): 195–208. http://dx.doi.org/10.1108/ajar-05-2020-0030.
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PurposeThe purpose of this study is to examine the impact of corporate governance (CG) on intellectual capital efficiency (ICE) in Islamic banks (IBs) of Organisation of Islamic Cooperation (OIC) countries.Design/methodology/approachA sample of 129 IBs is drawn from the 29 OIC countries from 2008 to 2017. A two-step system of the generalised method of moments has been employed to account for the unobserved endogeneity and heteroscedasticity issue that arose due to time-variant and time-invariant variables.FindingsThe results revealed that CG measures, namely board size, non-executive directors do explain the extent and quality of ICE in the expected direction. In contrast, CEO duality, Shariah board and audit committee are negatively associated with the ICE. Moreover, the authors observed that male CEO in IBs has negative, but foreign ownership has a positive association with ICE in determining the extent of ICE in IBs. This study contributes specifically to the stakeholder theory and the literature of ICE and CG.Research limitations/implicationsThe findings of the study provide insight into how a larger board can overcome skill deficiency and how making more investment in ICE would help to enhance productivity. Hence, bank managers, regulators, policymakers and shareholders have strong interest in designing the appropriate CG structure to develop ICE in banks.Originality/valueThis is one of the few studies which provide empirical evidence of CG mechanism to boost the ICE in the perspective of IBs of the OIC countries.
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Massoud, Marc, and Eunsup Daniel Shim. "Corporate governance, public accounting firms and multinational corporations: The US Sarbanes-Oxley Act perspective." Corporate Ownership and Control 3, no. 2 (2006): 159–64. http://dx.doi.org/10.22495/cocv3i2c1p1.
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The purpose of this paper is to review US corporate governance systems and to highlight the mandated roles of audit committee and external auditor within the SOX Act. In addition, it discusses requirements and implications of the SOX Act for the foreign accounting firms and multinational corporations. Finally this paper provides a perspective on improvement of corporate governance and financial integrity. In order to regain trust from the financial market, the SOX Act mandates (1) to improve auditor’s independence by reducing conflicts of interest; (2) to increase corporate financial reporting responsibility by requiring a CEO or a CFO certify accuracy of annual report; and (3) to enhance financial disclosures. It also significantly increase criminal penalty for non-compliance. The authors believe that the combination of strengthening auditor’s independence, increased corporate responsibility and severe penalty and restored corporate governance would create an environment that is intended by the SOX Act. Volker and Levitt (2004) put it very forceful way: “While there are direct money costs involved in good corporate governance, we believe that an investment in good corporate governance, professional integrity and transparency will pay dividends in the form of investor confidence, more efficient markets and more market participation for years to come.” We concur with them and believe that the SOX Act will help in restoring trust in corporate governance and improve financial integrity and quality of financial information. We also agree that the benefits of the SOX Act will outweigh the costs of compliance in the long-run.
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Fayvishenko, D., Yu Shpak, O. Melnichenko, L. Samoilenko, and M. Psiuk. "FINANCIAL INSTRUMENTS IN STATE STRATEGIC DEVELOPMENT OF REGIONS AND CITIES OF UKRAINE." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 86–94. http://dx.doi.org/10.18371/fcaptp.v3i38.237424.
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Abstract. The article examines the features of the state regional policy of Ukraine and financial and credit mechanisms for its implementation in 2016—2019. The purpose of the article is to determine the possibilities of using various financial instruments in the state strategic development of regions and cities in the implementation of the integration strategy of regional development management of Ukraine. The methodological basis of this research are projects of international technical assistance, statistical information of the Ministry for Communities and Territories Development of Ukraine, the State Statistics Committee of Ukraine, strategies and strategic plans for urban development. The normative-legal basis of realization of the state regional policy in Ukraine is investigated. Models of financing regional policy depending on the leading role of regional development actors and the predominance of external or local resources for new initiatives are identified (model «top development», «external development», «internal development»). The financial instruments used to implement the strategic development plan of the region and the city (budget, investment, credit, grant) are studied. The projects and programs implemented in Ukraine in the field of decentralization and regional policy are summarized. The practice of using financial instruments of state strategic development on the example of the cities of Central and Eastern Ukraine (Dnipro, Zaporizhia, Kharkiv, Kryvyi Rih, Poltava) is studied. It is proved that the resources of the state budget are the main source of funding for infrastructure investments in the region and the city. Problems of regional strategies implementation are highlighted: ineffectiveness of existing mechanisms and tools for strategy implementation, lack of clear correlation between budget and strategic planning, insufficient amount of funding and its unpredictability, lack of regional development strategies with adequate financial resources. The directions of improvement of the state regional development are defined: expansion of the international and regional relations, intensification of receipts in the city (foreign and internal investments), formation of investment positive image, development of public-private partnership, distribution of corporate social responsibility policy.
Keywords: financial instruments, state regional policy, regional development strategy, projects
JEL Classification O16, O11
Formulas: 0; fig.: 1; tabl.: 3; bibl.: 14.
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Kloppers, Henk J. "Driving Corporate Social Responsibility (CSR) through the Companies Act: an Overview of the Role of the Social and Ethics Committee." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 16, no. 1 (April 26, 2017): 165. http://dx.doi.org/10.17159/1727-3781/2013/v16i1a2307.
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The corporate social responsibility (CSR) movement can be described as a bundle of trends comprising regulatory frameworks aimed at improving corporate practices and leading to changes in these practices, the mobilisation of corporate role players to support the development of states, and a management trend the purpose of which is to enhance the legitimacy of a business. Government is regarded as one of the most important driving forces behind the CSR agenda and it has a particularly important role to play in the creation of an enabling CSR environment. In general, advocates of legislative involvement in framing the CSR policy highlight the failure of existing voluntary systems as one of the main reasons why the state should play a more important role in the facilitation of CSR. Although governments realise the importance of encouraging socially responsible business, it should be noted that CSR should not replace regulation or legislation concerning social rights. Furthermore CSR should not be seen as shifting (or outsourcing) the state's responsibility for the provision of basic services (such as education or the provision of health services) to the private sector and thus "privatising" the state's responsibilities. However, the legacies of apartheid remain firmly entrenched in the social problems facing South Africa and it seems as if the Government is unable to deliver the social and physical infrastructure required to effect the desired transformation, thus necessitating the engagement of the private sector. The role of Government in establishing a CSR policy framework and driving CSR has become increasingly important. The (perceived) failure of the welfare state has given further impetus to the move of governments toward tapping into the resources of the private sector (through their CSR) in order to address socio-economic challenges. A purely voluntary approach to CSR without any legislative intervention will not succeed – a clear public policy requiring the implementation of socially responsible practices by the entire private sector is a necessity. Governments in general are increasingly beginning to view CSR as cost-effective means to enhance their sustainable development strategies, and as a part of their national competitiveness strategies to attract foreign direct investment. Given South Africa's history, legislation should be viewed as one of the main instruments enabling the Government to address the private sector's social, environmental and economic outreach activities.Against this background, this contribution identifies the regulations released in terms of the Companies Act 71 of 2008 in which the issue of the social and ethics committee is dealt with, as an important measure taken by Government to create a possible CSR platform. This contribution argues that the requirements regarding the creation of a social and ethics committee have the potential to embed the CSR notion in the corporate conscience. The aim of the contribution is to provide an overview of the role of the social and ethics committee, as envisaged by the Companies Regulations, 2011, as a potential driver of CSR.
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Hussein, Hussein Ahmed, and Khanaf Ismail Mustafa. "The Implications of Monetary Policy in the Reform of the Iraqi Banking Sector." Iraqi Administrative Sciences Journal 1, no. 2 (June 30, 2017): 203–20. http://dx.doi.org/10.33013/iqasj.v1n2y2017.pp203-220.
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The financial and banking reform in the creation of capable financial system to mobilize financial resources (local and even international) and reallocation and efficiency of the service of economic activity in order to achieve high and sustained rates of economic growth, and go out that reform in the modernization and deepening and strengthening of all units of the financial sector, as well as bring about changes large in the nature of the banking industry and restructuring in Iraq for the purpose of mobilizing domestic savings and reduce the phenomenon of migrant capital in addition to the possibility of attracting part of the foreign investment flows. . . And it embodied the reform process in the process of liberalization of the sector, so as to cope with the financial and banking world development which are mainly based on freedom from restrictions and obstacles, and increasing competition between banks, and the use of technology advanced communications and information, as well as the decisions of the Basel Committee in order to work within international standards for banks, raising its capacity international competitiveness in international action. It came the idea of research that theoretically made a presentation to the march of the Iraqi banking system and visions of the financial and banking reform with a statement of justification for reform, and the most important conclusions of the research:
The first strike on the Iraqi monetary and fiscal policy when Iraq agreed to the provisions of paragraph (25 (of the memorandum of understanding, paragraph (7) of the action plan and thus the order of the debts owed by Iraq hundreds of billions of dollars from various countries of the world. 2. Inflation led to a continuous rise in the currency of 23 billion dinars in 1991 to about 30 trillion dinars at the beginning of 2015.
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Shahar, Nurul Ain, Anuar Nawawi, and Ahmad Saiful Azlin Puteh Salin. "Shari’a corporate governance disclosure of Malaysian IFIS." Journal of Islamic Accounting and Business Research 11, no. 3 (January 2, 2020): 845–68. http://dx.doi.org/10.1108/jiabr-05-2016-0057.
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Purpose This paper aims to examine the extent of the Shari’a corporate governance disclosure in the annual report of Islamic financial institutions (IFIs) in Malaysia to determine the significant differences in this disclosure between the local and foreign-owned IFIs, small and large size IFIs and IFIs belong to Islamic and conventional holding companies. Design/methodology/approach All 16 IFIs in Malaysia were selected to analyse the extent of disclosure in their annual reports on issues related to Shari’a corporate governance. For this purpose, an index of Shari’a corporate governance disclosure for IFIs was created based on adapting Sulaiman et al. (2015). The index consists of 127 items classified into 14 dimensions. The scoring of the disclosed items is binary, where a score of “1” if disclosed and “0” if it was not disclosed in the annual report. Findings The result shows no significant differences in the Shari’a corporate governance disclosure between the local and foreign-owned IFIs, small and large size IFIs and IFIs belonging to Islamic and conventional holding companies. However, further examination shows that there was a significant difference in the disclosure of the risk management committee dimension between the large and small IFIs and investment account holders dimension between the conventional and Islamic holding companies. Research limitations/implications The results provide new emerging evidence that deviates from many prior empirical research studies, which document the domination of Islamic-based IFIs in the corporate governance practices, as compared with their conventional financial institutions that venture into Islamic finance. This study, however, was conducted on only 16 IFIs in a one-year period, i.e. 2013. Future research should consider data from a larger number of IFIs that involve a number of countries with more than one year of data to have a better understanding of the extent of Shari’a corporate governance disclosure. Practical implications This study provides an indicator to the stakeholders of Islamic finance that the Islamic-based IFIs and conventional IFIs are equal and cannot be differentiated based on the Shari’a corporate governance disclosure. For Islamic-based IFIs, as a pioneer in Islamic banking and finance industry, they need to take more efforts in adopting the Shari’a governance framework issued by the Central Bank of Malaysia (BNM), namely, the Shari’a review, audit and risk management. Originality/value This study is original, as it includes the latest requirements by the Shari’a governance framework issued by the BNM, namely, the Shari’a review, audit, risk management and research functions in its research instrument. In addition, this research also scrutinised the disclosure in detail of all the dimensions constructed in the governance index.
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Ruddy, Frank. "Foreign Investment in the Present and a New International Economic Order. Volume 2. Edited by Detlev Chr. Dicke in cooperation with the International Law Association’s Committee on Legal Aspects of a New International Economic Order. Fribourg, Switzerland: University Press, 1987. Pp. xii, 356. $40." American Journal of International Law 84, no. 4 (October 1990): 961–62. http://dx.doi.org/10.2307/2202852.
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Balyhin, M. G., M. M. Shajlieva, and A. P. Tsypin. "Statistical Analysis of the Economic Development of the Brics Countries." Statistics and Economics 17, no. 2 (April 22, 2020): 18–28. http://dx.doi.org/10.21686/2500-3925-2020-2-18-28.
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The purpose of the research. The political and economic balance between the major world powers in the 1950s was disrupted by the rejection of the socialist model of the economy by a number of countries. For this reason, countries such as Russia and China have been withdrawn from geopolitical space for decades and have re-built their economies and foreign economic ties. The exit from the "shadow" of the economies of these powers in the 2000s led to the movement of the processes of changing the unipolar world order to a multipolar one. A clear catalyst for this process was the formation of the BRICS political and economic union, which brought together the largest developing countries of the world. The topic of positioning of five countries in the world space, as well as the identification of factors that have a favorable impact on their convergence, has become relevant, in this regard, the aim of the study is to assess the position of the BRICS countries in the world community, on the quantitative side, in an inextricable connection with the qualitative basis of socio-economic laws and patterns.Materials and methods. Statistical methods such as tabular, graphical, generalization and correlation regression analysis were used to achieve this goal. Data sources were from the World Bank, the UN Statistical Committee and the BRICS national statistical services.Results. The main results are: on the basis of a critical analysis of the theoretical literature and empirical studies, a methodology for conducting the study was developed, which includes the use of statistical tools; during the period 1990-2018, the position of the BRICS countries in geo-economic space strengthened, as evidenced by the growth of the total share of the Union's members in world GDP; China and India have made a significant leap in economic capacity-building as a result of policies to attract foreign investment and technology; GDP growth in the 2000s continued in China and India, while in Russia, Brazil and South Africa a slowdown was observed, which, according to the forecast, would lead to a further decline in the growth rate of these countries; the main factor that has a positive impact on the growth of the five economies is services, which is fully consistent with the global trend.Conclusion. The results will be useful for researchers in macroeconomic dynamics and geo-economics, in particular the approaches used in the article; it is possible to apply to similar political and economic unions and associations. General conclusions can also be recommended to persons responsible for making state decisions in the field of integration of Russia into the world space, as well as specialists in sociology, social economics and political science.
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Goswami, Chandana. "How Does Internet Stock Trading in India Work?" Vikalpa: The Journal for Decision Makers 28, no. 1 (January 2003): 91–98. http://dx.doi.org/10.1177/0256090920030108.
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Internet trading started in India on 1st April 2000 with 79 members seeking permission to do so. Geojit Securities was the first to go online. On 1st February 2000, the National Stock Exchange (NSE) opened up the internet-based trading system for its members, the first stock exchange in India to do so. However, after two years of trading, only a dozen brokers continue offering online service. The SEBI Committee on Internet-based Securities Trading and Services has allowed the net to be used as an Order Routing System (ORS) through registered stockbrokers on behalf of their clients for execution of transactions. This paper aims at understanding the needs of the customers, comparing it with the offerings of the websites, identifying the gaps, and offering possible solutions for filling up the gaps. It is revealed that: Online traders took buying decisions on their own. A few backed it up by analysts' recommendations. Those who took decisions independently claimed to go through the websites, did fundamental and technical analysis, watched the trends, and then finally made a decision. No one solely followed brokers' recommendations blindly. Well-educated people in their 30s and 40s, who were highly informed and also knew how to tap sources of information, took decisions on their own and did not depend upon the broker. They were self-directed traders. The major perceived benefit of online system was its convenience. The broker's reliability followed by the execution speed was the key to logging on to a website. An analysis of the Indian sites indicated that they were mainly promotional and provisional in nature. Provisional information about stock quotes, database searches, research reports, etc. were provided in the site empowering the user to take independent decisions. Promotional activities in the form of facilities locator, educational forums, web designs, demos, etc. had lured many to visit their sites but whether this had converted into online clients could not be confirmed from the results of this study. Indian websites offered a basic plain package with lot of scope remaining for value addition. Excluding the technical and legal aspects over which the e-finance service providers did not have much control, certain value additions could be done on the existing websites. Moreover, the Indian investors having access to the foreign websites were quite well versed with what was being offered by the American counterparts and hence they were highly demanding customers. The following services could make Indian sites more attractive to customers: Interactive counselling Customer care centre Investment tips Warning systems Extended hours trade Account management Inter-organizational alliances.
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Predmestnikov, Oleh, and Vitaliy Gumenyuk. "HARMONIZATION OF ECONOMIC AND LEGAL MECHANISMS FOR DEEPENING EU-UKRAINIAN RELATIONS." Baltic Journal of Economic Studies 5, no. 1 (March 22, 2019): 174. http://dx.doi.org/10.30525/2256-0742/2019-5-1-174-181.
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The policy of Ukraine for the establishment and development of relations with the European Union began in 1993, was carried out all the years of Ukraine’s existence, and received intensive deepening with the beginning of the formation of an international treaty – the Association Agreement, which includes a list of legal, social, economic, and technical regulations, and Deep and Comprehensive Free Trade Area (DCFTA), in 2014 and its final signing in 2017. Political and economic objectives of the Agreement are of fundamental importance to the future of both Ukraine and the whole European region. The political goal is to implement European standards on the territory of Ukraine. This implies the introduction of fundamental European values, namely democracy, rule of law, respect for human rights and the standards of the European security system. The Agreement does not foresee membership in the European Union, however, does not exclude such an opportunity in the future. The economic goal is to help to modernize the Ukrainian economy by expanding trade volumes with the EU and other countries, as well as reforming economic regulation mechanisms in line with the best European practices. Subject to the improvement of the business climate, Ukraine will become attractive for foreign and domestic investment for further production for export to the EU and other markets of the world. Harmonization of standards and European regulations has become a much more important process than the fulfilment of strictly technical requirements and underlies the introduction of effective governance without corruption. In the process of harmonization of interaction, an adaptive institutional mechanism was formed (the highest level – annual Summits; the key coordinator is the Association Council, consisting of members of the Council of the European Union and members of the European Commission, and members of the Cabinet of Ministers of Ukraine; the level of operational coordination – the Association Parliamentary Committee, which includes members of the European Parliament, representatives of the Verkhovna Rada of Ukraine, and the Civil Society Platform; in order to coordinate processes on the territory of Ukraine, the Ukrainian government has introduced a few supervisory committees and commissions). The harmonization of the economic aspect of the mechanism has been determined in solving issues of openness of markets for duty-free import from Ukraine in April 2014, obtaining a visa-free regime with the EU, abolishing export-import tariffs, implementing European technical standards for food safety, phytosanitary norms, competition policy, service provision, and public procurement policy. The issues of further deepening of relations include a review of the terms for the introduction of regulations and legislative provisions before their actual implementation, stabilization of financial and economic processes in the country, and further development of democratic values and social institutions.
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Panova, Viktoriya. "Foreword." BRICS Journal of Economics 4, no. 1 (December 28, 2020): 4–5. http://dx.doi.org/10.38050/2712-7508-2020-1-4-1.
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Dear friends! Allow me to congratulate the winners of the Contest for BRICS Young Leaders whose papers are published in this special issue of the BRICS Journal of Economics, partner of the Contest. No doubt, these articles bring to the BRICS agenda the most promising projects for promoting practical cooperation among the youth of our five countries. The Contest for BRICS Young Leaders was held within the annual BRICS International School by the Russian National Committee on BRICS Research and supported by the Ministry of Foreign Affairs of the Russian Federation, the Alexander Gorchakov Public Diplomacy Fund and other partner organizations. The BRICS International School was initially established to train young professionals in BRICS studies through educational experiences focusing on fostering the pentalateral partnership of the BRICS countries. As the project evolves, we are proud to say that it has been widely contributing to building the pool of talented youth from BRICS and beyond. On behalf of the Russian National Committee of BRICS Research, I would like to extend our gratitude and appreciation to the BRICS Journal of Economics for the support of the Contest as a part of the youth track within the Russian BRICS Chairmanship in 2020. Let me express my hope that the BRICS Journal of Economics will further expand its impact in promoting knowledge and cutting-edge research as one of the most forward-looking journals in the field of BRICS studies. Since the creation of BRICS in 2009, the participating countries have made a significant progress in economic, technological, social, and humanitarian development, and have strengthened their positions in the institutions of the global governance. During its first decade, efforts of the BRICS countries became one of the key factors in world politics and global economic development. This year Russia took over the Chairmanship in BRICS for the third time under the motto “BRICS Partnership for Global Stability, Shared Security and Innovative Growth.” Its main purpose was determined as raising standards and quality of life of the peoples of our five countries. The Chairmanship is built on the three pillars of BRICS strategic partnership — policy and security, economy and finance, and cultural and humanitarian contacts. As a part of its policy track, BRICS countries continued to promote universal principles of international law, central role of the United Nations in international affairs and contributed to forming of a more democratic and multilateral system of the global governance. Efforts of the BRICS countries within economic pillar focused on the renewal of the Strategy for BRICS Economic Partnership 2025. The new Strategy emphasized trade, The Quality of Competition Law Institutions and Enforcement 5 investment and finance, support of the digital economy and sustainable development as its priority areas. By adopting the Strategy, the five countries expressed their commitment to strengthen cooperation within the BRICS businesses communities, to facilitate the reform of the global trade and financial system, to advance cooperation within the BRICS Contingency Reserve Arrangement and the New Development Bank. The BRICS countries prioritized working in the fields of innovation and technology and addressing the challenges of the Fourth Industrial Revolution, sustainable development, climate change, energy, infrastructure development and food security. Within the humanitarian track, Russia prioritized strengthening of people-to-people contacts with the development of the youth track one of its core tasks. The BRICS countries continued strengthening youth exchanges in the fields of science, technology and innovation, volunteerism and entrepreneurship. It is illustrated by the comprehensive support of youth initiatives within the Russian Chairmanship and reflected in the XII BRICS Summit Moscow Declaration. This year BRICS reached a number of practical agreements to support our economies to recover from the health crises. BRICS countries agreed to support small, medium and micro businesses to participate in international trade, to foster interbank cooperation and strengthen the role of the New Development Bank. Certainly, the COVID-19 pandemic outbreak affected the Russian BRICS Chairmanship this year. The global healthcare crises and its implications for BRICS became the cross-cutting issue of discussions within the meetings at all levels and all fields of our cooperation. As an example of BRICS response to this challenge, the BRICS countries agreed to establish an early warning system for epidemiological threats and to develop specific steps for the legal regulation of medical products that will improve our capacities to combat similar threats in the future. I am proud that the Contest for BRICS Young Leaders and the BRICS International School engaged so many capable young people to elaborate solutions addressing the most pressing issues for the global community. The innovative ideas to foster partnership and friendship among the peoples of BRICS proposed by the participants of these projects will bring a positive change. I am convinced that with the contribution of the young leaders to the BRICS agenda, we will be able to solve issues of international importance and to build a better world.
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Popoola, Oluwatoyin Muse Johnson. "Preface to the Fourth Issue of Indian-Pacific Journal of Accounting and Finance." Indian-Pacific Journal of Accounting and Finance 1, no. 4 (October 1, 2017): 1–3. http://dx.doi.org/10.52962/ipjaf.2017.1.4.29.
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I welcome you with most significant pleasure and honour to the Volume 1 Issue 4 of Indian-Pacific Journal of Accounting and Finance. In this Issue 4, the emphasis is placed on accounting, taxation, business administration, corporate governance and risk management, accounting regulation and financial reporting, and accounting.
In the first paper entitled “Board Characteristics, Corporate Performance and CEO Turnover Decisions: An empirical study of listed Non-financial Companies”, Mr Yahya Uthman Abdullahi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Dr. Rokiah Ishak (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) examine the influence of board characteristics and corporate performance on CEO turnover decisions using a sample of 144 firms from non-financial companies listed on the Nigerian Stock exchange between the periods of 2011 to 2015. The study adopts agency and resource dependency theories to support its objectives and applies a logistic regression statistical technique to analyse the results. The results show that board nominating committee has a significant positive relationship with CEO turnover and board gender diversity has a negative influence on CEO turnover. Also, the study also finds that poor corporate performance leads to CEO turnover. In concurring with the findings, the study suggests to the government to enact legislation on gender quota for more women appointment on the board of the corporation to better the performance of the firm, and as well to enhance the monitoring role of the board.
In the second paper with the caption “Factors affecting the productivity of IRBM Field Tax Auditor: A Case Study in Malaysia”, Mr Sabin Samitah (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Prof Dr Kamil Md Idris (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Saliza Abdul Aziz (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) explore the idea of factors affecting the productivity of field tax auditors in the Inland Revenue Board of Malaysia (IRBM). This study is significant because IRBM has not yet implemented a systematic method of deploying officers to the field tax audit unit throughout Malaysia. The factors identified could be used as a reference in designing future human development programme in IRBM with particular emphasis on field tax auditors. Several variables have been defined, which broadly classified into individual characteristics and external factors. Data for the analysis are sourced from IRBM’s internal database, unpublished records and direct questionnaire of all respondents engaged in the field audit in Klang Valley. The proposed idea would analyse the relationship between auditors’ productivity and various variables based on the initial assumption that all variables are influencing the productivity through direct impact. This is, however, merely an initial expectation and subject to further data analysis once the data collection is implemented and completed.
In the third paper with the title “Knowledge sharing and barriers in Organisations: A conceptual paper on Knowledge-Management Strategy”, Mr Saravanan Nadason (School of Business Management, Universiti Utara Malaysia), Associate Prof Dr Ram Al-Jaffri Saad (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Aidi Ahmi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) investigates the barriers that give impact towards the knowledge sharing among individuals in organisations. Knowledge sharing becomes the significant part of many organisations’ knowledge-management strategy. Even though the knowledge sharing is signifying practice for organisations’ competitiveness directly and market performance indirectly, several barriers make it difficult for knowledge management to achieve the goals and deliver a positive return on investment (ROI). The barriers were identified through literature reviews. The findings of previous studies revealed that several factors affect the knowledge sharing in organisations. This paper provides the analysis of significant factors that influence knowledge sharing in organisations, which comprise the individuals, culture, technology and organisation.
In the fourth paper entitled “Ownership Structure and Earnings Management of listed Conglomerates in Nigeria”, Dr Musa Adeiza Farouk (Department of Accounting, Ahmadu Bello University) and Dr Nafiu Muhammad Bashir (Department of Business Administration, Ahmadu Bello University) examine the effect of ownership structure on earnings management of listed conglomerates in Nigeria. Ownership structure is represented with managerial ownership, institutional ownership, block ownership and foreign ownership, while earnings management is measured using modified Jones model by Dechow, Sloan and Sweeney (1995). Data were obtained from the six listed conglomerates on the Nigerian Stock Exchange covering the period 2008-2014 through their annual reports and accounts. The findings show that managerial ownership and ownership concentration have a significant and adverse effect on earnings management of listed conglomerates in Nigeria, while foreign ownership recorded positive and significant impact on earnings management of firms, institutional ownership was however reported to have an insignificant but negative influence on earnings management. The study, therefore, recommends that management should be encouraged to have more interest through shares in the organisation as it enables them to have more sense of belonging, which in turn will help mitigate their opportunistic tendencies. Also, the institutional ownership should be improved upon through allotment of more shares as these categories of investors are well informed and could be more vigilant over their stake in the organisation thereby performing monitoring role to mitigate earnings management.
In the fifth paper with the title “Corporate Governance Structure and Firm Performance: A Case Study of Malaysian University Holdings Companies”, Prof Dr Wan Nordin Wan Hussina (Othman Yeop Abdullah Graduate, College of Business, Universiti Utara Malaysia), Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia), and Dr Hasnah Shaari (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia) analyse the corporate governance structure and performance of Malaysian public university holding companies from 2010 to 2014. The sample comprises eight public university holding companies. Data were obtained by using three methods, namely: survey, semi-structured interview, and documentation review. The board structure and board sub-committees practices of these case organisations were evaluated against the best practice recommendation of (i) the Malaysian Code on Corporate Governance (MCCG) 2012, (ii) the Green Book 2006, and (iii) other relevant acts. The firm performance is measured using four indicators which are sales, profit before tax, net profit margin and return on equity. Overall, their study finds that the practice and structure of corporate governance of the holding companies are excellent. However, their study reveals non-compliance by companies about certain aspects of the recommendations of Malaysian Code on Corporate Governance 2012 (MCCG) and the Green Book. The study also observed that the practice of governance between the university companies is not uniform. The findings provide an insight into the competence of the ministry of higher education as the shareholder to improve the monitoring of the public university holding companies.
As you read through this Vol. 1 Issue 4 of IPJAF, I would like to reiterate that the success of the journal depends on your active participation and those of your colleagues and friends through submission of high-quality articles within the journal scope for review and publication.
I acknowledge your support as we endeavour to make IPJAF the most authoritative journal on accounting and finance for the community of academic, professional, industry, society and government.
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"CFIUS Expanded—How will the Broadened Scope Affect Private Equity?" Journal of Private Equity, December 1, 2018. http://dx.doi.org/10.3905/jpe.2018.22.1.031.
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On August 13th, President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). FIRRMA overhauls and significantly expands the jurisdiction of the Committee on Foreign Investment in the U.S. (CFIUS), which reviews, modifies and has the power to prohibit certain foreign acquisitions and investments in U.S. businesses, including private equity and other fund investments. FIRRMA significantly expands the reach of CFIUS beyond transactions that result in foreign control, gives CFIUS the ability to review a much broader set of industries, and makes the review of certain investments mandatory. The expansion will re-shape the way that private equity transactions will be structured going forward.
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"Report to the Development Committee on the Legal Framework for the Treatment of Foreign Investment." ICSID Review 7, no. 2 (September 1, 1992): 315–38. http://dx.doi.org/10.1093/icsidreview/7.2.315.
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