Рэнкинг крупнейших групп и компаний в области аутсорсинга учетных функций: итоги 2024 года

This article develops a model that describes the growth of the public sector as a joint result of the process of economic development and the political institutions in place. The model is tested using panel data for about sixty five developing and developed nations for the period 195090. Economic modernization leads to the growth of the public sector through two mechanisms: first, the state intervenes to provide certain collective goods such as regulatory agencies and infrastructures; second, industrialization and an ageing population translate into higher demands for transfers in the form of unemployment benefits, health insurance, and pensions. Still, the impact of e-conomic development is strongly conditional on the political regime in place as well as on the level of electoral participation. Whereas in a democratic regime, where politicians respond to voters' demands, the public sector grows parallel to the structural changes associated with economic development, in authoritarian countries the size of the public sector remains small. wo stylized facts describe the evolution of the public sector across the world during the last century: first, its steady growth; second, the presence of persistent cross-national differences in its size. Excluding war times, government expenditure remained constant around 10 percent of GDP during the nineteenth century. Yet after 1914 the size of the public sector expanded dramatically. In OECD nations, total current public revenue had risen to 24 percent of GDP in the early 1950s. Thirty years later it had stabilized at around 44 percent. Among developing countries, current public revenue grew from 14 percent of GDP in 1950 to around 27 percent from the late 1970s onward. Despite the steady growth of the public sector, differences across nations have remained substantial. In the mid-1980s, public revenue ranged from less than 10 percent of GDP in Sierra Leone and Paraguay to over 60 percent in Botswana, Kuwait, Reunion, and Sweden. Cross-national variation has become especially acute in the developing world over time. Whereas in the early 1950s the standard deviation of public revenue in non-OECD nations was 4 percent, by the mid1980s it had reached 15 percent of GDP. The growth of the public sector in the last century has spawned a vigorous literature on its causes.1 Three families of explanations stand out. Demand-side explanations, conceiving the government as a provider of public goods, attribute the growth of the public sector either to social progress and demographic transformations (Wagner 1883; Wilensky 1975) or to different rates of productivity growth in the public and private sectors (Baumol 1967). Political or redistributive theories model the government as an agency that, responding to social conflict, redistributes income among citizens (Meltzer and Richards 1981; Esping-Andersen 1990). Finally, institutional models have stressed the impact of different structures of government, such as bureaucracies (Niskanen 1971), the structure of the legislative branch (Shepsle and Weingast 1981) or federalism, on the size of the public sector.

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,Takafuland 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,Takafuland 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.

целью работы является аналитический обзор динамики и перспективы развития вьетнамского бизнеса на территории Российской Федерации в период 2015-2024 гг. В рассмотренный период были выделены закономерные тенденции, касающиеся устойчивого роста вьетнамских инвестиций в различные бизнес-структуры России. Определен основной географический ареал распространения вьетнамского бизнеса, а именно, центр вьетнамской диаспоры и бизнеса в стране находится в Москве и равно удаляется на юго-восток страны распространяя свое влияния. При этом естественной границей пока что является Самарская область и только территория регионов Дальнего Востока является значимым центром притяжения вьетнамской диаспоры и бизнеса, что связано как с относительной близостью этой территории к Вьетнаму и особенностей торговых маршрутов. В ходе исследования была также выявлена тенденция опосредованного сотрудничества вьетнамских компаний с российскими торговыми сетями и бизнес-структурами. Только крупные вьетнамские бренды реализуют свою продукцию открыто на территории страны и даже этот список компаний ограничен. Наиболее открыто работают с Россией представители сельскохозяйственной продукции, а также официальные импортеры пищевых товаров, в частности, кофейных напитков. Кроме того, часть компаний, хотя пока и не производит товаров на территории России, но активно вкладывает в строительство заводов и иных предприятий, в частности, это относится к конгломерату TH Group, который активно действует в России уже почти десятилетие. the purpose of the work is an analytical review of the dynamics and prospects of the development of Vietnamese business in the territory of the Russian Federation in the period 2015-2024. During the period under review, natural trends were highlighted regarding the steady growth of Vietnamese investments in various Russian business structures. The main geographical area of distribution of Vietnamese business has been determined, namely, the center of the Vietnamese diaspora and business in the country is located in Moscow and equally moves away to the southeast of the country spreading its influence. At the same time, the Samara Region is still the natural border, and only the territory of the regions of the Far East is a significant center of attraction for the Vietnamese diaspora and business, which is due both to the relative proximity of this territory to Vietnam and the peculiarities of trade routes. The study also revealed a trend of indirect cooperation between Vietnamese companies and Russian retail chains and business structures. Only large Vietnamese brands sell their products openly in the country, and even this list of companies is limited. Representatives of agricultural products, as well as official importers of food products, in particular coffee drinks, work most openly with Russia. In addition, some companies, although they do not produce goods in Russia yet, are actively investing in the construction of factories and other enterprises, in particular, this applies to the TH Group conglomerate, which has been active in Russia for almost a decade.

The article investigates the current state of development of the logistics services market in Ukraine. It is noted that the demand for qualified logistics services is growing, that, in turn, stimulates the development of the logistics market in Ukraine. It is determined that in 2018, according to the Logistics Performance Index, Ukraine ranks 66th among 160 countries in terms of the efficiency of the logistics system. The value of the national Logistics Performance Index tends to increase. It was 2.83 points in 2018, compared to 2.74 in 2016. The dynamics of freight traffic volumes in Ukraine in 2014-2018 is analyzed. A list of companies that providing logistics services in Ukraine has been formed. It was found that the main participants of the Ukrainian market that offer logistics services under the 3PL scheme are international companies, in particular, «KUEHNE & NAGEL», «Raben», «SCHENKER», «FM Logistic», «DHL», «Åkol logistics» and others with significant financial capabilities and long-standing relationships with transnational clients. Instead, most Ukrainian companies use 1PL and 2PL schemes when organizing logistics. A more advanced way of organizing logistics (3PL, 4PL) is used by a small number of Ukrainian enterprises, including «ZAMMLER», «UVK», «LOGISTIC-PLUS», «PAKLINE GROUP», «Denka Logistics», «Diad Logistic». The modern tendencies of development of the logistic services market are investigated.Among them: intensification of competition, falling of demand, reduction of transportation tariffs, falling profitability of carriers, shortage of middle and high class logistics complexes, insufficient speed of flow, insignificant level of integration of information and computing systems, low level of coordination of counterparties. Prospects for market development are identified. In particular: active development of operators offering logistics services under the 3PL and 4PL schemes, maintaining trends in mergers and acquisitions in the segments of the logistics services market. The main driving forces of the Ukrainian logistics market, which are able to increase its efficiency, are noted.

Black and white holidays: The future of the local tourist industry in South Africa

s of Doctoral Dissertations 485 study finds that its weakening is transmitted through inventory investment or disinvestment and results in the cyclical change in employment of production workers at the manufacturing level. Thus, as cycles moved away from consumer-durables-stock-exhausting periods, the inventory disinvestment in consumer durable-indivisible goods industries during downturns had a tendency to increase relative to the inventory disinvestment in other industries; and the greater the inventory disinvestment, the greater the contraction of employment in that industry. 3. Though, as the cycles moved away from the consumer-durables-stock-exhausting periods, the consumer durable-indivisible goods sector tended to weaken (a condition of saturation), the nondurable-divisible consumer goods sector tended to strengthen and the producer goods sector tended to show unusual confidence and vigor. In an economy where resource-allocation is specialized and immobile, the weakened consumer durables sector tends to render the economy vulnerable for a downturn despite the steady growth in the other sectors. Thus, the farther the cycle is away from wars or severe depressions, the greater the contribution by the consumer durables sector to initiate a cyclical downturn. 4. The portion of consumer durables expenditures financed by instalment credit is greater during the post-World War II period than during the post-World War I period. The study observes that the relatively greater portion of instalment credit in consumer durables expenditures means: (1) greater ease for consumers to allocate income for purchasing durables, and (2) greater forced saving through instalment debt repayment during recessions at the expense of consumer non-durables expenditures. Consequently, (1) the postWorld War II mild recessions showed less strength and growth in consumer non-durables expenditures than in the interwar mild recessions, and (2) the portion of durables expenditures in total consumer outlay exhibits a trend of growth at the expense of that of the nondurables expenditures. The study suggests that the element of instability in the consumers' sector seems to lie in the bunching of demand for durables by the mass, not by the over-saving of the rich. Thus, any countercyclical policy in so far as the consumers' sector is concerned should differentiate the temporal position of the cycle in question. It behooves the policy-makers to impose more stringent controls over the demand for consumer durables in the cycles immediately following the consumer-durables-stock-exhausting periods than in cycles farThis content downloaded from 157.55.39.213 on Sat, 02 Jul 2016 05:55:32 UTC All use subject to http://about.jstor.org/terms 486 The Journal of Finance ther away from such periods. This will break the bunching in the early cycles and postpone the date of saturation of consumer durables stock. As a result, the long-run expansion phase of the economy will be elongated. Furthermore, a successful breaking-up of the bunching will provide a cushion against severe contraction through a greater growth of the consumer non-durables sector, since the latter exhibited a great degree of stability over the cycles. Thus, any policy that can encourage the relative growth of the consumer non-durables sector can reduce the amplitude of business instability as a whole. This content downloaded from 157.55.39.213 on Sat, 02 Jul 2016 05:55:32 UTC All use subject to http://about.jstor.org/terms

Foreword. 1 Technology Companies, Services and Networks. Introduction. The growth of the service sector. The different types of service. Services in technology or engineering sectors: A neglected category? Engineering and service. Common characteristics and issues among service businesses in technology sectors. Is this really a distinct market or category? Summary. 2 Marketing Services. Introduction. One more time: What is marketing? Different manifestations of marketing. The evolution of marketing in an organisation. Marketing services. Marketing in technology sectors. Summary. 3 Gaining Strategic Insight into Service Markets. Introduction. Why market understanding is essential. Important market dynamics to understand. Means of gaining an objective market perspective. Opportunity analysis. Summary. 4 Internal Perspectives and their Strategic Impact. Introduction. Strategic context. Strategic intent: The need for clarity of purpose. Methods of determining strategic focus. Brand equity as a source of strategic advantage. Customer equity. Portfolio strategy. Go to market capability. How does the company develop strategy? Summary. 5 Creating and Positioning a Service Brand. Introduction. What brands are and the effect they have. The basics of brand strategy. Corporate branding: The brand strategy for service companies. Practicalities: How to create a brand where none exists. Practicalities: Repositioning and brand extension strategies as a means of entering service markets. A note on political will and leadership vision. Summary. 6 Innovation and New Service Design. Introduction. Service vision. Common mistakes in service design. The role of innovation and service development. Innovation in service businesses. Value propositions. Differentiation and how to achieve it. Categorisation and its implications for new service design. Practicalities. Summary. 7 Selling Services. Introduction. How people buy. The sales strategies of technological service companies. Creating a service sales force. Generic sales structures applicable to services. The practicalities: Managing the sales process. Summary. 8 Marketing and Selling Services to Major Customers. Introduction. Prioritising customer accounts. Major customer sales strategies: Account management. Partnership selling: Major account management in consultancies. Cultural variations and their effect on account management. Account planning. Service quality for major accounts. Summary. 9 Communicating with Service Markets. Introduction. Effective communications strategy. Aspects of communications strategy. Communications techniques particularly important to service companies. Managing the creative execution. Media planning. Practicalities and management basics. Communications during a crisis. Summary. 10 Service Quality. Introduction. The importance of service quality. Service quality and customer care: A recent history. Terminology and perceived wisdom. Analysis. Service strategy. Planning service quality. Service recovery. Satisfaction measurement. Summary. 11 Service on the World Stage. Introduction. The challenge of working across borders. International strategic considerations. International market analysis and perspective. International brand strategy. International marketing communication issues. International sales and account management strategy. International service design. Different international strategic choices. Summary. Appendix Marketing Tools and Techniques. References. Index.

It is expected that an efficient capital market should have significant effect on the insurance sector in any economy because capital market provides the platform for insurance companies to trade in long-term securities. It is shocking that despite all positive indices of the Nigerian capital market, the insurance sector in Nigeria is still underperforming in comparison to their counterparts in other emerging economies, considering the contribution of the sector to the gross domestic product. Thus, the study examines the effect of capital market on the growth of insurance sector in Nigeria. The study employs time series data sourced from National Insurance Commission and Annual Statistical Bulletin of Central Bank of Nigeria from 1986 to 2023. The study uses error correction model to analyze objectives one to three while Toda Yamamoto was used for the analysis of objective four. The result shows that market capitalization, all-share index and volume of transaction have positive effect on the growth of insurance sector in Nigeria. The causality test reveals a bi-directional causal link between capital market and insurance sector’s growth. Based on the discoveries from the study, it is proposed that the Nigerian Capital market should broaden its market size by introducing more innovations with new technologies and models in its trades of bonds, shares and debentures. Also, more insurance companies should be listed in the stock market to improve the volume of transaction, since the activities of the capital market has the tendency to increase the asset base of insurance companies in Nigeria.

The article explores the role of public-private partnerships (PPP) in the formation and development of sectoral markets, specifically within the context of Ukraine. It begins with a theoretical examination of PPP, including its main types, as well as its advantages and drawbacks in comparison with other models of collaboration between the public and private sectors. This study further assesses the international experience of PPP implementation across various sectors such as infrastructure, energy, and transportation, drawing particular examples from the EU and the United States. Special attention is devoted to analyzing the regulatory framework and specific challenges of PPP implementation in Ukraine. The legal environment is discussed in depth, addressing the limitations and obstacles that may arise from bureaucracy, corruption, and economic instability. The article emphasizes the importance of a comprehensive and structured approach to PPP as a key strategy for stimulating sectoral market growth. It also highlights the potential of PPP to attract private investments and advance technological innovation within underdeveloped industries. Additionally, the financial aspects of PPP projects are examined, including the significance of government subsidies and incentives for the private sector's participation in high-risk ventures. Based on a comparative analysis with international practices, specific recommendations are proposed to optimize the PPP regulatory framework in Ukraine. These proposals include developing transparent regulations, establishing reliable mechanisms for dispute resolution, and fostering a favorable investment climate. The study's findings provide valuable insights for government institutions and private businesses aiming to design and implement effective strategies for sectoral market growth through PPPs. The suggested approaches underscore the potential for Ukraine to benefit from successful global practices, thereby advancing its own economy through sustainable public-private collaboration. These results can serve as a guideline for policymakers and business stakeholders in optimizing PPP-driven projects to enhance economic resilience and achieve long-term development goals across various sectors.

Recent growth accounting exercises attribute strong productivity growth to increased investments in information and communication technologies (ICT) over the last decades, but abstain from potential complementarity effects with other inputs. Based on three different sets of industrialized countries, this study shows that sectoral productivity growth originated from ICT-skill complementarities and skill-biased technological change (SBTC) during the New Economy. In particular, Scandinavian goods-producing sectors and Anglo–Saxon market services reveal strong SBTC effects that originated from ICT-skill complementarities, while such effects were totally missing in Continental market services during the same periods. Further drivers of productivity growth were intermediate and non-ICT capital deepening.


 The essay examines the energy-saving industry's current state of development in China, identifies its issues, and suggests appropriate solutions. To achieve optimal energy use, energy saving refers to preserving energy while minimizing energy consumption. Contractual energy management was brought to China in the 1970s and developed there with the support of pertinent state policies. The growth of the market for energy-saving services and the quick industrial scale expansion have, however, also presented this industry with new hurdles as a result of the global concern for energy security. It primarily shows itself as uneven technological standards, questionable incentive programs, and funding challenges. On this foundation, solutions to the existing issues are suggested as countermeasures. Therefore, it should advance science and technology, advance technology, advance the development of product quality standards, advance the implementation of stricter market access requirements, and advance the establishment of an ideal industry management system. On this foundation, pertinent policy suggestions are made in an effort to support the steady and orderly growth of the energy-saving services sector. The growth of China's energy services business has been aided by the adoption of the aforementioned programs.

The rise of IT services clusters in India: A case of growth by replication

The purpose of this study is to determine Pakistan's export competitiveness in the construction services sector on the global market. The competitiveness of Pakistan's service sector has been assessed using a variety of revealed comparative advantage indices from 2005-2020. The data have been collected from International Trade Center UNCOMTRADE statistics for exports of the services sector of Pakistan. The findings of the RCA, RSCA, Vollrath index, and InRCA indicate that Pakistan benefited from comparative advantage in the worldwide market for construction services from 2007 and 2016-2020, while Pakistan faced a comparative disadvantage in 2005-06 and 2008-15. Pakistan enjoyed a competitive advantage in the imports of the construction service sector by utilizing RMA index during 2006-2015 and in the year 2020, whereas Pakistan faced a competitive disadvantage in the imports in the other selected years. The RTA index portrays that Pakistan faced a net comparative advantage in the concerned sector in the years 2006-08, 2013-15, and 2020, while a net comparative disadvantage was observed in the remaining years. The trade balance index (TBI) highlights that Pakistan has become a net exporter in the services sector in the years 2007, 2014, 2015, and 2020, while Pakistan faced a net importer in the reaming years of the world economy. The present study recommended a method and strategy for addressing bottlenecks in the services sector's growth and for implementing a package of policy reforms to position the services sector as a critical sector for growth, employment, and poverty alleviation Information technology (IT) is ideally suited for cluster-based development in the services industry.

The aim of the study is to empirically examine Schumpeter's view on finance and growth nexus in Indian setting. The study utilizes quarterly time series data for the period spanning from 1993: Q3 to 2013: Q2. After studying the construction of Indian financial system, both banking sector and stock market growth indicators are considered as the placeholder for financial sector growth. Nevertheless, real GDP growth is considered to represent the economic growth. Along with financial sector development and economic growth indicators, some control variables, namely; total government final consumption expenditure as a percentage of GDP, total trade as a percentage of GDP and inflation is applied as a control variable. Johansen maximum likelihood procedure of cointegration is employed to ensure the long run dynamics among the set of considered variables. Toda and Yamamoto (1995) Granger's Causality tests is applied to look into short-run causal relationship. The study concludes, Schumpeter's view on finance and growth nexus does not hold well in the context of Indian economy.

Este trabalho apresenta um diagnóstico do setor de fomento mercantil no sul catarinense, dando ênfase à importância do crédito no ambiente empresarial. Considerando que as empresas têm necessidade de buscar constantemente o crédito para realizar investimentos e cumprir suas obrigações, surgiram no Brasil em 1982 as empresas de fomento mercantil (factorings), com o objetivo de dar apoio creditício, mercadológico e assessoria às pequenas e médias empresas. O objetivo deste estudo é destacar a evolução, os segmentos de atuação e as perspectivas das empresas do setor de fomentos mercantil do sul catarinense. Para diagnosticar o setor na região, foram aplicados 40 questionários às empresas de fomento mercantil e obtidas 18 respostas. As empresas de fomento mercantil iniciaram a atividade na região em 1989 e vêm apresentando um crescimento quantitativo. Hoje as factorings da Associação dos Municípios da Região Carbonífera - Amrec têm como clientes as microempresas e as empresas de pequeno e médio portes, sendo o setor industrial o que mais utiliza seus serviços. A maioria das empresas instaladas na região foi constituída por empresários que trabalhavam anteriormente no mercado financeiro, e a média de idade dessas empresas é de 6,81 anos. Dos principais motivos que proporcionaram o crescimento do setor na região da Amrec, destaca-se o aumento da procura de crédito, impulsionado pela facilidade para a concessão de crédito pelas factorings, o que levou a atividade de fomento mercantil a ser reconhecida perante a sociedade.