Financial Differences Research Articles

Finance capitalism in industrializing autocracies: Evidence from corporate balance sheets in imperial Germany and Russia

AbstractRussia and Germany both industrialized later than England and the United States, and both countries retained authoritarian autocracies until World War I. On the basis of a large collection of firm‐level balance sheets, this paper presents new evidence revealing the likely impact of these systematic disparities on emerging industry's access to capital. Contrary to the standard ‘economic backwardness’ and ‘law and finance’ literatures, we argue that differences in financing between Russian and German corporations were consistent with authoritarian control of corporate entry as well as Russia's agricultural economy and overall lower level of economic development.

Perbandingan Pembiayaan Bank Muamalat Indonesia Sebelum dan Sesudah Pandemi Covid-19

The impact of Covid-19 on the movement of financing values, many have experienced a decline, including Bank Muamalat Indonesia. Before and during the Covid-19 pandemic, all financing values classified as productive assets at Bank Muamalat Indonesia experienced turmoil in their intermediary function which tended to decline. Changes that occur in the value of financing are a reflection of the performance of Bank Muamalat Indonesia itself and are a response to various external factors in Indonesia. This research formulated other problems, 1) How was the movement of financing products before the Covid-19 pandemic at Bank Muamalat Indonesia? 2) How was the movement of financing products during the Covid-19 pandemic at Bank Muamalat Indonesia? 3) Were there significant differences in financing products before and during the Covid-19 pandemic at Bank Muamalat Indonesia? The sampling technique used was purposive sampling. The amount of financing sampled in this study is limited to murabahah, istisna, qardh, mudharabah, musyarakah, and ijarah financing. The analytical method used is descriptive comparative analysis with data processing using the SPSS 25 program. In this study, the results obtained based on the paired sample t-test differed that there were significant differences in murabahah, istisna', qardh, musyarakah financing with successive values of 0.000, 0.000, 0.011, 0.045 and there were no significant differences in mudharabah financing before and during the Covid-19 pandemic with a value of 0.455. Meanwhile, the results of the Wilcoxon signed rank test for ijarah financing with a value of 0.028 indicate that there were significant differences before and during the Covid-19 pandemic at Bank Muamalat Indonesia.

Sharia Financing Online Education: Mudhorobah, Musyarokah and Murobahah Financing

The word financing comes from the word "cost" which means spending funds. While financing in general is the provision of money based on an agreement or agreement between a bank and another party that requires the financed party to return the money after a certain period of time in return or profit sharing. Financing also means trust, meaning that a bank or Islamic financial institution trusts a person or company to carry out the mandate given in the form of providing funds and managing them properly, fairly and accompanied by clear ties and conditions and mutually beneficial to both parties. In Islamic financing, there are several types of financing, including: mudhorobah financing, musyarokah financing, and murobahah financing. Seeing and reviewing the increasingly advanced digital era today, it is through digital and internet that we provide service or understanding. This service has a target to provide education through social media about the differences in financing, financing users, case examples and so on in order to provide understanding for the community in moving economic factors and not forgetting activities related to Islamic law.

EXPLORING THE ASSET–LIABILITY RATIO FINANCIAL MANAGEMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES UNDER DYNAMIC NONLINEAR SYSTEM

The purposes of this paper are to analyze the financial management and influencing factors of small and medium-sized enterprises (SMEs) and explore the nonlinear relationship in enterprises’ financial market structure. The small and medium-sized enterprises in Eastern and Western China are taken as the research objects. First, the relationships between asset–liability constraints and financial management are discussed, analyzed, and explained. The development of enterprises’ financial management under the asset–liability constraints system is emphasized. Second, a self-adaptive nonlinear dynamic system is proposed based on dynamic surface control and the multi-directional and uncertain control of the financial market structure. Finally, a dynamic nonlinear panel estimation model for enterprises is constructed based on the nonlinear system. The simulation and empirical analysis results confirm that the proposed nonlinear system is useful in dynamic, uncertain control problems. The statistical results of the three primary indicators, economic variables, financial indicators, and control variables, reveal the significant regional differences of different financial market structure indicators. Model estimates based on the three key sub-indicators, the leverage ratio, return on assets, and debt interest rate, reveal the differences in financing and leverage ratio of small and medium-sized enterprises located in the eastern and western regions. SMEs in Eastern China are taken as examples; the direct financing rate and insurance proportion are negatively correlated with the leverage ratio and debt interest rate. In contrast, they are positively correlated with asset returns. In conclusion, there are noticeable differences in the financial market structure between different regions.

Stratification of Health Professional Education and Its Funding Disparities: Evidence From China During the Period of 1998-2017.

Background: The finance of health professional education (HPE) is of immense importance for effective and sustainable health systems, yet relevant empirical research was scarce due to the lack of financial data. The study aimed to bridge the gap by presenting the scenario of finance for health professional institutions (HPIs) of different tiers in China and exploring how the stratification of institutions affected their funding disparities.Methods: The study employed data collected from the Ministry of Education in China, and selected the HPIs mainly based on the World Directory of Medical Schools. The funding levels and disparities of China's HPIs during the period (1998–2017) were analyzed with descriptive statistics, and the indicators of funding per institution and funding per student were both considered. The average funding in HPIs was presented by tiers, and the Gini coefficient and Theil index were employed to describe the differences in financing among HPIs over the span.Results: The study found that the number of HPIs has kept growing over the past two decades, with both the funding per institution and the funding per student increasing steadily. Specifically, the average funding per institution of the three tiers increased by 31.5 times, 13.4 times, and 10.5 times separately, with the first-tier universities having an absolute advantage compared to lower tiers. As for the financing disparities among HPIs, the Gini coefficient of the funding per institution maintained to be over 0.5, with the third-tier institutions scoring the highest, while the Gini coefficient of the funding per student all ranged approximately from 0.2 to 0.3. Through the decomposition of the inequalities measured by the Theil index, the share of the between-tier difference in per-institution funding grew from 29.7 in 1998 to 77.9% in 2017.Conclusions: The funding disparities between tiers of HPIs in China gradually became more accentuated, with the top-tier institutions taking up the largest share. Although the stratified development in HPE has posed a challenge to the unified quality assurance of medical personnel training, it may also be regarded as an effective pathway for developing countries like China to achieve stable development in health professional education.

Through the Looking Glass: Assessing and Enhancing the Effectiveness of Bourdieu’s Theory of Practice to Understand the Achievement Gap in British Columbia's Inner-City Schools

This paper emerges from a 2016 conceptual study borne out of an ongoing practitioner inquiry in which I, as a practicing K-12 inner-city Canadian teacher, tried to understand, on a theoretical level, why the children at my inner-city school in Vancouver consistently underperform in an academic sense in spite of being provided with additional learning resources. The achievement gap that exists between British Columbia’s inner-city children and their more affluent peers cannot be adequately explained by differences in finances alone, but it has sociological roots, which I explored in this study. To understand the achievement gap, I chose to filter it through Pierre Bourdieu’s Theory of Practice (1992) and evaluate the effectiveness of his theory in being able to effectively explain the who, what, where, when, why, and how of this problem for me as an inner-city educator. Methodologically, I utilized the qualitative approach of hermeneutics (Gadamer, 2013) to fuse my horizon with that of Bourdieu so as to develop a deep understanding of his Theory of Practice and its core concepts of cultural capital, habitus, field, and symbolic violence, and their implications for inner-city school children. Hermeneutics permitted me to uncover multiple layers of theoretical evidence that I used ultimately to make an inductive argument that finds in favor of using theory of practice to understand academic underperformance among British Columbia’s inner-city school children. This paper is a presentation of the theoretical merits of Theory of Practice as an analytical lens for practitioners who wish to understand the achievement gap. This paper also explains how the efficacy of Theory of Practice can be enhanced when it is coupled with Lareau’s (2013) scholarship on class-based parenting practices. My second paper provides practitioner-scholars who are exploring this topic with recommendations as to how best to use Theory of Practice for maximum benefit.

Komparasi Determinan Pembiayaan Pada Bank Mandiri Dan Bank Syariah Mandiri

The purpose of this research is to show the differences in financing between Bank Mandiri and Bank Syariah Mandiri; the effect of the inflation rate on financing; the influence of the BI-7 day repo rate on financing; the influence of the number of third party funds on financing; the effect of the statutory reserve requirement on financing. This research uses a quantitative approach with associative and comparative types of research. The sampling technique used was the purposive sampling method. The test uses a hypothesis test and an independent sample test to compare the financial performance of the two banks. The results showed that the inflation rate, BI-7 day repo rate, and the minimum reserve requirement had no effect on financing at Bank Mandiri and Bank Syariah Mandiri. While third-party funds partially have a positive and significant effect on financing at Bank Mandiri and Bank Syariah Mandiri. There is a significant difference between financing between Bank Mandiri and Bank Syariah Mandiri. This research can provide input for Islamic banking, especially Bank Mandiri and Bank Syariah Mandiri, in determining profit-sharing financing policies.

The Impact of Sectoral Differences in Financing and Budget Constraints on China's Conventional and Unconventional Monetary Policy

The Impact of Sectoral Differences in Financing and Budget Constraints on China's Conventional and Unconventional Monetary Policy

Pharmaceutical Service for Multiple Sclerosis Carriers in Brazil: A State Model

The Specialized Component of Pharmaceutical Care is the Brazilian Unified Health System strategy that aims to ensure comprehensive drug treatment at an outpatient level and improve access to high complexity, high cost treatments, such as multiple sclerosis. Given the diversity of treatments available and the differences in financing and dispensing in different countries, the objective of this study was to present the workings of the model of care for patients with multiple sclerosis through the public health system in Brazil in the state of Mato Grosso do Sul. In Campo Grande, the registration and dispensation of drugs for the treatment of multiple sclerosis is the responsibility of the Pharmacy School Professor Ana Maria Cervantes Baraza of the Federal University of Mato Grosso do Sul. In this center, all patients receive pharmaceutical advice on the administration of injectable drugs and oral medications; the storage, preservation, and transportation of refrigerated drugs; and information on the disease and management of adverse reactions. Clinical pharmacy services are also available to patients in a pharmaceutical office, ensuring patient privacy and comfort and enabling the creation of a bond with the pharmacist. The model of care provided by the Pharmacy School allows for the development of pharmaceutical services, encourages the rational use of medicines, and emphasizes the importance of self-care, adherence to therapy, and the co-responsibility of patients and their families.

A Comparative Study of SME Policies: Bangladesh and Pakistan

This article attempts to understand the developments in policy making and financing for Small and Medium Enterprises (SMEs) of Bangladesh and Pakistan. From 1947–1971, Bangladesh was a part of Pakistan, as East Pakistan, while the remaining current Pakistan, is referred as West Pakistan. However, in 1971 a political turmoil resulted in a separation of two parts into two different nations. Since then, both have taken different routes to develop their economies along with heavy reliance on SMEs. This paper explores the key differences in financing and policy for SMEs in Bangladesh and Pakistan with a comparative study based on literature, empirical case studies and analysis of government policies and regulations, trying to identify some main takeaways from Bangladesh and Pakistan’s market for entrepreneurs, investors and policy makers.

Аналіз і перспективи інноваційної діяльності в Польщі і в Україні

The main objective of this publication is to conduct a comparative analysis of the innovation activity development in Poland and Ukraine in recent years, taking into account many factors affecting this process. One of the main goals, also, is to identify the main factors, both positive and negative, affecting the improvement of the innovative development of the two countries. The main dependences were revealed not only on the availability of own resources and indicators of the development of the country's economic activity, but also on relations with other countries, political influence and international organizations, such as the European Union. The article focuses on the fact that the innovation is defined as the economically successful exploitation of new ideas. The article considers the innovation as a sequence of technical and organizational changes, including, on the one hand, simple modifications of existing products, processes and practices, and on the other, what is new for both: the industry and the company. The implementation of innovations includes a whole range of scientific, technological, organizational, financial and commercial activities. Considering the tendencies of innovative development of the two countries, there are clear differences in financing and support from the state. Innovation policy plays a very important role in the development of a modern state. It is the scale and the nature of the economic reconstruction of the state, which largely depends on how the innovation policy is implemented.

WHOM DO WE SERVE? DIVERSITY OF OLDER COMMUNITY CARE RECIPIENTS’ FUNCTIONING ACROSS EUROPE

Across Europe, an increasing number of older people with multiple health and social care needs stay in their own homes until old age. Community care aims to support them to live at home for as long as possible. Comparative studies showed that population characteristics of older community care recipients differ between European countries. This is due to differences in financing, delivery and governance of community care. However, little is known about differences in health, including physical, cognitive, mental and social functioning, of older community care recipients served across European countries. The aim of this study was to provide insight into these differences. We used data of the IBenC study, which was collected using the interRAI HC-Assessment among 2884 older community care recipients from six European countries: Belgium, Finland, Germany, Iceland, Italy and the Netherlands. We found that prevalences of impairments in different health domains were highest among Italian community care recipients followed by the Belgian population, and lowest among community care recipients from the Netherlands. Feelings of loneliness were lowest among the Italian and highest among the Dutch population. This variation between European countries may be explained by differences in eligibility for and access to formal community services and informal care provision as well as cultural diversity. Insight in these differences supports understanding of community care across Europe among European and national policy-makers and researchers.

A Comparison of Lithuanian and Swedish Old Age Pension Systems

[full article and abstract in English] The aim of this study is to compare Lithuanian and Swedish pension systems from the point of view of their design and performance in order to elaborate reasonable recommendations to Lithuanian pension policy based on the best Swedish experience. Swedish income, premium and guaranteed old-age pensions system are compared with the analogous Lithuanian system of the “first,” “second” pillars and the “social” pensions. The main features of the systems are discussed, and the performance of the systems, mainly from the point of view of adequacy, is compared. The differences in system design and performance are identified, and the possible reasons of these differences are examined. Special attention is paid to differences in financing and the approach to the definition of benefits. The Lithuanian pension points approach is compared to the Swedish Notional Defined Contribution (NDC) approach. Each system is analyzed, and the relevance of transforming the Lithuanian first pillar pensions into a NDC system is examined.

Women and Entrepreneurship: A Comprehensive Meta-Analysis

To cumulate and reconcile conflicting results in the research on gender and entrepreneurship, we meta-analyze 97 primary studies on entrepreneurial entry, financing, and performance, test existing explanations for gender differences, and propose alternative explanations grounded in self-efficacy, credit rationing, and growth orientation. We find gender differences in proclivity for entry shrink over the launch process; women face greater barriers in access to, than in the terms of, financing; ventures led by women are smaller and grow more slowly than those led by men but are equally profitable; venture industry largely explains gender differences in financing and performance; and, relative to men, female entrepreneurs do worse in the USA than elsewhere. Several of our results rely on a new technique we develop for meta-analyzing regression coefficients.

Health Insurance Scheme Performance and Effects on Health and Health Inequalities in Chile.

ABSTRACT INTRODUCTION Health systems are one determinant of health; their role is to facilitate timely and equitable access to quality services. The way in which a health system is organized can profoundly affect achievement of its objectives. The main feature of the Chilean health system is the coexistence of a public health insurance program (based on a social insurance model) with several market-based private health insurance companies. This hybrid structure provides an interesting framework for analyzing and evaluating the system’s effects on health inequalities. OBJECTIVE Assess Chilean public and private health insurance schemes’ performance and its effects on health inequalities. METHODS Public health insurance was compared with private insurance using indicators from 2013 (or the closest year) in the following domains: inputs, outputs (provider visits, discharges), outcomes (coverage) and impact (on health, quality of life, finances and patient satisfaction) as well as demographic and social determinant indicators. A conceptual framework for measuring health system performance was used. Data were obtained from administrative records and population-based surveys. RESULTS The publicly insured population had greater health care needs, was older (aging index 83.4 vs. 36.5) and poorer (17.2% vs. 1.5% below the poverty line) than the population covered by private insurers. The public insurer received average monthly funding of US$50.94 per beneficiary and spent US$51.43, while private insurers on average collected US$94.79 monthly per beneficiary, and spent US$69.63 on health services (excluding medical leave benefits). Private health insurance beneficiaries were more likely than their publicly insured counterparts to access specialized medical services (18.3% vs. 9.3%) and dentists (11.2% vs. 5.9%), have laboratory tests (18.1% vs. 4.8%), and undergo surgery (7.8% vs. 5.9%). Risk factor and disease prevalence was lower among private insurance beneficiaries for 16 of 18 tracer conditions, although age-adjusted differences were not significant. Finally, incidence of catastrophic spending was slightly lower among private insurance beneficiaries (3.7% vs. 4.2%), and a greater proportion of them were satisfied or very satisfied with the health system (37% vs. 17%). CONCLUSIONS The relative youth and better financial status of beneficiaries of private insurers is compatible with selection for lower risk. While private plans offer greater financial protection and receive higher user satisfaction ratings than the public plan, differences in financing between the two types of insurance affect availability and utilization of services. This constitutes a structural problem for the Chilean health system. There is an urgent need to move toward an integrated health system, in which incentives are aligned with social insurance objectives.

Differences in Financing of Admission Rooms (ARs) and Hospital Emergency Rooms (ERs) Between the Years 2013 and 2014, Using an Example of a Lodz Municipal Hospital

Abstract The goal of the article is to compare methods of financing ARs and ERs based on the data from the 1st half of 2013 and 1st half of 2014 from the K. Jonscher 3rd Municipal Hospital in Lodz. All the stays in the AR/ER in the 1st half of 2013 and the 1st half of 2014 were analysed. Based on the presented data, it can be clearly seen that the new method of financing AR/ER services proposed by the NFZ will beyond doubt have negative outcomes, and will certainly not improve the financial situation of hospitals.

Does the Method of Amalgamation Affect Cost Inefficiency of the New Municipalities?

Municipal amalgamation has been done in many countries in recent years as the result of a push to enlarge the size and coverage of local government units, which in turn is driven mainly by the prospect of economies of scale. However, while municipality amalgamation or boundary reform raises population size, it introduces organizational changes in the local government that might increase administrative inefficiency. The choice for the method of integration of administrative functions before amalgamation might affect to public expenditure after amalgamation. This study uses Japanese municipal-level data and argues for a relation between the choice for the method of integration of administrative functions and cost inefficiency after amalgamation. The results show that the fully distributed facility method is more likely to be adopted in a larger administrative jurisdiction and in one with large differences in finances or political structures between amalgamated sub-regions. Moreover, the results of stochastic frontier regression show that new municipality adopting fully distributed facility method can possibly increase inefficiency by expanding organizational slack because the new administration system will be insufficient integration of administrative functions.

Growth and Strategic Savings

We model the relationship between a firm’s growth opportunities and its financing policy. Financially constrained firms have an incentive to maintain reserve borrowing capacity when expected future investment opportunities are high. These strategic savings allow firms to respond optimally to new opportunities when there are frictions on equity financing. The incentive for saving decreases with the cost of borrowing, and thus shifts in monetary policy can have a stronger impact on the financing of high growth firms. We show that, based on differences in growth opportunities alone, the model can explain differences in financing and performance we document between high and low growth IT firms during the Dot-Com boom and its subsequent bust.

Impact of ethnicity on financing of immigrant businesses

The purpose of this study is to investigate how ethnicity and co-ethnic business dealing affects financing patterns of immigrant entrepreneurs. The study examines differences in financing between immigrant and non-immigrant businesses, investigating whether these differences are caused by co-ethnic business dealing of immigrant entrepreneurs. The target research population consisted of Israeli born and FSU immigrant entrepreneurs who came to Israel between 1989 and 2006. Based on a combination of convenient and snowball samples, 183 FSU immigrant and 244 Israel-born business owners were surveyed. Three groups of entrepreneurs are compared: immigrant co-ethnic entrepreneurs, immigrant non-ethnic entrepreneurs and Israeli born entrepreneurs. Our study revealed that co-ethnic business dealing does not influence start-up funds of immigrant business but does affect the problems encountered when recruiting ongoing funds and accessing trade credit. Co-ethnic business dealing fills in immigrant entrepreneurs' lack of social capital, but does not constitute a competitive advantage for them.

Lost in Translation? Health Systems in the US and the UK

Abstract This paper compares health systems in the US and the UK in relation to levels and types of finance and provision. The main part of the paper focuses on comparisons between the British National Health Service (NHS) and Kaiser Permanente in California. Although major differences in financing and provision make cross‐national comparisons between the US and the UK difficult, recent work comparing service utilization between the NHS and Kaiser Permanente has highlighted opportunities for learning between the two systems. The paper describes the results of this work, and the way in which the NHS has sought to apply and adapt some of the managed care techniques used in Kaiser Permanente. It concludes by identifying the cultural and other obstacles that have to be addressed in translating practices from one system to another.