Disposal Of Assets Research Articles

Model Risk in Cryptocurrency Governance Reliability Assessments

Cryptocurrencies have entered the economy as alternative money, as speculation objects, and as utility tokens for innovative service-platforms. Cryptocurrencies are based on cryptography-based asset disposals validated by decentralized operators of distributed ledgers according to consented protocols. The integrity of the decentralized operations – that is, the operators’ compliance with the protocol – relies on checks and balances based on, inter alia, insight from game theory. Models are often used to inform the reliability of the governance structures. This paper addresses model risk associated with these models. As the role of cryptocurrencies in the economy increases, such model risk is likely to be a concern for regulators. The regulatory implications of model risk are also discussed in this paper.

Does legitimacy matter in whistleblowing intentions?

PurposeThe purpose of the study is to examine the role of legitimacy in forming whistleblowing behavior in Ugandan procuring and disposing entities (PDEs).Design/methodology/approachThis study has adopted both a quantitative and qualitative cross-sectional research design to collect data from a sample of 97 out of the population of 129 PDEs in Kampala, which are regulated by the Public Procurement and Disposal of Assets Authority.FindingsThis paper finds that improvement in the perception of public servants about the appropriateness of the Whistleblowers Act and its enforcers can increase on the reporting of unethical practices in public procurement.Research limitations/implicationsThis study has used a cross-sectional survey data. The causal relationships between variables are possibly obscured; as data from all participants are collected at the same point of time, perceptions go on changing over time. Therefore, further studies should use a longitudinal approach. Second, there are no constructs for legitimacy in public procurement and those from law are domesticated.Practical implicationsThere should be a promotion of legitimacy of the Whistleblowers Act and the enforcement agencies of the Act. The government should devise means for the public servants to have an obligation to obey the holders of authority, to trust and have confidence in them and to enforce the Whistleblowers Act in an ethical and normative framework.Originality/valueThis study reveals the whistleblowing intentions and behavior of public servants in PDEs. This study would help the Government of Uganda to make the Whistleblowing Act legitimate and its enforcers to increase on the reporting of unethical practices in public procurement.

Research on the Disposal of Non-Performing Assets in Internet Financial Times

There have been some problems in the rapid development of Internet finance, and the most typical one is the non-performing assets of Internet finance. Tremendous nonperforming assets of Internet finance not only have influenced the integral security of financial industry, but brought enormous pressure to social economic development. Based on the point, this paper firstly analyzed the factor of non-performing assets of Internet finance and discussed the necessity of improving the disposal of nonperforming assets in Internet financial times. Finally, it put forward the specific suggestions on how to dispose non-performing assets in Internet financial times, including the premise of policy formulation, the emphasis of standard development, the key of platform construction and the assistance of standard collection.

The performance of European equity carve-outs

In this paper we examine the valuation effects of equity carve-outs in Europe. We demonstrate that equity carve-out announcements yield significant abnormal returns for the shareholders of parent firms. This positive market reaction is stronger in countries that better protect minority shareholder rights. However, a remarkable price reversal is detected in the aftermath of a carve-out transaction that lasts up to two years. In contrast, parent-firm operating performance improves as long as the disposal of subsidiary assets is proven to be an optimal corporate decision. Subsidiaries stemming from the restructuring transaction also experience an initial positive market reaction which then reverses to severe price losses within a few months of the first day of listing.

Identify Social Enterprises

Social enterprises have become an inevitable trend of future social development. At present, the development of Chinese social enterprises faces internal and external adversities, and the prospects of the development of social enterprises are not clear. In order to build a good environment for the development of domestic social enterprises, this article fully draws on international experience and combines with China’s actual conditions, and evaluates the existing standards of certification for civil society enterprises in China from five dimensions: organizational goals, income sources, profit distribution, asset disposal, and profit distribution. On this basis, further proposals are proposed to improve public awareness of social enterprises and lay a practical foundation for future legislative work.

Paesaggi elettrici e nuove economie: valori, patrimoni, responsabilità sociali e management

A fronte di imponenti operazioni di ristrutturazione industriale -in particolare di ripensamento di tutto il processo economico di produzione dell’energia- che coinvolgono molte aree dell’Occidente (e non solo), una questione emergente è quella dei patrimoni “elettrici” dismessi e della riqualificazione dei contesti su cui sono localizzati. Il percorso della valorizzazione –di fatto consolidato disciplinarmente- per questo comparto offre suggestioni di ricerca e di dibattito con alcuni elementi di innovazione: 1) una reinterpretazione della teoria del valore e delle sue componenti classiche; 2) la sinergia tra interventi architettonici e interventi economici strutturali; 3) l’urgenza di operazioni di censimento, di costruzione di conoscenza attraverso banche dati e nuovi flussi di informazioni; 4) il control management dei processi. Il contributo ha l’intento di ripercorrere lo stato dell’arte sul tema e di rileggerlo alla luce dei nuovi approcci di valorizzazione uniti ad un’ottica ambientale e di economia circolare. Fanno da supporto a tale analisi critica, la lettura di casi nazionali italiani (a partire dalle operazioni condotte da Enel) ed internazionali, dove si stanno già generando esternalità, intangibile e benefici attesi oltre che plusvalori economici.

The ‘generalis hypotheca’ and the sale of pledged assets in Roman law

A Roman debtor and his creditor could tailor their contract of pledge to fit their needs. If the parties specified the pledged asset in the contract, they wanted to restrict the debtor’s right to dispose of the pledged asset. The debtor would transfer pledged assets subject to pledge if he acted without permission of the creditor. The creditor could recover the pledged asset from any third-party possessor. If the parties pledged all of the debtor’s present and future assets, they wanted to enable the debtor to dispose of pledged assets in his ordinary course of business.

Accounting as an information base for the social policy implementation in the company’s management

The article considers the economic essence of the concepts of social accounting, sociallyoriented accounting, and social activity. It is found that carrying out social activities requires incurring social costs, which are presumably understood as the reduction of economic benefits in the form of disposal of assets and increase in obligations related to the implementation of company’s social policy. These expenditures result in a decrease in equity (except for a reduction in capital due to its withdrawal or distribution by the owners) within the operational, financial or investment activities of the enterprise.It is stated that depending on the trends, social expenditures should be divided into: personnel costs (wages and salaries (basic, extra, financial rewards and compensation payments), labor protection and occupational safety, personnel training and development, maintaining company’s social facilities); customer costs (warranty service, product quality assurance); state and society costs (taxes, charity donations, regional development programs, support for sports and cultural activities); natural environment protection costs (environmental and ecological payments).The need to display information on social costs in management and financial reporting is confirmed. In this regard, it is proposed to use the management reporting form called “A Statement on Social Expenditures” and the form from section XVI named “Directions of social policies” of the Notes to the annual financial statements, whose items are arranged in four categories: personnel, environment; state and society; customers.It is pointed out that the publication of social reporting has certain advantages for enterprises (a higher credibility from special interest groups; better relations with the state; attracting investments; better business reputation; gaining a competitive advantage; making sound decisions in pursuing social policies) and for the state and society (encouraging socially responsible business; efficient use of resources; drawing attention to sustainable development; information transparency).The need for state regulation of social reporting in Ukraine is emphasized, and it is claimed that the lack of it brings into question reliability and validity of the information provided by enterprises in such reporting.

Accounting practitioners perception over the impact of IFRS implementation on the performance of entities in the construction sector from the western region of Romania

Abstract Through this paper, we want to identify the correlations between the benefits and costs of adopting IFRS standards in construction entities in the Western Region of Romania and their performance, using the Pearson correlation coefficient, which measures and describes the direction, degree and form of the association between two variables, thus obtaining high, reasonable, weak and very weak links between the benefits / costs and the performance of the entity. The tool used in the research undertaken by construction companies is the questionnaire. The questionnaire “On the Costs and Benefits of IFRS in Construction Companies in the Western Region of Romania” was disseminated among professional accountants in order to identify the perceptions of economists operating in construction companies in the Western Region Romania on the costs and benefits of implementing international standards. Thus, through this paper we aim to identify the correlations between the following benefits and costs: - Benefits of implementation: comparability of information, increased transparency, increased access to capital, cost savings, reduction of informational asymmetry, - Implementation costs: IFRS readiness level, complexity of standards, link between accounting and taxation, existing accounting tradition, costs associated with IFRS conversion, and - Performance of the entity viewed from the perspective of: total revenue and turnover. In the research, we chose to present the analysis of compared to both the total revenues and the turnover, because the difference between the two economic-fiscal indicators is mainly represented by the financial revenues and the incomes from the disposals of assets.

A Critical Analyse of the Enforcement of the Public Procurement and Assets Disposal Act No. 33 of 2015 and Its Regulations.

It is indeed undisputed that Kenya has made a tremendous milestone in the Public Procurement. This has been attained through the enactment of the Public Procurement and Assets Disposal Act No. 33 of 2015 and the Public Procurement and Assets Disposal Regulations of 2006; both of which aim at ensuring the process of public procurement conforms with the constitution by ensuring that it is fair, equitable, transparent, competitive and cost-effective and allows for public participation. However, it is equally important to note that, in as much as various measures have been undertaken to ensure there is tremendous reforms in the public procurement system, the public procurement processes are still conducted in secrecy, and they are inefficient and often corrupt and as a result wasting huge amounts of tax payers' money. Therefore, given the huge amounts of tax payers' revenue involved in both county and national government procurements, it is in the best interest of the tax payers' that the procurement process should be conducted in a manner that seeks to ensure the prudent use of available resources, integrity and fairness. Furthermore, these research concludes that the Public Procurement and Assets Disposal Act 2015 has not been fully enforced as required by law and thus proper enforcement systems ought to be embraced by both the county and national governments in conjunction with the relevant Public Procurement Authorities to ensure they enhance compliance to procedures spelt out in the Public procurement and Disposal Regulations and uphold the spirit of transparency, value for money and fairness in public sector tendering.

Право залога в новом Гражданском кодексе Чешской Республики

This article is devoted to analysis of the pledge law regulation in the Civil Code of the Czech Republic. The Civil Code was adopted within a private law reform. The author addresses the fact of renouncing dualistic system of private law. The notion of pledge in Czech law is discussed. The article places special emphasis on the evaluation of the pledge agreement’s position in the pledge relationships together with correlation of the contract and law’s state in course of pledge agreement negotiation. Requirements to the form of contract and its content depending on a pledged assets are esteemed. The article also includes comment on the Czech law approach to the registration of the pledge titles and security interests. The articles of the newly adopted Civil Code are compared with prior legal regulation in the Czech Republic. The author focuses on characteristics of special types of pledge such as pledge of shares, securities, account of paperless securities’ owner, rights in action and special property. The procedure for levying execution is examined in the article in combination of analysis of the role of parties’ declaration of intent in a process of selection of assets disposal method. There are such methods as public sale and enforced sale. Both methods’ procedures are regulated by special laws. The article gives priority of claims in case of asset disposal which is stipulated by the Civil Code.

Financial performance and operating strategies of Malaysian property development companies during the global financial crisis

PurposeThe purpose of this paper is to characterise the financial performance and to identify the operating strategies of property development companies in Malaysia during the 2008 global financial crisis (GFC).Design/methodology/approachThe research approach includes a comprehensive analysis of the financial statements and annual reports of 35 property development companies listed on the Kuala Lumpur stock exchange. The financial statements were analysed to evaluate the financial performance of these companies and to assess the severity of the impact of the GFC on revenues and profits. The operating strategies were determined from a content analysis of the statement to shareholders.FindingsAn aggregated analysis of the financial performance indicates a 23 per cent decline in net profit in 2008. Classifying these companies into two separate sets of distressed and non-distressed companies showed that poor financial performance and a high debt-to-equity ratio pre-GFC led to continuing poor performance during the GFC period and beyond. Survival strategies adopted by distressed companies include the disposal of assets to improve cash flow, refinancing loans, delaying the launch of new projects and reducing their workforce. Non-distressed companies adopted growth strategies such as purchasing land for development, focusing their offerings towards high-end products, vertically integrating and diversification.Practical implicationsThe increased understanding of the financial performance and operational strategies will allow managers of property development companies to improve financial management and adopt appropriate strategies in response to the impact of future financial distress.Originality/valueThe study presented in this paper is the first to analyse the financial performance of Malaysian public-listed property development companies during the period of the 2008 GFC and to link their financial performance to operational strategies.

DEVELOPING A SYSTEMATIC APPROACH TO EVALUATE AND PREDICT BUILDING SERVICE LIFE

Analyzing the reasonable service life of buildings is a critical step to evaluate the decision for building utilization, reuse, or disposal. If buildings manifest service value, sustainable refurbishment and reuse methods can be employed to extend their service life. Previous studies on building service life largely focused on physical obsolescence. Few studies have analyzed other aspects. The objective of the present study was to propose a systematic approach to evaluate and predict the reasonable service life of buildings. First, the Fuzzy-Delphi Method (FDM) and analytical hierarchy process (AHP) were adopted to determine the final evaluation criteria and weights. Second, a mathematical model for predicting building service life was developed by combining the evaluation criteria, six obsolescence factors, and diagnostic scores. Finally, the model was applied to four case studies. The results produced by the model were consistent with those determined by an expert panel, verifying its effectiveness as a tool for decision making for formulating favorable suggestions concerning asset disposal, urban renewal, and renovation. Later obsolescence of buildings can be reduced by taking into account the proposed obsolescence criteria in the construction of new buildings to avoid implementing designs that are prone to obsolescence, thereby enhancing building service life.

Are Pension Contributions a Threat to Shareholder Payouts?

UK companies have been making large contributions to reduce the deficits of their pension funds, and are believed to fund such contributions in part by reducing dividends. Using data from 2003-16, we find little evidence that large deficit-reduction contributions are associated with reductions in regular dividends, though we find some restraint in dividend increases and total payout. Most companies make large contributions when they have healthy cash flows and strong profitability, or inflows from disposals of assets. This suggests that the Pensions Regulator allows companies flexibility regarding the timing of contributions.

Problems of similar counter claims mutual offset in case of bank failure

The article deals with problems of similar counter claims mutual offset between subjects of entrepreneurship and bank institutions to simplify the procedure of termination of obligations. Conditions to terminate obligation with help of offsetting have been investigated. Also, restrictions on property transactions by a bank in case of its bankruptcy have been highlighted. Enrollment counter uniform requirements designed to simplify some aspects of the termination of commitments, because lets stop two of them at once. This is a common and convenient Institute. Still, there are many lawsuits on the application of provided by law to protect the rights in connection with the application for admission counter homogeneous requirements. This indicates that many questions arise when using this institute in practice. In our opinion, systematic analysis of the provisions the Civil code of Ukraine, the Laws of Ukraine «On guarantee system deposits of individuals», «On banks and banking activity» specifies that the parties established legal obligations and bank account agreement is the basis of, and these relations are property and cash in nature which means that in this case, the plaintiff is a creditor for property claims on disposal of assets belonging to him.

Influence of Supplier Prequalification Criteria on Procurement Performance at Kenya Rural Roads Authority in the County Government of Nyamira

Prequalification of suppliers is a critical stage in the procurement process because it helps an organization to identify potential supplier who could be called upon to provide goods and services. If not well done, the procuring entity would result in having to contract the wrong individuals or companies to supply goods services and works. It is also costly to have every procurement assignment to go through the entire process of advertisement and evaluation of suppliers. Working with a leaner group of suppliers would be both time saving and cost effective. All public procuring entities undertake supplier prequalification every year or every two years as per the public procurement and asset disposal act, however, it is not known how this impacts on performance of the procurement function. Kenya rural Roads Authority is a public institution that is highly dependent on contractors to execute its functions therefore its success is dependent on its ability to engage the right suppliers. The general objective of the study is to assess the influence of supplier prequalification on procurement performance at KeRRA, Nyamira County. The independent variables of the study include youth and women involvement, community participation, technical competencies, and contractual capacity. On the other hand, the dependent variable was the performance of procurement at KeRRA. The study utilized the agency theory and resource dependency theory. The study was done at KeRRA, Nyamira County using the descriptive research design. The target population was the staff of procurement department of KeRRA as well as the county government who collaborates in various projects. The target population was 114 from which a sample of 89 was selected using the stratified random sampling technique. The study used questionnaire as the main tool for collection of primary data. The data collection instrument was subjected to a pilot study in selected procurement staff in the neighbouring Kisii County. The study found that there was statistical significance between contractual capacity and procurement performance. The study also found a statistical significance between Youth, Women and Persons with Disabilities involvement in procurement activities and performance procurement. The study found a statistical significant relationship between technical capacity and procurement performance. Similarly, the study found a statistical significant relationship between community support and procurement performance. The multiple correlation effect of 0.538 indicates a relatively strong positive relationship effect between the four independent variables (Community Support, Contractual Capacity, Technical Capacity, Youth and Women Involvement) and the dependent variable (procurement performance). The coefficient of determination (R Square) indicates the variance on the dependent variable attributed to the four independent variables. In this context, the coefficient of determination (R Square) of 0.290 indicates that the four independent variables contributed to 29.0% of the variance in dependent variable. The study recommends that the procurement functions at KeRRA should pay closer attention to the contractual capacity as well as the Youth, women and PAD participation in the procurement as they had significant influence on

Selling the family silver? Institutional entrepreneurship and asset disposal in the English housing association sector

The purpose of this paper is to shed light on English housing associations’ asset management strategies through an analysis of strategic decisions to either dispose of or retain valuable property assets. Drawing on the concept of institutional logics and the use of organisational archetypes, the paper identifies contrasting strategies that London-based housing associations have adopted in response to contemporary challenges. The first, classified as ‘defender’ organisations, represent those who choose to generally retain their stock to leverage finance for future house building and who, in principle, would not countenance property sales. Second, are organisations described as ‘analysers’ who offer pragmatic justifications for the disposal of properties, primarily on economic grounds, arguing that properties are no longer fit for purpose, with proceeds used for replacement stock. The last category represents those depicted as ‘prospectors’ who willingly dispose of their high-valued assets to generate stronger income streams and reposition themselves as institutional entrepreneurs within the housing sector. The paper argues that the strategic decisions taken by these ‘prospector’ housing associations have shaped an agenda, founded on institutional entrepreneurship, to which other organisations are forced to respond. In wider terms, the cumulative effects of selling valuable assets carry the risk of not only undermining core social principles but also potentially exacerbating socio-spatial segregation across the London area.

The Types of Covenants in Bond Issuance Programs of Mining Industry Companies

AbstractIn the article, the authors attempt to quantify the covenants, which are the special terms of the bond issuance programs, reducing a risk of the bondholders. The type and the character of the covenants depend on several circumstances like: financial situation of a bond issuer, industry risk, country risk or economic situation. The most common used covenants refer to several limitations like payments, taking out the loans, issuance of the next series of bonds, credit events, dividend payouts. The separate group of covenants are those which constitute a limitation of an assets disposal, a range of the investments, the mergers and acquisitions or those that refer to maintaining the rating. The belief that the bond issuance is the easiest way of rising the funds in comparison to a bank loan is not fully supported. The covenants have significant influence on a performance of a bond issuer. Some of the covenants cause losing a flexibility of a company and restrict a possibility of making the effective decisions which can lead to rising the risk of a bankruptcy. The limitations included in a bond issuance program could be particularly inconvenient for a company’s development and may demand the assets restructuring which range is hard to predict while a bond agreement is being signed. In terms of using the funds gained from bond issuance for an operating performance, the ability to go in a line with the covenants is less likely while the same funds will be spent on the investments which will generate the profits and amortisation in the future. It allows to gain the appropriate level of EBITDA as well as makes a bond repurchase possible. It is worth to add that the investors and the stock brokers who are responsible for a bond issuance program preparation have an influence on the quantity and quality of the covenants. They define the standard used covenants in the bond agreements. The knowledge and the negotiation skills of the managers have significant influence on the adjusting the bond contracts to the company and branch risk.

Testament jako akt sformalizowany – uwagi w sprawie przyszłego kształtu regulacji dotyczących formy rozrządzeń testamentowych

Testator wishing to dispose of assets through a testament has a choice of several forms of testament: ordinary and special. Preparing the act of last will it's necessary to observe the formal requirements set forth by law, otherwise this will is going to be invalid. The existing provisions about the form don't fully meet the objectives for which they were introduced. Approved forms of will raise a number of concerns, and the regulations governing them require immediate correction. The provisions of the form can be accused of: imprecision, inconsistency, and in some cases the lack of practicality and the lack of adaptation to contemporary needs and opportunities. But above all, unfortunately, they often interfere with the will of the testator. That formalism in practice often thwarts the will of the testator. The rules, which were supposed to protect and make its fulfillment often become an obstacle. Formal requirements introduced, among others, due to the reduction of falsifying wills is not fully recognized. There are necessary changes in regulations concerning the form of the disposition mortis causa. The existing forms of the testament need modifications and some of them total removal. There is a need also to create new types of wills. However, the most important is to enable the maintenance of the statement in force, in the case that the testament is authentic and the testator made it consciously leaving out some requirement of form.

Lender Liability and Fault for Deepening Insolvency: A Comparative Analysis

The issue of how companies in a financially difficult position are to be financed is an important but delicate one. The approach to insolvency will undoubtedly require the directors to consider whether an extension to existing finance or new finance is an option. This consideration is fraught with danger, given that many of the responses directors might take, including asset disposals, payment of the most pressing demands, enhancing existing or granting further security in favor of creditors as well as entering into further funding obligations that may invite creditors to impose higher/greater than usual terms as a measure of the heightened risk of lending at the insolvency threshold, may well attract the use of transactional avoidance measures known to most insolvency systems. As an added peril, to continue trading while within sight of the moment of formal insolvency may also attract the application of wrongful or insolvent trading rules, also a feature of many developed legal systems. General misfeasance, of which the above may be particular illustrations, may also attract liability. The justification for the rules dealing with the avoidance of transactions, wrongful trading and misfeasance (more generally) is that continued trading and transacting may have a disadvantageous impact on the position of creditors overall. Thus, directors are to be encouraged to seek help at the earliest opportunity, by engaging turnaround, pre-insolvency and insolvency measures, whichever may be appropriate. Thus, they can avoid exposure to liability and the chances of litigation being brought by an insolvency office-holder keen to ensure that the estate is restored to the position it ought to have been in had these transactions not taken place. It is the intention in this article to look at two contrasting approaches to creditor liability, that in France, where a generalized principle exists, albeit attenuated by insolvency law reforms in the mid-2000s, and that in the United Kingdom, where contractual freedom and a robust lending culture have given less room for the development of creditor liability rules except in very limited and carefully crafted instances.