Financial Budgeting Research Articles

Parental roles, financial literacy and budgeting behaviour: a survey during the COVID-19 pandemic

PurposeThis study aims to provide evidence on the importance of parental financial heads in the family in promoting students' financial literacy levels and budgeting habits.Design/methodology/approachUsing survey data on 730 college students in Vietnam, this study investigated the relationship between parental financial heads, students' financial literacy and budgeting habits. Multiple regression and logit function are the primary approaches in the study.FindingsThis study found a positive association between parental head roles and students' financial literacy and budgeting habits after controlling for demographics. Students whose parents are primarily responsible for financial decisions in the family perform higher in financial literacy and make a budget more frequently. The results are robust to alternative approaches.Practical implicationsThis study’s results help parents, especially mothers who are often more vulnerable in the family, better understand the important role of being the financial deciders in the family and how this can increase their children's financial literacy and help their children manage money more effectively.Originality/valueThis is the first study to address the importance of parents' head roles in enhancing students' financial literacy and budgeting behaviour.

Financial Literacy: A Bibliometric Analysis for the Period of 1990-2021

Financial literacy can be defined as the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning. This paper analyses the publications on Financial literacy, and their intellectual structure and networking. The bibliometric data on Financial literacy research have been extracted from the Scopus database. This study finds the most productive countries, universities, authors, journals, and most prolific publications in Financial literacy, by examining the published works. Also, the study visualizes the intellectual network by mapping bibliographic coupling (BC) and co-citation. The study’s essential contribution is the analysis of Financial literacy developments and trajectories that can help scholars and practitioners to appreciate the trend and future studies.
 
 Keywords: Financial literacy; systematic review; future research; bibliometric analysis.

AI‐enabled IT capability and organizational performance

AbstractIn recent years, with the rapid development of information technology, the impact of AI on budget management and organizational performance has attracted attention. This paper studies application of AI in budget management. Applying AI in capital budgeting and financial budgeting is effective in a changeable environment. At the same time, it has been found that AI can significantly improve organizational performance.

Statistics: An Intrinsic Part of Everyday Life

Fast becoming an ever-present reality in our day-to-day lives, statistics play an intrinsic and contemporary role in our everyday activities, especially, in today’s data-driven world. Owning to its definition as the science of collecting, summarizing, presenting and interpreting information, statistics helps us understand the world a little bit better through numbers as well as other quantitative and qualitative source of information. Although statistics originated many centuries ago, its impacts and applications have evolved in recent years as modern statisticians have advanced applications of statistics through innovative, problem-solving approaches, far beyond its historic use by governmental offices to capture censuses in order to track population sizes and growths (Michigan Technological University, 2021). One of these modern statisticians was Sir Ronald Aylmer Fisher (1890 - 1962) who was active as a mathematician, statistician and geneticist. Although trained as an (evolutionary) biologist, Fisher was referred to as the “father of the modern science of statistics” as he single-handedly created the foundations for modern statistical science (Anders, 1998). He further pioneered the design of experiments principles, small samples statistics and the analysis of real data. He went on to published a book titled “Statistical Methods for Research Workers” in 1925, which later became one of the 20th century's most influential books on statistical methods and even to date. His notable works includes the popularly used F-test, F-distribution, Fisher’s exact test, maximum likelihood estimation, random effects models and analysis of variance, to mention a few. The importance of statistics being relevant to nearly every area of our lives cannot be overemphasized enough, to the extent that all countries over the world have at least one national statistical agency operating within their respective countries that manages critical information related to labour trends, health, education, political campaigns and many more. Statistics has influenced and is still influencing the operations of industries such as the sales and financial markets, profit and non-profit organizations, meteorological services, medical care services, manufacturing, urban planning, education, law, and even social media analytics (to mention a few). In this present world, we as individuals and organizations regularly use statistics to make daily financial and non-financial planning and budgeting decisions that affects our lives. For example, consider the daily forecasted weathers, lending risks at banks, impacts of economy crises, healthcare financial policies, traffic flow operations, investment payoffs, urban planning with respect to population growths and declines, predicting diseases, stock markets, human psychology behaviours, insurance pay-outs, and political election results. All these, and more, are statistics and/or derived from statistics. Another simple life application of statistics is the global daily recorded number of COVID-19 cases, deaths, recoveries and vaccination numbers. As of 23 August 2021, a total of 212,679,403 COVID-19 cases were recorded, with 4,446,610 deaths and 190,301,359 recoveries, with majority of these cases reported in the United States of America, India, Brazil, United Kingdom, France, Russia, Turkey and Italy (Worldometer, 2021). Again, all these basic figures were all compiled through the use of statistics in various regions, states, countries, provinces and continents all over the world. Thus, statistics is heavily used in many different fields for a variety of applications as showcased in this journal issue.

Performance Management of University Financial Budget Execution Relying on Comprehensive Budget Management Strengthening Model

In order to improve the effect of college financial budgeting, this paper combines the comprehensive budget management strengthening model to construct the school financial budget execution performance management model and selects data envelopment analysis (DEA) and stochastic frontier analysis (SFA) as empirical analysis methods. Moreover, this paper puts forward the idea of analyzing the proportion of investment funds and obtains the optimal distribution proportion through mathematical methods. Under the circumstance that the total funding input remains unchanged, this paper adjusts the investment ratio to improve the efficiency of the colleges and centers in the school and combines actual needs to construct an intelligent model of financial budget execution performance management for colleges and universities that relies on the comprehensive budget management enhancement model. In addition, the model effect verification is carried out on this basis. According to the research, the energy system proposed in this paper plays an important role in the performance management evaluation of the financial budget implementation of colleges and universities and can effectively improve the effect of college financial budgets.

УПРАВЛІННЯ ОБОРОТНИМИ АКТИВАМИ НА СУЧАСНОМУ ПІДПРИЄМСТВІ

The article is devoted to the substantiation of the scientific and theoretical foundations and factors of influence in the management system of current assets at a modern enterprise. The object of the research is the processes of formation of circulating assets at the enterprise of the State Enterprise «Ukraerorukh» in the context of the study of tendencies to strengthen measures in the management system. The purpose of the work is to deepen, based on the analysis of the formation of circulating assets at a separate enterprise, the scientific and theoretical foundations and the development of proposals for the management of circulating assets in modern economic conditions. 19 Research method – theoretical and analytical substantiation of the processes associated with the management of current assets at the enterprise. The task of ensuring stability in all processes and activities that are important at the enterprise is an indispensable condition for its effective functioning, in which the working capital plays a decisive role, that is, that part of the enterprise's assets that create its necessary material basis. In the article, based on a more indepth study of the basic scientific and theoretical foundations and analytical calculations on the movement of circulating assets for individual structural elements at the enterprise of the State Enterprise " Ukraerorukh ", a number of measures are proposed to manage the circulating assets of enterprises in modern economic conditions in the context of maximum consideration of possible factors and associated risks due to the influence of the internal and especially the external environment. The authors provide their own definition of the category "current assets" The results of the article can be used by domestic enterprises, regardless of the industry to which they belong, in the system of current financial planning and budgeting and in developing financial strategy. Forecast assumptions about the development of the object of study - the search for new management measures and the introduction of a method of optimizing financial decisions, which involves the implementation of a comprehensive model of cash settlements. KEY WORDS: CURRENT ASSETS, CASH, RECEIVABLES, VOLUMES, ENTERPRISE, STRUCTURE, MANAGEMENT, FINANCIAL PLANNING, BUDGETING.

ПРОБЛЕМИ УДОСКОНАЛЕННЯ ПРОЦЕСІВ АВТОМАТИЗАЦІЇ ФІНАНСОВОГО ПЛАНУВАННЯ НА ПІДПРИЄМСТВАХ

The article analyzes the impact of digitalization on the system of financial planning and budgeting of modern enter-prises, reveals the main reasons for the lack of high-quality financial planning among domestic economic entities. The ad-vantages and disadvantages of digitization processes in the financial and economic activities of enterprises, tasks and possi-bilities of automation of financial planning and budgeting processes are formulated. The essence, main characteristics and features of domestic and foreign software products used by business entities in budgeting and financial planning are ana-lyzed. The main stages of the automation process, as well as the problems of increasing the efficiency of the automation pro-cesses of financial planning and budgeting at domestic enterprises, are determined

ОСОБЕННОСТИ ВНЕДРЕНИЯ МОДУЛЯ ERP-СИСТЕМЫ "1C:ERP" В ФИНАНСОВУЮ ДЕЯТЕЛЬНОСТЬ ЭНЕРГЕТИЧЕСКОГО КОМПЛЕКСА

The paper reveals the features of the energy complex in the field of financial planning, within which an analysis and survey of the business process "Financial planning and budgeting" was carried out, bottlenecks were identified. Recommendation measures have also been formed for the implementation of the financial module of the 1C:ERP system.

ОБЛІКОВА ПОЛІТИКА ЩОДО ВЛАСНОГО КАПІТАЛУ В КОНТЕКСТІ РІЗНИХ ОРГАНІЗАЦІЙНО-ПРАВОВИХ ФОРМ СУБ’ЄКТІВ ГОСПОДАРЮВАННЯ

The article is devoted to the substantiation of the scientific-theoretical and regulatory framework for the formation of own capital of business entities in modern conditions. The object of the study is the processes of forming the equity capital of a joint-stock partnership in the context of the current legislative provisions and requirements for determining its components, as well as ensuring an effective accounting policy as an element of organizing an accounting system. The purpose of the work is to substantiate the theoretical and methodological principles of creating equity capital by entities of various organizational and legal forms of management and the features of the formation of accounting policies by them to provide the accounting system with complete and reliable information about their financial and property status and its appropriate reflection in financial statements. Research method is a theoretical and legal substantiation of the processes associated with the determination of the accounting policy of the entity's own capital in the context of a separate organizational and legal form of management. The tasks of ensuring economic stability in all types of activities of the enterprise are primarily solved due to the presence of equity capital in the required volumes as the basis of the resource base, as well as the implementation of an effective accounting policy in order to ensure complete and reliable information. 21 Тhe article proposes a number of measures for the formation of accounting policies by business entities belonging to the joint-stock sector in the context of the tasks of obtaining complete and realistic information on all components of equity capital in order to make timely effective management decisions. the authors provide their own definition of the category «own capital» and «accounting policy of the equity capital of a joint-stock company». The results of the article can be used by domestic both joint-stock and other enterprises of the corporate sector, in the process of current financial planning and budgeting, the foundations of which by a business entity should be built on the basis of the current accounting policy, which determines, first of all, all components of equity in the system of resource provision. Forecast assumptions regarding the object of study - the search for new measures to ensure the accounting system in conjunction with the accounting policy regarding the formation of equity capital along with joint stock structures and entities of other organizational and legal forms of management. KEY WORDS: EQUITY, JOINT STOCK PARTNERSHIPS, BUSINESS ENTITIES, ACCOUNTING, FINANCIAL ACCOUNTING, FINANCIAL ACCOUNTING OF LIABILITIES, LEGAL FORMS, ACCOUNTING POLICY, FINANCIAL REPORTING, MANAGEMENT ACCOUNTING, BUDGETING

The concept, essence and stages of financial planning and budgeting at the enterprise

Despite the intense competition in business, for successful work, enterprises have to outstrip their competitors not only in terms of technology and indicators of core operating activities, but also in the quality of management systems that ensure a quick response of business entities to changes that occur. Now enterprises are interested in realistically presenting their financial situation not only today, but also in the near future. This is necessary in order to effectively develop its economic activity and timely fulfill its obligations to the state, business partners and other enterprises and organizations. In a market economy, which is characterized by the independence of business entities and the own responsibility of enterprises for the results of financial and economic activities, there is an objective need for constant monitoring, analysis, adjustment and forecasting of changes in the financial condition and assessment of the financial capabilities of the enterprise for the future. The use of budgeting contributes not only to the recovery of those firms where it is used, but also has a great impact on the global processes of strengthening and enriching the national economic system. Therefore, the main purpose of budgeting is to predict the receipts of the enterprise, determine costs, the effectiveness of each economic and financial situation, justify the likely direction of using the financial resources of the enterprise. This is what determines the relevance of our research. A significant contribution to the development and analysis of the methodological, theoretical and practical foundations of budgeting at the enterprise was made by the following domestic and foreign scientists: S. Beloblovsky, M.D. Bilyk, S. Kovtun, S.F. Golov, Z.M. Levchenko and P.V. Ivanyuta, A.A. Tereshchenko, Jailo G. Siegel and Jai K. Shim et al. Based on the relevance and degree of scientific development of the problem, the purpose of the work is to study financial planning at an enterprise, its features and principles of construction, as well as directions for increasing the efficiency of its application. The subject of the research is the financial budgeting of the activities of business entities. To solve all the tasks, such methods were used as analysis and synthesis, generalization to combine the thoughts of different scientists, comparison when considering various classifications of enterprise budgets, description of financial budgets. The informative basis of the research in the course of the study was textbooks and teaching aids, scientific works of leading domestic specialists in the field of theory and practice of financial planning and budgeting, in which a description of financial budgets is given in the most complete and accessible form, conference proceedings. The theoretical provisions, conclusions and proposals developed in the work for assessing the prospects for the development of an enterprise deepen the systemic approaches to their study, and also create the basis for predicting its future financial and economic state and substantiation of possible ways of developing budgeting in the financial planning system at the enterprise.

On the problems of implementing measures of social support for health workers during the COVID-19 pandemic

The article is devoted to the study of problems related to the implementation of social support measures for healthcare workers in the context of the development of the COVID-19 pandemic and its consequences. In order to assess the current system of social support measures for medical workers, the author turns to a retrospective analysis of social support measures contained in the previously existing legislation. From the author’s point of view, today the most effective mechanism is the measures of material incentives taken, carried out in the form of payments.Attention is drawn to the lack of unified approaches to the implementation of incentive measures in practice, in particular, in the constituent entities of the Federation. The author emphasizes the imperfection of the current system of compulsory medical insurance and the importance of introducing a regime of “special regulation of health protection”. A positive assessment of the financial budgeting system is given, with the help of which it was possible to launch the mechanism of “payments to medical workers during the COVID-19 pandemic” in a timely manner.

Personal Financial Management Practices and Demographic Factors on Financial Wellbeing of Medical Doctors Employed in Public Hospitals Nairobi County, Kenya

Financial wellbeing is very important in both a personal and organizational level. Medical doctors are among the well-remunerated workers in Kenya. However, according to Kenya Medical Association 2017 financial information, it indicates that 70% of medical doctors employed under public hospitals in Nairobi City County Kenya are struggling financially. This study sought to determine the impact of financial knowledge on financial wellbeing of medical doctors employed in public hospitals Nairobi County, to determine the effect of demographic factors on financial wellbeing of medical doctors working in public hospitals Nairobi City County, to establish the effect of financial disposition and budgeting habits on financial wellbeing of medical doctors employed in public hospitals Nairobi County, to find out the effect of financial saving behavior on financial wellbeing of medical doctors employed in public hospitals Nairobi County and to define the moderating effect of economic condition on the association between personal financial management and financial wellbeing of medical doctors employed in public hospitals Nairobi County, Kenya. This study was anchored on Keynesian absolute income hypothesis, Prospect theory, Lifecycle savings theory, Permanent income hypothesis, Relative income hypothesis, and Savings and investment hypothesis. This study used descriptive research design and data was collected from a target population of 259 doctors employed by the Nairobi City County government. The Yamane formula was used to obtain the sample size. Primary information assembly was done utilizing a semi-structured survey provided to the specialists through dropping and picking later strategy. Descriptive statistics was used to analyze the gathered information; mean, mode, middle, standard deviation, tables, figures, rates, and frequencies. The relationship between the variables was established by the use of inferential statistics. The knowledge of financial products (b=.354, t = 5.429, P<0.05), financial disposition and budgetary habits (b=.117, t = 2.397, P=.018), and financial saving behavior (b=.110, t = 5.316, P<0.05) had a positive statistically significant association with financial well-being of doctors. A unit increase in personal financial management increased financial wellness by 0.104 (b= .104, t=5.089, P<0.01) and was not moderated by the economic condition of doctors statistically significantly, P=.811. This study concluded that personal financial management was a predictor for financial wellbeing of doctors employed in public hospitals Nairobi City County. Overall, as personal financial management increased, the financial wellbeing increased. The recommendation was that training programs on financial products and diversification of investments are needed for medical doctors at the County level, as a large proportion of medical doctors did not own financial products nor attended training on personal financial management.

ANALYZING FINANCIAL LITERACY OF INDIAN ENTREPRENEURS – A STUDY OF MSMEs

Entrepreneurs are constantly involved in decision making activities where the substantial decisions are financial in nature. So, increasing the financial literacy levels of entrepreneurs can play an effective role in efficient management of business finance and handling of financial risks and opportunities.This paper is an attempt to examine the financial literacy of MSME entrepreneurs along four dimensions- preparation and use of accounting statements; savings, investments and insurance; financial budgeting; and management of debt.The study is descriptive in nature. Since the majority of medium firms exhibited a higher level of financial literacy as compared to small and micro firms, so the policy makers, practitioners and other stakeholders should focus more upon the enhanced financial education needs of micro and small firms.

Financial Management Skills and Affordability of Housing in Nakuru County

This study sought to determine the relationship between financial management skills and house affordability. The study adopted positivist, cross sectional design to collect, analyze and make conclusions on the relationship between the two variables. Heads of households were identified as the respondents in this study, where us each household was considered as unit of analysis. Research data was collected through structured questionnaires and interview guides. Data was collected from 384 households in London, Kaptembwa, Kapkures, Rhonda, Shaabab, Biashara, Kivumbini, Flamingo, Menengai and Nakuru East wards within Nakuru East and Nakuru west sub-counties. Results from the study revealed that financial management skills are a significant determinant of house affordability. In fact, it was evident that financial planning, budgeting, expenditure and financial control among other skills are very critical in the journey towards house ownership. The study recommends that individuals should enhance financial management skills through trainings and seminars. Financial institutions, as well as the government can support the households by organizing training opportunities, especially for low income households. The study recommends that further study should focus on financial management areas that are key to low income households and how such skills can be used towards house ownership Keywords: Financial Management Skills, Housing Affordability, Nakuru County DOI: 10.7176/RJFA/12-20-05 Publication date: October 31 st 2021

Implementasi Manajemen Pembiayaan di MTs An-Nawawi 01 Berjan Purworejo

Education funding is one of the central systems in education, financing is part of the support of the implementation of education because it involves the operational financing of education implementation from the smallest to the largest operational funding. This research discusses the implementation of financing management in An Nawawi 01 Berjan Purworejo MTs. This study uses a qualitative descriptive approach and data collection techniques used are observation, interviews with employees of the treasurer of the madrasa and documentation related to financial records at An-Nawawi 01 MTs Berjan Purworejo. Data creatiability test is done by using triangulation, data dependability test, transfermability test and confirmability test. Data analysis techniques using qualitative descriptive analysis techniques with stages of data collection, data reduction, data presentation, to drawing conclusions. The results showed that the implementation of financial management in MTs An-Nawawi 01 Berjan Purworejo began with financial planning (budgeting) through the process of financial budgeting that was carried out in accordance with stages systematically. Execution / accounting (accounting) with accounting books is general cash books, invoices, cash assistance books, salary receipt books, bank supporting books and financial statements. The financial supervision process begins by making the RAPBM the standard for overseeing the implementation of supervision both internal and external.

Проблемы и перспективы развития стратегического планирования корпораций в цифровом технологическом укладе

Objectives. 
 A set of theoretical, methodological and practical approaches to the development of strategic planning of corporate activities in the transition to a digital technological system.
 Methods. 
 The application of a comprehensive scientific approach is based on a combination of General scientific and special research methods: retrospective, system analysis and synthesis, comparison and generalization, and evolutionary.
 Results. 
 As the analysis of existing approaches to the definition of the digital economy has shown, there is still no consensus on the definition and content of this term, which leads to problems in identifying the elements that are included in it. The development of strategic planning in the digital economy determines the specifics of the planning process, the choice of appropriate methods and their implementation. A model of the enterprise strategic planning digitalization platform is proposed, reflecting the most significant subsystems, which can be modified taking into account the specifics of the company's actions in the external environment, as well as based on the competitive advantages of the internal environment and the relationship of the leading structural elements.
 Conclusions and Relevance. 
 Companies in the new business environment need new approaches to strategic planning that take into account current management aspects. The introduction of digital technologies will maximize the use of information technology resources in order to increase the productivity and financial performance of corporations. The process of managing the company's strategy using digital technologies allows you to conduct operational control over revenues and expenses, optimize inventory. The development of strategic planning of enterprises should be synchronized with the corresponding improvement of the regulatory framework. The identified features of the formation of indicators of companies ' competitiveness, as well as the scheme of digitalization of the platform for strategic planning of their activities can be recommended for use in the practice of corporate financial management, long- term financial planning and budgeting.

Financial Management for the Journals Office

MODERATOR: Dana Compton Managing Director and Publisher American Society of Civil Engineers Reston, Virginia SPEAKERS: Kathleen Gaffney Consultant KG Publishing Solutions New York, New York Erin Landis Vice President of Publications American Gastroenterological Association Bethesda, Maryland Dana Compton REPORTER: Heather DiAngelis Associate Publications Director, Transportation Research Board National Academies of Science, Engineering, and Medicine Washington, DC At the Council of Science Editors’ 2021 Annual Meeting, 3 speakers from diverse organizations presented at the virtual session with the intent of providing an introduction to financial models, budgeting, profit and loss statements, and journal health assessment in order to maximize publication success. Kathleen Gaffney, Consultant at KG Publishing Solutions, kicked off the session with an overview of how to become involved with finances within an organization, even if it means starting small. She noted that one of the most important aspects for starting is understanding your organization’s journal goals and strategies. Every journal is unique in its finances; for instance, some journals are mission-driven while others are profit-driven. She went on to explain the difference between self-published societies (in-house publishing operations in which the society collects all revenue and pays all expenses) and contract publishing (in which a society is responsible for editorial content but a publisher collects all revenue and pays all expenses while making some payments to the society). Next, she discussed different journal ownership models for commercial and university publishers, including proprietary, society, society-controlled, and society-affiliated. Gaffney then introduced various journal publishing business models for obtaining revenue, including […]

Applications of Data Analytics: Cluster Analysis of Not-for-Profit Data

ABSTRACTSince data analytics enables data exploration and the uncovering of hidden relationships, in this study, we use cluster analysis to gain more insight into governmental data and financial reports. This research initiative is performed using the Design Science Research (DSR) methodology, where we develop and apply an appropriate artifact. We apply our artifact to two different datasets: the first uses the U.S. states' financial statements, and the second utilizes survey results from the Volcker Alliance about states' budgeting performance. In both applications, we demonstrate how clustering may be used on governmental data to gain new insights about financial statements and budgeting. This study contributes to the literature in two ways: First, the two applications bring advanced data mining techniques into the not-for-profit domain; and second, the results provide guidance for auditors, academics, regulators, and practitioners to use clustering to gain more insights.

Analysis of the Structure of Public Hospitals Administration in Iran: A Qualitative Study

Background: Public hospitals account for approximately 80% of the health system resources while producing only 20% of the public sector's output. Objectives: This study aimed to analyze the current administration structure (strengths, weaknesses, solutions, and proposed models) of Iranian public hospitals. Methods: This study is qualitative research with a phenomenological approach. The required data were collected using semi-structured interviews with 58 national experts in the field of hospital management who were selected based on the purposive sampling method. Data were analyzed using the conventional content analysis method. Results: Nine main themes and 34 sub-themes were identified in the weaknesses. The strengths contained four main themes and 16 sub-themes. The proposed solutions had five main themes and 22 sub-themes, and the proposed models from the experts' points of view were composed of four main themes and six sub-themes. The important weaknesses were low commitment and motivation, poor financial management and budgeting, and centralized decision-making and management. The strengths included strong infrastructure, extensive service delivery, government support, and positive social functions. The most important proposed solutions were complying with the requirements of structural reform, development of related assessment indicators, public-private partnership, payment system reform, delegation, manpower management, hospital organizational structure, and reform of the tariff system. Finally, the model of the Board of Trustees, while maintaining government ownership but observing the legal requirements of this structure, was the main suggestion of experts on reforming the structure of the administration of public hospitals in Iran. Conclusions: According to the expert’s opinions, the current structure of Iranian public hospitals has many problems. Managers and policymakers can make the necessary corrections based on the solutions and models proposed in this study.

Modelling costs of community-based HIV self-testing programmes in Southern Africa at scale: an econometric cost function analysis across five countries

BackgroundFollowing success demonstrated with the HIV Self-Testing AfRica Initiative, HIV self-testing (HIVST) is being added to national HIV testing strategies in Southern Africa. An analysis of the costs of scaling...