Financial Capital Research Articles

Transgender Men and Non-Binary Students Managing Their Identities to Pay for College

Compared to previous generations, U.S. college students must increasingly rely on non-government sources of money to pay for college. Yet, paying for college looks markedly different for students from marginalized communities, given historical exclusion and inequitable access to financial capital. Using data from a longitudinal study of transgender men and nonbinary students, I argue that identity management is a key tactic these students use to pay for college and navigate competing financial priorities. Ultimately, this study can help researchers and policymakers better address issues of affordability, while more clearly understanding the unique nature of identity management for transgender students.

NATIONAL COMPETITIVENESS ASSESSMENT: SEARCHING FOR AN ALTERNATIVE METHODOLOGY

The article presents the results of applying the author's methodology for assessing national competitiveness, based on an analysis of the effectiveness of macroeconomic systems in the operation of nine main growth factors in relation to 91 states in the period from 2003 to 2021. The results obtained demonstrate certain discrepancies with the data of international ratings of national competitiveness; however, they reflect the author’s concept of its assessment, which implies the effectiveness of the marketization of natural, human, and financial capital by macroeconomic systems and not the infrastructural and institutional quality of the latter.

돈의 사회적 가치와 의미 탐색

The aim of this story is to represent through novel writing the way financial subjects of different generations give social value and meaning to money based on financial education at home. The research results are briefly presented as follows. The main characters in the novel used money in different ways depending on the socioeconomic conditions and context of their lives, and the social meaning and value assigned to money was also different. However, despite the three generations in the novel having different values and meanings surrounding the use of money, they each showed similarities in seeking liberation from labour and money in their own way. Ultimately, the social meaning and value attached to the use of money changed depending on socioeconomic and historical conditions and the context of individual life. However, money was a social apparatus and mechanism that realized the individual’s self through liberation from labour and money itself and expressed the way and form of life. This story will contribute to elucidating and expanding the social value and meaning of money by describing the financial behavior and financial attitudes of three generations of financial subjects differently handling money. In addition, the results of this story shed light on personal and social conflicts surrounding money and well-being by exploring the social values and meanings of the use of money in different generations, and help financial subjects make wise financial decisions and manage their finances in financial capitalism.

Критика глобального кризиса капитализма с позиции современных российских ученых

Chinese Marxist philosophers analyze the critical understanding by Russian scientists of the global crisis of capitalism and the prospects for social development in the 21st century. It is noted that the global crisis of capitalism is a natural stage of systemic contradictions in the logic of bourgeois development, and that modern problems of the capitalist economy are rooted in the inevitability of cyclical crises in conditions of market production and the hegemony of financial capital. It is suggested that the global crisis of capitalism is a cumulative manifestation of globalization in the 21st century, reflecting the fragility of the alliance of capitalist countries and intensifying the confrontation between the great powers in the context of the transformation of the international order. This, as noted in the articles, indicates the inability of the neoliberal system to cope with the challenges of the modern world. The international community must overcome the contradictions of internationalism and nationalism, based on Marxist ideas of the state, social community and human wellfare, which is the starting point for building global socialism.

Considerações acerca de certa presença spinozista na obra de Laurent Bove e Mark Fisher

Este artigo pretende abordar as contribuições contemporâneas dos pensadores Laurent Bove e Mark Fisher, os quais, cada um à sua maneira, reivindicam a atualidade e a efetividade de certos conceitos e noções do filósofo seiscentista Benedictus Spinoza (1632 – 1677). Em Laurent Bove, a fundamentação e a disseminação de uma clínica política, ao mesmo tempo singular e social, se desdobram sob a relação entre conatus e liberdade, sempre correspondendo às regras afetivas e intelectuais do projeto autônomo da multidão, tal como formulado por Spinoza. Mark Fisher, por sua vez, partindo do conceito spinozano de entidade, produz uma articulação conceitual entre materialismo gótico e cyberspinozismo que visa à criação de um corpo coletivo, imanente e antagônico à tirania do capitalismo financeiro. Além disso, alicerçado na teoria dos afetos de Spinoza, desenvolve uma análise ética do seu tempo que também pretende ser um chamado à ação política. Finalmente, este trabalho objetiva esclarecer o que há de comum entre os dois autores, a saber, a aposta na ação política como potência que carrega consigo uma força constituinte inalienável, além de discutir como essa característica reafirma a pertinência de mantermos um diálogo sempre atento e vibrante com a filosofia de Spinoza.

Cultures of social markets

Social enterprises and markets have too often been conceived of as distinct, small, and usually marginal segments of the wider business community and economy. Yet the macro-cultural and policy contexts between countries and regions have historically delivered very different forms and levels of enterprises, social responsiveness, impact, and accountability, from the Scandinavian social contract to Chinese state enterprises, and from the Anglo-Saxon forms of corporate governance to the co-determination models from Germany to Taiwan. This article explores some of these developments, building on a broader view of ‘social enterprise’ as concerning the translation of societal values into enterprise aims, activities, configurations and social markets, concerning how such practices are embedded into markets and economies. Drawing on the author’s research and reflections, the article points to the current opportunity and risks in establishing a broader agenda and practice of social enterprises linked to the decline in the historically dominant Anglo-Saxon approach to privileging financial capital.

Comparing the Efficiency of European Banking Sectors from the Financialisation Perspective Using the DEA Method

Research background: The importance of the financial sector for the real economy has increased as there has been a transition from industrial capitalism to financial capitalism in recent years. The increasing importance of the financial sector is referred to as financialisation, and it is undoubtedly associated with finance, financial operations, or an increase in the importance of profits generated by financial activities. Financialisation is a long‑term process characterised by the growth of the banking sector. Purpose of the article: This article compares the effectiveness of banking sectors in the European Union (EU) countries from the financialisation perspective.
 Methods: The study determined the efficiency of the banking sectors for the 28 EU countries using an input‑oriented, non‑radial BCC model in 2017 and assessed changes in the efficiency of the entities studied using the Malmquist index between 2008 and 2017.
 Findings & value added: With certain outlays and effects, the banking sectors of seven countries were effective in 2017 from the financialisation perspective: Cyprus, Denmark, France, Luxembourg, Malta, Sweden, and the United Kingdom. The effectiveness of individual inputs for the banking sectors from each country was then determined, and benchmark leaders were identified. The analysis of the dynamics of changes in the efficiency of the banking sectors showed that Sweden had the highest values of the Malmquist index between 2008 and 2017 (where efficiency increased by 37.7%).

Not so ‘dumb money’? Constituting professionals and amateurs in the history of finance capitalism

This article examines the historically contentious relationship between the financial market and the public as discussed in academic literature, financial journalism and prescriptive how-to invest handbooks during the late 19th and early 20th centuries. Although financial markets thrive off active public participation, speculating at stock and commodity exchanges has been a sanctioned ritual reserved for a privileged minority. We argue that the financial establishment’s intent to control market access through financial entry-barriers (such as exchange membership fees and margin requirements) has been part of a bigger story we need to understand: a history of delegitimating uninitiated ‘lay speculators’ through the construction of exclusionary narratives about unfit amateur investors and morally corrupt publics. We conceptualize this process as an ongoing and delicate boundary-making exercise contributing to a market participation discourse that has been characterized by a set of reductive binaries, such as those of insider–outsider, professional–amateur and speculator–gambler. We show, however, that attempts to delineate popular participation in financial markets through these binaries have been complicated by the idea that besides being a force of market instability and collective irrationality, the public was a largely untapped source of liquidity. We argue that today’s discourse on public participation in financial markets resuscitates these simplified narratives and propose a more nuanced view of non-professional market participants being both destabilizers and liquidity-providers.

PENGARUH KINERJA KEUANGAN, STRUKTUR MODAL DAN GREEN ACCOUNTING TERHADAP NILAI PERUSAHAAN

This study aims to determine how the influence of Financial Performance, Capital Structure and Green Accounting on Firm Value. This type of research uses associative quantitative, the object of research is pharmaceutical companies listed on the Indonesia Stock Exchange in 2018-2022, using purposive sampling method in collecting data samples and the type of data used is secondary data. The total population in this study were 12 companies and the total sample of 10 companies so that 50 observation data were obtained in this study. Analysis of the data used in this study using panel data regression using the Eviews 12 Software. The results of the study indicate that Financial Performance, Capital Structure and Green Accounting simultaneously have an effect on Firm Value, Financial Performance has no effect on Firm Value, Capital Structure has an effect on Firm Value and Green Accounting has no effect on Firm Value.

Livelihood status of the fishing community of Mahakanadarawa reservoir in Anuradhapura, Sri Lanka

Mahakanadarawa reservoir located in Anuradhapura is one of the major, perennial reservoirs in Sri Lanka, extending over 1,457 ha. It provides livelihood opportunities through fisheries, irrigation for agriculture, and fostering economic growth in the surrounding region. Yet the fisheries-based livelihoods of the Mahakanadarawa reservoir have not been fully assessed. Hence, this study investigated the fishery and fisher profile of the reservoir. Primary data were collected from eight landing sites. A pre-tested questionnaire was used to interview 72 fishermen using a mixed method. Main variables including social, human, physical, natural, and financial capitals, fishery profile, fish and fisheries-based post-harvesting techniques, market chain analysis, and fisheries management practices, catch per unit effort for the gillnet fishery were calculated. Secondary data including stocking fish fingerlings and species-wise harvesting data for the past 10 years were collected from the district aquaculture extension office (Anuradhapura) of the NAQDA. A secondary study on the length-weight relationship of Oreochromis niloticus along with its condition factor value was performed. It was revealed that O. niloticus had negative allometric fish growth (b = 2.6667) with a condition factor value of 1.9092. The female fish had a higher mean total length compared to the male fish. In the fishing community, 95.83% of males and 4.17% of females were engaged in fishery activities. Mainly gill nets and non-mechanized fiberglass canoes were used for fishing. The average CPUE was 0.000339 kgm-2day-1. A strong positive (r =0.841) correlation was reported for fish stocking and fish production. Fish smoking and sun drying were the common fish processing techniques. The fish supply chain targeted the regional market. A cooperative level co-management system was identified among the reservoir fishing community. The current study discloses the livelihood capitals of the fishing community along with the existing supply chain which can be utilized for the sustainable management strategy of the Mahakanadarawa reservoir in the long run.

Infrastructural power, institutional karma, and existential choices

AbstractLeon Wansleben’s new book, The Rise of Central Banks: State Power in Financial Capitalism, tells an intricately complex story of the world’s most influential central banks successfully harnessing the forces of financial globalization to build their institutional power as the principal managers of their national economies. The book argues that, regardless of central banks’ rationales and rationalizations, the resulting expansion of global money markets has failed to generate the intended macroeconomic and societal benefits. Instead, as became evident in the post-2008 era, the world’s most powerful central banks are now structurally dependent on the increasingly self-referential markets for financial assets. While the book’s narrative is focused on inflation targeting and other monetary policy innovations since the 1970s, it raises much broader questions and invites further reflection on the nonlinear dynamics of power in today’s financial markets and the uncertain future of central banks.

Changing Waves: Maritime Community Cultural Responses to the Anthropocene in Tambak Lorok, Semarang

Climate change rooted in the Anthropocene significantly impacts global ecological changes, including coastal ecosystems. As a coastal city, Semarang City experiences various phenomena related to the Anthropocene caused by humans, or anthropogenic, which affects coastal activities, including aspects of the community. Tambak Lorok community is among the communities most affected by anthropogenic threats. Therefore, Tambak Lorok fishermen continue to build resilience in running their livelihoods. This research used a mixed method through the Sustainable Livelihood Approach (SLA). Quantitative approach in the form of survey data collection on the Joint Business Group (KUB) representative is carried out, while a qualitative approach is used to delve into and understand the context of SLA further. The results show that the Tambak Lorok fishing community’s livelihood system can be analyzed through five capital assets: human capital, social capital, natural capital, physical capital, and financial capital. These five aspects get a variety of physical, social, and intervention vulnerabilities that create resilience and culture in the intersection. The KUB, as a representative of the fishing community, strengthens their sustainable livelihood in three ways: changing their fishing gear sustainably, diversifying income to FAD, and utilizing other alternatives outside fisheries sector. All of these alternatives to livelihood were achieved through collaborative governance with various policies and institutions as a sustainable livelihood strategy.

Considerações acerca de certa presença spinozista na obra de Laurent Bove e Mark Fisher

This article intends to approach two contemporary contributions, by the theorists Mark Fisher and Laurent Bove, who, each in his own way, claim the actuality and effectiveness of certain concepts and notions of the seventeenth-century philosopher Benedictus Spinoza (1632 – 1677). In Laurent Bove, the foundation and dissemination of a political clinic, at the same time, singular and social, unfolds under the relation between conatus and freedom, always corresponding to the affective and intellectual rules of the autonomous project of the multitude, as formulated by Spinoza. Mark Fisher, in turn, from the Spinozian concept of entity, produces a speculative articulation between Gothic materialism and cyber-Spinozism that aims to create a collective body, immanent and antagonistic to the tyranny of financial capitalism. Furthermore, based on Spinoza’s theory of affects, he develops an ethical analysis of his time that also intends to be a convocation to political action. Finally, the paper aims to clarify what the two authors have in common, namely, their belief in the positivity of political action, and how this characteristic reaffirms the relevance of maintaining an ever attentive and vibrant dialogue with Spinoza’s philosophy.

Accounting paradigms and neoliberalism. A Gramscian interpretative analysis of the evolution of the asset-liability view and revenue-expense view in Italy and the United States (1891–1991)

This article proposes a historical analysis of the evolution of both the asset-liability and the revenue-expense views as accounting paradigms functional to the expression of the hegemonic relations exercised by the ruling classes in their social contexts. Focusing on the United States and Italy, the study outlines the common trajectories of the development of the revenue-expense accounting system after the initial classical asset-liability phase. It then highlights the differences in terms of the subsequent changes that drove the United States to new asset-liability positions of a financial connotation, whilst, in Italy, they were more oriented towards the consolidation of the revenue-expense view. The research methodology is based on critical accounting history lenses, using Gramsci’s concepts of Integral State, ideology, and intellectuals to analyse and understand the above developments. The study concludes that the asset-liability paradigm, which has been spreading in the United States since the 1960s, has characteristics that are useful for the neoliberal ideology and the implementation of its programme, contributing to the cultural hegemony of financial capitalism. In Italy, on the other hand, there has been the persistence of the revenue-expense paradigm, which has characteristics less compatible with the aforementioned ideology. Central to this dynamic has been the mediation of intellectuals in the accounting bodies of Civil Society and in the apparatuses of Political Society. These paradigms should, therefore, be the subject of renewed interest in the debate of the international scientific community, as well as in professional practice, in order to support the strengthening of a role of accounting intellectuals functional to the interests of the subordinate classes, for a truly emancipatory function of accounting with respect to the current dominant hegemony.

불가능한 부활

This paper analyzes how Somerset Maugham’s The Razor’s Edge (1944) represents the advent of finance capitalism during the interwar years. Specifically, this paper pays attention to a series of subjectivities featuring the social milieu based on finance capital set loose over the globe. Maugham has been criticized for focusing on the characters’ externals in a conventional fashion. As a result, he has been marginalized from the academic discourse on the early twentieth-century literature dominated by modernist studies. This paper will prove that Maugham’s attention to the externals is part of his literary design for effectively representing characters who embody the uncontrolled and perpetual proliferation of finance capital without an independent and reflective consciousness. In particular, Larry, the novel’s central character, becomes disillusioned with the declining Western civilization and then travels to foreign soils in search of the opportunity to be symbolically reborn. This paper will prove that the novel eventually debunks the fetishistic nature of this imperial search and unveils it as another cultural expression of supranational finance capitalism. Ultimately, this paper aims to contribute to the reevaluation of Maugham’s literary achievement by highlighting his pioneering representation of the post-modern world.

Access to Human Health Benefits of Forests in Rural Low and Middle-Income Countries: A Literature Review and Conceptual Framework

Forests are increasingly recognized for their beneficial roles in human health. However, there is a debate on how forest health benefits can be accessed equitably, particularly by vulnerable forest-dependent rural communities in low- and middle-income countries (LMICs). Access to forest health benefits is determined by a range of interconnected means, including property rights, as well as natural, physical, human, social, and financial capital. This paper presents a literature review of the roles of means of access in shaping human health effects of forests. Evidence suggests that variations in these means of access are associated with varying ability to access forest health benefits. However, existing evidence is thin, mixed, and weak. A conceptual model is then developed to provide a framework for understanding how means of access moderate the effects of forests on health in rural LMICs to guide the generation of strong evidence. The multiple interconnected factors moderating the health effects of forests at the core of the conceptual framework promote the multisectoral and transdisciplinary approaches needed to enhance equitable access to forest health benefits.

Convergence of dominant forms of investment capital in the development of socio-economic systems

The object of this study is the dominant forms of investment capital and their convergence according to the stages of development of socio-economic systems. Any evolution has certain stages. The development of socio-economic systems is no exception. All processes and phenomena in the world, including development, occur cyclically and are interconnected with the stages of natural, social, and economic processes. According to the theory of economic cycles, such phenomena as the development of the socio-economic system, its crisis and innovations have a close relationship. Industrial revolutions became a vivid example of changes in the socio-economic development of complex systems. One of the main sources of financing for each stage of the industrial revolution is investment capital, which can be part of industrial, private, financial, banking, or intellectual capital. Depending on the signs of social relations, social system, etc. can take their forms. Each of the stages of the industrial revolution is preceded by appropriate conditions that are associated with certain historical conditions at a specific moment in time. Considering the dominant forms of investment capital according to the stages of the industrial revolution, the reasons for their change should be noted. The process of convergence of investment capital is considered here. One of the indicators that characterizes the efficiency of investment capital is its mobility or immobility. A number of macroeconomic factors affect the mobility of investment capital. Considering the world structure of direct foreign investments, the main directions of their utilization have been indicated. The model of the convergence of the dominant forms of investment capital in the logistics system is presented in accordance with the stage of the industrial revolution and the features that accompany it

Cultures of Inequality: Labor, Social Finance, and the Swinging Pendulum of Trust in Capitalism

Social finance, an arena of international finance comprising social banking, impact investing, and microfinance, offers a powerful conceptual lens through which to interrogate the interface of finance and labor in financial capitalism. This article investigates social finance’s development at the crossroad of two processes. Social finance emerged in the context of a process of laboring finance, an often-coercive inclusion of workers and households into financial circuits of accumulation and expansion made possible by labor market changes that began in the 1970s. The global financial crisis occasioned the growth of social finance, which, by means of financing labor, placed the reproductive needs of labor—the needs of society’s most disadvantaged agents, the poor, the homeless, the marginal, and unemployed workers—at the center of financial accumulation. By informing an oscillatory movement between laboring finance and financing labor, and, affectively, between trust and distrust, social finance primes and cultivates financial market participants’ belief in purported solutions to the social problems financial capitalism has contributed to create. As a critical investigation of the complex interface between finance and labor that animates social finance’s operations, this article aims to provide conceptual resources that can contribute to releasing labor’s social cooperation from finance’s hegemony.

КОНСОЛІДАЦІЯ ПІДХОДІВ ДО ФОРМУВАННЯ ІНТЕГРОВАНОЇ ЗВІТНОСТІ У НОВІТНІЙ ПАРАДИГМІ ОБЛІКУ

The availability of credible and transparent information about the financial, intellectual, production, human, natural and social capital of an enterprise is a prerequisite for effective decision-making by top-level managers. Therefore, the implementation and development of integrated reporting, as one of the management tools for enterprises, are of paramount importance in shaping stability and an active position in the global market. The variability of approaches and international standards create uncertainty for enterprises in choosing the most relevant regulatory framework. Therefore, the consolidation of existing requirements for the formation of integrated reporting for Ukrainian companies is becoming increasingly relevant. The purpose of the research is to compare international and domestic approaches to integrated reporting formation and provide recommendations for their harmonization. The article employs general scientific and specialized analytical research methods in economic processes: system analysis for studying the main approaches to integrated reporting formation; the inductive method during data collection and processing of each regulatory document; comparison for presenting the advantages of the discussed international and domestic recommendations; deduction and generalization method in forming conclusions and proposals for consolidating approaches to integrated reporting formation. The article explores the main international and domestic approaches to integrated reporting formation. It identifies the advantages for Ukrainian enterprises in applying each of the researched regulatory documents. The suggestion is made to combine individual examined approaches and compile integrated reporting using several standards simultaneously. The analysis conducted and recommendations provided present practical value for enterprises planning to formulate integrated reporting according to international or national recommendations. Further research is needed on the transformation of the accounting paradigm in the context of integrated reporting implementation, where, based on the conducted research, information about various types of enterprise activities is disclosed. Therefore, existing accounting methods oriented towards managing financial capital cannot fully satisfy the requirements for its formation.

Expatriate Merchants and Partnership Formation 1840–1920: Danish Merchants in Newcastle-upon-Tyne

Trust is often the premier concern highlighted in relation to the formation of mercantile business partnerships, the role of culture, family, and religion at the forefront. This is especially the case for expatriate communities. However, the Danish merchants of nineteenth century Newcastle-upon-Tyne, as especially demonstrated in the diaries of one of their number, Richard Steenberg, did not conform to this trend. This article investigates Steenberg and two other leading merchants, the Borries cousins, as well as some of their former employees, who typify trends within a wider body of 126 businessmen. It will show that they strategically chose partners who had complimentary supplies of financial, human, and social capital to improve the position of a shared firm, and these supplies formed the key criteria in forming or entering these businesses. The role of trust is not denied. Rather, this article seeks to direct debate toward the importance of financial, human, and social capital in commercial partnership formation in relation to trust.