Financial Funds Research Articles

Migration and Innovation: How Foreign R&D Hires Shape Firm-Level Exploration in Their Host Country

Prior research ascribes an important role to highly skilled immigrants in the production and diffusion of knowledge. However, little is known about their contributions to shaping the type and direction of organizational innovation. We aim to shed light on this question by investigating how newly hired foreign research and development (R&D) workers affect firm-level exploration. We argue that foreign R&D hires enable firms to overcome local search by making them aware of and providing access to novel knowledge tied to their home countries. We test this using a sample of 376 Danish R&D-active firms over the period from 2001 to 2013. Our findings reveal that newly hired foreign R&D workers contribute significantly more to exploration than other types of R&D workers within the firm. Moreover, we find support for the proposed mechanism and show that knowledge from the home countries of foreign hires shapes firms’ inventive output. Our results further suggest that the effect of foreign R&D hires is stronger for firms with a limited international search orientation and those with an incumbent R&D workforce with a shorter organizational tenure. These findings offer insights into a potential mechanism through which foreign R&D workers can shape firm-level exploration and the organizational contingencies that influence this relationship. Funding: The authors got financial funding from the Novo Nordisk Foundation in the course of the project “Investments, incentives, and the impact of Danish research (Triple-I-Research)” [Grant NNF16OC0021444]. Supplemental Material: The online appendices are available at https://doi.org/10.1287/orsc.2021.16073 .

The Financial Health Analysis and Income Diversification Case Study on Indonesia Corruption Watch (ICW)

NGOs are agents of change that were formed with the aim of meeting social development needs that have not been able to be carried out or fulfilled by the government as state administrator. To maintain their existence, NGOs are required to maintain healthy financial conditions and diversified funding to ensure the survival of the organization so that it can provide a sustainable impact for its beneficiaries. Therefore, measuring NGO financial performance is very important. The aim of this research is to determine the financial performance and funding diversification of the NGO Indonesia Corruption Watch (ICW). The method used in this research is qualitative descriptive using financial ratio analysis and funding diversification on secondary data obtained from the website https://antikorup.org, in the form of financial reports for 2017-2021. The financial ratios calculated to measure ICW's financial performance use the ratio measurement method developed by Ritchie and Kolodinsky (2003), as well as funding diversification which will be measured using the Hirschman Herfindahl Index (HHI). The research results show that the financial health of ICW is in the good category with diversified income, it is known that the level of dependency on main donors is small. This has a positive impact on the sustainability of ICW to be able to continue to advocate for strengthening the people's bargaining position to control the state and participate in decisions to realize democratic governance, free from corruption, with economic, social and gender justice.

Aligning healthcare with outcomes

The German healthcare system is one of the most efficient in the world, with enormous potential for patients and society as a whole. Unfortunately, we are far from (yet) utilising this potential. We spend a lot on our health - but we are not healthier: according to the OECD ranking (1), our healthcare expenditure is the second highest in relation to gross domestic product, just behind the USA. In terms of life expectancy, mortality and self-assessment of health status, however, Germany is mediocre at best. Can we, or rather, do we want to continue to afford this? In view of the recurring discussion about the sustainable financing of statutory health insurance funds and the social and economic impact of illnesses, the question seems rhetorical in nature. The goal must be a healthcare system that guarantees the best possible individual care for all people in this system and that can be financed sustainably. This joint position paper is intended as a basis for discussion. It describes the concept and the added value of value- and outcome-orientated healthcare in the sense of Value Based Healthcare (VBHC) for people, the system and society and identifies areas of action in which political support is particularly necessary.

Exploration of support for Black, Indigenous, and people of color students in genetic counseling programs.

Students in higher education who identify as Black, Indigenous, and people of color (BIPOC) experience racism, discrimination, and microaggressions through tokenization, hypervisibility, invisibility, and marginalization. The experiences of BIPOC genetic counseling students with curriculum, clinical training, and sense of belonging also differ. Therefore, there is a large need for understanding how support is defined by BIPOC genetic counseling students, and then how to integrate specific aspects of training into a practical framework for programs to address racism and the resulting emotional implications. This study aimed to define current practices of support and identify gaps in genetic counseling programs as described by BIPOC students. BIPOC genetic counseling students (N = 40) were recruited through Listserv, social media, and Slack channels to complete an online survey eliciting demographic data, perspectives on support, and available support resources. The online survey consisted of 22 open- and closed-ended questions. Data were collected over a 5-week period. Open-ended responses were coded by thematic analysis and audited. The top three supports were as follows: (1) presence of other BIPOC students; (2) presence of BIPOC faculty; and (3) financial funding. Participants' individual definitions of support indicated that each student defined support in a unique way. Most participants defined understanding and empathy stemming from peers, supervisors, and faculty within the program setting as important aspects of overall support. The majority of participants felt somewhat or strongly supported in areas of training. The area with the least support was within rotation/fieldwork experiences. Programs should consider social- and program-level support combined with emotional support. Individualized support for every student is needed while avoiding assumptions about their identity and support needs. Training programs may consider a balance of efforts to prioritize recruiting more BIPOC faculty and students and providing the outlined support and funding resources for their students.

Problems, Causes and Countermeasures of Financial Support for Agriculture in China

To build a modern socialist country comprehensively, the most arduous task still lies in the rural area. Improving the operation mechanism of financial funds for agriculture is of great significance to solve the problems of agriculture, rural areas and farmers. This paper argues that there are four problems in financial funds for agriculture at present: slow growth, low management level, low efficiency of capital use and crowding out effect. By analyzing the causes behind the problems, this paper attempts to put forward the countermeasures to improve the operation mechanism of financial funds for agriculture.

Assessment of strategic healthcare purchasing and financial autonomy in Tanzania: the case of results-based financing and health basket fund.

Low-and middle-income countries (LMICs) are implementing health financing reforms toward Universal Health Coverage (UHC). In Tanzania direct health facility financing of health basket funds (DHFF-HBF) scheme was introduced in 2017/18, while the results-based financing (RBF) scheme was introduced in 2016. The DHFF-HBF involves a direct transfer of pooled donor funds (Health Basket Funds, HBF) from the central government to public primary healthcare-PHC (including a few selected non-public PHC with a service agreement) facilities bank accounts, while the RBF involves paying providers based on pre-defined performance indicators or targets in PHC facilities. We consider whether these two reforms align with strategic healthcare purchasing principles by describing and comparing their purchasing arrangements and associated financial autonomy. We used document review and qualitative methods. Key policy documents and articles related to strategic purchasing and financial autonomy were reviewed. In-depth interviews were conducted with health managers and providers (n = 31) from 25 public facilities, health managers (n = 4) in the Mwanza region (implementing DHFF-HBF and RBF), and national-level stakeholders (n = 2). In this paper, we describe and compare DHFF-HBF and RBF in terms of four functions of strategic purchasing (benefit specification, contracting, payment method, and performance monitoring), but also compare the degree of purchaser-provider split and financial autonomy. Interviews were recorded, transcribed verbatim, and analyzed using a thematic framework approach. The RBF paid facilities based on 17 health services and 18 groups of quality indicators, whilst the DHFF-HBF payment accounts for performance on two quality indicators, six service indicators, distance from district headquarters, and population catchment size. Both schemes purchased services from PHC facilities (dispensaries, health centers, and district hospitals). RBF uses a fee-for-service payment adjusted by the quality of care score method adjusted by quality of care score, while the DHFF-HBF scheme uses a formula-based capitation payment method with adjustors. Unlike DHFF-HBF which relies on an annual general auditing process, the RBF involved more detailed and intensive performance monitoring including data before verification prior to payment across all facilities on a quarterly basis. RBF scheme had a clear purchaser-provider split arrangement compared to a partial arrangement under the DHFF-HBF scheme. Study participants reported that the RBF scheme provided more autonomy on spending facility funds, while the DHFF-HBF scheme was less flexible due to a budget ceiling on specific spending items. Both RBF and DHFF-HBF considered most of the strategic healthcare purchasing principles, but further efforts are needed to strengthen the alignment towards UHC. This may include further strengthening the data verification process and spending autonomy for DHFF-HBF, although it is important to contain costs associated with verification and ensuring public financial management around spending autonomy.

The Effect of local government size, wealth, balancing funds, capital expenditures, employee expenditures and budget financing surplus (SILPA) on regional financial independence in regency/city governments in North Sumatra province

This study aims to determine the effect of Local Government Size, Wealth, Balance Fund, Capital Expenditure, Employee Expenditure, and Budget Financing Surplus (SILPA) on Regional Financial Independence at Regency/City Governments in North Sumatra Province. The population of this study were 33 regencies/cities in North Sumatra Province with a total sample of 28 regencies/cities in North Sumatra Province for the period 2020-2022 based on purposive sampling and using secondary data. The data analysis technique used is descriptive statistics, classical assumption test, multiple linear regression analysis then hypothesis testing. The results prove that partially, Capital Expenditure and Employee Expenditure have a significant positive effect on Regional Financial Independence, while Balance Funds have a significant negative effect on Regional Financial Independence. Local Government Size, Wealth and Budget Financing Surplus (SILPA) have no effect on Regional Financial Independence. Simultaneously, all independent variables have an influence on Regional Financial Independence.

Enhancing trust transfer in supply chain finance: a blockchain-based transitive trust model

AbstractArtificial intelligence and blockchain technology have become indispensable in the era of the digital economy, particularly in the field of financial financing. However, when it comes to supply chain finance (SCF), existing models primarily focus on risk identification and credit evaluation, neglecting the critical aspects of trust transfer continuity and reliability within the chain. To address this issue, this paper proposes a blockchain-based transitive trust model for SCF, which ensures seamless trust transfer from core enterprises to bottom suppliers during financing enterprise credit evaluation. The model utilizes multi-layer metrics to calculate the comprehensive trust value of underlying suppliers, serving as the basis for credit delivery. Additionally, the model stores transitive signature receivable warrants on the blockchain and utilizes splittable delivery of warrants to underlying suppliers. The model’s rationality and correctness are verified through experimental analysis, with results demonstrating that the transitive trust model enhances Small and Medium-Sized Enterprises’ (SMEs) trust at the bottom of the supply chain, thus alleviating financing difficulties for SMEs.

Factors Influencing the Financing of Renewable Energy Projects for Sustainable Development Goals with a Fuzzy Cognitive Map Approach

Objective: The aim of this study is to analyze the factors influencing the financing of renewable energy projects to achieve sustainable development goals using a fuzzy cognitive map approach. Methodology: This applied research was conducted in both qualitative and quantitative sections. In the qualitative section, content analysis with a conventional and directed approach was employed, and in the quantitative section, a causal method was used. Data were collected through semi-structured interviews in the qualitative phase and pairwise comparison questionnaires in the quantitative phase. The participants were senior managers and experts from the Renewable Energy and Energy Efficiency Organization (SATBA), selected using purposive and theoretical sampling (a total of 21 participants). Findings: The qualitative findings revealed key influencing factors, including "social responsibility," "direct and indirect government support," "sustainable economic development," "environmental sustainability," "support from financial funds," "commercial creditworthiness of financial suppliers," "foresight and capital planning," "financial capacities," "investment return policies," "empowerment of financial institutions," "renewable energy development policies," "investment culture in renewable energy," and "optimal management of investment risks." The fuzzy cognitive map results showed that "direct and indirect government support for the energy industry" had the highest output and influence, while "commercial creditworthiness of financial suppliers" had the highest input power and susceptibility to influence. Conclusion: This study provides a comprehensive analysis of the factors affecting the financing of renewable energy projects. It highlights the critical roles of government support policies and the commercial creditworthiness of financial suppliers in the success of these projects, suggesting that improvements in these areas can contribute to achieving sustainable development goals.

Design of Single Valued Neutrosophic Hypersoft Set VIKOR Method for Hedge Fund Return Prediction

The theory of neutrosophic hypersoft set (NHSS) is an appropriate extension of the neutrosophic soft set to precisely measure the uncertainty, anxiety, and deficiencies in decision-making and is a parameterized family that handles sub-attributes of the parameters. In contrast to recent studies, NHSS could accommodate more uncertainty, which is the essential procedures to describe fuzzy data in the decision-making method. Hedge funds are financial funds, finance institutions that increase funds from stockholders and accomplish them. Usually, they try to make certain predictions and work with the time sequence dataset. A hedge fund is heterogeneous in its investment strategies and invests in a different resource class with various return features. Furthermore, hedge fund strategy is idiosyncratic and proprietary to the hedge fund manager, and the correct skills of fund managers are not visible to the stockholders. These reasons, united, make hedge fund selection a complex task for the stockholders. Different techniques have been analyzed to select the portfolio of hedge funds for investment. Machine-learning (ML) models employed used for performing individual hedge fund selection within hedge fund style classifications and forecasting hedge fund returns. Therefore, this study designs a new Single Valued Neutrosophic Hypersoft Set VIKOR Model for Hedge Fund Return Prediction (SVNHSS-HFRP) technique. The presented SVNHSS-HFRP technique aims to forecast the hedge fund returns proficiently. In the SVNHSS-HFRP technique, two stages of operations are involved. At the initial stage, the SVNHSS-HFRP technique, the SVNHSS is used for forecasting the hedge funds. Next, in the second stage, the moth flame optimization (MFO) system is applied to optimally choose the parameter values of the SVNHSS model. The performance validation of the SVNHSS-HFRP model is verified on a benchmark dataset. The experimental values highlighted that the SVNHSS-HFRP technique reaches better performance than existing techniques

ВНЕДРЕНИЕ ЦИФРОВЫХ ТЕХНОЛОГИЙ В ПРОДОВОЛЬСТВЕННЫЙ СЕКТОР: ОПЫТ СТРАН ЛАТИНСКОЙ АМЕРИКИ И КАРИБСКОГО БАССЕЙНА

The article analyzes the experience of the introduction of digital technologies by Latin American and Caribbean countries in the food sector. The article substantiates the important role of the countries of the Latin American region in world food trade, as well as in ensuring world food security. The study notes that some of the Latin American countries, such as Argentina and Brazil, are already implementing the digital transformation of agriculture, while most of the Caribbean countries have yet to do so. The article presents the main initiatives, both of a regional and national nature, that are being implemented in Latin America and the Caribbean and aimed at digital transformation of the food sector. It is noted that the initiatives are being incorporated with the assistance of large international companies, financial funds, other countries, as well as international organizations. The study examines the key trends in the digitalization of the Latin American region. Special attention is paid to the increasing role of high-tech agri-food companies. It is concluded that agritech startups contribute to the digital transformation of agriculture in the region, as well as modify the structure and methods of interaction at each stage of food production.

ИСТОЧНИКИ ФИНАНСИРОВАНИЯ ВНЕОБОРОТНЫХ АКТИВОВ ПРОМЫШЛЕННЫХ ПРЕДПРИЯТИЙ

The existence of any economic entity is impossible without the financing of monetary funds. The high level of profitability and liquidity largely depends on the optimal structure of monetary capital. The article conducts a study using the calculation of indicators responsible for the formation of monetary capital, the subject of which is the monetary funds of JSC “Serovsky Gormolzavod”. The relevant conclusions are drawn and recommendations are given on optimizing the structure of monetary funds.

Financial Constraints and Funding Solutions for Small Startups in Emerging Markets

This paper aims to analyse the challenges that small startups experience in emerging markets when accessing finance, the feasibility of non-traditional sources of funding, and the relevant policies that can help enhance funding. Intensified poverty and a lack of physical infrastructure that factors traditional banking solutions derive their effectiveness from means small startups in these areas have low access to credit, high interest rates, and underdeveloped venture capital markets. These constraints limit their advancement, expansion, and capacity to operate and maintain their businesses and thus are characterised by high failure rates. Others are; crowdfunding, microfinancing, and digital lending which can be considered as crucial methods used in bridging the gap in funding. Crowdfunding equalises capital access since Startups can issue funds directly from the public while microfinance offers small and flexible credit to nonmainstream business people. Digital lending comes with the assistance of technology which enables fast and convenient access to the loans and, therefore, supplements the funding challenge that startups with no credit pasts face. However, each of these solutions has restrictions in terms of fees, the maximum loan amount, and problems with regulation. This paper emphasises the need for appropriate policies to support the improvement of access to finance among startups. Other measures proposed are the development of credit guarantee schemes, reduction of bureaucratic rules and regulations, encouragement of FDI through tax incentives, and the use of technology in the provision of financial services. Besides, enlarging the financial literacy of intending and existing businessmen and enhancing the credit information infrastructure can very much enhance financing. From the study, it becomes clear that it will need to employ diversified strategies that put into practice various non-conventional funding paradigms alongside positive policies to facilitate a vibrant and progressive entrepreneurial culture within emerging markets.

К вопросам обращения взыскания по налоговой задолженности в исполнительном производстве

The positions of various authors on the issues of enforcement measures and actions used by bailiffs and tax officials to collect tax debts are considered. The possibility of collecting tax debt from a debtor-citizen for his economic activities in a liquidated, bankrupt company or in the absence of its property, when the citizen appropriated financial amounts for himself without paying taxes on them, is touched upon. It is proposed to transfer the powers to foreclose on tax debts and compile statistical reports from the Federal Tax Service to the Federal Bailiffs Service, leaving the function of “seizure” of the debtor’s property at the claim stage of settling tax debts to the Federal Tax Service, so that the debtor would subsequently be unable to avoid its collection by a bailiff. In this regard, it is expected to be quite logical to reduce the number of staff in the Federal Tax Service and increase it in the Federal Bailiffs Service. The introduction of a ban on registration of shell companies is justified by the insufficiency of insurance financial and (or) property assets. The position of the inexpediency of judicial collection of funds by a bailiff due to a debtor from a third party under judicial acts is substantiated, if there is confirmation of financial or property funds due to the debtor by documentary evidence collected at the request of a bailiff or provided by the recoverer – the Federal Tax Service, since foreclosure by a bailiff on these funds is possible and without legal recourse.

Research on the Performance Evaluation System of Financial Special Funds Based on Analytic Hierarchy Process

Research on the Performance Evaluation System of Financial Special Funds Based on Analytic Hierarchy Process

О ПРАВОМЕРНОСТИ ОДНОСТОРОННЕГО ИЗМЕНЕНИЯ ДОГОВОРА БАНКОВСКОГО СЧЕТА ФИНАНСОВОЙ ОРГАНИЗАЦИЕЙ И ПОРЯДОК НАДЛЕЖАЩЕГО УВЕДОМЛЕНИЯ КЛИЕНТОВ О ЕГО ИЗМЕНЕНИИ / ON THE LAWFULNESS OF UNILATERAL AMENDMENT OF A BANK ACCOUNT AGREEMENT BY A FINANCIAL ORGANIZATION AND THE PROCEDURE FOR DULY NOTIFYING CLIENTS OF ITS AMENDMENT

Banking services have become an integral part of our life, providing an opportunity to exaggerate our own financial resources and funds, to obtain a loan or to use such various banking services as money transfers, various kinds of payments, issuance of bank cards, etc. The legislation of the Republic of Armenia does not establish a barrier on changing the terms and conditions of banking services by financial organizations. Any amendment of such agreement should be made in a form that allows to unambiguously establish the client's consent to service with new, changed conditions. One of the most widespread violations of consumer rights in the field of banking services in the Republic of Armenia is the practice of banks, which unilaterally change the original terms and conditions of contracts with their customers without duly notifying them about it. This is often accompanied by the fact that the amended terms and conditions of the contract are published by financial organizations on their official websites, arguing that the clients are duly notified of unilateral changes in the terms and conditions of the banking contract, as the new changes are freely available. Taking into account the discovered practices of unilateral introduction or increase of commission fees by financial organizations (which were not initially set in the agreement or were set in a smaller amount) for transactions within the framework of bank account agreements, it seems necessary to explore the following aspects: 1. Legality of unilateral change of a bank account agreement by a financial organization. This research will be aimed at determining the compliance of the financial organization's actions with the legislation of the Republic of Armenia and the terms and conditions of the existing bank account agreements. 2. The procedure of proper notification of clients on changing the bank account agreement. This article will investigate the procedure and form of notification of customers on forthcoming changes in the terms and conditions of the bank account agreement, as well as determine whether these notifications comply with the requirements of the legislation and provide sufficient clarity and accessibility of information to customers.

ПРОЕКТНИЙ МЕНЕДЖМЕНТ В ЕНЕРГЕТИЦІ ПІД ЧАС ВІЙНИ: ПРАКТИКА І КЛЮЧОВІ АСПЕКТИ

In times of war, risk management becomes a critical part of project management and includes such aspects as risk assessment and management. Risk assessment begins with their identification. Risk assessment ends with an analysis of the probability of their occurrence and impact on the project. Risk management involves the development of response plans. During a full-scale war, rational resource management is key to the successful implementation of a project, including logistics, human resources, and financial aspects. In the presence of military threats, it is necessary to adapt traditional project management methodologies for energy projects to specific conditions. The first way to adapt the methodology is to divide the project into short cycles, which allows for a quick response to new conditions. The second is to divide each cycle into control points. The third is to incorporate key project constraints and principles into the methodology. Safety aspects are implemented through a number of measures, including the creation of evacuation plans, including the identification of safe routes, gathering places, and the allocation and arrangement of shelters. Communication and coordination are important management aspects. Communication includes the development of a communication plan that defines the main and backup communication channels, frequency and format of reporting, and the responsible persons. Effective coordination is manifested in the form of regular meetings to discuss progress, identify problems and make decisions. Innovative technologies and approaches are implemented through the use of automated control systems or artificial intelligence; optimization of operations in time and space; and the introduction of alternative energy solutions into projects. In the public or municipal energy sector, projects rely on foreign financial support, so the key aspect is to find partners among international financial organizations, funds, and governments. In the private energy sector, a mechanism of military risk insurance may be useful for attracting financing for projects.

Problems and Improvement Suggestions in the Audit of Financial Special Funds in Administrative Institutions

Problems and Improvement Suggestions in the Audit of Financial Special Funds in Administrative Institutions

КРИТЕРИИ ЭФФЕКТИВНОСТИ УПРАВЛЕНИЯ ИНВЕСТИЦИОННЫМ ПОРТФЕЛЕМ ФИНАНСОВЫХ АКТИВОВ В ПРАКТИКЕ СТРОИТЕЛЬНОЙ ОРГАНИЗАЦИИ

The purpose of the article is to analyze the key criteria that are used in the assessment of the investment portfolio of financial assets in the practice of construction organizations. The author systematized and investigated the conclusions of the authors’ scientific papers, which reveals that the definition of the main performance criteria should be used in the process of managing an investment portfolio of financial assets. For this reason, issues related to the optimization of the investment portfolio remain unresolved in the practice of construction organizations. The relevance of the study requires identifying key indicators that can be used by construction companies to solve the tasks that are set when deciding on the allocation of free financial resources and funds for their investment in specific securities and financial assets. The conditions that contribute to a higher efficiency of managing the investment portfolio of financial assets of the organization, taking into account the specifics of the activities of construction companies, are determined. In addition, the scientific article contains different approaches to criteria and indicators, with the help of which it is possible to more accurately determine how appropriate it is to manage an organization’s investment portfolio.

ПРОБЛЕМЫ РЕАЛИЗАЦИИ КЛАСТЕРНОЙ ПОЛИТИКИ В ПРОМЫШЛЕННОМ СЕКТОРЕ ЭКОНОМИКИ РОССИИ

The study is devoted to the problems of implementing cluster policy at Russian industrial enterprises in modern unstable conditions. In particular, such problems of cluster policy implementation as the problem of insufficient financing of industrial clusters, difficulties in attracting private capital, limited deadlines set for reporting industrial cluster participants on the use of public funds for financing; the problem of imperfection of the regulatory framework for regulating cluster policy in industry are considered in detail; problems of infrastructure development of industrial clusters. Within the industrial clusters themselves, problems such as the lack of qualified personnel for cluster development, as well as the uneven distribution of benefits among cluster participants, generating distrust between them, were noted. All the identified problems often contribute to the collapse of the cluster in the short term. The article also presents possible solutions to these problems. For the successful implementation of cluster policy, an integrated approach is needed, involving the improvement of legislation, stimulating investment in clusters, infrastructure development and training of qualified personnel, which will maximize the potential of the cluster model of economic development. Taking into account the proposed recommendations can significantly reduce the risks associated with government financing of industrial clusters and partnerships within the cluster, and ensure their sustainable development.