Financial Maturity Research Articles

Financial Development, Financial Openness, and Policy Effectiveness

This study explores how financial development and openness influence the effectiveness of fiscal and monetary policies. An analysis of data from about 100 countries between 1980 and 2018 reveals that both financial openness and development weaken the impact of monetary and fiscal policies. Our results further show that financial development in a country diminishes policy effectiveness depending on the country’s level of financial development; specifically, the more developed a country, the less effective the policies would be. Additionally, through a detailed examination employing a dynamic panel GMM approach, the study investigates the global repercussions of economic downturns in the US and how financial maturity shapes policy effectiveness during these times. We also discuss some policy implications that show that the positive impacts of monetary policy on output growth are lessened during crisis periods, and policymakers should act accordingly.

A financial maturity model for the empowerment of women’s saving groups

Women's microfinance groups are increasingly recognized as a space for empowerment, access to financial and social capital, and personal growth. However, few studies have attempted to evaluate these groups' performance, as evidenced by the lack of adequate instruments to measure their success. This study proposes and tests a financial maturity model (FMM) for assessing and monitoring women's groups' performance and supporting effective intervention design. The proposed FMM was conceived based on applicable theoretical and operational frameworks for women's groups. Three groups of grassroots stakeholders validated and ranked the FMM constructs in terms of their importance. A sample of 31 Self-Help Groups in rural India was utilized to test the applicability of the FMM. One of the most important findings relates to the necessity of enhancing the loan management capabilities of groups, including loan repayment, identification of defaulters, delinquency ratio, risk management, and financial reporting. These results can provide stakeholders with baseline measures for designing and implementing interventions to improve the performance and sustainability of women's groups, as well as testing the efficacy of these interventions. While FMM was developed in the Indian context with 7 million registered groups, it has the potential to be adapted in other international contexts to inform decision-making in low- and middle-income countries where women's economic groups are promoted for socioeconomic empowerment and poverty reduction.

Retraction: Investigating the impact of monetary progress on ecological excellence in Malaysia: employing financial maturity, and biological variation

Retraction: Investigating the impact of monetary progress on ecological excellence in Malaysia: employing financial maturity, and biological variation

A comparison of initial harvest results from four partial harvest systems at the Blue Heron Demonstration Forest

Demonstration forests have been established across the northern hardwoods of the United States to assess the economic and environmental implications of partial harvest systems, such as single tree selection and diameter limit cutting. Single tree selection has been studied at several sites in the northern hardwoods of Canada, but there has not been a structured comparison of partial harvest systems within one site. We assessed the initial harvest results at the Blue Heron Demonstration Forest, in which four partial harvest systems – single tree selection (STS), financial maturity selection (FMS), diameter limit cutting (DLC), and crop tree release (CROP) – and a control treatment were implemented with multiple replicates within a typical northern hardwood forest in central Ontario. DLC harvested the most volume as well as basal area, followed closely by FMS. STS harvested the least basal area and volume and generated the lowest product values as well as the lowest stumpage revenue. However, STS did not harvest significantly more low vigour trees, nor did it significantly increase the proportion of basal area that is high vigour, suggesting that alternative partial harvest systems like FMS may achieve silvicultural objectives while yielding superior financial results over multiple cutting cycles.

A public sector financial management maturity model for developing countries: the case of Iran

Maturity models (MMs) are used as a reference framework in various fields. In the public sector (PS), the principles of good governance have necessitated an evolution in financial reporting. This study aimed to design a model of accounting and financial maturity for PS reporting units. This study has a mixed-methods design. The initial MM was designed using a systematic review and expert panel discussions. Then, five focus group interviews were held over seven sessions. Next, a questionnaire was distributed among Iranian PS experts to validate the components of the MM. Thirty-two people filled out the questionnaire. A binomial test was used to validate the dimensions of the model. The outcome of this study was the design of a MM for accounting and financial reporting in PS units. The model was designed in five levels and includes eight dimensions, namely leadership, budgeting and financial planning, financial leadership and supervision, efficiency and effectiveness, rules and regulations, financial reporting, human capital and information technology. This model can be used as a basis for assessing the performance of PS units and to implement good governance in organizations. This model is applicable to all developing countries that utilize the revised International PS Accounting Standards and seek to establish a new PS management approach and performance-based budgeting.

Time-Varying and Scale-Dependent Informational Efficiency of the European CO2 Emissions Market: An Analysis Based on Singular Value Decomposition Entropy

This work examined the informational efficiency of the European CO2 emission trading market for the different implementation phases in the period 2008–2022:Q3. The approach is based on a bootstrap singular value decomposition (SVD) approach and the analysis was conducted for a rolling window to assess the time-varying efficiency and over different time scales. The impact of the COVID-19 lockdown and the Russia–Ukraine conflict was evaluated. The results showed that the informational efficiency changes over time and scales, which is in line with adaptive market hypothesis (AMH) notions. High market efficiency was exhibited in Phase II (2008–2012), but large deviations from efficiency, especially for quarterly scale, were exhibited in Phase III. However, Phase IV has shown a behavior consistent with informational efficiency. The COVID-19 outbreak negatively impacted informational efficiency. On the other hand, it seems that the Russia–Ukraine conflict has improved informational efficiency due to the European decisions to move to energy independence policies. The findings in this study suggest that the European carbon market is gradually attaining a state of financial maturity.

The role of financial development in improving marine living resources towards sustainable blue economy

Our paper sheds light on the relationship between financial development and the performance of marine living resources. We use factor cost as a measure of the blue economy sustainability of European countries. Indices for financial institutions and financial markets development are considered. These two sub-indicators are then analyzed using three dimensions: depth, access, and efficiency. A panel-corrected standard error (PCSE) model, the Feasible Generalized Least Squares (FGLS) model, and the two-step GMM are employed to examine this link. Furthermore, we use the dynamic fixed effect in ARDL to distinguish between the short-run and long-run impacts of financial development. Our estimation results highlight the significance of financial development in improving the sustainability of the blue economy during the 2009–2020 period in the European region. It can be clearly seen that although financial development negatively impacts the factor cost in the short run, a positive relationship between financial development and factor cost can be observed in the long run. Understanding how financial maturity affects the ocean economy provides critical policy implications to promote the sustainable blue economy.

RETRACTED: Investigating the Impact of Monetary Progress on Ecological Excellence in Malaysia: Employing Financial Maturity, and Biological Variation

This study investigates the consequences of financial development on environmental quality in Malaysia by using monetary access, profundity, and effectiveness as support components from 1990 to 2019. The level of affiliation between the components explored by using appropriate autoregressive lag technique. The variables appeared to have a long-term relationship during the investigation. Monetary events, population expansion, financial development, and energy consumption contribute to environmental degradation in the short and long-run. In contrast, squared fiscal growth boosts green value in the short and long term. As a result, Malaysia hosts the Ecological Carbon Kuznets Bend (ECKC) with a negative and measurable blunder revision phrase that supports the existence of a level connection between these variables. That is, any prior year’s 21.8% imbalance is rectified within a year. Monetary events, financial development, squared monetary development, energy use, and population all impact carbon dioxide flows.

Institutes of Financial Socialization of Russian Students

The paper examines the factors influencing the financial socialization of Russian students. It provides an overview of research on the impact of family institutions (parental household), financial independence, and the maturity of financial behavior on the financial socialization of young people. We analyze the relationships between basic socio-demographic characteristics of Russian students (gender, age, marital status), their behavioral characteristics (risk preference, propensity for offense or unethical behavior, prodigality, credulity), and socio-economic characteristics (level of financial status, financial independence, financial maturity). The empirical part of the study is based on the data of the author's survey of 1291 students from 17 Russian universities, processed by methods of statistical, correlation, and econometric analysis. To assess the level of financial well-being, we develop an original methodology where the financial situation shows the availability of goods and services that are unaffordable to most members of this group. Likewise, financial maturity is the students' proficiency in financial instruments poorly mastered by the majority of other respondents. The survey revealed a significant financial dependence of Russian students on their parents and their low level of financial maturity. We found an increased level of credulity and a low level of propensity for offense or unethical behavior; established positive correlation between the risk preference and the propensity for offense or unethical behavior, between the level of credulity and prodigality. We established that as financial dependence on parents gradually decreases, young people make more mature financial decisions, and their growing risk preference is replaced by a shift to more prudent financial practices. In groups where young people provide for themselves, their assessments of their financial situation rise sharply from a certain point, and the level of prodigality decreases. The constructed model of ordered logit regression showed a significant positive effect of age, marital and employment status, risk preference and level of financial maturity, as well as a significant negative effect of prodigality and credulity on financial independence of Russian students. The research results are applicable for the further development of theoretical and methodological approaches to the study of effective financial behavior of young people and the management of student financial socialization processes.

Deep learning based bi-level approach for proactive loan prospecting

A fundamental component to managing a marketing campaign is identifying prospects and selection of leads. Current lead generation models focus on predicting the intention of a customer to purchase a product, however with financial products, particularly loans, this can be insufficient as there are many factors to consider, such as risk, utility, and financial maturity. Developing a marketing campaign for loan prospecting should consider not only customers who need a loan, but rather clients who need a loan and will also be approved. Otherwise, the marketing effort is deemed ineffective, if the lead cannot be converted into a sale. Although, a low response rate is expected for a marketing campaign for loans, we highlight a better approach in managing resources while maintaining a shortlist of high-quality leads. This manuscript introduces a bi-level approach to handle the complex nature of loan products. Two classifiers are built, one modelling loan intention and the other one modelling loan eligibility. We adopt convex combination to control weights of both problems, which in most cases results in an improved performance for identifying future successful loan applicants when compared to baseline models. Rank-based evaluation measures are also adopted to explore the performance of customer rankings. We find that soft classifiers, such as deep learning techniques, are ideal for ranking customers, achieving a superior performance when compared to other machine learning techniques. In addition, we conclude that an ideal cut-off for K customers is estimated to be between 20 to 25 customers, however our best model can maintain an Average Precision of greater than 0.85 when K approaches 50.

The Persistence of Share Repurchases, Financing, and Firm Maturity

Share repurchases have become persistent. Firms use cash flow as the primary source of capital to finance repeated share repurchases. This internal financing increases (decreases) retained earnings (paid-in-capital) in the capital structure and weakens the sensitivity of investment to cash flow. Our findings suggest that traditional explanations for share repurchases—to distribute temporary cash flows, signal undervaluation, or increase the leverage ratio—have lost power, and that share repurchases have become associated with a firm’s financial maturity as captured by retained earnings-to-assets, with mature firms displaying a long-term increase (decrease) in the sensitivity of share repurchases (investment) to cash flows.

Korean Firms’ Share Repurchase Activities: Firm Characteristics, Financing and Investment

This study examines Korean listed firms’ share repurchasing activities over the period 2006~2016 using the amount of net share repurchases from annual statements of cash flow. Korean firms use dividends rather than share repurchases as their primary payout method. Each year, the proportion of share repurchasing firms is lower than 20%, whereas the proportion of dividend-paying firms is around 70% or higher. Univariate analysis and Tobit regressions reveal that the incidence and amount of share repurchases increase with firm value, size, and cash flow. Our findings do not suggest that low valuations (or poor stock performance) or low debt ratios motivate share repurchases. Korean firms use primarily internal funds to finance share repurchases, as share repurchasing firms experience substantial increases in retained earnings. Share repurchasing firms do not invest less than other firms do, suggesting that share repurchases do not result in underinvestment. Compared to dividends, share repurchases are more positively associated with firm value. Compared to share repurchase, dividends are more positively associated with cash flow and financial maturity, but more negatively associated with stock return volatility. Finally, firms with high controlling shareholders’ ownership tend to choose dividends over share repurchases in their payout policy.

Married Dispensation in Pressing Efforts of Divorce Numbers

The purpose of this study is to determine the factors and judges' considerations that influence the application for the grant of dispensation of marriage, as well as the role of dispensation of marriage in an effort to reduce the divorce rate. The research method used is juridical-sociological, juridical, which discusses research using laws and regulations related to marriage dispensation. The sociological approach is used to find out and understand how the judge's consideration factors in granting a marriage dispensation request. From the results of the study concluded that the factors causing the submission of applications for dispensation of marriage include pregnancy outside of marriage, concerns of parents about their children, economic factors and educational factors. The basis for the judge's consideration in granting dispensation to marriage is that there is no prohibition on marriage, physical, mental, biological, sociological and financial maturity in a state of urgency (pregnancy out of wedlock) the desire/agreement of both parties. While efforts to dispensate marriage in an effort to reduce the divorce rate are not yet certain, it can actually increase the divorce rate due to the unstable mental and psychological stability of children in fostering a household.

Performance and Competitiveness of Latin American Cities: The Human Capital Case

Besides the human capital, elements that make Latin American cities competitive include, for instance, their culture or financial maturity. However, the most important challenge for Latin American cities to succeed is how to manage all these variables. The purpose of this study is to identify the contribution of human capital and its relationships and impacts on the performance of Latin American cities. This quantitative, non-experimental, explanatory, correlational, and cross-sectional study observes factors that increase city competitiveness and develop their relationships. The study is based on the Economist Intelligence Unit database of 2012, in which 120 cities were evaluated, particularly contrasting Latin American cities with the top cities in the world and their characteristics. Urban competitiveness in Latin American cities can be predicted partially on the presence of Human Capital. In some instances, we found positive relationships between human capital and the characteristics considered in a city’s performance.

Investment attitude of millennials towards cryptocurrencies

PurposeThis study presents research on the awareness and aspirations of millennials towards different investment asset classes with a special focus on cryptocurrencies. Cryptocurrencies are technology dependent digital money systems which have created a buzz in the financial markets in a very short period of time. Digital currencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, etc., are considered as a new investment asset category that seems to be associated with high risk and return. There are a number of advantages and disadvantages associated with them, but countries, like Japan and the US, have accepted them for some types of transaction, however, India, one of the five largest emerging economies of 2018, has still not accepted them. In spite of government and regulatory inertia towards cryptocurrencies, we have found that awareness and aspiration to invest in this category among millennials is increasing. The objective of this paper is to understand the investment attitudes of millennial investors towards the desire to invest in cryptocurrencies given the disposition of this generation towards the digital world and technologies.Study designThis study is conducted in Mumbai to assess the interest levels in this category especially among the millennial generation. This is a primary research study and data has been collected via face-to-face interviews, and a structured questionnaire, with suitable open-ended questions, involving 100 millennial retail investors in Mumbai, and a random sampling method. The participants were aware of the risk level of the selected financial products. Descriptive statistics and advance analysis techniques, such as correlation, factor and multiple regression analysis, were used as tools to describe relationships in the investment category, to decipher the pattern of the decision-making process among millennials with respect to investment in different categories of financial products.FindingsThe underlying motivation for any financial investment is growth and appreciation of value at an expected rate of return. It is this motivation that needs to be managed by any financial planner, and this is the foundational finding of our research with respect to cryptocurrencies. This study provides information to regulators, recommending adoption of cryptocurrencies within a regulated structure in India.LimitationsThis study has been conducted in Mumbai only.ImplicationsThe fundamental objective of any investment is a positive return and that positive return has to be well managed by governments, regulators and financial marketers.ContributionThis study presents new evidence given the changes that have occurred recently in the financial markets and also highlights the variables that could be determining factors of risk appetite/tolerance for millennial retail investors. It clearly highlights that financial literacy and maturity of millennial investors will drive interest levels in a particular asset class. Prior knowledge about the level of diffusion and adoption of cryptocurrencies as a new asset among Indian millennials will help in creating a relevant policy framework. This will also help in creating a society-safety network among rising digital communities. This is a potentially transparent technological solution that can facilitate many financial solutions such as investments, remittances, and innovative ways to build financial inclusion in society.

Impact of repatriation taxes and earned/contributed capital mix on dividend repatriation policy: the moderating role of firm financial maturity

This study aims to examine the effect of repatriation taxes and earned/contributed capital mix on the dividend repatriation policy of the foreign subsidiaries of US multinational corporations (MNCs) worldwide. In addition, it investigates the moderating effect of firm financial maturity on the relationship between repatriation taxes and dividend repatriation policy. The present study uses secondary data to evaluate the impact of various explanatory variables on dividend repatriation policy over 2006-2016. The difference generalised method of moments (GMM) estimator is applied to estimate the dynamic dividend repatriation models. The results suggest a significant inverse relationship between repatriation taxes and dividend repatriation policy. Further, a significant positive effect of the earned/contributed capital mix on the dividend repatriation policy is identified. Moreover, results indicate that firm financial maturity does not play a statistically significant role in minimising the negative effect of the repatriation tax rate on dividend repatriation policy.

Impact of Repatriation Taxes and Earned/Contributed Capital Mix on Dividend Repatriation Policy: The Moderating Role of Firm Financial Maturity

This study aims to examine the effect of repatriation taxes and earned/contributed capital mix on the dividend repatriation policy of the foreign subsidiaries of US multinational corporations (MNCs) worldwide. In addition, it investigates the moderating effect of firm financial maturity on the relationship between repatriation taxes and dividend repatriation policy. The present study uses secondary data to evaluate the impact of various explanatory variables on dividend repatriation policy over 2006-2016. The difference generalised method of moments (GMM) estimator is applied to estimate the dynamic dividend repatriation models. The results suggest a significant inverse relationship between repatriation taxes and dividend repatriation policy. Further, a significant positive effect of the earned/contributed capital mix on the dividend repatriation policy is identified. Moreover, results indicate that firm financial maturity does not play a statistically significant role in minimising the negative effect of the repatriation tax rate on dividend repatriation policy.

Perancangan Media Kampanye Komunikasi Persuasif Dampak Pernikahan Dini Di Lombok Barat

Marriage is identical with happiness, every couple who goes through marriage hopes that their marriage will go well. To achieve this requires readiness, both in terms of thinking and financial maturity. A good age according to experts, a person to get married is 25 years for men and 21 years for women. But unfortunately many in the marriage community occur at a very young age, which we often call early marriage. . Based on the National Population and Family Planning Agency (BKKBN) the number of child marriages (18 years and under) in Indonesia is increasing. Early marriages occur usually not based on mature considerations, but are more dominated by personal needs, family economic factors, educational factors, hereditary adat factors, and mental factors of adolescents. Persuasive communication is one of the effective communication methods to influence someone in this case persuasive communication with video media is expected to be able to influence the public to suppress underage marriages. Data collection methods in this case use the Design Thingking method. the design of public service video advertisements about the risk of early marriage in West Lombok is Soft Sell, namely the concept of conveying the contents of messages indirectly to the intended target audience, and also having a comedy or comedy genre concept in it. The concepts used to influence the audience include the choice of color, font and also every scene in the video. For the color itself the authors use bright colors, cheerful and pleasant, also the selection of fonts that look relaxed and light. so this public service ad is easy to remember and influences the target audience following the advice in the campaign video.
 
 
 Keywords: campaign, persuasive communication, early marriage.

Economic criteria of forest management

Forest managers face two competing paradigms: traditional multiple use sustainable management and ecosystem management. Traditional management maximizes sustainable yield with certain preservation limitations. Maximization of the yield without discounting is called the “forestry” decision and implies maximization of average wood increment. Maximization with discounted cash flow is often referred to as the “economic” decision and is based on the concept of financial maturity employing criteria of I.Fisher, M.Faustman, R.Hartman and their numerous latest modifications. Economic criterion results in harvesting of rather young forests. Preservation or conservation tends to stop forest management of any type and leave forest intact. Traditional forestry employs logging criteria with preservation limitations. Ecosystem management is a new paradigm. It needs new forestry approaches and economic criteria. It imitates forest structures in pursuing simultaneously ecological and economic targets. It employs criteria based on targeted sustainable forest structures, which is different from targeting sustainable forest products yield.

Research on the Financial Maturity of the Yangtze River Economic Belt

The Yangtze River Economic Belt is a key development project in China, and financial development is the core driving force for economic growth in the Yangtze River Economic Belt. At present, the financial development of the Yangtze River Economic Belt is not balanced, and there is an urgent need to quantify the differences in financial development. Drawing on the research of "maturity model" at home and abroad, from the two new perspectives of subjective and objective, the financial development difference is introduced into the maturity model as an organic whole, forming financial maturity and its indicator system, then taking the Yangtze River Economic Belt as the research object, the principal component analysis method is used to calculate the maturity. The results show that the financial development of the middle and lower reaches of the Yangtze River Economic Belt has obvious gradient differences both subjectively and objectively. The financial acceptance of the lower reaches of the Yangtze River and the total financial structure and structure are significantly higher than the middle and upper reaches, while financial efficiency is lower than the middle and upper reaches due to factors such as financial costs. Therefore, the financial development of the Yangtze River Economic Belt needs to improve the systematicness of finance, coordinate the growth of financial volume and structural adjustment, and improve the overall financial operation efficiency.