Financial Obligations Research Articles

Deities’ Rights?

AbstractA brief commotion arose during the hearings for one of twenty-first-century India’s most widely discussed legal disputes, when a dynamic young attorney suggested that deities, too, had constitutional rights. The suggestion was not absurd. Like a human being or a corporation, Hindu temple deities can participate in litigation, incur financial obligations, and own property. There was nothing to suggest, said the attorney, that the same deity who enjoyed many of the rights and obligations accorded to human persons could not also lay claim to some of their constitutional freedoms. The lone justice to consider this claim blandly and briefly observed that having specific legal rights did not perforce endow one with constitutional rights. Nevertheless, a handful of recent and high-profile disputes concerning Hindu temple deities and the growing influence of Hindu nationalist politics together suggest that the issue of deities’ rights is far from a settled matter. This article argues that declining to recognize deities’ constitutional rights accurately reflects dueling commitments in the Indian Constitution.

NEXUS BETWEEN LIQUIDITY MANAGEMENT AND LOAN REPAYMENT AMONG MICROFINANCE BANKS IN EMERGING MARKETS: A PANEL ANALYSIS

Loan repayment remains the chief source of internally-generated liquidity reserves in the microfinance banks operating in the emerging markets in developing countries. Globally, reports indicate that of the loans disbursed in the United States of America, 45% of borrowers default on repayment, 60% of whom eventually end up as non-performing. A similar trend is reported in Nigeria with statistics indicating growth in overall default rate from USD1.612B in 2017 to USD 2.694B in 2021. Uganda recorded about USD.1.215B worth of non-performing loans in its MFI sector in 2018, from USD 324M in 2017. Microfinance banks (MFBs), as one of the institutions at the center of financial inclusion in Africa target to serve low-end borrowers who are prone to fall in default of honouring their arising loan repayment obligations. In Kenya, MFBs have recorded a steady rise in non-performing loans from Kshs.328M in 2018 to Kshs.1.9B in 2021. The loan repayment trend among MFBs reflects a trajectory that calls for urgent invention measures to secure steady operations to the extent of meeting their arising financial obligations. Previous studies on loan repayment have focused on conventional banking institutions, whose operational lending dynamics are significantly distinct from those of MFB. Existing literature is skewed in favour of investigating parameters associated to profitability. The main objective of this study was to establish the relationship between liquidity management and loan repayment among MFBs in Kenya. The anticipated incometheory underpinned the study objective. Secondary balanced panel data sourced from the annual reports of 12 regulated MFBs in Kenya were used. The study covered an eight-year period from 2015 to 2022, yielding 96 data points. Moderated multiple regression was applied to realize the study objective. Regression results showed that a unit change in liquidity management results in 2.01% significant change in loan repayment (β=0.020110, p=0.0085) with R2=82.7%. From the results, the nexus between liquidity management and loan repayment is positive and significant but weak. It is recommended that reliance on strict management of internally generated funds ought to be complemented with moderate external funding.

The analysis of relationship between profitability, liquidity, company size and company values of chemical industry sector manufacturer

The purpose of this study is to ascertain how the value of companies in the chemical industry sector that are listed on the Indonesian stock exchange from 2020 to 2022 is influenced by profitability, solvency, and firm size. This study used Panel Data Regression Analysis, the Classical Assumptions Test, and Multiple Linear Regression Analysis with E-Views 9.0 with a significance level of 5%. The findings of the research indicate that the financial gain (return on equity) does not have an influence on the worth of the company (price-to-book value). However, the ability to meet financial obligations (current ratio) has a negative impact on the worth of the company (price-to-book value). The size of the company does not have any effect on the worth of the company (price-to-book value). Additionally, the financial gain, ability to meet financial obligations, and size of the company all have a simultaneous influence on the worth of the company (price-to-book value). The outcome variable in this research can be clarified by the three independent variables, with an R2 value of 69.14%.

Satisfaction, research productivity, and socialization in doctoral students: Do teaching assistantship, research assistantship and the advisory relationship play a role?

Funding to doctoral students in the form of research and teaching assistantships help students become independent scholars and complete their programs. Insufficient funding, unforeseen financial obligations, and debt can discourage students from completing their programs in a timely fashion. However, supervisors may play an influential role in supporting doctoral student socialization and growth towards research autonomy. Girves and Wemmerus's (1988) doctoral student degree progress theoretical model claimed that financial assistance and students' perceptions of faculty support are key predictors of doctoral students' progress. They also proposed that students' satisfaction with their department, sense of isolation, and engagement in their programs may explain (or mediate) these associations. The aim of this study was to investigate how supervisor support and financial assistance influence doctoral students' satisfaction with their programs as well as their academic and social engagement. Using data from the Canadian Graduate and Professional Student Survey (n = 18,822 doctoral students), we evaluated a model of doctoral student productivity (i.e., publications and conference presentations) with teaching and research assistantships as key predictors and student satisfaction as mediators. We also examined how supervisor support and financial assistance relate to students' academic and social life. The results showed that teaching assistantships are negatively associated with general satisfaction and program satisfaction but positively associated with social involvement. Moreover, research assistantships were significantly and positively associated with social involvement and progress. Supervisor support was positively associated with doctoral students' general satisfaction, program satisfaction, and social involvement. The findings support Girves and Wemmerus's theory and highlight the importance of faculty support for doctoral student success. (258/300).

THE DETERMINANTS OF COMPANY’S FINANCIAL DISTRESS

An economic recession like the current one due to the global pandemic is causing financial difficulties for many companies. Nowadays it is important for companies to be aware of and observe their financial condition. Financial distress is a bad condition impression of a company when the company is no longer able to generate sufficient income or profit, so that its financial obligations cannot be paid. Financial distress is an early symptom of corporate bankruptcy. This study aims to obtain empirical evidence about the effect of profitability, size of the board of directors, and institutional ownership on financial distress. The companies used in this study were 63 companies taken from the various industrial sectors and the basic & chemical industrial sector listed on the Indonesia Stock Exchange in 2017-2019. Purposive sampling was used in this study to determine the sample. Multiple regression panel data and the EViews 11 application are used as data analysis tools. Some of the tests carried out were multicollinearity test, Chow test, Hausman test, t test and coefficient of determination test. The results showed that profitability, board of director’s size and institutional ownership have affecting significantly on financial distress.

PENGARUH KEMANFAATAN DAN KEMUDAHAN TERHADAP NIAT MENGGUNAKAN APLIKASI SIMANTAP P2S3 DENGAN TINGKAT PENDIDIKAN SEBAGAI VARIABEL MODERATOR

SIMANTAP P2S3 is internet-based application that developed by Pondok Pesantren Salafiyah Syafi’iyah Sukorejo Situbondo to fulfill students’ financial obligation. This paper aims to investigate relation usefulness, easyness, and intention of using SIMANTAP P2S3. However, education level is also used as moderated variable. There are 45 samples in this research. Moderated Regression Analysis is used to analayze data. This paper finds that usefulness and easiness influnce intention of using SIMANTAP P2S3. Nevertheless, education level does not moderate the influnce usefulness and easiness to intention of using SIMANTAP P2S3. However, sample size in this research is low. Suggested to next researchers to increase sample size in order to get more robust result.

The determinants of institutionalization of Zakāt: the case of Morocco

PurposeMuslims have several religious obligations; the payment of a defined sum to the deprived part of the society is one of their financial obligations called Zakat. The institutionalization of this obligation has been the focal point of several research studies, however the Moroccan context has been studied by very few researchers. Therefore, this research aims to study the institutionalization of Zakat in the Moroccan context. Design/methodology/approachIn this paper, the authors try to drive focus to the determinants of the payment of Zakat to a specialized institution in Morocco (institutions whose main activity is the management of zakat funds), through 302 questionnaires that have been administrated on Moroccans and partial least square (PLS) approach.FindingsThe results show that the intention and payment behavior of Zakat by Moroccans depends on the quality of the zakat institution's quality of services, its location, the competence and availability of personnel, the use of technology, the shari'ah compliance of the institution’s activities and the trust by showing professionalism in the management of Zakat funds and disclose information.Research limitations/implicationsThe lack of relevant data covering the number of Zakat payers in Morocco, their potential contributions and the amounts paid each year, slows down the progress of this project as it hinders the ability of state officials and decision-makers to assess the potential zakat funds that are currently in circulation, and thus makes it hard for them to attribute financial support to such project. It also makes it hard for researchers to get direct access to Muzzakis.Practical implicationsThe existing literature shows immense interest in the implementation of institutions who can manage the Islamic social instruments especially zakat. However, the lack of relevant payer data of Zakat in Morocco and other jurisdictions who have not yet institutionalized zakat slows down the progress of this project and hinders any progress. Thus, the initiating point of such institutions in Morocco and in other countries who have not yet launched this project, requires knowing what determines the behaviour of Zakat payers and their choice of paying zakat to an institution. The results of our research help give insights on the determinants of zakat institutionalization from zakat payers point of view. These results are useful to the state policy makers.Social implicationsLike other neighboring countries, Morocco must introduce Zakat into its social system in order to better manage the funds that will enable the tackling of serious social problems such as poverty.Originality/valueIn contrast to the widespread and extensive literature available in analyzing the determinants of donations and volunteering from a conventional perspective, the parallel analysis of these same concerns in social Islamic systems is still in its infancy and so is the implementation of institutions related to zakat and other traditional Islamic social instruments such as waqf.

Digitalisation, Exports, Government Support and Firms' Finances during the COVID‐19 Pandemic: Evidence from Central and Eastern Europe*

This study examines whether digital technologies and exporting activities are associated with the likelihood of bankruptcy, liquidity issues and overdue financial obligations during the COVID‐19 pandemic. Restrictive measures and lockdowns during the pandemic led to the loss of revenue while incurring costs, resulting in financial issues. Using a sample of 8633 firms from the Central and Eastern economies, we estimate a logistic model and find the following: digitalisation is associated with a decrease in the likelihood of liquidity issues and overdue financial issues; exporting firms experience similar financial outcomes to non‐exporting firms; firms that expect or receive government support are associated with an increase in the probability of facing financial issues. Policy implications are discussed.

Does Time Frame of IPO Proceeds Predict Survival of Firms? Evidence from the Malaysian Market

Initial public offering (IPO) information disclosures such as the IPO proceeds’ strategic uses and the time frame have the potential to signal the listing firms’ post-IPO survival. We investigate the impact of IPO proceeds on 423 firms’ ability to maintain survival in business in Malaysia from 2000 to 2014. With a median survival span of approximately 104 months, our examination of survival data reveals that more than 40% of the firms in our sample had trouble surviving after their seventh year of listing. Our findings indicate that the share of IPO proceeds and the firms’ time horizon may be used to forecast whether or not they will survive, with meeting financial obligations serving as the primary motivating factor. A major fraction of IPO proceeds used for growth motives and financial obligations lead to shorter survival, while a longer time frame to meet the obligations leads to longer post-IPO survival. Our findings offer empirical support for regulators to safeguard investors’ interests and enhance firms’ survival in an environment with developing markets; information disclosure requirements include both the use of IPO proceeds and the time frame for its utilization.

CASH HOLDINGS AND FINANCIAL PERFORMANCE COMPANIES IN THE BASIC AND CHEMICAL INDUSTRY IN THE INDONESIAN STOCK MARKET

The modern business landscape is characterized by dynamic interactions between various financial indicators that influence a company's financial health and performance. This study aims to investigate the impact of growth, liquidity, and profitability on capital reserves. It is an associational quantitative study that utilizes secondary data. The present research adopts an associational quantitative approach, utilizing secondary data from a five-year period spanning from 2016 to 2020. The population of interest comprises basic and chemical industrial enterprises that are publicly listed on the Indonesia Stock Exchange. The study employs a robust combination of literature review and documentation techniques to collect pertinent data, creating a comprehensive foundation for analysis. To rigorously investigate the interplay of growth, liquidity, profitability, and their connection to capital reserves, the study employs advanced panel data regression analysis. The analysis reveals that growth exerts no discernible impact on cash on hand, suggesting that while expansion may drive other financial outcomes, it does not directly affect the immediate availability of capital reserves. Conversely, liquidity emerges as a crucial determinant, exhibiting a positive influence on cash on hand. This underscores the importance of maintaining a robust liquidity position, which enables companies to effectively manage day-to-day financial obligations and seize strategic opportunities. Furthermore, the study establishes a positive correlation between profitability and cash on hand. Companies that exhibit higher profitability are more likely to accumulate substantial capital reserves, reflecting a capacity to generate surplus funds even after accounting for operational expenses.

Https://www.cijds.calebuniversity.edu.ng/

In today’s dynamic and competitive business environment, solvency is a critical success factor that strategically enables a firm to structure their resources in meeting their financial obligations on the short, medium and long-term bases. However, the inability of a firm to maintain acceptable level of financial stability threatens its future growth. A company’s inability to sustain robust solvency portends the firm’s sick state that impairs its organic growth rate. Firms’ improper utilization of their unique characteristics as their corporate strategic drivers has given rise to illiquidity causing existential threat among listed firms in Nigeria. This study examines the effect of firms’ characteristics on solvency of selected listed companies in Nigeria. The study adopted ex-post facto research design. The population of the study was 161 listed companies in Nigeria as at 31st December 2020 with a chosen sample size of 111 purposively determined. Secondary data extracted from the published audited financial statements covering a 10-year period (2011–2020) were used for the study. Descriptive and inferential (multiple regression) statistics were employed to analyze the data. Findings revealed that corporate strategic drivers had joint significant effects on short-term solvency and long-term solvency. The study concludes that corporate strategic drivers exert significant influence on solvency of listed firms in Nigeria. The study recommends that firms should continue to utilize their corporate strategic characteristics to drive their short-term and long-term solvency statuses. Keywords: Corporate Strategic Drivers, Financial strategy, Firms’ Characteristics, Long-term solvency, Short-term solvency

Legal Financial Obligations of Reentering People After Release From Prison: Exploring Predictors of Criminal Justice Debts

Legal financial obligations (LFOs) can complicate the already daunting process of reentry for people that are released from prison. The current study uses data to describe and model how LFOs accrued over criminal careers vary across all people released from state prisons in New Jersey in 2009 and 2010 (n = 21,031). Findings indicate that all but 50 people were sentenced to pay some form of LFO, representing approximately $123 million across 560,908 charges amongst the population. Monetary sanctions significantly varied across many background characteristics at a bivariate level, and a multivariate Poisson model indicates that white people, females, and those with longer criminal histories experience heightened LFO burdens across the criminal career. Future research should explore how mechanisms of debt accrual may vary across criminal justice subgroups and how LFOs might be leveraged by prosecutors during plea negotiations.

Teaching Philosophy from Scratch: Designing Dynamic Pedagogy for Adult ‘Firsts’

Abstract I describe dynamic teaching to adult, mainly immigrant students, who are new to philosophy and often are college “firsts.” Adult students have family, financial, and work obligations, whereas standard students are leisured outside of class and approach philosophy as consumers. I teach from assigned texts, dismissing as a conceit of philosophers that philosophical questions arise from real life experience. My students are intensely focused on their grades, frugal with their expenditure of academic effort, and prone to submit all of their coursework at the end of the semester. A syllabus requiring weekly assignments with citations curtails that. For immigrant students, who value their college degree as entry to the American dream, the hard work usually ascribed to them is, here, academic work. Learning to do philosophy in this way can result in enduring meta-skills of time management, focused reading, thinking, and group participation that carry over to other subjects and real life.

The Impact of Capital Structure on the Operational Efficiency of Commercial Banks Listed on the Australian Stock Exchange

Profitability serves as one of the determinants of both capital structure and stock returns in Australia. This paper looks at bank specific profitability. Researchers take into consideration two actions of financial institution performance: bank productivity (determined as profits separated by properties), and financial institution passion margins (measured as web interest income split by assets). It is commonplace to highlight that in order for a company to have the needed sources in regards to properties, they need to elevate the capital. The years given that the onset of the global financial situation has actually brought about significant architectural adjustments in the financial sector. The crisis revealed considerable weaknesses in the financial system of Australia as well as the prudential framework, bring about too much financing and also risk-taking unsupported by ample capital as well as liquidity buffers. The impacts of the crisis have taxed financial growth, monetary stability and also financial institution performance in several territories including in Australia, although the headwinds have begun to subside. Technical adjustment, increased non-bank competitors as well as changes in globalization are still broader ecological difficulties facing the financial system. Regulators have reacted to the crisis by reforming the international prudential structure and improving supervision. The study was a literature based in which literature from far and wide were reviewed to derive study themes. The findings revealed that Banks in Australia have boosted their durability to future risks by significantly accumulating funding and also liquidity barriers. The boosted use anxiety testing by banks and also managers since the situation additionally attends to greater strength on a positive basis, which ought to aid support credit circulations in excellent as well as hard times. Furthermore, progressed economic situation financial institutions have moved to even more stable funding resources and also purchased more secure as well as less complex assets. Several of these changes may be driven partly by intermittent aspects, such as accommodative monetary policy, and also hence may lessen as conditions transform. Qualitative evidence indicates that financial institutions have significantly enhanced their threat management and also internal control practices. Although these modifications are tough to analyze, scientists point to substantial range for further enhancements, in particular because of the inherent unpredictability regarding the future development of risks. The research concludes that the financial obligation ratios make contrast of the overall debt with the complete properties owned by the company and a low proportion shows that a company depends much less on debt while a high percentage suggests that a firm count a lot more on financial debt money. The findings of this research study have important policy implications on the individual banks in Australia, the industry and the macro levels. Since most of the reviewed studies found a negative correlation between the financial leverage and the firms value, the research study recommend that bank financial managers should decrease the finance leverage they employ in their capital structure in order to increase firms value. Keywords: Capital, Structure, Productivity, Listed, Commercial, Banks, Australia.

Financial Ratio Analysis of PT SOHO GLOBAL HEALTH Tbk's Corporate Performance for 2019-2021

Financial ratio analysis is a method of evaluating company performance that uses comparative data contained in financial statements, such as balance sheet statements, income statements, and cash flow statements. Financial ratios provide an overview of a company's financial health, operational efficiency, rate of return on investment, and the company's ability to meet financial obligations. This study aims to analyze the performance of PT Soho Global Health, Tbk from 2019-2021. The object of our research focuses on the 2019-2020 financial reports of PT Soho Global Health.This research uses qualitative methods. This data is used to analyze and develop an analysis of liquidity, solvency, profitability and activity ratios. The data collection technique used is a literature study carried out to enrich knowledge about various concepts that will be used as a basis or guideline in the research process. The data analysis technique used is Descriptive Statistical analysis. The liquidity ratio using the current ratio shows a fairly good performance. The solvency ratio using the debt to asset ratio shows the company's performance in a good situation. The profitability ratio using the net profit margin ratio shows that it is in unfavorable condition. The activity ratio using the ratio of total asset turnover which shows quite good performance.

The interbank financial obligations routing problem

The interbank financial obligations routing problem

Analisis Rasio Likuiditas Terhadap Kinerja Keuangan pada PT Cahaya Bintang Medan Tbk

In the current era of fierce competition in both the business and business world, companies need to improve performance in the company. because by knowing the performance, especially in the financial sector, the company can determine the strategy to compete against its competitors. This study aims to determine the financial performance of PT Cahaya Bintang Medan Tbk based on liquidity ratios. This research uses descriptive methods with a quantitative approach. The data source used in research by the author is external data, namely data obtained not directly from sources but from third parties or institutions that process the data. The results of the calculations that can be concluded that the current ratio in 2018-2020 was 99.41%, 139.3% and 207.25% respectively and the quick ratio in 2018-2020 was 74.6%, 67% and 91.6% respectively so that based on the current ratio in 2018-2019 it can be concluded that the company is not Liquid because it does not meet industry standards but in 2020 it shows that it is Liquid because it is more than Industry Standards. Liquidity is an indicator of the company's ability to pay all its financial obligations when due. To produce a good current ratio, management must pay attention to several factors: type of business, cash flow, and the level of credibility of the company. A positive current ratio makes the company's ability to pay its obligations better.

ФОРМУВАННЯ ПОРТФЕЛЯ ФІНАНСОВИХ ПЛАТІЖНИХ ЗОБОВ’ЯЗАНЬ, ЗАХИЩЕНОГО ВІД СИСТЕМАТИЧНИХ РИЗИКІВ

Developing a model for studying banking operations related to financial risk seems to be very promising. Banks with heterogeneous fundamental funds often face a potential outflow of their creditors. The ability to affect a particular bank depends on the intermediate liquid value of its assets, whereas the latter value endogenously depends on the status of other banks in the asset market. Mathematical modeling of economic risks forms an idea of the peculiarities of modern economic risks, including financial ones. The study of various ECONOMIC-MATHEMATICAL MODELING Issue IІ (90), 2023 119 aspects of financial risk is one of the fundamental concepts of modern economic theory and management, as well as is increasingly being applied in practice in all areas of economic activity. Obviously, it is not necessary to use experience and intuition in economic activity. However, it is essential to possess the information about the causes of risk situations and to carry out qualitative and quantitative risk analysis. The purpose of the article is to develop a mathematical model of immunizing a portfolio of financial transactions and to study the immunization of a portfolio of financial payment obligations regarding the risk of changes in market interest rates. The article identifies the basic typical models of investment portfolios and studies the methods of portfolio optimization, using different types of financial instruments. Initially, it is necessary to study the net present value of payments (NVP), for which the NVP formula is introduced. Next, the main factor of change in the yield curve should be taken into account - a parallel shift by the value of h (NPV(h)) so that NPV(h)- NPV(0) is minimal, using a more complex deformation of the yield curve. To mitigate this risk, it is important to apply factor immunization, however, with a due regard to the three factors that describe almost all changes in structural interest rates. All studies are formulated in the form optimization problems. To protect a portfolio from market risk, its structure needs to be rebuilt. Therefore, the possible volatility and liquidity risks for the existing portfolio of financial liabilities have to be taken into consideration as well.

The contextual embeddedness of female entrepreneurship: investigating the influence of macro and motherhood factors in Bahrain

PurposeThe paper aims to shed light on the factors that affect female entrepreneurship at the macro-environment level and motherhood in the Kingdom of Bahrain.Design/methodology/approachDrawing on the 5M model and an institutional approach, this paper uses a qualitative semi-structured in-depth interview approach with 44 female entrepreneurs.FindingsThe results uncover several findings highlighting the important influence of the macro-environment on female entrepreneurs in Bahrain, grouped under formal (complex regulations, double employment constraints and financial obligations) and informal (societal perceptions) institutions, as well as the nuanced role of motherhood factors.Originality/valueThe study addresses the motherhood aspect of female entrepreneurs comprising household, family, child/elderly care and societally perceived female duties. Therefore, it constitutes the primary building block in a more gender-aware approach to female entrepreneurship. Addressing societal perceived gender roles leads to a comprehensive perspective on the study of female entrepreneurs.

Integrating Gold-Backed Cryptocurrency for Blockchain Net Settlement to Achieve Future Economic Stability

The purpose of this research is to study the possibility of Gold-backed cryptocurrency for net settlement through blockchain technology and its implications on economic globally. The paper attempts to explore the challenges in expanding cryptocurrency backed by gold and to develop the new framework on cryptocurrency backed by gold model for net settlement through blockchain technology to achieve economic stability. To achieve the objective of the study qualitative method has been used, such as content analysis and semi-structured interviews. The study is expected that by implementing a gold-backed cryptocurrency will boost intra-country trade. This effect would be more robust than those generated by the existing economic model. An Islamic monetary system in the modern digital era, would modify international monetary relations in the direction of establishing a stable and just global monetary system by merging the Gold-backed cryptocurrency model for blockchain net settlement with an Islamic fiscal policy. The implementation of gold-backed cryptocurrency through blockchain would solve many of economic problems such as inflation, change the value of money, bring stability and sustainability to our financial obligations and transactions.