Allocation Of Financial Resources Research Articles

Digital Finance, Corporate Social Responsibility, and Corporate Innovation

Innovation is the key to promoting high-quality development of the Chinese economy in the new era, and the core driving force for accelerating the construction of a new pattern of "double-cycle" development. As a new form of financial business, digital finance can not only broaden the breadth and depth of financial services, but also optimize the allocation of financial resources, improve the efficiency of financial services, and promote the improvement of the technological innovation level of enterprises. The fulfillment of social responsibility by enterprises can establish a good social reputation and obtain the information and material resources needed for technological innovation from various stakeholders, which also means the redistribution of limited resources. In this paper, the panel data of Shanghai-Shenzhen A-share listed companies from 2014 to 2021 is selected as the research sample, and the two-way fixed model is used to examine the relationship between digital finance, corporate social responsibility (CSR) and enterprise innovation. The results show that: (1) the development of digital finance promotes the innovation and development of enterprises; (2) the substitution effect of corporate social responsibility and digital finance, and corporate social responsibility weakens the positive effect of digital finance on enterprise innovation. Combined with the conclusion, this paper holds that the government and financial institutions should jointly promote the development of digital finance, enterprises should reasonably allocate the internal resources of social responsibility and enterprise innovation, and the regulatory authorities should build an efficient and perfect supervision system. This paper not only provides useful inspiration for improving the digital financial supervision system and enterprises to fulfill their social responsibilities, but also provides empirical basis for enterprises' innovation and development.

Evolution or status quo – regional operational programmes in the Eu financial perspective 2014-2020

Purpose: The publication presents the evolution of the European Union policy implemented in Poland, focusing primarily on the 2014-2020 perspective, which was characterized by its decentralization. Design/methodology/approach: The method of statistical data analysis and source materials was used in the work. Findings: As a result of the conducted research, it was indicated that the 2014-2020 perspective was characterized not only by the highest allocation of financial resources, but the solutions proposed therein led to a deeper decentralization of regional policy in Poland consisting in the construction of two-fund regional programs (ERDF and ESF), prepared, managed and implemented at the regional level, bringing the thereby increasing the effectiveness of this policy. Originality/value: The literature research and statistical analysis carried out in the article served to show the evolution of the regional policy decentralization process on maximizing its effects. The research results are dedicated to a wide group of people and entities benefiting from the support of European Union funds. Keywords: cohesion policy, region, operational programs, regional development, European funds.

Shadow Education, Intra-Household Financial Resource Allocation, and Educational Achievements

Shadow Education, Intra-Household Financial Resource Allocation, and Educational Achievements

Accounting Information Quality, Tax Avoidance and Companies' Performance: the Moderate Role of Political Connection

Purpose: This study examines the relationship between the accounting information quality, tax avoidance, and political connection in all Jordanian companies listed on Amman Stock Exchange. The current study also investigates the moderating effect of political connections on accounting information quality and company performance relationships. Further, the study examines the moderating effect of political connection on tax avoidance and company performance relationship. Theoretical framework: Political connections, tax avoidance, and the quality of accounting information affect a company's performance. According to the agency theory, reliable accounting information improves business performance and resources’ allocation efficiency by reducing information asymmetry. Additionally, the adverse effects of politics on companies are mitigated by accounting information quality. As a result, the cash flow is allocated effectively, improving the business's overall performance. Design/methodology/approach: The study uses the ordinary least squares (OLS) and applied moderated multiple regression (MMR). The sample data of this study includes 2266 company-years observations over the period 2008-2018 for all Jordanian companies listed on Amman Stock Exchange. The study compares accounting and market-based measurements of companies' performance (ROE, Tobin's Q). Findings: The study reveals consistent results among the measure. The results support the agency theory and found that accounting information quality reduces information asymmetry and positively affects companies' performance. Also, tax avoidance helps the companies to have more cash, and the results indicate a significant positive effect on companies' performance. In addition, the results support the agency theory argument and found that politics increase agency costs and negatively affect companies' performance. However, further analysis found that political connections sustain the positive effect of accounting information quality, which is a robust governance mechanism in Jordanian listed companies. Finally, the results found that tax avoidance with more political connections harms companies' performance. Research, Practical & Social implications: This study helps policymakers increase the governance mechanisms function in Jordanian listed companies. Also, the higher political relationship with the companies could be affected negatively on the Jordanian companies' achievement. Originality/value: The findings suggest several consequences for the fields of accounting and corporate governance. Additionally, the Middle East nations, including the Jordanian market, have had numerous economic difficulties that this study aids in resolving. For example, antagonistic political ties, information asymmetry, and insufficient allocation of financial resources.

Corporate internal control, financial mismatch mitigation and innovation performance.

Based on the resource allocation optimization theory, from the perspective of internal control (IC) and financial mismatch jointly affecting technological innovation, this study selects the listed enterprises in China's capital market from 2012 to 2020 as the sample, and explores the mechanism among IC, financial mismatch and technological innovation. The results show that effective IC significantly promotes corporate innovation, and mitigates financial mismatch. The mitigation of financial mismatch presents a significant mediating effect between effective IC and innovation output. In Discussion, this study finds that the effects are significantly reflected in non-state-owned enterprises, but not in state-owned enterprises. Finally, it is suggested to improve IC effectiveness continuously, to stimulate innovation vitality, optimize financial resources allocation, and foster new momentum for economic development. And it is suggested to facilitate the transmission effect that effective IC mitigates financial mismatch, and enhances innovation output. Also, the innovation activities in state-owned and non-state-owned enterprises should be coordinated to promote the steady and healthy development of the economy.

Launch of Universal Journal of Financial Economics

Financial economics is an exciting new field of study that integrates the theory of finance and financial institutions into the main body of economic theory. It draws on insights from general equilibrium analysis, information economics, and the theory of contracts, and develops the main ideas in finance theory, including the CAPM, arbitrage pricing, option pricing, and the Modigliani-Miller theorem within an economic framework. There are various forms of financial resources (also known as financial instruments), including currency, bonds, stocks, and their derivatives. Although they bring different benefits and risks, they all have a common feature. That is, people expect to create more value in the future through them, and obtain maximum satisfaction in the process of financial resource allocation. Financial economics has developed into a science to study the effective allocation of financial resources. It is of great practical significance to deeply explore the future development process of financial economics for achieving sustainable and stable economic development.

Tourism industry in a ‘new reality’ and regional development opportunities: the case of Russia

ABSTRACT The COVID-19-related crisis had a strong negative effect on the world tourism industry, as has the current military conflict in Ukraine. However, with crises come opportunities as this research shows in the case of the Russian tourism industry. The 2020 crisis created the preconditions and opportunities to change the tourism industry’s historically distorted outward-oriented structure and promote regional development through domestic tourism. Active communications between the government and business during the pandemic helped reduce uncertainty for firms and design and implement appropriate governmental sectoral policies. The demand for such policies increased after large-scale international sanctions imposed on Russia in 2022. However, the allocation of large federal budget financial resources to support the industry also creates risks of opportunistic behaviour. The tourism industry’s development in Russia will depend on the government’s ability to resist pressure from rent-seeking interest groups.

360 CARDIOMEMS HF SYSTEM: CONTINUOUS REMOTE MONITORING FOR OPTIMIZE HF PATIENTS' MANAGEMENT AND RESOURCES CONSUMPTION

Abstract Background Heart failure (HF) alternates phases of stability and phases of exacerbation, with a progressive decline in the patient's functional capacity and quality of life; the need to anticipate and improve the effectiveness of management of HF exacerbation has led to the development of several remote monitoring tools. We report our experience with CardioMEMS HF system (implantable device to monitor changes in pulmonary artery diastolic pressure (PAPd) as early indicator of the onset of worsening HF) in order to optimize the pharmaceutical treatments strategy (e.g. Levosimendan infusion) and to assess the impact on hospital resources consumption and costs. Methods We enrolled 7 patients (69.00±4.88 years; 30% female) with end-stage HF, implanted with CardioMEMS and daily monitored remotely, in order to optimize both tailored adjustment of home therapy and infusions of Levosimendan. More in detail, if the cardiologist detected a tendency for PAPd to rise, patients were contacted for home therapeutic changes. If no further changes were possible, the patient was hospitalized for the infusion of Levosimendan. In order to calculate the impact of this remote monitoring strategy on resources consumption, we collected data on hospitalizations (e.g. causes, numbers, length, high-cost drugs and costs) taking into account the same number of months pre and post-CardioMEMS implant for each patient. Results Following the implantation of CardioMEMS we observed a 45% reduction in the total number of hospitalizations and a 62% reduction in the days of hospitalization (from a total of 421 days before implantation to a total of 159 days post implantation in the observation period). From an economic point of view, a significant hospital cost reduction was recorded in terms of both hospitalization costs (HF related re-hospitalization and CardioMEMS's implant related cost) and drugs infusion costs (hospital stay and drug costs); more specifically, the total savings for the 7 patients are around € 236,000 and total days of hospitalization avoided are around 500 days including the hospitalizations avoided for drugs infusion. Accordingly, was recorded an improvement in patients’ quality of life measured with EQ5D (pre-implantation 75.17±2.06 vs post-implantation 108.60±8.70, p 0.0078). Conclusions Our preliminary results support the usefulness of this system in the remote management of the HF patients and in the re-hospitalization reduction both for exacerbation and drug management. In fact, the parameters’ monitoring through the CardioMEMS device allows a personalized management of drug therapy; more precisely, considering the drug Levosimendan, instead of a periodic standard timing for infusion, a patient-tailored timing of infusion was applied. In conclusion, our innovative strategy contributes to achieve the organizational efficiency of the healthcare facilities, as well as to the adequate use and allocation of financial and human resources with a better outcome for HF patients.

Portfolio optimization in the capital market bubble space, an application of meta-heuristic algorithms

PurposeIn this study, to maximize returns and minimize investment risk, an attempt was made to form an optimal portfolio under conditions where the capital market has a price bubble. According to the purpose, the research was of the applied type, in terms of data, quantitative and postevent, and in terms of the type of analysis, it was of the descriptive-correlation type. Sequence, skewness and kurtosis tests were used to identify the months with bubbles from 2015 to 2021 in the Tehran Stock Exchange. After identifying the bubble courses, artificial bee colony meta-heuristic and invasive weed algorithms were used to optimize the portfolio. The purpose of this paper is to address these issues.Design/methodology/approachThe existence of bubbles in the market, especially in the capital market, can prevent the participation of investors in the capital market process and the correct allocation of financial resources for the economic development of the country. However, due to the goal of investors to achieve a portfolio of high returns with the least amount of risk, there is need to pay attention to these markets increases.FindingsThe results identify 14 periods of price bubbles during the study period. Additionally, stock portfolios with maximum returns and minimum risk were selected for portfolio optimization. According to the results of using meta-heuristic algorithms to optimize the portfolio, in relation to the obtained returns and risk, no significant difference was observed between the returns and risk of periods with price bubbles in each of the two meta-heuristic algorithms. This study can guide investors in identifying bubble courses and forming an optimal portfolio under these conditions.Research limitations/implicationsOne of the limitations of this research is the non-generalizability of the findings to stock exchanges of other countries and other time periods due to the condition of the price bubble, as well as other companies in the stock market due to the restrictions considered for selecting the statistical sample.Originality/valueThis study intends to form an optimal stock portfolio in a situation where the capital market suffers from a price bubble. This study provides an effective and practical solution for investors in the field of stock portfolio optimization.

HOW DO THE MACROECONOMIC DETERMINANTS UNDERPIN THE CAPITAL MARKET DEVELOPMENT IN NORTH MACEDONIA?

The capital market plays a vital role in economic growth since it is an important source of financing the business sector’s investments. Hence, a developed capital market enables efficient financial resource allocation by channeling domestic savings to those that need capital, which in turn leads to increased investment directed towards innovation and supports sustainable growth. The main objective of this research is to examine the impact of macroeconomic determinants on the capital market development in the Republic of North Macedonia. The focus has been put on the investigation of two dependent variables, stock market turnover to GDP ratio and stock market turnover to market capitalization ratio (Turnover Ratio) as parameters resembling the liquidity (depth) of the capital market, and how they depend on the economic growth, macroeconomic stability, trade openness and gross investments to GDP ratio. The empirical study is based on a time-series data analysis based on relevant secondary data sources, based on the utilization of the Johansen Test of Cointegration and the development of a corresponding Vector Error Correction Model (VECM) to estimate the relationship, the impact, the magnitude, and the significance of the determinants that support, and influence the liquidity of the stock market in North Macedonia during the period from 2008:Q1 to 2021:Q4. The analysis shows the existence of a significant long-run relationship between the observed macroeconomic factors and the stock market liquidity. The findings indicate that imports and real interest rates have a negative, yet statistically significant impact on the stock market turnover to GDP ratio. The gross domestic product rate, exports, and inflation rate have all a positive and statistically significant impact on the stock market turnover to GDP ratio. Gross investments also positively affect the stock market turnover to GDP ratio, but not significantly. On the other hand, the analysis shows that gross investments and exports have a positive, yet statistically significant impact on the stock market turnover to market capitalization ratio. The gross domestic product, imports, and inflation rate have all a negative and statistically significant impact, whilst the impact of the interest rates is negative but insignificant.

Spatial spillover effects of financial resource allocation efficiency on green economy: Evidence from China

Financial resource allocation comprises the efficiency of credit resource allocation and the savings-investment transformation rate. Based on the two aspects, the relationships between the efficiency of financial resource allocation and green economic development are empirically tested using China’s panel data from 2000 to 2019 within the spatial Durbin model. The empirical results show that the efficiency of credit resource allocation in China is low, and the flow of credit resources causes a siphon effect. At the same time, the existing savings stock does not form a real credit resource. The empirical results of regional tests show that the allocation efficiency of credit resources in the eastern region is low, and negative externalities exist. The allocation efficiency of credit resources in the central and western regions has a driving effect on the development of the green economy in the region, but there also exist negative externalities. There are positive externalities in the conversion rate of savings and investment. The findings of this study indicate that China is still driving the development of the green economy through the expansion of the total financial scale. The economic benefits of improving the efficiency of financial resource allocation have not been proven.

Determination of Importance of Key Decision Points in the Technology Commercialization Process: Attitude of the US and German Experts

With the help of commercialization, inventions become marketable commodities that find new ways of solving problems. Turning technology into reality requires an excellent understanding of the development process from idea to market of the technology. The primary purpose of this article was to examine the commercialization process of inventions and divide the commercialization process into stages that culminate in decision points. Opinions of different authors and representatives of R&D organizations were compared concerning the content of technology commercialization, which is understood and named differently in the scientific and practical literature. Later, with the help of two groups of experts from the US and Germany, the importance of key decision points was determined. The research results were summarized using the MCDM method: the integrated Fuzzy Delphic–Eckenrode Likert-type Scale-based Rating Technique (FDELSRT). The results of this study can be applied in practice to making strategic decisions related to the allocation of efforts, limited time, and financial resources based on the determined importance of key decision points. Research in different countries and the comparison of results will identify areas and opportunities for further mutual learning and more intensive, mutually beneficial international cooperation in technology development.

The Effect of Government Intervention on Self Innovation of Strategic Emerging Enterprises based on the Role of Financial Intermediary

The implementation of government intervention and financial support can solve the problem of insufficient investment in independent innovation of enterprises, improve the ability of independent innovation of strategic emerging industries, and achieve the goal of high-quality economic development. However, due to the inconsistency between the government's macro-control objectives and the interest objectives of financial institutions, government intervention and financial support are uncoordinated. Under this background, this paper studies the impact of government intervention and financial support on the independent innovation of strategic emerging industry enterprises. The results show that: (1) Government intervention can stimulate enterprises to increase investment in independent innovation. (2) Government intervention and financial support affect the allocation of financial resources in enterprise innovation activities. (3) Long term bank loans inhibit enterprises' independent innovation and development, and reduce enterprises' investment in independent innovation.

Operationalising sustainability? Why sustainability fails as an investment criterion for safeguarding the future

AbstractPolicy instruments promoting sustainability, such as investment taxonomies, are playing an increasing role in guiding the allocation of financial resources internationally. But can policy instruments define sustainability in ways that are both operational (i.e. assessable via replicable procedures) and which specify practices that can reliably be expected to enhance future generations' welfare? This paper analyses candidate definitions of sustainability and identifies a dilemma: while various definitions identify a ‘capital’ variable whose value can indeed be determined empirically; we have no reason to assume that preservation of any specific capital variable will maximise expected future welfare. By contrast, sustainability can be defined ‘dynamically’ in terms of activities that will, on expectation, lead to future developmental trajectories with high welfare. But, as we show through discussion of concrete examples, ‘dynamic sustainability’ cannot readily be operationalised. We conclude that what qualifies as ‘sustainable’ will remain a subject of political dispute and that authoritative comprehensive assessments of ‘sustainability’ will remain chimeric. We suggest that selecting a narrow class of specific measures, such as of life‐cycle greenhouse gas emissions, might lead to more effective and less contentious approaches to resource allocation.

The Influence of Financial Aid Systems on Student Academic Development in Higher Education in China

The main purpose of this paper is to analyze the relationship between the multiple mixed financial aid systems and the academic development of college students in Chinese higher education. Under the assistance of National Student Financial Aid Center of China, this study used sample data from the questionnaire survey conducted among students in 11 colleges and universities, and used logistic regression analysis based on human capital theory and student development theory to investigate the effects of different forms of financial aid on students’ academic development in higher education. The main results of the study showed that, firstly, receiving National Scholarships, National Encouragement Scholarships, and National Student Loans were significantly and positively correlated with receiving excellent grades, but receiving National Grants and work-study positions were significantly and negatively correlated with receiving excellent grades. Secondly, receiving higher National Scholarships and work-study funding significantly increased students’ probability of receiving excellent grades, but receiving higher National Student Loans funding significantly decreased students’ probability of receiving excellent grades. Further analysis of the influence of different forms of financial support on students’ academic development revealed that receiving National Scholarships and National Encouragement Scholarships can significantly increase the probability of study exchanges between sponsored students, teachers, and classmates and of attending seminars; receiving higher National Scholarships and work-study positions can help sponsored students clarify their study goals and increase study exchanges with teachers and classmates. The results of this study showed that the students’ academic development is influenced by the National Scholarships and work-study positions. Based on the results of the empirical study, countermeasures and suggestions were proposed in terms of precise financial aid systems, allocation of financial aid resources, and work-study positions, so as to improve the impact of higher education mixed financial aid systems on college students’ academic development in China.

Quid pro quo

AbstractThis paper attempts to shed some new light on two puzzles about Chinese economy: Rapid economic growth despite pandemic corruption; dramatic development of the private sector despite ‘ownership discrimination' in financial resource allocation. In our model, the productive bribe facilitates the more efficient private firm to obtain the scarce financial resource, either from the bank or from the state‐owned enterprise, and corrects the initial allocation distortion. Meanwhile, our model also generates the distortionary and the predatory bribes which hurt the economy.

The Berlin index of health and social deprivation: a data based tool to tackle health inequality

Abstract Background Reducing socially induced health inequalities is a key task of urban and regional public health authorities. The Berlin index of health and social deprivation (BIHSD) 2022 aims to show regional differences in health and social situation in sub-areas of the city, to observe developments over time and to identify socially deprived sub-areas of the city. Methods The BIHSD 2022 is based on 20 indicators, most of which come from official statistics. Principal component analyses were applied to calculate subindices for the dimensions employment (e.g. unemployment rate), social conditions (e.g. risk-of-poverty rate) and health (e.g. premature mortality). Based on these subindices the final health and social index was derived. The (sub)indices are available on different spatial levels. Relative changes compared to the BIHSD 2013 were calculated to identify regional trends in the transitions in the social structure and health of the city over time. Results Besides improvements for most indicators over time in most regions of Berlin, there is still significant evidence for health and social inequality across the city. For example, long-term unemployment rate varies between 0.5% and 40.4% on the lowest spatial level. Following a secular trend, there are substantial improvements in former deprived areas in the inner city while in many peripheral residential areas with an average social structure in the past a downwards trend was observed. Conclusions Deprivation indices are helpful tools for research and health reporting in providing evidence for regional inequality. Additionally, they can be used to tailor health promotion strategies and to promote a targeted allocation of financial resources. For example, results of the BIHSD 2022 are being used in epidemiological analyses (e.g. regional inequalities in the risk of SARS-CoV-2 infection) and for (health) policy planning (e.g. needs- and demand-based planning of healthcare). Key messages • The Berlin index of health and social deprivation 2022 show regional differences in health and social situation in sub-areas of the city and documents developments over time. • The index is being used in epidemiological analyses, to tailor health promotion strategies, and to promote a targeted allocation of financial resources.

Research on the effects of digital inclusive finance on the efficiency of financial resource allocation

With the rapid progress of digital technology, finance has also embarked on the fast lane of its development. Whether and how the development of digital inclusive finance can improve the efficiency of financial resource allocation have both been significant questions for the Chinese government to answer. This study adopted the super-efficiency DEA method to measure the allocation efficiency of regional financial resources in China, integrating with the Digital Inclusive Finance (DIF) index published by the Digital Finance Research Center of Peking University, to study the influences of Digital Inclusive Finance on the Financial Resource Allocation Efficiency (FRAE). After considering the spatial factors, we found that the development of DIF could significantly promote Financial Resource Allocation Efficiency mainly in three aspects of coverage, depth, and credit. Meanwhile, in the analysis of its mechanisms, we also discovered that DIF could promote FRAE through human capital and enterprise innovations. Finally, this study indicated that the differences in regions and overcapacity levels would also modify the influences of DIF on FRAE. The enlightenment from this study is that relevant government departments should actively promote the development of digital inclusive finance, thereby, not only improving the efficiency of financial resource allocation and the coordinated action between regions but also promoting the transformation and upgrade of economic development methods.

Pedagogical Challenges of Architectural Education in Nigeria; Study of Curriculum Contents and Physical Learning Environment

The current curriculum design, program and the state of the physical learning environment in the Nigerian schools of architecture seem inadequate and ineffective. The study examined the teaching of architecture in Nigerian tertiary institutions. The aim is to ascertain the state of the present curriculum contents and learning facilities. Major Challenges identified in this study include dearth of learning facilities, inability to reform the curriculum contents and limited financial resources allocation to run the schools. Also increasing unemployment for architecture graduates and unskilled nature of practicing graduates were also included. Highlighted in the discussion for necessary intervention by stakeholders of Nigerian tertiary institutions includes review and upgrading of existing curriculum, efficient time-management skills and collaborative teaching and learning techniques. For physical learning environment, literature points that a clean, bright, organized and open-plan ventilated space strengthens learning by motivation. The result from the survey carried out on physical classroom environment among students of tertiary institutions, indicates that the level of satisfaction was fairly satisfactory and that the students expressed that large halls, large corridors were the most available facilities (63.2% and 52.8% respectively). The major equipment in the classroom were whiteboards (100%), personal computers (47.2%) and digital projector or smart board (30.4%), while the available facilities for pleasant environment were attractive surroundings (100.0%). Adjustment of training methodology, improving training skills, retraining the trained, upgrading infrastructure and facilities; expansion of the curriculum and training program were recommended in order to comply with the current global trends.

Federalization of Agriculture Sector: Issues and Challenges

The research examines the current issues and challenges of sectoral restructuring and assesses local governments' performance in agricultural service delivery at the local level under the federal system in Nepal. This study was conducted using a mixed method during 2019-2021 in three local governments at the local, Karnali Province, and federal levels. Qualitative methods such as KIIs, FGDs and field observations were used to analyze the issues and gaps in functions, institutions and policies in the agriculture sector under the federal system. Whilst qualitative methods and an empirical survey among 300 farming households were conducted to assess local governments' performance in agricultural service provisions. The qualitative data were analyzed using the thematic analysis method, and the quantitative data were analyzed using descriptive statistics such as frequency and percentage. Findings revealed that functional overlap, duplication and lack of coordination between the three tiers of the government as major issues in sectoral restructuring. Farming household surveys revealed that local governments are effective in the timely delivery of agricultural services. However, farmers indicated their lower level of agreement on the capacity of the local staff, policies, institutional mechanisms, participatory process in planning and financial resource allocation for agricultural services. The performance of these three local governments on agricultural service delivery was affected by leadership priority and commitment, local policies, local staff capacity, resource allocation and external support. Overlapping and duplication in service delivery roles, weak local capacity, higher conditionality of intergovernmental sectoral fiscal transfer and less priority of local governments in financial resource prioritization are current issues and gaps in agricultural service delivery. The findings suggest the demarcation of the roles and responsibilities between the three tiers of the government, strengthening local capacities and revisiting local governments' institutional arrangement for effective agricultural service delivery under the federal system.