Financial Rules Research Articles

How bankruptcy system innovation affects firm investment behavior: A quasi-natural experiment based on the establishment of bankruptcy courts in China

This study investigates the effects of bankruptcy system innovation on firm investment behavior. Taking the establishment of bankruptcy courts in China as a quasi-natural experiment and using the difference-in-differences method, we show a significant positive relationship between the bankruptcy system and firm investment in financial assets. Improving creditor protection, increasing firms' financing constraints and costs, and increasing the bankruptcy reorganization rate are the main mechanisms through which the establishment of bankruptcy courts promotes firm investment in financial assets. Moreover, the effects of bankruptcy court establishment on firm investment in financial assets are more significant for non-state-owned firms, firms with CEOs who do not have a financial background, and firms in regions with better institutional environments. Finally, we find that the increased investment in financial assets by firms after the establishment of the bankruptcy court balances the efficiency of investment in financial assets at the same time. The findings of this study can provide a reference for optimizing the allocation of market resources and improving the financial rules of the legal system.

Competency Mapping of Key Stakeholders in Procurement and Contracting of the National Tuberculosis Elimination Program Goods and Services in an Eastern Indian State

Abstract Background: The National Tuberculosis Elimination Program is a complex program, and the program officers are involved in the procurement and contracting of goods and services under it. A competency mapping was conducted to highlight the current capacity gaps in contract management at state and district levels under the program. Materials and Methods: A descriptive cross-sectional design was adopted with 15 participants involved in procurement and contracting in two districts of the state using a semi-structured questionnaire, and results were presented using the descriptive statistical analysis. Results: A total of 15 different stakeholders from the National Health Mission, State and District Tuberculosis (TB) Cell, State TB Training and Demonstration Centre, and State Medical Corporation participated in the study. The participants had an average of 10.3 years of experience in contracting, and 20% of them had received some training on contracting. The capacity of these respondents varied based on their involvement, previous training (s) received, and technical background. It was further observed that most of the respondents suggested an in-person physical training instead of virtual training. Most of the respondents requested to issue training certificate. Some of the topics that the participants requested for further training include Digital Signature Certification, Government e-Marketplace, General Financial Rule, Public Financial Management System, monitoring of performance indicators, and bid evaluation techniques. Moreover, 92% of the respondents felt that there is a training need on procurement and contracting. Conclusions: Many a time, the program officers come from a technical background not relevant to the contracting and procurement of goods and services and require regular on-the-job support and training to aid in effective program delivery.

Legal regulation of the budget process in the EU

The experience of the most influential interstate formation in Europe – the European Union, which occupies the second place in terms of GDP and the third in terms of population. is instructive in all its spheres of functioning, in particular in the field of budget law. Given the accelerated movement of Ukraine to the European community, the «budget experience» of the European Union is certainly the most indicative and instructive, since it was formed on the basis of a generalization of best practices of all member countries of the European continent. The article deals with a set of the main EU budget regulations: the Treaty on the Functioning of the European Union; Treaty on European Union; EU financial regulations; Regulation of the European Parliament and of the Council (EU, EURATOM) 2018/1046 of 18 July 2018 on financial rules applicable to the general budget of the Union on amendments to the regulations (EU) № 1296/2013, (EU) № 1301/2013, (EU) № 1303/2013, (EU) № 1304/2013, (EC) № 1309/2013, (EC) № 1316/2013, (EC) № 223/2014, (EC) № 283/2014 and Decision № 541/2014/ЄS and repealing Regulation (EU, Euratom) № 966/2012. On the basis of a detailed analysis of these documents, the fundamental positions of the EU budget process in general and the principles of the EU budget in particular are ordered, structured and described (they include the principles: unity, reliability of the budget, annuity, balance, unit of account, universality, detail, prudent financial management and productivity, transparency). Proposals for the implementation of the principles of the EU budget to the domestic budget law are carried out.

Resource curse in OPEC with varied levels of financial regulations and constraints: The role of oil price shocks and digital finance

Economic growth and development are crucial for global economies, and a nation's physical, human, and natural resources significantly impact its trajectory. Natural resource-rich nations can benefit or face the resource curse. Henceforth, this study examines the economic growth of Organization of the Petroleum Exporting Countries (OPEC), considering digital finance, financial regulations, and oil price shocks. Understanding the intricate relationship between oil price fluctuations and digital finance within diverse financial regulatory frameworks is essential for a comprehensive grasp of the resource curse in OPEC. The research employed a bias-corrected dynamic panel and MMQR model to analyze datasets from 2004 to 2022. The study reveals that Oil price shocks have led to higher economic growth when there are moderate financial constraints. However, they have a detrimental effect when the financial system is either very constrained or highly unconstrained. Digital finance has been shown to enhance Gross Domestic Product (GDP) across various levels of financial regulations. The GDP of OPEC experiences a significant adverse effect when digital finance and oil price shocks are coupled, particularly in the presence of stringent financial rules. This outcome is mainly attributed to the adverse influence of oil prices. The findings above underscore the need for moderate levels of financial regulations that support the favorable influence of oil prices and digital finance on GDP. The study additionally suggests a prospective strategy for enhancing GDP growth in OPEC nations: facilitating digital finance.

Analisis Faktor Yang Mempengaruhi Kejadian Fraud Pada Organisasi Perangkat Daerah Kabupaten Manggarai

Background - Fraud is an interesting issue to discuss and it is necessary to study cases that often occur in organizational management areas such as regional apparatus organizations. Some Fraud cases occur in Indonesia due to failures in the accountability process of the government such as failed leadership styles, inappropriate compensation and individual morality. Objective - To examine the effect of leadership style, compensation suitability and individual morality on Fraud in Regional Apparatus Organizations in Manggarai Regency, East Nusa Tenggara (NTT). Design / Methodology / Approach - Using quantitative methods with a questionnaire distributed to 100 employees from 20 OPDs in Manggarai Regency, who are authorized to use the budget as respondents who are eligible to be sampled. The sampling technique in this study used purposive sampling technique with the data analysis method used was path analysis with the sobel test processed by SPSS version 26. Results and Discussion - Individual behavior, leadership style, suitability of compensation, and individual morality have no influence on unethical behavior, while compliance with financial rules influences unethical behavior. Leadership style, suitability of compensation, individual morality and compliance with financial regulations have no effect on the occurrence of Fraud, while internal control has a negative effect on Fraud. Unethical behavior is able to moderate internal control variables, individual morality, and compliance with financial regulations regarding Fraud incidents. Conclusion - The unethical behavior variable can be an intervening variable in the occurrence of Fraud in the Manggarai OPD. The Manggarai Regency Government is expected to be able to prevent Fraud by considering the influencing factors and factors that mediate the occurrence of Fraud. Research limitations - Has several limitations, namely that it was only carried out on 20 OPDs in Manggarai Regency, NTT, so that it cannot be generalized to a wider area.

ANALISIS DAN RANCANGAN SISTEM INFORMASI MONITORING PIUTANG PELANGGAN BISNIS MENGGUNAKAN WHATSAPP GATEWAY API

PT XYZ as a company engaged in the service sector has services for sending letters and packages on credit to partners who already have cooperation agreements. Every incoming shipment from partners will become receivable, then the company records each incoming receivable so that it is monitored so that partners do not pay receivables beyond the due date. Activities that support the management of receivables are reporting of each receivable to determine the amount and maturity of the receivable. The current accounts receivable management business process is still semi-computed, therefore it is necessary to have a special system that can manage accounts receivable activities properly so that they can be controlled from period to period by providing receivable notification features to partners.
 In this study, which is part of the development of a receivables information system, which is reflected in the financial rules regarding receivables. Research activities are carried out in the analysis phase and the information system design phase. Information system analysis uses Porter's value chain to describe ongoing activities and BPMN notation to model the main activity business processes. As for the design is done using an object-oriented approach. In designing this system, the tools used to describe processes and databases are designed using the Unified Modeling Language (UML) which provides accounts receivable management features, notifications using Whatsapp chat media and accounts receivable reporting features.
 The output of the research is in the form of a report on the design of an information system for monitoring receivables using the Whatsapp Gateway API, software documents and research publications. The design of the information system built can make it easier for system developers to build management systems and monitor receivables at PT XYZ.

“Singapore Case” and the Soviet Banking Sector Abroad (Late 1960s — 1970s)

This article analyses the history of the “Singapore case” of Moscow Narodny Bank (MNB), one of the most prominent Soviet financial cases of the second half of the 1970s. Using documents from the Russian State Archive of the Economy, the author describes the reasons for opening a bank in this south-eastern country, focusing on the phenomenon of the Soviet banking sector abroad in the late 1960s and 1970s. The article shows that while the USSR’s decision to open banks in Western countries was based on economic interests (reducing foreign exchange costs, supporting lending to socialist countries), in the countries of the Global South political circumstances prevailed. Singapore played an important role in promoting Moscow’s diplomatic interests. At the same time, the Soviet Union paid far less attention to economic relations with the island state, although a branch of Moscow Narodny Bank was opened there in 1971. Drawing on documents, the article shows how the Soviet bank became a leading bank in Singapore within a few years, providing a large volume of loans to private companies. At the same time, the article reveals that most loans were granted without observing basic financial rules and for risky real estate transactions. This, together with the global financial and commodity crisis, was a key factor in the creation of a debt of almost US $450 million. The reasons for this incident were both subjective (the incompetence of the Soviet management of the branch and the criminalisation of the actions of representatives of local banking structures) and objective — the lack of a coherent foreign policy of the USSR in Southeast Asia.

A Pedagogical Legacy? Abacus Tradition and Surprising Connections. From the Liber Abaci (1202) to the economic education in Early Modern Period

The abacus tradition had a primary educational role between the late Middle Ages and the Early Modern Era. This practical pedagogy was addressed especially to the merchant and artisan classes. It developed especially in Italy through the presence of private teachers, whose didactics was based initially and primarily on Fibonacci’s works. Commercial mathematics, practical geometry, accounting systems and financial rules found in the abacus environment their incubation and development. The main objective of this article is to demonstrate some (unexpected and surprising) connections between the abacus tradition and the pedagogical evolution of the Modern Period.

The Housing Struggle of Working-Class Migrant Women in Spain Through a Double Horizon of Political Temporality

ABSTRACT Impoverished and working-class migrant women have been the hardest hit and most exploited people during both the real estate-financial accumulation cycle and the aftermath of the 2008 crisis in Spain. Since 2009, these women have also been the key actors in outstanding civil disobedience to the neoliberal financial rule through their engagement in housing activism. How has this happened, and with what effects? Our research responds to these questions by focusing on the collective and contextualized strategies of extended struggles for social reproduction. This analytical framework integrates intersectional social structures, spatio-temporal dimensions of social reproduction, and the historical context of real-estate financialisation. Additionally, we argue that the notion of a “double horizon of political temporality” helps explain how the housing struggle evolved and identifies which social and political outcomes were produced. We suggest that this case reveals the mechanisms and impacts of similar grassroots movements challenging the current financialised dynamics of capitalism.

New Financial Fair Play Requirements in the Context of Global Restrictions

The purpose of the paper is to develop recommendations for Russian football clubs aimed at strengthening their financial stability.The subject of the study is the UEFA financial fair play rules and their impact on the financial stability of football clubs.The relevance of the paper is confirmed by the changes taking place in financial regulation of football clubs by the UEFA and the Football Union of Russia (FUR), which are caused by the global crisis and have not yet been studied in the scientific literature, which confirms the novelty of the study. The authors’ method is an analysis of the editions of the UEFA financial fair play rules and RFC licensing rules that have been in effect since 2011, along with any violations and subsequent sanctions. The annual reports of European public football clubs, studies of consulting companies, and academic publications in this field were also considered. This paper helped identify the chronology of financial rules in football and directions for their improvement. The authors conducted a detailed analysis of financial performance of club football in Europe and Russia, taking into account the impact of the pandemic, revealed the main problems and ways to solve them based on best practices.The results of the research included recommendations for conforming to the financial requirements of international federations and FUR as well as ensuring the long-term sustainability of the Russian football industry.

Evaluasi Laporan Pertanggung Jawaban pada Kontrak Asuransi Berdasarkan PSAK 108:

Statement of Financial Accounting Standards (PSAK) 108 is an accounting standard that is used as a guide for accountants in the recognition, measurement and presentation of sharia insurance transactions. This research aims to produce financial reports that are accurate, reliable and relevant so as to make people believe in the company. The method used in this study uses a qualitative descriptive research method. The subject of this research is the administrative and financial staff of PT. Allianz, which records company transactions. Analysis that is based on the notions or facts as they are in a systematic and accurate way. Data analysis techniques include data reduction, data presentation, and drawing conclusions. Based on the results of the research that has been done, it can be concluded that the Evaluation of Liability Reports on Insurance Contracts at PT. Allianz Life Indonesia Vision Coal MDN 138 The company accepts premium payments and develops business activities with a purely profit orientation, ignoring several syar'i prohibitions such as the elements of maisir, gharar and usury. Compliance with PSAK in sharia insurance contracts in companies that comply with financial rules according to accounting standards, despite the fact that much remains to be evaluated in terms of insurance claims.
 
 Keywords :, Liability Report, Insurance Contract, PSAK 108.

Prejudice on discretion in law enforcement of financial legal provisions

The imperfection of the procedure for implementing prejudgment in court proceedings may lead to instability of practice, and this demonstrates the relevance of the research topic with regard to formulating clear criteria for the mechanism of discretionary prejudgment in the application of financial rules of law. With this in mind, the purpose of the article is to identify the peculiarities of bias of discretionary powers in the law enforcement of financial rules of law. The methodological tools are based on the general philosophical (dialectical, hermeneutical), general scientific formal (empirical in the form of observation, description and comparison; axiomatic; hypothetical-deductive; formalization; unity of historical and logical) and special scientific methods (formal-logical; comparative legal; systemic and structural), as well as the methodology of reversal and monitoring of a preliminary court decision, which allows to study theoretical and practical issues of discretionary powers in the law enforcement of financial and legal provisions in the unity of their substantive component and external form of reflection. The author proposes a classification of prejudice by: the level of law enforcement; legal force of prejudice; significance of the established factual circumstances which are the subject of proof; nature of the accusation; and subject. The author examines the psychological dimension of the use of prejudicial categories as a metacognitive activity of establishing and taking into account the meaning of prejudice, taking into account the accuracy of empirical generalizations, and formulating judgments to identify the future consequences of making decisions with prejudicial categories contained in the original decision. The author outlines the mechanism for implementing the legal policy on the use of financial prejudicial categories, which should be based primarily on the instrumental and procedural characteristics of this model of legal influence. It is established that in the organizational and legal aspect, the conditions for the national market segment to enter the cross-border space are formed by streamlining the procedures for interaction of legal entities through the appropriate forms of legal influence. The practical significance of the results obtained is that they can be used to determine the procedure for applying prejudgment at the supranational and national levels, in particular, in the context of applying the case law of the Court of Justice of the European Union

The Research on the Problems of Rural Financial Development of Fujian Province under the Rural Revitalization Strategy

Under the background of rural revitalization, Fujian Province vigorously develops rural finance, which greatly improves the service ability and level of rural finance. In the process of Fujian Province’s rural finance development, there are still weak rural credit guarantee system, unsound rural financial system, insufficient innovation of rural financial products and rural financial rule of law.Fujian Province should seize the opportunity of rural revitalization strategy, constantly improve the rural credit guarantee system, actively optimize the rural financial system, strive to enrich agriculture village financial products and regulate the legal environment of rural finance, so that rural finance can effectively contribute to the strategy of rural revitalization, and further promote the healthy and rapid development of rural economy.

Accelerating Industrial Output Growth through Islamic Bank Decomposed Financing Optimization in Malaysia

Literature shows two hypothesis ‘More finance more growth’ formed u-shape and ‘too much finance’ formed an inverted u-shape profile. Existing literature shows contradicting findings on finance growth nexus by taking only a single indicator of total financing, where financial expansion is detrimental to growth if it surpasses a specific threshold point. This gap is addressed in this study by decomposing Islamic financing into Islamic producer financing (IPF) and Islamic consumer financing (ICF) and its quadratic impact on industrial output growth in Malaysia. Autoregressive Distributive lag (ARDL) approach is applied over the period of 2008; Q1 to 2020; Q4 and, in order to visualize the effect of moderator to the nonlinear model, this study have used Dawson (2014) approach. This study demonstrates a u-shaped relationship between Islamic decomposed financing and sectoral output growth, highlighting that financial development starts to accelerate the growth, once it surpassed the calculated threshold point. With the intention to determine the right financial ceiling to restrict financial activity, threshold points are crucial to the regulators. Our findings imply that policymakers should not only enhance financing, but also improve the quality of the financial system for potential growth. This necessitates the simultaneous expansion and tightening of financial rules, as well as the attendant supervision and surveillance of financial activities, in order to preserve the integrity of finance growth nexus and avoid the ‘vanishing effect’ which may lead to the incidence of future economic crises. This study enriches the discussion on Islamic decomposed financing and the threshold effect to contribute to the economic growth of the country.

Selecting the Government Financial Rule for Reducing the Negative Effects of the Oil Sanctions on the Selected Macroeconomic Variables in Iran: Adopting the Stock-Flow Consistent Model

Selecting the Government Financial Rule for Reducing the Negative Effects of the Oil Sanctions on the Selected Macroeconomic Variables in Iran: Adopting the Stock-Flow Consistent Model

The policing of Black debt: how the municipal bond market regulates the right to water

ABSTRACT Through a comparative analysis of Baltimore, Detroit, and St. Louis, this paper examines the emergence of financialized austerity urbanism as a mode of governance through which racialized patterns of infrastructure inequalities are produced, particularly regarding water and sewer provision. Following the 2008 financial crisis, Black-majority cities have employed disciplinary financial rules and routines around debt collection when issuing loans in the bond market to make up for budget shortfalls, a process which has led to mass water shut offs, housing foreclosures and wage garnishments to collect on increasing household water and sewer debt. This paper explores the interactions of race, municipal finance and urban governance by providing case study evidence on the implications of racism and racialization embedded within credit ratings in the municipal bond market. I demonstrate how there has been a financial deepening of Black-majority cities through pressure to satisfy municipal bondholders and meet their debt obligations. Punitive methods such as mass water shut offs and other debt collection practices are the outcomes of downloaded debt onto local spheres following the 2008 economic crisis, and what happens when residents are squeezed to their limits. The innerworkings of austerity urbanism, I argue, is driven by the logics of financialization and operates through urban geographies of racial capitalism.

Revitalisasi Manajemen BUMDesa dalam Pengembangan UMKM di Desa Watesari Kec Balongbendo Sidoarjo

Watesari Village, Balongbendo District, Sidoarjo Regency, East Java Province. The boundaries of Watesari Village are in the north with Jabaran Village, in the south with Gagang Kepuhsari Village, in the east with Seketi Village and in the west with Suwaluh Village. Watesari Village is known as the Starfruit-Producing Tourism Village. Improvement of the management system to accelerate the business growth of BUMDes Bina Sejahtera Watesari as part of efforts to improve the welfare of rural communities. The initiation of the development of the Bum Desa Bina Sejahtera business in Watesari village in the form of Watesari Starfruit Agrotourism business, is a good concept and action, but support is still needed in the form of an adequate management system based on business principles and financial rules, in order to be able to achieve its goal, namely the achievement of improving the welfare of the residents of Watesari village.

Pengaruh Market Share dan Intellectual Capital terhadap Kinerja Keuangan Perbankan Syariah di Indonesia

Financial performance is an activity of analyzing financial statements that is to see how far the company has carried out its duties in accordance with the established financial implementation rules. The purpose of this study is to determine the effect of market share and intellectual capital with the VAIC method, there are VACA, VAHU and STVA on the financial performance of Islamic banking. This study uses quantitative data using multiple linear regression data analysis. The population in this study were Islamic banks registered in Indonesian banking in 2014-2019. The results of this study indicate that the market share has no significant effect on the financial performance of Islamic banking. VACA, VAHU and STVA has no significant effect on the financial performance of Islamic banking.

Some Implications of the Development of E-Commerce on EU Tax Regulations

E-commerce has progressed within Europe before, on the basis of the pre-pandemic raise, with COVID-19 determining an explosion of its evolution. The European e-commerce market is very important, linking together more than 500 million consumers. This paper presents the results of assessing the guidelines and trends observed in the European regulatory process in the current period, when e-commerce is developing appreciably, studying the applicable legal norms and their effects on facilitating the control of remote payments. Compliance with the VAT (value-added tax) regime is addressed in the context described by the two important categories of active legal rules: the rules for consumer protection and the rules related to ensuring data protection. The investigation of the legal framework in this regard started from the presupposition that the necessary changes in regulation for facilitating e-commerce are capable to determine indirect changes in many aspects of financial rules and taxation. While analyzing the regulation of online trade, the various measures undertaken recently in respect to European sources of law and their implications for national legal framework opened additional directions of investigation. This paper points out the indirect effect of e-commerce development on the regulatory framework, both in the area of consumer protection and in line with the difficult balance between the right to information and protection of data. The fiscal effects of e-commerce payments and the challenges for the value-added tax regime are also addressed, both from a theoretical point of view and with input from the Court of Justice of the European Union’s jurisprudence. The analyzed documents show that, in this respect, the legal reform will go deeper and will continue with the rhythm of the development of the online activities.

Computational intelligence model based on GA-BP neural network

Since the birth of the secondary stock market, the prediction of the stock price trend has become a research direction concerned by many people. Aiming at the problem of non-stationary and non-linear stock price forecasting, this paper builds a computational intelligence model to improve the neural network with genetic algorithm. The results show that, compared with other models, the GA-BP neural network model proposed in this article can effectively improve the prediction of the rise and fall of the HS300 index, and the withdrawal range is small when the market falls. The research of this paper enriches the method of financial time series data analysis, which can not only provide decision-making reference for investors, but also help to enhance the cognition of financial market rules. The model can significantly reduce the forecast error and improve the model fitting ability.