Institutional Transaction Research Articles

Does China’s innovation-driven policy affect enterprises’ import performance of intermediate goods?

Based on a theoretical analysis of the impact of the innovative city pilot policy on manufacturing enterprises’ import behavior of intermediate goods, this paper performs a quasi-natural experiment via a multi-period differences-in-differences (DID) model with China’s innovative city pilot policy as the object. This study systematically evaluates the impact of the innovative city pilot policy on importing intermediate goods by local manufacturing enterprises. The empirical results show that implementing the innovative city pilot policy significantly increases the quantity, variety and quality of intermediate goods imported by local manufacturing enterprises. These conclusions remain valid even after a series of robustness tests. Impact mechanism tests indicate that obtaining government subsidies, alleviating financing constraints and reducing institutional transaction costs are three important channels through which the innovative city pilot policy promotes the import of intermediate goods by manufacturing enterprises. Furthermore, additional research reveals that the impact of the innovative city pilot policy on intermediate goods imports exhibits significant heterogeneity in enterprise size, age, ownership and trade mode. This study’s findings provide a new perspective for evaluating and exploring the performance of the innovative city policy and China’s foreign trade transformation and upgrading.

Can the Reform of the Commercial System Enhance the Resilience of Enterprises? Evidence Based on Quasi Natural Experiments

Enterprise resilience refers to the capacity of businesses to effectively respond to crises and achieve sustainable development over the long term. It serves as a crucial assurance for businesses to attain high-quality growth. The current worry among policy makers and academia revolves around the impact of commercial system change on the resilience of firms. This article examines the reform of the commercial system as a “quasi natural experiment” by comparing manually collected data on the reform with data on Chinese A-share listed companies from 2011 to 2022. It thoroughly analyses the effects and mechanisms of the reform on corporate resilience. The research findings suggest that implementing reforms in the commercial system can improve the ability of firms to withstand and recover from challenges. This is primarily accomplished by decreasing limitations on obtaining funding, minimising expenses associated with institutional transactions, and strengthening the capacity for technological innovation. This conclusion remains strong and reliable even after conducting a series of experiments to ensure its robustness and addressing any potential issues related to endogeneity. Furthermore, the reformation of the commercial system has a more potent impact on bolstering the resilience of private firms, large-scale enterprises, highly competitive enterprises, and high-tech enterprises. The research findings of this article have significant implications for advancing the reform of the commercial system, strengthening enterprise resilience, and achieving high-quality development of firms.

Employment the database of software (Microsoft Access) in implementing and printing official documents

As a result of higher development in the world in all its fields, the circle of requirements of that development has increased in general and in administrative work specially expanded in terms of the introduction of new administrative systems and generated a routine movement that disrupts the flow of transactions in all government institutions, this has a negative impact on the speed of completing transactions and the exertion of great effort. By employees in exchange for a small number of completed transactions compared to the large numbers of uncompleted transactions. The need for technological intervention in this field has necessitated the solution of this problem, through the use of the technological capabilities available in those institutions, which are within the reach of the institution’s employees and which do not cost anything. Financial sums, as it meets the actual need to complete administrative work in a complete and simplified manner in a very short time, and there is no need to contract with software companies that work to design a special program for the organization for very exorbitant amounts, in addition to the complexity of the programs, which requires enrolling employees in training courses on how to use it, in addition to an inventory. Update to the program by the company that designed it.

Determinants Transact Using Bi Fast Transfer Service On Bsi Mobile

The current development of technology 4.0 shows the progress of application transactions in Islamic financial institutions. It does not rule out possibilities like BSI Mobile with its BI Fast service. BI Fast service is a transfer transaction service between Bank Syariah Indonesia and other conventional banks with a fee of Rp. 2,500 per transaction. The research used is quantitative research with primary and secondary data. Data collection is carried out by distributing questionnaires. The sampling technique is a random sampling technique of 30 respondents from UIN students Prof. K. H. Saifuddin Zuhri Purwokerto. The data analysis used is a reliability test, validity test, basic assumption test (normality test, descriptive analysis test, and linearity test). Then for hypothesis tests using (t test, F test, and R2 determination coefficient test) and multiple tests. For data management, it uses the SPSS 25 application in 2023. Use of BI Fast application on BSI Mobile. Based on the data processing, it was concluded that there is an influence of financial literacy on transactions using BI Fast BSI Mobile services, there is no effect of convenience on transactions using BI Fast BSI Mobile services, and there is no influence of trust on transactions using BI Fast BSI Mobile services. And simultaneously the three variables of financial literacy, convenience, and trust do not affect transactions using BI Fast BSI Mobile services

Economic Transactions In Islamic Financial Institutions: Analysis of Fiqh Rules, Opportunities, and Challenges in The Era Of Globalization

The presence of fiqh rules is a solution in responding to problems related to the determination of Islamic law in facing the realities of today. Especially, in the context of transactions in Islamic financial institutions, fiqh rules play an important role in determining the law in accordance with the teachings of the Qur'an, Hadith, and Ijma. The rules of fiqh are present with the main purpose of determining Islamic law in the face of new challenges that continue to develop along with the changing times, especially in the context of economic transactions or muamalah maliyah which continues to grow in Islamic financial institutions. The rules of fiqh are the result of ijtihad and are a generalization of various fiqh themes that have spread among the scholars of the madhhab. The presence of these rules is very important to provide a framework that makes it easy to determine contemporary laws, especially related to economic issues that often do not have nash sharîh (definite evidence) in the Qur'an or Hadith. Thus, the rules of fiqh become a much-needed instrument in providing understanding and resolution of legal issues that arise in the context of modern economics, especially in Islamic financial institutions

The connotation, cause, and reform path of institutional transaction costs: a grounded theory analysis

ABSTRACT Institutional transaction costs profoundly reflect the relationship between the government and the market, and play an important role in the economic development of a country or region. This study uses grounded theory to explore its theoretical connotation and essential reasons, confirms the core elements from the three dimensions of subject, behaviour and environment, and then builds its theoretical framework. The results show that, under the influence of bounded rationality and opportunism, institutional transaction cost is a kind of cost generated by market players in the process of complying with government economic policies. Therefore, this study attempts to provide a reference path for institutional transaction cost reforms in other countries or regions from three aspects: improving the efficiency of government agencies, regulating government regulatory behaviour, and improving the institutional environment of the market.

Nomination and commentary on ‘Machine interference: a solution of some work-load problems arising when an operative has charge of more than one machine, by Benson F., Miller J. G., & Townsend M. W. H., Journal of the Textile Institute Transactions, 44:12, T619.T644, 1953, and published online on 05 Dec 2008. https://doi.org/10.1080/19447025308662622’

Nomination and commentary on ‘Machine interference: a solution of some work-load problems arising when an operative has charge of more than one machine, by Benson F., Miller J. G., & Townsend M. W. H., Journal of the Textile Institute Transactions, 44:12, T619.T644, 1953, and published online on 05 Dec 2008. https://doi.org/10.1080/19447025308662622’

Administrative reform and the disposal of zombie enterprises: evidence from China.

The study investigates the effects of drastic institutional changes on the reduction of zombie enterprises in China and the underlying mechanisms of this relationship. We employed data from the ASIF from 1998 to 2007 and adapted the difference-in-difference approach to analyze the effects based on China's investment approval system reform. We find that the reform can reduce the proportion of zombie enterprises by 13.3%. This result is driven by competition and scale effects. The former reduces institutional transaction costs by 12.8% and increases innovation capacity by 6.1%. The latter significantly improves the total factor productivity of enterprises; the reform promoted the expansion of enterprise size by 7.1% and the enhancement of market accommodation capacity by 13.2%. The reform had a weak effect on state-owned and non-competitive industrial zombie enterprises. This paper contributes to debates concerning the effect of institutions on entrepreneurship and the disposal of small zombie enterprises.

Supply chain integration, circulation industry development and unified large market---From the perspective of Internet popularization

The construction of a unified big market is the inevitable requirement of China’s continuous deepening of reform, which plays an important role in eliminating the urban-rural gap and promoting the domestic and international double cycle. The key to building a large, unified national market is to promote high-standard connectivity of market facilities, continue to deepen and popularize through the Internet, combine supply chain integration with the development of the circulation industry, reduce institutional transaction costs and explicit costs such as raw materials, labor and logistics, break local protection, curb market segmentation, and update infrastructure. In this way, market transaction costs can be reduced, scale advantages can be leveraged and resource allocation can be optimized.

AKAD IJARAH DAN JUALAH DALAM PERSPEKTIF FIQH PERBANDINGAN PADA KEGIATAN BANK SYARIAH DI INDONESIA

Abstract Business transactions are experiencing significant development. In practice, Islamic financial transactions in financial institutions, both Islamic and non-Islamic banks, provide various contracts that can be selected depending on the type of product needed by the community. Among them are the ijarah and ju'alah contracts. Ijarah is one of the contracts contained in the concept of fiqh muamalah, the object is in the form of goods and services. While ju'alah is a reward (reward /'iwadh//ju'l) given by a person / or one party to a certain result achieved by another person / party based on a promise or commitment (iltizam) determined for a certain work. The method used in this study is an analytical descriptive method with a qualitative approach. The results of this study show that in general the ijarah contract is allowed by scholars, while in relation to this ju'âlah contract, most scholars have the opinion that ju'âlah is the law is permissible, and another small part of the scholars actually forbid it. The Ijarah contract is implemented through the financing product ijarah muntahiya bit tamlik (IMBT), this refers to the fatwa of the National Sharia Council Number: 27 / DSN-MUI / III / 2002 concerning "Al-Ijarah Al-Muntahiyah Bi Al-Tamlik" and circular letter No. 10/14 / DPBS issued by Bank Indonesia on March 17, 2008 and the ju'alah contract was implemented through the issuance of a Bank Indonesia Sharia Certificate issued by Bank Indonesia in accordance with the Fatwa of the National Shari'a Council NO: 64/DSN- MUI/XII/2007. Keyword: Ijarah, Ju'alah, Sharia Bank.

Tinjauan Atas Psak 102 (Revisi 2019) Dan Psak 102 (Revisi 2016) Tentang Akuntansi Murabahah

Murabaha transactions through murabaha financing are the leading transactions in Islamic Financial Institutions in Indonesia. The accounting treatment for these transactions is regulated in PSAK 102 Akuntansi Murabahah. First issued in 2007, PSAK 102 Akuntansi Murabahah has been revised three times, namely in 2013, 2016, and 2019. This literature study aims to analyze the differences between PSAK 102 Akuntansi Murabahah Revised 2019 and Revised 2016. Using content analysis techniques, the main sources of writing come from the related Sharia Financial Accounting Standards (SAK), related scientific journals, and IAI Education and Training (PPL) materials. The differences between PSAK 102 Akuntansi Murabahah Revised 2019 and Revised 2016 include: scope, amount, paragraphs, advances, significant financing elements, the definition of Murabaha income, definition of real costs, terms of Murabaha assets, recognition of Murabaha income, recognition of deferred revenue with a significant financing element, as well as a component of disclosure by sellers in the financial statements. Content difference analysis of PSAK 102 Akuntansi Murabahah is necessary to enrich the literature related to Murabaha accounting treatment, to update and improve the understanding of all parties with an interest in Murabaha transaction information, especially financial statement preparers, financial statement readers, and auditors.

The effect of the registration-based IPO reform on price efficiency: evidence from China

ABSTRACT Based on the event-study methodology, this study investigates the effect of China’s milestone registration-based initial public offering (IPO) system reform on stock price efficiency and price discovery. Our findings indicate that the reform improves price efficiency in the short and long term. Price discovery under the registration-based IPO system is stronger than under the approval system. Additionally, the reform’s effect on investor sentiment and institutional transaction costs can affect price efficiency and price discovery.

Evaluation Study on the Ecosystem Governance of Industry–Education Integration Platform in China

The industry–education integration platform itself is an ecosystem composed of multiple subjects, and its effective governance cannot be separated from contract management. Platform operation requires efforts to overcome institutional transaction costs and clarify the distribution of benefits among cooperative subjects. Each cooperative subject displays cooperative behavior with consistent organizational goals, which contributes to effective platform regulation reaching a steady state. Therefore, the industry–education integration platform ecosystem involves key elements such as contracts, transaction costs, property rights definition, cooperative behavior, and stability within the ecosystem. Thus, this paper takes the context of the integration of industry and education in China and innovatively proposes an evaluation index system for the governance of the ecosystem of the industry–education integration platform. Then, this paper takes the 14 industry–education integration platforms in China as an example. The grey correlation method was applied to the obtained sample data, which overcame the deficiency of sample evaluation with little data and poor information. Subjective and objective index weight assignment methods are used to improve the scientific and rational nature of the model evaluation. Finally, to improve the governance level of the ecosystem of the industry–education integration platform, new references are provided in four aspects: establishing a flawless mechanism of the platform contract, protecting the rights and interests of platform-related subjects, improving the protection and development mechanism of resources, and exploring the outsourcing of educational services.

Eksplorasi Transaksi Derivatif Dalam Keuangan Islam

This study aims to explore the application of derivative transactions in Islamic financial institutions in Indonesia, Malaysia and Pakistan. The research method uses descriptive qualitative approach with Systematic Literature Review. Data collection techniques using documentation. The results show that derivative transactions are permitted only for Future Trading on the Commodity Exchange at the Jakarta Futures Exchange which is regulated in fatwa DSN No. 82 of 2011. Derivative transactions are also allowed to hedging aims to mitigate risk in foreign exchange transactions, not for speculation. This view is also in line with the application in Malaysia and Pakistan that the practice of derivatives is only a hedging to minimize risk. The challenge faced in derivative transactions is the difficulty of operating sharia-compliant derivatives so that in the future it is hoped that there will be derivative innovations with sharia principles

Grateful Patient Philanthropy: A Challenge to Organizational Ethics.

An examination of organization development in health care reveals a pattern of increasing reliance of academic medical centers toward new sources of revenue in support of operations. This trend is partly in response to the reduction of traditional funding sources such as public appropriations and tuition. Clinical income from faculty earnings and hospital transfer payments have supplanted heritage funding sources and are now predominantly institutional transactions rather than physician-patient interactions. Grateful patient philanthropy can be viewed as moving toward transactional status, with challenging ethical questions for the involved physician and patient as institutional control increases.

Administrative approval reform and the quality of economic development

Can administrative approval reform become an effective reform to improve the quality of economic development? Total factor productivity is the key measure of the quality of economic development. In this paper, we studied the influence of administrative approval reform on total factor productivity of enterprises theoretically and empirically. We found that administrative approval reform has promoted the improvement of the total factor productivity of enterprises overall. The reduction of institutional transaction costs and the increase in the threat of enterprise entry are important mechanisms for administrative approval reform to affect enterprise productivity. In addition, the decomposition results of the overall productivity growth of cities show that administrative approval reform mainly promotes the growth of total factor productivity of incumbent enterprises.

Empirical Detection and Quantification of Price Transmission in Endogenously Unstable Markets: The Case of the Global–Domestic Coffee Supply Chain in Papua New Guinea

Price transmission through global–domestic agricultural supply chains is a fundamental indicator of domestic market efficiency and producer welfare. Conventional price-transmission econometrics test for a theory-based spatial-arbitrage restriction that long-run equilibrium prices in spatially distinct markets differ by no more than transaction costs. The conventional approach is ill-equipped to test for price transmission when endogenously unstable markets do not equilibrate due to systematic arbitrage-frustrating frictions including financial and institutional transaction costs and biophysical constraints. We propose a novel empirical framework using price data to test for market stability and price transmission along international-domestic supply chains incorporating nonlinear time series analysis and recently emerging causal-detection methods from empirical nonlinear dynamics. We apply the framework to map-out and quantify price transmission through the global-exporter–processor–producer coffee supply chain in Papua, New Guinea. We find empirical evidence of upstream price transmission from the global market to domestic exporters and processors, but not through to producers.

The Reform of Administrative Approval System，Industrial Structure and the Share of Labor Income

Under the Chinese government governance model, local governments have an important impact on regional economic development. One of the important manifestations is that local governments prefer to give priority to capital-intensive industries which can bring rapid economic growth through various interventions including administrative approvals. While this change in the regional industrial structure brings “structural dividends”, it may deviate from the regional factor endowment. The resulting industrial structure imbalance may make it difficult to achieve other social and economic development goals such as employment, income distribution and inclusive growth. As a breakthrough point for streamlining administration and decentralization and the transformation of government functions, the reform of administrative approval system makes the means and behaviors of local government intervention in the economy face necessary institutional constraints by canceling administrative examination and approval items and reducing the approval power of local governments. The local governments’ industrial development preferences are subject to certain restrictions, and the regional industrial structure will change to labor-intensive industry.With reference to the related research, this paper takes the administrative service centers established in various regions as the proxy variable for the reform of administrative approval system, and uses the Chinese industrial enterprise database to calculate the ratio of the market share of regional capital-intensive industries to the market share of labor-intensive industries in the region which is used as the explained variable. The empirical research in this paper shows that the establishment of administrative service centers can significantly reduce the proportion of capital-intensive industries in the region. The functional mechanism of the reform of administrative approval system on the industrial structure is to change the institutional transaction costs of enterprises belonging to different types of industries. The effect of reducing the transaction costs of enterprises established by administrative service centers is mainly reflected in labor-intensive industries with less impact on capital intensive industries. This paper further examines the changes in regional employment and labor income shares caused by changes in industrial structure, and finds that the reform of administrative approval system makes changes in industrial structure more in line with regional comparative advantages and promotes the increase in regional employment and labor income shares.In addition to being an important supplement to the existing research, this paper also has important practical significance. The analysis shows that the reform of administrative approval system helps to reduce the structural distortion of economic development that deviates from the comparative advantage of regional factor endowments by reducing the administrative examination and approval intervention of the local government. Furthermore, the reform helps to increase employment and the share of labor income, so that the growth benefits will benefit the working class more and achieve inclusive growth.

The Open End of the War of Yugoslav Legacy: the Consequences of the Dissolution of the SFRY Three Decades Later

The article examines the dynamics and prospects of resolving the main confl icts in the Western Balkans three decades after the collapse of Yugoslavia. The most important factors infl uencing the confl ict dynamics in the region are ethnonationalism, ethnic homogenization and external interference. Western intervention made it possible to stop hostilities, but at the same time it actually consolidated the results of ethnic homogenization. The Serbo-Croatian confl ict is close to its exhaustion due to the actual support of the West for Operation “Storm” (1995), the exodus of more than 200 thousand Serbs from Croatia, the integration of Croatia into NATO and the European Union. Despite the negative burden of historical memory, both Zagreb and Belgrade in bilateral relations are increasingly guided by political pragmatism and balanced assessments of the qualitatively changed situation. Against this background, the Dayton model of state structure in Bosnia and Herzegovina, built on the basis of institutional transactions of actors representing competing ethnocultural communities, demonstrates its dysfunctionality. The interaction and cooperation of these actors remain largely limited, carried out under external control and pressure. Regarding the structure of the article, the author, fi rst, discusses some general issues contributing to the enduring confl ict in the Western Balkans; second, the article examines the prospects of antagonism between the Serbs and Croats; third, I analyze the impact of the Dayton Accords on the post-Yugoslav space. I conclude that scenarios for the future of the Western Balkans, to which the European Union and the United States are oriented, do not lead to the elimination of the causes of major confl icts in the post-Yugoslav space and obviously diverge in essential points from the images of the desired future that correspond to the aspirations of a signifi cant part of the population in the region.

Transnational Islamic Finance Disputes: Towards a Convergence with English Contract Law and International Arbitration

ABSTRACT While Islamic finance is premised on wholly antithetical rules and notions as opposed to traditional Western finance, the resolution of pertinent disputes has been structured along the lines of standard commercial arbitration. Islam has always favoured arbitration and mediation and in fact promoted these in very much liberal terms. As a result, there has never been a need to adapt a sui generis Islamic dimension to Islamic finance, because clearly Western and Islamic notions of arbitration largely coincide. In recent years there have been some attempts to limit Islamic finance arbitration within a narrow understanding of Islamic ethics, despite the fact that it has become transnational in character and Islamic ethics are in any event inbuilt in the architecture of Islamic finance instruments, which arbitrators can only avoid at their peril. It is no wonder that Muslim end users generally prefer to resolve disputes arising from Islamic finance transactions in conventional arbitral institutions, while at the same time choosing English law to govern their agreement, typically concurrently with Islamic law or other laws. As a result, Islamic finance has equally attracted non-Muslim end users. The English High Court has not only developed a particular expertise in Islamic finance law but has, in addition, demonstrated how Islamic and secular law are generally compatible and complementary (with some notable exceptions) in construing transnational Islamic finance. At the same time, institutions and rules in the Muslim world that depart from the global arbitration paradigm are fast falling into desuetude. In light of these findings, it is argued that a sui generis Islamic finance arbitration model is not only disfavoured by end users as being out of touch with business reality but is inconsistent with the fundamental tenets of the Islamic law of arbitration.