Institutional Players Research Articles

Інституціональні засади формування та розвитку стійкого ринку електронної комерції

This research examines the institutional aspects of developing a resilient e-commerce market in Ukraine. The institutional approach allows us to consider various aspects of formation, functioning, and changes within the social institutions and their influence of e-commerce solutions on individuals’ activities and social interaction. During the literature review, the various approaches to the essence of the institution as an economic category were considered. The author proposed considering the e-commerce institution as a socially formed system that structures interaction within the e-commerce market by implementing formal and informal rules that influence subjects’ activities by establishing restrictions and organizing motivational mechanisms that support the desired behavior to maximize the aggregate economic impact. The roles and functions of the leading institutional players, particularly state institutions, market institutions, research institutions, and public and non-profit institutions, are defined. The literature review determined that e-commerce adoption is significantly determined by the response to pressure from external agents (consumers and competitors) and internal agents (employees). The model of the institutional environment of the e-commerce system is presented. The proposed model is based on the interaction of e-commerce institutions that contribute to institutionalizing e-commerce technologies within the Ukrainian business environment. The institutional influence is being implemented by utilizing the interaction of the ‘business-government-society’ triad. Among the expected institutional effects of the general modernization of the socio-economic system, the harmonization of relationships between individual participants and the reduction of resource asymmetry can be highlighted. Three types of institutional pressures that influence the enterprises’ decisions to adopt and develop e-commerce systems are discussed, particularly coercive, regulatory, and mimetic types of pressure. The interaction of these types of institutional pressure thereby influences the enterprises’ perception of barriers and opportunities for adopting and utilizing e-commerce. Keywords: e-commerce, institutionalization, resilience.

Impact of Fintech on Investment Banking

Fintech, which stands for financial technology, has emerged as a disruptive force in various industries, and its impact on investment banking has been particularly profound. The rapid advancement of technology, coupled with the growing demand for more efficient and accessible financial services, has paved the way for innovative fintech applications within the investment banking sector. Fintech platforms offer advanced data analytics, artificial intelligence (AI), and machine learning tools that enable investors to process vast amounts of information and make data-driven investment decisions. This has not only increased the speed and accuracy of investment research but has also levelled the playing field, allowing smaller investors and even individual retail investors to access high-quality research previously reserved for institutional players. Another area where fintech applications are transforming investment banking is in the realm of online trading. Fintech platforms provide seamless and user-friendly interfaces that allow investors to execute trades on a real-time basis. The integration of AI algorithms and robo-advisory services within these platforms has expanded the reach of automated investment advice, enabling investors to receive personalized recommendations based on their investment goals, risk appetite, and financial constraints. fintech platforms have introduced alternative methods of capital formation, such as crowdfunding and peer-to-peer lending. This has not only reduced costs but has also increased access to capital for small and medium-sized enterprises (SMEs) and startups, fostering innovation and entrepreneurial activity. As technology continues to advance and regulatory frameworks adapt, investment banking is likely to witness even more profound changes, driving innovation and shaping the future of the industry.

ENGLISH PENSION FUNDS: WHY THE ACCOUNT DOESN'T CLOSE

In the United Kingdom, 'Pensions' emerged after World War II, concomitant with 'English Pension Funds', making workers prosper in the so-called 'Golden Age of Capitalism'. The aim of this work is to understand how pension funds, by investing in longer-term assets, have become more stable in the origin of their current sources of funds. The research is justified by the fact that, despite long term financing, in the 1970s the global financial scenario changed and Pension Funds also began to act as investors and financiers in the market, especially with a view to participating in the amounts invested in institutional players' resources. The methodology used is a bibliographic review of physical and digital collections, prioritizing publications indexed between 1997 and 2022. As a partial result of the review, we see that, with the advent of modern capitalism, British pension funds went from being solid, stable investors to financial market speculators, taking on a leading role in the international financial scene, prospecting and growing by acquiring securities from the British government and other governments, business groups and banks. The research hypothesis that emerges from this result is that, in this way, British pension funds have become financing agents in the new world capitalism, supporting the global economy, buying up public debts, investing in public and private companies, generating a large number of infrastructure projects and real estate parks. The main bibliographic contribution to this research is the work of Coggiola (2003).

РОССИЙСКИЙ ФОНДОВЫЙ РЫНОК: АНАЛИЗ ТЕКУЩЕГО СОСТОЯНИЯ

This article provides an assessment of the current state of the Russian stock market. In 2022, the Russian financial system faced unprecedented sanctions pressure. Many institutional players have left the Russian market. Nevertheless, it can be stated that for the domestic economy it is the most important institution that allows achieving a synergistic effect of the actions of individuals and businesses.

Mastering The Stock Market: Strategies For Success

The stock market is a dynamic and complex arena where investors and traders aim to grow their wealth. This paper, "Mastering the Stock Market: Strategies for Success," provides a comprehensive exploration of the stock market, offering valuable insights, strategies, and techniques for achieving success in the world of investments.
 The paper begins by delving into the historical perspective of stock markets, tracing their evolution and development over time. It emphasizes the various participants in the stock market, from individual investors to institutional players, shedding light on their roles, motivations, and impact.
 A fundamental understanding of investment principles is crucial, and this paper takes the time to examine the differences between stocks and other asset classes. It dissects the intricacies of risk and return, offering a detailed explanation of how diversification can mitigate risk and enhance returns.
 The heart of this paper lies in its exploration of stock market strategies. It covers both fundamental analyses, emphasizing the importance of financial metrics and value investing, and technical analysis, where charts and indicators are used to make informed decisions. Market timing, including long-term investing and short-term trading, is discussed in detail, along with key strategies for managing risk and protecting capital.

Vox populi, vox dei: A concept and measure for grassroots socio-political risk using Google Trends

In this paper, we propose a concept of grassroots socio-political risk (SPR) and provide a measure for it that is based on individual-level Google Trends data that captures issue salience. Our concept provides a bottom-up complement to established measures that focus more on political and institutional players and the institutional constraints they face. Our grassroots SPR index attempts to capture public pressure to initiate institutional change in a country. In contrast to existing measures, our Google Trends–based measure captures issue salience directly among individuals rather than media or analyst reports. As such, it is uniquely representative of socio-political sentiment, timely, and widely available. Our concept and measure offer international business (IB) researchers novel opportunities. In addition to developing the index, we scrutinize its validity and provide an illustrative empirical application in the IB context by showing that differences between internal and external assessments of grassroots SPR are contingent on psychic distance.

Actors and Actor Relations in Governance of Subsidized Fertilizer Policy in Indonesia

The study investigates actor relationships in subsidized fertilizer programs within Indonesian rice production hubs. It aims to comprehend roles and interactions among actors in budget allocation, fertilizer distribution, policy oversight, and farmer involvement. The research employs a descriptive qualitative approach, analyzing how institutional practices and hierarchies impact the subsidized fertilizer market. The study focuses on Indramayu and Karawang Regencies in West Java and Sidenreng Rappang (Sidrap) and Wajo Regencies in South Sulawesi, all significant rice production centers. Data was gathered through in-depth interviews involving central, regional, distributor, store actors, and farmers. Results reveal collaboration and competition as primary relationship modes in the subsidized fertilizer program. Cooperation exists among institutional players at the central level during budget deliberations, while relationships emerge when actors unite to advocate for budget adjustments or specific fertilizer types. Factors like discourse, institutional practices, and capitalist interests shape these inter- actions. Discourse might favor chemical or organic fertilizers. Farmers occupy a relatively marginalized position in actor conflicts, warranting increased policymaker attention. Although the government seeks improvements, farmers still face challenges such as inadequate doses, delays in distribution, and financial constraints

"The kids get haggled over": how institutional practices contribute to segregation in elementary schools.

School segregation is a key topic in urban, educational and inequality research. While previous studies have mainly focused on the effects of both parental school choice and residential segregation patterns on the composition of schools, we draw attention to institutional players steering access to elementary schools as one important dimension of institutional discrimination. Combining expert interviews with school principals and the local schools department with a quantitative survey among parents, we scrutinize the interplay between institutional structures and practices and parental school choice strategies. We identify three dimensions of institutional discrimination as being particularly relevant for school access, and thus for school segregation and inequality: a school's guidelines and strategic objectives in dealing with segregation, the enrollment process, and a school's profiling and information policies. These factors prove to be rather subtle, yet crucial facets of institutional discrimination, co-producing and perpetuating spatial inequalities.

When Do Citizens Consider Political Parties Legitimate?

AbstractResearch on negative partisanship and affective polarization shows that wholesale rejections of individual parties are a common and growing phenomenon. This article offers a novel perspective on assessments of parties by considering citizens' legitimacy perceptions of political parties as institutional players. Combining research on political parties and public opinion, I develop a theoretical framework that explains how parties' characteristics shape their perception as legitimate institutional players. I argue that governing experience, age, ideology, and democratic behaviour provide informational cues to citizens about how democratically dangerous a party is. To test my argument, I fielded a cross-sectional survey in seven West European countries and a large-scale survey experiment. The results consistently show that citizens use party-level cues such as ideological moderation and democratic behaviour to form party legitimacy perceptions. The findings have important public opinion implications for political parties and their institutional role in democracies.

State-business relations for entrepreneurial takeoff in Africa: institutional analysis

PurposeReports and experiences suggest that several developing African economies are faced with entrepreneurial-impeding forces such as lengthy bureaucratic processes and poor regulatory space. The study examines a general trend in “doing business performance” among selected African countries and uses the case of Ghana to explore how particular indicators or forces affect the development and deployment of small and medium-sized enterprise (SME) policies.Design/methodology/approachComparative analysis of six African economies on their ease of doing business score. This is followed by a critical review of the literature to develop a six-point explanatory framework to explore the relative position of the six countries on the ease of doing business scores. Using Ghana as a critical case study, the authors deploy an in-depth case study analysis via in-depth interviews of relevant stakeholders to validate the information from secondary sources.FindingsThe study observes that the nature of leadership, socio-cultural imperatives, economic structure and policy and the role of domestic institutional players and international players have implications for the extent to which the state creates an enabling environment for SMEs and entrepreneurial activities. The role of supportive cultural software that will help drive SME and entrepreneurial growth has been established. The study contends that different aspects of national culture do have implications for the tendency for people to be business-minded or to have the ability to take risks. The demand and supply sides are crucial in promoting SME growth.Originality/valueThe study develops a framework that helps explore elements to help explain ease of doing business scores and the viability of SMEs in Africa. These elements were validated through qualitative interviews as well.

Smart Circular Cities: Governing the Relationality, Spatiality, and Digitality in the Promotion of Circular Economy in an Urban Region

This article discusses the governance of a smart-green transition in an urban region. The focus is on how the modes of public governance relate to relationality, spatiality, and digitality, which are of vital importance in determining the success of the transition in question. The empirical inquiry is based on observations of the case of the Tampere urban region in Finland, which exemplifies such governance efforts in the Nordic welfare society context. The discussion shows that the relationality in the given context is fragmentary, dominated by persuasive network governance and soft means of exerting pressure. Municipalities assume many roles in CE governance, which matches their urge to utilize different institutional logics from hierarchies to markets and networks. Rather than a genuine authority, municipalities emerge as facilitators and enablers. Spatiality is highlighted in the formation of designated areas that serve circularity and also provide brand benefits, as shown by the eco-industrial park in the city of Nokia. Digitalization is an underdeveloped area in the circular economy agenda vis-à-vis its assumed potential. Its relevance has been identified by institutional players in the urban-regional governance field, but its realization seems to require both nationally coordinated actions and local solutions that compensate for the lack of a critical mass of developers and users in the circular economy ecosystem. Lastly, regarding urban governance, the parallel utilization of different modes of governance forms a complex setting, in which increasingly sophisticated forms of hybrid governance are emerging. Most notably, in the case of the Tampere urban region, the promotion of a circular economy by intermediaries is supplemented by novel dynamic assemblages that utilize different institutional logics within loosely governed processes that aim at integrating a circular economy into business models and urban development.

Impact Investing as an Object of Research. Digest of Publications for the First Half of 2023

The impact investing market is growing steadily around the world, but researchers point out that it is still in the process of structuring itself. This is due to the confusion in its definition. Impact investing is often equated with socially responsible investing or philanthropy. According to experts, building confidence in him requires establishing private-public partnership, which in turn will make it possible to create a real ecosystem and attract institutional players.

Sustainable development in the construction industry: The role of frugal innovation

The journey towards sustainable development is largely limited by practices in the construction industry, which is a significant generator of wastes and other anthropogenic emissions. It therefore follows that a transition to cleaner construction technologies and methods through the deployment of innovations that minimize the use of resources and anthropogenic pollutants such as greenhouse gasses (GHG), aerosols, carbon dioxide, sulfur oxide, nitrogen oxide, benzene, and other emissions which adversely affect humans and impact the environment will foster the sustainable development goals. To sustainably develop, it is imperative for the construction industry as a hub of economic development to look inwards for solutions that are frugal, pragmatic, and inclusive. The tools for understanding the phenomena investigated are derived from the theories of frugal innovation, sustainable construction, and appropriate technology. The case of Hydraform was studied to understand how it contributes to sustainable development. Semi-structured interviews with industry experts and stakeholders provide qualitative insights into the phenomena investigated. The findings indicate that frugal innovation (FI) in the construction industry is shaped by large institutional players such as state governments, and non-profit organizations (NGOs), while a segment of the target user-groups interpret the innovation as lower-class status artifacts. Specifically, this study contributes to an understanding of how locally-engineered technology can foster development in the bottom of the pyramid (BoP) economies. Practitioners also gain through knowledge of the diffusion inhibitors, and how to navigate the diffusion barriers.

Smoothing down arbitrariness in planning: From SWOT to participatory decision making

SWOT analyses are frequently employed in land use planning, the literature proposes improved versions for reducing decision-making arbitrariness, however some drawbacks remain. The purpose of this paper is to design the methodological steps of participatory land use planning through a three-fold SWOT, yielding a strategy that is both feasible and in line with the residents’ vision. First, residents are interviewed with open-ended questions permitting them to freely express their ideas. Institutional players are involved next, through a modified Nominal Group Technique. Prioritization of factors is reached through an automatic algorithm that synthesizes the opinions of residents and institutional players, while avoiding the compensation between low scores for some criteria and high scores for others, so that the community’s view is not overpowered. The prioritization is also based on the interconnection between factors, to ensure feasibility of the strategy indicated. The results of our illustrative application show that this method can lead to community-based entrepreneurial land use. Unexpectedly, in the small area considered, institutional players place greater consideration on the development perspective of local businesses, compared to residents, who display a greater environmental consciousness and commitment to biodiversity conservation.

Digital innovation and organizational changes in the healthcare sector: Multiple case studies of telemedicine project implementation

Over the past two decades, different drivers have prompted institutional players to adopt digital innovations in healthcare systems. Telemedicine represents a digital innovation solution to guaranteeing the continuity of care, and patient and personnel safety. However, despite its potential benefits (such as improving care access in rural areas, reduction in hospitalization stay, and saving time for patients and healthcare professionals) and its rapid acceleration in use during the Covid-19 pandemic, the diffusion of telemedicine services remains limited and uneven across Europe. Adopting an explorative approach, this paper analyzes the implementation of telemedicine projects, investigating not only the factors but also the ways in which the analyzed organizations, in order to move from the design to implementation phase, managed the change needed to overcome barriers and to leverage enabling factors. Our research focus is on Southern Italy; a disadvantaged area in comparison to other Italian and European regions. The goal of the paper is to shed light on the characterization of leverages and barriers, as well as the related managerial actions for change implemented in a context whereby the diffusion of telemedicine remains limited.

Internationalisation of higher education beyond the West: challenges and opportunities – the research evidence

ABSTRACT The internationalisation of higher education has typically been seen as a contemporary trend driven by Western developed nations, whereby particular elite models of provision, most frequently delivered in the English language, influence practice globally. This has involved either the recruitment of international students and staff, notably to the United States, Australia, the United Kingdom, and other Western countries, or the opening by their universities of branch campuses overseas. The picture is, however, rather more complex than this, with many other national and institutional players involved, in different ways at different levels, and patterns varying from region to region. This article explores the research evidence on the internationalisation of higher education beyond the West through a systematic review of recent academic writing. In doing so, it draws attention to the challenges and opportunities identified in the research literature, and questions whether the internationalisation of higher education is a truly global phenomenon.

Regulation of EU Labour Migration: At a Crossroads after the New Pact on Migration and Asylum?

The 2020 New Pact on Migration and Asylum could have been the perfect opportunity for the Commission to address and overcome the crisis in the field of a common EU labour migration policy by getting it back on track. But nothing was further from the truth. The attention which the Commission devotes to the subject of EU labour migration in the New Pact is disappointing. It even seems as though the Commission is abdicating its responsibility and leaving it up to the Member States to make national policy in this area. EU labour migration policy has always been a battle ground between the EU and the Member States. It has led to a highly fragmented EU policy that is proving to be ineffective and is generating resistance rather than contributing to a common policy. This article describes and analyses the EU labour migration policy as it has been shaped since 2000, framing it in a post-crisis dilemma. After the failure of an ambitious proposal for a common comprehensive approach to the admission and residence conditions of third country national workers in general, the Commission opted for a sectoral approach, which so far has led to the establishment of four labour migration Directives, namely for highly skilled workers, seasonal workers, intra-corporate transferees and a single permit for residence and work procedure. Due to the 2015 refugee crisis, the Commission has mainly focused on asylum-related issues during the last few years. With regard to EU labour migration regulation, barely any new initiative has been taken. The only EU institutional player which seriously challenges the addressing of the post-crisis situation in this area is the European Parliament. Are we at a crossroads regarding the regulation of EU labour migration?

A Study on Financial Inclusion in India and Its Relation with Financial Literacy

Finance has become a crucial part of our economy for development of the society. For this purpose, a solid economic system is required not only in developing and under-developed countries but also for developing countries for maintaining growth. Through financial inclusion we will achieve equitable growth of our country. Financial inclusion means providing appropriate products and services to weaker sections at a reasonable cost. Now day’s financial institutions provide complex sort of products. So it's difficult for the commoner to form choice among them. Therefore, literacy about financial products is required to form sound decisions. Financial Literacy isn't nearly markets and investing, but also savings, budgeting, financial planning, basics of banking and most significantly, about being "Financially Smart". Financial Literacy is considered important factor for promoting financial inclusion. Financial literacy is about enabling the commoner to know the varied needs and benefits of varied financial products and services provided by institutional players. During this paper, review of literature of monetary inclusion and financial literacy is provided. Various determinants of monetary literacy and its relationship with financial inclusion have also been reviewed and studied.

ШКОЛЬНАЯ КНИГА ДЛЯ ЧТЕНИЯ В РОССИЙСКОМ ПАРЛАМЕНТЕ, ИЛИ ОБ ОДНОМ ЭПИЗОДЕ ИЗ ИСТОРИИ ЦЕНЗУРЫ И КРИТИКИ УЧЕБНОЙ ЛИТЕРАТУРЫ В НАЧАЛЕ ХХ ВЕКА

This article discusses a unique precedent in Russian history when the textbook for elementary schools became the subject of parliamentary debate. In March 1913, a group of right-wing members of the State Council appealed to the Minister of Public Education for permission to use the 3rd part of the “Nov’” reading book by N. Tulupov and P. Shestakov in elementary schools. The interpellents argued that in Nov’; and a number of other primary school textbooks approved by the ministry, the authors’ biased texts were anti-monarchical and anti-state, pitting one class against another, killing the people’s religiosity and developing anti-militaristic sentiments. The parliamentarians involved in the debate found themselves in the unusual role of literary critics, children’s reading leaders, and experts in primary education. An analysis of this mishap, its background and consequences, and the discussion in the State Council itself reveals that in the interrevolutionary decade other institutional players besides the state emerged in the field of education policy: zemstvos, school and school boards of trustees, teachers’ public organizations, educational periodicals and, later, political parties. In the absence of curricula for primary schools, the content of teaching was in fact determined by the educational literature that the zemstvo purchased for the schools in its district, choosing from an extensive list of publications permitted by the Ministry. However, state censorship was not an obstacle to the active work of liberally-minded educators in publishing and promoting textbooks, which provoked such a strong reaction from right-wing conservatives. The reading book became the subject of a political struggle for the opportunity to determine the ideological agenda of public education.

Effective oversight of outsourced functions in the financial industry

With the rise of technology solutions and their application in the financial markets (also referred to as FinTech), several regulated firms, ranging from small to institutional players, are increasingly availing of third parties (both regulated and unregulated) across the globe to perform a process, a service or an activity that would otherwise be undertaken by such regulated firms. Effectively, the decision to avail of such arrangement, labelled as outsourcing, can be the result of multiple business considerations, including (i) reliance on third parties due to their more efficient and cost-effective systems, (ii) scalability, (iii) lack or limited internal resources and/or in-house capabilities, but also (iv) intragroup allocation of functions and (v) agility and flexibility. The financial industry, however, is facing an increasing scrutiny over outsourcing arrangements, especially in respect of information technology (IT)-related outsourcing, by regulators across the European Union (EU) and the United Kingdom. The key regulatory concerns range from stakeholder protection, operational resilience to business continuity. To ensure that such concerns are duly addressed by regulated entities, EU supervisory authorities and the Financial Conduct Authority (FCA) intervened with binding guidelines on outsourcing and a strengthened regulatory framework applicable to outsourcing, covering the pre-outsourcing phase and extending from day-to-day monitoring. This paper aims to provide a pragmatic overview on certain best practices designed to ensure effective monitoring of outsourced functions and sustainable operational resilience. A first section shall focus on the notion of outsourcing and shall identify the main regulatory framework(s) affected by outsourcing rules. The following section will focus on the impact of outsourcing in the investment services industry, with a particular emphasis on asset managers, credit and financial institutions and investment service providers, without looking at the insurance sector. A third section will provide a five-step guidance on building an effective outsourcing monitoring model with a particular focus on small-medium enterprises, while the following section will focus on exit strategies. Before drawing the conclusions of the analysis carried out earlier, a final section will identify what the authors believe being the ultimate goal of ensuring effective third-party outsourcing monitoring, namely the creation of a sustainable control environment designed to deliver operational resilience in the long term.