Investment Attractiveness Research Articles

Categorical formulation of the concepts of «investment attractiveness» and «investment climate»

Methods. To achieve the research goal, the following methods were applied: abstraction and logical analysis for examining the evolution of views on the essence of the concepts of «investment attractiveness» and «investment climate» and improving their categorical formulation; comparative analysis for comparing the essential characteristics of the categories of «investment attractiveness» and «investment climate», which allowed identifying their differences and interrelations; factor and functional analysis for isolating factors affecting investment attractiveness and establishing the interrelation between them. Results. Theoretical and methodological approaches to the study of the essence of the concepts «investment attractiveness» and «investment climate» have been considered, revealing a lack of a consistent understanding of these terms among scholars. Attention is focused on the necessity of viewing investment attractiveness as an integrated system, combining economic, political, and sociocultural groups of factors. It is demonstrated that such an approach allows for the analysis of the interrelations between different system components and determining their impact on the overall investment attractiveness of the national economy. Moreover, it enables a deeper understanding of the interaction and influence of various system components on each other, which facilitates the development of more effective investment attraction strategies. Novelty. The investment climate is defined as a complex category that covers a wide range of conditions – from political stability to economic attractiveness. The latter is presented as a dynamic, evolutionary process that reflects the country's ability to meet the needs and expectations of investors at various stages of their activity, and at the same time, as an indicator of the country's potential in the long term. Practical value. The research results can be applied to optimize economic policy aimed at attracting investments. They may also be useful for understanding cross-cultural differences in investment concepts and their application as an educational resource.

STATISTICAL MODELING OF TOURISM INVESTMENT DECISIONS IN INDONESIA USING SEMIPARAMETRIC APPROACH

The tourism potential in Indonesia is very large considering that Indonesia consists of tens of thousands of separate islands. Indonesia has many diverse landscapes, with all its nature wealth and biodiversity in it is an attraction for investors who want to invest in Indonesia. The existence of relationships between variables that are linear and nonlinear, where no nonlinear pattern is known, requires a semiparametric approach. This study aims to apply a semiparametric approach to model people's investment decisions in tourism in Indonesia. The data used is in the form of respondents from investors who invest in tourism in Indonesia from the 2022 National Competitive Basic Research (PDKN) as many as 100 respondents. This study uses the semiparametric path analysis method to model tourism investment decisions in Indonesia. The results show that regulatory variables and investment interest variables have a significant and positive effect on investment decision variables. A diversity coefficient of 60.2% indicates that data diversity can be explained by 60.2% with models, while other variables outside the study explain the remaining 38.8%. In other words, the regulatory variable (X) and the investment interest variable (Y1) can influence the investment decision variable (Y2) by 60.2%.

EXTERNAL INVESTMENTS AND THEIR ECONOMIC CONTROL IN THE MANAGEMENT OF ENTERPRISES OF TERRITORIAL COMMUNITIES

Purpose. The aim of the article is to define and substantiate the essence of external investments and various forms of their implementation for the economic development of enterprises of territorial communities. Methodology of research. The methodological basis of the research is the scientific works of foreign and domestic scientists on the issues of foreign investments and forms of their implementation. General scientific and specific methods were used to achieve the set goals, such as: dialectical method of scientific knowledge – to consider the essence of foreign investments; analysis and synthesis – to clarify the relationships between the elements of the mechanism; graphic – for a visual representation of the proposed measures; abstract and logical – for forming research conclusions and proposals. Findings. The essence of foreign investments is analysed. It has been established that investment attraction is one of the key factors in the management of enterprises of territorial communities. Key elements of foreign investments and significant aspects related to their essence are highlighted. Originality. A comprehensive understanding of the key aspects of attracting foreign investments and their impact on the management of enterprises of territorial communities has been offered. The study highlights the interaction of elements that determine the efficiency of the investment process and its role in creating a favourable economic environment. Practical value. The conclusions of the study have practical significance for local authorities and interested parties aimed at managing enterprises of territorial communities. In particular, the need for targeted investments in infrastructure, support of small and medium-sized businesses, regulation of human capital development, tourism development and innovation support is indicated. Integrating these elements into development strategies is a key to create an enabling environment for business development, contributing to economic stability and reducing inequality between them. Key words: investments, external investments, internal investments, risks, investment activity, enterprise management, economic control, territorial communities.

The Role of Renewable Energies for Sustainable Energy Governance and Environmental Policies for the Mitigation of Climate Change in Nigeria

In response to the escalating global challenges posed by climate change, this research investigates the role of renewable energies in shaping sustainable energy governance and environmental policies for climate change mitigation in Nigeria. The study underscores the pivotal relationship between renewable energies and governance structures, emphasizing the need for innovative policy approaches. In Nigeria, a country grappling with a surge in energy demand, particularly in densely populated urban areas, this research delves into the current state of renewable energy adoption, technological aspects, and the policy and regulatory frameworks governing its integration. The study scrutinizes the technological aspects of solar, wind, hydropower, and biomass energy in Nigeria, exploring advancements in solar photovoltaic, hydropower, bioenergy, and geothermal technologies. Additionally, it dissects the nation's policy landscape, assessing key initiatives such as the National Energy Policy, the National Policy and Guidelines on Renewable Electricity, and Feed-in Tariffs. Furthermore, the research examines the alignment of environmental policies with renewable energy goals, highlighting the importance of targets, incentives, and regulatory frameworks. It also scrutinizes incentives for sustainable practices in Nigeria, including investment tax credits, the Renewable Energy Development Fund, and concessional import duty rates for renewable equipment. The study assesses the impact of renewable energy initiatives in Nigeria, gauging investment trends, ongoing projects, and the effectiveness of policy frameworks. It also delves into the economic, social, and environmental co-benefits of renewable energy projects, emphasizing their role in job creation, investment attraction, and reduction in energy costs. Finally, the research evaluates the effectiveness of renewable energy initiatives in reducing the nation's carbon footprint and fostering environmental sustainability. It highlights progress in achieving climate change mitigation goals through increased renewable energy capacity, policy frameworks, and off-grid electrification initiatives.

CONCENTRATION OF INVESTMENT CAPITAL IN MERGERS AND ACQUISITIONS: PREREQUISIGTES FOR A TECHNOLOGICAL BREAKTHROUGH

Purpose. The purpose of the article is to substantiate the prerequisites for systemic economic shifts based on the analysis of the structure of capital investments and mergers and acquisitions. Methodology of research. General scientific and special methods were used in the course of the study, in particular, analysis, synthesis, and generalization were applied while working with statistical data on the mergers and acquisitions market, and the monographic method was used when studying literary sources on issues related to the research topic. Financial analysis techniques (specifically, ratio and horizontal anal-ysis) were used in assessing the structure of capital investments in various sectors of the economy over the past twelve years (up to 2022). Additionally, the analysis of structural changes and shifts, as well as meth-ods of comparison and graphical analysis, were employed to study the dynamics of structural shifts in the economy under the influence of investment capital movement. Findings. The study of the preconditions for structural economic transformations was conducted through the assessment of the dynamics of investment capital concentration in economic sectors and the analysis of the dynamics of the number and value of mergers and acquisitions in pre-war and wartime peri-ods, as well as a review of the motives behind these transactions. The preconditions for structural changes in the economy, which are being laid at this stage through the investment decisions of investors and the political decisions of government representatives, were analyzed. The conducted research indicates the need to maintain a high share of industrial capital concentration alongside the decline in the share of indus-try in GDP due to the substantiated necessity for significant modernization of certain sectors. Originality. The study for the first time highlighted the role of investment capital by analysing the dominance of progressive industries with high added value in the structure of mergers and acquisitions, which can become the beginning of the structural transformation of the Ukrainian economy with the concen-tration of investment capital in high-income sectors. The use of analysis of the structure of capital invest-ments by economic sectors has further developed as a tool for determining the investment attractiveness of individual sectors and the dynamics of changes in the investment preferences of entities. Practical value. The results of the study can be used by government bodies in the development and refinement of the country's investment strategy, the formulation of the principles of the state's investment policy, and the adjustment of existing plans for post-war recovery; by private companies and investors (both local and foreign) for developing plans for the analysis and investment in Ukrainian economic assets, adjusting their expectations and priorities; by members of the scientific community who are interested in further development of this research topic; and by experts in related disciplines to expand their understand-ing of the issue, which may be relevant to their area of expertise, among others. Key words: investments, capital investments, capital concentration, capital market, mergers and ac-quisitions.

The Influence of Profitability and Solvency on Stock Prices with Dividend Policy as a Moderating Variable in Food and Beverage Sector Companies on the Indonesian Stock Exchange 2020-2022

This research aims to analyze the influence of profitability and solvency on share prices with the dividend policy variable as a moderating variable in Food and Beverage sector companies listed on the Indonesia Stock Exchange during the 2020-2022 period. Currently, unstable economic conditions have changed the behavior of investors, who have become more careful in allocating their capital. Share prices are considered a reflection of company value and are a major concern for investors. The food and beverage sector in Indonesia offers attractive investment potential due to increasing demand and products that compete in the global market. Data analysis in this research involves food and beverage companies listed on the IDX during the 2020-2022 period. PLS analysis technique- Structural Equation Modeling (SEM) with the help of the SmartPLS 3 application. Research findings show that profitability, as measured by Return on Assets (ROA), and solvency, as measured by the Debt to Equity Ratio (DER), do not have a significant influence on price changes share. Apart from that, dividend policy also does not have a significant impact on share prices. Furthermore, it was found that dividend policy did not significantly influence the relationship between ROA and share prices, but there was limited moderation in the relationship between DER and share prices.

FINANCIAL SECURITY OF ENTERPRISES AS A BASIS FOR FORMING THE COUNTRY'S INVESTMENT ATTRACTIVENESS

he main purpose of the article is to research the financial security of enterprises as a basis for the formation of investment attractiveness at the micro and macro levels. The main indicators of the enterprises' financial security are studied as a basic prerequisite for ensuring investment attractiveness and competitiveness of both enterprises and the country as a whole. The trends of the main markers of the economic climate were analyzed and their impact on the main indicators of the Ukrainian enterprises activity was assessed. The dynamics of the main financial ratios of the activity financing structure of Ukrainian enterprises by types of economic activity were studied, taking into account their role in ensuring financial security. An indicative scale for the analysis of the structure of activity financing has been substantiated and a model for assessing the enterprises' financial security level has been developed. A zoning matrix of enterprises' investment attractiveness was developed, taking into account the relationship between financial security levels and profitability. As a result of the approbation of the developed methodological toolkit, the financial security level of Ukrainian enterprises by types of economic activity and the justified zoning of their investment attractiveness in the conditions of expected changes in the economic climate in Ukraine were determined.

Investment policy of construction enterprises under the conditions of marital state

Purpose. Studying the investment policy in construction in wartime conditions, namely: determining the general characteristics of the investment process in construction in wartime conditions; identification of factors affecting investment activity; analysis of the problems of investment activity in these conditions; development of recommendations for improvement of investment policy in construction in wartime conditions. Methodology. In the process of studying the investment policy of construction enterprises in the conditions of martial law, the following methods were used: expert assessment (allowed obtaining conclusions and recommendations regarding the possibilities of investing in construction projects in conditions of military conflict), scenario modeling (development of various scenarios investing in the construction sector made it possible to analyze the possible consequences and results of each of them), system analysis (taking into account the relationships between various aspects of the investment policy of construction enterprises and its impact on the economy and society as a whole) and marketing research (determining the needs and requirements of the market in relation to investments in the construction sector in the conditions of a military conflict). Findings. The authors indicated the main problems of construction financing: lack of long-term loans and investments for construction; high interest rates on loans; imperfect legislation in the field of construction; lack of transparency and efficiency in the management of public finances allocated for construction. It is proposed to take the following measures: to create conditions for attracting long-term loans and investments in construction; to reduce interest rates on loans; to improve legislation in the field of construction; to improve the transparency and efficiency of the management of public finances allocated for construction; to improve mechanisms of public-private partnership in the field of construction; to develop programs to stimulate housing construction for low-income citizens; to create conditions for the development of small and medium-sized enterprises in the field of construction. To form the investment attractiveness of the construction industry in Ukraine, the authors suggest creating a favorable investment climate that will guarantee investors the protection of their rights and interests; developing transparent and effective rules and procedures for regulation of construction; ensuring access to quality construction materials and equipment at competitive prices; improving the qualification and level of professional training of construction personnel. Originality. The article comprehensively researches the investment policy in construction in the conditions of war for the first time. The authors revealed new regularities in the development of the investment process in construction under martial law, developed recommendations for its improvement. Practical value. The results of the study can be used to form an effective investment policy in construction in wartime conditions. They can also be used to develop measures to support investment activities in construction under martial law.

Technological transformation of industry as an economic growth driver: A 2010–2022 period statistical analysis

Subject. This article discusses the impact of technological changes in the industrial complex on economic growth. Objectives. The article aims to explore the main trends and challenges associated with the technological transformation of the industrial complex. Methods. For the study, we used the methods of econometric, statistical, and logical analyses. Results. The article shows that the introduction of new technologies in industry leads to an increase in labor productivity and a decrease in production costs, which contributes to an increase in economic growth. The article identifies some factors that can limit the technological transformation of industry, assesses the potential challenges associated with the technological transformation of industry to determine strategic priorities, and identifies areas for creating a favorable environment that contributes to the innovative development of industry. Conclusions. The results of the study emphasize the importance of innovation activity and investment attractiveness for achieving sustainable economic growth of industrial production. Technological transformation of industry is a significant factor in economic growth.

Improving the methods to assess the investment attractiveness of fast-growing companies

Subject. The article addresses accounting and analytical support for assessing the investment attractiveness of fast-growing companies, having social and economic significance for countries of the world. Objectives. The aim is to improve the accuracy of investment valuation under discounted cash flow method by adding expert adjustments to financial models. Methods. The study employs logical and systems approaches, methods of comparative and investment analysis. A significant stage of the research was building a financial model based on the discounted cash flow method. The results of the study are presented in a tabular form. Results. I formulated my own definition of fast-growing companies, identified specific features of this group of companies that should be taken into account when assessing investment appeal. The paper reveals the main reasons for attractiveness of shares of fast-growing companies for potential investors and possible risks of investing in shares of such issuers, analyzes the dynamics of revenue as a significant component for building an estimation model under the discounted cash flow method, developed a predictive coefficient of revenue dynamics of fast-growing companies, which was used to assess the investment attractiveness of Detsky Mir company. Conclusions. The advantages of using the predictive coefficient of revenue dynamics in the context of assessing the investment attractiveness of fast-growing companies may be a more realistic revenue dynamics, and, therefore, a more conservative outcome of the investment assessment, consideration of the life cycle of fast-growing companies in general and the specifics of sectoral revenue dynamics. Disadvantages include the complexity of calculations to determine the coefficient and the need for statistical database for several subsequent periods.

The state and problems of development of domestic start-ups in international markets during the war

Introduction. Start-ups are one of the accelerators of developing the innovation potential of the modern economy. In the problematic socio-economic conditions created by a full-scale war, start-ups can respond flexibly and quickly to the critical needs of society. Ukrainian start-ups have been actively developing in domestic and foreign markets in recent years. However, the full-scale invasion also created several problems for its functioning. It is worth noting that amid the war, the entry of Ukrainian start-ups into international markets allows them to diversify existing risks and creates additional development opportunities. We are discussing increasing market share, product and geographical diversification, additional export earnings, gaining experience abroad, attracting foreign investment, etc. The purpose of the paper is to identify and study the state and critical problems of the development of start-ups when entering international markets, taking into account the impact of full-scale war. Results. The study found that under the current war conditions, Ukrainian start-ups have been forced to expand their activities to international markets to diversify risks and increase investment attractiveness. At the same time, the full-scale invasion has created new challenges and problems for the development of Ukrainian start-ups at home and abroad. Thus, the study identified the main problems of entering and operating start-ups in international markets: the formation and functioning of a start-up team, attracting start-up financing, adapting to the regulatory framework for start-ups abroad, cultural and linguistic differences, and adapting products or services to a foreign market. It is worth noting that one of the main problems caused by the war was the reduction in investment in domestic start-ups. Conclusions. Thus, an important task today at various levels is ensuring start-ups' progressive development based on practical solutions to existing problems. After all, Ukrainian start-ups have great potential and can succeed internationally with the proper government support and competent management.

Forecast Guidelines for Investments in The Republic of KARAKALPAKSTAN

The article provides a scientific, theoretical and practical analysis of the state of investment attractiveness of the Republic of Karakalpakstan. In particular, the essence of the attractiveness of the region is highlighted in terms of the expected results of attracting investments in economic sectors. The article also explores and analyzes the issues of forecasting investments in the region of Republic of Karakalpakstan while increasing investment attractiveness. In particular, the features and priority directions for the growth and development of the investment environment in the region have been identified. In accordance with the extrapolation method and trends obtained from the results of development trends, scenario forecasts for investment in fixed assets have been developed. The authors also made recommendations on ways to achieve increased investment in the socio-economic development of the region of Republic of Karakalpakstan, as well as the volume of small business and entrepreneurship in industry for the future.

국제투자분쟁에서 조세조치의 실제 적용에 관한 소고

This thesis examines the intricate relationship between taxation measures and investment agreements, highlighting the jurisdictional issues arising from clauses that exempt taxation measures from these agreements. These exclusion clauses are designed to delineate the jurisdictional boundaries of arbitral tribunals, specifying that disputes arising from taxation measures falling within these exclusions may be beyond their jurisdiction. This becomes particularly relevant when assessing whether taxation measures, excluded from the scope of investment agreements, are bona fide taxes. If they are not, the exclusion may not apply, potentially bringing the dispute within the tribunal’s purview.
 Conversely, taxation measures enacted under a state’s sovereign authority, even in the absence of specific exclusion clauses, are generally unlikely to be deemed violations of investor protection obligations, such as against expropriation or breaches of fair and equitable treatment standards. The critical questions is whether the contested taxation measures are genuinely aimed at raising public revenue in a fair and equitable manner, or if they serve to discriminate against or penalize foreign investor unfairly in the guise of taxes.
 This distinction is important for two reasons. First, bona fide taxation measures supported by exclusion clauses do not give rise to jurisdictional authority for an arbitral tribunal. Second, the absence of such clauses does not necessarily imply a breach of the host country’s obligations, provided the taxation measures are legitimate exercises of its sovereign power.
 The thesis argues that the mere presence of exclusion clauses should not automatically legitimize all taxation actions by the host state, nor should the absence of such clauses deter the state from implementing necessary tax policies aimed at public purposes. In international investment disputes concerning taxation, the core issue is whether the taxation measures were unfairly aimed at discriminating or penalizing foreign investments, rather than achieving a legitimate public purpose or deviating from the measures promised at the time of investment attraction. Overreliance on exclusion clauses to apply clearly unreasonable measures in the guise of taxation measureless could grant jurisdiction to the arbitral tribunal. However, in the absence of such conditions, and regardless of the presence of exclusion clauses in the investment agreement, host countries should confidently implement necessary tax policies for public objectives.

ANALYSIS OF THE INVESTMENT ATTRACTIVENESS OF UKRAINE

The article is devoted to the issues of investment attractiveness of Ukraine in the context of economic recovery after the Russian-Ukrainian war. The main objective of the article is to assess the current state of investment attractiveness of the national economy and to identify priority areas for its improvement. The use of innovative research methods in assessing the investment attractiveness of the national economy is a fundamental element for building an up-to-date model for its improvement. As a result, an increase in foreign direct investment flows into the country's priority sectors will allow the national economy to recover on the principle of "build-back better", which is in line with Ukraine's short-term priorities. The innovative component of these investments, in turn, will make a great contribution to the long-term economic development of the country even after the return of the pre-war level of the economy, creating additional jobs and promoting high-tech exports The main issues of the methodology for analyzing the investment attractiveness of the country are revealed. The indicators for assessing investment attractiveness using the indices of rating agencies are detailed.

Optimized integration of solar energy and liquefied natural gas regasification for sustainable urban development: Dynamic modeling, data-driven optimization, and case study

As sustainable urban communities continue to seek alternative energy sources, this study explores the inclusion of renewable resources in the energy mix. With a focus on liquefied natural gas (LNG) regasification, parabolic trough solar collectors, dual-loop power cycles, proton exchange membrane electrolysis, and hydrogen liquefaction cycle, this research conducts a comprehensive examination of an integrated system. The primary objective is to provide a diverse range of valuable outputs, including electricity, liquefied hydrogen, desalinated water, and cooling for coastal areas. Through careful analysis of regional geographic features, San Francisco emerges as a suitable location due to its favorable solar radiation intensity and existing LNG transportation infrastructure. The findings reveal that the integrated system has the potential to deliver approximately 5750.4 MWh of cooling, 14988.85 MWh of electricity, and 1,491,084 m3 of fresh water, thereby significantly contributing to the city's utility demands. In terms of data-driven optimization, artificial neural networks serve as intermediary mechanisms to establish correlations between the developed code and the optimization algorithm. The results demonstrate that the optimized system exhibits notable improvements in production capacity. Moreover, significant reductions in the levelized cost of electricity (0.19 Cent/kWh), fresh water (1.22 Cent/m3), and hydrogen (0.08 $/kg) are observed. Although the optimized case entails a 16.11% higher cost rate compared to the base system, it is projected to generate a 25.59% higher profit over its operational lifespan. Additionally, the payback period of the optimized system is shortened by 6.31%, making it an attractive long-term investment for sustainable urban development.

УПРАВЛІННЯ ІНВЕСТИЦІЙНОЮ ПРИВАБЛИВІСТЮ АГРОПРОМИСЛОВИХ УТВОРЕНЬ: ПІДХОДИ ДО ВИВЧЕННЯ ТА АНАЛІЗУ СТРУКТУРНИХ ЕЛЕМЕНТІВ

The article assesses the management of investment attractiveness of agro-industrial entities and approaches to the study and analysis of its structural elements. The authors have made a theoretical generalization and proposed ways to solve the problem of modeling investment decisions in the current economic and political environment. The authors emphasize that a deeper approach will reveal not only the effectiveness of investment strategies, but also the internal mechanisms that facilitate or limit the implementation of these strategies. By combining aspects of decision-making methodology with the analysis of intra-organizational interactions, it is possible to obtain a more complete understanding of the investment process in the context of a particular organization. The paper emphasizes that in the agro-industrial sector of Ukraine, under the influence of the desire for integration, significant changes are taking place, which are expressed in an increase in the scale of production, an increase in the diversity of production areas, the expansion of inter-sectoral relations, accelerated use of scientific achievements, qualitative shifts in technological processes, and increased competition - significantly increasing the requirements for the quality of investment decisions and their relevance. The authors prove that the core of integration of mechanisms and instruments in the investment market is information and organizational technologies, which form the basis of the pyramid of management decisions. The organizational infrastructure of investments is becoming increasingly international and integrated. The more diverse the composition of such an infrastructure, the more fully the investment opportunities of enterprises are realized, the wider the range of investment technologies, and the greater the amount of resources involved. The model for assessing the efficiency of an investment project based on the theory of fuzzy sets developed by the authors is a way to assess the efficiency of investment projects, which is a complement to traditional methods of analysis, but lacks some of the disadvantages inherent in the latter. Keywords: investment decision, agency conflicts, corporate governance mechanisms, agro-industrial formations, model for assessing the efficiency of an investment project.

Financial modelling of cash flow management for agribusiness security: Accounting and analytical aspect

The study related to cash flows of agricultural enterprises is relevant, since the agricultural sector is one of the key sectors of the national economy, and food security of Ukraine is becoming a strategic priority in the context of post-war reconstruction and requires effective management approaches to increase investment attractiveness and sustainable development in the field of agricultural activities. The purpose of this study was to analyse, develop, and improve the existing priority approaches to cash flow management for the financial security of agribusiness, considering the accounting and analytical aspect. Among the methods used were the statistical method, forecasting, and financial modelling methods, analytical method, and discounting method. During the study, an analytical assessment and modelling of the prospects for changes in the net cash flow of an agricultural enterprise in the medium term was carried out, the need to use actuarial accounting and reporting to attract the necessary amount of foreign investment in the development of the industry in the context of financial security of farmers was determined. The role of actuarial accounting support in managing the value of agribusiness for its financial security was investigated. The study modelled the process of cash flow management at the agricultural enterprise PJSC “Agrofirma “Provesin”. The study investigated actuarial information support from the actuarial accounting system for assessing the prospective changes in the property potential of agribusiness. It was noted that cash flow management in agriculture involves the use of innovative accounting and analytical management support, which would help to improve the image of investment attractiveness in foreign markets. The practical significance of this study lies in the development of concrete practical recommendations for the top management of agricultural enterprises to effectively attract the necessary amount of financial resources for sustainable development and post-war recovery of agribusiness

Techno-economic and life cycle analysis of two different hydrogen production processes from excavated waste under plasma gasification

Focusing on expanding and maturing the technology of excavated waste-to-energy pathways can promise a renewable energy production process in addition to reducing land occupation and greenhouse gas emissions. A very scarce comprehensive literature had covered the exergetic performance, life cycle analysis, and financial feasibility of hydrogen-from-excavated-waste technologies based on the plasma gasification process. This article aims to provide a comprehensive comparison under the exergy, techno-economic, and life cycle environmental analyses for two different hydrogen-from-excavated waste pathways. In this regard, two different configurations (under an innovative methodological and analytical approaches) have been proposed for conceptual design and comparative study of hydrogen fuel generation from excavated waste based on plasma gasification, sorption enhanced/gas-water shift, and gas-water shift processes. The techno-economic and life cycle environmental analyses were compared at two levels (i.e., refuse derived fuel-to-hydrogen and excavated waste-to-hydrogen pathways), which had not been reported in most of the literature. From the outcomes, the proposed excavated waste-to-hydrogen process integrated with the carbon dioxide capture and storage process can provide superior environmental (especially in terms of impacts on human health) and thermodynamic performances compared to the standalone-plasma gasification process. Furthermore, the financial feasibility of the proposed project is completely affected by the selling price of hydrogen. The article's achievements can be competitive with similar pathways and provide attractive design and investment conditions to stakeholders and engineers.

Earnings predictability or truthfulness? Which one investors care more about

Purpose This study aims to investigate the impact of earnings predictability and truthfulness on nonprofessional investors’ investment willingness. Design/methodology/approach Earnings predictability is captured by quarterly earnings autocorrelation, and earnings truthfulness is indicated by real earnings management (REM). The average of investment attractiveness and willingness measures investment willingness. The authors use experiments to isolate the impact of quarterly earnings autocorrelation and REM on investors’ investment behaviors. Findings From the 2 × 2 design, the authors observe that investors weight more on earnings predictability than earnings truthfulness. Research limitations/implications The generalization of the findings may be constrained for the following reasons. First, the authors use only one proxy, REM, to measure earnings truthfulness. In addition, the authors provide the participants, Amazon Mechanical Turk, with earnings predictability. Results may no longer hold if each participant has different understanding and analysis of earnings predictability. Practical implications In periods of unprecedented and severe financial uncertainty (i.e. the COVID-19 pandemic), investors rely more on earnings predictability than on earnings truthfulness. The study assists managers to strategically emphasize the predictability of earnings to attract investors, especially when firms face financial challenges or uncertainty. Social implications This study contributes to understanding investor behavior and the critical role of earnings predictability and truthfulness in shaping investment decisions. Originality/value This paper contributes to the literature of earnings properties in financial reporting, particularly by shedding light on the nuanced interplay between earnings predictability and earnings truthfulness. The research also demonstrates that elevated earnings autocorrelation indirectly stimulates investment willingness by enhancing the investors’ perception of earnings persistence of targeted firms.

Иерархическая система ранжирования коммерческих банков

Introduction. The main objective of the study is to develop economic and mathematical tools for constructing a rating barometer of Russian commercial banks according to the level of sustainability in a long term view using a hierarchical decision-making structure. Theoretical analysis. The method of commercial banks’ integral ranking is based on a system of hierarchical analysis. The methodology is based on ranking indicators and dividing them into subgroups. The priority indicator indicates the ranking vector, two levels of data ranking are performed, and subindices are formed. At the last stage, a convolution into an integral index is performed. The mathematical apparatus of a tree-like solution structure is used; the assumption of the method is the choice of priority indicators based on the principle of a commercial bank’s long-term sustainability. Empirical analysis. An algorithm has been compiled for condensing primary financial reporting indicators into an integral indicator. The methodology was tested on data from Russian commercial banks. Results. A mathematical apparatus is presented that makes it possible to assess the long-term financial stability of commercial banks according to their key indicators, an integral rating of banks is constructed for financial stability and investment attractiveness. The hierarchical rating system of commercial banks developed by the authors characterizes the analyzed banks by the size of the bank’s own funds, capital structure and return on equity.