Investment Companies Research Articles

The characteristics of medical technical task working out as a factor of successful implementation of project of public-private partnership in health care

The application of mathematical modeling approaches based on factual demand of the population of territories in setting of medical and technical tasks makes it possible to significantly optimize costs of construction and equipping primary health care objects. This is confirmed by both corresponding calculations and results of analysis. This operation is oriented both on structural divisions of regional executive authorities responsible for setting of medical and technical tasks, and on investment companies implementing projects in health care.

THE INFLUENCE OF BIG DATA ANALYSIS ON THE TIMING OF FINANCIAL REPORTS ITS EFFECTS ON INVESTOR DECISIONS

The digital revolution has led to the proliferation of big data, which poses distinct obstacles to data analysis due to its large quantity, diverse nature, and high speed. These challenges are a direct consequence of the digital revolution. Hence, our article examines the notable impact of big data technology on investors' decision-making. This is seen in the choices made by investors to divest from their investments or reallocate their funds to other assets in response to perceived dangers in the Iraq market and by considering the indirect influence of the timing of financial reporting on gathering the necessary data. A survey was created based on the topics discussed in the studies. Our analysis focuses on the period from January to March 2024. A total of 157 respondents participated in this research, comprising academics from universities, financial experts, and investors in companies listed on the Iraq Stock Exchange. This study used the statistical program SPSS and the course analysis method. The study discovered a statistically significant impact of big data, including its attributes, such as quantity, diversity, and speed, on the timing of financial reporting. The effect of big data on investors' decision-making is statistically significant. The time of issuing information has a significant impact on investors' judgments. Furthermore, investing decisions in Iraqi companies listed on the Iraqi Stock Exchange are marginally impacted by the preparation of financial reports inside the big data framework.

EARNINGS QUALITY AND NATIONAL IPO: REM PRACTICES OF CENTRAL ASIA

Abstract. The study aims to assess the impact of the National IPO/SPO Program on Earnings quality in KASE-listed companies and provide recommendations to the investor community. KASE Stock Exchange sample population is 52 local companies, 26 state and 26 private, across different industries excluding financial institutions and investment holdings. Time horizon is 13 years during 2009-2021period totaling 572 unbalanced panel firm-year observations. To estimate Earnings quality, we follow Kasznik cash flow model for accrual-based Earnings management jointly with real activity Roychowdhury aggregate model. We found that the National IPO/SPO process creates partial state-owned enterprises and improve their key investment indicators. Partially state-owned companies outperform private ones and thus become the preferable investment strategy based on Earnings quality risk, cash generation, profitability and leverage-based risk. To strengthen our analysis we compare main results with another popular measurement of accrual-based Earnings management based on the Shivakumar 1996 model. We also winsorised key investment indicators to estimate the impact of outliers on the main results. Theoretically, this study is the first to analyze Earnings management from the National IPO/SPO perspective and the first to relate Earnings quality with structure ownership in case of Kazakhstan. Practically, results and discussion are useful for investors of KASE-listed companies in investment decision-making. Keywords: Earnings quality, Ownership structure, Earnings management, Kazakhstan, National IPO/SPO, KASE

The impact of artificial intelligence application on company environmental investment in Chinese manufacturing companies

The impact of artificial intelligence application on company environmental investment in Chinese manufacturing companies

The relationship between heterogeneous institutional investors’ shareholdings and corporate ESG performance: Evidence from China

Institutional investors are gaining prominence in China. This study focuses on whether they can monitor corporations to better fulfill their social responsibilities. This research examines the relationship between corporations' environmental, social, and governance (ESG) performance and the shareholdings of relevant institutional investors , indicating that these shareholdings positively affect the ESG performance of Chinese companies. Notably, pressure-resistant institutional investors have a greater impact on corporate ESG performance score than pressure-sensitive institutional investors, particularly for private enterprises and for those whose chief executive officers do not serve as general managers. Based on these results, this paper recommends that institutional investors fully account for their ESG performance and social responsibility when selecting investee companies. As such, this heightened awareness will attract more investment and facilitate company growth.

Using financial analysis ratios to evaluate the liquidity risks in industrial companies listed in the Iraq Stock Exchange

Cash liquidity is of great importance in industrial companies due to its impact on the management of the company’s operational activities, as well as the use of its surplus cash in investment, which returns to the company investment profits that support its financial position in the market. Low liquidity leads to the company being exposed to financial risks that may affect its activities and weaken its position. Financial, and here the company's management must pay attention to analyzing liquidity to assess its risks, using financial analysis ratios to evaluate cash liquidity and indicate its effects on the company's financial position. The study aimed to evaluate the liquidity of industrial companies listed on the Iraq Stock Exchange, to determine the risks to which they are exposed, using financial ratios, which are (trading ratio, quick liquidity ratio, and working capital ratio). The study reached conclusions, the most important of which is that the analysis of liquidity ratios showed Companies that suffer from low liquidity and that may be exposed to risks. It also showed companies that have surplus liquidity and can be invested to achieve additional profits. The study also recommended the need to pay attention to analyzing cash liquidity in industrial companies to evaluate liquidity and find appropriate opportunities for investment when liquidity indicators are high, or Addressing its risks when its indicators are low.

Using financial analysis ratios to evaluate the liquidity risks in industrial companies listed in the Iraq Stock Exchange

Cash liquidity is of great importance in industrial companies due to its impact on the management of the company’s operational activities, as well as the use of its surplus cash in investment, which returns to the company investment profits that support its financial position in the market. Low liquidity leads to the company being exposed to financial risks that may affect its activities and weaken its position. Financial, and here the company's management must pay attention to analyzing liquidity to assess its risks, using financial analysis ratios to evaluate cash liquidity and indicate its effects on the company's financial position. The study aimed to evaluate the liquidity of industrial companies listed on the Iraq Stock Exchange, to determine the risks to which they are exposed, using financial ratios, which are (trading ratio, quick liquidity ratio, and working capital ratio). The study reached conclusions, the most important of which is that the analysis of liquidity ratios showed Companies that suffer from low liquidity and that may be exposed to risks. It also showed companies that have surplus liquidity and can be invested to achieve additional profits. The study also recommended the need to pay attention to analyzing cash liquidity in industrial companies to evaluate liquidity and find appropriate opportunities for investment when liquidity indicators are high, or Addressing its risks when its indicators are low.

Analisis Financial Distress pada Perusahaan Sektor Perdagangan, Jasa dan Investasi yang Terdaftar di Bursa Efek Indonesia

Identification of financial distress conditions was an important thing for companies to anticipate bankruptcy. This study was aimed to analyze the financial distress model in trading, service and investment sector companies in 2018-2020 using the Altman Z-Score, Grover, Springate and Zmijewski modified models. In addition, this was also aimed to determine the level of accuracy of the Modified Altman Z-Score, Grover, Springate and Zmijewski models. This research was included in the type of quantitative research. The research population consisted of all trading, service and investment companies listed on the Indonesian Stock Exchange during the period 2018-2020. This study used purposive sampling technique with total 133 companies. The data analysis model used in this study were the Altman Z-Score, Grover, Springate and Zmijewski Modified Model. It was conducted by taking secondary data from the Indonesian Stock Exchange website (www.idx.co.id). Based on the results of the analysis that had been carried out, the results showed that: (1) There were 55,89% companies experiencing financial distress and 44,11% non-financial distress using the Springate model on the analysis; (2) On the analysis using the Altman Z-Score Modified model, there were 25.81% companies experiencing financial distress and 59,65% nonfinancial distress; (3) Using the Zmijewski model, it showed that 20,80% of companies experienced financial distress and 79,20% of non-financial distress; (4) Using the Grover model, it showed that 20.80% of companies experienced financial distress and 77,94% of non-financial distress; (5) The Springate model was the most accurate model in analyzing the financial distress. Keywords: Accuracy Level, Altman Z-Score Modification, Financial Distress, Grover, Springate, Zmijewski.

China's A-share Crash in 2015- -Based on the Perspective of the Liquidity Barrier Lake Caused by the "Targeted Easing" Policy

This paper is based on the theory of liquidity effect, that the 2015 crash is formed by directional easing liquidity of the lake, namely the central bank directional loose monetary policy derived monetary is not through monetary policy transmission channel to the entity neighborhood, but deposited in the financial system, pushing up the rising asset prices, and cause industrial "real to virtual", further boost the financial asset prices and the real economy fundamentals mismatch. Small and medium-sized enterprises and state-owned enterprises local government "hidden guarantee" of real estate, city investment companies in financing credit discrimination, and commercial Banks to lend behavior, also led to the liquidity of the formation of the lake finally, this paper summarizes a series of Suggestions, such as accelerating the marketization of interest rate reform, improve the monetary policy management, improve the macro-prudential monetary policy framework, establish and improve the multi-level capital market measures, to prevent such problems from happening again, make the central bank's monetary policy can more powerful through the financial system to the real economy, promote the development of our country economy with high quality.

CTO Network Centrality and Corporate Innovation

Social network centrality of chief technology officers (CTOs) affects corporate innovation. Firms with CTOs who are well-connected within the network of all business professionals invest more in research and development (R&D), receive more patents, attract more patent citations, and create more patent value. Besides the effect of the general business network centrality, higher professional network centrality of CTOs (within the network of all other CTOs) also fosters corporate innovation. In addition, firms innovate more and better if CTOs are hired by the incumbent CEOs. Ultimately, R&D investment of companies with high-centrality CTOs enhances firm value.

LSTEG: An evolutionary game model leveraging deep reinforcement learning for privacy behavior analysis on social networks

With the investment of third-party companies, various accurate recommendation services have emerged on social network platforms, making convenience and privacy concerns coexist for users. Platforms, users, and third-party companies have conflicts of interest around privacy issues, and privacy protection is not the only goal for them. For the analysis of multi-party behaviors related to privacy, a long short-term evolutionary game model (LSTEG) is proposed, where the long-term and short-term evolutionary processes describe the dynamics between three parties and between users, respectively. Their dynamic evolutionary processes are described by mean dynamic equations and all possible stationary-state conditions are analyzed theoretically. Deep reinforcement learning is adopted to solve these evolutionary stationary states and to reveal the rules of interdependence between long-term evolution and short-term evolution. Experiments conducted on real-world datasets show that this work can help platforms, users, and third-party companies to get a better sense of what is occurring in dynamic network environments.

Strategi Dividen yang Efektif: Memahami Keseimbangan antara Kondisi Keuangan dan Peluang Investasi untuk Pertumbuhan Laba Perusahaan

In complex business dynamics, dividend policy strategy is a key element that influences company growth and competitiveness. An effective balance between financial conditions and investment opportunities is the main focus to achieve sustainable profit growth. This research aims to understand effective dividend strategies by exploring the optimal balance between a company's financial condition and investment opportunities as a critical step towards sustainable profit growth. The type of research used is associative quantitative. The data used is secondary data obtained from the Indonesian Stock Exchange for the research period. Sample selection was carried out based on the purposive sampling method. This research reveals that an effective dividend strategy requires a deep understanding of the balance between finance and investment. A dividend policy that is appropriate to financial conditions and supports investment opportunities can make a positive contribution to company profit growth.

Foreign investments of Japanese life insurance companies

We investigate Japanese life insurance companies’ investment returns or volatilities and their discretionary decisions on foreign portfolio investments. These decisions include the proportion of foreign investments in the companies’ proprietary investments and the currency risk hedge. We consider the “carry trade” scenario when the market favors investing in high-yield currencies by borrowing the Japanese yen. We establish three results. First, the currency hedge relates positively to the investment returns under the carry trade scenario but negatively otherwise. Second, the proportion of foreign investments relates positively to the investment returns. Third, the investment returns significantly decrease under the carry trade scenario.

FACTORS AFFECTING THE TIME SPAN FOR SUBMITTING FINANCIAL REPORTS ON NON-CYCLICAL CONSUMER SECTOR COMPANIES

The purpose of this research is to analyze the effect of institutional ownership, independent board membership, company size, profitability, and leverage on the time span for submitting financial reports. The population of this research is non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (IDX) during 2020-2022. The sample of this research was 125 companies. Data processing using multiple linear regression analysis methods in this research using Eviews 13 software. The results of this research indicate that company size has a negative and significant effect on the time span for submitting financial reports. While institutional ownership, independent board membership, profitability, and leverage cannot prove the influence on the time span for submitting reports. Based on the results of this research, company investors can increase the size of the company in order to speed up the time for submitting financial reports and can convey company information to investors on time, so that investors can make economic decisions. So that companies need to strive to carry out their responsibilities and duties properly to report financial reports quickly and on time so that they can be useful for the company's future.

Implementation of Agile using the GERT method for the efficiency of managing the company's investment projects

The article is devoted to the topical issues of implementing Agile flexible methodology using the GERT method in the management of investment projects of Kazakhstani companies. The results of this study show that the introduction of flexible agile methodology to the company's activities can be implemented in different ways, so the results of the preliminary evaluation of the effectiveness of the project implementation remain ambiguous. In this case, the method of creating a variable model using the GERT method is possible. This method makes it possible to explain the course of the project to the algorithm of specific actions using predefined signs in the form of nodes. The authors present a synthesized method using stochastic networks. It is obvious that the developed network algorithm is a variable probabilistic method of GERT network planning. Thus, some of the operations may not be performed, although on the other hand, other operations can be partially performed, and others can even be performed several times. The purpose of the research is to develop and present a network synthesized model, where the completeness of the repeating cycle in its continuous actions of completed operations is visually visible and reflected, taking into account the implementation of Agile for the success of the project. Also, it can be noted that it is allowed not to perform any of the works. According to the results of the study, the GERT method was used as the basis for the proposed model, since it allows you to reflect the variability of actions and with its help you can best show the need to return to the "maturity level assessment" step. We can note that in this case, it is allowed to fail to perform any of the works. The study also describes the main properties and disadvantages of alternative networks. Статья посвящена актуальным вопросам внедрения гибкой методологии Agile с использованием метода GERT в управлении инвестиционными проектами казахстанских компаний. Результаты данного исследования показывают, что внедрение гибкой agile-методологии в деятельность компании может быть реализовано разными способами, поэтому результаты предварительной оценки эффективности реализации проекта остаются неоднозначными. В этом случае возможен метод создания переменной модели с использованием метода GERT. Этот метод позволяет объяснить ход проекта алгоритмом конкретных действий, используя заранее определенные знаки в виде узлов. Авторы представляют синтезированный метод с использованием стохастических сетей. Очевидно, что разработанный сетевой алгоритм представляет собой вариабельный вероятностный метод планирования сети GERT. Таким образом, некоторые операции могут не выполняться, хотя, с другой стороны, другие операции могут быть выполнены частично, а третьи могут быть выполнены даже несколько раз. Цель исследования - разработать и представить сетевую синтезированную модель, в которой полнота повторяющегося цикла в его непрерывных действиях завершенных операций визуально видна и отражена с учетом внедрения Agile для успеха проекта. Также можно отметить, что разрешается не выполнять ни одну из работ. Согласно результатам исследования, за основу предложенной модели был взят метод GERT, поскольку он позволяет отразить вариативность действий и с его помощью можно наилучшим образом показать необходимость возврата к этапу "оценка уровня зрелости". Можно отметить, что в этом случае допускается отказ от выполнения каких-либо работ. В исследовании также описаны основные свойства и недостатки альтернативных сетей.

Financial Constraints, Investment, and Liquidity: Evidence from Russian Companies

ABSTRACT This paper estimates the degree of financial constraints faced by Russian publicly traded companies using the two most common approaches in the literature. We find that both Russian company investment and cash holdings are sensitive to cash flows, suggesting that the average sample firm is financially constrained. State-owned companies appear less financially constrained. After 2014, when economic sanctions restricted access to foreign capital, Russian companies became more financially constrained and more dependent on accumulated cash reserves. Overall, our findings highlight the importance of financial constraints in the context of developing countries.

CFO age and R&D investment of gem-listed companies: The moderating role of female executives

This study focuses on examining the non-linear association between CFO age and enterprise R&D investment while also investigating the moderating role of female executives in effecting such a link between the two in order to promote enterprises’ R&D investment and increase female executives’ participation in corporate. Taking Chinese GEM-listed companies over 2009-2021 consisting of 5891 firm-year observations as the samples, conduct the empirical analysis. The findings indicate that a significant inverted U-shaped relationship exists between CFO age and R&D intensity. Specifically, the curve relationship initially exhibits a positive effect of CFO age on R&D intensity before the age of 44, and after that, it turns out to be negative. Moreover, and quite critically, female executives have a significant negative moderating effect on the inverted U-shaped relationship mentioned above. The findings were confirmed by rich robustness and endogeneity tests. Additionally, further exploration of the relationship between CEO tenure and R&D intensity reveals a similar inverted U-shaped curve but does not find any moderating effect of female executives. Based on these results, the study provides Chinese GEM-listed enterprises with rich theoretical guidance and practical implications to optimize the allocation and motivation of executive talents, the career planning of CFOs, and the decision-making patterns of female executives.

Pengaruh Manajemen Keluarga, Struktur Kepemilikan Keluarga, Struktur Modal dan Invesment Opportunity Set (IOS) Terhadap Kinerja Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2017-2022)

A family company or family business is a business in which two or more family members are directly involved to have ownership and become the main control of the business. The study examined the effect of family management, family ownership structure, capital structure and investment opportunity set on company performance. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2022 and a sample of 22 companies using purposive sampling techniques. By using multiple linear regression for panel data and using data processing software in the form of Eviews, this study found that family management and family ownership structure did not affect company performance, capital structure had a negative and significant effect on company performance and investment opportunity set had a positive and significant effect on company performance.

Navigating the impact: A comprehensive analysis of ESG disclosure consequences through systematic review

AbstractThe purpose of this article is to provide a comprehensive and systematic assessment of the literature on the consequences of environmental, social, and governance (ESG) disclosure by means of content analyses. Using a systematic approach, a sample of 165 studies was collected from the Web of Science database and evaluated on the basis of econometric and content analyses, including publication trends, geographical distribution, theories and consequence associated with ESG disclosure (investment and innovation of firms, financing cost and method, operations and financial risk of firms, firm performance and value and others), provides some direction for future investigation. According to the analysis, the literature was more interested in the stakeholder theory when examining the effects of ESG disclosure on areas including company innovation and investment, financing costs and methods, financial risk and operations, business performance, and others. Even though most of the literature has focused on firm performance and value, there is still no clear understanding of the relationship. Also, limited work was found on the investment and innovation of firms, and financing cost and method, while the impact of operations and financial risk of firms has yet to be explored. Meanwhile, this study also identified the impact of ESG disclosure on analysts, audit fees, and earnings management as a new research direction. Finally, this study innovates new findings that institutional pressures may have an impact on the consequences of ESG disclosure, a topic not found in previous studies.

Simulation of decision-making processes regarding the formation of an invest-ment portfolio using IT

Significant changes observed in the global economy and in particular in Ukraine in recent years have significantly increased interest in the problems of investment theory. An example of this is the intensification of trading in shares of large and medium-sized international companies and cryptocurrencies, which causes a rapid increase in their values. It is known that in the theory of investments, the task of optimizing the set of components of investment portfolios is considered as a special case. As you know, the issue of decision-making regarding the formation and optimization of an investment portfolio is in the field of attention both for large investment companies and for private investors, since when choosing among possible alternatives for the distribution of capital investments within the market of financial assets, the investor will receive different results. As a result, it is necessary to understand the amount of income received during the period of ownership of the investment portfolio. It is known, according to Gary Markowitz's theory of investment risk, that the optimal distribution of the filling of the investment portfolio should provide the best income while maintaining the lowest risks. At the same time, the decision regarding the structure of capital distribution is often made in conditions of uncertainty, and the profitability of investing capital in investment objects is of a random nature. Since uncertainty creates additional risks, the investment of capital and the task of optimizing the investment portfolio must be considered and solved in the presence of risk. At the same time, effective investment activities require the use of special mathematical methods and informational tools to support decision-making. In the article, using the Ruby programming language, a model is proposed that can be used in the decision-making process when forming a set of components of a portfolio of securities, which allows potential investors to independently assess the effectiveness of a set of investment portfolios by comparing the growth dynamics of shares available on the financial market. It is known that most of the information an investor encounters is in a tabular format, and according to the methodology of scientific knowledge, a person better perceives visualized ways of presenting information. The model proposed in the work uses visualization tools built into the software product, which presents available tabulated information in a structured graphic form.