Investment Perspective Research Articles

A New Perspective of Enterprise Human Resource Management

In the new century, the traditional model of enterprise human resource management is facing the challenge of the times, improving the human resource management of enterprises, and must innovate the concept of enterprise human resource management. After the 1950s, some economists established the theory of human capital, not only can more effectively explain the problems of modern social economic growth, but also on the enterprise's human resources management contribution to a positive impact. This paper introduces the concept of human capital and human capital investment into enterprise human resource management, which opens up a new perspective for enterprise human resource management. In this paper, we will first define the characteristics of human capital and the main body of human capital investment, and then analyze the meaning of various human resource management behaviors from the perspective of capital investment, estimate their benefits, costs and risks, and finally use scientific means to establish investment decision model and risk control mechanism, to maximize the effectiveness of human resources, so that the management behavior of enterprise's human can bring more revenue for the enterprises, thereby enhancing the competitiveness of enterprises. At present, the scientific operation of human resources is the key to the healthy development of enterprises.

Energy commodities, precious metals and industrial metal markets: A nexus across different investment horizons and market conditions

We investigate the presence of returns integration between energy commodities, precious metal commodities, and industrial metal commodities. We sample WTI crude oil, WTI Brent oil, natural gas, gas oil, gasoline, diesel as energy commodities, gold and silver as precious metal commodities, and copper, aluminum, zinc and nickel as industrial metal commodities. The sampling period of our study is based on the daily frequency and ranges from July 31, 2000 to July 31, 2020. Our methodology comprises a novel quantile cross-spectral approach proposed by Barunık and Kley (2015), which is capable to identify varying magnitude of connectedness between any two returns under different market conditions. Furthermore, this approach provides results under a short-, medium- and long-run investment perspective. Our results highlight low to moderate level integration among three commodity classes in the short- and medium-run investment periods however coherence level increases in the long-run periods under bearish and normal market conditions. These results are important for investors in terms of the suitability of different commodities regarding different investment periods and dynamic market conditions.

Do markets value ESG risks in sovereign credit curves?

This paper investigates the role of countries' environmental, social and governance (ESG) performance in sovereign CDS markets. Based on data for 60 countries from 2007 to 2017, we find that countries with superior ESG performance show (i) lower credit default swap (CDS) spreads and (ii) flatter CDS implied credit curves. This implies a risk mitigation effect of ESG which is even more pronounced in the long term than in the short term. These results remain robust with regard to various economic and financial control variables as well as credit ratings, implying that CDS markets incorporate ESG information differently than credit rating agencies. From an investor's perspective, we find that considering ESG does not involve sacrificing returns. Indeed, investors can potentially benefit from ESG differences between countries with similar credit ratings.

Retail Investors Perceived Usefulness of Corporate Social Media: A Technology Acceptance Model Perspective

This study's basic premise is to examine the retail investor perspective regarding the decision usefulness of the corporate website. Corporate social media play a vital role in determining stakeholder behavioral intentions. This study's concern is to evaluate how a corporate website, as a corporate social media tool affects retail investor behavioral intentions. The technology acceptance model and signaling theory conjunction provide the foundation for developing the proposed theoretical framework. Structural Equation Modeling (SEM) has been carried out to examine the strength of the measurement model statistically. The study's findings suggest that the corporate website as a social media toll positively influences the retail investor behavioral intention. The perceived ease of use positively impacts the actual usage intention of the corporate website by investors to effectively make their investment decisions. Similarly, the perceived usefulness of corporate websites significantly impacts the investor's behavioral intentions to engage in corporate social media. The proposed model is novel to insight the retail investor investment decision in the context of Pakistan. The study has implications for retail investors, listed companies on the stock exchange and regulators to understand how corporate websites remain robust for informed asset allocation decisions. Keywords: Corporate Social Media, Corporate Website, Retail Investor, Pakistan Stock Exchange.

Evaluation of energy sources based on sustainability factors using integrated fuzzy MCDM approach

PurposeThe purpose of this paper is to develop an integrated fuzzy multi-criteria decision-making (MCDM) model for evaluation of the energy alternates in India based on their sustainability.Design/methodology/approachA fuzzy analytical hierarchy process approach is used for the weight calculation of the criteria and the fuzzy technique for order preference by similarity to the ideal solution is used for ranking of the energy alternates. Seven energy sources – thermal, gas power, nuclear, solar, wind, biomass and hydro energy are considered for the assessment purpose on the basis of sustainability criteria, namely, economic, technical, social, environmental, political and flexible.FindingsThe result of the analysis shows that economics is the highest weight criterion, followed by environmental and technical criteria. Solar energy was chosen as the most sustainable energy alternate in India, followed by wind and hydro energy.Research limitations/implicationsFew other MCDM techniques such as VIseKriterijumska Optimizacija I Kompromisno Resenje (multi-criteria optimization and compromise solution), weighted sum method and preference ranking organization method for enrichment evaluations – II can also be explored for the sustainability ranking of the energy alternates. However, the present model has also provided a good result.Practical implicationsThe present research work will help the decision-makers and organizations in the evaluation and prioritizing the various energy sources on the scale of sustainability.Social implicationsResearch finding provides guidance to government and decision-makers regarding the development of social conditions through energy security, job creation and economic benefits.Originality/valueResearch work can be act as a supplement for the investors and decision-makers specifically in prioritizing the investment perspective and to support other multi-perspective decision-making problems.

Donor Reaction to Non-Financial Information Covering Social Projects in Nonprofits: A Spanish Case

The notion of accountability in nonprofits suggests that these organisations should disclose financial and non-financial practices following a holistic model. In practice, the interest of both managers and researchers has focused primarily on donors and financial disclosures, for funding and methodological reasons respectively. From the perspective of impact investment, all of them, government, beneficiaries, private donors, managers and volunteers are expected to make their decisions based on non-financial information as investors expecting social returns. However, to what extent does project information that demonstrates that the non-profit organisation has achieved its social mission actually matter? The main objective of this paper is to analyse whether the donations received by non-governmental organisations NGOs are related to the information disclosed on the projects undertaken. We perform our analysis separately for individual, private and public donors. Our results show that public donors are more interested in financial disclosures, private donors find information about outcomes and impacts to be most useful and individual donors do not tend to use non-financial information when it comes to making decisions about whether to donate or not.

Cell and gene therapy: a snapshot of investor perspectives

In a collaborative effort between the Commercialization Committee of the International Society for Cell & Gene Therapy (ISCT) and Bloomberg Intelligence, a broad survey of the investment community was executed in order to understand investor perceptions of companies that develop cell and gene therapies (CGTs) and gauge the trajectory of future investment. A broad spectrum of investors responded to the survey, including both health care specialists and generalist investors across a wide range of fund sizes and geographies. A majority of survey respondents have limited exposure to CGTs in their health care portfolios today, which highlights the opportunity to increase awareness of this burgeoning field in the investment community. The survey established that clinically significant data are the most important consideration when making an investment in this area, whereas safety concerns were highlighted as the most prominent barrier to making an investment. Challenges with manufacturing and scale-up were also ranked as a significant concern. The majority of investors hold the belief that both autologous and allogeneic cell therapies can co-exist. The detailed findings of this survey will help to provide a foundation for educational content that the ISCT Commercialization Committee can bring forth to further the investment in CGTs through the newly created Investigators to Investors program.

Research on the new synchronous control system of water resources from the perspective of sustainable social responsibility investment

Research on the new synchronous control system of water resources from the perspective of sustainable social responsibility investment

Bitcoin as a New Currency

Abstract Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. Purpose: The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP’s monetary policy announcements. Results: Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. Novelty: We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data.

Social policy in Slovenia and Montenegro: Comparing development and challenges

Abstract Slovenia and Montenegro have a common past; however, they have also experienced diverse developments in the field of social policy over the last three decades. The social policy of the two countries is based on a Yugoslav welfare model, and yet the positions of the two countries were quite rather different even as part of Federal Yugoslavia, with Slovenia being one of the most developed territories within the federation, while Montenegro was one of the least developed. In this article, we will describe the position and main challenges of the transition of the two countries from 1990 in relation to the developments and changes in the core fields of social policy, such as the labour market and social assistance, family policy and old age policy. The emphasis will be on linking the diverse starting points, the process of transition and the direction of developments, within the framework of path dependent changes in the two welfare systems, as well as a discussion of the relevant structural pressures, such as the economic and social situation of the two countries and ways of coping with these pressures that were employed. In the conclusion, the changes within the individual fields of social policy will also be discussed in relation to the prevalent discourses of the neoliberal transformation of modern welfare states, along with the development of social investment perspectives within social policy as a whole.

저소득층 엄마를 ‘활성화’하라 : ‘아동’ 중심의 사회투자적 관점에서 본 한국의 반빈곤정책과 보육정책

본 논문의 취지는 ‘아동’중심적인 사회투자적 관점에 입각하여 한국의 반빈곤정책과 보육정책의 현황과 성격을 탐색하는 데 있다. 애과정(life course) 관점으로서의 사회투자는 아동의 인적자본 축적을 위한 생애초기 단계를 중시하는 만큼 문화자본이 부족하다고 평가되는 저소득층 엄마에게 모성보다 생계부양자로서의 정체성을 강조하는 것이 특징이다. 이런 맥락에서 보육서비스는 아동의 인적자본 축적을 위한 생애기회(life chance)이자 저소득층 엄마의 고용촉진을 위한 활성화(activation) 수단으로 부각된다. 본 연구는 저소득층 엄마의 활성화를 강조하는 선진 자본주의 국가의 일반적인 추세를 고려하여, 이 같은 ‘아동’중심의 사회투자적 관점에서 한국의 반빈곤정책과 보육정책의 현황과 그 성격을 국제적 차원에서 예비적으로 고찰하였다. 분석결과, 한국은 사회부조의 보장성이 낮았지만, GDP 대비 보육서비스의 지출 수준은 영국, 독일, 네덜란드 등 주요 선진 자본주의 국가보다 더 높았다. 사회부조의 보장성이 미흡한 한국에서 이처럼 대대적으로 확충된 보육서비스는 저소득층 엄마의 활성화에 도움을 주는 요소로 보인다. 전통적 사회정책과 새로운 사회투자 간 대체관계에 관한 논제에 비추었을 때, 이런 한국의 선택은 기초생활보장제도 확충에 돌아갈지도 모르는 예산이 보육서비스 공급 확대에 집중되었다고 볼 여지가 있다. 후속연구의 과제로서 본 연구는 이 같은 예비적 결론을 바탕으로 한국의 복지국가의 성격을 충분히 이해하려면 기초생활보장제도와 보육서비스의 관계 등에 대한 보다 면밀한 고찰의 필요성을 제안하였다.

Drivers and Impacts of China’s Economic Engagements in Nigeria: Focus on Infrastructures Investment

China’s growing presence across African continent and with reference to Nigeria has variously attracted debates and mixed feeling amongst scholars and policy makers. Severally considered and described initially as ideological and political, cultural and adventurous, etc., but the phenomenal expansion of the engagement and relationship into trade and investment across economic sectors particularly infrastructure development, has many things to desire. While the public debate accentuates the imperativeness of Chinese infrastructure financing schemes and its roles in economic growth and development in Nigeria, yet vital questions on China-Nigeria economic engagement subsist. This study investigated and examined specifically the nature of the driving factors and the impacts of the economic engagement with particular interest in infrastructures investment and development. Using a non-probabilistic and qualitative research design method on secondary data sources, the study discovered that China-Nigeria economic engagement is propelled by economic, institutional, political and perception drivers with divers mixed impacts; and conclusively described the engagement as goodly-bad or sweet but bitter. This study contributes to the asymmetric view of China-Nigeria relationship by positing a balanced position from infrastructure investment perspective. The study therefore recommended that government policy makers ensure that Chinese investments alone in Nigeria’s national infrastructures development do not and should not substitute constitutional government responsibilities, that institutional frameworks must encourage momentous indigenous private investment capital inflow into infrastructure sector, going forward, China-Nigeria engagement policies must promote purposeful, environmental, human capital, and people-centered sustainable development goals in Nigeria amongst others.

The Macroeconomic Effects of Aerospace Shocks

As major future space explorations are firmly rooted in the US government agenda, research into the macroeconomic impact of a space mission is still scarce. This paper tries to fill the existing gap by building a narrative of the aerospace structural shocks to assess their macroeconomic effects. The main finding is that almost all the publicly funded space missions significantly and persistently raise real GDP, while this is not the case in the private narrative. We conclude that the latest events, while important from the perspective of private investors, do not reflect yet the milestone achievements carried out under government-driven space activity.

The Legal Aspect and the Economic Perspective of the Foreign Direct Investment

Foreign Direct Investment (hereinafter referred to as FDI) are an important segment of economic-financial activity in the national economy. Being so important they deserve special attention from the politicians as well as an analytical review in scientific terms. Foreign Direct Investment are one of the key factors for promoting the country's sustainable economic development. They have economic and financial impact but their legal aspect is also very important. This paper elaborates the concept of foreign direct investment, their impact on the national economy and the legal basis of foreign direct investment. As an analytical case is used the Republic of Kosovo, whose institutions are creating policies and are adopting laws for an appropriate environment that affects the attraction of foreign investors and investments. The focus of this paper is the analysis of the concept of FDI, the legal infrastructure, the factors that impact the attraction of investments, and their role in the economic development of the country. The purpose of this paper is to analyse the role and importance of foreign direct investment for national economic development as well as the legal security of investments in the Republic of Kosovo. In the elaboration of the paper was used the literature of foreign authors, statistical reports of local and international institutions as well as local legislation dealing with the regulation of this issue. The main methods used are: descriptive methods, methods of analysis and synthesis, statistical methods, legal methods and comparative methods.

Impact of the COVID-19 Crisis on Heavy Work Investment in Romania

This paper analyzes aspects specific to the influence of the COVID-19 pandemic on the working population in Romania, from the perspective of heavy work investment. Issues related to workload, overwork, work engagement, workaholism and performance in work were considered. A survey based research was conducted using several scales widely tested in studies on heavy work investment with the data being processed in SPSS. The results of the research reveal a negative impact on the components of heavy work investment (time and effort). For all measured aspects, there were decreases in work investment during the pandemic, with negative effects on respondents' attitudes towards personal work performance. Based on the research results, the main proposal for the business environment is to stimulate employees for achieving a higher level of work engagement which can lead to increased work performance. This can also be achieved by adopting policies to reduce overtime.

A plea for a stronger role of non-financial impact in the socially responsible investment discourse

Purpose This paper aims to emphasize the importance and current deficits of non-financial impact (NFI) assessment of socially responsible investment (SRI) with reference to the action plan of the European Commission (EC) for a greener and cleaner economy. Design/methodology/approach The importance and current deficits of NFI assessment are evaluated theoretically and condensed to an equilibrated socially responsible investment (ESRI) perspective, based on a narrative literature review of highly ranked academic journals. Findings Due to a deficient exploration of NFI in theory and practice, the role of SRI funds for sustainability transition has not yet been adequately discussed. This has enabled a situation where a constantly rising market share of SRI has not led to similar sustainability achievements. This strongly contrasts with investors’ expectations, the self-portrayal of the sector and the goals of the EC’s action plan. As a solution, the developed ESRI perspective elevates NFI as a second cornerstone for theory and practice. ESRI, contrary to the EC, sets a primer on the role of SRI fund management for achieving sustainability goals. Originality/value This study reveals how SRI theory and practice neglect the importance of NFI. The presented ESRI perspective enables scholars to examine SRI practices more holistically through a new theoretical lens. One special focus is on the role of SRI fund management as a transmission mechanism to push portfolio companies’ business practices toward more sustainable behavior.

Chinese outward foreign direct investment: The reasons why some Chinese firms fail in Norway

Recent years have seen a dramatic rise in Chinese multinationals investing in various projects around the world. While there have been numerous studies of Chinese outward foreign direct investment (FDI), there have been far fewer that examine the factors that relate to their success or failure from the perspective of the Chinese investor. Here we present a cross‐case analysis of four examples of Chinese investments in Norway that failed to produce a profit. Using semi‐structured interviews with Chinese and local managers, government agencies, and data from secondary sources, we identify five factors that contributed to this: (a) legal factors, (b) cultural differences, (c) business strategies, (d) organizational structure, and (e) the selection of people. We believe that these four case studies contribute to our knowledge of the reasons why Chinese outward FDI fails, and that it offers guidance to the management of Chinese firms wishing to invest in Europe.

Financial Management, Savings and Investment Behavior and Financial Well-Being of Working Women in the Public Sector

Women have made an amazing progress personally, financially, and professionally however, with regards to the field of finance, an extensive effort to be done to become well performers comparing to the men. Therefore, women must begin understanding, and thinking the significance of money, savings, and its investment perspectives to overcome critical circumstances at any phase of their lives. Therefore, the major objective of this research is to investigate the relationships among financial management, savings and investment behavior, andfinancial well-being (FWB) of working women in the public sector in Malaysia. A sum of 722 respondents were selected using the multi-stage random sampling method in Malaysia. According to the financial status of working women, 39.2% felt that their assets were more than their debt, and 44.3% was said that their salary was sufficient to meet only their basic requirements. Furthermore, more than 80% of the respondents were followed good financial management practices such as, keeping updated records of the expenses, planning the expenses, doing investments monthly, keeping the loan payment on schedule, settling all the bills on time, and maintaining a savings account. Moreover, it also showed that Malaysian working women have good financial management practices which are indicated by their abilities in performing the savings and investment behaviors to manage their surplus money wisely in order to achieve higher FWB levels. Further, this study was detected some specific financial challenges that Malaysian public sector working women meet over their lifetime, and offered possible solutions for the present and future.

“The resource-based paradigm – a special emphasis on work- force capital as a competitive strategy in businesses”

It is a known fact that organizational strategies have created a competitive advantage of organizations. However, this competitiveness can be achieved only with the proper deployment of human, physical, and organizational resources. A study on the resource-based paradigm, specifically on human assets, explores the significance of human involvement and human investment perspective in enterprises. In view of that, a mixed approach, with a quantitative and qualitative survey was conducted in randomly selected manufacture industries in the UAE. The statistical analysis, with the help of SPSS 20 confirms the correlation between this model with its latent variables, talent management and change management, towards a strategic move. Moreover, the results prove that this RBV can enhance the mobility of various resources in the organization, maintain a culture, uphold gain-sharing, and boost network opportunities for the organizational and individual competencies.

Effects of Corporate Social Responsibility on Firm Performance: Does Customer Satisfaction Matter?

Academic research has shed light on the empirical relationships among a firm’s corporate social responsibility (CSR), corporate social irresponsibility (CSiR) and firm performance and on the firm’s customer satisfaction–firm performance relationship in different markets. However, little notice has been taken of whether the coexistence of corporate social responsibility, corporate social irresponsibility and customer satisfaction has an interactive effect on firm performance. This study aims to examine the effects of their interaction on firm performance from an investment perspective. Using unbalanced panel regression to test a sample of publicly traded firms from the United States, this study finds that, in general, firms with higher customer satisfaction earn positive changes in abnormal stock returns. For firms that engage in CSR, CSR positively affects corporate performance, whereas firms’ social irresponsibility activities reduce firms’ financial performance. All else equal, a positive interactive effect of CSiR and customer satisfaction on stock return was observed. The results reveal that high customer satisfaction can alleviate the negative effect of corporate social irresponsibility on firms’ financial performance. Our findings will help management executives and investors to understand that the negative effect of a firm’s unforeseen events on firm performance can be weakened by increasing customer satisfaction.