Joint Stock Companies Research Articles

Research on the Reform of Authorized Capital System in Chinese Stock Companies: Against the Background of the Implementation of the New Company Law

With the rapid development of the Chinese economy and the continuous improvement of the market economy system, joint-stock companies, as an important form of economic organization, have gradually become the main force of economic development. In order to adapt to the new development trend, China has successively introduced a series of laws and regulations, attempting to reform and improve the authorized capital system, enhance corporate governance, protect investor rights, and promote the healthy development of the market economy. This article analyzes the current situation and problems of the statutory capital system of Chinese joint-stock companies, and based on this, analyzes the reform effects of the new Company Law on the authorized capital system of joint-stock companies. It also explores the transformation path of the authorized capital system of Chinese joint-stock companies after the implementation of the new Company Law, providing reference opinions for the development of joint-stock companies and the optimization of the efficiency of capital system reform.

Environmental disclosures according to ESRS in ESG reporting of selected banks in Poland

The aim of this article is to analyze the environmental disclosures of non-financial information presented in the selected Polish banks in terms of meeting the European Sustainability Reporting Standards (ESRS) guidelines. The ESRS reporting standards, adopted by the European Commission in July 2023, not only introduced an increase in the scope of reporting but also clearly defined the information to be disclosed in reports that banks are obligated to submit. The research method used was a critical analysis of the subject-matter literature, and, in the empirical part, a method of analyzing information posted on bank websites was assumed. Among the analyzed entities, 23 banks operating in Poland, functioning in the form of joint-stock companies, were taken into consideration. Research has shown that the required data is contained in various documents published by banks, and their availability on websites is relatively low. The scope of environmental disclosures was assessed as insufficient in relation to the ESRS guidelines. The highest number of disclosures occurred in the “Climate” area and the lowest in the “Biodiversity and Ecosystems” area, which may stem from the specificity of the banks' activities. The conducted research revealed that banks were inadequately prepared for reporting that takes into account ESRS guidelines.

Moderating Role of Audit Committee Effectiveness on the Relationship between Board Gender Charateristic and Quality If Integrated Reporting Among Firms Listed In Nse

The Audit Committee is claimed to bolster the reliability and precision of financial statement data by managing risks and advocating for ethical conduct within businesses. Its duties include examining financial information, supervising internal audits and auditor impartiality, verifying data presented to the board and shareholders, and scrutinizing ethical matters. Therefore, integrating the Audit Committee into public Joint Stock Companies (JSCs) has the potential to yield benefits for both the organizations and their stakeholders. Firms need to facilitate collaboration between the board and the audit committee to ensure alignment on strategic goals, risk management priorities, and reporting objectives. They also need to leverage the diverse perspectives and expertise of board members, including gender-diverse members, to inform audit committee discussions and decisions. Encourage open dialogue and information sharing between the board and the audit committee to enhance transparency and accountability in the reporting process. By implementing these strategies, firms can leverage the gender diversity of board members and the effectiveness of the audit committee to improve the quality of integrated reporting, leading to better decision-making, enhanced stakeholder trust, and long-term sustainable growth.

ИССЛЕДОВАНИЕ ПРОЦЕССА ОСВЕТЛЕНИЯ ЯБЛОЧНОГО СУСЛА С ПРИМЕНЕНИЕМ РАЗЛИЧНЫХ ВСПОМОГАТЕЛЬНЫХ СРЕДСТВ

The quality of clarification of apple must from various varieties of apples of domestic and foreign breeding, different ripening periods, growing at the Research and Breeding Collection of Genetic Resources of Horticultural Crops, located in the Central Joint Stock Company, Krasnodar, was studied. Sampling of apples was carried out at optimal ripeness from different sides of the tree crown in relation to the cardinal directions. Apple processing was carried out using a crusher-grinder, followed by pressing the pulp on a hydraulic press. The enzyme preparations SQzyme PCL, Grainzyme NL and Fructozyme R were used in the experiments. Apple must was clarified using bentonite (BENTOVIN), plant (pea) and animal (gelatin) protein. As a result of the studies, it was established that self-clarification of the must without the use of enzyme preparations was slow. Slow self-clarification with the formation of voluminous loose and mobile sediments was observed only in certain variants (Ekzotika, Orfey, Liberti, Renet Platona). The addition of enzyme preparations, especially SQzyme PCL, contributed to an increase in must yield by 12-17 % relative to the control. The most “responsive” to the use of enzyme preparations were apples of the varieties Dzhin, Ekzotica, Orfey, Margo, Prikubanskoe, Bagryanets Kubani, Liberti, Renet Platona, forms 12/1-20-16 and 12/1-20-33. With the addition of enzyme preparations in the pulp, the rate of must extraction increased. Gradual clarification was noted in the next 3-4 hours. The greatest increase in must yield was noted during the processing of apple varieties such as Enterprise, Margo, Ketni, Renet Platona – by 12-17 % compared to the control (without the use of enzyme preparations). The use of only one sorbent – bentonite, animal or vegetable protein – did not lead to high-quality clarification of the must at the given dosages. At the same time, complex processing made it possible to significantly improve the quality of clarification and reduce the turbidity of the must. The highest quality clarification of the must, regardless of the apple variety, was obtained by complex treatment of the pulp with enzyme preparations followed by dosing of proteins and bentonite. Key words: APPLE MUST, CLARIFICATION, ENZYME PREPARATIONS, BENTONITE, PROTEIN SORBENTS

Factors Affecting the Social Responsibility Declaration Activities of Joint Stock Companies in the Consumer Goods Industry in Vietnam

Objective: The article points out that there are nine factors that affect the social responsibility declaration activities of enterprises.
  
 Research method: The article uses qualitative methods combined with quantitative methods, through an investigation of 127 joint stock companies in the consumer goods industry on the HOSE, HNX and UpCom exchanges in the period 2018-2020, the method purposive stratified random sampling method. The survey results were used to synthesize and analyze the results of the OLS linear regression model.
  
 Research results: the authors estimated and tested the correlation of 9 factors affecting corporate social responsibility declaration activities in descending order including: (1) Audit quality, ( 2) Number of meetings of the board of directors, (3) Size of the enterprise, (4) Concurrentity of the Chairman of the Board of Directors, (5) Age of the enterprise, (6) Percentage of female members on the Board of Directors,( 7) Profit ratio of the Enterprise, (8) Independence of Board members, (9) Financial leverage.
  
 Discussion of research results: Completing the legal framework for social responsibility declaration activities in Vietnam. Strictly handle violations of information disclosure activities on the stock market. Increase this administrative fine by a fine calculated based on the percentage of violation level for each information disclosure category to deter violations.

Management of state property of the Agro-industrial complex in the Republic of Belarus

The purpose of the work was to analyze the management of state property of the Agro-industrial complex in the Republic of Belarus. In the Republic of Belarus, a decentralized (sectoral) system of ownership supervision has been formed, when shares are managed by ministries, concerns, and committees that were in charge of state-owned enterprises before their transformation into joint-stock companies. In addition to the sectoral system, there are centralized and dual systems, which are actively used by our key foreign trade partners such as the Russian Federation and the People’s Republic of China. Currently, in the Agro-industrial complex of the Republic of Belarus there is a high share of state-owned enterprises and organizations with a state share in the authorized capital. An analysis of the state share of ownership in the authorized capital of OJSC shows that in agricultural organizations in recent years it has consistently been in the range of 70–80 %, and in industrial and service organizations – 40–50 %. At the same time, there is a need to ensure an increase in the operating effi ciency of many OJSC, including by improving management tools for enterprises and organizations, including owner supervision. The article substantiates promising directions for improving owner’s supervision, including: organizational –the transition from a sectoral to a centralized model of organizing owner’s supervision in the Agro-industrial complex; economic – development of the corporate governance system in business companies; administrative and economic – development of a methodology for assessing the eff ectiveness of state property management in the Agro-industrial complex. The main methodological approaches to assessing the economic effi ciency of state property management in the Agro-industrial complex of the Republic are highlighted: 1) based on quantitative or qualitative indicators; 2) focused on the object or subject of management; taking into account only economic indicators or based on indicators of social effi ciency and public utility. The use of the results of the proposed research is aimed at improving owner supervision and will improve the efficiency of functioning of business entities of the Agro-industrial complex of the Republic of Belarus.

The Influence of External Auditing in Limiting the Creative Accounting Practices in SMEs

This study aims to identify the role of external auditing in limiting the practice of creative accounting among Small and Medium Enterprises (SMEs) in the Kingdom of Saudi Arabia. Creative accounting involves providing fraudulent numbers and may be contained through efficient external auditing and the use of the rules and conduct of professional ethics. To achieve study objectives, a descriptive approach was taken by conducting a field study using a comprehensive inventory method. To suit the nature of the study, this method targeted all audit offices not licensed to practice with joint-stock companies. A questionnaire was used to collect data from the study population, and SPSS was used to analyze the results. The study results indicate that efficiency in external auditing contributes to limiting the practice of creative accounting among SMEs through procedures and audit plans, optimal use of resources (e.g., auditors), and knowledge and use of the rules and conduct of professional ethics. This study also composed a set of proposals to serve practitioners and decision makers, including measures that ensure and develop procedures in audit offices that contribute to discovering and reducing illegal practices. KEYWORDS accounting offices, auditing efficiency, financial statements, fraudulent accounting, professional conduct, professional ethics

Capital Structure Determinants of Listed Private and State Companies

Purpose. The purpose of this paper is to determine and analyze the determinants of the capital structure of joint-stock companies in Bosnia and Herzegovina that are listed on the Banja Luka Stock Exchange. This study will answer the question as to which factors determine the capital structure of BiH companies and whether existing financial theories of the capital structure hold true in that context. The main research objective is to estimate the effects of a firm’s level determinants on its capital structure measures in different ownership structures. Those findings will certainly advance our understanding of listed companies financing behavior. Methodology. For the research, we took into account firm-specific characteristics and divided joint-stock companies into private and state-owned. The results of the research show that the capital structure of these two groups of enterprises is differently affected by individual determinants. Findings and implications. While state-owned enterprises rely more on borrowed resources to finance both short-term and long-term assets, private enterprises even finance part of their short-term assets with their own capital. However, the most important determinant in both groups of enterprises is the share of inventories in short-term assets, which confirms that short-term liabilities, i.e. free sources of financing in the form of liabilities to suppliers are the determinant that most positively affect the indebtedness of all enterprises. Unlike previous research that observed enterprises according to their size or affiliation to individual industries, the focus of our research is enterprises of different ownership structures. The empirical statistical results provide basis for logical conclusion and appropriate policy implications. The study points to the specifics of the capital structure in private and publicly listed joint-stock companies. The stated opposite influence of certain ratios on the indebtedness of the enterprises is explained by a number of factors. Limitations. This study focuses only on the presentation of the recent indicators of capital structure of listed companies - listed on the Banja Luka Stock Exchange, which is one of its major limitations. The limitation of this search is the sample size which can be considered low. Further research may be conducted by using other capital markets to explore more information regarding the effect of the variables affecting the capital structure. In addition, further research may also be conducted by using other proxies or by adding more variables, sample size, and research period to get a better result. Originality. The study is an original research paper. It has not been published in any other peer-reviewed journal not under consideration for publication by any other journal. The paper adds to the existing literature on Bosnia and Hezegovina by giving an overview of recent developments in the flexi purity concept, pointing out the areas that require policy response.

Analysis of the conditions for the creation of pharmaceutical university spin-offs within a public university in Burkina Faso

This study aimed to analyze the legal framework for the creation of university spinoffs, particularly those in the fields of medicine and pharmacy in Burkina Faso. This was carried out through a literature review, supplemented by interviews with resource persons from the sectors in charge of commerce, industry, finance, scientific research and innovation, health, and youth.
 In Burkina Faso, there are no specific provisions for promoting university spinoffs. A Simplified Joint Stock Company is the most appropriate legal form for these types of companies. Moreover, these laws do not favor the mobility of researchers in entrepreneurship. In addition, university spinoffs are subject to the same tax pressure as conventional companies. Nevertheless, the University of Joseph KI-ZERBO supported project leaders through its incubator. However, its lack of status, insufficient material, and financial resources limit its actions.

INTERNATIONAL COMPETITIVENESS AND RECOVERY STRATEGY OF THE AVIATION AND SPACE INDUSTRY OF UKRAINE

The influence of the aviation and space industries on the development of the world economy and economic development, industrial potential, competitiveness and position of various countries in the world is shown in the article. Global aviation and space market has been studied and an economic analysis of the aviation and space sector of the industry of the countries that are among ten world leaders in the industry was carried out. The main indicators of the development of the aviation and space industry of world countries-leaders and Ukraine have been systematized. The volumes of income of the leading companies of the industry producers, between which there is fierce competition, have been given. International competitiveness has been analyzed and ways of recovery and development of the aviation and space sector of Ukraine were proposed, taking into consideration the significant losses and damages caused by full-scale military invasion of aggressive neighbor on the territory of Ukraine. Scenarios of competitive behavior were considered and a strategy for the restoration of one of the largest enterprises in the world and single one in the aviation and space industry in Ukraine that has completed the cycle of engine production – Joint Stock Company Motor Sich has been made.

The Role of Forensic Accounting to Reduce Financial Corruption Practices and Improving the Quality of Financial Reports

Purpose: The study aims to identify the role of forensic accounting in reducing financial corruption practices and improving the quality of financial reports by applying it to Saudi joint stock companies.   Methodology: the study used descriptive approach, conducted a questionnaire to collect data and distributed it to the study’s population consisting of shareholders, investors, and workers in joint-stock companies in the Kingdom of Saudi Arabia.   Results and conclusion: The most important results of the study were that forensic accounting played a major role in combating financial corruption and business sustainability, and that academic and practical qualifications have a very important impact in discovering financial corruption, and the effectiveness of forensic accounting also led to improving the quality of financial reports. The researcher also recommends the necessity of adopting the subject of forensic accounting within the educational curriculum as a basic subject, as a preliminary step toward advancing the profession of forensic accounting, cooperating with educational institutions and investing in appropriate technology.   Originality/value:The study is distinguished that it addresses the role of forensic accounting in improving the suitability and credibility of financial reports and business sustainability in the Kingdom of Saudi Arabia through cooperation with educational institutions in establishing the concept of Forensic accounting and the best use of technology.

THE APPLICATION OF BALANCED SCORECARD SYSTEM AS A COMPREHENSIVE PERFORMANCE MEASUREMENT FRAMEWORK FOR JOINT STOCK COMPANIES

This thesis aims to explore the application of the Balanced Scorecard (BSC) system as a comprehensive performance measurement framework for joint stock companies. The Balanced Scorecard is a strategic management tool that provides a holistic view of organizational performance by incorporating financial and non-financial measures. This research investigates the benefits, challenges, and practical implementation of the BSC system in the context of joint stock companies.

АНАЛІЗ ЕФЕКТИВНОСТІ КОРПОРАТИВНОГО УПРАВЛІННЯ АГРОПРОМИСЛОВИМИ ПІДПРИЄМСТВАМИ

The article assesses the efficiency of corporate governance in the largest integrated enterprises of the agricultural sector of Ukraine. The research was conducted using the methods of induction and deduction, comparative analysis and theoretical generalization. The main provisions of large enterprises of the agricultural sector of Ukraine and their experience in implementing corporate governance were studied. The author has developed algorithms (methods) for assessing the corporate governance rating with the relevant classification areas of assessment and indicators for assessing the relevant areas, a four-level rating scale for assessing the level of formation of the corporate governance institution in integrated agricultural formations (agroholdings) of Ukraine. It is established that the main characteristic components of the assessment of the level of corporate governance are: supervisory board, board of directors, committees, corporate secretary, audit committee, charter, etc. It is determined that agriholdings whose shares are listed on international stock exchanges meet the highest level of corporate governance standards, the level of which reaches the maximum value. It is also established that this level is ensured mainly by compliance with corporate governance standards introduced by international stock exchanges (Warsaw and London). The weighted average level of corporate governance in integrated agrarian formations (agroholdings) of Ukraine is at an unsatisfactory level, which causes significant risks for shareholders and investors. It is proved that the existing theoretical and practical provisions and recommendations for the formation and development of the institution of corporate governance in integrated formations have been deepened and new theoretical and practical provisions and recommendations for the formation and development of the institution of corporate governance in integrated enterprises in the agricultural sector have been developed. The obtained practical results are a recommendation base and are aimed at solving the problems of formation and development of the institution of corporate governance of integrated enterprises in the agricultural sector, can be used by state institutions to improve the existing institutional support for the development of economic entities. The results of the research can be used by the legislative and executive bodies of the country, as well as by agrarian organizations engaged in production, harvesting and processing of products, and creation of a market system for dissemination of agricultural knowledge and information. Keywords: agrarian enterprise, corporate management, valuation of effectiveness, integrate formation, agroholdings, joint-stock company.

On the issue of state property management in the agro-industrial complex of the Republic of Belarus

In the Republic of Belarus, a decentralized system of ownership supervision has been formed, when shares are managed by ministries, concerns, and committees that were in charge of state-owned en-terprises before their transformation into joint-stock companies. In addition to the sectoral system, there are centralized and dual systems, which are actively used by our key foreign trade partners — the Russian Federation and the People’s Republic of China. Currently, in the agro-industrial com-plex of the Republic of Belarus there is a high share of state-owned enterprises and organizations with a state share in the authorized capital. An analysis of the state share of ownership in the author-ized capital of OJSC shows that in agricultural organizations in recent years it has consistently been in the range of 70–80 %, and in industrial and service organizations — 40–50 %. At the same time, the operating effi ciency of many JSCs is not at a high enough level, which predetermines the need and importance of improving management tools for enterprises and organizations, including owner su-pervision. The article substantiates promising directions for improving owner’s supervision, including: organizational — the transition from an industry-based to a centralized model of organizing owner’s supervision in the agro-industrial complex; economic — development of the corporate governance system in business companies; administrative and economic — development of a methodology for assessing the effectiveness of state property management in the agro-industrial complex. The use of the results of the proposed study is aimed at improving owner supervision and will improve the efficiency of functioning of business entities of the agro-industrial complex of the Republic of Belarus.

УЧЕТ ТРЕБОВАНИЙ ПОЖАРНОЙ БЕЗОПАСНОСТИ ПРИ РАЗРАБОТКЕ СИСТЕМЫ СБАЛАНСИРОВАННЫХ ЭКОЛОГИЧЕСКИХ ПОКАЗАТЕЛЕЙ ДЛЯ ИННОВАЦИОННОГО ТЯГОВОГО ЖЕЛЕЗНОДОРОЖНОГО ПОДВИЖНОГО СОСТАВА

Open Joint Stock Company «Russian railways» is actively implementing projects to create innovative traction rolling stock that is safe for the environment and people, which is in good agreement with the goals of sustainable development. For effective management, comprehensive assessment and justification of the main directions for the development of locomotive traction, it is necessary to create a system of balanced environmental indicators. The issues of ensuring fire safety of locomotives remain relevant. The purpose of the work is to form a system of balanced environmental indicators for innovative traction railway rolling stock, taking into account fire safety requirements.
 The analysis of the activities of the world's largest railway companies in the field of environmental safety is carried out. The concept of balanced ecological development in the field of development and operation of innovative locomotives is presented. It is determined that the problems of environmental protection are considered separately from the issues of fire safety. An analysis of the concept of «balanced environmental development» is presented. The importance of the «Fire safety» criterion in the system of priorities for the development of traction rolling stock has been determined. Indicators that take into account fire safety requirements are presented.
 The expediency of their inclusion in the system of balanced environmental indicators is substantiated. Their characteristics are given. A methodology for calculating the effectiveness of implementing environmental and fire safety requirements for newly developed locomotives is proposed.

Evaluation of Some Problems Related to The Escape Clause in Joint Stock Companies Law

Anonim şirketlerde, kural olarak, pay sahibinin payını serbestçe devredebilmesi ilkesi geçerlidir. Bu ilkenin varlığının birden fazla sebebi bulunmaktadır. Anonim şirketlerde, çıkma ve çıkarılmanın olmaması ve pay sahiplerinin kişiliklerinin önem taşımaması bu ilkenin temel gerekçeleridir. Ülke içindeki küçük birikimleri yatırıma dönüştürme amacına hizmet etmesi düşünülen anonim şirketlerin bu amacını yerine getirebilmesi için de yatırımcının istediği zaman payını kolayca nakde çevirebilmesi gerekmektedir. Aksi hâlde anonim şirket pay sahibi olmak, güvenli ve işlevsel bir yatırım aracı olmaktan çıkacaktır. Ancak bu ilke nama yazılı olan pay ve pay senetleri açısından kanun koyucu tarafından sınırlandırılmıştır. Doktrinde bu sınırlandırmalara “bağlam” denilmekte olup sınırlamalar, kanuni bağlam ve esas sözleşmesel bağlam olarak ikiye ayrılmaktadır. Kanun koyucu, “Esas Sözleşmeyle Sınırlama” yan başlığı altında Türk Ticaret Kanunu m. 492 vd. borsaya kote olmayan nama yazılı pay ve pay senetlerinin devrinin sınırlandırılmasını düzenlemiştir. Bu sınırlamalardan ilki, esas sözleşmede öngörülen önemli sebebin ileri sürülmesidir. İkinci sınırlandırma, kaçış klozuna başvurulmasıdır. Üçüncüsü ise pay ve pay senetlerinin, kendi ad ve hesabına alındığının beyan edilmemesi sebebiyle pay devrinin sınırlandırılmasıdır. Kaçış klozu, şirketin devredilecek olan nama yazılı payların veya pay senetlerinin gerçek değerini ödemek suretiyle şirketin istemediği yeni pay sahiplerini saf dışı bırakan ve yabancılaşmayı önleyen bir kurumdur. Ancak kaçış klozuna ilişkin maddelerde geçen ifadelerle kanun koyucunun amacı bazen çelişmekte, bazen de amacı anlaşılamayıp yorum yapılması gerekmektedir. Bu sebeple bazı tartışmalar ortaya çıkabilmektedir. Çalışmada bu tartışmalı hususlar gerek kanunun lafzı gerekse kanun koyucunun amacından faydalanılmak suretiyle irdelenmeye çalışılmıştır.

Public Joint Stock Company Mobile Telesystems And Turkmenistan ICSID Case No. Arb(Af)/18/4 Award 14 June 2023

Public Joint Stock Company Mobile Telesystems And Turkmenistan ICSID Case No. Arb(Af)/18/4 Award 14 June 2023

Managing investment attractiveness of a company during a period of high market volatility based on forecasting expectations

Evaluation of efficiency of economic and financial activities is primarily based on the financial performance of a company. In the context of the joint-stock companies’ activities, special importance belongs to timely or premature assessment of financial prospects of the activities for increasing the profit and potential of the company. To achieve the goals, it is extremely important to objectively evaluate the elements of innovative strategy of the company considering both internal and external influence as well as the company’s unique circumstances. While assessing a specific situation it is essential to take into account both innovative environment and position and its innovative potential. Financial coefficients which allow analysis of performance are used as the assessment criteria for financial condition. The study in hand suggests creation of a high-precision model based on the variability of statistical forecasting techniques followed by a thorough assessment to identify factors that objectively influence the company’s investment attractiveness. At the initial stage the authors calculated 40 financial indicators of the company quarterly over a seven-year period, and 10 factors of the external environment which were used later for conducting the multicorrelation analysis to select the most correlating with the leading one. This was the share price represented by binary code, where 0 indicates a decrease and 1 indicates an increase. A combination of approaches such as regression analysis, Gaussian processes, cumulative perspective theory and the method of constructing vector measures allowed increasing the accuracy of the model from 89 to 96.7% and identify the basic indicators which could be useful in forecasting the investment attractiveness of the company such as the share of net working capital in assets, the level of real income of the population and return on capital employed.

The New Tax Treatment of Capital Gains Arising from the Indirect Sale of Italian Real Estate Held by Non-Residents

This note analyses the provisions introduced by article 1(96) to (99) of Italian Law No. 197 of 29 December 2022 (Budget Law 2023) relating to the tax treatment of capital gains realized by non-residents from an indirect sale of immovable property located in Italy. The note takes into consideration initial interpretations provided by the Italian doctrine since the provisions were enacted, as well as by Assonime (the Italian Association of Joint Stock Companies) in Circular No. 23 of 1 August 2023. Moreover, the article provides some critical observations on the most controversial aspects of the provisions.

Ключевые вопросы аудита в аудиторских заключениях о бухгалтерской (финансовой) отчетности публичных акционерных обществ за 2022 год

This article analyzes the section “Key Audit Issues” of audit reports issued by auditors on the accounting (financial) statements of the largest Russian public joint-stock companies for the 2022 reporting year, presented in the State Information Resource of Accounting Reports as of July 1, 2023. The author concluded that the audit reports are dominated by key audit issues related to the assessment of accounts receivable for settlements with buyers and customers, as well as financial investments in subsidiaries.