Legal Investment Research Articles

Socio-economic contributions and determinants of locals engagement with Boswellia papyrifera in lowland woodlands in Burie Zuria district, Ethiopia

Ethiopia's lowland woodlands are comprised of the major gum and resin-producing genera Acacia, Boswellia, and Commiphora. Boswellia papyrifera is primarily found in the degraded drylands, Burie Zuria district is the existence of the species; however, limited information is available on the woodland socio-economic contribution and determinants of locals' use of woodlands for their livelihoods, particularly Boswellia papyrifera. So to fill this gap, the study was conducted to examine the locals' socio-economic benefits from the woodland and to identify the determinants of locals' engagement in the collection of the benefits for better wise use and conservation policy implementation. The data was collected from household interviews, focus group discussions, and key informants. Species' socio-economic benefits were analyzed through descriptive statistics, whereas determinants of local's willingness to use woodlands were analyzed through an econometric model. The dependent variable used was annual income gained from the woodland and explanatory variables taken were gender, marital status, livestock number, family size, land holding size, age of the respondent, education level, wealth status, perception of local communities towards forest cover change, and distance from woodlands to the household's residence. Based on the results, the total annual income derived from the woodland by the sampled households' was a mean of 1759.45 USD. The result shows the woodland species shares 14.37 % of the total annual income, but because of legal investors Boswellia papyrifera had no contribution to this share. However, the local communities use woodlands for their livelihoods due to explanatory variables, and the usage percentage shows significant differences. The multiple linear regression results showed that the model was significant at a 5 % probability level, and 95.9 % of the variation was due to the explanatory variables. Age of respondent, family size, total land holding size, and education level showed positive and statistically significant relations to annual income derived from the woodland while other remaining variables showed non-significant. The result concludes that the species contributes significantly to local communities' livelihoods and engagement in gathering timber and non-timber products. The study recommended that awareness about the use of non-timber products in addition to forest products be created among the locals, and policies related to woodland sustainability and conservation should also be implemented.

The price of corporate social irresponsibility in seasoned equity offerings: International evidence

We examine the impact of poor corporate social responsibility engagement signalled through negative environmental and social (E&S) incidents on equity financing via seasoned equity offerings (SEOs) across 25 countries. The results show that negative E&S incidents significantly aggravate SEO underpricing, thereby increasing the cost of raising equity capital. Managers appear to take the adverse effects into consideration as reflected in the reduced likelihood of issuing equity following the experience of negative E&S incidents. Further analysis shows that such adverse pricing effects are stronger for firms that are subject to significant social and regulatory penalties for their E&S misconducts, suggesting that negative E&S incidents increase corporate reputational losses and elevate regulatory risk. Finally, there are rich cross-country variations in the SEO pricing effects of E&S risks with legal investor protection and national culture playing an important role in influencing the pricing of E&S risk.

The financialization of US public pension funds, 1945–1974

ABSTRACT This article examines the transformation of public employee pension investment in the United States, from investing public funds in public infrastructure before the 1950s, to investing public funds in private securities in the years after. Three factors drove this change. First, motivated financial professionals convinced states to adopt the “prudent man rule,” a legal investment standard that emphasized professional management and maximum financial returns. Second, declining bond yields during World War II led public pension managers to reconceptualize the political goals of pension investment, from balancing retiree returns against low-cost public infrastructure, to maximizing employee benefits by achieving maximum returns in financial markets. Third, public officials hired private asset managers to undertake new investment strategies. These professionals then used their influence to pursue further pension liberalization. Ultimately, US financialization was not a break, but a continuous process through which government officials intentionally used financial markets to enhance public social provision.

Regulatory Framework on Foreign Direct Investment as a Factor in Determining the Economic Growth in Malaysia Post-Covid-19 Pandemic

A country's economic growth rate is the percentage change in the value of all goods and services produced during a certain period compared to the previous period. Since the Covid-19 pandemic was announced and hurting all businesses, several companies have depended on foreign direct investment (FDI) investment. Hence, this study aims to pinpoint new trends that Malaysian legal investment decision makers should follow to prepare for FDI attractiveness post-Covid-19. This study applies empirical theoretical methods with a qualitative approach to the relationship between state governments and foreign direct investors. The results of the analysis show that many countries that offer FDI face economic deficits and are more willing to develop themselves than others. It was agreed that FDI had a positive impact on Malaysia's economic growth and this growth was faced with shortcuts due to the negative impact of the Covid-19 pandemic. In addition, Malaysia has long-standing political problems which have impacted the country's FDI attractiveness. His contribution is to help these components adopt laws and regulations that are good for the future as the country has been dramatically impacted economically.

The impact of the corporate sector of the Sahel-Saharan States on ensuring economic sovereignty: opportunities and limitations

The relevance of the article is due to the fact that in modern conditions, the Sahel-Saharan states are characterized by an insufficient level of economic sovereignty, despite years of reforms. The article shows that the efforts being made are not successful not only because of conflicts, the expansion of transnational corporations, inefficient public administration, low level of development of human capital and institutions, but also, first of all, because of the lack of formed entrepreneurship. The purpose of the article is to study the impact of the corporate sector of the Sahel-Saharan states on ensuring economic sovereignty, highlighting the most promising opportunities and critical limitations based on the results of the analysis. The subject of the study is the trends and patterns of development of the corporate sector of the countries of the region and its impact on the formation of opportunities to ensure economic sovereignty and the elimination of existing restrictions. The methodology of the article includes methods of a systematic approach using a comparative method to clarify the features of economic sovereignty; the task of substantiating the importance of the corporate sector in these processes was implemented using the method of qualitative content analysis, which was chosen to explore the possibilities and limitations of influencing economic sovereignty. The main conclusions of this study are: to identify the problems and limitations of ensuring the economic sovereignty of the Sahel-Saharan States (high dependence on multinational companies, poor infrastructure and institutions, lack of financial resources and human competencies); to substantiate the impact of the insufficient level of development of the corporate sector in African countries. The novelty of the study lies in the formulation of measures and directions for establishing international economic cooperation between companies of the Sahel-Saharan states and Russia as an important organizational task for the development of the corporate sector and, consequently, for ensuring economic sovereignty. Among them: ensuring legal stability as a political priority, forming the foundations for a high-quality legal investment framework, encouraging business ties, honesty and responsible business conduct as a key element of protecting foreign investors, access to finance and information support for the development of human capital through professional development.

Substantive and Procedural Challenges in International Investment Law

Background: Given the lack of development in the International Investment Law (IIL) and its increase of substantive and procedural challenges, this paper identifies those issues and challenges and provide suggests solutions to these challenges. Methods: The procedures to be followed in obtaining information concerning the adequacy of IIL and its effectiveness. The article will look at the logical method, comparative method, and historical method. After data collection using these methods, the data will be analysed; accordingly, a comparison will be carried out between different international investment legal instruments to establish the gaps and development opportunities. A logical method will be applied to data collection. It is an analysis methodology that combines concepts and ideas. A historical method will be used to collect data and facts from records, to investigate the competence of international investment legal instruments over time. The researcher will explain the history of international investment legal instruments to show the importance of law development. Results and Conclusions: The development of a unified global convention that is formatted to provide a uniform and neutral set of substantive and procedural rules to regulate international investments would, in fact, meet the optimal objectives of the state and investor in the most appropriate manner according to the current legal investment instruments.

Implications of Control of Coastal Lands by Foreigners in The Tourism Business

This article analyzes the "Implications of Coastal Land Tenure By Foreigners in the Tourism Business." The focus of the study in this paper is the legal aspects of coastal land control by foreigners in Bali to benefit the tourism business. In analyzing these legal issues, the author uses empirical legal research methods with a statutory approach, a conceptual approach, a sociological approach, and a case approach. Based on the theory of authority, the theory of expediency, and the theory of legal protection as an analytical knife, the tourism business in Bali cannot be separated from the existence of foreigners. Similarly, the control of coastal land in Bali-pun does not escape the control of foreigners, both through legal investment and some illegal, by utilizing mutually beneficial cooperation between residents and with prajuru Indigenous Villages on the basis of sharing profits. Balinese people who have a unique culture with nuances of Hinduism in daily life and in running a business in the field of tourism are always based on the "Tri Hita Karana Philosophy" which is manifested in behavior that significantly maintains a harmonious relationship between "Man with God" Man with Nature, and "Humans with other Humans." It is in this philosophy that the principle of good faith in investing is reflected so that the possession of coastal lands by foreigners for the benefit of the tourism business is obliged to respect this very noble principle; however, in empirical facts, it turns out that the control of coastal lands in Bali by foreigners under the guise of mutually beneficial cooperation is likely to harm the use of indigenous villages in carrying out the religious values attached to these coastal lands. So that in this case, the concept of mutually beneficial cooperation is contained in the lousy faith of foreigners to control the land of Bali to get personal benefits at the expense of Balinese nature wrapped in mutually beneficial Works.

Cryptocurrencies and regulations: a comparative framework for international implementations

Purpose- The recent developments in technology have created a remarkable increase in the financial markets. The decentralization of crypto assets and the price movements attract investors attention as an demanding financial instrument. Since the beginning of pandemics, inflation is one of the major macroeconomic issue in the globe that push the investors to seek for new investment opportunities. Perhaps the positive perception regarding the cryptocurrency investment is its protection from inflation. In addition cost-effective mode of transaction and easy transfer of funds make these instruments unique. On the other hand, it can also lead to unsolicited consequences such as money laundering, illegal purchases, and the elimination of corruption. In this context, regulations are being formed to bring crypto assets, which attract the attention of experts, into compliance with the tax and trade-related laws of countries in the financial system. In this study, it is aimed to convey the importance of regulation and regulations on the world. Methodology- Since the first launch of Bitcoin as a cryptocurrency in 2009; the recent discussion came forward on how to regulate this market. Understanding cryptocurrency takes time and effort while they are extremely volatile investment. The crypto money applications of the countries and their taxation and approaches towards these applications have been evaluated by examining the official reports of the countries. Findings- Countries' perspectives on crypto money, the concept and definitions of crypto money vary. Some accept the cryptocurrencies as legal investment tools and draw a legal framework, while some announce that they eliminate these investments. Perhaps developing a framework can help to regulate both actors and also the transactions in the crypto ecosystem. National authorities plan to take a position how technology can be used to create cryptoassets. Conclusion- Regulations are important for making the financial system safe, protecting individual investors and ensuring an orderly environment in enterprises. Countries need to accept the crypto currency system and keep up with the innovations of crypto money by changing the current standards if necessary. Keywords: Regulation, crypto asset, ındividual ınvestor, tax JEL Codes: D53, F47, G11

Implications Of Control Of Coastal Lands By Foreigners In The Tourism Business

The focus of the study in this paper is the legal aspects of coastal land control by foreigners in Bali to benefit the tourism business. In analyzing these legal issues, the author uses empirical legal research methods with a statutory approach, a conceptual approach, a sociological approach, and a case approach. Based on the theory of authority, the theory of expediency, and the theory of legal protection as an analytical knife, the tourism business in Bali cannot be separated from the existence of foreigners. Similarly, the control of coastal land in Bali-pun does not escape the control of foreigners, both through legal investment and some illegal, by utilizing mutually beneficial cooperation between residents and with prajuru Indigenous Villages on the basis of sharing profits.It is in this philosophy that the principle of good faith in investing is reflected so that the possession of coastal lands by foreigners for the benefit of the tourism business is obliged to respect this very noble principle; however, in empirical facts, it turns out that the control of coastal lands in Bali by foreigners under the guise of mutually beneficial cooperation is likely to harm the use of indigenous villages in carrying out the religious values attached to these coastal lands. So that in this case, the concept of mutually beneficial cooperation is contained in the lousy faith of foreigners to control the land of Bali to get personal benefits at the expense of Balinese nature wrapped in mutually beneficial Works.

Investment–cash flow sensitivity and investor protection

AbstractWe examine the role of country‐level legal investor protection (i.e., shareholder and creditor protection) on firm investment–cash flow sensitivity (ICFS). Using underexplored research data on investor protection across 21 countries and working with a conservative empirical design, we extend prior literature on the relation between investor protection and ICFS and provide new evidence on how these country‐level attributes interact to explain a firm's ICFS. We find that either the strong legal protection of minority shareholders or the strong legal protection of creditors reduces the sensitivity of investment to internal cash flow. However, in countries with strong levels of both minority shareholder and creditor protection, ICFS increases. Our results remain robust after controlling for several alternative explanations. The results support the argument that overregulation arises when policymakers increase investor protection at levels that lead firms to avoid external sources of finance, hampering firm investment. Our findings suggest that countries face a regulatory trade‐off such that increasing investor protection (either shareholder or creditors protection) enhances financial markets efficiency, but excessive regulation can indeed lead to financial markets inefficiencies.

Remittances and homicides in Jamaica

PurposeIt has been suggested that homicides in Jamaica are partly driven by conflicts among criminals over funds coming from international lottery scams; most of these funds are channeled into the country via remittances. This study aims to determine the empirical relationship between remittances and homicides in Jamaica over the period 1985–2019.Design/methodology/approachThe authors apply an error correction modelling framework while accounting for indicators of changes in socioeconomic conditions.FindingsThere are two. First, the authors find from impulse response analysis of the long-run dynamics that an increase in remittances is associated with an increase in homicides, and vice versa. Second, the authors find that there is bidirectional Granger causality between remittances and homicides in the short run.Social implicationsTwo important implications are that policies should be strengthened to channel remittances to productive and legal investment opportunities and that greater efforts may be needed to stem the flow of funds coming from international lottery scamming and other illegal activities.Originality/valueThis is the first study that examines the dynamic relationship between remittances and homicides in Jamaica from a robust statistical perspective.

Interstate Investment Legal Treatment As A Factor Of Investment Attractiveness

Purpose: This paper aims to provide an analysis of the author's research in relation to legal investment treatments among participants who are not only interested in the topic of national economic development but would like to be aware of additional essential non-purely economic elements and factors of this desirable development. Methodology: For this research, the methods of scientific abstraction, logic and analytics, as well as expedients in the style of historicism of international law and philosophy of modern business, have been applied. Results/Findings: The research highlights the significance of investment legal treatment as a contributor to local investment attractiveness, outlining the importance of developing state guarantees to protect foreign investments by delivering progressive European approaches.

KRİPTO VARLIKLARIN İCRA VE İFLÂS KANUNLARINDA GÖRÜNÜMÜNE DAİR İSVİÇRE ÖRNEĞİ

Kripto varlıkların hukuki durumu henüz belirli değildir. Türk hukukunda bu hususta bir düzenlemeye ihtiyaç vardır. Bu çalışmada kripto varlıklarla ilgili İsviçre örneği ele alınmaktadır. İsviçre hukukunda 2021 yılında yürürlüğe giren düzenlemelerin amacı, kripto varlıklar hakkında değişik sistemleri içerisinde barındıran hukuki bir yatırım ortamı tesis etmektir. Bu anlamda İsviçre örneğinde kripto varlıklar hakkında hukuki düzenlemeler yapılırken ekonomi hukukunun maddi hukukun ve icra ve iflâs hukukunun birçok kurumlarından yararlanılmıştır.
 Kripto varlıklar için hazırlanan yatırım ortamının oluşmasına hizmet eden düzenlemelerden biri, İsviçre İcra ve İflâs Kanunu madde 242a’dır. İsv. İİK’de kripto varlıkların her icra işlemindeki görüntüsü ayrı ayrı düzenlenmemiştir. Dolayısıyla kanun koyucunun kripto varlıklar hakkında düzenleme yaparken kazuistik bir yöntem kullanmadığı belirtilmelidir. İsv. İİK’de, güvenli yatırım için önemli bir unsur olan aracı kuruluşlar ile yatırımcılar arasındaki ilişkinin iflâs tasfiyesi boyutuna odaklanılmıştır. İsv. İİK m. 242a, aracı şirketlerin tasfiyesinde kripto varlıkların hariç tutulabileceğine ilişkindir. Bu maddeden bir kaç farklı sonuç çıkartılabilir. Örneğin kripto varlıkların iflâs tasfiyesine dair maddelerde yer alması, aynı zamanda kripto varlıkların haciz işlemine konu ve iflâs masasına dahil olacağını da zımnen ifade etmektedir. Bu çalışmada İsviçre hukukunda yapılan kanuni düzenlemelerde yer alan gelişmeler ışığında, iflâs tasfiyesinde kripto varlıkların durumu tartışılacaktır.

Encouraging MSME Growth by Improving Financial Literature and Financial Inclusion in Sanur Kauh Village Community


 
 
 Financial literacy has become a hotly discussed issue in recent years in Indonesia. The issues that arise cannot be separated from various polemics that have occurred, ranging from the Asean Economic Community (MEA) to the economic crisis that hit Indonesia in 1998. At this time financial literacy is an important thing and a necessity for the wider community, the public is required to know and understand financial literacy. The low level of public knowledge about the financial industry and its products causes people to be easily trapped in making investments that offer lucrative returns in the short term without considering the risks. This causes harm to the community itself. The government and financial institutions need to seek an understanding of financial literacy for the Indonesian people. One of the efforts to increase financial literacy is education related to legal investment through Community Service conducted by the Faculty of Economics and Business, Ngurah Rai University together with the Regional VIII Bali and Nusa Tenggara Financial Services Authority and the Bali Regional Development Bank for the community of Sanur Kauh Village.
 
 

Earnings management during financial crisis: The case of Greece

Research Question: Did Greek listed firms engage in earnings management practices during the initial phase of the 2010's economic crisis? Motivation: Impact of structural attributes of a country along with firms' characteristics on economic entities' accounting policy decisions. Idea: Firms' accounting policy decisions are conditioned upon their characteristics and the conditions prevailing in the broader economic and business environment. We investigate whether these factors affect firms' propensity to engage in earnings management within a context of financial distress. Data: The sample consists of all Greek listed firms which were active for the period 2009-2014. Tools: We employ the Kothari et al (2005) model to estimate discretional accruals of Greek listed firms. Findings: The family-controlled Greek firms that are audited by Big-4 Auditing firms are likely to use discretionary accruals in order to affect accounting figures. This finding may be attributable to the family control of the firms, along with the weak legal enforcement and investor protection that prevail in Greece. In addition, discretionary accruals show a positive relation with firm’s ability to cover its current liabilities using current assets while they are negatively associated with cash-flow from operations. Contribution: This study contributes to the existing literature on earnings management. Our research has been conducted in the initial phase of financial crisis and within an economic environment which is characterized by family-controlled firms, dependency on debt financing and low investor and creditor protection.

A STUDY OF THE PECULIARITIES OF SIGNALS AFFECTING THE BEHAVIOR OF THE STOCK MARKET IN A GLOBAL ENVIRONMENT

The country’s economy is strongly influenced by investment, so it is important to identify the factors that determine investors’ choices to invest in certain areas, which means it is important to anticipate how to create favorable economic, social, legal and other investment conditions to attract investment. The situation of stock markets during COVID-19 has only once again shown the important role that stock markets play for national economies. Numerous scientific sources describe how stock markets work in relation to the global economy, but do not make enough suggestions or conduct sufficient research to decide how to successfully forecast stock markets in the face of increasing globalization. After the analysis of the scientific literature and the correlation analysis, the aim will be to identify the peculiarities of the signals affecting the behavior of the stock market, and what importance they may have in proper investment management. The study will use global annual growth rates for the healthcare and technology sectors and the annual return funds: SEB Medical Fund and SEB Technology Fund. The correlation analysis will use 5-year data to determine whether growth in different sectors can be signals in stock market forecasting and will be used in planned further research using artificial intelligence techniques.

Tindak Pidana Penipuan Investasi Fiktif di Pasar Modal Menggunakan Skema Piramida

The rise of investment fraud in Indonesia has been driven by several factors, such as a lack of public awareness of the financial sector, especially legal investments, and the plight of those seeking high returns ignoring risk. The victims of fictitious investment are not only from the lower middle class, but also the educated or upper class with higher education. This research aims to find out how the legal arrangements for investment managers to commit fraud in the capital market using a pyramid scheme, and the criminal sanctions they will receive. This research is normative legal research conducted with a case and legislation approach. As a result, in cases of fraud, two sides can be found, namely the side that is deceived (the victim) and the side that deceives (the perpetrator). Capital Market Law stipulates a regulation whereby parties are required to follow the principle of transparency in trading securities and conducting public offerings on the secondary market. The criminal sanction for fictitious investment managers to commit fraud in the capital market using a pyramid scheme is where the perpetrator performs deviant behavior that meets certain requirements to be subject to criminal sanctions.

Legal Challenges to Cryptocurrency and its Guardian-Less Victims in India: A Critical Victimological Analysis

AbstractThe COVID-19 pandemic and lockdown pushed several groups of traders to rely on cryptocurrency as one of the chosen tools for commercial transactions. India is no exception. Because of its notorious misuses by criminal gangs, the Reserve Bank of India (RBI) declared cryptocurrency as derecognized. Consequently, the Indian parliament also created a draft bill titled Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019 (the Bill), which not only derecognizes the currency or the use of it for any commercial purposes, it also makes the investors, exchanges and agencies dealing with cryptocurrency criminally liable. Later, the Supreme Court of India in 2020 set aside the above-mentioned RBI guidelines banning cryptocurrency. But this has not nullified or suggested any amendment for the Bill. This article argues that due to this legal confusion, cryptocurrency investors, traders, exchanges and agencies, etc. have become guardian-less victims who may not be eligible to claim basic rights of victims as has been established by the United Nations Declaration of Basic Principles of Justice for Victims of Crime and Abuse of Power. In such a legal tangle, it is necessary to analyse the issues from cyber-victimological perspectives for providing functional suggestions for restitution of justice.

МІЖДЕРЖАВНИЙ ІНВЕСТИЦІЙНИЙ ПРАВОВИЙ РЕЖИМ ЯК КЛЮЧОВИЙ КОМПОНЕНТ МІЖНАРОДНИХ ІНВЕСТИЦІЙНИХ УГОД І ФАКТОР ПІДПРИЄМНИЦЬКОГО АНАЛІЗУ

The article is dedicated to the selection of the main elements of modern international investment agreements, which has been done within tasks of cross-border scaling of entrepreneurial entities. Key research attention is paid to the concept of investment legal treatment as well as related to its functioning legal institutions and remedies in relation to which given some examples. It is named the general problems of international investment law, which specialized international institutions are devoted to settle. It is also proposed for the usage the concept of the construct of legal investment regime, which is provided with definition.

Investment codes of the protected areas: A new look at benefits

The aim of this paper is to examine the role of the protected areas (PAs) as investment codes, and their position in the investment landscape of the region as well as in the context of a balanced and eco-oriented post-war market. The authors conducted a quantitative literature review to investigate the market and investment flows, and they used a comparative method to identify the main vectors for renovating the post-war eco- -oriented market, attracting investment flows and adapting these tools to the Ukrainian economy. The study reveals that investment coding can be a digital tool for attracting potential investors to cooperate by providing access to important information such as economic, ecological, and statistical data. The introduction of investment coding can increase the amount of investments in the field of protected areas, allowing for faster turnover and more efficient use, and enabling national and foreign investors to enter a renewed eco-oriented area of the national economy, increase profits, and diversify risks. The paper suggests a bilateral business system for the PAs, consisting of both traditional and digital business models. The authors argue that private legal investment tools can stimulate the development of new vectors of entrepreneurial activity, including inclusive eco-business. Overall, this paper highlights the potential benefits of investment coding and private legal investment tools for the development of protected areas and eco-business in the region, and offers insights for policymakers and investors looking to promote sustainable economic growth. Keywords: protected areas, renovation economy, investment code, post-war period, local communities, investment puzzle of a region. JEL Classification: Q28, Q29, Q38, Q39