Low Level Of Investment Research Articles

PIN18 Cost Analysis of Russian Immunization Program - Opportunities for Investment

Vaccination is one of the most cost-effective disease prevention measures of all time, however vaccine expenditure is relatively low in many countries. The purpose of this analysis was to evaluate the cost of Russian national immunization program (NIP) for whole population and future budget impact of expanding NIP with 90% varicella, rotavirus vaccination coverage ratio (VCR) in 2021 up to 95% in 2022-2023; human papillomavirus vaccine (vaccination for girls) with 20% in 2021; 30% in 2022; 60% in 2023. Estimation of 5-year (2019-2023) vaccines budget was analyzed by using: federal tender statistics, demographics, VCRs, publicly available vaccine prices, overall healthcare (HC) and drug expenditure data from Ministry of Finance and Obligatory Medical Insurance fund. Overall cost of Russian NIP in 2019 based on one-year tenders is 16,369,808,768 (221,813,127) which is 0.43% of HC budget in Russia. After NIP modification with rotavirus, varicella and HPV vaccines it will amount 37,438,631,850 (507,298,535), or 0.70% of Russian HC budget. Russian NIP expenditures in 2019 are 2.95% of total drug budget and this share will increase up to 5.37% after NIP modernization by 2023. Cost of NIP per capita in 2019 is 111 (€1.51), after NIP modification the cost rises up to 255 (€3.46). 79,424,916 doses were procured in 2019 via NIP with 44% of adult and pediatric influenza, 11% of oral polio, 10% of BCG vaccines in units. In monetary terms, procurement of the influenza and pneumococcal vaccines were estimated at 38% and 27% respectively. Vaccines still entail a low level of investment in Russia, especially compared with European countries. There is a wide room for Russian NIP modification with rotavirus, varicella and HPV vaccines, it can be considered as a smart investment providing substantial benefit.

New State Structure and Agriculture Governance: A Case of Service Delivery to Local Farmers in the Eastern Gangetic Plains of Nepal

Under the new constitution adopted in 2015, Nepal embraced the federal structure of government comprising seven provincial and 753 local governments, each with their own legislative, judicial, and executive powers. Nepal’s agriculture sector provides livelihoods to about 60% of the population. However, its bottlenecks are rooted in poor implementation of agricultural policies and plans, low levels of investment, uncertain political commitment and weak governance, especially a lack of an effective service delivery mechanism to farmers. This study analyzed the impacts of federalism on the institutional arrangements and governance of the agriculture sector through both review of literature and field-level information gathering, particularly focusing on extension service delivery to farmers in Province 2. The findings highlight the impacts of federalism on agricultural governance mainly in functional overlapping, resource allocation, priority setting, coordination, human resource management, and extension service delivery. The lack of coordination and collaboration between the three tiers of government and the line agencies results in less-effective extension service delivery, especially in providing integrated, specialized technical services to farmers which is the main responsibility of local governments. Lack of poor understanding of governance, institutionalization, and human resources management is found to be one of the most serious problems with the provincial and local governments. The consequences are that despite a huge potential to improve service delivery leading to increased production and a market surplus, the province remains food-deficient and lacks food and nutrition security. The study recommends a strong political commitment, better policy and institutional coordination and coherence, and good governance in all tiers of government by providing demand-driven agricultural services leading to higher cropping intensity and productivity potential for which it is well recognized.

Public debt-investment nexus: the significance of investment-generation policy in West Africa

PurposeThe main goal of the study is to explore the long run relationship between public debt and domestic investment in West Africa. Essentially, a study of this nature is to proffer major inroads into addressing low investment levels plaguing the region and securing critical fiscal policy measures.Design/methodology/approachThe study examines the long-run relationship between public debt and domestic investment in 13 West African countries between 1986 and 2018 with the use of Panel Dynamic Least Squares (DOLS) and Panel Fully Modified Least Squares (FMOLS), and causality test based on Toda and Yamamoto.FindingsPublic debt (% of GDP) and external debt stocks have an insignificant effect on domestic investment in the long run, suggesting the negligible effect of public debt on the level of investments in the region. Further evidence shows that domestic investment Granger causes public debt indicators, implying that there is unidirectional causality. This suggests that any investment-generation policy could engender a rise in public borrowing, although such public loans might not be effective when there is pervasive mismanagement of public funds, as public debts need to be well managed for ensuring improved investment.Research limitations/implicationsThe study suggests that maintaining a strong and effective debt-investment nexus requires fiscal consolidation efforts across countries, as such could lead to enhanced institutional capacity and sustainable investment-generation policy.Originality/valueSince panel regression techniques used by the previous studies (Fixed and Random effects) could be susceptible to possible statistical errors due to endogeneity issue and might not be well suited for explaining long-run effect or capturing the part of investment sustainability, their conclusions could be misleading and remain untenable in West Africa' s context. Hence, the study adopts techniques (DOLS and FMOLS) which could account for endogeneity issue and provide better elucidations for long-term effects.

Problems of investment and construction business in an innovative economy

The purpose of the current research is identification of problems that the investment and construction business faces in conditions of innovative economics. The urgent necessity to systematize these problems and find ways of their solution determined the relevance of the research. Using the methods of statistical processing of information, economic groups and logical analysis, the authors assessed innovative activity of enterprises, concluded that it was reduced, and pointed out the main problems of the investment and construction sphere. The problems include technological backwardness and low level of innovation, insufficient qualification of stuff, which is able to generate and introduce innovations in construction, and lack of attention of company management to the strategic aspects of innovation. The problem of investment and construction enterprises related to the restoration of business that suffered from pandemic is especially highlighted. These problems are closely related to the low level of investment in the innovative development of the construction business. Financing of the innovative activity is directly related to all participants of the innovative process. It is necessary to organize a clear mechanism for participants’ interaction. As a result, authors of the current research classified the participants of the innovative process in investment and construction business, determined their functions. The authors suppose that the problems of innovative financing are the most significant. In this connection, the problem of venture financing of the innovative activity is considered in more detail and solutions are offered.

An American Disgrace

An American Disgrace

ІМПЕРАТИВИ СТАЛОГО РОЗВИТКУ ПРОМИСЛОВИХ ПІДПРИЄМСТВ ЗАЛІЗНИЧНОГО ТРАНСПОРТУ ЯК ОСНОВА ІНТЕНСИФІКАЦІЇ УПРАВЛІННЯ ЇХ ЕКОНОМІЧНОЮ ПОВЕДІНКОЮ В УМОВАХ НЕОІНДУСТРІАЛЬНОЇ МОДЕРНІЗАЦІЇ

The research findings have revealed that in modern realia, most of industrial enterprises of railway transport are facing a phase of stagnation through a range of factors, the most essential of them are: low investment level, lack of sustainable economic growth trends as well as ineffective resource allocation. It is argued that to address the above issues and boost scientific, technological and socioeconomic growth, there is a critical need to build a methodological framework for assessing factors and possibilities of overcoming stagnation and transitioning to sustainable development by implementing intensification of economic behavior management in the context of neoindustrial modernization. The imperative for sustainable scientific, technological and socioeconomic development of industrial enterprises of railway transport offers new challenges and triggers a design of a new conceptual framework to select strategic development trajectories and identify critical factors for long-term crisis recovery – all that supports the relevance of the research. To attain the goals set, the study has identified measures to address the issues of sustainable scientific, technological and socioeconomic development of industrial enterprises of railway transport along with considering the stages in the process of achieving the research agenda. The findings also explore the stages of the sustainable development concept for railway transport enterprises and present economic models of sustainable development of industrial enterprises of railway transport to intensify enterprise economic behavior management in the context of neoindustrial modernization.

Global Value Networks: Case Study of the Indian Auto Industry

Much of international trade today happens through Global Value Chains (GVCs) wherein companies restructure and relocate their operations across geographies to leverage locational advantages and realize greater returns and efficiency in their production processes. Within these GVCs, there are global value networks that exist across countries for a given industry, which help highlight the relative position of a country and the corresponding importance of other countries in a country’s industry. This paper attempts to map the global value network for the Indian automotive industry. It provides a descriptive analysis of the industry’s flow of value and the relative standing of India’s partner countries in these flows, using network analysis. We analyse GVC trends in this industry for India by charting the overall as well as segment-wise flow of value in the international market. We then map the domestic network of firms as well as the foreign partners to identify central nodes, important sub-groups, and influential geographies. Our network analysis indicates that in terms of geographies, India’s firm-level linkages with the Western world are more robust with strong bi-directional flow of final goods and components while corresponding connections with Asian counterparts show greater one-way dependence. In terms of segments, we find that although India is a strong player in the components manufacturing space, its firms are mostly present in the lower value-added segments which face tough competition from their Asian counterparts. India’s presence is weak in the in the higher value-added segments (Tier-1), where the scope for domestic value addition is high, indicating limitations regarding innovation and cost-effective manufacturing and export of critical components. We infer that the dominance of small and medium enterprises in India’s automotive industry and their constraints in terms of scale, low levels of investment, poor research and development, and mediocre technology have manifested themselves in the Indian industry’s global performance. Our study points to several areas for further research including understanding the role of trade agreements, FDI flows, domestic and external barriers, and the capacitation of MSMEs to enable GVC participation and movement up the value chain in sectors such as the automotive industry.

The Effect of Private Inflation and Investment on Unemployment and Poverty in North Maluku Province

Poverty refers to a person's inability to get a stable livelihood and provide a decent income to support his/her life in a sustainable manner. Poverty is a problem deserving undivided attention in any country. Poverty is triggered by various factors, including low investment levels, high unemployment rates, and slow economic growth. This study aims to: 1) determine the effect of inflation rate and private investment on the unemployment rate; 2) determine the effect of inflation rate and private investment on poverty level; and 3) determine the effect of unemployment rate on poverty level. This study uses time series data from 2012 to 2018 and path analysis. The findings indicate that inflation has a positive effect on unemployment and poverty, and the level of private investment has a negative effect on unemployment and poverty.

Sustainability Viewed from Farmers’ Perspectives in a Resource-Constrained Environment

The way farmers perceive the concept of sustainability as applied to their own farms must be better understood in order to help them evolve towards more sustainable production systems. Based on extensive discussions with 36 farmers on the Saïs plain (Morocco), this article explores farmers’ perceptions of sustainability and the strategies they are implementing for their farms to endure. Although these farmers are not formally aware of the concept of sustainability, they have several perceptions expressed through seven sustainability-related themes. The most frequently mentioned is the profitability of their agricultural activities (31% of responses). Three groups of perception were identified through a multiple component analysis (MCA) and an ascending hierarchical cluster (AHC) analysis: A combination of economic profitability and maintenance of the farm’s natural resources (Environment); a combination of economic profitability and a capacity to seize opportunities (Profitability); and setting up a modern agricultural model (Modernism). Additionally, farmers implement three types of strategies to endure also identified through MCA and AHC analysis: (1) Income security and farm survival with low-intensity practices involving farmers with low levels of investment (Security); (2) adaptation and valorization of the flexibility of the farm, bringing together farmers who intensify their practices according to economic opportunities (Adaptation); and (3) quest for productivity and income maximization for farmers with high levels of capital (Entrepreneurship). A certain coherence emerges between these two ways of grouping farms: Environment and Security linked to threats related to the degradation of soil fertility or water scarcity; Profitability and Adaptation in relation to land and economic opportunities; and Modernism and Entrepreneurship, which links economic sustainability, a modern production model, and capital accumulation.

Working capital management, company performance, and funding barriers on Indonesian Firms

<p>The purpose of this study is to examine the relationship between investment in working capital measured by trade credit and corporate performance in 463 companies in Indonesia between 2007 and 2017. This research confirms the non-linearity inverted U shape of the link between working capital and corporate performance. It suggests that there is an optimal point of investment that is beneficial for the company. This research also examines the impact of financial constraint and investment level on working capital. Our finding shows that companies that experience financial constraints have lower investment levels than those without financial constraints. </p>

The divergent evolution of East Asian welfare states: Japan, South Korea, Taiwan, and Singapore

AbstractExisting regime approaches characterize East Asian welfare states as possessing low levels of government intervention and investment in social welfare. However, democratization in the 1980s changed the socioeconomic structures of East Asian countries––leading them to rethink their welfare commitments. The late 1990s financial crisis and globalization also accelerated the reorganization of their welfare systems. Using the cases of Japan, South Korea, Taiwan, and Singapore, this article examines the diverse pathways of welfare development in this region. East Asian countries adopted more inclusive and redistributive welfare systems during periods of intense inter‐party political competition. On the other hand, amid less political competition, they either retained minimal welfare provisions or retrenched welfare.

Institute of "cultural service" in the mechanism of public and legal support of the population with social and cultural services

The article examines the problems of full provision of the population with socio-cultural services, using the necessary administrative and legal tools. A conceptual idea of the content of public law support for the development of the institution of "cultural service" and the process of providing quality socio-cultural services to the population, as well as the role of public administration in it. The important role in qualitative satisfaction of cultural needs of citizens of the state is emphasized, without support of which it is impossible to realize full social usefulness of cultural goods which significance is perceived by consumers by their value as an element of process of increase of cultural level of the population. The characteristic features of the cultural sphere as an object of public administration are clarified. The considered situation in the cultural sphere allowed to outline the modern determinants of in-hibiting the development of the institution of "cultural service" as a component of the mechanism of public law provision of quality and affordable cultural services, including: lack of equal conditions for Ukrainian citizens to access cultural services; devaluation of generally recognized cultural values and landmarks; insufficient use of the potential of cultural institutions, as well as low investment level of the cultural sector; lack of effective public control in the provision of cultural services to the population; constant legislative changes that prevent the achievement of the desired level of adaptation of the management system of cultural entities to environmental conditions, etc. It is concluded that the development of the institute of "cultural service" should be formed in the mechanism of public-law provision of social and cultural services, taking into account the basic principles formulated in the Concept of reforming the system of cultural services, with mandatory addition to the principles of independent quality assessment, information openness of cultural services, etc.

What Drives Bank Lending Spreads and Collateral Requirements in the Kyrgyz Republic

Limited access to finance and its high cost have contributed to relatively low levels of private investment and subpar growth in the Kyrgyz Republic. Interest rate spreads have moderated in recent years, but remain high from both a regional and global perspective. At the same time, collateral requirements applied by banks are onerous and also constrain the quantity of credit supplied. This paper identifies a range of factors that could lower spreads in the Kyrgyz Republic: more competition, higher capital, lower credit risk, larger loan size, lower deposit rates and external funding costs, as well as a stronger legal framework. Lower operating costs appear critical to reduce relatively higher spreads for small and medium-sized banks. At the same time, a stronger legal framework and greater transparency on borrowers’ creditworthiness would help reduce the high collateral requirements. Reforms in all these areas would support greater financial inclusion in the aftermath of the pandemic, and could thus be a key source of sustainable and inclusive growth in the Kyrgyz Republic.

Calculation of the pressure gradient in the Cenomanian gas well operated with a foaming agent

Many of the largest Cenomanian gas deposits in Western Siberia are in the final stage of development. There are the liquid loading in the well and gas production decrease. The choice of artificial lift technologies is due to both the technological features of the production process at a particular field, and the economic efficiency of their application. The technology of injection foaming surfactants into the well is widespread in the world, which is characterized by a relatively low level of capital investments and a high level of efficiency, including economic efficiency. There are difficulties associated with the prediction of the pressure gradient under foam flow in a production tubing. This article describes a method for calculating the pressure gradient under foam flow. The results of applying this method for calculating pressure gradient in gas wells of one of the Russian fields on the final stage of development.

Fostering investment in resource efficiency actions: the case of European SMEs

The present paper analyses the factors associated with intensity in resource efficiency practices of European SMEs, considering four categories of firms according to their level of investment (very low, low, medium and high). Based on the stakeholder theory, we estimate a generalised ordinal logistic model which allows us to analyse the relationship between internal and external pressures, resources and capabilities and different categories of investments in resource efficiency. Results confirm that environmental organisational capabilities and financial resources are positively associated with the probability of achieving the highest investment intensity. The pressure of customers and providers and technical expertise increase the probability of firms’ moving from low levels of investment to medium levels. On the other hand, regulation, managerial environmental and economic awareness and external pressures from competitors increase the probability to remain in the group of the low resource efficiency. Finally, technological and organisational capabilities moderate the effect of stakeholder pressures on resource efficiency investment.

Intellectual Capital Investment and Firm Performance of the Malaysian Energy Sector: A New Perspective From a Nonlinearity Test

This study examines the association between intellectual capital investment and firm performance of the Malaysian energy sector. A non-linear relationship between intellectual capital investment and firm performance is established. At low levels of intellectual capital investment, increasing investments in intellectual capital improve firm performance. After a cut-off point, increments to intellectual capital investment reduce firm performance.

PROBLEMS AND PROSPECTS OF DEVELOPMENT OF SEAPORTS LOGISTIC INFRASTRUCTURE IN UKRAINE

The article is devoted to the study of the seaports of Ukraine and the identification of problems in the development of their logistics infrastructure. The purpose of the paper is to study the main problems of development of logistics infrastructure of seaports of Ukraine and determine the benefits of forming effective logistics centers based on them. The methodological basis of the study is general scientific techniques and methods. In particular, the systemic approach, method of analysis and synthesis, logical and prognostic methods. The results of the study allow us to determine that the degree of integration of Ukraine’s port industry into the international community remains low. The productivity of transport infrastructure and logistics processes are low. Seaports, of which there have been 13 in 2019, have a high investment potential due to their specialization and geographical location of the country. Much has been done by the government to develop the port industry since independence, but today there are a number of important issues, including low levels of private investment due to instability and high risk of corruption in the domestic economy, declining seaport turnover due to unreliable maritime logistics systems, imperfect tariff policy and many others. The results of the paper are the study of the experience of forming logistics infrastructure abroad, in particular in Germany and the Netherlands, and the argument for the creation of multimodal logistics centers on the basis of the Ukrainian seaports. It is determined that a special role in their formation and control over their activities should belong to state and municipal authorities. When creating a multimodal logistics center, a comprehensive approach should be applied, which covers such areas of activity as: development of the logistics services market; optimization and development of transport infrastructure (ensuring the possibility of cargo handling by different modes of transport); effective investment policy; development of trade relations; environmental protection; development of territories, creation of industrial parks and social policy (location of multimodal logistics centers near large settlements, creation of additional jobs). The support for these areas will diversify the economy of those regions, in which seaports are located, and will have an overall positive impact on the country’s economy as a whole, increase its logistics potential and competitiveness. Value/originality. A detailed analysis of the Ukrainian seaports and existing problems in the development of their logistics infrastructure provides a better understanding of the need to create powerful multimodal logistics centers and the formation of a single information space for the integration of Ukrainian and European port industry.

Political economy of Nigeria–South Africa foreign direct investment relations and challenges of the manufacturing sector in Nigeria, 1999–2017

ABSTRACT Although there are existing scholarly works covering a wide gamut of Nigeria–South Africa bilateral relations post apartheid, not much has been done on their investment relations, particularly between the periods 1999–2017. As such, this study seeks to bridge this gap by examining the political economy of Nigeria–South Africa foreign direct investment relations and a challenges of the manufacturing sector in Nigeria. The study employed the qualitative method of data collection and the qualitative descriptive method of data analysis. Guided by the Marxist Theory of Structuralism, the study found out that institutional weakness accounted for the low level of South African investment in the manufacturing sector in Nigeria. As such, the study recommended that the state should adopt a developmental role by investing in targeted sectors of the economy like the manufacturing sector in other to catalyse industrialisation, and to place Nigeria on the path to sustainable development.

Tourist resources and infrastructure as the important components of economic development and tourism in the region

However, with all the prerequisites for the development of tourism, Ukraine did not pay due attention to the development of this sector of economy. Due to this situation, the problem of increasing the tourist attractiveness of the territory remains urgent. Having an important potential of natural resources, historical and cultural monuments, considering the great importance of the tourism industry, it has been declared one of the priority directions of development of the national economy at the state level in Ukraine. Among Ukrainian scientists, the development of tourist infrastructure was studied by A. A. Beidik, M. P. Malskaya, A. T. Makarov, F. Kifiak, A. A. Lubitseva, S. P. Kuzyk, I. M. School. Certain infrastructure elements of the tourist and recreational complex of the Kiev region are analyzed in the works of L. M. Volovik, V. L. Glibovets, A. M. Poltavets, S. V. Rogovsky, etc. Pereiaslav-Khmelnitsky district is a territory of historical land, which is located in the eastern part of the Kiev region. It played a great importance in the processes of formation of Ukrainian nationality and state. This land was a source of inspiration for Taras Shevchenko himself and other outstanding heroes of Ukraine. It is over-saturated with both sad and joyful big events. Pereiaslav-Khmelnitsky district, without exaggeration, can be called a unique place on the map of our country. The purpose of the study is to assess tourist resources and develop the tourist infrastructure of Pereiaslav-Khmelnitsky district, to determine its role in creating the basis for the economic growth of the district as a whole and to improve the tourism sector in particular. The study of this problem is based on general scientific methods of knowledge of economic phenomena and processes (analysis and synthesis, system approach, dialectical method, etc.). It was revealed the conditions of formation and the current state of formation of tourist infrastructure in Kyiv region, in particular in Pereiaslav-Khmelnitsky district. It was made the comparison of the state of its components (communication network, accommodation establishments, and mass catering establishments). Without exaggeration, Pereiaslav-Khmelnitsky district can be called a unique place on the map of our country. Today, there are 51 settlements, 15 objects of nature reserve fund of Ukraine, among which is a park-monument of landscape art of a national importance «Tashanskyi» and National natural park «Biloozerskyi», and there are more than 10 large and small rivers and hundreds of potential tourist sites that need to be preserved, promoted and attracted by tourists. It was highlighted the key advantages inherent in the tourism infrastructure of Kyiv region. The value of material and technical base and tourism infrastructure has been established as a determining factor for increasing the tourist attractiveness of Pereiaslav-Khmelnitsky district. The main reasons for hindering the development of the tourist services market in Pereiaslav-Khmelnitsky district are: the imperfection of the system of state regulation of tourist activity; the low level of investments in the development of the material base of tourism; the inconsistency of tourist establishments with international standards; the insufficient provision of the tourism industry by qualified specialists; the extremely unsatisfactory condition of transport infrastructure; the low awareness of potential consumers of the tourism product. It was highlighted the main problems in the formation and promotion of tourism products of the district, as well as the problems of development of existing tourism potential, which is certainly one of the richest in Ukraine. It was offered the directions of development of tourist infrastructure market in Pereiaslav-Khmelnitsky district and activation of using of tourist potential in the area.

Diffusion of fair value measurement (IFRS 13): Perception of Auditors

This study investigates the diffusion of fair value measurement (IFRS 13), with a focus on extent of application, and valuation methods used by reporting entities in Nigeria. Data-collection was through a structured questionnaire administered on 400 auditors from diverse backgrounds in terms of audit firm size, international affiliation, and global presence. Analysis of data obtained from 277 respondents, using descriptive statistics and one-way ANOVA, reveals that the overall extent of application of fair value measurement is moderate. However, there is significant difference in application level among reporting entities in the valuation of financial assets, financial liabilities, investment property, and goodwill & intangibles acquired in business combination, but no significant difference in the valuation of pension liabilities, endowment funds, share-based payments, property, plants & equipment, and land & building. It appears the level of investment in an asset/liability determines the application rate of fair value measurement—while high level of investment in an asset/ liability prompts extensive application, low level of investment correspondingly results into negligible usage. Further, the overall application rate of the valuation methods is in the descending order of: market, expert estimation, cost and income approaches respectively. The market and cost approaches are applied more extensively in the valuation of tangible assets; the market approach is preferred in the valuation of financial instruments, while expert estimation is more applicable in the valuation of intangible assets and liabilities. Given that the market approach is the predominant valuation method, the study calls on relevant authorities and concerned stakeholders to emplace institutional apparatus that will facilitate the ready availability of fair value prices for accounting items.