Perception Index Research Articles

Managerial macroeconomic perception and systemic risk in China

This paper constructs a managerial macroeconomic perception index based on the textual financial disclosures and examines its impact on systemic risk in China. We reveal a significant positive relationship between managerial macroeconomic perception, particularly the forward-looking managerial macroeconomic perception, and bank systemic risk. Our study shows that managers with optimistic perception about macroeconomic conditions tend to engage in excessive risk-taking activities and increase the risk contagion among banks. Heterogeneous analyses suggest that the positive relationship between manager macroeconomic perception and systemic risk is more pronounced among banks that are non-state-owned, exclusively listed in A-shares, highly leveraged, or not considered systemically important. We also show that macroeconomic policy can mitigate the negative impact of managerial macroeconomic perception on systemic risk. These findings highlight the substantial role that managerial macroeconomic perception plays in shaping systemic risk within the banking sector.

An approach to the detection of pain from autonomic and cortical correlates

ObjectiveTo assess the value of combining brain and autonomic measures to discriminate the subjective perception of pain from other sensory-cognitive activations. Methods20 healthy individuals received 2 types of tonic painful stimulation delivered to the hand: electrical stimuli and immersion in 10 Celsius degree (°C) water, which were contrasted with non-painful immersion in 15 °C water, and stressful cognitive testing. High-density electroencephalography (EEG) and autonomic measures (pupillary, electrodermal and cardiovascular) were continuously recorded, and the accuracy of pain detection based on combinations of electrophysiological features was assessed using machine learning procedures. ResultsPainful stimuli induced a significant decrease in contralateral EEG alpha power. Cardiac, electrodermal and pupillary reactivities occurred in both painful and stressful conditions. Classification models, trained on leave-one-out cross-validation folds, showed low accuracy (61–73%) of cortical and autonomic features taken independently, while their combination significantly improved accuracy to 93% in individual reports. ConclusionsChanges in cortical oscillations reflecting somatosensory salience and autonomic changes reflecting arousal can be triggered by many activating signals other than pain; conversely, the simultaneous occurrence of somatosensory activation plus strong autonomic arousal has great probability of reflecting pain uniquely. SignificanceCombining changes in cortical and autonomic reactivities appears critical to derive accurate indexes of acute pain perception.

Exploring associations between teacher perceptions of working conditions and immediate professional plans at a Chinese internationalised school

This longitudinal, quantitative study utilised 2019-2022 survey data from teachers at one Chinese internationalised high school in Jiangsu Province, China to examine teachers’ immediate professional plans through the lens of teacher working conditions (TWCs). The relationship between teacher perceptions of working conditions and their immediate professional plans was further explored in light of teachers’ status as international vs local, and the primary factor affecting teachers’ willingness to stay at the school. Results from the Ordinary Least Squares (OLS) regression analysis revealed that teachers planning to leave or move; international teachers; and teachers who indicated primary stay factors (the most important factors affecting teachers’ willingness to continue teaching at the school) of instructional practices and support, school leadership, or time during the work day (adequate time during the school day to plan and collaborate) were associated with lower scores on the overall teacher working conditions perceptions index. These findings add to a growing body of research examining TWCs in international school contexts, specifically within Chinese internationalised schools. Given the transformational shifts these schools have recently experienced due to educational policy changes and COVID-19-related restrictions, school leaders may want to re-examine the organisational characteristics and supports at their schools with an eye toward retaining members of their ethnically heterogeneous teaching faculties.

MULTIVARIATE PROBIT MODELING OF CLIMATE-SMART ADAPTATION CHOICES AMONG FARMERS IN SUB-SAHARAN AFRICA: GHANAIAN STUDY OF COCOA FARMERS

Climate change and variability pose significant challenges to cocoa production in many sub-Saharan African countries, and Ghana is no exception. Therefore, knowledge of how farmers react to climate change and its variability effects is crucial in developing policies and programs to guide the design and implementation of effective climate-smart adaptation strategies at the farm level in Africa. This study aims to examine climate-smart adaptation choices cocoa farmers make as coping strategies for climate change and variability in Ghana using a multivariate probit modeling approach. Following a multistage sampling procedure, primary data was collected from 720 cocoa farmers across the major cocoa-growing regions in Ghana. The study found major adaptation choices for cocoa farmers to include improved and resistant varieties, optimal fertilizer application, optimal pesticide application, adjusting planting/harvesting dates, shade tree management, crop diversification, non-crop diversification, and off-farm economic diversification. We further observed that farmers’ adaptation choices were significantly influenced by climate change and adaptation-related variables such as rainfall variability index, temperature variability index, climate change impact perception index, and CSA awareness as well as agroclimatic zone effects. Concerning the influence of farmer and farm-specific variables, the study identifies that sex, age, education, farm size, quality of extension services delivery, access to credit, and membership in farmer groups were significant predictors of farmers’ CSA decision choices. This study offers beneficial insights for policymakers and stakeholders on how to promote climate-smart adaptation methods among cocoa farmers in Ghana.

Evaluation of the efficacy of Vesusten® in patients with overactive bladder and chronic recurrent cystitis

Introduction. Numerous studies have suggested that lower urinary tract infections may be involved in the development of overactive bladder (OAB) in patients who are resistant to standard treatment. In these cases, treatment targeting all stages of disease progression could be beneficial.Objective. To evaluate the efficacy of Vesusten® in management of OAB in women with chronic recurrent cystitis.Materials & methods. The study involved 40 patients diagnosed with OAB and chronic recurrent cystitis. All patients received Vesusten® as therapy for OAB. They received 5 mg of the medication intramuscularly three times per week for a total of 10 doses. The study included three stages: a screening period lasting up to 14 days; the stage for assessing the effectiveness of therapy (42 days from the start of therapy, including the therapy period + further follow-up after the end of therapy); follow-up period — 180 days + 14 days from completion of treatment.Results. It was revealed Vesusten® clinical effectiveness on the severity of OAB symptoms and the quality of life of patients. hree weeks after the end of treatment, there was a statistically significant decrease in the severity of OAB symptoms on the Patient Perception Index of Urgency and Symptoms (PPIUS) (2.2 ± 1.0 vs 0.95 ± 1.0 points) and TUFS (28.4 ± 11.6 vs 5. 1 ± 6.4 points), a decrease in the number of urinations during the day (11.5 ± 2.2 vs 8.8 ± 2.7 episodes) and at night (3.5 ± 1.8 vs 1.4 ± 1.5 episodes) time (p < 0.001). The nighttime urination frequency decreased by more than 2.5 times, while the proportion of patients who did not wake up at night for urination increased from 10 % to 35%. Evaluation of the Overactive Bladder Questionnaire (OAB-Q) after the completion of treatment compared with the initial data showed a statistically significant improvement in quality of life related to the severity of OAB symptoms (24.8 ± 7.5 vs 15.7 + 6.4 points; p < 0.001), and with general health status (74.0 ± 31.7 vs 57.6 ± 22.1 points; p = 0.0087). The average duration of the relapse-free period, including the course of Vesusten® treatment and the follow-up period, significantly increased to 42.90 ± 9.64 weeks in comparison with the duration of the relapse-free period before patients’ inclusion in the study — 17.96 ± 7.75 weeks (p < 0.001). During the clinical study, eight women experienced exacerbations of chronic cystitis (20%).Conclusion. Study results suggest that the drug Vesusten® may be an effective treatment for OAB in combination with chronic recurrent cystitis. Based on our findings, we believe that Vesusten® can be considered as a potential treatment option for patients with chronic cystitis.

ANALISIS PENGARUH INDEKS PERSEPSI KORUPSI TERHADAP KETIMPANGAN PENDAPATAN DI INDONESIA

This study attempts to examine the effect of corruption on income inequality in Indonesia. The study uses the gini ratio as a proxy for income inequality, serving as the dependent variable. The corruption perception index is used as a proxy for corruption, while several control variables such as economic growth, taxes, and foreign direct investment act as independent variables. Using the multiple linear regression method with time-series data, the results of this study show that the corruption perception index has a positive and significant impact on income inequality. These results indicate a tendency for the "grease the wheel" effect of corruption on income inequality in Indonesia.

The Impact of FDI, Portfolio Investment, Tourism, Inflation, Net Exports, and Exchange Rate on Asean-6 Balance of Payments: The Moderating Role of Corruption Perception Index from an Islamic Perspective

The Impact of FDI, Portfolio Investment, Tourism, Inflation, Net Exports, and Exchange Rate on Asean-6 Balance of Payments: The Moderating Role of Corruption Perception Index from an Islamic Perspective

Impaired contour object perception in psychosis.

Contour integration, the process of joining spatially separated elements into a single unified line, has consistently been found to be impaired in schizophrenia. Recent work suggests that this deficit could be associated with psychotic symptomatology, rather than a specific diagnosis such as schizophrenia. Examining a transdiagnostic sample of participants with psychotic psychopathology, we obtained quantitative indices of contour perception in a psychophysical behavioral task. We found impaired contour discrimination performance among people with psychotic psychopathology (PwPP, n = 62) compared to healthy controls (n = 34) and biological relatives of PwPP (n = 44). Participants with schizophrenia (n = 31) showed impaired task performance compared to participants with bipolar disorder (n = 18). We also measured responses during an analogous task using ultra-high field (7T) functional MRI and found higher responses in the lateral occipital cortex of PwPP compared to controls. Using task-based functional connectivity analyses, we observed abnormal connectivity between visual brain areas during contour perception among PwPP. These connectivity differences only emerged when participants had to distinguish the contour object from background distractors, suggesting that a failure to suppress noise elements relative to contour elements may underlie impaired contour processing in PwPP. Our results are consistent with impaired contour integration in psychotic psychopathology, and especially schizophrenia, that is related to cognitive dysfunction, and may be linked to impaired functional connectivity across visual regions.

Perceived Corruption in Light of Green Transition Indicators

Objective: The aim of the study is to investigate how the areas of the green transition that promote sustainability relate to perceived levels of corruption. Theoretical Framework: The variables of corruption, economic growth, renewable energies and carbon dioxide emissions are integrated together in the long run. There is a causal relationship between carbon dioxide emissions, corruption, economic growth and renewable energies. The corruption index and economic growth have a statistically significant relationship with carbon dioxide emissions. However, the impact of renewable energies and international trade slows climate change and improves the quality of the environment. Method: We based our research on publicly available internet databases. The data available here can be freely used. This means that no matter what questionnaire they are based on, their analysis does not require a research permit. Another advantage of such databases is that the research conducted using them can be reproduced and continued in the future. We modeled the level of corruption using the time series of Transparency International's Corruption Perceptions Index. We examined the countries that are included in both databases. After cleaning and coding data the first step was to create descriptive statistics. At the same time, the normality of the sample was tested and the homoscedasticity condition was checked, because these two latter tests determine which statistical methods can be used for the purpose of further investigations. This was followed by the examination of the question, to what extent and in what direction environmental indices influence Corruption perception. For this purpose, we made a correlation matrix. Based on it we created a regression model in which the CPI was the dependent (explanatory) variable and the environmental indices were included as independent (explanatory) variables. Results and Discussion: Corruption prevention is significantly influenced by Environmental policy, Particulate matter and Gross greenhouse gas emissions - the latter has a negative effect. The increase in waste generation also reduces the CPI, thus increasing the feeling of corruption, but this effect did not prove to be significant. In addition, recycling is an important marketing factor of the Corporate Social Responsibility (CSR) policy. Therefore, in some ways, it is more valuable than money. There is a correlation between the perceived level of corruption and environmental indicators. These indicators explain the perception of corruption in 49.4%. Two types of causal relationships are possible: reduced corruption leads to better environmental performance; better environmental indicators reduce the perceived level of corruption. Research Implications: Compliance with the Environmental policy can help a lot in making Corruption prevention effective, primarily by preventing legal loopholes. Originality/Value: Our study contributes to the sustainability areas of the green transition and to the reduction of corruption and provides tools. Anti-corruption action exposes companies to a stricter regulatory environment, which increases the costs of violations and the risks of profiteering. As anti-corruption becomes more effective, privileges based on political connections are lost. Therefore, firms may prioritize social activities to gain reputation and resources, or to forget past violations. The fight against corruption improves external oversight and increases stakeholder attention, which requires companies to deliver higher corporate social responsibility (CSR) performance. In addition, anti-corruption measures free up previously seized resources, which is a prerequisite for companies' participation in social activities.

A Fair Investment Environment: The Impact of the Shadow Economy, the Harshness of the Courts Against Corrupt Officials, Tax Pressure and Restrictions on Business

Creating a fair investment environment is crucial for economic growth and attracting domestic and foreign investors. The purpose of this study is to find out how the shadow economy, harshness of courts against corrupt officials, tax pressure, and restrictions on business affect the fair investment environment. Therefore, two economic-mathematical models are built using multiple least squares regression analysis, in which the outcome variables are: in model 1 ‒ control over corruption, which is a component of the Global Governance Index; in model 2 ‒ the European Business Association’s Investment Attractiveness Index. The composition of the factor attributes in both models is the same: Corruption Perceptions Index by Transparency International; level of shadow economy according to the Ministry of Economy of Ukraine; the number of criminal cases in courts under the article “Acceptance of an offer, promise or receipt of an undue benefit by an official” using open data from the Unified State Register of Court Decisions; total tax and fee rate, which reflects taxes and mandatory payments as a percentage of commercial profit, determined by the World Bank Group methodology; assessment of “Starting Business” by Doing Business, according to the methodology of the World Bank Group. The modeling is based on the example of Ukraine for 2012‒2022. Calculations based on Model 1 show that restrictions on business have the greatest impact on the corruption control indicator (a 10% reduction in restrictions leads to a 3-point reduction in the need to control corruption), the shadow economy and tax pressure have an average impact (a one-point increase in them will increase the level of corruption by 0.4 points). The harshness of the courts against corrupt officials has the least impact (most corruption cases in Ukraine do not reach the courts). Calculations based on Model 2 show that the complexity of starting a business exerts the greatest impact on investment attractiveness (if it decreases by 15%, investment attractiveness will increase by almost 1 unit). The average impact is exerted by the increase in the shadow economy (a 10% increase in the shadow economy leads to a rise in investment attractiveness by 0.4 units). The insignificant impact is exerted by the tax burden and judicial punishment of corrupt officials.

Forecast of Corruption: From Ethical to Pragmatic Considerations

From an ethical standpoint, combating corruption is crucial for promoting justice and equality. The rule of law and ethical governance involves clear standards of behavior for public servants and mechanisms for ensuring these standards are upheld. Corruption undermines public trust in government and democratic institutions and exacerbates social inequality and injustice (disproportionately affects the poor and marginalized groups, denying them access to essential services and opportunities). The fight against corruption during a full-scale war has ethical and purely pragmatic implications for Ukraine, the data of which formed the basis of this study. The lack of tangible progress in the fight against corruption in general, the lack of transparency of many institutional mechanisms in public administration, the revealed corruption schemes in the distribution of international military and humanitarian aid, as well as in the field of public defence procurement, the lack of punishment for corrupt officials in the highest echelons of power threaten the loyalty of international donors and allies, reduce Ukraine’s authority in the international arena, slows down Ukraine’s movement towards the EU, and significantly affects the decisions of foreign partners. The article demonstrates the results of forecasting the future level of corruption in Ukraine (for 2024‒2027) based on the retrospective dynamics of the Corruption Perceptions Index by Transparency International for 1998‒2023. Two economic and mathematical models are used for forecasting: Autoregressive Integrated Moving Average (ARIMA), which better reflects long-term historical trends and fluctuations, and the exponential smoothing method, which is more sensitive to the latest values of the time series. The statistical analysis package STATISTICA was used for the calculations. The forecasting results are disappointing since both methods showed an expected decrease in the level of corruption in 2024-2027, but in critically low volumes: by 1 point according to the ARIMA model and by 3-4 points according to the exponential smoothing method. The results of this study can serve as a basis for public advocacy campaigns as an argument for the need to radically revise the existing format of anti-corruption policy in Ukraine given its European future.

Assessing smog risk perception in Lahore metropolitan: A survey-based analysis

Smog is a mixture of harmful air pollutants that impact people's health. Risk perception pertains to how individuals or groups perceive and prepare for potential hazards like smog. This research quantifies smog risk perception in Lahore, focusing on three distinct areas: the city center, private housing schemes, and the peri-urban regions. The study employed a proportionate sampling method with a sample size of 600 households. Data was collected through face-to-face household interviews using a questionnaire survey. The risk perception index was constructed using the weighted average index method, incorporating various indicators. Descriptive statistics and chi-square analyses were conducted to understand the differences in smog risk perception. The analysis revealed that smog risk perception was generally high in all communities. However, there were statistical differences among the selected areas. The high risk perception could influence individual behaviors by encouraging proactive measures for smog preparedness. The findings have implications for designing effective smog risk reduction strategies and risk communication.

THE IMPLICITY OF RELATIONSHIP BETWEEN TRANSPARENCY OF BANK LENDING TO THE REAL SECTOR AND ECONOMIC DEVELOPMENT: WORLD EXPERIENCE

The modern development of the global economy is associated with multiple transformational challenges that raise the issue of ensuring an appropriate level of mutual trust between banking and industrial businesses. This issue is especially relevant for Ukraine, which is facing a crucial task - the post-war reconstruction of the national economy on the basis of sustainability, integrity and environmental friendliness. The aim of the paper is to identify implicit links between the transparency of bank lending to the real sector and economic development over the past 15 years in twelve countries, including Ukraine. This study is based on the correlation and regression tools for analysing relationships. As a result, the article confirms the hypothesis of the existence of significant cause-and-effect relationships between improving banking transparency, reducing corruption, growing economic freedom, increasing lending to the real sector and ensuring economic growth for a number of countries, regardless of their level of economic development. It has been found that in countries with steadily high corruption and economic freedom perception indices, the significance of the correlation with the development of bank lending to the real sector is lost. The reasons for deviations from the natural dialectic of the studied relationships are revealed in the example of India and Turkey. The peculiarities of their formation, preconditions and prospects for strengthening in Ukraine are highlighted. The contribution of the National Bank of Ukraine to increasing the level of transparency of lending activities of second-tier banks is investigated.

Corruption In Morocco-A Sectorial Analysis

Corruption, a pervasive socio-economic problem, has a significant impact on Morocco, reflecting a global challenge that undermines trust in public institutions and hinders development. This phenomenon, often defined as the abuse of public power for private gain, results in widespread citizen distrust of their government and public institutions. Recognizing the critical need to address this issue, Morocco has implemented various strategies and reforms at the institutional and civil society levels to combat corruption. Our study aims to provide a sectoral analysis of corruption in Morocco, assessing the prevalence of corrupt practices and the effectiveness of anti-corruption measures put in place. Using a descriptive methodology, our research relies on secondary data from various databases, including Transparency International's Corruption Perceptions Index (CPI) from 2004 to 2023. This index provides a longitudinal perspective on how perceptions of corruption have evolved in Morocco over the years and serves as a key indicator of the effectiveness of anti-corruption efforts. Our findings indicate that despite these efforts, corruption remains entrenched in several sectors, suggesting that the strategies adopted have not yet succeeded in significantly changing the corruption landscape. This analysis underscores the complexity of fighting corruption in Morocco and highlights the need for continued efforts and innovative strategies to effectively address this endemic problem.

Air quality perceptual index approach: Development and application with data from two Nigerian cities

Due to the world's population growth, poor air quality (PAQ) has become a major health and environmental issue. Cities, in particular, have had to face the challenge of PAQ as a result of traffic and, in the case of the developing world, the use of diesel generators for domestic and industrial energy supply. As with other societal issues, such as corruption, that have perceptual indices to aid with their assessment, an Air Quality Perception Index (AQPI) could be pivotal in the assessment of air quality (AQ). The use of reference or instrument-measured information has been at the forefront of environmental assessment, but a perception-based index could provide a valuable supplementary approach. This paper discusses the potential for an AQPI based on research that took place on perceptions of air quality by residents in two cities, Abuja and Enugu, in Nigeria. The research was based on a survey of respondents who were asked to score various perceptual indicators of AQ. Utilizing the three most frequently perceived indicators of AQ identified in the survey, dust, smoke and smell/odour, an AQPI is presented and illustrated. The proposed AQPI follows a similar logic to that set out for the Human Development Index, with values that range from 0 to 1, with higher values suggesting better AQ. The paper makes the case for the AQPI as a complement to instrument-measured outcomes especially when the latter are rarely available such as in many cities of the global south due to high cost and operational capacity requirements.

Public Administration Ethics Education to Build Anti-Corruption Integrity among Students of SMP N 13 Padang

The high level of corruption, which has become a pathology in developing countries, especially Indonesia, is evidenced by the 2022 international transparency data, which scored 34/100 and ranked 110 out of 180 surveyed countries. Indonesia ranks as the 5th most corrupt country in Southeast Asia. With these results, Indonesia has only been able to increase its Corruption Perception Index (CPI) score by 2 points from 32 over the past decade since 2012. Despite Law No. 20 of 2001's eradication of corruption, which covers various aspects, related to anti-corruption efforts, including education and anti-corruption socialization, this pathology remains unresolved. Therefore, a strong foundation is needed, especially among the younger generation as the nation's future leaders, by strengthening students' character regarding integrity and courage against corruption. This community engagement used socialization, interviews with school members, and participatory observation within the school environment. The concept of public administration ethics serves as the basis for this activity. The results showed that anti-corruption education through the perspective of public administration at SMP N 13 Padang plays a significant role in shaping students' integrity and courage in combating corruption. As adolescents, students are in the process of forming moral values and behaviors. Thus, anti-corruption education interventions can significantly impact shaping their character. Students improved their understanding of corruption and developed a more courageous attitude and strong integrity. The results provided valuable insights and a foundation for further improvement in anti-corruption education in middle schools.

The Subnational Corruption Database: Grand and petty corruption in 1,473 regions of 178 countries, 1995–2022

This data descriptor presents the Subnational Corruption Database (SCD), which provides data on corruption in 1,473 subnational areas of 178 countries. The SCD includes a comprehensive overall corruption index, the Subnational Corruption Index (SCI), and its two components: the Subnational Grand Corruption Index (SGCI) and Subnational Petty Corruption Index (SPCI). The SCD is constructed by combining data of 807 surveys held in the period 1995–2022 and includes the corruption experiences and perceptions of 1,326,656 respondents along 19 separate dimensions. The data are available for multiple years, allowing longitudinal analyses. At the national level, the SCI correlates strongly with established corruption indices, like the Transparency International Corruption Perceptions Index (CPI) and the World Bank Control of Corruption Index (CCI). We create subnational estimates of the CPI and CCI by superimposing the subnational variation of the SCI around the national averages of these indices. The presentation of subnational data in the SCD and the separation between grand and petty corruption significantly broaden the global knowledge base in the field of corruption.

A Curvilinear Transfer Function for Wide Dynamic Range Compression with Expansion

Wide Dynamic Range Compression in hearing aids is becoming increasingly more complex as the number of channels and adjustable parameters grow. At the same time, there is growing demand for customization and user self-adjustment of hearing aids, necessitating a balance between complexity and user accessibility. Compression in hearing aids is governed by the input-output transfer function, which relates input magnitude to output magnitude, and is typically defined as a combination of linear piecewise segments resembling logarithmic behavior. This work presents an alternative to the conventional compression transfer function that consolidates multiple compression parameters and revisits expansion in hearing aids. The curvilinear transfer function is a continuous curve with logarithm-like behavior, governed by two parameters—gain and compression ratio. Experimental results show that curvilinear compression reduces the amplification of low-level noise, improves signal-to-noise ratio by up to 1.0 dB, improves sound quality as measured by the Hearing Aids Speech Quality Index by up to 6.7%, and provides comparable intelligibility as measured by the Hearing Aids Speech Perception Index, with simplified parameterization compared to conventional compression. The consolidated curvilinear transfer function is highly applicable to over-the-counter hearing aids and offers more capabilities for customization than current prominent over-the-counter and self-adjusted hearing aids.

ANALYSIS OF THE INVESTMENT CLIMATE OF DENMARK

The investment climate is a key factor for attracting capital, stimulating innovation and strengthening competitiveness. The purpose of the study is to analyze the current state of the in- vestment environment in the country, assess its attractiveness for foreign investors, and reveal the main factors affecting the development of business in Denmark as one of the leading countries of the European Union. The analysis of the investment attractiveness of the country is based on the research of available data, official reports and other sources of information. A general overview of the current investment climate in Denmark indicates that the country continues to be an attractive destination for investors. The country is known for its stable economy, high level of innovation and strong legal system, which creates a favorable environment for investment. The article carried out a thorough analysis of not only the main macroeconomic indicators, but also a comparative anal- ysis of investor protection, analyzed the dynamics of the corruption perception index, the level of education among the country’s population, and analyzed the innovative environment of Denmark. In addition, the article discusses the types of risk for investing in the Danish economy. Denmark’s successful competitiveness is due to a combination of several factors: emphasis on innovation and research, high quality education, flexible labor market, efficient infrastructure, state support for en- trepreneurship and a stable political and economic situation. The results of the study provide con- crete recommendations for government and business, promoting investment attraction and sustain- able economic growth in Denmark. The country has significant potential for further development of its investment climate thanks to numerous advantages, in particular in the fields of green energy and information technology. Denmark is pursuing an energy efficiency policy and phasing out fos- sil fuels, as well as investing in digital infrastructure. However, there are certain risks, such as po- litical and legislative changes, geopolitical factors, changes in international trade and market com- petition, which may affect investment activities in the country. Investors need to carefully analyze these risks and take them into account in their risk management strategies.

Analysis of the Effect of Return on Assets, Solvency, Liquidity, and Capital Adequacy Ratio on Company Value with Good Corporate Governance as a Moderation Variable in LQ45 Banking Companies Listed on the Indonesia Stock Exchange for the 2014-2022 Period

This study aims to gather empirical evidence regarding the impact of Return on Assets (ROA), Solvency, Liquidity, Capital Adequacy Ratio (CAR), and the Corporate Governance Perception Index (CGPI) as a moderating factor on the value of LQ45 Banking Companies listed on the Indonesia Stock Exchange. This research is crucial for understanding how financial metrics influence firm value in a key segment of the Indonesian banking sector. The sampling method employed was purposive sampling, resulting in a selection of four companies analyzed over the period from 2014 to 2022, totalling 36 units of analysis. A quantitative descriptive approach was adopted, utilizing the MRA absolute difference test to analyze the data. The findings indicate that ROA has a significant positive influence on firm value, emphasizing the importance of profitability in enhancing firm valuation. In contrast, Solvency, Liquidity, CAR, and CGPI do not exhibit a significant effect on firm value. Furthermore, CGPI does not moderate the impact of ROA, Solvency, Liquidity, and CAR on firm value. These results suggest that banking companies should prioritize improving profitability metrics like ROA to enhance their value. This study provides valuable insights for managers and stakeholders aiming to optimize firm performance in the Indonesian banking sector.