Present Financial Crisis Research Articles

Role of Accounting Information in Decision Making in Co-Operative in Kirtipur Municipality, Kathmandu

The accounting information is used co-operative as well as business sectors. It makes easy to managerial and operational decision of an organization. The aim of this paper is to investigate the impact of accounting information on investment and marketing decision in co-operative in Kirtipur. Accounting information plays an important role in sustaining a competitive market. Rational investment and marketing decisions can save cooperatives from the present financial crisis. This research is quantitative in nature and deductive in approach. It followed field survey based on convenience sampling. SPSS was used to analyze the data collected from 60 usable questionnaires returned from respondents. The total population of the study is 96. The p-value is 0.000, which is less than 1% level of significance. So, the ANOVA table indicates that the model is fitted. There is a significant impact of accounting information on investment and marketing decisions. In the competitive age accounting information is important for investment and marketing related decision for survive and growth of co-operatives.

Analysing the importance and impact of cloud computing on organization's performance management during economic crises

Organization performance management have difficulties in providing the required funding for instructional, research and development activities given the present financial crisis and the increasing requirements. The purpose of this article is for colleges to identify options to the usage of IT to make them more agile and save. A careful examination of the current Cloud Computing studies as an alternative to IT, security management were the conceptual framework. In addition to the authors of IT and higher education, it takes into account best practices for cloud computing used in organization management. The paper starts with a brief overview to cloud computing at organization performance management, which refers to the main outcomes that have been achieved. At addition, the proposal for an adoption plan provides a beginning point for cloud computing in organization management. The approach consists of five steps, focusing on information assessment and processes/functions/applications from many major academic organization managements on a range of essential criteria, while at the same time building a match between any of these features and the cloud market concepts. The results achieved encourage and encourage the use of cloud solutions in organization performance management by enhancing knowledge in this sector and offering a gentle introduction suitable for the organization of the university. The suggested model takes into consideration the architectural and criteria of the university, such as mission, availableness, applications significance, and mission, sensitivity, secrecy, integrity and accessibility, in order to be practically usable.

Impact of COVID-19 on portfolio allocation decisions of individual investors.

Covid‐19 has impacted the financial markets dramatically. The risk and return expectations of investors have changed, leading them to reallocate their portfolios. This paper aims to analyse the impact of Covid‐19 on the portfolio allocation decisions of individual investors. The study examines the perceptions of investors about various investment avenues before and during the period of extreme uncertainty caused by the COVID‐19 pandemic. The data were collected from individual investors residing in Delhi and Mumbai. AHP is used to rank the investment preferences of the respondents. The results show that due to the present financial crisis pertaining to COVID‐19, investors have started reallocating their portfolios. Since the returns on risky assets are not as expected, investors are moving towards a conservative portfolio. However, the case of transition from risky to risk‐free assets is not the same in the case of all investors.

Abstract 16587: More Than Five Years After FDA Approval, There Remains Very Limited Adoption of New Evidence-Based, Highly Effective Medications for the Treatment of Patients With Heart Failure, Especially Among Those on Medicare

Background: Over the past decade, the FDA has approved several new medications that are highly effective when added to existing standard therapy in the treatment of heart failure with reduced ejection fraction (HFrEF). It is possible that, despite the presence of substantial evidence regarding the clinical effectiveness of these new medications, their high cost and the complex medical reimbursement system in America may prevent their routine adoption. Methods: We analyzed 5,824 Intermountain Healthcare patients, age ≥18 years with a new clinical diagnosis of HFrEF (LVEF ≤35%), from 1/1/2015 onward, for the use of newly-approved sacubitril/valsartan or any sodium-glucose cotransporter-2 inhibitor (SGLT2-I). We collected baseline characteristics and medication utilization data. We followed the patients for 1.7±1.4 years for future major adverse cardiovascular events (MACE), including death, myocardial infarction (MI), stroke, and heart failure hospitalization (HFH). We identified differences between groups by multivariable Cox regression analysis. Results: Baseline characteristics and incidence of MACE, according to insurance status and the use of common HFrEF medications, are shown in the Table. Overall, only 344 (5.9%) and 169 (2.9%) of patients ever received a prescription for sacubitril/valsartan or an SGLT2 inhibitor, respectively. The figures show survival curves for MACE of patients receiving or not receiving the newly-approved medications. Conclusion: In this large, modern, real-world HFrEF population, the adoption of newly-approved evidence-based HFrEF medications is minimal in all patients and especially in Medicare patients. This lack of adoption is associated with a significant worsening in patient outcomes. These findings demonstrate a critical need to resolve our present healthcare financial crisis, which is almost certainly the reason for these findings.

Evaluation of the PARMM as a strategic option in periods of public administration restructuring: The example of Greece

The purpose of the present study was to develop and implement a questionnaire addressed to executives that measures the performance of the organization, the perceived operational risks, present and future, and finally the financial risks of the public body. This research study evaluates the implementation and results of the performance and risk measurement model (PARMM) in the Greek public administration during the present financial crisis, based on a reliable and valid questionnaire. One hundred sixty-eight (168) questionnaires were sent to managers of public services (narrow and broader public sector) of the Thessaloniki Prefecture and neighboring prefectures. 71% of them responded positively and completed the questionnaire. As a result, a final sample of one hundred twenty (N = 120) questionnaires was collected for the statistical analysis. The analysis carried out showed that the financial risk, the present operational risk, the future operational risk, the responsibility index, the career strategy, the career adaptability, and the career identity were moderately assessed. In addition, employees rated their job satisfaction and self-efficacy at a satisfactory level while the organization’s productivity and performance were rated below average.

Europa w kryzysie: perspektywy go¬spodarcze Unii Europejskiej do 2020 roku w kontekście problemów rozwojowych państw grupy PIIGS

In 2009 the European Union, and in particular the euro zone, slid into a stage of economic recession, on account of the spreading global financial crisis, referred to as ‘2008+.’ Considerable developmental problems are being experienced by the group of countries referred to as PIIGS, particularly by Greece. Due to the tight developmental interdependencies in the European common market, the bankruptcy of Greece could cause a domino effect, i.e. the collapse of other Mediterranean economies, such as Spain or Italy, financial difficulties for Germany and France, and consequently a threat to integration processes throughout Europe. This paper is the first part of the analysis of this issue, where the author analyzes both the causes and effects of the present financial crisis in the euro zone, the first correctional activities undertaken by the EU institutions, and further developmental prospects of the European Union by 2020

Beyond Good Practices and Standards : An Islamic Framework of Sustainable Business Practices for Corporate Organisation

The aim of this paper is to explore why, how and when a business organisation may choose to go beyond good business practices and standards. In writing this article, the researcher sought to engage with modern secular insights about sustainable business practices for corporate organisations and to be in critical dialogue with those insights. The study addresses the questions of how can corporations develop into responsible moral agents and what effective framework can be used for sustainable business practices within an Islamic setting? It proposes to incorporate Islamic ethical principles such as ikhlāṣ (sincerity), ‘ilm (knowledge), ḥikmah (wisdom), hilm (forbearance) and rifq (gentleness), sabr (patience), tawaadu’ (humility), qudwah (good example), husnul-Istimaa’ (good listening), shajaa’ah (courage), karam (generosity) into corporate business practices. This study is an effort to bring religion into our economic lives, which invariably means bringing religious ethics into what is supposed to be free of such values “Corporate governance is one of the most important failures behind the present financial crisis.” de Larosiere Group (2009).

The Dollar Trap:How the US Dollar Tightened Its Grip on Global Finance

Which are the factors due to which the dollar's role as a unit of account and medium of trade might erode over time? What will be the impact of the present global financial crisis and technological developments on the dollar? What roles do foreign investors play in the consumption pattern of U.S. government and households? How does the conflict and/or cooperation amongst the different economies affect the global configuration of reserve currencies?.

New transition member states of the European Union: (how) do they respond to current changes in the global economy?

This article identifies and examines changes that are presently taking place in the global economy (the growing importance of new fast growing markets and the financial crisis). Special attention is paid to the response of new transition member states of the European Union to these changes, as well as to the discrepancy between them and old European Union members. It furthermore investigates the possibility of increased economic cooperation with currently fastest growing markets as a structural measure for growth, as well as potentially for overcoming the present financial crisis. We find important and consistent differences between these country groups, both in terms of their levels and trends of economic cooperation with the growth markets. Moreover, we find that stronger cooperation with the growth markets is associated with higher economic growth in the pre-crisis years, but it does not shield countries from the effects of the crisis.

Efficiency frontier on Japanese banking system

Since the emergence of the efficiency frontier techniques, a series of comparisons between the methods that led to the resultant efficiency has been presented. In this paper, data from 99 Japanese banks are used in order to prove the applicability of efficiency frontier analysis on the East-Asian financial system and to reveal the differences between inter and intra-regional banks, showing the effect of the present financial crisis on the efficiency of the studied banks. DEA and FDH are used to determine the technical and scale efficiency of the analyzed banks and also it compares fully efficient banks by ranking them through the super-efficiency notion.

Ischemic stroke risk factors during Greek economic crisis

BackgroundThe impact of Greece's economic crisis on healthcare is of great concern. The aim of the present study was to assess the impact of economic crisis on the prevention of cerebral ischemic events. MethodsRetrospective analysis of patients with ischemic stroke (IS) or transient ischemic attack (TIA) admitted to a tertiary neurological department in northwestern Greece during the period 2008–2014. Using 2011 as the transitional year IS/TIA patients were dichotomized according to their admission date in two subgroups: the “before economic crisis” subgroup and the “after economic crisis” subgroup. Logistic regression analyses were performed to identify predictor variables of statin/antihypertensive pretreatment. ResultsPatients admitted after the economic crisis outbreak (mean age: 57.6 ± 13.5 years) were found to have lower waist periphery measurements (p = 0.001), lower incidence of diabetes (p = 0.028), hyperlipidemia (p = 0.002) and metabolic syndrome(p < 0.001), at stroke onset with lower rates of antilipidemic treatment prescription prior to stroke onset compared to those patients with cerebral ischemia that were hospitalized before the financial crisis (mean age: 59.6 ± 11.1 years). However, between the two subgroups were no significant differences in the rates of untreated patients with hyperlipidemia (p = 0.189) and/or hypertension (p = 0.313). Even though statin pretreatment prior to stroke onset was found to be reduced during economic crisis compared to the period before the crisis, (OR = 0.58, 95%CI: 0.34–0.95, p = 0.032), this association did not retain statistical significance in the multivariate logistic regression analysis (OR = 1.69, 95%CI = 0.83–3.42, p = 0.143). ConclusionsOur study supports that at present financial crisis has not significantly affected the prevention of cerebrovascular events in the citizens of a provincial city area. Data from other regions and time-periods are needed for the final verdict.

La atención a las personas en situación de dependencia como yacimiento de empleo en tiempos de crisis: el caso español

Ageing of European and Spanish populations in recent decades reflects natural demographic evolution triggered by even greater longevity of senior citizens, and falling birth and fertility rates. Such evolution warrants greater social protection for dependent people, including not only people with disabilities but also elderly citizens whose dependency makes them vulnerable. Spain’s expanding social safety network has identified several economic activities to provide care for dependent people who for various reasons require specific types of attention. Such activities require a growing supply of services to fulfill likewise expanding social demand to meet related specific needs. But they have also, and contrary to many other activities, created jobs despite the present financial and economic crisis marked by job destruction. Against this backdrop, our paper shows care giving for dependents can create jobs even under conditions of a deep crisis that is having serious consequences in the labour market.

Using Cloud Computing in Software Firm:A Strategy to Improve Agility in the Current Financial Crisis

Software industry is a growing sector in economy and in the present financial crisis, software firms are facing problems in providing necessary support for research and development activities. The objective of this paper is to find alternatives to the use of IT (information technology) solution of software firm development. Agile development methodologies are very promising in the software industry. Agile development techniques are such a way of developing environment such that it is very practical and viable in understanding the flow of business environment changes constantly. Agile development processes optimize the opportunity provided by cloud computing by doing software releases iteratively and getting user feedback more frequently. The research methodology depends on Cloud Computing as an alternative to IT provision, management and security. It also took into account the best practices for Cloud Computing usage within software firms and software developers experience in IT. The strategy includes five stages, with emphasis on the evaluation of data and processes/functions/applications from several major software firms based on some key criteria, while creating a correspondence between these aspects and the models/services/applications that exist on the Cloud market. The outcome of using Cloud solutions in software firms by improving knowledge is impressive.

The Thousand Shades of the Financial and Economic Crisis: a Study of the Social Representations of the Crisis in Portugal

AbstractThe study describes the representations of 453 Portuguese students about the present financial and economic crisis, examining the impact of the family financial situation on these representations, and the relationship between these representations and different factors likely to influence them. An initial word association task produced 2339 responses, from which 86.75% were classified into six classes by a downward hierarchical classification. Four classes (58.26% of the corpus) confirmed that the austerity measures implemented in Portugal affected the respondents with different degrees of severity: respondents described the consequences of the crisis in terms of misery, difficulties, or change, depending on their family’s income. More generally, the discourses (41.73% of the corpus) pointed out the factors that were viewed as responsible for the crisis as well as the geopolitical situation of Portugal. The answers given to opinion scales revealed a consistent pattern of results: respondents with a lower family income experienced less positive emotions toward the crisis (η2 = .03, p = .007), more negative emotions, stronger feelings of vulnerability and relative deprivation that resulted from comparison with others (all η2 ≥ .05, p &lt; .001). However, the unequal consequences of the crisis were reflected neither in differences in the respondents’ expectations about their future situation, which they foresaw without great changes, nor in their lack of willingness to participate in protest actions against the austerity measures.

Об инверсии вектора и функций глобализации

This article aims to analyze some of the most notable trends and processes, which in recent years, especially in the context of the global financial and economic crisis, led to a kind of inversion of the globalization purpose and functions. A watershed, which is more or less clearly manifested in these adjustments, is the present global financial and economic crisis. The essence of these transformations is an unprecedented increase in the permeability of national and state borders on a worldwide scale leading to profound dispersal of property, wealth, knowledge, science, information technology, and hence diffusion and redistribution of the relative geopolitical power and energy between nations, states and regions. The huge growth of Asia holds the key position in these grand shifts. In general, social and economic-technological breakthrough in East Asia is accompanied with genuine culture and socio-psychological revolution, in the course of which people of the region substantially overcome the inferiority complex towards the West. It is shown that globalization started by industrialized countries of the West in their own interests, gradually created conditions for economic and technological breakthrough of the so-called developing countries represented by China, India, Russia, Brazil, and South Africa (united in the BRICS organization). Originally the brainchild of the West, globalization gradually becomes a springboard from which these countries are able not only to challenge the developed world, but also to qualify for the leading roles in the global economy and, consequently, in world politics. Key positions in the world economy are taken by China, which has become the second economic power in the modern world, and will soon take the top spot.

Coopetition as the Factor of Increasing Level of Innovativeness in the SME Sector in Poland

Companies in Poland can realize their goals by assuring the necessary organizational conditions and by partially restricting opportunistic behavior within the limits sufficient to take stable coopetitive actions. In the face of the present financial crisis, innovativeness is one of the basic parameters in evaluation of the SME sector in Poland. The goal of the present article is to show that enhanced coopetition of the researched entities with huge holdings or concerns from Poland and with economic entities from the remaining countries of the European Union is a sine qua non of improving the level of innovativeness in the SME sector. The coopetition is defined as a phenomenon of simultaneous cooperation and competition of at least two entities, the aim of which is to better realize their goals or to work towards the common end. If levels of competition and cooperation are low, companies assume the strategies of the owners of micro-, small- or medium-sized enterprises. Being a condition necessary to improve the level of innovativeness in the Polish SME sector, coopetition is characteristic of the companies whose activities are narrowly specialized.

Strategic Approach to Sales Human Resources Management of Ukrainian Commercial Bank in Conditions of Crisis

Present world financial crisis tests the strength of banking sector of all countries, including Ukraine. The conditions of functioning of commercial banks changed greatly, so do the tasks that face them. All such challenges of modern period must be efficiently solved not only by the managers, but also by personnel of commercial banks. That is why, it is very important to receive the theoretical studies of questions of crisis human resources management for competent skilful decisions in the bank practice.The choice of correct personnel strategy and its realization underlies in going out of the bank’s crisis.

Macroprudential warnings in the Euro zone and Hungary

During the present financial crisis, the focus of the regulation and supervision of financial institutions has shifted from being institution-based (microprudential) towards the systemic level (macroprudential). A special element of the macroprudential regulatory and supervisory toolkit is the issue of macroprudential warnings. Prior to the crisis, both the international and the domestic authorities issued warnings concerning the emergence of system-wide risks in the financial sector. However, these warnings did not result in significant changes in the behaviour of the banks, which were the main addressees of the warnings. The article analyses the practice and effectiveness of macroprudential warnings in relation to the European Central Bank and the competent Hungarian authorities. The subject matter is particularly topical, taking into account that one of the very first steps in changing the institutional framework of financial supervision, as a response to the financial crisis, has been the establishment of an institutional framework for issuing macroprudential warnings.

A test for the too-big-to-fail hypothesis for European banks during the financial crisis

Motivated by the theoretical prediction of the opportunistic behaviour of large banks that face expected public intervention, we test a full and a partial form of the too-big-to-fail (TBTF) hypothesis. The full form of the hypothesis implies the increase in the risk undertakings and profitability of banks that exceed a certain dimension; the partial form of the hypothesis implies only an augmented risk appetite of large banks compared to their smaller counterparts. The examined area is the European banking industry, whose behaviour is observed over the first wave of the present financial crisis (2007/09). The estimation of a quadratic fit that links change in a bank’s credit risk profile and profitability retention rates with a bank’s size suggests the existence of a partial form of the TBTF hypothesis. However, a more precise, local rolling windows estimation of the size sensitivities reveals that large banks – those whose liabilities exceed approximately 2% of the country of origin’s GDP (15% of our sample) – show an increase in credit risk profile and a superior capability of retaining higher ROA scores, vis-à-vis their smaller counterparts. With the caveats of our investigation, we interpret these results as evidence of a full form of the TBTF hypothesis.

Securitization and Credit Default Swaps (CDSs): Towards Diagnostic of the Fundamental Problem and Suggested Solutions

Most of the blame for the present Global Financial Crisis (GFC) has been attributed to securitization and CDSs in the years preceding growth of the crisis. On reflection, most of the blame must be “sheeted home” to the former U.S government’s mandate to banks and other financial institutions to mitigate their normal lending criteria on U.S home loans, in case, the voters could be granted home loans when they could otherwise be unable to do so. The fundamental problem with these securitization contracts was not the securitization of good loans, but the securitization of “lemons”. The loans should have never been entered into in the first place. The “failure” of securitization contracts was therefore a failure of well-intended (but poor) government policy makers in foreseeing the unintended consequences. In order to “insure” against expected defaults, the lenders and the investors entered CDS contracts in the shadow banking sector which were cheaper than the conventional loan insurance. The fundamental problem with the CDS contracts which are much touted in the regulated and shadow banking sectors as being “desirable” as a cheaper form of “insurance”, was that they were (and are) able to be used for wagering or betting purposes. In contrast to the conventional insurance contracts, CDS contracts do not require an insurable interest; do not require compliance with the indemnity principle; and are not uberrima fides. Therefore, opportunities for excessive speculation present in asset price bubbles such as GFC and CDSs. But, as Menard Keynes indicated in 1931, while a little bit of speculation does no harm, excessive speculation can result in systemic collapse.