Investment Products Research Articles

Effects of Vermicompost and Blended NPSB Fertilizer on Major Physicochemical Properties of Soil and Economy of Maize Production at Bako, Central Ethiopia

Integrated vermicompost and blended NPSB inorganic fertilizer are needed to improve the soil's fertility status, which can raise output and revenue. Thus, the purpose of the experiment was to ascertain how major physicochemical properties of the soil at Bako were affected by the application of blended NPSB fertilizer and vermicompost. Factorial combinations of four levels of vermicompost (0, 2, 4 and 6 tons ha<sup>-1</sup>) and four levels of NPSB blended inorganic fertilizer (0, 50, 100 and 150 kg ha<sup>-1</sup>) were laid out in Randomized Complete Block Design (RCBD) with three replications. The interaction of vermicompost and NPSB blended inorganic fertilizer had significant effects on ear diameter, grain yields, and harvest index and cob weight. The maximum grain yield (7503.7 kg ha<sup>-1</sup>) was obtained from application of blended NPSB fertilizer at the rate of 100 kg NPSB ha<sup>-1</sup> and 4 tons ha<sup>-1</sup> vermicompost rate with a net profit of 104850 birr and 6143% MRR with values to cost ratio of 3.47 birr profit per unit investment for midland maize production at Bako. Therefore, it can be said that the application of 100 kg NPSB ha<sup>-1</sup> and 4 t vermicompost ha<sup>-1</sup> was shown to be superior in terms of both grain yield and economic advantage, and it is therefore tentatively advised for use. To come to a definitive decision, the experiment needs to be repeated across a number of years, as this study was only conducted during one season at one site.

Optimalisasi Sumber Daya Lokal melalui Literasi Ekonomi: Kunci Peningkatan Kesejahteraan di Desa Perkebunan Maryke

The optimization of local resources is a key strategy in improving community welfare, particularly in rural in Perkebunan Maryke Village. Through economic literacy, communities can be empowered to understand, manage, and effectively and sustainably utilize the potential resources around them. This article discusses the role of economic literacy in strengthening the community's capacity to manage local resources to achieve better economic welfare. It also explores how empowerment programs, such as the Community Service Program (KKN), can act as catalysts in expanding the community's understanding of economics, particularly in managing local assets such as agriculture, fisheries, and handicrafts. The study results show that good economic literacy enables communities to make more informed decisions regarding investment, production, and marketing of local products, which ultimately contributes to increased income and social welfare. Therefore, strengthening economic literacy is a strategic step in empowering communities to become more economically independent through the utilization of their local resources.

Dynamics of youth unemployment in ASEAN-5 emerging economies through macroeconomic analysis

This research investigates youth unemployment dynamics in ASEAN-5 emerging economies using a macroeconomic framework. Employing the panel Autoregressive Distributed Lag (ARDL) methodology, it examines the effects of Gross Domestic Product (GDP), inflation rate, population growth and Foreign Direct Investment (FDI) on youth unemployment rates. Empirical results reveal that GDP and inflation significantly influence youth unemployment over the long term. This highlights the interplay between economic expansion and youth employment prospects. Conversely, neither population growth nor FDI significantly impacts youth unemployment. This suggests that increasing population or attracting foreign investments alone may not directly translate to better employment opportunities for the youth. Instead, robust economic growth and stable inflation rates are crucial. These findings underscore the need for ASEAN-5 policymakers to develop strategies fostering economic growth and controlling inflation to mitigate its adverse effects on youth employment. The research provides insights into how targeted economic policies can better address youth unemployment challenges, creating a conducive environment for job creation and economic stability, ultimately benefiting the youth workforce.

Contribution of road transport infrastructure in mitigating the inward–immiserizing growth in Cameroon: An externality approach in computable general equilibrium analysis

The issue of immiserizing growth has been largely discussed in the literature since 1958. It describes a country context contending with high volume of exports relatively to its imports on the international market that benefits from high economic growth but losses in households’ welfare. This study aims to investigate the contribution of transport infrastructure to tackle immiserizing growth in developing countries, focusing on the Cameroon economy, a contending with a significant lack in the development of road transport infrastructure. Further, the study enriches the debate on the wider economic impacts, closely related to immiserizing growth. The loss of welfare is observed upstream to the investigations, as a response to the application of two types of fiscal policies: the import tariff and the capital income tax. Through a dynamic Computable General Equilibrium (CGE) model, the effect of road transport infrastructure is explored, using the externalities approach. This is an innovative methodology recently applied to access the economic impacts of infrastructure investment making a difference between productive and non-productive infrastructure investments. The findings reveal that productive transport infrastructure not only reduces the wider economic impact by improving households’ welfare but also enhances economic growth. A 10 percent increase in road transport infrastructure investment funded by import tariff leads to a welfare improvement of 1.94% and 1.66% in both short and long terms compared to respective losses of 0.58% and 0.15% if the generated financial funds are allocated in non-productive infrastructure such as monuments, defense etc. The similar tendency is observed for the capital income tax funding. Thus, policymakers are recommended to accentuate the road construction, in order to shorten the complex interplay between public decisions and households’ living conditions.

Enhancing small business success through effective tax management and policy optimization

The examination of fiscal practices and challenges faced by small businesses underscores the pivotal role of effective tax management in their success and growth. Tax deductions, which allow businesses to reduce taxable income by subtracting certain expenses, are essential tools that help alleviate financial pressures. Despite their potential benefits, many small business owners struggle due to insufficient tax planning and the need for meticulous financial record-keeping. The reviewed studies reveal a significant need to optimize tax policies to support small business development. For instance, proposals such as the Standard Business Deduction (SBD) aim to simplify the tax process by providing a fixed amount that can be claimed above the line, reducing the need for detailed expense tracking and potentially lowering compliance and enforcement costs. Additionally, recommendations for improving accounting practices highlight the importance of simplifying and standardizing accounting requirements to meet informational needs and enhance efficiency. Further research indicates that tailoring tax policies to specific sectors, such as agriculture, can address the unique challenges faced by small businesses in these areas. Effective tax planning and a well-organized accounting system are crucial for maximizing tax benefits and enabling productive investment in business growth. Overall, the intersection of business structure, tax systems, and accounting organization is critical for the effective operation of small enterprises. Future research should focus on refining these areas to provide solutions that support the sustainable development and prosperity of small businesses.

Spot cryptocurrency ETFs: Crypto investment products or stepping stones toward tokenization

This paper studies how the SEC's approval of spot cryptocurrency ETFs affects the cryptocurrency market. We find that the launch of spot cryptocurrency ETFs elevates cryptocurrencies to a more legitimate asset class and increases Bitcoin's price and liquidity. In addition, this study offers no supportive evidence for the view that spot cryptocurrency ETFs serve as stepping stones toward tokenization.

Corporate climate scores, carbon emissions, and investment in decarbonisation in the steel industry. What do ratings tell us?

Steel production is a critical economic activity and amongst the largest industrial consumers of energy. The industry faces a complex and costly task to decarbonise in line with global climate targets. This paper evaluates the performance of environmental and emissions scores within leading Environmental, Social and Governance (ESG) ratings products in capturing carbon emissions outcomes and investment in low-carbon production amongst major steel producers. We assess data for 75 steel producers, representing 65% of global production. We find no strong evidence that environmental or emissions scores reflect either levels of, or changes in, firms’ total greenhouse gas emissions or emissions intensity in the period 2013–2022. Overall, ‘good’ scores are not explained by available emissions or investment data. These findings for a critical industry emphasise the need for methodological transparency from all ratings providers, more research into ratings’ performance in reflecting outcomes and investments, and further policies to enhance disclosures from firms and rating agencies.

Empowering Archipelago Regional Laws: A Legal Analysis of Their Role in Promoting Equal Development and Enhancing the Well-being of People in Indonesia

The Unitary State of the Republic of Indonesia is an archipelagic state characterized by the Archipelago with territories whose boundaries and rights are stipulated by law with the presence of the Archipelago Regional Bill, accessibility to fulfilling basic needs, such as good education and health, as well as productivity of small islands, coastal investment, and economic independence of coastal communities can be realized. The Bill on the Archipelago Region is considered to be able to assist the region in efforts to alleviate poverty and equalize social justice for all Indonesian people who live in archipelagic areas also as a legal design to answer various problems in the archipelago: poverty, inequality, and underdevelopment of national development. The importance of Indonesia having an Archipelagic Regional Law is to develop maritime potential, can accelerate infrastructure development and equitable distribution of development in realizing the welfare of the Indonesian people are Adequate protection of their rights and the surrounding environment,Overcoming resource conflicts,Economic and social development, Overcome environmental damage, Improving understanding of the importance of managing islands, Resolving and anticipating regional disparities in the archipelago, to formulate Local Own Revenue

The behavioral biases on investment decision behavior: Evidence from Indonesia

The purpose of this study to analyze the behavior of investors in making financial investments in Indonesia. Although the overall financial literacy level in Indonesia has increased, individuals with higher levels of financial literacy tend to make more rational investment decisions. Being well-literate can be interpreted as the personal ability to understand and create financial concepts. However, some individuals still need help understanding investment products and services in Indonesia. This is due to the fact that there are still individuals who invest in illegal products. This study focuses on four biases: overconfidence bias, optimism bias, herding effect, and flexing, using quantitative analysis. The decision to invest is influenced by the thoughts of each investor and their optimistic behavior in seeking the highest return on their investment. This study used primary data with descriptive quantitative analysis. The number of respondents used in the overall research was 400, with criteria for investment products. The result of this study shows that the variable of overconfidence, optimism, and flexing affects the behavior of financial investment decisions. However, the variable bias herding effect does not affect the behavior of financial investment decisions. In conclusion, investors should be more cautious in making investment decisions by paying attention to the variables of overconfidence, optimism, herding effect, and flexing social media in Indonesia.

Economic Growth through Rent Streams, Financial Development and Institutional Quality in Mena

This study examines the relationships between natural rent streams, financial development, institutional quality, and economic growth in the Middle East and North Africa (MENA) region and is the development of fixed effects panel models during 1990–2020. The analysis of the MENA region sheds light on the complex, dynamic nature of the region’s economies and societies, as this region is an interesting case study where economic, political and cultural dynamics are diverse. The region faces economic diversification needs, conflicts, migration, and climate change, making this study timely and relevant. To this end, fixed effects regressions and scenario approaches were applied to the collected panel data. The findings reveal natural resource rents as the primary driver of economic growth, their effectiveness dependent on financial development and institutional quality levels. A well-developed financial sector facilitates efficient channeling of rents into productive investments, while strong institutions mitigate resource curse effects. In contrast, while remittances and foreign aid do not directly impact growth, their effectiveness is enhanced by financial development and institutional frameworks. The results highlight the critical roles of financial sector development, institutional quality, and robust governance in shaping the impacts of resource rents in this resource-rich region. The policy recommendations emphasize strategies for managing resource wealth, strengthening financial systems, promoting inclusion, improving institutions, and fostering an enabling environment for remittances and foreign aid to promote sustainable economic growth.

Effect of Sectoral Foreign Direct Investment on Economic Development in Nigeria: An Econometric Analysis

This study uses econometric techniques to analyze the effect of sectoral foreign direct investments on economic development in Nigeria from 1985-2022. Secondary data on real gross domestic product (RGDP), human development index (HDI), foreign direct investments (FDI) in service, transport and communications sectors were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin, National Bureau of Statistics (NBS) Report, and Word Development Indicators (WDI) of Word Bank. The Autoregressive Distributed Lag (ARDL) test processes was utilised as the analytical methods. The ARDL result revealed that in the long run, FDI in the long run, FDI in service sectors had had negative and insignificant effects on human development index. FDI in manufacturing, likewise transport and communications sectors had positive and insubstantial effects on human development index. In the short run, FDI in transport and communications sectors had negative and significant effects on HDI. FDI in manufacturing sector had positive and insignificant effect on HDI. However, FDI in service sector had positive and substantial effect on HDI. Hence, it was concluded that FDI had substantial impact on human capital development. Therefore, the study recommended that government should provide needed enabling environment to increase FDIs in various sectors. To achieve this, government should remove all the road blocks to foreign productive investments in Nigeria. The process ranges from fixing infrastructural deficits through addressing issues of good governance, corruption and insecurity.

DETERMINANTS OF REGIONAL TAX REVENUES WITH DOMESTIC INVESTMENT AS MODERATING VARIABLE

This study aims to find out whether gross regional domestic product, labor class, and domestic investment as moderating variables affect local tax revenue. The sample in this study were all provinces in Indonesia. Sampling using saturated samples. Data analysis using panel data regression. The amount of data observed is 198 data. The results showed that gross regional domestic product, and labor had a significant influence on local tax revenue, while domestic investment could not moderate gross regional domestic product and total labor on local tax revenue.

Hydrogen production from non-potable water resources: A techno-economic investment and operation planning approach

The production of hydrogen through water electrolysis facilitates large-scale energy storage, provides ancillary services, and supports the decarbonization of industries with hard-to-reduce emissions. As renewable energy adoption expands, the demand for these applications is increasing. However, water electrolysis currently faces challenges in cost competitiveness compared to other hydrogen production methods. Additionally, its reliance on potable water sources places additional strain on freshwater reserves. This study addresses these issues by exploring the economically optimal investment and operational strategy for hydrogen production using non-potable water sources. The goal is to maximize net profit through mathematical optimization, utilizing three advanced electrolysis technologies: alkaline electrolysis, proton exchange membrane electrolysis, and solid oxide electrolysis. The study examines three non-potable water sources: seawater, urban wastewater effluent, and rainwater. The model takes into account electricity market values from day-ahead and balancing markets, as well as the market values for hydrogen, oxygen, freshwater, and mixed solid salt. Two scenarios are analysed, reflecting varying levels of uncertainty in electricity price forecasts. Each scenario includes nine case studies, representing various combinations of water sources and electrolysis technologies. The results indicate that alkaline electrolysis and proton exchange membrane electrolysis are financially viable technologies, with potential annual net profits of up to 6.4 and 6.2 million euros, respectively. In contrast, solid oxide electrolysis incurs a negative net profit across all scenarios and is not economically viable under the given conditions. The main revenue sources are hydrogen sales and combined up-balancing and down-balancing services in electricity markets. Participation in the balancing market constitutes a significant portion (35 to 61%) of the total revenue in all cases with positive net profits, making it critical for economic viability. Rainwater is identified as the most cost-effective water source for hydrogen production. However, the costs associated with water treatment and brine management are minimal, contributing only 0.7 to 3.7% to the total cost of hydrogen production. Thus, differences in net profit are primarily attributed to the type of electrolysis technology used.

The level of preparedness of the local community for sustainable community tourism development in Mai Hich commune, Mai Chau district, Hoa Binh province, Vietnam

Abstract This study aims to assess the community’s readiness for implementing sustainable community tourism development in Mai Hich commune, Mai Chau district, Hoa Binh province. Evaluating the community’s readiness for sustainable tourism development is crucial to mitigate potential negative impacts from tourism activities. The research utilizes a mixed-methods approach, combining qualitative and quantitative research to determine the local community’s level of readiness for sustainable tourism development. The community’s readiness is found to be high in social and cultural aspects, while economic aspects reveal certain challenges. Additionally, the study analyzes various forms of community service provision. Survey results indicate that the local community’s involvement in tourism activities is rather limited, sporadic, and primarily characterized by small-scale, self-initiated endeavors. There is a lack of investment in products and services catering to tourists. These findings pose challenges for the development of sustainable community tourism in Mai Hich commune, Mai Chau district, Hoa Binh province.

Macroeconomic determinants of labour costs in the EU: a comprehensive panel and cluster analysis

Abstract Labour costs are a fundamental component of production expenses, significantly impacting both the quantity and quality of output. This study explores the determinants of labour costs within EU member states that have implemented minimum wage policies over the past two decades. The research technique includes a comprehensive panel analysis of EU member states to identify significant variables influencing labour costs, as well as cluster analysis to discover underlying patterns across the nations under examination. Our findings reveal that higher minimum wage levels, higher employment rates, increased labour productivity, and greater trade openness are positively correlated with higher labour costs. Specifically, increases in these variables lead to higher wages and a broader tax base, while greater trade openness results in elevated labour costs due to expanded market opportunities. Conversely, gross fixed capital formation negatively affects labour costs, as investments in production assets tend to reduce labour requirements or hours worked. The cluster analysis led to the identification of three distinct groups. The first cluster consists of well-developed economies with modest labour cost increases and average minimum wages. The second cluster includes countries with substantial labour cost increases, low minimum wages, and significant productivity gains. The third cluster features nations with high minimum wages and high employment rates. This paper contributes to the field by highlighting the complex interplay between labour costs and economic factors, offering insights for decision-makers to tailor macroeconomic and company-level strategies to specific local conditions. The findings emphasise the importance of balancing wage policies with sustainable economic development to enhance competitiveness while ensuring fair labour conditions.

ASSESSMENT OF THE IMPACT OF FINANCIAL AND NON-FINANCIAL INSTRUMENTS ON EQUITY AND CASH FLOWS AS THE BASIS FOR DECISION-MAKING TO INCREASE ENTERPRISE MARKET CAPITALIZATION

The market capitalization of an enterprise is one of the key indicators that characterize the degree of influence of financial and non-financial instruments on its volumes and dynamics. Establishing the relationship between such instruments and metrics of equity and cash flows best outlines the plane of their direct impact on stimulating market capitalization and implementing effective management measures in the context of optimizing the use of equity and cash flows. The purpose of the study is to establish how the impact of indicators of financial and non-financial instruments on equity and cash flows forms an appropriate basis for making managerial decisions to increase the market capitalization of enterprises. As a result of the study, the toolkit for increasing the market capitalization of the enterprise from the standpoint of its grouping in terms of financial and non-financial plane was clarified. It was found that among the 36 analyzed indicators of the impact on equity and cash flows of the studied machine-building enterprises in Ukraine during the period 2010-2021, the most significant are bank lending, investment and technical metals, research and development costs, foreign scientific and technical services received, production investments, work-in-progress, and accounts payable for products, goods, and services. The results were transformed into a model of ranked instruments for stimulating the market capitalization of machine-building enterprises, which demonstrates the degree and directions of the influence of indicators of financial and non-financial instruments on the dynamics of equity and cash flows, which ensures the formation of an information database for making decisions on the further use of such instruments. The structuring of the toolkit serves as the basis for forming a system of management decisions containing practical recommendations within each group of instruments aimed at optimizing market capitalization through increased equity and cash flows of the enterprise. The obtained results will be beneficial to financial analysts of enterprises in preparing databases for making financial and non-financial decisions.

Economic Obligations in Implementing Corporate Social Policy of Large Entrepreneurial Structures in the Russian Federation

The subject of the article is economic obligations in the implementation of social policy of large business structures. The aim of the study is to describe and summarize the practices of implementing economic obligations in the corporate social responsibility of large business structures, supplemented by identifying its impact on the performance indicators of the enterprise. The object of the study is the public joint-stock company KAMAZ — the largest automobile corporation of the Russian Federation, one of the 20 leading world manufacturers of heavy trucks, promoting the positioning of a socially responsible enterprise, which is reinforced in practice by the company’s leading positions in thematic ratings. The methodological basis of the study was the concept of corporate social responsibility. Research methods include case study, correlation and regression analysis. As a result, the relationship between investments in human capital and labor productivity of personnel was proven. Social programs within the framework of internal corporate social responsibility affect the interest of employees in labor relations, increase motivation, level of involvement and activity of personnel. Furthermore, the analysis revealed and proved the connection between investments in sustainable development of the enterprise and revenue. Social security of employees and satisfaction with working conditions motivates them to work more conscientiously, increase the level of involvement and activity of personnel. Thus, the efficiency and quality of work performed by personnel increases, and this in turn has a positive impact on the financial results of the company.

The Relationship Between Public Debt and Economic Growth in Tanzania

This study examines the dynamic relationship between public debt and economic growth in Tanzania, focusing on causal links between the two variables and exploring potential debt thresholds. Using quarterly time series data from March 2005 to June 2022, we employ individual unit root and Johansen’s cointegration tests to establish long-term relationships. We estimate the Vector Error Correction Model and conduct the Granger causality test. The Threshold Model explores the debt threshold. Our findings reveal a significant positive long-term relationship between the two variables, with the direction of causality running from economic growth to domestic debt. Notably, the positive impact of domestic debt is pronounced when the domestic debt-to-GDP ratio falls between 31.3% and 35.2%. Beyond this threshold, the established relationship becomes statistically insignificant. The paper advocates leveraging debt financing to support productive investments for long-term economic growth. This recommendation holds significance for Tanzania and other countries across sub-Saharan Africa. However, it is crucial to undertake tailored country analyses that account for the distinct socioeconomic and political landscapes of the region's economies. These tailored analyses give valuable insights for domestic economies and global financing institutions, facilitating the formulation of context-specific debt management strategies that contribute to sustainable economic growth.

Lesson from Crude Oil Treasure Failure in 2020

After the 2020 pandemic, the Chicago Mercantile Exchange (CME) changed its trading rules, allowing the negative oil price mechanism in the futures market. That same month, Bank of China's (BOC) "Crude Oil Bao" investment product brought huge losses to investors, exposing the product's risk management flaws. The purpose of this report is to conduct a comprehensive study of the factors that led to the losses suffered by Chinese investors in international crude oil product trading. It delves into the operational dynamics of these financial industry institutions, as well as the perspectives of Chinese banks and retail investors affected by the incident. Finally, recommendations are made to strengthen risk management measures in response to events such as the Crude Oil Treasure, with the aim of helping commercial banks to improve their product design methodologies. The article provides valuable insights into understanding financial product failures and offers guidance on mitigating risk.

HERDING BEHAVIOUR MARKET INFORMATION AND INDIVIDUAL INVESTOR DECISION-MAKING AT THE NAIROBI SECURITIES EXCHANGE

This paper examined the relationship between herding behaviour and individual investor decision-making at the Nairobi Securities Exchange. In addition, the study assessed the moderating effect of market information on the relationship between herding behaviour and individual investor decision-making at the Nairobi Securities Exchange. The study was anchored on behavioural finance theory and was guided by a correlational research design. The study's target population was 2.03 million individual investors who traded at the Nairobi Securities Exchange through the 17 licensed brokerage firms in Kenya. A structured questionnaire was used to collect data and Internal consistency of the instruments was measured using Cronbach’s alpha coefficient, where a coefficient of 0.865 was obtained. The obtained data was analyzed descriptively using frequencies, means, and standard deviation and inferentially by correlation and multiple regression models. The findings revealed that herding behaviour (r = 0.235; β =0.180 p<0.05) had a positive and significant relationship with individual investor decision-making. Jointly, the study established that herding behaviour explains a 59.6% change in individual investor decision-making. In addition, the study established that market information had a positive significant moderating effect on the relationship between herding behaviour and individual investor decision-making as the moderator increased the R2 from 59.6% to 61.0%, which is an R-square change of 1.4%. The study concluded that herding behaviour had a significant relationship with individual investor decision-making at the Nairobi Securities Exchange. The study recommended that investors understand market trends, financial statements, and economic indicators and continue seeking advice from financial experts. NSE should also provide regular market analysis, ensure transparency in market operations to build investor confidence and introduce investment products that cater to different risk profiles, such as low-risk mutual funds. The findings of the study could be of significance to policymakers, financial experts, academicians, scholars, and theoretical developments.