Market Regulation Research Articles

Teleworking Dynamics in Spain: Pre and Post-Pandemic Insights

Significant advances in teleworking have received a lot of attention, particularly in the post-COVID-19 age. This research aims to shed light on the teleworking landscape in Spain, providing a comprehensive analysis from 2017 to 2020. Using data from the Spanish Labor Force Survey (SLFS), our study investigates the likelihood of teleworking, with a strong emphasis on individual characteristics. Our findings are varied. Notably, we discover a potential short-term increase in teleworking between 2017 and 2019, a phenomenon that assumes significant significance in the context of the global pandemic in 2020. We use probabilistic regressions that control for a variety of sociodemographic factors to identify the determinants of telework. Surprisingly, we discover that family composition, including the presence of children, has only a minor impact on the likelihood of teleworking. Furthermore, our research indicates a significant shift in gender dynamics, with women showing an increased proclivity to telework in the critical year 2020. Occupation emerges as a key factor, with highly skilled, educated workers in telework-friendly roles experiencing a significant increase in teleworking likelihood in 2020. Gender differences in teleworking, on the other hand, persist, implying more complex occupational dynamics such as contract type, sectoral differences, and work commitment. Our research differentiates three occupational categories: jobs that are naturally suited to teleworking, jobs that require physical presence, and jobs with untapped teleworking potential. We contribute valuable insights to the ongoing debate on remote work in a rapidly changing world by delving into the nuances of telework adoption. While our study offers valuable insights, it’s important to consider these limitations when interpreting findings and implications for telework legislation and practices. Telecommuting, like any labor market regulation, requires thorough scrutiny due to its dual nature.

Who is being targeted by alcohol social media marketing? A study of Chinese young adults in Hong Kong.

Due to the widespread use of social media by young adults, the alcohol industry has been increasingly using social media marketing (SMM) to target potential customers. This study examines the prevalence and factors associated with past-month exposure to alcohol SMM among young Chinese adults, a group with rapidly increasing uptake of alcohol consumption. An anonymous, random telephone survey was conducted between June and August 2021 on Hong Kong Chinese residents between 18 and 34 years old (n = 675). Of respondents, 52.3% reported past-month exposure to alcohol SMM (68.6% of past-month drinkers and 48.0% of non-past-month drinkers, p < 0.05) while 71.6% reported exposure to non-SMM alcohol marketing. Direct alcohol SMM exposure was reported by 40.9% (e.g., business-to-consumer postings, alcohol banner ads) while 27.4% of respondents reported exposure to indirect alcohol SMM marketing (e.g., shared/'liked' alcohol brand posts). Of those exposed to alcohol SMM, 13.7-15.5% reported that the various forms indirect alcohol SMM influenced them to drink more (vs. 6.2-8.9% for direct alcohol SMM). Being male, lower-income, university educated and spirits/cocktail drinker were independently associated with exposure to direct alcohol SMM (ORmv 1.71-3.14). Past-month exposure to indirect alcohol SMM was independently associated with lower income, not working full-time and drinking any type of alcohol (ORmv 1.59-4.44). The comparative effectiveness of indirect SMM on influencing young adults drinking intentions may be a form of peer endorsement of drinking. The pervasiveness of alcohol SMM and lack of alcohol SMM policies may indicate the need for greater alcohol marketing regulation in this region.

ACCOUNTING FOR BUSINESS ETHICS AND SUSTAINABILITY (A4BES): HARMONIZING ACCOUNTING FOR THE INTERESTS OF SHAREHOLDERS AND NON-SHAREHOLDER STAKEHOLDERS

The purpose of this study is to introduce a framework that assists corporate managers in transforming the promised benefits of sustainability reports into future financial performance by aligning the interests of shareholders and non-shareholder stakeholders. This descriptive study proposes a framework to investigate the stakeholder harmonization process undertaken by managers, with a pilot study focusing on Indonesian mining companies using content analysis methodology. The study hypothesizes that managers' disclosures in sustainability reports reflect their success in achieving stakeholder harmony. Modern corporate managers accomplish stakeholder harmonization by reporting on both financial performances and non-financial performances, I called them Business Ethics and Sustainability (ABES) performances. They provide outcome-based performance information on A4BES performances. The study found that Indonesian mining companies typically disclose more information than required by the capital market regulation on sustainability reporting. Mining managers, categorized as conventional managers at the second level of the stakeholder harmonization process, report over 50% of A4BES accounts but often omit outcome-based performance information. This study extends sustainability accounting literature on stakeholder theory by examining how management processes balance the interests of shareholders and non-shareholder stakeholders.

THEORETICAL ASPECTS AND ESSENTIAL DEFINITIONS OF REGIONAL ECONOMY STATE REGULATION IN MACROECONOMIC INSTABILITY CONTEXT

Objective. The objective of the article is to analyze and systematize the theoretical aspects and essential definitions of state regulation of the economy of regions in the context of macroeconomic instability, as well as to determine the basic principles of effective management of regional policy in the context of macroeconomic instability. Methods. The following methods are applied to conduct the research: the analysis method (to study the theoretical aspects and determine the essential definitions of the state regulation of the economy of the regions), the induction method (to highlight the areas of application of methodological approaches to the assessment of the effective management of regional policy in conditions of macroeconomic instability and to define key concepts which are based on scientific approaches to the state regulation of the economy of regions in conditions of macroeconomic instability) and a graphic method (for building a refined scheme of the components of macroeconomic instability of regions and expanding the directions for overcoming them). Results. Macroeconomic instability is characterized by significant fluctuations in key macroeconomic indicators which may be caused by internal and external economic, political, and social factors. Macroeconomic instability affects regional development due to reduced investment, reduced budget revenues, increased unemployment and social tension. In order to achieve socio-economic stability and successful development of the region, state regulation should ensure successful overcoming of macroeconomic instability by forecasting crisis phenomena, preventing them and creating reserves in advance to eliminate their consequences. The key factor is the definition and consideration of all components of macroeconomic instability. The proposed sixth component of regional macroeconomic instability - military instability - requires the development of comprehensive security strategies, including strengthening the country's defense capabilities, providing social and economic support for affected regions as well as active international cooperation for post-war reconstruction, maintaining peace and stability. It is also important to deal with issues of reintegration of the affected territories and population, restoration of infrastructure and economic activity in conflict zones.

A dataset of statistics of egg breeding farms in China from 1998 to 2020

Historical statistics of egg breeding farms are important for future market regulation and advancing the high-quality development of the egg industry. This dataset uses data from the China Animal Husbandry and Veterinary Yearbook(China Animal Industry Yearbook) to compile and organize statistical data of egg breeding farms from 1998 to 2020. The data have processed using Excel software for organization, summarization, review, and other necessary operations. Following the basic principles of completeness and consistency, the data underwent processing and quality checks. Furthermore, multiple linear regression analysis was then conducted using SPSS software to address missing data. In this way, we obtained a dataset of statistics of egg breeding farms in China from 1998 to 2020. The dataset comprises three data files, involving statistics on the number, year-end stock, and slaughter volume of breeder farms, grandparent and above egg farms, and parent egg farms in 31 provinces (autonomous regions and municipalities directly under the central government) across China, with a total of 61 data items. This data set can provide data support for the regional distribution of breeder farms, forecasting the trends in the egg industry, and formulating research on production planning and industrial layout strategies.

Economic viability and factors affecting farmers’ willingness to pay for adopting small-scale biogas plants in rural areas of Cameroon

This study provides an in-depth economic analysis to aid decision-making in the adoption of small-scale biogas technology in rural areas of Cameroon. It also provides evidence of the field investment characteristics of the biogas energy supply in rural areas of Cameroon. The methodology focused on assessing the economic viability of different sizes of biogas plants and the willingness of farmers to pay for the same. A sample of 180 farmers was selected for the study. Data collection was carried out from December 2020 to May 2021 using a questionnaire survey and participant observation. The results show that all small-scale biogas plants are economically viable. Benefit-cost ratios were 1.01, 1.19, 1.50, 1.02, 1.21 and 2.04 for the 4 m3, 6 m3, 8 m3, 10 m3, 20 m3, and 25 m3 biogas plants. The net present values in US dollars (USD) were 959, 1790, 2695, 2658, 6047, and 12267 for the 4 m3, 6 m3, 8 m3, 10 m3, 20 m3, and 25 m3 biogas plants, respectively. The internal rate of return was higher than the applied discount rate of 12 %. The minimum payback period of 2.24 years was recorded for the 25 m3 while the maximum of 3.37 years was recorded for the 10 m3 biogas plants, respectively. With a disproportionate increase in the cost of biogas plants by 20 % and a 20 % decrease in benefits with a discount factor, the net returns are positive, indicating that all biogas plants are economically viable. The mean willingness to pay is estimated at 13 USD or 8000 FCFA. This resulted in an average repayment period of 11.5 years. The provision of extension services, financial incentives, and regulation of the small-scale biogas market will motivate farmers to adopt the technology.

DEVELOPMENT OF DOMESTIC INFRASTRUCTURE FOR THE COLD SUPPLY CHAIN OF PERISHABLE PRODUCTS

The purpose of the work is to analyze the cold supply chain of perishable products (PP) of the agro-industrial complex (AIC) of the country, to assess the volume of production of SPP that requires compliance with the temperature regime; to analyze the transportation of perishable goods of the Republic of Kazakhstan by all modes of transport, to analyze the load capacity of refrigerated vehicles in the country, to identify problems of storage and transportation infrastructure in the supply chains of the PP, to determine the directions of their development, to develop recommendations for improving the efficiency of functioning and development of the infrastructure of the cold chain. The work uses statistical and analytical methods of generalization and comparative analysis, an expert survey. The paper provides recommendations for business and the state to improve the areas of the cold chain of the PP, namely: it is necessary to create an authorized state body, which will be entrusted with the authority to develop the running chain of food products, to address issues of regulation of the cold chain market; the adoption of new regulatory documents to improve the turnover of the PP; investments in the running chain, training. Keywords: perishable products; supply chain; logistics infrastructure; vegetable store; food warehouse.

Asymmetric Analysis of Causal Relations in the Informality–Globalisation Nexus in Africa

This study examines the causal relationship between informality and globalisation in 30 African countries. It deviates from traditional research by adopting a bi-directional framework to address reverse causality. By applying the DH causality method in both linear and nonlinear frameworks, this research challenges the assumption of a linear relationship and finds that the causal structure is better explained within a nonlinear asymmetric context. This paper provides recommendations based on the identified causal relationships. For countries in which globalisation leads to informality, such as Angola, Congo, Guinea, Gambia, Mozambique, Sierra Leone, Tunisia, Tanzania, Uganda, Zambia, and Zimbabwe, the paper suggests policy measures to integrate the informal sector into the formal economy. These measures include designing programmes to facilitate transition, implementing skill development initiatives, and establishing support mechanisms for entrepreneurship and small businesses. Additionally, this paper advises the development of social safety nets, improved market access, effective monitoring and regulation mechanisms, education on the benefits of globalisation, and international cooperation. For countries experiencing positive shocks from informality to globalisation, this paper recommends targeted support programs for entrepreneurship, initiatives to formalize the sector, the enhancement of market access, and skill development tailored to the needs of the informal sector. These policy recommendations aim to capitalize on the positive shocks in informality by fostering entrepreneurship, formalization, market access, and skill development. In the case of negative shocks in globalisation leading to positive shocks in informality, the paper suggests implementing resilience-building policies for the informal sector during economic downturns, establishing social safety nets, and adopting flexible labour policies.

Income differentiation in Kazakhstan: an in-depth examination of its economic and social drivers

This study comprehensively identifies and quantitatively assesses the factors influencing income differentiation in Kazakhstan, demonstrating the multifaceted relationships between income inequality and various economic indicators. Utilizing quantitative research methodology, the investigation employs an Autoregressive Distributed Lag model to analyze the impact of GDP, real income, social aid, migration, and inflation on the Gini index of Kazakhstan from 2001 to 2022. Data was sourced from the Bureau of National Statistics, ensuring a robust and reliable foundation for the analysis. The investigation highlights the relevance of addressing income inequality in pursuing economic growth balanced with social justice, emphasizing global commitment to sustainable development goals. The results show that GDP growth and migration contribute to reducing income inequality, whereas increases in real income and, unexpectedly, social assistance are associated with higher inequality levels. Inflation's impact on income inequality was statistically insignificant, suggesting its effects may be ambiguous depending on other conditions. Overall, the findings advocate for developing multilevel strategies and policies aimed at reducing income inequality, encompassing economic measures, social investments, and improved labor market regulation to achieve more equitable and sustainable economic development in Kazakhstan.

Research on optimization ideas and paths of China's UAS standard system construction

As a leading industry of low-altitude economy and an emphasis area of consumer goods trade-in, in recent years, the Unmanned Aircraft System (UAS) industry has successively received the attention of the Standardization Administration of the P.R.C, the State Administration for Market Regulation and other departments, which have all emphasized the importance of giving full play to the leading role of standards. Up to now, the construction of China's UAS standard system has made great progress, and 126 key standards that are urgently needed by the market and support supervision have been formulated and revised in a timely manner, but the following problems still exist: the standard terminology is not yet unified, the way of prioritizing the formulation and revision is too simple, the content of the standard system is still imperfect, and there is a lack of a unified public service platform for standard information. In order to solve these problems, this paper combines the new international standardization construction experience of the European, the United States and other countries, and puts forward the corresponding optimization ideas for the construction of the UAS standard system, so as to promote the healthy and orderly development of the UAS industry.

Does Regime-Dependent Volatility Drive Dynamism in Investor Herding?

The existing literature on herding often uses the static model to test herd behaviour in the Indian market context. Hence, the objective of this paper is to investigate the dynamic herd behaviour for S&amp;P BSE 500 from 2009-2023 using the Markov Regime Switching model. Results exhibit the occurrence of three regimes, namely, high, low, and extremely volatile regimes. Findings suggest that the Indian market moves into the order of low, high, and extreme volatility (LHC), similar to other developed countries. This has implications for investors to either exit from the market or reframe their portfolio through hedging techniques before the market enters into extreme volatility. Moreover, the results exhibit anti-herding in high and low-volatile regimes. Our study discloses the presence of herding in crashes or extremely volatile regimes, showing that Indian investors start following each other during crash-like situations. This research is significant for individual investors, portfolio managers, and stock market regulators.

MEASURES OF INFLUENCE FOR VIOLATION OF FINANCIAL MONITORING BY BANKS IN UKRAINE

The research examines the organizational principles of building a system of influence measures for violations of financial monitoring by banks in Ukraine, analysis of fines imposed on banks in the field of financial monitoring, and judicial practice of challenging the applied influence measures for the period from 2018 to 2023. This subject of research was chosen due to the impossibility of effective functioning of the national system of financial monitoring without an effective regulation mechanism. An integral part of market regulation is the implementation of influence measures adequate to the committed violation. The application of influence measures and control over the implementation of corrective actions contribute to the strengthening of the national financial monitoring system. The relevance of the study is determined by the heterogeneity of the functioning of financial monitoring systems in different jurisdictions, the involvement of a wide range of reporting entities in this process, the constant development in the field of financial monitoring due to the digital transformation of the provision of financial services. A wide list of influence measures, which the financial regulator has the right to apply to banks according to Ukrainian legislation, was revealed, including a ban on carrying out certain types of operations, removing management from their positions, classifying the bank as problematic or liquidating the bank. However, in practice, the use of influence measures in the form of written warnings and fines prevailed. The National Bank of Ukraine, as a rule, applied fines in the case of problems of banks with the implementation of measures for customer due diligence and poor banking analysis of financial transactions of clients. The ultimate goal of most schemes, which, according to the National Bank of Ukraine, violated the legislation in the field of financial monitoring, was the conversion of non-cash funds into cash. Banks appealed the decision of the financial regulator only in case of significant fines. At the same time, the courts made different decisions in similar situations, which indicates the absence of a unified position of the judicial system regarding the legality of the application of fines to banks for violations in the field of financial monitoring.

The Legitimacy Boundary of Government Intervention in Price

The tourism market has become an important driving force for local economic growth, thus local governments have intensions to promote the development of local tourism industry by intervening in tourist hotel room prices during major holidays. Through four events, three modes of local government intervention in hotel prices can be summarized: first, the government takes administrating price replaces the market regulation price mechanisms; second, the government takes restrictions on the pricing rights of operators while maintaining market regulation price mechanisms; third, under the market regulation price mechanisms, the governments exhort operators to exercise price self-discipline. The second model contains potential risk of breaking price rule of law because price mechanism and pricing rights of operators are confirmed by constitution. The three modes have caused intuition chaos between regions and make a consequence in dividing the nationwide tourism hotel market into fragments. Under the requirement of constructing unified national market, the order of hotel price should be maintained from unified, legal, and diverse dimension.

THE IMPACT OF LABOUR MARKET REGULATIONS ON THE MACROECONOMIC PERFORMANCE OF TÜRKİYE: AN ARDL BOUNDS TEST APPROACH

The relationship between labour market regulations and macroeconomic performance is accepted as a complex and controversial issue in the economics literature. The research investigates the effect of labour market regulations on Türkiye’s macroeconomic performance during the period of 1980–2021, using the Labour Market Regulations Index (LMRI), which reflects the flexibility or rigidity of the labour market regulations and based on seven dimensions, and the Macroeconomic Performance Index (MPI) measured by the Magic Hypercube (MH) method, incorporating four aspects of economic performance which are economic growth, current account, inflation, and unemployment. The research employs the Autoregressive Distributed Lag (ARDL) model to examine the existence and direction of cointegration relationship between LMRI and MPI and finds out that there is a cointegration between them. Still, when checked in detail, it seems that labour market regulations do not have a statistically important long-term effect on Türkiye’s macroeconomic performance.

Informality and aggregate productivity: The case of Mexico

This paper develops and estimates a quantitative model to analyze the aggregate productivity consequences of informality in Mexico. While informality is typically viewed as prevailing solely among small firms, we use rich census data to document a high and rising share of large informal firms between 1998 and 2013. The model is quantified using the observed size and productivity distributions of both informal and formal firms. We use the model to assess the role of changes in labor market regulations, entry costs and enforcement in contributing to the rise in informality and decline in TFP in Mexico from 1998 to 2013. We find that the factors most important for the decline in aggregate productivity were not important drivers of the increase in informality, and conversely, the factors most important for the increase in informality had little impact on aggregate productivity. Regulatory changes during the 2000s contributed to over a third of the observed rise in the informal employment share, but with small aggregate productivity consequences. In contrast, rising entry costs account for a third of the decline in TFP from 1998 to 2013, but had little impact on informality.

In situ performance evaluation of a solar water heating system for a hospital laundry in the Sahel

There is a limited number of empirical studies on the actual energy output of solar water heating systems (SWHSs). In the Sahel, where solar potential is abundant, the transition to sustainable energy solutions requires comprehensive evaluations of SWHSs, including their economic viability. Such assessments are crucial for informed decision-making by stakeholders and for facilitating the widespread adoption of SWHSs, including their integration into industrial processes. This paper presents a year-round experimental study assessing the real-world performance and economic viability of a SWHS integrated into a hospital laundry in Ouagadougou, Burkina Faso. The primary aim of the study is to analyse the practical performance of the integrated collector storage (ICS) SWHS and evaluate its economic viability. The performance of the ICS SWHS is monitored over the course of a year. Data collection included measurements of solar irradiation, ambient temperature, inlet and outlet water temperatures, and energy output of the SWHS. Economic assessments considered factors such as installation costs, energy savings, and payback periods. Environmental implications were evaluated through the estimation of avoided CO2 emissions. The ICS SWHS achieved an efficiency of 38 % and a solar fraction of 17 %, resulting in approximately 1.3 t of avoided CO2 emissions annually. Economic assessments revealed extended payback periods, leading to exploration of alternatives. Subsequently, a water-in-glass evacuated tube collector (ETC) system, deemed more cost-effective, was selected and it indicated superior energy production. Preliminary results suggest compelling payback periods for the ETC system, ranging from 3.1 to 4.5 years under realistic scenarios. The study underscores the significance of practical experimentation, appropriate technology selection, and improved market regulations for informed decision-making. SWHSs present a promising avenue for sustainable energy solutions in the Sahelian region and beyond, offering both economic benefits and environmental impact.

Comparative Analysis of Deliverable and Non-Deliverable Contracts in the Hong Kong Trading Market - Taking RMB as an Example

NDFs are over-the-counter traded foreign exchange derivative products. The settlement of an NDF contract does not involve the delivery of the underlying currency pair. Instead, it involves a net payment in a convertible currency (usually the US dollar), which is proportional to the difference between the agreed forward exchange rate and the subsequently realized spot fixing. Hong Kong's geopolitical location as an outlet that connects mainland China to the world gives it an essential role in researching CNY's international features Hong Kong's trading market serves as a crucial link for the expansion of RMB usage, with the resulting shifts in positions supporting the interpretation of the role of RMB in the process of globalization of the currency, as well as the interpretation of financial markets. This study examines how the Hong Kong market serves as a critical hub for the currency's global integration through its trading of RMB, and focuses on the interplay between market regulations, economic policies, and the intricate balance of supply and demand affecting deliverable (CNY and CNH) and non-deliverable forward (NDF) contracts. The research findings reveal that the examination of transaction data from Hong Kong's commodity exchange demonstrates a complicated interconnection between deliverable (CNY and CNH) and non-deliverable forward (NDF) contracts. This intricate relationship highlights the Chinese Yuan's (RMB) fluctuating role in the market, influenced by factors such as market sentiment, regulatory changes, and economic conditions. In essence, the RMB's trading volumes and value in this setting reflect its sensitivity to both domestic and international market shifts.

Microeconomic analysis of ridesourcing market regulation policies

We develop a microeconomic model of competition between ridesourcing, public transport, and cruising taxis to analyse how alternative ridesourcing regulation policies affect not only the ridesourcing service but also other modes of transport. To maximise social welfare in a framework with congestion externalities, we analyse three alternative regulation policies (i) a charge as a percentage of the ridesourcing trip fare (ii) a fixed charge per ridesourcing trip, and (iii) a fixed charge per ridesourcing vehicle. A randomised search algorithm is programmed and simulations are performed considering the base case of the Metropolitan Region of Santiago de Chile. We find that for the case of speeds below 9 km/h, the market power of the platform is dominated by the congestion externality effect, which leads to an optimum where the regulator charges a tax to the platform. In turn, waiting time for ridesourcing increases, but congestion decreases. Lower congestion scenarios lead to a ridesourcing subsidy, in which the regulation policy increases the number of ridesourcing drivers and reduces waiting time, at the cost of increasing congestion. For a given scenario (either low-congestion or high-congestion), we find that the profits of the agents involved (ridesourcing platform and drivers, taxi drivers, and bus operator) are sensitive to the type of regulation applied, however the total social benefit and consumer surplus are largely insensitive to the regulation adopted, therefore policymakers could take into account, for instance, the effects on the financial situation of the public transport sector when deciding which type of regulation instrument to apply to the ridesourcing sector.

Time-varying connectedness between sport cryptocurrency and listed European football stocks: evidence from a LASSO-VAR approach

ABSTRACT Digital assets and the traditional financial sectors are increasingly interacting. In the field of cryptocurrency, the combination with the sports industry has received attention from fans and clubs, media, and academic circles. Based on the LASSO-VAR model which is suitable for large samples, this article investigates the connectivity between sports cryptocurrency Chiliz (CHZ) and listed European football club stocks. The results show that there is a certain interrelatedness among the selected assets, and it becomes closer with the outbreak of major emergencies. In addition, CHZ is a net recipient of spillovers, while club stocks show diversification. Our results are helpful for club fans, individual and institutional investors, market regulators, and policymakers to make correct decisions.

Особенности регулирования финансовых рынков в условиях цифровизации

The article is devoted to the peculiarities of financial market regulation in the context of digitalization, as well as the peculiarities of the influence of digital instruments on various segments of the financial market. The paper examines new trends and transformations in the credit, monetary, stock and insurance markets; provides examples of indicators for analyzing the effectiveness of its regulation, as well as examines in detail the impact of digitalization on the insurance market and the banking system (within the credit market) and the main risks arising in digital financial services. To assess the effectiveness of financial market regulation, the author proposed to apply an individual and comprehensive approach.