Share Of Assets Research Articles

Patent Activity of the Region as a Driver of Development of the Russian Economy

Introduction. Objects of Intellectual property bring significant finan­cial benefits to their owners through the sale of rights to this type of property and the conclusion of licencing contracts. At the same time, they play a big role in sustainable development of economy of regions as well. Creation of an active market of objects of intellectual property will allow the regions to reach a new level of development, character­ised by the emergence of IP-intensive industries that allow ensuring not only the growth of GRP, but also the level and quality of life of residents. However, this will require regional authorities to build an ef­fective intellectual property management system. Assessment of the region's achievements in the development of the regional intellectu­al property market will allow both identifying leaders and analysing their experience, and forming recommendations for outsider regions. To form such rating, it is proposed to calculate the index of patent activity of regions. Methods. The choice of the method for calculating the index is based on analytical studies of the methodologies for com­piling ratings of regions based on aggregate indices. Induction method was used for selection of indicators. The systematic method allowed determining the influence of intellectual property on the obtained so­cio-economic effects. Results and Discussion. Based on the assess­ment of the constituent entities of the Russian Federation in terms of the indicators characterising their patent activity, indicators were formed that served as the basis for calculating the index, upon which the rating of the constituent entities of the Russian Federation will be built. The key tasks are to assess the conditions created in the region, which contribute to the growth of the number of companies with a high share of intangible assets, including in sectors of strategic importance for the development of the region. Conclusion. A system for assessing the patent activity of a constituent entity of the Russian Federation is proposed, on the basis of the results of which it is possible to formulate decisions on state regulation and the implementation of measures to support the creation and introduction into economic circulation of the results of intellectual activity.

Optimal solution of the liquidation problem under execution and price impact risks

We consider an investor that trades continuously and wants to liquidate an initial asset position within a prescribed time interval. As a consequence of his trading activity, during the execution of the liquidation order, the investor has no guarantees that the placed order is executed immediately; it may go unfilled, partially filled or filled in excess. The uncertainty in the execution affects the trading activity of the investor and the asset share price dynamics generating additional sources of noise: the execution risk and the price impact risk, respectively. Assuming the two sources of noise correlated and driven by the cumulative effect of the investor trading strategy, we study the problem of finding the optimal liquidation strategy adopted by the investor in order to maximize the expected revenue resulting from the liquidation. The mathematical model of the liquidation problem presented here extends the model of Almgren and Chriss [Optimal execution of portfolio transactions. J. Risk, 2000, 3(2), 5–39] to include execution and price impact risks. The liquidation problem is modeled as a linear quadratic stochastic optimal control problem with the finite horizon and, under some assumptions about the functional form for the magnitude of execution and price impact risks, is solved explicitly. The derived solution coincides with the optimal trading strategy obtained in the absence of execution uncertainty for an asset price with a modified growth rate. This suggests that the uncertainty in the execution modifies the directional view of the investor about the future growth rate of the asset price.

Formation of information base of financial risk controlling in agricultural organizations using the model of integrated financial risk assessment

Subject. The article describes the development of algorithm for implementation of a model for integrated assessment of financial risk in agricultural organizations. Objectives. We aim at defining the integrated index of financial risk assessment, based on indicators of financial risk controlling, as a system of monitoring the risk factors in the financial activities of the organization, to create the informational base of financial risk controlling. Methods. The study rests on methods of statistical analysis, namely representative sampling and grouping. Results. The paper defines the integrated indicator of financial risk assessment on the basis of indicators of financial risk controlling and its parameters, in particular, the multi-factor indicator that includes the product of unilaterally directed values of indicators of return on sales, the share of current assets in total assets, the ratio of other income and other expenses. We determine an algorithm for implementing a model of integrated assessment of financial risk and updating the financial risk controlling. Conclusions. High risks, including seasonal risks, and revenues from government budgets, influence the financial result of agricultural organizations. Non-core income and expenses have a significant impact on the final result, which should also be taken into account, when assessing the financial risk. Our conclusions are underpinned and confirmed by calculations. They can be used in strategic planning for funding sources and areas of financial resource distribution to mitigate the overall financial risk.

Does Backward Integration Improve Food Safety of the Tea Industry in China in the Post-COVID-19 Era?

China is the largest tea producer in the world; however, tea quality and safety issues have caught broad attention due to pesticide overuse in the growing stage. In order to control the quality and safety of their raw inputs, tea-processing firms in China are expanding their own plantations. Does this backward integration (BI) improve the food safety performance of the tea firms in China? Based on the transaction cost theory, we empirically investigate the effect of tea firms’ BI on their food safety performances, using data from 246 tea firms collected via an online survey in 2021. Controlling the basic background situation and firms’ characteristics, the empirical regression results, when controlling for the self-selection bias, support the hypothesis that BI can improve the food safety performance of the tea industry when it reaches the effective integration level, specifically, 80% or higher. Other factors include that the private brand and asset share of the plantation would also help reduce the firms’ food safety problems. Therefore, the government may consider supporting firms’ BI in the development of tea plantations through one-time subsidies and/or land and labor coordination, so as to improve the food safety situation and industry efficiency.

Financialization, accumulation, and shareholding changes in companies and corporate groups in the Brazilian health sector

This study aims to analyze the shareholding dimension of changes in companies and corporate groups in the Brazilian health sector from 2008 to 2017. The idea was to understand the strategies of accumulation in a context of financialization, defined as a systemic pattern of wealth in contemporary capitalism. The shareholding changes were submitted to descriptive and exploratory analysis based on different sources. We studied 58 companies from the subsectors of health plans, pharmacies, hospitals, diagnostics, pharmaceutical industry, and social organizations. Data were collected on the legal structure, ownership, and control, equity operations, and economic and patient care activities. Despite the heterogeneity of the companies and their strategies, the results point to an increase in the presence of domestic and international investors, changes in internal organization, capital, financing, and diversification of activities. The companies that stood out were actively pursuing capitalization via foreign investments, purchase and share of assets and shares, and mergers and acquisitions, accelerating the process of expansion, accumulation, and shareholding and financial appreciation. The result is an increase in capital flows and growing integration of economic and patient care structures in the Brazilian health sector with financial circuits, thereby linking peripheral intermediate companies to an expanded process of accumulation under financial dominance. The findings corroborate striking aspects of corporate dynamics in financialization that increasingly influence health systems in Brazil and the world.

Innovative Accounting and Audit of the Metaverse Resources

Active use of virtual electronic information environments – metaverses is the most perspective way of information and communication technologies development. In the meta-environment, traditional accounting objects undergo significant changes due to their intangible interpretation, which requires improving their accounting and auditing reflection. Accordingly, the purpose of this study is to improve the methodology and organization of accounting and auditing in the metaverse in terms of identification, recognition, and reflection in the accounting system of non-current intangible assets, goodwill of IT companies, NFT (non-fungible tokens), cryptocurrencies, sales costs and other objects in the meta-environment. To implement the purpose of scientific research, systemic, innovative, and institutional approaches and economic and mathematical modelling, bibliographic and comparative analysis have been used. Given the significant public distrust and active threats in the digital business, the need to introduce an audit in the metaverse to ensure the reliability, integrity, and legitimacy of information flows is justified. The possibility of recognizing from the standpoint of accounting and auditing of all virtual tools and objects of work that carry out the cycle in the meta-environment in the form of NFT, assets due to: uniqueness and separation from other accounting objects; opportunities for free purchase (sale) in the meta space, potential economic value in the case of retention and accumulation; reliable determination of value based on costs, sales contract or expert (market) assessment. It is proposed to classify NFT according to the criterion of useful life on non-current and current assets with the appropriate reflection in the composition of non-current and current intangible assets. The prospects of personalized marketing promotion of products (goods, services) in the metaverse with separate accounting of costs for the sale of tangible and intangible objects to ensure the reliability, analytical, and comparability of accounting information have been defined. As a result, a conclusion was formed on the expediency of transforming the reporting structure of meta-environment enterprises in terms of increasing the share of intangible assets and the potential absence of any tangible assets in terms of the full transfer of financial and economic activities in a virtual environment. The order of structuring the reporting of the enterprises of the metaverse needs further research.

THE INSURANCE MARKET OF UKRAINE UNDER THE CONDITIONS OF THE STATE OF MARTIAL

The purpose of the article is to study the peculiarities of the regulation of insurance activity in Ukraine under martial law and to determine the prospects for the development of national insurance. This article examines the theoretical aspects that define insurance markets and their structure. The dynamics of the number of insurance companies by type and the main indicators of the insurance market are presented in detail.To analyze the state of the insurance market, the amount of insurance premiums and insurance costs, the number of concluded insurance contracts, the amount of income, the share of total insurance premiums, insurance reserves and assets of insurance companies are taken into account. Factors affecting the insurance market of Ukraine are considered. The rating of the leaders of insurance companies of Ukraine by net premiums is given. A number of problems were identified that must be solved to ensure the competitive functioning of insurance markets. In order to overcome the problems of the effective functioning of the insurance market of Ukraine, the methods of improving its activity are given.At the theoretical level of research, it is possible to highlight insurance activity in Ukraine, as it is based on the norms of the Law on National Insurance, the development of which in the pre-war period took a difficult path, but provides a reliable basis for insurance even in the conditions of martial law. Furthermore, there is no doubt that, despite the martial law, there is still room for further development of insurance, especially as an investment vehicle. It looks promising to attract the investment opportunities of insurance companies to restore the nationwide network of medical and pharmaceutical institutions destroyed by the war. Reasoned opinion, the state can introduce new state securities, focusing on insurance investors, etc., the funds will be directed to the restoration of the state health care system

ПРОБЛЕМИ РОЗВИТКУ СТРАХУВАННЯ ЖИТТЯ В УКРАЇНІ ТА ШЛЯХИ ЇХ ВИРІШЕННЯ

Today, insurance is a source of enrichment for the state's economy, not just an instrument of financial protection. The article examines the essence of life insurance and the relevance of life insurance in Ukraine. Life insurance is insurance that protects the property interests of the insured person related to his life and death. In order to insure the life of any person, you need the presence of insurance interest in it from the insured. The analysis of the insurance market is investigated. The insurance market showed a moderate increase in the volume of eligible assets and insurance reserves. At the same time, the assets of life insurers are constantly growing, despite the corona crisis. As for the assets of Non-life insurers, there is a slight reduction. The volume of total assets of insurers, the structure of accepted assets, insurance premiums and insurance payments of insurance companies, the amount of paid insurance payments are analyzed. The structure of eligible assets consists of more than 50% of bank deposits. This is due to both profitability and a detailed study of the supervision of the encumbrance and availability of such deposits and not including them in eligible assets. Stably high share in eligible assets belongs to real estate, which is partly represented by land and residential real estate, which are regularly revalued. The life insurance market is not large and has a high concentration, so a list of the largest risk insurers by gross premiums, life insurers by premiums, life insurers by benefits. At the same time, at the moment there are a number of problems in the Ukrainian insurance market that do not allow this type of activity to develop at the same level as in developed countries. The solution of the selected problems is possible only by combining the efforts of the state and insurance companies. A number of necessary measures have been proposed to increase the efficiency of life insurance in Ukraine. Namely: to enable insurance companies to participate in solving social problems, the state should increase the requirements for insurance companies and the necessary interesting and attractive insurance programs that would meet the needs of the population, would respond to new social problems.

Сучасні тенденції розвитку підприємств в Україні

In the conditions of permanent changes caused by instability as a result of the war and an increase in the uncertainty of the business environment, the development of enterprises is changing dramatically. The article elaborates an interpretation of the development of enterprise as a process of quantitative, qualitative and structural changes in its state (potential) and functional activity to achieve the established vision and goals (effectiveness), which are determined by an immanent tendency to improve, in conditions of permanent changes in the business environment. The concepts of both innovation and development are considered. The main tendencies in changes in macroeconomic indicators of Ukraine are analyzed. When analyzing the balance of enterprises, it was noted that the rapid deterioration of non-current assets at enterprises is caused by unsatisfactory depreciation of fixed assets. Problems with the sale of products lead to an increase in the share of current assets in the balance of enterprises. The unsatisfactory state of the balance of enterprises leads to a slowdown in the development of industry in Ukraine. The level of wages in industry branches is not the same, differing from the type of activity. The development of the economy and society are in constant interaction and interconnection. The carried out study of domestic practical experience of industrial production indicates a high intellectual and human potential, while the number of enterprises implementing innovations in 2020 amounted to only 14.9% of the total number of industrial enterprises, which is 4 times less than in developed countries. It is determined that the main problems affecting the development of the industrial complex of Ukraine are associated with: insufficient innovative activity of enterprises; loss of established markets for products; technical obsolescence and poor product quality; insufficient internal funding; inefficient use of depreciation funds by enterprises.

Odloženi porez na dobitak u multinacionalnim bankama - slučaj Hrvatske, Srbije i Slovenije

Deferred income tax is an important position in financial statements of banks. It is primarily a result of temporary differences between book and tax values of assets and liabilities. Subsidiaries of multinational banking groups that operate in Croatia, Serbia and Slovenia have to report on deferred tax in accordance with International Accounting Standard 12 - Income Taxes. This paper examined the practices related to deferred income tax in such banks. In this regard, there four banking groups were sampled (two Austrian and two Italian) that operate in three observed countries. Research results showed that net deferred tax assets/liabilities do not usually have materially significant share in total assets of banks, though there is statistically significant difference in the materiality between countries. In general, banks recognize deferred tax assets less after the Covid-19 pandemic, due to the growing uncertainty over achieving the future taxable income, though such reduction is not statistically significant. In addition, the sources of deferred income tax significantly vary between countries, though the valuation of financial assets is, in general, the most common source of deferred tax.

АНАЛІЗ ДІЯЛЬНОСТІ СУБ’ЄКТІВ РИНКУ ОБЛІГАЦІЙ ВНУТРІШНЬОЇ ДЕРЖАВНОЇ ПОЗИКИ УКРАЇНИ

Debt securities, namely domestic government bonds have become the most in demand after of all securities on the market in recent years. The current state of the government bond market requires systematic research and analysis given the role of these financial instruments in the debt and investment policy of the state as well as the identification and delineation of the main characteristics of the domestic market of domestic government bonds. The aim of the work is to study the dynamics of the domestic market of domestic government bonds, their profitability, the structure of market participants, the characteristics of their investment activities as well as to determine the prospects for development of this segment of the securities market in modern conditions. In order to achieve this goal, the following tasks were outlined: to identify the subjects of the domestic government bond market of Ukraine; outline the key problems facing the domestic securities market; to present proposals and recommendations for solving or at least localizing the problems that arise in the securities market of Ukraine. The article identifies the main subject in the market of domestic government bonds in Ukraine and explores their activities during 2017–2021. During this period in the unstable political and economic situation in the country was observed a constant growth in sales of government debt securities. The reasons that led to significant changes in the activity of investors operating in this market have also been identified. The article analyzes the activities of individual participants in the government bond market establishes the structure of their market share, outlines the reasons that contribute to the growth of their activity in the market or vice versa – encourage its folding. The volume of the portfolio in securities of Ukrainian banks and their share in total assets is determined. An analysis of the weighted average profitability on government bonds placed in national and foreign currencies. The characteristic features of the domestic market of government bonds and the main reasons hindering its further development are highlighted.

ДЕРЖАВНЕ РЕГУЛЮВАННЯ КРЕДИТНОГО РИНКУ В УМОВАХ ВІЙСЬКОВОГО СТАНУ В УКРАЇНІ

In the conditions of martial law, the ability of legal entities and individual to pay their credit obligations significantly worsens the situation in the credit market of Ukraine. The overall indicator of the share of overdue loans shows a sharp increase. The majority of banks and other financial and credit institutions of various forms of ownership arefaced with problems of non-return of a large share of assets, and are forced to form reserves in a short period of time, which directly affects stabil-ity and their position in the credit market. That is why government regulation of the credit market in the conditions of martial law is extremely relevant today.The purpose of this study is to determine the essence of government regulation of the credit market under martial law, identify the main factors, problems and prospects for the development of credit relations between market participants and attract additional resources to restore transparency in the reflection of their financial status.In the course of the study, the basics of government regulation of the credit market in the condi-tions of martial law are considered. The introduced changes of the regulator are considered from the position of various participants in the credit services market. The conditions for safe functioning of the credit market and its participants are highlighted. The main aspects of the regulator in the credit mar-ket in the form of the NBU and its role in the legislative framework for regulating the participants of the credit market in the conditions of martial law are revealed. The role of the international credit in the post-war economic recovery is determined, and the role of international organizations and part-ners in supporting the credit market of Ukraine is generalized, as well as the description and devel-opment of the main plans for its resuscitation in the post-war periodare submitted. A retrospective analysis of international programs for the development of credit markets of the countries participating in military conflicts and a study of their historical development, as well as the integration of this experience in modern conditions in Ukraine, is carried out.

СУБЪЕКТЫ СИСТЕМЫ ПРОТИВОДЕЙСТВИЯ КОРПОРАТИВНОМУ МОШЕННИЧЕСТВУ И ВОВЛЕЧЕНИЮ В КОРРУПЦИОННУЮ ДЕЯТЕЛЬНОСТЬ

Corporate fraud is a very dangerous latent phenomenon for the organization. It leads to severe financial damage, harms companies and citizens, greatly reduces the investment attractiveness of the country. Often, foreign corporations do not want to have business relations with those Russian companies in which there are signs of corporate fraud. In addition, a significant share of assets is withdrawn from legal circulation, which is why the state budget and the beneficiaries of a particular organization are deprived of part of the income.

Ecosystems and supply chains: How do they differ and relate

While digital transformations are taking place, we still have limited understanding as to how ecosystems and supply chains differ from a theoretical standpoint and how they relate practically. We study the evolution of the concept of ecosystems through a systematic review of the literature to describe how the two concepts relate throughout this evolution. We use cases to investigate how ecosystems and supply chains relate practically. We show that non-contractual governance in a supply chain facilitates investment in specific assets by a few key suppliers, while non-contractual governance in an ecosystem facilitates the creation of collective shared assets by many ecosystem participants. We also show that practically supply chains and ecosystems can either compete or complement each other and we present some of the conditions for the emergence of such relations.

HARTA BERSAMA SUAMI ISTRI DITINJAU DARI HUKUM ISLAM DAN HUKUM ADAT

Shared assets in the family have been regulated in Islamic law and customary law. This aims to apply justice in the household, between husband and wife. The existence of joint property due to partnership or partnership in general matters. Meanwhile, joint property in household life is due to the existence of a legal marriage bond between a man and a woman, as long as in the marriage bond both collect the property, both individually and together. However, if there is a dispute in the distribution of joint assets, Islamic law offers a solution of As-shulhu (peace) and kinship deliberation to find a mutually beneficial and satisfying way out, on the contrary in the legislation in force in Indonesia, joint property is divided into two, namely between husbands and wife after divorce.

Robust enhanced indexation with ESG: An empirical study in the Chinese Stock Market

The enhanced indexation constructs tracking portfolios to outperform the benchmark index without incurring additional downside risk. Previous studies only consider optimizing the tracking portfolios return and risk measures derived from historical price data. As environmental, social and governance (ESG) topics advance in the capital markets, this paper quantifies the uncertainty behind ESG data and proposes a robust enhanced indexation model with real-life constraints. Using ESG ratings from three of China's mainstream raters over a period 2015–2020, we conduct empirical studies to compare portfolios constructed by our model and previous works. Numerical results demonstrate that embedding ESG in the enhanced indexation leads to higher returns and lower risks. Moreover, the superiorities of the robust tracking portfolio are reducing the share of assets with high ESG uncertainty and capturing the upward returns of ESG investment. Therefore, our tracking portfolio is suitable for conservative and green investors who are suspicious of ESG data.

Urgensi Perjanjian Perkawinan dalam Membentuk Keluarga Sakinah Perspektif Hukum Keluarga Islam

This research was made to analyze the urgency of the marriage agreement in marriage. To analyze the urgency of the marriage agreement in forming a sakinah family in the perspective of Islamic Family Law. This type of research is library research. This research is descriptive in nature, namely by using qualitative methods. The results of this study show that the urgency of the marriage agreement is that the marriage agreement has good benefits as a preventive measure in the event of a divorce because the marriage agreement will facilitate the distribution of assets. The urgency of the marriage agreement in forming a sakinah family in the perspective of Islamic family law, namely. First, to form a sakinah family, it is best if the prospective husband and wife make a marriage agreement which includes communication problems, personal and shared assets, biological needs (sex), economic problems, and appearance. Second, the marriage agreement includes a form of maslahah for married couples to achieve maqashid asy-syari'ah. Through a marriage agreement, what is the goal of the Shari'a, namely to achieve benefit can be realized or achieved.

A Study on the Need for VBI in Malaysian Islamic Financial Industry and its Shari'ah Perspective

The purpose of this paper is to highlight the need for Value-Based Intermediation (VBI) in Malaysia introduced by Bank Negara Malaysia (BNM) in March 2018, under the guidance of Shari'ah Advisory Council (SAC), which is the decisive authority in matters relating to Shari'ah, analyse the aim of VBI against that of SDGs in the light of Maqasid al-Sahri'ah, and to assess VBI from the perspective of Shari'ah. The growth of Islamic banking in Malaysia experienced a boost where the market share of Islamic banking assets grew from 7.1% in 2010 to 28% in 2016, but there has been a decline in Islamic finance's annual growth from 24.2% in 2011 to only 8.2% in 2016. There could be various reasons for this decline, such as maintaining a steady growth requires constant innovation in the products and services offered. However, innovation becomes difficult in case of IFIs, since they have to comply with legal and Shari'ah rules at the same time. Qualitative method of study is used for this paper. It is found in the study that VBI not only conforms with the principles of Shari'ah but also re-focuses IFIs to achieve the objectives of Shari'ah or fulfill Maqasid al-Shari'ah. The study also found that VBI is also in line with the SDGs, which are human-made goals presented to the world by United Nations around 2012. However, while SDGs are prone to changes and criticism, the objectives, or goals of Shari'ah are holistic, permanent, and divine. VBI is a concept applicable only in Malaysia's Islamic Finance Industry until the time this paper is written, and therefore, it focuses only on the Malaysian IFI. There is a need to understand why VBI was needed in Malaysian IFI despite each Islamic bank having their own Shari'ah committee and SAC of BNM and this paper will help develop that understanding.

Community banks versus non‐community banks: Post the Great Recession

AbstractCommunity banks (CBs), despite holding a fairly small share of US banking assets, provide vital financial services to key segments of the economy and fill a void untapped by larger non‐community banks (Non‐CBs). They face challenges brought on by a fast‐changing banking landscape, evolving technology, and ever‐increasing regulatory burden. To remain competitive and to gain scale‐related efficiencies, CBs have been seeking mergers even as greater institutional size causes a departure from the classical relationship‐based business model. This study examines performance of US CBs and Non‐CBs post the Great Recession to reveal how size of these institutions may affect their business operations. Empirical findings show that CBs, compared with their larger counterparts, tend to maintain higher levels of liquidity and lower levels of capital, and demonstrate a greater dependence on core deposits, confirming that CBs focus on deposit taking and soft information‐based lending strategies. Furthermore, this study suggests that CBs should not be considered a homogenous group operating under a singular business model and cautions that regulatory dialectics aimed at the banking industry should not employ a one‐size‐fits‐all approach.

Effective Management of Crisis Communications

In a view of the fact that in modern realities of post-industrial information society, the share of intangible assets in the companies' value has significantly increased. The monetized value of an organization's reputation is a part of such assets which is mainly determined by external communications had arised an issue of ensuring reputation security that has become especially relevant. One of justifications for need to apply crisis communication management is also changed direction of modern business. The reason for the change in modern concepts of effective business management was the new criteria for the service sector efficiency, which is a consequence of intense competition inherent in this highly profitable field of activity, which increases the importance of reputation issues. In turn, the abstract concept of a company's reputation is formed by specific parameters that are important for target audiences and are expressed in the numerical characteristics of the value of intangible assets. Considering the fact that intangible assets often make up a significant part of the companies' value and determine their financial performance, the issues of managing the value of these assets represent one of the most responsible tasks of modern management. There is a definition of the concepts of crisis, crisis communication and communication management as an integral component of crisis management of an organization is given in the terminology of leading Russian and foreign academics. The paper shows the successful result which is critically dependent on communication management effectiveness. Thus, the subject of the study is crisis communication management; the goal is to build a model for analyzing the effectiveness of managing crisis communications. The achieving method of that is to use a mathematical apparatus similar to the apparatus of multi-discriminant analysis (MDA) of Professor Edward Altman. The scientific novelty consists in the application of numerical methods for analyzing the effectiveness of crisis communications, and the result is in describing a model for analyzing the effectiveness of managing crisis communications. The use of the model for analyzing effectiveness of crisis communication management would provide an organization with the opportunity not to lose the achieved level of capitalization, provided that the reputation/communication component is effectively used in its crisis management.