Investment Size Research Articles

Syndication Strategies of Venture Capital and Private Equity Firms in India—An Empirical Investigation

This article explores the factors affecting the syndication strategies of Indian Venture Capital and Private Equity (VCPE) firms. Analysis of 5,399 VCPE investment deals from 1998 to 2016 shows that firms’ preferences to syndicate are significantly affected by the characteristics of the VCPE firms, the investee firms, and the agreement itself. More specifically, experience and ownership (foreign vs. domestic) of the VCPE firm, age and industry of the investee firm, and size and stage of the investment deal influence the syndication preferences, reflecting the finance and resource motives for syndication. Our empirical analysis shows that younger VCPE firms and those with domestic investors may have a resource motive for syndication, preferring to manage the high market and technological risks associated with VCPE investing through syndication. In addition, to tackle information asymmetry, Indian VCPE firms are likely to syndicate when they invest in younger companies and those with high innovation and technology quotients. Similarly, VCPE firms reveal evidence of the financial motive for syndication. They strategize to diversify risks when the investment size is large or the stage of the investment deal is early.

Not All Daydreaming Is Equal: A Longitudinal Investigation of Social and General Daydreaming and Marital Relationship Quality.

Preliminary evidence suggests that daydreaming about other people has adaptive value in daily social lives. To address this possibility, we examined whether daydreaming plays a role in maintaining close, stable relationships using a 1-year prospective longitudinal study. We found that individuals’ propensity to daydream about their marital partner is separate to general daydreaming. In contrast to general daydreaming, which was associated with lower subsequent relationship investment size (i.e., magnitude and importance of resources attached to a relationship) in the marital partner, partner-related social daydreaming led to a greater subsequent investment size. Additionally, attachment styles moderated these effects. The effect of daydreaming regarding investment size was found only in securely attached individuals. This research advances the emerging field of social daydreaming and highlights self-generated thought as a critical tool that can help people navigate the complex social world.

Chinese and multilateral development finance in the power sector

Public developmental institutions are pivotal in shaping the contours of the electricity sector of the developing world and its associated greenhouse gas emissions pathways. However, we have a fragmented and incomplete picture of the evolution of their investments over time and space. This is particularly the case for the recent rise of various Chinese Developmental Institutions (CDIs) for which infrastructure investment estimates range in the trillions under China’s Belt and Road Initiative (BRI) and for which data is mostly not publicly disclosed. We address this gap in two ways: first, we compile and analyze a novel dataset that draws on commercial data tracking, publicly available datasets, and more than 1,000 supporting documents to match financial transactions by the main CDIs and traditional Multilateral Development Banks (MDBs) to power plant projects worldwide. This allows us to conduct a quantitative, comparative analysis of the role of CDIs and MDBs to understand the relative size, technology, and country focus of such investments in the period 1999–2020. Second, we complement the quantitative dataset with 39 expert interviews to shed light on the drivers behind the Chinese investments, with a particular focus on coal projects. The analysis shows that CDIs have rapidly emerged as the largest public finance provider for the electricity sector in the developing world. We also find that, in contrast with the increasingly green BRI rhetoric, the technology portfolio of CDI investments in power plants is still heavily dominated by coal plants. Over time, however, CDIs have increasingly supported more efficient coal plants and increased the share of their portfolio supporting non-hydro renewables and supported a growing number of projects jointly with MDBs. Steering China’s bilateral coal finance flows through international efforts into a more sustainable direction to meet climate goals will require careful consideration of a set of drivers and enablers of the involvement of CDIs and recipient countries in coal projects, which we discuss, as well as of the role of other finance providers, including traditional MDBs.

A Decentralized Asset Tokenization System using Ethereum

Abstract: Real estate is one of the most trusted investments that people have preferred. It provides a steady source of income which can be in the form of rent as well as lease. There are a number of advantages, but one of the key disadvantages of real estate investments is illiquidity. Although the global real estate investments are twice the size of investments in the equity markets, the number of investors in the real estate market is remarkably lower. Blockchain technology has real potential to solve the issues of illiquidity and transparency, and most importantly, it opens this very market to the retail investors as well. By creating Security Tokens, which are backed by real-world assets, real estate can be made more liquid with the help of Special Purpose Vehicles. These security tokens, which represent fractional ownership of the real estate can be traded by a trader / investor and these tokens can be listed on legitimate secondary exchanges. The robustness of Smart Contracts can be very efficient in transferring of tokens and also provide a seamless distribution of earnings amongst the investors / traders. This work describes Ethereum blockchain based solutions has the potential to make the existing Real Estate investment system much more efficient and reliable. Keywords: Tokenization , Blockchain , Fungible Assets, Tokens, Special Purpose Vehicle, Smart Contracts, Liquidity, Security Tokens,

The Landscape of the Spa Parks Creation through Components Influencing Environmental Perception Using Multi-Criteria Analysis

The improvement of the landscape of spa parks should result from the planned directions of development and the most important tasks of the spatial policy of spa towns. Their proper management significantly impacts the region’s economic growth: the labour market, the size and type of new financial investments, and the natural environment. The basis of activity in the areas of spa parks is the balancing of elements of the natural, cultural and historical background. Parks are health protection zones, health ecosystems—separated from the spa zone to protect healing and environmental values. These areas should be characterized by rational landscaping. The spatial layout of park areas should consider the appropriate zones (healing, silence, recreation). The leading element that allows separating sub-areas in parks is the layout of alleys and greenery. The attractiveness of parks is also influenced by factors related to spa activities. The article aims to indicate the main criteria affecting the perception of the landscape of spa parks. Their meaning was determined by information entropy. A selection of criteria defining the landscape assessment and influencing the perception of spa greenery, which helped determine how to shape and develop the spa park, was presented. Data obtained from actual field measurements on factors influencing the reception and perception of spa parks were considered. The multi-criteria method of comparative analysis allows one to quickly and transparently determine the hierarchy of the most advantageous variables from the adopted criteria. The study confirmed that the smaller the sum of adverse elements affecting the shaping of the park spatial, the better residents’ and patients’ perception of the park.

Transformation of Transnational Corporations’ Supply Chains as a Result of the Fourth Industrial Revolution and the COVID-19 Pandemic

The subject of research formulated in the title of the article was selected due to the fundamental importance of global supply chains (GSCs) of Transnational Corporations (TNCs) in the functioning of the world economy. They determine the size, structure and directions of international trade and foreign direct investment. Currently, they are influenced by the innovative inventions of the Industrial Revolution 4.0 (IR 4.0), as well as the COVID-19 pandemic and the resulting experiences. This article is a review of the conceptual and futurological character and was based on the author’s literary studies and reflections resulting from his subject knowledge. Research techniques such as description, predictive analysis, synthesis and modeling have been used. The result of the research is the verification of the hypothesis regarding the uncertain potential impact of the Industrial Revolution 4.0 and the catalytic impact of the COVID-19 pandemic on global supply chains. This article should inspire more detailed, empirical research on these important issues.

THE STATE FINANCIAL SUPPORT FOR THE UKRAINIAN LOGISTICS SYSTEM MODERNIZATION

The logistics system of Ukraine in the conditions of Covid-19 in combination with well-being indicators had been examined, and it was noted that it needed to be singled out as an economic and social component with a high level of perspective development. It has been noted that the logistics systems of some countries have been able to adapt more quickly to the new non-standard environment, while others need additional support. One such country is Ukraine. It had been established that this system has many years of experience, which attracts increased attention to Ukraine's integration into the EU. Also, it was found that, in contrast to the EU countries, Ukraine, having a favorable geographical location, has limited resources for state support of the logistics sphere. Analyzing freight traffic by type of transport in Ukraine, it was determined that the country's vital railway sector is characterized by worn-out infrastructure and an outdated system of operation, which in the context of the corona crisis suffered even more significant losses. Analyzing the level of public funding for railway infrastructure in the EU, significant differences have been identified concerning public funding in Ukraine. The forecast of volumes of the state financing of freight transportations on three scenarios (optimistic, actual, pessimistic) was carried out. It was established that the freight transportation sphere, regardless of the occurrence of any of the scenarios, is an essential component not only of the logistics system of Ukraine but also has a direct impact on its competitiveness. The correlation between the sphere of public financing of logistics and the integrated indicator of population happiness in Ukraine has been revealed. The polynomial trend line of the size of capital investments in logistics demonstrates the positive dynamics of gradual growth. According to the received calculations, the financing of logistics affects the country's level of competitiveness, which occurs due to an increase in investments that contribute to raising the country's rating in the next period.

Strategic capacity choice with risk-averse firms

We study the joint effect of uncertainty, competition, and risk-aversion on the optimal time and size of firms in a duopoly. As risk-aversion increases, the leader’s alternatives between deterring and accommodating the follower’s entry become equivalent. When the leader’s role is assigned exogenously, risk-aversion reduces equilibrium investment sizes and timing. In equilibrium, the leader is always the largest firm in the market. When the leader’s role is determined in equilibrium, risk-aversion delays the rent equalization point. At high levels of risk-aversion, both firms invest in the same capacity.

ІНВЕСТИЦІЙНА ПРИВАБЛИВІСТЬ УКРАЇНИ: ОСНОВНІ ТЕНДЕНЦІЇ, ПРОБЛЕМИ ТА КЛЮЧОВІ ВЕКТОРИ ВИРІШЕННЯ

The article examines the essence of the concept of "investment attractiveness" and defines the main prerequisites for attracting funds to the economy of Ukraine. In essence, the country's investment attractiveness is a characteristic that reflects the profitability or disadvantage of investing money in the country. Attention is focused on the results of the influence of economic, social and geopolitical factors on the country's investment attractiveness. Key factors of Ukraine's investment attractiveness are highlighted.
 The authors analyzed the size of direct foreign investments in Ukraine during 2018–2022. The list of the main investor countries in Ukraine in 2021 is given. The most attractive industries for foreign investment in Ukraine have been analyzed. The investment attractiveness index of Ukraine was evaluated during 2018-2022.
 We believe that one of the prerequisites for the stable economic development of the country and its regions is the formation and maintenance of a favorable investment image in the minds of potential investors. The defining task of state policy in the field of investment activity is the formation of a favorable investment climate and the reduction of investment risk for foreign investors.
 The main problems of the development of investment activities in Ukraine are outlined. Russia's full-scale military aggression against Ukraine continues to lead the list of factors that have a negative impact on the investment climate, attacks on the Ukrainian energy system are in second place, and corruption is in third place. Among the few positive changes, the business leaders highly rated granting Ukraine the status of a candidate for EU accession, the cancellation of customs duties and quotas for Ukrainian exports and "transport visa-free" from the EU.
 The authors provide strategic guidelines for the formation of a positive investment climate in Ukraine and analyze the causes of an unfavorable investment climate. Ways to increase investment attractiveness in Ukraine are proposed.
 We believe that investment attractiveness is a complex multifaceted economic category and reflects the complexity of the macroeconomic space from the point of view of the existing investment climate, the state and level of development of the relevant investment infrastructure. Effective implementation of investment activities is the foundation for the development of the economy of Ukraine, accelerates its integration into the European socio-economic space.

기술수준별 R&D 효율성 및 효율성 영향요인에 관한 연구 - 30대 제조업의 설비투자를 중심으로 -

Purpose The purpose of this study is to analyze the impact factors of R&D Efficiency by technology level, focusing on equipment investment in manufacturing industries. Methods In this paper, a Data Envelopment Analysis(DEA) method was used to measure the R&D efficiency by technology level in the manufacturing industry, and the impact factors of R&D efficiency were derived using the Tobit regression analysis. Results As a result of the analysis, the causes of R&D efficiency and inefficiency by technology level in the 30s manufacturing industry were identified. In addition, the impact factors of R&D efficiency were derived by technology level and facility investment size. Conclusion This study proposed a plan to improve R&D efficiency from the perspective of facility investment by technology level. The results of this study are expected to be used as a guideline for decision making in the government''s R&D efficiency policies in manufacturing industries.

Capital budgeting and managerial empire building

I examine how a company's headquarters use an empire-building manager's report about decision-relevant private information to make capital budgeting decisions and compensate the manager. To this end, I construct a model comprising the headquarters (principal) and the manager (agent), who reports on the investment project's expected profitability. I identify the optimal investment sizes and compensation payments, where the headquarters trade off managerial information rents – arising from empire-building benefits inducing the manager to favour overinvestment – for investment efficiency. The headquarters counteract the manager's desire for overinvestment with investment distortions in the form of underinvestment (or overinvestment) for a high (or low) expected profitability. Due to these distortions, the expected compensation is not monotone in the level of empire-building benefits. Unlike previous capital budgeting studies, in this study, I show that managerial empire-building benefits can multi-directionally affect companies' optimal capital budgeting decisions and related compensation schemes.

New Insights and Different Economic Factors in Banking Sectors and Current Challenges

A well-developed banking system is prerequisite for a fast-growing economy. The introduction of financial instruments is a collaborative effort that pits the results of analysis of the banking sector's development and impact on the economy against basic regulatory standards and approaches to state regulation of the financial system's development and banking subsystem. Banking sectors, according to economic literature, play an intermediation role by enabling money transfers between fund-suppliers and fund-demanders. This can be accomplished by attracting savings and then directing those funds into loans to fund various economic activities, resulting in economic growth (EG). Every bank has its own internal component that affects financial performance in a particular way the more efficient a country's financial sector develops, the more likely its limited resources will be channeled to the most productive use. Openness in the banking sector may have a direct impact on growth by enhancing access to financial services and indirectly by improving the efficiency of financial intermediaries, both of which lower the cost of financing and, as a result, encourage capital accumulation and economic growth. A variety of macroeconomic links, notably the one between financial development and long-run growth, have been studied using cross-country regressions. Microeconomic explanation differs from the traditional perspective, which sees financial intermediaries as a bridge between borrowers and lenders' differing interests in terms of the size, maturity, and risk of a financial investment.

Ecological factors of increasing the efficiency of the use and protection of protective forest strips

The purpose of the study is to establish and substantiate ecological factors to increase the efficiency of the use and protection of protective forest strips. Using the example of studying the climatic, soil and ecological features of the IV accumulative plain landscape with plowed steppes (Krasnodar Krai), the role of protective forest strips in ensuring the environmental stability of adjacent territories was established, the level of desmogenicity of agroforestry system was determined, and a local assessment of the qualitative condition of individual sections of forest strips was carried out.The areas and the size of capital investments in measures for the care, felling and laying of protective forest strips have been determined. On the example of Krasnodar Krai, ecological and economic factors have been established to increase the efficiency of the use and protection of protective forest strips, which include an assessment of the qualitative state in the inventory process using GIS technologies within the boundaries of natural landscapes, the specification of forest strips by ownership forms, their restoration in an area that provides a protective and water-regulating function. The implementation of forest reclamation measures will ensure the stabilization of natural landscapes and agricultural landscapes, obtaining the effect of the full protective interaction of all elements of the agroforestry system in agricultural landscape.

STUDY ON INVESTOR'S PERCEPTION TOWARDS MUTUAL FUND INVESTMENTS IN GUJARAT

The Indian economy is growing with economic reforms in the field of trade, commerce and industry which eventually increases the investment size in the capital market. The need and scope for mutual fund operations has increased tremendously as it is meant for converting savings of small investors into investment. The major reason behind the growth of the Mutual Fund industry is the reduction in the interest rates by the government on different financial instruments meant for small investors. This study mainly focuses on understanding the perception of investors of Gujarat towards Mutual Fund Investments. In this study, focus is given on analysing the preferred asset class and perception of investors falling under different income classes. Moreover, the study is concerned with the objectives of investors and type of mutual fund investment they prefer to meet their objectives in future. It was found that majority of the investors consider Mutual Fund as a systematic option for making investments in Stock market. They consider Mutual funds as an option for long term investment where the majority invest via SIP/STP mode. Hence, the findings from this research are that most of the investors consider mutual funds as a new age investment option and hence, the industry will grow at a rapid pace in the near future.

Analytical assessment of efficiency parameters of investment processes in the national economy of the region

The stability and efficiency of economic processes in modern Russia should be based on active support and development of the investment direction in the development, technical and technological renewal and digital transformation of all spheres of activity. The transition from a raw material orientation of production to a high-precision one should change the structure of GDP and NI, increase the share of foreign exchange earnings from the sale of high-tech equipment. Considering the budgetary type of the country’s financial system, the state must participate actively in the investment process. The pace and scale of investment activity in recent years have been negatively impacted by economic crises, sanctions from the EU and the United States, the COVID-19 pandemic, drawing off significant financial resources for social support of the population and the fight against the pandemic. An analysis of the investment situation in the country and regions indicates structural shifts in sources of financing and lending for investments, as well as some attenuation and decrease in the efficiency of investment activities. It is proposed to assess the efficiency of investment costs using the coefficient (indicator) of the return on investment (Ii), which is determined by the ratio of the growth of the gross regional product (GRP) for a certain period to indicators of the growth in the value of fixed assets (F) and the size of investments in fixed assets (C).

CITIES OF THE TYUMEN REGION IN THE 1970S: COMPARATIVE ANALYSIS OF TRENDS IN FERTILITY AND MORTALITY

In the post-war period, industrial development in the east of the country was often carried out through the formation of territorial production complexes. They were distinguished by the size of capital investments, the pace of industrial growth, and the number of settlements being created. In this regard, it is of great interest how such economic development influenced the nature of demographic processes. The formation of the population of the Tyumen region during the formation of the West Siberian oil and gas complex has already been well studied, many works have been published in which the personnel problems of enterprises and the growth rates of its cities were studied. However, the reproduction of the population has not been studied enough, it is not entirely clear how much the birth rate and mortality changed at different stages of industrial growth. This work is a logical continuation of the article published earlier and devoted to the analysis of demographic trends in the previous inter-census period (1959-1970). The main purpose of the article is to study the total fertility rate and life expectancy, taking into account the changes that have occurred in the social, economic, cultural and everyday life of the population. To solve it, the methods of conditional generation, index, historical-genetic and historical-comparative methods were used in a complex. The article reveals for the first time that demographic trends in the cities of the Tyumen region, in general, corresponded to the processes taking place in Western Siberia. Nevertheless, the nature of socio-economic development in the period under review had a certain impact on the reproduction of the urban population. The growth of investments in housing construction, the development of public utilities, social and household infrastructure contributed to the fact that life expectancy decreased slightly. Moreover, the situation with mortality has improved to the greatest extent in the northern regions. Due to the spread of urban culture, changes in the socio-educational structure of society, migration flows and urban settlement, the birth rate has decreased. In this regard, the nature of reproduction of the urban population in the 1970s became closer to the average Western Siberian indicators.

EFFICIENCY OF PESTICIDE APPLICATION BY MECHANIZED AND ROBOTIC SPRAYER

By differentiated application of pesticides in the precision gardening system, mobile robotic sprayers and sprayers with intelligent control, it is possible to ensure a high level of protective measures in gardening, greater efficiency of their implementation, minimize environmental pollution with pesticides. At the development stage, it is necessary to compare traditional and innovative technical means according to various criteria in relation to real production conditions in order to assess the effectiveness of the upgraded technical solution and calculate the economic effect of its use. (Research purpose) The research purpose is conducting a comparative analysis of the economic efficiency of using a fan sprayer for a differentiated method of applying pesticides mounted on a mobile robotic chassis and a similar device of classical layout for continuous spraying aggregated with a tractor. (Materials and methods) The article presents the main indicators for standardized methods, the content of which is described by industry regulatory and technical documents. (Results and discussion) The article presents a list of initial technical and operational indicators of the compared units. To assess the economic efficiency of the use of two variants of technical means, their comparative assessment was made: indicators of operating costs, their savings, annual economic effect, the size and payback period of additional capital investments. (Conclusions) When using a fan sprayer for differentiated application mounted on a robotic mobile power facility, operating costs are reduced by 25.03 percent, but its shift performance is more than 8 times lower than that of a similar solution using MTZ-80. The payback of additional capital investments spent on the innovative technical solution will be 2.19 years.

Assessment of the Impact of Tax Incentives on Investment Activity in Special Economic Zones of the Russian Federation

The article examines tax incentives established in the special economic zones of the Russian Federation. The topic seems to be extremely relevant, since such an instrument of state support as tax incentives does not have a clear economic efficiency. In this regard, having high hopes for it in the current post-pandemic situation, the state risks depriving many enterprises of the opportunity to carry out their activities uninterrupted. This dictates the need for a comprehensive assessment of the effectiveness of the introduced tax incentives. The purpose of the article is to assess the impact of tax incentives on the investment activity of residents of special economic zones of the Russian Federation in the period 2016-2020. The hypothesis of the study is the absence of a significant impact of tax incentives, as well as the existence of a negative impact of such benefits on the investment activities of residents of special economic zones of the Russian Federation in some cases. The assessment is carried out by building power econometric models for all zones in the aggregate for each year of the five years under consideration. As a result, a significant positive relationship was found between the number of tax benefits for the previous time period and the volume of investments made within the zones in the current time period. Thus, a 2-fold increase in the intensity of the use of tax benefits by residents of the zones causes an increase in the size of current investments by 60-74%, depending on the period under consideration. The authors concluded that, contrary to popular belief about the inefficiency of tax incentives and their harmful impact to the budget system in the form of shortfalls in tax revenues, they are actually a unique and useful tool that promotes business development in specific areas. The practical significance of the study is expressed in the possibility of the Government of the Russian Federation applying the obtained results when making decisions on expanding the list of tax incentives operating in special economic zones or on extending their period of validity.

ЗАОЩАДЖЕННЯ ТА ІНВЕСТИЦІЇ В ТЕОРІЇ ЕКОНОМІЧНОГО РОСТУ

The article is devoted to the research of the place of savings and investments in stimulating economic growth from the stand-point of economic theory, taking into account economic realities and prospects of developed society. The role of savings and in-vestment in the theory of economic growth is defined, in particular, it is emphasized that the role of investment in the short term is to stimulate production through the impact on aggregate demand, and long-term – to impact on economic growth through gross fixed capital formation. It is identified that the accumulation of social capital is formed mainly through investment, then for the economy are important general economic savings, which are a source of investment. Thus, investment is a connecting element, which with the involvement of the labor force ensures the transformation of national savings into a major source of economic growth.It is found that the representatives of the leading directions of political economy emphasize two aspects of the problem of accumulation: demand for capital goods and supply of capital goods; matching savings and investments. It is established that the imbalance in these aspects causes market imbalance. It is generalized that the accumulation of capital is inextricably linked with the formation of savings and investments, which through the prism of the abstract-logical approach determine the macroeconomic balance, in ensure the stability of supply and demand for public goods. It is catch out that the savings that turn into the form of investment are the basis of economic growth, which is determined by the size and structure of investment, qual-ity and speed of their implementation.It is revealed that nowadays a number of factors depend on the possibility of converting savings into investments, such as: wages, employment, interest rates, scientific and technical progress, foreign trade, capital armament, public policy, public institutions, development of financial and economic sectors and their ratios, virtualization of economy and globalization processes. Taking these factors into account should be key in shaping economic policies aimed at stimulating investment and economic growth.

КОНЦЕПТУАЛЬНІ ЗАСАДИ СТРАТЕГІЧНОГО РОЗВИТКУ КОМПАНІЙ В УМОВАХ ЕНЕРГЕТИЧНОЇ ТРАНСФОРМАЦІЇ

Strategic development of companies in the conditions of power transformations is sent to strengthening of their capacity for the rapid and scale maneuvers of management in relation to adaptation to the changes and organization of co-operating with all subjects of power market and steakholders on principles of competition. To the major events in relation to the increase of adaptivity to the processes of power transformation for the sake of the permanent leader positioning of power companies take diversification of economic activity, increase of size of the real investments in updating of the fixed assets and increase of turnover means, introduction of the system of standards of safety. In basis of conceptual principles of strategic development of companies in the conditions of power transformation comes true through forming of mission, vision, values of company; creation of own innovative ecosystem and construction of organizationally-economic and administrative mechanisms of increase of efficiency of production, investments and management on principles of lining up trustful customer relations. Universal values that can distinguish a successful power company as socially responsible offer, reliable partner and responsible investor: mutually beneficial collaboration, honesty and openness, efficiency and responsibility, image and reputation. At the terms of power transformation realization of strategy of Industry must become the catalyst of strategic management development of companies 4.0. Conception of strategic management development of power company is presented. Conception of strategic development of companies in the conditions of power transformation is based on combination of, situational and having a special purpose approaches of the systems to creation of own innovative ecosystem. Certainly, that the constituents of process of strategic management are: formulation of aims; strategic planning of development of power company; development of strategy is with taking into account of challenges of power transformation; the system of events is on realization of strategy of development; co-ordination and adjustment of strategic plan; motivation of leading and executive personnel; control of realization of strategy.