Tangible Assets Research Articles

The Moderating Role of CEO Characteristics in the Relationship between Financial Conditions and Corporate Debt Policy

Purpose: This study investigates the influence of firm financial characteristics—reflecting asymmetric information—on corporate debt policy, while also examining the moderating role of CEO characteristics within the framework of upper echelon theory.Method: The sample consists of 60 non-financial firms listed on the Indonesia Stock Exchange (IDX) during 2013–2022, selected through purposive sampling. Panel data regression analysis with moderating variables was employed to assess how CEO characteristics interact with internal financial indicators.Result: Results show that liquidity (current ratio) and profitability (return on equity) have a significant negative effect on companies’ debt-to-equity ratio, indicating that more liquid and profitable firms rely less on external debt. Tangible assets do not significantly influence debt-to-equity ratio. Among CEO characteristics, only tenure significantly moderates the relationship between profitability and debt-to-equity ratio, highlighting the strategic role of experienced CEOs in financing decisions.Practical Implications for Economic Growth and Development: The findings suggest that capital structure decisions are shaped jointly by internal financial conditions and leadership traits. Firms with stable financial profiles, guided by experienced CEOs, are more likely to establish optimal debt policies, enhancing resilience during economic shocks, safeguarding employment, and improving competitiveness—ultimately supporting broader economic growth.Originality/Value: This study contributes by integrating asymmetric information theory and upper echelon theory into a unified analytical model. By revealing how CEO characteristics moderate the impact of financial conditions on debt policy, it offers deeper insight into the complex dynamics of strategic financing decisions.

Future Focused Conceptual Traversing on ‘Risk Appetite’ in Service-Oriented Ecosystems - An International Perspective

This review traverses the crucial concept of risk appetite in service-oriented ecosystems (SOEs) in the midst of fast digital change that will impact the future. Conventional risk management frameworks are insufficient for handling dynamic market conditions and platform-based vulnerabilities since businesses are increasingly competing via intangible service offerings rather than tangible assets. The review focus explores how risk appetite acts as both a strategic facilitator and an operational restriction across global service businesses and denotes the critical need for updated governance strategies. The review examines scholarly literature sources related specifically to the topic from the years 2018 to 2025 using methodological lenses that include theoretical underpinnings (resource-based view, dynamic capabilities, and behavioral economics), sector-specific case studies (Airbnb, Microsoft Azure, PayPal, and Delta Airlines), and current debates on artificial intelligence (AI) governance. Markedly, the structured analysis examines risk measurement systems, cultural impacts, and adaptive governance needs in digital service settings. The outcome in the review reveals gaps in existing risk frameworks because many service companies, such as Airbnb, lack metrics for ethical and reputational risks in platform models. In addition, technology teams exhibit a risk tolerance that is greater than that of compliance teams, which causes organizational misalignment. Besides, significant firms’ enterprise risk management (ERM) systems are unable to adapt to platform velocity, and conventional tools are unable to address real-time issues. Sectoral analysis reveals that Fintechs have risk tolerance levels that are greater than those of conventional banks, which underlines the necessity for context-specific strategies. The review recommends that future studies explore the creation of hybrid risk models that strike a balance between innovation and stability. Future-focused studies should also examine how to use AI-powered tools for real-time risk calibration and investigate cross-industry norms for assessing intangible risks. For SOEs navigating digital disruption, these innovations would turn risk appetite from a theoretical idea into a real competitive advantage.

Inventory control of operating activities in trade

Introduction. Inventory has always served as a primary tool for verifying accounting data. It is an integral element of the accounting method and a vital instrument for verifying the existence and providing documentary evidence of a company’s assets and liabilities. Inventory is essential for ensuring the reliability of accounting data and financial reporting, as it allows for the acquisition of up-to-date information on the presence, condition, and valuation of assets and liabilities. This data supports managerial decision-making and therefore requires constant attention and further research. The objective of the article is to examine the procedure for conducting inventory of tangible assets using both manual and automated methods, to identify the features and advantages of inventory automation, to outline the key issues related to inventory documentation, and to develop practical recommendations for addressing these challenges. Methods. The research employs general scientific methods and other methods, including methods of theoretical generalization, comparison, observation, correlation, concretization, and abstraction. Results. Within the framework of the research, the procedure for organizing inventory was examined; the advantages and disadvantages of conducting inventory manually and through automated methods were identified; the process of recording inventory results was described; key issues related to inventory documentation were outlined; and practical recommendations for their resolution were developed, including the proposal of new primary accounting document templates for the inventory of tangible assets at locations of custodial storage. Perspectives. Further research is needed into the procedure for implementing perpetual inventory at custodial storage sites.

THE DETERMINANTS OF CAPITAL STRUCTURE: EVIDENCE FROM TUNISIAN BANKS

This study explores the capital structure decisions of banks operating in Tunisia, a topic of growing relevance amid evolving financial regulations and economic shifts. In the banking sector, capital structure plays a pivotal role in ensuring institutional solvency, risk management, and strategic positioning within competitive financial markets. The primary goal of this article is to investigate the key internal and macroeconomic factors that influence leverage decisions in Tunisian banks. The research employs a panel data approach covering 11 commercial banks listed on the Tunisian financial market over the period from 2014 to 2023. To achieve robust and reliable results, the study utilizes a static panel model, tested under both fixed and random effects, with the Hausman test guiding the choice of estimation method. The dependent variable is leverage, defined as the ratio of total liabilities to total assets, while the independent variables include a set of bank-specific financial indicators—such as profitability, size, capital adequacy, credit exposure, and asset tangibility—as well as macroeconomic factors like inflation and GDP growth. The empirical findings demonstrate that several variables exert statistically significant effects on the capital structure of banks. In particular, return on assets, return on equity, capital adequacy, tangibility, total loans, inflation, and size appear to have strong associations with leverage, though not always in the expected direction. Notably, the size of banks shows a negative relationship with leverage, suggesting that larger institutions might rely less on debt financing, potentially due to greater access to equity markets or retained earnings. Tangibility and credit expansion positively influence leverage, reinforcing the idea that asset-backed lending and growth ambitions necessitate increased borrowing. These results contribute to a better understanding of financial decision-making in banking institutions within emerging economies. The practical significance of the article lies in its policy implications for regulators and bank managers aiming to enhance capital planning, risk oversight, and financial stability. By identifying the key determinants of leverage in Tunisian banks, the study offers a foundation for improving strategic capital allocation and aligning banking practices with regulatory expectations and market realities.

Boreal First Nation: An Assurance and Financial Reporting Case on a Remote Indigenous Community*

ABSTRACTFinancial accounting and accountability requirements for many Indigenous communities in Canada can be complex, yet very few accounting programs and students cover these issues. This case introduces financial reporting and assurance issues pertaining to a remote First Nations community in a realistic, yet fictional, setting. Students assume the role of a senior manager planning for the initial audit engagement with Boreal First Nation. A detailed appendix to the case provides background information on the complex historical, social, regulatory, and practical nature of Indigenous assurance engagements. The case includes detailed financial statements for Boreal First Nation prepared in accordance with Public Sector Accounting Standards in addition to special reporting requirements based on the First Nations Financial Transparency Act. The case fosters students' professional judgment and intercultural competence in relation to audit planning considerations (e.g., overall financial statement–level risks, materiality, and approach) along with special reporting and financial reporting (e.g., investments and tangible capital assets) issues unique to a remote First Nation.

PROBLEMATIC ASPECTS OF DIGITALIZATION OF THE INTELLECTUAL PROPERTY MARKET IN THE CONTEXT OF UKRAINE'S INTEGRATION PROCESSES WITH THE EU

The article analyzes the peculiarities of the intellectual property market in Ukraine. The author identifies, summarizes and provides a brief description of the types and subjects of market relations in the field of intellectual property. The formation of the digital market in Ukraine, in particular, of intellectual property rights objects, is considered. The author identifies the differences in market relations in relation to tangible and intangible assets (results of creative and/or intellectual activity of a person). The importance of directing the state policy towards the implementation of the provisions of the European Union legislation on standards for the protection of intellectual property rights and personal data protection is determined. The author points out the need to improve the mechanisms of public administration in this area. The article identifies the main problems that need to be addressed to enable the full completion of Ukraine's integration processes into the European Union. The author identifies the main areas whose development will allow increasing the level of protection of intellectual property and personal data through the use of digitalization and modern technologies. The author establishes that with the development of digital technologies, intellectual property rights objects become more vulnerable in terms of their possible unauthorized use and new threats caused by global digitalization. This leads to an urgent need to counteract manifestations of unfair competition and improve the legal mechanism of public administration in the field of protection and enforcement of intellectual property rights in Ukraine.

Does Biological Assets´ Tangibility Matter from the Profitability and Cost of Debt Perspective for Agricultural Firms?

The research aim is to identify specific production factors (biological assets) and target potential profitability and cost of external debt dependency on these biological assets (as an anticipated essential driving forces) due to relative scarcity of this topic coverage. Underlying unbalanced data set consist of 229 agricultural firms managing their business operations from 2011 till 2019 in the Czech Republic. The paper is innovative based on its combination of several different factors including incorporation of biological assets’ variables influencing firm’s profitability and by assessing determinants concerning cost of external debt using a panel regression analysis with fixed effects. Biological assets tangibility is relatively low with declining trend. Contrary to it land tangibility experienced exactly opposite development caused by "skyrocket" land price appreciation. It has been proven that cost of debt is depending only on the short/long-term leverage levels, thus primarily the total indebtedness is essential and relevant driving force.

The Role of Tangibility, Business Risk, and Managerial Ownership on Capital Structure

A survey by the Ministry of Manpower of the Republic of Indonesia revealed that 88% of enterprises experienced financial distress during the COVID-19 pandemic, highlighting the importance of effective capital structure management in times of crisis. This study aims to examine the factors influencing capital structure decisions among companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022. Using a purposive sampling method, secondary data from company financial statements were analyzed through multiple regression analysis with EViews 12 software. The findings confirm that business risk has a significant negative effect on capital structure (p = 0.03), indicating that higher risk discourages debt financing. Additionally, asset tangibility moderates this relationship, strengthening the influence of business risk on capital structure. However, managerial ownership does not significantly impact capital structure (p = 0.7657), and no moderating effect of tangibility is found on the relationship between managerial ownership and capital structure. The study concludes that firms can better manage their financing strategies by accounting for business risks and the role of tangible assets, while the limited influence of managerial ownership may reflect its relatively low proportion in the sample firms.

The association between financial performance and occupational injuries/diseases in workplaces of South Korea: interpretation based on managerial characteristics of workplaces

IntroductionThis study investigated the association between the financial performance of workplaces and the incidence of occupational injuries and diseases using the Workplace Panel Survey, a workplace-related national statistical survey in South Korea.MethodsThe dependent variables were those related to the incidence of occupational injuries and diseases. The independent variables were those related to the financial performance of each workplace. Multilevel Poisson regression (or logistic regression) and linear regression analyses were used.ResultsFor the number of victims, the average number of workers, interest income, interest expenses, and value-added per person were associated with a significantly increased relative risk (RR). In contrast, lease expense2, depreciation and amortization, and initial/ending industrial property rights were associated with a significant decrease in RR. For the existence of occupational injuries/diseases, taxes and duties1, and welfare/benefits expenses were associated with a significant increase in the odds ratio (OR). In contrast, severance pay2, depreciation/amortization, and average number of workers were associated with a significant decrease in OR. DiscussionAs the financial status of workplaces worsened, the incidence of occupational injuries and diseases increased. In contrast, as the operating profit and amount of tangible assets (subject to depreciation and amortization) of workplaces increased, the incidence of occupational injuries and diseases decreased. As the number of workers increased, the number of occupational injuries and diseases also increased; however, the odds of occupational injury or disease decreased. The decreasing number of occupationally injured or diseased workers, along with the increasing number of transport devices, might have resulted from special consignment subcontracts between cargo truck owners and shipping companies in South Korea.

FACTORS INFLUENCING THE PROFITABILITY OF SMES FROM THE REPUBLIC OF SERBIA: FOOD INDUSTRY

Drawing from an extensive literature review on the impact of microeconomic and macroeconomic variables on the profitability of food enterprises globally and within national markets, this research analyzes the performance of small and medium-sized food companies in the Republic of Serbia from 2014 to 2022. The objective of this paper is to analyze the influence of microeconomic and macroeconomic factors on their profitability. By applying panel regression analysis, the impact of various factors on profitability, measured by return on assets, was examined. The research findings indicate that both the current asset turnover ratio and the growth rate of gross domestic product exert a significant positive influence on the profitability of the examined enterprises, whereas factors such as indebtedness, average collection period, asset tangibility, and inflation demonstrate a significant negative impact.

Foreign Language Education and Translation: Between Economic Returns and Cognitive Culture

re increasingly significant in the context of human existence, particularly in the modern global economy. This study explores the intersection of language education and translation from an economic perspective, considering language as a vehicle for the exchange of intangible assets and currency as a medium for tangible assets. Just as translation involves transferring meaning across linguistic systems, currency exchange facilitates the transfer of goods and values across economic systems. Thus, foreign language acquisition parallels foreign currency trading, and translation mirrors the conversion of commodities. The main objective of this research is to investigate the complex relationships between language, translation, and economics. It raises key theoretical questions: What is the economic value of language and translation? Can language be considered a form of currency? How does language learning foster creative thinking? Is foreign language education an economic necessity in the modern era? Does translation influence economic systems? Using a comparative and analytical method, the study draws parallels between linguistic and economic systems, examining the mutual dynamics of market expansion and language spread. It also investigates how the rise of unified European languages coincided with the emergence of standardized currencies and common markets. Findings suggest that language has evolved into a marketable commodity, subject to regional and global economic forces. This research contributes to the interdisciplinary discourse linking language education, translation studies, and economic theory, offering new insights into how language functions as both a communicative tool and an economic asset in the knowledge-driven global market.

The Importance of Intangible Assets for Changing the Model of Developing Countries' Participation in Global Production Chains

The importance of accumulation of intangible assets for changing the model of participation of developing countries in global production chains is considered. The construction of highlycomplex chains in recent decades, based on maximum efficiency of participants, within the framework of creation of global value chains (GVCs), including in developing countries is pointed out. "Offshoring" on the part of economically developed countries, development of national industry, allowed a large number of developing countries to raise indicators of economic development, the level of well-being of residents. But business models of international enterprises, which allow transferring to developing countries only less profitable stages of material production, and leave in economically developed countries more profitable intangible stages of product creation based on intangible assets, raise the issue of the need for enterprises of developing countries to more actively use intangible assets to change the model of their participation in global production chains in order to move to more profitable stages of GVCs. The increasing role of intangible assets in the post-industrial economy, their characteristics are noted, more intensive investment in them compared to tangible assets is indicated, the need for such investment to change the place of the developing countries in the GVC is indicated. The use of such tools for receiving intangible assets as obtaining explicit and implicit knowledge by GVCs participants from leading firms in these chains, import of capital goods to the developing countries, reverse engineering, formation of a first-class brand reputation and positive image, import of human capital is studied. In order to move to more profitable GVCs segments in the developing countries, it is noted that they need to develop an absorbing ability to perceive intangible assets created in other countries. The importance of foreign direct investment and government policy in the field of intellectual property, international trade and investment in the acquisition of intangible assets by firms in developing countries is emphasized

Influence and Preservation

Cultural Heritage defines a country. The preservation of Cultural Heritage is linked to the principles it has as a country and as a society. Citizens, based on these values, feel safe and stable. Tangible cultural assets are physical objects or structures that have artistic, historical or cultural significance. In Greece, according to the law, the protection and preservation of Cultural Heritage is assigned to the Ministry of Culture. The responsibility for achieving this goal lies entirely with the Ministry. By extension, the burden of this responsibility falls on the employees of the Ministry and its services throughout the territory. This study investigates the influence and protection of Tangible Cultural Heritage through the utilisation of Human Resources. The qualitative research tools of questionnaires are combined in the research, so as to explore the contribution of Human Resources to the protection of culture. The research sample consisted of employees of the Ministry of Culture in Greece who work to preserve the Cultural Heritage. The study utilised 603 anonymous Greek respondents. It also involved a survey that took place online using Google Forms. SPSS software was used to process and analyse the primary data. These findings provide valuable insights for the Ministry of Culture and its directors to better support and sustain Tangible Cultural Heritage by leveraging Human Resources, to develop partnerships with institutions and citizens using innovations, while also further expanding the understanding of the need to utilize staff and external factors, as on this issue limited research has been conducted.

Recovery of Digital Assets and Cryptocurrencies in Civil Enforcement Proceedings: Key Challenges

This paper addresses the challenges of recovering digital assets (particularly cryptocurrencies) in civil enforcement proceedings, highlighting the unique legal issues raised by their intangible and decentralised nature. Traditional legal norms designed for tangible assets often fail to address these complexities, leading to difficulties in enforcing judgments involving digital assets. The paper examines the evolving legal landscape, including recent case law that examines the status of digital assets as objects of property rights. It also identifies key legal gaps and proposes solutions to ensure efficient enforcement procedures, with a particular focus on the recovery of cryptocurrencies. The study draws on comparative legal analysis and emerging regulatory trends to provide a comprehensive overview of potential reforms needed to adapt to the digital asset environment.

Determinants of Capital Structure of Consumer Goods Industry Sector Companies

This research is motivated by the discrepancies and inconsistencies observed in prior investigations. This study aims to investigate the factors that influence the capital structure of firms in Indonesia. We employed the purposive sampling strategy to acquire 36 companies. The employed analytical technique is multiple linear regression with SmartPLS 4. This study reveals an inverse correlation between capital structure and profitability, as well as asset growth, the current ratio, and GDP. Conversely, capital structure exhibits a positive correlation with earnings volatility, asset tangibility, firm age, firm size, asset composition, inflation rate, and interest rate. We anticipate that future research will reassess the application of the same variables and those that exert no influence in our study. This research is limited to the consumer goods sector, and it is hoped that future research will consider other sectors. We advise prospective authors to use a 5% significance level and increase the sample size, whereas this study employs a 10% significance level. The findings of this study contribute to the accounting literature, particularly in the area of capital structure, and can serve as a reference for firm management to identify factors influencing capital structure. The results will enable firm management to enhance organisational performance and secure the company's viability.

Digitising cultural heritage for community development: lessons from Nigeria, South Africa and Kenya

ABSTRACT Digital technologies are transforming the preservation and management of cultural heritage by enabling the digitisation of both tangible and intangible assets. This shift enhances protection, accessibility, education, intercultural dialogue, and economic opportunities – especially for local artists whose work gains global exposure. In Nigeria, however, heritage management remains largely outdated, with limited digitisation efforts and a continued reliance on physical repositories. Intangible cultural heritage, vital to global discourse, is notably neglected. This paper critically evaluates Nigeria’s heritage management framework and advocates for systemic reform through strategic digitisation and policy initiatives. It proposes the integration of digital archives, virtual museums, and online educational platforms to unlock Nigeria’s cultural potential and drive socio-economic development. Drawing on successful digitisation practices in South Africa and Kenya, the paper underscores the value of coordinated, multi-stakeholder engagement involving government, cultural institutions, and grassroots organisations. Ultimately, it calls for a reimagined cultural heritage governance model that places digitisation at the core of sustainable preservation and inclusive development.

Pengaruh Reliability, Responsiveness, Assurance, Empathy, dan Tangibles terhadap Daya Saing PT Samudera Sriwijaya Logistik

The logistics service industry plays a crucial role in national and international economic development, driven by rapid growth in e-commerce and global trade. However, intense competition and rising demands for efficiency and innovation require companies to enhance their competitiveness through improved service quality, including reliability, responsiveness, assurance, empathy, and tangibles. This study analyzes the impact of service quality on the competitiveness of PT Samudera Sriwijaya Logistik using a quantitative approach with multiple regression analysis. Data were collected from 50 respondents through Proportionate Stratified Random Sampling. Validity, reliability, and classical assumption tests ensured model accuracy, while hypothesis testing employed the Goodness of Fit test, F-test, and t-test. Findings indicate that service reliability has the most significant impact on competitiveness, followed by tangibles, empathy, responsiveness, and assurance. Regression analysis shows that reliable and responsive services, supported by adequate facilities, enhance customer trust and satisfaction. The company has implemented policies such as delivery SOPs, service quality standards, and employee training to strengthen its competitive position. By prioritizing reliability, tangible assets, and customer-focused strategies, PT Samudera Sriwijaya Logistik can maintain its standing as a leading logistics service provider in a highly competitive industry.

Real-world assets in digital banking: Bridging traditional and digital finance

Real-world assets (RWAs), including bonds, real estate and commodities, are tangible assets with economic value that contribute to the financial ecosystem. This paper will explore how RWAs are being integrated into novel digital banking platforms, focusing on the potential of blockchain technology, tokenisation and smart contracts. It aims to provide an in-depth look at two important areas — corporate banking and investments — while addressing current challenges, showcasing practical applications and illustrating how RWAs can help make financial services more inclusive. By lowering traditional barriers to entry, RWAs can potentially make investments more accessible to a wider audience, thereby creating opportunities for both individuals and financial institutions (FIs) to expand their assets under management (AUM) and financial service offerings. This paper seeks to offer actionable insights for digital banking professionals, encouraging further exploration and innovation in the RWA space. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Asset Ownership vs Poverty: A Study of Households in Malaysia

Poverty remains a widespread concern in Malaysia, as traditional income-based measures often overlook the intricate aspects of deprivation. Asset ownership, including real estate, durable goods, and utility access, represents a comprehensive indicator of sustained economic stability and resilience. Households with tangible assets are better equipped to withstand financial shocks, obtain loans, and accumulate intergenerational wealth. Marked disparities in asset ownership endure between urban and rural areas, focused measures. The asset index was developed using principal component analysis (PCA), encompassing 406 respondents from Selangor. Logistic regression analysis of data eveals that age and education strongly influence asset-based poverty risk, with heads of households aged 35–44 and those with lesser educational qualifications facing heightened odds of poverty. The interaction between assets and social capital strengthens resilience, suggesting that there must be initiatives that address both the material and social aspects of poverty. These findings for developing lasting poverty alleviation strategies and fostering equitable economic development.

Measuring Potential Effect on Bank Stability After Muhammadiyah Makes Bank Run

Muhammadiyah, a major Indonesian community organization, plans to withdraw approximately 13 trillion rupiah from Bank Syariah Indonesia (BSI) due to concerns over financial concentration risks. Beyond its tangible assets, Muhammadiyah’s influence over its followers raises the potential for a bank run, threatening banking stability. This study aims to analyze netizen behavior toward Muhammadiyah’s decision and the likelihood of its followers following suit. Employing a qualitative netnography approach, data were collected from 2,402 YouTube comments using Nawala software and analyzed with NVIVO. Findings reveal that netizens extensively discussed trust in government, development plans, deposit safety, and fund allocation, with predominantly negative sentiments. Approximately 65–70% expressed distrust in the government, 85% questioned BSI’s fund allocation, and 55–60% supported Muhammadiyah’s proposal to establish a new bank. Strong public support for Muhammadiyah’s actions indicates a risk of a broader bank run. The study concludes that public distrust in the government and BSI, amplified by Muhammadiyah’s influence, poses a threat to financial stability. Transparent communication and robust deposit guarantees by the government and BSI are essential to mitigate further crises.