Hasil untuk "Revenue. Taxation. Internal revenue"

Padam Bahadur Lama, Hari Prasad Ojha, Jayram Basnet

Customer satisfaction is a crucial determinant of the success of banking services, particularly in an age of advancing digital offerings amongst competitive financial marketplaces. Several empirical findings have been obtained to discover the factors that influence the level of consumer satisfaction resulting from the use of virtual banking services in a global context. Nevertheless, the collective assessment of the influence of technology-based financial services has not been examined in emerging markets, particularly in Nepal, which is a representation of the research gap. Thus, this research aims to investigate the influence of e-retailing banking services on client satisfaction. Moreover, this study employed service value, usability, virtual payment process, and trust as influencers and client gratification as target variables. This research adopted a descriptive and casual research design to test the existing hypotheses formulated for the study. The study information relies on e-retailing banking service users accumulated through structured questionnaires. The survey embraced the purposive sampling technique as part of non-probability sampling. This study utilized data from 400 respondents for the data analysis that was gathered from the banking service users from Kathmandu, Nepal, in the year 2024. Further, descriptive statistics and inferential statistics are used for the analysis of the data. The finding of the study revealed a positive influence of service value on client gratification. Similarly, the result reflected a positive and significant influence of usability, virtual payment process, and trust in safety on client gratification, manifesting that effective e-retailing banking services cultivate enjoyment of users in the banking sector services. This result demonstrates the actionable benchmarking strategies for existing banking and financial sectors to craft seamless experiences for clients embracing customized, individual, user-based, secured services.

Padam Bahadur Lama, Prem Bahadur Budhathoki, Nirjana Bhatta

Corporate social responsibility is a crucial aspect that plays a pivotal role in the banking sector by fostering trust and brand reputation, embracing sustainable and ethical practices. Corporate social responsibility in the banking sector contributes to community development, mitigating societal issues and maintaining the stability of banks, integrating organizational goals with the expectations of stakeholders. Therefore, the objective of this study is to track the trends and developments in corporate social responsibility within the banking sector and to provide a pathway for future investigation in the study areas. A bibliometric analysis on corporate social responsibility in the banking sector was conducted utilizing R Studio, Biblioshiny, and VOS Viewer software. Furthermore, this study compiled 298 data points extracted from the Scopus database, covering the period from 2003 to 2024. The study's findings showed a growing trend in annual scientific publications, with the highest average citation per document in 2010. The leading keywords identified as emerging areas of research include corporate social responsibility, banking, and the banking sector, with the Sustainability (Switzerland) Journal reflecting the highest contribution, including the highest impact. Similarly, the most relevant affiliation found was Bucharest University of Economic Studies, with the highest production. Moreover, the leading countries in research article publication were China, India, Spain, Pakistan, and Malaysia. Additionally, the most globally cited document was by Jizi, and most local references were to Bourgeois. The study highlights existing trends in the field of corporate social responsibility that are on the rise, reflecting a growing interest in the field and making significant contributions to the existing literature, while also demonstrating numerous opportunities for future research. This study identifies progressive trends and directions in the field of corporate social responsibility in the banking sector, encompassing two and a half decades of research work based on bibliometric analysis, which ultimately lays the foundation for future research.

Hanna Yarovenko, Iryna Pozovna, Roman Bylbas

This study assesses the maturity of Ukraine's system for combating cyber and financial crimes under wartime conditions, focusing on the heightened risks caused by escalating cyberattacks and financial fraud during conflict. As adversaries exploit vulnerabilities in Ukraine's digital infrastructure, this research examines the system's preparedness, judicial efficiency, and alignment with international cybersecurity standards. Using data from the General Prosecutor's Office of Ukraine (2014–2024), the study employs quantitative analyses, including maturity index calculations, trend assessments, and lag analysis through statistical modelling. Key offense categories include unauthorized system interference, malicious software distribution, and restricted information dissemination. The results reveal significant fluctuations in the system's maturity over the study period, with periods of heightened judicial efficiency interspersed with notable delays in processing cyber and financial crime cases. Unauthorized system interference incidents increased fourfold over the decade, reaching 440 cases by late 2024, with judicial responses lagging by an average of one quarter for certain crimes. Similarly, crimes involving the dissemination of restricted-access information experienced judicial delays of up to one year. The maturity indices highlight areas of progress, such as improved prosecution rates for specific crimes during peak conflict periods, but also expose systemic inefficiencies in addressing advanced financial fraud and cryptocurrency-related crimes. Dynamic trends underscore the direct impact of hybrid warfare on cybercrime dynamics. The rapid digitalization of financial systems and public services during the war has expanded attack surfaces, with cybercriminals exploiting vulnerabilities in digital banking platforms and cryptocurrency transactions. While judicial efficiency has shown improvement in prosecuting certain offenses, the overall maturity of the system remains inconsistent, reflecting gaps in enforcement and resource allocation. These findings emphasize the need for Ukraine to align its cybersecurity and financial crime prevention frameworks with international best practices, ensuring resilience against evolving threats. This research contributes to the global understanding of cybersecurity challenges in wartime, offering practical insights for policymakers. It highlights the importance of adaptive frameworks and international cooperation in strengthening national resilience. Despite its contributions, the study acknowledges limitations, including reliance on secondary data and the unique geopolitical context of Ukraine, which may limit generalizability. Future research should explore qualitative aspects of institutional capacity and public trust to complement the quantitative findings. Overall, this study provides an evidence-based foundation for enhancing Ukraine's cybersecurity maturity and offers valuable lessons for other nations navigating similar crises.

Sarra Benlefki, Mehdi Bouchetara, Amine Saba et al.

The research investigates the formal and informal financing practices utilized by labeled startups in Algeria, emphasizing their essential role in economic development. Despite the recent dynamism observed in the Algerian startup ecosystem, these enterprises face substantial growth challenges due to limited access to financing, a critical factor for their success. To address this issue, a study was conducted involving 129 owners of labeled startups as of June 2023, employing a questionnaire for data collection. The data were analyzed using descriptive statistics and multivariate logistic regression. The findings confirm the prevalence of personal financing/love money as the dominant source of funding, with venture capital also identified as a significant financing method. Additionally, 28% of startups resorted to informal financing practices due to inadequate bank financing and difficulties in accessing other funding sources. The study also reveals that support structures have no significant impact on startup financing. This research provides valuable insights into the financing challenges faced by labeled startups and offers directions for future, more comprehensive research.

Dmytro Halynskyi, Yelyzaveta Lytiuha, Oleksandr Telizhenko

This study explores the influence of tax burden indicators and ease of tax compliance on the development of clean and digital energy startups, critical players in the global transition to sustainable energy systems. Recognizing the importance of innovation-driven enterprises in achieving climate goals, this research investigates how taxation policies and compliance processes impact the growth and success of startups leveraging renewable and digital energy technologies. The study utilizes a comprehensive dataset, spanning 2000–2021, derived from the International Energy Agency (IEA) and the World Bank. It examines key metrics such as total tax rates, compliance time, post-filing indices, and R&D tax incentives across developed and developing countries. A combination of Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE) regression models was employed to analyse the relationships between tax-related variables and startup activity, with the inclusion of lagged variables to assess delayed policy impacts. The results reveal nuanced dynamics between tax burdens and startup development. Contrary to traditional assumptions, higher overall tax rates on income and profits showed a positive correlation with startup growth, suggesting that revenues from such taxes may fund beneficial incentives like R&D grants. However, indirect taxes, such as sales and payroll taxes, alongside higher tax-to-GDP ratios, negatively influenced startup proliferation by diverting resources away from innovation and scaling efforts. Simplified tax compliance processes emerged as a significant driver of startup growth. Improvements in post-filing indices and reductions in compliance time correlated with increased startup activity, underscoring the administrative burdens that disproportionately affect resource-constrained enterprises. Furthermore, digital tax systems, including e-filing and automated reporting, proved particularly advantageous for clean and digital energy startups, aligning with their technological expertise and enabling resource reallocation toward innovation. The study highlights disparities between developed and developing economies. While advanced economies benefit from streamlined compliance systems and robust tax incentives, startups in emerging markets face fragmented tax frameworks, lengthy processes, and limited access to incentives, restricting their global competitiveness. These findings have important policy implications. Governments should implement digital tax systems to ease compliance, provide targeted incentives to foster clean energy innovation, and ensure tax policies are designed to support entrepreneurial ecosystems. Policymakers in developing regions must address systemic inefficiencies to level the playing field and unlock the potential of startups in driving sustainable development and energy transitions globally. This research offers valuable insights into the interplay of taxation, innovation, and clean energy entrepreneurship, guiding policymakers in creating conducive environments for sustainable economic growth and technological advancement.

Theresia Wansi, Darrell Norman Burrell

Cameroon’s small and medium enterprises (SMEs) are vital contributors to economic growth and employment opportunities, making its sustained success imperative. However, SMEs grapple with a myriad of issues that impede their development trajectory. Challenges related to financial access, profitability, resilience, and growth are intertwined and necessitate a holistic examination. One significant challenge is the limited access to financing options, hindering SMEs from investing in growth and innovation. Investigating the effectiveness of government policies and financial institutions in facilitating SME access to capital is crucial. Furthermore, market dynamics, cost structures, and competition often constrain SME profitability. Research can illuminate strategies to enhance profitability through efficiency and value creation. SME survival in Cameroon's dynamic business environment demands an exploration of the barriers and the challenges. This inquiry explores these complexities by exploring the literature through current and emerging literature. The aim is to shed light on the dynamics of small business financing in Cameroon to create a research discussion that other researchers and policymakers will build on.

Agwor Charles I.G., Chinwe Bekwele Wami

This research focused on exploring the regulatory framework governing tax collection in Nigeria, with a specific emphasis on the legal and institutional aspects. The analysis involved examining the relevant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended) related to taxes and associated matters. Key statutes that regulate taxes and taxation were also scrutinized, including the Federal Inland Revenue Service (Establishment) Act, the Personal Income Tax Act, the Companies Income Tax Act, the Capital Gains Tax Act, the Value Added Tax Act, the Stamp Duties Act, and the Taxes and Levies (approved List) Act. Furthermore, the study investigated the governmental agencies responsible for tax collection and administration, such as the Federal Inland Revenue Service (FIRS), the Joint Tax Board (JTB), the Federal Board Inland Revenue (FBIR), States Board of Internal Revenue (SBIR), Local Government Revenue Committees, and Joint State Revenue Committees. The research paper was concluded by providing a summary of the findings.

Oloyede Oloyede, Funmilayo Funmilayo

Governance is all about making life favorable and conducive for the citizens, and in achieving this, the government provides in the state some basic social facilities, such as security of lives and properties, and also put in place infrastructures such as good roads, schools and health services. To achieve these, it is mandatory for the government to generate income in-term of revenue, and this is popularly achieved with taxation. Unfortunately, difficulties arising from tax evasion and corruption limit the power of the government of Nigeria to generate sufficient revenue that is needed. The Government with determination of boosting the level of taxation and its compliance in order to be able to execute its tasks for the citizens, has approved electronic taxation as element of its electronic governance creativity in tune of international performance. Research method that was used for this study was qualitative in nature, secondary data was collected at the review of relevant literatures. The study found out that electronic-taxation has been satisfied to be appropriate in use of tax collection and remittance, and has been proven in calculation-error reduction. It also curtails fraud in the tax offices, eliminates challenges that may arise during reconciliation, and limiting leakages in the tax revenue collected. Electronic taxation through electronic-governance has boosted the volume of revenue generation into the cover of the government, and it saves time and cost. This research paper has recommended that tax officials at the local revenue authority, state internal revenue and the federal inland revenue should shift towards e-taxation, give more enlightenment to the taxpayers on the note of adopting electronic taxation instead of manual processing.

Djamila Bekhti, Leila Ismahane Bakbak, Mehdi Bouchetara

The main objective of this paper is to discuss and examine the relationship between the development of stock market and economic growth and to show if the economic growth is positively influenced by stock market development in Singapore. Theoretically, some economists postulate a bidirectional relationship between financial development and economic growth, while others consider that growth drives finance, but that financial development is only a minor growth factor. We used an econometric study based on an autoregressive distribution lag (ARDL) model covering the period from 1990 to 2020 which is supported by the Asian financial crisis of 1997, obtained from various sources, in particular World Bank data and International Monetary Fund reports. Economic growth is expressed by GDP per capita, while stock market development is measured by market capitalization of domestic listed companies (% of GDP), shares traded total value (% of GDP) and stocks traded turnover ratio of domestic shares (%). The results show that the capitalization of domestic listed companies and the turnover ratio of domestic stocks have a positive and significant effect on gross domestic product per capita in the short and long run. However, shares traded total value hasa negative impact on gross domestic product per capita in short and long term. The contribution of our results suggests that stock market development promotes short and long-run growth in Singapore. Our findings can be of direct value to developed or emerging countries while they are of indirect value to less developed economies that may be committed to certain policy or regulatory decisions.

Safaa Kacemi, Ibtissem Gadi

Small and medium enterprises play a vital role in ensuring the continuity and sustainability of economic development as they constitute an important starting point for economic growth, through their ability to provide job opportunities and their role in diversifying the industrial structure and assisting the main structures in production. These institutions operate at the national level and push them towards facilitating and continuity of their work, which made them of great importance in achieving development and embodiment at the national level. This study aims to highlight the role of small and medium enterprises in pushing the economies of countries towards development, through their contribution in various areas of development, as these institutions have become a strategic option and the most practical alternative to achieve balanced growth, and this can only be achieved with real support for these institutions. Small, and medium enterprises are an important element in economic development, as they are considered a major driver of the countries' economy and a source for creating wealth and satisfying economic and social needs. They contribute to reducing the unemployment rate, raising the gross domestic product, creating an added value to the economy, and increasing the proportion of international trade exchanges. In completing our scientific research, we relied on a questionnaire distributed to small and medium-sized enterprises in the state of Oran. We also used a set of tools represented in the interview and observation. The study was based on 38 small and medium enterprises in the state of Oran. The obtained result showed the validity of the hypotheses. These institutions contribute greatly to the economic and social growth of the state, as we extracted from the obtained results. 68% of the studied sample contributes to raising the gross domestic product by 95% to creating an added value by 95℅, and 11% of the studied sample exports its products outside Algeria, This is what prompted Algeria to rely on small and medium enterprises to ensure strong economic growth, but this sector still has not risen yet to be a source of wealth and an engine for development for Algeria because there are several obstacles facing small and medium enterprises.

Richard Fast

The paper defines and analyzes May’s Theorem and the Median Voter Theorem from the Public Policy and Public Choice literature and seeks to compare and contrast the use of both. Through the use of theoretical and applied examples, the paper demonstrates how collective decision-making research has evolved to better inform public policy. Building on Black’s (1948) notion that it is the voter in the ideological middle that decides elections, Holcombe (1980) provides an empirical analysis of this theory, Scervini (2012) attempts to show that the middle class (median) voter decides taxation and redistribution policy, Rowley (1984) takes a New Institutional approach to analyzing voters’ preferences, Groot and van der Linde (2016) conducts a cross-country analysis to see if the Median Voter Theorem holds true across time and cultures, Carrillo and Castanheira (2008) show that voters change their behavior from the preference of the median voter as the press reveals new information about the quality of candidates which alters voters’ perceptions, and Congleton (2003) asserts there may not always be a median voter with examples. Building on May’s Theorem that voting is an aggregation of voters’ preferences, Hotelling (1929), Black (1948), Maskin (1999), Duggan (2015), and Brady and Chambers (2017) expand on social preference theory showing that Arrow (1951) and May (1952)’s work needed to be updated to include verifiable, empirical tests and further refinements. The paper shows how public policy analysis and group decision making theory and application have evolved over the past 75 years and shines some light on areas for future research and analysis. These findings are important because it will help make candidates and policy proposals more palatable to voters in the ideological middle (median voter) who, as the studies show, often determines the winner. The paper will be of interest to anyone involved in public policy and group decision making processes.

Gabija Šimaitė, Greta Keliuotytė-Staniulėnienė

During periods of increased uncertainty, financial market participants are looking for ways to manage risk. The derivatives can be considered as one of the potential instruments for hedging risk. There is no consensus in the scientific literature on whether the application of derivatives has an impact on a value of a company. Thus, the main purpose of this paper is to quantitatively assess the impact of the application of derivatives on the value of a company. The research hypothesis is formulated as follows: the use of derivatives increases the company’s value, i.e. the application of derivatives has a statistically significant positive impact on the value of the company. Seeking to achieve the main purpose and test the hypothesis, besides the analysis of relevant academic literature, the method of panel data analysis (linear multiple regression) is used to quantitatively assess the effect the application of derivatives has made on the company's value. 28 companies (constituents of EURO STOXX 50 ESG Index) are analyzed in the period of 2005-2020. The results of the research allow stating the effect of derivatives on the value of companies has proven to be statistically significant and positive.

J. Jose Prabhu

Investment banks are financial intermediaries that specialize in the sale of securities and the issuance and underwriting of new shares to raise capital financing. Investment banking is a special segment of banking that assists individuals or organizations to raise capital in the main market. In the tea market, new securities are issued and act on behalf of customers, thus playing an important role in the secondary market. Investment banks undertake new debt or equity securities for all types of businesses, support the sale of securities, and facilitate mergers and acquisitions by institutional and individual investors. Investment banking organizations act as intermediaries between investors and capital markets. Investment banks are becoming important in European capital markets due to many factors including the perception of investment banks among investors and the various other functions implemented by investment banks. The research paper aims to show the role of investment banks in the current scenario. This study is descriptive in nature and uses auxiliary data. The study reveals the growth, development, function and role of investment banking in the European economy. The main objective of this investigation is to clarify how investment banks play a role in increasing a country’s resources and economic growth. It analyzes the various functions performed by investment banks. Investment banks connect the people who sell securities with their investors. Investment banks add liquidity to the market. Investment banks promote savings and investment and eliminate capital shortages. Mobilize small, scattered savings in the community so you can invest in productive businesses. He concluded that the role of investment banks in economic development is important.

Jared Carlberg

Canada is well known as an export-based economy, particularly with respect to its agricultural and agri-food industries. Since the signing of the Canada-U.S. Trade Agreement (CUSTA) in 1989, the federal government has negotiated trade agreements with more than 40 international partners, providing Canadian firms with access to a multitude of foreign markets while also giving consumers at home a greater set of choices in the market for a great number of goods and services. Progress on more liberalized internal trade within the federation has not, however, kept pace with accomplishments on the international trade front. Despite the implementation of the Agreement on Internal Trade (AIT) in 1995 and the Canadian Free Trade Agreement (CFTA) in 2017 (along with several smaller but significant interprovincial agreements), a number of significant barriers remain to internal trade in goods and services in Canada. The focus of this paper is upon barriers that prevent the movement of goods and services among provinces, referred to as interprovincial trade barriers. There are a number of different types of these barriers; one such type is tariffs (which function similar to a sales tax) upon goods and services themselves. While tariffs are a major topic of study in international trade, they do not form a focus of this paper, which will instead focus on non-tariff barriers or NTBs. One such category of barriers to internal trade includes natural barriers such as lakes, rivers, mountain ranges and the simple distance between potential trading partners. A second type is called prohibitive barriers, which make illegal the movement of certain types of goods or services among provinces; perhaps the most well- known of these pertains to the prohibition of the movement of alcohol or tobacco between provinces. Technical and regulatory/administrative barriers also exist, and pertain to provincial differences in requirements within specific sectors, licensing requirements, etc. The Canadian Federation of Agriculture (CFA) has noted that differences in trucking regulations as well as inconsistent regulation of provincially and federally inspected meat-processing facilities are of particular concern in the agricultural and agri-food industries (CFA 2021). These barriers are costly to the Canadian economy, limiting its growth, output, efficiency and productivity. Estimates by Alvarez et al. (2019) suggest that Canadian GDP would increase by between one and four per cent if trade in goods alone were completely liberalized. This is approximately $92 billion per year, an amount that, if realized, could lead to significant job creation, increased streams of taxation revenue for government, enhanced economic growth and improved productivity. Economists have long cited the efficient and welfare-maximizing outcomes associated with unfettered markets, and removal of interprovincial trade barriers would provide significant gains for the Canadian economy. Several important drivers have led to the current situation where barriers to interprovincial trade constrict the freer flow of goods and services in Canada. One of them is federalism itself, where the duty of provincial governments is to act in the best interest of constituents, even if it means overall gains to Canada as a whole are not being realized. Related to this is a second driver, which is the balancing act that courts must strike in Canada when interpreting both federal and provincial legislation in areas where both levels of government can be argued to have jurisdiction. A third driver is the potential for stakeholders to act to prevent liberalization of trade if it is in their best interest to do so. Regulators and gatekeepers, industry associations and even governments can have vested financial or personal interest in the status quo, and be hesitant to change it even if they recognize that change would have the potential to provide greater economic benefits to others. A final driver that has led to the current system is the sheer amount of time, effort and expertise that would be required to update the current system. There are at least three plausible options for reducing interprovincial barriers to trade in Canada. The first would be to encourage courts to interpret relevant legislation in a way that would aid the freer flow of products and services internally. For example, section 121 of the Constitution Act seems to clearly require the free movement of goods among provinces, but the Supreme Court of Canada has, out of respect for provinces’ rights, deferred to the notion of federalism and consistently interpreted legislation in a way that permits provinces to put limits on trade. Should the Court interpret 121 in a more constructionist way, interprovincial trade would increase. A second option is for provinces to independently negotiate more open markets in Canada. The New West Partnership Trade Agreement (NWPTA) among the four Western provinces has been successful, as have other regional agreements, at opening markets and generating economic benefits. A third option is to use the CFTA’s mechanisms and resources at the federal and provincial levels to remove barriers on an industry-by-industry basis. Given the sheer number of firms and industries, it is more cumbersome to negotiate large-scale, national or multi-provincial agreements than smaller scale, industry-specific ones. There are costs and benefits associated with each of these options. Requiring courts to revise how they interpret law is beyond the power of the federal and provincial governments. Striking new trade partnerships is a time-consuming process, with no assurance of success. Negotiating improvements in specific sub- sectors and industries is achievable, but provides only incremental gains. From a benefits perspective, there is much to be gained: the estimated economic benefits from the freer flow of goods and services are considerable, although it is likely that those with a vested interest will see some of their current benefits transferred to others as a result of removing trade barriers. Overall, it seems obvious that previous work to liberalize trade has been fruitful, and a combination of the options proposed is likely to be worth the effort.

Mehdi Bouchetara, Abdelkader Nassour, Sidi Eyih

The aim of macroprudential policy is to ensure financial stability by avoiding the outbreak of banking crises, which have a dangerous effect on the economy. Is macroprudential policy effective in the face of banking crises and systemic risks? Macroprudential policy has received significant interest from policy-makers and researchers. A few developing countries were using macroprudential policy tools well before the 2008 financial crisis, but significant progress has been made thereafter in both emerging and industrialized economies to put in place specific institutional settings for macroprudential policy. The fundamental objective of macroprudential policy is to maintain the stability of the financial system by making it more resistant and preventing the risk build-up. The objective of this paper is to analyze the important role of macroprudential policy in ensuring overall financial stability. Since the financial crisis of 2008, macroprudential policy has been increasingly used across economies. These measures aim at smoothing financial cycles and thereby mitigating the impact on the real economy, thereby allowing monetary policy to focus on price stability and promote growth and full employment. Macroprudential policy instruments fall into two categories, depending on their purpose, namely, to prevent procyclicality or to enhance the resilience and soundness of the financial system against shocks. The first category of instruments is used to stop bubbles from forming and smooth cycles, i.e. to force the debt-equity of economic operators on an income basis to prevent unsustainable credit bubbles, or to require dynamic loss provisioning rules. The second category of macro-prudential policy is to improve the resilience to shocks, such as capital surcharges for systemic institutions or the requirement to hold liquid assets to cope with market panics, and to make the financial system less complex.

Victoria Dudchenko

This paper is devoted to defining the role of the central bank in ensuring banking and financial stability. The main purpose of the study is to assess the direction and strength of the impact of central bank independence in terms of its individual aspects on the parameters of banking and financial stability for different groups of countries. Systematization of literature sources and the results of existing empirical research has shown that the expected effects of increasing the independence of the central bank are to improve banking and financial stability. For the study, a sample of statistical data for 10 developed and 10 developing countries for the period 1991-2012 was formed. The methodological basis of the study were the tools of panel regression modeling with fixed effects with Stata software use. The article presents the results of empirical analysis, which showed that the independence of the central bank is an important factor in ensuring banking stability. At the same time, the impact on financial stability has not been conclusively confirmed. The study empirically confirms and theoretically proves that the stage of development of the country determines the strength of such influence. Thus, developed countries generally show closer links between central bank independence and banking and financial stability, which in most cases are directly dependent, while developing countries have less lasting effects. The results of the analysis of the links between certain aspects of central bank independence and the level of banking and financial stability are of great practical value. The results of the study create a scientific basis for substantiating the sequence of actions aimed at strengthening the independence of the central bank. Thus, in developing countries, the focus should be on defining and prioritizing central bank goals, while developed countries should take a deeper approach to this issue and ensure the independence of monetary policy and financial independence of the central bank.

Onat Kibaroğlu

As a technology that can be traced back to the late 1990s in its structural fundamentals, ‘blockchain’ came into mainstream public discourse as of 2017. Previously discussed in the fringes of the technology-savvy circles, blockchain has now became a global phenomenon and indeed an industry that is rapidly growing and capturing a notable share of the public imagination along with academic discourse. Blockchain’s emergence in the realm of technology is essentially thanks to the invention of bitcoin as both a speculative asset and as a digital store of value. Many governments around the world have made public claims regarding their enthusiasm in adopting ‘blockchain’ in various ways; varying from Russia, Estonia and Ukraine in Europe all the way to Venezuela in Latin America and even the Marshall Islands in the Pacific Ocean. This paper puts out the objective of achieving self-sovereign identities on the blockchain is a promise that has not yet manifested on the ground, albeit it disproportionately captures a significant share of the contemporary discourse on the three larger concepts of self-sovereignty, digital identity and the blockchain. A key reason for the lack of manifestation of this promise is that, there is little agreement as to what is actually meant by ‘self-sovereign identities’ —in stark comparison to the major consensus over the concepts of ‘blockchain’ or ‘cryptocurrencies’. In order to explore the genealogy of the core concept of ‘identity’, the theoretical genesis of ‘biopolitics’ is consulted, demonstrating that our contemporary technological epoch is best defined as an era of the emergence of ‘biodigital’ power. The paper ultimately argues that the reason for this disproportional share of discourse is created by certain actors to utilise the growing rhetoric on ‘blockchain’ and the libertarian notion of ‘self-sovereignty’ as façades to potentially pursue biocapitalist objectives.

Duane T. Frederick, Karina Kasztelnik

The paper summarizes the arguments and counterarguments within the scientific discussion on the issues such as higher education institutions, mergers and acquisitions, world class universities, integrated postsecondary educational data system in the United States. The main purpose of this scientific research study problem is the impact of international merger and acquisition on the financial performance for higher education institution in the United States. Synthesis of this topic has a significant impact on the financial well-being for all students and professors around the World. The methodology is the observation then synthesis all current and prior existing literature and facts available for the purpose of understanding the current financial situation for all higher education industry. The paper presents the results of a critical thinking analysis integrated postsecondary education data system. The U.S. Department of Education’s National Center for Education Statistics for higher education institutions database system, called the Integrated Postsecondary Education Data System. This U.S. Government run database has collected annual higher education institutions level information since 1986 and by statute requires all Title IV higher education institutions to report in an accurate and timely manner to this database. This research contributed to the advancement of scientific knowledge in that it provided a research study on the interaction effects between time and merger status upon the performance metrics which generalize across regional, state, and national landscapes. Practical implications address how interested higher education institutions stakeholders can use this study to analyze the historical interaction effects between merger status and time on performance metrics which they wish to improve. The future implications discussion includes how this research study provided what researchers in the field have asked for and how this increased knowledge of merger and acquisitions longitudinal effects on performance metrics provides a framework for further study in this area.

Ana Njegovanović

The purpose of this paper is interdisciplinary research of combinations of different disciplines of (natural) anthropology / neuroscience of consciousness and quantum physics and (social sciences) of financial decision making in the context of climate change and pandemics, which can be useful for finding new information, solving complex problems. The aim of this study is to provide insights into financial decision-making through the intertwining of anthropology / neuroscience and quantum physics in financial decision-making within COVID 19 and climate change and what their relationship / outcomes are. Human consciousness has slipped towards the collapse of convergent crises. Namely, health and climate change are intertwined. The causes of the COVID 19 crisis and climate change are common and their effects are approaching. The climatic situation and COVID-19, a zoonotic disease, are subject to human activity that has led to environmental degradation. Neither the climate crisis nor the zoonotic pandemic were unexpected. They have led to loss of life that could have been prevented by delayed, insufficient or wrong actions. Financial decision-making requires harmonizing public health improvements, creating a sustainable economic future and better protecting remaining natural resources and biodiversity Perhaps in this context financial simplification could be defined as coexistence of all options with different degrees of potential that we will choose them (it is a super position), other options cease to exist for us, when we enter the so-called zero of the desired option (the brain prepares our decisions). The results of the research showed us that COVID 19 and climate change have caused economic risks and uncertainties that have far-reaching and profound implications for financial decision-making as well as the financial services industry and its institutions. Extending tools through anthropology / neuroscience and quantum physics has given us knowledge of the need to connect both the natural and social sciences to understand the complex world around us.

P. D. Hall

The terms nonprofit sector and nonprofit organization are neologisms. Coined by economists, lawyers, and policy scientists in the decades following World War II as part of an effort to describe and classify the organizational domain for tax, policy, and regulatory purposes, the meaning varies depending on the identity and intentions of the user. Defined narrowly, the terms refer to entities classified in section 501(c)(3) and 501(c)(4) of the Internal Revenue Code of 1954 and subsequent revisions: nonstock corporations and trusts formed for charitable, educational, religious, and civic purposes which are exempt from taxation and to which donors can make tax-deductible contributions. The terms can also refer to the broader range of organizations in section 501(c)—categories that include political parties, trade associations, mutual benefit associations, and other entities that enjoy various degrees of exemption, accord donors various kinds of tax relief, and are constrained in distributing their surpluses in the form of dividends. Most broadly construed, the terms refer to the larger universe of formal and informal voluntary associations, nonstock corporations, mutual benefit organizations, religious bodies, charitable trusts, and other nonproprietary entities. Some of these are classified as exempt organizations by the Internal Revenue Service (IRS); others, such as religious bodies (which are not required to incorporate or apply for tax-exempt status) and informal organizations (which David Horton Smith [2000] calls the “dark matter” of the nonprofit universe), are not. None of the contemporary definitions does justice to the complex historical development of these entities and activities. Every aspect of nonprofits that we consider distinctive—the existence of a domain of private organizational activity, the capacity to donate or bequeath property for charitable purposes, the distinction between joint stock and nonstock corporations, tax exemption—was the outcome of unrelated historical processes that converged and assumed significance to one another only at later points in time. Processes of development and change are continuous and ongoing. The institutional and organizational realities we attempt to capture in creating such synoptic terms as nonprofit sector are, at best, of only temporary usefulness. Because such frameworks may incentivize collective behavior (as when entrepreneurs come to understand the economic benefits associated with nonprofit ownership or the tax benefits of charitable giving), they may actually serve to accelerate processes of growth and change. It is no accident that the impressive proliferation of registered tax-exempt nonprofits in the United States from fewer than 13,000 in 1940 to more than 1.5 million at the end of the century coincided with legislative and regulatory policies that defined and systematically favored nonprofits and those who contributed to their support. Nor is it a coincidence that ownership of hospitals shifted from predominantly public and proprietary in 1930