Hasil untuk "Capital. Capital investments"

Moslem Nilchi, Mohammad Ali Heidarihaei

Although previous research has examined the application of artificial intelligence (AI) across various areas of finance, there remains limited empirical evidence regarding its impact on corporate financial asset allocation. This gap is particularly evident when considering the organisational capabilities that enable firms to utilise AI technologies effectively. In the rapidly evolving technological landscape, artificial intelligence (AI) has emerged as a pivotal force driving innovation and transformation within corporate financial management. By embedding AI into organisational processes, companies have fundamentally reshaped their financial decision-making frameworks. However, the exact mechanisms through which AI adoption shapes the allocation of financial assets are still not fully understood. This study examines how artificial intelligence (AI) technologies influence the allocation of financial assets within corporations, with a specific focus on the moderating influence of three dynamic organisational capabilities: absorptive capacity, innovation capability, and adaptability. Based on panel data collected from companies listed on the Tehran Stock Exchange between 2020 and 2024, AI adoption is measured through textual analysis of management commentary reports obtained from the Codal system. The dependent variable comprises a set of financial ratios, including the proportion of financial assets relative to a firm’s total assets. The analysis employs multiple regression models with interaction terms to test the proposed hypotheses. Findings indicate that the adoption of AI substantially enhances the effectiveness of distributing financial assets. Moreover, absorptive capacity and innovation capability strengthen the association between AI adoption and the allocation of financial assets within firms' performance, while adaptability shows no statistically significant moderating effect. These results highlight the importance of both technological infrastructure and internal capabilities for leveraging advanced technologies to their fullest potential. This research not only enriches the academic discourse with fresh empirical insights but also offers valuable implications for financial managers, capital market regulators, and policymakers engaged in organisational digital transformation strategies.

O. S. Sukharev

structural transformation, which is understood as a change in the proportions between the basic sectors - processing, raw materials and transaction. In orthodox economic theories, gross fixed capital formation is given a central place in ensuring economic growth in the long term, although in practice there are many conditions that weaken such an impact. The purpose of the study is to identify the modes of the investment process in the coordinates of “investment - risk”, determining the impact on the growth rate and assessing the distribution of investments by economic sectors that form the economic structure. This will allow specifying the tasks of development of the Russian economy, highlighting the directions of structural policy and measures to stimulate economic growth that go beyond the stereotypical orthodox approach, which reduces recommendations to an increase in the accumulation rate and investments. The methodology of the study is the theory of economic growth and structural dynamics, empirical and regression analysis of data, ideas about the investment process and measures to stimulate it, a method for assessing the risk by the standard deviation of gross profit. The result is that the article theoretically identifies several investment dynamics regimes, defining two basic investment types (according to the dynamics of investment and risk) - “risky” and “hedge”. The current growth structure in Russia is assessed as based on risky investments, fixing the relationship between the main sectors and their contribution to the overall GDP growth rate. An empirical analysis of economic growth in Russia in the period 2000-2023 confirms that the dynamics of investments determined the growth rate, which in turn depended on changes in the risk generated by the institutional conditions of development. The risky type of investment also limited growth, and structurally, investments in fixed capital were mainly directed to transaction activities, then to the raw materials sectors and only then to processing. This circumstance actualizes the task of structural changes, which should be reduced to a change in the investment regime and institutional conditions that encourage capital renewal in the manufacturing sectors.

Małgorzata Jabłońska

The paper analyzes the relationship between innovation dimensions, according to the European Innovation Scoreboard, and the entrepreneurship rate in a group of moderate innovator countries. Using the Pearson linear correlation, the author conducted a data analysis based on an empirical study using open data from the Summary Innovation Index – European Innovation Scoreboard (SII‑EIS) and Eurostat for 2013–2019. This period covers the moment when all the countries of the Visegrad Group (i.e., the Czech Republic, Hungary, Poland, and Slovakia – the V4) were classified into the same innovation group according to EIS. However, due to the volume limitations of the article, it was decided that Moderate Innovators from 2019 would be included in the comparative analysis, i.e., when the V4 were last collectively classified as Moderate Innovators. The results of the research positively verify the initial research hypothesis that the EIS indicators show a different strength of relationships with the entrepreneurship rate in the V4 and among other economies classified as Moderate Innovators (according to SII–2020). The variables that describe the quantity and quality of entrepreneurs’ innovations strongly and positively impact the V4 countries’ entrepreneurship rate. In other countries, the variables derived from the investment attractiveness of economies show a significant and positive correlation with the entrepreneurship rate. Based on the analysis of the results, it can be concluded that there is a strong positive correlation between the entrepreneurship rate and the total innovation index, which is compiled each year based on a set of variables for the European Union countries. The study showed that the entrepreneurship rate in these countries is strongly impacted by indicators representing the following groups: Innovators (small and medium‑sized enterprises (SMEs) with product or process innovations; SMEs with marketing or organizational innovations and SMEs innovating in‑house), Attractive research systems (international scientific co‑publications), Finance and support (Venture capital expenditures), Firm investments (Enterprises that provide training to develop or upgrade their personnel’s ICT skills), and Linkages (Innovative SMEs that collaborate with others). The impact of these factors on the development of entrepreneurship in the V4 means that pro‑innovative activities undertaken in operating enterprises strongly correlate with deciding to start one’s own business. Therefore, it can be concluded that entrepreneurship in these countries has an entirely different development basis than in other countries that are Moderate Innovators, where the factors mentioned above were irrelevant.

Rzeszut Sylwester J., Kowalski Michał J., Kazak Jan K.

The pandemic, followed by the Russian aggression against Ukraine, caused rapid changes in the economy. European countries experienced unprecedented price increases, which resulted in a significant increase in the cost of capital. This resulted primarily in limited access to capital and a significant reduction in investments in the real estate market. In addition, investors began to withdraw capital from investments in the real estate market to other assets, encouraged by their rising rates of return. The article presents how the indicated circumstances translated into the financial efficiency of companies from the Real Estate sector. Listed companies of the European Economic Area in the years 2019-2022 were analyzed. Changes in the main accounting measures and market measures for individual countries as well as the characteristics of real estate market participants were analyzed.

Abdulnasser Hatemi-J

Providing a measure of market risk is an important issue for investors and financial institutions. However, the existing models for this purpose are per definition symmetric. The current paper introduces an asymmetric capital asset pricing model for measurement of the market risk. It explicitly accounts for the fact that falling prices determine the risk for a long position in the risky asset and the rising prices govern the risk for a short position. Thus, a position dependent market risk measure that is provided accords better with reality. The empirical application reveals that Apple stock is more volatile than the market only for the short seller. Surprisingly, the investor that has a long position in this stock is facing a lower volatility than the market. This property is not captured by the standard asset pricing model, which has important implications for the expected returns and hedging designs.

Halil D. Kaya

In this study, we examine new loan applications made by manufacturing firms in Eastern Europe and Central Asia. We compare the pre-global crisis and post-global crisis loan applications. We find that fewer manufacturers applied for a new loan post-crisis (45.89% vs 29.91%). When we compare the main reasons for manufacturers not applying for a new loan pre- vs. post-crisis, we find that, after the crisis, more firms stated that there was no need for a loan. Also, more firms stated that application procedures were complex, interest rates were not favorable, and they did not think it would be approved. On the other hand, fewer manufacturers stated that post-crisis, collateral requirement was too high, the size of loan and maturity were insufficient, and it was necessary to make informal payments (i.e., corruption). Overall, our findings suggest that while certain aspects of financing for manufacturers improved after the crisis, others deteriorated. We also find that there was a statistically significant decrease in the percentage of manufacturers that had their financial statements checked/certified by an external auditor. Finally, post-crisis, “access to finance” was seen as a smaller obstacle by manufacturers. We conclude that the reason for fewer manufacturers applying for a new loan post-crisis was not all measures of “access to finance”; it was rather the lack of a need for a new loan and certain aspects of “Access to finance”.

Ismael Díaz, Thiago Sum, Marcel Achkar

The general objective of this article is to analyze the incidence of concentration, foreignization and financialization in rural territories, mediated by the Uruguayan state and led by Public Limited Company (PLC), in the consolidation of land grabbing processes in Uruguay in the 21st century. The research strategy included the georeferencing of the controlled lands by PLC, the characterization of their territorial deployment and their productive orientation, and the evaluation of institutional strategies. New economic-productive phenomena linked to agrarian intensification, productive specialization, financialization, indirect investments by foreign states and investments by foreign investment funds, which account for the complexity of the conformation of the financial capital that make up these PLC. The PLC control more than 20%, and have made requests that exceed the equivalent of 50% of the productive lands in Uruguay. The Uruguayan state has played a key role in promoting and legitimizing the concentration and foreign ownership of land. The expansion of the PLC has been assumed as a natural and necessary path despite the evidence that they generate concentration of land and wealth, loss of sovereignty, and increase social inequality. Resumen El objetivo general de este artículo es analizar la incidencia de la concentración, extranjerización y financiarización de los territorios rurales, mediados por el estado uruguayo y liderados por Sociedades Anónimas (SA), en la consolidación de los procesos de acaparamiento de tierras en Uruguay en el siglo XXI. La estrategia de investigación incluyó la georreferenciación de las tierras controladas, la caracterización del despliegue territorial, y la orientación productiva de las SA, y la evaluación de las estrategias institucionales. Se identificaron nuevos fenómenos económico-productivos vinculados a la intensificación agraria, especialización productiva, financiarización, inversiones indirectas por parte de estados extranjeros y la presencia de fondos extranjeros de inversión, que dan cuenta de la complejidad del entramado y conformación del capital financiero que integra las SA. Las SA controlan más del 20%, y han realizado solicitudes que en conjunto superan el equivalente al 50% de las tierras productivas en Uruguay. El estado uruguayo ha jugado un rol clave promoviendo y legitimando la concentración y la extranjerización de la tierra al asumir la expansión de las SA como una trayectoria natural y necesaria pese a las evidencias de que generan pérdida de soberanía, concentración de la riqueza e incrementan la desigualdad social. Palabras Claves: Concentración de tierras; Financiarización; Soberanía alimentaria; América Latina

Hector Galindo-Silva, Guy Tchuente

This paper examines the impact of the Anglophone Conflict in Cameroon on human capital accumulation. Using high-quality individual-level data on test scores and information on conflict-related violent events, a difference-in-differences design is employed to estimate the conflict's causal effects. The results show that an increase in violent events and conflict-related deaths causes a significant decline in test scores in reading and mathematics. The conflict also leads to higher rates of teacher absenteeism and reduced access to electricity in schools. These findings highlight the adverse consequences of conflict-related violence on human capital accumulation, particularly within the Anglophone subsystem. The study emphasizes the disproportionate burden faced by Anglophone pupils due to language-rooted tensions and segregated educational systems.

Bilal Hungund, Shilpa Rastogi

The money market and the capital market of the Indian financial markets have a symbiotic relationship in the development of the Indian economy. The nature and the characteristics of the markets differ to a large extent as the money market ensures liquidity in the system through the monetary policy by the regulators; capital markets propel and act as the engine driver for the economy in the long term. Therefore, the final throughput of the economy is the aggregation of the output of both the markets. Does that imply that the development of both markets is parallel in nature or is any one superior to the other or are they competitors? To understand the influence of one over the other the research was undertaken through a correlation matrix and time series model. A predictive model was further constructed for predicting the volume of money market instrument on the basis of fourteen days historical.

Ummya Salma, Md. Fazlul Huq Khan, Md. Masum Billah

This study aims to examine the relationship between Foreign Direct Investment (FDI), personal remittances received, and official development assistance (ODA) in the economic growth of Bangladesh. The study utilizes time series data on Bangladesh from 1976 to 2021. Additionally, this research contributes to the existing literature by introducing the Foreign Capital Depthless Index (FCDI) and exploring its impact on Bangladesh's economic growth. The results of the Vector Error Correction Model (VECM) suggest that the economic growth of Bangladesh depends on FDI, remittances, and aid in the long run. However, these variables do not exhibit a causal relationship with GDP in the short run. The relationship between FCDI and economic growth is positive in the long run. Nevertheless, the presence of these three variables has a more significant impact on the economic growth of Bangladesh

Kanis Saengchote

Leveraged developers facing rollover risk are more likely to engage in fire sales. Using COVID-19 as a natural experiment, we find evidence of fire sale externalities in the Thai condominium market. Resales in properties whose developers have higher leverage ratios have lower listing prices for listed developers (who have access to capital market financing) but not unlisted developers (who primarily use bank financing). We attribute this difference to the flexibility of bank loan renegotiation versus the rigidity of debt capital market repayments and highlight the role of commercial banks in financial intermediation in the presence of information asymmetry.

Kalani Gunaratne, Amila Thibbotuwawa, Alex Elkjær Vasegaard et al.

Low-income countries are persistently suffering from last-mile logistics issues in healthcare supply chains. Therefore, it is high time to explore technological applications to overcome such inadequacies. The faster speed, low maintenance cost, and absence of road dependency in unmanned aerial vehicles (UAV) have popularized them as an alternative to road delivery. Hence, it is suggested as a solution to overcome the persisting distribution inefficiencies in healthcare logistics of low-income countries. According to the case study analysis conducted on the Sri Lankan vaccine cold chain, incorporating UAVs increases truck-space utilization and reduces the time consumed, cost incurred, and carbon dioxide emission in a delivery round. Moreover, the most suitable way to cover the initial setup cost of an unmanned aerial system (UAS) is by receiving aid from international donors. The capital cost also can be covered by government investments or via service outsourcing only if the number of flights per year is increased. Moreover, a homogenous (i.e., only UAV) solution was revealed to be more beneficial than a heterogeneous (i.e., truck and UAV) solution. However, due to the lack of technology literacy and willingness to change in low-income countries, it is recommended to initially execute a heterogeneous solution and expand to a homogeneous plan in the future years. However, it was evident that for a mixed-fleet solution to be advantageous, drone characteristics play a vital role. Hence, a UAV with specifications ideal for the use case must be utilized to garner the maximum benefits. Nevertheless, it was apparent that with the right implementation plan, UAVs possess the potential to overcome the shortcomings in the healthcare logistics of low-income countries.

G. Ramesh, M. Raja, V. Aravindarajan

Employees are the most valuable resource for any company. The overall performance of the organization largely depends on efficient personnel management. Competent, efficient and loyal employees can significantly increase the performance of the company. Intangible assets are one of the most important sources of competitive advantage. Knowledge, skills, experience of employees is the most valuable intangible assets of a company. The management of companies understands that the main capital of the company is not money and material resources, but the creators of this money, these material resources, the “knowledge” of the company, which are a set and practices, methods, techniques and technologies for building a business at organizational maturity. In this paper, a dynamic evaluation model was proposed to manage the top level management for various strategic positions. Investments in personal education will allow your organization to gain a sustainable competitive advantage in a dynamically evolving external environment

Oana Oprișan, Ana-Maria Dumitrache (Șerbănescu) , Remus Spînu

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues. Blockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. The purpose of this paper leads to an analysis of the question: if Bitcoin is already here, why have thousands of additional cryptocurrencies been launched? The answer is that several other cryptocurrencies aim to compete with Bitcoin as general purpose currencies. Coins and tokens - all except Bitcoin are known as altcoins - and their purpose is to meet specific needs.

Huiyong Yi, Qian Zhang

Green technology innovation (GTI) requires a large capital investment, while the role of these capital investments in promoting GTI needs to be further confirmed. To improve GTI, university-industry alliances (U-Is) in green innovation ecosystems engage in knowledge-sharing behaviors and form different knowledge-sharing strategies based on changes in cooperation modes. Employing a differential game, this study explores the utility of multichannel funding for innovation revenues in different cooperative modes of U-Is and the impact on revenue distributions. This article considers three game models in five cases: Nash noncooperative game with no multichannel funding, Nash noncooperative game with external funding but no government subsidies, Nash noncooperative game with multichannel funding, Stackelberg game, and cooperative game. Solving the game model and applying the numerical analysis results in certain interesting conclusions. Our research finds that, first, in the cooperative game, the strongest willingness to share knowledge occurs in the university-industry alliance, in which the total revenues of both parties reach the Pareto optimum. Second, multichannel funding can serve as an incentive mechanism for enterprises and universities to improve the knowledge-sharing willingness, the GTI level, and the revenues of the two players, while the utility of the multichannel funding is strongest in the cooperative game. In addition, in the Stackelberg game, enterprises share subsidies with universities, which stimulates their willingness to share knowledge, and both parties’ revenues are better than they are in the three cases of noncooperation. Eventually, the revenue-sharing ratio of the enterprise has a smaller threshold, and the university can share more benefits relative to the absence of the multichannel funding, which helps balance the U-I in the green innovation ecosystem. These conclusions make a substantial contribution to the selection of cooperation modes and the formulation of revenues distribution contracts in university-industry alliances.

Nanao Kita

This paper is the first from a series of papers that provide a characterization of maximum packings of $T$-cuts in bipartite graphs. Given a connected graph, a set $T$ of an even number of vertices, and a minimum $T$-join, an edge weighting can be defined, from which distances between vertices can be defined. Furthermore, given a specified vertex called root, vertices can be classified according to their distances from the root, and this classification of vertices can be used to define a family of subgraphs called {\em distance components}. Sebö provided a theorem that revealed a relationship between distance components, minimum $T$-joins, and $T$-cuts. In this paper, we further investigate the structure of distance components in bipartite graphs. Particularly, we focus on {\em capital} distance components, that is, those that include the root. We reveal the structure of capital distance components in terms of the $T$-join analogue of the general Kotzig-Lovász canonical decomposition.

Nikolai Tuzov

The article deals with the issues of environmental (“green”) construction in Russia in relation to the tasks of low-rise and individual development. The article describes the history of the formation of the ecological construction market in Russia and abroad, gives a general classification and the main directions of its development. The ad-vantages of green construction, the problems that hinder the rapid development of ecological construction and the stimulating factors of such development are described. The applicable standards of green construction are indicated, both established by the state in the form of normative legal acts, and voluntary, and the advantages of following environmental standards are shown. Practical examples of ecological construction and problems faced by developers in practice are given. The concepts of Passive House, energy-efficient house and non-volatile house are considered in detail, indicating the ways to use the elements of such concepts in the implementation of real construction at the moment, including some practical examples of technical and technological solutions, as well as ways to further improve them. Examples of low-rise buildings currently under construction using standards and principles of ecological construction are given. The Russian standards of green construction are considered in de-tail, with references to specific regulations and other sources regulating the issues of ecological construction, and the ways of their further development and improvement are indicated. A mathematical model of the order of construction of eco-mobility facilities is proposed, where the capital return indicator is selected as an important criterion, which is determined taking into account the different times of costs for the objects being introduced. Its maximization leads to the choice of such an option, which will be characterized by the largest intermediate volume of input objects, as well as the smallest amount of reduced capital investments, i.e. their more rational dynamics. Thus, this indicator characterizes the efficiency of using capital investments, as well as their return as a result of reducing construction in progress.

A.O. Syzdykova, G.Zh. Azretbergenova

The most important contribution expected from foreign investments for developing countries is that it helps to ensure the commercial balance and economic growth of the country. Empirical studies in-vestigating the relationship between foreign investments and economic growth have shown that capital movements have led to a high rate of economic growth in some developing countries, and also paved the way for economic crises in some countries. In this study, the effects of foreign direct investments on economic growth in Kazakhstan are tried to be revealed. For this purpose, the relationship between inter-national foreign investments and economic growth in Kazakhstan has been tested by using quarterly data on GDP, gross fixed capital formation, public expenditures, openness and foreign investments between 2005-2020. Beginning with the Augmented Dickey-Fuller (ADF) unit root test, the analysis ended with the Granger causality test, the VAR analysis. According to the results of the Granger causality test, the only reason for the growth of the Kazakhstan economy in the sense of Granger is openness. Examples of foreign investment affecting growth have not been found in the causality test. On the other hand, there was no statistically significant effect of foreign investments on economic growth.

Gian Paolo Clemente, Francesco Della Corte, Nino Savelli

The paper provides a stochastic model useful for assessing the capital requirement for demographic risk. The model extends to the market consistent context classical methodologies developed in a local accounting framework. In particular we provide a unique formulation for different non-participating life insurance contracts and we prove analytically that the valuation of demographic profit can be significantly affected by the financial conditions in the market. A case study has been also developed considering a portfolio of life insurance contracts. Results prove the effectiveness of the model in highlighting main drivers of capital requirement evaluation, also compared to local GAAP framework.

Federico Guglielmo Morelli, Karl Naumann-Woleske, Michael Benzaquen et al.

In the General Theory, Keynes remarked that the economy's state depends on expectations, and that these expectations can be subject to sudden swings. In this work, we develop a multiple equilibria behavioural business cycle model that can account for demand or supply collapses due to abrupt drops in consumer confidence, which affect both consumption propensity and investment. We show that, depending on the model parameters, four qualitatively different outcomes can emerge, characterised by the frequency of capital scarcity and/or demand crises. In the absence of policy measures, the duration of such crises can increase by orders of magnitude when parameters are varied, as a result of the "paradox of thrift". Our model suggests policy recommendations that prevent the economy from getting trapped in extended stretches of low output, low investment and high unemployment.