Hasil untuk "Capital. Capital investments"

Jens M. Unger, A. Rauch, M. Frese et al.

The study meta-analytically integrates results from three decades of human capital research in entrepreneurship. Based on 70 independent samples (N = 24,733), we found a significant but small relationship between human capital and success (rc = .098). We examined theoretically derived moderators of this relationship referring to conceptualizations of human capital, to context, and to measurement of success. The relationship was higher for outcomes of human capital investments (knowledge/skills) than for human capital investments (education/experience), for human capital with high task-relatedness compared to low task-relatedness, for young businesses compared to old businesses, and for the dependent variable size compared to growth or profitability. Findings are relevant for practitioners (lenders, policy makers, educators) and for future research. Our findings show that future research should pursue moderator approaches to study the effects of human capital on success. Further, human capital is most important if it is task-related and if it consists of outcomes of human capital investments rather than human capital investments; this suggests that research should overcome a static view of human capital and should rather investigate the processes of learning, knowledge acquisition, and the transfer of knowledge to entrepreneurial tasks.

M. Brennan, Eduardo S. Schwartz

Paul A. Gompers

Paul A. Gompers, J. Lerner

Sandra E. Black, L. Lynch

J. Haskel, Stian Westlake

Capitalism without Capital by Jonathan Haskel and Stian Westlake explores the changes in the types of investments that have occurred in almost all developed countries over the last forty years. If tangible investments predominated in the past, most investments are intangible at present, meaning that money is spent on buying and creating knowledgebased products, including computer software, research and development, design, works of art, market research, learning, and new business processes. The authors attempt to answer why the economy in which intangible assets are intensively used is so different from the economy where tangible assets dominate. The authors conclude that these changes are explained by the basic properties of the intangible assets and have resulted in long-lasting stagnation, lower economic growth, increasing inequality, and difficulties in public policies for economic and financial sectors. The Journal of Economic Sociology publishes the introductory chapter, ‘Valuation, the Old-Fashioned Ways: Or a Thousand Years in Essex’ from Capitalism without Capital, where the authors discuss the meaning of investments, define the distinctions between tangible and intangible assets, and explain why some basic properties of intangible assets generate such dramatic changes in the contemporary economy.

Oumarou Zallé

Abstract The aim of this work is to analyse the conditional effects of natural resource dependence on human capital and the quality of institutions on economic growth. Unlike most previous work, which only considers each of these interactive effects separately, this article combines the interactive effects between natural resources and institutions on the one hand and natural resources and human capital on the other in the same model. To do this, we estimated an Autoregressive Distributed Lag model on a sample of 29 countries, in which there was an average level of dependency of 19.53% from 2000 to 2015. Considering the interaction between natural resources and institutional capital on the one hand and natural resources and human capital on the other shows that the coupe human capital-corruption is an appropriate lever to take advantage of natural resources in Africa countries. These results suggest that African countries must simultaneously strengthen investments in human capital and fight against corruption to turn the curse of natural resources into a blessing.

M. Shah, B. Steinberg

Higher wages are generally thought to increase human capital production, particularly in the developing world. We introduce a simple model of human capital production in which investments and time allocation differ by age. Using data on test scores and schooling from rural India, we show that higher wages increase human capital investment in early life (in utero to age 2) but decrease human capital from age 5 to 16. Children switch out of school into productive work when rainfall is higher. The opportunity cost of schooling, even for fairly young children, is an important factor in determining overall human capital investment.

A. Lockett, M. Wright

E. A. Mitrofanova, O. S. Suvalov

The most important component of national human capital reproduction is the higher education system, which has undergone radical reorganization over the past twenty years. The most acute issues have been highlighted, and the current trends in the higher education system development in modern conditions have been outlined. It has been suggested that the quality of human capital of scientific and pedagogical workers determines the labor resources quality of a country.   The purpose of the study is an attempt to formulate a concept of a comprehensive approach to forming and developing human capital in higher education professors based on the analysis of existing theoretical and methodological approaches, scientific publications, comparative analysis of diverse information, as well as the current state of human resources potential of higher education institutions.   Based on the formulated goal, the research tasks have been solved, including the study of theoretical and methodological basis, identificating key features of forming and developing human capital in higher education institutions, creating a mechanism of its formation and development, and determining indicators and indicators of the effectiveness of the current system. The authors’ mechanism of forming and developing human capital in higher education institutions has been proposed. Attention has been emphasized on the importance of ecosystem interaction for intellectual core development. The factors that increase or decrease human capital productivity have been highlighted.

Mohammad Nazaripour, Babak Zakizadeh

Neurotransmitters are the chemical messengers nerve cells use to transmit signals to target cells. Neurotransmitters affect the behavioral aspects of investors' performance. Therefore, this study investigated neurotransmitters' effect on individual investors' behavior by using structural equation modeling. To achieve this goal, exploratory and confirmatory factor analysis has been used. The study is applied research and utilizes a survey methodology. The required data were collected through the distribution of questionnaires among 315 individual investors. This study was done in the Tehran stock exchange's second and third seasons of 2023. According to the research, neurotransmitters through eight components of adrenaline or epinephrine, noradrenaline or norepinephrine, dopamine, serotonin, GABA (gamma-aminobutyric add), acetylcholine, glutamate, and endorphins affect the behavior of individual investors. Based on the second-order confirmatory factor analysis, the GABA component (0.39) has the highest impact, and adrenaline or epinephrine (0.25) has the least effect on the behavior of individual investors. The findings indicate the necessity of redefining rationality and considering its effects on investors' decisions and behavior.

Rafiq Gheddar

As Islamic banks grow and evolve, pricing methods for their services have become essential to study and implement. This study highlights the significance of understanding the factors influencing Islamic banking service pricing in Algeria. The study aims to analyze how Islamic banks price their services, with a focus on cost, market, and value strategies. Additionally, it seeks to evaluate and recommend ways to enhance the current practices of banks operating in the national market. Algeria is experiencing rapid growth in Islamic banking, making it an ideal location to study this subject. The country is home to two Islamic banks, Al Baraka Bank and Al Salam Bank. Algeria was selected as a new market to allow the findings to be applicable to similar situations elsewhere. The research utilizes secondary data obtained from available information on Islamic bank service fees, comparing them with those of traditional banks. It also conducts financing simulations in both banks and compares them with the traditional theoretical framework. Data was gathered from various sources, including bank websites, annual reports, and previous studies. The research reveals that Algerian Islamic banks do not prioritize scientific methods in pricing their services. The results suggest that these banks operate within a traditional framework under the oversight of the central bank. The central bank's rules depend on the prices of services conventional banks offer. This shapes how customers perceive these banks as representatives of Islamic banking. Islamic banks can utilize the study's results to develop pricing strategies that are more effective and compliant with Islamic law. Regulators can utilize these findings to formulate enhanced policies to bolster the Islamic banking sector. The results also assist researchers in delving deeper into the realm of Islamic banking service pricing. This study refutes the hypothesis that Algerian Islamic banks have enhanced the efficiency of their service pricing by adopting models in line with Islamic finance principles, such as profit-sharing, while considering market conditions and service value. They should embrace more pragmatic and beneficial pricing strategies that align with Islamic law, cater to customer needs, and enhance their competitiveness and value in the national banking market.

Anggi Renaldy Pratama, M Akhsanur Rofi

Bank Zakat Micro (BZM) is a microfinance service initiated by BAZNAS to leverage ZIS-DSKL funds for providing capital to micro business mustahik under the al-Qardh principle, which entails interest-free financing. The main goal of this study is to develop a strategic model that transforms BCM’s operational framework into an independent institution capable of generating organizational revenue while fostering community participation in poverty alleviation. This applied research employs a qualitative descriptive approach to explain, design, and process data into a practically implementable model. The data collection technique was systematically performed using a sequential transformative strategy that involved stakeholder interviews, regional observations of BZM activities, and the analysis of internal and external institutional reports. using the method of interviews with stakeholders, observations of BZM in several regions, and document studies in the form of internal and external reports of the institution. The findings led to the creation of a risk-based organizational design to transform BZM into BAZNAS Micro-Crowdfunding, which is a crowdfunding service for Mustahik MSMEs in the form of KSPPS. Additionally, future BZM services are anticipated to encompass a combination of Qardh-based savings and loans, micro-crowdfunding investments, and assistance for Mustahik MSMEs. The research also outlines a comprehensive guide to implementing micro-crowdfunding schemes, from business processes to the impact assessment of the results, and demonstrates the practical applications of the study.

Volodymyr Ivantsov

The article is aimed at identifying the peculiarities of financing shipping under conditions of uncertainty and analysing the sources of financing of shipping companies. Methodology. This study is based on the analysis of trends in the socio-economic, military-political and environmental situation, which cause global uncertainty and limit the ability of shipping companies to obtain external financing. The article compares the Petrofin Global Ship Finance Index with the dynamics of seaborne trade volumes for the period from 2008 to 2022, determines the correlation coefficient of these indicators and identifies the leaders among the banks-creditors of the shipping industry in terms of the volume of shipping loans in the loan portfolio. Results. The study shows a direct correlation between the shortage of shipping financing and the three main forms of global uncertainty. The results of comparing the Petrofin index with the growing dynamics of seaborne trade indicate a decrease in the role of banks and an increase in the role of alternative sources to cover the shortfall in shipping financing, such as raising resources from capital markets, financial and leasing companies, private equity funds, private equity and venture capital investments, investment platforms, hedge funds, state capital, and capital from international organisations. The main reasons for the change in the structure of shipping companies' funding sources are the conservative lending policy of banks in the crisis, tighter regulation, higher interest rates, lending only to borrowers with a positive credit history, and increased loan collateral requirements. Instead, the advantages of alternative sources of financing are flexibility, speed, less regulation compared to banks, the ability to provide large volumes, new types and forms of financing, and more competitive rates. Practical implications. The volatile external environment complicates the process of finding financing for shipping companies, which directly affects fleet renewal, the increase in the cost of ship construction and refurbishment, and the digital and environmental modernisation of shipping. Therefore, shipping companies should diversify their sources of financial resources, have a margin of safety in equity, and redistribute their borrowing portfolio between bank loans and alternative forms of financing. Value/Originality. The analysis of traditional and alternative sources of financing for shipping in the context of macroeconomic instability allows to identify key trends in investment policy towards shipping companies, to identify the specific needs of shipping companies in the face of various forms of global uncertainty and to outline the features of the most common sources of financing.

L. Ruda, O. Kraus

Nowadays globalization is defined as the irreversible growth of interdependence of countries in various aspects, including the economic sphere. In this context, it is important to consider globalization as a key factor in the development of the international financial system. Various aspects of this phenomenon and its impact on global financial processes were examined in this article. The fact that globalization contributes to the increase in the volume of international financial transactions, and it was reflected in the growth of international investments was well-founded. This increase in financial flows contributes to the development of countries that attract investment and helps to expand opportunities for doing business. With the help of global financial markets, companies gain access to additional capital and can manage their finances more effectively. The relationship between the growth of world trade in goods and the growth of GDP has been revealed. It was determined that globalization creates new challenges for the international financial system. In particular, the expansion of international financial operations creates new risks, such as financial instability and volatility of exchange rates: the negative consequences of financial crises, which necessitates the development and improvement of the system of international financial regulation and focuses attention on the need to strengthen international cooperation in this area. A number of direct and indirect channels of international financial integration that contribute to the sustainable economic growth of countries were outlined. It has been established that globalization also affects the distribution of world financial resources, on the one hand, it can bring financial stability and development to the developed countries, on the other hand, developing countries can suffer from the negative consequences of increasing economic inequality due to large financial flows. It has been proven that globalization also affects the development of new technologies and innovations in the financial sector, in particular, the rapid development of technologies has contributed to the creation of new financial instruments that can change the face of the international financial system. It was analyzed that globalization has both positive and negative consequences for the international financial system. It creates new opportunities for the development and innovation, but also makes challenges and require attention and effective management of international organizations and governments

Douglas J. Cumming, Na Dai

J. Lerner

E. D. Ivantsova, A. I. Pyzhev

Objective: to identify the factors that determined the success of investment projects in the field of forest development on the basis of available information about the enterprises – applicants for such projects.Methods: regression analysis of binary choice models, logistic regression.Results: the key constraints of the development of the Russian forest sector are identified. The review of the most relevant scientific research on the topic of investments into forest complex is carried out. Taking into account the identified problems and the analysis of the global experience in solving them, the most promising mechanism in this context was identified – that is, state support for investment projects from the priority list in the field of forest development. Based on a sample of 200 projects, a logit regression model was evaluated, which determines the impact of project parameters on the probability of their successful implementation. The hypothesis that there is a statistically significant impact on the success of investment projects was confirmed for a number of factors: the average revenue and average cost of fixed assets of the enterprise, the absence of employees in the organization, the connection of the enterprise with foreign capital and the fact that the enterprise has been unprofitable for the past three years.Scientific novelty: for the first time, estimates were made of the contribution of the forest complex enterprises’ characteristics to the probability of successful implementation of priority investment projects in the field of forest development.Practical signifi       : the high predictive ability of the model allows using information about the project success determinants to adjust the mechanism for providing support, which will enable to increase the share of successfully implemented projects and therefore increase the effectiveness of this measure of stimulating investment in the development of the Russian forestry industry.

Mohsen Arabyarmohamadi, Mohammadreza Abdoli, Asghar karami et al.

Presenting an audit report is the basis for developing competitive strategies that, in the form of operational transparency, are able to guide stakeholders in financial decisions and inform them of operational information and facts. Because auditors have a crucial role to play in reporting these reports, they need to be more balanced, both professionally and on the basis of psychological functions, in finding performance gaps with the functional realities of companies. Therefore, knowing the individual characteristics in this area can help to develop the functions of the audit report. This is because auditors, like any person in charge of a profession, may face disruptions and negative performance characteristics that make it difficult for them to disclose corporate performance facts. Hence this study was to analyze the causes of alienation of conduct in a professional career path for a more comprehensive understanding of the auditor's job is frustration. This research is a mix of methods because through the analysis of grounded theory and with the participation of 17 auditing experts, it seeks to identify the components and statements related to the causes of behavioral alienation in the professional career path of trusted auditors of the Stock Exchange Organization. Then, through the link analysis method and with the participation of trusted auditors of the stock exchange organization, it tries to examine the stimuli and consequences of behavioral alienation in the professional career path of auditors in the form of a systematic representation model. The results obtained from the qualitative part of the existence of three cultural; Social and structural dimensions in the form of 7 categories. The results in the quantitative part also showed that the lack of symbols of professional behavior in the auditors of the stock exchange organization under the component of cultural dimension is the most important functional stimulus in auditors' professional frustrations as causes of professional behavior alienation that can result from this cultural disorder. Cause social conflicts in the professional work of certified auditors of the stock exchange organization.

O. Bogatyrov, О. Baula, O. Liutak et al.

Abstract. The article describes the dynamics of Ukraine’s position in the Global Innovation Index for 2015—2019. It is revealed that the domestic economy has a high educational and scientific potential, is able to produce various innovations in the form of ideas, scientific developments, patents; the bottlenecks of Ukraine in the state of innovative development are the state of cluster development, the share of foreign direct investment in GDP, the online service of the government, the use of information and communication technologies, the availability of joint agreements on strategic alliances, the state of domestic lending to the private sector, the export of goods of the creative economy, the volume of microfinance loans, the presence of firms offering formal training, the state of cooperation between universities and production, agreements with venture capital. It is proved that the problem of improving the financial mechanism for ensuring innovation processes in the economic system of Ukraine requires a priority solution. Developments on increasing the innovative component of increasing Ukraine’s international competitiveness are impossible without adequate financial support. The article examines the foreign experience of state support for innovation activities. It is revealed that in developed countries — the world’s leading innovation leaders, public policy provides for direct funding of scientific research and through tax measures encourages private sector R&D spending. The concept of financial support for increasing the innovative component of Ukraine’s international competitiveness, which should be implemented at the strategic, tactical and operational levels, is proposed. To ensure a sustainable level of international competitiveness of the country through increasing the innovation component, it is important to implement a system of measures to monitor threats even at the stage of their origin and prevent the spread of their negative impact. Therefore, the methods and tools for implementing the proposed concept contain components of threat prevention: economic (tax incentives; transfers ;direct budget investments; grants; concessional lending; cooperation with foreign institutions, etc.), organizational (development of innovative infrastructure; consulting assistance; personnel support; creation of clusters using the potential of education, business, government, public; creation of regional clusters with innovation and industry production, etc.), institutional (techno parks, business incubators, analytical centres, etc.), regulatory (strategies, concepts, plans, programs) and social levers (conducting business trainings, implementing joint social projects, etc.). Keywords: innovation, Global Innovation Index, financial support for innovative development, international competitiveness, cluster. JEL Classification O11, O19, O16, O33, E62, F20 Formulas: 0; fig.: 2; tabl.: 2; bibl: 16.