Hasil untuk "Revenue. Taxation. Internal revenue"

OLAYEYE, Folasade Funmilola, A. Adeyinka

This study evaluated the influence of Electronic-Taxation on revenue-generation in Ondo State from 2019 to 2023 with a view to understand the methods and process of e-taxation. The collected data were grouped into two: pre and post-e-tax periods. The two sets of data were compared using a pre post analysis technique of statistic. Findings from the study revealed that before the implementation of electronic taxation, revenue generation reported from state accumulated revenue was below average, while the tax revenue and other taxes significantly improved after e-taxation and e-tax was successfully implemented. Thus, the electronic policy worked to improve revenue generation in the economy while identified loopholes that engendered. Corruption will greatly affect the progress of the system, if not properly checked. It was recommended amongst others that the government through the Ondo State internal revenue service’s conduct more enlightenment seminars in all the local governments of the State, Increase the knowledge of the use of electronic services on their platform, block all identifiable 1oopholes and pronounce a severe punitive action on tax corruptions in the economy.

Chelsea N. Jeffers, Maria-Darlyn Romulo, Sharon Duncan et al.

Human resource management (HRM) has evolved significantly over the past two decades, shifting from a predominantly administrative function to a critical strategic partner that contributes directly to organizational success and competitive advantage. In the modern business environment, particularly amidst the growth of innovative startups and the transformation of existing firms, implementing sustainable HRM practices has become a decisive factor for long-term viability and profitability. This paper examines the case of Netflix Inc. (Netflix), which has been a global leader in digital streaming services, as a model for strategic HRM and talent management by providing competitive monetary benefits. Examining stock performance data from 2022 to 2025, Netflix sustained impressive financial growth and strengthened its organizational culture through unconventional yet effective HRM strategies. These include transparent and rigorous hiring practices, a culture of autonomy and accountability, personalized compensation benefits, and a performance management system emphasizing continuous feedback and high performance. Rather than adopting rigid traditional policies, Netflix’s approach emphasizes flexibility, trust, personalized monetary benefits, and a focus on outcomes, which fosters an environment where top talent can thrive. This paper explores how these strategic HRM practices have contributed to Netflix’s sustained innovation, adaptability, and bottom-line success. Much of Netflix’s success results from its talent management strategies used in hiring, rewards and compensation, and performance management. Netflix’s experience indicates that organizational success is highly attributed to effective human capital management through transparent and honest hiring processes, autonomous employee treatment paired with competitive rewards and compensation offerings, and high-standard performance management practices rooted in accountability, involving periodic direct reports and 360-degree feedback. The implications of these findings suggest that organizations seeking to remain competitive in dynamic industries must invest in HRM strategies that align with business goals, prioritize human capital, and foster cultures of high performance through personalized monetary benefits. Netflix’s model provides valuable insights for organizational leaders and business executives aiming to enhance employee engagement, operational agility, and strategic alignment through innovative talent management practices.

Murad Bagirzadeh, Olena Churikanova, Marina Celika et al.

The role of foreign direct investment (FDI) in achieving sustainable development has become increasingly significant, especially in transition economies such as Lithuania. Given the dual challenges of economic modernization and environmental sustainability, assessing the impact of FDI is essential. This study aims to evaluate the influence of FDI on economic, social, and environmental indicators of sustainable development in Lithuania over the period 2014–2023, with additional insights from Q1–Q3 of 2024. The research methodology involves a descriptive statistical analysis of dynamic time series, correlation-regression modeling, and international comparisons. Data sources include the official statistical portal of Lithuania, Eurostat, and various policy and investment climate reports. The results reveal that accumulated FDI in Lithuania increased by 170%, and FDI per capita grew by 172.9% over the ten-year period. High positive correlations were identified between FDI and key economic indicators: GDP (r = 0.9782), industrial production (r = 0.9441), and exports (r = 0.9600). Social outcomes also improved markedly, with average monthly earnings increasing by 184.3%, absolute poverty falling from 14.9% to 6.5%, and gross per capita income rising by 188.4%. While environmental outcomes deteriorated moderately, greenhouse gas emissions rose by 63.3% and hazardous waste by 31.5%, the correlations with FDI remained weak to moderate, indicating a relatively limited adverse environmental impact. Overall, the study confirms that FDI has substantially contributed to Lithuania’s economic and social progress, though further policy refinements are needed to align FDI with long-term environmental sustainability goals.

Gyan Mani Adhikari, Nabin Sapkota, Devendra Parajuli et al.

Green banking practices have emerged as a pivotal strategy in fostering sustainability within the financial sector. This study examines the influence of green banking practices on customer loyalty in Nepal's banking industry, emphasizing key determinants that shape environmentally responsible consumer behavior. Grounded in the literature, the study conceptualizes green banking practices through three primary dimensions: electronic banking, green investment, and sustainable (green) product development. Their impact on green loyalty is assessed alongside the mediating effects of green image and green trust. A structured questionnaire was administered to 393 banking customers, employing a descriptive and explanatory research design. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4. The findings reveal that green banking practices significantly enhance green image, which, in turn, strengthens green loyalty. Although green banking practices also foster green trust, green trust does not exhibit a direct effect on green loyalty. Mediation analysis confirms that green image mediates the relationship between green banking practices and green loyalty, whereas green trust does not serve as a significant mediator. These insights highlight the critical role of sustainability-oriented banking strategies in shaping customer preferences and fostering long-term loyalty. The findings offer valuable implications for policymakers, financial institutions, and researchers seeking to advance green banking initiatives and drive sustainable consumer engagement in the financial sector.

Artyukhov Artem, Oleksii Havrylenko, Olena Churikanova et al.

The global transition to sustainable energy is critical to mitigating climate change and achieving environmental and economic resilience. Clean and digital energy start-ups play a pivotal role in this transformation by fostering innovation, driving technological advancements, and creating solutions for energy efficiency and carbon reduction. However, these ventures face significant challenges, particularly in accessing adequate credit and ensuring robust protection for minority investors. Addressing these barriers is essential for enabling start-up development and scaling operations in the capital-intensive and high-risk sectors of clean and digital energy. This research examines the interplay between credit accessibility and minority investor protections, assessing their collective impact on the growth of start-ups in these critical industries. The study's primary aim is to analyse how financial mechanisms and governance safeguards influence start-up development in the clean and digital energy sectors. Employing a rigorous methodology, the study analyses a comprehensive dataset encompassing 18 countries and timespan 2000–2023.Using econometric models such as Ordinary Least Squares, Fixed Effects and Random Effects, the research evaluates relationships between independent variables and start-up performance metrics, including the number of ventures in clean and digital energy sectors. The results demonstrate a strong correlation between credit accessibility and start-up growth. The research identifies that credit accessibility and minority investor protection significantly impact the development of start-ups in the clean and digital energy sectors. A one-unit increase in the credit information index is associated with a 17.8% increase in the total number of clean and digital energy start-ups (OLS results). Fixed Effects (FE) models show a similar trend, with a coefficient of approximately 23.2, indicating a substantial positive impact. A one-unit improvement in the shareholder rights index is linked to a 30.5% rise in start-ups, underscoring its critical role in fostering entrepreneurial growth. Models incorporating both factors (credit and governance) account for 84.8% (Adjusted R-squared) of the variation in the total number of start-ups, emphasizing the synergistic effects. For clean energy start-ups, governance indices such as Shareholder Rights Protection exhibit the highest influence, with coefficients around 16.5 in FE models. For digital energy start-ups, credit-related factors like X2 show stronger impacts, with a coefficient of 12.1 in Random Effects (RE) models. This study provides actionable recommendations for policymakers and stakeholders, including enhancing credit systems, expanding credit registries, and strengthening investor protections. These measures are critical to creating resilient entrepreneurial ecosystems that support clean and digital energy start-ups, driving global progress toward sustainability and economic growth. Future research should explore regional disparities and evolving market dynamics to refine policy interventions further and ensure a just and inclusive energy transition.

Fatma Zohra Hamadouche

The aim of this study is to investigate and evaluate the impact of public spending on inflation in Algeria from 1973 to 2022. The data used are obtained from the official website of world Bank (WDI) and the Finance Ministry of Algeria. This study is conducted by applying the Auto-Regressive Distributed Lag model (ARDL)-(bounds testing approach) using eviews13 software. The time series of the data were subjected to statistical tests by applying the Augmented Dickey-Fuller (ADF) test. The cointegration tests were also applied for a common relationship and the Model Stability: The Bounds Test for confirming the existence of a stable long-term relationship, the Breusch-Godfrey serial correlation LM test to test the absence of serial correlation, Test Breusch-Pagan-Godfrey to test the Heteroskedasticity; and the CUSUM and CUSUM Squares test for the stability of the model as well as the estimation of the model’s short- and long-term parameters. The results obtained confirm the hypothesis posed in the introduction on the existence of a cointegration relationship between public expenditure and inflation the indicate that there exists a cointegration relationship between public expenditure and inflation, such that a 1% increase in public spending leads to a 0.23% rise in the inflation rate. It is important to mention that this percentage is relatively low compared to the short term, having reached 2%. As regards the other control variables, we found a positive and statistically significant correlation between the inflation rate and the percentage of broad money to GDP and the percentage of imports to GDP. However, we found an inverse relationship between the inflation rate and GDP per capita at constant 2015 prices, which serves as a measure of inverse economic growth. Based on these results, we can suggest Moving forward, policymakers in Algeria must prioritize measures aimed at curbing inflation while ensuring sustainable economic growth. This may involve reassessing public spending priorities, implementing effective monetary policies, and enhancing fiscal discipline. Furthermore, fostering economic diversification and promoting investment in sectors with high growth potential can contribute to reducing reliance on public expenditure as a driver of inflation.

Bilgehan Tekin, Mustafa Eraslan

This study examines the influence of macroeconomic indicators on nonperforming bank loans. This research focuses on the period from 2010:1Q to 2019:4Q to capture significant trends and fluctuations in the economy. Data for receivables to be liquidated as a proxy for nonperforming loans, the consumer price index as a proxy for inflation, total private consumption expenditures as a proxy for economic activity, gross domestic product and total (private) fixed capital expenditures as proxies for economic growth are analyzed using the ARDL bound test, FMOLS, DOLS and VECM Granger methodologies. This study addresses several key questions. First, it examines how the receivables to be liquidated relate to changes in total private consumption expenditures (LNPCE). The findings indicate that higher LNPCE decreases the ability of receivables to be liquidated in both the long run and short run. Second, it explores the impact of gross domestic product (GDP) fluctuations on the amount of receivables to be liquidated, revealing that a higher GDP increases the amount of receivables to be liquidated in both the long and short run. Last, the study assesses the extent to which changes in the consumer price index (CPI) influence the receivables to be liquidated, finding that a higher CPI increases the receivables to be liquidated in the long run.

Debesh Bhowmik

Capital market has significant influence on the inflationary situation in an economy both in the short run and in the long run. The general determinants which affect capital market are share indices, stock prices, prices of gold and silver, interest rate, exchange rate and even money supply can be treated as influencing variable when money is treated as capital. In this paper the author examined the impact of capital market on inflation in India during 1980-2022 taking CPI and WPI as the indicators of inflation and gold price, silver price, BSE index, BSE market capitalization, money supply and rupee dollar nominal exchange rate are considered as the indicators of capital market. Augmented Dickey-Fuller test was applied to verify unit root for all variables including break unit roots and the author calculated growth rates during 1980 – 2022 using the simple semi-log linear trend model. Author applied Johansen cointegration test and vector error correction models among the variables in both the cases of CPI and WPI and calculated short run causality through Wald test and long run causality through cointegrating equation. In VECM, the paper found one significant cointegrating equation in case of CPI and found three significant cointegrating equations in WPI. The paper found that CPI has long run causal relationships with BSE index, BSE market capitalisation, money supply and rupee dollar exchange rate and WPI has long run cointegrating relationships with BSE market capitalisation, money supply and rupee dollar exchange rate respectively. Rupee dollar exchange rate has short run causal relationships with CPI and again CPI and BSE index has bidirectional short run causality. According to impulse response functions, the responses of CPI to gold price, BSE market capitalization and money supply have been approaching towards equilibrium but finally diverged away from equilibrium. There are significant short run causalities from BSE index and money supply to WPI. The impulse response of WPI to gold price, silver price, BSE index, BSE market capitalisation and exchange rate of rupee have been converging towards equilibrium many times although diverged finally. The model can be modified by including interest rate, share prices, bond prices under monthly data analysis.

Yevheniia Ziabina, Stephen Acheampong

The article summarizes the arguments and counterarguments within the scientific debate on the development of the waste management system in the context of financial impact. The main goal of the research is to determine the impact of the financial component on the waste management system in Ukraine and the world. The systematization of literary sources and approaches to solving the problem in the waste management system proved that a specific number of publications is published in the subject area - natural sciences. At the same time, it is necessary to pay attention to the fact that the interest in the research topic is constantly growing, especially actively since 2018, which indicates the intensification of the implementation of the Sustainable Development Goals in the world. The urgency of solving this scientific problem lies in the fact that the improvement of the waste management system, the search and implementation of ecologically and economically effective solutions in waste processing require significant financial investments. The study of the issue of the financial component in the waste management system in the article is carried out in the following logical sequence: the first stage – analysis of research relevance based on statistical data; the second stage is a comparative analysis of the dynamics of searches for the keyword "waste management" in the Google search engine using the Google Trends toolkit, in the period from 2004 to 2022 worldwide; the third stage – formation and processing of the research base based on data from the scientometric databases Google Scholar, Scopus and Web of Science; the fourth stage is bibliometric analysis using VOSviewer software version 1.6.19. Systematic, comparative and bibliometric analysis methods became the methodical tools of the conducted research, 2004-2022 was chosen as the research period. Ukraine and other countries of the world were chosen as the object of the study. The article presents the results of a bibliometric analysis on the researched topic, which testified that the dynamics of publishing activity is increasing, the scientific alliances of authors are expanding, which indicates a global level of interest in the search for the most ecologically and economically effective solutions in the waste management system. The study empirically confirms and theoretically proves that the financial component in the waste management system is an integral determinant of influence, which must be taken into account when determining strategic directions for improvement. The results of the conducted research can be useful for further scientific activity on the chosen topic.

Olena Kryklii, Adhiga Manik Jayasundera

The article provides an overview of the scientific discussion on the impact of uncertainty on the liquidity of Ukrainian banks in a war. The study's primary purpose is to analyze the existing literature, systematize various approaches and study the impact of uncertainty on the bank's liquidity. This study examines the arguments and counterarguments associated with this issue through a comprehensive review of scientific sources, considering geopolitical risks, economic fluctuations, and regulatory changes. The relevance of solving this scientific problem lies in understanding the problems that Ukrainian banks face when managing liquidity in a war. The study of the topic follows a logical sequence, starting with the systematization of literary sources and approaches to solving the problem. The research methodology includes an empirical analysis using relevant data and statistical methods to analyze the relationship between uncertainty indicators and the bank's liquidity. The object of the study is Ukrainian banks operating in war conditions, as they face unique challenges in connection with the full-scale military aggression of the Russian Federation. The paper presents an empirical analysis that reveals a robust negative relationship between uncertainty indicators and liquidity ratios set by the National Bank of Ukraine (NBU). This conclusion highlights the negative impact of uncertainty on banks' liquidity, as evidenced by the decrease in liquidity below the established NBU standards. The study empirically confirms and theoretically proves that increased uncertainty negatively affects the liquidity of Ukrainian banks. The results can be helpful to bank authorities, regulators, and policy makers in developing effective liquidity risk management strategies and formulating appropriate policies to mitigate the adverse effects of uncertainty on banks' liquidity. In conclusion, this study contributes to understanding uncertainty's impact on Ukrainian banks' liquidity under wartime conditions. The empirical analysis provides insight into the challenges faced by banks and offers insights for improving liquidity risk management practices in the banking sector.

Victoria Bozhenko, Serhii Mynenko, Artem Shtefan

The article summarizes the arguments and counter-arguments within the scientific debate on the issue of researching financial frauds in the Internet. The main goal of the research is to develop methodological principles for identifying financial cyber fraud in social networks based on the analysis of comments to identify relevant text patterns that may indicate manipulation attempts and further fraud. The urgency of solving this scientific problem is due to the fact that the mass involvement of Internet users in social interactions in the virtual environment has contributed to the development of various criminal schemes, as well as personal data that is initially entered during registration and information that is published in social networks can be used by a fraudster to carry out illegal financial transactions. The study of the issue of identifying financial fraud in social networks in the article is carried out in the following logical sequence: collecting comments with a corresponding request under publications in the social network using the Instaloader tool; combining comments into groups based on content similarity; conducting preliminary processing of text data (decomposing the text into simpler components (tokens) and reducing similar word forms to their main dictionary form); determination of the level of similarity of text data using the cosine of similarity; building clusters of text data that can indicate the presence of signs of financial fraud under relevant comments in social networks. Instagram was chosen to identify fraudulent operations in social networks. The analysis of comments on the social network Instagram to identify text patterns showed that offers and appeals from specific groups of people and promoted in comments with the help of spam are dangerous. Based on the results of the study, it was concluded that national regulators need to strengthen public control of the Internet, as well as improve the security system at the technical level by using the latest machine learning methods to identify attempts to commit illegal actions with the subsequent imposition of sanctions on such users in social networks.

Hanna Yarovenko, Marina Rogkova

The main purpose of this study is to conduct a dynamic and bibliometric analysis of the main terms that identify the system for combating financial and fraud to identify trends in the formation of social and scientific thought. The review of the scientific literature indicates an increase in the number of scientific publications over the past ten years. It was revealed that the most cited works cover the problems associated with cyber threats in everyday life, among which are botnets, cyber bullying, as well as financial fraud implemented through cryptocurrencies, smart contracts, and the black market on the Internet. Cloud forensics, technical and intellectual analysis are proposed as countermeasures. The research tools were a dynamic analysis of global network user requests, implemented using Google Trends, and a bibliometric analysis of scientific publications by the world's leading scientists, performed using the VOSviewer analytical package. The search terms “Fraud”, “Finance Fraud”, “Cyber Fraud”, “Finance Cyber Fraud”, “Money Laundering”, “Anti-Money Laundering” and “Anti-Fraud” for the period from 08/07/2017 to 08/07/2022. For bibliometric analysis, two datasets with a length of 2,000 observations were formed based on queries in the Scopus database regarding the terms “Cyber Crime” and “Anti-money Laundering”. The results of the dynamic analysis revealed a decrease in the level of interest in fraud and financial fraud since the beginning of 2021, while the trend of cyber fraud is increasing. This led to the conclusion that there was an impact of the pandemic, which caused an increase in cybercrime. The results of the analysis of requests for “Fraud” and “Finance Fraud” by geographical distribution showed that they interested users belonging to countries with a significant difference in economic development. That is, representatives of poor countries are potential cyber fraudsters, and developed countries are potential victims of fraud. Conducting a bibliometric analysis made it possible to obtain clusters of promising areas of scientific research in the field of cybercrimes, among which mathematical and network tools for combating them, general concepts, digitalization and digital forensics, cyber protection, data protection, authentication and encryption of data, etc. are highlighted. At the same time, the focus of research is shifting towards methods of countering cybercrimes. Promising directions in the field of Money Laundering are mathematical methods and information technologies, cryptocurrencies and blockchains, corruption, financial terrorism, etc. The greatest potential belongs to money laundering through cryptocurrencies and blockchains. The lessons learned can be useful for improving the strategy of combating financial and cybercrimes and forming an analytical basis for the scientific community and practitioners.

Paul F. Gentle

This article examines the special case of stone money, in Yap as a store of value, medium of exchange and unit of account, which are the three traits required for something to be considered money, in the economic sense. When confidence in a system of currency with coins is present, this more conventional form of money takes precedence. A respected economic form of currency with coins has all three elements of money: medium of exchange, store of value and unit of account. Though clearly, in a certain time period, stone money was the principle type of money. To a lesser extent, beads and shell were used as money. So, for a period of time, stone money, along with some use of beads and shells, constituted the medium of exchange. The focus of this article is on the stone money of Yap. Stone was obtained by quarrying on the island of Palau, some 500 to 600 years ago. A very interesting type of money in the past, was the stone money of Yap, more formally known as Rai, or Fei. These were doughnut-shaped, carved disks of normally calcite and, up to 4 meters (12 feet) in diameter. However, there are more smaller ones, with the smallest being as little as 3.5 centimeters (1.4 inches) in diameter. The people of Yap attributed value to the Rai. After the use of Rai faded away, German Marks and then later Japanese Yen and finally the U.S. Dollar, were the monetary standard. The prior use of Rai is the main interest of this article. Today Yap is an independent country, in a “free association” with the United States. A curriculum that somewhat resembles an American one is taught in schools on Yap. Tourism to Yap is an important activity. Currently, the U.S. dollar serves as the basis for money in the nation of Yap. It has been found that this stone money met the three criteria necessary for them to be an early type of money.

Halil D. Kaya

In this study, first we look at the relation between countries’ income levels and their banking systems. What are the differences between richer countries and other countries in terms of their banking systems? Then, we look at how OECD membership affects the banking system of a country. When we compare High-Income countries to Middle- and Low-Income countries, we find that workers’ remittances are much higher in Low- and Middle-income countries. The banking industries are much more concentrated in High-Income countries. Bank deposits are also significantly higher in these countries. The banking systems in these countries have more risk compared to their counterparts in other countries. Non-resident banks are more active in High-Income countries. Also, there is more interest in offshore accounts and the banks are more engaged in international transactions. When we compare high-income OECD-member countries to high-income Non-OECD-member countries, we find that the banking industries in high-income Non-OECD-member countries are much more concentrated when compared to their counterparts in High-Income OECD countries. In High-Income Non-OECD countries, non-resident banks are more active and there is more interest in offshore accounts. On the other hand, bank deposits are higher in High-Income OECD countries. But, the banks in these countries are in greater risk compared to the banks in Non-OECD countries (i.e. liquid liabilities are higher). We conclude that policymakers need to consider OECD membership and income level as determinants of a country’s banking system.

Iryna Didenko, Natalia Sidelnyk

This paper summarizes the arguments and counterarguments within the scientific discussion on the insurance market issue. The research’s primary purpose is to identify critical vectors and trends inherent in the modern insurance market. Systematization of literary sources and approaches for solving the problem of development and formation of the current insurance market indicates that it is necessary to use the best countries’ experience, adapting it to the domestic market. This concerns the issues of targeted financing of investment projects, the creation of funds to support policyholders’ protection, tax benefits for long-term insurance instruments, the possibility of opening a foreign insurance market for insurance institutions. The relevance of the decision of this scientific problem caused by the lack of standard definition of the concept of insurance by the academic community drives limited ability to assess the impact of insurance on social and economic aspects of society. Investigation of the topic of theoretical principles of insurance in the paper is carried out in the following logical sequence: analysis of the relationship between different types of insurance, analysis of publication activity in terms of years, countries, subject industries; research of keywords that occur when considering the topic of insurance. The research methods’ methodological tools were analytical tools of the Scopus database and VOSviewer software years of research 1832 – 2021. According to the international Scopus database results, the object of study is the chosen countries, regions, and universities. The paper presents empirical bibliographic analysis results, which showed that today the vast majority of research is conducted by experts from the United States and the European Union. Still, many Asian countries (China, Singapore, Taiwan, Thailand), which demonstrate rapid economic development, are beginning to take a leading position among insurance research gradually. The research empirically confirms and theoretically proves that the insurance market is an integral and important part of the financial sector as a whole. The results of the research can be useful for further scientific work.

Halil D. Kaya

This paper examines the impact of the 2008-2009 Global Crisis on the banking systems of the countries around the world. Nine variables are examined which include bank concentration, bank deposits, 5-bank asset concentration, liquid liabilities, net loans from non-resident banks, outstanding loans from non-resident banks, offshore bank deposits, remittances, and consolidated foreign claims. The paper looks at how each of these banking system variables had changed before the crisis, during the crisis, and after the crisis. The results show that during the run-up to the crisis, 8 out of the 9 variables had not changed significantly (only net loans from non-resident banks had declined significantly), therefore we argue that there was almost no sign of an upcoming crisis during the run-up period. Still, policymakers may use such a sudden significant decline in loans from non-resident banks as a warning sign. The results show that, during the crisis period, the net loans from non-resident banks continued to decline. Also, during the crisis period, offshore deposits significantly declined. During this period, there was no significant change in the other variables. Therefore, we conclude that the crisis mainly affected the loans from non-resident banks and the offshore deposits. When the post-crisis period is examined, the results show that bank deposits and loans from non-resident banks had increased significantly. There was no significant change in the other variables. We suggest policymakers to use these findings when developing strategies to protect their country’s banking system in the face of an economic crisis.

Dmytro Tsyhaniuk, Wiafe Nti Akenten

This study assesses the factors influencing the discontinuance of the norm-based and incremental budgeting approaches in higher education in Ghana. The National Council for Tertiary Education (NCTE – the coordinating body for tertiary education in Ghana) and the Ministry of Education of Ghana established norms in the early 1990s to assist higher education institutions in planning and ensuring efficiency of their operations and foster performance monitoring and evaluation. The norms also serve as standardized input factors for budgeting and allocating public funds for higher education. During the past years, budgetary allocation to higher education institutions for recurrent expenditure has fallen short of the norm-based costs. Indeed, the difference between the norm-based costs of university education and resources made available to the institutions by the Government was 28.9% in 2005/06 and 23.4% in 2009/10. It was also argued that the bases for funding tertiary education were not planned outputs of tertiary education. The fund allocation model was not programme-linked as initially thought. The consequence of the inability of the state to provide funds to meet the norm-based costs of higher education is the breakdown of norm-based budgeting, which was instituted in the early 1990s and a reversion to incremental and ad-hoc budgeting without due regard the volume of activities performed by the institutions. it is proposed that the Government of Ghana acting in concert with the National Council for Tertiary Education and tertiary institutions should regularly assess the developments in the tertiary education system and determine mission and purposes of tertiary education in Ghana as the basis for allocating public funds tertiary education institutions. The afore-made recommendations impose responsibilities on the Ministry of Education, the National Council for Tertiary Education and tertiary education institutions. This development has had grave consequences for higher education equity and efficiency in fund management.

Vladyslav Pavlyk

The paper deals with the analysis of the green investment impact on the energy efficiency gap. The findings of the bibliometric analysis proved the increasing trend of the published documents on green investment and energy efficiency gap. In the study, the author used Scopus Tools Analysis, Web of Science Results Analysis and VOSviewer for providing the bibliometric analysis. In the paper the author checked the hypothesis as follows: cointegration exists between GDP, energy efficiency, green investment and share of renewable energy; green investment had a positive impact on the percentage of renewable energy; green investment had a positive effect on the countries energy efficiency and decreased the energy efficiency gap. The author used the unit root test for checking the stationarity of the selected variables. Pedroni panel cointegration test used for monitoring the cointegration between variables. Fully Modified Least Square model used for identifying the relationship between variables. The findings proved the stationarity of the data at the first level. It allowed providing the Pedroni cointegration test and long-run covariance test. Thus, the empirical results showed that increasing of green investment leads to increasing of energy efficiency by 0,56 points, gross domestic product per capita – 0,18 points, renewable energy – 0,39 points. The increasing of renewable energy allowed increasing of energy efficiency by 0,38 points, gross domestic product per capita – 0,19 points, green investment – 0,54 points. Besides, rising of the countries’ energy efficiency allowed growing of gross domestic product per capita by 0,27 points, green investment – 0,31 points and declining of renewable energy by 1,14 points. If the increase of energy efficiency leads to decreasing of energy efficiency gap the following could be concluded: increasing of green investment lead to reducing of energy efficiency gap; increasing of renewable energy in the total energy consumption allowed declining the energy efficiency gap. In this case, in Ukraine, the mechanisms for improving the investment climate should be developed at the national level, considering the EU experience. Such activities allowed to attract additional green investment in renewable energy projects.

Yuliya Yelnikova, Irina Golochalova

Research dedicated to structuring the scientific sphere in social bonds as an instrument responsible investing. The purpose of the paper is to form an information and bibliographic field of research of social bonds as tools of VI and their statistical support in the context of a new type of SIP. It was found that social bonds as a public-private partnership aimed at achieving financial, social impact and influence on the development fully meets the criteria of the VI instrument, but is studied primarily in the context of the empirical. The reason for this is the fact that the keys were based on practical use, and there is a large number of publications on a wide range of topics in the Scopus database without specifying the sound supply of the arms of 11,207 documents. A donation for the analysis of the informational-biometric field of social oblasts as for the tool BI will be received from the number of publications indexed by Scopus (Elsevir). Hours of progress for analysis at the end of 15 years (2005-2020 years). As for the research methodology, it is quite broad and includes built-in tools for analyzing the publication of the Scopus database, which provide a general idea of the information and bibliometric field of social bonds, software bibliometric analysis based on VOSviewer 1.6.15 for clustering analyzed publications with subsequent visualization, Google tools Trends and Google Data to study Internet search activity information and statistics for this tool. The first two methods allowed to analyze the publishing activity on the studied tools in academic circles on the leading base of scientific publications. The third is to describe the current trends in the development of information and statistical support of social bonds. The application of these methods for structuring the scientific sphere of social bonds allowed to justify its status – as one that is formed and requires additional information and statistical support.

Adil El Amri, Rachid Boutti, Salah Oulfarsi et al.

Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and demonstrates a variety of determinants of CO2 prices (EUA) to be used in econometric techniques. This paper details the main carbon price drivers related to institutional decisions, energy prices and weather events. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding Carbon financial markets sphere. It features stylized facts about Carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices and extreme weather events), risk and portfolio management. Aimed at those with fundamental analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread and Switch Price. Third, we provide a descriptive analysis of atmospheric variables, structural variations and the Subprime crisis and their impacts in the price development of EU CO2 allowances.