Hasil untuk "Public finance"

H. Chenery

I. Friend, Larry H. P. Lang

Derek J. Koehler, N. Harvey

Gur Huberman, Tomer Regev

R. Sugden

S. M. Tiniç

G. Anderson, W. Shughart, R. Tollison

Bing Li, A. Akintoye, P. Edwards et al.

J. Houston, C. James

Matthew T. Billett, T. D. King, D. Mauer

Riccardo Mastini, G. Kallis, J. Hickel

Abstract The IPCC warns that in order to keep global warming under 1.5°, global emissions must be cut to zero by 2050. Policymakers and scholars debate how best to decarbonise the energy system, and what socio-economic changes might be necessary. Here we review the strengths, weaknesses, and synergies of two prominent climate change mitigation narratives: the Green New Deal and degrowth. Green New Deal advocates propose a plan to coordinate and finance a large-scale overhaul of the energy system. Some see economic growth as crucial to financing this transition, and claim that the Green New Deal will further stimulate growth. By contrast, proponents of degrowth maintain that growth makes it more difficult to accomplish emissions reductions, and argue for reducing the scale of energy use to enable a rapid energy transition. The two narratives converge on the importance of public investments for financing the energy transition, industrial policies to lead the decarbonisation of the economy, socializing the energy sector to allow longer investment horizons, and expanding the welfare state to increase social protection. We conclude that despite important tensions, there is room for synthesizing Green New Deal and degrowth-minded approaches into a ‘Green New Deal without growth’.

Yaniv Grinstein, Roni Michaely

H. Banzhaf, Randall Walsh

Mislav Brkić

Yanling Wang, Yingying Jiang, Kaili Li et al.

As global data privacy protection regulations become increasingly stringent, privacy protection has emerged as a significant challenge for businesses. This study, based on AI companies listed on the Shanghai and Shenzhen A-share markets in China, empirically examines the impact of privacy protection on key technological innovation in AI firms and explores the underlying mechanisms through which this effect operates. The empirical results demonstrate that privacy protection significantly promotes innovation in key technological areas, especially in non-state-owned enterprises, non-loss-making firms, and firms whose executives lack financial career backgrounds, where the effect is particularly pronounced. Moreover, privacy protection indirectly drives core technological innovation by enhancing R&D investment, improving labor investment efficiency, and fostering a culture of collaboration. These findings underscore the importance of privacy protection not just as a compliance cost but as a strategic investment that can enhance long-term firm value. These findings also have important implications for investors, suggesting that privacy protection should be incorporated into investment evaluations and risk assessments, and can be a valuable signal of long-term sustainable growth.

Alireza Saranj, Mehdi Zolfaghari

Abstract In contrast to previous studies that investigated the impact of the investment groups’ trading volume on the volatility of the stock index, this research, inspired by behavioral finance literature, aims to evaluate the dynamic bi-directional relationship between the trading behavior of investor groups (institutional and noninstitutional) and stock index fluctuations in different positions (long and short) and market conditions (the pre-COVID-19 and COVID-19 periods) in the Turkish stock market. The results indicate a bidirectional relationship between the stock index return (SIR) and the trading behavior of online individual traders (OIT) and equity mutual and pension funds (EMPF). However, this relationship varies depending on the trading positions of different investor groups. Also, there is a unidirectional relationship between the SIR and the trading behavior of the diversified equity funds (DEF). During the pandemic period, the role of online traders became more prominent, coinciding with their increased participation in the market, significantly affecting and being affected by stock index fluctuations. We also evaluated some behavioral biases (including overconfidence and asymmetric reaction) and the trading strategy of investor groups (with their performance). Results suggest that the online individual traders were less (more) overconfident than other groups in the prepandemic (pandemic) period. Additionally, all groups had an asymmetric reaction to the positive and negative SIR shocks. This research, contributing to the field of financial innovation and aligning with behavioral finance principles, reveals a fascinating finding: individual investors react to stock index fluctuations, largely driven by institutional investors, despite lacking access to new fundamental information about their portfolio stocks. These findings have significant implications for investors and market regulators. Recognizing and addressing behavioral biases is crucial for individual investors as they strive to make informed and successful financial decisions. It is concluded that the surge in retail investment is a phenomenon; hence, more effort is required for their investment stability in the Turkish stock market.

محمود فتحي عياده

يهدف البحث إلى التعرف على دوافع تبني وتنفيذ المنشآت لاستراتيجيات المسئوليات غير الاقتصادية وكذلك المشكلات والتحديات التي يمكن أن تعوق تبني المنشآت لمثل هذه المسئوليات في بيئة الأعمال المصرية. وتوصل البحث إلى أن المسئولية الاجتماعية والبيئية هما الاكثر أهمية من بين تلك المسئوليات وأن تنفيذ استراتيجيات تلك المسئوليات يرجع إلى إدارة المنشأة وأصحاب المصالح وأن موارد المنشأة سواء الداخلية أو الخارجية هى أحد الدوافع الرئيسية وراء تنفيذ مثل هذه المسئوليات، كما تعتبر التحديات والمشكلات البيئية والمجتمعية هى أكثر المشكلات التي يمكن أن تعوق تبني وتنفيذ المنشآت للمسئوليات غير الاقتصادية كما تشير النتائج إلى أن تقارير المسئوليات غير الاقتصادية للمنشآت موضوعاً مهماً وأن الممارسات التجارية الحديثة تواجه منافسة متزايدة باستمرار، لذلك يجب على المديرين ومعدي تقارير المنشآت التركيز على الإبلاغ عن المعلومات المتاحة فيما يتعلق بما هو مفيد للمستثمرين واصحاب المصالح.. هذا ويوصي البحث بضرورة دمج المسئولية الاجتماعية والبيئية في الأنشطة التجارية وذلك لما لها من مردود إيجابي على المجتمع والبيئة.

Yu Lu, Run-quan Wang

With the intensification of population aging, the role of financial pension security in the pension system has become increasingly prominent, and its impact on residents' life satisfaction has become a focal point of societal concern. This paper, based on data from the Comprehensive Social Conditions Survey (CSS) conducted by the Institute of Sociology of the Chinese Academy of Social Sciences in 2015, 2017 and 2019 thoroughly investigates the influence of financial pension security on residents' life satisfaction. The research findings indicate that financial pension security significantly enhances residents' life satisfaction, and this effect remains consistent regardless of marital statuses or level of internet usage. Further analysis of moderating effects reveals that financial literacy plays a positive moderating role between financial pension security and residents' life satisfaction, with this effect being more pronounced in eastern and western regions, while not being significant in the central region. Additionally, residents with higher risk preferences show a more pronounced enhancement of life satisfaction through financial pension security. This study provides empirical support for deeply revealing the relationship between financial pension security and residents' life satisfaction, holding important theoretical and practical value for optimizing pension security policies and enhancing overall resident well-being.

Anton Shukhnin, Liudmyla Borovyk, Anton Monaienko

This article explores the legal and economic principles underlying the legal regime of budget funds, with a view to ensuring sound public financial management. It focuses on identifying and systematising the fundamental principles that govern the use of public budget resources, such as efficiency, transparency, legality, accountability and targeted use. Particular attention is paid to the interconnection between these principles and their practical implementation in Ukraine during the post-reform and wartime periods. Methodology. The study employs a combination of economic and legal analyses, incorporating a systematic review of legislation, an evaluation of fiscal policy, and an analysis of budget execution data and public audit reports. The research also considers EU practices and OECD standards in public finance governance, integrating comparative approaches. Results. The findings demonstrate that, although the principles of sound financial management are formally recognised in Ukrainian budget legislation, their practical application remains inconsistent. The implementation of budget governance is hindered by institutional and procedural shortcomings, a lack of transparency, and limited accountability mechanisms. The findings from international studies indicate that the presence of legal clarity, procedural safeguards, and integrated audit systems is imperative in achieving both fiscal discipline and social outcomes. Practical implications. The article's findings are outlined in a series of legal and policy recommendations, the aim of which is to strengthen the budgetary legal framework and promote institutional reforms. These include the enhancement of regulatory clarity, the facilitation of public access to budget information, the expansion of the powers of oversight bodies, and the adoption of a results-based management approach. Value / Оriginality. The article provides a structured analysis of the fundamental principles of the legal regime of budget funds and their role in enhancing the quality of fiscal governance. The research contributes to the ongoing discourse on legal mechanisms for the management of public funds in emerging economies, with a particular focus on fragile and conflict-affected contexts.

Jiaqi Shen, Jiaqi Shen, Yuanyan Hu et al.

IntroductionRecently, some regions that originally focused on strong-flavor baijiu production started producing Jiang-flavored baijiu, providing a new perspective for studying the dynamic changes in the microbial community during brewing.MethodsThis study used second-round fermented grains of Jiang-flavored baijiu from three Guizhou production regions (Renhuai, Duyun, and Bijie). By applying metagenomics technology and various analytical and statistical methods, we analyzed the community structures of bacteria and fungi in fermented grains, their functional genes, and their correlations with environmental factors.ResultsWe identified 1063 bacterial genera and 411 fungal genera. Although the dominant microbial species were similar across regions, their relative abundances differed significantly. α-diversity analysis showed that grains from the Bijie region had higher species richness and evenness indices, indicating the significant impact of geographical location and the strong-flavor baijiu-brewing background on microbial structure and composition. Analysis of similarity and the Wilcoxon rank-sum test revealed significant differences in the microbial communities of different regions, and we identified genera with large differences in abundance, such as Desmospora and Kroppenstedtia among bacteria, and Pyrenophora and Blyttiomyces among fungi. Based on our Kyoto Encyclopedia of Genes and Genomes (KEGG) database analysis, the Duyun region had a significantly higher abundance of metabolism-related genes at the tertiary KEGG level. Redundancy analysis showed that six environmental factors (relative humidity, daily temperature difference, elevation, annual mean temperature, extreme cold temperature, and annual precipitation) exerted complex effects on microbial functional genes in fermented grains. Carbon metabolism, antibiotic biosynthesis, and elevation were positively correlated with microbial functional genes. Actinobacteria are crucial for carbon metabolism, followed by Proteobacteria and Chloroflexi.DiscussionThis study elucidated the structural and functional characteristics of microbial communities in second-round fermented grains of Jiang-flavored baijiu under production area transitions and proposed policy recommendations to promote the differentiated development of the baijiu industry.