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Determinants of Venture Capital Investment in India: A Time Series Analysis

Author(s): Mustafa Mohammad,Syed Shahid Mazhar / Language(s): English Issue: 1/2020

The purpose of this study is to explore how venture capital investment is sensitive to the macro-economic variables in emerging market economies like India. We examine the determinants of venture capital investment considering domestic factors such as GDP growth, inflation rate, and stock market liquidity. From a global perspective, we have considered global liquidity as an influential factor. Based on quarterly data spanning between Q1, FY2007, and Q4 FY2017, the vector error correction method explores that global liquidity is a crucial factor along with the domestic macroeconomic variables. We believe that while the robust economic outlook is critical for attracting venture capital investment, global liquidity acts as a catalyst for the supply of such investment.

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Wpływ wprowadzenia międzynarodowych standardów badania w Polsce na małe i średnie firmy audytorskie

Author(s): Joanna Wielgórska-Leszczyńska,Justyna Beata Zakrzewska / Language(s): Polish Issue: 4/2020

Objective: The study seeks to determine the impact of introducing the mandatory application of the International Audit Standards (IAS) to the audit market in Poland and the scope of procedures in the auditing of simplified financial statements. Research Design & Methods: To achieve the objective, the following are used: analysis of the literature, legal acts, and empirical evidence received from surveys and statistics. Findings: The study showed that the mandatory introduction of IAS in Poland led to a decrease in the number of statutory auditors and audit firms, but no corresponding decrease in the scope of audit procedures of simplified financial statements. Implications / Recommendations: Analysis of surveys has shown that simplifications made to financial reporting do not reduce the scope of the audit procedures despite the scalability of IAS. Contribution: Beyond the present work, no studies on the impact of IAS on the auditing of simplified financial statements have been done. However, the present work allows for the conclusion that the scope of procedures are not reduced and they are useful for assessing the simplifications used and changes in the audit market.

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Competition, Technocracy and Inequality

Author(s): Paul Cocioc / Language(s): English Issue: 2/2020

The article present a brief analyze of theoretical virtues of free competition in relation with some visible limits and negative consequences observed in real economic life. Social intervention to correct (at least in part) those social failures and the new responses of the firms are discussed too. Possible motivations of these new actions are presented in connection with technocratic model of firm management. It seems that the model of professionalization of firm leadership created not only a new structure within the category of the intermediaries (one with extremely high powers), but later generated new interests typical for a social category. The intermediary develops his own agenda and seeks to control not only the market but also the business owners (which is possible in the conditions of the fragmentation of the large property). They have the power to distort and undermine normal competition (or at least to try it) and that conduct to some practices at legal and ethical borderline.

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The Role of Foreign Direct Investment in Stock Market Development in Nigeria: A Test of Complementarity

Author(s): Gbenga Babarinde / Language(s): English Issue: 2/2020

This paper examines the role of foreign direct investment (FDI) in stock market development in Nigeria for the period 1981-2018 via Dynamic Ordinary Least Squares(DOLS) and pairwise Granger causality techniques. Empirical findings indicate that FDI plays a positive significant role in the development stock market in Nigeria. Also, a unidirectional causality flows from FDI to stock market development. This study concludes that FDI constitutes a catalyst to stock market development in Nigeria, which implies the complementary role of FDI in stock market. Therefore, Nigerian government should ensure investors-friendly macroeconomic framework and implement policies to encourage inflows of FDI in Nigeria.

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Empirical Relationship between Macroeconomic Variables and Stock Prices of Indian Banking Sector: A Vector Error Correction Model Approach

Author(s): Aastha Khera,Neelam Dhanda / Language(s): English Issue: 2/2020

This existing study aims to investigate the relationship between Indian Banking stock market prices and macroeconomic variables. The proxy for the Indian Banking stock market is Nifty Bank while Foreign Reserve, Exchange Rate (Indian vs. US Dollar), Interest rate, and CPI are proxies of macroeconomic variables. Johansen Cointegration and Vector Error Correction Model (VECM) on monthly data from January 2013 to July 2020 have been applied. Considering the results of cointegration, it is found that there is a long-run association between the Indian Banking stock market and constituent macroeconomic variables. Next, the employment of VECM is done for inspecting long run and short-run causality. The result reveals long-run equilibrium in Indian commercial bank's stock prices coming from macroeconomic variables. This study has considerable imputations that investors can diversify their portfolio according to the influencing power of constituent selected macroeconomic variables in the short run and the long run. Exchange rate and foreign reserves drive the banking stock market in the short run whereas CPI and Interest rate do not create any significant impact.

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The Determinants of Profitability Large-Scale and Small Scale Turkish Deposit Banks

Author(s): Pelin KAYA,Şenol Babuscu,Adalet Hazar / Language(s): English Issue: 1/2021

This paper aims to explore the bank-specific and macroeconomic determinants of the banks’ profitability by dividing the Turkish deposit banks into large-scale and small-scale entities. For this purpose, panel data analysis was applied using a fixed effects model, based on quarterly data for the period from March 2009 to September 2020 for 24 deposit banks. Return on assets and return on equity are used as a measure of the banks’ profitability. According to the results, the determinants of profitability differ between large-scale banks and small-scale banks. With respect to the bank-specific determinants, the findings show that the equity/assets, deposits/assets and liquidity ratio have a significant impact on the profitability of large-scale banks, whereas they have no relationship with the profitability of small-scale banks. The profitability of large-scale banks is negatively affected by their asset quality ratios. On the other hand, while the ratio of loans to total assets has no impact on the profitability of small-scale banks, the non-performing loan ratio has a positive impact. While the asset size and income-expense ratios have positive and significant impacts on the profitability of small-scale banks, they exhibit no relationship with the profitability of large-scale banks. With regard to macroeconomic indicators, small-scale banks’ profitability is negatively affected by economic growth, whilst large-scale banks are not. This study is aimed to contribute to the literature by analysing the determinants of Turkish deposit banks’ profitability under the classification of large-scale and small-scale banks.

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Factors Affecting the Perception of Bancassurance: The Case of Malta

Author(s): Kelly Agius,Simon Grima,Andre Farrugia / Language(s): English Issue: 2/2019

Our aim with this study is to delve into the perception of Maltese nationals on bancassurance to establish the drivers which are influencing the purchase of bancassurance and whether these factors can be used by banks to positively impact Maltese nationals’ perception of bancassurance and hence increase their sales and revenues. In order to establish the perception of Maltese nationals on bancassurance, we applied three areas of Customer Perception Theory namely 1) self-perception 2) price perception and 3) benefit/risk perception. To establish the perception of Maltese nationals on bancassurance, the whole population of Maltese nationals was taken into consideration from which a sample of 384 people was taken. In order to carry out the survey, the authors used questionnaires which included a number of demographic questions. The authors also included a number of statements which were divided into the three sections of the Customer Perception Theory. For these statements, the authors used a five-point Likert scale ranging from strongly disagree to strongly agree where the participants had to rate the statements according to their level of agreement. The authors also included a comment box to allow the participants to express themselves. The study revealed that various factors are stopping Maltese nationals from purchasing insurance products from banks. Advertisements are not motivating Maltese nationals to purchase insurance products from banks, however, they do trust banks and hence they might decide to purchase insurance products from them. The uncertainty of Maltese nationals on the premium charged and whether the costs are reduced when purchasing insurance products from banks shows the lack of knowledge amongst Maltese nationals on bancassurance. On the other hand, the idea of a ‘one-stop-shop’ motivates Maltese nationals to purchase insurance products from banks. This study can serve as guidance for local banks, which are engaged in bancassurance as well as to those banks who intend to engage in bancassurance in the future. This is because this study highlights the factors, which are stopping Maltese nationals from purchasing insurance products from banks. The two main sectors in the financial services industry, which play an important role in the Maltese economy, are the banking and the insurance sectors (Finance Malta, 2018). As far as the authors are aware, this study of the perception of Maltese nationals on bancassurance is the first of its kind conducted in Malta. Hence, other researchers may use Malta as a case study to act as a model to transpose the findings to larger countries.

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Economic and Legal Aspects of Electronic Money

Author(s): Otakar Schlossberger / Language(s): English Issue: 1/2016

The term “electronic money” first appeared in Czech legislation in 2002 as the result of the transposition of legislation into the Czech Republic’s legal system in anticipation of the country’s accession to the European Union. This term subsequently reappeared in 2009 during the recodification of the legal regulation of payment services, payment systems and electronic money. At this time, the definition was subjected to certain changes which continue to exert a significant influence on current practice with respect to the issuance and subsequent use of electronic money. This paper addresses the term “virtual money” and considers the mutual relationships between “electronic money”, “cashless money” and “virtual money” from the point of view of selected legal and economic approaches. The aim of the paper is to employ the analytical method in order to investigate selected legal and economic aspects of the various interpretations of the categories “electronic money”, “cashless money” and “virtual money”. A comparative analysis approach will be applied so as to ascertain both the legal and economic differences between these categories and general conclusions will be suggested employing the deduction method. The article is further concerned with the influence of these categories on the monetary base and money supply indicators.

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Investment Behaviour and Firms’ Financial Performance: A Comparative Analysis Using Firm-Level Data from the Wine Industry

Author(s): Claudiu Tiberiu Albulescu / Language(s): English Issue: 1/2020

This paper assesses the role of financial performance in explaining firms’ investment dynamics in the wine industry from the three European Union (EU) largest producers. The wine sector deserves special attention to investigate firms’ investment behaviour given the high competition imposed by the latecomers. More precisely, we investigate how the capitalisation, liquidity and profitability influence the investment dynamics using firm-level data from the wine industry from France (331 firms), Italy (335) firms and Spain (442) firms. We use data from 2007 to 2014, drawing a comparison between these countries, and relying on difference- and system-GMM estimators. Specifically, the impact of profitability is positive and significant, while the capitalisation has a significant and negative impact on the investment dynamics only in France and Spain. The influence of the liquidity ratio is negative and significant only in the case of Spain. Therefore, we notice different investment strategies for wine companies located in the largest producer countries. It appears that these findings are in general robust to different specifications of liquidity and profitability ratios, and to the different estimators we use.

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Dylematy stosowania leasingu zwrotnego jako formy finansowania jednostek samorządu terytorialnego

Author(s): Dorota A. Hałaburda / Language(s): Polish Issue: 4/1/2018

The aim of this paper is to analyses reasons and benefits to use sale and leaseback operations by local government units. The main method to discuss the chosen topic is descriptive method. Sale and leaseback operations are products that allows obtaining financial resources the local government units and at the same time have a positive impact on the debt limits in art. 243 of the Public Finance Act. Sale and leaseback may be an attractive alternative form of financing compared to the sale of assets by local governments. The paper lists the RIO, NIK reports and the literature on the subject and analyses the existing legal framework concerning public finance.

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Bankowa obsługa jednostek samorządu terytorialnego

Author(s): Ewa Kowalewska / Language(s): Polish Issue: 4/1/2018

Local government units carry out important tasks, primarily focused on satisfying the needs of the local community. By implementing such a wide range of tasks, local government units often have too limited financial resources. Thanks to legal regulations, they can use financial instruments available on the financial market, with some limitations and with the use of prudential methods. The most frequently used financial instruments include bank loans and borrowings. In addition, as part of cooperation with banks, local government units use other banking services offered to them, primarily banks run their bank accounts. According to the will of the legislator, the bank that provides such service is chosen in accordance with the principles governed by public procurement law. The services provided by banks for local government units also include the provision of bank guarantees and the performance of tasks ordered by the bank with respect to the issue of local government securities. The main purpose of this study was to analyze legislation in the field of regulation relating to the broadly understood banking scope for the service of local government units and to indicate the characteristics of this service. The basic research method used in this work was the analytical method. The legislation and the achievements of literature were analyzed.

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Noutăţi Fiscale

Author(s): Author Not Specified / Language(s): Romanian Issue: 6/2020

La data de 18 decembrie 2020, OCDE (Organizația pentru Cooperare și Dezvoltare Economică) a publicat un document intitulat Guidance on the Transfer Pricing Implications of the COVID-19 Pandemic (acest document, disponibil în limba engleză la adresa https://www.oecd.org/coronavirus/policy-responses/guidance-onthe-transfer-pricing-implications-of-the-covid-19-pandemic-731a59b0/, va fi tradus în anul 2021 și în franceză, respectiv germană). Ghidul clarifică și ilustrează aplicarea practică a arm’s length principle la modelele factuale unice și provocările specifice pe care le presupune pandemia coronavirusului COVID-19, fiind dezvoltat și aprobat de 137 de state membre ale OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting.

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Wspólnoty lokalne w kształtowaniu procesów rewitalizacyjnych

Author(s): Marta Szaja,Magdalena Ślebocka / Language(s): Polish Issue: 4/1/2018

The main goal of the paper is to present the significance of social participation in revitalization process in urban areas. On the basis of the available literature and source documents of the city of Łódź, the paper discusses the basic financial sources of financing revitalization projects and the social challenges that local authorities face when trying to resuscitate degraded areas.

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Przychody zwrotne i ich przeznaczenie w JST województwa zachodniopomorskiego w latach 2014–2017

Author(s): Jolanta Włodarek / Language(s): Polish Issue: 4/1/2018

Self-government units, which have carried out investment projects with the share of European Union funds, were forced to provide part of the investment financing on their own. Generally, this financing signified that self-governments have incurred debt obligations. The aim of the article is to assess the use of refundable revenues by self-government units based on the example of the West Pomeranian Province in the period of 2014–2017.

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Finansal Derinleşme ve İş Çevrimlerinin Oynaklığı Arasındaki İlişki: Türkiye Örneği

Author(s): Muhammed Hasan Yücel / Language(s): Turkish Issue: 2/2021

The effect of financial deepening on macroeconomic indicators is a subject that has taken a large place in the literature. This relationship is also important for those who run the economy. In this study, the relationship between financial deepening and the volatility of business cycles is analyzed with annual frequency data covering the years 1960-2019. In the study using VAR analysis, financial deepening is calculated also the share of the broad money supply in nominal GDP. The volatility of business cycles is included in the analysis by calculating as the moving average of the standard errors of the real GDP data. As a result of the VAR analysis, it has been determined that there is a transfer from financial deepening to the volatility of business cycles. In the study, in which Granger Causality analysis was carried out, it was determined that financial deepening is the cause of business cycle volatility, but business cycle volatility is not the cause of financial deepening. Besides, according to the results of the Johansen Cointegration test, it was found that the two variables are co-integrated in the long term, that is, they act together.

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Exchange rate response to oil price and political shocks: what can Nigeria do?

Author(s): Adebayo Augustine Kutu,David Alaba Alori,Harold Ngalawa / Language(s): English Issue: 2/2021

This study determines how political institution (factor) and oil prices play a significant role in exchange rate instabilities in Nigeria between 1980:Q1 and 2019:Q4. Employing a VECM model with time series and structural analysis, the study decomposes the oil prices into positive and negative shocks. The findings show a symmetric impact from positive and negative oil shocks while political/ institutional factor, on the contrary, indicates an asymmetric impact on exchange rates. The study, therefore, recommends that strong political institution that promotes good governance, accountability and transparency should be put in place. This will untimely reduce the cost of importation that prevents the country from reaping the benefits of positive oil price shocks. While this study employs one of the unique approaches to the study of exchange rates worldwide, it also provides insights to how institutional/political factor contribute to exchange rate instability in Nigeria.

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Kadinların İşgücüne Katılım Oranının Belirleyicileri: Türkiye İçin Yapısal Kırılmalı Zaman Serisi Analizi

Author(s): Şeyma Sertçelik / Language(s): Turkish Issue: 2/2021

In this study, determinants of women's labor force participation rate in Turkey were investigated during the 1994-2019 data period. For this purpose, inflation rate, female population rate, growth rate and real effective exchange rate index variables were used. With this study, it was aimed to determine the effect of the real effective exchange rate variable on women's labor force participation rate by incorporating it into the econometric model for the first time. Also unlike the studies to date in the analysis stage, Narayan-Popp (2010) unit root test and Maki (2012) cointegration test which considering structural break are by using together was investigated the long-term relationships. This is constitutes another originality of the article. Since it is determined that the variables included in the analysis movement together in the long-term, the long-term cointegration coefficients were obtained by the FMOLS method. According to the results of the analysis, the 1% increase in the inflation rate, the female population rate and the in growth rate, increases the female labor force participation rate by 0.06%, 40.18%, and 0.23%, respectively. The 1% increase in the real effective exchange rate index reduces the female labor force participation rate by 0.30%.

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Green bonds as a transfer of sustainable development idea into financial sector

Author(s): Krystyna Brzozowska / Language(s): English Issue: 3/1/2018

The aim of a paper is to evaluate a development of green bonds – bonds issued by banks and dedicated to help in resolving sustainable development problems. Research is based on overview of literature regarding to issues of sustainable development, bonds, capital markets approach to sustainable development idea, and published data. Generally financial institutions and markets are focused on activities against climate changes in the world. Green bonds were created to fund projects with positive environmental benefits. Green bonds allow investors to use the debt capital market to fund climate-related projects. Their structure, risks and returns are identical to those of traditional bonds. The only difference is that the proceeds from the issuance of a green bond are used solely to finance “green” projects, or those that are environmentally friendly. Possible projects covered by green bond funding should be connected to renewable energy, energy efficiency, sustainable waste management, sustainable land use. The green bond market started in 2007 by European Investment Bank and the World Bank Group. From the beginning to 2012 the increase of value of issued green bonds was rather modest, but in 2014 result was 2 times bigger than in previous year. In 2017 green bond market amounted near $156 billion and the same it was a sharp growth of about 78% in relation to 2016. Europe accounted for 48% of the global green bonds market issuances. Poland has also started as issuer of green bonds with 2 very successful transactions run in 2016–2017.

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The performance of the SMEs in Poland during and after financial crisis and economic downturn – on the EU-28 background

Author(s): Dominika Kordela / Language(s): English Issue: 3/1/2018

The aim of the paper is to assess the financial condition of micro, small and medium-sized enterprises in Poland during and after financial crisis 2008–2010 and the economic downturn. In this paper a thesis was advanced that the consequences of the downturn were felt by the entire sector, but each group of the companies was affected to a different degree. The companies in the sector of SME were assessed based on selected financial data. Moreover, the article includes assessment of the sector’s importance for the polish economy. The analysis is based on data from secondary sources published by Central Statistical Office, Eurostat and Polish Agency for Enterprise Development. The temporal scope of the study encompasses the years 2007–2016. The analysis of selected financial data is enough to state that although the economic downturn led to a temporary fall in the revenue level, financial result or profitability, the economic standing of the sector generally improved throughout the period analysed (2007–2016).

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Gray economy as a part of tax gap

Author(s): Dariusz Pauch / Language(s): English Issue: 3/1/2018

The article attempts to point to the gray economy as an element of the tax gap. The considerations began with the characterization of the tax gap. Next, the concept and importance of the gray economy in the economy was analyzed. The last part includes selected instruments for reducing the gray economy, which were introduced in recent years in Poland. The instruments limiting the gray economy include: receipt lottery, electronic cash register system, limitation of cash payments and mechanisms supporting the collection of taxes.

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