ACTA VSFS最新文献

{"title":"Examining the Impact of Financial Openness on Domestic Interest Rate in Nigeria","authors":"Innocent Chile Nzeh, B. Uzoechina, J. N. Ozoh, U. Okoli","doi":"10.37355/acta-2023/1-02","DOIUrl":"https://doi.org/10.37355/acta-2023/1-02","url":null,"abstract":"The sensitive role played by domestic interest rate in the economy has made studies on its determinants paramount. This study therefore used the autoregressive distributed lag (ARDL) bounds framework to investigate the impact of financial openness on domestic interest rate in Nigeria over the period from 1980–2020. The study included three de facto financial openness measures, namely: foreign direct investment (FDI) inflows, FDI outflows and portfolio investment as well as one de jure financial openness measure, namely: capital account openness. The short-run results revealed that while FDI inflows had a negative but non-significant impact on domestic interest rate, the impact of FDI outflows was positive and significant. The short-run results also indicated that while foreign portfolio investment had a positive but non-significant impact on domestic interest rate, the impact of capital account openness was positive and significant. In the long-run, the study revealed that FDI inflows had a negative but non-significant impact on domestic interest rate. In another vein, while FDI outflows was found to impact on domestic interest rate positively, the impact of capital account openness was also found to be positive. The study therefore concludes that domestic interest rate in Nigeria was influenced positively by both FDI outflows and capital account openness in the two time horizons and this has implications for monetary policy setting. Based on these findings, the study recommends that apart from the traditional policies used in the control of domestic interest rate, monetary authorities in Nigeria should also regulate capital outflows in their quest to direct interest rate to a desired direction.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Tokenisation on Economics Demographics and Economics of Selected Crowdfunding Investments","authors":"Michael Pirgmann","doi":"10.37355/acta-2023/1-01","DOIUrl":"https://doi.org/10.37355/acta-2023/1-01","url":null,"abstract":"The text analyzed data from two German crowdfunding investments issued by one initiator in the real estate industry, involving a total of 1,692 investors. One fund has a classical investment structure while the initiator used an innovative approach with a tokenised investment product based on the Ethereum blockchain technology in the second one. This paper tries to find the impact on the demographics of the funds and the profitabi lity for the initiator when making a structural change from a classical investment with a minimum investment size of EUR 1,000 to a tokenised investment structure with a mini mum investment of EUR 1. The results show no impact from tokenisation on the structure of the investors´ gender and only minor impact on the age of the investors. But the findings highlight that lowering the minimum investment to EUR 1 via tokenisation to attract more investors, diminishes the profit margin for the initiator substantially. Because every inves tor comes at an acquisition cost, only a certain number of loss-making small investments in relation to profitable high investments can be compensated. Since it is not possible to precisely determine the density distribution of investment sizes in advance to placing a new investment, it is recommended to give up the minimum investment size of EUR 1 to avoid the risk of attracting too many investors at a deficit, hence diminishing the profit margin of the funds.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48926499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of the COVID-19 Pandemic on the German Pension System","authors":"Dennis C. Tale","doi":"10.37355/acta-2023/1-04","DOIUrl":"https://doi.org/10.37355/acta-2023/1-04","url":null,"abstract":"The COVID-19 pandemic was declared over in April 2023. Like the financial crisis of 2008, the pandemic outbreak had an exogenous shock effect on Germany's micro- and macroeconomic environment. This mainly affected the labor market, and after that, the Bundesregierung took measures to stabilize the labor market to prevent a dramatic increase in unemployment. The German pension system is a pay-as-you-go system that is financed on a long-term basis by demographic and economic developments. Based on these factors, projections on the effects of the COVID-19 pandemic on statutory pension insurance in Germany were already made in 2020. This paper compares the forecasts from 2020 with the actual development, combined with whether German pension insurance can be assessed as sustainable after the pandemic.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Behavioral Finance and how its Behavioral Biases Affect German Investors","authors":"Bastian Schulz","doi":"10.37355/acta-2023/1-03","DOIUrl":"https://doi.org/10.37355/acta-2023/1-03","url":null,"abstract":"The growing discipline of behavioral finance has identified several biases that significantly impact individual investors' actions. This paper aims to evaluate the influence of behavioral biases on investing decision-making among German investors. A questionnaire is created, and survey results from 342 investors are collected. Three behavioral biases, namely overconfidence, herding, and anchoring behavior, have been examined in this study. Moreover, it was determined if gender influences these biases among German investors. The findings indicate that male German investors are more susceptible to overconfidence and anchoring bias than female German investors. However, women are more likely than males to fall victim to the herding bias. Overall findings show that individual investors are prone to psychological mistakes.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47735213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Extended Workforce Ecosystems: Intelligent Bots and Freelancers with Employee ID Cards Are Changing the Workforce Paradigm","authors":"Ladislava Knihová, O. Němec","doi":"10.37355/acta-2023/1-05","DOIUrl":"https://doi.org/10.37355/acta-2023/1-05","url":null,"abstract":"In today's digital age, organizations increasingly leverage an extended workforce ekosystém incorporating freelancers and even intelligent bots with employee ID cards to bolster their operations. This article examines the advantages and challenges of these ecosystems, offering a roadmap for organizations to effectively navigate the shift towards hybrid and fully remote working models. The successful realization of this transition heavily relies on the shared attitude towards education and learning within the extended workforce ecosystem. Drawing upon data obtained from the observational study MML-TGI, the aim of which is to assess and interpret the adoption levels of educational content and identify sociodemographic segments of consumers suitable for targeted educational content, this article presents insights into the current population attitudes towards education and learning, which hold crucial implications for designing employee training programs. The primary objective of this article is to provide organizations with comprehensive and research-based knowledge, enabling them to transition from reactive ad hoc remote work arrangements to a more sustainable and effective hybrid work approach. By acting as a bridge to the future, this study facilitates the transformation towards a strategic and intentional approach to hybrid working models that align with the needs of both employees and the organization.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Unemployment, Effects of Government Measures and Employment Effects During the\u0000 Corona Crisis in Germany","authors":"Katrin Steyer","doi":"10.37355/acta-2022/2-02","DOIUrl":"https://doi.org/10.37355/acta-2022/2-02","url":null,"abstract":"During the corona pandemic, policymakers in Germany had to act swiftly. There were\u0000 targeted corona aid and programmes. The impact of the programmes on the development of\u0000 unemployment is the subject of research, especially in German-speaking countries. There\u0000 are gaps in knowledge regarding the impact of the pandemic on gender unemployment. By\u0000 analysing the research in a structured way and combining it with the analysis of\u0000 unemployment data, it is shown that the Corona measures helped prevent unemployment. It\u0000 also shows that women were more affected by unemployment. The increased risk of becoming\u0000 unemployed is followed by a higher risk of remaining unemployed for longer. Studies show\u0000 that women are significantly more affected by this risk than in previous recessions. The\u0000 results indicate that women are more likely to be unemployed for longer due to their\u0000 desire to work in sectors that are typical for women. Considering the shortage of\u0000 skilled labour is a prevalent issue, the author proposes targeted policy advice to bring\u0000 women out of unemployment without stereotypes.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Development of Life Insurance in the Czech Republic and the Slovak\u0000 Republic","authors":"Lucie Ivanecká, Lenka Přečková","doi":"10.37355/acta-2022/2-04","DOIUrl":"https://doi.org/10.37355/acta-2022/2-04","url":null,"abstract":"This article investigates the influence of selected determinants on the\u0000 development of life insurance in the Czech Republic and the Slovak Republic in the years\u0000 2007–2019. The aim of the present study is to examine whether there are relationships\u0000 between the development of selected determinants and the development of life insurance\u0000 in the Czech Republic and Slovak Republic. We are using the correlation analysis,\u0000 specifically Spearman‘s correlation coefficient, performed in the Eviews program with\u0000 quarterly data. The determinants can be divided into positive and negative. Positive\u0000 determinants encourage consumers to take out an insurance contract, thus acting to\u0000 increase interest in insurance. Negative determinants have the opposite effect, which\u0000 means that the consumer‘s willingness to take out insurance decreases, and the consumer\u0000 is not interested in insurance on the development of life insurance in selected\u0000 countries in the period under review. A positive impact on the development of life\u0000 insurance was found in the case of gross domestic product, average gross monthly wage,\u0000 interest rate on deposits and population in selected countries in the period under\u0000 review.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Czech Monetary and Fiscal Policies: Big Deficits and Challenges","authors":"Jaroslav Vostatek","doi":"10.37355/acta-2022/2-05","DOIUrl":"https://doi.org/10.37355/acta-2022/2-05","url":null,"abstract":"Czech monetary and fiscal policies require fundamental reform, even without\u0000 considering the current war in Ukraine. The tax structure can be rationalized within 1–2\u0000 years. The very introduction of a single collection point must be taken seriously, and\u0000 there is no need to undertake a fundamental tax reform to implement its main stage.\u0000 Czech social security contributions are very specific, dominated by their tax nature.\u0000 This allows for a quick consolidation of employer contributions into one levy to the\u0000 state budget and the inclusion of employee contributions in personal income tax. Only\u0000 slightly more politically challenging is the integration of dividend income taxation\u0000 into corporate tax and the removal of interest from corporate tax costs. The OECD\u0000 recommendations are one-sided, mechanically oriented according to the neoliberal welfare\u0000 regime. Our analyses and subsequent proposals do not foresee and do not require any\u0000 reform of social security benefits, including public funding of healthcare.\u0000 Strengthening value-added tax in the tax structure is completely wrong. The overall\u0000 insufficient taxation of value added in the Czech financial sector needs to be\u0000 eliminated. Czech monetary policy is not very effective in the fight against inflation,\u0000 the link to overall economic policy is lacking. This policy has created excessive\u0000 foreign exchange reserves that can be transferred to the state assets. It is\u0000 economically desirable to link the Czech currency to the euro. The proceeds of the issue\u0000 of all money belong to the state budget.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Readiness of the Czech Republic to Join the Euro Area","authors":"Roman Mentlík, Pavel Rezabek, Naděžda Petrů","doi":"10.37355/acta-2022/2-03","DOIUrl":"https://doi.org/10.37355/acta-2022/2-03","url":null,"abstract":"The Czech Republic has been a member of the European Union since 2004. As a Member\u0000 State, it is obliged to join the euro area upon meeting all the Maastricht criteria.\u0000 There is still no fixed date for adopting the single European currency. The Czech\u0000 Republic is failing to meet some criteria. There are ongoing discussions about joining\u0000 the euro among experts, bank representatives, politicians, entrepreneurs,\u0000 representatives of the Czech Chamber of Commerce and various associations, economics\u0000 students and the general public. The aim of this paper is to assess the ongoing\u0000 fulfilment of the Maastricht convergence criteria in the Czech Republic and to identify\u0000 the relationship between actual and perceived inflation. The paper reflects new aspects,\u0000 which were generated by the recent development on financial markets during the last 2\u0000 years, including COVID-19 and Russian attack to Ukraine. Due to the fact, that not all\u0000 statistics reflects recent development, some tables and charts are not reflecting this\u0000 for hundred percent. The analyses carried out reveal that the only criterion that is\u0000 currently met is the level of public debt (sustainability will be assessed at the time\u0000 of application). Smooth adoption of the euro by the public is associated with an\u0000 increased perception of inflation above actual inflation. This situation should be\u0000 addressed by economic policy actors in preparation for joining the euro area. The\u0000 importance of a government communication and explanation campaign was confirmed by\u0000 countries in a similar position. Since February this year, Europe and the whole world\u0000 have been facing a new geopolitical situation. There are voices calling for Europe to\u0000 become stronger, more compact, perhaps move towards a federation, including a\u0000 strengthening of the common currency’s position. Therefore, this is a highly topical\u0000 issue. The final decision in the Czech Republic to start the process of adopting the\u0000 euro and to set the date for joining the euro area rests with the Czech Government in\u0000 cooperation with the Czech National Bank.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69833638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Environmental Reporting and Performance of Nigerian Listed Oil and Gas\u0000 Firms","authors":"J. Olabisi, R. W. Oladiran, S. Aransiola, Damilola Gloria Adenekan","doi":"10.37355/acta-2022/2-01","DOIUrl":"https://doi.org/10.37355/acta-2022/2-01","url":null,"abstract":"The study investigated the environmental reporting and performance of listed oil\u0000 and gas firms in Nigeria. The study adopted an ex-post facto research design method\u0000 using existing data from the financials of selected firms. The population of the study\u0000 consisted of thirteen (13) listed firms as of 2021, out of which ten (10) were\u0000 purposively selected based on the availability of annual reports and accounts. Secondary\u0000 data were extracted and the results of the unit-roots test informed the adoption of\u0000 Auto-Regressive Distributed Lag (ARDL) and Error Correction Techniques. The study found\u0000 a positive and significant relationship between Environmental Management Cost (EMC) and\u0000 ROCE (p<0.05), also a positive but insignificant relationship between Environmental\u0000 Protection Cost (EPC) and ROCE (p>0.05). However, there was a negative and\u0000 significant relationship between Environmental Research and evelopment Cost (ERDC) and\u0000 ROCE (p<0.05). The study concluded that environmental accounting reporting\u0000 contributed to the firms’ performance of Nigerian listed oil and gas firms. Therefore,\u0000 these firms should be cost-effective and efficient when planning environmental\u0000 activities to improve firms’ performance.","PeriodicalId":30693,"journal":{"name":"ACTA VSFS","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47553450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}