Finance: Theory and Practice最新文献

{"title":"Intention to Invest has a High Impact on Decision Making? New Contribution to the Planning Field of Financial Behavior in Indonesia","authors":"Yuliani Yuliani, T. Taufik, Sh. Malinda","doi":"10.26794/2587-5671-2024-28-6-1252-02","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-6-1252-02","url":null,"abstract":"The study’s purpose is to determine empirical evidence on the effect of financial attitude, knowledge, and perceived risk on intention to invest, reinvestment, level of trust in the platform, and investment satisfaction. The data were collected via an Online Google form from May to July 2022, through a survey of 401 respondents from cities in Indonesia, and were analyzed by structural equation modeling with partial least squares. The results showed that financial attitude has a significant positive effect on the intention to invest and knowledge, while it is insignificant on perceived risk. The intention to invest has a high impact on decision-making. Reinvestment is significantly influenced by intention, decision-making, and trust. The effect of trust has a high impact on reinvestment, which has a significant positive influence on financial satisfaction. This study has made a new contribution to the planning field of financial behavior, regarding investment decisions in terms of monetary assets for unit analysis. However, in further study for businesses or SMEs with unique characteristics, some adjustments are needed in the aspects of testing and model improvement to increase applicability.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"1 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141798112","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":"Application of a Model Life Cycle Concept to Investments in Artificial Intelligence Evaluation on the Example of Large Language Models","authors":"N. A. Nikitin","doi":"10.26794/2587-5671-2024-28-3-206-217","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-206-217","url":null,"abstract":"The life cycle of an artificial intelligence model is the object of research. The purpose of the study is to develop a model life-cycle methodology that describes the economic content of the investment process in artificial intelligence technology. During the study, both general scientific methods such as analysis, synthesis, comparison, abstraction, induction and deduction were used, as well as project methodologies of the life-cycle, employed as the basis for the value creation life-cycle of the model. The analysis was based on identifying the necessary stages of model development in terms of the CRISP-DM methodology and determining the features of each of them in terms of cash flows. Modified versions of the model life-cycle containing risk assessment, including model risk, were also taken into account. In the process of research, the proposed generalized model life-cycle methodology was specified for a specific AI technology — large language models. As a result of the study, the author proposed a three-stage model. The possible optionality between the stages and the characteristics of cash flows are described. It was concluded that an investment project for the development of AI contains several real options — abandonment, reduction, expansion and replacement. For large language models, the life cycle structure and possible optionalities are preserved. The peculiarity is that the value creation process involves cash flows from different areas of application of the model in business processes. The results of the study are of practical importance for medium and large businesses engaged in the independent development of AI models and/or applying them to their business processes. The proposed concept of the model life-cycle can also be used to develop a methodology for evaluating investments in AI using real options.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"59 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141653786","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":"Contagion in Commodity Markets under Financial Stress","authors":"M. Malkina","doi":"10.26794/2587-5671-2024-28-3-194-205","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-194-205","url":null,"abstract":"The relevance of the study is due to the fact that in the conditions of the financialization of the economy, shocks arising in one market can spread rapidly and intensively to other markets, generating the effects of financial contagion. This fully applies to the commodity markets, which occupy a large share of exchange trading. The resulting excess volatility risks should be taken into account both by financial market players when developing optimal portfolio strategies, and by the state when adjusting anti-crisis policy. The purpose of the study is to identify financial contagion in commodity markets during periods of financial stress caused by the pandemic and sanctions, to determine the direction and extent of intermarket contagion. The novelty of the study lies in the construction of stress indices to separate periods of increased volatility in commodity markets, in the application of statistical tests for the co-moments of the return distribution to identify the financial contagion between the markets of energy (oil and gas), precious and non-ferrous metals during the pandemic and sanctions. The result of the study is the identification of a period of increased volatility in commodity markets and its division into two sub-periods based on turning points in the stress index, establishing the direction and extent of financial contagion between commodity markets during these periods. It is concluded that stress in commodity markets is accompanied by intense financial contagion. Moreover, volatility contagion turns out to be higher than return contagion and even higher than contagion caused by anomalies in the return distribution. The main sources and receivers of contagion in different periods are the markets of precious and some non-ferrous metals, and in the period from February 2018 to December 2020, also the oil market. At the same time, the gas market before SMO has demonstrated relative independence from other commodity markets, which made it possible to recommend gas futures as a tool for hedging investment portfolios during a period of increased financial stress.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"33 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141653706","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 Road to Financial Resilient: Testing Digital Financial Literacy and Saving Behavior","authors":"S. M. Rahayu, S. Worokinasih, C. R. Damayanti, R. A. Normawati, A. G. Rachmatika, Yu. A. Aprilian","doi":"10.26794/2587-5671-2024-28-3-218-230","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-218-230","url":null,"abstract":"The crisis caused by the COVID‑19 pandemic has clearly demonstrated the importance of financial resilience for households. It is necessary as a measure of preparedness for the economic shocks that may arise, especially in connection with the recession problem, which has been increasingly discussed recently. Financial resilience can be formed through resilience-building financial behaviors, including saving behavior. This study investigates the predictors that shape household saving behavior in a digital context by adopting the Theory of Planned Behavior (TPB), i.e., how human behavior is guided. This model also adds digital financial literacy (DFL) as an extension of the TPB. The digital context is taken because of the oblique shift in financial behavior with the rise of Digital Financial Services (DFS) in society. This study used a survey method with a well-structured questionnaire. The reflective measurement was performed using the Partial Least Square Structural Equation Model (PLS-SEM). Analysis was conducted on respondents in Java, Indonesia, to the survey’s screened data (N = 900). The study results show that all predictors influencing household decisions to save include all predictors of TPB and DFL. In the mediating effect, the intention toward saving behavior act as a partial mediating variable on the relationship between exogenous and endogenous variables. This study suggests policymakers, government, and educational institutions provide DFL to households.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"36 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141655033","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":"Financial Contagion of the Russian Economy: Intersectoral Aspect","authors":"А. О. Ovcharov, A. Terekhov","doi":"10.26794/2587-5671-2024-28-3-183-193","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-183-193","url":null,"abstract":"The study’s relevance is due to the need to identify the scale and channels of the spread of crises in the economy based on the use of the financial contagion methodology. Understanding the mechanism of spreading financial contagion from one industry to another can help develop anti-crisis measures and ensure stable economic indicators. The purpose of the study is to assess the intersectoral financial contagion in the Russian economy during the spread of the coronacrisis, as well as to correlate the estimates obtained with the actual incidence of COVID‑19 in the Russian Federation. The novelty of the research lies in the development of the methodology of financial contagion and its use in relation to sectors of the Russian economy, where they are considered transmitters and/or receivers of financial contagion. The methodology of advanced correlation analysis was used — the Forbes-Rigobon sliding test was implemented, which made it possible to assess the scale and intensity of financial contagion in the Russian economy. We used high-frequency data on 8 MICEX industry indices and on the incidence of COVID‑19 in the period 2020–2021. The result was quantitative assessments of financial contagion, which showed that such industries as metallurgy, oil and gas sector, consumer sector, electric power industry had the highest susceptibility to financial contagion. Telecommunications, the financial sector, chemicals and petrochemicals, and transport have demonstrated resistance to the pandemic shock. The most powerful transmitters of financial contagion were the electric power industry, metallurgy, transport, and the financial sector. In general, the financial contagion in 2020–2021 between the sectors of the Russian economy spread unevenly, in some cases and in certain periods, the ups and downs of financial infectivity went in parallel with the ups and downs of the real incidence of COVID‑19. The main conclusion was that during the pandemic, financial contagion spread with varying intensity, and individual industries manifested themselves either as receivers or transmitters of financial contagion. At the same time, there was no large-scale financial infection of the sectors of the Russian economy.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"55 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141655671","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":"Changes in the Structure of Tax Revenues of Russian Regions","authors":"A. S. Kamaletdinov, A. A. Ksenofontov","doi":"10.26794/2587-5671-2024-28-3-31-42","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-31-42","url":null,"abstract":"The purpose of the study is to justify the use of the invariance property of the index method to study the change in the structure of tax revenues of Russian regions in the period from 2017 to 2021. The object of the study is eighty-five regions of the Russian Federation, and the subject is their financial and economic activities. Data from Rosstat and the Russian Federation’s FTS were used for the analysis. To date, the index method is actively used in the conduct of economic analysis at the macro- and meso-levels. The novelty of the study is that only the authors of the article on the basis of indices monitor the state of activity of the regions of the country, based on their tax revenues. The quantitative analysis is implemented using the statistical processing and data visualization functions of the R programming language. The intersubjective comparison was done to identify areas that require financial and economic transformation to improve the activities of the country’s regions. The comparison is made not only for one time, but also in dynamics. The results of the statistical analysis showed that the proposed tax income effectiveness index is an invariant indicator, independent of time and changes in the amount of tax income. It follows from the stationarity of the considered feature that the index values for 2017–2021 can be combined into a single homogeneous statistical aggregate. It was concluded that the index of effectiveness could be used as a grouping feature for the classification of Federation entities. The methodology developed can allow to intensify the socio-economic growth of the regions, indicating points requiring changes. In this regard, the results of the analysis can be useful to: the Ministry of Finance of the Russian Federation and the Federal Tax Service of the Russian Federation for the development of financial and tax policy; the Ministry of Economic Development and administrations of the subjects of the Russian Federation, indicating the economic zones of regions that need to be improved; to representatives of the business community when conducting economic analysis of regions.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"110 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141657565","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":"Analysis of FDI Determinants Using Autoregressive Distributive Lag Model: Evidence from India","authors":"R. Patel, D. R. Mohapatra, S. K. Yadav","doi":"10.26794/2587-5671-2024-28-3-144-156","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-144-156","url":null,"abstract":"The significance of foreign direct investment (FDI) for the expansion and advancement of emerging economies has long been recognized. Yet, research on the factors that influence FDI inflows is still developing. This study focuses on examining the long- and short-term association between FDI inflows and its determinants, employing ARDL bounds testing approach and Error Correction Model to understand the relationship between the variables under study. The findings evidence the existence long- and short-term association between FDI and domestic investment, inflation, infrastructure, and trade openness. However, market size is observed to be insignificant in influencing FDI inflows. The coefficients of domestic investment, infrastructure and Trade Openness are observed to be significantly positive. The influence of inflation is found to be negative. The study suggests that the Indian economy should accelerate the process of integration with the world economy along with the enhancement of domestic investment and infrastructure facilities to attain higher FDI.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"140 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141655852","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":"VAT on the Sale to Individuals of E-commerce Goods Held in Customs Warehouses in the EEU","authors":"A. A. Artemiev, E. Sidorova","doi":"10.26794/2587-5671-2024-28-3-43-51","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-43-51","url":null,"abstract":"The relevance of the study is due to the fact that in the context of the spread of new models of business organization, including foreign trade transactions with electronic commerce goods (ECG) purchased by individuals on foreign electronic trading platforms, it is necessary to develop issues related to the determination of tax consequences for persons — participants of such models. The term “goods” in this study means any movable property, including currency of the member states of the Eurasian Economic Union (EEU), securities and (or) currency values, travel cheques, electricity, as well as other movable things equated to immovable property. Since the value added tax (VAT) is one of the most significant for both the state and taxpayers (tax agents), the subject of the study is the mechanism for determining the tax consequences of VAT when foreign sellers sell to Russian individuals electronic commerce goods (ECG) purchased through foreign trading platforms (“marketplaces”), while being (stored) at the time of conclusion of the contract of sale in customs warehouses in Russia. The purpose of the study is to solve the problems related to the determination of VAT payment obligations in connection with the sale of ECG stored in a customs warehouse, namely: economic aspects related to the grounds for the emergence of VAT payment obligations, and the feasibility of changes in the current regulation with regard to the possible consequences. The methodology of the study is based on the use of classical for indirect taxation approaches to the determination of the place of sale of goods and, accordingly, to the decision on the occurrence in the territory of Russia of the object of taxation by the VAT. The scientific novelty of the study consists in the development of approaches to the determination of tax consequences on VAT on the sale of goods from the territories of customs warehouses within the framework of cross-border electronic commerce, as well as possible changes in the current regulation, based on the consideration of the economic sense of the considered business model. It is concluded that when a foreign seller sells goods to Russian individuals through a “marketplace” that are stored in a customs warehouse on the territory of Russia during the purchase period, the seller is subject to VAT. A person of an EAEU member state (Russian organization) — an e-commerce operator — who transfers goods to a purchaser is obliged to present to the purchaser the corresponding amount of VAT, performing the duties of a tax agent. Proposals on the establishment of VAT concessions for transactions on the implementation of ECG from the territory of the customs warehouse were elaborated, the results concluded that the discussion and insufficient economic justification of such proposals.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"130 25","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141656604","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":"Objectives of the Demonetisations in the World. Special Reference to Indian Demonetisation of 2016","authors":"S. Khakase, D. Hawaldar","doi":"10.26794/2587-5671-2024-28-3-131-143","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-131-143","url":null,"abstract":"“Demonetisation” means the removal or rejection of one or more legitimate payment methods in the economy. This term is as old as the use of currency, which can be traced back to 7th and 6th centuries BCE. The Indian government conducted an unannounced demonetization in 2016. Similar cases were observed in India in 1946 and 1978. Overall, the world has witnessed dozens of demonetisations in different countries, which were carried out for different reasons. Many were successful, but many were not. We need to understand why demonetisation has been implemented over the world. This study used a literature review method to determine the causes of demonetisation in nations such as Australia, Canada, New Zealand, Libya, Ghana, Myanmar, Zaire, Russia, North Korea, Pakistan, Sweden, Zimbabwe, and Belarus. It also describes the goals of Indian demonetisation in 2016 and determines whether they have been met. As a result, the authors found that pre-announced demonetisation were usually effective, whereas most undeclared demonetisation failed and had an impact on the economy and population. The results of this paper can help governments, policymakers and scientists to understand the purpose of demonetisation and the need for caution. The authors concluded that demonetisation could have both positive and negative effects, depending largely on the intentions of the country’s leadership and on the preparedness for demonetisation.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"138 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141656022","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":"Effect of Pricing Strategy on Organization Performance: Evidence from Ethiopia’s Brewery Industry","authors":"K. W. Gebremicael, K. V. Ramana Murthy","doi":"10.26794/2587-5671-2024-28-3-84-93","DOIUrl":"https://doi.org/10.26794/2587-5671-2024-28-3-84-93","url":null,"abstract":"The purpose of this research was to assess the practise and effect of pricing strategy on the brewery company’s performance. To achieve the study’s objective, the researcher applied both descriptive and explanatory research designs using a mixed-methods approach. For the research, both first-hand and second-hand sources of information were gathered. This research involved 310 employees of Ethiopia’s brewery companies who completed questionnaires to obtain data. The study used simple random sampling. Using SPSS version 21.00, descriptive statistical methods, such as mean and standard deviation, and inferential statistical techniques, such as correlation and multiple regression analysis, were used to analyse the questionnaire data. According to the findings of this research, pricing strategy has a statistically significant and strong positive relationship with organisational performance. Moreover, the pricing strategy explains 74.5 percent of the variances in organisational performance in a substantial manner. The study will help firms establish an effective pricing strategy to increase performance and compete in the marketplace. Dealers should base their price selections on this context, set fair and competitive rates, and clearly explain these charges to consumers. The company might use price promotion strategies like discounts, bonuses, and bundles to increase the number of units sold to customers. To expand market share and sales volume, it is also necessary to use a pricing penetration strategy.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141655492","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}