Finance: Theory and Practice最新文献

{"title":"Impact of social Media and Google on stock Markets During a Pandemic: The Case of an Airline","authors":"A. N. Nepp, Z. F. Dzhuraeva","doi":"10.26794/2587-5671-2023-27-5-128-139","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-128-139","url":null,"abstract":"The outbreak of the pandemic has dealt a tangible blow to the global economy, in particular by causing the collapse of stock markets. Most countries have taken measures to contain the coronavirus related to the restriction of human mobility. One of the main victims of such actions were airlines. In order to examine the direct and indirect effects of the pandemic, we investigated the long- and short-term effects on airline stock price volatility of the spread of coronavirus, social media attention to it, the vaccines against coronavirus and restrictive measures in relation to the pandemic. The ARDL model with MG and PMG estimates was applied after the preliminary stability tests for airlines in developed and developing countries. We analyzed the period of the greatest anti-COVID restrictions from 23 March 2020 to 23 March 2021. We reached the following conclusions . Firstly, the increase in the number of cases and deaths from COVID-19 was accompanied by a short-term increase in the volatility of airline stock prices. Secondly, Twitter’s increased focus on COVID-19-related restrictive measures and vaccines against it was accompanied by a short-term increase in airline stock price volatility. Thirdly, the increasing attention at Google on airline restrictions has been accompanied by the long-term effects of rising stock volatility. Our results demonstrate that with the spread of the Internet and social media, the impact of the pandemic on stock markets occurs not only through direct effects on the determinants of Solow’s economic growth model, but also through indirect effects of social media and the Internet on investor behavior through the formation of fear and hysteria in them.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"47 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135366344","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 Market Maker Competition on Price Efficiency Features in the Tunisian stock Market","authors":"F. Hachicha","doi":"10.26794/2587-5671-2023-27-5-104-114","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-104-114","url":null,"abstract":"The purpose of this study — is to determine the relationship between market maker competition and stock price efficiency in TSE (Tunisian Stock Exchange) market. The proxy for competition was determined as the number of market makers and the parameters investigated were transaction costs, information asymmetry and profit. The high positive correlation between competition and stock price efficiency is demonstrated by the negative impact of competition on all the variables studied. In addition, the price efficiency increased considerably after the introduction of new market makers by using the difference-in-difference (DID) model. Also, the competition between market makers has a significant negative impact on price efficiency through transaction costs, asymmetry information and level of experience. Thus, it can be concluded that the stock price efficiency can be improved by increasing the competition of market makers in Tunisia.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"13 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135367014","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":"Can an Electronic Money Transaction Raise the Inflation Rate? (Indonesian Pre-Pandemic)","authors":"F. Fadli, V. Devia","doi":"10.26794/2587-5671-2023-27-5-205-218","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-205-218","url":null,"abstract":"Along with the rapid growth of technology, payment instruments are also changing. Electronic money is slowly but surely replacing the role of paper money and coins. The emergence of electronic money can provide convenience for consumers, it can lead to an increase in the demand for goods and services that ultimately leads to demand-pull inflation. The purpose of this study is to determine the impact of electronic money transactions (both in natural and in value terms) on inflation growth. By using the Chow Breakpoint Test, Difference-in-Differences and Propensity Score Matching shows that the inflation trend has tended to decline since the Bank of Indonesia launched its national non-cash campaign. By using the ordinary least squares (OLS) method was revealed that an increase in the volume of electronic money transactions in the long-term may affect a decrease in inflation, but not in the short-term. The rate of interest of the Bank of Indonesia, the growth of lending and GDP led to the decline in inflation. It was concluded that the Bank of Indonesia could expand the use of electronic money to manipulate inflation levels in the long-term. The policy that can be implemented by Bank Indonesia is to distribute electronic money infrastructure services more evenly and increase the socialization of the use of electronic money, especially in remote areas.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"2003 20","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135411653","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":"Responsible and sustainable lending by Financial Institutions: A literature Review","authors":"S. Sachdeva, L. Ramesh","doi":"10.26794/2587-5671-2023-27-5-195-204","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-195-204","url":null,"abstract":"The subject of the study is to use an extensive literature review to evaluate how academic research on corporate social responsibility (CSR) is developing. The journals and papers in the ISI Web of Science, SCOPUS, and Taylor&Francis databases served as the foundation for this literature review. The purpose of the study i s to highlight essential papers, referenced journals’ importance, and potential future study directions. Determinants that impact the CSR performance of an organization are governance, profitability, firm characteristics, and minimum expenditure. The impact of CSR has been measured using accounting-based market value, risk, excess return on a stock, and moral capital. All the variables are discussed with strongly supported literature and then concluded by giving a framework. The novelty of our study is that it analyses new research trends while concentrating on the CSR research frontiers. The conclusion identifies possible areas for scientists to further develop their expertise, including sustainable and responsible financing and ESG strategy.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135412322","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":"Data Mining in Indian Equity Markets: building low Risk, Market beating Portfolios","authors":"S. R. Mitragotri, N. Patel","doi":"10.26794/2587-5671-2023-27-5-115-127","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-115-127","url":null,"abstract":"Over the last five decades, business academics have identified over 300 determinants that potentially influence stock returns. However, we still do not know whether all return determinants are equally important, or whether there is a smaller set of determinants that has a disproportionately larger influence on stock returns. Can mining historical data help us find this smaller set of return determinants that has a disproportionately higher influence on stock returns? Using historical data from the Indian market, we build a large database of investments with more than 74,000 investments spread over a period of 132 months. From this database, using “association rule mining” method, we are able to mine a strong set of “association rules” that point to a smaller set of “return determinants” that are seen more frequently in investments that beat index returns. From a pool of thirty-seven return determinants, using “association rule mining”, we were able to find out a small set of key return determinants that are seen most frequently in investments that beat index returns in India. Portfolios created from these “association rules” have a portfolio risk lower than the market risk and provide index-beating returns. “Out-of-sample” portfolios created using these association rules have portfolio “Beta” less than one and provide returns that beat the market returns by a significant margin for all holding periods in the Indian market. Through this paper, we demonstrate how portfolio managers can mine “association rules” and build portfolios without any limits on the number of factors that can be included in the screening process.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"11 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135411662","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 Policy of Government support for semiconductors Industry Globally and in Russia under sanctions","authors":"L. G. Cherednichenko, E. S. Novikova, E. V. Golubtsova","doi":"10.26794/2587-5671-2023-27-5-30-42","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-30-42","url":null,"abstract":"The relevance of this study is determined by the need to develop the domestic semiconductors industry in Russia, taking into account the negative effects both internal and external. The purpose of this paper is to test the hypothesis of the positive impact of the methods used by the state of financial support of domestic companies to acquire advanced technologies in a specific area in the context of a lack of funding and the significant lag of the national semiconductor industry in the world’s leading countries. The target of this study is the analysis of possible tools of state support, including subsidies and grants, and methods of their application for the creation of competitive industry of domestic semiconductor production. The key methods used in this study include the collection and processing of statistical data, their comparative analysis, as well as the elaboration of the regulatory framework on tax regulation in this sector of the economy. The main methods applied in this study are data collection and processing, comparative analysis, and the development of a regulatory framework for tax regulation in this sector of the economy. The authors analyzed the semiconductors industry in the world, including the production of microprocessors and other semiconductor components. The situation in countries such as China, USA, Japan, Europe, Taiwan, India and Russia is discussed in more detail. The main problems with semiconductor industry development in Russia have been revealed. Additionally, researchers have evaluated and outlined fields of federal budget spendings in the industry in the period of years 2022 and 2025. The scientific novelty of this paper is to identify the relationship between the measures of state tax incentives provided to the radio-electronic industry and macroeconomic indicators. Based on that authors have developed evaluation criteria of the relevance and efficiency of fiscal preferences for the analyzed industry which is considered as the result of research. It concluded that the state’s initiatives to promote the radio-electronics industry might provide Russia a chance to catch up to the world’s leading countries in this industry.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135413633","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 Tax Policy and Macro Management: Evidence in Vietnam","authors":"D. V. Dinh, N. T. Ha","doi":"10.26794/2587-5671-2023-27-5-150-159","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-150-159","url":null,"abstract":"The relevance of the study is determined by the need to improve the tax policy of Vietnam. The scientific novelty of the study lies in the application of a regression model for analysing GDP dynamics to determine the optimal tax policy. The purpose of this study is to study the relationship between the tax-to-GDP ratio and economic growth, the optimal threshold for the tax-toGDP ratio, and to compare empirical results with actual tax-to-GDP ratios as a basis for improving tax policy and government micromanagement. The methodology of this study includes a threshold regression model, a unit root test, and a cointegration test to examine the impact of the ratio of tax revenues to GDP-on-GDP growth. The author used actual data on the dynamics of tax revenues and GDP over a 25-year period: from 1994 to 2020, reflected the development of economic growth studies. It is shown that the ratio of tax revenues to GDP and GDP growth are closely related at the level of 86%. The relationship between Vietnam’s tax policy and economic growth is long-term, and the optimal threshold for the ratio of tax revenue to GDP is 19%, which leads to economic growth. It is concluded that the government should make more efforts to improve fiscal policy and macro management to stimulate economic growth and reduce the budget deficit. Fiscal policy has a significant impact on business entities, that is, economic organizations that create wealth for society and high employment, which leads to a decrease in unemployment. The results of the study can be used to form the tax policy of Vietnam.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135368151","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":"New Financial Fair Play Requirements in the Context of Global Restrictions","authors":"I. V. Solntsev, A. G. Kudryaeva","doi":"10.26794/2587-5671-2023-27-5-90-103","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-90-103","url":null,"abstract":"The purpose of the paper is to develop recommendations for Russian football clubs aimed at strengthening their financial stability. The subject of the study is the UEFA financial fair play rules and their impact on the financial stability of football clubs. The relevance of the paper is confirmed by the changes taking place in financial regulation of football clubs by the UEFA and the Football Union of Russia (FUR), which are caused by the global crisis and have not yet been studied in the scientific literature, which confirms the novelty of the study. The authors’ method is an analysis of the editions of the UEFA financial fair play rules and RFC licensing rules that have been in effect since 2011, along with any violations and subsequent sanctions. The annual reports of European public football clubs, studies of consulting companies, and academic publications in this field were also considered. This paper helped identify the chronology of financial rules in football and directions for their improvement. The authors conducted a detailed analysis of financial performance of club football in Europe and Russia, taking into account the impact of the pandemic, revealed the main problems and ways to solve them based on best practices. The results of the research included recommendations for conforming to the financial requirements of international federations and FUR as well as ensuring the long-term sustainability of the Russian football industry.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"46 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135368152","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":"Inventory and Financial Performance selected Publicly listed Manufacturing Indonesian and German Companies","authors":"S. P.D. Anantadjaya, P. W. Carmelita, S. Juhara, S. Irdiana, I. Moridu, E. Susanti, I. M. Nawangwulan","doi":"10.26794/2587-5671-2023-27-5-76-89","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-76-89","url":null,"abstract":"Inventory management is a fundamental supply chain management phase that affects the country’s economy. The purpose of the study is to determine the effectiveness of inventory management and its impact on the financial performance in the factoring industry, as it has become one of the leading sectors in boosting the development of the national economy. Descriptive and quantitative methods were used, which mainly relied on financial data for 2013–2017 on the selected publicly listed manufacturing companies in Indonesia and Germany based on the LQ45 and DAX stock index, respectively. Several software programs (Microsoft Excel, SPSS, and AMOS) were used for solving the inventory-financial performance and value analysis based on Structural Equation Modeling. The results of the study confirm that inventory performance significantly influences financial performance, as the p-value is below 5%. Inventory performance has an explanatory power of 30.6% for financial performance. An increase in inventory performance will increase financial performance as well. Each indicator has an explanatory power of DSI (101.2%), INVTO (96.4%), FGI (63.3%), WIP (58.3%), and RMI (51.7%) towards inventory performance, which will increase performance as well. For financial performance, each indicator has an explanatory power of ROIC (97.0%); ROE (85.1%); ROA (76.9%); GR (46.7%); PM (5.6%), and OM (5.3%) towards financial performance, which will also contribute to improved efficiency.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135367028","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":"“Green” Financing and EsG: Opportunity for sustainable socio-Economic Development","authors":"N. N. Semenova, I. A. Ivanova, O. I. Eremina","doi":"10.26794/2587-5671-2023-27-5-160-169","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-5-160-169","url":null,"abstract":"The implementation of the sustainable development strategy and the formation of a “green” economy model provide for the reorientation of financial resources, accounting by economic entities and public authorities and management of ESG-principles and the development of “green” financing tools. The purpose of the paper is to develop theoretical provisions and modeling of the impact of “green” financing on the socio-economic development of the subjects of the Russian Federation. Methods of data mining were used with temporary delays and corresponding lags responses of endogenous indicators, as well as cluster and correlation analysis. The result of the study was the specification of the economic content of the definition of “green” financing, as well as the construction of econometric models of the degree of interrelationship between “green” financing and the socio-economic development of the regions of Russia. The authors described the economic content of the definition of “green” financing, developed econometric models of the degree of interdependence of “green” financing and socioeconomic growth of Russia’s regions, calculated an integral indicator of sustainable socio-economic development of the regions of the Russian Federation taking into account ESGfactors (social risks, environmental risks, quality of management). Clustering of Russian regions according to the level of influence of “green” financing on their socio-economic development has also been carried out. The article concludes that the relationship between the level of socio-economic development of the regions of the Russian Federation and the volume of “green” financing is direct, strong, and can be expressed by increasing linear regression. The prospects for further research may be related to the assessment of the real needs of the volumes of “green” financing in the context of ensuring sustainable economic growth.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"11 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135413647","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}