Journal of economics and public finance最新文献

{"title":"The Sword Hanging High—Discussion on the Enlightenment of the “Piercing the Corporate Veil” System to Company Operation and Its Effects","authors":"Luo Xiao, Jun Chen","doi":"10.22158/jepf.v7n5p1","DOIUrl":"https://doi.org/10.22158/jepf.v7n5p1","url":null,"abstract":"“Piercing the corporate veil” system is a subversion and exception to the company’s independent personality system and the shareholder limited liability system, but these two are dialectically unified, which are like two sides of a coin. Enriching and improving the legal person system can pave a smooth way for the construction of a fair and legal business environment. Through case study, analysis and comment, this article will explore what enlightenment and guiding role “piercing the corporate veil” system has in corporate operation, and how to ring the alarm to operators and shareholders. Through case study and review, this article summarizes the practical effects of “piercing the corporate veil” system, and help readers have a deeper understanding of the important status of this system.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80543750","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":"On the Necessity of Convergence of Chinese Accounting Standards towards Internationalization","authors":"Ruoxi Chen, Qiang Yu","doi":"10.22158/jepf.v7n4p89","DOIUrl":"https://doi.org/10.22158/jepf.v7n4p89","url":null,"abstract":"At present, the trend of economic globalization is in full swing, the trade exchanges between countries around the world are deepening, and the international financial capital market is booming. At the same time, the world’s scientific and technological revolution is changing with each passing day, and the productivity level of each country has developed rapidly, thus driving the rapid growth of the world economy. In this case, if the accounting standards of countries around the world, which reflect the processing means of economic information, are unable to converge with the international community, in the long run, It will inevitably lead to great international trade barriers, which will make the transaction costs remain high, and the transmission of key economic information lags behind slowly, eventually resulting in unnecessary waste of means of production, thus making it difficult to promote the coordinated progress of the economies of various countries efficiently. Therefore, in order to establish a good financial capital market order, maintain a stable and positive world economic level, and improve the happiness index of people all over the world, it is particularly necessary to call on all countries in the world to build international convergence of accounting standards. As the mainstay of world trade, China is obliged to improve its own accounting system and adapt to the global economic development. Therefore, its accounting standards will strive to converge with internationalization in the future, which is not only just needed by China’s own economic development. At the same time, it is also of great practical significance for the development of the world economy. However, due to the influence of specific factors such as national conditions, economic environment and historical issues, the internationalization route of China’s accounting standards has a long way to go. Based on this, we should rationally analyze the background and initial intention of the convergence of China’s accounting standards to international accounting standards, and deal with differences and consequences according to China’s accounting treatment and international standards brought by specific business environment. Then, proceeding from China’s national conditions, combining with the differences in the above accounting standards, objectively analyzing the problems and the deeper reasons behind the internationalization of China’s accounting standards by combining quantitative and qualitative methods, finally, prescribing the right medicine, proceeding from reality, taking the basic principle of Marxism-materialist dialectics, and realistically making targeted suggestions on the internationalization convergence of China’s accounting standards, aiming at making a modest contribution to the academic development of accounting standards by taking China as a reference.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91169998","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":"International Accounting Standards (IAS). Transition of Existing to New Accounting Standards in a Rapid Changing Environment. The Impact of Adoption of New Accounting Standards in the Developed Economies in European Union. Conclusions, Expectations and Perspectives","authors":"Efthalia Tabouratzi, Orestis Katsidis, Eleftherios Charamis","doi":"10.22158/jepf.v7n4p78","DOIUrl":"https://doi.org/10.22158/jepf.v7n4p78","url":null,"abstract":"Adopting a set of accounting standards on a global level derives from the growing globalization of international economies. However, the transition from old to new ones is challenging in a rapidly changing economic environment. This article presents an assessment of IFRS 8 (Operating Segments) adoption, after replacing IAS 14 (Segment Reporting), and examines the impact occurred in the developed economies within the EU, with relevant considerations referring to the current COVID-19 global pandemic situation.This study analyzes the effect of this controversial standard on segment reporting and attempts to identify the determinants of changes in disclosure practices. Based on a four country sample, the current research identifies specific significant financial information changes, although segmentation remains relatively stable. Furthermore, the study includes relevant considerations on reporting, as reflected from current COVID-19 pandemic.The present research includes a historical reference to the development of the accounting standards under examination. Conclusions, expectations, and future perspectives are also presented in the paper.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87882474","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 Starbucks Supply Chain Status Based on 3A3S Model","authors":"Ao Chen, Jingjing Liang","doi":"10.22158/jepf.v7n4p52","DOIUrl":"https://doi.org/10.22158/jepf.v7n4p52","url":null,"abstract":"The 3A supply chain was proposed by Stanford University Professor Hau L. Lee in 2004. In the past five years, he has studied more than 60 leading companies focusing on supply chain management, including Wal Mart, best buy and Martha, and found that the first-class supply chain has three characteristics: agility, alignment, and adaptation. It represents the best state of current supply chain management. He believes that only enterprises with the 3A supply chain can continue to gain a competitive advantage and take the lead in the competition. 3S model refers to the analysis of substitution effect (business substitution), scale effect (scale expansion) and structure effect (production structure and distribution channel change) used in enterprise supply chain management. This paper aims to use the 3A3S model to analyze the current situation of the company’s supply chain with Starbucks as an example and draw conclusions through detailed research and analysis, to provide some experience and lessons for more enterprises’ supply chain management.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86788838","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":"Is Inequality Slowing Down Africa’s Industrialization?","authors":"Zogo Ekassi Richard","doi":"10.22158/JEPF.V7N4P31","DOIUrl":"https://doi.org/10.22158/JEPF.V7N4P31","url":null,"abstract":"Africa has also experienced a decline in the level of industrialization for at least three decades. Examining the dynamics of industrialization, and its effect on inequality, therefore remains a strikingly topical issue. This paper assesses the effects of industrial transformation on inequality in Africa over the period 1980-2016. Using a sample of 48 African countries, we estimate a dynamic panel data model using the Generalized Method of Moments in System (GMM-S). Our results show that strong industrialization would reduce inequality in Africa. The robustness of the results is tested using a PSTR (Panel Smooth Transition Regression) model and a PTR (Panel Transition Regression) model. The study recommends that economic, social and environmental disparities be taken into account in the process of industrial transformation on the continent.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75619842","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 Price Dispersion of Consumer Products","authors":"J. Kaldasch, Antonios Koursovitis","doi":"10.22158/jepf.v7n4p1","DOIUrl":"https://doi.org/10.22158/jepf.v7n4p1","url":null,"abstract":"Presented is an analytic dynamic model of the price dispersion of consumer products. The theory is based on the idea that sellers offer product units for a profit maximizing price, denoted pm. Product units not sold at pm are called excess units. Based on the conservation equation of offered units, it can be shown that the stationary price distribution of consumer products consists of a Dirac-delta peak at pm surrounded by a fat-tailed Laplace distribution from the excess units. A good quantitative agreement with empirical data can be obtained with a fit of the two free parameters of the theory.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87904204","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":"Firm Ownership Characteristics and Long-run Return on Equity Issued: A Case of the Nairobi Securities Exchange","authors":"M. Odipo, T. Olweny, O. Oluoch","doi":"10.22158/JEPF.V7N3P131","DOIUrl":"https://doi.org/10.22158/JEPF.V7N3P131","url":null,"abstract":"This investigation looked at the link between firm ownership characteristics and long-run return on firms that issued equity at the Nairobi Securities Exchange (NSE) in Kenya. The study covered 12 firms that issued shares in the NSE market from 2006-2008. Ownership characteristics included (state ownership, institutional Ownership, foreign Ownership, big five shareholders, market capitalization, age of the firm and Leverage of the firm) in relation to the average return. The study tested whether each of the firm ownership characteristics influenced long-run performance. Annual return for these companies was based on market return for five years after the firm’s equity shares were issued. The long-run performance was compared with three benchmarks, namely, NSE index, CAPM and Matching firms. Seven hypotheses were developed for the study. Simple-liner and multi-linear regression analyses based on panel data were carried out to relate the extended run return on shares issued. The result of the survey showed that issuing firms performed better than non-issuing firms. These issuing firms also performed better in comparison to CAPM. However, the issuing firms performed worse than NSEI. In conclusion, the long-run performance of equity issued at the NSE does not necessarily underperform relative to non-issuing establishments.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75965490","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":"Friedman Doctrine: Maximizing Profits is Neither Good for Society Nor Even for the Shareholders","authors":"Y. Datta","doi":"10.22158/JEPF.V7N3P153","DOIUrl":"https://doi.org/10.22158/JEPF.V7N3P153","url":null,"abstract":"This paper is an attempt at a critique of Milton Friedman’s article titled: “A Friedman doctrine—The Social Responsibility of Business is to Increase Its Profits” published in the New York Times Magazine fifty years ago. The publication of this doctrine sparked a revolution. Ronald Reagan found it a powerful platform from which to launch his radical free-market agenda. The event marked a turning point when America embarked on a journey towards unfettered capitalism.Encouraged by the Friedman doctrine American CEOs chose a path toward profit maximization/maximizing shareholder value: a mindset that favored risk aversion and a short-term focus on cost reduction vs. long-term need for innovation, quality and customer satisfaction. And it is this historic psychological shift that has contributed so much to America’s industrial decline.Economic inequality in America has been going up persistently since 1974, squeezing the middle class. America’s income inequality has now widened so much that it rivals the highest level recorded in 1928 that led to the Great Depression of 1929. Friedman’s essay has three major flaws. First, it is offered as a doctrine not a theorem. Second, it is grounded in the moral philosophy of self-interest—and greed. Third, it does not distinguish between short-term and long-term shareholders.Friedman’s theory of profit maximization is too difficult, too unrealistic--and immoral.Based on an extensive analysis, we have come to the conclusion that profit maximization is neither good for society nor even for the shareholders.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73336910","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":"A Study on the Dynamic Relationship between Digital Financial Development, Social Consumption and Economic Growth","authors":"Cheng Hongxi, P. Juan","doi":"10.22158/jepf.v7n3p56","DOIUrl":"https://doi.org/10.22158/jepf.v7n3p56","url":null,"abstract":"With the development of the Internet, digital finance provides “efficient, responsible and commercially sustainable” financial services to more economic agents at a lower cost of capital and in a more convenient way, thus achieving the long-term goal of financial services that are both inclusive and precise in the real economy. Social consumption and economic growth are closely related, as the economy increases, so does consumption, and consumption also drives economic growth. By building a VAR model and using econometric methods, this paper empirically analyses that the three factors, namely digital economy development, social consumption and economic growth, have obvious roles and long-term dynamic relationships, but there is no good dynamic cycle between the three factors, and gives corresponding policy recommendations.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76037807","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 U.S. Alkaline AA Battery Market: A Competitive Profile","authors":"Y. Datta","doi":"10.22158/JEPF.V7N2P35","DOIUrl":"https://doi.org/10.22158/JEPF.V7N2P35","url":null,"abstract":"This paper follows the footsteps of eleven studies that have tried to analyze the competitive profile of U.S. consumer markets: Men’s Shaving Gel, Beer, Shampoo, Shredded/Grated Cheese, Refrigerated Orange Juice, Men’s Razor-Blades, Women’s Razor-Blades, Toothpaste, Canned Soup, Coffee, and Potato Chips.Porter associates high market share with cost leadership strategy which is based on the idea of competing on a price that is lower than that of the competition. However, customer-perceived quality—not low cost—should be the underpinning of competitive strategy, because it is far more vital to long-term competitive position and profitability than any other factor. So, a superior alternative is to offer better quality vs. the competition.In most consumer markets a business seeking market share leadership should try to serve the middle class by competing in the mid-price segment; and offering quality better than that of the competition: at a price somewhat higher to signify an image of quality, and to ensure that the strategy is both profitable and sustainable in the long run. Quality, however, is a complex concept consumers generally find difficult to understand. So, they often use relative price, and a brand’s reputation, as a symbol of quality.For 2008 we chose the Alkaline AA Battery because its sales were $667 million vs. $283 million for AAA. By the same token, we have focused our analysis on AA 4-pack because it was the most popular size with 2008 sales of $190 million.In 2008 the AA 4-pack Alkaline Battery market was quite competitive with 30 brands with sales over $25,000.Using Hierarchical Cluster Analysis, we tested two hypotheses: (1) That the market leader is likely to compete in the mid-price segment, and that (2) Its unit price is likely to be higher than that of the nearest competition.For 2008 the results supported Hypothesis I and II. Both the market leader Energizer, and the runner-up Duracell, were members of the mid-price segment. Moreover, the unit price of Energizer was higher than that for Duracell, as we have hypothesized.For 2007 the results did not support Hypothesis I, because Energizer found it to be a member of the premium segment, even though Duracell maintained its association with the mid-price segment. We found that relative price was a strategic variable, as hypothesized.We also discovered four strategic groups in the industry.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88418772","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}