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SPECIAL ISSUE TOPICContemporary challenges, conditions and directions of development of accounting Motivation Research on contemporary challenges, conditions, and directions of development in accounting is motivated by the need to adapt to technological advancements, regulatory changes, globalization, and evolving ethical standards. By addressing these areas, accounting research aims to enhance the accuracy, transparency, and relevance of accounting, ultimately contributing to the overall stability and efficiency of financial markets and organizations.Accounting is undergoing significant transformations due to various contemporary challenges and evolving conditions. Therefore, research in this area is motivated by several key factors:−Technological Advancements: The integration of artificial intelligence (AI), machine learning, and robotic process automation (RPA) is revolutionizing accounting practices. The potential of blockchain technology to provide transparent and immutable records is another area of interest. Under-standing its implications for auditing, fraud prevention, and financial re-porting is crucial.−Regulatory Changes: The continuous updates and convergence efforts in IFRS require ongoing research to understand their impacts on global ac-counting practices. Increasing regulatory requirements for ESG disclosures are pushing researchers to explore how companies can effectively report on sustainability and social responsibility metrics.−Globalization: As businesses operate in a global marketplace, accounting practices must adapt to different legal, economic, and cultural environments. Research is essential to develop frameworks that accommodate these complexities. Understanding the impact of global economic changes on financial reporting and risk management is critical for the accounting profession.−Data Analytics: The vast amounts of data generated by modern businesses offer opportunities for more detailed and insightful analysis. Researchers are motivated to investigate how big data analytics can be integrated into accounting to improve strategic decision-making. Leveraging data to pre-dict future financial trends and outcomes is a growing area of interest, aiming to enhance the proactive capabilities of accounting functions.−Ethical Considerations: Ensuring ethical standards in accounting practices remains a fundamental concern. Research into how emerging technologies and new regulations affect ethical behavior is vital. Developing advanced methods to detect and prevent financial fraud is an ongoing challenge that requires innovative research solutions.−Educational Needs: As the accounting profession evolves, so must the education and training provided to future accountants. Research into effective teaching methods and curriculum content is necessary to prepare graduates for modern challenges. Understanding the best approaches for ongoing education and skill development for current professionals is crucial for maintaining a competent workforce.−Economic and Social Impacts: Research into how contemporary accounting challenges affect SMEs differently than large corporations is important for developing tailored support and resources. Exploring the role of accounting in promoting social good, such as through social impact measurement and reporting, is increasingly relevant.Suggested topics We encourage authors to prepare and submit articles on the focus of contemporary challenges, conditions, and directions of development of accounting. The following thematic areas are of particular interest in the light of the presented challenges:−Integration of Technology – the continued development and implementation of AI, RPA, and blockchain in accounting processes,−Enhanced Reporting Standards – the evolution of accounting standards to include comprehensive ESG and sustainability metrics,−Global Harmonization – efforts to harmonize accounting practices across different jurisdictions to facilitate international business,−Advanced Analytics – incorporating big data and predictive analytics into everyday accounting practices to improve decision-making,−Ethical Frameworks – the development of robust ethical guidelines and training to navigate new technological and regulatory landscapes,−Educational Innovation – updating accounting education and professional development programs to reflect current and future industry needs,−Focus on SMEs – tailored research and development to support the unique challenges faced by SMEs in adopting new accounting practices.The above-mentioned issues are not exhaustive as to the scope and complexity of research into contemporary accounting developments. Rather, they are intended to inspire authors when choosing the topic of their paper.We want to underline that the articles (ca. 32,000-44,000 characters) should pertain to the theme of the special issue of ZTR and should not have been published earlier in hard copy or in electronic version, whether in magazines, journals, books, or conference materials. The deadline for submitting papers is 30th June 2025. The accepted papers will be published in December 2025 (ZTR, vol. 49, no. 4).Each manuscript should be prepared in accordance with the guidance given in the section “Instructions for authors” on our website: https://ztr.skwp.pl/resources/html/cms/DEPOSITSMANUSCRIPTArticles should be submitted through the online ICI Publishers Panel: http://ztr.skwp.pl/resources/html/cms/DEPOSITSMANUSCRIPT https://editors.publisherspanel.com/ppanel/indexWhen submitting an article, please enter that your article is for Special Is-sue 2025 with Guest Editor in the additional comment in the Publishers Panel Index Copernicus system. The coordinators of the Special Issue of ZTR with Guest Editor are Halina Waniak-Michalak and Anna Szychta (ztr@skwp.pl).

The paper considers the question that has gained relevance in the last decade: whether the cryptocurrency bitcoin is money. The economic literature provides different opinions on this issue. The analysis shows that disagreements arise because of the different understanding of the category of ‘money’ rather than because of the nature of bitcoin. The author analyzes popular interpretations of money in terms of their applicability to the definition of the role and place of cryptocurrencies in the financial system. The purpose of this study is to define money as a financial instrument that linksthe creation of gross social product with its distribution. The author believes that money emerged and exists as a tool that ensures a connection between the contribution of each economic entity to the total product of society and the right to receive an equivalent amount of goods from this gross product. At the same time, the author defines money as an ‘ideal right’ to receive a share of the gross social product. In this regard, the analysis of bitcoin shows that this cryptocurrency allows obtaining goods from the gross social product in many countries, while bitcoin owners do not contribute to the gross social product. Based on this, bitcoin cannot be considered money; it is a money substitute, or surrogate money. At the same time, bitcoin was created as money and performs the functions of money, but to a limited extent. Bitcoin can only perform the functions of money as a supplement to an existing official currency. It is not capable of functioning as the only currency in a society. The interpretation proposed in this paper can be used for the purposes of developing the Russian law on cryptocurrencies is currently being worked on by the Government and the Central Bank of Russia.

Amid the pandemic infection, people are bound to use contactless mobile payment (M-Payment) services. M-Payment is a payment method using an application in a mobile device, such as a mobile phone, and gadget. Owing to the convenience, reliability and contact-free feature of M-Payment, it has been diffusely adopted to reduce the direct and indirect contacts in transactions, allowing social distancing to be maintained and facilitating the stabilization of the social economy. Consequently, it has become one of the day's most important topics. Therefore, the purpose of this study is to provide a systematic literature review (SLR) on the applications of M-payment services in financial strategies, focusing on the pandemic crisis. 19 papers were collected and divided into three groups for further analysis. The results showed that M-Payments applications in financial strategies during the pandemic crisis could help reduce the spread of infection risks by hastening the transition to touchless habits. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to outline how certain lessons from ethical systems can be relevant and applicable to tackling unethical behavior, including financial crime, within the finance profession. Design/methodology/approach: This paper adopts a pragmatic perspective while acknowledging that there is a myriad of reasons managers act unethically, including the reality that many do so knowingly and deliberately. The matter is further complicated by human nature, given an individual's behavior (ethical or unethical) is not easily discernable from their psychological, sociological, theological or cultural attributes. Findings: Although such systems may not solve the problem of corrupt behavior, research suggests that industry professionals can learn to act in a more responsible and ethical manner. Given the wounded reputation of the financial sector, owing to their role in committing financial crimes such as money laundering, advances in ethical conduct would elevate both the effectiveness of the sector, as well as its reputation. Originality/value: It is impractical to think we can completely resolve the problem of unethical behavior. Improvement, however, seems possible through promoting virtuous character traits and ethical behavior in individuals and organizations. Virtue ethics can play a significant role in combating financial crime and supporting anti-money laundering initiatives. [ABSTRACT FROM AUTHOR]

Using the data of listed companies and the DID method, this paper reveals three ways in which green credit policy (GCP) affects corporate debt financing. By controlling credit input, GCP can effectively restrain corporate debt financing in the "two-high" industries. However, the policy also leads to the environmental performance effect and bank credit discrimination effect, as it strengthens the impact of environmental performance on corporate debt financing and weakens banks' credit discrimination. Under the combined effect of the three ways, GCP has restrained the borrowing growth of state-owned enterprises, but has no significant impact on private firms. [ABSTRACT FROM AUTHOR]

This paper discusses the application of robust experimental research methodologies that help to provide a better understanding of the mechanisms of the Theory of Change, for which training programs and/or matching grants improve job creation in micro, small, and medium-sized enterprises (MSMEs and SMEs). The literature on both interventions, such as training and matching grants, recognizes methodological flaws that hamper achieving enough statistical evidence to test the aforementioned Theory of Change. A better understanding of the interventions and the mechanisms to create jobs has become critical to ensure the resurgence of the global economy after the COVID-19 pandemic and to face the threat of the upcoming industrial revolution. This paper proposes seven methodological meliorations in impact evaluation that will help to set improvements alongside the full process of a project: designing superior policies and programs, implementing projects, supporting the finer assessment of interventions, and establishing the subsequent advancement of science in testing solutions for job creation. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the relationship between the audit committee's (AC) cash compensation and related-party transactions (RPTs). This paper also explores whether the affiliation of directors on the AC has a differential effect on the association between AC members' cash compensation and RPTs. Design/methodology/approach: This paper uses data from Chinese-listed firms for the period from 2007 to 2017 and use the ordinary least square regressions, to test the association between AC cash compensation and RPTs. To alleviate the endogeneity concerns, this paper applies the generalized method of moment, the two-stage least square regression technique and the Granger causality test. Findings: This paper documents a negative association between the AC members' cash compensation and RPTs. The findings reveal that one standard deviation increase in the AC's cash compensation leads to around 0.08% reduction in the amount of RPTs. Further analysis shows that the cash compensation of AC independent directors is negatively associated with RPTs, whereas that of nonindependent directors shows no significant impact. The results remain robust to endogeneity tests. The results might be of interest to both practitioners as well as regulatory bodies and investors. Originality/value: To the best of the authors' knowledge, this study is the first to try to examine the relationship between AC cash compensation and RPTs in the context of China. This study also is the first attempt to consider the affiliation of AC directors by decomposing the AC compensation into independent and nonindependent directors. Also, it adds to the literature on the determinants of RPTs. [ABSTRACT FROM AUTHOR]

Purpose: This paper develops and tests a theoretical model that draws on the Diffusion Contingency Model and the Theory of Human Behavior to explain the factors influencing users' acceptance of accrual accounting in terms of two distinct dimensions: behavioral intention and usage behavior. Design/methodology/approach: Based on surveyed data from financial departments and directorates of different Greek general government entities, the paper uses factor analysis to build a theoretical model that assesses the factors influencing behavioral intention to adopt and usage behavior of accrual accounting. Then, it tests the relationship between behavioral intention and usage behavior through structural equation modeling. Findings: The theoretical model suggests that the expected improvement of the quality of financial information and political and financial support are the most important determinants of behavioral intention. Usage behavior is mainly influenced by the compatibility between the existing legal framework and the new accounting system. The structural equation modeling identifies a statistically significant positive influence of behavioral intention on usage behavior. Practical implications: The study provides valuable insights regarding the timing and focus of the actions taken by policymakers when designing accounting reforms. Special attention is drawn to the factors influencing behavioral intentions, as these are found to influence usage behavior significantly. Originality/value: The study extends prior research on the diffusion of accounting innovations by breaking down the diffusion process into intentions-oriented actions aiming to promote accrual accounting and increase acceptance and implementation-oriented actions aiming to facilitate successful implementation. [ABSTRACT FROM AUTHOR]

The current growth of competitive project-based funding (CPBF) as a funding instrument for academic science reveals that public funding plays a critical role in the spreading of the capitalist relations of production in academia. However, this issue has not been properly addressed in the extant literature. This paper examines CPBF in the light of the determinations of capitalist relations of production captured by the Marxist notion of 'formal subsumption of labour under capital'. It will then show that CPBF mediates commodity-based productive relations between funding agencies and academic institutions, and that the latter are, in turn, premised on the separation of academic labour from the objective conditions of knowledge production. It will be also demonstrated how CPBF reproduces and deepens that split, leading from the partial to the complete formal subsumption of academic labour under capital. Our analysis challenges the assumption that increased public funding will put to a halt the commodification of academia and academic research. [ABSTRACT FROM AUTHOR]

Technology is paving innovative ways to provide financial services and improve the efficiency of financial systems. Since it is a dynamic field of research, it is important to look back on the ever-changing field of financial technology. This paper aims to analyse the existing research on financial technology through a bibliometric approach. The data were gathered from the Scopus database using secondary sources, and the analysis is presented descriptively along with science-mapping techniques. This paper offers an overview of the influential journals, authors, and organizations contributing to financial technology research. The study focuses on citation, cocitation, bibliographic coupling, and coauthorship analysis within the collected corpus. It is worth noting that this study is limited by the use of only one database, Scopus and excludes grey literature, this could lead to skewed results but this can be an arena for future research. [ABSTRACT FROM AUTHOR]

The promotion of low-carbon production is a crucial aspect of sustainable development, and carbon trading has proven to be an effective means of achieving this goal. However, the limited capital hinders small and medium-sized enterprises (SMEs) from achieving low-carbon production. Thus, this paper examines a low-carbon supply chain comprising a financially constrained manufacturer and a well-funded retailer. We propose a game-theoretical model that addresses the financial constraints of the manufacturer through buyer-backed purchase order financing (BPOF) or advance payment discount (APD) with carbon trading revenue-sharing contracts. We investigate the determination of pricing and carbon emission reduction strategies by firms utilizing diverse financing models. We find that the total amount of carbon emission reduction increases with the manufacturer's carbon trade revenue-sharing ratio. The financing rate of BPOF has a negative impact on the amount of carbon emission reduction, while the discount rate of APD will not affect either the carbon emission reduction or the revenue of the supply chain. Among the two financing strategies, APD is optimal for maximizing profit and promoting lowcarbon development throughout the supply chain. [ABSTRACT FROM AUTHOR]

By combining financial and macroeconomic factors with machine learning techniques, this research paper proposes a novel method for forecasting oil price movements in the Kingdom of Saudi Arabia (KSA). Traditional methods generally struggle to capture the complex dynamics and nonlinear linkages in the oil market, which makes accurate oil price forecasting vital for decision-making in numerous sectors. In this paper, we offer a machine learning framework that leverages financial elements like stock market indices, currency rates, and interest rates, as well as macroeconomic data like GDP growth, inflation rates, and energy consumption, as predictors of oil price movements. These factors were chosen because of their significance and importance to the ways in which the oil market in KSA functions. We use several different machine learning techniques to construct the prediction models, some of which are regression-based (such as linear regression or support vector regression) while others are ensemble models (such as random forests or gradient boosting). The models are tested and refined using historical data spanning a sizable period of time and covering a wide range of market circumstances and pricing movements. Evaluation of the prediction models is carried out using conventional metrics like mean-squared error, mean absolute error, and R-squared ( R 2) , and their robustness is evaluated using sensitivity analysis and cross-validation methods. Incorporating financial and macroeconomic variables vastly enhances the accuracy of oil price predictions compared to models based purely on historical price data, as shown by the preliminary findings, which underline the superiority of our approach. The machine learning models exhibit nonlinear pattern capture and responsiveness to market fluctuations. Insights into the relative significance of various variables and their effect on oil price movements in KSA are also provided by the sensitivity analysis. By demonstrating the usefulness of machine learning methods for oil price forecasting, particularly in the context of Saudi Arabia, this research adds to the body of knowledge already available. Our findings have important policy and market implications for oil price forecasting, benefiting policymakers, energy market participants, and investors. To improve the models' ability to forecast the future, researchers may want to consider including more variables in their analyses, such as geopolitical developments and technology advances. [ABSTRACT FROM AUTHOR]

This paper examines profit-seeking investments that US financial industry actors have made in the name of racial justice since the summer of 2020. This trend, which builds on the proposition of "sustainable" finance that private profits and social benefits can coexist, is known in the industry as racial justice investing. To understand how the industry frames racial justice as an object of financial intervention, I draw from theories of social reproduction, racial capitalism, and social finance to analyze the historical and contemporary processes through which racial in justice is conceived in economic terms as a "gap" between the wealth of white and racialized households. Then, I analyze the political economy of these investments, focusing on how solutions to the wealth gap are oriented around extending credit and economic inclusion to racialized households and business owners. Ultimately I illustrate how the financial industry's investments in closing the racial wealth gap largely sidestep questions of power and, paradoxically, justice that animate many contemporary racial justice movements. [ABSTRACT FROM AUTHOR]

Copyright of Problems of Sustainable Development / Problemy Ekorozwoju is the property of Faculty of Environmental Engineering and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The Markets in Crypto-assets Regulation (MiCA) seeks to regulate crypto-asset services and cryptoasset service providers within the European Union as an area, which was mainly built on the idea of independence from the current "traditional" financial system and its regulatory framework. MiCA, inspired by the Markets in Financial Instruments Directive (MiFID II) as a cornerstone of the EU financial services regulation, now aims to change the paradigm. The paper focuses on examining the scope of the relevant crypto-asset services compared with the investment services catalogue under MiFID II. By analysing the definitions and content of individual services, it seeks to identify possible differences and frictions. Further, it categorises and evaluates prospective requirements put on the crypto-asset service providers (CASPs). As a result, the paper emphasizes the relevant differences of MiCA and MiFID II lists, as well as provides an overview of the new requirements put on cryptoasset service providers. [ABSTRACT FROM AUTHOR]

Since 2010 the English planning system, like others across Europe, has undergone a series of market- oriented reforms. There has been a concerted attempt to make state organisations, and those in receipt of public funds, more entrepreneurial and financially proactive and independent. This paper focuses on one manifestation of these wider trends - the regulation of English Housing Associations [HAs] as examples of organisations that are under pressure to take on more financial risks and deliver a wider range of affordable housing for communities in need. Drawing on in-depth qualitative research, the paper assesses some of the regulatory and governmental challenges that emerge in using market-led forms of coordination. It examines the role of new regulators and the ways which they seek to 'co- produce' regulations with HAs in more liquid and negotiated ways. We show that in reality decisions are taken in response to a polycentric mix of simultaneous regulatory pressures that act as gravitational pulls on the activities and decisions made by HAs, rather than enforcing a consistent and linear form of regulatory control. We conclude with wider reflections for planning theory and practice. [ABSTRACT FROM AUTHOR]

The paper contributes to research that examines how state actors support the financialisation of land via the development process and how planning systems have facilitated the accumulation of privately-owned land-based wealth. The empirical focus is the specialist residential land promoter sector in England. This is a particularly appropriate case study because of how this sector of the land market has become integrated with the planning system via crisis-driven planning reform that has facilitated the commodification of planning risk and the financialisation of land. The paper examines the business models and strategies of land promoters to show how they have been shaped both by the politics of planning reform as well as the financial objectives of their funders. The research is in dialogue with international literature on the relationship between planning and the land market, how this relationship is shaped by risk and uncertainty, and the role of state regulation in reshaping the physical environment in accordance with financial logics. [ABSTRACT FROM AUTHOR]

This paper shows how convex incentives in vertical contracts between manufacturers and retailers can induce sales behavior with costs to consumers. We examine this problem in the automotive sector, where manufacturers commonly motivate new vehicle sales through dealer incentive programs with large discrete bonuses determined by monthly sales targets. Using subprime car loans from over 3,500 dealerships, we document high default rates on new car loans originated at the end of the month—the period when dealerships attempt to secure target-based bonuses by intensifying efforts to sell new cars. We provide evidence consistent with the observed higher default rates resulting from customers purchasing new vehicles at month end. New car purchases stretch borrower budgets and expose borrowers to rapid depreciation, which consigns the borrower with negative equity through much of the loan term. Our results imply that the quartile of customers with the highest payment-to-income ratio see default rates increase from 13.6% to 19.7% on the last day of the month. Although consumers bear high costs from increased defaults, we find no evidence that lenders that purchase the loans are hurt by the default increase. Our results demonstrate how the behaviors induced by convex incentive schemes for sales are borne by customers. This paper was accepted by David Simchi-Levi, business strategy. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.4935. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of modern financial technologies (fintech) on traditional financial institutions (banks) in Georgia. The research involved both quantitative and qualitative methods. Assumptions were made based on the analysis of the financial indicators of the leading traditional Georgian bank, results of surveys with traditional bank customers, results of structured interviews with specialists of the National Bank of Georgia, and results of structured interviews with top management of financial institutions. These assumptions focus on whether banks have managed to adapt to the modern financial environment, what impact fintech has had on their financial stability, and whether the National Bank is capable of addressing the risks associated with fintech by introducing relevant regulatory norms. The article concludes with pertinent findings and recommendations. [ABSTRACT FROM AUTHOR]

The paper seeks to understand the factors that shape populist radical right parties’ economic policies. While there is a good understanding of how these parties’ core ideology of nativism and authoritarianism shapes social policies, we know less about economic policies. With few exceptions, the insights of this literature have also not travelled to East-Central Europe, despite the strength of the populist right in this region. Instead, authors writing on the region focus on the social coalitions forged by populist parties as an explanation for policies. These authors however do not focus on the role of populism in policymaking. Our paper therefore asks whether the ideological literature can travel to economic policies as well, and specifically to the cases of Hungary and Poland. Drawing on the evidence of financial market reforms under the Fidesz and PiS rule in Hungary and Poland, and a congruence analysis testing the predictive power of existing approaches, we show that a combination of ideological and material factors is needed to explain observed economic policies. [ABSTRACT FROM AUTHOR]

The purpose of this paper was to examine the role of social Funds of Identity (FoI), as expressed in significant others, in the promotion of language learning for a young refugee-background child. It is based on an ethnographic study that spanned across two years, shortly after the relocation of the child and her family in the U.S. The findings are structured in three themes: (a) activities that promoted language learning; (b) artifacts that symbolized achievement in language learning; and (c) discourses that promoted a multilingual learner identity. The significance of this study lies on its aim to expand the FoI with attention to specific ways in which FoIs are negotiated in the dialectic space of interactions. [ABSTRACT FROM AUTHOR]

During the realization of the work, we encountered obstacles and a lack of literature, both in the theoretical and empirical aspects. Also, during the review of the literature, we also encountered a lack of local research in terms of addressing these problems by researchers of different profiles, which belong to the topic that will be analyzed in this study. The purpose of the paper is to review and analyze the empirical literature related to the impact of financial statements on management decision-making, but empirical research in this field of study is relatively few, so in general empirical research is lacking, which makes it more difficult further expanding the research in this paper. The aim was to evaluate the relevance of accounting practice with accounting rules based on the theoretical framework based on the review of empirical research. [ABSTRACT FROM AUTHOR]

Unusual events trigger persistent spikes in uncertainty. Standard models cannot match these dynamic patterns. This paper presents a unified framework, motivated by the literature on inattention. Agents choose whether and how to prepare for different possible states of the world by collecting information. Agents optimally ignore sufficiently unlikely events, so the occurrence of such events does not resolve, but rather increases, uncertainty. Uncertain agents have dispersed beliefs, making it harder to focus future preparation. Thus, uncertainty begets uncertainty for an inattentive agent, endogenously persisting. In a financial application, this framework matches patterns in volatility, volume of trade, belief dispersion, and spreads. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data file is available at https://doi.org/10.1287/mnsc.2023.4836. [ABSTRACT FROM AUTHOR]

This paper analyses the composition, distribution, and history of school funding in Australia through a spatial lens (Soja 2010). We explore multi-scalar school funding policy through three layers of economic maldistribution. We sketch the funding disparities between the three school sectors (public, Catholic, and independent) exposing a spatial injustice in policies of school choice; the spatial and economic maldistribution between state jurisdictions; and the economic maldistribution within state public systems, including the ability of their school communities to contribute funds. Spatial injustice is uncovered in economic maldistribution within and across these policy layers, adding nuance to existing school funding debates. The Australian case is relevant to international explorations of school funding as an example of 'unjust practice' in the hierarchies between schools across sectors, between jurisdictions, and within systems of public [ABSTRACT FROM AUTHOR]

Decentralised exchanges (DEXs) are on-chain platforms where traders can exchange one crypto-asset for another. DEXs play an increasingly important role in the decentralised finance (DeFi) market, particularly in the aftermath of the recent downturn in the crypto-asset market. This working paper explores the characteristics of DEXs and identifies areas of possible concentration in decentralised exchanges activity and potential associated risks. To substantiate the analysis, it uses an original on-chain dataset covering the largest DEXs. The paper reveals an increased concentration within DeFi trading in the sample observed, which could exacerbate vulnerabilities already present in DeFi markets. [ABSTRACT FROM AUTHOR]

This study investigates SAPS (Single Area Payment Scheme) beneficiaries in Timiș and Caraș Severin counties, Romania, categorizing them by legal entity type (individual, authorized natural person, legal entity, and enterprise), gender, age, and the respective monetary values attracted in each jurisdiction. Findings in Timiș reveal a numerical preponderance of individual beneficiaries, yet a cumulative analysis across legal entities underscores their quantitative superiority. Conversely, in Caraș Severin, the cumulative count of all legal entities does not exceedt hat of individual beneficiaries. Gender distribution in Timiș manifests as 70.5% male and 24.5% female, while in Caraș Severin, it is 71.1% male and 28.9% female, with statistically comparable proportions at a significance level of α=0.01. Regarding age, beneficiaries uniformly exhibit a minimum age of 18 years, with noteworthy instances of advanced age, reaching 95 or 96 years. The rightward-skewed age distribution is explicable by a pronounced presence of elderly individuals within the cohort. [ABSTRACT FROM AUTHOR]

The factors affecting migrants' settlement in host cities have been widely discussed, but the impact of housing financial support is still under exploration. This paper explores the effect of the Housing Provident Fund (HPF), which is a highly debated but markedly important housing financial policy in China, on migrants' settlement intentions. Based on data from the China Migrants Dynamic Survey (CMDS), our results reveal that the HPF significantly improves migrants' settlement intentions by increasing housing purchase intentions. The robustness test results further show that expanding the coverage of the HPF has a positive effect on urbanization. However, we highlight the conflict between the HPF effects and its specific impact on differentiated levels of coverage. We further discuss its potential challenges, describe a pilot study of a voluntary HPF in China, and offer recommendations for urban reform. [ABSTRACT FROM AUTHOR]

Maqasid al-Shari’ah conceptually aims to ensure the well-being of creatures in this world as a means of prosperity in the hereafter. Well-being includes all improvement in creatures’ life including material, spiritual and social justice. In addition, well-being also required basic needs to be met and enhanced by conditions that include supportive personal relationships, community empowerment, financial security, rewarding employment, good health, and a healthy and attractive environment. In reference to earlier studies, some constraints among the selected dimensions and indicators in measuring well-being. The arrangements of the components and indicators do not show hierarchy on which indicator is most crucial towards fulfilling the basic needs of creatures. An attempt is however made in this paper on how Maqasid al-Shari’ah can position itself as the main driver for development aiming at improving measurement of creatures’ well-being with significant impact. [ABSTRACT FROM AUTHOR]

Adoption of improved livestock breeds requires, as with other climate-smart agricultural (CSA) practices, upfront investments, which might be a significant barrier for smallholders. For this reason, the climate-smart village (CSV) approach not only includes CSA interventions, but also interventions to improve access to savings and credit among smallholders by means of a community-based approach. In this paper we study smallholders in CSVs in Kenya who were encouraged, among others, to adopt improved livestock breeds for crossbreeding with indigenous breeds to improve their resilience to climate change and variability. The farmers were also encouraged to become part of savings and credit groups to improve smallholder access to finance. The objective of this paper is thus to determine the (distributional) impact of CSVs on access to savings and credit and the adoption of improved CSA practices. Due to the as good as random selection of CSVs, we are able to estimate the treatment effects on the treated for the smallholders who decided to participate in the CSA intervention by means of a linear probability model. The analysis is based on a balanced panel of 118 farm households interviewed in 2017, 2019, and 2020. The main findings of this study are that the CSV intervention increased the adoption of improved livestock breeds. It also stimulated the membership of savings and credit groups which in turn stimulated the adoption of improved livestock breeds. These findings point to the importance of community-based savings and loan initiatives to mobilize finance among farmers enabling them to invest in CSA practices. Also, the introduction of improved breeds in CSVs has benefited especially the larger livestock owners. However, the availability of credit is found to have mitigated the concentration of improved livestock ownership since the diffusion of improved livestock in CSVs was somewhat more equitable than the (spontaneous) spill-over diffusion in the non-CSVs (reducing the Gini by 0.04). [ABSTRACT FROM AUTHOR]

Financial time series prediction, whether for classification or regression, has been a heated research topic over the last decade. While traditional machine learning algorithms have experienced mediocre results, deep learning has largely contributed to the elevation of the prediction performance. Currently, the most up-to-date review of advanced machine learning techniques for financial time series prediction is still lacking, making it challenging for finance domain experts and relevant practitioners to determine which model potentially performs better, what techniques and components are involved, and how themodel can be designed and implemented. This review article provides an overview of techniques, components and frameworks for financial time series prediction, with an emphasis on state-of-the-art deep learning models in the literature from2015 to 2023, including standalonemodels like convolutional neural networks (CNN) that are capable of extracting spatial dependencies within data, and long short-term memory (LSTM) that is designed for handling temporal dependencies; and hybrid models integrating CNN, LSTM, attention mechanism (AM) and other techniques. For illustration and comparison purposes, models proposed in recent studies are mapped to relevant elements of a generalized framework comprised of input, output, feature extraction, prediction, and related processes. Among the state-of-the-artmodels, hybrid models like CNNLSTMand CNN-LSTM-AM in general have been reported superior in performance to stand-alonemodels like the CNN-only model. Some remaining challenges have been discussed, including non-friendliness for finance domain experts, delayed prediction, domain knowledge negligence, lack of standards, and inability of real-time and highfrequency predictions. The principal contributions of this paper are to provide a one-stop guide for both academia and industry to review, compare and summarize technologies and recent advances in this area, to facilitate smooth and informed implementation, and to highlight future research directions. [ABSTRACT FROM AUTHOR]

In California, wildfires caused by electrical infrastructure have left the state's investor-owned power utilities with major and growing liabilities. But even in such an incendiary environment, the financial industry has demonstrated that it can profit from disaster. This paper uses the 2019-2020 bankruptcy of Pacific Gas & Electric to explain how. In it, I show how "risk" in California's electricity industry is legally constituted, mediated, and allocated. First, I explain how financial perceptions of wildfire risk in California's electricity industry are shaped by the state's legal and regulatory environment, and how the law is used to manage this risk. I then turn to PG&E's bankruptcy to show how litigation functions as a financial strategy. In court, risk is endogenous to legal-financial practice. I develop the concepts of "legal arbitrage" and "leverage" to explain how law mediates the relationship between risk and finance. I adapt the concept of legal arbitrage to show how financial assets (like those in a utility with unprecedented wildfire liabilities) can possess both legal and market value, which can and often do diverge in circumstances of distress. I use the term leverage to refer to a particular kind of legal-financial power which enables actors to transfer risk away from themselves and onto others. In working through these concepts, I argue that that mainstream perceptions of risk in the financial industry are inadequate, especially in an era of increasing climate insecurity. [ABSTRACT FROM AUTHOR]

ESG metrics are increasingly important in the global investment management industry. Why this came to pass given the limited appetite for responsible investing in the industry is the subject of this paper. Although the business case for ESG provides an explanation for its increasing uptake whereby market actors are increasingly convinced of the merits of ESG as a profit centre, this explanation is insufficient. By contrast, the adoption the ESG programme offers a means of rewriting the terms of risk management and value creation that while grounded in the business case also serve to address challenges to the legitimacy of the global asset management industry. These developments are illustrated in a case study of the establishment and growth of TruCost and its purchase by S&P Global in 2016. [ABSTRACT FROM AUTHOR]

Universities face an uncertain funding environment and turbulent marketplace. Financial scenario modelling offers a potential mechanism to assist in navigating a way forward. Our previous paper on UK universities' practice found some variation in the sophistication of the approaches taken, but the overall impression was of a relatively simple approach, with spreadsheets generally viewed as having sufficient functionality to meet current strategic needs. This subsequent paper offers guidance on the construction of financial scenario models. It addresses the key variables that universities may wish to include, and it offers advice on how models might be formulated and evolve. The characteristics of differing approaches taken by universities in meeting their own scenario modelling requirements are explored by identifying three forms of model: basic, intermediate and advanced. The contribution of this paper is to enable universities, in the UK and beyond, to evaluate and improve their own financial scenario modelling practices. [ABSTRACT FROM AUTHOR]

Digitalization is a powerful engine for economic growth in the world. In 2018, digitally transformed firms represented 13.5 billion US dollars of global GDP and, towards the end of 2023, they are expected to represent 53.3 billion US dollars, over half of the general nominal GDP (Statista, Nominal GDP driven by digitally transformed and other enterprises worldwide 2018–2023. https://www.statista.com/statistics/1134766/nominal-gdp-driven-by-digitally-transformed-enterprises/, 2022). The main objective of this study is to provide information (highlighting principal research topics and research agendas) from the literature on state-of-the-art digitalization within firms through a Systematic Literature Review (SLR). In all, 119 review articles on the most mature functional areas of the firm are analyzed: management, marketing, and finance and accounting, published in the WOS over the period 2018-April 2022. In this study, key relevant tendencies are identified in the most mature areas of the firm, which are the impact of digital technologies on the analysis of consumer behavior; digitalization and green innovation within organizations; and blockchain technology applied to financial services. The main contributions of this work are as follows: (1) to provide the most complete and up-to-date review of digitalization from a global perspective, summarizing the current state of knowledge within an integrated framework; (2) to reduce the complexity of digitalization by offering structure and clarity; and (3) to offer links between digitalization and established points of view in the literature on management, marketing, finance, and accounting. The novelty of this paper is centered on a joint analysis of digitalization, digital transformation, and digital technologies, taking into account the most mature functional areas of the firm. [ABSTRACT FROM AUTHOR]

In an initial public offering (IPO) the firm can set the offer price of its shares, based on the valuation of the firm, by changing the number of shares. This study uses stock ownership records and hand-collected IPO data to analyze the offer prices, the underpricing of IPO shares (measured as the initial return, IR) and the relationship with the post-IPO ownership structure. Specifically, the paper focuses on individual IPO investors. The results show that for the lowest priced IPOs the IR is significantly higher priced IPOs. Furthermore, for the low-priced IPOs, there is a negative relationship between offer price and breadth of ownership. This implies that stocks with a low price can attract more investors than stocks with higher offer prices. However, for high-priced IPOs the relationship is positive, suggesting that also the IPOs with highest price attract more investors. Overall, this study shows that the offer price of an IPO firm may have a moderate effect on its post-IPO ownership structure. [ABSTRACT FROM AUTHOR]

Background: A lifelong gluten-free diet is the only treatment for coeliac disease. The cost and availability of gluten-free substitute food (GFSF) remain challenging. Some local areas in England have stopped gluten-free prescriptions for coeliac disease. The aim of this paper is to present the quantitative findings of the financial impact of prescription withdrawal on people with coeliac disease. Methods: A cross-sectional survey with adults in England who reported having been diagnosed with coeliac disease by a health professional. The postal survey was distributed by Coeliac UK to their members in 13 prescribing and 13 non-prescribing local areas that were matched for geographical location and level of deprivation. Additionally, an advertisement for the survey was placed on social media. The questionnaire contained items on the availability and use of prescriptions; the weekly amount spent on GFSF; amount of specific GFSF bought; affordability of GFSF; demographics and health-related variables. Data were analysed by descriptive statistics, analysis of variance and regression analysis. Results: Of the 1697 participants, 809 resided in areas that provided prescriptions and 888 in non-prescribing areas. Participants self-report of their prescription did not always match the local area prescription policy. There was no statistically significant difference between prescribing and non-prescribing areas in how easy or difficult participants found it to obtain GFSF (p = 0.644) and its availability in various locations. Participants in non-prescribing areas purchased most types of GFSF items in statistically significantly higher quantities and thereby spent an additional £11.32/month on GFSF items than participants in prescribing areas (p < 0.001). While taking into account the self-reported prescription status, the amount increased to £14.09/month (p < 0.001). Although affordability to buy GFSF did not differ based on local area prescription policy or self-reported prescription status, it was dependent on equivalised annual income. However, affordability did not influence spending on GFSF. Regression analysis indicated that males and households with additional members with coeliac disease spent more on GFSF. Conclusions: The study has highlighted that gluten-free prescription withdrawal can have financial implications for people with coeliac disease. Any future changes to the prescription policy of GFSF should consider the impact on the population, especially lower income households. [ABSTRACT FROM AUTHOR]

Employee motivation is a universal concept that is accepted by human resource practitioners as a tool to improve organizational performance. This study sought to examine the effects of employee motivation in improving performance in local governments in Tanzania. The study aims at examining the contribution of employee motivation to local governments in Tanzania. This paper adopted a research case design whereby Mvomero District Council was the case study. A sample size of 78 respondents was taken for the study. The study adopted a mixed approach whereby qualitative and quantitative approaches in the data collection process. The data was collected through key informant interviews and questionnaires. The findings revealed that the majority of the respondents were negative about the employee motivation provided in Mvomero District Council, especially at ward and village levels. The findings also, found that there is a positive relationship between employees' motivation and employees' performance. The higher the employee's motivation the higher the employee's performance. The study indicated that employees are motivated by financial motivation rather than non-financial motivation. The study concluded that there is a greater relationship between employee performance and employee motivation and employees in rural settings are less motivated compared to their counterparts in an urban setting. The study recommended that the government incentives policies should be reversed not only to motivate top management levels and consider middle and lower levels employees. The study also, recommended for the Mvomero District Council to improve the working conditions of the employees who are working in remote areas. [ABSTRACT FROM AUTHOR]

Based on county-level panel data from 2014 to 2017 in Jing-Jin-Ji region, this paper employs SDEM model to analyze the impact and heterogeneity of digital inclusive finance on poverty alleviation. The results show that, first, digital inclusive finance exerts significant poverty alleviation effect, and this effect focuses on local region, having no apparent spillover effects on neighborhood counties. Second, the poverty alleviation effects of digital inclusive finance are heterogeneous, the effects of index of Coverage and Usage, and basic, upgraded and supported digital finance service are different in Jing-Jin-Ji, Hebei and Poverty Area Samples. Third, digital inclusive finance exerts bigger poverty alleviation effect on the less developed region and poverty region, showing the effect of Corner Overtaking. [ABSTRACT FROM AUTHOR]

We aim to raise awareness of the benefits of conducting international research rather than just single-country studies (which tend to be dominated by U.S. data). We outline the key challenges in terms of data collection and empirical design and propose various data sources for country-level variables, including formal and informal institutions. We also describe several hands-on approaches that are suitable in a crosscountry setting. Data Availability: Data are available from sources indicated in the paper. JEL Classifications: C1; C8. [ABSTRACT FROM AUTHOR]