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Background: In the new technology context, the publishing industry cannot continue to maintain its business operations and to develop relying solely on traditional product offerings, such as books, magazines, and newspapers. There needs to be an expansion into innovative products, such as e-books, micro-publishing, and websites. Objectives: The paper addresses the factors influencing financial reports of Vietnamese publishing firms using two methodological approaches, namely the Grey first-order one variables (GM,1,1) model in the Grey theory and the Malmquist model in the data envelopment analysis (DEA). Methods/Approach: The GM(1,1) model predicts the future period of 2020–2023 based on the historical time series analysis. The Malmquist model presents catch-up, frontier-shift, and Malmquist Productivity Index (MPI) in whole terms. Results: The analysis provides an overview of the publishing industry in Vietnam. The final empirical results show that twelve companies reached a production efficiency higher than 1 and fourteen companies are expected to attain a productivity score higher than 1. Conclusions: Only a few firms do not need to change significantly; however, the remaining firms must re-evaluate their current operations.

Russia has witnessed a high number of bank failures over the last two decades. Using monthly data for 2002-2020, spanning four election cycles, we test the hypothesis that bank failures are less likely before presidential elections. We find that bank failures are less likely to occur in the twelve months leading up to an election. However, we do not observe election cycles in bank failures are more pronounced for banks associated with greater political costs. Overall, our results provide mixed evidence that political cycles matter for the occurrence of bank failures in Russia.

We survey the empirical evidence on corporate survival and its determinants in European emerging markets. We demonstrate that (i) institutional quality is a significant preventive factor for firm survival in all sectors of the economy, which holds for small, medium and large firms alike. On the other hand, (ii) the impact of financial performance indicators is lower than one would expect. However, (iii) other firm-level variables play more important roles in firm survival, and the most important preventive factors are the legal form of a limited liability company, the number of large shareholders, and the presence of a foreign owner.

The case of deposit insurance introduction in Russia may suggest that institutional change in transition economies was partly driven by subjective factors, and the choice of imported institutions was rather random. The circumstances under which explicit deposit insurance emerged in Russia might explain its subsequent (mal-)functioning and social costs. Material and institutional preconditions were missing at the time the topic of deposit guaranteeing came up in the parliament. The key actors (large banks controlling most household deposits and their depositors) did not demand hard a formal scheme of deposit protection. The advantage of an explicit protection scheme over the existing implicit one was unclear because of the prevalence of state-owned banks. I suggest that the introduction of deposit insurance was driven by a combination of factors such as: genuine good intentions of its proponents; demonstration effect of western experiences; the desire to disrupt the monopoly of Sberbank and boost the competitiveness of privately-owned commercial banks, probably stemming from ideological bias in favor of private ownership; and, last but not least, search for a new field of activity for deposit insurance initiators themselves. Despite the random selection, the institution of deposit guaranteeing fit well in the Russian setup because it was consistent with the long tradition of state paternalism.

This paper examines the effect of monetary policy on bank credit in Uganda during the January 2008 to December 2017 period. By using macro level monthly data, it tests for the existence of monetary policy transmission channels, in particular the presence of bank credit channel in the economy of Uganda. This is done by showing that bank credit growth in Uganda is affected by monetary policy shocks. Before conducting data analysis, tight bank credit models were built with the view of making the analysis mimic the actual behavior of bank credit and the monetary policy transmission mechanism. Data used in the empirical analysis are from Bank of Uganda. Empirical analysis is conducted by using the generalized least squares (GLS) technique. The advantage with the GLS method is that it is generally more efficient because it eliminates both serial correlation and variance values that are not constant. The empirical results establish presence of the bank credit channel of the monetary policy transmission mechanism in Uganda. Secondly, the empirical tests conducted establish that the relationship between reserves and loans typically operates in the reverse way to that described in some economics textbooks. Similarly, the relationship between bank deposits and bank deposits is found in principle to operate only during the current month in the reverse way to that described in some economics textbooks. Thirdly, empirical tests conducted indicate that 1 percent increase in money supply (M2) is responsible for causing 2.2 percent monthly increase in bank deposits in Uganda during the sample period, ceteris paribus.Keywords. Financialization, Political economy, Financial regulation.JEL. C01, C10, G18, P16, P34.

Firstly, in this present paper, empirical evidence obtained after employing generalized least squares technique on the relevant sample data for Uganda over the 1970 to 2016 period, shows that financialization had adverse effect on economic growth. Secondly, in Uganda during the sample period, deregulation (represented by exchange rate depreciation) enhanced financialization. Thirdly, financialization depressed investments in the country because a large fraction of investments could have been diverted away from the real sector to the financial sector. Fourthly, financialization had positive and significant effects on inflation, quantity of foreign exchange and balance of payments deficit. Lastly, empirical evidence indicates that financialization was as a result of increase in exchange rate and gold reserves, monetization of the economy, imports and movements in household disposable income relative to GDP. Results in the paper suggest the following recommendations: control of financialization through macro prudential financial regulation, reduction of balance of payments deficit, undertaking more investments in directly productive areas and control of the relative movements in disposable household consumption relative to GDP.Keywords. Financialization, Political economy, Financial regulation.JEL. C01, C10, G18, P16, P34.

Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on variation in the ratio of firm deposits to total household and firm deposits before the announcement of deposit insurance, so as to capture the magnitude of the decrease in market discipline after the introduction of deposit insurance, we demonstrate that larger declines in market discipline generate larger increases in traditional measures of risk. These results hold in a difference-in-difference setting in which private domestic banks serve as the treatment group and state and foreign-owned banks, whose deposit insurance regime does not change, serve as a control group.

While it is clear that financial depth and economic diversity are prerequisites for the realisation of growth and development objectives, heterogeneous factors that determines financial development remains imperfectly understood. This ambiguity in the structural relations between varied causative factors is more pronounced in Africa where conditions for growth and development remains inadequately met. Underexplored aspects such as geographic, political, economic and macroeconomic policy determinant of financial development in Africa could have culminated into the misalignment of the continent financialisation strategies. This paper takes the lead, diverse and holistic approach to assign numerical weights to these unobserved factors to reach conclusions that can redefine policy and research on Africa's financialisation objectives. We compared result along with the mean group (MG), common correlated effect mean group (CCEMG) and Augmented Mean Group (AMG) estimators but relied on the AMG results because of its high precision, relevance and superiority in addressing core issues of crosssectional dependence and slope homogeneity of regressors.Based on the AMG results, we found geographic, economic and macroeconomic policy factors to lead to financial development in Africa. However, our political/institutional composite index inversely relate to financial development in Africa. This counter-intuitive outcome could be due to Africa, age-long weak institutional capacities. Policy implications were discussed.

It is impossible to eliminate the phenomenon of information asymmetry in today's roar capital. To reduce the negative aspects of this phenomenon are imposed by the organizers of the turnover of financial instruments on the issuer's disclosure obligations. Issuers of securities on the main floor of the WSE and NewConnect alternative trading system are required to present basic information about the company, its ownership as well as periodic reports on the current functioning and prospectuses. Due to the nature of the various markets the disclosure obligations are more or less restrictive. The purpose of this article is to compare the information obligations between equity markets operated by the WSE and to assess the validity of data application solutions. Nie sposób jest wyeliminować zjawiska asymetrii informacji na współczesnym ryku kapitałowym. Aby ograniczyć jego negatywne skutki nakładane są przez organizatorów obrotów instrumentami finansowymi obowiązki informacyjne. Emitenci papierów wartościowych na głównym parkiecie GPW oraz na alternatywnym systemie obrotu NewConnect są zobowiązani prezentować podstawowe dane o przedsiębiorstwie, jego stanie posiadania jak również okresowe raporty z jego bieżącego funkcjonowania oraz prospekty emisyjne. Z uwagi na charakter poszczególnych rynków obowiązki te są mniej lub bardziej restrykcyjne. Celem artykułu jest dokonanie porównania obowiązków informacyjnych pomiędzy rynkami akcyjnymi prowadzonymi przez GPW SA oraz dokonania oceny słuszności zastosowania danych rozwiązań. W artykule stawia się tezę, że bardziej restrykcyjne wymogi informowania akcjonariuszy dotyczące zmian dotykających spółkę giełdową mają bezpośrednie przełożenie na transparentność oraz ocenę jakości rynku w oczach inwestorów. Badanie zostało przeprowadzone poprzez dokonanie analizy porównawczej opartej na regulaminach obu parkietów oraz aktualnie obowiązującym stanie prawnym.

На сучасному етапі економічного реформування, запровадження ринкових методів господарювання зростає потреба в оперативності прийняття управлінських рішень у розрахунку й прогнозуванні варіантів можливих напрямів виробничої діяльності окремих підприємств. А це фактично неможливо здійснити без застосування в аналітичному дослідженні економіко-математичних методів. Найпоширенішим у процесі простого економічного аналізу діяльності економічних систем є використання кореляційно-регресійного аналізу. У рамках авторського підходу до проведення оцінювання ефективності використання оборотних коштів на ПП “Світ солі” за допомогою кореляційно-регресійного аналізу було виокремлено такі етапи: встановлено форму зв’язку та математичне рівняння зв’язку побудовою графіка кореляційної залежності між роком дослідження (фактор x) і певним статистичним показником (фактор y); обчислено коефіцієнт детермінації та коефіцієнт кореляції r і оцінено щільність зв’язку між фактором x і показником y; за критерієм Фішера з ймовірністю 0,95 оцінено адекватність прийнятої економетричної моделі статистичним даним; за t-критерієм перевірено статистичну значущість параметрів лінійного рівняння з надійністю Р = 0,98; знайдено інтервали довіри для коефіцієнтів лінійного рівняння з надійністю Р = 0,98. Зважаючи на всі отримані результати ПП “Світ солі” характеризуть як платоспроможне та фінансово стійке підприємство, яке знаходиться на піку свого розвитку, про що свідчать показники в наступних роках? Для підвищення ефективності показників запропоновані такі заходи: оптимізація організації постачання та системи вибору постачальників; забезпечення оптимального обсягу та структури запасів для забезпечення стабільного виробничого процесу за мінімальних витрат на утримання запасів; прискорення оборотності оборотних активів, зокрема основними шляхами розрахунку обсягу запасів та їх ліквідації; забезпечення єдиної методології щодо організації та ведення обліку окремих складових оборотних активів; впровадження прогресивних технологій і, як наслідок, підвищення ефективності праці; поліпшення організації матеріально-технічного забезпечення та реалізації продукції; оптимізація збутової та кредитної політики. At the current stage of economic reform, the introduction of market-based management methods, there is a growing need for prompt decision-making in the calculation and forecasting of options for possible directions of production activity of individual enterprises. And this is practically impossible to do without the use in analytical study of economic and mathematical methods. The most common in the process of simple economic analysis of the activity of economic systems is the use of correlation-regression analysis. As part of the author's approach to assessing the efficiency of using working capital at PE “Svit soli” using correlation-regression analysis, the following stages were distinguished: establishing a form of communication and mathematical equation of communication by plotting a correlation dependence between the study year (factor x ) and a certain statistic (factor y); the coefficient of determination and the correlation coefficient r are calculated and the relationship between factor x and y is estimated; using the Fischer criterion, the probability of 0.95 estimated the adequacy of the accepted econometric model with statistical data; the statistical significance of the parameters of the linear equation with reliability P = 0.98 was checked by the t-criterion; confidence intervals were found for linear equation coefficients with reliability P = 0.98. Considering all the obtained results, PE “Svit soli” is characterized by a solvent and financially sustainable enterprise and is at the peak of its development, as evidenced by the indicators in the following years. On improving the effectiveness of indicators, the following recommendations are proposed to improve them: optimization of supply organization and supplier selection system; ensuring the optimum volume and structure of inventories to ensure a stable production process with minimal inventory maintenance costs; acceleration of the turnover of current assets, in particular the main ways of calculating the volume of stocks and their liquidation; providing a unified methodology for organizing and keeping records of individual components of current assets; introduction of advanced technologies and, as a consequence, increase of labor efficiency; improving the organization of logistics and sales; optimization of sales and credit policy.

State-owned banks tend to increase lending before elections for the purpose of boosting the re-election odds of incumbent politicians. We employ monthly data on individual banks to study whether Russian banks increased their lending before presidential elections during 2004-2019, a period covering four presidential elections. In contrast to the literature, we find that both state-owned and private banks increased their lending before presidential elections. This result stands for all loans, as well as separately for firm and household loans. The pre-election lending surge is followed by a deterioration of loan quality the following year, indicating the lending increase was not driven by higher growth prospects or some positive economic shock. The effect is substantially greater for large banks and banks more involved in lending activities. Our main finding that all types of banks in Russia increase their lending before presidential elections supports the view that the authorities in an electoral autocracy like Russia can influence lending of both private and state-owned banks for political reasons.

Most of the time the budget constraints in the socialist economies were harder than in developing countries and no less hard than in developed countries. The soft budget constraints (SBC) in socialist economies were not pervasive, as most authors believe, but selective, i.e. involved subsidization of some enterprises/industries at the expense of the other. This type of selective subsidization is a classic case of industrial policy: it may be good or bad, leading to success (China, Vietnam) or failure (USSR, Eastern Europe), but cannot be regarded as an intrinsic feature of the socialist centrally planned economy and an example of pervasive SBC. Pervasive SBC should be associated with permanent government budget deficit, debt accumulation, high inflation and other forms of macroeconomic populism. In the Soviet Union in the post-war period (after the monetary reform of 1947 and until the Gorbachev financial and monetary expansion that started in 1987) budget deficit and debt were very low, open and hidden inflation was less than several percent a year - a better record than in most Western countries. But in the 1990s in Russia, other former Soviet republics and most East European countries budget constraints were weakened dramatically and inflation increased to hundreds and thousands percent a year. SBC is just one type of this populist macroeconomic policy that was rare in socialist countries, but is found in abundance in many developing countries (especially Latin America and Sub-Sahara Africa) and transition economies (especially FSU states).

We identify an important feature of current digital governance systems: "third-party funded digital barter": consumers of digital services get many digital services for free (or under- priced) and in return have personal information about themselves collected for free. In addition, the digital consumers receive advertising and other forms of influence from the third parties that fund the digital services. The interests of the third-party funders are not well-aligned with the interests of the digital consumers. This fundamental flaw of current digital governance systems is responsible for an array of serious problems, including inequities, inefficiencies, manipulation of digital consumers, as well as dangers to social cohesion and democracy. We present four policy guidelines that aim to correct this flaw by shifting control of personal data from the data aggregators and their third-party funders to the digital consumers. The proposals cover "official data" that require official authentication, "privy data" that is either generated by the data subjects about themselves or by a second parties, and "collective data." The proposals put each of these data types under the individual or collective control of the data subjects. There are also proposals to mitigate asymmetries of information and market power.

To insure a proper and meaningful productivity assessment of DMUs with different production technologies, this article develops a difference-based profit metafrontier Luenberger productivity indicator. Adopting the proposed model, we empirically measure the profit inefficiency and examine the profit productivity convergence for samples banks consisting of 31 Taiwanese banks and 50 Chinese city banks over 2010–2014. Empirical results show that Chinese banks perform better in profit efficiency than Taiwanese banks. While Chinese banks have better technology in profit creation than Taiwanese banks, the latter may reap much higher profit gain than the former if they can adopt the profit metafrontier. The results of the profit metafrontier Luenberger productivity indicator analysis show that both Chinese and Taiwanese banks have experienced declines in profit productivity. However, the results also indicate a divergence in productivity growth for Chinese city banks and a convergent productivity growth for Taiwanese banks. JEL CLASSIFICATION: D20, G21, P34

This study aims to develop a financial stability index for the Pakistani financial sector by using the financial reports for the period of 2001&ndash, 2011. Specifically, we constructed three different classes of indices in this study based on a variance-equal weighted approach, a linear probability approach, and a logistic approach. We also assessed the prediction accuracy of the financial stability index. All indices indicated that profitability, liquid liability to the liquid asset, non-performing loan, uncovered liabilities, interest spread and inter-fund to liquid liabilities variables contribute significantly to the determination of financial stress of commercial banks. We also compared the results of indices computed with different methodologies&mdash, among them was the index constructed by employing coefficients of the logistic model and which performed outstandingly in predicting distressed and non-distressed banks. Moreover, the findings of this study suggest that in regard to return on assets and return on equity, when employed in a stepwise manner for developing the financial stability index, the results are similar in the sense that both profitability indicators have the same behavior. Finally, we conclude that the financial stability indices developed in this study could help decision makers to detect and avoid instability in the future.

Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on within-bank variation in the ratio of firm deposits to total household and firm deposits, so as to capture the magnitude of the decrease in market discipline after the introduction of deposit insurance, we demonstrate for private, domestic banks that larger declines in market discipline generate larger increases in traditional measures of risk. These results hold in a difference-in-difference setting in which state and foreign-owned banks, whose deposit insurance regime does not change, serve as a control.

The effect of liberal colonialism on the allocation of capital persists to this day. As Lange et al. (Colonialism and development: A comparative analysis of Spanish and British colonies. 2006) define and suggest, the authors exploit the colonial history of China during 1896-1911 with qualitative evidence to measure liberal colonialism. They document that liberal colonialism promotes the subsequent efficiency of financial policies on capital allocation in 2004 through the quality of economic institutions.

Purpose – This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach – The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square. Findings – The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms. Originality/value – This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared. Proposito – Este articulo analiza los factores determinantes de la estructura de capital de las corporaciones latinoamericanas y estadounidenses despues de la crisis de 2008, para comparar los supuestos teoricos y los resultados empiricos en mercados de diferentes niveles de eficiencia. Diseno/metodologia/enfoque – La muestra del estudio comprende 1.091 empresas pertenecientes a las seis mayores economias de America Latina y Estados Unidos, entre los anos 2009 y 2013. Se realizo una regresion con datos de una vision general equilibrada, que se obtuvo utilizando el criterio de cuadrado minimo ponderado. Hallazgos – Los resultados muestran diferencias en los factores determinantes de la estructura de capital entre empresas de America Latina y de Estados Unidos. La Teoria de la seleccion jerarquica se observo principalmente en las empresas latinoamericanas y la Teoria del intercambio mas cercana estaba estrechamente alineada con las firmas estadounidenses. Originalidad/valor – Esta investigacion aporta nuevas contribuciones al tema, una vez que comparamos las diferencias y determinantes del perfil de la deuda en empresas de diferentes contextos economicos.

This paper looks at the development and transformation of the People's Republic of China (PRC)'s financial system since the start of economic and financial reforms in 1978. It describes how despite the rapid development of capital markets since the 1990s, the PRC's financial system continues to be dominated by bank lending. Reforms have not eliminated the credit expansion impetus of large commercial banks, while the effectiveness of capital-based constraints and administrative measures is far below potential. Large state-owned banks have become important players in bond and equity markets, as well as important sources of liquidity provision for smaller commercial banks and a range of non-bank financial institutions through a combination of inter-bank funding activities, wealth management products and shadow banking/grey capital market activities. The importance of non-bank financial institutions has also continued to grow. Off-shore markets have increased the overseas holdings of financial assets, but their potential remains limited by capital controls and the fragility of the domestic financial system. An unintended consequence of this is that although the PRC's state run financial system has become more complex and more interconnected domestically, foreign participation remains low.

The paper examines how the type of ownership affects the profit efficiency of Russian banks. Using bank-quarter data for selected banks in the period 2004–2015, we combine stochastic frontier anal-ysis (SFA) methodology with an intermediary approach to assess profit efficiency. Our key findings show that foreign-owned banks are the most efficient, followed by state-owned banks and private domestic banks. We also find that the profit efficiency of foreign-owned banks was higher than that of other banks during the economically stable periods of 2004Q1 to 2008Q2 and 2014Q1 to 2015Q3, and that state-owned banks were more efficient than others in the period of financial turmoil from 2008Q3 to 2013Q4 due to state support. These results are robust when we consider these banks in terms of branch network diversity, risk preferences, and specialization.

This study aims to explore the relationship between economic growth, financial innovation, and stock market development of Bangladesh for the period 1980&ndash, 2016. To investigate long-run cointegration, this study used the autoregressive distributed lagged (ARDL) bounds testing approach. In addition, the Granger-causality test is used to identify directional causality between research variables under the error correction term. Study findings from the ARDL bound testing approach confirm the existence of a long-run association between financial innovation, stock market development, and economic growth. Furthermore, the findings from the Granger-causality test support bidirectional causality between financial innovation, economic growth and stock market development, and economic growth both in the long run and short run. These findings support the theory that market-based financial development and financial innovation in the financial system can spur economic development.

This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are in the US. Although the market is segmented from international equity markets, Chinese investors price individual stock characteristics like other global investors: they pay up for size, growth, liquidity, and long shots, while they discount for systematic risk. Price informativeness is significantly correlated with corporate investment e ciency. For international investors, China's stock market offers high average returns and low correlation with other equity markets.

Foreign Direct Investment (FDI) is widely recognized as an engine of the structural transformation in development theories. We analyzed the effects of FDI on the structural transformation in West African Economic and Monetary Union (WAEMU) countries by considering the industry, manufacturing, agricultural, and services sectors for the period spanning from 1990 to 2017. Using the Panel Corrected Standard Errors (PCSE) estimation technique, we showed the neutrality hypothesis of FDI inflows on industrial, manufacturing and agricultural productivity in the WAEMU region. However, findings showed positive effect of FDI inflows on services sector's productivity. We also found that domestic credit was not an important determinant for structural transformation in WAEMU countries, except for the services sector. Moreover, findings showed that the institutional quality indicator is relatively low in WAEMU region and has negative relationship with agricultural productivity, while it increases services sector's value added. These results imply that the low institutional quality in WAEMU may lead to the failure in the design and implementation of reliable agricultural policies of the region which may not attract the FDI, resulting in the negative effect of FDI on structural transformation in the region. Rethinking about the design and implementation of domestic development policies and promoting actions that can attract FDI in sectors with positive ripple effects, including industry, manufacturing, agriculture and services sectors are recommended for the structural transformation of the economy of WAEMU countries.

"Published online: 15 Aug. 2014", Using a panel of developed and developing countries and data for the period 1980 to 2005, we find that debt crises trigger financial reforms.We also show that (i) when general economic conditions deteriorate, financial reforms become more likely to take place; (ii) IMF-stabilization programmes and sovereign debt restructurings favour the implementation of financial reforms; and (iii) the quality of economic institutions strongly boosts financial reforms., COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT)