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Since 2012, the United States has witnessed explosive growth in mandatory energy efficiency disclosure policies, which aim to address market failures in housing. I examine one such policy, comparing prices before and after the policy’s introduction for homes with different levels of energy efficiency features. I find increased capitalization of energy efficiency features. Effects are larger for difficult-to-observe features, suggesting the results are driven by information and not changing preferences for energy efficiency over time. This highlights the potential for disclosure policies to promote long-run energy efficiency investment by increasing the returns homeowners expect on these investments when they sell.

This article examines the contribution of streaming platforms in providing financial investment ‐ in the form of co-productions, commissions and acquisitions of audio-visual content ‐ as well as capital returns to local audio-visual producers. It will focus on the North American region, particularly on Mexico and Canada, as gravitating around stronger US audio-visual companies. Studies of traditional audio-visual windows in the countries studied have pointed out the undercapitalization of independent content producers due to financial structures and capital return models that are disadvantageous to them. This article questions: what is streaming’s contribution, as a new commercialization window, to the capitalization of local independent producers? The research conducted a qualitative study of interviews with film producers and distributors as well as an industrial analysis based on previous studies, media and business reports. The research has found that streaming tends to provide: (1) equal or slightly less returns than what the DVD window used to offer; and (2) equal or more generous figures than those delivered by TV and cinema exhibition windows. Furthermore, streaming has promoted a burgeoning production activity ‐ adding to the production from traditional players (film and TV). These are benefits that should not be overlooked. However, streaming has not altered independent producers’ disadvantageous position: (1) revenue shares are still relatively small; (2) licences represent small percentages of what content costs to make; (3) commissioning and co-production budgets are fairly close to production costs; and (4) the boom of platforms’ original production is actually a battle among large corporations to control intellectual property (IP). All the above keep hindering the financial capacity of local independent producers.

Publicly traded firms contribute less to total nonfarm employment and GDP now than in the 1970s. Major reasons for this development are the decline of manufacturing, the shift towards more production abroad in manufacturing, and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm's stock market capitalization is much less instructive about its employment now than earlier. Market capitalizations have not become systematically less informative about firms’ contribution to GDP. Listed stock market superstars account for less employment than they did in the 1970s.

We provide evidence that the documented weakening of the accrual-cash flow association results not from a loss of accrual accounting usefulness per se, but from the deviation from accrual accounting as it relates to intangible investments. More specifically, the weakening of the negative association is driven by the combined effects of (1) increasing intangible investments, (2) the practice of expensing rather than capitalizing intangible investments, and (3) scaling accruals and cash flows by book value of assets, which are understated for intangible-intensive firms. Treating intangible expenditures as capitalized investments and scaling accruals and cash flows by market value of equity, which reflects the value of intangible investments, (1) substantially strengthens the negative association between accruals and cash flows and (2) practically eliminates the apparent weakening trend in the association.

Purpose This paper aims to investigate capitalization support, an alternative perspective for theorizing social support in-service settings. In the service setting of the student-athlete experience, the relationships between capitalization support service dimensions (i.e. the academic, athletic, self-development and place dimensions), well-being and sports performance are examined through a transformative sport service research (TSSR) lens, a newly introduced form of transformative service research (TSR). Design/methodology/approach Data from an online survey of Australian student-athletes (n = 867) is examined using partial least squares structural equation modeling. Findings The results support the theorized service dimensions of capitalization support, indicating their validity and relevance to the student-athlete experience. Further, the results demonstrate that all capitalization support dimensions except athletic support (i.e. academic support, place support and self-development support), have a direct effect on well-being and an indirect effect on sports performance. Originality/value This research is unique for several reasons. First, it introduces a new perspective, capitalization support, to theorizing about social support in services. Second, it is one of the first studies in both TSR and TSSR to empirically test and demonstrate a relationship between support services, well-being and performance in a single study. Insight into how to design services to optimize well-being in relation to other service objectives like performance thus emerges.

This study aims to examine and analyze the effect of independent directors, female directors, thin capitalization on tax avoidance. This research design is quantitative with hypothesis. The object of this research is non-financial sector companies listed on the Indonesia Stock Exchange for the 2017-2019 period. The data analysis technique is multiple linear regression. Independent directors by looking at the proportion of the number of independent directors from the total members of the board, with the results of independent directors giving negative results on tax avoidance. Female directors also looked at the number of female directors from the total board members, with the result that female directors had a positive influence on tax avoidance. Thin capitalization as measured by Maximum Amount Debt (MAD), with the result of thin capitalization has no effect on tax evasion. Tax avoidance is measured using the Tax Gap Book (BTG).

We examine the effect of capitalization vs expensing on UK firms’ R&D expenditures. Our investigation is motivated by the UK’s mandatory switch from UK GAAP to IFRS in 2005. Under UK GAAP, firms could elect to expense or capitalize development expenditures, but IFRS mandates capitalization. Thus, “capitalizers” maintained their accounting method, while “switchers” were required to change from expensing to capitalization. Using a difference-in-difference design, we examine the effect of the rule change on the amount and riskiness of the two groups’ R&D expenditures. Consistent with arguments that expensing’s deleterious effect on income causes firms to reduce their R&D outlays, we find that switching firms increased their R&D expenditures more than firms that continued to capitalize. We subject our results to numerous robustness tests, using propensity score matched samples, comparing early vs late switchers, switchers with high vs low R&D expenditure growth, examining R&D behavior in the last year before IFRS adoption, and a placebo test in which we alter the switch date. Across all of these tests, our results support the conclusion that the accounting method affects the amount that firms invest in R&D. Our results attest to the real effects of accounting policy on firms’ R&D investments.

Due to the rapid industrial growth in the BRICS nations, export earnings and energy demand witnessed an upturn in the preceding years. Therefore, by considering export diversification, extensive export margin, and intensive export margin as the determinants of renewable energy, the present study intended to explore whether total, horizontal, and vertical growth in exports stimulated the demand for renewable energy in the BRICS nations for the period of 1990–2018. In doing so, technological innovation, income inequality, and capital formation are carried as controlled variables. The elasticity coefficients revealed that export diversification, traditional exports, technological innovation, and capitalization contributed to escalating the usage of cleaner energy solutions, whereas the exports of new products and income inequality had a negative impact on the demand for renewable energy. The computed results signify the need for advanced and renewable energy-based production processes and just distribution of income in the society so that at industrial and household levels, cleaner, energy-efficient, and environment-friendly procedures can be followed. For securing the constructive contribution of various stakeholders, the study proposed a multipronged policy framework, which may help to culminate a synergy between economic and environmental channels.

This paper seeks to contribute to IFRS literature by examining the effects of adopting international financial reporting standards (IFRS) on stock market performance around the world from the perspective of the diffusion of innovation theory. Using combinations of unique panel data sets from 110 countries around the world spanning 1995-2014, and robust empirical analysis, our study revealed several interesting findings including the following; First, we find a positive association between the late mandatory IFRS adoption and EU stock market integration. Second, our findings indicate a significant negative association between the early IFRS adoption and the following financial indicators: stock market trading volumes, stock market capitalization, stock market turnover, and return. Third, our study revealed an insignificant association between early IFRS adoption and stock price volatility alongside stock market development. Our findings are robust and have important practical and policy implications for regulators and policymakers of multinational corporations.

Subject. This article investigates the impact of investors' expectations on the capitalization of publicly-traded corporations of Russia stock market. Objectives. The purpose is to assess the impact of investors' expectations on the capitalization of corporations that are publicly traded on the Russian stock market, to expand tools for assessing the expected return of investors. Methods. The study employs models for assessing the profitability of financial assets, namely, Capital Asset Pricing Model (CAPM) and modified CAPM, as well as general scientific and statistical methods for analyzing economic processes. Results. Using the CAPM, I determined expected profitability of twenty Russian publicly-traded companies, operating in the electric energy, oil and gas, and metallurgical sectors of the economy, and assessed the model’s effectiveness. Based on the tools of correlation and regression analysis, I estimated the impact of expected return of investors on changes in company capitalization. The paper reveals the relationship between investors' expectations and changes in the capitalization of Russian corporations. Conclusions. The modified model showed higher forecast efficiency compared to the classical model. There is a strong correlation between expectations of investors, determined under the modified model, and changes in Russian corporations’ capitalization. This enables the company management to influence the market value of the enterprise. The findings may be useful for investors, to enhance the forecast accuracy and make appropriate investment decisions, and for corporate management, to assess the value of company's equity capital, forecast the movement of stock prices, and influence the company's capitalization through the proposed model.

We analyze the systemic risk of Italian banks with the ΔCoVaR from a bivariate normal GARCH model. The results show that it is a good measure of systemic risk and is applicable to the ranking of Italian other systemically important institutions. Using an elastic-net approach, we identify the balance sheet and market variables that explain the ΔCoVaR of Italian banks. The analysis confirms that these variables are key determinants of systemic importance and highlights how higher capitalization is beneficial to tackling systemic risk. And, we detect a connection between ΔCoVaR and some variables for trading and investment banking.

The topic of the research is the phenomenon of ecosystems created by banks, as well as related technological innovations introduced by credit institutions in order to increase their efficiency and obtain new opportunities for cooperation with non-financial organizations. One of the strategically important management decisions which affect the bank's business model is to determine the specifics of ecosystem growth. The study's goal is to figure the optimal balance between traditional activities and non-banking services of credit institutions. This suppose to strengthen their position in the face of penetration of digital competitors into banking operations (Internet banks, financial and large technology companies, telecoms). The theoretical and methodological basis of the research was formed by the scientific works of foreign scientists and experts on improving the efficiency of banking institutions. There were used methods of qualitative and quantitative analysis of scientific publications, analytical materials of well-known consulting companies, statistical data. As a result, the author found a technological transformation is required using such approaches to customer service (retail and corporate) that reflect their needs in banking with the intensive use of relevant competencies in cash management, means and risks. That will cause to protect the banking business from digital competitors and increase its market capitalization. All these measures will be able to induce clients to use more extensively the banks opportunities and help them to increase investments in their core business, thereby contributing to its growth. The author concludes that being developed ecosystems, it is advisable for banks to focus on services close to their core work, as well as on increasing the efficiency of their own activities and providing new services. Meanwhile, the marketplaces development within the banking ecosystems does not give the latter advantages in the competition in the banking services market.

This study investigates the relationship between earnings management (EM) and capitalization of research and development (R&D) expenditure from the perspective of major shareholders expropriation, ...

This study examined the post -implementation impact of IFRS 15 from the Nigerian perspective and challenges associated with the adoption. Four listed companies operating in IFRS 15 key impacted firms in Nigeria which accounts for 82% of total market capitalization as of April 2021 were selected. The data extracted were analyzed with the aid of tables, charts, ratios, percentages and content analysis. The study revealed that listed firms in Nigeria aligned with the need to adopt and fully implement IFRS 15 in their financial reporting in response to regulatory pressure and increased internationalization of their operations. The study, therefore, concluded that adoption and implementation of IFRS 15 had a positive effect on accounting numbers of listed firms in Nigeria. The study identified the proper identification and treatment of royalties, income taxes, proper delineation of revenues from contractual fees, the need for persistent contract modifications, capitalization of contract costs, and collectability issues, as key challenges of IFRS 15 implementation. The study recommended that the Board and Management of companies operating in the IFRS 15 impacted industries should always provide greater clarity on the basis used for arriving at the significant judgment calls they make. Also, the Financial Reporting Council and external auditors need to develop workable methodologies to monitor and tighten compliance with both quantitative and qualitative IFRS 15 disclosure requirements.

The article investigates history of establishment and development of start-up unicorn-companies with capitalization over $ 1bn. The authors analyzed key types of unicorn-companies (unicorns, decacorns quinquagintacorns, gectacorns), identified their principle characteristics, showed criteria and factors of their success. The role of venture funds was studied, as they are major investors into promising business-projects. The article described trends of the 1-st half of 2020, the time of state restrictions and pandemic, such as distant work, IT entertainments, could services, on-line delivery, marketplaces, drop in business activity, which require clients' presence. It also showed the process of business-projects' passing from start-ups to companies with high capitalization. The authors pointed out that to create a successful company with capitalization of $ 1bn you do not need any special conditions, but there is certain logic concerning how the start-up can become unicorn-company. Basic points of this logic were provided. The authors substantiated the necessity of venture fund promotion among entrepreneurs and investors in order to speed up the start of start-ups and development of business-projects to the level of big companies.

Technological entrepreneurship helps create sustainable value, accelerate corporate growth and promote economic sustainability through the capitalization and commercialization of innovative new technologies. There are obstacles in conducting Business Model Innovation (BMI) as a reference form of technological entrepreneurship as a reference. This study aims to establish a business model for developing the economy with technological entrepreneurship innovation (BMIfTE). Readiness is one of the keys in carrying out a goal, because there are things that must be prepared, such as the topics discussed in papers related to previous researchers who have published the development of a BMIfTE. For this reason, the paper in this study discusses opportunities and risks, value transitions, economic development, strategies for companies, dynamic capabilities and stakeholders. The new proposal is a form of BMI reconstruction regarding the business model in function of technology to create new systems and methods to take advantage of existing business development opportunities to be able to compete and stand in the national market.

Any territory within the framework of its development and maintenance of the economy needs certain resources such as highly qualified workforce and external investments as the basis for creating an attractive business climate, working and living conditions. The higher the quality indicators of the economic development of the region from the point of view of territorial marketing, the higher its competitiveness and resistance to fluctuations in the economy and various markets. The fact is emphasized that regional marketing, provided that it is successfully integrated into the management of the territory, contributes to the transition of the regional economy to an innovative and socially-oriented type of economy, which today is one of the most promising from the point of view of the region’s survival in a globalized economy. The aspects of the application of regional marketing in the framework of improving the management of the territory are disclosed, and the main tasks, which it can solve regarding the promotion of a territorial product to the interregional and global market, are described. The possibilities of using regional marketing methods as effective tools for managing the process of capitalization of economic resources are determined on the example of the mechanisms of modern territorial management of the Astrakhan region. The economic indicators related to capitalization are presented, which prove the lack of investment in the economy of the Astrakhan region and the Southern Federal District, the conditions for the introduction of regional marketing as the main method of stimulating the development of the economy of the Astrakhan region are specified. Marketing strategies for the promotion and development of a territorial product have been developed, in which the process of implementing marketing technologies will be as effective as possible. There are described the tools of innovative development of the territory, based on the progressive increase in the capitalization of territorial resources, which will lead to the reorientation of the regional economy, increase the added value of the territorial product, improve the business and investment climate, and increase the competitiveness of the Astrakhan region.

Subject. The article focuses on business valuation methods and factors with reference to corporate governance principles. Objectives. I analyze how corporate governance factors influence the value and capitalization of public joint-stock companies, and make my suggestions concerning financial and administrative decisions in line with value-based management. Methods. The study is based on methods of synthesis, deduction, induction, statistical analysis, comparison and generalization. Results. Having analyzed the impact of such factors, as revenue, dividends paid, return on sale and equity, for an 11-year life span (2009–2019), on capitalization and value of the population made up of 20 Russian public joint-stock companies from four sectors, as classified by the number of owners and State interest, I figured out that capitalization enterprise value in Russia most of all depend on indicators of companies if it has 11 owners and more (71%), companies without the State interest (67%). As for basic factors, these are revenue and dividend policy that have the strongest effect on enterprise value, while capitalization depends on all the analyzable factors. Conclusions and Relevance. Currently, business valuation and business valuation management are critical for making correct strategic administrative decision. Doing so, the appraiser shall not only measure enterprise value with available financial results, but also consider its various non-financial indicators, which inter alia include corporate governance. Based on corporate governance principles set forth in the Letter of the Bank of Russia, I pointed out that definitely influence the enterprise value. Based on the above analysis, I determined what best results the Russian public joint-stock companies can attain in their corporate governance by sector, the number and quality of owners. Following the findings, I suggest how financial and administrative decisions on enterprise value management should be made, in line with the value-based management principles.

This research focuses on the mobilization of the role carried out by the movement Indonesian Tobacco Farmers Association (APTI) of Temanggung Regency is to thwart the implementation of Non-Smoking Areas (KTR) that will be applied in Temanggung. They pressing for Regulation of the Ministry of Agriculture Republic Indonesia Number 23 of 2019 About Technical Recommendations For Tobacco Imports to be realized immediately, the allocation of Tobacco Excise Revenue Sharing Fund (DBH- CHT) returning to farmers is raised, and the rejection of the increase in retail selling price and excise that rises significantly. By using social movement theory with qualitative descriptive methods where primary data is obtained in direct interviews with respondents and sources who have valid and relevant information to find out the actual problems experienced by tobacco farmers, especially in Temanggung Regency. Then the authors use secondary data to strengthen the validity of the data obtained by the researcher. The results of this study illustrate that tobacco control regulations are not entirely for public health but are used as a pretext in the nicotine market share. So far, APTI has carried out various ways and strategies so that national-scale regulations can be changed or removed. In addition to tobacco control regulations, there are also classes of tobacco farmers in Temanggung to give birth to local capitalization and make the tobacco trade chain longer.

Purpose – тo generalize methodical approaches to the interpretation of the category of capitalization in the forestry complex and to identify sources of funds that can provide an additional financial basis for the capitalization of forest resources. Research methodology. In the context of this work, the method of system analysis and synthesis was used, as well as a comparative method, which allowed to determine the optimal approach to the identified issues. Scientific novelty. The article summarizes the existing interpretations of the concept of capitalization, according to which the main methodological approaches to it are highlighted, in particular, as: the process of attracting and increasing the value of any assets (resources); the process of transformation of factors of production (assets, resources) into capital; performance of the entity. The article forms directions and relevant additional sources of funds for the use of forest resources, which can provide an additional financial basis for the capitalization of forest resources (assets). Conclusions. It is established that today it is impossible to assess forest assets as a source of environmental and social functions, as there is no methodology for calculating their value. It is noted that the only approach to the assessment of forest resources is only the actual cost of part of forestry products, including by- products and in-use use, hunting, harvesting of secondary forest materials and, accordingly, capitalization of only part of rent in real sales prices. period of restoration and formation of forest stands. Key words: capitalization, forestry complex, forestry assets, forest rent, sources of financing.

The purpose of the article is to substantiate the approach to determining the level of capitalization of corporate enterprises on the basis of the evaluation mechanism. In accordance with the set goal the following tasks were solved: to evaluate the possibility of applying the existing approaches to the capitalization assessment, to substantiate the approach to the capitalization assessment of the enterprise taking into account the factors of assessment quality, and to determine the ways of increasing the capitalization of corporate enterprises. Methodology. The methodological component of the study is the cost approach to assessing the capitalization of an enterprise. The proposed approach is based on the integration of private assessments of the enterprise value, including the use of financial statements, which makes it possible to identify areas to increase the level of capitalization at the expense of the enterprise's own efficiency. The method of dialectical approach in understanding the economic essence of enterprise capitalization through its general and specific functions, determining the directions of efficiency and tools to increase the capitalization of the enterprise. The results of assessing the level of corporate companies' capitalization serve as an information base for making managerial decisions on the choice of sources of increasing the market value in the future. Practical implications. The study used the method of comparison and generalization in assessing the level of capitalization of the enterprise. The information base of the study are scientific developments of Ukrainian and foreign authors on the assessment of the level of capitalization of the enterprise, the materials of Ukrainian stock exchanges and official publications of financial statements of PJSC "Ukrnafta", PJSC "Turboatom". Value / originality. The proposed capitalization assessment model takes into account the factors of quality assessment and makes it possible to form an information platform for investors on forecasts of return on invested capital and risk on their shares.

Introduction. The ownership structure affects the stock market liquidity. In turn, stock markets are a key lever to ensure the efficient functioning and development of the country's economy as a whole. Recently, the widespread use of securities market instruments has become of paramount importance due to the limited opportunities for self-financing of enterprises and the shortage of external sources of financing. The performance of the stock market of its functions is largely determined by its characteristics, the implementation of which leads to positive structural changes in the economy. Aim and tasks. The main purpose of the article is to determine the correlation between the ownership concentration of corporations and the level of stock market development in Ukraine and the world. Results. The comprehensive characteristics of financial systems are characterized by the measurement of four categories for one of the key components of the financial sector, namely financial markets. Such categories include the depth of the financial market, the level of use of financial markets among individuals, the efficiency of financial markets in the provision of financial services, and the volatility of financial markets. A general description of the development of financial markets is given, it is determined that developing financial systems tend to be less deep as well as somewhat less efficient, their access and stability are on par with those of developed countries. The article shows the results of correlation-regression analysis between ownership concentration and the above categories, taking into account data from different countries. Conclusions. To determine the depth of financial markets, the article used the capitalization of the stock market as a percentage of GDP. Increasing the level of concentration of ownership leads to a decrease in this indicator. The inverse relationship between ownership concentration and characteristics of access to financial services has been confirmed. To analyze the efficiency of financial markets, this paper uses the ratio of the total value of traded shares to the average value of market capitalization for the analyzed period. The inverse relationship between ownership concentration and characteristics of efficiency has been also confirmed. Stability has a particularly low correlation with the other three characteristics. As a result, the direct relationship between ownership concentration and characteristics of financial markets stability has been confirmed.

South Korea has pursued a multidimensional public diplomacy strategy in which Korean television exports and capitalization have emerged as a public and commercial cultural diplomacy tool over the last two decades. This article examines the widespread influence of Korean television content, including digital serial delivery, cultural exportation, cultural interactions, and capitalization—that is, content sales, indirect advertising, and media-induced tourism. Empirical data was obtained from Turkey’s audience members using the online survey tool. As a result of the social and cultural impact, the respondents’ opinions on Korean serials are both animated and rational. The creation of audience members’ social, psychological, and cultural experiences with K-Dramas clarifies their intimacy and activeness. Unlike local or other international content, a significant number of respondents claim that Korean TV serials are not only a source of entertainment but also have profound edifying aspects. According to the results, “Cultural Proximity” and “Content Availability” are two of the most important factors in choosing Korean TV serials over foreign content. The “content availability” is based on the emergence and expansion of Streaming TV; however, in cultural proximity, similarities in family norms and values in both nations are notable.

Especially relevant at the present time is the study of the impact of the global crisis – a pandemic caused by the infection COVID-19 on the countries and the world's sustainable development. The consequences of the popular trend of globalization, a certain closedness of the principles of capitalization, and, of course, the impact of the global crisis caused by COVID-19 were investigated in the scientific work. The study aims to confirm the transformation of sustainable development trends and the transition from worldwide globalization to national capitalization of the agricultural entrepreneurship potential in the modern conditions of the global crisis of Covid-19. The goal will be achieved by tasks through accounting and analytical support and mathematical analysis of the quadratic correlation and regression dependence of the integrated indicator of sustainable development. Research methodology consist of analysis and collection of economic, environmental, and social data of agriculture in European countries. At this stage, the most significant indicators of six countries were selected: Ukraine, Germany, Hungary, Romania, Poland and Belarus. Index analysis was used for formation of an integral indicator – a sustainable development index. Also Microsoft Excel tools were used. An index analysis of the main indicators of sustainable development is provided in the paper. On the basis of the integrated index of sustainable development of agriculture, a trend line was built and a forecast of the vector of globalization/capitalization was made. An upward forecast of the integrated index of agriculture sustainable development, which indicates a continuous process of globalization was proved in the paper. This pattern corresponds to Belarus and Romania and was proved by the basis of imperial studies. The calculation and forecast of the transition from global globalization to national capitalization as a result of the impact of the pandemic and quarantine were presented in the scientific work too. This pattern is inherent in Hungary, Germany, Poland and Ukraine.

The paper presents a synthesis of the research consisting in a complex capitalization of a brucitic limestone deposit from Romania, in environmental protection, respectively of the complex processing possibilities for using the final products could in a very well defined direction such as: the getting of MgO with 99% purity from a brucitic concentrate with 38-40% MgO content; the getting of a fertilizer containing struvite, limestone and microelements with benefit effects on the acid soils amelioration and on plants growth. The research allowed the establishing of a complex system of three technologies, respectively, one of brucitic limestone processing, the second of magnesia obtaining by brucitic concentrate leaching with carbon dioxide and the third, that of getting a double-role agricultural fertilizer (manure for plants growth and acid soils neutralizer).