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Split-dollar life insurance is enjoying a renewed interest from applicable tax-exempt organizations (ATEOs) because ATEOs must now pay a 21 percent excise tax on compensation paid to covered employees in excess of $1 million. This may not sound like something that would affect many tax-exempt organizations, yet because of the unique way covered employees must recognize deferred-compensation income, it has greatly increased the tax-exempt organizational motivation to find alternative reward programs for high earners. Split-dollar life insurance has been presented by many practitioners as a suitable alternative. [ABSTRACT FROM AUTHOR]

Financing provided by suppliers or trade credit is a major source of short-term finance. Using a long-term panel data set of Northeast US dairy producers, we find a negative relationship between trade credit use and milk price. Additionally, regional dairy feed manufacturers reported that, in a period of low milk prices, past due trade credit accumulated to 10 per cent of industry sales or approximately 100 million dollars. Both estimates suggest the possibility of producer default risk spreading through the dairy industry. Trade credit is often not publicly reported, hence financial regulators and policymakers may have difficulty observing this default risk. [ABSTRACT FROM AUTHOR]

Small-scale livestock farmers in the drylands of South Africa are highly exposed to agricultural drought-related food insecurity. Research has used descriptive analyses and missed the need to index the diversity of coping strategies used for managing agricultural drought-induced food insecurity. This study was conducted to bridge this gap using a two-step procedure. Initially, the study identified the farmers' coping strategies and food security status. A coping strategy diversity index was computed using the Shannon–Weiner method and its relationship with the food security status was determined. Secondly, the determinants of the coping strategy diversity index were explored using an ordered logit regression model after testing for the proportional odds assumption. A mixed methods approach was utilized and a standardized questionnaire was administered to 217 smallholder livestock farmers in the Northern Cape province of South Africa. The household food insecurity mean score (8.429 ± 7.105) from the household food insecurity scale (HFIAS) was significantly related to a higher diversity of coping strategies. Similar results were reported for the household food insecurity access prevalence (HFIAP) status. The different forms of support (e.g., cash, food, training and assets) had a significant (p < 0.05) and positive effect on the coping strategy diversity index among the households. Education, access to credit and insurance facilities and the frequency of droughts significantly (p < 0.05) influenced the diversity of coping strategies under drought conditions. The utilization of cash reserves and investment stocks also significantly (p < 0.05) influenced the extent of coping strategy diversity. The study recommended strengthening the functional and technical capacity pillars of dealing with agricultural drought through strategic partnerships between the government and livestock value chain players. This collaboration should target affordable credit lines tailor-made for farmers to cope with agricultural drought. If well-coordinated, these interventions should reduce food insecurity prevalence, especially during drought conditions among vulnerable smallholder livestock farmers. Lessons from this study could also inform future research on the effectiveness of the current agricultural drought coping strategies while expanding the diversity clusters over space and time. [ABSTRACT FROM AUTHOR]

The article is aimed at forming provisions of the conception of transformation of the innovative development of export-import activity of economic entities (EIAEE), taking into account research by scientists and practitioners, current legislative orders of the State in the sphere of economy, practices of functioning and development of this activity, substantiation of expediency of implementation of these provisions in the wartime and post-war conditions. The article briefly analyzes the state of economy in Ukraine in the current conditions. A grouping of conceptions of innovative development by directions is provided. The concepts of «development» and «innovative development» are closer defined. The following provisions of the conception of transformation of innovative development of export-import activity of economic entities under conditions of limited activity are substantiated: 1) in the conditions of wartime and in the post-war period, the assistance of developed countries and international organizations accelerates the innovative development of the EIAEE in Ukraine; 2) government management of investments promotes innovative development of export-import activities; 3) transformation of innovation development of the EIAEE will take place in several stages; 4) with the help of innovative development of the EIAEE, a systemic economic strategy for the country’s recovery is successfully implemented; 5) government support for the development of entrepreneurial activity contributes to the innovative development of the EIAEE; 6) new signs of innovative development of the EIAEE are the training through export, digitalization of this activity, innovative competitiveness of human capital, increase of innovatively active enterprises, differentiation of the origin of investments and verification of their purity, transition in international trade from off-shoring to friend-shoring, establishment of criteria for determining friendly investments; 7) the results of evaluation, analysis, diagnostics, monitoring of innovative development of the EIAEE create an analytical basis for wartime risk insurance instruments, which is one of the prerequisites for attracting foreign direct investment; 8) formation of a sufficient level of export-import potential ensures innovative development of the EIAEE and its sustainability; 9) in the process of international scientific and technical cooperation, innovative development of the EIAEE is carried out; 10) management of innovation development of the EIAEE consists in choosing the best option for this development; 11) competitiveness ensures the innovative development of the EIAEE. These provisions create a scientific basis for the development of effective management programs, measures at all levels of management both in the war and the post-war situation. [ABSTRACT FROM AUTHOR]

By exploiting a unique and proprietary panel dataset comprising 6480 Italian SMEs having a relationship with 99 cooperative banks over the period 2008–2014, we investigate the influence of the trade credit channel on firm investment decisions in the Italian market, distinguished by a considerable presence of relationship cooperative banks' branches with a heterogeneous geographical distribution. Firstly, our findings confirm a significant influence of the trade credit channel on firm investment decisions. Secondly, we document that SMEs located in those Italian provinces with an abundance of cooperative banks' branches rely less on trade credit to finance investments. Lastly, we show that longer firm-bank relationships decrease firm dependence on trade credit to boost investments. Our study is of particular relevance because it strengthens the effectiveness of the trade credit channel for SMEs in spurring corporate investments. Indeed, fostering a deep understanding of the real effects of firm financing sources is paramount to encourage investment by SMEs and to allow them to preserve their positioning in the market. Moreover, we exploit the Italian market, well-suited to perform such an analysis, since it is characterized by more inter-personal financing relationships as compared to other countries. [ABSTRACT FROM AUTHOR]

Blockchain, often known as the Internet of Value, is a relatively new technology. There is no consensus on its potential worth, as there is with other new technology, with some claiming that it will bring greater disruptive changes than the Internet and others disputing its significance. Despite dire predictions, there is evidence that blockchain is a wonderful, game-changing technology that will transform the way transactions are conducted, owing to its ability to provide trust among unknown parties, ensure the immutability of data, and eliminate the need for intermediaries. The popularity of digital currencies and the large number of published blockchain papers attest to the relevance of blockchain in near future. This research looks at the possible significance of blockchain technologies in international trade, specifically how they might impact trade financing, customs procedures, and commodities provenance (origin). In the case of trade finance, blockchain has the potential to minimise the cost and time required to facilitate transactions that rely on third-party loans or insurance. More than the universal abolition of tariffs, blockchain could lower costs, speed customs operations, and enhance both global trade volumes and economic output. In addition, blockchain might be used to improve the detection of illicit trade flows and dissuade unauthorised attempts to bypass trade restrictions. Customs and law enforcement may be aided by such technologies in smoothing the flow of legitimate trade. Several initiatives are underway to investigate the benefits of blockchain and how to manage its hazards for international trade. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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.)

Green growth refers to the economic growth strategy, which is less detrimental to natural assets, predominantly the environment. Therefore, the main motive of investment and innovation activities should be to attain economic growth while sustainably utilizing natural assets. In this regard, we aim to explore whether ICT diffusion and financial development matter for attaining green economic growth in BRICS economies. The long-run autoregressive distributed lag (ARDL) results show that internet development exerts a positive influence on green growth in four BRICS economies excluding India. However, the long-run estimates of mobile cellular subscriptions are positive only in Russia and China. On the other side, the increase in bank credit and insurance premium also contributes to the long-run green economic growth in almost all BRICS economies. Policymakers should focus on the increased use of ICT in the economy that would replace the physical resources in the economy with information resources. Besides, financial services should be provided to individuals and small and medium enterprises involved in green consumption and production activities. [ABSTRACT FROM AUTHOR]

Purpose: Constrained input use and lower productivity of rural establishments may be associated with restricted or concentrated access to financial resources, especially in developing countries. Meanwhile, agricultural activity entails risks associated with the volatility of net cash flows and external events, which may discourage riskier but higher return investments (e.g. technology). As rural credit can alleviate the former, and rural insurance may help alleviate the latter, the combination of both policies might endorse each other. The purpose of this study is to analyze the use of rural credit and rural insurance policies with respect to productivity and crop area, in São Paulo state, Brazil, using farmer's microdata from two surveys realized in 2007/08 and 2016/17. Design/methodology/approach: This study uses propensity score matching and the entropy balance approaches in a complementary way. This study compared three policy treatments – rural credit, rural insurance and both policies combined, against establishments that received neither one. The analysis considered sugarcane, grain and grape crops separately and employed farmer's microdata. Moreover, the analysis was stratified into two categories: establishments owned by family farmers and those that did not. Findings: Rural credit policy is related to higher productivity and larger cultivated area for grains and only to larger area for grape crops in the last analyzed period (2016/17). Rural insurance, as a unique policy or combined with credit, is related to higher productivity and cultivated areas, for all analyzed crops, only in the second period (2016/17), as the policy became more accessible to farmers. Heterogeneity regarding crops and farmers might influence the effectiveness of these policies. Despite rural insurance being related to a better performance regarding the outcome variables, it still reaches a small share of farmers, especially when combined with credit. Originality/value: Many studies about the effectiveness of rural credit in Brazil have been conducted throughout the years, while there have been fewer studies regarding rural insurance since it became an important policy in the mid-2000s. However, few studies have conducted an analysis comparing its individual and interactive influences, with such level of disaggregation, on a farm-level database, considering the heterogeneity of the data and the different categories of farmers. [ABSTRACT FROM AUTHOR]

The greening of financial markets can effectively guide the flow of capital to green and environmental industries, prompt the upgrading and transformation of the green industry, and help China achieve its dual carbon goals. This paper adopts China's inter-provincial panel data from 2011 to 2020, measures the development level of the real economy in terms of innovation, coordination, green, openness, and sharing using principal component analysis, and selects core indicators such as green credit, green insurance, green investment, and financial market size. In addition, the fixed panel model and differences-in-differences model are used to carry out the research. The results show that: 1. China's high-quality green development shows an upward trend in general, the real economy tends to be green, and the development in the east, middle, and west is gradually balanced; 2. Green credit and green insurance have a significant inhibitory effect on the development of the real economy, and this inhibitory effect is more evident in the middle and western regions; green investment has a significant positive promotion effect on promoting the development of the real economy; 3. The promulgation and implementation of policies such as the Guidance on Building a Green Financial System can significantly promote the greening of the financial market to the real economy and promote sustainable development. It should continue to promote the greening of the financial market, improve the green financial service system, smooth the transformation path of green finance to the real economy, strengthen the green guidance of the government on the development of the virtual and real economy, promote the green synergistic development of the financial market in the east and west, and promote the high-quality green sustainable development of the region. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Technology Economics is the property of Chinese Society of Technology Economics 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.)

This article evaluates the effect of mortgage loan insurance (MLI), an essential macroprudential tool available to policy makers, on housing affordability, household leverage, and the overall welfare of the economy. A dynamic model of the housing market with heterogeneous households and competitive housing and mortgage markets is constructed and is calibrated to Canadian data. We find that relaxing the mandatory nature of MLI required for mortgages with a loan‐to‐value ratio of 80% or more, in favor of a counterfactual system where MLI reflects credit risks, dampens demand for housing to purchase and puts downward pressure on house prices. Some of the households with low income and low asset holdings can no longer afford a house; therefore, the aggregate homeownership rate drops. In contrast, demand for rental units increases and rents go up. [ABSTRACT FROM AUTHOR]

Copyright of Agricultural Outlook (1673-3908) is the property of Institute of Agricultural Information, Chinese Academy of Agricultural Sciences 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 interlinked insurance and credit contract is an emerging model of agricultural insurance in China. However, the development of interlinked insurance and credit contract and farmers' demands for it are poorly understood. Based on the wheat farmers on the Loess Plateau in China, a field experiment is employed to obtain dynamic choice data from 415 farmers. We empirically analyzed the inhibitory effect of credit constraint on farmers' adoption behavior of innovative seeds and also explored the heterogeneity of farmers' innovative seeds adoption due to the availability of interlinked insurance and credit contract. The results illustrate that credit constraint can hinder farmers' innovative seeds adoption significantly, and interlinked insurance and credit contracts can encourage farmers to adopt innovative seeds effectively by dispersing natural risks and alleviating credit rationing. Further, constrained by low education levels in China's rural areas, providing interlinked insurance and credit contract to farmers is not beneficial to enhance farmers' innovative seeds adoption. In addition, farmers who are relatively poor may underestimate the benefits of innovative seeds at the beginning of planting, making their adoption behavior have some delayed effect. This research provides a new perspective for promoting the spread of innovative technology in rural areas. [ABSTRACT FROM AUTHOR]

This study analyses start-up firms' investment in trade credit during the period 2011–2014. We find that new or recently created firms had greater investments in trade credit than established firms. Moreover, the results indicate that start-up firms' investment in trade credit did not depend on their bargaining power or access to external finance. These findings suggest that the reason start-ups invested more in accounts receivable than established firms could be due to late payments or their granting credit to low-quality customers who cannot obtain credit from established firms. [ABSTRACT FROM AUTHOR]

This study is designed to solve supply chain inefficiencies caused by some members' financial problems, such as capital shortages and financing restrictions in a stochastic environment. To this end, we have established a supply chain finance framework by designing two novel coordinating contracts based on trade credit financing for different problem settings. These contracts are modeled in the form of multi-leader Stackelberg games that address horizontal and vertical competition in a supply chain consisting of multiple suppliers and a financially constrained manufacturer. However, previous studies in the trade credit literature have addressed only simple vertical competition, that is, seller-buyer competition. To solve the proposed models, two algorithms were developed by combining population-based metaheuristics, the Nash-domination concept, and the Nikaido-Isoda function. The results demonstrate that the proposed supply chain finance framework can eliminate supply chain inefficiencies and make a large profit for suppliers, as well as the financially constrained manufacturer. Furthermore, the results of the contracts' analysis showed that if the manufacturer is required to settle its payments to suppliers before the end of the period, the trade credit contract cannot coordinate the supply chain because of a lack of incentive for suppliers. However, if the manufacturer is allowed to extend its payments to the end of the period, the proposed trade credit financing contract can coordinate the supply chain. Finally, the sensitivity analysis results indicate that the worse the financial status of the manufacturer, the more bargaining power suppliers have in determining the contract parameters for more profit. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to examine trade credit from agrochemical vendors as an alternative source of finance for cabbage producers in the Bono East Region of Ghana. The determinants of trade credit supply and impact on cabbage producer's profitability are investigated. Design/methodology/approach: The study sample size is 260. The perception index, probit regression, negative binomial regression and the propensity score matching (PSM) was employed to assess the perception of trade credit, factors influencing trade credit supply and the impact of trade credit supply on the cabbage producer's profitability and agrochemical vendor's welfare respectively. Findings: The perception index analysis revealed that the agrochemical vendors, in general, had a positive perception of trade credit. Different groups of factors influence trade credit supply. Further along, the number of times trade credit was used by the cabbage producers was influenced by several factors. On the PSM result, trade credit use had a significant positive impact on the cabbage producer's profitability. In detail, all the matching estimations revealed that profitability increased above Gh¢ 4,000.00 (US$ 692.04). Likewise, the robustness check result (Inverse Probability Weighted Regression Adjustment (IPWRA)), was no different from the matching estimations. Generally, the result indicates that the impact of trade credit supply on the agrochemical vendor's welfare using total household expenditure, total savings and income as proxy variables for welfare were positive. Originality/value: Trade credit has encountered less attention in the agricultural finance discourse; however, this study makes an imperative contribution on the same. Specifically, the study reveals the determinants of trade credit supply from agrochemical vendors and a positive impact of trade credit use on the cabbage producer's profitability, a result which has not been investigated in the trade credit literature. [ABSTRACT FROM AUTHOR]

São Tomé and Príncipe (STP) is one of the world's smallest organic cocoa exporting countries, whose product has a positive socio-cultural and economic impact. Small producers who ensure it, are associated into two cooperatives that experience several difficulties and dilemmas including climate changes and poverty. Diversification of livelihood strategies could lead to wellbeing, poverty and climate mitigation. The aim of this study was to analyse producers' perception of sustainability related to the organic cocoa production in STP and to explain the influence of different factors on their livelihood strategies (LS). An ordered probit model for disaggregation of factor categories was used for the 2021 period. The results showed that gender, age, family size, members on-farm and off-farm work and professional training courses do not influence livelihood strategies. The important variables for them are education level, perception of social class, insurances and loans and access to services. [ABSTRACT FROM AUTHOR]

This paper aims to prove whether financial rationing condition leads European enterprises to increase trade debt during the period 2008–2016 and whether companies offering deferred payments to customers obtain trade debt from suppliers. The work contributes to the existing literature by finding new empirical evidence on the substitution and matching hypotheses in times of crises, measuring the specific rationing conditions for businesses and distinguishing large, medium, small and micro‐sized companies. The results revealed that, in times of crisis, medium, small and micro firms, highly likely to be constrained, employ trade credit more extensively, as those granting deferred payment terms. [ABSTRACT FROM AUTHOR]

Copyright of Revista Ciencia Administrativa is the property of Universidad Veracruzana 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.)

We present a yearbook dedicated to the main credit institutions and insurance companies, published in Bucharest in 1911. It is printed by an economist - Ioan Garoiu from Transylvania and a lawyer - Mihail Mora from Bucharest. The yearbook appears to appear only once, in 1911, in the Library of the Romanian Academy in Bucharest, only this copy being found. Analyzing it, we try to make an x-ray of the credit institutions in Romania in the first decade of the 20th century, a period of economic boom characteristic of the so-called Belle Epoque for Central Europe. The involvement of Romanian bank managers and officials from Transylvania in the banking system of the Kingdom of Romania (see the "Mountain of Pietate" from Bucharest), is a less well-known aspect of Romanian-Romanian relations until 1914. [ABSTRACT FROM AUTHOR]

CECL is back. Well, it never really left. Like many, it was given time off during the pandemic. Now that the pandemic is "over," CECL, the accounting rule for recognizing Current Expected Credit Losses has officially become a GAAP requirement for financial reporting purposes. All companies with fiscal years beginning by 15 December 2022 are required to estimate bad debt reserves under the CECL requirements. Here is a review of the history followed by guidelines regarding its implementation, and most importantly, what this means for you as a B2B credit manager or executive. [ABSTRACT FROM AUTHOR]

In this study, we explore how the linguistic attributes of verbal language influence suppliers by focusing on trade credit using the earnings conference call setting. We hypothesize and find that suppliers tend to extend more trade credit to customers if managers of the customer firm use more positive tone relative to negative tone on conference calls, indicating that suppliers are likely to disentangle the positivity and negativity of managers' tones of their customer firms on conference calls and adjust their trade credit strategy accordingly. We also find that suppliers are likely to grant less trade credit to customer firms if managers of the customer firm use more uncertainty and litigious words on calls. Our results are supported by a number of robustness tests. Overall, our results suggest that the linguistic attributes of customer firms on earnings conference calls have a significant impact on suppliers' perception and assessment of future performance and uncertainty in customer firms. [ABSTRACT FROM AUTHOR]

The FCA's Approach The FCA reviewed each of the retail financial services markets in turn, considering the factual background, particularly Big Tech's entry in the market to date. Keywords: Financial Conduct Authority; FCA; discussion paper; Big Tech; financial services EN Financial Conduct Authority FCA discussion paper Big Tech financial services 59 63 5 04/04/23 20230101 NES 230101 In October 2022, the Financial Conduct Authority (FCA) issued a discussion paper on the potential competition impacts of Big Tech entry and expansion in retail financial services (the Discussion Paper). Part II describes the purpose of the Discussion Paper and Big Tech's activities in the financial services markets in the UK to date, and summarises the FCA's conclusions. [Extracted from the article]

In credit insurance practice, insurers must address the lack of information that affects their knowledge of present and past underwritten risks. In this context, classical frequency estimators, although effectively employed in various financial and actuarial applications to measure absorbing events, are not suitable. Given that default frequency estimation is affected by the temporal distribution of the invoices issued by an insured seller during the credit insurance coverage period, this study proposes a behavioral model to describe the commercial relationships between insured sellers and their buyers. The model is parsimonious and easily calibrated based on historical data. A closed-form estimator for the number of default events is introduced by the model parameterization, allowing for a precise inference of the actual default frequency over a given period, which compensates for the bias caused by unobserved events. The proposed method is numerically tested against the simultaneous presence of multiple behavioral types, whose composition may change over time, but still enables a credit insurance company to accurately estimate claim and default probabilities. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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.)

For an exporter, when exporting goods or services, it is important to know the situation in the countries to which the company wishes to export. Territorial risks can have a significant impact on operations, both in the form of profits and huge losses. To assess such a risk, the exporter may rely on credit insurance companies that regularly evaluate the risks of the given country. All insurance companies attempt to collect quantitative and qualitative data as accurately as possible with the aim of conducting an in-depth analysis of potential risk. However, insurance companies have their own methodologies for evaluating international risks, which may differ according to the organisation. The article applies cluster analysis to the assessment of territorial risk based on the example of OECD countries with the aim of classifying countries according to territorial risk based on selected indices. From a practical point of view, the benefit of the article is the use of the cluster analysis method for the purpose of classifying countries according to territorial risk; it offers exporters another source of information about the country which they are interested in exporting to. From a theoretical point of view, it is beneficial to identify key indices that together represent territorial risk and thus fulfil the general definition of territorial risk. [ABSTRACT FROM AUTHOR]