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An asset is both a resource and property, in that it generates income streams with its sale price based on the capitalization of those revenues. Although an asset's income streams can be financially sliced up, aggregated, and speculated upon across highly diverse geographies, there still has to be something underpinning these financial operations. Something has to generate the income that a political economic actor can lay claim to through a property or other right, entailing a process of enclosure, rent extraction, property formation, and capitalization. Geographers and other social scientists are producing a growing literature illustrating the range of new (and old) asset classes created by capitalists in their search for revenue streams, for which we argue assetization is a necessary concept to focus on the moment of enclosure and rent extraction. It is a pressing task for human geographers to unpack the diverse and contingent 'asset geographies' entailed in this assetization process. As a middle range concept and empirical problematic, we argue that assetization is an important focal point for wider debates in human geography by focusing attention on the moment of enclosure, rent extraction, and material remaking of society which the making of a financial asset implies., Competing Interests: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article., (© The Author(s) 2022.)

Copyright of Journal of Faculty of Letters / Edebiyat Fakultesi Dergisi is the property of Hacettepe University Faculty of Letters 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.)

Fly ash wastes (silica, aluminum and iron-rich materials) could be smartly valorized by their incorporation in concrete formulation, partly replacing the cement. The necessary binding properties can be accomplished by a simple procedure: an alkali activation process, involving partial hydrolysis, followed by gel formation and polycondensation. The correlations between the experimental fly ash processing conditions, particle characteristics (size and morphology) and the compressive strength values of the concrete prepared using this material were investigated by performing a parametric optimization study to deduce the optimal processing set of conditions. The alkali activation procedure included the variation of the NaOH solutions concentration (8–12 M), temperature values (25–65 °C) and the liquid/solid ratio (1–3). The activation led to important modifications of the crystallography of the samples (shown by powder XRD analysis), their morphologies (seen by SEM), particle size distribution and Blaine surface values. The values of the compressive strength of concrete prepared using fly ash derivatives were between 16.8–22.6 MPa. Thus, the processed fly ash qualifies as a proper potential building material, solving disposal-associated problems, as well as saving significant amounts of cement consumed in concrete formulation.

In the article, the essence of the concept of a banking institution “capitalization” is revealed. The current state of capitalization level of domestic banks is investigated. The directions of strengthening the capitalization are offered, which will increase the com¬petitiveness of domestic banking institutions in the world financial market and will ensure the national economy stability on the way toward integration into the world economy.It is proved that the prospects for the development of any bank are largely determined by its capitalization level. Lack of proper development inhibits both individual banks and the banking sector as a whole.In the context of the recent financial crisis, the provision of sufficient capital for banks has been one of the key issues, because the lack of capital was the greatest threat to the banking system stability. With this in mind, the issue of the banking system capitaliza¬tion is particularly topical.Today, the development of the Ukrainian banking system under economic instability has faced the increase in competitiveness of domestic banks compared with foreign ones, in order to preserve the national priorities of the banking system in general under conditions of foreign capital movement.The processes of concentration in the banking system of Ukraine are analyzed using Herfindahl-Hirschman index in terms of assets and equity, allowing to estimate the level of monopolization and, therefore, the impact on economic development. To con¬sider the increase in the level of capitalization and reliability of the banking institutions of Ukraine, it would be advisable, first of all, for banks to improve the quality of capital and to ensure a sufficient level of coverage of risks taken by banks.

The main purpose of this paper is to investigate the interaction effects of risk, capitalization and inefficiency in Iran's banking system. For this purpose, combined data of commercial and private banks of Iran in years (1999-2012), were collected and analyzed using simultaneous equation approach and fixed effects two-stage least squares (FE2SLS), The results confirm the belief that these three variables are simultaneously determined. The results indicate that relationship between inefficiency with quality of loans is significant and positive. Capitalization and loan growth have positive effect on inefficiency. Capital accumulation will decrease quality loans. Capital accumulation also has negative effects on the quality of banking risk indicator.On the other hand ,due to the inefficiency of the banking system's cost and return on assets on capital accumulation, banks that aren't in a good position in terms of performance, are not in a right position in terms of equipping and capital accumulation either.

The institutions of the microfinance market are effective tools to fight against the economic and social exclusion that affects the majority of the country's population. Given the continuous expansion of the microfinance sector, especially after the serious economic crisis that hit the country in 1999, in order to give an overview of the situation of microfinance in Ecuador, in the present investigation a diagnosis is made on the evolution of the Ecuadorian microfinance industry in the period between September 2002 and December 2018 and determines the contributions it has provided to the microenterprise sector. Methodology: a financial analysis of variations, average growth rate and trends was applied to determine the growth of microfinance. Results: The National Financial System (SFN) has 153 entities that offer microcredit, and a figure of around 1.46 million capitalized microentrepreneurs. Conclusions: despite the adverse systemic effect, the microcredit granted by the SFN recorded a significant increase in its balance since its formalization, since it went from USD 62.22 million in July 2002 to USD 6,821.19 million in December 2018 (table2), which implies an absolute growth of USD 5,799.86 million and an average annual growth rate of 38.98%. a figure substantially higher than the growth of the entire SFN. [ABSTRACT FROM AUTHOR]

One of the main objectives of the enterprise in modern business conditions is to increase the level of its capitalization, which is considered as the amount of capital and its structure by sources and types of assets. The structure of liabilities of Ukrainian enterprises by types of economic activity and trends in its change in 2012-2019 are considered. The negative phenomena of reducing the share of equity by almost one and a half times and the very significant dependence of construction and trade enterprises on borrowed capital, the share of which exceeds 90%, have been identified. It was revealed that the peculiarity of the activity of Ukrainian enterprises is the high level of receivables, the share of which in the assets of enterprises in 2019 was the largest and amounted to 35.1%. In the context of a broad understanding of capital, it is proposed to take into account in its structure hidden assets that are not accounted for in the balance sheet of the enterprise and are not its property, but to which it has the right to use and receive income. [ABSTRACT FROM AUTHOR]

Copyright of Revista Română de Drept al Afacerilor is the property of Wolters Kluwer Romania 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 paper helps explain a 'puzzle' about the scale benefits of R&D investment: although larger firms are less efficient innovators, they spend more on R&D investment and earn more from R&D investment. We find evidence suggesting that large firms enjoy a comparative advantage investing in R&D projects with less chance of success, although they do not experience such scale benefits from R&D investments with more chance of success. We capture managers' evaluation of the chance of success of an R&D investment using an accounting choice to capitalise or expense the R&D investment. Our results have policy implications for the design of efficient and equitable allocations of R&D tax incentives between large and small firms, and for the usefulness to investors of allowing discretion in the accounting treatment of R&D expenditures. JEL Classification: M41, M48 [ABSTRACT FROM AUTHOR]

The study investigated the determinants of capitalization among rice processing enterprise in Ebonyi State, Nigeria. It specifically analysed the level of capitalization in the rice processing enterprise and estimated the determinants of capitalization among the processors. Data were collected using well-structured questionnaire, administered to one hundred and twenty respondents that constitute the sample size for the study. Data analysis involved descriptive statistics such as frequency concept and ordinary least square model. It was observed that that processors are medium-sized since none of them were able to invest more than 1,000,000. The double-log form was chosen as the lead equation. The F-ratio was statistically significant at 1% probability level indicating high goodness of fit of the regression line. The R² of 0.788 shows that about 78.8% changes in the investment of the rice processors were accounted for by changes in the explanatory variables included in the model while the remaining 21.2% was accounted for by error. The result shows that age, education, experience and off-firm income were positively related to the amount of capital invested by rice processors and negatively related to nature of ownership and capital input. The study therefore recommended that government and non-governmental organization should provide necessary incentives for rice processors such as loans and other credit facilities so as to improve the efficient and productivity of the processors. [ABSTRACT FROM AUTHOR]

We assess the effect of loan growth and capitalization on credit risk in Islamic banking. Using a sample of Islamic banks from 29 countries, our empirical results reveal that higher loan growth exacerbates credit risk one year ahead, particularly for Islamic banks with higher capitalization. However, a deeper investigation highlights that such evidence is more pronounced after the 2008 global financial crisis (GFC). Hence, strengthening prudential tools and supervision for Islamic banks with higher capitalization is necessary to mitiate moral hazard and ensure prudent lending behavior in the aftermath of the GFC. Likewise, strengthening capital requirements is not enough to ensure prudent lending behavior in Islamic banking. [ABSTRACT FROM AUTHOR]

This study examines how firm behaviors are affected by the voluntary adoption of International Financial Reporting Standards (IFRS) in Japan, which has expanded the scope for the capitalization of intangible assets compared with the Japanese Generally Accepted Accounting Principles. Prior research suggests that capitalization of intangibles is preferred by firms with larger intangibles and that it enables them to increase intangible investments. Using empirical data from Japanese IFRS adopters, this study analyzes the relationship between firms' intangible asset amounts and their voluntary adoption of IFRS. The results show that (1) the more intangibles firms possess, the more likely they are to adopt IFRS, and (2) once firms decide to adopt IFRS, their intangible assets increase compared with matched non-adopters. Additional analysis shows that this increase is partly attributable to an increased volume and value of mergers and acquisitions after IFRS adoption, suggesting that the real actions of the adopters changed. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomika APK is the property of Economy of Argo-Industrial Complex 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 institutions of the microfinance market are effective tools to fight against the economic and social exclusion that affects the majority of the country's population. Given the continuous expansion of the microfinance sector, especially after the serious economic crisis that hit the country in 1999, in order to give an overview of the situation of microfinance in Ecuador, in the present investigation a diagnosis is made on the evolution of the Ecuadorian microfinance industry in the period between September 2002 and December 2018 and determines the contributions it has provided to the microenterprise sector. Methodology: a financial analysis of variations, average growth rate and trends was applied to determine the growth of microfinance. Results: The National Financial System (SFN) has 153 entities that offer microcredit, and a figure of around 1.46 million capitalized microentrepreneurs. Conclusions: despite the adverse systemic effect, the microcredit granted by the SFN recorded a significant increase in its balance since its formalization, since it went from USD 62.22 million in July 2002 to USD 6,821.19 million in December 2018 (table2), which implies an absolute growth of USD 5,799.86 million and an average annual growth rate of 38.98%. a figure substantially higher than the growth of the entire SFN. [ABSTRACT FROM AUTHOR]

Research background: This paper studies the impact of a new so-called green factor on the capitalization of petroleum companies, which is becoming highly relevant in view of the signing of the Paris agreements in 2015 and the support for clean energy. Although society, international organizations, and government authorities encourage companies to reduce their environmental impact, one of the main reasons for responsible behavior is still economic efficiency. The oil industry, on the one hand, faces one of the most volatile markets and, on the other hand, has one of the largest environmental impacts of any industry. That requires a detailed study of interconnections between market capitalization and the green factor. Purpose of the article: A comprehensive study of factors affecting the level of capitalization of oil and gas companies in Russia and identification of the most significant among them with a special focus on the green factor. Methods: Econometric analysis of panel data for Russian petroleum companies. The database includes indicators for six major Russian oil companies from 2011 to 2018. The following groups of factors are analyzed to explain the change in the companies' capitalization: macroeconomic (GDP and inflation in Russia), microeconomic (companies' revenue, net profit, tax payment, return on assets, return on equity, ratio of borrowed capital to equity), industrial (oil export, refining, production and proven reserves of the companies), and the green factor. Findings & Value added: The selection of factors showed that the size of capitalization has been influenced most significantly by the following: the volume of the company's proven reserves, net profit, tax burden, and the green factor based on the policy of minimizing environmental damage. This result shows that investors consider companies with high environmental performance to be more valuable than companies with similar financial results but lower environmental ratings. [ABSTRACT FROM AUTHOR]

Research on risk matrices show that there is considerable diversity in the practice of designing risk matrices. This has led to serious problems of standardization and communication. Indeed, these problems affect at the same time on the development of matrices and in their exploitation in term of risk assessment. To solve these problems, this paper proposes an experience feedback method that aims to capitalize the feedback invariants resulting from the analysis of existing risk matrices. This capitalization allows developing a theoretical framework of the robust risk matrices design. The application of the proposed method for examples of matrices confirms the interest of articulating these risk matrices designs through an argument based on experience feedback. In this sense, the merit of the proposed experience feedback method is that it promotes the sharing of knowledge between the actors involved in a risk assessment. [ABSTRACT FROM AUTHOR]

Copyright of OPUS - International Journal of Society Researches is the property of OPUS - International Journal of Society Research 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 seeks to contribute to the existing critical debates on money and debt by advancing three main arguments. First, largely due to such debates' tendency for description, the article argues that in in the heterodox literature on money and debt there is no convincing critical theory of money creation. For this reason the authors introduce the theory of capital as power and how it can help us theorize the consequences of present money creation. Second, the authors demonstrate how the capitalization of money creation by a minority of investors not only leads to the political chase for unsustainable economic growth, but also how there is a differential distribution of interest upwards that helps generate greater economic inequality in the United States. Third, they argue that in an era of declining growth, dominant owners of capital seek to recapture their expected return on investments by extracting a greater share of the national income from the vast majority of citizens through a fiscal politics of austerity. [ABSTRACT FROM AUTHOR]

The way in which individuals react to a partner's disclosure of positive news (capitalization response) is associated with relational well-being. Two studies analyzed the role of couple identity in explaining the association between perceived capitalization responses and relationship quality. A daily diary study (n = 90 couples) revealed that on days people perceived their partners' responses as active-constructive, they reported higher levels of couple identity. A longitudinal two-wave study (n = 169 couples) showed that couple identity mediated the link between active-constructive (for both women and men) and passive-destructive responses (only for men) and relationship quality. Overall, our findings suggest that the experience of the partner's involvement and support in good times contribute to a sense of couple identity, which over the long turn, is associated with partners' relational well-being. [ABSTRACT FROM AUTHOR]

The article presents the results of determining the relationship of capitalization of domestic food enterprises and food security of the country. The main purpose of this article is to represent the author's argument regarding the fact that the target model of activity of food companies, which is associated with the growth of their capitalization, is not contradictory to the objectives of ensuring food security of the country. In the course of their search the following methods were used: scientific generalization, parameterization, cost, financial taxonomy and factor analysis, the method of causality. The use of these methods allowed us to obtain results that confirmed the author's working hypothesis, which was formulated at the beginning of the study. Presented in the article results of the factorial financial analysis of capitalization of domestic food companies based on the RE model indicate that the added value of the business is determined by the yield spread of food sales and their volume of production sales. It motivates the management of domestic food enterprises to focus on ensuring a high level of quality and competitiveness of food products, which consequently requires the development of their resource base. The calculations of the dynamics of changes of the technological level of development of the productive base of the domestic food enterprises and the level of implementation of marketing innovations is the evidence that the focus on high financial-economic results of capital formation stipulates in increased activity in providing high quality food products, and, accordingly, has a positive effect on food security of the country. The scientific novelty of this research lies in mainstreaming the linkages between the financial and economic results of capital formation in food industry and food security level of the country. Practical results are a proof of the author's working hypothesis, that the growth of capitalization of food companies is possible only by providing qualitative food products and increasing the volume of production and sales, which directly has a positive effect on food security of the country. [ABSTRACT FROM AUTHOR]

This work is based on the discussion of the aesthetic body patterns in Western society and the influence of the disciplines in the way in which they took over the social structures of the West. From this perspective, we mention the construction of new patterns that determine behaviors and aesthetics in today's society, considering the virtual environment and how new patterns are built in the networks. The analysis is done from selected tattoo pages on Instagram and the methodology presented pursues observable patterns on these pages. We conclude that the phenomenon of tattooing goes through a process of capitalization in this environment in which there is in force what is most aesthetically accepted by the market and by the standards already in force in society. [ABSTRACT FROM AUTHOR]

Cryptocurrency belongs to the category of digital money, the distribution of which is associated with computers integrated into a single system, and their special software, which issues this type of currency through a cryptographic mathematical „algorithm“. It does not depend on central regulatory authorities The rate of distribution of cryptocurrencies today is overwhelming. The capitalization of cryptocurrencies (that is, the number of issued units of cryptocurrencies multiplied by the market value) in October 2016 more than doubled compared to 2015 and reached $10.6 billion, and in 2019 reached $19 billion. In this article, we will look at the peculiarities of accounting for cryptocurrency in accordance with the recommendations for accounting for cryptocurrency presented by the Financial Reporting Interpretations Committee in 2019. [ABSTRACT FROM AUTHOR]

Copyright of Istanbul Commerce University Journal of Social Sciences / İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi is the property of Istanbul Commerce University Journal of Social 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.)

This article deals with the two possible accounting approaches for the initial direct costs of leases -- capitalization and recognition as expenses. It clarifies how these approaches should be applied in accordance with requirements of the accounting standards -- IFRS 16 Leasеs and SS 17 -- Leases, for lessors and lessees, respectively. The tax treatment under the CITA is also discussed. The capitalization approach of initial direct costs is only perceived in IFRS 16 Leases (except for finance leases of manufacturer and dealer lessors, where these costs are expensed), however not in IAS 17 -- Leases. [ABSTRACT FROM AUTHOR]

Sea buckthorn (Hippophae rhamnoides L.) is a unique and valuable shrub cultivated all over the world. Food industry is the most important sector of use of the sea buckthorn, where it is used as a raw material to obtain functional food or food supplements. Sea buckthorn fruits are among the most complex nutritionally of all berries. The aim of the present study was to offer an optimum solution for the valorization by alcoholic fermentation of the press residues obtained after processing the sea buckthorn fruit to obtain juice. The present research was conducted with the application of response surface methodology (RSM) for optimization, using a Box-Behnken design. The determined optimum conditions for a 3 days-fermentation were: a temperature of 25.38 °C, a pH of 4.62 and an inoculum size of 0.18 % to obtain a 3% vol. alc. beverage. This study provides useful information that can help beverage processing industries achieve optimum yield in low alcoholic beverage production using sea buckthorn press residues as sole substrate. [ABSTRACT FROM AUTHOR]

Copyright of Financial & Credit Activity: Problems of Theory & Practice is the property of University of Banking of the National Bank of Ukraine 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.)

Traffic noise is a burden at home and outdoors. Economic literature confirms mostly negative effects of traffic noise on house prices, often based on distance between high noise and house location. We extend this literature using rich micro data to examine not only the impact of traffic noise at the house but also provide new results on the impact of traffic noise in public areas surrounding a home. Using Hedonic regression in Vienna, Austria, we confirm that very loud traffic noise (≥ 65 dB) experienced at the house reduces housing prices and further show that the value of public walking areas near a home, while positive overall, are substantially reduced when exposed to noise. Our findings help to establish spatial patterns in noise capitalization reflecting household exposure and the impact on the capitalized values of public areas in a context where active transportation (e.g. walking, biking) is an important mode of transportation. For policymakers, our findings help quantify and raise important questions as how to address and link the public bad nature of noise pollution to nearby residents. • Study the effect of traffic noise in the neighborhood on house prices. • Use city-wide micro data on traffic noise exposure of public walking areas. • House value reduces with the area exposed to traffic noise and the dB threshold. • The positive effect of public walking areas is reduced if exposed to noise. • Results suggests that noise action plans should reflect neighborhood noise. [ABSTRACT FROM AUTHOR]

This paper analyzes the implications of rent control as applied to dwellings located in mobile home parks. This form of regulation differs from apartment rent control in that: it is applied selectively to a small portion of the housing stock, and; it regulates the site rents paid to the park owner, not the selling prices of mobile homes. We present a detailed case study of the effects of this institution in three mobile home parks in different cities and regions in California, documenting the capitalization of regulatory rules into the selling prices of housing, and raising questions about the legality as well as the efficacy of the institution.

The scope and methods of attracting financial resources in different countries have specific features; however at the current stage of the global financial market development, a significant part of financial resources is attracted by issuing securities. The securities market in the Kyrgyz Republic emerged in the time of the privatization of state enterprises in different economic sectors. The first issuers appeared; they were joint-stock companies, investors and professional players of the securities market. It is known that dynamically developing economy is based on the development of the financial market of the country. The volume of the stock market shows not only its development at the moment, but also it is a good base to draw conclusions about all the economy in general. The stock market is often called a “mirror of the economy.” The analysis shows that unlike Russia, the Kyrgyz Republic has no experience in making transactions using financial derivatives on the domestic and foreign markets as well as in hedging price risks on the currency, oil or stock markets. The main reason for the lag is the lack of legislative framework for markets of derivative financial instruments.

The paper presents a comprehensive view of the problem of identifying and measuring the value of intangible assets (IA) and intellectual property (IP) objects. The main approaches to the formation of the intangible asset definition in Federal Valuation Standards (FVS), International Financial Reporting Standards (IFRS) and the Russian Accounting Standards (RAS) are analyzed. It is noted that the current system of Russian federal standards for valuation, accounting and reporting contains fragmentary norms for individual components of the objects involved. There are contradictions between the volumes and the criteria for recognizing the results of intellectual activity in civil circulation and the accounting system. The authors outlined three blocks of problems of the observed gap between the indices of accounting and the market capitalization of the company: the lack of an active market, which makes it impossible to measure the external market value of the IA; the lack of proper regulation of individual intellectual property institutions; Unreliability of the IA value reflected in financial statements; the impossibility of regarding an object as an intangible asset due to the lack of documentary confirmation of the cost component of its value. The above problems can be eliminated, in the authors’ opinion, by unidirectional coordinated actions of the professional community and regulators in the field of creating an open intellectual property market. The success of the intellectual property market depends on the quality of the tools used by market players; in particular, it concerns the achievement of a higher level of formalization of methods and methodologies for measuring the market value of intangible assets and intellectual property, both at the stage of their recognition as an asset and at subsequent disclosure of respective information in the reporting. The accounting system, in turn, should provide users with reliable information about the IA value by expanding the list of objects that can be recognized in the accounting system as intangible assets, changes in approaches to the formation of their initial value and subsequent re-valuation.

Economists are always worried about the question concerning the cost of goods. Because of the fact that cost — is the most important economic category. Cost — is an element of economic relations in the co-operation of labor in commodity — money system in the sphere of manufacturer relationships cost forms the quantitative significance of these relationships in the production, distribution, exchange and consumption of products such as commodities. The quantity of value is determined by the labor expended in the manufacture of each unit of product.The practical significance of the research, which was conducted in this article, is in understanding how important it is to take into account the system properties of capital and behavioral factors in the management of financial and other resources. The main provisions and conclusions of the study can be further used to develop investment strategies in Russian companies in order to improve management efficiency.

Today Russia’s economy is going through just another financial crisis, which was triggered by the imposition of sanctions. The sanctions were imposed against Russia because of its position on the “Ukrainian issue”. Economic instability has an impact on many areas of activity, including the valuation one. As a rule, during the crisis, the accuracy of estimation reports is greatly reduced. In this regard, the study of possible ways of improving the accuracy of business valuation is relevant. The main purpose of the article is to identify the possible ways of improving the accuracy of companies’ valuation in the conditions of economic instability. Results. The authors identify and describe the practical methods for determining the amendments for discount factor in the income approach. The expediency of applying each of the three classical approaches during the crisis is substantiated. Conclusions. During the period of economic instability it is necessary to improve the classical approaches to business valuation. This can be done through the introduction of various amendments. Obtaining the high-quality initial information by appraisers can contribute to improving the accuracy of valuation reports. The authors work out a number of recommendations to account for the influence of macroeconomic indicators in the valuation during the crisis by introducing amendments to the coefficient of discounting.

In the context of economic globalization, the most common approaches to creating powerful companies that have high market value are those that use mergers and acquisitions. In Ukraine, such processes also have been considerably intensified in recent years. However, in the national economic science, the problems of evaluating the impact of mergers and acquisitions of companies on their capitalization, as well as on the concentration and competitiveness of the country’s economy, have not been solved to date. The article is aimed at analyzing the market capitalization of the world’s largest companies and modeling the impact of their mergers and acquisitions on the capitalization of their economies. As a result of the study, it has been determined that modeling the impact of the mergers and acquisitions of the world’s companies on the level of capitalization of their economies has proved the hypothesis that the countries of the world, where mergers and acquisitions of companies are more extensive, also have larger capitalization level.

Author(s): Ray Brassier et al. | Реј Брасие и др. Title (English): Pricing Time: Outline and Discussion on Suhail Malik’s “The Ontology of Finance” Title (Macedonian): Формирање цена за времето: резиме и дискусија за „Онтологија на финансиите“ на Сухаил Малик Translated by (English to Macedonian): Rodna Ruskovska | Родна Русковска Transcribed by: Stanimir Panayotov Journal Reference: Identities: Journal for Politics, Gender and Culture, Vol. 14, No. 1 (Winter 2017) Publisher: Institute of Social Sciences and Humanities – Skopje Page Range: 86-128 Page Count: 43 Citation (English): Ray Brassier et al., “Pricing Time: Outline and Discussion on Suhail Malik’s ‘The Ontology of Finance,’” Identities: Journal for Politics, Gender and Culture, Vol. 14, No. 1 (Winter 2017): 86-122. Citation (Macedonian): Реј Брасие и др., „Формирање цена за времето: резиме и дискусија за ,Онтологија на финансиите‘ на Сухаил Малик“, превод од англиски Родна Русковска, Идентитети: списание за политика, род и култура, т. 14, бр. 1 (зима 2017): 86-128.

The purpose of this study is to analyse the influence of financial performance toward bond rating of banking industry in the Indonesia Stock Exchange. The financial performance variables examined in this study include liquidity, profitability, capitalization, and asset quality. The Sample was selected using purposive sampling method. Populations of this research were taken from the banks, listed in Indonesia Stock Exchange in 2011-2015. The total population was 42 banks and only 10 of them meet the criteria. The data were analyzed using multiple regression analysis to test the hypothesis. The results of the research show that profitability has a positive influence to the bond rating, while liquidity, capitalization, and asset quality has a negative influence to the bond rating. This study imply that banks need to improve their profitabilities while maintaining their liquity risk, capital level and asset quality in order to enhance their bond ratings.

This article analyzes the ownership structure of state-owned companies and their role in the Russian economy. Using a sample of 114 of the largest Russian companies, we estimated direct and indirect state participation as a percentage of shareholdings for direct and indirect federal property during the time period of 2006–2014. We used two methods to estimate the role of state-owned enterprises (SOEs), which allowed us to compare our results with OECD and Rosstat statistics for a broader sample of Russian companies owned by the public sector. This study revealed a decline in SOEs’ share in the capitalization of the Russian stock market and a slight increase in their share of total revenues and employment. The results indicated that public SOEs demonstrated significantly higher productivity compared to non-public SOEs and private companies had a distinct advantage in productivity compared with public SOEs. Despite the significant advantages in productivity of private companies over the SOEs, over a 9-year period, we observed that this gap narrowed. This may be due to conditions of high financial volatility and stagnation of the economy that result in certain advantages for SOEs in terms of access to sources of long-term funding and other forms of state support. However, SOEs with indirect state control experienced a rapid growth in revenue and productivity compared to other firms. This may indicate the presence of a specific stock selection mechanism for transferring more effective SOEs from direct state ownership to indirect control as an alternative to privatization.

The article presents the results of studying the turbulent approach to knowledge of the current state of the financial services market (FSM). In particular, there justified the expediency of using this approach through stating the presence of a considerable number of processes that emerge spontaneously and are difficult to anticipate in the economic development of Ukraine in recent years. The article substantiates the author’s position regarding the interpretation of the essence of the turbulent approach, describes the method of its use. Operating by the nature of the turbulent approach there identified the main turbulent processes that occurred in the development of the FSM and had a negative impact on it. These processes have been described and discussed in detail. Particular attention is paid to the influence of such processes on the overall development of the financial services market.

Under modern conditions of transformational changes in the global financial environment, the international stock market acquires stable features of activization of investment activity, formation of a large network of professional participants in the stock market and its multi-level institutional structure, expansion of the range of trade in securities, access of economic entities of different countries to financial resources and diversification of mechanisms of concentration, etc. There conducted a study of peculiarities of the institutional structure of the Polish stock market in the context of transformational changes in the global economic system. The factors influencing the volume of capitalization of the Warsaw Stock Exchange are analyzed; the dependence of the capitalization of the Exchange on foreign portfolio investments in shares of Polish issuers is revealed. Based on the results of own calculations of multiple correlation coefficients, the level of dependence between capital stock market indicators and assets of such financial institutions in Poland as investment and open pension funds, insurance companies is determined, and a significant interconnection of assets of investment and open pension funds and insurance companies is revealed. The obtained results can become a basis for institutional investors in the process of making effective decisions on expanding the range of trading in securities.