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We build a parsimonious agent-based model under the adaptive market hypothesis (AMH), which can explain the formation of equilibrium prices and market efficiency dynamics. Our model combines heterogeneous interacting agents, switching behavior, and investor feedback on past realized returns, with realistic assumptions on the market microstructure. Numerical simulations show that our model is empirically robust to the facts observed in returns of developed and emerging financial markets (leptokurtic distribution, excess volatility, time-varying linear and nonlinear autocorrelations in returns, and time-varying degree of market efficiency). These results reveal that the elements in the model are necessary for generating these empirical facts. They also confirm the AMH. The model can be used as an artificial laboratory to assess the effectiveness of regulatory policies and the profitability of trading strategies.

The study’s objective is to evaluate the financial efficiency and determine the factors affecting pig farming models’ financial efficiency in Can Tho City. The study collected data from 118 households raising pigs for meat. The methods used in the study include financial ratios analysis and multivariable linear regression. The research results show that models of raising pigs for meat have high financial efficiency. The financial performance of the models is positively correlated with the educational level of the farmer and the participation in technical training programs. In contrast, financial efficiency is negatively correlated with seed cost, feed cost, farm drug cost, and total risk.

Purpose of the study: The municipal waste management system covers all activities related to waste, and its organization is a mandatory task of the local government. The system is financed by income from fees paid by property owners in the commune and should be balanced. The aim of the paper is to assess the functioning of waste management systems in selected cities in Poland, in terms of their self-financing. Methodology: The comparative analysis covered the revenues and expenses related to municipal waste management systems as well as the fee rates in 2020. In some cases, the change of the phenomenon over time was analyzed. Main findings: In seven out of ten analyzed cities, the system was deficient, while the other ones generated a surplus, which could result from an increase in the fee rates. Compared to other cities, high rates do not cause a surplus of the system, an example of which is Łódź. The presented data, concerning the last two or three years, are insufficient to explain clearly what is behind the shortages of municipal waste management systems. Application of the study: The content of the paper may be useful for local government practitioners and other people dealing with the effectiveness of municipal finance. Originality/Novelty of the study: The municipal waste management system in communes, described in the paper, is used in Poland since 2013 and is still being modificated. There are no studies on its effectiveness and efficiency. The presented data may inspire to a deeper analysis, which should be subjected to the financial efficiency of municipal waste management systems in the time perspective.

My country’s current research on the influencing factors of total factor productivity has problems such as single evaluation method, low efficiency, and poor overall level in terms of evaluation methods and evaluation efficiency. Based on this, this study divides the financial structure into three traditional sections, banking, securities, and insurance, and uses the DEA model to study the temporal and spatial differences of the financial structure’s influence on the total factor productivity of the four major political and economic regions of China’s eastern, western, central, and northeastern China. First, establish a DEA model based on data mining algorithms, combine financial data comparisons over the years, to achieve a quantitative analysis of the financial structure’s impact on China’s total factor productivity, calculate financial efficiency, and then combine the DEA analysis data model with the grey correlation method. Analyze its internal influence rules, and design experiments for model verification analysis. The results show that the DEA analysis model can realize 8 iterations of data on the impact of financial structure on China’s total factor productivity, and its evaluation accuracy can reach more than 96.2%.

Pediatrics is an integral part of public health services. With the impact of the epidemic and the high-quality transformation of China's development, the contradiction in the supply of pediatric public services has become more prominent. Scientific evaluation of the efficiency and quality of pediatric services, clarifying the redundancy of pediatric input resources and adjusting the construction of pediatric services with the help of influencing factors have become important research topics. This paper uses the three-stage SBM-DEA model to summarize the efficiency of China's pediatric services using panel data from 31 provinces and cities in 2008-2019, taking into account undesired outputs such as doctor-patient disputes. Among them, the evaluation system focuses on the role of financial, capital, and other factors, and the Tobit regression model is used to clarify the degree of influence of various factors. The study found that (1) China's pediatric service supply has the characteristics of geographic heterogeneity. (2) The redundancy of various resource inputs is apparent, and the supporting capacity of financial capital is not significant. (3) The economic, technological, and professional environment helps to digest the redundancy of inputs. (4) Capital, urbanization, education development, and birth rate increase under financial operation will promote the increase of the efficiency of pediatric public services.

The goals of its research was to decide the impact of Regional Financial Independence (KKD), the effect of Fiscal Decentralization (DF), the effect of PAD Effectiveness, also Regional Financial Efficiency (EKD) to Capital Expenditures (BM) partially and generally. The study data derive the Regency and City APBD in the Madiun Bakorwil 2014-2019, namely Madiun Regency, Magetan Regency, Ngawi Regency, Ponorogo Regency, Pacitan Regency, also Madiun City. The method of data analysis used multiple regression by SPSS V-20. The output indicated that KKD had an effect on BM, DF had an effect on BM, PAD Effectiveness had no effect on BM, EKD had an effect on Capital Expenditures. The adjusted R 2 value is 0.408, meaning that the influence of the KKD, DF, PAD Efficiency and KD Effectiveness variables on Capital Expenditures is 41% while the residual 59% is affected by outside of other variables not checked in this research. Keywords — Financial Performance, Financial Independence, Fiscal Decentralization, Effectiveness, Efficiency, Capital Expenditure

This research sought to assess the performance of regional financial management in Gianyar Regency during 2016-2020, as measured by the degree of fiscal decentralization ratio, the regional financial dependence ratio, the Original Regional Government Revenue effectiveness ratio, the regional financial efficiency ratio, and the regional expenditure compatibility ratio. In addition, this research also determined the regional financial capacity of Gianyar Regency, measured through the calculation of Share and Growth, the mapping of regional financial capacity, and the index of regional financial capacity. The research results revealed that the financial management performance of Gianyar Regency during 2016-2020 on average was in a bad condition. It can be seen from its low regional autonomy and its high dependency on the central government. In addition, the regional government has not been able to streamline the regional finances in which regional expenditures were greater than regional revenues. The distribution of regional budget in Gianyar Regency has not been evenly allocated so that the performance regional financial management was at worse state. However, viewed from the level of regional financial capacity, Gianyar Regency has very good potential, obstructed by its low level of Original Regional Government Revenue use to finance regional expenditures.

The authors study the development of the oil and gas industry and assess the financial efficiency of the use of renewable energy sources, which determine the relevance of the research topic. The purpose of this work is to study the effectiveness of the development of the Russian energy sector and its contribution to the world economy. The main question to which this article should give an answer is that how the Russian power industry will develop in corresponding to the global trends in energy consumption. This paper uses a method for finding the parameters of the efficiency of renewable energy sources using exponential smoothing. The paper uses data from the analytical report of British Petroleum and the Bloomberg system for the period from January 2012 to December 2019. The result of the study shows an improvement in the accuracy of the predicted values, while previous models had higher standard error estimates. The novelty of the study is to achieve accurate results of the forecast of fossil-fuel consumption for 3 years ahead (the forecast accuracy is 80.5). The article concludes that while Russian oil and gas projects are very important for the Russian economy until now, renewable energy projects are more beneficial. In addition, Russia does not seem to support the global trend towards a renewable and sustainable economy. Although oil and gas prices remain acceptable, unforeseen changes in the behavior of real buyers can hinder the efficiency of the Russian economy and lead to a disruption of Russia’s economic growth if Russia does not decisively steer towards renewable energy from now on. The growth of the Russian power industry corresponds to the global trends in fossil energy consumption (while fossil prices, thus incomes keep worsening), and thus innovative solutions for enhancing renewable energies must be adopted. The article proves that many pipeline projects (South Stream, Turkish Stream, Nord Stream 2) move the Russian energy sector back to the past because they just contradict existing trends.

The aim of this study was to analyze the financial performance of agricultural mechanization service delivery for rice farms in Vietnam. From the Vietnam Household Living Standard Survey 2014 data set, data of 164 farmers who provided agricultural mechanization services for rice production were extracted to evaluate the financial performance. Results showed that the duration of farmers’ operation to provide services for rice production was about 2.8 months/year on average. The profit of mechanization service delivery for rice production was about 17 million VND/year. The average return on sales ratio was about 56.4%. Regression results indicated that Kinh households had lower financial efficiency than other ethnic groups. If the main person in charge was the household's head, it was less effective than other family members. Variables of asset depreciation, labor outsourced, agricultural credit, and rice land area reduced the financial efficiency of agricultural service providers. Meanwhile, farmers who were men with primary income from rice production had higher financial efficiency in providing agricultural services.

Research background: Microfinance institutions (MFIs) play an important role in alleviating poverty. Thus, MFIs should be efficient in order to ensure that their objectives on social welfare and financial performance can be achieved by identifying the potential determinants, specifically on social globalisation. Purpose of the article: This paper examines the impacts of the social globalisation dimensions of interpersonal, informational, and cultural globalisations on the financial and social efficiency of MFIs. Methods: The data period covered the years 2011?2018; the data set consists of 176 MFIs from six Asian countries. The Data Envelopment Analysis (DEA) approach was employed to examine the MFIs? efficiency levels. Generalised Least Square (GLS) regressions were used to analyse the impacts of social globalisation and other determinants towards the efficiency of MFIs. Findings and value added: Interpersonal globalisation had a significantly negative correlation with social efficiency, suggesting that increasing the number of foreigners in management intrudes on local managers? decisions. Informational globalisation had a significantly positive correlation with financial and social efficiency, which signifies that more information produces monopolistic profits in this industry. Finally, cultural globalisation had a positive correlation with social efficiency, demonstrating that a global trading culture improves the abilities and technological skills for labour development and enhances MFIs? social efficiency. In general, the Cobb Douglas Production theory explained the understanding of the impacts social globalisation has on MFI efficiency. Furthermore, the findings from this study could provide important scientific, practical gap and contribute new insights and implications to various parties. Firstly, governments or policymakers can establish effective national policies and strategies. Secondly, this study could support investors in monitoring and understanding the performance of MFIs. Finally, the research could fill scholarly gaps and uncover more potential factors that influence the efficiency of MFIs.

This research aims to evaluate the perception and productive efficiency of agricultural cooperatives in Hau Giang province Vietnam. The main contribution of this paper is the comparison between two types of cooperatives including fruit cooperatives (jackfruit, lemon) and rice cooperatives representing new and conventional forms, respectively. The primary data in this research was obtained by directly interviewed 50 cooperatives. Descriptive statistics, t-test, financial indicators, Likert scale, and SWOT matrix were employed to analyze the data. Descriptive statistics and comparative methods were first employed to assess the current state of cooperatives through criteria such as capital resources, age of cooperatives, number of members, age, education level of the cooperative head. Likert scale was then employed to identify perceptions and desires in order to enhance cooperative activities through several suggestions combine with SWOT matrix analysis. The analysis of the current situation identifies that the cooperative is increasing in quantity and quality, creating more job opportunities for its members and diversifying services. However, the weaknesses of cooperatives include organizational capacity, infrastructure conditions, unstable output prices and export markets, and poor competitiveness. The comparison results reveal that fruit cooperatives are more effective than rice cooperatives, but the differences are not statistically significant. The SWOT matrix analysis proposes some innovation strategies for agricultural cooperatives, including focusing on diversifying forms of activities and organizing market linkages with businesses, supporting product output; increase operational capital through capital mobilization, infrastructure investment, market consolidation, and technical development, as well as capacity building of cooperatives through training. Keywords: cooperatives, financial efficiency, linkages, Mekong River Delta.

PurposeThe study aims to examine the micro-level implications of implementing a circular economy (CE) business model on firms’ financial performance and the effect of organizational culture in this context.Design/methodology/approachUsing a survey method to obtain 617 usable questionnaires from diverse business sectors in Ghana, a largely unexplored region and relying on institutional and legitimacy theories.FindingsThe study shows that the implementation ofCEpolicies, such as the reducing, reusing, recycling, recovery and restoration of resources used in manufacturing, distribution and consumption processes, contributes to improved financial efficiency. Furthermore, organizational culture moderates by way of strengthening the positive relationship betweenCEand business financial performance.Originality/valueThis study contributes to the literature on circularity and the broader discourse on ecological issues by arguing that institutional and legitimacy theories, which are both from the political economy theory, suggest that firms’ economic activities will be influenced by the political, social and institutional context. Therefore, the firm’s decision to embrace a different business model such asCEshould be seen from the political environment involving rules and regulations, social dynamics both within and outside the organization and the institutional structures within which the firm operates. These mechanisms establish a business case for the implementation ofCEinitiatives and is guided by intent and specific goals. This motivates and encourages employees to be more involved in their duties and interactions leading to high levels of employee satisfaction, which improves productivity and profitability.

This study aims at exploring the impact of ESG scores on the value and FP of firms in the airline industry. The potential moderating role of firm size and age has also been studied in an effort to disentangle their relationships in this context. In particular, the analysis involves interaction effects for two types of firms: full-service and low-cost carriers. Based on the collected data from 38 airlines worldwide for the period 2009 to 2019, we observed that contributions to governance initiatives improve a firm’s market-to-book ratio. We also found that a firm’s participation in social and environmental activities is positively and significantly rewarded by a higher level of financial efficiency. Additionally, firm size is the relevant moderator for the association between sustainability disclosure and both firm value and FP in the air transport industry. We therefore propose that a managerial strategy of participating in these initiatives may adapt them based on their total assets as proxy of firm size. In regard to firm age, we did not find it to be a significant moderator.

Purpose This study aims to examine the potential effect of integrating social and ethical practices into strategy on the market valuation of environmental, social and governance (ESG) businesses using the moderating effect of green innovation. Design/methodology/approach The sample used consisted of 523 international firms listed on the ESG index and headquartered in North America and Western Europe, forming an unbalanced panel of 7,845 observations spanning the period 2005–2019. The authors run a fixed-effects panel regression model using the Thomson Reuters ASSET4 to test the relationship between societal and ethical practices and the stock market value creation. Similarly, as an extension of the research, this paper exploits two robustness analyzes. The authors tested the dynamic dimension of the data set through the generalized moment method and the effect of the legal system. Findings Evidence reveals a significant positive relationship between societal and ethical practices and businesses’ market valuation. The empirical results indicate that societal and ethical strengths increase firm value with the moderating effect of green innovation and weaknesses reduce it. The results found with the dynamic dimension of the data set indicate the existence of continuity between firm values over time. Research limitations/implications Given the long study period, many firms with missing data were eliminated. To avoid the small sample size, countries with few observations were included, which led to an uneven distribution between observations per country. Practical implications Findings from this paper can help ESG firms to consider their future growth opportunities in a context where the approach of business ethics occupies a central position in business valuation. Originality/value This study is the only study that provides ESG companies with seven different nationalities with evidence for the effect of social and ethical practices regarding market valuation. This paper is also relevant as it addresses the relationship between social effectiveness and financial efficiency, as well as the dynamic effect of this relationship.

The Purpose of this study is to compare the differences between the development of Islamic banking performance and conventional banking performance in the previous few months before and after the covid-19 pandemic. this analysis contrasts the finding of previpus studies with the two formas of banking that were not related to the covid pandemic in the preceding year. Multiple financial ratios were used in previous studies to determine the financial efficiency of banks. Based on previous research, there are several ratios used to see the performance of both Islamic banking and conventional banking, including liquitdy ratios, profitability ratios, solvency ratios, and efficiency ratios.

The performance of global trade depends on the logistics industry to move products, information, finances, technology and human resources along the supply chain. The current situation during the pandemic relies on the logistics industry particularly in the courier, parcel and express service providers to deliver daily essentials. Product customization, customer demand, technological sophistication, threat of new entrants, border closure, compliance to Covid-19 regulations and global economic crisis have taken the logistics industry by storm. For the sustainment and growth of these companies, strategic decision making shall take place. A huge determinant of these decisions is the financial efficiency of the companies. Therefore, this paper aims to determine the efficiency of the logistics companies in Malaysia by analyzing their financial performances using current ratio, debt to assets ratio, debt to equity ratio, earnings per share, return on assets and return on equity with data envelopment analysis model. The results of this study found that five companies, COMPLET, GDEX, MISC, SURIA and WPRTS are efficient. This study fills the research gap by determining the efficiency scores of these companies and suggesting potential improvements for inefficient companies to enhance and optimize their financial positions.

The adoption of organic fertilizers is one of the measures of sustainable agricultural production in Vietnam. This research evaluates the effectiveness of organic fertilizer application and the factors affecting adoption of organic fertilizers in rice production. The data of 3,972 rice farmers from the 2014 Vietnam Household Living Standards Survey dataset are used in the analysis. The results show that yield, revenue, and cost of rice production for farmers using only inorganic fertilizers are greater than those forf farmers applying organic fertilizers. However, there is a consistent profit between the two groups of farmers. Use of organic fertilizers improves the financial efficiency of rice production for farmers. The amount of inorganic fertilizers required decreases when farmers apply organic fertilizers. Farmers who are Kinh people, have loans for rice production, or have large land areas tend to use less amount of organic fertilizers. Meanwhile, farmers with higher education, who join the Farmer's Association, or have more household members, are more likely to use organic fertilizers for rice production. This study implies that farmers should apply organic fertilizers to increase the financial efficiency and sustainability of rice production. The government needs to design policies to motivate the production and utilization of organic fertilizers.

Purpose The purpose of this study is to evaluate whether focus on social output affects the efficiency of MFIs. Inclusive growth is the key developmental aim for many developing countries, including India. The role of microfinance institutions (MFIs) in promoting financial inclusion is widely applauded. However, to achieve financial sustainability, MFIs have become highly commercialised and are seen to have drifted away from their social mission. Various studies have shown the efficiency of MFIs on financial parameters. MFIs being a social enterprise, it is important to include social output among the efficiency parameters. Design/methodology/approach This study attempts to compare the efficiency of MFIs with and without social performances across the various size of MFIs based on their asset, i.e. large, medium and small. This study uses Data Envelopment Analysis (DEA) for assessing an MFI’s efficiency. For calculating the social output score, the Gutman Scale is used. Efficiency is calculated with and without social output, and the resulting scores are compared to assess the impact of social performance on the efficiency of MFIs. Findings The results of this study allow us to conclude that with the inclusion of social output, the efficiency of MFIs improves across various categories. In terms of social performances, it is concluded that MFIs are targeting women and mostly working in rural areas but have neglected issues like health and education. Originality/value The findings of this study will help MFIs in formulating their mission and vision statements and in achieving the objective of financial inclusion without experiencing mission drift.

This study aims to determine the effect of financial distress and regional independence on the probability of corruption in the local governments, Indonesia. This study used panel data of local governments in Indonesia in 2012 and 2013 with a total of 785 local governments. Data were analyzed using logistic regression analysis. The study results found that financial distress had no effect on the probability of corruption, while regional independence had a positive effect on the probability of corruption in the local governments, Indonesia. This means that if the regional independence is high then the probability of corruption in the local government is also high, vice versa. The study findings were also robust in a separated analysis, when additional test was carried out. This study found empirical evidence that the independence of funding sources, independence ratios to meet regional needs, and the amount of regional income could be used to detect corruption in local governments, Indonesia, while the budget solvency ratio, financial performance ratio of budget, financial performance ratio of fund equity and regional financial efficiency could not.

In the early 2000s, Japan instituted the Great Heisei Consolidation, a national strategy to promote large-scale municipal mergers. This study analyzes the impact that this strategy could have on watershed management. We select the Lake Kasumigaura Basin, the second largest lake in Japan, for the case study and construct a dynamic expanded input–output model to simulate the ecological system around the Lake, the socio-environmental changes over the period, and their mutual dependency for the period 2012–2020. In the model, we regulate and control the following water pollutants: total nitrogen, total phosphorus, and chemical oxygen demand. The results show that a trade-off between economic activity and the environment can be avoided within a specific range of pollution reduction, given that the prefectural government implements optimal water environment policies, assuming that other factors constraining economic growth exist. Additionally, municipal mergers are found to significantly reduce the budget required to improve the water environment, but merger budget efficiency varies nonlinearly with the reduction rate. Furthermore, despite the increase in financial efficiency from the merger, the efficiency of installing domestic wastewater treatment systems decreases drastically beyond a certain pollution reduction level and eventually reaches a limit. Further reductions require direct regulatory instruments in addition to economic policies, along with limiting the output of each industry. Most studies on municipal mergers apply a political, administrative, or financial perspective; few evaluate the quantitative impact of municipal mergers on the environment and environmental policy implications. This study addresses these gaps.

There is an increasing awareness about the importance of the role that small food and beverage producers play in the socio-economic development in many countries. However, since they face many specific problems which create obstacles for their existence, small producers should be identified and supported. To properly analyze their position, one should consider multiple criteria within their operational, financial, marketing and strategic activities. This paper analyzes small food and drink producers from selected countries in the European Union and estimates their financial efficiency using raw financial variables instead of financial ratios. The research is based on the data obtained from the Amadeus database for the period from 2011 to 2015. The relative efficiency is determined by using the data envelopment analysis (DEA). The results show that the number of efficient small companies in the sample had varied throughout the analyzed period. The same holds for the number of efficient companies within countries and within the food and drink industry. Approximately 23% of food producers were relatively efficient, while the share of efficient drink producers increased over time from approximately 20% to 23%. Moreover, we detect countries having the greatest percentage of efficient small producers in the sample. The DEA approach identified efficient producers which have better liquidity, efficiency, leverage and profitability and pointed out cash liquidity as the area of inefficiency for the inefficient companies. This analysis provides policy makers with information for developing policies which could improve the strength of small food and drink producers on a country level.

PURPOSE: The objective of the article is to invistigate how market structure influenced the financial effectiveness of life insurance companies (Branch I)., DESIGN/METHODOLOGY/APPROACH: A critical review of literaturę is undertaken, contens of factors which influence financial effectiveness of insurance companies are analysed, and econometric methods are applied. A panel model is constructed and results of its estimation are analysed., FINDINGS: The research assumed the existence of a relationship between the share in the insurance market and the financial efficiency of life insurance companies. ROE (Return On Equity) was adopted as the dependent variable (explained feature) measuring the financial efficiency of insurance companies. The share in the insurance market, measured by gross written premium, was considered one of the explanatory variables. The results of model’s estimation indicated that all independent variables are statistically significant and the signs are in accordance with theory and hypothesis. The main variable which influence the variability of ROE is share in the market measured by gross written premium., PRACTICAL IMPLICATIONS: The results may be taken advantage of life insurance companies. They indicate factors of financial effectiveness life insurance companies., ORIGINALITY/VALUE: The paper contains the authors’ original research into a representative group of life insurace companies, that can be generalised to the entite population. The study will contribute to the developmet of theories concerning factors of the financial effectiveness of insurance companies., peer-reviewed

International audience; The problem of identifying and quantifying the efficiency of accommodation units is currently a discussed issue. Recognition and identification of the most important aspects that increase the financial efficiency of a rapidly changing business environment, especially in a difficult period of economic and tourism bounce back is a key issue. Only the companies that adequately address the issue of their measurement and evaluation and are able to choose the right approach in this regard will win the competition. Our work focuses on the identification of key factors influencing the management of business entities. We carried out a detailed analysis of accommodation units in selected accommodation facilities at the regional level. We wanted to point out the differences within the individual regions of Slovakia. By applying the DEA method, we used individual models focused on inputs and outputs in order to determine the inefficient units in our research, and revealed its shortcomings and pointed out the way to improve the economic results of these research subjects.

PurposeThis study used data envelopment analysis (DEA) models to measure financial efficiency of twelve commercial banks listed in the Egyptian stock exchange (CBLSE), along with evaluating changes to the financial efficiency during the period 2017–2019.Design/methodology/approachThe study used BCC-I, cross-efficiency, super-efficiency models, and Malmquist productivity index (MPI) to assess financial efficiency of the examined banks. The available data from both inputs and outputs were analyzed using R. studio V.I.3. 1056 software.FindingsOut of twelve banks examined, only four banks were efficient under BCC-I model over different years of the study period; however, only one bank (CIB) appeared to be the most efficient compared to other peers in the study sample. Moreover, MPI results revealed decreased financial efficiency during the study period, due to the decreased technological innovation, except for HDB. Tobit regression results confirmed that total assets and total equity are significant factors impacted financial efficiency of CBLSE.Practical implicationsThis study sheds light on the importance of evaluating financial efficiency of CBLSE to all stakeholders, to pinpoint weaknesses in banks' performance, and for evaluating financial policies and investment decisions.Originality/valueSeveral studies sought to implement different models of DEA to assess banking performance in different regions of the world, but very few studies examined financial efficiency of banks. To the best of authors’ knowledge, this study is one of those few that addressed financial efficiency of banks in Egypt.

Arguments for reform of the dynamic of medical negligence litigation in Ireland frequently centre on temporal and financial concerns. However, as the field of law and psychology has continued to grow, a body of international literature has emerged which recognises that litigation can have a destructive emotional impact on its participants, particularly in the context of medical negligence disputes.This paper contributes to the discourse on law-caused harms through a critical exploration of the emotional burdens of medical negligence litigation from the perspective of both the plaintiff and medical practitioner, with reference to the findings of an empirical study (interviews with barristers, patient support groups, and medical professional bodies) and the literature. Whilst the temporal and financial efficiency of medical negligence litigation is important, if litigation can cause emotional harm, this should be considered a serious, undesirable effect of the traditional adversarial process, and may have broader implications for reform in this area.

The study's objective is to evaluate the impact of environmental sustainability rating, financial development, changes in the price level and carbon damages on the new COVID-19 cases in a cross-sectional panel of 17 countries. The study developed two broad models to analyse the relationship between the stated factors at the current level and forecast level. The results show that improvement in the environmental sustainability rating and financial efficiency reduces the COVID-19 cases, while continued economic growth and changes in price level likely to exacerbate the COVID-19 cases across countries. The forecast results suggest the U-shaped relationship between COVID-19 cases and carbon damages controlling financial development, price level and environmental sustainability rating. The variance decomposition analysis shows that carbon damages, environmental sustainability rating and price level changes will largely influence COVID-19 cases over the next year. The soundness of economic and ecological regulated policies would be helpful to contain coronavirus cases globally.

This study aims to evaluate Siskeudes V2.0. R.0.1., from the system and its output, which is also analyzed is related to the measurement of efficiency and effectiveness of the use of village funds. Data collection is done by evaluating the application system, and calculating the financial ratio of siskeudes application output, in villages in West Lombok Regency. In terms of system evaluation, as a connection effect between the planning and budgeting stages, implementation and administration, to financial reporting, traceability and connectivity Siskeudes V2.0 R.0.1. better than Siskeudes V1.0.R1.06. The existence of the Activity Package in budgeting and implementing expenditures also makes it easier for the village government to make village financial statements. From the point of view of the village government, the average person has been able to estimate the using of funds and allocation in the activities field. Thus, the ability of the village government in West Lombok Regency in estimating routine expenditures and village capital expenditures (harmony), which has an effect on the efficiency and effectiveness of village funds, has been good. As a suggestion, because there is no automatic measurement of financial efficiency and effectiveness in Siskeudes to measure the financial performance of village governments, researchers advised the Ministry of Finance and the Ministry of Home Affairs to draw up regulations for calculating village financial ratios, as well as integrate them in Siskeudes applications.

Assessing the impact of methods of corporate social responsibility management on financial performance is one of the key aspects to implement strategic management into practices. There are contradictory results of this impact’s study in the literature due to the difference in the applied methods of measuring variables, errors in models etc. The available literature is still inconclusive about this aspect, in particular, for the metallurgical industry, which plays a significant role in Ukrainian and world economy. The purpose of the paper is to evaluate the impact of corporate social responsibility on the company financial performance and to determine the financial efficiency of socially responsible initiatives for the metallurgical industry in particular. It proposes methodology for assessing the impact of corporate social responsibility on the corporate financial performance, and it uses data from a socially oriented balanced scorecard. The research methodology includes correlation and regression analysis with panel data techniques based on data from a balanced scorecard for a sample of four dominant market participants in the Ukrainian metallurgy in 2010-2018. Authors assess the level of corporate social responsibility by indicators of four perspectives, such as: internal processes, learning and growth, environmental, and relational perspective that characterizes the level of satisfaction of various stakeholder groups with the company’s activities in the field of corporate social responsibility. The initial data for the analysis have been taken from the financial and non-financial statements and results of expert assessment. The study uses linear and panel regression models with fixed and random effects in order to demonstrate the impact of four independent variables (internal processes, learning and growth, environmental, and relational perspectives) on the financial perspective as a dependent variable. The panel effects made it possible to obtain more accurate model’s parameters compared to simple linear regression model. The empirical finding from the study illustrates a strong and statistically significant relationship between the relational perspective, which is a corporate social responsibility indicator, and the financial perspective in the socially oriented balanced scorecard. This means that the costs of creating and maintaining a positive image of metallurgical companies are fully justified by improving their bottom line. Future research directions compare the effectiveness of statistical methods evaluating the impact of corporate social responsibility on the company financial performance with alternative methods, e.g. data mining techniques, in terms of forecasting accuracy.

This study examines how financial development influences economic complexity, using a broad index of financial development. By utilising a global sample of 86 countries over the period 2002–2017 and applying several econometric techniques, we find that financial institutions and financial markets, as well as their sub‐indices (financial depth, financial access and financial efficiency), have significantly positive impacts on economic complexity. Interestingly, financial institutions have a stronger effect than financial markets, and it is the same with financial efficiency over financial access and financial depth. Three subsamples comprising 28 low‐ and lower‐middle‐income countries, 22 upper‐middle‐income countries and 36 high‐income countries are examined.

Food incidents have led to the increase in demand for food products certified by an international quality assurance certification of consumers all over the world. Shrimp is an important daily food product. As one of the largest shrimp production countries with the export-orientation, Vietnamese shrimp producers have to consider applying for the international quality assurances certifications to be able to satisfy the requirements of global consumers, and access to global markets, especially the high-standard markets such as the US, EU, and Japan. Despite the significant benefits obtained from the international quality assurance certifications, the application schemes for Vietnamese shrimp products were limited. It was due to the lack of awareness of the financial benefits of getting quality assurance certification for a multiplicity of shrimp farmers. This study aims to investigate the effects of application for international quality assurance certifications on the profit of Vietnamese shrimp farms. The Tobit regression model has been explored to achieve the purposive study. Found results indicated that the application for quality assurance certification might increase the profitability of shrimp farmers (p < 0.05), proposed this might be a meaningful alternative to improve the financial efficiency, and to call for the willingness to apply for international quality assurances certification of shrimp farmers. Besides that, other influencing factors, including cultivation methods, production costs, and farm-gate price, have been found as the significant determinants affecting the shrimp farm’s profit (p < 0.05). This suggests that a well-management in financial indicators might generate a better profit for shrimp farms.

This research aims is to determine whether there are differences between financial performance of local governments in Indonesia at the level of financial independence, financial effectiveness, financial efficiency, and financial activities before and after the global economic crisis 2008. To analyze the financial performance of local governments, the research conducts financial ratio analysis of APBD. The samples used in this research is local governments in the province of DKI Jakarta, East Kalimantan, Riau, East Java, North Sumatra, Riau Islands, South Sumatra, Central Java, South Kalimantan and Lampung, which are the top ten provinces which have the largest foreign trade value according to the Badan Perencanaan dan Pembangunan Nasional (Bappenas) in 2010 and is expected to hit the global economic crisis 2008, and that was published the data of APBD from 2003 to 2012. The analysis instrument used to determine differences between financial performance before and after the global economic crisis of 2008 was the Paired Sample T Test. The results of research show that there were no differences between the financial performance of the local governments in Indonesia at the level of financial independence and financial effectiveness before and after the global economic crisis 2008. In other hand, there are differences between the financial performance of the local governments in Indonesia at the level of financial efficiency and financial activity before and after the global economic crisis 2008.

Identifying the type of organization for achieving social efficiency for agricultural development remains a challenge. In this study, the relationship between the financial and social efficiency of...