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In the new political and economic realities, the key tasks for Russia are to maintain sustainable development trends in all regions, ensure smooth functioning of economic mechanisms, and increase the country’s technological sovereignty. Solving these tasks requires the provision of resources, including investment resources. The reduction of investment opportunities in European markets leads to the need to compensate and seek new sources of investment in Asia-Pacific markets. This requires the expansion and renewal of investment attraction tools. In the article the authors analyze the experience of the regions of the Russian Far East in the use of territories of advanced development to attract foreign investment. The competitive advantages of the five sites in the Far East regions identified by the government for the creation of international advanced development territories have been high-lighted. It also characterizes the institutional framework, names the features of the model of international territories of advanced development, substantiates the necessity, defines the conditions for implementation of the legislative initiative of the Government of the Russian Federation on creation of a new format of preferential treatment. The authors believe that its institutionalization will contribute to the increase of investments in high value-added industries, expansion of high-tech production, which will strengthen the country’s technological leadership. The authors have made a conclusion about the regularity and objectivity of trends in the expansion of tools for attracting investment in the economy of regions and the country as a whole.

We offer analytic formulae for valuing finite maturity profit caps and floors that are contingent on continuous flows without the need for subtracting the risk‐neutral expectation of the forward starting perpetual solution from the corresponding perpetual solution. The related price caps, floors, and collars are easily obtained from any analytic representation of profit caps and floors using some arbitrage‐free relations. Finally, we offer two novel methods for calculating the optimal triggers of investment projects in the presence of price floors and collars regimes in a way that is much simpler than the ones currently used. [ABSTRACT FROM AUTHOR]

Economic downturns represent an inevitable challenge that nations and businesses must confront, presenting considerable risks. As a result, it becomes imperative for them to formulate strategies to secure their survival. The world has recently experienced an economic downturn due to a pandemic. COVID-19 has caused a significant economic crisis, leading to job losses and disruptions across various sectors worldwide, including the Philippines. The study utilizes economic indicators to determine patterns, meanings, and subsequent opportunities. Specifically, the study sought to identify relevant economic indicators, find patterns and meaning within each indicator and among indicators, and determine implications from findings. Content analysis was used in the study. It is a qualitative research method to identify and interpret themes, meanings, and patterns. The materials used include eleven Philippine economic indicators, namely, the Philippine Stock Exchange Composite Index, Balance of Trade, Core Inflation Rate, Consumer Spending, Tourist Arrivals, Consumer Confidence, Consumer Credit, Gold Reserves, Foreign Exchange Reserves, and Money Supply M2, and Interest Rate. In conclusion, the study determined that the collective surge in economic activities is positively related to the rise of inflation; increased interest rates potentially mitigated the rise in inflation, and other factors negated the trade deficits and gold reserve fluctuations. The Philippine economy is on the path to recovery, and the unique interrelations of economic indicators imply a more stable environment in the Philippine economy. This signals a green light for investors and an opportunity for policymakers to fine-tune existing initiatives to sustain economic recovery. [ABSTRACT FROM AUTHOR]

This study investigates the impact of macroeconomic shocks to firm investment opportunities on firm debt contracting policy. We find that adverse shocks to investment opportunities lead to a significant reduction in the use of debt covenants in syndicated bank loans. Consistent with incomplete contract theory, we show that firms mitigate debt–equity conflicts arising out of investment opportunities by employing accounting‐based financial covenants rather than non‐accounting‐based prepayment covenants. Adverse shocks to investment opportunities also lead to a concomitant decrease in the cost of borrowing. We find consistent evidence for corporate bond covenants and bond market borrowing costs as well. Overall, this study resolves prior mixed evidence concerning the impact of investment opportunities on debt contracting and connects macroeconomic theory with the accounting literature on debt contracting. [ABSTRACT FROM AUTHOR]

The level of accessibility to various sources of financing plays a crucial rolein formation of an investment strategy. The purpose of the article is to identify and analyse factors influencing the volume of investment expenditures of public Russian enterprises in the real economic sector with consideration to the degree of financial constraints. The research is based on division of companies into more and less financially constrained. The following characteristics were chosen as criteria for segmentation: size, age of the business and placement of corporate bonds on the exchange. A regression analysis specified similarities and differences among determinants of investment activity of more and less financially constrained companies. The key common factor that has an impact on this characteristic of organisations in both groups is investment expenditures of the previous period. Investments of more financially constrained companies have shown a strong dependence on indicators of current cash flow and capital structure. At the same time, the volume of expenses of less financially constrained companies is more influenced by the indicator of accumulated tangible assets. The results of the research may interest enterprises in the real sector when assessing the degree of their financial constraint and determining the volume of investment expenditures.

The purpose of this study is to investigate whether analyst coverage is associated with managerial myopia. Moreover, the effect of the interaction between analyst coverage and investment opportunities on managerial myopia is also investigated. We used data of 100 companies listed on the Egyptian stock exchange for the period 2014–2019. The results indicate that analyst coverage exacerbates managerial myopia. This result is consistent with the financial analysts’ pressure role, which indicates that analyst coverage imposes excessive pressure on managers to achieve short-term goals and thereby exacerbates managerial myopia. Furthermore, this study finds that the interaction between analyst coverage and investment opportunities alleviates managerial myopia. This result is consistent with the financial analysts’ monitoring role, which suggests that financial analysts, by acting as effective monitors, mitigate managerial myopia.

Using Sino‐Securities Environmental, social, and governance (ESG) ratings data, we examine how environmental uncertainty affects the ESG performance of Chinese A‐share non‐financial listed firms from 2008 to 2020. Our findings show that environmental uncertainty harms corporate ESG performance. In particular, when environmental uncertainty increases, a firm's ESG score and ESG ratings decline due to factors such as financial constraints and industry competition. We argue that as the environmental risk premium rises, it increases the real options value of postponing sustainable investment for a firm. Consequently, the firms tend to cut down their ESG investment by weighing the long‐term benefits and short‐term direct costs. The value of real options changes with the investment opportunities available to the firms and the financing constraints and competitive pressure changes the size of investment opportunities. We argue that higher financing constraints and industry competition restrict available investment opportunities and dilute the negative impact of environmental uncertainty on corporate ESG performance. These results add to the existing literature investigating the impact of uncertainty on corporate ESG performance and offer insights to regulators and enterprise managers. These results are robust to alternate proxies of ESG performance and alternate regression techniques. [ABSTRACT FROM AUTHOR]

The capital market is a market that acts as a mediator between investors, companies and government institutions in offering various long-term financial securities. With the aim of generating income, investors utilize the capital market as a means for growth and expansion of the Company's business, reflecting the Company's willingness to be open in expanding and maintaining its business. This research examines the influence of Profitability, Asset Structure, Company Size, Corporate Governance, and Investment Opportunities on Stock Prices with Stock Returns as a Moderating Variable. The sample used in this research was 28 manufacturing companies listed on the Indonesia Stock Exchange (BEI) indexed LQ45 in the 2020-2022 period. The sample was determined using the purposive sampling method. This research uses multiple linear regression analysis and is processed using SPSS25. The results of the research show that: (1) Profitability has a positive and significant effect on Share Prices (2) Asset Structure has no significant effect on Share Prices (3) Company Size has a positive and significant effect on Share Prices (4) Corporate Governance has no significant effect on Share Prices (5) Investment Decisions have a positive and significant effect on Stock Prices (6) Stock Returns strengthen or moderate Profitability have a positive and significant effect on Stock Prices (7) Stock Returns do not strengthen or moderate Asset Structure on Stock Prices (8) Stock Returns do not strengthen or does not moderate Company Size on Share Prices (9) Stock Returns do not strengthen or moderate Corporate Governance on Share Prices (10) Stock Returns strengthen or moderate Investment. [ABSTRACT FROM AUTHOR]

Arbitration as a dispute resolution mechanism aims to advance access to justice in accordance with Goal 16 of the United Nations Substantiable Development Goals (SDGs). One key issue in arbitration law and practice is the role of third-party funders in fundraising for the arbitration or even litigation process. Third Party Funding (TPF) has grown as a practice of financial responsibility for litigation or arbitration by sponsors that are not parties to a dispute, but whose interest is return for their investment. Such an arrangement may cover major litigation or arbitration costs, as well as other miscellaneous costs. The practice contradicts well established legal principles such as privity of contract and/or complements party autonomy, but the enormous advantages it offers, such as faster access to justice and investment opportunities cannot be ignored. Whilst the concept has developed in advanced countries it is yet to take shape in developing nations like Nigeria. The methodology deployed is doctrinal with primary and secondary sources being the content of Statutes, Bills and Case law. Online sources were also relied upon for secondary sources. The study found that TPF will assist in higher fundraising for litigation and arbitration, that it applies mainly to claimants and will increase access to justice. It is recommended that funds be made available to Defendants too and that developing countries should embrace the practice. [ABSTRACT FROM AUTHOR]

The most basic goal of cooperative companies of any type is to improve the economic status of the members of these companies. After the victory of the Islamic Revolution, the cooperatives of the country have grown tremendously physically and have provided the necessary grounds for the participation of the general public in various economic and social matters. State economic inadequacies and harmful consequences of the private economy make it necessary to pay more attention to cooperatives. In this research, upstream document analysis using the document analysis method has been used to determine the investment priorities of the city's development and construction cooperative companies. Then, according to the interviews conducted with the members of the development and construction cooperative companies of Rasht city, the cooperative organization, work and social welfare, the management of statistics and information, and the management and planning organization of Gilan province, the governor and prefect of the city, experts A university active in the field of Gilanology, investment opportunities were identified separately and analyzed using the document analysis technique and ranked using the Delphi technique. In the following, according to the output of the Delphi technique in line with strategic analysis, using the parental strategy, the priority of each of the identified projects of Rasht city is determined and the position of each of them according to the key success factors and cooperative capabilities in the matrix. Placement parents and necessary implementation suggestions have been provided.

The author shows how companies in the real sector of the economy carry out their investment activities, especially how they invest in long-term assets, in terms of both investment dynamics and investment financing, with an emphasis on strategic investments. In the theoretical part of the paper, the author presents certain laws that apply in the field of investment activity, addressing the issue of the intensity of the investment activity of companies over time and the issue of providing the necessary financial resources for the implementation of strategic investments. In the empirical part of the paper, on a sample of Slovenian large and medium-sized companies from the real sector of the economy, the investment activity of companies in the period 2010–2017, i.e. after the great financial crisis and economic recession, is shown. This is done through the prism of various factors and their effects on investment ability. The author puts forward several research hypotheses (6), which he fully confirms. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Academic Social Science Studies is the property of Journal of Academic Social Science Studies 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.)

Research aims: This study investigates the role of firm characteristics explained by the investment opportunity (IO) on the ability of dividends to predict future earnings. Design/Methodology/Approach: This study performed an empirical study on firms listed in the consumer goods sub-sector on the Indonesian Stock Exchange, divided into companies with strong and weak IO categories to clearly see the role of IO by comparing the variable dividend coefficients of the two sample categories. Through purposive sampling, the researcher determined the research sample, totaling 42 firm samples for the weak IO category and 48 firm samples for the strong IO category. Then, the multiple regression analysis utilizing IBM SPSS Statistic Version 23 was employed to analyze the relationship between variables. Research findings: Surprisingly, companies with weak IO showed a more remarkable ability to predict future earnings than companies with strong IO because the dividend coefficient of companies with weak IO was higher than that of strong IO, denoting that the number could explain the strength of ability. Theoretical contribution/Originality: The result provides alternative explanations to the previous inconsistent results from the dividend's ability to predict future earnings. The result also supports the argument that the companies with weak IO may use dividends to convey information signals and compensate the investor for unsatisfied performance, which is called counter-signal when strong IO refrain from doing so and rely on additional information. Practitioner/Policy implication: Investors should notice companies' characteristics, such as investment opportunities, while considering dividends as a signal for future performance to make an investment decision. Research limitation/Implication: The research did not fully capture all companies in Indonesian Stock Exchange, but specifically for the companies’ sub-sector that aggressively paid the dividend. Thus, future research is hoped to provide empirical studies for other sector companies listed on Indonesia Stock Exchange to enrich alternative explanations.

Purpose: This study aimed to examine the impact of profitability, firm size, and investment opportunities on earning quality of companies in Pakistan. For this purpose, 100 non-financial companies were selected from the top industries of Pakistan registered on the Pakistan Stock Exchange from 2014 to 2021. This study has taken earning quality as a dependent variable, while profitability, firm size and investment opportunities are used as the independent variables. Design/ Methodology/ Approach: For the purpose of investigation, descriptive statistics are presented and the multi co-linearity test, Hausman test, and random effect regression model are conducted. A purposive sampling technique is used in this research. Findings: The research indicates that the profitability and investment opportunities have a significant and positive effect on earning quality of the companies. On the other side, the research demonstrated that the firm size has a significant negative effect on earning quality. The reason behind this relation is that the large-scale firms expands their discretionary accruals and manipulate the earnings as they want to show the healthy financial circumstances of the company in the market, so that they can attract investors. Therefore, by doing this manipulation, earning quality is impacted, which indicates the negative effect of firm size. Implications/ Originality/ Value: This study would help the investors and stakeholders to better understand the financial condition of the non-financial companies of Pakistan before investment. Depending upon all the results, it is recommended that all companies must improve their earning quality and present it without manipulation so that the investors and other stakeholders can make more investments and profits.

Copyright of Journal of Engineering (17264073) 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.)

Copyright of Journal of Entrepreneurial Strategies in Agriculture is the property of Sari Agricultural Sciences & Natural Resources University (SANRU) 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.)

Copyright of Journal of Accounting & Auditing (2314-4793) is the property of Beni Suef University 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 research paper investigates the level of awareness about investment opportunities among higher education students, with a focus on preferred investment options and awareness levels. The objectives of the study are threefold to identify different contemporary investment opportunities, to measure the level of awareness among higher education students, and to explore the highly preferred investment options among these students. To achieve these objectives, we conducted a survey of 101 higher education students to gather data about their investment preferences and levels of awareness about different investment opportunities. Our findings indicate that while the majority of students are aware of traditional investment opportunities such as real estate, stocks, and bonds, their awareness of newer investment opportunities such as cryptocurrencies and exchange-traded funds (ETFs) is low. Furthermore, we found that majority of the students are already aware of investment opportunities and their long-term goal is to being financially independent. This suggests that educational interventions could play a key role in improving financial literacy among higher education students. In conclusion, our study highlights the need for greater awareness and education about contemporary investment opportunities amongst higher education students. This research contributes to the literature on financial literacy and investment behaviour among young adults, and has important implications for educators, policymakers, and financial service providers seeking to improve financial literacy and investment behaviour among this demographic. [ABSTRACT FROM AUTHOR]

Copyright of Central Asian Economic Review is the property of Narxoz University 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 Iraqi government seeks to overcome the financial crisis by investing and privatizing some projects to achieve sustainable growth. Most of the investment projects in Iraq suffer from many constraints that greatly impact the success of these projects. A survey of the opinions of a group of experts was conducted to identify the most important constraints facing the investment process in Iraq. Then the experts' answers were arranged in a closed questionnaire and distributed to the research sample for which the statistical analysis was conducted. Through it, the most important (17) factors that had the greatest impact on the failure of investment projects in Iraq were reached. One of the main constraints was the slow and routine administrative procedures. Therefore, the main objective of the research is to identify the most important constraints facing the investment process in Iraq and to develop a proposed system to organize the procedures for applying for investment opportunities, given the importance of long-term investment, the importance of the referral stage, and the selection of the competent investor who meets the criteria required for the success of the investment project. The researcher concluded that many factors impact the failure of investment projects, which must be addressed for the success of these projects, as management systems and computer technology programs greatly organize investment procedures, save time and reduce routine and slow procedures.

This study employs data from Chinese firms between 2017 and 2019 to explore how government–business relations affect corporate cash holdings. We find that healthy government–business relations have a significantly positive impact on corporate cash holdings. The mechanism test reveals that the former affects the latter via investment opportunities. Furthermore, product market competition positively moderates the relationship between government–business relations and corporate cash holdings, but financial constraints negatively moderate this relationship. The results of our research have implications for the government to optimize the quality of governance and for enterprises to adjust their business strategies. [ABSTRACT FROM AUTHOR]

The subject of the research is financial relations in the process of financing innovative small companies. The purpose of the work is an analytical assessment of the conditions for long-term financing of innovative small companies using systematic, economic and statistical analysis, which ensures the integrity and comprehensiveness of the study. Increasing the role of innovative small companies in the process of digital transformations is an urgent task in modern transformations of society. The analysis revealed the problems of long-term financing of innovative small companies, since most of the methods are focused on short-term financing of such companies. The conditions of investment opportunities for innovative companies are considered in detail on specific examples. The article notes that the conditions for effective management of long-term investments depend on the various stages of development of innovative companies. The practical purpose and scientific value of the article lies in the construction of a holistic and logical representation of the use of various methods of financing high-tech companies. It is concluded that it is necessary to provide institutional financial support for innovative development and an integrated approach to long-term financing of innovative small companies.

The aim of this paper is to examine how managerial ability affects corporate tax aggressiveness. The study follows the work of Demerjian, Lev, and McVay (2012) and quantifies managerial ability by calculating how efficiently managers generate revenues from given economic resources using the data envelopment analysis (DEA) approach. The study uses a wide range of measures of tax aggressiveness. Firm fixed-effects regressions and a difference-in-differences approach using information regarding CEO turnover to control for endogeneity are used. The study finds a negative relationship between managerial ability and corporate tax aggressiveness. Further tests show that this negative relationship is more pronounced for firms with higher investment opportunities or firms with more reputational concerns. Given the significant costs associated with tax aggressiveness and the negative effect it can have on managerial reputation if discovered, the results suggest that more able managers invest less effort in aggressive tax avoidance activities. This study furthers the understanding of how managerial personal traits affect corporate decision-making.

The motivation of this research is to investigate the important factors that affect Gulf Cooperation Council (GCC) economies and increase the investment opportunities to avoid the threats of limited oil resources in the future. This study examines the relationship between tax avoidance, accounting information quality, and other control variables on investment opportunities in six Arabian GCC countries, namely Bahrain, Oman, Qatar, Saudi Arabia, Kuwait, and the United Arab Emirates (UAE). Moreover, this research investigates whether the accounting information quality affects the tax avoidance investment opportunities relationship. The data sample of the study includes 191 companies over the period of 2011 to 2017 (1337 company-year observations). This study used ordinary least squares (OLS) and moderated multiple regression (MMR) models for direct and moderation effects of accounting information quality, respectively. This study demonstrates that tax avoidance has a significant negative effect on investment opportunities, while the accounting information quality has a significant positive effect on investment opportunities. In line with the agency theory perspective, the high accounting information quality mechanism leads to the control of the managers’ opportunist behaviour, mitigates information asymmetry in managers and increases investment opportunities. Moreover, further analysis found that accounting information quality positively moderates the relationship between the tax avoidance and investment opportunities. Thus, higher quality of accounting information is strongly recommended to companies and policymakers, where tax planning is used as an alternative source of cash to achieve higher investment opportunities in GCC countries.

This study examines the relationship between stock liquidity and corporate cash holdings and explores a new economic mechanism driving this relationship. Using a regression discontinuity design approach based on the annual reconstitution of the Russell 1000/2000 indices, we find that stock liquidity has a positive causal effect on corporate cash holdings. This effect is more pronounced for firms with more investment opportunities. These results suggest that enhanced stock liquidity increases corporate cash holdings by expanding the set of investment opportunities. Our evidence supports the real investment motive over the repurchase motive. [ABSTRACT FROM AUTHOR]

AbstractObjective: This study assessed the factors affecting the value of cash held in the companies listed in Tehran Stock Exchange under conditions of uncertainty. The purpose of this study was to evaluate whether cash holding is valuable in terms of uncertainty and what effects financial problems, agency costs, and growth rate have on the relationships between these variables. The results of this research can provide investors with information about the cash policy maintained for creating value.Method: In this research, 168 companies were listed in Tehran Stock Exchange during the period of 2011-2018. To test the hypotheses, the models of Falkander et al. (2006), Dietmar and Mart Smith (2007), and Dennis and Sibika (2010) were used.Findings: The results of testing the hypotheses showed that there was an effect between uncertainty and the value of cash held by the companies listed on Tehran Stock Exchange. The relationship between these two variables was strengthened, especially under conditions of uncertainty in the presence of agency problems and financing limitations. For every rial the companies held in cash, they got a value of more than 1 rial. However, investment opportunities had no effects on this relationship.Innovation: A review of the literature revealed that no research had been conducted in the field of cash value and there had been no restrictions on financing and agency costs so far. In this regard, new statistical models were used in this study.IntroductionIncreased competition and drastic technological changes in the business arena have exposed businesses to various operational and commercial risks. In such circumstances, businesses do not have sufficient knowledge and information about different possibilities of future decisions (Williams, 2015). Business executives are taking steps to reduce or eliminate the risks of uncertainty in their business environments. One of the most important steps is the cash storage. Cash as one of the most important components of working capital has always been of special interest to managers and investors. Keeping cash in the company provides such advantages as the ability to do business and deal with potential events, as well as flexibility to finance from internal sources and avoid wasting investment opportunities when limited in external financing (Batum, 2004). Method and DataIn this study, the models of Falkander et al. (2006), Dietmar and Mart Smith (2007), and Dennis and Sibika (2010) were used to test the hypotheses. Four equations were applied to conduct the research as follows:Model (1): Ri,t−Rp,t=β0+β1∆Cashi,t+β2 High uncertainty×∆Cashi,t+βCONTROLSCONTROLS+ε i,tModel (2): Ri,t–Rp,t=β0+β1∆Cash i,t+β2 High uncertainty×∆Cashi,t+β3Constrained×∆Cashi,t+β4 High uncertainty×Constrained×∆Cashi,t+βCONTROLSCONTROLsModel (3): Ri,t–R p,t=β0+β1∆Cashi,t+β2 High uncertainty×∆Cashi,t+β3×less agency conflicts×∆Cash i,t+β4High uncertainty×less agency conflicts×∆CashI,T+βCONTROLSCONTROLS+εi,:Model (4): RI,T −Rp,t=β0+β1∆Cashi,t+β2High uncertainty×∆Cashi,t+β3 More investment opportunities×∆Cashi,t+β4High uncertainty×More investment opportunities×∆Cashi,t+βCONTROLSCONTROLS+εi,t FindingsThe results of the test model of the 1st hypothesis showed that the estimated coefficient of Variable HIGH_UNCERTAINTY * ΔCASH was more than zero (1.33) and greater than 1. Also, at the error level of 1%, a positive and significant relationship between this variable and the cash value was confirmed. Therefore, the 1st hypothesis of the research was corroborated. The test model results of the 2nd hypothesis revealed that the estimation coefficient of Variable HIGH_UNCERTAINTY * CONSTRAINED * ΔCASH was positive (1.7) and greater than 1. It was believed that the significance level (P-value) of the relevant t-statistic was less than 5% (0.014), so the 2nd hypothesis of the research was confirmed .The test model results of the 3rd hypothesis indicated that the estimation coefficient of Variable UNCERTAINTY * LESSAGENCYCONFLICTS * ΔCASH was positive (17/14) and greater than 1, which meant that for every rial of cash held in the companies with high uncertainty and lower agency costs, the value was more than 1 rial. The test model results of the 4th hypothesis demonstrated that the estimation coefficient of Variable HIGH UNCERTAINTY * MORE INVESTMENT OPPORTUNITIES * ΔCASH was positive (0.36) and the significance level (P-value) of t-statistic was more than 5% (0.764) so that the 4th hypothesis of the research was not approved at the error level of 5%. Conclusion and discussion The results of the 1st hypothesis showed that by increasing one rial in cash in the conditions of uncertainty, investors valued it more than 1 rial. This result was in accordance with the theory principles and research of Jung et al. (2017). The results of the 2nd hypothesis displayed that the company was facing financial constraints, while the value of cash holding was significantly related to uncertainty. This result was consistent with the theoretical and research foundations of Jung et al. (2017) and Chakrat Barati (2017). The results of the 3rd hypothesis showed that with an increase of 1 rial in cash, the investors would value it more than 1 rial in case of uncertainty if the company faced agency problems, thus the 3rd hypothesis of the research was confirmed, which was in accordance with theoretical principles and the findings of the research conducted by Jung et al. (2017). The results of the 4th hypothesis revealed that cash holding value had no significant relationship with uncertainty so that the 4th hypothesis was rejected, which was contrary to the theoretical foundations and research results of Khan et al. (2019) and Jung et al. (2017).

We provide evidence that dividends signal sustainable earnings generated by assets-in-place for firms with weak investment opportunities. In the cross-section, both dividend levels and changes contain more earnings information among firms with weaker investment opportunities. Intertemporally, when aggregate investment opportunities in the economy are worse, dividend changes convey more earnings information. In contrast, dividends have a more negative association with investment spending for firms with strong growth options, as funding investment is a higher priority for those firms. Collectively, our findings suggest that dividends serve as a counter-signal, whereby additional information about investment opportunities give rise to signaling that is non-monotonic in firm quality. JEL Classifications: G15; G32; G35. [ABSTRACT FROM AUTHOR]

Iraqi northern and northeastern parts (Kurdistan Region) are mountainous areas with exposed igneous and metamorphic rocks with which the other sedimentary rocks witness hundreds of metallic mineral showings. Tectonically, the region is under the influence of the collision of the Arabian and Eurasian (Iranian) plates. The collision has caused thrusting of parts of the Cretaceous Ophiolite which includes different mineralization zones. Moreover, hydrothermal activities have deposited different metallic minerals in the sedimentary cover. The main mineral showings in IKR indicate the presence of different metallic minerals, such as Fe, Zn, Pb, Cu, Cr–Ni, and Mn, besides U and Th. The presence of these mineral showings is related to the tectonic frame work of the region that is developed due to the major tectonic events associated with the Tethys development and movement of the Arabian Plate towards the Iranian Plate. Most of the metallic mineralizations are of the Alpine type, of Cretaceous age. Some Zn–Pb showings are related to early Alpine activities. U and Th of Cretaceous and Jurassic ages are also restricted to the northeastern part. Evaluation of the mineral wealth in IKR is still vague. This is attributed to the lack of geological data base. This article is a new review of the available data and discusses the potential of the mineral occurrences (wealth). Moreover, recommendations are given to have a better view of the mineral wealth with available opportunities for investments and main obstacles. [ABSTRACT FROM AUTHOR]

This study aims to examine the impact of investment opportunities and the global financial crisis on dividend repatriation policy. Additionally, it investigates the interaction effect of credit market development on the association between investment opportunities and dividend repatriation policy. The current study uses secondary data concerning the foreign subsidiaries of US MNCs in 50 countries during the period 2005–2016. Dynamic panel generalised method of moments (GMM) estimator is applied to estimate the dynamic dividend repatriation models. The findings reveal that investment opportunities in the host country significantly negatively influence the dividend repatriation policy. However, credit market development in the host country significantly positively interacts the link between investment opportunities and dividend repatriation policy. This implies that credit market development reduces the negative impact of investment opportunities on the dividend repatriation policy. Further, the findings suggest that dividend repatriation by US MNCs increased significantly during the global financial crisis. [ABSTRACT FROM AUTHOR]

We examine the effects of temporary earnings on dividends using cash dividend data of Korean firms over the period of 2001 to 2017. We find that firms using private debts exclusively increase dividends as temporary earnings increase while those with public debts do not change their dividends. We further find that the positive effects of temporary earnings on dividends in firms with only private debts is hampered by investment opportunity. These results are consistent with the precautionary savings hypothesis of firms under financing constraints as well as signalling hypothesis of public debts. [ABSTRACT FROM AUTHOR]

We show that firms' investment opportunity sets (IOS) are multidimensional. Analyzing Form 10-K texts, we identify 445 unique keywords that predict firms' future investments during 1995–2009 and combine them into 43 underlying factors. Industry-specific factors include Bio-Pharma, Banking, Information Technology, Oil and Gas, and Retail Stores, while more general factors include Equity Intensity, Debt Intensity, Lease, Going Concern, and Acquisition. These factors form our multidimensional measures of IOS. They outperform Tobin's Q and/or industry fixed effects, in predicting future out-of-sample (2010–2015) investments and related corporate policies, and even inform incrementally over lagged dependent variables. We trace the factors' improved predictive power to their multidimensional nature, which captures IOS-related variation within and between industries, and stability in IOS that allows 10-K texts to be more informative. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G31; G32; G35; M41; M21. [ABSTRACT FROM AUTHOR]

The article is devoted to the study of investment opportunities of Kazakhstan for accelerated technological modernization of the economy, since in the new global reality, active innovative industrialization of the country is the most important priority of the new model of economic growth in the framework of the fourth industrial revolution. The article discusses ways to solve the problem of the lack of sufficient financial resources for a quality update of fixed assets of the industry. For the Republic of Kazakhstan, the most attractive sources of financing for industrial and innovative activities are foreign investments, the development of a guarantee system that will expand the possibilities of bank lending, as well as the use of syndicated lending and venture investment mechanisms. In addition, an important way to attract portfolio foreign investment in the country along with direct foreign investment is to develop the stock market, in particular, the Astana International Financial Center, which will facilitate the entry of large institutional and private investors into the Kazakhstani market. It is concluded that in order to attract potential investors to the Kazakhstan market, it is necessary first of all to reduce taxes, because currently the total tax rate in Kazakhstan is high. Along with this, it is necessary to introduce incentive incentives specifically for investment in the manufacturing sector, since at present the bulk of investments are in the extractive industry.

ABSTRACT The objective of this paper is to investigate if the high growth of a firm results in a reduction in its debt levels. This is expected to happen for firms that experience a positive idiosyncratic shock to their growth opportunities, which would affect their cash flow and profitability. Although the relationship between growth opportunities (e.g., Tobin’s Q) and capital structure has already been widely discussed from a conceptual viewpoint, there are still important empirical gaps, particularly due to the endogeneity of the first variable. This paper seeks to minimize these problems by operationalizing the concept of idiosyncratic technological shocks. This issue is relevant because the negative relationship between growth and leverage may indicate that for the most efficient companies there will be a reduction in bankruptcy cost and a reduction in agency costs for the least efficient companies. This paper contributes to the development of studies in the area by demonstrating the inverse relationship between growth and leverage, with the model and the variable that represents the positive shocks experienced by companies. The dynamic panel method enables an analysis of the variation in debt in relation to the variation in value using the first differences and controlling the lagged debt effect. To apply the model, we used data from Brazilian companies, covering 1995 to 2016. The main results show that the greater the ratio between the firm’s growth opportunities and its industry growth opportunities, the lower its leverage indicators. The complementary results suggest that less leveraged firms have this negative relationship to an even stronger degree.

Penelitian ini dibuat dengan tujuan untuk menguji peran peluang investasi dan solvabilitas terhadap profitabilitas perusahaan non finansial yang terdaftar di Bursa Efek Indonesia tahun 2016-2018. Peluang investasi diukur dengan rasio market value of common stock to book value of common stock dan earning per share to price per share. Solvabilitas diukur dengan Debt to Equity Ratio. Profitabilitas diukur dengan Return on Equity. Populasi dalam penelitian ini adalah perusahan-perusahaan non finansial yang terdaftar di BEI. Sampel yang digunakan adalah perusahaan properti dan real estate. Metode pengambilan sampel menggunakan metode purposive sampling. Sumber data yang digunakan adalah data sekunder yang dikumpulkan melalui dokumentasi data yang diperoleh dari website resmi Bursa Efek Indonesia (www.idx.co.id). Analisis data menggunakan analisis regresi data panel dengan model Random Effect. Pengolahan data menggunakan program Eviews 9.0. Hasil penelitian ini menunjukkan terdapat pengaruh positif yang signifikan antara rasio market value of common stock to book value of common stock, earning per share to price per share, dan debt to equity terhadap return on equity. Kata kunci : Peluang Investasi, Solvabilitas, Profitabilitas