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Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 16 (2020): Edition 3 (September 2020)

Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

8 Articles
Accès libre

Production and Securitization of Foregin Infrastucture by “Team Korea”

Publié en ligne: 30 Sep 2020
Pages: 1 - 18

Résumé

Abstract

The financialization of infrastructure has emerged as a resolution for alleviating government budget pressures derived from chronic underinvestment in infrastructure and post-global financial crisis recession. Two interrelated phenomena are considered central features of the financialization of infrastructure: the transformation of infrastructure into an alternative asset class and the growth of public–private partnerships (PPPs) in infrastructure development. In particular, the expansion of global PPPs has attracted the attention of various entities, including state-owned enterprises (SOEs). Recently, SOEs have participated in foreign infrastructure PPPs as private sector entities. Unlike conventional private sector involvement in infrastructure PPPs, SOEs aim to achieve public objectives and mobilize both public and private resources to enhance competitiveness within the global PPP market. In this paper, the specificities of SOEs participating in foreign infrastructure PPPs and their implications for the financialization of infrastructure are analyzed using a South Korean SOE: Korean Overseas Infrastructure and Urban Development Corporation (KIND). This reveals why and how SOEs engage in foreign infrastructure PPPs via the drivers and business strategies of KIND. Moreover, it examines infrastructure PPPs managed by KIND to reveal how the business strategies of KIND work in practice. Consequently, this paper suggests that SOEs engaging in foreign infrastructure PPPs attempt to achieve policy objectives through the production and financialization of foreign infrastructure. In the process, SOEs actively take advantage of entities and resources from both the public and private sectors.

Mots clés

  • Financial geography
  • financialization of infrastructure
  • state-owned enterprise

JEL Classification

  • R00
Accès libre

The Independence Issue and Audit a Comparative Study of Portugal (EU) and Nordic Countries – A Theoretical Approach

Publié en ligne: 30 Sep 2020
Pages: 19 - 28

Résumé

Abstract

The objective of this paper is to speak about the issue of independence. To reach this goal corporate governance was considered as an example of good practices that may help organizations prevent fraud. Fraud was considered under a perspective of financial engineering - dedicated to building, enabling and displaying high dividends to shareholders that were non-existent. These events defrauded public opinion on the trust in the auditor and the confidence in the companies and showed the lack of independence of the different players. It must be said that the participation in these frauds was shared, at least, by the top management, the auditors and the accounting personnel. As an immediate consequence some ethical issues and guidelines for the reinforcement of the organization′s internal control arose. As concerns the factor of independence, particular stress on the supervising and inspecting functions of the Portuguese Stock Commission –CMVM - was considered. This entity is responsible for the supervision of the listed companies but at the same time it inspects the auditor′s work for the companies in its portfolio.

A benchmarking analysis with the Nordic countries of Norway, Sweden and Finland was done. This was undertaken because these countries show some relevant cultural and ethical differences and a peculiar cultural/organizational approach that should be considered.

Mots clés

  • frauds
  • corporate governance
  • ethics
  • independence
  • Nordic supervision

JEL Classification

  • K22
Accès libre

Expanding TAM and Investigating the Factors that Effect Consumer Intention to Adopt Mobile Banking in Palestine

Publié en ligne: 30 Sep 2020
Pages: 29 - 50

Résumé

Abstract

Purpose The main objective of this study is to expand the technology acceptance model (TAM) by examining the factors affecting the adoption of mobile banking services by the customers of Palestinian banks and to design a comprehensive model based on TAM and TPB and additional constructs.

Design/methodology/approach This study used the quantitative approach with cross sectional research design and a questionnaire as a data tool. From the six big cities in Palestine, we surveyed 1000 banking consumers. The samples include different characteristics. For construct relationship analysis this study applied partial least squares (PLS).

Findings The study framework provides a complete view of mobile banking services. This framework takes into consideration more determinants for prediction than other studies on the adoption of innovations. The results of using this model managed to clarify nearly 77.4 percent of the dependent variable (intention to adopt mobile banking service) variation. This is a much greater value than those of the previous studies. Moreover, this study found that the perceived risk has a negative effect on consumers’ intention to use mobile banking services. Attitude, facilitating conditions, perceived ease of use, website usability, and perceived trust were identified as the important variables that have a significant positive effect on the consumers’ intention to use mobile banking services in Palestine.

Originality/value – the findings can be used by financial institutions and banks to enhance the usage rate of consumers’ adoption and to develop their strategies.

Mots clés

  • banking e-services
  • TPB
  • TAM
  • technology adoption
  • attitude
  • institutions
  • Palestine

JEL Classification

  • B30
  • B31
  • B32
Accès libre

Determinants of Inflation in Europe – A Dynamic Panel Analysis

Publié en ligne: 30 Sep 2020
Pages: 51 - 79

Résumé

Abstract

This article offers an empirical analysis of determinants of inflation in 28 European economies that belonged to the transition group of countries in the end of the last century. We rely on dynamic panel methodology and find that economic and structural variables, including economic openness, unemployment, real wages, institutional effects, as well as external factors, such as prices of food and oil, determine the short-run inflationary dynamics in these countries. The obtained results also indicate that inflation rate is autoregressive in the observed period (2005-2015), confirming that contemporaneous inflation rate is determined by the entire history of these determinants. Our further investigation reveals long- term effects of the majority of these variables on price dynamics. Interestingly, distinction between the current EU and transition countries in the model does not lead to different conclusions.

Mots clés

  • determinants of inflation
  • transition countries
  • dynamic panel model

JEL Classification

  • E3
  • E31
  • E50
Accès libre

Revenue Analysis of the Impact of the Fee for Issuing a Permitforthe Sale of Alcohol on the Commune Budget of the Example of Selected Coastal Communes

Publié en ligne: 30 Sep 2020
Pages: 80 - 95

Résumé

Abstract

The article presents an analysis of the level of income flowing to the municipalities’ budget from the permit fees to sell alcoholic beverages in selected municipalities. For the purposes of the article, three objectives have been set for determining the level of revenue from the fee. Particular objectives included establishing the share of the revenue from the fee in the total revenue of communes, the dynamics of changes in revenue in particular years and a general assessment of the dynamics of revenue from the fee in communes in relation to the base year. The study for the purpose of publication covered a total of 13 coastal communes (8 urban communes and 5 rural communes) from Pomorskie Voivodship in Poland in 2016-2019. The evaluation was carried out on the basis of available reports on the implementation of the commune budget and reports on the revenue of communes. Analytical methods were used. The results of the evaluation indicate that the income from the permit fees to sell alcoholic beverages constitutes a small share in the total income of the examined communes. The highest income from the analysed fee in the study constituted 1.60% of total income to the commune budget. In the case of most of the surveyed communes, income from the fee did not exceed 1% of the total income to the commune budget. Moreover, the revenue from the fee in 2016-2019 in the case of most communes increased annually. The added value of the publication is the presentation of the level of income to the budgets of selected communes from these alcoholic beverage sale fees which enables financing the tasks in this area.

Mots clés

  • audit
  • budget revenues
  • local tax
  • public finance
  • local government
  • the fee for issuing a permit for the sell alcohol

JEL Classification

  • H71
  • H83
Accès libre

Whistleblowing as a Mechanism of Fraud Risk Management in Economic Practice

Publié en ligne: 30 Sep 2020
Pages: 96 - 105

Résumé

Abstract

The phenomenon of fraud and abuse remains relevant, as evidenced not only by studies published in this area, but also by the measures taken by economic operators to reduce it. Whistleblowing is an increasingly common tool for detecting fraudulent activities. It involves informing the organization’s management or external entities of any ethically, fraudulently or corruptly motivated irregularities. The level of interest in whistleblowing among Polish market entities is relatively low, mainly due to the lack of appropriate organizational culture, which is influenced by both internal and external factors within which the company operates. An important barrier in the implementation of whistleblowing in economic structures are both the ethical and sociological aspects and the low level of trust of potential whistleblowers towards their personal security for disclosing information about the signs of a prohibited act. Therefore, this tool is not very popular due to the lack of safeguards under national law, as well as internal regulations of entities using it. The aim of the publication is to verify the extent to which the whistleblowing tool is used to counteract the risk of abuse by economic entities listed on the Polish Stock Exchange, covered by the WIG 30 Index.

Mots clés

  • whistleblowing
  • bribery
  • fraud

JEL Classification

  • D73
  • D81
  • D82
Accès libre

Financial Literacy of Students – The Case Study of UITM in Rzeszów, Poland

Publié en ligne: 30 Sep 2020
Pages: 106 - 118

Résumé

Abstract

The article focuses on the phenomenon of financial literacy of students. Financial literacy is treated as a combination of financial knowledge and the decision-making process where one has to make a choice based on experience and theory. The aim of this paper is to draw attention to the essence of financial literacy, including knowledge of banking (especially of young people). For this purpose, a literature review was used. Own research complements the topic as a case study, where the author verifies whether students assess their knowledge in a way that corresponds to reality and verifies whether students need to expand their financial knowledge sorely necessary nowadays. The survey was completed by 380 students from University of Information Technology and Management in Rzeszów, of both economic and non-economic field of studies. There are some unexpected results, for example the most important is that students from a financial field of studies end up with worse results than their peers from the non-financial degree programs.

Mots clés

  • financial literacy
  • financial awareness
  • financial knowledge of students

JEL Classification

  • I21
  • I22
Accès libre

Role of Business Age, Scale & Risk in Debt Financing Choices for the Pakistani Textile & Apparel Industry

Publié en ligne: 30 Sep 2020
Pages: 119 - 136

Résumé

Abstract

The motivation for this research enquiry is to identify the role of the business age, size and risk for the choice of debt financing in the textile and apparel sector of Pakistan along with other controlled factors. The textile and apparel sector of Pakistan comprises 464 listed entities as the targeted population while the study randomly finalized 60 firms as the sample after carefully analyzing the required information from the financial statements during the annual revenue streams of 2013-2019. The predicted variable for this research enquiry is measured by short, long and total-debt ratios while the predictor variables include the business age, firm’s scale and risk. In addition, the research includes tax shield, tangibility, liquidity, profitability, and growth as the controlling factors. The study estimated that the choice of total-debt ratio is strongly affected by business age, size and risk along-with tax shield, tangibility, liquidity and profitability while the choice of short-term debt ratio mainly depends upon the firm’s scale and age along with the tax shield. In addition, the choice of long-term debt ratio is strongly explained by the firm’s scale and age along with the tax shield, liquidity and profitability. The estimated evidence provides management with the implications for the textile and apparel sector of Pakistan to consider as significant factors in deciding the debt financing choice of this sector. The estimated evidence of this research enquiry applies to the non-financial textile sector only and cannot be generalized to the financial sector. Future research may enhance the financing choice towards the inclusion of equity financing with the same set of variables.

Mots clés

  • Debt Financing Choice
  • Business age
  • Firm’s scale
  • Risk
  • Textile industry
  • Pakistan

JEL Classification

  • B23
  • B26
  • B41
  • C23
  • C58
  • G11
  • G32
8 Articles
Accès libre

Production and Securitization of Foregin Infrastucture by “Team Korea”

Publié en ligne: 30 Sep 2020
Pages: 1 - 18

Résumé

Abstract

The financialization of infrastructure has emerged as a resolution for alleviating government budget pressures derived from chronic underinvestment in infrastructure and post-global financial crisis recession. Two interrelated phenomena are considered central features of the financialization of infrastructure: the transformation of infrastructure into an alternative asset class and the growth of public–private partnerships (PPPs) in infrastructure development. In particular, the expansion of global PPPs has attracted the attention of various entities, including state-owned enterprises (SOEs). Recently, SOEs have participated in foreign infrastructure PPPs as private sector entities. Unlike conventional private sector involvement in infrastructure PPPs, SOEs aim to achieve public objectives and mobilize both public and private resources to enhance competitiveness within the global PPP market. In this paper, the specificities of SOEs participating in foreign infrastructure PPPs and their implications for the financialization of infrastructure are analyzed using a South Korean SOE: Korean Overseas Infrastructure and Urban Development Corporation (KIND). This reveals why and how SOEs engage in foreign infrastructure PPPs via the drivers and business strategies of KIND. Moreover, it examines infrastructure PPPs managed by KIND to reveal how the business strategies of KIND work in practice. Consequently, this paper suggests that SOEs engaging in foreign infrastructure PPPs attempt to achieve policy objectives through the production and financialization of foreign infrastructure. In the process, SOEs actively take advantage of entities and resources from both the public and private sectors.

Mots clés

  • Financial geography
  • financialization of infrastructure
  • state-owned enterprise

JEL Classification

  • R00
Accès libre

The Independence Issue and Audit a Comparative Study of Portugal (EU) and Nordic Countries – A Theoretical Approach

Publié en ligne: 30 Sep 2020
Pages: 19 - 28

Résumé

Abstract

The objective of this paper is to speak about the issue of independence. To reach this goal corporate governance was considered as an example of good practices that may help organizations prevent fraud. Fraud was considered under a perspective of financial engineering - dedicated to building, enabling and displaying high dividends to shareholders that were non-existent. These events defrauded public opinion on the trust in the auditor and the confidence in the companies and showed the lack of independence of the different players. It must be said that the participation in these frauds was shared, at least, by the top management, the auditors and the accounting personnel. As an immediate consequence some ethical issues and guidelines for the reinforcement of the organization′s internal control arose. As concerns the factor of independence, particular stress on the supervising and inspecting functions of the Portuguese Stock Commission –CMVM - was considered. This entity is responsible for the supervision of the listed companies but at the same time it inspects the auditor′s work for the companies in its portfolio.

A benchmarking analysis with the Nordic countries of Norway, Sweden and Finland was done. This was undertaken because these countries show some relevant cultural and ethical differences and a peculiar cultural/organizational approach that should be considered.

Mots clés

  • frauds
  • corporate governance
  • ethics
  • independence
  • Nordic supervision

JEL Classification

  • K22
Accès libre

Expanding TAM and Investigating the Factors that Effect Consumer Intention to Adopt Mobile Banking in Palestine

Publié en ligne: 30 Sep 2020
Pages: 29 - 50

Résumé

Abstract

Purpose The main objective of this study is to expand the technology acceptance model (TAM) by examining the factors affecting the adoption of mobile banking services by the customers of Palestinian banks and to design a comprehensive model based on TAM and TPB and additional constructs.

Design/methodology/approach This study used the quantitative approach with cross sectional research design and a questionnaire as a data tool. From the six big cities in Palestine, we surveyed 1000 banking consumers. The samples include different characteristics. For construct relationship analysis this study applied partial least squares (PLS).

Findings The study framework provides a complete view of mobile banking services. This framework takes into consideration more determinants for prediction than other studies on the adoption of innovations. The results of using this model managed to clarify nearly 77.4 percent of the dependent variable (intention to adopt mobile banking service) variation. This is a much greater value than those of the previous studies. Moreover, this study found that the perceived risk has a negative effect on consumers’ intention to use mobile banking services. Attitude, facilitating conditions, perceived ease of use, website usability, and perceived trust were identified as the important variables that have a significant positive effect on the consumers’ intention to use mobile banking services in Palestine.

Originality/value – the findings can be used by financial institutions and banks to enhance the usage rate of consumers’ adoption and to develop their strategies.

Mots clés

  • banking e-services
  • TPB
  • TAM
  • technology adoption
  • attitude
  • institutions
  • Palestine

JEL Classification

  • B30
  • B31
  • B32
Accès libre

Determinants of Inflation in Europe – A Dynamic Panel Analysis

Publié en ligne: 30 Sep 2020
Pages: 51 - 79

Résumé

Abstract

This article offers an empirical analysis of determinants of inflation in 28 European economies that belonged to the transition group of countries in the end of the last century. We rely on dynamic panel methodology and find that economic and structural variables, including economic openness, unemployment, real wages, institutional effects, as well as external factors, such as prices of food and oil, determine the short-run inflationary dynamics in these countries. The obtained results also indicate that inflation rate is autoregressive in the observed period (2005-2015), confirming that contemporaneous inflation rate is determined by the entire history of these determinants. Our further investigation reveals long- term effects of the majority of these variables on price dynamics. Interestingly, distinction between the current EU and transition countries in the model does not lead to different conclusions.

Mots clés

  • determinants of inflation
  • transition countries
  • dynamic panel model

JEL Classification

  • E3
  • E31
  • E50
Accès libre

Revenue Analysis of the Impact of the Fee for Issuing a Permitforthe Sale of Alcohol on the Commune Budget of the Example of Selected Coastal Communes

Publié en ligne: 30 Sep 2020
Pages: 80 - 95

Résumé

Abstract

The article presents an analysis of the level of income flowing to the municipalities’ budget from the permit fees to sell alcoholic beverages in selected municipalities. For the purposes of the article, three objectives have been set for determining the level of revenue from the fee. Particular objectives included establishing the share of the revenue from the fee in the total revenue of communes, the dynamics of changes in revenue in particular years and a general assessment of the dynamics of revenue from the fee in communes in relation to the base year. The study for the purpose of publication covered a total of 13 coastal communes (8 urban communes and 5 rural communes) from Pomorskie Voivodship in Poland in 2016-2019. The evaluation was carried out on the basis of available reports on the implementation of the commune budget and reports on the revenue of communes. Analytical methods were used. The results of the evaluation indicate that the income from the permit fees to sell alcoholic beverages constitutes a small share in the total income of the examined communes. The highest income from the analysed fee in the study constituted 1.60% of total income to the commune budget. In the case of most of the surveyed communes, income from the fee did not exceed 1% of the total income to the commune budget. Moreover, the revenue from the fee in 2016-2019 in the case of most communes increased annually. The added value of the publication is the presentation of the level of income to the budgets of selected communes from these alcoholic beverage sale fees which enables financing the tasks in this area.

Mots clés

  • audit
  • budget revenues
  • local tax
  • public finance
  • local government
  • the fee for issuing a permit for the sell alcohol

JEL Classification

  • H71
  • H83
Accès libre

Whistleblowing as a Mechanism of Fraud Risk Management in Economic Practice

Publié en ligne: 30 Sep 2020
Pages: 96 - 105

Résumé

Abstract

The phenomenon of fraud and abuse remains relevant, as evidenced not only by studies published in this area, but also by the measures taken by economic operators to reduce it. Whistleblowing is an increasingly common tool for detecting fraudulent activities. It involves informing the organization’s management or external entities of any ethically, fraudulently or corruptly motivated irregularities. The level of interest in whistleblowing among Polish market entities is relatively low, mainly due to the lack of appropriate organizational culture, which is influenced by both internal and external factors within which the company operates. An important barrier in the implementation of whistleblowing in economic structures are both the ethical and sociological aspects and the low level of trust of potential whistleblowers towards their personal security for disclosing information about the signs of a prohibited act. Therefore, this tool is not very popular due to the lack of safeguards under national law, as well as internal regulations of entities using it. The aim of the publication is to verify the extent to which the whistleblowing tool is used to counteract the risk of abuse by economic entities listed on the Polish Stock Exchange, covered by the WIG 30 Index.

Mots clés

  • whistleblowing
  • bribery
  • fraud

JEL Classification

  • D73
  • D81
  • D82
Accès libre

Financial Literacy of Students – The Case Study of UITM in Rzeszów, Poland

Publié en ligne: 30 Sep 2020
Pages: 106 - 118

Résumé

Abstract

The article focuses on the phenomenon of financial literacy of students. Financial literacy is treated as a combination of financial knowledge and the decision-making process where one has to make a choice based on experience and theory. The aim of this paper is to draw attention to the essence of financial literacy, including knowledge of banking (especially of young people). For this purpose, a literature review was used. Own research complements the topic as a case study, where the author verifies whether students assess their knowledge in a way that corresponds to reality and verifies whether students need to expand their financial knowledge sorely necessary nowadays. The survey was completed by 380 students from University of Information Technology and Management in Rzeszów, of both economic and non-economic field of studies. There are some unexpected results, for example the most important is that students from a financial field of studies end up with worse results than their peers from the non-financial degree programs.

Mots clés

  • financial literacy
  • financial awareness
  • financial knowledge of students

JEL Classification

  • I21
  • I22
Accès libre

Role of Business Age, Scale & Risk in Debt Financing Choices for the Pakistani Textile & Apparel Industry

Publié en ligne: 30 Sep 2020
Pages: 119 - 136

Résumé

Abstract

The motivation for this research enquiry is to identify the role of the business age, size and risk for the choice of debt financing in the textile and apparel sector of Pakistan along with other controlled factors. The textile and apparel sector of Pakistan comprises 464 listed entities as the targeted population while the study randomly finalized 60 firms as the sample after carefully analyzing the required information from the financial statements during the annual revenue streams of 2013-2019. The predicted variable for this research enquiry is measured by short, long and total-debt ratios while the predictor variables include the business age, firm’s scale and risk. In addition, the research includes tax shield, tangibility, liquidity, profitability, and growth as the controlling factors. The study estimated that the choice of total-debt ratio is strongly affected by business age, size and risk along-with tax shield, tangibility, liquidity and profitability while the choice of short-term debt ratio mainly depends upon the firm’s scale and age along with the tax shield. In addition, the choice of long-term debt ratio is strongly explained by the firm’s scale and age along with the tax shield, liquidity and profitability. The estimated evidence provides management with the implications for the textile and apparel sector of Pakistan to consider as significant factors in deciding the debt financing choice of this sector. The estimated evidence of this research enquiry applies to the non-financial textile sector only and cannot be generalized to the financial sector. Future research may enhance the financing choice towards the inclusion of equity financing with the same set of variables.

Mots clés

  • Debt Financing Choice
  • Business age
  • Firm’s scale
  • Risk
  • Textile industry
  • Pakistan

JEL Classification

  • B23
  • B26
  • B41
  • C23
  • C58
  • G11
  • G32

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