Social Sciences Citation Index Impact Factor 2024: 0.500 Established in 2004 with the support of the National Central Bank of Poland, the Financial Internet Quarterly (FIQ), initially 'Financial Internet Quarterly e-Finanse’, is a scientific Journal published by The University of Information Technology and Management in Rzeszow, Poland. As a peer-reviewed, open-access Journal, FIQ plays a pivotal role in bridging the research gap within the European financial scholarly community, appealing to a wide array of finance professionals, academics, and students. By eliminating Article Processing Charges (APCs), it ensures unrestricted access to its comprehensive research findings. FIQ’s scope spans crucial financial disciplines. It offers insights into corporate finance, focusing on investment strategies and governance. The journal delves into banking, covering risk management and financial innovation, and explores public finance topics like fiscal policy and taxation. It also examines capital markets, analyzing securities trading and market dynamics, alongside addressing insurance, accounting, and legal aspects of financial management. This broad coverage ensures FIQ’s role as a pivotal platform for finance-related discourse, upheld by its distinguished Editorial Board. The Editorial Board, consisting of esteemed scholars, ensures that FIQ maintains rigorous academic standards and relevance in its publications. This commitment positions FIQ as an essential resource for advancing knowledge and fostering dialogue within the global financial community.
EXPLORING THE LINK BETWEEN FINANCIAL GLOBALIZATION, FINANCIAL DEVELOPMENT, HUMAN DEVELOPMENT AND ECONOMIC GROWTH IN CHINA
The main objective of this study is to examine the relationship between globalization, financial development, human development and economic growth. The financial dimension of globalization, which is a multi-dimensional concept, is focused on, and the impact of financial globalization is investigated. The analysis was conducted in China. The KOF Globalization Index was used to represent financial globalization, the share of domestic loans given to the private sector in GDP was used to represent financial development, the Human Development Index was used to represent human development, and the GDP per capita value was used to represent economic growth. Because the stationarity levels of the variables were different from each other and there was a variable with I (2), the Toda-Yamamoto causality test was applied as a method. According to the results of the analysis covering the period 1990-2022, there is a causal relationship between the variables. There is bidirectional causality between financial globalization and economic growth. The causal relationship between human development and economic growth is also bi-directional. The causality relationship between financial development and economic growth is one-way, and the direction of causality is from economic growth to financial development. Economic growth should be encouraged to enhance financial development in China. Moreover, policies aimed at improving financial globalization and human development can be used to increase economic growth.
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RELATIONSHIP BETWEEN SICK LEAVE AND WAGES BY VOIVODESHIP AND INDUSTRY. THE CASE OF POLAND
The aim of the study was to confirm whether employees insured with the Social Insurance Institution (ZUS) are increasingly taking advantage of the right to sick leave and to prove that there is a relationship between sick leave and wages in individual voivodeships and sections of the national economy. The research was conducted based on data provided by ZUS and Statistics Poland. The analyses in the part concerning changes in sick leave usages were conducted in the period 2006-2023, while the part concerning the relationship between wages and sick leave in 2023. The analyses indicate a growing trend in sick leave, especially during the COVID-19 pandemic. A relationship was also demonstrated between wages and the number of sickness absences and the number of days spent on it.
THE FINANCIAL SITUATION OF PENSIONERS IN POLAND IN THE PERSPECTIVE OF ACHIEVING SUSTAINABLE DEVELOPMENT GOAL NUMBER 1: NO POVERTY
The paper will discuss the problem of pensioner poverty in Poland, its elimination, as well as the question of the impact of social policy measures on the Sustainable Development Goals (SDGs) called ‘no poverty’. The purpose of the article is to assess the financial situation of pensioners in Poland, taking into account the impact of supplementary pension benefits (understood in the study as the thirteenth and fourteenth pensions) on the level of poverty among pensioners in the context of achieving the Sustainable Development Goals in Poland. The topic of pensioner poverty and its consequences is one of the aspects often overlooked in the discussion of sustainable development, where ‘poverty’ is simplified exclusively to a social issue, while it is an important aspect of economic development. To achieve the purpose of the study, the authors used statistical data describing the problem of poverty and changes in this area in the period 2010-2024 (where possible, a wider range of data has been provided to provide a more complete picture of the phenomenon), based on data from the Statistics Poland and the Social Insurance Institution (ZUS). The analyses carried out indicate a short-term positive impact on the proportion of poor pensioners in Poland, but at the same time little effectiveness of the benefits known as 13th and 14th pensions.
DOES CLIMATE POLICY UNCERTAINTY MOVE WITH STOCK MARKETS?
This study aims to understand how climate policy uncertainty affects investor behavior and whether it moves with stock markets in advanced economies. Accordingly, we examine data for January 2000-2023 for the stock market indices of Sweden, the United Kingdom, Germany, Norway, the Netherlands, and Finland, which have a ‘good’ CCP rating according to the MSCI classification and the climate policy uncertainty index. Furthermore, we apply two main methodologies: Wavelet Coherence Analysis and the Breitung and Candelon Frequency Causality Test. WCA shows the time-based co-movements between CPU and stock market indices and their effects on each other. We also consider the causality test to examine causality at various frequencies. The WCA results reveal a relationship between the CPU index and all markets except the Norwegian market. As a result of the causality, we conclude that there is a strong causality between the CPU index and the Finnish and Swedish stock markets in the short run, a strong causality between the CPU index and the Dutch market in the long run, and a weak causality between the CPU index and the German stock market in the short, medium and long run. Investors can develop strategies to mitigate risks and hedge volatility by monitoring exogenous factors such as CPU. Strategies such as quick-action stop-loss orders are recommended, especially for short-term CPU-affected markets such as the Swedish and Finnish stock markets.
THE GLOBAL SHIFT IN MONETARY SOVEREIGNTY
This study aims to systematically review the literature on de-dollarization in light of its increasing significance. The review has been carried out using the Theory, Context, Characteristics, Methodology (TCCM) framework on 52 studies retrieved from the Scopus and Web of Science database. The findings suggest the prevalence of two theories and three models applied in literature. Multi-country studies dominate the literature, with the USA taking the lead in terms of country-specific research. Further, research on de-dollarization can be categorised into five themes. Methodologically, quantitative studies, focusing on the usage of secondary data are mostly used, with lesser focus on theoretical, case and review studies. By synthesizing the existing literature, this paper undertakes a comprehensive exploration of de-dollarization, scrutinizing its various facets and implications on the international economic forum. It advances the discourse on de-dollarization by presenting novel insights and emphasizing the need for further scholarly investigation into achieving equitable and stable global financial systems beyond dollar dominance.
FROM OBSTACLES TO NEW OPPORTUNITIES: EXPLORING PROFITABILITY IN THE BANKING INDUSTRY AMID SUSTAINABILITY AND THE GREEN TRANSITION
This study examines the relationship between sustainability and the financial performance of European banks, focusing on their Return on Average Assets (ROAA) and Return on Average Equity (ROAE). Using panel regression analysis on data from 2018 to 2022, the findings reveal a negative correlation between sustainability factors and short-term profitability, suggesting that sustainability-related investments may initially lead to higher costs and lower returns. However, the results also indicate a potential association between sustainability engagement and long-term financial resilience, though the exact causal mechanisms remain subject to further research. The study contributes to the ongoing debate on the financial implications of sustainability in the banking sector and highlights the need for further econometric analysis to assess the long-term effects of sustainable investments.
DO MERGERS ENHANCE FINANCIAL PERFORMANCE? EMPIRICAL EVIDENCE FROM THE CZECH REPUBLIC
This study investigates whether the post-merger performance of companies in the Czech Republic exceeds their pre-merger performance. Employing the Czech-specific IN05 model and internationally recognized composite financial performance indicators (Altman Z-score, Taffler model, and Kralicek Quick Test), the research utilizes a comprehensive dataset of 1,077 companies involved in mergers. The analysis spans a decade, covering five years before and after the mergers conducted in 2016. Results indicate that while the financial condition of merging companies shows stagnation, successor companies demonstrate statistically significant improvements in key financial indicators, especially during the period from 2017 to 2021. This highlights the positive impact of mergers on financial performance, even amid external disruptions such as the COVID-19 pandemic. These findings contribute to understanding M&A dynamics in medium-sized, open economies within the EU, offering valuable insights for both academic research and practical applications in corporate strategy.
AIRLINE PERFORMANCE AND THE LEASING RATIO IN THE CONTEXT OF BUSINESS MODELS
The paper analyzes how aircraft acquisition structures - leased versus owned - affect airline performance. It considers the controlling role of business models, specifically low-cost carriers (LCCs) and full-service providers (FSPs). Using financial and operational data from 142 airlines globally, the study applies correlation and regression analysis to assess how leasing ratios influence indicators such as revenue, market capitalization, fleet value, load factor and profitability. While leasing offers flexibility and supports fast expansion, it does not guarantee operational efficiency. The study emphasizes the need to control for the business model when analyzing the financial effects of leasing. Model-specific strategies significantly influence an airline`s performance outcomes. LCCs typically exhibit higher leasing ratios due to their asset-light strategies and initial capital limitations. Future research should address whether airlines rely on leasing primarily as a tool for operational optimization or as a response to financial necessity.
JOINT IMPACT OF STOCK MARKET DEVELOPMENT AND ENERGY CONSUMPTION ON CARBON DIOXIDE EMISSIONS IN NIGERIA: 1990 TO 2021
Environmental degradation and global warming are two of the most pressing concerns facing the world today. This study examines the joint effects of stock market development and energy consumption on environmental degradation in Nigeria from 1990 to 2021. Utilizing the ARDL cointegration framework, the analysis reveals a long-run cointegration relationship among the variables at the speed of 124% towards long-run equilibrium. Carbon dioxide emission is positively and significantly influenced by stock market growth and energy consumption but negatively and insignificantly by the interaction of stock market and energy use. The control variables of foreign direct investment and trade openness have a negative impact on emissions while economic growth has positive impact on emission. The findings suggest that the adverse impacts of stock market growth and energy consumption on the environment require effective regulations, sustainable practices, and environmental protection with the use of renewable energy prioritized through the stock market and energy consumption agencies and policy makers. In the same vein, the Nigerian government should also prioritize policies aimed at reducing carbon dioxide emissions through the expansion of the trade sector and foreign direct investment because they play a crucial role in mitigating environmental degradation while it should promote sustainable economic growth that will encourage reduced carbon emission.
EVALUATING ESG PRACTICES AND FINANCIAL IMPACTS: A COMPREHENSIVE ANALYSIS OF LEADING EUROPEAN ENTERPRISES UNDER CSR EUROPE\'S FRAMEWORK
This study investigates the integration and impact of Environmental, Social, and Governance (ESG) practices within large European enterprises from different industries affiliated with CSR Europe Initiative, which is an influential network championing sustainability. With the impending 2025 requirement for integrated annual reports combining ESG and financial disclosures under the Corporate Sustainability Reporting Directive (CSRD), this research evaluates how these enterprises adhere to and implement ESG principles in their operations. Focusing on a selected group of companies, including financial institutions governed by the Sustainable Finance Disclosure Regulation (SFDR), the study provides a detailed analysis of ESG behaviors using a structured set of seven criteria: Corporate Governance, Responsible Financing, Environmental Behavior, Social Behavior, Quality of Sustainability Reporting, Verification of Institutionalized ESG Strategy, and Annual Turnover. The results emphasize the pivotal influence of environmental strategies on revenue generation, while simultaneously uncovering significant disparities in ESG integration across firms. By addressing a critical gap in the literature regarding the financial implications of ESG engagement, the study contributes nuanced insights into how leading European corporations - specifically those affiliated with the CSR Europe Initiative - can strengthen their sustainability strategies and financial resilience. Furthermore, the findings underscore the necessity of a well-structured ESG framework not only for achieving long-term corporate sustainability, but also for ensuring alignment with evolving European Union regulatory requirements and stakeholder expectations.
IDENTIFICATION OF KEY ENABLERS AND ASSESSMENT OF THE INTER-RELATIONSHIPS OF HOUSEHOLD FINANCIAL RESILIENCE IN SOUTHWEST ASIAN NATIONS
The current research was taken up to identify and assess the key enablers of household financial resilience in Southwest Asian nations. The research technique used was Interpretive Structural Modeling. We identified twelve enablers which impact household financial resilience which we then used to try to explore financial resilience in South-West Asian households. The aim of the study was to identify the key enablers that influence urban households’ financial resilience in Southwest Asian nations, evaluate the contextual relations between the identified enablers and develop a hierarchical framework of enablers of urban households’ financial resilience in South-West Asian nations. The findings of the research disclosed that financial security was the most crucial enabler for household financial resilience followed by financial cushion at level two. However, education level and financial literacy were the foundation stones of the proposed model.
PAKISTAN AND MALAYSIA BILATERAL TRADE AGREEMENT (BTA): A CASE OF THE PAKISTAN STOCK EXCHANGE (PSX) REACTION
The goal of this investigation is to establish a connection between the attributes of listed companies and the effects of the Pakistan-Malaysia Bilateral Trade Agreement (BTA) on Pakistan\'s stock markets. For that purpose, this research is to look at how the Pakistan Stock Exchange (PSX) was affected by the Bilateral Trade Agreement between Pakistan and Malaysia. The abnormal returns have been computed before and after the announcement using an event study methodology. The results demonstrate that the announcement of the Pakistan-Malaysia (BTA) elicited an immediate response from chosen sectors of Pakistan, with mixed responses, negative as well as positive. Given that the textile industry is one of Pakistan\'s top export industries, its response was encouraging. The study concludes that the PSX was vulnerable to this event as well as that this paper has important ramifications for investors and trade policy makers.
Pakistan-Malaysia Bilateral Trade Agreement
ADAPTIVE MARKET HYPOTHESIS: INSIGHTS FROM BRIC-T COUNTRIES\' STOCK MARKETS
Comparing the Efficient Market Hypothesis and Behavioral Finance, the Adaptive Markets Hypothesis (AMH), which identifies the extremes of these two hypotheses and adapts them to each other, argues that calendar anomalies can coexist, but also focuses on how investor behavior reacts to changing market conditions. This study aims to investigate whether the stock markets of BRIC-T countries are consistent with the AMH, including crisis periods, using daily data for the period 01.01.2000-31.12.2023. To this end, daily index return series of each country were constructed and analyzed with the help of Wild-bootstrap Variance ratio test, BDS test and Ljung and Box Q Portmanteau tests. According to the Wild-bootstrap Variance ratio test, both EMH and AMH are not valid in the equity markets of BRIC-T countries; according to the BDS test results, AMH is valid and according to the Ljung and Box Q Portmanteau test results, AMH is valid. Therefore, it is concluded that AMH is more successful than EMH in explaining the equity markets of BRIC-T countries.
GENDER AND SPOKEN LANGUAGE USE IN CONSUMER FINANCE
Finance is still stereotypically perceived as a male domain, and social group divisions have linguistic consequences. This study examines whether language use in consumer finance exhibits gendered characteristics by identifying linguistic patterns used by non-expert women and men in this domain. To this end, we analyzed a corpus of spoken language collected through focus group interviews with 36 consumers of both genders, representing a full socio-demographic cross-section. The linguistic analysis was conducted using the Quanteda package in R, as well as tools from generative grammar, textology, ethnolinguistics, and cognitive linguistics. Additionally, respondents’ statements were categorized into speech acts: assertions, directives, commissives, expressives, and constatives. Our findings indicate that while gender differences in language use are subtle, they are nonetheless distinct. Women’s language tends to be more colloquial, descriptive, relational, figurative, and experience-oriented, often carrying greater emotional load. In contrast, men’s language is more professional (or stylized as such), argumentative, factual, and informational, emphasizing a sense of expertise, agency, and self-efficacy. These findings contribute to a deeper understanding of gendered communication patterns in financial discourse.
SYMBIOTIC HARMONY: EXPLORING THE INTERPLAY BETWEEN INVESTMENT STRATEGIES AND INSURANCE IN THE CZECH REPUBLIC
This study investigates the complex relationship between insurance and investment strategies in the Czech Republic using a PICOT-PRISMA approach that focuses on high-impact Social Sciences Citation Index (SSCI) articles from Q1-Q3 journals. By examining both mandatory and optional insurance types, we highlight their impact on societal welfare and individual autonomy. The study also uses VECM econometric analysis to reveal distinct patterns across different economic agents: households have a stable long-term equilibrium, with increased insurance coverage correlated with higher investment levels, implying complementarity. Non-financial companies, on the other hand, show a substitution effect, with increased insurance coverage resulting in lower investment. At the aggregate economic level, we see a stronger positive relationship, with investment serving as the primary driver and insurance playing a more passive role. These findings contribute to the literature by providing empirical evidence on the nuanced interaction of insurance and investment in a small open economy, highlighting the impact of specific economic, regulatory, and sociocultural factors, as well as divergent incentives and risk profiles among households and corporate entities.
THE INTERPLAY OF INCOME GROWTH AND HOUSING PRICES: A DECADE OF REAL ESTATE DYNAMICS IN POLAND’S LARGEST CITIES
This study explores the relationship between income growth and housing prices in Poland’s seven largest cities from 2013 to 2024. Through statistical analysis, the research reveals a strong correlation between average gross wages, and both offer and transaction prices in the real estate market, confirming the hypothesis of a relationship between income growth and housing price increases. Despite economic fluctuations, the purchasing power of the average salary in real estate has remained remarkably stable. Moreover, the study introduces Premium and Buying Signal indicators, which can help identify market opportunities for buyers and investors by highlighting periods of undervaluation. These findings underscore and demonstrate the challenges of housing affordability in urban Poland and raise potential questions about the effectiveness of various social policies. The research offers interesting practical insights for policymakers and investors, emphasizing the need for continued monitoring and targeted interventions to ensure sustainable housing affordability.
THE MODERATING IMPACT OF CONCENTRATED OWNERSHIP ON RELATED PARTY TRANSACTIONS AND FIRM PERFORMANCE IN THE MALAYSIAN CONTEXT
This study investigates the impact of related party transactions (RPTs) on firm performance, with a focus on the moderating role of concentrated ownership in an emerging market context. The Random effect regression was utilized for Malaysian-listed firms from 2015 to 2019 to test these assumptions. The findings reveal that RPTs are negatively correlated with firm performance, suggesting that such transactions are often motivated by expropriation concerns rather than transaction-cost efficiency. However, concentrated ownership plays a crucial governance role by mitigating the adverse effects of RPTs, thereby improving firm performance. Companies with concentrated ownership structures are better equipped to monitor and manage RPTs, reducing agency costs and opportunistic behavior. This study contributes to the literature on corporate governance by highlighting the importance of ownership concentration in alleviating the negative consequences of excessive RPTs, especially in markets characterized by high information asymmetry. The findings have significant policy implications, as they suggest that regulators should strengthen disclosure requirements and provide greater oversight of RPTs to protect minority shareholders. Future research could explore how the relationship between RPTs, ownership concentration, and firm performance evolves over time, particularly in the post-COVID-19 period, when market conditions and corporate governance practices have undergone significant changes.
DIGITAL GOVERNANCE ACROSS WHOLE-OF-THE-GOVERNMENT: OPPORTUNITIES AND CHALLENGES
Technology has become a major driver for business, society, and government in the present times. Businesses use technology to monitor their processes, improve their efficiency, and automate routine tasks along with other things while government may use the technology from a different perspective. The role of government is to facilitate, monitor, supervise, and regulate various policies, programs, schemes, etc. Digital governance is a step towards making the roles, responsibilities, and authority for decision-making create a digital presence for any organization. The present study focuses on the digital governance of the government in a country like India. The study highlights the opportunities and challenges of digital governance. The digital divide is one of the major challenges for digital governance. There are multiple challenges that technology poses for bringing digital governance into action and some of those are related to technology, leadership, literacy, etc. Digital governance can be successfully implemented if these issues are being addressed and taken care of. The paper concludes by giving the future direction of research.
SECTOR-SPECIFIC FINANCIAL FORECASTING WITH MACHINE LEARNING ALGORITHM AND SHAP INTERACTION VALUES
This study examines the application of machine learning models to predict financial performance in various sectors, using data from 21 companies listed in the BIST100 index (2013-2023). The primary objective is to assess the potential of these models in improving financial forecast accuracy and to emphasize the need for transparent, explainable approaches in finance. A range of machine learning models, including Linear Regression, Ridge, Lasso, Decision Tree, Bagging, Random Forest, AdaBoost, Gradient Boosting (GBM), LightGBM, and XGBoost, were evaluated. Gradient Boosting emerged as the best-performing model, with ensemble methods generally demonstrating superior accuracy and stability compared to linear models. To enhance interpretability, SHAP (SHapley Additive exPlanations) values were utilized, identifying the most influential variables affecting predictions and providing insights into model behavior. Sector-based analyses further revealed differences in model performance and feature impacts, offering a granular understanding of financial dynamics across industries. The findings highlight the effectiveness of machine learning, particularly ensemble methods, in forecasting financial performance. The study underscores the importance of using explainable models in finance to build trust and support decision-making. By integrating advanced techniques with interpretability tools, this research contributes to financial technology, advancing the adoption of machine learning in data-driven investment strategies.
UNVEILING GROWTH DIVERGENCE ON LSE: FTSE100 VS. AIM LISTED COMPANIES
The aim of the article is to show differences in the growth process that translates into growth potential in groups of enterprises listed on the main and alternative markets of the London Stock Exchange. The study covered companies included in the Financial Times Stock Exchange 100 Index (FTSE 100), as well as companies listed on the Alternative Investment Market (AIM). Based on the results of statistical analysis including correlation and regression analysis of panel data, it was found that companies listed on the alternative exchange (AIM) were characterized by higher growth potential and faster growth than those listed on the main market (FTSE 100). The added value of the article is related to results indicating that there is a difference in the growth process between companies traded on both markets. This conclusion can be useful for investors expecting the growth of share value in the investment process.
AN ARTIFICIAL INTELLIGENCE-BASED FORECASTING OF THE DYNAMICS OF RELATIVE PROFIT RATES AT A FINANCIAL CRISIS JUNCTURE: A MODEL, A CASE STUDY AND CRISIS MANAGEMENT POLICIES
The purpose of this paper is to (i) demonstrate that the behavior of the relative profit rates at financial crisis junctures in a dual financial system could be different than that of the other periods, (ii) show that relative profit rates (and their dynamics) at crisis junctures could be forecasted with a relatively high degree of accuracy via artificial intelligence algorithms and (iii) exemplify the possibility of crisis-management policies that can smoothen the trajectory of the relative profit rates and facilitate the control of possible erratic fluctuations at the crisis junctures in such systems. We employ a series of methodological tools involving (i) statistical tests, (ii) artificial intelligence algorithms and (iii) the system dynamics simulation method to achieve the three objectives outlined in the paragraph above. The results are of practical significance to the financial policy makers aiming to formulate and put in practice effective policies at crisis junctures.
Artificial-Intelligence-Based– Forecasting
MODELING THE RELATIONSHIPS AMONG THE STOCK MARKET, GOLD PRICE, OIL PRICE AND EXCHANGE RATE: A VECM AND VDA APPROACH
Globalization and liberalization have heightened the volatility and complexity of financial markets, prompting investors to diversify their portfolios across different asset classes. This study investigates the dynamic interrelationships among the Indian stock market benchmark index (Nifty 50), gold prices, oil prices (Brent and WTI), and the USD/INR exchange rate, using high-frequency daily data from January 2009 to March 2023. By employing a Vector Error Correction Model (VECM) and Variance Decomposition Analysis (VDA), the study explores both the short-term and long-term dynamics between these asset classes. The results reveal that a long-term equilibrium exists among the variables, with significant cointegration, indicating that investors may not benefit from diversifying their portfolios across these assets. The VECM analysis further shows that the stock market is influenced by changes in gold prices, exchange rates, and oil prices, with long-run causality running from these variables to the Nifty 50. Variance decomposition highlights the growing impact of gold, exchange rates, and oil prices on stock market fluctuations over time. These findings provide crucial insights for investors, portfolio managers, and policymakers, suggesting that external shocks in commodity prices and exchange rates can significantly affect stock market performance. The study concludes that understanding these dynamic linkages is essential for managing investment risks and formulating effective monetary and fiscal policies.
EFFECTIVE STRATEGY FOR IMPLEMENTING STATE FINANCIAL ASSISTANCE IN THE USE OF ALTERNATIVE ENERGY TECHNOLOGIES FOR CRITICAL INFRASTRUCTURE ENTERPRISES UNDER ELEVATED NATIONAL SECURITY THREATS
The purpose of this article is to present a contemporary methodological approach to developing an effective strategy for implementing state financial assistance in the use of alternative energy technologies for critical infrastructure enterprises. The object of the study is critical infrastructure enterprises. The scientific task involves modeling that would allow the formation of an effective strategy for implementing state financial assistance in the use of alternative energy technologies for critical infrastructure enterprises. The research methodology includes the application of the IDEF0 method to construct a model for implementing state financial assistance in the use of alternative energy technologies for critical infrastructure enterprises. As a result of the conducted research, a decomposition of the context diagram was proposed to improve the efficiency of implementing state financial assistance in the use of alternative energy technologies for critical infrastructure enterprises. The study is limited by considering only critical infrastructure enterprises in Ukraine. Prospects for further research will include considering enterprises from other countries, particularly Poland.
THE INTRODUCTION OF THE EURO AND ITS IMPACT ON FIRM PERFORMANCE – THE EVIDENCE OF CROATIA
This study examines the impact of the introduction of the euro on firm performance of non-financial firms listed on the Croatian capital market. Croatia adopted the euro as its sole legal tender on January 1, 2023, becoming the 20th member of the euro area. While the macroeconomic effects of euro adoption have been widely studied, its microeconomic implications, particularly on firm performance, remain underexplored. This research fills this gap by analyzing firm-specific determinants and their performance before and after euro adoption over 2019-2023. Using a sample of 25 non-financial companies listed on the Zagreb Stock Exchange, we employ panel data estimation techniques to evaluate the influence of euro adoption on corporate performance, incorporating variables such as firm size, leverage, firm openness or international sales, liquidity, and euro dummy variable. The results reveal that introducing the euro had a significant positive impact on firm performance, with implications for investment strategies and international competitiveness. This study is the first to investigate the euro\'s effect on firm performance in Croatia, offering valuable insights for policymakers and contributing to the broader literature on currency adoption and firm dynamics.
THE IMPACT OF THE EU’S GENERALIZED SYSTEM OF PREFERENCES PLUS STATUS ON COMPANIES AND FISCAL POLICY OF PAKISTAN:
This paper\'s main goal is to evaluate the before and after effects of EU’s GSP plus on Pakistani company’s tax payment of textile sector and suggesting the Fiscal policy. In fact, the study address what effect does the Generalized System of Preferences (GSP) plus Status of the EU have on the corporate taxation of Pakistan\'s textile industry and on tax policy? For that purpose, in this study the regression analysis is used. The data of listed local and international companies are gathered from Pakistan Stock Exchange. The results depict that exporting companies able to increase their profits and pay more corporate tax led to impart in the sustainable economic growth of Pakistan. This study will help out the fiscal policy makers in the development of tax policy for the potential exports sector to EU. Furthermore, assist the financial managers to create a corporate strategy for the multinational firms.
DOES THE DEFINITION OF THE COST OF CONSUMER CREDIT ACCORDING TO THE REGULATIONS SUPPORT CREDIT DECISIONS?
According to the regulations in force, including in Poland, loan institutions must disclose the costs of consumer credit. However, these costs can be presented in many ways. By conducting in-depth interviews with experts, we analyse whether the way in which the applicable regulations are imposed supports the credit decisions of the average consumer. Experts\' statements show that the regulatory solutions currently in use may deliver far from what is expected. AER, annual effective rate (RRSO in Poland), the key measure of the cost of consumer credit introduced in Poland by the provisions of the Consumer Credit Act, is very ambiguous and, in the opinion of experts, in many cases distorts the actual cost of credit, thus making it difficult for consumers to make rational credit decisions. The conclusions of the study may be of significant importance both for institutions regulating the consumer credit market and for entities operating on this market.
DISCOVERING SOURCES AND APPROACHES IN FINANCING HACKATHONS
This study explores the diverse sources and approaches to financing hackathons, aiming to compare financing models for hackathons, emphasizing the influence of event type on various strategies. Employing an ethnographic approach, the research identifies three primary financing strategies-challenge-oriented, community-oriented, and profit-oriented and six key sources, including sponsorships, community contributions, self-funding, grants, investments, and registration fees. The findings reveal that aligning financing with hackathon objectives is essential for the overall performance of the event. Challenge-oriented hackathons require dedicated budgets, community-oriented ones rely on local support, and profit-oriented events must balance financial goals with inclusivity. Sponsorships and partnerships emerge as the most versatile funding method. The study underscores the importance of combining multiple financing sources to ensure resilience and stability. It contributes to the academic understanding of hackathon financing and offers practical insights for organizers, sponsors, participants, and policymakers, aiming to enhance the effectiveness and impact of hackathons in fostering innovation and collaboration.
This study investigates the impact of public borrowing and total capital formation on Nepal’s economic growth. The analysis relies on secondary data from publications from the Nepal Rastra Bank and economic surveys conducted in Nepal. The dataset has 34 consecutive yearly data points from 1988/89 to 2021/22. A causal correlational research design is used. It is guided by positivist research philosophy and deductive reasoning. The robust least square method is employed to explore the impact of independent variables. Research indicates that public debt and capital formation favourably and significantly affect Nepal’s economic growth. The study demonstrates that a one-unit rise in public debt and capital formation leads to 0.2881 and 0.6205 unit increases in Nepal’s economic growth, respectively. The positive impact of capital formation is more effective than public borrowing in promoting the economic growth of Nepal. Policymakers should focus on creating a business-friendly environment, enacting growth-oriented fiscal and monetary policies, efficiently allocating resources for infrastructure and technology, and managing public debt prudently to ensure sustainable and equitable economic development.
Meme assets are a unique and modern phenomenon in the stock market, characterized by social media-driven hype and significant price volatility. The aim of this paper is to explore the relationships between meme assets and sectoral dynamics. We employ the Granger causality test to examine predictive relationships between daily returns of GameStop and five meme exchange traded funds and eleven sector index funds. Our results show that selected meme assets have relatively limited impact on various sectoral indices and vice versa, suggesting that meme stocks and meme ETFs can offer diversification benefits for sectoral investments. These findings offer insights to investors in designing their approaches to investment strategies and portfolio management, as well as regulators in their attempt to ensure financial market stability.
Comparison between internal and electronic clearing systems for checks
Payment clearing is important to ensure that the payment is transferred or the cash from one bank account moves to the other bank. The banking system in Iraq follows two sorts of clearance systems which are the IBCS (Inter Bank Clearing System) and C-ACH (Check Automated Clearing House System). Though the Central Bank of Iraq (CBI) has already modernized the payment clearing systems, the country\'s banks still use the interbank clearing systems. In this background, the current study is a first-of-its-kind attempt to compare and contrast the IBCS and C-ACH systems so as to understand the benefits and disadvantages associated with these two clearance systems and identify the optimal one. For this study, the researcher used secondary data available from the CBI for the study period between 2018 and 2022. The collected data was analyzed for descriptive statistics and correlation to validate the hypotheses. The Mann Whitney U test and independent sample T-test were conducted in the study. Between the systems (IBCS and C-ACH) under study, the C-ACH system gained prominence with the highest number of transfers and the distribution of bank transfers through checks.
Check Automated Clearing House System (C-ACH)