Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Does Financial Globalization Discipline Macroeconomic Policies

Using the unbalanced panel data of 160 countries from 1970 to 2007,we employ inflation and the budget deficit as proxies for monetary policy and fiscal policy,respectively,and study whether financial globalization has discipline effects on these macroeconomic policies.The empirical results in our study suggest a significant discipline effect of financial globalization on monetary policy during the entire sample period,which is robust both to de jure and to de facto measures of financial openness.Our sub-sample investigations demonstrate that financial globalization reduces inflation only in higher-middle-income and high-income countries,and when financial globalization is scaled by the proportion of a country’s foreign assets and liabilities to its GDP,the discipline is evident only after 1988.Nevertheless,we do not demonstrate any evidence of financial globalization’s discipline effect on fiscal policy.The empirical results indicate that financial globalization even increases the budget deficit in certain countries and periods.

Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Mathematical modeling methods are frequently used for solving everyday problems.Decision making,one such method,can be used in every aspect of life for different scales such as micro(households),medium(companies),and macro(states)decisions.Due to the large number of parameters affecting decision,it is possible to make mistakes in the selection of the appropriate investment instrument with classical methods;hence,scarce resources may be wasted,and sometimes it may even be impossible to make a decision.This study seeks to answer the question“Which financial investment instrument should be selected under the current conditions?”using decision making problems.Factors affecting gold,USD,and EURO,which are selected as the financial investment instruments in Turkey,are examined using the autoregressive distributed lag(ARDL)bound test.The selected variables are monthly and belong to the January 2009 to May 2018 period.The ARDL results show that the selected financial investment instruments are affected by most of the factors separately.By using the coefficients obtained from the ARDL model,the analytic hierarchy process(AHP)model was established.According to the results of the model,the EURO was determined as the most suitable financial investment for Ahmet and others with the same preferences.

A group decision model for credit granting in the financial market

Group decision models that contemplate the particularities of the decision-making process help organizations pursue their strategic objectives.In the financial market,the primary interest of organizations consists in ensuring financial returns,which guarantee stability for the organization.This study identifies major problems in the current process of credit granting in the financial market and argues the need for automatizing the organizational decision process while respecting the autonomy of decision-makers.To this end,this study proposes a group decision model based on the Strategic Choice Approach(SCA)for granting credit in a financial market organization.The results show that the adoption of the proposed model offers considerable gains in terms of organizational goals,transparency of the decision-making process,security for decision-makers,and reduction of organizational conflicts.

Re-Discussion on the Financial Boundaries for Corporate Merger and Acquisition Decisions

This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financialboundary for the M&A decision.The paper also putsforward the negotiation range of transferring price andcondition for the acquirer and acquiree by quantitativeanalysis.In the end,the peper points out that it is prof-itable for both of the acquirer and acquiree to implementacquisition in the range of financial boundaries.

Information on Financial Statements for Loan Decision-Making of Commercial Banks in Vietnam

Financial statements （FS） are tools which provide information to users for making business decisions. Among the organizations, banks are the firms which conducted and did business with risks. In particular, commercial banks continue to play a dominant role in the whole system, and local commercial banks still have an edge in its widespread network across the country over foreign banks. This article is going to present the survey which clarifies the role of FS in commercial banks＇ loan decisions in Vietnam. Moreover, this paper also discusses FS＇s quality currently, thereby making suggestions for enterprises to enhance the usefulness of accounting information in borrowing activities. This paper has taken performance with 74 official employees in commercial banks in Vietnam. The results indicated the qualitative characteristics of banks when disclosing the financial statements. This article also gave the six oriented solutions to improvement of the loan decision-making by banks.

Reformative Financial Risk Management Approach： A Multistage Decision Support System with the Assistance of Fuzzy Goal Programming and Expertons Method

The potential demand on financial risk management has being increased considerably by the reason of Basel 11 regulations and instabilities in economy. In recent years, financial institutions and companies have been struggled for building up intensive financial risk management tools due to Basel II guidance on establishing financial self-assessment systems. In this respect, decision support system has a significant role on effectuating intensive financial risk management roadmap. In this study, a reformative financial risk management system is presented with the combination of determining financial risks with their importance, calculating risk scores and making suggestions based on detected risk scores by applying corrective actions. First, financial risk factors and indicators of these risk variables are selected and weights of these variables are specified by using fuzzy goal programming. After that, total risk scores are calculated and amendatory financial activities are appeared by means of expertons method which also provides possibilities of the alternative decisions. To illustrate the performance of integrated and multistage decision support system, a survey is applied on the end users.

Financial Sustainability Among Higher Education Institutions in the United States

This article explores the challenges of financial sustainability faced by higher education institutions in the United States.Against a backdrop of stringent state and federal regulations coupled with a decline in financial support,institutions are grappling with a shifting landscape.The paper delves into the intricacies of state regulations and funding policies,highlighting their impact on educational establishments.Furthermore,strategies for financial sustainability,including student attraction and retention,are discussed.The article concludes by underscoring the duality of regulations as both challenges and essential resources,suggesting a potential shift towards greater autonomy and a reshaping of the educational landscape in response to modern challenges.

Effects of the Trade and Financial Governmental Policies on the Total Investment in Syria （1980-2010）

This paper attempts to investigate the effects of several financial and trade policies on the total investment in Syria, over the period 1980-2010 （before the current war）. The study employs Johansen co-integration test to check the presence of long-term relationship between explanatory and dependent variables. In addition, Vector Error Correction Model （VECM） further studies the causal relationship from dependent variable to independent variables. The Johansen co-integration test indicates a significant long-term relationship among the variables. Moreover, the Vector Error Correction Model also suggests the long run causality from the imports, exports, capital public expenditures, and subsidies to total investment. The study’s result indicates that the imports and the capital public expenditures played a significant role in supporting the total investment in the country before the war, while there was a negative role of exports in the total investment, and there was no impact of subsidies on the total investment. Before the war, foreign investment in Syria was over dominated by European Union. The paper proposes to diversify the target of investment flow to Syria, especially from China and the other BRICS countries that can take advantages from Syria and can support Syria economy after the war by the strategy of “One Road One Belt”. Theseresults may assist Syrian policy makers, after the war, to develop an economic plan that takes into account the effects of these policies to improve the total investment which will help Syria in rebuilding the economy.

Spillovers of US unconventional monetary policy:quantitative easing,spreads,and international financial markets

This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.

Structural Deceleration,Financial Expansion and Policy Selection:China's Economic Prospects for 2014

China's economic performance in 2013 has verified that China's economic slowdown is structural rather than cyclical.Current economic growth has been driven primarily by investment in infrastructure and real estate sector.Consumption is sluggish and exports recovery is unsustainable.Financial expansion is a major instrument in offsetting the deceleration of China's economic growth in 2013.But structural root cause of slowdown remains.According to cash flow statement,balance sheet and cross-border capital flow,risks of China's financial system are accumulating under the backdrop of financial expansion.Financial system should play its role of resource allocation and refrain from stimulating demand.Future policy choice will shift from short-term macro policy to institutional reform,including political reform,reform of supply mechanism,balancing between macro-stability policy and structural transition,and reform of financial system.

Use of Research Evidence in Policy and Decision-Making: Views, Attitudes and Practices of Health Policy Makers in Lusaka Province of Zambia

Background: The integration of relevant high-quality research evidence into the health decision and policy formulation process is a key strategy for improving health systems especially in developing countries such as Zambia. However, the lack of capacity to understand and value research evidence by policy and decision makers makes it difficult for them to find and use research evidence in a timely manner even when motivated to do so. This study aimed to establish the views, attitudes and practices of policy makers on the use of research evidence in policy and decision-making process in Zambia. Methodology: This descriptive cross-sectional study was conducted in Lusaka, Zambia among selected public health decision and policy making institutions. A purposive sample of 21 consenting policy makers who were working in different positions in the Ministry of Health Headquarters, Provincial and District Health Offices, Health Professions Regulatory Bodies, United Nations Agencies, International Non-Governmental Organizations and University Deans from the University of Zambia participated in the study. A self-administered questionnaire was used to collect data. The IBM? SPSS? Statistics for Windows Version 20.0 was used for data analysis. Results: The concept of Evidence Informed Health Policy was not well understood such that only less than half (47.5%) of the participants reported having heard specifically about Evidence Informed Health Policy meanwhile almost two thirds (61.9%) reported that they used research evidence in decision making and policy formulation. Similar discrepancy was expressed in the understanding of and use of rapid response mechanisms such that although (47.6%) of the participants reported having heard about it, (57%) had never used rapid response mechanisms for deci-sion-making. With regard to the sources of information, about half (52.3) of the participants reported scholarly articles as their main source of evidence. Con-clusion and Recommendations: There is need for more sensitization and ca-pacity building among the decision and policy makers on the importance of using research evidence in decision and policy making process as incorporation of relevant high-quality research evidence into the health policy making pro-cess is a key strategy for improving health systems.

Chinese Economy in 2000 Guidedby Positive Financial Policies

China's financial policies in 2000 are being clarfied:China will continue to follow its positive financial policies.This signifies that in 2000,the Chinese economy will operateunder the gridance of positive financial policies.

Strategies and Policy Options for Cooperation between China and India under Global Financial Crisis

In Part I the author analyses the impact of the financial and economic crisis in terms of global and Sino-India cooperation,and the Challenges that the two countries are facing. In Part II the Guiding Principles on Sino-India Economic and Trade Cooperation are being reviewed. And the author suggested some strategies and policy options for cooperation between China and India.

Building a Business and Strategic Intelligence Policy as a Strategy for Promoting Congolese Business Progress and Healthy Economic Development in Eastern DRC

The aim of this study was to verify the existence of business and strategic intelligence policies at the level of Congolese companies and at the state level, likely to foster progress and healthy development in the east of the DRC. The study was based on a mixed perspective consisting of objective analysis of quantitative data and interpretative analysis of qualitative data. The results showed that business and strategic intelligence policies have not been established at either company or state level, as this is an area of activity that is not known to the players in companies and public departments, and there are no units or offices in their organizational structures responsible for managing strategic information for competitiveness on the international market. In addition, there is a real need to establish strategic information management units within companies, upstream, and to set up a national strategic information management department or agency to help local companies compete in the marketplace, downstream. This reflects the importance and timeliness of building business and strategic intelligence policies to ensure economic progress and development in the eastern DRC. Business and strategic intelligence provides companies with an appropriate tool for researching, collecting, processing and disseminating information useful for decision-making among stakeholders, in order to cope with a crisis or competitive situation. The study suggests a number of key recommendations based on its findings. To the government, it is recommended to establish the national policy of business and strategic intelligence by setting up a national agency of strategic intelligence in favor of local companies;and to companies to establish business intelligence units in their organizational structures in favor of stakeholders to foster advantageous decision-making in the competitive market and achieve progress. Finally, the study suggests that studies be carried out to fully understand the opportunities and impact of business and strategic intelligence in African countries, particularly in the DRC.

Collateral Monetary Policy,Regional Financial Development,and Nonfinancial Firms'Shadow Banking Activities

The disparity in credit access between large firms and small and medium-sized enterprises contributes to the prevalence of shadow banking activities,where large,nonfinancial firms with high credit ratings have become new financial intermediaries.These activities vary geographically and are afected significantly by collateral monetary policy.This paper examines the effect of collateral monetary policy,its reform,and regional financial development characteristics on large firms'shadow banking activities,with a focus on the medium-term lending facility(MLF),the primary collateral monetary policy instrument in China.The results indicate that the MLF encouraged large firms'shadow banking activity.However,the MLF reform in 2018 mitigated this effect by broadening the range of acceptable collateral.Regional financial development,such as a higher number of bank branches around firms,facilitated large firms'shadow banking activities and amplified the MLF's stimulating effect.In contrast,regional advancements in digital finance and market development limited both shadow banking activities and MLF's impact.

Robust analysis of discounted Markov decision processes with uncertain transition probabilities

Optimal policies in Markov decision problems may be quite sensitive with regard to transition probabilities.In practice,some transition probabilities may be uncertain.The goals of the present study are to find the robust range for a certain optimal policy and to obtain value intervals of exact transition probabilities.Our research yields powerful contributions for Markov decision processes(MDPs)with uncertain transition probabilities.We first propose a method for estimating unknown transition probabilities based on maximum likelihood.Since the estimation may be far from accurate,and the highest expected total reward of the MDP may be sensitive to these transition probabilities,we analyze the robustness of an optimal policy and propose an approach for robust analysis.After giving the definition of a robust optimal policy with uncertain transition probabilities represented as sets of numbers,we formulate a model to obtain the optimal policy.Finally,we define the value intervals of the exact transition probabilities and construct models to determine the lower and upper bounds.Numerical examples are given to show the practicability of our methods.

Artificial Intelligence Based Optimal Functional Link Neural Network for Financial Data Science

In present digital era,data science techniques exploit artificial intelligence(AI)techniques who start and run small and medium-sized enterprises(SMEs)to have an impact and develop their businesses.Data science integrates the conventions of econometrics with the technological elements of data science.It make use of machine learning(ML),predictive and prescriptive analytics to effectively understand financial data and solve related problems.Smart technologies for SMEs enable allows the firm to get smarter with their processes and offers efficient operations.At the same time,it is needed to develop an effective tool which can assist small to medium sized enterprises to forecast business failure as well as financial crisis.AI becomes a familiar tool for several businesses due to the fact that it concentrates on the design of intelligent decision making tools to solve particular real time problems.With this motivation,this paper presents a new AI based optimal functional link neural network(FLNN)based financial crisis prediction(FCP)model forSMEs.The proposed model involves preprocessing,feature selection,classification,and parameter tuning.At the initial stage,the financial data of the enterprises are collected and are preprocessed to enhance the quality of the data.Besides,a novel chaotic grasshopper optimization algorithm(CGOA)based feature selection technique is applied for the optimal selection of features.Moreover,functional link neural network(FLNN)model is employed for the classification of the feature reduced data.Finally,the efficiency of theFLNNmodel can be improvised by the use of cat swarm optimizer(CSO)algorithm.A detailed experimental validation process takes place on Polish dataset to ensure the performance of the presented model.The experimental studies demonstrated that the CGOA-FLNN-CSO model has accomplished maximum prediction accuracy of 98.830%,92.100%,and 95.220%on the applied Polish dataset Year I-III respectively.

Study on financial loss and its adjustment in earthquake insurance

In the paper, we briefly introduce the development and present situation of earthquake insurance in China and foreign countries, and the evaluation of earthquake losses on the basis of seismic risk and structural vulnerability analyses. The emphasis is given to the probabilistic density function of earthquake loss adjustment for a single building under the given insurance policy and the overall variance of estimated earthquake losses aggregated from various locations with keen interest in the insurance industries. The correlation coefficient for the damages among single structures in the United States is also introduced to interpret the risk of loss concentration in the earthquake insurance. The paper provides a scientific basis for adjusting earthquake loss and premium rate, and it also provides a useful reference for the application and expansion of earthquake insurance in China.