This study aims to explore the phenomenon of the adoption of sustainability accounting, sustainable financing and relevant regulatory measures for the development of a green financing system in an ...emerging global financial centre under the influence of sustainable global development. As Hong Kong, the Global Financial Centre of China (GFCC), emerges as a regional green finance hub, a framework of the circumstantial developments that contribute to the development of a green financing system is illustrated. It suggests a top-down approach of institutional legitimacy for sustainability influenced by a national policy and enhanced through a market-based finance approach in the GFCC. Adopting a multiple-case study approach, this paper reveals three cases of sizable listed enterprises notable for their heterogeneous approaches to embracing risk governance, sustainable accounting and financing in their issuance of green bonds. A theoretical framework is proposed over the mutually reinforcing effects of legitimate policy and market-based finance that engender the convergence of a green financing system. The implications for the integrity of a green financing system in relation to sustainability controls and cleaner production are articulated.
•A framework of circumstantial developments that contribute to the development of a green finance system is proposed.•It reveals a top-down approach of institutional legitimacy for green financing influenced by a national policy and enhanced through market-based financing.•Three cases are presented to illustrate green bond issuance in an emerging green finance hub.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK, ZRSKP
One of the major goals of health systems is providing a financing strategy without inequality; this has a significant impact on people's access to healthcare. The present study aimed to investigate ...the inequality in households' financial contribution (HFC) to health expenditure both before and after the implementation of the Iranian Health Transformation Plan (HTP) in 2014.
This study is a secondary analysis of two waves of a national survey conducted in Iran. The data were collected from the Households Income and Expenditure Survey in 2013 and 2015. The research sample included 76,195 Iranian households. The inequality in households' financial contributions to the health system was assessed using the Gini coefficient, and the concentration index (CI). In addition, by using econometric modeling, the relationship between the implementation of the HTP and inequality in HFC was studied. The households' financial contribution included healthcare and health insurance prepayments.
The Gini coefficient values were 0.67 and 0.65 in 2013 and 2015, respectively, indicating a medium degree of inequality in HFC in both years. The CI values were 0.54 and 0.56 in 2013 and 2015, respectively, suggesting that inequalities in HFC were in favor of higher income quintiles in the years before and after the implementation of the HTP. Regression analysis showed that households with a female head, with an unemployed head, or with a head having income without a job were contributing more to financing health expenditure. The presence of a household member over the age of 65 was associated with a higher level of HFC. The implementation of the HTP had a negative relationship with the HFC.
The HTP, aiming to address inequality in the financing system, did not achieve the intended goal as expected. The implementation of the HTP neglected certain factors at the household level, such as the presence of family members older than the age of 65, a female household head, and unemployment. This resulted in a failure to reduce the inequality of the HFC. We suggest that, in the future, policymakers take into account factors at the household level to reduce inequality in the HFC.
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IZUM, KILJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
With the accelerated pace of energy reform, State Grid Corporation of China has actively formulated and implemented a big data strategy, established a big data center, tapped the value of massive ...energy data resources, improved the data asset management system, and used data to drive management reform and transformation and upgrading. In order to optimize the current energy investment and financing system, this paper attempts to analyze the problems existing in the current rural energy investment and financing system and explore the digital transformation of energy enterprises based on data mining technology. Based on energy big data, this paper constructs an intelligent energy investment and financing system with energy investment and financing mechanism, and emphatically analyzes the factors that influence the strategic choice of each participant, in order to seek the strategy of evolution and stability. Higher emission reduction targets will prompt enterprises to increase their emission reduction efforts, increase their demand for carbon quotas, and at the same time increase the total amount of carbon quotas that can be allocated in the market, resulting in a decline in market clearing carbon prices. In the process of socialist development in the new period, we should seize the opportunity, proceed from the whole, make overall plans, clarify the future development direction, and make bold innovations in financing methods.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
After Soeharto's authoritarian regime had ended in 1998, Indonesia has successfully been transformed into one of the world's largest democratic nations. However, Indonesia still faces enormous ...challenges to eradicating corruption; corruption is still ubiquitous and entrenched in governments and political parties. This study argues that the primary reasons for this apparent paradox are the politics of corruption and the dysfunction of the party finance system underpinning the illicit campaign financing system. This research also claims that the deficiency of the party finance system is not accidental; it is intentionally designed and perpetuated by the elites who prefer the illicit finance system since this system allows them to penetrate the state's assets, creating privileged business opportunities and reserving political advantages. The elites minority overpower political parties and establish politics-business networks to perpetuate their status quo and dominance in politics and economy. The dysfunction of the party financing system has also caused parties to remarkably relied on financial support from conglomerates; this situation engenders politics and 'black' business empires networks and oligarchisation. Further, business and political parties maintain their access to the state's resources by becoming part of electoral democracy, assuming political office or lobbying societal organisations, and taking control over economic actions and election campaigns that undermine Indonesia's democracy system. To substantiate the arguments in this study, the researcher uses the literature study and secondary data sources to support the arguments
The purpose of the article is to substantiate the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine, the ...implementation of which is aimed at improving the efficiency of the functioning of this market. As a result of the study, it is found out that the conception of developing financial and credit instruments for the functioning of the residential real estate market is an integral part of reforming the system of financing investments in residential real estate. The author’s own vision of the essence of the concepts of «system of financing the investments in residential real estate» and «model of financing of the residential real estate market» are proposed. The study of foreign experience allowed to distinguish two main models of financing the residential real estate market – depository and mortgage. The application of comparative analysis showed that the model of financing the residential real estate market in Ukraine is close to the deposit model. It is proposed to improve financing models in the residential real estate market of Ukraine, and to put upon financial institutions the role of escrow agents who will protect the interests of real estate buyers. A systematization is carried out and the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine with the distinguishing of its main elements is presented schematically. Further research will concern the substantiation of individual proposals aimed at the implementation of the tasks specified in the article of the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine.
This article examined the impact of the COVID-19 pandemic on the health financing system in Ghana. The COVID-19 pandemic presents two different crises—a health crisis and an economic crisis, and ...these have implications for the health financing system in Ghana. The pandemic is likely to have adverse effects on the various sources of healthcare financing, including government support, donor support, national health insurance scheme (NHIS) and out-of-pocket payments, which will impact the general delivery of healthcare in the country. Government support to the health sector in general is likely to be rechannelled into fighting the pandemic considering the declining tax and other non-tax revenues as well as huge expenditure commitment. Donor support is also likely to be scaled down and existing funds redirected into dealing with the COVID-19 pandemic. The NHIS will be affected, as many subscribers are not likely to renew their health insurance policies because of the fear of contracting the coronavirus when they visit health facilities. Also, the non-attendance at health facilities by health consumers will impact out-of-pocket payments and the hospitals’ ability to generate sufficient internal resources for their operations. A number of useful recommendations are proffered with the aim of improving health financing system in Ghana during and post-COVID-19 pandemic.
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NUK, OILJ, SAZU, UKNU, UL, UM, UPUK
This study aims to analyze and classify the evolution of crowdfunding in Portugal from 2014 to 2020, addressing the central question, “What is the evolution of literature on crowdfunding and its ...research focuses in Portugal?”. Additionally, it investigates, through the sub-question, if crowdfunding is perceived as an alternative form of financing. The methodology employs a systematic review, covering four thematic areas: (1) research focus—concepts; (2) research method—quantitative/qualitative identification; (3) geographical area—countries of study; (4) innovation—future research areas. The research begins with Google Scholar, followed by a more specific search of the B-On database, focusing on the Portuguese context. Results highlight the scarcity of research in Portugal, emphasizing the nascency of crowdfunding in the country. The study reveals the importance of investor behavior, influenced by platform security and regulations. Growth in crowdfunding in Portugal is anticipated, attracting multidisciplinary interest but emphasizing the need for more comprehensive studies. Despite limitations in data availability, the study provides valuable insights for entrepreneurs seeking alternative financing in Portugal, demonstrating crowdfunding as an alternative financing method. Integration of crowdfunding with technology, especially blockchain, is suggested as a potentially disruptive system, paving the way for future research and innovations.
The development of an enterprise under current conditions requires an integrated approach and an appropriate financing system. The purpose of this study is to justify the replication model of ...financing the integrated enterprise development. The research methodology suggests that each enterprise has its own development “genome”, which makes it possible to apply the replication of its directions based on a justified financing system of such an integration. The proposed replication model is augmented by regression analysis, which made it possible to carry out scenario forecasting of alternative options for the company’s development. The conduction of the study is based on 16 textile enterprises. The formed map of the integrated enterprise development enabled the determination of their points to replicate resources in four directions (environmental and economic, innovative, informational, and organizational). The interaction of companies on the basis of strengths diffusion (exchange of potential) with the application of financial netting is considered an alternative to replication. The research proved that an alternative option can solely be recommended for developed companies and requires the identification and minimization of risks. The strong link between the level of integrated and overall development of companies was acknowledged. Asymmetry of business development in the context of a replication model of its integration enables the achievement of high results while minimizing financial resources. Enterprises implementing the replication model of integration considerably improve their prospects and increase overall development performance. The application of the replication model of financing integration under the crisis and the COVID-19 pandemic fosters efficient use of financial resources and the overall enterprise development.
To effectively carry out its tasks, the church needs a stable financial system. The aim of this article is to present issues related to ensuring the stability of the Catholic Church financing system ...in times of significant demographic and socio-cultural changes. This study identifies and characterizes the main sources of income and directions of expenses of the available financial resources. The challenges faced by church authorities in this regard are also described. State authorities finance places of prayer for social, cultural, and psychological reasons. Churches have been places of support in difficult times for centuries as well as places of survival and mental support for society.
With the proposal of the One Belt, One Road initiative, China's OFDI has grown rapidly, with institutions playing key roles. This study uses residualization and threshold regression methods to ...analyse the 2003-2019 panel data of 31 provinces and cities in China to study the impact of property rights protection, market operation, and financing systems on China's foreign outward direct investment (OFDI). Overall, the results show that only the market operation system is key in promoting OFDI. Regarding regional heterogeneity, the property rights protection system has a solely positive incentive effect on OFDI in the central region. Moreover, the market operation system only plays a positive role in promoting OFDI in the eastern developed and central regions. The financing system has a threshold effect, which has significant negative and positive impacts on OFDI in the eastern and central regions, respectively. Conversely, the financing system's impact changes from significant to insignificant in the western region before and after the threshold value. This study provides a theoretical reference for economic system reform in the process of implementing the strategy of "going out" in various regions.
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CEKLJ, NUK, ODKLJ, UL, UM, UPUK
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