Non-governmental organizations (NGOs) are institutions that belong most often to the social service sector, whose goals are to meet the specific needs of people that are not being met, or not being ...met adequately, by commercial organizations or state administrations. Such NGOs work to help citizens develop and to improve themselves and their life situations. This article presents an overview of the role played by NGOs in Poland and how they are funded.
Non-governmental organizations (NGOs) are institutions that belong most often to the social service sector, whose goals are to meet the specific needs of people that are not being met, or not being ...met adequately, by commercial organizations or state administrations. Such NGOs work to help citizens develop and to improve themselves and their life situations. This article presents an overview of the role played by NGOs in Poland and how they are funded.
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•This study explores the effect of EPU on overall corporate financing decision.•EPU has negative effect on debt financing.•It also has an adverse association with account payable ...financing.•During high EPU era, corporate firms preferred more equity and account receivable financing.•The statistical findings highlight the role of economic sensitivity in corporate financing decisions.
Economic policy uncertainty (EPU) refers to uncertain economic events that can hamper the transparent flow of different economic activities. Given that, this study tends to explore the association between EPU and corporate financing structure, including primary and secondary sources of financing. For regression analysis, we analyze the 55,200 firm-level observations from six economies of Asia spanning 2007–2016 and employ the 2-step system GMM (generalized method of moments). The statistical results imply that EPU has a negative impact on debt financing while it has a positive relationship with equity financing. Referring to secondary sources of financing, EPU negatively impinges upon account payables whilst positively related with financing through account receivables. Such spatial effects are robust across alternative measurements of EPU and control of endogeneity. The adverse impact of EPU can be explained by credit risk for banks and limited trade credit opportunities that shift financing preferences towards equity and account receivables. This study concludes that the industrial sector faces dynamic financing trends with exposure to policy uncertainty. It recommends direct policy guidance to policy officials that they should focus on enhancing policy stability because policy volatility can deter some financing options that may become useful in certain situations. This study is innovative by exploring the role of EPU in determining both primary and secondary structures of financing.
W artykule przedstawiono wyniki badań ankietowych dotyczących źródeł finansowania małych i średnich przedsiębiorstw. Są one częścią obszerniejszych badań dotyczących dostępności źródeł finansowania ...oraz barier w rozwoju przedsiębiorczości. Wyniki badań potwierdzają istniejącą od lat tendencję finansowania działalności w oparciu o kapitały własne, różne formy kredytowania oraz leasing.
The article presents the results of a questionnaire survey on the sources of financing for small and medium-sized enterprises. They are part of more extensive research on the availability of funding sources and barriers to entrepreneurship development. The research results confirm the long-standing tendency to finance activities based on equity, various forms of lending and leasing.
One of the most global problems of the modern world is terrorism. In recent years, terrorism has turned into a phenomenon that exerts a significant influence on political and economic national, ...regional, and world processes. Formation of a system of neutralization of financing sources is of great importance for the fight against terrorism. The purpose of the article is to reveal the peculiarities of terrorism as an international phenomenon, to study the sources and channels of financing terrorism. In the research process, such methods as generalization, systematization, comparative analysis, and grouping were used. The theoretical basis of the study was the works of domestic and foreign scientists, reports of international organizations devoted to the indicated problems. The article reveals the problem of interpretation of the concept of terrorism, describes the reasons (psychological, ideological, strategic) and examines the dynamics of terrorist acts. It was established that there is no unified approach to the definition and classification of sources and channels of terrorist financing. Scientists' approaches to classification are systematized. It is suggested that the main channels of financing terrorist activities include: involving financial institutions (banks, exchanges, investment funds, etc.); involving financial assistance from third countries or terrorist groups of these countries; through legalization of illegal income (sale of weapons, prohibited substances) or money laundering through legal institutions (charity funds); by smuggling cash and other valuable goods; by transferring virtual assets. During the analysis of a specific jurisdiction, the list of channels should be specified and detailed by the relevant funding sources.
How is a takeover bid financed and what is its impact on the expected value creation of the takeover? An analysis of the sources of transaction financing has been largely ignored in the takeover ...literature. Using a unique dataset, we show that external sources of financing (debt and equity) are frequently employed in takeovers involving cash payments. Acquisitions with the same means of payment but different sources of transaction funding are in fact quite distinct. Acquisitions financed with internally generated funds significantly underperform those financed with debt. The takeover financing decision is influenced by the bidder's pecking order preferences, its growth potential, and its corporate governance environment, all of which are related to the cost of external capital. The choice of equity versus internal cash or debt financing also depends on the bidder's strategic preferences with respect to the means of payment.
Purpose
This paper aims to investigate whether managerial overconfidence has an impact on investment inefficiency beyond its influence on the use of internal financing or whether internal financing ...behaves as a full intermediary.
Design/methodology/approach
The study employed three dependent variables, namely business investment scale, overinvestment and underinvestment, and analyzed data from 282 firms across five different industries listed in 11 Middle East/North Africa (MENA) countries between 2013 and 2019 using regression analysis via least square dummy variable (LSDV).
Findings
The findings indicate that while internal financing can provide funding for investment opportunities and address capital shortages, it may also result in overinvestment, particularly in companies led by overconfident managers.
Practical implications
Stakeholders, including shareholders and board of directors, should pay attention to the chief executive officer (CEO)'s behavioral aspects such as overconfidence in decision-making while undertaking new investment projects. Additionally, regulators and policymakers in emerging markets like MENA should re-evaluate the corporate governance framework, devise a corporate governance index and promote boardroom gender diversity as it can significantly reduce risk.
Originality/value
This study adds to the limited research on the impact of managerial overconfidence on investment efficiency in the MENA region. By focusing on this region, which has unique economic, political and social characteristics, the study provides new insights into the role of behavioral biases in investment decision-making in emerging markets.
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