IMPROVEMENT OF THE INVESTMENT POLICY OF THE BELARUSIAN STATE FOOD INDUSTRY CONCERN ON THE BASIS OF CREATION OF THE FOOD INDUSTRY CORPORATION

The article is devoted to the most important direction of improving the investment policy of the concern «Belgospischeprom» - the creation of the Corporation of the food industry on the basis of the concern, which will make it possible to carry out a comprehensive reform of the food industry in the Republic of Belarus, including by pooling resources and reducing costs; more prompt and focused solution of issues related to the financial recovery of a number of organizations; increasing the return on state assets, primarily by improving the management system; centralization of management; creating an integrated value chain, etc.

Influence of Working Capital Management and Policy to Profitability of Retail Trading Sector in Indonesia

Working Capital (WC) is an important aspect of any firms because of its correlation to risk (liquidity) and return (profitability). This research examines the influence of WC Management and Policy (WCMP) to profitability of 21 listed retail trading sector firms in Indonesia from 2011-2020 using panel data regression. In this research, WC Management (WCM) is measured by Cash Conversion Cycle (CCC) and its components which are Days Sales Outstanding (DSO), Days Inventory Outstanding, and Days Payable Outstanding (DPO); WC Policy is measured current assets divided by total assets or referred to as WC Investment Policy (WCIP) and current liabilities divided by total assets or referred to as WC Financing Policy (WCFP); and profitability is measured by Earnings Before Interest, Tax, Depreciation, and Amortization Margin (EBITDAM). The results show that firms can increase EBITDAM by shortening CCC, primarily through shortening DIO and lengthening DPO. Further, firms may improve EBITDAM by adopting a conservative WC Policy instead of an aggressive one, which means having higher current assets and lower current liabilities with respect to total assets.

PUBLIC-PRIVATE PARTNERSHIP AS AN INSTRUMENT OF STATE INVESTMENT POLICY: ECONOMIC MODELS AND LEGAL REGULATION

The article presents the organizational and legal characteristics of public-private part-nership as one of the effective instruments of state financial policy. The origin of the PPP institute in foreign countries is considered: Great Britain, USA, etc. The branches of law regulating PPP in the Russian Federation are characterized. The advantages of PPP for the state and business are described: reducing the burden on the budget, access to state assets, synergy of the administrative resource of the state and the innovative po-tential of business, etc. The PPP models are characterized: ВОТ, DBOT, BOOT, etc., as well as organizational and legal forms of PPP implementation: concession, life cycle partnership, etc.

Decision Making in Real Estate: Portfolio Approach

An investment policy is suggested about assets on real estate markets. Such analysis recommends investments in non-financial assets and optimization of the results from such decisions. The formalization of the investment policy is based on the portfolio theory for asset allocation. Two main criteria are applied for the decision making: return and risk. The decision support is based on Mean-Variance portfolio model. A dynamical and adaptive investment policy is derived for active portfolio management. Sliding procedure in time with definition and solution of a set of portfolio problems is applied. The decision defines the relative value of the investment to which real estates are to be allocated. The regional real estate markets of six Bulgarian towns, which identify the regions with potential for investments, are compared. The added value of the paper results in development of algorithm for a quantitative analysis of real estate markets, based on portfolio theory.

The Role of Investment in Ensuring High Rates of Economic Growth

Annotation: This article describes the role of investment in ensuring high economic growth, as well as investment policy in Uzbekistan and the implementation of projects to restructure the economy, modernize industries, technical and technological renewal. Keywords: investment, investment policy, foreign investment, agriculture, mineral resources.

WHAT DOES DYNAMICS OF TOURISM MARKETING SHOW IN 12 DEVELOPING COUNTRIES?

This study is motivated by the idea to what extent tourism marketing investment contributes to tourism demand expansion. It searches for better estimation methods that can deal with the inter-temporal and cross-section correlation of the disturbances. The effect of omitting the tourism marketing variable, as evidenced by the drastic change in long and short-run elasticity values for all tourism demand models, has emerged clearly. There is a need for the national tourism institutions to have a clear, consistent, and sustained investment policy in tourism marketing activities with respect to enhanced effectiveness in allocating financial resources.Keywords: Tourism Marketing, 12 Developing Countries, Dynamic Panel, Elasticity Values, Omission of Tourism Marketing Variable.JEL: Z33, C23,O50

Uncertainty and Investment Choice in a Real-Options Model of the Firm

<p>A firm must consider many factors when adopting an investment policy including, but not limited to the size, scope, and cost of each investment, as well as the firm's financial condition. The multitude of considerations makes optimal decision-making much more complex than is indicated by standard real-option models of investment. This thesis investigates the behaviour of a cash-constrained firm that has access to two distinct investment opportunities. Such a firm must not only choose the timing of each investment, but often it must also choose between investments. When compared with similar one-project models of the past, the introduction of an additional investment opportunity alters the general results in a variety of ways. If one of the projects has a high yield, and therefore a quick payback period, this project can provide benefits over and above its NPV as the cash it generates relaxes future capital constraints for follow-up investment. When the firm is sufficiently constrained, this can lead to an investment policy where high-yield low-NPV projects are implemented instead of lower-yield higher-NPV projects, a direct deviation from the NPV rule. If one of the projects can raise a relatively large proportion of its value as collateral for investment, then the constrained firm will at times accelerate investment in this project in order to free up cash reserves for the other opportunity. In single-project models, when the firm is able to invest in a low NPV project, the value of additional cash is low. This is because the project will be delayed regardless of the level of cash. However, when the firm has a second investment opportunity, if one project has a low NPV and the other a high NPV then additional cash is beneficial to the firm. The two-project model also provides insights into how resources should be allocated if the constrained firm decides to split and operate the projects as separate firms. When cash is low, more resources should go to the spin-off with the high NPV project in order to give it the best chance of being initiated. However, when cash is high, disproportionately more resources should go to the spin-off with the lower NPV project as investment in the higher NPV project is likely to occur without the help of additional resources.</p>