Factoring as a Method of Funding Commercial Companies

2021 ◽  
Vol 27 (2) ◽  
pp. 139-144
Author(s):  
A. S. Vtorygin
Keyword(s):  
Financial Management ◽  
Global Market ◽  
Theory And Practice ◽  
Market Participants ◽  
Funding Sources ◽  
Business Entities ◽  
The Times ◽  
The Stability ◽  
Commercial Organizations ◽  
The Impact

Aim. The presented study aims to examine the essence of factoring and explore potential directions for its development in the current economic environment.Tasks. The authors determine the economic substance of factoring, making allowance for the turbulence of the global market environment and the impact of new challenges for the Russian economy.Methods. This study analyzes legislative and regulatory acts as well as works of Russian and foreign scientists regarding the theoretical and practical problems of funding companies through factoring.Results. The factoring market is actively developing, particularly at the times of macroeconomic instability, which slows the turnover of funds in the economy and increases the need for funding sources among market participants. The stability of the factoring market during the COVID crisis serves to illustrate the heightened interest of business entities in factoring as a tool for solving a number of problems in corporate financial management. Some characteristic trends in the development of the Russian factoring market include its synchronization with the international market, active development of blockchain technologies, growing number of market participants and expanding range of services provided within the framework of factoring transactions.Conclusions. Having summarized the theory and practice of factoring development in Russia and abroad, the author concludes that factoring retains its potential as a tool for funding commercial organizations in the context of the development of digital technologies. The demand for factoring services among business entities will continue to grow in the post-COVID economy, which substantiates the practicability of further developing the factoring market and improving the technology behind factoring transactions.

Testing Market Reaction On Stock Market Delisting In Russia

2021 ◽  
Vol 15 (3) ◽  
pp. 14-27
Author(s):  
Елена Моисеевна Рогова ◽  
Maria Belousova
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Statistical Significance ◽  
Abnormal Returns ◽  
Global Market ◽  
Public Companies ◽  
Market Participants ◽  
Study Methodology ◽  
Available Information ◽  
The Impact

This paper expands the available information on the effects of delisting in Russia, and represents a rare empirical analysis of the impact of external events on securities prices in this major global market. We seek to evaluate how stock prices of competing companies fluctuate around the dates of stock market delisting announcements and completion. We analyse stock prices as correlated with company delisting events from 2004 to 2019 on 552 companies on the Russian MOEX Exchange. The event study methodology is used to evaluate the abnormal returns of rival companies close to relevant delisting dates. These data were checked for statistical significance using the standardised Patell residual test. The results indicate a significant competitive effect on stock prices both on the dates of delisting announcement and on completion, with more significant returns close to announcement dates. These effects were found to influence the prospects not just of individual groups of companies, but of all market participants. We may conclude from our results that delisting is not an event limited in effect to only one company, but impacts the industry as a whole, temporarily changing its value. As such, it will interest both shareholders and managers of public companies, and any participants of industries in which delisting occurs.

scholarly journals An attribution analysis of soybean price volatility in China: global market connectedness or energy market transmission?

2020 ◽  
pp. 1-12
Author(s):  
Youwang Zhang ◽  
Chongguang Li ◽  
Yuanyuan Xu ◽  
Jian Li
Keyword(s):  
Price Volatility ◽  
Global Market ◽  
Energy Price ◽  
Policy Makers ◽  
Market Participants ◽  
Long Run ◽  
Soybean Price ◽  
Short Run ◽  
Pass Through ◽  
The Impact

This study examines the impact of international soybean price and energy price on Chinese soybean price. Applied to monthly data over the period of 2007-2017, results show that both international soybean price and energy price have significant impacts on Chinese soybean price, while the impact from global soybean market tends to be more profound. First, we find that in the long run the cumulative pass-through elasticity of Chinese soybean price to international soybean price is greater than the elasticity to international energy price. Second, in the short run, international soybean price shocks transmit more quickly to Chinese soybean price. Our results shed new light on the determinants of soybean price volatility in China, and provide meaningful implications on the price risk management for market participants and policy makers.

scholarly journals Organization of justice and trial in Moldavia (the second half of the 18th century)

2019 ◽  
Vol 26 (1) ◽  
pp. 146-157
Author(s):  
Catalina Chelcu
Keyword(s):  
18Th Century ◽  
Legal Theory ◽  
Theory And Practice ◽  
Roman Law ◽  
Documentary Sources ◽  
Legal Literature ◽  
Written Law ◽  
The Times ◽  
The Impact ◽  
Made In

In our study we are concerned with the issue of the judicial organization and trial procedure, as well as the relation between common law and written law in Moldavia during the second half of the 18th century especially during the last quarter. During this period the legal system continued to be renewed in terms of criminal preoccupations. Both the princes of Moldavia and of Walachia focused on the reformation of justice. The fact that the princes succeeded each other on the throne in the Phanariot 18th century meant, from this standpoint, a great advantage, as different measures regarding the judicial organization and the procedure were promoted, by means of acts with similar content in Iași and in Bucharest. In this context, the prince preserves the prerogative of supreme judge of the country, as well as his place in relation to the boyars-judges. The preservation of legal attributions by the prince in his capacity of supreme instance is underlined in the new form of judicial organisation by the issuing of the definitive sentence, after having read the report including the boyars-judges’ proposition to punish the perpetrators. The motivation of the penalty also invoked extenuating or aggravating circumstance, which diminished or, on the contrary, increased the content of the penalty. The legal documents in Moldavia, dating from the second half of the 18th century, prove the presence of the Byzantine pravila in the legal theory and practice of that time. The Pravila [Law] meant therefore, as we could see in the contemporaries’ testimonies, the Byzantine written law, law guides made according to the Vasilika or the “Imperial law”, those legal texts in 60 volumes made in the 9th century at the demand of Leo VI (also called the Wise, 886-912), which represented an adaptation in Greek of the Roman Law, codified under the Byzantine emperor Justinian I (527-565). The foreign travellers in late 18th century Moldavia remind of the use of the Law of Harmenopoulos in trying criminal issues. Constantine Harmenopoulos was a judge in Thessaloniki, and his work’s title was Hexabiblos, in accordance with the six books it consisted of. This was made in 1345, summarising the Byzantine legislation included in the Vasilika and in the normative acts that had modified them by then, under the form of a guide. It was estimated that this work, and another legal guide, a nomocanon translated in Slavonic and used in the Romanian area starting with the 14th century, i.e. the Syntagma of Matthew Blastares of 1335, were created to replace the Vasilika, as they were “more concise and briefer for the needs of the trying courts”. It was considered that the Byzantine legal literature was very present in the judicial practice during the Phanariot rules, including in the form of those Vasilika (Fabrotus edition of 1647), as well as in other significant laws. But other such collections of nomocanons circulated in Moldavia as well. Particularly far-spread was Vaktiria ton Archiereôn (Bishop’s Staff), a work written by the monk Jacob of Ioannina, at the request of the Patriarch of Constantinople, Parthenius, and printed in 1645. It is also worth mentioning that – in the documentary sources preserved and researched thus far – the impact of sources where the Byzantine law texts constituted the legal grounds concerns mainly civil cases and, to a lesser extent, criminal cases. Border-related litigations – due to violating the protimisis right or to conflicts regarding the inheritance of lands or wealth in general – were solved in courts by consulting the Byzantine juridical standards. Most of the times, it is generically called the “holy code of law”. Hence, trial by “law code” became a reality from the second half of the 18th century, as proven by the documentary sources made available thus far.

scholarly journals Methodological Tools of Management Decision Making on Supporting Regional Environmental Projects

2020 ◽  
pp. 166-176
Author(s):  
Irina Anikina ◽  
◽  
Andrey Anikin ◽  
Keyword(s):  
Decision Making ◽  
Economic Efficiency ◽  
Financial Management ◽  
Investment Decisions ◽  
Theory And Practice ◽  
Assessment Procedure ◽  
Managerial Decision ◽  
Managerial Decision Making ◽  
Environmental Projects ◽  
The Impact

The purpose of the study was to develop a methodological toolkit for the substantiation of investment decisions on supporting regional environmental projects by state and private investors. The problem lies in the fact that traditional indicators of the efficiency of investment projects, such as net present value, budgetary efficiency, currently do not sufficiently meet the principles of sustainable economy, which underlie modern methodology for managerial decision making. The study of the opinions of investors shows their increasing willingness to take into account, when making investment decisions and decisions on financing projects, not only the economic efficiency, but also the impact of the results of companies’ activities on the environment and human health. At the same time, the question of how to take into account ESG factors (environment, social, governance) in the assessment of investment decisions remains controversial. The authors suggest a methodology that will contribute to the justification of management decisions regarding the support and stimulation of investment eco-projects. The method assumes a sequential passage of stages, at each stage the projects undergo an assessment procedure for compliance with the criteria that take into account the interests of various project stakeholders (government, investors, society) and the calculation of ratings: the rating of ESG factors and the rating of economic efficiency of eco-projects. The authors have also developed a matrix for managerial decision making to support an investment eco-project based on the analysis of the ratings obtained. The proposed conceptual approaches and models make it possible to clarify the methodological tools for effectiveness assessment of eco-projects, contribute to the improvement of the theory and practice of financial management, harmonization of ESG principles and investment management, adequate to the conditions of the concept of sustainable economic growth.

scholarly journals STRATEGI FUNDRAISING SOS CHILDREN’S VILLAGES INDONESIA DALAM PANDEMI COVID-19

2020 ◽  
Vol 7 (2) ◽  
pp. 237
Author(s):  
Afina Azizah ◽  
Santoso Tri Raharjo
Keyword(s):  
Human Resource Development ◽  
Social Services ◽  
Human Resource ◽  
Social Service ◽  
Financial Management ◽  
Non Profit ◽  
Social Service Organizations ◽  
Funding Sources ◽  
Adequate Funding ◽  
The Times

Sebuah organisasi pelayanan sosial memiliki lima aspek yang perlu diperhatikan dalam pengelolaannya, yaitu planning; organizing; budgeting; human resourches development serta sistem informasi. Dari kelima aspek tersebut budgeting/fundraising menjadi salah satu aspek yang paling penting dalam pelaksanaannya selain faktor sumber daya manusia. Strategis penggalangan dana atau fundraising yang terencana, matang dan fleksibel dengan kemajuan jaman sangat diperlukan, terlebih lagi di masa pandemi yang sedang terjadi saat ini agar dapat tetap bertahan dengan fokusnya yaitu melayani masyarakat. Kegiatan fundraising bertujuan untuk dapat memperoleh sumber pendanaan segar yang mendukung roda kehidupan dalam pengelolaan keuangan pada sebuah organisasi. Jika dikaitkan dengan apa yang terjadi saat ini yaitu dunia sedang dihadapkan oleh pandemic COVID-19 yang mana akan merugikan berbagai pihak, salah satunya apa yang akan terjadi pada pelayanan sosial non-profit dimana memerlukan pendanaan ekstra dalam situasi ini. SOS Children’s Villages Indonesia yang telah tersebut di 11 provinsi merupakan organisasi sosial yang menyelenggarakan pelayanan sosial pada anak dan keluarga yang perlu selalu ditopang oleh pendanaan yang memadai. Pada masa pandemic COVID-19, SOS Children’s Villages berupaya membangun dan mengembangkan strategi pengumpulan dana. Perlu inovasi dan kreasi baru dengan menggunakan perkembangan teknologi informasi dan berbagai media, termasuk media sosial dalam pengumpulan dana.Kata Kunci : Fundraising, Manajemen Strategi Fundraising, Organisasi Pelayan Sosial, COVID-19ABSTRACTA social service organization has five aspects that need to be considered in its management, namely planning; organizing; budgeting; human resource development and information systems. Of these five aspects, budgeting / fundraising is one of the most important aspects in its implementation besides the human resource factor. Fundraising strategies that are planned, mature and flexible with the progress of the times are needed, especially in the current pandemic so that they can survive with their focus on serving the community. Fundraising activities aim to be able to obtain fresh funding sources that support the wheels of life in financial management in an organization. If it is related to what is happening right now, namely the world is faced with a COVID-19 pandemic which will harm various parties, one of which is what will happen to non-profit social services which requires extra funding in this situation. SOS Children's Villages Indonesia, which has been established in 11 provinces, is a social organization that provides social services for children and families that need to be supported by adequate funding. During the COVID-19 pandemic, SOS Children's Villages is working to build and develop a fundraising strategy. It needs new innovations and creations by using developments in information technology and various media, including social media in raising funds.Keywords: Fundraising, Fundraising Strategy Management, Social Service Organizations, COVID-19

scholarly journals Evaluating the Impact Of Foreign Exchange Rate Risk On The Capital Budgeting For Multinational Firms

2011 ◽  
Vol 7 (8) ◽  
Author(s):  
Carl B. McGowan, Jr.
Keyword(s):  
Exchange Rate ◽  
Risk Analysis ◽  
Foreign Exchange ◽  
Financial Management ◽  
Small Firms ◽  
Capital Budgeting ◽  
Foreign Exchange Rate ◽  
Theory And Practice ◽  
Large Firms ◽  
The Impact

Capital budgeting analysis has evolved to the point where large firms universally use sophisticated capital budgeting techniques.[1] However, small firms are less likely to use sophisticated capital budgeting techniques.[2] Even large firms do not generally use simulation for risk analysis in multinational project capital budgeting analysis.[3] This paper provides a discussion and example of the use of simulation in evaluating the impact of foreign exchange rate volatility on multinational project capital budgeting analysis.[1] Bierman, Harold, Jr. Capital Budgeting in 1991: A Survey, Financial Management, Autumn 1993, pp. 21-29.[2] See, for example, Block, Stanley. Integrating Traditional Capital Budgeting Concepts into an International Decision-Making Environment, The Engineering Economist, 45(4), 2000, pp. 309-325 or Graham, John R. and Campbell R. Harvey. The Theory and Practice of Corporate Finance: Evidence from the Field, Journal of Financial Economics, 60, 2001, pp. 187-243.[3] See, for example, Farragher, Edward, Robert Kleiman, and Anandi, Sahu. The Association Between the Use of Sophisticated Capital Budgeting Practices and Corporate Performance, The Engineering Economist, 46(4), 2001, pp. 300-31, Ho, Simon S. M. and Richard H. Pike. Risk Analysis in Capital Budgeting Contexts: Simple or Sophisticated?, Accounting and Business Research, 21(83), 1991, pp. 227-238, Klammer, T. Empirical Evidence of the Adoption of Sophisticated Capital Budgeting Techniques, The Journal of Business, July 1972, pp. 387-397, and Klammer, T., B. Koch, and N. Wilner. Post-auditing Capital Assets and Firm Performance: An Empirical Investigation, Managerial and Decisions Economics, (12), 1991, pp. 317-327.

scholarly journals Effect of Anemia, Malaria and Helminthes Infections on Stability of Red Blood Cell Iron Isotope Enrichment in Zanzibari Toddlers (P24-058-19)

2019 ◽  
Vol 3 (Supplement_1) ◽  
Author(s):  
Wanhui Kang ◽  
Nathaniel Baer ◽  
Mahdi Ramsan ◽  
Francoise Vermeylen ◽  
Rebecca Stoltzfus ◽  
...  
Keyword(s):  
Blood Cell ◽  
Red Blood Cell ◽  
Parasitic Infection ◽  
Parasitic Infections ◽  
Isotope Enrichment ◽  
Anthropometric Measures ◽  
Funding Sources ◽  
Helminth Infections ◽  
The Stability ◽  
The Impact

Abstract Objectives The study was undertaken to identify the impact of malarial and geo-helminthes infections on the stability of red blood cell (RBC) iron (Fe) isotope enrichment among a group of Zanzibari toddlers at high risk for parasitic infections. Methods A total of 71 toddlers (16 - 25 months) were recruited. At entry (D0), baseline blood was taken and an oral dose of 58Fe or 57Fe tracer (7 mg total Fe as FeS04) was administered to fasted toddlers. Complete stool collections were obtained for 3 days post-dosing. Blood was collected 14 (D14) and 90 days (D90) post-dosing for assessment of Fe status indicators and RBC isotopic enrichment. At D14 and D90 blood and stool samples were collected and screened for malaria parasites and geo-helminth burden respectively. Results At baseline, mean hemoglobin (Hb) concentration was 10.83 ± 1.46 g/dL (mean ± SD, n = 71) and 57% of toddlers were anemic (Hb < 11 g/dL). At enrollment 37% of toddlers had helminth infections, 16% had a positive blood smear for malarial parasites and 9% of all toddlers recruited were infected with both parasites. RBC Fe enrichment decreased significantly from D14 to D90 (70 days) by −2.75 ± 0.554% (n = 66). Children with lower Hb concentrations on D0 and D14 had greater loss of RBC isotope Fe enrichment over the study period of 70 days (P < 0.005, r = −0.35 and r = −0.37, n = 66). Rates of loss in RBC Fe enrichment were greater among those with helminthes (P = 0.05, n = 64) or any parasitic infection (P = 0.02, n = 65) during the study period. Children with undetectable hepcidin (<5 µg/L) on D90 had the greatest stability of RBC Fe isotope and the rate of RBC Fe loss was significantly lower than evident among children with detectable hepcidin on D90 (P = 0.003, n = 38). The rate of RBC Fe loss was not significantly influenced by gender, anthropometric measures or other iron indicators (sTfR, ferritin, body iron, EPO, CRP, folate/B 12). Additionally, the higher the % RBC Fe incorporation at D14, the higher the subsequent loss of RBC Fe enrichment over the following 70 days (P < 0.0001, n = 65, r = 0.5048). Conclusions Toddlers exhibited a significantly higher utilization of RBC Fe when they were anemic or had larger Fe demands due to parasitic infections. Funding Sources The Wellcome Trust Foundation.

MANAJEMEN FUNDRAISING LSM DALAM MENDUKUNG PENDANAAN DAN KEBERLANJUTAN ORGANISASI (Study Kasus Pada LSM Marifad Banda Aceh)

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Surna Lastri
Keyword(s):  
Financial Management ◽  
Analysis Tool ◽  
Business Organizations ◽  
Systems Management ◽  
Funding Sources ◽  
Fundraising Strategies ◽  
Different Characteristics ◽  
The Impact ◽  
Depth Interviews ◽  
Banda Aceh

NGOs have different characteristics compared to business organizations, the main and fundamental difference lies in the way NGOs obtain funding needed to carry out various activities. In connection with raising funds to finance the program and activities of the NGO operations, fundraising is discussion among NGOs. But the evidence indicates that most of the NGOs now have not been up to doing fundraising so the impact on the lack of availability of fund. Purpose this study was to obtain an overview of the management of NGO fundraising in support of funding and sustainability of the organization through planning, implementing fundraising strategies and managing funds to NGOs Marifad in Banda Aceh. This study was conducted with a qualitative approach where data were obtained through in-depth interviews and gathering materials related material as well as direct observation at Marifad NGOs in Banda Aceh.The results showed that fundraising activities are the backbone of the organization in exploring funding. Fundraising strategy within an organization is an analysis tool to identify potential funding sources to make sustainability and existence lembaga.LSM Marifad have built systems management agency reserve funds provided for in the financial SOP. SOP financial load on system and standard financial procedures, the goal is to build financial management mechanisms that are transparent and accountable, this is all done in an effort to increase the trust to those donors that have an impact on increasing fundraising organization. Keywords: Fundraising, Funding, Sustainability, NGO.

scholarly journals METHODOLOGICAL PRINCIPLES OF FINANCIAL MANAGEMENT OF SUBJECTS OF ENTREPRENEURSHIP IN CONDITIONS OF UNCERTAINTY

2018 ◽  
pp. 82-87 ◽  
Author(s):  
Oksana Vodolazska
Keyword(s):  
Risk Management ◽  
Financial Management ◽  
Synthesis Method ◽  
Comparison Method ◽  
Optimal Choice ◽  
Theory And Practice ◽  
Market Environment ◽  
Financial Decisions ◽  
Business Entities ◽  
Methodological Principles

Introduction. The financial manager has to take into account a large number of factors in the process of adoption of managerial decisions. The effect of these factors can be caused by the uncertainty of the market environment. The emergence of a risk that destabilizes the financial and business activities of business entities and leads to financial losses can become a negative manifestation of uncertainty. Under such conditions, there is a need to clarify the methodological principles for reducing the level of uncertainty in the process of business risk management. Purpose. The article aims to analyze and generalize theoretical and methodological approaches as for consideration the factors of uncertainty when making decisions in the framework of financial management of business entities. Method (methodology). To generalize the methodological principles of consideration the uncertainty of the conditions of the functioning of business entities, when adopting financial decisions, the techniques of the abstract and logical method of research have been used. They are method of analysis, method of synthesis, method of analogy, method of comparison, method of abstraction and induction. Results. The modern concepts of uncertainty and risk in the theory and practice of financial management of subjects of entrepreneurship have been analysed. Risk is considered as a result of uncertainty of market trends. The approaches to enterprise risk management have been defined. It has been substantiated that in conditions of unstable market environment the emphasis in financial decision-making procedures shifts from the optimal choice of alternatives of risk-taking activities to methods of studying and neutralizing factors of uncertainty and risk.

scholarly journals CHALLENGES AND PATHWAYS TO IMPROVE COMPANY’S FINANCIAL MANAGEMENT BY RISK MINIMIZATION

2019 ◽  
Vol 131 (1) ◽  
pp. 49-57
Author(s):  
Olena V. Arefieva ◽  
Iryna M. Miagkyh ◽  
Antonina M. Yashchuk
Keyword(s):  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Management Practices ◽  
Risk Minimization ◽  
Financial Loss ◽  
Financial Risk Management ◽  
The Government ◽  
Business Entities ◽  
The Impact

This paper seeks to explore the essence of financial activity and its principal objectives in the process of business functioning as well as the effects from changes in the capacity and structure of the company's equity and attracted capital. The study provides insights on the impact of financial management practices on the overall company performance and payment of financial liabilities to the government or other business entities along with identifying the key problems and barriers hindering successful development of modern enterprises. The nature of financial risk arising in the process of financial activities or financial transactions has been revealed. It is argued that the given classification of financial risks (systematic (market) / unsystematic (specific) risks) enables to take timely and relevant risk elimination or risk reduction measures, in particular, deploy risk mitigation methods to those risks which cannot be avoided. The purpose of financial risk management is to minimize financial loss. The paper offers an overview of the factors that negatively affect a company’s financial performance and discusses the types of risks that inhibit company’s good performance and further growth. The study findings suggest the priority areas in financial risk management and discuss the risk management strategies by disclosing the types of company financial stabilization mechanisms (operational, tactical and strategic), along with presenting the methods for financial risk minimization as well as a financial toolkit to enhance the company’s risk management policies to prevent possible negative implications.

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