Analisis Faktor-Faktor yang Memengaruhi Perolehan Surplus Underwriting pada Asuransi Jiwa Syariah di Indonesia (Periode 2015-2020)

In Islamic insurance, if at the end of the period there is a surplus from the substraction result between total insurance income in the tabarru’ fund and insurance expenses, the surplus will be called as underwriting surplus. A good Islamic insurance company can be seen when the company succeeds in obtaining an underwriting surplus, because it is a proof when the company has managed the participant funds well. The underwriting surplus can be used as a reserve fund when an underwriting deficit occurs or when insurance expenses exceed insurance income, thereby it can improve the public interest in Islamic insurance. Therefore, this study aims to analyze the development of the underwriting surplus in Islamic life insurance in Indonesia and the factors that influence it by using panel data regression method. The estimation results using the REM model show that the variables of total assets and GDP have a positive and significant effect. Meanwhile, the contribution allowance, claim allowance, and inflation variables have a negative and significant effect.

Some alien species of aquatic invertebrates in the water bodies of the nature reserve fund of the Kyiv metropolis

The invasion of alien species of freshwater invertebrates and the associated changes in the faunistic composi- tion of local ecosystems are a serious threat to the conservation of biodiversity. In this work, we supplement the existing list of alien species with information about three more species of non-native freshwater invertebrates, which have formed stable populations in water bodies of Ukraine. These are two representatives of flatworms: Girardia tigrina (Girard, 1850) and Stenostomum saliens Kepner & Carter, 1931, as well as a representative of copepods, Eucyclops roseus Ishida, 1997.

Surviving the Black Swan Event: How Much Reserves Should Nonprofit Organizations Hold?

Organizational survival is a primary current focus, as the unforeseen economic effects of the pandemic ravage the civil sector. Over time, however, we turn to questions of resilience: How can organizations prepare for rare, but devastating, financial shocks? Three months of funds to cover operating expenses are often described as a suitable savings target. However, organizations differ greatly in their revenue volatility, which suggests that “3 months” may severely underestimate the reserves that certain organizations should hold. We measure revenue volatility and calculate reserve fund targets for 25 nonprofit subsectors, showing sharp differences in optimal savings levels ranging up to 1 year of total expenses. We also explore organizational characteristics associated with revenue volatility. We argue for a resilience strategy that goes beyond optimizing the contents of the revenue portfolio. Funders and nonprofit practitioners should consider the broader context of financial resilience that includes correctly sized reserves as a stabilizing force.

Spatial analysis of natural reserve fund of the Zakarpatska Oblast

The article brings light to the study of the nature reserve fund (NRF) of Zakarpatska oblast as a component of the national heritage of the country. Representativeness is considered to be one of the main principles of spatial formation of the NRF object network. Therefore, to determine the current state and ensure further effective development of the region’s nature reserve fund, it is necessary to analyze its territorial and internal structural indicators. The purpose of the study is to analyze the current status of the region’s nature reserve fund with the reference to the possibility of introduction of the further new management practices. The article is based on information and statistical materials, the provisions of regional programs for the formation of the ecological network and environmental legislation of Ukraine. To solve the assigned tasks, there has been done a comprehensive analysis of statistical reporting data and materials of the NRF Register in Zakarpatska oblast of the Department of Ecology of Natural Resources of Zakarpattia Regional State Administration within the period of 2019, and reporting documents of environmental institutions for the same period. The considered indicator is the territorial distribution of nature reserve areas and region areas by administrative districts (before the formation and implementation of changes to the administrative-territorial structure of the Zakarpatska oblast), which is presented in the form of the division into four groups. The spatial distribution of the territory and the NFR objects do not sufficiently meet the criteria of local representativeness, so their spatial structure needs significant improvement, be specific – the creation of nature reserves, especially in the lowlands of the region. The average density of nature protection objects in the region (36 units / 1000 km2) is almost three times higher than the corresponding indicator in the neighboring Lviv region. The average value of the reserve factor in the region makes 14.17 %. It has been found that the reserve ratio demonstrates geographically the largest disproportion in Zakarpatska oblast. It is the highest indicator in turns of administrative entities in the districts of Mizhhiria, Velyky Bereznyi and Rakhiv. The lowest one is in Svaliava and Berehove districts, respectively. In addition, the reserve ratio compared to the national average indicator and in other European countries has been carried out. The quality of the nature reserve network is determined by the insularity coefficient, which indicates the size of the NRF objects and their stability. Further expansion of the network of nature protection objects in Zakarpatska oblast is possible due to the creation of Latorytsa, Shaian and Uzhok landscape parks. A big assumption can be made that by 2020 it will be possible to create new and expand existing areas of NRF in the region up to 100–120 thousand hectares, which will increase the protected area up to 20–22 %. The key issues of nature reserves to be developed in Zakarpatska oblast are primarily related to the imperfection of the management system. To handle this problem, there is an urgent need to develop a strategy, which will envisage the perception of the NRF as a holistic anthropogenic and natural unit in order to put into practice the environmental, scientific, educational and recreational functions.

Two different paths to sustainability? A comparison of a Finnish and a Swedish public pension reserve fund

The role played by finance in allocating resources has become crucial in modern economies. Responsible Investing, i.e., the integration of non-financial criteria (such as environmental, social, and governance (ESG), negative/positive screening, and active ownership) into the investment process, has gained an important role. Does this apply to pension funds, too? This article compares two public pension reserve funds, one from Finland and one from Sweden, and describes their path towards responsible investments. The article shows that although having taken different paths, responsible investing has been clearly integrated into the investment process of both funds during the last decades. In Finland, the role played by pension fund insiders has been remarkable. In Sweden, legislators have played an active and significant role in the process. The design of the pension system equally plays an important role in the overall process. In Sweden, cooperation is promoted in responsible investments. In Finland, pension system design fosters competition, thereby reducing cooperation in investments. This article adds more information on the scarce comparative research on public pension reserve funds.

PENGARUH PSAK NO. 1 TENTANG PENYAJIAN LAPORAN CASH FLOW DAN CAPITAL EXPENDITURE TERHADAP FIRM VALUE PADA PERUSAHAAN YANG BERGERAK DI BIDANG CONSUMER GOOD YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX PERIODE 2010-2019

Financial statements are prepared and presented to be submitted to those who need them. Of course, in this presentation must be in accordance with the existing provisions that are stipulated in PSAK No. 1 concerning the presentation of financial statements. Firm Value has an important role because it will form an image for the company, firm value is created by the contribution of other factors. Operation Cash Flow informs cash inflows and cash outflows from a company. Capital Expenditure as a reserve fund to support the expansion of the company or the improvement of assets. This research uses descriptive methods and quantitative approaches using secondary data supported by literature and documentation studies. The results showed that Operation Cash Flow partially has a positive and significant effect on Firm Value as well as Capital Expenditure has a positive and significant effect on Firm Value. Simultaneously both free variables can contribute and are able to significantly affect firm value.Keywords: Operation Cash Flow, Capital Expenditure, Firm Value

COVID-19 acute respiratory disease fund caused by coronavirus SARS-COV-2 and its consequences: discussive aspects of the legal nature

Problem setting. The budgets that make up the budget system of our state have a horizontal and vertical structure. The horizontal structure of the budget provides for the separation of such elements as revenues and expenditures, and the vertical – general and special funds. Note that the category “fund” is multifaceted and is used by many branches of law. It is significant that the legal problems of regulation of budget funds were the subject of scientific analysis for L. K. Voronova, O. O. Dmytryk, D. A. Musabirova, Z. I. Peroshchuk, A. A. Sattarova, etc., but it should be noted that the development of public relations, which are the subject of budget law, contributes to the formation of new funds as elements of the vertical structure of the budget. For example, in the context of the exacerbation of the socio-economic crisis with the widespread spread of respiratory disease COVID-19, the state faces new challenges in ensuring adequate funding for measures to combat the coronavirus. To this end, the Fund for the control of cute respiratory disease COVID-19 caused by SARS-CoV-2 coronavirus and its consequences was established within the state budget. The purpose of the article is to determine the legal nature of the Fund for the Control of Acute Respiratory Disease COVID-19 caused by the coronavirus SARS-COV-2, and its consequences. Article’s main body. It is emphasized that the legal nature of the COVID-19 Fund is currently debatable. It should be noted that the analyzed Fund was formed unscheduled due to a sudden outbreak of coronavirus disease and the need to finance unplanned expenses. Thus, the Fund has clearly defined areas of use of funds accumulated in it. However, this Fund does not have its own sources of formation. This indicates a certain similarity of the above-mentioned Fund with the reserve fund of the budget, and not with the special one, as the funds allocated as part of the special fund of the budget have their own revenues and specific goals, not general ones. Conclusions. In our opinion, expenditures made at the expense of the funds accumulated in it should be made from the reserve fund of the budget according to the procedure established by law. It is also not entirely logical to establish the temporal limitation of the Fund’s functioning. It is emphasized that the mechanism of distribution of funds of the COVID-19 Fund introduced by the Government is rather complicated, some provisions have been left out of the legislator’s attention.

A Cluster Analysis of Tourist Sites in the Regions of Kazakhstan

Natural and cultural sites is a basic elements of tourism development in all over the world. Kazakhstan has a significant number of objects of nature reserve fund and the historical and cultural heritage, which, along with the development of health-improving, ecological, ski tourism, also contribute to the development of ethnographic, gastronomic, cultural and educational and other types of tourism. The purpose of the study is to identify traits of the most attractive tourist destinations, as well as to study the degree of importance of natural, cultural and dual (natural and cultural) sites for target consumers. In this regard, a comparative analysis of the level of tourism development in 14 regions of Kazakhstan was carried out, using a two-step cluster analysis, the degree of significance of three types of sites for target consumers was determined. The findings of the analysis suggest that the Akmola, Almaty, East Kazakhstan and Karaganda regions are in the greatest demand among tourists. Along with this, natural sites are the most important determinants of tourism, cultural sites are the least important. Thus, tourists in Kazakhstan are more attracted by regions with a rich natural reserve fund than by historical and cultural heritage. In this regard, it is proposed to pay more attention to promoting the cultural sites of Kazakhstan. To the authors' knowledge, this is the first study that analyses 14 regions of Kazakhstan according to their basic tourism characteristics, identifies attractions that are underutilized, and proposes strategies to identify opportunities for the tourism industry in Kazakhstan. In this regard, its results can be very useful in justifying the feasibility of implementing the relevant regional initiatives and making a decision to reorient the efforts of interested government agencies to develop alternative types of tourism.

Market Dynamics of Ensuring Financial Security and Sustainable Development of Enterprise

The paper substantiates the need to study the level of financial security of an enterprise. To study the dynamics of financial security of an enterprise we consider a system-dynamic model and simulation of distributed financial flows of a representative industrial enterprise under the impact of random factors, which reflect the threats affecting its financial security. Information on the financial statements of firms is often confidential, which leads to the need to develop a simulation model of a firm’s activities and to conduct experimental research based on the enterprise’s size and reserve fund ensuring its financial security. During simulation experiments, three scenarios for metallurgical enterprise (pessimistic scenario, optimistic scenario and most probable scenario) were investigated, and it was established that for at least half of the cases, an enterprise needs to form a reserve fund to maintain autonomous operations and ensure the necessary level of financial security. JEL Codes: C1, C9, D33