How Do the Volume and Maturity of Debt Relate to Investment Efficiency? The Case of Asia

This study aims to investigate the impact of debt volume and maturity on investment efficiency. It also analyzes the role of debt maturity in the association between debt volume and investment efficiency. The sample consists of 8,741 firm-year observations from 1,301 Asian corporations, covering the period 2007-2017. Financial leverage is employed as a proxy for debt volume as well as short-term debt for debt maturity. The findings reveal that debt volume and short-term debt are inversely related to investment efficiency. It also shows that the negative relationship between financial leverage and investment efficiency is weaker (closer to zero) for firms with higher use of short-term debt than those with lower use of short-term debt. This paper tries out agency and information asymmetry theories and provides practical implications regarding the optimal capital structure for firms headquartered in Asia.

Evaluation of the Effectiveness and Efficiency of Marketing in the System of Reforms in the Management of Enterprises

Marketing productivity models provide a common conceptual framework for future research. These models also define a common conceptual framework for the creation of instrumental models for marketing productivity management. At the same time, it is necessary to further study the most important relationship of marketing results with financial indicators and indicators of performance evaluation of the enterprise as a whole. The development of these models is associated with the creation of more complex systems that reflect the relationship of indicators at the level of management. Marketing productivity models form the conceptual framework for the transition to a more realistic level. This is the level of management of marketing efficiency, ie the area of creating models of management of marketing results. Following the logic of productivity (marketing actions - marketing results - financial results - business results), as well as the need to consider it in two dimensions, we can move on to the creation of operational models of marketing efficiency.

Problems of Innovative Management Strategies in Manufacturing

The solution of economic problems is closely related to social problems, therefore, investment policy should be understood as a key direction of socio-economic policy of the state, which is able to achieve its goals through the management of financial instruments at all hierarchical levels. Attracting investments at the regional level should be based on the principles of equality and proportionality, able to address various planned issues, ensure the stability of economic development in individual economic regions and territories, and ensure optimal state regulation of investment processes. This is primarily due to the fact that large investment projects affect one sector of the economy or another. Therefore, there is a need to develop a unified investment policy that addresses both sectoral and regional issues. It is necessary to find the optimal direction in the sphere of interaction of spheres and regions, as well as in their regular interaction. For this reason, the solution of theoretical, methodological and methodological issues in the field of improving the regional management of investment activities, the development of new sectoral investment projects in interaction with the regions and their effective practical application are of particular relevance and importance.

Problems of Effective Transformation and Prospects for the Development of the Agricultural Sector of Kyrgyzstan in the EAEU

The article discusses the main directions and effectiveness of the transformation of the agricultural sector of Kyrgyzstan in the EAEU. The problems and possible risks of the development of the agricultural sector in the conditions of Eurasian integration are identified. It was revealed that the ongoing reforms within the EAEU do not fully contribute to increasing the competitiveness of the agricultural sector of Kyrgyzstan. It is justified that the predominant development of small-scale production, the underdeveloped processing, agricultural services and logistics negatively affect the development of the industry and increase its export potential. A comparative assessment of the forms and volumes of state support for the agricultural sector in the EAEU countries is presented.

Diagnostics of Financing the System of Public Health in the Kyrgyzstan Republic and its Modernization

Despite the multi-channel resources, the financial sources of state health programs do not cover the needs of their implementation in the Kyrgyz Republic. The residual principle of health financing keeps unchanged and the amount of financing does not match the real health needs. The variety of problems in financing, the ambiguity of their positive practical solutions and controversy of theoretical aspects makes the research topic particularly relevant. No funds are allocated for prevention, and this type of medical service remains formally, just on paper. The main drawback of compulsory health insurance is the lack of forms for the insured patient to participate in the economic system of insurance relations. In this connection, it is relevant to develop a mechanism for attracting additional sources of financing. To increase the interest of commercial structure to this structure, it is proposed to introduce personalized accounting of compulsory medical insurance. Informal payments in medicine shouldn’t be considered as a “bribe”, since this type of payment for medical services acts as an addition to the market price in the absence of an adequate regulatory mechanism by the state, and it is impossible to cancel such a mechanism. The only way to formalize them is legalization. Revenues from paid services should be the source of the own fund of health organizations and used primarily to increase the salaries of medical workers.

Social Media Consumer Perceptions in the Context of Demographic Features

Consumer behavior, which is one of the focus issues of marketing, continues to be examined from different perspectives after changing technological developments. As marketing activities have been realized through social media platforms in recent years, it has also made it possible to examine the social media platforms and consumers as users. Influencer Marketing is an increasingly popular method of influencing consumers in social media with the help of influencers. It is important for businesses to send their messages about their brand or products to consumers and affect them. Consumers' evaluation of these messages is realized through their perceptions. The analysis of consumer perceptions in terms of demographic features in social media is also the focus of this study.

Administrative Sanction Decisions, the More Favorable Law Application and Trust on Judiciary

In terms of administrative sanctions, application of the more favorable law means that when the law in force the time an act was committed and a law subsequently brought into force is different, the law which is more favorable should be applied. EHRC states that applying more stringent punishment to an offender on the grounds that more stringent punishment was in force when the time criminal offence was committed. Misdemeanors have been considered within the scope of criminal law by the Constitutional Court and the Constitutional Court accepts that the principle of the application of the more favorable law should be applied to misdemeanors. Danıştay (the Turkish Council of State) decides that “it should be take into account in terms of administrative sanctions, when a law which is the ground of punishment is set aside or more favorable law is brought into force”. Since administrative acts are reviewed during annulment cases, a law brought into force after an administrative act cannot affect the act retrospect. A law which is enters into force after an administrative act established, could set up a rule which has retrospective affect only if the rule clearly is an amnesty. After an administrative fine is imposed, applying criminal law principals to administrative law and administrative sanctions, in other words, rendering decision of annulment on the ground of the principle of the more favorable law betrays the trust on judicial bodies and law.

Determinants of Capital Structure in the Construction Companies across Europe and Central Asia Region

This study examines the effects of asset tangibility, profitability, size and liquidity on capital structure (debt leverage) across the construction companies operating in in Europe and Central Asia region using the data between 1993 and 2019. The study documents that the capital structure and other financial ratios under study differ across countries, even in the same industry. Book leverage is found to be significantly negatively related to asset tangibility, profitability and liquidity in accordance with pecking order theory. In particular, fixed ratio has a negative effect on debt ratio in Russia and Romania, but no effect in other countries under study. The effect of size disappears when time dummy variables are introduced.

Transfer of Risk of Loss in Turkish Law and International Treaties

The risk of loss refers to the value of the goods that were damaged or destroyed without responsibilities of any party. While the matter of risk of loss differs from legal systems to legal systems, it has been subject to international treaties as well. In Turkish legal system, the abrogated Code of Obligation and Turkish Code of Obligations have different features in terms of transfer of risk of loss. According to abrogated Code of Obligation, the buyer is responsible for the value of the damaged goods as soon as the parties sign the contract. In Turkish Code of Obligations, the seller bears the risk of loss until the delivery of goods or registration. Turkish Code of Obligation is compatible with civil law. And abrogated Code of Obligation is compatible with common law system. There are rules regarding transfer of risk of loss in many international treaties. By the way, it must be stated that rules of transfer of risk of loss in Vienna Convention are compatible with Turkish Code of Obligations.

Investigation of Turkey and Azerbaijan Economy Macroeconomic Variables

The study aims to determine the presence or absence of causality relationship between economic growth, employment, inflation, exchange rate, import, export in Turkey, and Azerbaijan. In the study, the two countries' annual frequency data from 1992-2018 were analyzed with the Granger causality test. According to the study, the employment rate of GDP growth appears to be the one-way Granger cause for Turkey. Also, it has been determined that the import and exchange rate is caused to the employment rate. It was observed that GDP growth and export were active on inflation and were Granger cause to inflation. It is determined that GDP growth in Azerbaijan is Granger cause to exchange rate and employment. It is also observed that the exchange rate affects inflation. According to the findings, GDP growth has an impact on the employment rate in both countries. While GDP growth is found to be active over inflation in Turkey, it is seen to be valid on the exchange rate in Azerbaijan. Research differs from similar studies in the literature in terms of variables used and countries. The findings of the research have some limitations. The data frequency used in the research starts in 1992, depending on Azerbaijan gaining its independence in 1991. The data used in the research are on an annual basis. Also, local/regional and global crisis effects have been ignored for both countries.