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A Very Economic Elite: The Case of the Danish Top CEOs
Although the business elites in western societies have a very privileged social background in common, there are substantial differences in the reproduction mechanisms and social trajectories leading to a position within this elite group. These differences are explored by comparing the career paths of the top 100 CEOs in Britain, France, Germany and Denmark. In France and Britain, this reproduction is mediated through degrees from elite universities. In Germany, the principle of admission is the incorporated cultural capital acquired through an exclusive bourgeois origin combined with any university degree. Elite universities also hold little importance for Danish top CEOs, partly due to the institutions' historic decline; instead, reproduction is mediated through time spent in the economic field, placing the case of the Danish CEOs between that of their British and German counterparts. Specific trajectories of Danish executives, in particular sales people, are identified using Multiple Correspondence Analysis and cluster analysis.
Journal Article
The Impact of Industrial and Commercial Capital Influx on Sustainable Agricultural Development: Evidence from 30 Provinces in China from 2013 to 2022
Promoting the sustainable development of agriculture is the basis of reducing the poverty rate, ensuring food security, and promoting common prosperity. In order to explore the impact of industrial capital and commercial capital on the sustainable development of agriculture, this paper starts from the perspective of agriculture and conducts empirical tests based on the panel data of 30 provinces in China (except Tibet) from 2013 to 2022, using the fixed-effect model and spatial spillover effect model. The results included the following: (1) industrial capital and commercial capital can significantly promote the sustainable development of agriculture, and this conclusion was still valid after endogenous test and robustness test; (2) a heterogeneity test showed that industrial capital and commercial capital has a stronger role in promoting the sustainable development of agriculture in non-major grain producing areas, areas with high marketization level and central and western regions; (3) the test of the transmission mechanism showed that industrial capital and commercial capital can promote the sustainable development of agriculture by optimizing agricultural production conditions, improving rural environment and promoting farmers’ poverty reduction and common prosperity; (4) further research showed that industrial and commercial capital has a positive spillover effect on the sustainable development of agriculture in neighboring areas while promoting the sustainable development of agriculture in this region. Based on the above conclusions, this paper puts forward some countermeasures and suggestions, such as improving rural infrastructure construction, strengthening efforts to guide industrial and commercial capital to the countryside, and paying attention to the differentiation of industrial and commercial capital investment development.
Journal Article
Research on the typical case of industrial and commercial capital promoting the increase of the farmer's income
The farmer's income in China is still low and increasing slowly. The entry of industrial and commercial capital into \"three rural\" areas in China is an important way to promote the increase of the farmer's income, and there are some successful cases of this entry existing in different areas of China which give us lots of useful experience. Some policies and measures should be implemented to improve the effect of the entry, mainly including changing the local government investment, correctly guiding industrial and commercial capital to participate in the development of agricultural industrialization, improving the investment environment of industrial and commercial capital, and optimizing the business model of industrial and commercial capital entering \"three rural\" area have become to be the policy focus of the government's support the industrial and commercial capital promoting the doubling of the farmer's income in China.
Journal Article
Government guarantees : allocating and valuing risk in privately financed infrastructure projects
A practical guide to managing fiscal risk in privately financed infrastructure projects. This resource helps governments make informed decisions about offering guarantees, which can be essential for attracting private investment but pose significant fiscal risks.
Drawing on finance, history, economics, and psychology, it reviews the history of government guarantees and identifies cognitive and political obstacles to good decisions. It develops a framework for judging when governments should bear risk, explains how to value guarantees, and discusses public-sector management modifications to improve decision quality.
Benefits include:
* Improved risk allocation in public-private partnerships
* Better management of fiscal risks
* Enhanced decision-making regarding guarantees
This is for governments, policymakers, infrastructure investors, and public finance professionals seeking to optimize infrastructure financing and manage fiscal exposure.
eBook
IFRS 9 Transition Effect On Financial Stability of Kosovo Commercial Banks
From January 1, 2018, most of the commercial banks in Kosovo adopted IFRS 9. The new standard introduces the expected credit loss model to allow for timely recognition of credit losses, estimated not only on the actual credit loss but also on forward-looking information regarding the current loan portfolio. Although, transition phases may lead to increasing impairments and a decrease in banks’ equity, which directly influences the financial stability of banks. This paper examines the day-one transition effect of IFRS 9 on the level of assets balance, allowance for loan losses, and capital regulatory class II of banks in Kosovo. To test our hypothesis, we have performed a comparative analysis for the six biggest commercial banks in Kosovo to identify correlation and causality between studied variables. As a statistical technique, we have employed a “paired sample t-test” where we compare financial indicators before and after adopting IFRS 9 to examine the impact on financial stability for commercial banks in Kosovo.Our results are in line with the results of recent studies in the IFRS 9 field and conclude that the transition phase has a significant influence on the recognition of additional loan impairment but assets and capital regulations are not affected significantly. Results demonstrate the transition to IFRS 9 causes instability and re-consolidation of capital, but in the long-run reduce the possibility for large and sudden losses. Commercial banks in Kosovo should follow a balanced growth approach without compromising the quality of the loan portfolio.
Journal Article
AN ESSAY ON THE APPLICABILITY OF THE LINDER HYPOTHESIS IN DETERMINING THE PATTERNS OF THE ROMANIAN INTERNATIONAL TRADE
The paper tries to shed light on the effectiveness of a previously proposed and wide accepted trade model and its consistency in developing economies such as Romania. The structure and evolution of the exports and imports of Romania in the last years have indicated an increase in the intra-industry trade, and concurrently, a shift towards the commerce in predominantly capital-intensive commodities. While the Linder theorem provides useful insight into the patters of international trade formation, the hypothesis that trade is proportionate with the demand and market similarities expressed by GDP per capita, does not test out for the data available for Romania and its main economic and commercial partners.The political and economic restrictions and opportunities generated by foreign relations in the region can be attributed with the role of trade-creating forces, rather than income similarities on the markets.
Journal Article
Taxation and Leverage in International Banking
This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy.
eBook
Who triggered the Asian financial crisis?
The Asian financial crisis was triggered by Japanese commercial banks who reduced their exposure to Asia in response to emerging troubles in Thailand and South Korea. Japanese banks had been severely weakened by the collapse of the real estate and stock market bubble in Japan in 1990. As the largest lenders in Asia and the key creditor in Thailand, Japanese banks signalled the change in sentiment to other foreign commercial banks who also withdrew their loans. These capital outflows triggered a devaluation in Thailand in mid-1997, but not in Korea until late 1997, due to the different exchange rate regimes in these countries. Despite the devaluation and outflow of bank loans, bond investors continued to provide capital to Asian borrowers until November 1997, at spreads which did not reflect the risks involved. By 1998, foreign equity investors were returning to these markets in search of bargains. Rather than rushing to the exits in a herd-like fashion, institutional investors made investment decisions which created off-setting private capital flows. This analysis suggests that more attention should be paid to the incentives facing institutional investors and the design of domestic institutions, rather than to the need for a new financial architecture.
Journal Article