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This paper compares financial sector concentration and competition within the same framework and examines how they relate to firms’ access to finance across different levels of reported obstacle severity. Higher financial sector concentration is associated with a greater likelihood that firms report severe obstacles to accessing finance, and lower financial sector competition is likewise associated with a greater likelihood of severe obstacles. Stronger governance strengthens the relationship whereby greater financial sector competition is associated with fewer reported obstacles to accessing finance. For financial sector concentration, the moderating role of governance varies with obstacle severity and the sample window, and concentration-based associations are more sensitive to the sample period, especially in recent years. These findings can guide how policymakers interpret proxies for concentration and competition and underscore the relevance of governance when considering conditions for firms’ access to finance.

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.

Current issues of non-bank lending by financial companies and the vision of the future regulation of their activities outline in detail the developments set out in this article. Changes in the volume of lending in the non-banking financial market are analyzed. The analysis of the concentration level of loans by the amount of concluded agreements is carried out. The future vision and mission of the financial sector of the economy are formed. Criteria for assessing the required degree of supervision of a credit company are defined. In the study, we used general and specific economic methods, as well as a basic research approach, which allowed us to determine the economic nature of the financial sector and the scope of lending to agricultural enterprises.The goals of realization of an economic growth strategy for the perspective period for the achievement of the European standards in the financial market are offered. Financial support for current activities and promising economic development in Ukraine still remains a significant problem. Expanding access to financial resources of agricultural entities may be one of the factors for the development of Ukraine’s economy. The main goal of the National Bank is to introduce a risk-oriented approach in the licensing and supervision procedures of the non-bank lending market, which will allow it to develop and ensure compliance with the rights and interests of customers. It is proposed to maintain the procedure for agreeing significant participation for financial companies as a key element in verifying the transparency of ownership structures and the impeccable business reputation of owners. The scientific novelty of the obtained results is represented by a set of theoretical and practical aspects of the study, namely proposals for the current state of lending and recommendations for supervision in the financial market of Ukraine. Keywords: lending, financial sector, financial sector regulators, non-bank lending, stabilization. JEL Classification G19 Formulas: 0; fig.: 5; tabl.: 0; bibl.: 15.

The situation on the market of bank crediting of agricultural enterprises is analysed. Have been identified the key reasons for the low efficiency of the current mechanism of lending by banks to the agro-industrial sector. The key shortcomings in the system of financing the enterprises of the agro-industrial complex are revealed. The investment attractiveness in Ukraine is considered and specified in the dynamics by regions. The volumes of financing the activity of agro-industrial enterprises in Ukraine by sources of income are analysed. It is proved that effective financing opens wide opportunities for the development of enterprises in the agricultural sector. In the study general and specific economic methods, as well as a basic research approach, which allowed us to determine the economic nature of the financial sector and the scope of financing of agricultural enterprises are used. The financial instruments of the agricultural enterprise use of which will promote the achievement of the European standards are offered. Scientifically substantiated recommendations on the directions of application in Ukraine of the international experience of stimulation of the financial activity of subjects of the agro-industrial complex are entered. In developed countries, a rich arsenal of support tools is used to support financial activities in the agro-industrial complex. A list of the most common tools for such support used in developed countries is given. It is noted that the solution of problems of financial support for the development of the agro-industrial complex should be carried out on the basis of studying, generalizing, and taking into account the best international experience. The world experience of financing the agricultural sector of the economy and the peculiarities of the distribution of state subventions for the development of agricultural production are studied. The scientific novelty of the obtained results is represented by a set of theoretical and practical aspects of the study, namely proposals for the current state of lending to agriculture and recommendations for the use of new financial instruments in the context of the implementation of international experience. Keywords: crediting, financial sector, agro-industrial complex, international experience. JEL Classification Q14 Formulas: 0; fig.: 5; tabl.: 2; bibl.: 16.

The role of commercial banks and financial institutions has been described as crucial for the circular economy since they are key actors in financing companies and projects. The facilitating potential of some financial instruments managed by the financial sector has not been studied in connection to extending the circular economy in the environmental accounting framework. Particularly, the renting contracts service, which has been associated with more sustainable performance, shows interesting circular characteristics for servitization and the sharing economy. By studying the details of renting contracts of a financial institution over 18 years as a case study in Spain, this research demonstrates how this type of service, applied to vehicles, can render important benefits in terms of use of resources, environmental impact, energy efficiency and reduced carbon emissions. Measuring these quantitative impacts and reporting about them is important from an environmental accounting basis and in the framework of the European Union taxonomy for sustainable finance. The results obtained from the stakeholders’ perspective highlight the pivotal role of existing financial instruments and the need for new metrics for reporting linked to the servitization of the economy as a specific circular issue. This paper contributes to the academic literature by bringing empirical results to a still recent line of research. For practitioners, we provide innovative metrics for circular economy in the financial sector, and for policymakers, this research highlights the wider role of financial institutions in promoting circular economy within the sustainability framework.

Purpose: This paper investigates the extent to which different user groups in the public sector consult financial reports. Because these re­ports are prepared for a wide audience, we examine whether the in­tended recipients actually use them and explore variations in how—and why—they are used. Design/methodology/approach: The study concentrates on politicians and public managers, adopting a quantitative design. A bespoke ques­tionnaire was developed and administered by telephone across the Re­public of Croatia between February and April 2022. Split-half factor analy­sis, t-tests and χ² tests were employed to identify differences in both the frequency of use and the reasons for use between the two groups. Findings: Respondents reported that they both receive and actively consult financial reports. Public managers use the reports significantly more often than politicians. Nevertheless, financial reports are gener­ally treated as secondary sources, whereas budget-execution reports are consulted more frequently. The analysis suggests that information rel­evance and the respondent’s role are the principal determinants of use. The reliance on a single questionnaire instrument constitutes a limita­tion, discussed in the cited literature. Research limitations/implications: Future research could incorporate additional data-collection methods (e.g. interviews or document analysis) and extend the study to other jurisdictions to enhance generalisability. Originality/value: The study adds empirical evidence to the internation­al debate on the purpose of public-sector financial reporting and clarifies how specific factors shape report use or non-use.   Namen: Prispevek raziskuje, koliko različne skupine uporabnikov v javnem sektorju pregledujejo finančna poročila. Ker so ta poročila namenjena ši­rokemu krogu naslovnikov, preverjamo, ali jih ciljni prejemniki dejansko uporabljajo, ter preučujemo razlike v tem, kako – in zakaj – jih uporabljajo. Zasnova/metodologija/pristop: Študija se osredotoča na politike in jav­ne managerje ter uporablja kvantitativni raziskovalni pristop. Prilagojen vprašalnik je bil pripravljen in od februarja do aprila 2022 izveden po te­lefonu po celotni Republiki Hrvaški. Za ugotavljanje razlik v pogostosti in razlogih za uporabo med obema skupinama so bili uporabljeni split-half faktorska analiza (metoda razpolovitve), t-testi in χ²-testi. Ugotovitve: Anketiranci poročajo, da finančna poročila tako prejemajo kot jih tudi aktivno pregledujejo. Javni managerji jih uporabljajo precej pogosteje kot politiki. Kljub temu se računovodski izkazi praviloma obrav­navajo kot sekundaren vir, poročila o izvrševanju proračuna pa se pregle­dujejo pogosteje. Analiza kaže, da sta glavna dejavnika uporabe relevan­tnost informacij in vloga anketiranca. Uporaba enotnega vprašalnika je omejitev, ki je obravnavana v citirani literaturi. Omejitve raziskave/implikacije: Prihodnje raziskave bi lahko vključile dodatne metode zbiranja podatkov (na primer intervjuje ali analizo do­kumentov) in razširile študijo na druge jurisdikcije, s čimer bi izboljšali po­splošljivost ugotovitev. Izvirnost/vrednost: Študija s svojimi empiričnimi rezultati prispeva k mednarodni razpravi o namenu finančnega poročanja v javnem sektorju in pojasnjuje, kako specifični dejavniki vplivajo na uporabo ali neuporabo poročil.

PurposeThis study aims to identify mutually exclusive risk categories and determine whether these categories effectively capture the potential impact of risk disclosures on the initial returns of initial public offerings (IPOs) in the financial and non-financial sectors.Design/methodology/approachData were collected from 131 Indian IPO prospectuses (104 non-financial and 27 financial) issued between 2015 and 2021. Content analysis was performed to identify mutually exclusive risk categories, and the effects of these categories on initial IPO returns were assessed by regression analysisFindingsThe findings revealed that risk factor disclosures have a significant impact on underpricing, but not all risk factors are relevant. In the current study, in the financial sector, IPO underpricing was mostly driven by technological and competitive risk factors. In the non-financial sector, underpricing was predominantly influenced by operating risk and compliance risk factors.Research limitations/implicationsThe limitations of this study include the use of sentence-based context analysis, which does not assess the quality of risk disclosures. The statistical data reduction technique used to generate mutually exclusive risk categories may also be a limitation.Practical implicationsThis research has the potential to assist companies in standardizing the disclosure of risks within IPO prospectuses. The insights gained can inform market regulators in designing policies aimed at aiding investors in formulating investment strategies, ultimately enhancing transparency and clarity regarding information disclosure. Moreover, the findings offer valuable guidance to investors in selecting IPOs aligned with their risk tolerance levels.Social implicationsFrom a societal perspective, this study represents advancements by guiding regulators towards developing and regulating standardized, mutually exclusive risk factors. Such measures can aid investors in enhancing their decision-making perspectives regarding IPOs, promoting a more informed and confident investment environment.Originality/valueThis study is a pioneering attempt to address knowledge gaps by identifying distinct categories of risk disclosures in IPO prospectuses and examining their potential influence on IPO underpricing in the financial and non-financial sectors in India.

In the new global economy, public trust in the financial system has become a central issue for financial crises overcoming. There is evidence that trust plays a crucial role in regulating economic agents' relationships. One of the most significant challenges for research is developing the unified methodological basis for element and integrated assessment of public trust level in the financial sector. This study intends to develop the methodology of public trust assessment in the financial sector at all levels, taking into account quantitative and qualitative indicators. This article examines the scientific and applied aspects of qualitative and quantitative assessment methods based on surveys of economic agents and economic-mathematical modeling tools, analyzing the researchers experience and outlines methodological approaches to assessing the public trust in the financial system in modern conditions. Important aspects are outlined, and the advantages and disadvantages of the different approaches for element and integrated assessment of public trust on different levels of the financial system are systematized. In order to estimate the public trust in the financial system, the multidimensional factor analysis was conducted based on a set of standardized financial indicators for the period from 2010 to 2020. Multidimensional factor analysis employed for data processing and analysis was performed in the computational system STATISTICA. The multidimensional factor analysis results show that trust in the financial sector was grouped into three levels: macro-, mezo-, and micro-level. The results show that the increase in nominal salary and an increase in the share of deposits and loans in the national currency in the loan and deposit portfolio of deposit-taking corporations are statistically significant and positively affect the level of trust in the financial sector. However, the deepening crisis of trust, in turn, is due to the dollarization of the banking sector, increasing the growth of cash outside deposit-taking corporations. The scientific novelty of the obtained results is represented by a set of theoretical and practical aspects of the study, namely the methodology of public trust assessment in the financial sector at all levels of manifestation, taking into account quantitative and qualitative indicators. Keywords: public trust in the financial sector, integrated assessment, element-by-element assessment, factor analysis, levels of public trust in the financial sector, monetary authority, financial institutions, financial services Formulas: 4; fig.: 6; bibl.: 32.