Learning from Chinese Management

China is one of the fastest-growing economies and has gained a leading position in terms of production or exports. China’s managerial and business practices are influenced by its traditional cultural values. The article investigates, along with the influences of these values on management, the points of interest of the Chinese management model for other cultures.

Digitalization as a Vector of Information Systems Development and Accounting System Modernization

Digitalization causes structural changes in the economic sectors and influences business activity and processes, leading to the companies’ increased productivity, competitive advantages and effective development creation and consolidation. This article is purposed to substantiate that the economy digitalization entails the need for companies’ system and mechanisms modernization to ensure their competitiveness and to improve management systems. The research is conducted using methods of theoretical generalization, analysis, synthesis, comparison and grouping. This study resulted in defining both global and Ukrainian economies’ trends for digitalization with a description of its impact on the business activity and business processes, assessing the economy digitalization effects to the requirements for the company’s information system that therefore serves to establishing directions for its modernization through the introduction of digital technologies, such as Electronic Data Interchange, Extensible Business Reporting Language, BigData, Internet of Things, Robotic Process Automation, Artificial intelligence, Real-time Adherence, cloud technologies, blockchain. The directions of companies’ accounting digitalization implementation and development are as flows: changes in the accounting system in terms of its method elements; application of Assets, Liabilities and Capital new digital forms; advanced training in compliance with the requirements for the accounting personnel digital competencies.

Fintech Innovation in the Financial Sector: Influence of E-Money Products on a Growing Economy

The FinTech innovation of e-money products in the financial sector has not gained sufficient recognition in Nigeria’s developing country. Despite the numerous economic benefits associated with this innovation, physical cash for financial transactions is still prevalent. Banks are still experiencing some level of cash withdrawals and deposits by individuals who refuse to embrace modern technology. This study stresses the economic benefits of e-payment channels available today and statistically supports evidence to substantiate their usefulness. In this study, we use banks’ e-money products as the independent variables, while GDP is employed as a proxy for the economy. The data are collected from 2006-2019 and are analyzed with multiple regression techniques using E-views version 9 software. The result shows that all banks’ e-money products have a significant favorable influence on the economy except the POS that is yet to gain momentum. The study suggests the full implementation of the cashless policy, proper education of the populace and guidelines to check electronic fraud.

An Empirical Investigation on the Relationship Between the Eurozone Zew Index and the Eurozone Stock Markets

The aim of this study is to investigate the long and short term impact of the Euro ZEW index (ZEW) on the DAX (GDAXI) Germany, FTSE 100 (FTSE) the UK, CAC 40 (FCHI) France, OMXS30 Sweden and CROBEX (CRBEX) Croatia stock market indices using monthly data for the period between February 2008 and December 2020. The Euro ZEW Index was taken as the independent variable, and the index values of Eurozone stock markets were taken as the dependent variables. As a result of the study, the Euro ZEW index was found to have a positive (increasing) statistical significant effect on the DAX, FTSE, OMXS and CRBEX variables. Of the stock markets studied, Croatia CROBEX (CRBEX) index was the most affected index by the change in the Euro ZEW index. The least affected stock market was Germany DAX (GDAXI) index. The effect of the Euro ZEW Index on Euro stock markets was higher in the short-term, and gradually decreasing in the long term. The research findings are discussed in the conclusion section.

Territorial Cohesion and the Pandemic in Romania

Convergence and economic and social cohesion remain priorities for the EU, beyond failures to achieve the objectives of the ‘Europe 2020’ strategy. Convergence and territorial cohesion, as a prerequisite for sustainable and durable development, have been the fundamental objectives that generated and developed the strategic planning in the EU, including through the two global strategies, ‘Lisbon’ and ‘Europe 2020’. The sustainability of these processes, even in periods of high economic growth, is questionable since real national convergence is based in many countries, including Romania, on large and widening divergences between regions and counties. In recent years, Romania has seen one of the most enhanced improvements in convergence compared to the EU average, from 60% in 2016 to 69% of the European average in 2019 respectively. During the same period, disparities between regions and counties have deepened. More than 10 years after EU accession and participation in the Community cohesion policy, there is still a third of the counties with less than 70% of the national average of gross domestic product per capita. The health crisis has deeply affected economic activity, but in a differentiated way, depending on the specific territorial economic structures. As a result, the objective of improved and sustainable real convergence, by bringing regions and counties closer together in terms of their level of development, is receding. The economic situation in the counties in 2020 indirectly provides support for assessing the impact of the pandemic on the territorial cohesion process. The implicit conclusion revealed by the latest statistical data is that the level of development has been the support for better resilience to the health crisis. Although the restrictions on international movement and the closure of tourist and industrial capacities have had general validity, the counties with a higher degree of disparity have been more affected.

Taxation and Transportation: Granger Causality Approach in Nigeria

This study gauges taxation's effect on transportation from 1981 to 2019 in Nigeria. This study further assesses the bearing of causality among Transportation, Corporate tax, Petroleum profit tax, Value added tax and Custom and Excise duties. Analytical tools such as VECM, Johanson Test for Cointegration, Vector Autoregression and granger causality Wald (GCW) test are adopted for analysis. Diagnosis tests such as the Lagrange-multiplier test, Jarque-Bera test and Eigenvalue stability condition are carried out to examine autocorrelation, stability and normality tests respectively. Outcomes divulge that corporate tax has a positive short-run and long-run influence on transportation. Petroleum profit tax, Value added tax and Custom and Excise duties also impact transportation positively and significantly both in the long run and short run as deduced from empirical analysis. This reveals that all the components of taxation observed influence transportation positively both in the long run and short run in Nigeria. Conclusively, taxation impacts transportation positively and significantly both in the short run and long run. This translates that taxation income has been utilized effectively to upsurge transportation in Nigeria. It predicts that transportation will perform excellently in terms of economic development and employment generation if taxable income is properly monitored and utilized effectively.

Impact of Celebrity Endorsement and Breaking News Effect on the Attention of Consumers

In the last decade, the new means of communication have determined substantial changes in human behavior and in the way individuals interact with each other. Besides the numerous benefits and opportunities that have arisen throughout the digitalization process, both for individuals as well as for private companies and state institutions, the widespread use of the Internet has generated vulnerabilities and threats. One of the most consistent concerns related to the new means of communication, especially social media platforms, refers to fake news. In recent years, major events including the 2016 presidential election in the US, Brexit, and the emergence of the COVID-19 pandemic have proven the negative effects of fake news on society. In this paper, we use an eye-tracking experiment to determine the unconscious reactions of consumers regarding the attraction potential of a fake news manner written article about a celebrity couple. The results of the experiment for this magazine’s article, with a fake title about the celebrity couple, show that the participants focus their attention on celebrities and fake titles mostly. The picture of the celebrities and the fake title of the article beats the other areas from the article and less on the information in the text. The research proves empirically that consumers are more attentive to celebrity pictures and fake breaking news titles and less to real information in the article. To sum up, testimonials and fake news play an important role in attracting publicity and influencing consumer behavior.

A Review of the Impact of External Shocks on Monetary Policy Effectiveness in Non-WAEMU Countries

In this paper, the extant literature on the impact of external shocks on monetary policy effectiveness with reference to non-WAEMU countries is reviewed. The importance of this literature review is to provide contemporary perspectives to scholars and policymakers on the relevance of the incidence of external shocks to the effectiveness of monetary policy with reference to non-WAEMU countries. The literature reviewed in this study shows that, on the whole, the extent and the degree to which external shocks are transmitted to the domestic economy substantially depend on a plethora of features, namely the absence of exchange rate flexibility; a strong export concentration, especially with respect to commodities; the level of global economic integration; restricted capacities of production; the absence of competitiveness in exports; over-reliance on foreign aid; foreign reserves that are not adequate and capital account openness.

Analysis of Impact of Changes in IFRSs on Convergence of Accounting Systems in World

The article examines the impact of updated IFRS on the current convergence of national accounting and reporting rules in Japan, the USA, China, France, Germany, the UK, and Ukraine based on a theoretical analysis of 59 rules and concepts of IFRS. The new differences between the updated IFRS and GAAP of these countries based on the comparative analysis were revealed. The results of the study show currently Ukraine (51%) and the United Kingdom (47%) are the most convergent with IFRS, although their degree of convergence has decreased significantly after recent innovations in IFRS; a new question arises for the UK after Brexit regarding the further application of IFRS; countries with strong national accounting traditions continue to avoid rapid changes in their GAAP; 4) the increase in the convergence of GAAP Japan with IFRS will not be possible shortly. The conclusion states that the main obstacle in the convergent process GAAP and IFRS is that: 1) IFRS are changing based on GAAP USA, rather than vice versa; 2) IFRS do not belong to the “stable to change standards”, so users have a certain distrust of the declared high quality of IFRS. The study results add significant novelty to scientific and practical research on the impact of frequent changes in IFRS both locally and internationally.

Financial System and SMEs Access to Finance: A Market-Oriented Approach

The study uses a market-oriented approach to investigate the relationship between the financial system and SMEs access to finance in Nigeria between 1995 and 2019. Both indicators from the capital and money markets are used as independent variables while some macroeconomic variables such as inflation rate, interest rate and exchange rate are also used. The study made use of Auto-Regressive Distributed Lag to explore the long and short-run relationship and the result shows that the capital market has a more significant impact on SMEs access to finance than the money market. Variables such as inflation rate, exchange rate and interest rate all have a significant influence on access to finance by the SMEs. it is recommended that the money market as an important aspect of the financial system in Nigeria should be made to devote more credit to the SMEs sector as it has shown from this study that the bulk of the credit going into the private sector from the money market might not go into the SMEs sector. The inflation rate should also be controlled as well as reducing the lending rate and guide against unreasonable currency devaluation to promote access to finance by the SMEs in Nigeria.