Oil and gas resources present enormous opportunities for the economic development of low income economies, but poor management of these resources can result in dire consequences for the foundations of the resource-endowed nation. The discovery of oil and gas in Ghana is as significant as the policies and measures to ensure optimum benefits to the nation. This paper evaluates the sustainability of petroleum production in the light of the medium term policy structure, the Ghana Shared Growth and Development Agenda (GSGDA). In particular, the economic contribution of oil and gas to Ghana’s GDP and sustainable investment options for petroleum revenues were examined using ordinary least squares (OLS) regression. The evidence suggests that at current production levels, petroleum is not a significant contributor to Ghana’s GDP after adjusting for the contribution from other sectors of the economy. The consistent appreciation of Ghana’s real effective exchange rate between 2010 and 2013 led to a deterioration of the competitiveness of the non-oil sector and declining contribution of the agricultural sector to GDP; and further eroded the net impact of petroleum production. Investing petroleum proceeds in the non-oil sector and expansion of the export base are a viable option for utilising petroleum revenues.

This paper examines the impact of e-banking on commercial banks’ performance in Namibia using an error correction modelling and granger causality test for the period 2012M1 to 2015M8. The advent of the internet has resulted in paradigm shifts in the banking industry towards electronic banking to create a competitive edge over rivals. Although this rapid development of information technology has made some banking tasks more efficient and cheaper, there are concerns that technological investments are taking a larger share of bank’s resources. The finding reports that return on investment is significantly driven by interbank settlement systems, electronic funds transfer and cheques, with an adjustment of 32 percent per month. The direction of causality test reveals a unidirectional causality from return on investment to interbank settlement system and cheques. This indicates that an increase in the return on investment is likely to enhance innovations and development. The study also found a bidirectional causality between the volume of electronic funds transfer and return on investment. Policy implications emanating from this study suggest that stable macroeconomic conditions that enhance return on investment are good stimulant to drive innovations and technology that will ultimately increase economic development.

The research studies the impact of the exchange rate fluctuations of the local currency on the share dividends exchanged in the stock market, and stating whether there is a trace of the fluctuations occurring in the exchange rate on the fluctuations reflected on the stock returns in the stock market – during the political and economic crisis in Syria. The descriptive analytical approach was adopted to indicate whether there is any direct or indirect impact of fluctuations in the exchange rate of the pound (Lira) against the dollar on the exchange value of the Damascus Securities Exchange Index. The study community consists of all stock companies listed in Damascus Securities Exchange. It covers the total of 23 listed companies. It relied on the period from 1/7/2011 through 12/31/2013 to study the impact of exchange rate fluctuations on stock returns, where the crisis began on 18/03/2011, but reflections on economic life began to appear in mid-2011 when the severe fluctuations in the exchange rate and returns began as a result of lack of stability and economic siege Syria has been witnessing and the study stretched until the year 2013. The data is a sort of daily observations of each of the dependent and independent variable sending with 381 observations. The study reached the many results some of which include that there is an inverse weak between the Syrian pound exchange rate and Damascus Securities Exchange Index returns. The inefficiency of Damascus Securities Exchange Index on the weak level, where, as we have seen, this index is not subject to normal distribution and it is auto-correlated of the third degree and does not settle at the first level; instead, it settles at the first change.

The contemporary business environment has been highly complex and dynamic with organizations facing unprecedented amount of competition due to globalization and technological innovations. Merger and acquisition is one of the most popular organization strategy that organizations apply when faced with this kind of operating environment acquiring resources, skills, and competencies beyond their organization control. Many studies have been done to support implementation of M&As within organizations but they have indicated conflicting outcomes with some showing that it negatively affect organization performance and others indicating they positively affect performance. However, none of the studies done has concentrated on the effect within the privately traded organizations and very few but conflicting studies have been done on this relationship in Kenya. This study therefore sought to assess the effects of merger and acquisition on the performance of privately trading organizations in Kenya. The study was grounded upon the efficiency theory, the market power theory, and economic production theory. Reviewed literature revealed existing gaps related to the literature. The study adopted descriptive research design on short run data collected at UAP Insurance within the pre-merger (2012-2014) and post-merger (2015-2017) periods for various performance statistics, where descriptive analysis was applied to assess the differences and independent sample t-test. The study found that M&A affects the net profit margin, Return on Assets, Return on Equity, and earnings per share with all these performance indicators showing that the post-merger period had poorer performance than the pre-merger period. The study further observed that the M&A implementation caused serious disruptions in the operating environment and organization culture of the organization, which was bound to have negative implications on organization performance, employees and shareholders. The study recommends that organizations should avoid M&A strategy unless their current assets are able to fund their current liabilities beyond the short run period, as the declined performance was linked to the disruptions experienced from M&A implementations. The study also recommends that M&A intended changes should occur sequentially to cushion the organization internal operations from the disruptions due to the changes. Study suggests further studies assessing the long term impact of M&A on organization performance.

After the fall of Bretton Woods System, exchange rates become the focus of researchers and politicians. When a floating exchange rate system was started researchers investigated the impact of exchange rate volatility on international trade but the development of derivative instruments changed the researchers focus from currency volatility towards the impact of currency appreciation or depreciation on international trade. The main objective of this research was to investigate the short run and long run relationship between Turkey’s merchandise trade deficit and real effective exchange rate. The monthly data was collected from Central Bank of Republic of Turkey from March 2005 to September 2017. Autoregressive distributed lag (ARDL) approach and Error correction model (ECM) was used for the analysis. The finding shows that the variables have long run relationship but it is not significant at 5% significance level. The short run model also shows the insignificant results. These findings have the following policy implication: Turkey cannot improve the merchandise trade deficit by devaluating its currency.

The objective of this paper is to test the exchange rate dynamics by measuring the speed of adjustment of prices. In this overshooting model, we assume price stickiness (gradual adjustment). If the prices are adjusted instantaneously, we will have the monetarist view; otherwise, the overshooting one, due to slow adjustment of prices and consequently, it affects all the other variables and slowly the exchange rate. We outline, here, an approach of testing the dynamic models of exchange rate determination. This approach is based upon the idea that it is difficult to measure directly the process by which market participants revise their expectations about current and future money supplies. On the other hand, it is possible to make indirect inferences about these expectations through a time series analysis of related financial and real prices. Empirical tests of the above exchange rate dynamics are taking place for four different exchange rates ($/€, $/£, C$/$, and ¥/$). Theoretical discussion and empirical evidence have emphasized the impact of gradual adjustment and “overshooting” that it is taking place. Only for the $/€ exchange rate the monetarist model is correct.

This study employs quantile regression analysis to examine possible non-linearity in the determinants of corporate effective tax rate (ETR). The results generally indicate that the examined determinants have significant impact on ETR along the decides and confirm non-linearity in the distribution of ETR. Firm size, firm leverage and inventory intensity are most influential variables while capital intensity and profitability are fairly influential across the ETR of firms. However, tax expert, firm size and inventory intensity are the most influential for firms with lower ETR. The study also confirms that large firms enjoy political clout but smaller firms are also able to reduce their fiscal pressure. The influence of human controllable factors is also evident in the study.

The main purpose of this study is to investigate the validity of Marshall-Lerner condition and the existence of J curve for the Turkish economy. Because of transition to the floating exchange rate regime in 2001, the analyzing period has been chosen as 2003-2016 to use monthly data for the related variables. After conducting unit- root and cointegration tests, the estimated VECM results show that Marshall- Lerner condition holds for the Turkish case. On the other hand, estimated VECM produces impulse- response functions that prove the existence of J curve for the Turkish economy in the long run.

Financial sector plays a pivotal role in the economic development, but, in recent time, it has witnessed that the World Economy is passing through some intricate circumstances as bankruptcy of banking & financial institutions, debt crisis in major economies of the world and euro zone crisis. The scenario has become very uncertain causing recession in major economies like US and Europe. The tempo of development for the Indian banking industry has been remarkable over the past decade. It is evident from the higher pace of credit expansion, expanding profitability and productivity similar to banks in developed markets, lower incidence of non- performing assets and focus on financial inclusion have contributed to making Indian banking vibrant and strong. Indian banks have begun to revise their growth approach and re-evaluate the prospects on hand to keep the economy rolling. It is generally agreed that a strong and healthy banking system is a prerequisite for sustainable economic growth. The banking sector has always been one of the important sectors for investment. In the time of uncertainty, some are arguing that the economies are in the process of recovery, and while others are opining that the world is set for another recession soon. In order to resist negative shocks and maintain financial stability, it is important to identify the Performance of Indian Banking Sector. The current study is mainly concerned with the analysis of Performance Of banking sector in India, that reflects the impact of new competitive environment on the bank’s performance in terms of various selected parameters. The article considered the variables like balance sheet operations, efficiency, profitability ,Capital Adequacy, Asset Quality, Sect oral deployment of bank credit, Technological Development, Customer services and Financial Inclusion for a period of 6 years from 2011 to 16. The Data was collected through secondary sources from Statistical Tables relating to banks in India. The results have found strong evidence poor profitability and inefficiency of managing the assets in the year 2016.

Financial sector plays a pivotal role in the economic development, but, in recent time, it has witnessed that the World Economy is passing through some intricate circumstances as bankruptcy of banking & financial institutions, debt crisis in major economies of the world and euro zone crisis. The scenario has become very uncertain causing recession in major economies like US and Europe. The tempo of development for the Indian banking industry has been remarkable over the past decade. It is evident from the higher pace of credit expansion, expanding profitability and productivity similar to banks in developed markets, lower incidence of non- performing assets and focus on financial inclusion have contributed to making Indian banking vibrant and strong. Indian banks have begun to revise their growth approach and re-evaluate the prospects on hand to keep the economy rolling. It is generally agreed that a strong and healthy banking system is a prerequisite for sustainable economic growth. The banking sector has always been one of the important sectors for investment. In the time of uncertainty, some are arguing that the economies are in the process of recovery, and while others are opining that the world is set for another recession soon. In order to resist negative shocks and maintain financial stability, it is important to identify the Performance of Indian Banking Sector. The current study is mainly concerned with the analysis of Performance Of banking sector in India, that reflects the impact of new competitive environment on the bank’s performance in terms of various selected parameters. The article considered the variables like balance sheet operations, efficiency, profitability ,Capital Adequacy, Asset Quality, Sect oral deployment of bank credit, Technological Development, Customer services and Financial Inclusion for a period of 6 years from 2011 to 16. The Data was collected through secondary sources from Statistical Tables relating to banks in India. The results have found strong evidence poor profitability and inefficiency of managing the assets in the year 2016.

This paper empirically examines the role of uncertainty occurred by ‘news’ in Japanese financial markets. A GARCH-MIDAS model is used for estimation. It finds that news-based implied volatility performs well in predicting long-term aggregate market volatilities. A subsample analysis provides that the predictive power of news-based volatility is continuing, as most of the coefficients are positive and significant. So, in general, the news based implied volatility model is associated with high market volatility. Moreover, stock market prices go on rising, different effects that appeared in each subsample period. On the recent period, when Abenomics was conducted, the effect decreased. Also, the effect of exchange rates decrease in short time. When stock prices decrease, volatilities of the stock prices in the past period increase. There is some possibility that markets were too unstable about the movements because of the low prices. Also, the volatility of long-term interest rates increases when the interest rate declines in the recent period under Abenomics. Although interest rates have been quite low in both sample periods, the Bank of Japan (BOJ) started to manage long-term interest rates in the recent period, so market participants seem to begin noticing the movements.

The aim of this paper is to examine the impact of bank minimum capital requirement on credit supply in Ivory Coast, over the period from 1982 to 2016. To this end, the ARDL method was used to study the nature of the relationship between our explanatory variables and bank credit supply in Ivory Coast. The study indicates some major results. The results showed that in the short term, real GDP per capita and bank size influence credit supply in Ivory Coast. Real GDP per capita acts negatively on credit supply in the short run while bank size has a positive influence on banks’ capacity to finance the economy. In the long run, the Cooke ratio and the openness rate have an impact on bank credit supply in Ivory Coast. The recovery of bank minimum capital requirements positively influences bank credit supply while the openness of the economy negatively impacts banks’ ability to offer bank credit. In terms of economic policies implications, monetary authorities must enforce and respect the policy of increasing bank minimum capital requirements. They must encourage banks to increase their banking assets.

This paper presents the Socioeconomic Performance of Women in parallel trading and its Implications in Dessie town Ethiopia. The study was carried out in Dessie town Ethiopia. Primary Data were gathered from parallel traders through questionnaire and observation, and secondary data sources were accessed from Dessie town trade and transport office and CSA (Central Statistical Agency). The paper has purely mixed explanatory sequential approach which is based on the collection and analysis of quantitative data to be followed and supported by a qualitative data. The finding of the study has shown that parallel trading is the first among alternatives for women’s divorced or widowed and dependent hitherto to parallel trading. Women in parallel trading were engaged in retails of food items that are easily accessed in the local markets, in which more than two-third of households are dependent on the gains as well as become involved in the retails activity. Though, the economic responses of parallel trading were the bases for women’s livelihood, its performance would not let women’s and their dependent family members /household to have better house and access to education. Furthermore, the study has shown that the socioeconomic performance of parallel trading were constrained by government regulations that exclude and discourage the trading, lack of access to finance, lack of premises and lack of smooth supply of inputs. Therefore, it is important for both local governments and organizations working on women affairs to reconsider their actions and create an environment encouraging for women in parallel trading to grow and integrate to formal economic sectors.

Gaining an understanding of the basics of international economics plays an important part in developing an effective strategy for successfully penetrating the international or globalized market. In deciding upon an effective strategy for market penetration, a company may be constrained by the policies, laws, or other administrative or regulatory procedures which are in force in the host country. Economic considerations related to income, strategies for market penetration, development indicators, and debt will determine the readiness of countries to accept foreign investment and are critical pieces of the analysis that must be undertaken. In addition, in order to successfully compete in a globalized world, a company must navigate these delicate issues relating to sovereignty that will impact on the decision-making process.In reaching the decision to move outside national borders, a company must exercise sound judgment regarding opportunities and risks associated with the economy of the host nation in order to guaranty the success of a proposed international operation.These measurements, classifications, strategies, and development criteria important in the context of international business are often looked upon as secondary to judging financial or accounting realities. Yet, by taking into account these core definitional concepts in developing an investment strategy, businesses will assure success on a wide variety of fronts.

Gaining an understanding of the basics of international economics plays an important part in developing an effective strategy for successfully penetrating the international or globalized market. In deciding upon an effective strategy for market penetration, a company may be constrained by the policies, laws, or other administrative or regulatory procedures which are in force in the host country. Economic considerations related to income, strategies for market penetration, development indicators, and debt will determine the readiness of countries to accept foreign investment and are critical pieces of the analysis that must be undertaken. In addition, in order to successfully compete in a globalized world, a company must navigate these delicate issues relating to sovereignty that will impact on the decision-making process.In reaching the decision to move outside national borders, a company must exercise sound judgment regarding opportunities and risks associated with the economy of the host nation in order to guaranty the success of a proposed international operation.These measurements, classifications, strategies, and development criteria important in the context of international business are often looked upon as secondary to judging financial or accounting realities. Yet, by taking into account these core definitional concepts in developing an investment strategy, businesses will assure success on a wide variety of fronts.

This paper examined the causal relationship between real exchange rate returns and real stock price returns in Nigeria from January 1985- June 2017. For the investigation the VAR/pair-wise granger causality test and Sims-causality test were applied. From the evidences shown, there exist a unidirectional causal relationship between real exchange rate returns and real stock price returns. Causality running from Real exchange rate returns to real stock price returns. Thus, the past values of REXR can influence/predict the present value of RSPR. This confirms the findings of Olugbenga (2012) and the proposition of the flow oriented model. Also, evidences from the sims-Causality test show that there is uni-directional causality running from Real exchange rate returns to real stock price returns. Thus, the present value of REXR can influence/predict the future values of RSPR. Therefore, it is important for the monetary authority of Nigeria to put into due consideration the exchange rate policy in its conduct of monetary policy internally. Investors could also use these findings as an effective tool in stock trading. As movement in the foreign exchange market (real exchange rate returns) could have a great impact on the present and future movement of stock exchange market (real stock price returns) in Nigeria.

This study examined the effects of exchange rate fluctuation on the Industrial Output Growth in Nigeria using time series data sparring from the period 1986 to 2015. Johansen’s Co-Integration model was employed to explore the long-run relationship among the variables used, while the Vector Error Correction model (VECM) was used to evaluate the short and long-run dynamic among the variables and the Granger Causality used to measure contemporaneous relationship among the endogenous variables. The dynamic correlation of the variables was captured by the analyses of impulse response and variance decomposition. The results of the analysis indicate a unidirectional causality from Exchange rate to Industrial output. The response of industrial output to the shock from exchange rate was positive and significant; more specifically in the initial years, while response to shock from other variables was little in magnitude and not as significant as exchange rate. From the Forecast Error Variance Decomposition (FEVD), the study revealed that although the main source of variance in output are own shocks, innovation in the exchange rate accounted for a higher proportion in the variation of industrial output than that of other associated variables (Inflation, Interest rate and Net Export). The study concluded that exchange rate has potentials of causing significant changes in industrial output in Nigeria. Against this backdrop, the study recommended the need for more macroeconomic policy attention to the proper management of the exchange rate, and the need to strengthen the link between agriculture and the industrial sector to reduce the reliance of the sector on import of inputs to a reasonable level.

There are number of ways like Technical Analysis, Fundamental Analysis and The Efficient Market Hypothesis that helps to know the behaviour of investor which helps to predict future. In this study author used Fibonacci numbers/series analysis which consider for forecasting future stock prices trends. For the purpose of this study four listed companies are selected at random by convenience sampling from Cement Sector for the period of 1st quarter of 2017. Closing prices of open days of market are taken from Karachi Stocks and graphs are made. This study concluded that in four companies of cement sector, there were total 63 support levels out of which 17 (27%) and total 66 resistance level from which 24 (36%) were followed Fibonacci retracements. So the study findings accept the hypothesis that the trend reversals in Cement sector listed in PSX follow Fibonacci retracements to some extent. Analysis of this study showed that there is at least one strong support and one strong resistance in every company and some small resistant and support levels.

This study attempts to measure the financial performance of selected Bangladeshi commercial banks for the period 2010-2016 through using the DuPont model which is an important tool for measuring profitability and judging the financial performance of any financial entity. The modified DuPont model disaggregates ROE (which is an indication of the earning power of the firm) into five components: tax burden, interest burden, profit margin, total asset turnover, and equity multiplier ratios. Empirical results exhibit that Dhaka Bank has performed best in every aspect and secured the first position due to highest average ROE. On the other hand, AB Bank is the least performer among all the banks due to its lowest average ROE. Finally, this study suggests that a company can have high ROE if it has high operating margin, lower interest, lower income tax, efficient use of assets and high use of debt in its capital structure.

This study evaluates the role of capital accumulation on labour productivity growth in Nigeria. Endogenous growth and efficiency wage theories are employed in explaining the determinants of labour productivity. The ordinary least squares method of estimation employed to evaluate the effect of capital accumulation on labour productivity and employment generation in Nigeria over the time frame of 1970-2014. The findings of this study include: education expenditure and capital formation’s impact on labour productivity growth is time dependent; health expenditure positively impacts labour productivity growth; compensation to employee negatively impacts productivity growth in Nigeria.

Corporate debt policy remained a significant, but a challenging decision for managers entrusted with the responsibility to improve the value of the firm. Thus, this study examines the factors influencing the capital structure decisions of firms in Nigeria. The study employs a panel data regression model to analyze data from firms in Nigeria for the period 2011 to 2015. The result of the empirical analysis reveals that firms in Nigeria have a preference to finance economic operations from retained earnings and the use of short-term debt on rollover basis. The finding of this study confirms that debt decreases with profitability and growth opportunities. The findings show that asset tangibility and firm size have a positive and significant relationship with debt policy of firms in Nigeria. The analysis also reveals that managerial ownership has a negative and significant relationship with debt ratio of firms in Nigeria. The study shows a non-significant positive relationship between non-debt tax shields and debt. The study demonstrates that the trade-off and pecking order theories both explains the factors influencing capital structure decisions of firms in Nigeria. Therefore, this study suggests the need for stakeholders to develop the financial markets and make it accessible for firms to obtain long-term financing for economic growth and development.

Corporate debt policy remained a significant, but a challenging decision for managers entrusted with the responsibility to improve the value of the firm. Thus, this study examines the factors influencing the capital structure decisions of firms in Nigeria. The study employs a panel data regression model to analyze data from firms in Nigeria for the period 2011 to 2015. The result of the empirical analysis reveals that firms in Nigeria have a preference to finance economic operations from retained earnings and the use of short-term debt on rollover basis. The finding of this study confirms that debt decreases with profitability and growth opportunities. The findings show that asset tangibility and firm size have a positive and significant relationship with debt policy of firms in Nigeria. The analysis also reveals that managerial ownership has a negative and significant relationship with debt ratio of firms in Nigeria. The study shows a non-significant positive relationship between non-debt tax shields and debt. The study demonstrates that the trade-off and pecking order theories both explains the factors influencing capital structure decisions of firms in Nigeria. Therefore, this study suggests the need for stakeholders to develop the financial markets and make it accessible for firms to obtain long-term financing for economic growth and development.

This study aims at examining the impact of the ownership structure on the overall performance of listed companies in Pakistan to specify how different ownership structures and corporate governance culture differ from each other and thus explores the effects of different ownership structures and corporate governance on the performance of companies’ productivity. In order to compare Returns on Investment (ROI) and Returns on Equity (ROE) of the five (5) listed food companies in Pakistan were calculated using secondary data from the audited financial reports of such companies based on their annual reports between 2007 and 2016. During this research for the analysis of gathered data, regression model was used with the assistance of EViews in order to examine the relationship between the corporate governance mechanism including board is size, board composition, and audit committee and the performance variables including Net Profit Ratio (NPR) and Rate of Return (RoR). The findings of the our study are consistent with the reviewed literature, as the performance of firms (in terms of return on assent and net profit ratio) does not seem to be dependent on the board size, composition, and audit committee composition of firms.

In addition to analyzing the characteristics of gender equality in tertiary education enrolment in Africa, this paper empirically studies the key drivers of gender equality in tertiary education enrolment, using cross-sectional time series data from 1970 to 2012. Our results show that the coefficient associated with the level of real GDP per capita is positive and statistically significant. Our results also suggest that higher domestic investment, increased economic globalization, the quadratic element of political globalization, economic globalization, ethnic fractionalization, increased democracy, and Christian dominance in a country increase gender equality in tertiary education enrolment in the continent. However, increases in the level of political globalization and increased incidence of civil wars tend to lower it. The policy implications and lessons of these results are discussed.

The objective of this paper is to examine the impact of financial market development and liberalization on money demand behavior in Central African Economic and Monetary Community (CEMAC). We adopt the generalized method of moments (GMM) system for panel data. The empirical results indicate that financial liberalization has a negative impact on money demand. Moreover, real GDP and the GDP deflator affect it positively, while the main policy rate has a negative impact. In terms of economic policy involvement, monetary authorities must pursue reforms aimed at deepening financial liberalization measures so that banks actively participate in the financing of CEMAC economies.

Financial sector has always been potential ingredient in bringing growth in an economy, the indirect impact of financial markets and institutions through saving mobilization and credit expansion is of extraordinary importance. By employing Autoregressive Distributed Lags (ARDL) approach impact of financial sector on economic growth of Tanzania is examined. The results show that, in both long-run and short-run, financial development exerts significant but negative effect on economic growth contrary to our expectations. The study employs the ratio of broad money to GDP (financial depth) as a proxy measure of financial development, along with inflation rate, real interest rate, real exchange rate, share on of investment to GDP, proportion of development expenditure to total expenditure and dummy for structural reforms as control variables during our estimations. Results also suggest non-existence of causality between financial development and economic growth. Thus the study suggests strengthening data availability on flow of credit from financial institution to the public is necessary to materialize the effect of financial sector in Tanzania.

Consumers online purchase intention is significant guide for operating online organization in Bangladesh. The major purpose of this paper is to explore the key factors that influence consumers’ intention, satisfaction and loyalty towards online purchase in Bangladesh. This paper adopts quantitative analysis of possible factors that may influence consumers’ intention, satisfaction and loyalty towards online purchase. By using Convenient Sampling technique the data has been collected from 200 respondents. Data are analyzed using frequency, mean, standard deviation and regression analysis. From the results of regression analysis, this research is found that security, personal hobby, payment method, appropriate pricing, privacy, social media and reference groups as the significant factors, which considerably influence consumers’ intention towards online purchase. This investigation is revealed that online purchases intention, product quality and product brand as the important factors, which significantly influence consumers’ satisfaction. This paper is also demonstrated that satisfaction as the momentous factor, which notably influences consumers loyalty in Bangladesh.

This study used error correction model (ECM) to analyse the causality between Value Added Tax (VAT) and the Nigerian Economy proxied by GDP during the period 1994-2015. The data such as VAT and GDP were obtained from Central Bank of Nigeria (CBN) statistical bulletin and Federal Inland Revenue Services (FIRS). The results of the findings revealed that VAT exerts positive and significant influence on GDP while there was evidence of unidirectional causality running from VAT to GDP. Therefore, the researchers recommend that in order to enhance economic growth of Nigeria through VAT revenue, there is need to plug all the lapses identified in tax administration and educate the tax administrators as well as the entire populace on the relevant of VAT revenue to the economy.

Increase in technology has been helping all sectors of the economy in Nigeria. Yet, there is no gainsaying the fact that technology has both the positive and the negative sides of it. While economic and financial crimes perpetrators manipulate the negative part, forensic accounting uses it as a tool to unearth perpetrators. Crimes classified as economic and financial remain major problem facing the Nigeria’s economy and the citizenries and many believe that forensic accounting is the only panacea in Nigeria. We used the survey method for the purpose of this study. Four hypotheses (null hypotheses) were tested using the Pearson product moment correlation coefficient (PPMC) statistical tool. We find that forensic accounting has a significant but negative relationship with economic and financial crimes; technology has significant and positive relationship with both forensic accounting and economic and financial crimes; and that technology moderates the relationship that exists between forensic accounting and economic and financial crimes. We then made some recommendations such as mandatory forensic accounting department ought be established in publicly and privately owned institutions and offices through regulatory authorities and not on voluntary basis; recruit forensic accountants/investigators/auditors in both the private and public sectors and regularly train and retrain them on current technologies; the Nigerian government should amend existing laws to meet the requirements of present day technological advancement. We then concluded that forensic accounting as afield has all it takes to fight economic and financial crimes in Nigeria and that technology moderates the relationship, though negative, between forensic accounting and economic and financial crimes hence the need for technological advancement in forensic accounting in order to fight against economic and financial crimes.

The current global situation in agribusiness is characterized by rapid changes and endless challenges under the influence of many factors, some of which compete unidirectional. Many countries are slowly reforming agricultural policies. This has helped to increase trade and the greater role of the private sector in agriculture vis-à-vis the state. The population growth, income and urbanization, changing crop culture, eating crops, declining crops to feed the population have contributed to rising global food prices. At the same time, consumer requirements related to safety, quality, convenience of trading are increasing and the differential between agricultural and commodity prices is constantly increasing due to the differences in the technological provision of the two production processes. The changed paradigm in the diet of produced, processed and, above all, health-safe but higher-priced and differentiated agricultural products has created opportunities for agricultural entrepreneurs to transform the goods into consumer-demanded products. Small, highly mobile family agribusiness has prompted greater private sector involvement in agriculture and focusing on the development and improvement of agricultural value chain chains (AVCs) in terms of quality, productivity, efficiency and depth. The value chains are formalized relationships between producer groups, dealers, processors, service providers and non-governmental organizations that unite to achieve productivity gains and added value to their activities. Individual added value is achieved by bringing together participants in a single value chain, and its participants increase competitiveness and are better able to maintain the level of this competitiveness through a culture of innovation.The limitations of each participant in the value chain are eliminated by establishing synergies and rules for communications along the chain, with the ultimate goal of achieving higher value. The main commercial advantages of stakeholders to engage as part of an effective value chain can be defined as:- The ability to reduce the cost of doing business; increasing revenue increasing market impact; -Enhancing access to technology, information and capital for the process of innovation in manufacturing and marketing in order to gain higher added value and ensure higher quality of customers. These and other important aspects of the functioning of value chains are the subject of research in this work. As a result, some conclusions are drawn about the place of the Balkan countries in the agribusiness development chains as well as the prospects for the development of the process in the whole.

This paper investigates the extent of macroeconomic volatility caused by the transfer pricing behavior of multinational corporations. The study examined two possible transmission channels through which transfer pricing causes macroeconomic volatility, namely, terms of trade and budget policy channels. Using the EGARCH model with annual data on selected variables from 1980 to 2017, the paper found evidence of macroeconomic volatility caused by transfer pricing. The size of the shock from transfer pricing is high and statistically significant in the terms of trade and budget policy channels. Negative shock from multinational corporations shifting taxable income between high and low tax regimes had a larger effect than a positive shock on the country’s budget policy. The volatility caused by transfer pricing was short-lived in the terms of trade channel. However, in the budget policy channel, past volatility of transfer pricing persisted for a longer period to explain current volatility.

This paper investigates the awareness level and challenges confronting the Bhutanese Stock market and brokers to ascertain its development potential within this emerging economy. The study was carried out using both quantitative and qualitative techniques and is mainly based on primary sources of data where a semi-structured questionnaire was designed to collect data from the public, brokers and officials of Royal Securities Exchange of Bhutan Limited (RSEBL). The findings have revealed that more than half of the public are aware of the existence of the RSEBL and they are not highly knowledgeable about trading on the Stock market or its benefits. The study also found that the respondents are interested in investing in the Stock market but lacked knowledge on investment avenues. Furthermore, the findings have revealed the challenges and limitations which hinder the development of a more robust stock market in Bhutan. The major challenges faced by RESBL and its brokers are lack of participation from public and companies, low frequency of trade and liquidity problem. The study suggests that the public should be educated on the benefits of investing in the stock market as well as on the procedures of investing in stocks. In addition, RSEBL should encourage more companies to be listed in the stock exchange. This study draws awareness to the existence of the Bhutan stock market as a potential investment opportunity. Furthermore, it sheds light on the challenges emerging markets face in establishing a viable and effective exchange.

Accruals are non-cash items of income and represent adjustments made for cash flows that do not create a benchmark for profits that are generally influenced by matuarity and cash payments, and increase expected returns of profitability and reduction of offsetting liabilities. The results indicate that operating profitability is based on liquidity of profitability factor, and, moreover, adjusted operating profit based on operating cash flow is predicted at current yield stage. An investor can increase a Sharp strategic ratio by adding an adjusted operating profit factor to a larger investment position.

This paper investigates the awareness level and challenges confronting the Bhutanese Stock market and brokers to ascertain its development potential within this emerging economy. The study was carried out using both quantitative and qualitative techniques and is mainly based on primary sources of data where a semi-structured questionnaire was designed to collect data from the public, brokers and officials of Royal Securities Exchange of Bhutan Limited (RSEBL). The findings have revealed that more than half of the public are aware of the existence of the RSEBL and they are not highly knowledgeable about trading on the Stock market or its benefits. The study also found that the respondents are interested in investing in the Stock market but lacked knowledge on investment avenues. Furthermore, the findings have revealed the challenges and limitations which hinder the development of a more robust stock market in Bhutan. The major challenges faced by RESBL and its brokers are lack of participation from public and companies, low frequency of trade and liquidity problem. The study suggests that the public should be educated on the benefits of investing in the stock market as well as on the procedures of investing in stocks. In addition, RSEBL should encourage more companies to be listed in the stock exchange. This study draws awareness to the existence of the Bhutan stock market as a potential investment opportunity. Furthermore, it sheds light on the challenges emerging markets face in establishing a viable and effective exchange.

This research work investigated the influence of firm size on the financial performance of deposit money banks quoted on the Nigerian stock exchange. The research work is necessitated by the need to find the factors that respond positively or negatively to the financial performance of deposit money banks in Nigeria. Five deposit money banks were sampled with the aid of Taro Yemeni sampling technique to represent the entire banking industry in Nigeria. The firm size proxied by log of total assets represents the explanatory variable while the financial performance measured by profitability proxied by return on asset is the dependent variable. The analysis was conducted using the pooled OLS regression and fixed effect/random effect regression with the aid of STATA for panel regression. In addition, descriptive statistics and correlation analysis were computed. The finding of the study indicates that firm size insignificantly negatively influenced financial performance as a result of diseconomies of scale. The study therefore recommends that the industry should minimize the cost of expansion and enjoy maximum benefits of economies of scale in addition to other factors that may stimulate financial performance should be considered instead of the firm size that indicate insignificantly negative effect.

This study investigates specifically the effect of Imports and Exports on Balance of Foreign Trade in Nigeria (GDP). Data were collected for period 2007 – 2016. Multiple Regressions Approach and Correlation Analysis was used, defining Imports, Exports and Openness as independent variables and Gross Domestic Product (GDP) as dependent variable. From the analysis, Imports, Exports and Openness contributes immensely to the Nigeria Gross Domestic Product (GDP). Contrary, Imports is positively and significant on Balance of Foreign Trade in Nigeria (GDP), Exports has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP) and Openness has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP). Also, there is a perfect positive association on gross domestic product between imports on the balance of foreign trade in Nigeria and it is significant, with a perfect positive association on gross domestic product and imports between exports on the balance of foreign trade in Nigeria and it is significant and there is a negative moderate association on gross domestic product, imports and exports between openness on the balance of foreign trade in Nigeria and it is insignificant. This study therefore recommends that Nigeria should enhance her Imports & Exports promotion strategies and expanding the Import sector for easy importation.

The research studies the impact of the exchange rate fluctuations of the local currency on the share dividends exchanged in the stock market, and stating whether there is a trace of the fluctuations occurring in the exchange rate on the fluctuations reflected on the stock returns in the stock market – during the political and economic crisis in Syria. The descriptive analytical approach was adopted to indicate whether there is any direct or indirect impact of fluctuations in the exchange rate of the pound (Lira) against the dollar on the exchange value of the Damascus Securities Exchange Index. The study community consists of all stock companies listed in Damascus Securities Exchange. It covers the total of 23 listed companies. It relied on the period from 1/7/2011 through 12/31/2013 to study the impact of exchange rate fluctuations on stock returns, where the crisis began on 18/03/2011, but reflections on economic life began to appear in mid-2011 when the severe fluctuations in the exchange rate and returns began as a result of lack of stability and economic siege Syria has been witnessing and the study stretched until the year 2013. The data is a sort of daily observations of each of the dependent and independent variable sending with 381 observations. The study reached the many results some of which include that there is an inverse weak between the Syrian pound exchange rate and Damascus Securities Exchange Index returns. The inefficiency of Damascus Securities Exchange Index on the weak level, where, as we have seen, this index is not subject to normal distribution and it is auto-correlated of the third degree and does not settle at the first level; instead, it settles at the first change.

The contemporary business environment has been highly complex and dynamic with organizations facing unprecedented amount of competition due to globalization and technological innovations. Merger and acquisition is one of the most popular organization strategy that organizations apply when faced with this kind of operating environment acquiring resources, skills, and competencies beyond their organization control. Many studies have been done to support implementation of M&As within organizations but they have indicated conflicting outcomes with some showing that it negatively affect organization performance and others indicating they positively affect performance. However, none of the studies done has concentrated on the effect within the privately traded organizations and very few but conflicting studies have been done on this relationship in Kenya. This study therefore sought to assess the effects of merger and acquisition on the performance of privately trading organizations in Kenya. The study was grounded upon the efficiency theory, the market power theory, and economic production theory. Reviewed literature revealed existing gaps related to the literature. The study adopted descriptive research design on short run data collected at UAP Insurance within the pre-merger (2012-2014) and post-merger (2015-2017) periods for various performance statistics, where descriptive analysis was applied to assess the differences and independent sample t-test. The study found that M&A affects the net profit margin, Return on Assets, Return on Equity, and earnings per share with all these performance indicators showing that the post-merger period had poorer performance than the pre-merger period. The study further observed that the M&A implementation caused serious disruptions in the operating environment and organization culture of the organization, which was bound to have negative implications on organization performance, employees and shareholders. The study recommends that organizations should avoid M&A strategy unless their current assets are able to fund their current liabilities beyond the short run period, as the declined performance was linked to the disruptions experienced from M&A implementations. The study also recommends that M&A intended changes should occur sequentially to cushion the organization internal operations from the disruptions due to the changes. Study suggests further studies assessing the long term impact of M&A on organization performance.

This study aims to analyze the effect of foreign direct investment (FDI) on new job creation, and pays attention to factors interrelated to employment by using the case of Afghanistan. Using time series data form 2003 to 2017, this paper explore the driving forces and reduction potentials of employment in Afghanistan with consideration for dynamic changes within the traditional OLS and standardize OLS model. The results show that exchange rate plays a dominant role in increasing employment in Afghanistan. And exports and inflation rate plays a dominant role in decreasing employment in Afghanistan. All variables are co-integrated and the analysis of the impulse response function and variance decomposition turns out to be synchronous. Furthermore, in the short run export and inflation rate are more critical in reduction potentials of employment in Afghanistan. Policies should be advised to control inflation rate and illegal export and improve the investment projects to attract more FDI into the economy for quick adjustment purpose in case of the shock to the system.

The article deals with the problem of competitiveness and efficiency of crop production in the Republic of Kazakhstan. Presented detailed analysis of the crop industry condition reveals the importance of the pacing factors limiting production, demand, and possible yielding of different types of products, as well as its dynamic entry into the market. It was established that per hectare subsidies in crop production were ineffective and did not encourage the interest of agricultural producers in increasing productivity. The conducted analysis has led to the conclusion that to improve the production efficiency and product competitiveness, the agricultural businesses should carry out certain activities to improve the quality of seed grain, special tillage, as well as the appropriate fertilizer distribution depending on the needs of the soil in nutrients, and other measures that would ultimately contribute to the growth of agricultural product quality characteristics.

The article presents the author’s classification of risks related to the traffic system. Materials of applied sociological research that demonstrate its approbation and contain the assessment are presented. The expert survey and the compilation of a risk rating with the arithmetic average at a 10-point grade system are used as the basic method. The heuristic moments in the evolution of scientific ideas about the category of "risk" are recorded, which allowed to develop the author’s classification of risks. An algorithm is proposed for the transition from the theoretical construct to empirical recording that allowed to obtain a comprehensive picture of the state of risks and their impact on the traffic system safety. Methods to minimize the risks of the traffic system in the modern conditions are reviewed.

On the basis of statistical data and results of sociological polls, the authors analyze peculiarities and patterns typical for the voting behavior of the Moscow middle class in elections of various levels and scope. Results of the study have shown that the middle class is more active in elections than other groups of the Moscow population. In voting, the position held by representatives of the middle class substantially differs from the general position in Moscow, with the ruling party seeing minimum support and the number of spoilt ballot sheets exceeding the Moscow average. Representatives of the middle class think that election is conducted unfairly in Russia, there is no real alternative, and voting results are often falsified. Despite this, a considerable share of middle-class voters take part in voting, justifying this by the call of duty, aspiration to express their opinions and, at least by the number of ballot sheets cast in favor of the opposition, to tell the authorities that they are dissatisfied with the current situation.

This paper looks into issues related to achieving sustainable economic growth in Russia, with a focus on some of the key requirements that must be met in this regard in the context of economic policy. Its main purpose is to identify some of the key components of economic growth that can help design an effective economic policy aimed at stimulating economic growth. The principal methods employed by the authors include analysis and synthesis, scholarly abstraction, and mathematical modeling. The paper examines some of the major competing strategies for development in Russia. Despite the multiplicity of ideas on the subject, these growth strategies are predicated on the consideration that jumpstarting the economy requires greater investment. Indeed, this is a crucial condition – but that is not enough. Based on an analysis of fundamental economic identities and the economic situation in Russia, the authors formulate a set of key requirements for economic policy on stimulating economic growth. It is suggested that a possible basis for economic growth in Russia is mainly boosts in labor productivity. With that said, the government must maintain a balance in terms of the dynamics of investment and wages, with a focus on advanced growth in pay relative to labor productivity. In this context, it is worth noting that the dynamics of growth in pay is among the key components of economic growth. In this regard, the authors are of the view that growth in pay must be viewed as a key factor in economic growth – not a consequence thereof. Unfortunately, there is a myth in the economic literature that growth in pay is a consequence of economic growth and growth in labor productivity. The findings from the research reported in this paper could be used by Russia’s government authorities in designing their economic policy aimed at stimulating economic growth.

The paper considers the problem of socio-economic development of rural areas from the perspective of the assessment of life quality, briefly describes the main approaches to existing methodologies and provides the substantiation of their nonapplicability for using in rural territories of the Russian Federation. The author proposed a generic and simplified methodology for the assessment of the life quality of rural population that takes into account the demographic, social, and economic conditions. Evaluation criteria in the context of a three-phase scale (from 0 to 2 points) are proposed. The paper assesses the indicators of natural and migration growth, birth and mortality rates, life expectancy, residential landscaping, the proportion of the population that lives in flimsy dwellings, the provision of quality healthcare, information, educational services, the share of poor citizens, the unemployment rate and the ratio of incomes to the subsistence minimum. The calculations are done for all regions of the Russian Federation as a general rate indicator and its individual elements, from which the conclusions on the necessity of the use of certain institutional motivators are drawn.

The article is concerned with the analysis of the factors influencing the choice of the field of Bachelor’s or Specialist’s education, based on the survey of the undergraduates of one of the Moscow universities. Based on the survey results, the main reasons that influenced the choice of the field of education for a Master’s degree are identified; the correspondence of the field of Master’s studies to the sphere of professional activity and professional interests of students is investigated. On the basis of the research, the satisfaction of the students with the level of knowledge received, the possibility of its application in practical professional activity, and the orientation of the undergraduates towards further scientific activity are estimated. The results of the scientific research confirm almost completely the original hypothesis and make it possible to draw conclusions about the trends that are currently developing in the field of education. Despite the fact that the survey is conducted among the undergraduates of one university, the results represent the general problems of higher education.

The article analyzes the dynamics of admission quotas in Russian higher educational institutions as a basis of modern budget financing; the dynamics of departmental expenditures on the financial support of federal powers; and dynamics of the volume of educational services provided on a paid basis. The analysis showed that the volumes of budget financing were decreasing, the volumes of paid education were growing, and the financial support of federal authorities had differently directed trends depending on the priorities of the state budget policy in the area of higher education. The evaluation of the dynamics of final basic cost standards for higher education programs in three groups showed a steady growth depending on a group and its area (economics, medicine, nuclear physics, etc.). The authors made a hypothesis about the impact of the basic cost standard included in the final standard on the final basic standard of the share. The hypothesis was confirmed in the offered formula for calculating the final basic standard as a weighted average. The evaluation of the dynamics related to the final basic cost standards, taking into account the share of basic cost standards, showed the inadequacy of changes in the final basic standard depending on a group: reduction or minor change, which contradicted the initial results of the study on the growth of final basic standards depending on a group.

The paper aims to research intellectual capital elements composition with the consequent study of emerging contradictions, which allows obtaining the system picture of intellectual capital, its functioning mechanism, and applicability as a factor that forms and develops the knowledge-based economy. The author’s approach to managing the development of intellectual capital, based on the usage of categorial-system methodology, is proposed as a key approach to solving the problem. With the help of a simple compensatory homeostat model, it is shown that successful development of intellectual capital is a product of efficient resolution of a conflict between two composing elements of the system object. The elements, being unstable by themselves, provide stability for the whole system. The applied model allowed getting knowledge about intellectual capital self-regulation mechanism, which is based on cross-interaction between two of its components. Considering possible combinations of feedback types, the feasible components’ interaction modes have been determined. Possible development paths for intellectual capital, depending on the intercommunication mode types of the interaction, have been revealed. The paper materials could be used to form complex of program tools for federal, regional and local authorities, aiming to transform the social economic system and advance towards a knowledge-based economy.

The formation and development of agro-food market at the national and regional levels are accompanied by objective difficulties, which have different nature of origin. A solution of the key task to meet the population’s needs for affordable and high-quality food is in many respects in the area of product promotion to the end user and related problems. In this regard, the authors can conclude that the agro-food market in its present form is the most problematic aspect of activities of Russian agricultural producers. Existing restrictions on the supply of food from some countries have given a certain impetus for the development of agro-industrial complex (AIC) and an increase in the competitiveness of agricultural products. In general, for the period of 2013-2017, the self-sufficiency of the Russian Federation with food has increased, the targets of Food Security Doctrine for providing grain, potatoes, sugar, vegetable oil, meat have been fulfilled. The production of cattle, fruit and vegetable products, eggs remains a problem. At the same time, there is a stable dependence of domestic AIC on imported supplies of seed, selection and breeding material, which does not allow talking about full-value import substitution. In this case, the state support of the scientific and innovative environment, ensuring the necessary level of communication between all market players, regulation of land relations, comes to the forefront. The important direction in the development of the agro-food market at the regional level is an interregional trade. The agro-food market of the Tambov region has features typical for most regions of Russia. It requires significant improvement of production and logistics infrastructure, the formation of the favorable investment climate, renewal of fixed assets, a solution of demographic and personnel problems. Nevertheless, in the Tambov region, there are prerequisites for increasing the investment attractiveness of the agricultural sector, meeting the demand in the regional agro-food market through domestic production.

The main purpose of this study is to explore the profiles of the female business operators in the East Coast region, Malaysia. Specific attention is given to the Demographic and the Business profiles. 280 respondents from three selected districts namely; Besut, Kuala Terengganu and Pasir Mas had participated in this study. The instrument used for data collection is questionnaire set, and data are analyzed by using descriptive statistics method. The results summary of the Demographic analysis reported that; on average the respondents are within 31-50 years of age, are married, achieving at least a PMR level of education, and having an average of five or less number of children. The results from the Business Profile analysis reported that; by characteristics, majority (70.36 %) of the business are self-owned, fashion & textile and Restaurants & Food Stalls are most popular types of businesses; Parental business background and Inheritance factors appear to have positive association in Kuala Terengganu and Besut; and majority (90.71%) proclaimed to have experienced expansion and are operating at supernormal profit. As a conclusion, to self-own the business and the consistent good performance are considered as the two main contributing factors which keep these female business operators “IN” the market system.

The article explores some relevant issues of increasing the efficiency of fiscal policy in the Republic of Kazakhstan in the context of integration into the global community, implementation of international agreements on avoiding double taxation by Kazakhstan, and creation of favorable conditions for the development of foreign investment in the Kazakhstan economy. The problems of applying thin capitalization in terms of its impact on the investment climate are explored on the basis of the theoretical generalization of modern Kazakhstan and foreign practice of tax harbor control over some financial flows and scientific analysis of the legal regulation of transnational capital flows. Some economic and legal principles of the current practice of taxation of nonresidents in the Republic of Kazakhstan are systematized in order to determine the areas of their reform and improve the deoffshorization tools for financial flows between economic agents. The foreign experience of control over the tax base erosion in terms of remuneration for the liabilities of companies and dividends paid to foreign individuals or legal entities in the distribution of company profits is explored. The measures that allow to achieve the optimal ratio of the fiscal function and the function of encouraging the inflow of foreign capital are recommended.

State support of small and medium entrepreneurship is relevant in modern reality, because this type of business is the most vulnerable, and at the same time capable of the most dynamic development. Most research and publications available in the scientific literature focus on the factors that hinder the development of small and medium entrepreneurship, namely the high tax burden, the problem with the recruitment of qualified personnel, administrative barriers, corruption, etc. Existing measures of state support are built in accordance with the principles specified in the legislation of one or another country, and are aimed at eliminating the above mentioned problems. This study has been conducted in the framework of the project grant program ? 18-410-160005 of the Russian Foundation for Basic Research, entitled "Development and testing of modern approaches to assess the effectiveness of regional measures of state support for small and medium entrepreneurship". The main purpose of the article is to study the existing measures aimed at supporting small and medium entrepreneurship, and assessing their effectiveness at the regional level, as well as developing a methodology to assess the integrated efficiency indicator of small and medium entrepreneurship in the region, and proposing a specific system of indicators. To determine the integrated efficiency indicator of small and medium entrepreneurship in the region, we propose a specific system of indicators. In general, the system of indicators represents a set of comprehensive and individual parameters characterizing the level of small and medium entrepreneurship development. It is essential that the development parameters of small and medium entrepreneurship, which form the system of indicators, should include measurable (objective) and immeasurable (subjective) data. Basically, instrumental, calculation, and statistical methods are used to determine the measurable indicators, while sociological and expert methods are employed for qualitative descriptions of immeasurable indicators of small and medium entrepreneurship development. This approach has been tested on the statistical data of small and medium entrepreneurship development in the Republic of Tatarstan.

This article is aimed at determining the areas for ensuring the sustainability of development of an industrial enterprise, depending on whether it belongs to the high-tech or low-tech sector. Semantic analysis, correlation-regression analysis, fuzzy logic and real option are used as research tools. The results of the research demonstrate that sustainability of representatives of high-tech industries depends on the specifics of generation and integration of innovations, while for representatives of low-tech industries this factor is of little significance. As a result, two fundamentally different tools are proposed to ensure sustainability of enterprise development. For low-tech industrial enterprises it is a model for predicting the level of sustainability of counterparty development based on a real option, and for high-tech industrial enterprises, it is a model for evaluating the prospects of innovative solutions based on fuzzy logic. The formed tools, if used by industrial enterprises and public institutions, will help to balance the development of industry and, as a result, will allow the country to obtain stable competitive positions in the global economy.

The article considers labor migration in the region. The goal of the study was to define the key problems related to the development of labor migration in the region, its forecasting and substantiating approaches to the labor migration management by federal and regional authorities. Regression analysis, methods of demographic forecasting, as well as techniques of table and graphical representation of statistical data were used as statistical methods of the study. The problems of assessing, forecasting and managing labor migration are considered through the example of a typical peripheral region of the Russian Federation – the Omsk Region. Based on the study results, the authors have identified trends in the development of labor migration in the region, substantiated the forecast for the labor migration development, and identified approaches to managing migration flows. The paper contains the results of assessing internal and external migration indicators based on the study results. The dominant role of the internal labor migration in the migration flows of the region’s population is proved. The factors of migration attractiveness of the Central and Southern regions of Russia are revealed. The reasons for the population migration from the Omsk Region are analyzed. Labor migration is defined as the predominant type of migration in the region under study. The paper substantiates the areas of regulating labor migration, the essence of which is to ensure a decent standard of the population’s life in the region and to create an appropriate migration infrastructure.

The purpose of this paper is to systematize and summarize the findings from theoretical research by leading domestic and foreign scholars and key practices related to the role played by the state in ensuring and the extent of its influence on the nation’s innovation-driven development and input to implementation of innovations in industrial production. The key methods employed by the authors are data summarization, description, interpretation, and theoretical methods of formal and dialectical logic. As this work’s key result, the authors have assessed and systematized a set of proposals on government support and regulation of innovation activity in Russia. Implementing these proposals will help provide a significant boost to the innovation process in most sectors, especially science-driven ones, like information technology, machine-tool manufacture, the radio-electronics industry, the nuclear power generation complex, the power engineering industry, ship building, the aviation and rocket-and-space industries, etc. The authors’ key conclusions drawn based on the research reported in this paper are associated with determining a set of ways to enhance the efficiency of government regulation of the innovation sphere, as well as a set of priorities regarding Russia’s scientific/technical development.

The paper discusses debatable questions about the role of religion in modern society, including higher educational organizations. There is much evidence of both supporters and opponents of special attention to the interests, wishes and needs of students of different religions in higher educational bodies. One of the most important findings is the idea about both additional and reduced costs associated with the training of religious students, and accordingly about the availability of revenue sources. The main attention focuses on the factors and conditions that predetermine the peculiarities of financing the education of religious students. Another important finding is that the quality of financing correlates with the degree of religiosity of students, their place of residence and food. It also depends on the organization of arranging religious needs and external differences in clothing, attributes, and the symbolism of religious students.

This paper focuses on issues of using standardization methods with the aim of enhancing the management of and further developing interregional economic cooperation among the constituent regions of the Russian Federation. It is suggested that one of the key conditions for Russia to be able to achieve a technological breakthrough is its ability to galvanize interregional and intermunicipal cooperation. The authors stress that, in today’s climate of technical progress, there is a need to further deepen and expand the nation’s interregional relationships, which are increasingly encompassing new areas, like innovation, tourism, social infrastructure, and finance. The paper proposes and provides a rationale for developing special statutory documents – standards for interregional economic relationships and for the activity of regional administrations with regard to ensuring them. The authors note that regional standards may help facilitate boosts in control over the implementation of interregional projects. The paper also provides a general scheme for and a tentative structure of the Standard for Interregional Economic Relationships.

This article summarizes the results of an empirical study of the monetary policy in the Russian economy. The goal of the work is to establish the conformity of the regulator’s policy to the "monetary policy rule". For this purpose, the monetary policy rules are assessed: from the Taylor and McCallum rules to various modifications of rules corresponding to an open economy. Models are assessed using the generalized method of moments. Empirical results are analyzed. The inertia of the regulator’s policy is analyzed, and the estimated smoothing coefficients in the monetary policy rules are compared with estimates in emerging and developed countries.

The paper focuses on the development of approaches to improving enterprise financing in an unstable economic environment. It is established that enterprise financing can be consistently addressed as a logically built structure of sources and forms of accumulation of financial resources and the methods to control their accumulation and use. It is proved that the formation of a specific model for the establishment of the sources and forms of enterprise financing can be influenced by many factors, particularly, enterprise income taxation specifics, rates and sustainability of sales growth, and asset structure. It is identified that efficient business is impossible without attracting debt (leverage). The use of debt helps to achieve significant business expansion, improved performance of equity, faster formation of special funds, and improved enterprise market value.

Over the recent years one can see the growth of self-employed people. This process is caused by the development of information infrastructure. The further growth of self-employed people can be expected because countries have entered a new type of digital economy which is based on Internet technologies and high levels of people’s skills and competences. At the same time, the Russian economy is characterized by a rather large informal sector, that demands to take measures to legalize the activity of self-employed people and to bring them out of the shade. The authors’ research is aimed at studying the notion of self-employment and the criteria defining self-employed people. The authors reveal the forms, causes and factors for development of self-employment in the context of digital economy. Distinctive features that make it possible to separate the traditional forms of self-employment from new ones are determined. This study will help to establish measures to legalize self-employment in Russia that would in turn strengthen entrepreneurship in future.

This article summarizes the results of an empirical study of the monetary policy in the Russian economy. The goal of the work is to establish the conformity of the regulator’s policy to the "monetary policy rule". For this purpose, the monetary policy rules are assessed: from the Taylor and McCallum rules to various modifications of rules corresponding to an open economy. Models are assessed using the generalized method of moments. Empirical results are analyzed. The inertia of the regulator’s policy is analyzed, and the estimated smoothing coefficients in the monetary policy rules are compared with estimates in emerging and developed countries.

The article proposes a comprehensive approach to the study of interaction between the regional habitat and the human capital assets development. Principles and methodological approaches to the analysis of regional habitat regulation as a factor in the human capital assets development are emphasized. In the first approximation, the impact of the habitat on the human capital assets development is proposed to be evaluated through the analysis of changes in the key indicators of the environment and public health. The results of the analysis of changes in the statistical indicators of the environment and public health in the regions of the Northwestern Federal District of the Russian Federation for the period 2010-2015 are presented, which showed the negative impact of the environment on public health as one of the components of human capital assets. The necessity of taking appropriate measures in the field of ecologization at various levels of management is substantiated.

The paper is devoted to the possibilities of humanitarian and socio-scientific approach to the study of culture, which is of key importance for the further existence of cultural studies as a science and educational discipline. The most significant characteristics of these approaches and their heuristic potential are revealed. Humanitarian-oriented studies of culture are considered as the basis for socio-scientific knowledge of cultural phenomena and processes. The negative consequences of the opposition between humanitarian and socio-scientific research for the consistency of the knowledge about culture are shown. The strategy of synthesis of rational-scientific and artistic-figurative knowledge of cultural reality is proposed. The overall composition of scientific disciplines as a source for the humanitarian and socio-scientific study of culture and their desired relationship in the form of configurations that provide a holistic view of the cultural processes and phenomena, as well as objectivity of scientific results, are considered. The article may be of interest to a wide range of specialists studying the problems of culture.

The New Economic Model (NEM) launched in 2010 aims to improve the Malaysian’s quality of life through the inter linkages of three elements: sustainability, inclusiveness and high income. The productivity, creativity and innovation among Malaysians are the priorities, which aims to help increase revenues. NEM and national agenda could be materialized through advanced knowledge transfer involving three major stakeholders: academia, graduate and postgraduate interns, industry and community. Knowledge Transfer Program (KTP) is not a standalone agenda but a program that entails five focuses in Key Result Areas (KRAs) (education, economy, sustainability and green technology initiatives, the disadvantaged groups and developing industry relevant curriculum). As such, the objectives of this paper are (i) to identify the NEM elements with completed KTP projects in the five rolling plans (ii) to evaluate the outcome of the projects in line with NEM objectives and (iii) to propose indicators as a way to fulfill the quality of life benchmark of each KTP KRAs. The outcome of these KRAs complements NEM objectives and that KTP is the anchor of such achievements.

The interaction of ethnic business, local authorities and population of a region as a form of social partnership has been considered. Sectoral differentiation of ethnic business has been studied. The methods of socio-diagnostics reveal the problems of using the business potential of small ethnic groups in the south of the West Siberia. The algorithm of formation, as well as structural and functional model of interaction between ethnic business, local authorities and regional society, have been developed.

In the present article, the authors propose the conceptual basis for the design of corporate educational environment of professional development and performance review technology. Within the framework of this concept, the educational process is based on the principles of "learning through game" and visual simulation. The environment provides variability and continuity of educational programs in accordance with the job features of trainees. Profile competence card, which includes three profiles: professional knowledge profile; professional abilities’ and skills’ profile; and personal qualities’ profile, is prescribed to each position in the organization. In order to determine the individual indicators for each profile and create job profile, the authors conducted a sociological survey of middle-ranking managers and staff members of the organization. Based on the results of the conducted survey, the authors offer visuagraphic profiles of the manager’s position consisting of the professional skills’ profile and personal qualities’ profile.

The article is devoted to the study of problems and prospects for the development of youth entrepreneurship. The purpose of the publication is as follows: on the basis of the results of the sociological study to analyze the features of the development of youth entrepreneurship in modern Russia. Consideration of the problems of youth entrepreneurship is associated primarily with transformation processes that are becoming more active in modern Russia and other countries of the world. The data from the sociological study are used with application of survey methods and expert interviews in three Russian cities: Moscow, St. Petersburg and Bryansk. The following document analysis techniques are used: traditional (primary) analysis of documents, as well as secondary, comparative analysis. Practically, when working on this project, specialized methods of visual analysis were tested, on the basis of which the sociological portrait of a young entrepreneur was built in social networks.

The use of new information technologies in the educational process intensifies the need for analyzing the existing resources suitable for teaching students in conformity with professional standards. The objective of this study is to consider the significance of survey services in teaching students market research, to analyze the efficiency of survey services, to prove their positive impact on the learning process and to determine requirements for educational survey services. The materials of the study were students’ reports on conducting consumer surveys using either paper or online questionnaires. The research is based on a pedagogical experiment to analyze the applicability of Internet resources in the educational process. The results of students’ research were processed through the comparison of the data obtained. The authors of the article have developed the life cycle of educational survey services. Based on stages of the life cycle, the authors have determined desired functional characteristics of free survey services, which will simplify the task of selecting a suitable educational tool. It has been confirmed that the exclusive use of Internet technologies in teaching students market research cannot be sufficient, and they should be used in combination with basic approaches to a marketing theory. The conducted pedagogical experiment has proved the consistency of Internet technologies as an educational tool. The authors of the article have revealed that despite undeniable advantages of online survey services they also have significant shortcomings, which makes it impossible to completely replace classic methods of collecting market information from this moment on. The introduction of free survey services into the educational process increases teaching efficiency and develops professional competencies within the existing standards. Defining functional requirements of the above-mentioned life cycle, teachers can choose the best educational survey service taking into account the stages students will go through while using it. An extensive use of information technologies is essential to the formation of new teaching materials and the renewal of the existing ones based on the synthesis of the classical theory of marketing and innovations.

The article examines a typological feature of the artistic world of the German writer Christoph Hein, whose works are distinguished by a peculiar “biblical context”. Basing the research on Hein’s earlier works, the authors analyze bibleisms – quotations from the Bible, which present signs-symbols, and define their artistic function consisting in manifestation of aesthetic information. The analysis of bibleisms reveals the motif structure of Hein’s works, namely the biblical motifs of the Fall, continuity, punishment, suffering, humility, sacrifice and silence. The present work also aims to interpret the biblical image of Noah and to study the influence of the Bible on Hein’s poetic manner. The “biblical context”, which presents an intertextual element of poetic style, actualizes and forms the artistic meaning, defines the structural and stylistic characteristics of the writer’s works.

Social activity is a catalyst for the development of civil society, the nonprofit sector (the third sector), and the commercial sector, as well as the basis for the development of a legislative, economic initiative. In the modern society, the civic activity is accumulated in the third sector, and has a wide variety of forms, while for the traditional society, such tools as political parties and trade unions were sufficient. Social tasks solved within the third sector set the vector and dynamics of citizens’ activity and make it constructive. The social activity of the population depends on the impact of two groups of factors: objective (the population’s income level, the level of unemployment, the state of the infrastructure and regulatory framework, etc.) and subjective (the level of the population’s trust in socially-oriented nonprofit organizations, attitude of the local population to the activities of public organizations, etc.). In order to obtain empirical knowledge about forms of social activity in the Russian Federation (through the example of the Volgograd Region), tools for assessing the population’s awareness of modern types of social participation have been developed, and the readiness of actors for charitable and volunteer activity has been measured. The research tools have been tested through the example of the Volgograd Region of the Russian Federation. According to the research results, problem zones have been identified, technologies of social activity development have been structured, which has made it possible to identify the vector of social activity in the Volgograd Region of the Russian Federation and conclude that objective conditions do not allow increasing the efficiency of socially-oriented nonprofit organizations.

This article is concerned with prospects of the legal regulation of bankruptcy procedures. It has been established that the debtor’s management intending to rehabilitate its enterprise can be prosecuted if it submits a bankruptcy petition in advance. To initiate a procedure for declaring bankruptcy, a debtor is obliged to prove the existing circumstances that testify their future inability to pay off monetary obligations to creditors and make mandatory payments to budget and off-budget funds. Successful rehabilitation and circumstances indicating the impossibility to fulfil monetary obligations in the future directly depend on the time left before the debtor’s insolvency. The earlier the debtor’s management foresees an impending bankruptcy, the greater are the chances that the company’s solvency will be restored.

At the current stage the integration development in the agro-industrial sector is contradictory. The legislation uncertainty complicates the economic relations between integrated entities and market subjects. It is necessary to consider rationalization of the production structure, optimization of the organizational structure of technological food systems and the development of an economic mechanism for sharing the results of joint activities as the main areas of the economic policy within the integration process. Now it is necessary to pay special attention to organizing integrated structures based on the cluster approach, which will improve the investment climate of industries related to the production of the region’s agro-industrial complex, and stimulate innovative processes (Smykov, 2007). When forming efficient and competitive agricultural production that can ensure the coun-try’s food security, such integrated structures as agroholdings involved in agricultural production, processing and sale on the basis of holding relations are important. The formation of these integrated structures has its own fundamental features and difficulties. Regional conditions for the development of the agro-industrial complex are as important here (Ushachev, 2011).

The paper is devoted to the barbarian Christian community that existed in Late Antiquity and is known as the Tetraxite (Trapezite) Goths in the Russian literature. The history of these barbarians still continues to be debatable. The main objective of the study is to determine the exact location of the Christian Goths and the specifics of their religion. Using the method of source analysis and the comparative-historical method, the authors have determined the distinctive features of the organization of episcopal cathedrae in the 4th-5th centuries AD, both in the border territory of the Roman Empire and in a barbarous environment. Based on a careful analysis of written sources and the latest archaeological material, the authors give new arguments allowing pinning down the location of the Gothic Diocese in the territory of the European Bosporus. At the same time, the authors argue that the transformation of pagan rituals into Christian formal dinners was the main distinguishing feature of their spiritual practice. It is for this reason that the term "Trapezite Goths" appeared; the Goths could receive it from their new neighbors, the Bosporans, in this case, playing around with the famous Greek word. The authors also believe that not all Goths left Eastern Crimea in the 5th century AD. It was the Christian Goths and their descendants who remained in the area of the ancient settlement "Belinskoye" that provided a high level of Christianization of the population living here in the Middle Ages, which in its active devotion of Christ contrasted sharply with the inhabitants of neighboring similar settlements openly practicing pagan rites. In this connection, there is no doubt about the importance of the results obtained for further studies of the early Christian communities in the territory of the Bosporus and throughout the Black Sea region since the authors’ conclusions highlight the special role of the Tetraxite (Trapezite) Goths in the Christianization of the northern periphery of the Greco-Roman world.

The article is devoted to the analysis of migrant crime in the Moscow megalopolis, Muscovites’ perception of the advantages and disadvantages of migration for the megalopolis, types of crimes committed by migrants, and the image of a migrant criminal in the eyes of Muscovites. Upon the analysis of scientific literature and results of sociological research, the authors thoroughly examined the reasons and factors of migrant crime. The article is written based on the contrast of the official data provided by the Ministry of Internal Affairs and the populist opinions of Muscovites about migrant crime in the Moscow megalopolis.

The purpose of this paper is to help enhance existing methods for determining the size of budgetary funding to be outlaid for the support of a region’s agriculture. To this end, the authors introduce a methodology that factors in the pursuit of import substitution policy and relies on the level achieved in the previous year to determine a specific amount within overall expenditure from the budget. The study involved investigating a set of factors and conditions that may influence the size of government support for the agricultural sector in a region (herein Siberian Federal District) and surrounding areas, and conducting an analysis of existing techniques for measuring the volume of government support for agriculture. Based on the above research, the authors designed a special methodology for measuring the volume of government support for a region’s agriculture, which determined the size of support for agriculture per 1 ruble of gross output and also implied outlaying additional funding for specific programs on import substitution. The study revealed that, in planning expenditure from the regional budget for 2017, the government should have brought the size of funding on the ‘Agriculture and Fisheries’ section up to at least 609 million rubles (210 million rubles more than in 2016). The findings from this study could be utilized by government authorities in measuring the volume of support provided for the agricultural sector, including in terms of projects on implementing a strategy of import substitution.

The article is devoted to the economic and legal aspects of tax administration of procedures of bankruptcy. It is proved that all factors of tax administration of procedures of bankruptcy form such an environment, indifferent to the establishment of value-added tax. It has been determined that the tax consequences of bankruptcy of organizations can be effective in the coordination of purposes, legal means of tax and entrepreneurial policy. It has been established that the priority of special legislation over general tax legislation does not exclude the need to synchronize the improvement of legislation. In the process of research, such aspects as the need to develop a general policy of financial recovery of enterprises, conciliation procedures, and responsible selection of arbitration managers have been clarified. It has been determined that this is an intersectoral problem. Therefore, only at the junction of civil, administrative, financial and criminal law, it is possible to discuss the complex of legal means of realization of the tax component of procedures of external management and bankruptcy management.

This paper aims to assess the degree of influence of various factors on the competitiveness of the chemical and pharmaceutical industry in EAEU member states. The analysis results made it possible to determine the level of competitiveness in pharmaceutical markets in individual EAEU member states, and to assess how much their competitiveness is impacted by such factors as the ratio between pharmaceutical imports and exports in the external market; prices offered by pharmaceutical manufacturers and output of pharmaceutical products. Upon completion of the research, the authors defined main development trends for the unified pharmaceutical market in EAEU member states, including how to harmonize laws, elaborate measures of price regulation and introduce new pricing approaches towards pharmaceutical products. Moreover, to improve competitiveness and strengthen the export potential of the EAEU pharmaceutical industry it is necessary to tighten regulatory requirements for the production of safe and high-quality pharmaceuticals in accordance with the unified EAEU GMP standards.

The purpose of the study is to develop theoretical provisions for development of the market environment in grain economy. During the research, the following methods were used: observation, logical representation, functional analysis, synthesis and scientific abstraction. The article considers the problem of formation of market environment in the grain economy, including in conditions of cyclical economic development. The economic space is a system of relations for placement of many economic entities on the territory, formation of scientifically based forms of their integration and the organization of interaction between them. It includes the environment for implementation of economic ties, including market relations. The market environment covers all spheres of the national economy of a country, experiencing the overlapping of specifics of each of the branches that make up its structure while preserving its universal attributes. With regard to its functioning, it is important to emphasize that within the framework of any market it is concretized by a limited set of rules (institutions) operating in the certain branch of national economy. This, on the one hand, imposes specific features of market relations in each technological chain of food subcomplexes of agro-industrial complex, and on the other, unifies the principles of organization of interaction in them. The market environment of the grain economy develops under general economic conditions and is subject to the effects of those economic trends that develop at the macroeconomic level. At present, they include: 1) adjustment of prices for raw materials (downward) and agricultural products (upward) in world markets; 2) volatility and cheaper national currency; 3) rejection of direct economic protectionism in relation to the productive sphere of national economy (this is one of the mandatory conditions of the World Trade Organization). Studying the theoretical positions of the existence of the market environment allowed concluding about its dualism: it is simultaneously a catalyst for development and its result. In general, market environment in the grain economy, forming economic ties between economic entities of related sectors of the economy, although it unites the grain market into a single whole, its heterogeneity requires the need for adjusting the interaction between them, especially in determining the proportions of distribution of the final cost of the product. In this regard, there is an objective need to influence the market from outside and within (from the side of the participants) in order to ensure fairness of the rules of management, the safety of existence and internal stability of all parties involved.

Company performance on strategic goals is significantly dependent on the level of qualification of employees and particularly managers as a key resource determining not only growth and development, but even the existence of the organization. Securing staff with high qualification grades is further complicated by certain external conditions faced by enterprises, including the lack of competent professionals, declining labor quality, etc. Thus, the formation of personnel reserve may be nearly the only way to provide the enterprise with the qualified staff with appropriate level of competences. The authors have explored, aligned and classified the indicators of performance of a personnel reserve. Based on the above, the conclusion was drawn on the need to extend the performance indicator system to include competence-related indicators and to introduce indicators of optimal composition of personnel reserve. The proposals were tested for a transport company and a follow-up program of measures was drawn offering the most precise solutions to the problems of personnel reserve management.

In modern conditions of managing, social entrepreneurship is considered a new prospect for business development and implementation of the state’s social policy. The article gives a general description of such a phenomenon as social entrepreneurship, substantiates the relevance, possible problems and options for their solution in social business. The foreign experience of managing social entrepreneurship is considered as useful for improving Russian legislation in this field and as a guide for beginning entrepreneurs in practical and methodological perspectives. The main problems and reasons for the inhibition of the development of social entrepreneurship in Russia are highlighted. Possible measures to improve the state of affairs in the field of social entrepreneurship as a new institution of civil society are proposed.

Recently, sustainable development has become an important factor for all companies and manufactures. From previous research reviews, it is understood that sustainable development (IISD) could be improved through effect of innovation. Past researches also indicated that increase in knowledge management (KM) can enhance innovation. This study investigated the relationship between knowledge management, innovation, and sustainable development in Malaysia’s manufacturing sector. For this purpose, a survey was conducted to and addressed to a total of 123 employees of Proton Holdings Berhad. Findings from this study revealed that there is a significant relationship between the three variables mentioned; and the mediating role of innovative behaviour (IB) is accepted. This study contributes to the body of sustainable development literature. A particular implication for managers to take note is to invest in sustainable development through knowledge management and innovative behaviour.

In the last decade the Russian Federation has become a major player in international trade. It provides world market with a large range of products: from mineral raw materials to products of manufacturing by the its industrial complex. Establishing ties and even bigger integration in international trade is an important aspect for the development of the country’s economy. Russia’s major trading partners are China, CIS countries and Europe, but the strengthening of relations with the countries of the Asian region (the Republic of India, the countries which are locates next to the Persian Gulf) is also important. A prospective partner in the field of trade relations in this region can become the Republic of India because the relationship between countries has a history that can characterize them as fairly friendly and based on the principles of equality and respect for each side’s points of view. Many industries are spheres of cooperation, including oil and gas. The purpose of this study was to identify perspective ways of interaction between Russia and the Republic of India in the field of hydrocarbon logistics. To achieve the research goal the following tasks were formulated: • Identification of potential and/or already implemented opportunities to strengthen cooperation between the Russian Federation and the Republic of India in the field of hydrocarbon logistics; • Analysis of the world experience in organizing the interaction of various states in the field of research;• Formulation of an innovative proposal to strengthen cooperation between the Russian Federation and the Republic of India in the field of hydrocarbon logistics; While solving the following tasks a comprehensive version of the relationship development between the Russian Federation and the Republic of India in the field of hydrocarbon logistics was proposed, which includes the following elements: ? Regular supply of crude oil by sea; ? Creation of a strategic reserve of oil for the Republic of India in the territory of the Russian Federation; ?Alternative option in case of force majeur circumstances – the arbitration transaction; ? Construction of the pipeline as option of strategic long-term interaction. Carrying out this study the following methods were used: general scientific methods, methods of economic analysis, content analysis. The theoretical significance of the work is essential since all the elements of this option are proposed to be implemented as a whole with the aim of strengthening the relations between the countries under consideration and establishing long-term partnerships in the oil and gas sector. Practical significance lies in the possibility of leveling down the risks associated with the disruption of hydrocarbon supplies to the Republic of India.

This study aimed to investigate the impact of mobile phone, land phone and internet (ICTs) on sales, market performance, room occupancy, profitability and credit facilities in the hospitality sector of tourism in the tourist city of Livingstone in Zambia. The study used multiple regression models to find out the relationship between dependent and independent variables. The study found that there was positive impact of ICTs usage on sales, marketing performance, room occupancy, profitability and credit facilities. The study found negative relationship between internet and profitability of the firm due to higher costs of internet access. The study suggested that the firms should work together as a pool to reduce internet costs, such as, the use of trivago.co.zm; booking.co.zm; hotels.com; agoda.com; expedia.com; etc.

Some modified fuzzy multiperiod optimization models are proposed to support decision-making when selecting a project portfolio within an institution’s strategic development program allowing for rolling planning of a project portfolio taking into account stakeholder interests and risks. Stakeholder interests are taken into consideration when setting strategic goals. Risk assessment is carried out in accordance with H. Markowitz portfolio theory using a scenario-based approach. A measure of portfolio risk is the fuzzy dispersion of its general specific utility. The developed models differ from the previously proposed fuzzy multiperiod models in possible revision of the composition of the previously selected project portfolio at every step depending on the already achieved results and changes in external and internal conditions. Another important difference is the introduction of additional fuzzy resource constraints for each time period, which are also revised at each step. In addition, constraints on fuzzy discounted costs are introduced and recalculated. Possible division of periods into subperiods is also taken into consideration. Also, at each step, fuzzy project costs are revised per period depending on whether the project is already included in the development program or not. The use of the proposed models is demonstrated based on the example of a university. Further research trends in this area are defined.