Dmytro Zakharov
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The relationship between corporate governance mechanisms and financial performance: The case of listed industrial companies in Oman
Alina Raboshuk , Dmytro Zakharov , Serhii Lehenchuk , Oksana Morgulets , Olena Hryhorevska doi: http://dx.doi.org/10.21511/imfi.20(2).2023.21Investment Management and Financial Innovations Volume 20, 2023 Issue #2 pp. 244-255
Views: 501 Downloads: 179 TO CITE АНОТАЦІЯThe purpose of the study is to examine the impact of corporate governance mechanisms on the financial performance of listed industrial companies in Oman. As the main research method, panel data regression analysis was used to analyze data from 36 Omani industrial companies, listed on the Muscat Stock Exchange for the period 2017–2021. Three regression models were developed using three dependent variables (Return on Assets, Return on Equity, Return on Sales), seven independent variables (Board Size, Independent and Non-executive Board Members, Board Meeting, Chief Executive Officer, Dummy variable for Board Change, Dummy variable for the Secretary on the Board, Dummy variable for Internal Auditor), and two control variables (Leverage, Size of the company). According to the research results, a negative influence of the Board Size and Dummy variable for the presence of the Secretary on the Board on the Return on Assets indicator at 10% and 5% significance level was found; moreover, there is a positive influence of Leverage and Size of the company at the 1% and 5% significance level on Return of Assets. Although, none of the independent variables used has a significant impact on the Return on Equity indicator. Return on Sales is significantly affected only by two control variables, i.e., a negative impact of Leverage at the 10% significance level and a positive impact of the Size of the company at the 10% significance level. The results obtained in the study indicate the imperfection of the corporate governance mechanisms implemented by Omani industrial companies in the field of ensuring financial efficiency.
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The ability of trust to influence GDP per capita
Dmytro Zakharov , Svitlana Bezruchuk , Viktoriia Poplavska , Svitlana Laichuk , Hanna Khomenko doi: http://dx.doi.org/10.21511/ppm.18(1).2020.26Problems and Perspectives in Management Volume 18, 2020 Issue #1 pp. 302-314
Views: 1013 Downloads: 129 TO CITE АНОТАЦІЯThe article explores social capital and its impact on economic development. This paper aims to analyze the role of trust in the process of growth and economic development. The interdependence of GDP per capita and trust level as an element of social capital has been analyzed. The correlation between trust and GDP per capita in 43 countries has been reflected. World Values Survey (WVS) was used to obtain empirical trust data. To determine the relationship between confidence level and GDP per capita, the correlation model was built. The regression coefficient b = 0.834 shows the average change in the effective indicator. Thus, with an increase of 1 unit of trust, GDP per capita rises by an average of 0.834. The coefficient of determination indicates that 60.68% of cases of changes in trust lead to a change in GDP per capita. The result suggests that trust serves as a tool in assisting the economic growth and company’s value. The study examines the tools that help to build trust, as economic development as a whole depends on it.
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The impact of intellectual capital on company financial performance: Evidence from the Omani industrial sector
Serhii Lehenchuk , Dmytro Zakharov , Iryna Vyhivska , Viktoriia Makarovych , Yaroslav Sheveria doi: http://dx.doi.org/10.21511/imfi.21(1).2024.26Investment Management and Financial Innovations Volume 21, 2024 Issue #1 pp. 343-355
Views: 89 Downloads: 18 TO CITE АНОТАЦІЯThe article aims to investigate, using the VAIC and MVAIC models, the impact of intellectual capital on the financial performance of Omani companies listed on the Muscat Stock Exchange from 2017 to 2021. Regression analysis revealed a significant positive influence of VAIC and MVAIC only on the Asset Turnover Ratio at a 10% significance level. This suggests that an increase in VAIC or MVAIC by one unit could lead to a respective increase in earnings for Omani listed industrial companies by 0.0017 and 0.0016. However, the overall impact of VAIC and MVAIC on financial performance appears limited, necessitating measures for enhanced efficacy. Moreover, company size and leverage were found to significantly influence EBITDA and Return on Assets, suggesting the positive effect of increased activity and resource utilization. Conversely, Return on Customer Equity negatively affected only Asset Turnover Ratio, implying that investments in marketing and advertising may not significantly enhance financial performance. Human Capital Efficiency showed no significant impact on financial performance measures, highlighting the necessity for Omani industrial enterprises to focus on enhancing employee skills and experience for improved value-creation processes. These findings underscore the intricate relationship between intellectual, physical, and financial capital in shaping financial performance, necessitating targeted strategies for enhancement. Further analysis of suggested models indicated the significance of company size on EBITDA, highlighting the importance of scaling activities for performance improvement. VAIC and MVAIC structural elements showed mixed results, while Capital Employed Efficiency negatively affected Return on Equity, Structural Capital Efficiency positively impacted EBITDA and Asset Turnover Ratio.
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