Governance of factors for the regional insurance market development (evidence from Russia)

The financial security state of the country directly depends on the amount of resources available in the financial system. Internal sources of financing of the economic and social needs may deprive the government of the necessity seek opportunities for obtaining external borrowings, which lead the country to the loss of financial autonomy. The financial inclusion of the population and business entities into the process of using financial products and services will stabilize the situation in the financial market by obtaining additional financial resources by its professional participants. At the same time, the lack of control of this process can lead to new threats for financial security at micro and macro levels. In view of this, the purpose of the study is to specify the opportunities and risks of financial inclusion for the financial security of financial intermediaries and the state as a whole. The object of the study was the level of financial inclusion, a set of factors that affect it, and a list of the consequences that its change may have for financial security. As the theoretical basis of the study, the reporting materials of financial market regulators were used, as well as information obtained from the application of such methods of scientific research as the analysis by which the level of financial inclusion in different sectors of the financial market was established, and the expert method implemented through surveys and questionnaires. Its use enabled to get a quantitative assessment of the level of financial inclusion of the population and economic entities. As a result of the study, the possible, positive consequences, risks and challenges of financial inclusion for the financial component of economic security are specified and systematized. The practical significance of the results of the survey is the possibility of developing on their basis the mechanisms for stimulating and controlling the level of financial inclusion by the financial market national regulators.

Researchers have long pondered on the online banking transaction adoption. Some of these studies focus primarily on the motivating factors that affect customers’ intention to adopt/accept these services (technologies). However, research into the constraining factors, in particular socio-economic factors, barely exist in the literature, especially in the context of sub-Saharan Africa. Against this background, the paper seeks to fill in this gap by: (1) assessing the socio-economic factors impeding the engagement of e-banking transactions among retail bank customers in Ghana, and (2) examining the moderating effect of ‘customer experience of Internet’ on the identified factors that inhibit the engagement in online banking in Ghana. The paper used a quantitative research approach to obtain data from two leading Ghanaian banks. Out of the 450 questionnaires distributed, 393 were valid for analysis. Data were analyzed with the aid of PLS-SEM (partial least squares and structural equation modeling). Findings revealed that perceived knowledge gap and the price of digital devices were directly important to the intention to disembark on e-banking transactions among Ghanaian bank customers. Whilst customer experience (frequent use of the Internet), as a moderator variable, has a significant effect on the interaction between perceived knowledge gap and the intent to disembark on e-banking transactions; and finance charges and the intent to disembark on e-banking transactions. Study implications and directions for future research are discussed in the paper.

Acknowledgment
This work was supported by the Internal Grant Agency of Tomas Bata University under the Projects no. IGA/FaME/2019/008 and IGA/FaME/2020/002. The authors would like to extend their appreciation to Prof. Boris Popesko (Vice-dean for Research and Business Liaison) at the Faculty of Management and Economics for facilitating the financial readiness of this project.

Cash management plays an important role in the business operations. However, holding too much cash results in unnecessary expenses such as opportunity costs, management costs, and representation costs due to negative cash holdings. This study examines the sensitivity of cash flows to cash holdings. The paper uses regression methods for table data, including FEM, REM, GLS, and GMM regression, with a research dataset including non-financial companies listed on Vietnam’s stock market in the period 2008–2018. Empirical results show that cash flows are positively associated with cash holdings levels. At the same time, research has shown an asymmetry in cash flows sensitivity to cash holdings. The study also classified the companies with limited and no financial restrictions. In the Vietnamese context, compared to unrestricted companies, financially restricted companies have a lower cash flows sensitivity. The research results are the basis for enterprises to manage cash better and increase business efficiency in the future.