Investment Management and Financial Innovations (open-access)

ISSN 1810-4967 (print), 1812-9358 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from September 2004
Investment Management and Financial Innovations (open-access)

Starting January, 2017, Journal supports Open Access.

The journal covers all aspects of investment activity management on both global and local levels, strategy and methods of investment purposes achievement, investment process participants, investment tools, monetary systems, financial markets, and financial innovations. It publishes articles, which are focused on financial management issues, financial innovations, modern trends and tendencies of investment activity management both on macro- and micro-levels. The journal is published quarterly in Ukraine.

Key topics:

  • financial and investment markets;
  • government policy and regulation;
  • information and market efficiency;
  • financial forecasting and simulation;
  • financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds;
  • objects of real and financial investing;
  • financial instruments and derivatives;
  • efficiency of investment projects;
  • econometric and statistic methods in project management;
  • alternative investments;
  • ratings and rating agencies.

Subject Area – Business, Management and Accounting. Subject Category – Business, Management and Accounting (miscellaneous).

Subject Area – Economics, Econometrics and Finance. Subject Category – Economics and Econometrics; Finance.

Publisher

LLC “СPС “Business Perspectives”
Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
phone/fax: +38-0542-775771

Submission guidelines

Please send a soft copy of your paper as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -

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Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.

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Editors

Natalya (Natasha) V. Delcoure

Dean, Professor of Finance, College of Business Administration, Texas A&M University-Kingsville, USA.

Volodymyr Ponomarenko

Doctor of Economics, Professor, Corresponding Member of National Academy of Educational Sciences of Ukraine, Academic of Engineering Academy of Sciences of Ukraine, Rector of Simon Kuznets Kharkiv National University of Economics, Ukraine.

Kenichiro Miyamura

Professor of Finance, the Chairperson of the Accounting and Finance department, Faculty of Business Administration, Toyo University, Tokyo, Japan.

Advising Editors

Robert Brooks

Professor, Department of Econometrics and Business Statistics, Faculty of Business and Economics, Monash University, Australia.

Svetlozar (Zari) Rachev

Professor, Department of Mathematics & Statistics, Texas Tech University, USA.

Frank Skinner

Professor of Corporate Finance, Head of the Department of Economics and Finance, Brunel University London, UK.

Editorial Board

Benzion Barlev

Ph.D., Lev Academic Center and John Berg Professor Emeritus of Accounting, Jerusalem School of Business Administration, The Hebrew University of Jerusalem, Israel.

Earl Benson

Professor of Finance, Department of Finance and Marketing, Western Washington University, USA.

Agyenim Boateng

Professor of Finance and Banking, Department of Law, Economics, Accounting & Risk, Glasgow Caledonian University, United Kingdom.

K.C. Chen

Ph.D., Chartered Financial Analyst, Theodore F. Brix Endowed Chair in Finance, Department of Finance and Business Law, California State University, Fresno, USA.

Mihir Dash

Associate Professor, Alliance School of Business, Alliance University, Bangalore, India.

Ahmad Etebari

Ph.D., Professor of Finance and Co-Chair of the Atkins Strategic Investment Center at the University of New Hampshire’s Peter T. Paul College, Durham, USA.

Frank J. Fabozzi

Frank J. Fabozzi, Professor of Finance, EDHEC Business School and Senior Scientific Adviser at EDHEC-Risk Institute, France.

Pablo Fernandez

Ph.D., Professor of Financial Management, PricewaterhouseCoopers Chair of Corporate Finance, IESE Business School, University of Navarra, Spain.

Manfred Frühwirth

Dr., Associate Professor, Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance, Vienna University of Economics and Business; Academic Director – Professional MBA Finance, Austria.

Fazil Gokgoz

Ph.D., Professor, Vice Dean and Chair of Quantitative Methods Division of Faculty of Political Sciences, Ankara University, Turkey.

John A. Haslem

Ph.D., Professor Emeritus of Finance, Robert H. Smith School of Business, University of Maryland, USA.

Olga Kneysler

Doctor of Economics, Professor, Head of the Department for Economic Entities Finance and Insurance, Ternopil National Economic University, Ukraine.

Edward Lawrence

Full Professor of Finance, College of Business Administration, University of Missouri, USA.

Da-Hsiang Donald Lien

Ph.D., Richard S. Liu Distinguished Chair in Business Department of Economics, College of Business, University of Texas at San Antonio, USA.

Otto Loistl

Professor Emeritus,Vienna University of Economics and Business, Austria.

Cornelis A. Los

Ph.D., Professor of Finance, School of Management and Leadership, Alliant International University California; Paul Merage School of Business, University of California at Irvine, USA.

John J. McConnell

Burton D. Morgan Distinguished Chair of Private Enterprise (Finance), Purdue University, USA.

J. Austin Murphy

Full Professor of Finance, Oakland University, USA.

Amina Mussina

Doctor of Economic Sciences, Professor of Finance Department, Kazakh University of Economics, Finance and International Trade; Director, Center for Social and Economic Research, Astana, Republic of Kazakhstan.

Michael Phillips

Ph.D., Professor of Finance, Real Estate and Insurance, David Nazarian College of Business and Economics, California State University, Northridge, USA.

Petr Polak

Ph.D., Associate Professor in Finance, Faculty of Business, Economics and Policy Studies, University of Brunei Darussalam, Brunei.

Sunil S. Poshakwale

Ph.D., Professor of International Finance, Finance and Accounting, Cranfield School of Management, Cranfield University, UK.

Atul Rai

Ph.D., Associate Professor and Jones Faculty Fellow in Corporate Governance, School of Accountancy Barton, School of Business, Wichita State University, USA.

Hany A. Shawky

Dr., Professor of Finance and Economics, University at Albany, State University of New York, USA.

Inna Shkolnyk

Dr., Professor, Head of Department of Finance, Banking and Insurance, Sumy State University, Ukraine.

Kishore Tandon

Professor, Bert Wasserman Department of Economics and Finance, Zicklin School of Business, Baruch College (CUNY), USA.

George F. Tannous

Ph.D., George S. Dembroski Investment Scholar, Professor of Finance, Edwards School of Business, University of Saskatchewan, Saskatoon, Saskatchewan, Canada.

Kuo-Cheng Tseng

Emeritus Professor of Finance, California State University, Fresno, USA.

Harry J. Turtle

Department Chair and Professor, Finance and Real Estate Department, Colorado State University, Fort Collins, USA.

Andrey Ukhov

Ph.D., Assistant Professor of Finance, School of Hotel Administration, Cornell University, Ithaca, NY, USA.

Erik P.M. Vermeulen

Professor of Business and Financial Law, Tilburg University and Tilburg Law and Economics Center (TILEC), the Netherlands.

Joseph Doung Vu

Associate Professor of Finance, Department of Finance, DePaul University, USA.

Robert A. Weigand

Ph.D., Professor of Finance and Brenneman Professor of Business Strategy, Washburn University School of Business, USA.

Guneratne B Wickremasinghe

Ph.D., Senior Lecturer, School of Accounting & Finance, Faculty of Business and Law, Victoria University, Melbourne, Victoria, Australia.

Burhan Fatih Yavas

Chair, Department of Accounting, Finance & Economics, California State University, Dominguez Hills (CSUDH), USA.

Reviewers

Erdal Atukeren

Ph.D., Professor, Business School Lausanne, Switzerland.

Ramaprasad Bhar

Dr., Associate Professor, School of Banking and Finance, Australian School of Business, The University of New South Wales, Sydney, Australia.

Ghassen Bouslama

Associate Professor of Finance, NEOMA Business School, France.

Marie Briere

Ph.D., Head of Fixed Income, Forex and Volatility Strategy, Crédit Agricole Asset Management, Paris, France. Senior Associate Researcher at Center Emile Bernheim (Free University of Brussels), Bruxelles, Belgium. Affiliated professor at CERAM Business School.

David C. Distad

Ph.D., CFA, Investments Consultant, Distad & Associates, USA.

Kostas Giannopoulos

Professor of Finance, Neapolis University, Cyprus.

Christophe J. Godlewski

Full Professor of Finance, Haute Alsace University; Adjunct Professor of Finance, EM Strasbourg Business School; Research fellow, LaRGE Research Center; Member of the Institut de Finance de Strasbourg, France.

Liang Guo

Department of Accounting and Finance, College of Business & Public Administration, California State University, San Bernardino, USA.

Nathalie Hilmi

Professor of Finance and Macroeconomics, International University of Monaco, International Atomic Energy Agency, Scientific Center of Monaco, Monaco.

Robert M. Hull

Professor, Clarence King Endowed Chair in Finance, Washburn University, USA.

A. Can Inci

Ph.D., Full Professor of Finance, College of Business, Bryant University, Rhode Island, USA.

Suk-Joong Kim

BEc Macq; MEc (Hon), Ph.D. Sydney, Associate Professor, The University of Sydney, Australia.

Maxim Korneyev

Ph.D., Associate Professor, University of Customs and Finance, Dnipro, Ukraine.

Yulia Kovalenko

Doctor of Economic Sciences, Professor, Department of Financial Markets, University of the State Fiscal Service of Ukraine, Ukraine.

Stelios N. Markoulis

Dr., Adjunct Lecturer University of Cyprus, Visiting Lecturer Cyprus International Institute of Management, Honorary Visiting Research Fellow Cass Business School, London, UK.

Marco Micocci

Full Professor of Financial Mathematics and Actuarial Science, University of Cagliari, Italy.

Haitham Nobanee

Associate Professor of Finance, College of Business Administration, Abu Dhabi University, Abu Dhabi, U.A.E.

João Pinto

Professor of Finance, Católica Porto Business School; Vice-President, Catholic University of Portugal-Porto, Portugal.

Nidal Rashid Sabri

Professor and Dean of College of Economics, Birzeit University, Palestine.

Asma Salman

Ph.D. CFM, Associate Professor, Department Chair of Accounting and Finance, College of Business Administration, American University in the Emirates, U.A.E.

Vrajlal K. Sapovadia

Dr., Executive Director of Shanti Business School, Ahmedabad, India.

Rani G. Selvanathan

Ph.D., Associate Professor, Management Department, West Chester University, USA.

Shakir Ullah

Dr., Professor & International Research Coordinator, Stratford University, Virginia, USA; Chair of Stratford University’s Institutional Review Board (IRB); Adjunct Assistant Professor, University of Maryland University College, Maryland, USA; Ph.D. Advisor, Georgetown University, Washington D.C., USA.

Piotr Wisniewski

Associate Professor of Corporate Finance, Warsaw School of Economics, Poland.

Nicholas Wonder

Associate Professor of Finance, Department of Finance and Marketing, College of Business and Economics, Western Washington University, USA.

Congsheng Wu

Ph.D., Professor of Finance, University of Bridgeport, USA.

Oleg Yaremenko

Doctor of Economics, Professor, Senior Research Fellow of the State Organization “Institute for Economics and Forecasting, Ukrainian National Academy of Sciences”, V. N. Karazin Kharkiv National University, Ukraine.

Rami Zeitun

Ph.D., Assistant Professor of Finance, College of Business and Economics, University of Qatar, Qatar.

Guidelines for Editors and Reviewers

The Editorial Board consists of international experts in their respective fields. All members of the Board occupy high positions in educational and research institutions. The roles of the Editorial Board members are the following:

  • provide expertise in definite research field;
  • review submitted papers;
  • advise on journal policy and scope and participate in the journal development;
  • propose subject definition and conference choice for special issues. Also, editorial members may be guest editors of special issue;
  • promote the journal at conferences, seminars, workshops, and relevant public events
  • attract new potential authors;

Guest editors play a vital role in ensuring the quality of special content publications, such as Special Issues. Guest editors overlook the process, from proposal to publication.

The Editorial Board is reviewed every two years, which means exclusion of inactive members and addition of the new ones.

We appreciate applications from the editorial candidates. To submit an application, please send an e-mail to an editorial assistant of the selected journal and attach a file with your CV (containing the current place of work, occupation, education, the scope of your scientific interest, types of activity, list of publications, list of the journals in which you occupy the positions of an editor or a reviewer, e-mail for contact and a link to personal page at you university).

Duties of editors

We strongly recommend that Editors get acquainted with and follow COPE Code of Conduct and Best Practice Guidelines for Journal Editors.

The editors of the journal are responsible for deciding which of the articles submitted to the journal will be published. The editor may confer with the members of the Editorial Board in making this decision.

Fair play. The editors evaluate manuscripts without regard to the nature of the authors or the host institution including race, gender, religious belief, ethnic origin, citizenship, or political philosophy of the authors.

Confidentiality. The editors, members of the Editorial Boards, and any editorial staff must not disclose any information about a submitted manuscript to anyone except the authors of the paper, reviewers, potential reviewers, and the publisher, for appropriate reasons.

Disclosure. Unpublished materials disclosed in a submitted paper should not be used in the own research of the editors or the members of the Editorial Board without the express written consent of the author.

Duties of reviewers

We strongly recommend that all reviewers get acquainted with and follow COPE Ethical Guidelines for Peer Reviewers.

Confidentiality. Information regarding submitted manuscripts should be kept confidential during and after review process. Also, reviewers should not reveal any details about reviewing manuscript to anybody.

Standards of objectivity. Reviewers should be objective while conducting reviews. All the comments and recommendations should be supported with relevant arguments.

Disclosure. Unpublished materials disclosed in a submitted manuscript must not be used in a reviewer's own research without the express written consent of the author. Privileged information or ideas obtained through peer review must be kept confidential and not used for personal advantage.

Peer Review

Peer review plays a vital and critical role in the publication of scholarly articles through assessment of validity, quality and originality of submitted articles. It is considered to be the most effective and valid form of research evaluation to help select the highest quality articles for publication. Authors can receive the information regarding the peer-review stage of their manuscripts through editorial assistants.

Review process

Editorial staff transfers all submitted manuscripts to one of the Editors for initial evaluation in order to establish if the manuscript meets the editorial criteria. Initial evaluation includes assessment if the manuscript is suitable for the journal or special issue, authors’ qualification and background, and plagiarism levels. Papers that don’t meet these criteria, as well as obviously poor manuscripts, will be rejected without sending for further external review.

If the papers provide potential interest for readers and present importance to the scientists in the relevant field of the journal’s scope, Editors suggest external peer-reviewers (selection of peer-reviewers is based on expertise, reputation, specific recommendations and our own previous experience of a reviewer's characteristics). Alternatively, editorial staff will send manuscripts to qualified Editorial Board members or reviewers from our database.

All manuscripts are “double-blind” peer-reviewed, which means that reviewers do not possess any information about the authors’ identities and vice versa. If one of the editors submits the manuscript for publication in the journal, editorial staff transfers this manuscript to another Editor or one of the Editorial Board members without disclosing any information about the author.

After the manuscripts have been reviewed, Editors receive a Referee Report with point-by-point evaluation and comments. Based on the suitability of selected reviewers, adequacy of reviewer comments and overall scientific quality of the paper, Editors make one of the following decisions:

  • Publish unaltered
  • Consider after minor changes
  • Consider after major changes
  • Reject without further consideration

If the authors are required to revise the paper, they ought to provide revised manuscript along with Response to the Reviewers. All authors can receive Referee Report on demand without revealing the identity of the reviewer and appeal against editorial decisions by response to the referees with authors’ arguments and explanations. Articles may or may not be sent to reviewers after author revision, dependent on whether the reviewer requested to see the revised version and the wishes of the Editor.

Expectations from reviewers

During the peer-review process, report preparation, and after refereeing we expect from Editorial Board members and reviewers to:

  • respond in a reasonable time-frame, especially if reviewer can not perform the review, including intentional delay;
  • declare if they are not experts in the field the paper is relevant to;
  • declare any potentially conflicting or competing interests (which may, for example, be personal, financial, intellectual, professional, political or religious) and seek advice from the Editorial Board in this case;
  • decline to review if they feel unable to provide a fair and unbiased review or they are involved with any of the work in the manuscript or its reporting;
  • to provide honest and fair assessment of the strengths and weaknesses of the research and the manuscript;
  • send completed report form along with the reviewed manuscript;
  • be specific in their criticisms, and provide evidence with appropriate references to substantiate general statements to help editors in their evaluation and decision;
  • suggest additional research if it helps strengthen or extend the work;
  • ensure their comments and recommendations for the editor are consistent with their report for the authors;
  • any suggestions and comments must be based on valid academic or technological reasons;
  • continue to keep details of the manuscript and its review confidential during and after reviewing;

Conflicts of Interest

Conflicts of interest comprise those which may not be fully apparent and which may influence the judgment of author, reviewers, and editors. They have been described as those which, when revealed later, would make a reasonable reader feel misled or deceived. They may be personal, commercial, ideological, academic, or financial.

When authors submit a manuscript of any type or format they are responsible for disclosing all financial and personal relationships that might bias or be seen to bias their work. This includes declaration of all sources of funding. All authors that publish in our journals are obliged to declare conflicts of interest if there are any. Declared conflicts of interest will be considered by the editor and Conflict of Interest Statement will appear in our journals at the end of the published article.

Reviewers should not consider manuscripts in which they have conflicts of interest resulting from competitive, collaborative, or other relationships or connections with any of the authors, companies, or institutions connected to the papers. Reviewers should be objective and constructive, declare all potential conflicting interest, seeking advice from the editors if they are unsure whether something constitutes a relevant interest; do not allow their reviews to be influenced by the origins of a manuscript, by the nationality, religious or political beliefs, gender or other characteristics of the author, which could be implied in the manuscript.

If the founders decide to publish as authors or co-authors, they are required to include the Conflict of Interest Statement in the Publication Agreement. This statement will be also included in their published paper.

Editors who make final decisions about manuscripts should not make editorial and publication decisions if they have conflicts of interest related to articles under consideration. Editorial staff must not use information received through working with manuscripts for private gain. Guest editors should follow these same procedures.

Research Misconduct Policies

Plagiarism

LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.
Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant.
Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

Allegations about authorship of contributions

It is important that all authors are declared in the list of authors and are declared in the Cover letter form, sent along with a submitted paper.

To be considered the author, a person should be responsible for particular research aspect or preparation for work or make particular contribution to the concept, project, fulfillment, or research explanation, and it must be confirmed in the final work form.

Insignificant contribution may not be considered as an authorship. A person who provides insignificant contribution or appropriate data or other type of help may be considered as "contributor" by author/co-authors, and may be declared in the paper in acknowledgement section.

According to our policy, author/co-authors of submitted paper must fill in the Cover letter form to identify all participants, as well as confirm their consent to publish the paper.

Duplicate submission

Authors must present papers which are unique and must not be submitted to any other journal (except for some unusual circumstances and only with reviewer's approval). Sometimes authors may ignore this requirement, submitting the same document to several journals or submitting several documents on the basis of one and the same research. As in plagiarism duplicate submission may take different forms: literal copying, partial, but substantial copying or even paraphrased copying of the research. The publisher sticks to the policy which forbids publication of multiple papers on the basis of a single research. Infringement of this policy will result in immediate rejection along with possible sanctions against authors.

Citation manipulation

Submitted manuscripts that are found to include citations whose primary purpose is to increase the number of citations to a given author's work, or to articles published in a particular journal, will result in immediate rejection along with possible sanctions against authors.

Data falsification

If the falsified or fabricated data of experimental results (this also includes manipulation of images) will be found in the submitted paper, it will result in an immediate rejection along with possible sanctions against authors.

Sanctions
The following sanctions may be imposed in case of infringement of abovementioned policies:

  • Immediate rejection of the manuscript.
  •  Immediate rejection of every other manuscript submitted to any journal published by LLC "CPC "Business Perspectives".
  • Publication embargo against all authors of the manuscript (prohibition for any new submissions to any journal published by LLC "CPC "Business Perspectives"). The term of the embargo may vary, but the minimum is 24 months.
  • Prohibition against all of the authors from serving on the Editorial Board of any journal published by LLC "CPC "Business Perspectives".

Correction and Retraction Policy

All Business Perspectives journals have the same policy regarding corrections and retractions. We differentiate between addenda, errata, corrigenda, and retractions.

Addenda
If significant information was unintentionally omitted by authors from the original publication, the original article can be amended through an Addendum reporting these previously omitted results. The Addendum will be published, with page numbers added, in the current issue of the journal. A hyperlink to the Addendum will also be added to the original publication.

Errata
An erratum will be used if a significant error has been introduced by us during the production of the journal article, including errors of omission such as failure to make factual proof corrections requested by authors within the deadline provided by the journal and within journal policy. A significant error is considered to be the one that affects the scholarly record, the scientific integrity of the article, the reputation of the authors, or of the journal. All errata are linked to the version of the article that they correct.

Corrigenda
A corrigendum is a notification of a significant error made by the authors of the article. All corrigenda are approved by the editors of the journal. All corrigenda are linked to the version of the article that they correct.

Retractions
Retraction will be issued by an editor upon several conditions: severe plagiarism, multiple publications, data fabrication, unreliable or faulty findings, and other harmful practices. In this case, Retraction notice will be published. This notice will include the title and authors of the article, the reason for the retraction and who is retracting the article. It will be published online with a link to the online version of the article. It will be published in the next print issue and included in the table of contents of that issue. Before publishing the notice of retraction, a signed statement by the authors should be sent to the editorial office.

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LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.

Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant. Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

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The journal “Investment Management and Financial Innovations” ISSN (print) 1810-4967, ISSN (online) 1812-9358 was founded by LLC “CPC “Business Perspectives” (Sumy, Ukraine) in 2004 and registered by Ministry of Justice of Ukraine (No. КВ 9032 from August 05, 2004). The journal publishes quarterly in English, Sumy, Ukraine.

Since January 2017, the journal is open-access. The journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.

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To contact the Editorial office:
phone/fax: +38 (0542) 221707
postal mail: Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
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Questions concerning manuscript (submission, status, publishing....):

Technical/site support please contact:

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This section contains information about articles which are already reviewed, accepted and waiting for publication in next issues of the journal.

Analysis of Ukrainian life insurance market and its tendencies

Diana Tretiak, Ph.D. (Economic Sciences), Assistant of the Department of Insurance, Banking and Risk Management, Taras Shevchenko Kyiv National University, Ukraine

Abstract. Life insurance is the most important type of personal insurance. The paper analyzes main indicators characterizing the current state of life insurance in Ukraine and its impact on domestic insurance market in general. Trends in insurance premiums and insurance payouts are identified, and concentration of this insurance market segment is examined. Life insurance in the context of its main forms is analyzed. Solutions to the existing problems are determined and recommendations are provided to improve life insurance market in Ukraine.

Why do financial services companies pay dividend? Evidence from Qatar Stock Exchange

Sumathi Kumaraswamy, University of Bahrain, Bahrain
Bora Aktan, University of Bahrain, Bahrain
Zainab Hafedh Al Halwachi, Bank of Bahrain and Kuwait, Bahrain

Abstract. This study identifies the dividend policy determinants of banks and other financial institutions listed on Qatar Stock Exchange (QSE) for a period from 2009 to 2015 through studying the impact on eight factors on banks’ dividends per share.Three models were adopted to investigate the determinants of the dividend policy and the factors that affect a bank’s decision to pay out dividends.The findings indicate that the previous year’s dividends per share, earnings per share, cash flow per share, firm size and return on average equity are positively related to the current year’s dividends per share, as hypothesized. The study shows that the leverage position, bank’s life cycle and growth opportunities are negatively related to the dividend payment.The study also reveals that banks and financial institutions in Qatar do a bit of “earnings smoothing” when comparing the earnings figures with the cash flow.

Investor compensation fund: an optimal size for countries with developed stock markets and Ukraine

Inna Shkolnyk, Dr., Professor, Head of Department of Finance, Banking and Insurance, Sumy State University, Ukraine
Eugenia Bondarenko, Assistant of Department of Finance, Banking and Insurance, Sumy State University, Ukraine
Miroslav Ostapenko, Ph.D. student of Department of Finance, Banking and Insurance, Sumy State University, Ukraine

Abstract. A compensation fund is an effective mechanism for ensuring the protection of individual investors' investments on the stock market, which confirms the experience of different countries both with the developed stock market and with the emerging markets (USA, UK, France, Czech Republic, Bulgaria, Ireland, Malta).
The formation of a steady interest of individual investors in stock market instruments is stimulated by the introduction of a mechanism for guaranteeing such investments. The stock market of Ukraine faces the problem of attracting additional financing while individual investors have fairly large amounts of monetary resources that are not involved in the transactions with financial instruments due to the high level of distrust caused by the crisis phenomena on both the global and the national financial markets. The creation of the Ukrainian compensation fund for investment protection involves the development and implementation of a nationwide system for protecting the property interests of investors on the stock market, which requires compensatory payments to the clients of all professional market participants as a result of certain risks.
The main condition for effective functioning of the compensation fund of the stock market is determined by its size, which must meet the following conditions of optimality: to ensure the minimum level of the fund’s risks, to take into account the amounts of contributions for the current period, the amount of maintenance costs and to fulfil the requirements for the financial stability of the fund. A modified Markowitz portfolio model was used to build the model.
The building of the target function and constraints was carried out by using the Statistics software toolkit. The target function and constraints were presented as polynomials of the third degree and calculated with the help of the multiple nonlinear regression. As a result of calculations an optimization model was developed for determining the size of the compensation fund taking into account these conditions.
The model’s testing was carried out by using the examples of the Deposit Guarantee Fund (DGF) and compensation funds of the United States, Great Britain, France, Czech Republic, Bulgaria, Ireland and Malta. As a result of calculations we determined the size of the compensation fund, which guarantees a minimum level of the fund’s risk taking into account the amount of contributions for the current period, the amount of maintenance costs and requirements to the financial stability of the fund.

Economic security in investment projects management: convergence of accounting mechanisms

Nataliia Ostapiuk, D.Sc (in Economics), Professor, Kyiv National Economic University Named after Vadym Hetman, Ukraine
Oleksandra Karmaza, D.Sc (in Law), Associate Professor, University of Modern Knowledge, Ukraine
Mykola Kurylo, D.Sc (in Law), Sumy National Agrarian University, Sumy, Ukraine
Gennady Timchenko, D.Sc (in Law), V.M. Koretsky Institute of state and law of National Academy of Sciences of Ukraine, Ukraine

Abstract. Activation of business processes in Ukraine has become more structured in recent years. If previously the only goal was to get the most profitable investment and pay off in the short term, and the attention to drawbacks and considerable riskiness of these projects was given already in case of their occurrence, we now have another management approach. Thus, the decision to attract additional funds involves a detailed analysis of the potential and existing risks of the project. The management focuses on continuous monitoring of the project implementation. Accordingly, it is necessary to develop an effective mechanism to evaluate an investment project, the effectiveness of its implementation, but from the perspective of the company’s economic security aimed at identifying and diversifying risks.
As such, the accounting system of the enterprise’s economic safety management is presented as to the investment projects execution based on the convergence of budgeting, management, financial accounting and elements of the economic analysis and control. The proposed system of investment project management is based on the definition of responsibility centers during the investment project implementation. The developed plan of actions and methods is aimed at creating effective tools for identifying risk factors and monitoring the investment projects effectiveness. Such a system provides an opportunity to operate an investment project promptly and flexibly, following clearly defined management tasks within the chosen strategy of enterprise’s economic security.
System management of investment project, which is part of the overall business management, contributes to the achievement of goals set by the company at a given level of risks and financial performance.

Identification of the basic elements of the innovation-analytical platform for energy efficiency in project financing

Tetyana Marchuk, Ph.D., Associate Professor, Banking department, Kyiv National Economics University named after Vadym Hetman, Ukraine
Dmytro Ryzhakov, Ph.D, Doctoral student, Department of Economics in the building industry, Kyiv National University of Civil Engineering and Architecture, Ukraine
Galyna Ryzhakova, Ph.D., Head of the Department of Management in Construction, Kyiv National University of Civil Engineering and Architecture, Ukraine
Sergiy Stetsenko, Ph.D., Head of the Department of Economics in the building industry, Kyiv National University of Civil Engineering and Architecture, Ukraine

Abstract. This analytical study focuses on the financing of energy efficiency projects in Ukraine. In this article, the authors analyze the state and dynamics of the modern market of energy resources both on a global scale and within Ukraine, and it was discovered that the potential of the energy efficiency market is extremely large and interesting for different groups of banks-investors. In the course of the study, it was revealed that private households and industrial enterprises are the largest energy consumers in Ukraine, which confirms the necessity of implementing a public program for financing energy efficiency projects. The study of Ukraine’s legislative framework has made it possible to clearly define the concept of energy efficiency and to highlight which projects can be considered energy-efficient. It is noted that the state actively develops and implements a policy to increase energy consumption savings both among private individuals and among producing enterprises, which is implemented at the state level by a specially created Energy Efficiency Fund. As a specific tool for analyzing energy efficiency projects, the authors suggest using benchmarking technology, which provides the opportunity to highlight the strengths and weaknesses of a specific energy saving project, as compared to the top project in the industry. As a result, in the course of the conducted analytical studies, the authors proposed a specific tool for the analysis of energy efficiency financing projects in Ukraine, which includes five priority areas for which it is necessary to build a methodology for assessing the borrower’s creditworthiness, which seeks to implement a project in the field of energy saving.

Spectral study of options based on CEV model with multidimensional volatility

Ivan Burtnyak, Ph.D. (Economics), Associate Professor, Department of Economic Cybernetics, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine
Anna Malytska, Ph.D. (Physics and Mathematics), Associate Professor, Department of Mathematical and Functional Analysis, Vasyl Stefanyk Precarpathian National University, Ivano-Frankivsk, Ukraine

Abstract. This article studies the derivatives pricing using a method of spectral analysis, a theory of singular and regular perturbations.Using a risk-neutral assessment, we obtain the Cauchy problem, which allows us to calculate the approximate price of derivative assets and their volatility based on the diffusion equation with fast and slow variables of nonlocal volatility, and we obtain a model with multidimensional stochastic volatility.Applying a spectral theory of self-adjoint operators in Hilbert space and a theory of singular and regular perturbations, an analytic formula for approximate asset prices is established, which is described by the CEV model with stochastic volatility dependent on l-fast variables and r-slowly variables, l≥1,r≥1, l∈N,r∈N, and a local variable. Applying the Sturm-Liouville theory, Fredholm's alternatives, as well as the analysis of singular and regular perturbations at different time scales, we obtained explicit formulas for derivatives price approximations. To obtain explicit formulas, we need to solve 2l Poisson equations.

Wealth evidence from M&A in the GCC region during the last decade

Ullas Rao, Heriot Watt University Dubai Campus, United Arab Emirates
Kuldeep Kumar, Bond University, Australia
Vaishali Chheda, Heriot Watt University Dubai Campus, United Arab Emirates

Abstract. In the backdrop of continued slump in global crude-oil price led by an impending realization to accelerate the process of economic diversification, corporations in the GCC region have been exploring the possibility of unlocking synergies and reaping the benefits accruing from economies of scale by resorting to M&A. In this paper, we examine the wealth evidence accruing from the mergers and acquisitions (M&A) activity in the gulf cooperation council (GCC) region. M&A as a strategic phenomenon has witnessed significant traction within emerging market economies including the member nations of GCC accounting for some of the biggest deals in most recent times. This paper seeks to investigate the above phenomenon by employing standard event study approach and a cross sectional regression. The study is based on sample of 209 transactions over a span of 10 years between 2005-2015 in GCC region. In this paper, we seek to examine the implications of M&A activity on the status of shareholders by chronicling all the events taken place during the last decade in the GCC region. With the momentum of M&A favouring the corporations in the region, the present study seeks to present the wealth evidence from the perspective of acquiring corporations. In the process, the influence exhibited by key variables comprising of methods of payment and the deal size is also examined to lend further credence surrounding the key research findings.

Do coherent risk measures identify assets risk profiles similarly? Evidence from international futures markets

Sharif Mozumder, Department of Mathematics, University of Dhaka, Bangladesh
M. Humayun Kabir, School of Economics and Finance, Massey University, Palmerston North, New Zealand
Mike Dempsey, School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia

Abstract. We consider Lévy processes with conditional distributions belonging to a Generalized Hyperbolic family and compare and contrast full density based Lévy-expected shortfall (ES) risk measures and Lévy-spectral risk measures (SRM) with those of a traditional tail based unconditional extreme value (EV) approach. Using the futures data of leading markets we find that ES and SRM often differ in recognizing the risk profiles of different assets. While ES is often found to be more consistent than Lévy models, Lévy measures often perform better than ES measures when compared with empirical values. This becomes increasingly apparent as investors become more risk averse.

The mediating role of growth opportunity in good corporate governance - stock return relationship

Rakha Wardhana, Universitas Airlangga, Indonesia
Bambang Tjahjadi, Universitas Airlangga, Indonesia
Yani Permatasari, Universitas Airlangga, Indonesia

Abstract. Improving the welfare of its owner or shareholder and maximize shareholder value through increased firm’s value, should be one of the goals in establishing a company. Consequently, it becomes essential for the company to continue to increase its value in order to retain the trust of its shareholders, by conducting good corporate governance (GCG) for instance. On the other hand, from the owner’s point of view, it is important to not only evaluate the corporate governance but also to take a look at firm’s growth opportunity because it basically reflected the management’s productivity. Studies related to the influence of corporate governance on stock return have been extensively done before. Similarly, as the research related to the influence of growth opportunity on stock return. However, it is still difficult to find studies that combined these three variables, therefore this studies aims to know the influence of good corporate governance on stock return directly and indirectly through firm’s growth opportunity by using sample data of 92 observation Corporate Governance Perception index lists in Indonesia Stock Exchange for 2010-2014. The analysis method of this research is using quantitative approach by hypothesis testing through path analysis performed with smart PLS 3.0. The direct hypothesis result showed that: (1) good corporate governance did not have a significant influence on firm’s growth opportunity while (2) it also had a negative influence and did not have a significant influence on stock return, and (3) firm’s growth opportunity had a significant influence on stocks return. However, the indirect hypothesis result showed that firm’s growth opportunity could not mediate the relationship between good corporate governance and stocks return.

Factors affecting equity mutual fund performance: evidence from Indonesia

Gusni, Business and Management Faculty, Widyatama University, Indonesia
Faisal Hamdani, Business and Management Faculty, Widyatama University, Indonesia

Abstract. The evaluation of equity mutual fund performance and identification factors that affect mutual fund performance are great interest to an investor in Indonesia. This study investigates the performance of equity mutual fund by using risk-adjusted performance proposed by Treynor (1965) and examines factors affecting mutual fund performance by using the ability of investment manager (market timing and stock selection skill), fund size, and inflation. To achieve the objectives of this study, a total of 19 equity mutual fund was selected using purposive sampling method from the period of 2011 to 2015. A panel data analysis method has been conducted to analyze the effect of those factors on the equity mutual fund performance. The result showed that equity mutual fund performance tends to fluctuate in Indonesia. Equity mutual fund performance influenced by stock selection skill and inflation, meanwhile, market timing skill and fund size have no significant effect on the equity mutual fund performance.

Does employee stock ownership plan matters? An empirical note

Fitri Ismiyanti, Departement of Management, Faculty of Business and Economics, Airlangga University, Indonesia

Abstract. Employee Stock Ownership Plan (ESOP) is a company issue to provide incentives to managers to increase shareholder wealth and to align interests between shareholders and management. This ESOP is one of the most effective efforts to reduce conflicts of interest between owners and managers. ESOP program is basically intended to provide motivation and incentives for employees, so that employees will have a sense of concern (sense of belonging) to the company. Productivity is a reflection of the level of efficiency and effectiveness of work in total in a company. Productivity becomes very important because it can describe the performance of a company. Performance is defined as the size or level at which individuals and organizations can achieve goals effectively and efficiently. This study aims to examine the effect of ESOP variables on company performance by using productivity as a mediating variable in non-financial companies in Indonesia Stock Exchange. The sample used in this research is companies that implement ESOP period 2000-2015. In this study the company's performance is measured by using return on assets, return on equity and Tobin's Q, while productivity is measured by using sales per employee, cash flow per employee, and total assets turnover. Based on the results, it can be concluded that Employee stock ownership program (ESOP) has a positive and significant impact on productivity.

Imitation model for evaluation of investment processes in the regions of Ukraine

Ivan Blahun, Doctor of Economics, Professor, Vasyl Stefanyk Precarpathian National University, Ukraine
Lesia Dmytryshyn, Doctor of Economics, Professor, Vasyl Stefanyk Precarpathian National University, Ukraine
Halyna Leshuk, Ph.D. in Economic Sciences, Carpathian Institute named after Mykhaylo Hrushevsky of Interregional Academy of Personnel Management, Ukraine

Abstract. To analyze and evaluate the investment processes in the regions of Ukraine, it is suggested to use a simulative model that, unlike existing ones, allows to take into account the influence of macroeconomic factors and to predict the future development of the economic system of the regions taking into account their investment potential. The examination of the assessed simulative models of the investment processes in the regions of Ukraine for adequacy is carried out using the determination coefficient and Fisher's criterion, by which the influence of the most significant economic variables of social and economic development of the regions on the investments formation is determined. Research of the investments impact on the dynamics of economic systems indicators of the regions, has shown that 86% of the constructed models are adequate. The presence of statistically significant estimates of model parameters confirms the effectiveness of the proposed approach for conducting research on the analysis and forecasting of the patterns of significant indicators formation of investment activity at the regional level, as well as their impact on indicators of social and economic development.

Methods of assessment of efficiency of creating regional innovative clusters for dynamic development of economics

R. Kozhukhіvska, Ph.D. (Economics), Associate Professor, Uman National University of Horticulture, Ukraine
N. Parubok, Lecturer, Uman National University of Horticulture, Ukraine
N. Petrenko, Ph.D (Economics), Associate Professor, Uman National University of Horticulture, Ukraine
S. Podzihun, Ph.D. (Economics), Associate Professor, Uman State Pedagogical University named after Pavlo Tychyna, Ukraine
I. Udovenko, Ph.D. (Economics), Associate Professor, Uman National University of Horticulture, Ukraine

Abstract. The deployment of a systemic economic crisis in Ukraine was conditioned by the aggravation of the socio-economic situation in certain regions and the build-up of structural deformations in the economy and the preservation of an inefficient model of production organization. This situation requires the search for a new model of economic growth, which based on the use of competitive advantages of regions and a combination of industrial, scientific and managerial potential of the domestic economy.
Clustering is a form of internal integration that can provide both sustainability and a synergistic effect of counteracting global competition for today.
The research of the foundations of the formation of a modern cluster theory is a significant theoretical and practical interest for the further development of a successful model of cluster policy in Ukraine. In addition, the important place in this judgment is the fact that this theory is in the stage of active formation and development.
The purpose of the article is the research, analysis and development of methods of assessment of efficiency of creating regional innovative clusters for dynamic development of economics. The article considers the methods of quantitative evaluation of clusters performance based on the analysis of effects of reducing transaction expenses, capital value, marketing expenses, innovation diffusion and employment of infrastructure in common.
It was established that the application of innovative cluster approach is one of the most efficient tools in the fulfillment of tasks of enterprise modernization and ensuring the development of innovative sectors of economy. Cluster effects for regional economies are relative and, in general, can be used for estimating total cluster effect.
The suggested variants of assessment of potential cluster effects will provide opportunities of carrying out a more complete cluster estimation and selection of the most efficient projects for increasing the efficiency of regional innovation clusters and dynamic development of economics.

Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece

George Drogalas, Assistant Professor, Department of Business Administration, University of Macedonia, Greece
Iordanis Eleftheriadis, Associate Professor, Department of Business Administration, University of Macedonia, Greece
Michail Pazarskis, Assistant Professor (elected), Department of Accounting and Finance, Technological Educational Institute of Central Macedonia, Greece
Evgenia Anagnostopoulou, Ph.D, Department of Business Administration, University of Macedonia, Greece

Abstract. In the aftermath of the financial crisis, many companies have implemented extensive risk management procedures. Additionally, internal audit has increasingly attracted the attention of managers as it constitutes the core of modern corporate governance. However, regarding Greek companies, there is a lack of empirical research on factors that affect risk management. Therefore, the purpose of the present paper is to analyze specific factors associated with effective risk management. Primary data was collected using questionnaires distributed to employees in companies that are listed on the Athens Exchange. Multiple regression analysis was conducted in order to examine the relationship between effective risk management, risk based internal audit, internal auditors’ involvement in risk management and top management support. Our findings demonstrate that the above factors contribute positively to effective risk management.

Exchange rate intervention and trade openness on the global economy with reference to Brazil, Russia, India, China and South Africa (BRICS) countries

Desti Kannaiah, Ph.D., FCPA (Aust.), Dr., Senior Lecturer, School of Business, James Cook University, Singapore
Narayana Murthy, Nimra Colledge of Business Management, India

Abstract. Currently, the economy of the world is trapped in interdependent global economic web. They are mutually dependent on one another’s in imports, exports, fiscal and monitory policies in terms of stability. This is going to be great challenges and opportunities to the emerging economies. These countries have greater trade openness to the international trading and are more affected by inflation. The BRICS represents about 40 percent of the world population; encompass over 25 percent of the worlds land coverage and comprise huge natural resources. BRICS share of a little over 10 percent in world Gross Domestic Product (GDP) and less than 4 percent in world trade in 1990, BRICS (with the recent inclusion of South Africa to the forum) now constitutes about 25 percent of world GDP in terms of PPP (Purchasing Power Parity), and 15 percent of world trade. The increase in GDP implies that the economic size of BRICS in terms of its share in world GDP has expanded by 150 percent in the past two decades, and they also estimated that the GDP of these countries may cross 47 percent of the world GDP, and will emerge as strong economic power in the world, and they contribute one fifth of the global economic output. The BRICS economies operate under varied monetary policy frameworks and procedures. Brazil and South Africa have inflation targeting regimes, while other countries follow multiple indicator frameworks. There are various other indicators, such as trends in inflows and outflows of foreign direct investment (FDI), trade openness, current account balance, forex reserves and economically active labour forces that could make BRICS a formidable force to reckon with in future. This study significantly apply exchange rate, Forex reserve and trade openness on the global economy of BRICS countries.

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14 volumes and 84 issues