Institute for Financial Research

In view of scholars-established link between firm size and share price and the suggested dual causality nexus between firm size and financial performance, the study examined the moderating effect of firm size on the relationship between financial metrics and share prices of listed agriculture and consumer goods firms in Nigeria. It controlled for the pervasive macroeconomic variables of inflation, interest rate and exchange rate. Using purposive sampling technique, a sample of 20 out of the 26 firms of study was obtained. Secondary data were sourced from annual published financial statements of the firms, while the macroeconomic data were obtained from the National Bureau of Statistics and the Central Bank of Nigeria. Generalized least squares regression analysis was performed with the aid of STATA 17. The outcome indicated that return on equity, earnings per share, and firm size, each has a significant positive effect on share prices of listed agriculture and consumer goods firms in Nigeria while current ratio, debt-equity ratio, and total assets turnover each has a non-significant effect on the share prices. Furthermore, firm size has a significant moderating effect on the relationship between financial metrics (proxied by current ratio, and earnings per share) and share prices of listed agriculture and consumer goods firms in Nigeria. In the same vein, firm size has a non-significant moderating effect on the relationship between financial metrics (proxied by current ratio, debt-equity ratio, and total assets turnover) and share prices of listed agriculture and consumer goods firms in Nigeria. Therefore, it was recommended that Security and Exchange Commission should prioritize the appropriate disclosure of the identified key metrics in the financial statements. Furthermore, investors should consider the moderating effect of firm size on the financial metrics to better understand how different metrics impact share prices for firms of varying sizes and adjust their investment strategy accordingly.

Abstract MET-FINGER is the first randomized controlled trial combining healthy lifestyle changes with a putative disease-modifying drug (metformin) for the prevention of cognitive impairment, in an APOEε4-enriched at-risk population of older adults. The potential benefits of metformin repurposing are based on the link between Type-II Diabetes (T2D) and Alzheimer’s Disease (AD), and emerging evidence of independent neuro-protective effects. Findings will provide crucial information for innovative precision-prevention strategies aimed at cognitive impairment and dementia risk-reduction. 600 participants are randomly allocated to the FINGER 2.0 intervention (lifestyle for all + metformin, where appropriate; active arm), or regular health advice (control arm). Participants in the FINGER 2.0 group and at increased risk of T2D, are further randomised to 2000mg/day metformin, 1000mg/day metformin, or placebo (double-blind). The multimodal lifestyle intervention is an optimised version of the FINGER model. Metformin is administered as Glucophage®XR/SR 500, (Merck Healthcare KGaA, Darmstadt, Germany; 500mg oral tablets). Primary outcome is change in global cognition (combined z-score of a neuropsychological test battery). Secondary outcomes are changes in individual cognitive domains; functional ability; and risk factors for AD/dementia. The feasibility, potential lifestyle-metformin interaction, and disease-modifying effects of the lifestyle-metformin combination are exploratory outcomes. 489 eligible participants have been identified; 365 have been randomised. The main challenges experienced are linked to balancing APOEε4-carriers enrichment and the eligibility rate for metformin treatment (e.g., APOEε4-carriers were less likely to fulfil some eligibility criteria for metformin). Lessons learned, pertaining to trial design, set-up, recruitment, and delivery, for future combination-therapy studies, will be presented.

Purpose This article aims to analyze whether the B Corp certification process is homogeneous for all companies, regardless of their size and sector. Design/methodology/approach A survey was conducted among B Corps in Spain, and Rasch measurement theory was applied to analyze the data. Findings The results indicate that the motivations and barriers to certification are similar among companies of different sizes and sectors. Also, the spillover effects of certification do not vary significantly across sectors. However, firm size influences one of these effects, with larger firms experiencing a significantly greater positive impact on the working conditions of their employees. Practical implications The findings provide useful insights for policymakers and organizations looking to improve support mechanisms for companies undergoing B Corp certification. Understanding the common challenges and benefits can help in designing tailored sustainability policies. Originality/value This research contributes to the literature on business certifications by providing empirical evidence on how company characteristics influence the B Corp certification process.

Inefficient port and hinterland connections negatively impact both the financial bottom line and environmental performance of the logistics system. To improve hinterland connections truck appointment system (TAS) has been implemented with varying performance, indicating a need to better understand TAS from a business model perspective. Therefore, the purpose of this study is to investigate TAS from a business model perspective. Semi-structured interviews and observations were conducted with port operators, port authorities and hauliers in five European container ports. The study reveals how various approaches to TAS impact business model components. The efficiency improvements from TAS need to match the costs of the TAS to make a valid business case to motivate additional administration of the service and to provide value to customers, i.e., shippers. This paper's conceptualisation of TAS from a business model perspective can help guide efficiency improvements in port terminals.

This systematic review investigates the evolving legal intersection between cybercrime and contractual liability, with a focus on how courts, regulators, and contracting parties address cybersecurity risks through enforceable legal frameworks. Drawing upon the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology, a total of 87 peer-reviewed articles, case law commentaries, and legal-technical policy studies representing over 1,300 cumulative citations were rigorously analyzed to identify prevailing legal doctrines, risk mitigation practices, and enforcement trends. The review explores key thematic areas including the rise of cybersecurity-specific clauses in digital service agreements, the misalignment between cyber insurance policies and commercial contracts, the legal treatment of third-party vendor breaches, and the contractual implications of data protection regulations such as the GDPR, CCPA, and HIPAA. Findings reveal a clear doctrinal shift: courts are increasingly recognizing cybersecurity failures as breaches of contract, especially when they violate performance warranties or industry standards. Furthermore, vague or boilerplate clauses have proven ineffective during litigation, underscoring the importance of specificity and alignment with technical benchmarks such as NIST and ISO/IEC standards. The review also identifies a growing reliance on Data Processing Agreements (DPAs), Standard Contractual Clauses (SCCs), and enforceable indemnity and audit rights to manage legal risk in complex digital ecosystems. High-profile cases such as Merck v. ACE Insurance, Schrems II, and the British Airways GDPR enforcement illustrate how regulatory action and private litigation are catalyzing more rigorous contract drafting and cyber risk governance. Overall, the study concludes that in the face of rising transnational cyber threats, contractual instruments must evolve beyond static legal templates to become dynamic tools of compliance, risk transfer, and strategic cybersecurity management. This review offers both scholars and practitioners a synthesized, evidence-informed framework for understanding and improving the legal mechanisms that govern cybercontractual liability.

Objective: The article aims to determine the influence of specific entrepreneurship support instruments in each type of municipality on the increase entrepreneurship level as measured by the number of newly established companies in the area. Research Design & Methods: A survey was conducted among 896 Polish municipalities, asking about four areas of entrepreneurship support: cooperation of the commune with entrepreneurs; finance, tax, and administration support; attracting investors, granting external funds by the commune; and supporting non-governmental organizations. To determine the relationship between the type of commune, the instrument used, and the effectiveness of the tool used, we used a generalized reduced gradient non-linear algorithm. Findings: The study results proved that there is no one universal area or instrument that would guarantee with high probability success in the form of an increase in the level of entrepreneurship in a municipality, regardless of its type. It was shown that in specific types of municipalities, it is possible to identify tools that are more effective than others. Implications & Recommendations: This knowledge can and should provide important guidance to decision-makers at the local level, showing tools that may work better in their type of municipality. Contribution & Value Added: The identification of specific tools that work for a particular type of municipality is an important stimulus in the discussion on strengthening the effectiveness of Polish municipalities' policies.

In this paper, the state of play regarding the integration of sustainability risks and factors in EU insurance regulation is discussed. Th e chapter describes briefl y the broader context of the European Green Deal, EU Sustainable Finance Action Plan and Sustainable Finance Strategy, and the impact of these initiatives on insurance undertakings, ranging from disclosures requirements to substantive quantitative and qualitative requirements in the Solvency II framework. Th e main focus of the chapter is on the amendments to the Solvency II Delegated Regulation, relating to the integration of sustainability risks in the governance of insurance and reinsurance undertakings. Looking ahead, the chapter also refl ects on potential future amendments to the Solvency II Directive, regarding the prudential treatment of sustainability risks by insurance and reinsurance undertakings. Th e chapter concludes with some fi nal remarks.

Background. One of the priorities of health care is the balance between the financial resources and the availability of effective medical care. The current approach of access to cancer medicines limits the timeliness and availability of treatment. At the same time, financial support from the government provides great costs on cancer drugs. However, these great costs are not rational.Objective: to assess the financing needs of the complete transfer of financial support of medical care in the field of oncology to the Compulsory Health Insurance (CHI) system by means of optimizing the functions of the day hospital.Material and methods. The achievement of the goal is planned to be reached by eliminating the unusual functions of oncological day hospital. We analyzed the regulatory legal documents regulating drug care and drug provision in the Russian Federation, data from depersonalized (anonymized) registers of the structure of hospitalizations in a day hospital for 2021. The methods of expert assessments, mathematical modeling, as well as literature data analysis were used. The study developed a model for assessing the need to finance the full transfer of medicine provision to the CHI system, including taking into account the hidden deficit.Results. The total amount of funds released from the reduction of irrational hospitalizations in day hospital conditions amounted to 2.08% of the funding level of the analyzed schemes. Taking into account the data of hospitalizations in oncological day hospital for 2021, the number of irrational hospitalizations in case of transfer of selected schemes to the outpatient stage will decrease by 16.1%. The transfer of all the medicine therapy to financing from the CHI funds will require significant additional budget expenditures in the amount of 62.5 billion rubles or 2.65% of the total costs of the State Guarantees Program for Provision of Free Medical Care to Citizens.Conclusion. Despite the rationality of the proposed changes in the field of improving access to medicine provision concerning cancer drugs and the identified justifications for changing the distribution of financial resources within the State Guarantees Program, there are difficulties. In order to solve this problem, a coordinated consideration of potential strategies to address the access to cancer medicines is needed.

IntroductionIn surgical repair of pelvic organ prolapse the recurrence rate is about 30% and the importance of apical support was recently highlighted. In surgical randomized controlled studies, the external validity can be compromised because the surgical outcomes often depend on surgical volume. Therefore, we sought to study outcomes of surgical treatment in patients with vaginal vault prolapse in a nationwide setting with a variety of surgical volumes.Material and methodsThis is a nationwide cohort study. All patients with a vaginal vault prolapse undergoing surgery, between January 1, 2015 and December 31, 2018, were identified from the Swedish National Quality Register of Gynecological Surgery, GynOp. The primary outcome was the frequency of recurrent pelvic organ prolapse surgery within 2 years postoperatively. Secondary outcomes included patient‐reported vaginal bulging, operative time, estimated blood loss and 1‐year postoperative complications.ResultsIn 1812 patients with vaginal vault prolapse, 538 (30%) had a sacrospinous ligament fixation (SSLF) with graft, 441 (24%) underwent SSLF without graft, and 200 (11%) underwent minimally invasive sacrocolpopexy (SCP) or sacrocervicopexy (SCerP). A significantly higher proportion of patients undergoing recurrent pelvic organ prolapse surgery was seen in SSLF without graft than in SSLF with graft (adjusted odds ratio [aOR] 2.2, 95% CI 1.4–3.6). Patient‐reported sensation of vaginal bulging 1 year after surgery was higher in the SSLF group without graft than in the SSLF group with graft (aOR 1.9, 95% CI 1.3–2.8) and in the SCP/SCerP group (aOR 2.0, 95% CI 1.1–3.4). Finally, we found a significantly higher rate of complications 1 year after surgery in SSLF without graft (aOR 2.3, 95% CI 1.2–4.2) and in SSLF with graft (aOR 2.2, 95% CI 1.2–4.2) compared with SCP/SCerP.ConclusionsIn patients with vaginal vault prolapse, SSLF without graft was associated with a higher frequency of recurrent pelvic organ prolapse surgery compared with SSLF with graft, and a higher subjective relapse rate compared with SCP/SCerP and SSLF with graft. Additionally, the complication rate 1 year after primary surgery was higher in SSLF both with and without graft than in SCP/SCerP.

The article presents a review of current and alternative methods for planning the scope and financing of medical care in the subjects of the Russian Federation. The relevance of the issue is due to the imperfection of the current planning model, which stimulate representatives of the profile bodies and independent experts to develop alternative methods. The current approaches and legal documents regulating the procedure for distributing the scope of medical care and financial resources to pay for this care are discribed. The analysis of alternative methods shows how different demographic and infrastructural features of regions can be used to redistribute the scope of medical care and the corresponding financial support.