РИНОК ЛІЗИНГОВИХ ПОСЛУГ В УКРАЇНІ: СТАН І ТЕНДЕНЦІЇ

The article is devoted to the analysis of the development of the domestic market of leasing services and the determination of the factors affecting it. The modern tendencies of the interaction of the subjects of the financial services market in Ukraine have been identified and the impact of the transformation of financial relations on the volume of leasing operations has been determined. It has been revealed that in today's realities for the purpose of improving the efficiency of business entities it is necessary to use both traditional and non-traditional methods of updating the material and technical base and fixed assets of enterprises. It is determined that it is leasing that acts as such lease relations, which allows to increase the efficiency of the use of fixed assets by combining all elements of credit, investment, and foreign trade operations. The main indicators of the distribution of the value of valid financial leasing agreements by the types of economic activity during 2010-2018 are formalized. The branches with the most attractive forecast of leasing services development in Ukraine are distinguished. The risks inherent in the leasing services market in Ukraine are investigated and the prospects for its development are identified in case of minimization of these risks.

Finance companies are nondepository financial firms whose primary business is providing debt and lease financing to consumers and businesses. This article reports findings from a Federal Reserve survey of the assets and liabilities of finance companies in 2015. While the finance company industry provides a wide variety of credit and lease products, the survey indicates that firms in the industry are highly specialized. Nearly all finance companies hold a majority of their assets in one type of credit--consumer, real estate, or business credit. Firms specializing in consumer loans and leases account for most loan and lease receivables at finance companies. The article also compares the 2015 findings with those from similar Federal Reserve surveys conducted in 2010 and 2005. Overall, finance company industry assets declined by 10 percent between 2015 and 2010. Declines in credit and lease financing outstanding were spread broadly across types of financing, with the exceptions of consumer motor vehicle and business equipment financing. In addition, the 2015 survey for the first time collected data on finance company revenue and costs. Revenue and costs reflect differences in the types of loan or lease products that individual companies offer.

The uses and management of capital is extremely important to the operation of any businesses. However, not all businesses have available capital, so the use of loans in many different forms is always an effective solution in managing corporate finance. Accompanying with businesses, many financial leasing companies have implemented products and programs to lend money to businesses with low interest rates. So, choosing the best financial leasing company is a primary concern of businesses. To increase competitiveness, financial leasing companies often offer preferential conditions to attract businesses. Choosing the best financial leasing service to leasing is important and necessary to those businesses. Thus, the selection of a financial leasing company by small and medium enterprises benefits from the application of Multicriteria Decision-Making (MCDM) methods which allows the decision maker to consider various qualitative and quantitative criteria. In this article, the author applied Fuzzy Analytical Network Process (FANP) to calculate the related criteria weights of the financial leasing company selection problem of businesses. Then, the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is applied to rank the potential decision-making units. This research establishes one complete and efficient model for financial leasing company selection using FANP and TOPSIS methods. The proposed model is then applied into a real-world case study to demonstrate its feasibility.

Досліджено основні тенденції розвитку страхового ринку України. Охарактеризовано страховий ринок як стратегічно важливий та перспективний сегмент економіки і джерело внутрішніх довгострокових інвестицій в національну економіку, зокрема в модернізацію виробничої інфраструктури. Визначено сутність інвестиційної діяльності страхових компаній у сфері виробничої інфраструктури. Страхові компанії можна віднести до установ, яким притаманна можливість продукувати насамперед довгострокові інвестиційні ресурси, дефіцит яких спостерігається в українській економіці. Простежено зростання інвестиційних ринків України, що значною мірою може бути забезпечено завдяки ефективному використанню страхових ресурсів вітчизняних страхових компаній. Вказано, що інвестиційна функція страхового ринку реалізується через розміщення тимчасово вільних засобів у цінні папери, депозити банків, нерухомість тощо. Виявлено основні джерела інвестиційної діяльності страхових компаній – власні кошти (статутний фонд, резервний фонд, прибуток, цільове фінансування і надходження) та залучені кошти (поточне надходження страхових премій, резерви страхових внесків та відшкодувань, фонд запобіжних заходів). Запропоновано напрями вдосконалення державного регулювання інвестиційної діяльності страхових компаній: вдосконалення законодавчої бази та ринку капіталів, щоб забезпечити ефективне функціонування страхових компаній у сфері інвестування.

Introduction. It is emphasized that the sustainable development of national economy is possible as long as the financial services market functions effectively. The market is formed by the entities providing insurance, banking and investment services.Purpose. The purpose of the article is to identify the current challenges which hinder the development of Ukraine’s financial services market.Methods. The methodological framework of the study includes the following general research methods: induction, analysis, and generalization.Results. The main indicators reflecting the performance of the domestic insurance services market are analysed. Based on gross insurance premiums and insurance payments, it is found out that the most common type of insurance is vehicle insurance. The research paper claims that nowadays various types of insurance are being developed progressively in Ukraine. Special attention is paid to life insurance, because this type of insurance is viewed as socially essential. However, the development of life insurance market in Ukraine is rated as low.The presence of domestic banks on the financial services market is determined through the following indicators: the amount of funds received by business entities and individuals; the amount of gross loans granted to them. Under the current conditions, the domestic banks are providing financial services with innovative solutions.The main performance indicators of the domestic market of investment services with the participation of joint investment institutions are analysed. The development of this segment of the investment services market is evidenced by the increasing volume of assets owned by investment funds. The author also notes that there is a lack of people’s involvement in joint investment institutions.Discussion. The research findings are applicable and can be used in implementing strategies for the growth of Ukraine’s financial services market.

Introduction. Financial sector plays an important role in the financing of business entities in the real economy sector. A possibility of rising funds through the stock or banking sector enables substantially to expand the scope of enterprises. However, the presence of permanent financial crises does not allow companies to use these opportunities in full. Therefore, the assessment of state and trends of the stock and banking sectors in the context of the use of their funds to finance companies in the real sector of the economy becomes important. Purpose. The article aims to identify contemporary issues of development of the stock and banking sectors in the context of their ability to finance companies in the real economy. Method. In order to achieve the goal of the research we have used the following methods: method of structural and dynamic analysis and method of economic and statistical analysis of the development of the stock and banking sectors of Ukraine. Results. It has been determined that the deterioration of the stock market in Ukraine led to its exclusion from the list of marginal markets. The largest segment of the Ukrainian stock and banking sector services the issuers, which are owned by the state. At the same time, the financial sector has features of bank-centeredness since banks play a leading role in financing of companies and in transactions of the stock market. Ukrainian stock market mainly carries out operations with government bonds and only a small part of operations provides financing for the activities of companies through the issue of stocks and bonds. The share of long-term sources of funding is gradually decreasing and it is critically low for economic growth of the country. The tempos of providing long-term and short-term bank loans for the company are slowing down. A positive trend is the reduction of interest rates on loans. There is a need to develop effective measures for using opportunities of the stock and banking sectors as well for financing companies in the real sector of the economy.

There is intensive effort of the harmonisation of accounting in the world. Primary sence of harmonisation is ensured that individual financial statements of all accounting units were comparable. Notwithstanding there are still significant differences in same areas. This contribution is aimed at define of posting and showing financial leasing according to Czech accounting legislation and international accounting standards IAS/IFRS, and determination of significant differences in these legislation.The leasing is one of the form of purchase of property. So International Accounting Standards require so that a tenant (leasee) notices the subject of leasing in his assests and correlationally with obligation. After that the subject of leasing can be amortized. Argument for this way of billing is the fact, that the tenant (leasee) obtaines economic gain from use of the subject of leasing during its essential economic lifetime. For it the tenant (leasee) has to pay an amount that is about equal to real value and financial costs.The companies recording leasing according to czech legal form this fact do not record in accounting so value of their assests and obligations is lower than their actual (true) value. This procedure dis­fi­gu­res financial indicators to be important for review of financial situation of company according to International accounting standardsBecause financial leasing is the most favourite form of leasing relation, the aim of this article is determination all changes in tax legislation to be related to financial leasing during three last years. And of course outline effect of these changes on the leasing market.

<p><em>This study aims to determine whether the capital structure (DER) and profitability (ROE) have an impact on the Company Value (PBV) of the property, real estate and building construction sectors listed on the Indonesia Stock Exchange (BEI) for the 2014-2018 period. The research method used is Time Series from 2012-2018 and the number of Cross Sections as many as 10 companies, with the ex post facto method. The data presented annually are obtained from annual reports and financial reports of 10 property, real estate and building construction companies listed on the Indonesia Stock Exchange. This study uses a panel effects data regression model with a fixed effect model as a result of selecting the best regression model. </em><em>Based on the results of the analysis, it can be concluded that DER partially has a positive and significant influence on firm value (PBV). To increase firm value, all companies in this sector are advised to strengthen their capital structure by increasing DER. Although most of these companies have DER> 1x, the results of the research show the positive influence shown by DER on PBVR, this means that the use of corporate debt to increase company equity is still quite controlled, so that the financial leverage of companies in this sector is still quite safe in using debt. company to increase company value. The company still has the potential to increase firm value by increasing the company's DER as long as the total debt does not exceed the company's total equity. then ROE partially has a positive and significant effect on Firm Value (PBV). So that to increase profitability is done by increasing the ROE indicator so that the Firm Value (PBV) can increase. Increase ROE in various ways, such as increasing company efficiency, reducing non-essential costs, maximizing the company's equity capacity and developing strategies to increase the company's net income so that it can increase the Company's ROE. DER and ROE simultaneously have a significant effect on Firm Value (PBV).</em></p><p><strong><em>Keywords: </em></strong><em> Capital Structure, Firm Value</em><em>,</em><em> </em><em>Debt to Equity ratio, Price to Book Value, Profitability, Return on Equity </em></p><p> </p>

This paper examines the status and determinants of the gender gap in access and usage of financial products and services using 3000 sample of Findex survey data 2021 in India. The results provide evidence to support the gender gap in access and usage of financial services. Particularly they are prominent in access to Mobile Money Accounts (MMAs; 12.03%), debit card (16.27%), and credit card (4.91%). At the same time, a remarkable gender gap was also found in the usage of financial products, specifically in MMA savings (4.25%), deposits (11.52%), withdrawal from accounts (6.83%), debit cards (13.27%) and credit cards (3.94%) usage. Finally, this paper documented the gender gap in access and use of financial products explained by a lower level of education, income, employment, mobile phone ownership, and internet access. The findings suggest that increasing traditional and digital financial literacy and employment opportunity among women are essential. It is also recommended to expand internet connectivity and mobile devices to all socio-economic categories of women.

There are many studies demonstrating how good corporate governance positively affects the economic-financial performance of companies, but few which examine the relationship between corporate governance and cost of equity capital. These mainly focus on multiple industries, and suggest that there are positive shareholder value implications for firms with stronger corporate governance mechanisms. This paper investigates the relationship between the quality of governance and the cost of equity in financial companies. It finds that financial companies with the best governance (both "internal" and "external") are associated with a higher cost of equity capital.

MORTGAGE REAL ESTATE MARKET: LENDING TO HOUSEHOLDS BY COMMERCIAL BANKS OF UKRAINE DURING THE STATE OF MARTIAL

Financing Company is a business entity that carries out credit activities for goods or services for the productive and consumer interests. The problems encountered in this study are the constraints of the Financing Company when carrying out executions with fiduciary certificates, still having difficulty in collecting receivables from consumers. The next problem is responsibility for carrying out the work by the debt collector when carrying out fiduciary executions. This research is normative juridical, by approaching the case and the applicable laws and regulations. If Consumer in carrying out the obligation does not make payment, the Financing Company will execute the vehicle based on the Fiduciary Certificate, by first giving a warning to Consumer to immediately carry out its obligations, which is done because execution of the fiduciary guarantee is permissible by law based on Article 29 of Law No. 42 of 1999 concerning Fiduciary Guarantees. While in the case of cooperation between Financing Company and the Company that houses the Debt Collector, it is permissible based on Otoritas Jasa Keuangan Regulation Nb. 35 / POJK.05 / 2018. Regarding the legal responsibility itself is in the Financing Company. So it can be said that the execution of fiduciary guarantees by fiduciary recipients is permissible, and the finance company is responsible for the execution of executions, including those carried out by the Debt Collector. Therefore it is necessary to make procedures in accordance with the regulations so that the execution can be carried out properly and the Financing Company avoid legal responsibilities.

The residential real estate market plays a key role in the development of global and national economies, since it has acted as a powerful driver of GDP growth, increasing the level of employment, household incomes, and profitability of financial institutions, construction organizations and trading enterprises. The house price growth has two dimensions, threat to financial stability and source of economic development. The aim of this research is to formulate a list of criteria, based on which one can decide whether the house price at a given stage of housing market development needs to be constrained or not. The aim is achieved by a multi-perspective analysis of residential real estate market in Ukraine and its evolution. This research is based on general scientific and special methods of cognition, including abstract logical reasoning, grouping, and statistical analysis. The factors that con­tribute to the growth of house prices are formed using the method of principal component analysis, and the effect is estimated using least squares regression. Five stages of the evolution of the Ukrainian residential real estate market are identified according to two general indicators: housing price growth and credit activity. The segmentation is based on signi­ficant changes in market conditions and/or changes in housing price drivers, as well as changes in the regulatory environment. Factors affecting house prices at each of these stages were investigated using principal component analysis to identify variables for regression analysis. A set of criteria has been formed using which one can assess if the current rise in housing prices poses systemic risks to the national financial system and overall economy. Three hypotheses were put forward and their empirical verification was carried out, according to the results of which it was established that demand factors had the greatest impact on housing prices during the observation period; macro-financial conditions primarily affect prices on the primary real estate market; lending conditions affect price dynamics mainly only at the first stage of development of the housing market in Ukraine, which are determined in this study. The main drivers of the housing market in Ukraine are the unemployment rate, income growth levels, and population size. The conclusions drawn can significantly contribute to the monitoring system of the housing market in Ukraine and the analysis of the systemic risks it generates.

I. INTRODUCTION Even though foreign acquisitions of U.S. assets are predominantly in service sector industries, research on foreign takeovers of U.S. domestic firms has focused on manufacturing firms. As foreign takeovers and new establishments in service sector industries have grown in importance (see Figure 1), research on service sector foreign direct investment (FDI) has fallen behind in part because service FDI and trade in service sector industries are not measured as well as those in the goods producing sector (Jensen 2011). Our paper analyzes the comparative advantage characteristics of foreign takeovers and new establishments in the U.S. service sector providing an insight on service sector FDI in the United States. Economic policies on service sector industries sometimes include large restrictions on foreign investors, particularly in the areas of public utilities, transports, financial services, and wholesale/retail trade. These restrictions have been used in cases such as opposition to an acquisition of a U.S. port by investors in Dubai and refusal to ease restrictions requiring that U.S. airlines must be at least 75% owned by U.S. citizens (Golub 2009). These types of policies may be misguided especially if foreign ownership brings increases in efficiency to those firms and their industries. Moreover, foreign investments in service sector industries may boost the productivity of downstream users and upstream suppliers in manufacturing (Markusen, Rutherford, and Tarr 2005; Arnold, Javorcik, and Mattoo 2011; Javorcik and Li 2013). More research is needed to better understand FDI in U.S. service sector industries and help guide policy. [FIGURE 1 OMITTED] Previous research by Feliciano and Lipsey (2015), shows that both foreign acquisitions and new foreign establishments in manufacturing tend to be in industries of investing country's revealed comparative advantage (RCA) in exporting. Moreover, new foreign-owned establishments tend to be in industries of U.S. revealed comparative disadvantage. This suggests that foreign investors in the manufacturing sector bring intangible assets or skills that make them more competitive. The relationship between foreign takeovers and investments in new foreign establishments and RCA may be different in the service sector because the motivation for foreign investment in service sector firms is different from foreign investment in the manufacturing firms. Decisions on FDI in manufacturing are based on trade costs, coordination costs, and market size. Services are not storable, and thus the provision of some services requires geographic proximity. This feature makes direct investment in service sector necessary as opposed to cross-border trade. Bhattacharya, Patnaik, and Shah (2012) develop a model for the choice of trade and FDI in the service sector and find that, contrary to FDI in manufacturing, less productive firms may engage in FDI in the service sector. The relationship between foreign acquisitions and new foreign establishments in the service sector and the comparative advantage of the country of ultimate beneficial owner (UBO) may not be positive. We analyze data on foreign takeovers of existing U.S. firms and newly formed foreign-owned firms (greenfields) in service sector industries outside of finance, insurance, and real estate from 1998 to 2008 from the Bureau of Economic Analysis (BEA) U.S. Department of Commerce. BE A data are more complete and have more detailed information than the Thomson Financial Securities data, widely used in the study of foreign acquisitions. Unlike the Thomson Financial Securities data, BEA data include smaller not publicly traded firms, contain the value of assets acquired in all transactions, and have information on new foreign establishments. (1) To our knowledge, this is the first study to estimate a relationship between foreign takeovers and new foreign firms, and the RCA of the country of UBO in the U. …

Purpose. The purpose of the paper is to characterize the structural changes in the financial services market caused by war and identify the main trends and mechanisms for ensuring the stability of the market under martial law in Ukraine. Design/methodology/approach. We used the data from the financial market regulators to analyze the impact of a full-scale invasion on financial institutions’ activity and operations as well as to compare the contemporary trends in different sectors of the financial market in Ukraine. Findings. Our research examines the financial landscape in 2022, revealing a marked decline in the presence of financial intermediaries, notably in insurance companies and credit unions. Concurrently, there has been a substantial reduction in the number of bank branches. The sharp decline in the number of financial institutions can be attributed to multiple factors, including some institutions operated in regions occupied by Russia, preventing continuity after the invasion, and others involved in high-risk activities facing NBU scrutiny revealing violations. The war intensified liquidity and solvency issues, with numerous failed institutions lacking a safety margin and unable to attract resources amid economic deterioration. Despite these structural shifts, the overall assets of financial institutions have not decreased. The analysis showed the redistribution of assets in favor of banks. The market share of financial companies and pension funds experienced a slight decrease, with insurers and credit unions facing more significant losses. Practical implications. The high level of digitalisation of financial services in Ukraine allowed for ensuring an adequate level of access to financial services in the first months of the war when it was critical to maintaining customer confidence in the financial sector. Accordingly, further digitisation of financial transactions and improvement of regulatory approaches to the use of digital financial instruments can be seen as priority areas for the development of Ukraine’s financia sector. Originality/value. The research is an attempt to assess the extent of the impact of critically negative external factors on the financial sector in Ukraine, in particular, to identify structural changes caused by the war. Prospects for further research are related to the study of the medium- and longterm aspects of this impact