Устойчивые инвестиции и дивестиции институциональных инвесторов глобального уровня

Since the global financial crisis in 2008, international energy markets have become more closely linked to financial markets and energy prices have exhibited more financial characteristics. Therefore, it is of great theoretical and practical significance to study the time-varying synergy between the energy market and the global financial market. This paper sets up a model for realizing the time-varying co-movements between energy markets and global financial markets: It uses the Diebold &Yilmaz spillover index method and its dynamic expansion model to test the spillover mechanism of market volatility shocks, applies the deep long and short-term memory (DLSTM) model to predict market prices. The results of this study show that, first, energy markets and global financial markets are closely linked networks, and the spillover effects have obvious time-varying characteristics. Second, from a static spillover perspective, the Global Financial Price Index shows the largest net exporter in both yield and volatility spillovers, suggesting that the global financial development market has the strongest influence on other markets. However, in the volatility spillover, the net spillover index shows alternating periods of positive and negative periods most of the time.

Purpose The purpose of this study is to show how socially responsible investment (SRI) could represent a powerful tool (trust recovering in political and economic institutions) in the case of failure or stagnation of economic and financial growth. The purpose of this chapter is to evaluate the current status of SRI in the context of the recent financial and economic crises. The main objective of this analysis is to consider the different benefits and challenges that this type of investment transactions bring into the international economy, and how SRI entrance could represent a major benefit not only for investors a different approach to corporate sustainability but as an important possibility in times of global economic and political crisis. Methodology/approach By analysing the literature about SRI, it has been developed a discussion regarding its benefits and obstacles in today’s financial scenario. By evaluating the performance of SRI in the context of the global financial crisis and the important opportunities regarding development, we would like to present the SRI as an important tool in today’s Post 2015 development agenda. Findings After revising the existent literature, it has been found that there are two important discussions in the field of SRI. The first one is related with the financial performance of SRI in contrast with the conventional investment funds while the second one is related with important considerations about the SRI in the context of the global financial crisis. After considering the arguments from the different authors, we address some conclusions regarding the importance of SRI in nowadays sustainable development discussion. Practical implications Due to failure in the traditional modus operandi of financial institutions and the recent global crises, investors, corporate executives and governments are increasingly paying more attention on the social, environmental and ethical behaviour of individual managers, shareholders and institutional investors. Therefore, it is being observed a shift and maturing process in SRI from an exclusive practice of few and specialised niche investment funds with minor financial implications and limited economic importance, to mainstream adopted by a growing number of institutional investors at the international level. This shift may influence companies and managers to adopt universal values and to assume a committed and strategic CSR agenda to respond to markets and societal expectations, in order to have guilt-free and sustainable investment and sustainable financial markets. Originality/value Within the context of the Post 2015 development agenda, the role of business and the private sector has become crucial for funding the new sustainable development goals (SDGs). This chapter not only discussed the relationship between SRI as an alternative to overcome financial crises and lack of sustainability in investment, but it does also conceptually demonstrates the potential of SRI to achieve the funding of the SDGs.

We can measure the globalisation tendency of financial markets by means of several criteria 0 the degree of financial openness, the degree of financial integration and the degree of participation in the global financial market . This study aims at analysing the degree of participation in the global market as a Financial Markets Globalisation Criterion based on indicators such as the amount of issuing on the international markets, the number of cross listing, the percentage of foreign investments into the GDP etc. We can conclude that although we cannot talk about a global financial market yet, the intensity and extent of the cross0border financial activity indicates an evolution in this direction. Yet, the process does not have a linear trend.

The present study identifies the strategies that individuals committed to the cause of Sustainable Investment (SI) use when attempting to persuade institutional investors (e.g., pension funds) to invest in socially and environmentally responsible ways. This article is based on interviews with 15 pioneers of the SI movement in the United Kingdom. Building on the literature on issue-selling, green championship, and corporate social responsibility, this study identifies four tactics that pioneers have employed to “sell” SI in investment institutions: making the business case for SI; forming internal coalitions with mainstream investment professionals; industry networking; gaining credible expertise. The results also suggest that market short-termism and internal organizational contexts dominated by a lack of moral engagement and disempowerment of SI teams are factors that impede champions' efforts. The article opens new avenues for research and recommends ways in which organizational and institutional impediments to SI may be overcome.

The World Trade Organization (WTO) has been actively working to address the various challenges facing the global financial services market and is of great importance for the regulation of trade in general, including trade in financial services. This is done through the WTO’s guidance in the conclusion of trade agreements containing provisions on financial services, such as the General Agreement on Trade in Services (GATS). The main goal of the GATS is to create conditions for legalizing and regulating trade in financial services between member countries. It promotes the creation of a legal framework for trade in services, including financial services, and establishes principlesand procedures to be followed by market participants. In addition, the WTO facilitates the exchange of information and best practices between countries to promote innovative development of the financial sector (FSC), Trade Facilitation Agreement (TFA), and stimulates competition, which can foster innovation. However, specific policies on innovation in the financial sector are usually determined by national governments and regulators, and the WTO helps to create a general framework for their development. However, it should be noted that ongoing efforts are needed to address the remaining challenges and to promote a more efficient and accessible global financial services market. The article examines the key features of the regulatory framework for modern financial instruments in individual countries, as well as the mechanisms of WTO regulation of the global financial services market.

The proposed paper is one of a set of articles dedicated to the new phenomenon in the global and national financial markets – financial convergence – and is focused on theoretical issues. The hypothesis of the article is to argue whether the financial convergence determines the directions of financial market (namely, insurance and pension sectors) development. Adequately the goal of this paper is to analyze the existence of convergence processes in the insurance and pension markets. Methods of systematic and logical analysis are used. In the first part authors give brief history of the convergence phenomenon research. Then the paper analyses influence of financial convergence on insurance and pension markets, manifested in the following effects: mix of financial institutions functions; distribution channels advantages, increase of insurance and pension funds companies’ competitiveness; governance models convergence. The major results of the study are: demographic shifts in different developed and emerging markets countries caused the need to reform the social security systems and public pension schemes and refocus them to the market-based financial convergence model; pension funds, acting as institutional investors, are the leading players in the contemporary global financial market; competition at the financial market causes the expansion of a number of services offered by various organizations: banks, insurance companies, pension funds and so on, which offer a wide range of services not directly related to their core businesses; the mixing of financial institutions functions from the insurance, pension and banking sectors, increased competition for customers at the national and global financial market.

The purpose of the article is to structure the legal framework for regulating the market of derivative financial instruments at the global and national levels, to harmonize them with each other and to identify current changes and problems. The article uses an economic and legal approach to the study of the problems raised. It has been established that the structure of regulation of the derivatives market consists of supranational and national levels. At the supranational level, global and regional financial market institutions determine the basic provisions for the functioning of the market; at the national level, it is regulated by legislative bodies, state regulatory bodies and self-regulatory organizations. The regulatory support of state bodies in the capital market is formed by instructions, standards and norms, methodological guidelines, explanations, rules, etc. The attention is focused on the important role of European supranational institutions as factors of adaptation of the Ukraine financial system to EU requirements. It has been established that the Ukrainian model of financial regulation is close to the “two peaks” model, in accordance with which the main functions are distributed between institutes – by the National Bank of Ukraine and the National Securities and Stock Market Commission. The functions and powers of all components of the derivatives market regulation system, including self-regulatory organizations, are considered. It is noted that in Ukraine derivatives trading outside the organized market is poorly regulated and requires the use of tools aimed at standardizing processes (General Agreement) and enhancing depository and clearing activities. The level of Ukraine derivatives market development is characterized as the active phase of the rule-making processes regulating. The legislative bodies have a decisive influence on the system of regulation of derivatives market at the national level. They form a legal framework and have a clear hierarchy. The key subjects of information support of the financial market are identified, their functions and the state of disclosure of information are determined, the main problems of the informational support require solution.

This research is devoted to the issues of reserve currency competition in the global financial system. The paperaimsto investigate key sources of competitive advantages of reserve currencies in the context of the development of the global financial system towards currency multipolarity and assess how digital transformation can affect the drivers of reserve currencies’ competitive positions in the global financial system. The author uses the followingmethodsof scientific research: analysis, synthesis, abstraction, deduction, induction, and logical method. The article notes that the financial market capacity is the key factor of reserve currency competitiveness. The author emphasizes that monetary policy instruments that provide funding for financial institutions play a key role in strengthening reserve currency competitiveness in the global financial market. The author highlights that during the COVID-19 crisis monetary policy of the central banks that issue reserve currencies stabilized the situation in the world financial system and strengthened the positions of the major reserve currencies in the global financial market. The author notes that the increase of monetary policy cooperation between central banks points to the evolution of the world financial system towards currency multipolarity. The research emphasized that the development of ecosystems driven by digital transformation can significantly affect the competitive positions of currencies in the global financial system. The authorconcludesthat the global financial system is evolving towards currency multipolarity meaning that the US dollar will remain a leading reserve currency and at the same time other reserve currencies will likely play a bigger role.Further researchof currency competition problems may investigate the impact of digital transformation on competitive positions of reserve currencies in the global financial system.

PurposeThe purpose of this paper is to investigate the determinants of the intellectual capital performance of UAE banks over the period 2004 to 2010.Design/methodology/approachMultiple regression analysis was used to test the relationship between the intellectual capital performance as a dependent variable and certain independent variables.FindingsThe results indicate that standard variables, namely investment in information technology systems, barriers to entry, bank risk, bank size, bank age and bank listing age, are important. The results also show that the global financial crisis and market structure as measured by concentration ratio variables, which have not been considered in previous studies, have a significant impact on intellectual capital performance.Research limitations/implicationsMore evidence is needed regarding the determinants of intellectual capital performance before any generalisation of the results can be made. In addition, the empirical tests were conducted only for UAE banks between 2004 and 2010. Therefore, it cannot be assumed that the results of the study extend beyond this group of banks or to different periods.Practical implicationsThe paper might help the banking regulators address the factors affecting intellectual capital performance and also help banks to take action to developing their performance, in turn maximising their value creation.Originality/valueThe paper adds to the literature discussing determinants of intellectual capital performance in banks. In particular, it tests the theory that the global financial crisis and market structure, as measured by concentration ratio, have an impact on intellectual capital performance.

This paper examines the impact of behavioral biases on the attitudes and intentions of both institutional and retail investors towards Environmental, Social, and Governance (ESG) investing. Behavioral biases, such as loss aversion, overconfidence, and confirmation bias, can significantly influence investment decisions, often leading to irrational behavior in the face of complex and uncertain information related to ESG factors. By avoiding behavioral biases, investors can more easily make rational decisions based on available data and logical processes. This study primarily focuses on overconfidence and the disposition effect, emphasizing how these biases affect investors' perceptions. Additionally, the paper underscores the importance of recognizing and addressing behavioral biases and outlines methods to do so. The study shows that behavioral biases, particularly representativeness bias, significantly influence retail investors, often leading them to make decisions against market trends and potentially resulting in losses. In contrast, while institutional investors are also subject to behavioral biases, their expertise enables them to effectively mitigate or even leverage these biases to achieve positive outcomes. Ultimately, the paper calls for further research into the ways that behavioral finance can inform practices that enhance the adoption of sustainable investment strategies among all types of investors.

Causes and Consequences of the Global Economic Crisis in the Present Period and its Impact on the Slovak Republic

Preface In times of increasing demand for social equality, adherence to human rights and the tackling of global warming, awareness of sustainable investments is becoming more important in the context of the economic prosperity of a country. Investors, from the institutional as well as the private side, can support environmental, social and governance (ESG) issues by investing in sustainable assets. This research contributes to analysing the sustainable investment market in Europe and to developing market segments for the future. Socially Responsible Investments (SRIs) integrate ESG aspects into the decision-making process, whereby investments only focussing on the E (environmental aspects) are classified as Green Investments. The analysis of private investor sentiment is based on 12 structured interviews. Furthermore, the results for 20 institutional investors were analysed with the help of a database of sustainability reports. For the research methodology a content analysis was applied. Moreover, to evaluate the investor side and to gain further expertise in new market segments which have not yet been explored, an expert interview has been conducted with an issuer. The research concludes that there is an increasing demand for SRI and Green Investments. Especially in countries which have already implemented some regulations in this regard. However, for private and institutional investors profit maximization still plays a dominant role in the investment decision making process. Chapter 1 provides an overview of the importance of investments in sustainable projects. Profit maximization is the common goal of national and multi-national enterprises in a capitalistic era. This chapter highlights that investors and companies can still achieve better return on their investments by investing in SRIs and projects related to ESG. Moreover, this chapter outline the research questions related to market share of traditional and sustainable investments. Chapter 2 provides the fundamental background and actual status of research for the development of SRI and Green Investments. First, the foundation of the terminology SRI, Green Investments and ESG will be described. The chapter demonstrated the theoretical work of the segmentation theory and evaluates different segments. Further, the investor and issuer side will be described to understand who the main players in the sustainable market are. The theoretical work will end with regulatory background of the sustainable reporting standards and analyse the evolution of regulations by country. The last chapter of the literature review will analyse the current SRI and Green Investment market by the work of sustainable research institutions. Chapter 3 describes

Preface In times of increasing demand for social equality, adherence to human rights and the tackling of global warming, awareness of sustainable investments is becoming more important in the context of the economic prosperity of a country. Investors, from the institutional as well as the private side, can support environmental, social and governance (ESG) issues by investing in sustainable assets. This research contributes to analysing the sustainable investment market in Europe and to developing market segments for the future. Socially Responsible Investments (SRIs) integrate ESG aspects into the decision-making process, whereby investments only focussing on the E (environmental aspects) are classified as Green Investments. The analysis of private investor sentiment is based on 12 structured interviews. Furthermore, the results for 20 institutional investors were analysed with the help of a database of sustainability reports. For the research methodology a content analysis was applied. Moreover, to evaluate the investor side and to gain further expertise in new market segments which have not yet been explored, an expert interview has been conducted with an issuer. The research concludes that there is an increasing demand for SRI and Green Investments. Especially in countries which have already implemented some regulations in this regard. However, for private and institutional investors profit maximization still plays a dominant role in the investment decision making process. Chapter 1 provides an overview of the importance of investments in sustainable projects. Profit maximization is the common goal of national and multi-national enterprises in a capitalistic era. This chapter highlights that investors and companies can still achieve better return on their investments by investing in SRIs and projects related to ESG. Moreover, this chapter outline the research questions related to market share of traditional and sustainable investments. Chapter 2 provides the fundamental background and actual status of research for the development of SRI and Green Investments. First, the foundation of the terminology SRI, Green Investments and ESG will be described. The chapter demonstrated the theoretical work of the segmentation theory and evaluates different segments. Further, the investor and issuer side will be described to understand who the main players in the sustainable market are. The theoretical work will end with regulatory background of the sustainable reporting standards and analyse the evolution of regulations by country. The last chapter of the literature review will analyse the current SRI and Green Investment market by the work of sustainable research institutions. Chapter 3 describes

This study explores the main determinants of institutional ownership in the MENA region. Using a large sample of 262 listed companies across MENA countries, this study focuses on company and country characteristics that might explain institutional behavior. We attempt to answer the following questions: First, what are the main categories of institutional investors operating in MENA countries? Secondly, what factors drive institutional ownership? Results reveal a weak presence of institutional investors in the MENA region. Unlike foreign and passive investors, domestic and active institutional investors dominate the companies’ ownership. Such findings raise serious issues about how to attract foreign institutional investors. Results also suggest that value stocks appeal to institutional investors, whatever their origin (foreign or domestic) and kind (active or passive). Institutional investors look for large, profitable, and liquid companies that pay high dividends. They prefer investing in highly indebted companies as they consider debt an efficient mechanism to mitigate agency problems. Corporate governance and information disclosure are also crucial determinants of institutional ownership. However, foreign-domestic and active-passive institutional investors have different investment preferences. Our study would contribute to a better understanding of ownership endogeneity within an emerging context. Results would help professionals, managers, and policymakers to adopt appropriate reforms to offer an appealing business climate and attract a large base of institutional investors, not only foreign and active investors.

Though the green bond markets are growing expeditiously, the summary overview of this market literature is sparse. This study addresses the gap by employing a bibliometric analysis through a systematic review of the literature approach and provides a state-of-the-art overview of the current trends, status, and future development of the green bond markets. To do so, the study reviewed 265 articles retrieved from the Scopus database spanning from 2011 to 2022. Akin to this, the study unpacks the publication trend, most influencing articles, prolific authors, top contributing journals, countries, as well as affiliations in green bond research. The review shows that the publication trend has surged exponentially with an annual growth rate of 55.12%. The study also reveals major themes such as sustainable development, sustainability, green bonds, sustainable finance, green finance, and sustainable investment. The findings of the study suggest curating future research with the main emphasis on multiple types of green bonds, the impact of various green projects, the attention of various market participants, and the incorporation of advanced technology for the development of the green bond market. The study will help policymakers, regulators, and academicians to promote sustainability.