Investment scope decision

Capital Insufficiencies, Absortion Role of Management Inefficiencies and Financial Distress (or Bankruptcy) Probabilities – A Panel Data Probit Analysis from European Western Countries

The article is dedicated to analyzing the issue of determining the boundary of the legitimacy of state measures in regulating and controlling foreign investments within national jurisdiction, in accordance with national laws and regulations, and in line with national objectives and priorities. Additionally, this article reviews key regulatory trends in the international legal sphere concerning the protection of foreign investments. Through the analysis, the content of the main issues in international investment law has been clarified, including the protection of foreign investments and the differentiation (legal classification) of state actions that constitute indirect expropriation, discrimination, unfair treatment, or other violations of international obligations under international investment agreements. Such actions create the right to challenge them through international arbitrations, potentially leading to compensation obligations. On the other hand, state measures taken within their right to regulate in the public interest are not subject to compensation. Moreover, previously published theoretical insights regarding the interaction between the legal regime of foreign investment (international investment treatment) and the state guarantees for the protection of foreign investments have been importantly refined. Relevant examples are provided concerning both these guarantees and the key approaches to forming a regulatory framework for the domestic regulation of foreign investments, including their admission and restrictions. The first approach assumes that special regulations apply to foreign investors, partially overlapping with those established for national investors. In developing countries in Africa, Latin America, and Asia, special foreign investment laws typically exist, which may include separate laws or investment codes. The second approach is more characteristic of countries with developed economies. Under this approach, legislators do not establish special laws governing foreign investments but introduce significant restrictions. Such restrictions usually apply to specific industries or sectors in which foreign participation may be entirely prohibited or limited. Additionally, investment activities may require obtaining special permits, and states may implement special screening mechanisms. But the key research finding is that national law establishes the legal framework for creating the general legal regime of foreign investment, which is realized, among other things, through the sub-institution of state guarantees for the protection of foreign investments. This sub-institution may and may not be even directly linked to the actual implementation of foreign investments, but always exists in national legislations. It is also worth noting that the prevailing trend is the continuous development of national foreign investment legislation to implement policies that contribute to global economic growth and the overall welfare of the population. An empirical legal indicator of this trend is the gradual disappearance of differences between legal regimes for national and foreign investors, facilitated by the introduction of legal mechanisms for foreign investor access. Key words: international investment law, international investments, investment treatment, bilateral/multilateral investment treaties, international investment arbitration, state guarantees for the protection of foreign investments.

To provide evidence for resource allocation and cooperation between domestic and international HIV/AIDS programs in China by analyzing the needs and current levels of resource input in provinces. National and provincial international cooperation program investment and allocation data from 2000 to 2006 were collected. Several factors in each province were analyzed through multiple regression analysis in order to determine whether they had a statistical correlation to the distribution of international HIV/AIDS program resources in China, including: the Gross Domestic Product (GDP), the number of accumulated people living with HIV/AIDS, and the number of accumulated people living with AIDS. Then the Z values were calculated at each provincial level and compared with related international investment. The resource allocation in different program areas were compared with the level of resource input by international and central government HIV/AIDS prevention and control programs through Chi-square test. The international cooperation program investment at local level from 2000 to 2006 were 4893, 24 669, 50 567, 52 950, 112 143, 363 396 and 247 045 thousand RMB respectively, and at national level were 3007, 19 726, 29 035, 37 530, 77 500, 105 786 and 77 035 thousand RMB respectively. There was a statistical correlation between international HIV/AIDS program resource input and the accumulated number of people living with AIDS (R is 0.56 and 0.69 accordingly, and P < 0.01 both). However, there was no statistical correlation between international resource input and the GDP of each province. International HIV/AIDS cooperation programs did not invest in each province according to its practical needs (R = 0.066, P = 0.725). The international cooperation program investments and needs in different province could not meet completely. The ranks of Z value in Guangdong, Shandong and Jiangsu were 3, 5 and 6, but the ranks of international cooperation program in those provinces were 18, 13 and 28 respectively. The investment proportion for national investment in surveillance and testing, advocacy education and intervention, care and support, and others were 22.4%, 19.7%, 36.8% and 21.1% respectively in 2005, and for international cooperation program were 11.5%, 20.8%, 10.4% and 57.4%. For national investment in 2006 were 18.6%, 23.8%, 32.6% and 25.0%, and international cooperation program were 14.0%, 34.3%, 17.1% and 34.6% respectively. The Chinese government and international programs therefore had different priorities in 2005 (chi(2) = 35.09, P < 0.01) and 2006 (chi(2) = 9.26, P = 0.026). International HIV/AIDS cooperation programs should be better integrated with national programs and combined with epidemic situation and GDP to decide the amount and areas of the investment in order to ensure that they supplement Chinese HIV/AIDS prevention and control activities effectively. The advantages that can be gained from technical support provided by international programs should be further emphasized in line with China's HIV/AIDS prevention and control priorities.

In the present chapter we present a microeconomic model which helps to analyze the effect of the information technology used to support transactions on decisions about supplier selection and the design of purchasing contracts. In section 4.1 the notion of progress in information technology is systematized by means of a state preference approach. In section 4.2 a model of supplier selection decisions is introduced and discussed. This basic model helps to explain how information technology influences the selection of transaction partners and the stability of supplier relationships. In a brief excursus the basic model is applied to outsourcing decisions in order to discuss how information technology is likely to influence the vertical integration of organizations. Finally, in section 4.3 the basic model is extended to incorporate decisions on the selection of information technology into the analysis.

The purpose of the article is to consider the transformation of financial relations, which occurs as a result of the active development of sustainable finance. The business’ awareness of the importance of sustainable ESG financial strategies (environment, social sphere, corporate governance) is becoming increasingly significant for assessing the efficiency of the global economy, markets, industries and business models. The development of sustainable finance transforms financial relations: on the one hand, enterprises are obliged to adhere to certain social and environmental standards, but on the other hand, enterprises themselves revise their strategy and improve it to become more sustainable and competitive. Sustainable finance provides a more transparent market, which forces enterprises to take into account the social and environmental aspects of their activities, as this affects the availability of «green» financing, including through government subsidies and tax rebates. To increase the scale of the sustainable finance market, governments and international organizations develop regulatory policies and provide financial support to businesses through a variety of programs and initiatives. The expediency of developing strategies and programs aimed at attracting international and national sustainable investments to support post-war economic recovery in Ukraine at different levels (international, national, regional, local) has been determined. Institutionalizing the sustainable finance market and increasing demand for personalized sustainable product portfolios will increase the profitability of sustainable projects, which will be beneficial for international business in the long term in view of sustainability and competitiveness. The interest of international business to various fintech projects with ESG capabilities will grow. At the same time, it is important not to overregulate the industry, as many international companies wishing to switch to sustainable financing simply will not be able to achieve global or European standards.

As an important legal document signed between two countries to promote and protect investment, bilateral investment treaties play an important role in bilateral international investment. This paper intends to answer the following questions: What is the impact of bilateral investment treaties on Chinese companies’ overseas mergers and acquisitions（M&A）? What is the impact mechanism? How should Chinese companies take advantage of the effect of bilateral investment treaties on overseas M&A, so as to expand the scale and scope of overseas M&A while promoting the success of M&A?Based on the progressive difference-in-difference model, this paper delves into the theoretical mechanism and impact of bilateral investment treaties on Chinese companies’ overseas M&A by using bilateral investment treaties as a quasi-natural experiment with the country panel data of 140 countries from 2004 to 2018. It comes to the following conclusions: Firstly, compared with countries that have not signed bilateral investment treaties, bilateral investment treaties have a significant positive effect on Chinese companies’ willingness to acquire overseas and successful M&A. Secondly, in terms of dynamic effects, bilateral investment treaties have a long-term effect on the promotion of Chinese companies’ overseas M&A, and their volatility has increased. Thirdly, the promotion effect of bilateral investment treaties is significantly heterogeneous. The promotion effect of bilateral investment treaties is more significant in Asia and Africa, stronger in high-quality countries and developed countries, and stronger in non-state-owned companies. Fourthly, the expansibility test shows that the quality of the text of bilateral investment treaties have a significant promoting effect on China’s overseas M&A. Fifthly, through the decomposition and quantification of the specific provisions of investment treaties, “Definition and Scope of Investment”“Fair and Equitable Treatment” and “Most Favored Nation Treatment” are the key provisions that affect the promotion of China’s overseas M&A in bilateral investment treaties. This paper enriches the research theory in the field of bilateral investment treaties and overseas M&A relations, provides policy revelations for Chinese companies’ overseas M&A and the new round of bilateral investment treaty practices, and contributes Chinese wisdom to global economic governance.In short, this paper contributes to the existing research in the following three perspectives: Firstly, it specifically examines the impact of bilateral investment treaties on the number of Chinese companies’ M&A cases and successful M&A cases in a more in-depth way. Secondly, it uses bilateral investment treaties as a quasi-natural experiment, and conducts an empirical research based on the progressive difference-in-difference model. It also explores the impact of the text quality of investment treaties, and examines the internal mechanism of bilateral investment treaties from the dimensions of investment definition and scope, fair and equitable treatment, national treatment, most-favored-nation treatment, expropriation compensation, umbrellas, and investment dispute settlement based on the specific terms of investment treaties. Lastly, it lays an important empirical foundation for deepening bilateral investment treaties and promoting overseas M&A by Chinese companies, as well as for building a scientific and reasonable bilateral investment treaty system and promoting the formation of a new pattern of comprehensive opening.

Remiantis atliktų tarptautinių finansinių tinklų teorinių bei empirinių tyrimų analizės rezultatais, analizuojami tarptautinio finansinio tinklo identifikavimo ypatumai. Analizuojama metodika pritaikyta tarptautinio portfelinių investicijų tinklo atveju.

Traditional federated learning algorithms suffer from considerable performance reduction with non-identically and independently distributed datasets. This paper proposes a federated learning algorithm based on parallel-ensemble learning, which improves performance for image classification on these datasets. The training process of this algorithm includes basic federation learning and meta federation learning. First, several basic models are trained through cross-validation of federated learning, and then the meta-model is trained using the prediction results of the validation sets. In the training process, the training of different basic models is parallel. In prediction, meta-model is used to aggregate the output of the basic models to get the final prediction results. Our algorithm can achieve higher accuracy than traditional federated learning when using non-independent identically distributed datasets for image classification. Our algorithm aggregates different models through federated learning based on parallel-ensemble method, and improves the image classification performance of federated learning on non-independent identically distributed datasets.

Cancer is a remarkably adaptable and formidable foe. Cancer exploits many biological mechanisms to confuse and subvert normal physiologic and cellular processes, to adapt to therapies, and to evade the immune system. Decades of research and significant national and international investments in

Due to the rapid rate of soil loss, fossil energy dependence and climate change gases associated with industrial agriculture, the current model cannot provide sustainable food or energy in the future. It is imperative that international agricultural and energy policies be coordinated so that a transition to new regenerative systems can be achieved. Biofuels can play a key role in this transition by increasing long-term prices of all commodities, thereby creating the opportunity for farmers to invest in regenerative practices. Such a policy must be implemented simultaneously with national and international investments in research, extension and infrastructure of regenerative agriculture.

The overall goal of this study is to create a framework for assessing the trends of China's national and international investment in agricultural research and to measure its impact on total factor productivity. The main methodological contribution is to provide more convincing measures of crop‐specific technologies from China's national research program and of those imported from the international agricultural research system. Our results find that from 1980 to 1995, China's total factor productivity for rice, wheat, and maize grew rapidly and new technology accounts for most of the productivity growth.

The United Nations Conference on Trade and Development’s (UNCTAD) annual World Investment Report (WIR) provides crucial yearly updates on global foreign direct investment (FDI) and investment policy trends, as well as insights into the sustainable investment landscape. It also introduces readers to a pertinent and contemporary topic that sits at the heart of today’s global investment agenda. This year’s 35th report focuses on investment in the digital economy (for previous WIR reviews in this journal, see, for instance, Giroud (2024) on investing in sustainable energy for all or Giroud &amp; Bonilla-Feret (2025) on investment facilitation and digital government). The review follows the usual structure, where Chapter 1 covers global trends in FDI and multinational enterprise (MNE) activities over the past year; Chapter 2 presents national and international investment policies; Chapter 3 introduces recent changes in sustainable finance and responsible investment; whilst Chapter 4, the thematic chapter, deepens the readers’ understanding of international investment in the digital economy. In this review, we examine the recurring chapters (i.e. chapters 1, 2, 3), offer a critique of Chapter 4, and conclude with suggestions for future International Business (IB) research related to this chapter. Specifically, we develop suggestions on how IB research can create impact by engaging with research on investments in the digital economy and discuss how the ‘new reality’ of a more digital economy provides fruitful avenues for research in IB, specifically on global strategy and global sustainability.<br/><br/>

As part of its health system reconstruction following decades of civil war, Cambodia undertook a program of health sector reform in 1996 to expand coverage of essential health services to the population of 14 million, 80% of whom are resident in over 13 000 rural villages. During this reform period, one of the major national health programs, the National Immunization Program (NIP), adapted its planning system to accommodate changes in social and health sector structure. The aims of this article are to review changes made in the approach to national immunization planning and to illustrate how these adaptations can help identify future challenges and opportunities for further improving immunization coverage in Cambodia. Sources of information for the study include immunization plans and data from international and national sources, as well as data from the national health information system. Findings of review: Management and service delivery reforms undertaken by the NIP include (1) strengthening links between immunization, health sector and international health planning; (2) development of immunization program multiyear and financial sustainability plans; (3) strengthening of national program decision making structures and processes; (4) widening of decentralized stakeholder participation in health planning; and (5) implementation of service level micro-planning. These management reforms have been associated with significant improvement in public health program performance and outcomes during this period (2003-2006). There has been an increase in vaccination coverage for children under the age of one year, over a five-year period (increase of 29% for fully immunized child at one year of age), with no significant differences in vaccination rates between urban and rural areas, and a sharp decrease in the incidence of vaccine preventable diseases. The NIP is now well positioned to take on additional challenges in coming years associated with expanding international partnerships, the continued development of civil society, further health system decentralization, and the requirement to further improve coverage in support of global and regional disease elimination goals. However, as costs continue to rise, planners in the future will need to emphasize the economic and public health benefits of immunization programs in order to sustain increasing levels of national and international investment.

This paper explains the concept of regional competitiveness and the factors that influence on it. A large number of various authors explain this concept, based on its different aspects, including: productivity, mikroaspekts (firm), quality of human capital, innovation, technology, infrastructure, social capital, etc.. Taking into account complex nature of regional competitiveness, it is difficult to determine a standard definition of this term. The second part of this paper refers to the case of western China. Substantial disparity in regional development is a reality in every geographically large country, and the causes of the disparity are numerous and complex. Regional inequality has been an important issue in China. This paper generally summarized China's Western regions geography, government policies and development situation. The authors put forward some practical strategies on how to help the western regions create a favorable environment to attract national and international investment.

This paper focuses on the Telangana State Industrial Policy and its scope for business development. The new Telangana State Industrial Policy is providing a framework which will not only make the industries to stabilize and competitive but also increases its scope for national and international investments in industrial sectors. The focus will be more on core manufacturing sectors with the creation of employment for urban and rural youth and adding values to existing skills emphasized at all stages. The policy is aiming at producing high quality goods at the most competitive price, which establishes “Made in Telangana – Made in India” as a brand with high global recognition. The corner stone of the policy is the Zero graft and Zero tolerance to corruption. The high expectations of the people of Telangana State about the job opportunities, infrastructure development, and uplift of backward sections of the society are the priorities Telangana State Government. This is possible only by the development of industries which in turn provides the job opportunities to youth and thereby increasing their standard of living. The new Telangana Industrial Policy will be the instrument through which the vision of the Telangana State Government will be translated into action. The Telangana State Industrial Policy aims at integrating the State’s economy with global economy and to become world’s “Industrial State”.