Capital structure as an element of the corporate governance system in Ukraine

The paper considers the problems of corporate governance in Ukraine during the process of transformation of the structure of corporate ownership. Capital structure, as an element of the system of corporate governance, is investigated. A tight connection between concentration of shareholders equity, equity cost and capital structure (financial leverage) has been found as a result of research. The higher the concentration of shareholders equity, the larger the share of debt in the capital structure and the higher the cost of equity. Thus, the capital structure of Ukrainian companies is an efficient indicator of corporate governance performance.Der Aufsatz befasst sich mit den Problemen der Unternehmensorganisation im Transformationsprozess der Unternehmensbesitzstrukturen. Die Struktur des Kapitals als Element des Systems wird untersucht. Eine enge Verbindung zwischen der Konzentration von Kapital der Anteilseigner, Kapitalkosten und Kapitalstruktur (dem Verhältnis von Fremd- zu Eigenkapital) kristallisierte sich als Ergebnis der Untersuchung heraus. Je höher die Konzentration von Kapital der Anteilseigner, desto grösser der Anteil an Schulden in der Kapitalstruktur und somit entstehen auch höhere Kapitalkosten. Somit stellt die Kapitalstruktur von ukrainischen Unternehmen einen effizienten Indikator für die Leistung von Unternehmensorganisation dar

Corporate Governance: Theory and Practice

no abstract è un libro

Institutional investors and corporate risk at the origin of the international financial crisis

The 2007 financial crisis served as a stark reminder of the vulnerability in the relationship between institutions and companies, as it revealed that many companies collapsed despite government interventions. Two crucial factors that influenced the crisis’s impact on firms were the level of creditor rights protection and corporate risk management. In this study, our aim was to investigate the impact of investment funds and banks on corporate risk prior to the 2007 financial crisis. We conducted an analysis across 21 countries to examine how institutional factors determined the influence of mutual funds and banks on corporate risk, ultimately leading to critical levels of collapse and the global spread of the financial crisis to the real economy. Additionally, we explored the role of mutual funds and banks as reference shareholders. The findings of our study reveal that the process of financial deregulation preceding the 2007 financial crisis contributed to an increase in corporate risk. In other words, financial deregulation facilitated greater involvement of institutional investors in companies, thereby encouraging the adoption of excessively risky and speculative strategies that were not necessarily aligned with the long-term sustainability of firms

Генетична диференціація річкових раків із водойм басейну р. Прип'ять

Based on the research of allozymes variability, the presence of three species of freshwater crayfish in the reservoirs of the Pripyat basin: A. astacus, A. angulosus and A. leptodactylus has been proved. It is established that the species A. astacus is genetically substantially more differentiated from narrow-clawed crayfish than A. angulosus and A. leptodactylus among themselves. This can be regard as evidence of the subfamily or possibly the generic level of differentiation of this crayfishes. The presence of clear allozymes differences between the sympatric species of narrow-clawed crayfish A. leptodactylus and A. angulosus proves their reproductive isolation and species autonomy. For the first time were analyzed the geographical distribution, abundance and biotopes dependence of species of crayfish in the Pripyat basin and neighboring territories of Ukraine. It has been established that angular crayfish more adapted to modern environmental conditions.На основі проведених досліджень алозимної мінливості доведено наявність у водоймах басейну річки Прип’ять трьох видів річкових раків: A. astacus, A. angulosus та A. leptodactylus. Установлено, що вид A. astacus генетично більш диференційований від довгопалих раків, ніж A. angulosus й A. leptodactylus між собою

Electrochemical Synthesis of Zirconium Pre-Catalysts for Homogeneous Ethylene Oligomerization

The catalytic activity of electrochemically synthesized zirconium carboxylates was studied in the process of ethylene oligomerization. Zirconium carboxylates were electrochemically synthesized directly from metallic zirconium and corresponding carboxylic acids (acetic, octanoic and lauric). A comprehensive study (element analysis, nuclear magnetic resonance (NMR) and infrared (IR) spectroscopy, powder X-ray diffraction (PXRD)) of the synthesized zirconium carboxylates showed that these species contain bidentate carboxylate moieties. It was shown that obtained zirconium carboxylates, in combination with Et3Al2Cl3 (Al/Zr = 20), have a moderate activity of (7.6-9.9) × 103 molC2H4⋅molZr-1⋅h-1 in terms of ethylene oligomerization (at T = 80 ?C, p = 20 bar), leading to even-numbered C4-C10 linear alpha-olefins.1059-105

Delayed payment schemes in Central-Eastern Europe and Middle-East

The need for innovative payment models for health technologies with high upfront costs has emerged due to affordability concerns across the world. Early technology adopter countries have been experimenting with delayed payment schemes. Our objective included listing potential barriers for implementing delayed payment models and recommendations on how to address these barriers in lower income countries of Central and Eastern Europe (CEE) and the Middle East (ME). We conducted a survey, an exploratory literature review and an iterative brainstorming about potential barriers and solutions to implement delayed payment models in these two regions. A draft list of recommendations was validated in a virtual workshop with payer experts from the two regions. Eight barriers were identified in 4 areas, including transaction costs and administrative burden, payment schedule, information technology and data infrastructure, and governance. Fifteen practical recommendations were prepared to address these barriers, including recommendations that are specific to lower income countries, and recommendations that can be applied more universally, but are more crucial in countries with severe budget constraints. Conclusions of this policy research can be considered as an initial step in a multistakeholder dialogue about implementing delayed payment schemes in CEE and ME countries

Formation of dense partonic matter in relativistic nucleus-nucleus collisions at RHIC: Experimental evaluation by the PHENIX collaboration

Extensive experimental data from high-energy nucleus-nucleus collisions were recorded using the PHENIX detector at the Relativistic Heavy Ion Collider (RHIC). The comprehensive set of measurements from the first three years of RHIC operation includes charged particle multiplicities, transverse energy, yield ratios and spectra of identified hadrons in a wide range of transverse momenta (p_T), elliptic flow, two-particle correlations, non-statistical fluctuations, and suppression of particle production at high p_T. The results are examined with an emphasis on implications for the formation of a new state of dense matter. We find that the state of matter created at RHIC cannot be described in terms of ordinary color neutral hadrons.Comment: 510 authors, 127 pages text, 56 figures, 1 tables, LaTeX. Submitted to Nuclear Physics A as a regular article; v3 has minor changes in response to referee comments. Plain text data tables for the points plotted in figures for this and previous PHENIX publications are (or will be) publicly available at http://www.phenix.bnl.gov/papers.htm