The goals of real business in the context of the digital transformation of international logistics networks and marketing channels have necessitated the application of a scientifically based theoretical approach to the development of a formalized description acceptable for predictive planning based on leading indicators. In the context of globalization and interstate and regional economic unions, this will lead to achieving the maximum end-to-end integration of digital platforms. Based on the analysis, the article presents the integration of digital logistics and marketing approaches with the mathematical models of the ecosystem organization of economic relations. The features of the organization of economic relations between contractors involved in the execution of virtual transactions and the material movement of resources were analyzed. The researchers considered prerequisites for the analytical description of interconnections between the participants of digital platforms in cross border e-commerce. The authors’ approach is based on the idea of both a sales funnel in marketing and a conversion funnel in digital transformation. Considering the integration of logistics and marketing, authors offer the definition of business echelons as stages of the consumer value creation. The theoretical contribution of this article consists in constructing a mathematical description of business echelons along the entire value chain. The developed analytical description of business echelons is acceptable both for embedding a digital management support system into various software products, and for conducting in-depth analysis and finding optimal solutions.
Abstract:In this study we examine the relation between firm's financial structure and family ownership. We develop a theoretical model of the precautionary cash holdings. Our empirical results show that the fraction of a company's shares that are held by the founding family members or their descendants influences the use of cash and equivalents, dividend policy and debt structure of a firm. Our results are robust to different estimation methods and alternative model specifications. We find that family firms tend to rely less on long-term debt financing, pay fewer dividends and carry higher precautionary cash balances.
PurposeSince May 2016, small firms have been able to issue debt and equity securities in accordance with the Securities and Exchange Commission's “Regulation Crowdfunding”. This regulation provides unsophisticated investors a chance to participate in the securities markets, and it gives small businesses an opportunity to raise funds. This paper investigates the determinants of crowdfunding success, security design in a crowdfunding setting, the amount of crowdfunding campaign proceeds and campaign duration.Design/methodology/approachThe sample used in this study is based on 750 completed securities crowdfunding offerings that were launched between May 2016 and May 2018. The data on crowdfunding issues were webscraped from Form C filings available through SEC EDGAR filing system. Additional data were hand-collected from a variety of platforms that list and aggregate crowdfunding offerings.FindingsWe show that relatively larger and more profitable companies have a better chance to achieve crowdfunding success. We find that the issuance of equity results in a lower probability of success compared to issuing debt. In addition, the issuance of equity is negatively correlated with the amount of proceeds from a crowdfunding campaign. A novel finding is that a choice of a funding instrument has a negligible impact on the amount of proceeds. This finding, combined with reduced probability of success for equity issuers, can be interpreted as a signal to rely more on debt and convertibles when designing crowdfunding campaigns.Research limitations/implicationsOrganized under “Regulation Crowdfunding,” the US securities-based crowdfunding market has been operating for several years. Relative to other securities markets it is still considered to be in its infancy. Given a relatively small data sample, the results have to be interpreted with caution.Practical implicationsThe paper shows that small businesses and unsophisticated investors can benefit from securities-based crowdfunding, which is subject to oversight of the Securities and Exchange Commission (SEC). Although the mission of the regulator is to protect investors, the SEC took on a rather relaxed approach in regulating types of instruments used in crowdfunding. Our paper shows that equities, including “Simple Agreements For Future Equity” (SAFEs) might not be the best choice for crowdfunding success. This sentiment is mirrored in law literature which considers securities known as SAFEs more suitable for venture capital campaigns rather than for crowdfunding.Originality/valueThe paper adds value to the novel field of securities-based crowdfunding by testing several hypotheses on the crowdfunding success, the amount of proceeds and campaign duration.
Abstract: Food security issues have been addressed by many scientists in the framework of food policy development and government regulation of agro-industrial complex (agribusiness), where investment in agribusiness is the cost, expressed in monetary form, whose results are manifested over a long period of time or after a long period.The purpose of the article is to formulate a system of indicators for the analysis of agriculture when developing food policy.Methods. Application of modeling in the course of strategy development in investment activity allows taking into account the specifics of economic activity of agricultural enterprises and variability of efficiency. Results/Conclusion The main types of investment in agriculture are: capital contributions in the form of investments of financial and material and technical resources in the reproduction of fixed assets, soil fertility, and water resources through new construction, expanded technical re-equipment, and maintenance of existing production; investing capital in the creation of inventories; financial resources in the form of shares, bonds and other securities, as well as the cost of the acquisition of treasures and bank deposits, financial assets. When developing food policy, the analysis of indicators characterizing the agricultural organization's performance allows obtaining consolidated indicator. Combining three integrated indicators calculated for each block of indicators (Block 1 -Analysis of crop production; Block 2 -Analysis of animal production; and Block 3 -Analysis of agricultural organizations performance), into consolidated indicator allows assessing the development of agriculture in general. Keywords:agricultural organizations performance, agro-industrial complex (agribusiness), efficiency, financial and investment factors, food policy, investments.
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