Information asymmetry on the market of non-banking financial services in Ukraine: causes, consequences, methods of control

Levchenko, Valentyna; Ostapenko, Myroslav

doi:10.21511/pmf.05(1).2016.04

Cited by 3 publications

(3 citation statements)

References 4 publications

(5 reference statements)

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“…Here it is necessary to make a brief elaboration on the symbiotic relationship between them: 1) The symbiotic relationship between the enterprise sector eco-units and the financial institutions and market eco-units is reflected in the fact that financial institutions and markets provide green credit support and green investment and financing channels for enterprises (Ren et al, 2022a); the green low-carbon transformation process of enterprises will increase the demand for specific financial services from financial institutions, thus promoting financial institutions and financial markets to strengthen green financial products and services innovation (Amore and Bennedsen, 2016;Cao et al, 2022); 2) The symbiotic relationship between of enterprise sector eco-units and intermediary agencies eco-units is reflected in the alleviation of the information asymmetry between banks and enterprises and the financial exclusion of formal financial institutions, thereby improving the accessibility of green financial services to enterprises; at the same time, intermediaries will collate and record the relevant information before and after financing obtained by enterprises in order to provide reference for decisionmaking in subsequent operations, thereby improving the quality and professionalism of intermediary services, and this will enhance the quality and professionalism of intermediary services (Levchenko and Ostapenko, 2016;Park and Kim, 2020); 3) The symbiotic relationship between enterprise sector eco-units and government sector eco-units is manifested by the government providing financial subsidies and taxation facilities for the green and low-carbon transformation of enterprises to stimulate their clean technology innovation; the activities of enterprises promote the growth of knowledge economy to increase the total economic volume and fiscal revenue, so that the fiscal expenditure can be returned in the form of taxation, thus ensuring the recyclability of the fiscal funds of government sector (Green and Murinde, 2021;Peng et al, 2021;Yu et al, 2021); 4) The symbiotic relationship between financial institutions and market ecounits and intermediary agency eco-units can be described as intermediary agencies alleviate the information asymmetry between banks and enterprises by transmitting enterprise related information to financial institutions and financial markets, thus enhancing the efficiency of financial services; at the same time, the interaction between financial institutions and intermediaries helps intermediaries realize the precipitation and accumulation of data and form an information warehouse, which in turn helps improve specialized business capabilities (Purves et al, 2015); 5) The symbiotic relationship between financial institutions and market ecounits and government sector eco-units can be described as follows: governmental sector can disperse and resolve the investment risks of financial institutions and financial markets and guide the development of green credit business by improving green finance-related laws and regulations, providing policy loans, establishing green development guidance funds and subsidizing green transition insurance premiums; financial institutions and financial markets can form comprehensive supervision and management of enterprises' governance structures, management systems and credit levels, thus safeguard...…”

Section: Green Finance Infrastructurementioning

confidence: 99%

Does green financial infrastructure promote the improvement and convergence of regional carbon emission efficiency? Based on provincial data of China

Zhang

Wang

2023

Front. Environ. Sci.

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The level of green financial infrastructure is measured using a symbiometric model with the Chinese provincial panel data from 2008 to 2020, and also the carbon emission efficiency is measured using the super-efficient SBM-DEA model with the carbon emission data at the provincial level. This paper tests the carbon emission efficiency improvement and convergence effects of green financial infrastructure using fixed-effects models, non-dynamic panel threshold models and spatial econometric models, while considering the role of environmental regulation in the process. It is found that green financial infrastructure significantly contributes to the improvement of carbon emission efficiency and accelerates the convergence rate of carbon emission efficiency between regions; the carbon emission efficiency improvement and convergence effects of green financial infrastructure are influenced by the intensity of environmental regulation, and we point out that either too strong or too weak environmental regulation will weaken the effectiveness of green financial infrastructure, which means there is a significant threshold effect; the spatial durbin model shows that the effect of green financial infrastructure on carbon emission efficiency has a spatial spillover effect of “neighbors as partners”, that is, while green financial infrastructure promotes the improvement of carbon emission efficiency in the region, it also helps to promote the improvement of carbon emission efficiency in the neighboring regions. Therefore, China should accelerate the improvement of the green financial infrastructure system, improve the carbon emission rights market trading system, enhance the effectiveness of environmental regulation, and strengthen regional economic cooperation, so as to empower the development of low-carbon and green economic transformation.

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Section: Green Finance Infrastructurementioning

confidence: 99%

Does green financial infrastructure promote the improvement and convergence of regional carbon emission efficiency? Based on provincial data of China

Zhang

Wang

2023

Front. Environ. Sci.

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“…Particular attention should be paid to the latest state of the global market, fluctuating in functional and institutional aspects, characterized by constant differentiation and diversification of individual segments. The market is not always able to provide an efficient allocation of resources and to produce the required quantity of benefits (Levchenko & Ostapenko, 2016). Therefore, under economic uncertainty and financial turbulence in the financial services market, it is extremely important to define the effective management indicators.…”

Section: Literature Reviewmentioning

confidence: 99%

Basic principles of financial markets regulation and legal aspects of the legislative requirements

Yazlyuk

Guley

Brukhanskyi³

et al. 2018

Investment Management and Financial Innovations

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Financial services market (FSM) is one of the effective mechanisms for ensuring the competitiveness of the country’s economy. It is precisely because of its ability to direct investment flows into the most attractive segments of the economy, and the FSM development can contribute to economic growth. Accordingly, today it is important to strengthen the financial services market in Ukraine. For this purpose, it is necessary to study the current state, identify problems and determine the main directions of its development in a timely manner.The article investigates the financial services market in Ukraine, which is unstable, characterized by a significant outflow of financial resources, and underdeveloped financial intermediaries. FSM deterioration was also influenced by factors such as: financial crisis, sharp exchange rate fluctuations, military conflict, decline of the country’s economy, etc. Negative consequences of the events in the country were reflected even in a quite developed banking system. The focus is on the lack of financial culture in society, which is due to low deposit activity, high level of non-repayment of loans, lack of confidence in the new tools, and the introduction of new products in the financial services market. However, the development of the country as a whole is impossible without a strong financial services market.It is noted that one of the important conditions for the FSM development and the effectiveness of macroeconomic tasks entrusted to it is the formation of an effective mechanism of the financial market state regulation. Such a mechanism should include both elements of state regulation and self-regulation of the financial services market. Accordingly, the formation of indicators aimed at assessing the impact of state regulation on the development of the financial services market becomes relevant.The article examines the implementation of state regulation in financial services markets, analyzes the activity of the FSM state regulation in Ukraine and the control function effectiveness, considers the dynamics of the main indicators of the financial services markets development in Ukraine, and analyzes the level of financial services markets development.

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“…This is facilitated by the influence of globalization, open information spheres, the use of practices of other countries, and the integration of the state into the world information space. Thus, with the development of the information economy, the level of information asymmetry increases (Shkodina & Onishchenko, 2016; Levchenko & Ostapenko, 2016).…”

Section: Introductionmentioning

confidence: 99%

Diagnostics оf Transparency оf Ukrainian Banking Institutions Using Multivariate Analysis Methods

Azarenkova¹,

DZIUBLIUK²,

KORNEEV³

et al. 2022

Scientific Horizons

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Due to the imperfect state of transformations in the financial system of Ukraine and the banking sector, there is a steady tendency to increase the number of financially insolvent enterprises in various industries. This is especially true for the banking market, where considerable qualitative and quantitative changes have occurred recently. The purpose of this study is to investigate the problem of managing the of banking institutions by diagnosing the transparency level of their activities. The research methodology lies in forming a system of indicators to estimate the transparency level of business entities’ activities, assessing the level of direct impact on the level of transparency, and classifying business entities according to a two-level system of factors influencing transparency. The final stage of the methodology is the positioning of banks according to transparency level to formulate vectors for improving transparency management policies. The combination of multidimensional analysis methods, namely applied econometric methods, cluster and variance analysis, allows classifying business entities according to the transparency level, considering differentiation. The result of the differentiation is a matrix of positioning the transparency level of banking institutions according to a two-level system of factors. The proposed scientific and methodological approach to calculating the transparency level of a business entity, namely banking institutions, which, apart from the financial block, includes other criteria, enables a much broader study of the state of activity of the business entity. The use of this scientific and methodological approach helps reduce the level of information asymmetry, increase the flexibility of the business entity’s response to external shocks, which increases confidence in business entities, improves their business reputation and is certainly reflected in financial indicators. Positive improvements in the financial performance of individual business entities, increasing the flexibility and trust in them, will help increase the transparency of financial flows that move in the country.

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Information asymmetry on the market of non-banking financial services in Ukraine: causes, consequences, methods of control

Cited by 3 publications

References 4 publications

Does green financial infrastructure promote the improvement and convergence of regional carbon emission efficiency? Based on provincial data of China

Does green financial infrastructure promote the improvement and convergence of regional carbon emission efficiency? Based on provincial data of China

Basic principles of financial markets regulation and legal aspects of the legislative requirements

Diagnostics оf Transparency оf Ukrainian Banking Institutions Using Multivariate Analysis Methods

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