SEARCH RESULTS

Purpose: Focusing on the 2007-2009 financial crisis, this study investigates how firms’ and debtholders’ information sensitivity jointly shape corporate debt financing. According to the pecking order theory, opaque firms prefer bank loans over more information-sensitive sources like bonds and equity. When external conditions worsen, firms face difficulties accessing bank loans and look for alter-natives. Yet, as bondholders are more information-sensitive than banks, the substi-tution effect may not occur especially for firms with lower financial reporting qual-ity (FRQ). Design/methodology/approach: A matching difference-in-differences ap-proach is used to compare the debt financing of firms with and without access to corporate bond markets before and after the onset of the financial crisis. A sample of quarterly data of US-listed firms is analyzed for the 2006Q3-2009Q2 period. Findings: The reduction in debt financing due to the crisis was greater for firms with access to bond markets. The effect is more pronounced for firms with lower FRQ. These firms also looked more for alternatives such as equity and cash re-sources.

Navigating towards a sustainable future, Algeria engages in strategic resource management to fulfill its 2030 vision. This study delineates a Fuzzy Goal Programming (FGP) model, inte-grating economic objectives with ecological and energy sustainability. The framework priori-tizes renewable energy, marking a decisive pivot from traditional hydrocarbon reliance to meet global environmental mandates. It also maps out a strategic redistribution of the workforce, signifying a shift towards a diversified, innovation-led economy that embraces sustainable methodologies. The implementation of the model offers a robust, empirical tool for decision-makers, harmonizing Algeria’s specific socio-economic attributes with broader, global sus-tainability trends. The outcome is a blueprint for a robust, renewable-centric economy, posi-tioning Algeria at the forefront of sustainable development and energy reform.

The increasing share of intermittent sources of energy will increase the need for frequency-control reserves. However, the supply from gas and coal-fired power plants might decrease in the following years. Being the procurement of reserves mostly market-based in Europe, the market design should send price signals to encourage participation in these markets. This pa-per analyses the incentives provided by the French market design for seasonal storage and pumped storage hydropower plants to participate in reserve markets. To that end, a determinis-tic mixed-integer linear optimization model is presented. The objective is to maximize profits in the energy and reserve markets according to 2019 market prices. By optimising the trade-offs between the day-ahead and the reserve markets, the storage hydropower plant increase its profits. The pumped storage hydropower plant sometimes chooses the Frequency Contain-ment Reserve market or the day-ahead market only. The apparition of some hours of FCR par-ticipation with the pumped storage plant is explained by its higher number of generating hours and by the higher volatility of reserve energy prices. These two factors also explain the greater response of the pumped storage plant to the incentive measures on the FCR market.

The aim of the article is to analyse the scientific literature of the last decade on the social cost of carbon to identify and discuss the best values representing the external cost of CO2 emis-sions calculated with a damage valuation approach, to use in cost-benefit analysis and in other external costs applications, such as Life Cycle Assessment. The social cost of carbon repre-sents the present value of the global damages of climate change attributable to the emission of an additional ton of carbon dioxide into the atmosphere. The measurement of the social cost of carbon is fundamental in the transition to a net zero emissions economy because it allows bal-ancing the costs of investments needed for decarbonization with their benefits in terms of avoided climate damages. The paper develops and applies a method for identifying the best social cost of carbon estimates, that starts from study reviews conducted within institutional processes (IPCC, OECD, US Government bodies), to then analyse the study reviews made in academic or research contexts and only in the end it delves into selected academic studies that provide original estimates of the social cost of carbon. The method allowed to identify and dis-cuss a robust even if conservative estimate of the social cost of carbon for emissions in the period 2020-2080, recently elaborated by the US Environmental Protection Agency, that can be used worldwide, for example to update the reference external cost values for CO2 emis-sions recommended by the European Commission Handbook on external cost of transport.

This paper examines the role of natural resource wealth in financing public investment in renewable energy in 25 sub-Saharan African countries over the period 1996 to 2019. Results from two step system Generalized Method of Moments (GMM) estimates reveal that natural resource wealth negatively affects public investment in renewable energy. A distinction between the types of natural resources allowed to establish that this negative effect comes exclusively from the rents of point natural resources. Furthermore, the results show that institutional quality and human capital favor public investment in renewable energy. These results are robust when using the Driscoll-Kraay estimator. In terms of policy implications, it is imperative to promote good governance of natural resource rents, especially those from point source resources. It will also be necessary to redirect these rents towards the financing of structuring projects such as renewable energies in order to promote sustainable development.

This article aims to provide a critical analysis of the European Commission communication for a reform of electricity market design, proposed primarily after the energy crisis deriving from the Russia-Ukraine conflict. In particular, the present document highlights some reflections for more in-depth analyses of the electricity market modelling trends in response to crisis factors of a purely endogenous nature (e.g. drought, heat waves, a gradual phasing out of electric power generation with regulating capacity and its replacement with intermittent generation, simultaneous stresses) in relation to a profoundly changing ecosystem.

The authors of this paper attempted a comprehensive study of criminological and criminal law features of the fight and prevention of cattle rustling as the most urgent problem of the modern state (using various norms of the Criminal Code of the Re- public of Kazakhstan dated July 3, 2014 (latest wording as of January 10, 2022), statistical data, modern publications of the analytical plan and law enforcement prac- tice). The purpose of this paper is an in-depth and comprehensive study of crimino- logical and criminal law features of crimes stipulated by Article 188-1 of the Crim- inal Code of the Republic of Kazakhstan. This study employed methods of crimino- logical analysis, research of statistical indicators, content analysis of regulatory doc- uments, as well as elements of system-structural, normative, formal legal, compara- tive legal, and retrospective analysis of cattle raiding. The study analysed the meth- ods, means, composition of this criminal encroachment on someone else’s property in the form of cattle and small-horned cattle, and other varieties of livestock, the system of prevention and suppression of cattle raiding in Kazakhstan, Kyrgyzstan, Russia, Mongolia, and other countries, quantitative and qualitative indicators of this type of crime, which also adversely affects the development of the agro-industrial complex of the country. In addition, the authors noted the problems of causing con- siderable damage to livestock owners and the growth of organised crime in this area of illegal activity. Furthermore, the involvement of materials of law enforcement practice determined the practical significance of this paper, the originality of clari- fying certain issues. Therewith, the issue studied in this paper constitutes the most negative factor affecting the development of the livestock industry in Kazakhstan and other countries, its prevention is certainly promising for further research and detailing controversial issues on tightening the responsibility of criminals and improving the competence of cattle and small-horned cattle owners, other animals (breeding horses, donkeys, camels, pigs) to protect their property. Key words: cattle raiding, theft, civil law, cattle and small-horned cattle, method of commission, animal husbandry.

The purpose of this article is to investigate the specifics of the implementation of the Vienna Convention and the Montreal Protocol on the Protection of the Ozone Layer in the legislation of various states, with the subsequent use of positive experience for the development of national legislation of the Republic of Kazakhstan. The study revealed the specifics of the implementation of the Vienna Convention for the Pro- tection of the Ozone Layer and the Montreal Protocol on Substances that Deplete the Ozone Layer in countries such as China, India, Kazakhstan, and Ukraine. However, the current environmental legislation of Kazakhstan is fragmented and does not fully pay due attention to the protection of the ozone layer.

The aims to analyse this issue in the context of the digitalisation of the socio-eco- nomic space of Kazakhstan’s regions. The article examined the challenges and op- portunities of digitalisation for industrial enterprises. It emphasises the importance of making rational investment decisions under conditions of budget constraints. The article proposes a financing scheme for digital transformation projects using quasi- monetary and crypto-financial instruments to attract investment. It is concluded that the impact of cost savings and benefits of digital transformation of enterprises is directly reflected in the level of company capitalisation and its market value, and the financial system corresponding to the new technological cycle is a necessary condi- tion for financial sustainability.

At present, domestic violence is an epidemic not only in Kazakhstan, but throughout the world. Crimes in this area, according to the research of many concerned organi- sations, do not stop decreasing. During the global pandemic, cases of family conflicts have become more frequent, which become public through social networks due to the low level of legislative protection of victims from family rapists. The purpose of this study is to develop the most effective measures to protect victims of domestic violence. This study extensively used general and special scientific methods, as well as theoretical and empirical methods. The leading approach to the investigation of the problem under study involved the method of analysing the situation and the ap- plicable legislation. One of the reasons for domestic violence in Kazakhstan is the weak legislative system in the field of protection and prevention of domestic vio- lence, regulated by administrative legislation, as well as the low responsibility of law enforcement agencies in the performance of their official duties. The consequences of domestic violence reveal the overall picture of the decomposition of the “social unit”, which contributes to a negative attitude towards the institution of marriage and the normal relationship of relatives. As a result of the author’s research, this study examines the content of domestic violence from the standpoint of crime and miscon- duct based on the legislation of Kazakhstan. The subjective composition of domestic relations is considered not only from the standpoint of legal marriage, but also co- habitation-wise. The study investigates the world statistics and practice on the effec- tiveness of combating domestic violence not only in Kazakhstan, but also in the world. The research-to-practice significance of this paper lies in the proposals to improve the situation with domestic aggressors and the development of measures for more effective protection of a person from domestic violence.

Modern world trends tend to introduce standards under which there is a gradual departure from imprisonment as the main type of criminal punishment of convicts. Following the norms of the current legislation of Kazakhstan, the functions of mon- itoring such persons are carried out by the probation service. It implements a wide range of powers to supervise the registered contingent and interacts in this area with many government agencies and institutions. The article examines the issues of or- ganizing effective preventive work in Kazakhstan with persons sentenced to re- striction of liberty and other measures of criminal punishment not related to deprivation of liberty. The methods used in the work are: analysis of legislative and ap- plied aspects of the activities of state bodies and institutions executing criminal pen- alties, system-structural (scientific knowledge of intra-industry relations), compara- tive analysis (identification of continuity and specificity of various approaches to the formation of an optimal model of interaction between the subjects of preventive ac- tivities), logical method and method of transition from general concepts to private ones. It was found out that the role of the probation service in preventing new of- fences on the part of convicts is great since in recent years their number has been constantly growing, which indicates insufficient preventive work carried out by in- terested state bodies. One of the reasons for this situation is the imperfection of the legal framework governing their activities. The analysis of the current legislation showed the absence of norms in it that create a unified system for organizing pre- ventive work with the registered contingent for all bodies. With this in mind, pro- posals are being made to improve the norms of the Law of Kazakhstan “On Proba- tion”.

Over the past few decades, the economy of the Republic of Kazakhstan has been gradually but steadily growing. Progress is primarily associated with the develop- ment of fiscal state policy, which contributes to an increase in the value of the gross domestic product (GDP) per capita. It significantly improves competitiveness in the world market, prevents inflation, as well as other factors destabilising the national economy. The large-scale export of energy and mineral resources contributes to the positive balance of international trade of the Republic of Kazakhstan, but in the long term, it is likely a threat to the development of its innovative potential, primarily due to the low level of economic diversification. The aim of this study is to analyse the development of the fiscal policy of the Republic of Kazakhstan and the factors of its influence on the economic competitiveness of the country. The study uses analysis, synthesis, and subsequent comparison of various statistical indicators of the Kazakh- stani economy with the leading world economies. Based on the results of the study, an urgent need was established to focus on expanding the innovation fund with the subsequent development of an innovation strategy. It is one of the most effective mechanisms to ensure intensive growth of national economy, expanding its market potential and increasing economic diversification to a safe level. This task requires, first of all, increased funding for research and development (R&D) of innovations. The paper will be useful to researchers and specialists in the field of economics for forecasting and analysing its further development in the Republic of Kazakhstan.

The relevance of the study is that the development and management trends of the structural changes in agriculture of the Republic of Kazakhstan are at different re- gional levels, the model of which is represented by traditional and modern prerequi- sites associated with the pandemic. The purpose is to determine the role of agricul- ture for the economy exemplified by specific regions of the Republic of Kazakhstan, taking into account the pandemic, as well as to find out the effectiveness of tools and mechanisms for conducting economic activity by the current state policy in this area. The practical significance is to present a comparative analysis of the state agriculture management on the example of specific regions of the Republic of Kazakhstan, tak- ing into account the pandemic.

Contractual relations between various agricultural producers and other legal entities act as one of the priority areas in research carried out in the field of agro-industrial legislation. The study of specific areas of their activities, the goals they set for them- selves, the array of documentation developed by them, the effectiveness of their work, the presence or absence of interaction with other international structures. There is a detailed analysis of those trends that have generated the need for interstate cooperation and interaction in the field of countering the problems that have arisen in the agricultural sector of the world economy, as well as a set of methods by which these problems are solved. The information that will be presented in this article is applicable as reference, additional information at the state and interstate level of cer- tain activities that are aimed at forming a policy for interaction with both state and non-governmental actors of the world community in the agricultural, agricultural sector.

The Republic of Kazakhstan is a large agrarian country that has an active supplier of agricultural products to foreign markets. The purpose of the study was to investigate the system of state control in the US agro-industrial complex and the possibility of using positive experience for the development of this industry. Such general scientific methods as analysis, comparison, and the monographic method were adopted as a methodological basis. The analysis of the structure, functions and principles of regulation of the agro-industrial complex used in the US state apparatus has shown that the structure of government bodies in the field of agriculture is quite complex and branched. The comparative analysis of the state control in the field of agriculture of two countries: the Republic of Kazakhstan and the USA, revealed strengths and weaknesses in the structure and principles of management of the agro-industrial complex of Kazakhstan.

The development of the latest technologies entails the development of an infor- mation system, which can be the key to achieving success in any business enterprise due to the fact that it helps to form the necessary information flows, organize and provide the necessary information support. The purpose of the study was to identify the real and potential opportunities available to modern Kazakh media to ensure an effective environmental policy at the national level. The paper presents the results of the study of the role of Kazakh media in covering environmental problems on the example of universal green media. The study was conducted based on the review of the materials of specialized and "green" mass media of Kazakhstan and based on the results of a public opinion survey of groups of people - residents of the Pavlodar region to determine the role of the media as a source of environmental information.

The country is landlocked and located on the vast inland space of Eurasia, where climatic conditions impede agriculture and living. In this study, the authors attempt to structure and identify possible factors contributing to the development of a green economy in Kazakhstan. The processes of the green economy are considered in cooperation with the state, society, and business. The selected factors are grouped. The state group includes factors of international cooperation and the implementation of state projects of international significance, the society group includes environmental culture promotion, the volunteer movement, and environmental education, the busi- ness factor includes the use of green technologies and eco-tourism. This approach makes it possible to take a systematic look at the key provisions of environmental policy.

Modern challenges in the economic and geopolitical sphere of the world community determine the necessity to ensure accelerated innovative improvement of the eco- nomic mechanism of Kazakhstan, the transition to digital principles of economic systems and the use of modern initiatives based on the solution of problems related to the substitution of imported goods. The aim is to study and analyse the possibili- ties of sustainable strategic development of business structures using innovations on the territory of the Republic of Kazakhstan. The author’s analysis of literary sources showed that the level of innovative potential of an economic entity determines the readiness of a commercial organisation to innovate.

The relevance of the subject is the need for immediate international legal regulation and international cooperation between countries in the process of combating the global problem of environmental security and sustainable development. The author analyses the current state of environmental security at the international level and identifies the problems, advantages and disadvantages of international regulation. The results of this study are recommendations on international partnership in environmental nature protection. The authors therefore proposed ways to improve the international legal regu-ation of environmental sustainability. Having analysed the main international legal agreements, recommendations on elimination of shortcomings to achieve effective in- ternational cooperation in the mentioned sphere were provided.

So far, the task is to strengthen the sustainable development of credit technology, which is regarded as an activator of general demand in the economy and an auxiliary resource for the country’s economic growth. At the same time, for the successful implementation of this task, an adequate network of creditors of individuals and le- gal entities (pawnshops, corporate investment funds, banks, small credit companies, retail trade and others) and credit infrastructure, work and simultaneous formation must be built. Undoubtedly, credit technologies constitute an indispensable compo- nent of economic strength, the main factor in accelerating the rise of the Kazakh economy, as well as population wellbeing, ensuring the growing demand of the peo- ples for high-quality banking services. The study presents the economic relations that manifest when lending to legal entities and individuals in the Republic of Ka- zakhstan, and the system of credit technologies of second-tier banks. The theoretical and practical tasks of credit technology in the Republic of Kazakhstan were investi- gated, as well as the modern practice of using the second-tier banks of various lend- ing technologies was generalised, analysed, and evaluated, based on which conclu- sions were drawn regarding the specific features of the current stage of development of the credit activity of banks, as well as the emerging negative and positive trends.