International Journal of Markets and Business Systems (5 papers in press)

Regular Issues

• Fashion Industry & Sustainability: Building a circular economy, and cooperation among stakeholders.  
  by Valentina Raimondi 
  Abstract: The big impact in terms of pollution and waste of fashion industry led us focus on going more in deep in the research of which sustainable actions can be followed by companies, consumers and Government. The world's population is growing, and the supply of crucial raw materials is limited. Extracting and using raw materials has a big impact on the environment. It will be very important in social and environmental terms starting to adopt seriously Circular Model Systems, for companies first, in order to better control different aspects and stages of design, production and distribution. Circular Economy System has interesting advantages instead of Linear Economy System one but still is not a perfect model. Today we do not have examples of existing perfect Circular Economy systems. There are imperfections and wastes in the whole system. It is possible to say that Circular Economy system may not be never perfect, but it is possible to work on improvements. The aim of this research is to remark importance of cooperation among political system, companies system and consumer perspective, in order to improve efforts in adopting circular economy systems and innovations, with a special focus on fashion industry.
  Keywords: (Fashion Insdustry; sustainability; sustainable actions; circular economy; improve savings; continuous improvements in innovation and research; survey; consumer perspectives; cooperation among stakeholders; cooperation).
  
  
• Is the sky bluer than before? Examining firm stability in Europe  
  by Sadia Binte Shafiq, Tahani Tahmid, Md. Yousuf, Md. Abul Kalam Azad 
  Abstract: Stability is essential for any firm because it signifies the robustness in financial structure. Financial stability of a firm cannot be assessed only by approaching the financial statements. Instead, incorporating risk management capabilities with financial statements can provide a clear picture of financial stability. While there are many studies in the literature exploring specified firm (banks, insurance, etc.) stability measuring conception of risk, only a few of them have examined the financial institutions as a whole. In addition, less studies have been found where firm stability has been measured by the relationship between firm's conception of risk and the accounting variables. In light of this need, the current study measures the impact of accounting variables and country level indicators on firm stability in 1,331 European firms covering the period 2010-2020. A negative relationship between the risk factors and the variables has been found, indicating firm stability.
  Keywords: stability; firm; Europe; default risk; leverage risk; portfolio risk; ROA; financial variables; accounting variable; microeconomic variables.
  DOI: 10.1504/IJMABS.2022.10046540
   
  
• A review of systemic risk definition in financial systems: a special focus on network analysis  
  by Hossein Dastkhan 
  Abstract: Although the complex financial markets more often lead to more social welfare in modern economic systems, they can also cause more severe failures in the case of market downturns. Accordingly, similar to other complex systems, financial markets are also exposed to systemic risks. Considering the importance of systemic risks in financial markets, we reviewed different concepts, definitions, and the related principles of the systemic risk. For this purpose, we represent a detailed review of the main characteristics of the complex systems which lead to systemic risk in different aspects. We also reviewed the main definitions of financial systemic risk in different aspects. To analyse the systemic risks in the financial markets, we introduce the main approaches of systemic risk analysis and elaborate financial network analysis as one of the main approaches. The results show that the systemic risk events can be related to the build-up of small shock on different agents in the financial systems as well as great shocks in one or a few numbers of financial agents.
  Keywords: network theory; systemic risk; complex systems; prudential policies; cascading failure.
  DOI: 10.1504/IJMABS.2023.10055708
   
  
• Co-evolution of technology and society  
  by Janos Korn 
  Abstract: The current scale and complexity of human, technological activities have caused significant problems in society, to individuals and the environment. This may be seen as the consequence of the evolving, historical application of the relation between the invention/emotion driven technology and society or Industrial Revolutions. This relation is expressed as a conditional shown in detail in Figure 1 as an instinctively applicable problem solving scheme. The alternative is the deliberately applicable problem solving scheme in Figure 2. The suggestion is to introduce the alternative into wider use, if feasible, possible, or to question the elements of the conditional, both of which may help to alleviate the problems. An analytical method and the application of emotions are introduced into consideration of highly qualitative issues in society.
  Keywords: technology; society; effect of emotions; industrial revolutions; systems theory; design; problem solving; linguistic modelling; logical conditionals.
  DOI: 10.1504/IJMABS.2024.10063010
   
  
• Can tight living promote local government to improve the efficiency of fiscal expenditure?: Evidence from the VAT Reform in China  
  by Chun Wang 
  Abstract: This paper analyses the comprehensive and sub-item fiscal expenditure efficiency data of 266 prefecture-level cities in China from 2006 to 2019. It uses the DID method to empirically examine the impact of fiscal pressure on local fiscal expenditure efficiency The research finds that: 1) The nationwide promotion of the pilot program of replacing business tax with VAT has reduced local financial resources, increased financial pressure, and increased the efficiency of local government fiscal expenditures Still, the expenditure structure has mostly stayed the same; 2) The efficiency improvement effect of fiscal pressure in eastern regions and developed secondary industries is more significant; 3) These findings are crucial to revealing the impact of Chinas pressure-type fiscal incentives on fiscal expenditure efficiency and even local government behaviour.
  Keywords: fiscal expenditure efficiency; fiscal pressure; business tax replaced with VAT Reform; fiscal expenditure quality; local government; public finance; three-stage DEA; DID method; tax reform; industrial structure; DDD method; budget transparency; China.