The goal of this study is to identify and compare the determinants of national minimum wage (NMW) dynamics in Japan and South Korea over a two-decade period (2004–2023). Several methodologies for constructing a macroeconomic panel dataset, encompassing diverse indicators, are utilized to estimate regression and correlation-based econometric models. The quantitative findings are corroborated by qualitative results from other studies, enhancing the assessment of the minimum wage’s elasticity concerning several aspects, including inflation and productivity. The results demonstrate that the primary determinants of adjustments to NMW in both economies are consumer price index (inflation) and gross domestic product per capita, whereas unemployment and income inequality factors are less statistically significant. Moreover, empirical analysis illustrates that the Japanese economy reacts with greater moderation to adjustments in determinants than the South Korean economy, which experiences a stronger inflation pass-through effect. This difference is potentially due to institutional constraints and regional variations that influence the elasticity of NMW adjustments in relation to macroeconomic variables. In conclusion, this study illustrates how the minimum wage policies in Japan and South Korea are strongly influenced not only by inflation and productivity trends but also by differences in institutional structures, which affect the magnitude and speed of adjustment to NMW. The authors succeeded in closing a major research gap of effective cross-country analysis and evaluation of the minimum wage dynamics, demonstrating that local economic zones should implement their own wage and cost adjusting system, adopt indexation of inflation, and support small enterprises.

The persistent issue of long-term underperformance among firms has raised increasing concern within the capital market. Purpose: In response to the growing emphasis on sustainable and responsible investment (SRI), which integrates environmental, social, and governance (ESG) dimensions, we investigate whether pre-initial public offering (pre-IPO) ESG disclosure can predict firms’ long-term performance. This research is motivated by the limited empirical evidence on ESG disclosure practices within the Malaysian IPO landscape, where such disclosures remain largely voluntary. Method: Using a sample of 100 IPOs issued between 2012 and 2019, event-time analyses are employed and observed until 2024. The cumulative and buy-hold abnormal returns are employed as the dependant variables, representing long-term performance, three years post-IPO. Results: The findings reveal that voluntary pre-IPO ESG disclosure has a significant impact on firms’ long-term performance. However, the negative relationship suggests potential greenwashing effects consistent with prior literature. Furthermore, when examining the ESG dimensions individually, the study finds that social disclosure practices have a negative influence on firms’ long-term performance. Contributions: This research contributes to IPO literature by offering evidence from a developing market context on how voluntary ESG disclosures prior to listing shape firms’ sustainability. Strengthening ESG disclosure guidelines pre-IPO, aligning firms’ disclosure with actual operational capacity, and expanding future research to Association of Southeast Asian Nations markets are essential to enhance the credibility and valuation relevance of ESG information.

Russian financial institutions participating in the experiment on the development of partnership financing have started to increase the volume of transactions based on Islamic principles since 2023. Among them are banks and other public organizations. In this sector, it is especially important to take into account the long-term experience accumulated by Islamic financial institutions in disclosing information about their activities in annual reports. The purpose of the study is to assess the disclosure of information about the activities of Islamic financial institutions in annual reports and to develop theoretical approaches to its improvement for further use by Russian participants in partnership financing. The work uses comparative and deductive analysis methods, as well as logical and systemic approaches. The authors assessed the disclosure of information in annual reports by Islamic financial institutions based on more than 30 ratios grouped by categories of profitability, liquidity, asset quality, and capital adequacy. The authors identified the key indicators that Islamic financial institutions present to stakeholders for making investment decisions based on the information in annual reports. The results show that for investors of financial organizations, including those operating on the principles of the “Islamic window” (including Russian organizations participating in partnership financing), it will be constructive to disclose key indicators of Islamic financing operations in terms of six indicators (the CAMEL model modified by the authors) and five adjusted indicators of the performance index of these operations (Islamic Performance Index). The main conclusion of the study is the thesis on the need to adapt the modified CAMEL model by Russian participants in partnership financing to improve the quality of information disclosed in annual reports on their business models and attract investor funds to the industry.

Purpose: This study presents a comprehensive systematic literature review about the factors influencing foreign direct investment (FDI) inflows and outflows. Method: We synthesize and analyze 294 empirical studies from 2008 to 2024 using a framework-based review of the Antecedent — Decision — Outcome (ADO) and Theory — Context — Method (TCM) model. Findings: The findings are presented, including theories, context, and methodologies adopted in the current literature. We also reveal factors influencing FDI and the impacts of FDI investigated in the literature. Originality: A major novelty of this review lies in its development of a categorization matrix that distinguishes between push versus pull factors and institutional versus non-institutional drivers. This matrix provides a bidirectional and multi-layered perspective on how FDI determinants operate across home and host countries. Additionally, we propose a conceptual model describing FDI inflow and outflow patterns. This offers a holistic picture of the affecting mechanisms and impacts on FDI. Contribution: The study offers a refined research agenda with research questions and directions for future studies. This review also contributes an actionable foundation for advancing FDI research and informing policymaking.

For adult citizens, financial education serves as the key tool for enhancing the level of financial literacy and, in the medium term, contributes to the formation of financial culture. In this regard, the establishment of an effective financial education system is currently a relevant strategic objective for the development of Russian society. The aim of the study is to develop a structural-functional model of a regional financial education system based on an analysis of the current state and development trends of the public financial education system. Methods. The research employed general scientific methods as well as systemic and structural-functional approaches. Results. The concept of the population’s financial education system was clarified. The main trends in the emerging national system of financial education among the population were identified. It has been established that, within the framework of developing the financial education system for Russian citizens, two processes are currently occurring simultaneously: the integration of the fundamentals of financial education through elements of financial literacy into the educational system and the implementation of a mechanism for public financial education as part of informational and awareness-raising activities. The presented structural and functional model of the regional system of financial education provides for the involvement of institutions of various organizational and legal forms in the implementation of the mechanism of financial education of the population, including educational institutions, as well as cultural institutions, social services for the population, institutions supporting entrepreneurship, and employment service institutions. The key support point for the development of the system is the regional center for financial literacy of the population created in the region. The model reflects the process of interaction between the educational system and other spheres of the region. Scientific novelty. The authors proposed the conceptual foundations for improving the system of financial education for the population, focusing on developing its elements at the regional level.

Objectives: This study synthesizes quantitative evidence on the relationship between financial inclusion (FI) and economic growth (EG) to estimate the overall effect size, comparing classical (frequentist) and Bayesian meta-analytic approaches to understand how methodological choices influence the interpretation of the FI-EG nexus. Methods: A meta-analysis of 27 studies was conducted. Effect sizes (Fisher’s z) were pooled using classical random-effects and Bayesian hierarchical models. Heterogeneity was assessed using Cochran’s Q, I², and τ estimators (classical), as well as posterior τ distributions with Bayes factors (Bayesian). Results: Both approaches confirm significant positive FI-EG relationships (classical: 0.682, 95% CI [0.582, 0.782]; Bayesian: 0.616, 95% CrI [0.342, 0.824]). Substantial heterogeneity was detected (classical τ = 0.076; Bayesian τ = 0.195, BF₁ > 1000), with Bayesian analysis suggesting larger variation magnitude. Conclusion: Financial inclusion has a significant impact on economic growth. However, substantial heterogeneity indicates context-dependent impacts, requiring tailored policies. The Bayesian framework provides a richer characterization of uncertainty, offering more conservative and realistic evidence assessment.

Technological sovereignty as a strategic imperative of national development requires the development of adapted fiscal mechanisms aligned with the goals of innovation transformation. The subject of the study is the institutional environment for tax incentives for the technological sovereignty of Russian regions. The main objective of the study is the clustering of Russian regions that promotes the development of technological sovereignty of the country, applying various instruments of tax regulation. The novelty of this work lies in proposing and empirically testing a differentiated approach to creating a favorable institutional environment for tax incentives that promote technological sovereignty through the clusterization of Russian regions. The methodology of the study employs systemic analysis, Python-based cluster analysis, comparative research, and modeling to deepen understanding of the interaction between tax instruments and regional innovation development. The results of the study confirm that establishing an effective institutional environment for tax incentives supporting technological sovereignty requires a differentiated approach based on regional production index clustering, underpinned by four core criteria: regulatory transparency and international standard alignment, innovation ecosystem maturity, public-private collaborative frameworks, and digital tax procedures. The conclusions indicate that tax rate reductions and incentives for investment projects in all regions create a favorable institutional environment for technological sovereignty. Cluster 0 requires stabilization of tax incentives subsequent to the imposition of sanctions, Clusters 1 and 2 require the development of cross-border ties through federal mechanisms, and Cluster 3 requires the modernization of tax regimes, taking into account resource specifics.