This paper empirically demonstrates Zharnikov's (2026ao) Proposition P4 – rendering-equivalence under spine-preservation – in management theory. The paper extends the companion theory's Heisenberg–Schrödinger historical existence proof into contemporary strategy research via structural extractions of two independently-authored pairs: a dynamic-capabilities pair (Eisenhardt and Martin 2000 + Zollo and Winter 2002) and a knowledge-based-view pair from the SMJ Winter 1996 Special Issue (Grant 1996 + Liebeskind 1996). The recombination metric Rec returns 4 linked propositions with preserved antecedents on each pair. A random-graph null baseline shows Pr(Rec ≥ 3 by chance) ≈ .000 across 1,000 size-matched shadows. Three additional renderings of substrates already in the corpus — a practitioner-register rendering of the paper's own structure, a third rendering of the focal-pair shared substrate, and a cross-paper rendering of the companion theory's full theoretical apparatus – preserve 11/14, 4/4, and 12/15 items strictly; 14/14, 4/4, and 15/15 semantically; zero contradictions. A bibliographic-hallucination audit of twelve AI-suggested anchors finds two verified and ten negative findings. Secondary β/δ estimates satisfy the cost-asymmetry ordering. Cross-language demonstrations span Russian renderings across multiple LLMs (including Russian-native GigaChat Rec = 12 and YandexGPT Rec = 11) and Chinese renderings across five LLMs from three training-corpus families including an open-weights model running locally on a single Mac mini (DeepSeek Rec = 12, Claude Opus Rec = 11, Qwen3.6:27b Rec = 12), with cross-extractor robustness (DeepSeek's Chinese rendering re-extracted by Qwen3.6 instead of GPT-4o: Rec = 12). Inter-coder reliability tests are pre-registered for a future release. The paper engages recombinant-search and knowledge-representation scholarship as theoretical antecedents. Includes paper.yaml (Paper Spec v0.1.0) – a machine-readable specification of the paper's claims, assumptions, and dependencies. See https://github.com/spectralbranding/paper-spec for the standard.
Blockchain technology and digital currencies have emerged as major disruptive forces in global finance, challenging traditional business models, financial systems, and corporate governance practices. As these technologies gain adoption, they have a profound impact on corporate financial management and, in particular, on the role of the Chief Financial Officer (CFO). The purpose of this master’s thesis is to examine how blockchain technology and cryptocurrencies influence financial management practices and to analyse the evolving responsibilities of the CFO in blockchain-oriented environments. The thesis is grounded in established theoretical frameworks on blockchain technology, distributed ledger systems, cryptocurrencies, decentralized finance (DeFi), centralized finance (CeFi), and digital financial instruments such as stablecoins, central bank digital currencies (CBDCs), initial coin offerings (ICOs), and security token offerings (STOs). These theories are complemented by literature on corporate finance, accounting standards, risk management, regulatory compliance, and technological innovation. Particular attention is given to consensus mechanisms, smart contracts, and the accounting and regulatory challenges associated with digital assets. A qualitative research approach was applied. Empirical data were collected through semi-structured interviews with CFOs and financial experts working in blockchain and fintech-related organizations. The collected data were analysed using thematic analysis to identify recurring patterns, challenges, and strategic responses related to blockchain adoption in financial management. The findings indicate that blockchain technology significantly transforms the CFO’s role by increasing the demand for technological competence, real-time financial oversight, and advanced risk management capabilities. Blockchain and cryptocurrency transactions were found to enhance transparency, improve treasury and working capital management, reduce operational costs through automation, and expand access to innovative financing methods. However, the study also identifies major challenges related to financial volatility, regulatory uncertainty, accounting treatment, and compliance obligations. The thesis concludes that while blockchain technology presents substantial strategic benefits, successful adoption requires CFOs to balance innovation with financial stability, regulatory compliance, and robust governance structures.
This thesis explores how blockchain technology improves trust and efficiency in supply chains, particularly for small and medium enterprises. By combining distributed ledger technology with financial principles, the research developed practical frameworks including a live financial instrument backed by real assets. A key theoretical contribution is "Retrospective Common Knowledge," explaining how blockchain creates shared understanding among participants after events occur. The work addresses data accuracy challenges through multi-party verification and demonstrates practical applications in the beef supply chain, showing how blockchain reduces miscommunication and enables better coordination in global trade.
Purpose This study aims to analyze public discourse on decentralized finance (DeFi) and central bank digital currencies (CBDC) using advanced natural language processing (NLP) techniques to uncover key insights that can guide financial policy and innovation. This research seeks to fill the gap in the existing literature by applying state-of-the-art NLP models like BERT and RoBERTa to understand the evolving online discourse around DeFi and CBDC. Design/methodology/approach This study uses a multilabel classification using BERT and RoBERTa models alongside BERTopic for topic modeling. Data is collected from social media platforms, including Twitter and LinkedIn, as well as relevant documents, to analyze public sentiment and discourse. Model performance is evaluated based on accuracy, precision, recall and F1-scores. Findings RoBERTa outperforms BERT in classification accuracy and precision across all metrics, making it more effective in categorizing public discourse on DeFi and CBDC. BERTopic identifies five key topics frequently discussed, such as financial inclusion, competition and growth in DeFi, with important implications for policymakers. Practical implications The insights derived from this study provide valuable information for financial regulators and policymakers to develop more informed, data-driven strategies for implementing and regulating DeFi and CBDC. Public discourse analysis enables policymakers to understand emerging concerns and trends critical for crafting effective financial policies. Originality/value This study is among the first to use advanced NLP models, including RoBERTa and BERTopic, to analyze public discourse on DeFi and CBDC. It offers novel insights into the potential challenges and opportunities these innovations present. It contributes to the growing body of research on the intersection of digital financial technologies and public sentiment.
Blockchains have become a popular subject during the last couple of years. They have evolved from transaction ledgers to platforms that can host various types of applications ranging from financial services to gaming. The decentralized financial applications have been some of the most popular on the Ethereum blockchain and these applications provide services ranging from lending to asset management. Decentralized finance is still a quite new phenomenon, and the current theory about decentralized finance is still quite limited. The aim of this thesis is to analyze the potential benefits and risks of decentralized financial application on the Ethereum blockchain. This will be conducted by analyzing the empirical data collected through semi-structured interviews. The data was collected from Finnish professionals who are directly in contact with some parts of these decentralized financial applications. The topics discussed revolve around implementation and adoption of these applications on a larger scale. As well as the benefits, risks and possibilities of decentralized finance. The topic of regulation is also discussed. The results of the interviews give a comprehensive view of the risks, benefits and possibilities of decentralized finance. The benefits of decentralized finance are associated with increased efficiency in transactions as well as in the fact that it is permissionless. The greatest current risks according to the data are technical ones. Exploits and bugs are still a major concern on these platforms. The most likely outcome for decentralized finance according to the data is that it will continue to grow and become a larger part of the global financial system.
今から30年以上前、会社法の強行法規性をめぐり、「会社法における契約自由」の観点から大いに議論された。会社を「契約の束」とみる企業理論が有力になり、組織や団体のもつ固有性を自明のものとせず、構成員である個人レベルから分析することを通して組織的なものの意義を捉え直すことの必要性が唱えられた。当時、会社法学においては、「会社法における契約自由」の観点から、会社法の強行法規性をめぐって大いに議論された。その後、30年以上が経過した現在、ブロックチェーン技術という現代的な様相の下で、改めて「契約と組織の交錯」する現象としてDAO（Decentralized Autonomous Organizations）が注目に値する。DAOは技術的には分散型のオープンソース・ソフトウェアでブロックチェーン上でコードに基づいて運営されるバーチャルな組織である。DAOの中核にはスマートコントラクトがあり、プログラムコードの実行によって取引が行われ、ブロックチェーンに記録されるとともに、意思決定や財産管理など組織のルールが記述される。つまり、DAOにはスマートコントラクトという契約類似の機能とガバナンスの機能が備わっている。そして、SCが従来の契約（法）や組織（法）に取って代わる機能を果たすならば、DAOは「契約法の死」や「コーポレートガバナンスの死」をもたらすものとなりうる。 本研究の一つの課題は、スマートコントラクトの法的性質を明らかにすることにある。SCは履行の自動化を実現する手段にとどまらず、「ソフトウェアの相互作用」に「意思表示の合致」を認め、SCコードを契約条項と認めうることを明らかにした。もう一つの課題が、The DAOのハッキング事件を契機として顕在化したDAOのガバナンス問題（適切なガバナンスの欠如）である。プロジェクトの価値を最大化するため、多様な主体のインセンティブをうまく調整するための設計が求められる。現段階では完全なオンチェーンガバナンス・ルールに依拠するのではなく、オフチェーンで存在する主体にDAO概念を組み込むアプローチが妥当である。 More than 30 years ago, there was much debate over the mandatory nature of corporate law from the perspective of freedom of contract in corporate law. Firm theory that viewed the company as a "nexus of contracts" gained strength, and the need to rethink the significance of organizational structure by analyzing it from the view point of individual members, instead of taking the inherent nature of organizations as self-evident. At the time, there was much debate in corporate jurisprudence regarding the mandatory nature of corporate law from the perspective of freedom of contract in corporate law. More than 30 years later, under the modern aspect of blockchain technology, DAOs (Decentralized Autonomous Organizations) deserve attention again as a phenomenon of the intersection of contract and organization. At the core of a DAO is a smart contract(cited as SC), in which transactions are executed by executing the program code and recorded in the blockchain, and the rules of the organization, such as decision-making and asset management, are programmed. In other words, DAOs are equipped with both a contract-like function and a governance function. If the SC performs a function that replaces traditional contract (law) and organization (law), the DAO could lead to the "death of contract law" or the "death of corporate governance". One of the tasks of this study is to clarify the legal nature of smart contracts: SC is not only a means to automate performance, but also a means to recognize "software interaction" with "meetings of intent" and SC code can be recognized as a legal contractual terms. Another issue is the governance problem of DAOs (a lack of proper governance), which became apparent in the wake of The DAO hacking incident. In order to maximize the value of the project, designs to successfully coordinate the incentives of various actors are required. At present stage, rather than relying on complete on-chain governance rules, an approach that incorporates the DAO concept into entities that exist off-chain is appropriate.
The importance of transitioning to a sustainable economy - one which safeguards ecological life-support systems and provides equity within and between generations - has become increasingly urgent. A crucial ingredient of such a transition is sustainable innovation by new or existing enterprises, to develop business activities that realize both societal and financial value. However, obtaining finance for sustainable innovation is often a challenge due to both principal-agent and (double) externality problems. While society benefits from investments into sustainable innovation, the – financial and societal - return for individual financiers is highly insecure. \nThis dissertation explores how to enable finance for sustainable innovation, with a focus on banks and crowdfunding platforms. It makes use of two theoretical lenses. First, it studies how to overcome principal-agent problems through different lending technologies. Second, and more novel, it takes a collective action perspective to address the double externality problem embodied in sustainable innovation finance. This research fills a gap because there exist empirically well-defined mechanisms for solving collective action problems that have not yet been applied to the finance domain. Furthermore, the dynamics of collective action appear particularly relevant in the emergence of technologically driven, decentralized financial instruments like crowdfunding. \nThis dissertation draws conclusions regarding the role of relationships, cash flows and assets as enablers of sustainable innovation finance, as well as regarding motivations of crowdfunders to undertake such investments. It highlights the challenge of enabling sustainable innovation finance while guarding the quality of the investment decisions in line with the motivation of the financier.
Recently, changes within the business industry have led to human resource management (HRM) positions and structures being reconsidered. Human resources (HR) used to be centralized, but the constant changes to organizational culture has caused HR to become decentralized. The HR operations have been incorporated into other departments, as well. Now, HRM is essential to business processes that mirror other departments, such as accounting and finance, but HR is still centralized in specialized areas, such as recruitment and compensation. Examining Goldratt & Cox's “The Goal” reveals its involvement with HRM. This study evaluates the implication of HRM on a business, its relationship to the Theory of Constraints (TOC), and the ways in which these concepts can aid a business in reaching its main objective.
Bakgrund: Satoshi Nakamoto kallas gruppen eller individen bakom kryptovalutan Bitcoin. Syftet med valutan är att kunna genomföra transaktioner snabbt, anonymt och kunna hålla tredje part, centralbanker och banker utanför. Syfte: Syftet är att undersöka och analysera svenska bankers inställning till Bitcoin. Det författarna till denna studie vill undersöka är hur bankens inställning ser ut till valutan om den blir allt mer populär att företag och privatpersoner börjar genomföra transaktioner utan inblandning med banken. Metod: För att kunna svara på syftet har studien genomförts med en abduktiv metod. Datainsamling har skett genom att intervjua relevanta personer på banker genom semistrukturerade intervjuer. I analysen förklaras sedan den datainsamlingen utifrån studiens teoretiska referensram. I syfte att få kvalificerade bedömningar om framtiden har studien använt sig av delfi-metoden. Slutsats: Författarna till studien kom fram till att Bitcoin inte utgör något hot mot bankerna eftersom de kan kopiera tekniken och bankens kärnverksamhet handlar inte bara om att genomföra transaktioner. Den underliggande tekniken till Bitcoin tillsammans med en mer legitimerad valuta (exempelvis e-krona) har en möjlighet att användas av banker i framtiden.
The subject of this bachelor thesis is the impact of bitcoin and blockchain technology on the sector of financial services. The aim of the thesis is to identify the impact and consequences arising from deployment of blockchain in the sectors of banking, insurance and capital markets. At the beginning, the basic concepts associated with bitcoins and blockchain are explained. Followed by the first part which is dedicated to theoretical bases of bitcoin and blockchain. The other sections are already dealing with specific cases of blockchain use in the above-mentioned sectors, while trying to outline the implications that the deployment of this technology are related to. At the very end is a comprehensive SWOT analysis of the blockchain in the context of the financial services sector.
The bachelor thesis deals with potential of digital currency Bitcoin to become universally accepted medium of exchange and with advantages, which its usage would bring to economy. In the thesis there are analysed factors important for its future progression. There are identified both positive and negative factors. Among the positive ones there is pseudonymity, low transaction costs, protection against government actions and inovative potential in the field of financial services. Among the negative ones there is the question of the system security, network effect, the risk of government against Bitcoin itself and high volatility. Volatility of bitcoin valu is identified as the major disadvantage of the currency. Next part of theoretical part deals with the confusion about virtual currencies and regression theorem. Logical analysis suggests that this confusion is caused by wrong interpretation of regression theorem, which is mostly caused by improper understanding of the term direct use. In the next part, Bitcoin is analysed from the view of the Austrian business cycle theory. Because of the inability of performing credit expansion, Bitcoin is identified as currency significantly limiting the strenght of business cycles. Practical part analysis the developement of volatility in time and its dependence on events and spekulative demand. The hypothesis, that high volatility of bitcoin value is caused by immaturity of the technology is not confirmed.
Companies can no longer perceive themselves as stand-alone entities in the business environment. As a result of major trends such as Globalization, Outsourcing and Off-shoring, companies have more and more begun to perceive themselves as part of a chain (or network) of companies. With the increased length of chains and the increased interdependencies between organizations, coordination between such entities has become increasingly important. Due to the fact that Supply Chain (SC) decision making is distributed over various players, one of the key managerial challenges in any SC consisting of autonomous organizations is to align decisions. Typically, each organization will take decisions to optimize its own performance. But what is best for an individual organization is not always best for the SC, so that un-aligned decision making usually leaves the SC in a state of sub-optimization. Contract mechanisms might be useful to tackle such challenges. Ideally, contract mechanisms ensure that the SC is optimized as if it were a single unit (coordination) and is designed such that all players benefit from working together through the coordinating mechanism (win-win). A SC is said to be coordinated (or optimized) if it achieves the same profit as it would in a centralized situation (or full partnership). Furthermore, win-win is said to be achieved if all the players in the SC make greater profits when compared to the decentralized decision-making situation. The effectiveness of contract mechanisms lies in their design; the decision-making authorities remain unchanged, but the incentives of the various SC entities are aligned in such a way that optimizing one’s own situation “automatically” optimizes the SC. This dissertation aims to devise contract mechanisms in various SC settings. As such it contributes to the understanding of where and how such mechanisms can coordinate operational and marketing decisions across autonomous organizations and lead to win-win. The focus is on a range of operational and marketing decisions like pricing and replenishment, promotions, service level and assortments (number of products in the product line). The typical setting is as follows. In a two player SC with a Supplier and a Buyer, the Supplier sells the product at a wholesale price to the Buyer. The Buyer then fixes the final selling price and sells it to the end-consumer. In a traditional decentralized situation, the Supplier charges a higher wholesale price and the Buyer charges a higher retail price and orders a lower quantity than what is optimal for the entire SC. In this setting contracts like revenue-sharing and quantity discounts are designed and analyzed which can induce the Buyer to fix the final selling price and order quantity at the SC optimal level. In essence, the contract mechanisms coordinate both pricing and replenishment decisions and provide win-win opportunities. Similarly, when the end-consumer demand can be influenced by promotions, it is shown that non-optimal promotional decisions are made in a decentralized situation. A new rebate mechanism is designed to coordinate the promotional decisions and provide win-win opportunities. Furthermore, it is shown that contract mechanism can coordinate service level and product line decisions and provide win-win opportunities. gned and analyzed to address the issues of coordination and win-win. In all models studied, we were able to find at least one mechanism for achieving coordination and providing win-win opportunities. Furthermore, relationships between the parameters of different contract mechanisms are established wherever possible. Also, the different mechanisms have been analyzed and reviewed from an implementation perspective. In this flat (globalized) world, we believe that incentive alignment will help businesses to deliver value to their customers and maintain or enhance their competitive positioning. Therefore, in our view, this thesis will aid businesses with an important tool in aligning the incentives within their SCs.
Accountants, take note! information highway and more specifically, the Internet--or the Net, as Internet aficionados call it--is vital to the health of the profession and your future income. This article will tell you why the Internet is important to you and how to use it to your advantage. Internet is one of the major arteries of the information highway. But before most people can maneuver onto the highway's entrance ramp, they'll have to endure some sizable potholes and detours. (They'll also have to learn some new words and phrases. See the glossary on page 61.) Right now the Internet is three things: * A nearly free communications channel. For example, a Net user in New York can dash off an electronic letter (e-mail) to a business associate in Australia. In fact, with the right software, he or she can even conduct a voice conversation with that person half way around the world. only charge is the price of a local phone call. In addition, some groups, such as the American Institute of CPAs, have arranged places on the Net where users can dialog--ask questions and share information and opinions (for more on this see the sidebar The AICPA Online, page 62, and Answers to Some Frequently Asked Questions about the Accountants Forum, page 80). * A vast storehouse of information--from the history of abacuses to the physiology of zebras--including accounting and financial information. However, the Net's utility often is obscured by the way the data are stored--tucked away in electronic libraries all around the world. Many users see the Internet as a giant library that never closes, lacks a card catalog, has all its books shelved helter-skelter and often classifies titles in an esoteric code. However, those in the know, able and willing to decipher codes such as http://www.servtech.com/re/acct.html, find the Internet the single greatest source of data available today. * An electronic storefront. Businesses as diverse as flower shops and airlines are setting up virtual shops on the Net, and their cash registers are beginning to ring. Marketing-savvy CPAs and consultants also are setting up shop on the Net--offering both free services as loss leaders and advertisements for their consulting expertise. Slowly the barriers to accessing the Net, uncovering data hidden in its libraries and setting up shop, are coming down. One of the Internet's most powerful utilities, the World Wide Web (WWW), can now be accessed and navigated relatively easily with a mouse. key point is that the Internet is becoming both user friendly and user vital. And unless accounting professionals recognize that the future of their business is information--finding it, creating it, formatting it, using it and distributing it--and become involved in this emerging technology, they may find themselves fending off fierce new competitors. THE CPA MARKET For accountants, the Net represents yet another opportunity--or challenge, depending on one's point of view: Although it's only a trickle right now, in the near future a considerable amount of business information will be transmitted by online systems. For example, clients can e-mail their general ledger transactions to their accountants' bookkeeping systems. Net-wise CPAs today download marketing information, prospectuses and newsletters. They also view instantly Standard & Poor's data, Securities and Exchange Commission filings, analysts' reports, financial statement data and earnings data on various industries. In addition, for those businesses that sell merchandise or services on the Net, the virtual cash register data also will be transmitted via the Net. In fact, one accounting software publisher, SBT Accounting Systems, just introduced a module called the Web Trader that handles such data. These are just some of the resources and business opportunities available now on the Internet. There's no telling what it will be able to offer in the future. …