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Involvement of lenders for PPP highway projects in India starts after the bid award. The post-award development phase of Toll and Annuity PPPs differ significantly in terms of potential risk assumed by lenders. This study aims to assess the impact of the transparency law on the post-award development phase of Toll and Annuity PPPs.

A unique dataset of 469 PPP highway projects implemented in India was used to conduct this empirical study. An OLS regression model was developed to assess the impact of the transparency law on the post-award development phase.

Enacting the transparency law increased the duration of the post-award development phase of Toll projects; however, its impact on Annuity projects was not significant. Moreover, Toll and Annuity projects with a longer post-award development phase had a shorter construction phase. The post-award development phase of the Toll projects was relatively more sensitive to technical, economic and location-specific variables than Annuity projects. Length of road stretch, duration of the concession period and individual income of end-users significantly impacted the duration of this phase of Toll projects.

Transparency law can improve risk mitigation of Toll projects during the post-award development phase.

The impact of transparency law on PPP projects has never been assessed. This study assesses its impact on the two forms of PPPs. It also highlights the determinants of this phase and how they differ for the two forms of PPPs.

This paper aims to explore the common ethical decision-making challenges faced by financial advisers and how they meet these challenges. The purpose is to identify successful decision-making tools used by investment advisers in doing business ethically. Additionally, the authors uncover common challenges and offer decision-making tools to provide support for supplemental ethics training in the future.

Questions were analyzed through a qualitative approach using individual interviews to examine a range of experiences and attitudes of active financial advisers. The sample was represented by 11 practicing financial advisers affiliated with US independent broker-dealers: six women and five men, each with 10 or more years of experience, ranging in age from 35 to 75. Grounded in four ethical decision-making models, this research examines individual ethical decision-making using individual (internal, personal) and organizational (external, situational) factors.

The method used uncovered struggles and revealed strategies used in making ethical decisions. Two research questions were examined: what are the common ethical decision-making challenges faced by financial advisers in the US financial industry? How do financial advisers handle ethical decision-making challenges? Four themes emerged that impacted ethical decision-making: needs of the individual, needs of others, needs of the firm and needs of the marketplace. Financial advisers identified moral obligation, self-control and consulting with others as major considerations when they contemplate difficult decisions.

A limitation of this review is its small sample size. A more robust sample size from investment advisers with a broader range of experiences could have widened the findings from the study.

Investment advisers can use the findings of this study as a tool for improving their own ethical decision-making or designing training for their employees to be better decision-makers.

The study explores the decision-making experiences of investment advisers to reveal multifaceted, often private struggles that qualitative methods can uncover. The study provides support for the development of additional training in ethical decision-making specific to investment advisers.

Public-private partnership (PPP) highway projects in India are undertaken at both state and national levels, such that differences exist in how the procuring authorities manage project risk during the development and construction phase under different institutional frameworks. This study assesses the performance implication of the different administrative positionings of the procuring authority.

A data set of 516 PPP highway projects implemented in India formed the basis of this study. Means comparison, ordinary least squares (OLS) regression and seemingly unrelated regression were used to assess the impact of procuring authority on schedule performance.

The findings suggest that the state and the national highway projects were no different in achieving financial closure. However, the administrative positioning of the procuring authorities had a significant impact on other schedule performance variables. The construction of the state highway projects started quickly after the financial closure compared to the national highway projects. Moreover, the state highway projects were not only planned to be implemented at a faster rate but they were actually implemented at a faster rate and had a lower time overrun.

Procuring authorities under the state governments, being closer to the project, are better placed to manage project risk than those under the national government.

The administrative distance of the procuring authority from the PPP project and its implication on performance has never been studied.

This study aims to conduct a bibliometric analysis on “intertemporal choice” behavior of individuals from journals in the Scopus database between 1957 and 2023. The research covered the data on the said topic since it first originated in the Scopus database and carried out performance analysis and content analysis of papers in the business management and finance disciplines.

Bibliometric analysis, including science mapping and performance analysis, followed by content analysis of the papers of identified clusters, was conducted. Three clusters based on cocitation analysis and six themes (three major and three minor) were identified using the bibliometrix package in R studio. The content analysis of the papers in these clusters and themes have been discussed in this study, along with the thematic evolution of intertemporal choice research over the period of time, paving a way for future research studies.

The review unpacks publication and citation trends of intertemporal choice behavior, the most significant authors, journals and papers along with the major clusters and themes of research based on cocitation and degree of centrality and relevance, respectively, i.e. discounting experiments and intertemporal choice, impulsivity, risk preference, time-inconsistent preference, etc.

Over the past years, the research on “intertemporal choice” has flourished because of the increasing interest of researchers and scholars from different fields and the dynamic and pervasive nature of this topic. The well-developed and scattered body of knowledge on intertemporal choice has led to the need of applying a bibliometric analysis in the intertemporal choice literature.

This study aims to explore the adoption of enterprise risk management (ERM) in developing and developed countries. Is there a similarity or difference between the two contrasting institutional markets and the reasons behind them?

The adoption of ERM is analyzed on the basis of the institutional framework. The author draws empirical evidence by comparing the cases of a British and an Indian insurance company using evidence from multiple sources. This paper focuses on extra-organizational pressures exerted by economic, social and political situations across two countries that influenced the adoption decision of ERM.

The findings of this research revealed that early adopters of ERM in different institutional markets face coercive and normative pressure but not mimetic pressure. The adoption of ERM in India and the UK is dissimilar. Companies in the British insurance market encounter higher institutional forces than those in the Indian market because of higher coercive and normative pressure. The aspirations to adopt ERM in the Indian and UK markets included improved strategic decision-making to maintain stakeholder expectations and higher standards of corporate governance. In the UK, ERM was adopted to reduce surprises and fluctuations under flexible regulations but with stricter adoption and to improve credit ratings.

Previous literature has discussed ERM adoption in similar markets or within one market with similar institutional pressure. In contrast, this research is a comparative study that explains the analysis of institutional theory in two different institutional environments in the adoption of ERM.

This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape.

The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds.

The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts.

The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility.

The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.

The purpose of this study is to examine the influence of conscientiousness on entrepreneurship over and above the impact of other factors that are associated with entrepreneurship in the literature.

The design uses household responses from the Panel Study of Income Dynamics (PSID) biennial survey that follows the same heads of households over time to measure their conscientiousness, businesses owned and other demographic and financial characteristics. Ordinary least squares (OLS), Probit and Poisson regression techniques are applied at the head of household and state level to examine the relationship.

The results show heads of households’ conscientiousness positively relating to the average number of businesses owned, beyond other Big Five traits and the impact of other characteristics. A one-standard deviation increase in conscientiousness is significantly associated with a 0.012 increase in the number of businesses owned. This association is robust to alternative regression specifications and variable measurements.

The results are original to the finance literature, complementing studies by linking intrinsic head of household-level traits to entrepreneurship while controlling for external financial and demographic factors. The study also attempts to externally validate previous findings using aggregate-level outcomes. The data and setting used to measure personality traits as well as entrepreneurial outcomes are original to the entrepreneurship literature, validating previous findings.

The authors examine whether limitations in Form 990 result in zero or understated fundraising and administrative expenses for organizations supported by related organizations. Form 990 does not consolidate financial information of legally separate related organizations, resulting in fundraising and administrative expenses being reported by supporting organizations but not by the supported organization.

The authors use the IRS Statistics of Income Sample Data Files and compare charities receiving support from related organizations (supported) to non-supported charities.

The authors find evidence that supported organizations are likely to report zero or understated fundraising expenses and zero administrative expenses. Those receiving related donations are more likely to have zero or understated fundraising expense while those receiving related compensation are more likely to have zero and understated fundraising and administrative expenses. The authors also find evidence that supported organizations receiving greater amounts of related donations and related compensation are also more likely to report zero and understated fundraising expenses as well as zero administrative expenses while greater amounts of related compensation are also associated with understated administrative expense.

Since donors and other stakeholders use Form 990 to evaluate nonprofits, its unconsolidated nature could result in a lack of comparability across organizations and misinformed resource allocation (e.g. donation) decisions. The results also have implications for researchers who use zero and understated fundraising and administrative expenses as proxies for low quality reporting or interpret them as data errors.

The paper examines the extent to which zero or understated fundraising expense reporting (i.e. the fundraising expense puzzle) is associated with supported organizations receiving financial support from related organizations. The authors also expand their examination to zero and understated administrative expenses.