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1 – 10 of over 1000Anna Białek-Jaworska and Agnieszka Krystyna Kopańska
This paper aims to determine whether local governments (LGs) use non-consolidated municipally owned companies (MOCs), excluded from public sector entities and, consequently, from…
Abstract
Purpose
This paper aims to determine whether local governments (LGs) use non-consolidated municipally owned companies (MOCs), excluded from public sector entities and, consequently, from sub-national debt to avoid fiscal debt limits. This paper contributes to the literature by analysing the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units.
Design/methodology/approach
This paper uses difference-in-differences and the system general method of moments model with the Blundell–Bond estimator for dynamic panel data analysis of MOCs owned by 866 Polish municipalities in 2010–2018.
Findings
This paper shows that the MOCs’ revenues support limited local public debt capacity by indebtedness restrictions imposed on municipalities in 2014. As a result, less indebted municipalities have higher off-budget revenues. The tightening of fiscal rules related to sub-sovereign indebtedness increased off-budget activities, but that effect is much stronger in rural and rural–urban municipalities than in urban municipalities and big cities.
Originality/value
This paper contributes to the literature by exploring the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units. In this paper, the authors combine theories relating to private and public finance; this is a novel approach and one that is also necessary – as, in fact, the worlds of public and private actors intersect – as exemplified by the existence of MOC.
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Auwal Adam Sa’ad, Aishath Muneeza, Razali Haron and Anwar Hasan Abdullah Othman
This paper identified the ṣukūk structure suitable for deficit financing during the COVID-19 crisis. The study also explored the relevant Sharīʿah contracts that could be utilized…
Abstract
Purpose
This paper identified the ṣukūk structure suitable for deficit financing during the COVID-19 crisis. The study also explored the relevant Sharīʿah contracts that could be utilized to issue ṣukūk that is suitable for various jurisdictions and corporations in handling deficit financing during the COVID-19 crisis.
Design/methodology/approach
The authors have adopted a qualitative research approach in which primary and secondary sources available on the subject were reviewed, especially a number of cases related to ṣukūk structures prior to and during the COVID-19 crisis and analyzed their performances and drawn their conclusions.
Findings
The outcome of this paper suggests that certain ṣukūk structures used during the COVID-19 crisis aimed primarily at financing deficit have been successful. Furthermore, these ṣukūk structures are relied very much on the obligator’s/issuer’s cash flow position. It has been revealed that if the ṣukūk is structured on equity-based contracts with lower repayment amount or no payment, it would not trigger default because the nature of this ṣukūk is the sharing of profit and loss, in accordance with a Sharīʿah rule that there will be compensation for any loss only if deliberate and notable negligence is proven. However, if it is debt based or ijarah and wakalah contracts, then the payment to ṣukūk holders ought to be made as agreed and if not, it will trigger default. This payment is to be made from the cash flow of the issuer and if there is an issue in the cash flow of the issuer due to COVID-19, consent from the ṣukūk holders needs to be obtained to reschedule payment as found in the case of the Garuda Indonesia ṣukūk. However, as found in MASB’s IMTN ṣukūk case, if the cash flow of the company is good, then the chances of default are very slim. However, so far, three new ṣukūk in the middle of COVID-19 were issued, one by a corporation and two issued by a sovereign, one of which addresses the liquidity issues during the pandemic, and all these proved that ṣukūk is definitely a viable alternative mode for deficit financing and a reliable option during the COVID-19 pandemic.
Research limitations/implications
This paper looked into the ṣukūk structure, especially the ṣukūk which are yet to mature and the new ṣukūk issued during the crisis caused by the COVID-19 pandemic.
Practical implications
It is anticipated that the outcome of this research will assist the stakeholders in ṣukūk markets to understand the ṣukūk impact on COVID-19 related deficit financing and suggest various structures that could be utilized in the ṣukūk market in an unprecedented situation such as the COVID-19 economic distress.
Social implications
Looking at the social aspect of ṣukūk markets, this paper has endeavored to provide solutions to the financing of deficit for social well-being as a tool to provide relief and social stability in the lives of the people.
Originality/value
The novel COVID-19 pandemic has caused unprecedented economic difficulties and market distress on a global scale; and this research sought to identify the relevant ṣukūk structures to be used for deficit financing during the pandemic crisis, especially the ṣukūk which are yet to mature and new ṣukūk issued during the pandemic crisis. The former includes HDFC Muḍārabah ṣukūk (2019) Maldives and MAHB ṣukūk/IMTN program (2010) Malaysia, while the latter includes IsDB Trust Certificates, Phase 2 of the tranches (2020), the Federal Government of Nigeria Road ṣukūk (May, 2020) and Sharj’ah Government two billion Dirham ṣukūk (June, 2020).
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This paper aims to uncover the nexus between budget deficits, money growth and inflation in Vietnam in the period 1995–2012.
Abstract
Purpose
This paper aims to uncover the nexus between budget deficits, money growth and inflation in Vietnam in the period 1995–2012.
Design/methodology/approach
The paper uses a structural vector auto-regressive model of five endogenous variables including inflation, real GDP growth, budget deficit growth, money growth and the interest rate.
Findings
It is found that inflation rose in response to positive shocks to money growth and that budget deficits had no significant impact on money growth and therefore inflation. This empirical evidence supports the hypothesis that fiscal and monetary policies were relatively independent. Money growth significantly decreased in response to a positive shock to inflation; interest rates had no significant effect on inflation but considerably increased in response to positive inflation shocks. This implies that the monetary base was more effective than interest rates in fighting inflation.
Originality/value
This paper sheds light into understanding the link between budget deficits, money growth and inflation in Vietnam during the high-inflation period 1995–2012. The finding supports the hypothesis that fiscal and monetary policies were relatively independent over the period.
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María Luisa Esteban Salvador, Emilia Pereira Fernandes, Tiziana Di Cimbrini, Charlie Smith and Gonca Güngör Göksu
This study aims to explore the impact of board size, board gender diversity and federation age on the likelihood of having a female chair in National Sports Federations (NSF).
Abstract
Purpose
This study aims to explore the impact of board size, board gender diversity and federation age on the likelihood of having a female chair in National Sports Federations (NSF).
Design/methodology/approach
A quantitative methodology compares 300 sports boards in five countries (Italy, Portugal, Spain, Turkey and the UK), using data collected from NSF’s websites.
Findings
The board size and federation age have no significant impact on having a female board chair when the countries and the percentage of female directors are included in the model. When the number of women is measured in absolute value rather than in relative terms, the only variable that predicts a woman chair is the country. When the model does not include country differences, the percentage of female directors is key in predicting a chairwoman, and when the number of women is used as a variable instead of the percentage, a board’s smaller size increases the odds of having a chairwoman.
Research limitations/implications
There are some limitations to this study which we believe provide useful directions for future research. Firstly, the authors have not considered the role of gender typing in sports activities which explains the extent that women participate in specific sports (Sobal and Milgrim, 2019) and the related perception of such sports in society. The social representation of sports activities classified as masculine, feminine or gender-neutral can hypothetically influence women’s access to that specific federations’s leadership. The authors included the country factor only partially, as a control variable, as the social representation of sports usually goes beyond national boundaries.
Practical implications
This study has implications for sport policymakers and stakeholders, and for institutions such as the IOC or the European Union that implement equality policies. If the aim is to increase female presence in the highest position of a sports board and to achieve gender equality more generally, other policies need to be implemented alongside gender quotas for the sports boards, namely, those specifically related to the recruitment and selection of the sports board chairs (Mikkonen et al., 2021). For example, given the implications of critical mass and its ability to increase more female’s engagement then the role of existing chairs acting as mentors and taking initiative in this objective may be warranted. Furthermore, attention should be paid to the existing gender portfolio of each board and its subsequent influence on recruiting a female chair, regardless of the organization’s age. Knoppers et al. (2021) concluded that resistance to gender balance by board members is often related to discriminatory discourses against women. The normalization of the discourses of meritocracy, neoliberalism, silence/passivity about the responsibility of structures and an artificial defence of diversity emphasise that equality should not only be determined by women (Knoppers et al., 2021).
Social implications
When countries are included in the model, the results suggest that the social representation of a female board member is different from that of a female board chair.
Originality/value
The originality of the study is that it shows the factors that constrain women taking up a chair position on NSFs. Theoretically, it contributes to existing literature by demonstrating how a critical mass of females on boards may also extend to the higher and most powerful position of chair.
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Giuseppe Grossi and Daniela Argento
The purpose of this paper is to explain how public sector accounting has changed and is changing due to public governance development.
Abstract
Purpose
The purpose of this paper is to explain how public sector accounting has changed and is changing due to public governance development.
Design/methodology/approach
This paper conducts a traditional literature review based on selected studies in the fields of accounting, public administration and management. The aim of the review is to explain how diverse forms of public governance influence the fate of public sector accounting, including accountability, performance measurement, budgeting and reporting practices.
Findings
Public governance is developing into more inclusive but also complex forms, resulting in network, collaborative and digital governance. Consequently, the focus and practices of public sector accounting have changed, as reflected in new types of accountability, performance measurement, budgeting and reporting practices.
Research limitations/implications
Drawing upon literature from different fields enables a deeper understanding of the changes in public sector accounting. Nevertheless, the intention is not to execute a systematic literature review but to provide an overview and resolve the scattered body of knowledge generated by previous contributions. The areas of risk management and auditing were not included and deserve further attention.
Originality/value
This paper discusses the need to continually redefine and reassess public sector accounting practices, by recognising the interdependencies between different actors, citizens and digital technologies.
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The paper investigates the governance and administrative process in the Palembang Light Rail Train (LRT) project in Indonesia and gives suggestions on the strategic development of…
Abstract
Purpose
The paper investigates the governance and administrative process in the Palembang Light Rail Train (LRT) project in Indonesia and gives suggestions on the strategic development of the LRT project for creating a desakota technopole in Palembang.
Design/methodology/approach
This paper adopts both STEEP (Social, Technological, Environmental, Economic, Political) analysis and desakota technopole theoretical framework. The STEEP analysis is used to explain the Palembang LRT project which is to meet one of the city’s high-tech urban transportation goals. The desakota technopole framework is used as a strategic urban planning guideline for the further development of Palembang.
Findings
This paper has three findings. First, based on STEEP analysis, Palembang needs smart urban transportation, such as LRT, to solve the present and future traffic problems. Second, the governance and administrative process in the LRT project is mandated to national companies as part of a national government infrastructure policy financed over multiple years through the national budget. Third, it is critical for national, provincial, and local governments to adopt a desakota technopole framework strategy to meet long-term targets.
Originality/value
This paper highlights Indonesia experience towards making a desakota technopole, using the Palembang LRT project policy as the key driver under investigation.
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Dinh Anh Phan and Thi Le Hoa Vo
This paper investigates whether and how the financial services offered by an e-commerce platform can help budget-constrained small- and medium-sized suppliers improve their…
Abstract
Purpose
This paper investigates whether and how the financial services offered by an e-commerce platform can help budget-constrained small- and medium-sized suppliers improve their corporate social responsibility (CSR) performance.
Design/methodology/approach
The authors examine a supply chain in which a budget-constrained supplier engages in CSR, produces a finished product and sells it on the marketplace of an e-commerce platform. This platform offers financial services to the supplier, choosing among three types of financing models: target rate of return, credit limit and CSR-linked financing. Using a Stackelberg game approach, the authors can drive the equilibrium decisions under each financing model.
Findings
The results reveal that all three financing models help improve the supplier's CSR investment as long as consumer sensitivity toward CSR exists. Moreover, the last one leads to the highest profitability of the overall supply chain and each member.
Originality/value
The findings shed light on the role of platform financing and how to design the most appropriate financing model to improve CSR for supply chain managers.
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The purpose of this paper is to assess the plausibility of four different mid-term paths of development of the European Union (EU): first, a political union or a European state;…
Abstract
Purpose
The purpose of this paper is to assess the plausibility of four different mid-term paths of development of the European Union (EU): first, a political union or a European state; second, a differentiated and flexible integration of the polity; third, a covert and deepening integration of the polity outside of the political arenas; fourth, the disintegration and/or dissolution of the EU through the exit of individual members or a joint decision to terminate the union.
Design/methodology/approach
The paper uses strategic interaction analysis to identify the plausibility of each of these four possible outcomes. By systematically varying the relevant actors’, i.e. European Council’s and member states’, the European Parliament’s, the Commission’s, preferences over outcomes while holding constant institutional rules of decision making on the one hand, and systematically varying institutional rules on the other while holdings actors’ preferences constant, the paper comes to the conclusion that differentiated and flexible integration and covert integration are the most plausible mid-term paths of development.
Findings
The paper finds that neither a European state or deep political union nor a disintegration or even dissolution of the EU is the most plausible path of development. Rather, it concludes that flexible and differentiated integration as well as covert integration outside the political arenas are the most likely developments. However, it also draws attention to the political costs of flexible and differentiated integration which does not allow for an overall view of political and policy issues negotiated at one political table, limiting the scope of compromise formation and even leading to a fragmented polity. Covert integration consisting of mechanisms of hidden integration “invisible” to the wider public may lead to a democratic backlash, once citizens realize that integration has considerably deepened without their being aware of it.
Originality/value
Most publications regarding the future development of the EU are normatively driven, either conjuring an imminent disintegration, or invoking the necessity of a deepening integration leading to a political union. This paper, by contrast, seeks to assess the likely further development based on empirically identified factors and a logical argument.
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Katarzyna Sum, Mariusz-Jan Radło and Marta Mackiewicz
The aim of this article is to investigate how the use of financial instruments influences the development of Regional Development Funds (RFR) in Poland and to assess the maturity…
Abstract
Purpose
The aim of this article is to investigate how the use of financial instruments influences the development of Regional Development Funds (RFR) in Poland and to assess the maturity and coherence of the regional development financing system in this country.
Design/methodology/approach
The methodology is based on the multilevel governance literature and on data collected during 26 in-depth interviews in regional, national and international institutions.
Findings
The authors demonstrate that the use of financial instruments stimulates new kinds of cooperation between several institutions and contributes to the establishment of RFR. The authors also show that the Polish regional financing system is still developing and formulate recommendations about necessary improvements.
Originality/value
The main contribution of this article, in addition to taking up a new, relevant topic for the regional development policy in countries benefiting from European Union (EU) cohesion policy, is the application of the multilevel governance (MLG) concept to explain the development of the Polish regional development financing system. Moreover, the significant added value of this study comes from the use of data collected during 26 in-depth interviews (IDI) in regional, national and international institutions on the use of repayable instruments in regional development policy.
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Christopher Ansell, Eva Sørensen and Jacob Torfing
This chapter insists that local cocreation projects need not only good intentions and the hard work of volunteers but also require funding and financing of the design and…
Abstract
This chapter insists that local cocreation projects need not only good intentions and the hard work of volunteers but also require funding and financing of the design and implementation of new solutions. It draws a conceptual distinction between funding and financing and explains who may help to provide funding and financing and why they may do so. As a part of this discussion, attention is drawn to the importance of writing good and persuasive funding applications and drawing up a strong and convincing business case to secure financing of new solutions. The new and emerging strategy for mobilizing private capital to help finance SDG projects is explained and illustrated, before closing the chapter with a discussion of the need to develop a proper system for fiscal accounting and auditing, which can prevent mismanagement and misconduct that eventually undermine popular support for local SDG projects.
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