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The purpose of this research is to examine Micro-, small- and medium-sized enterprises (MSMEs). Which have limited access to financial resources from financial intermediaries. Thus, resource allocation is a primary concern for them.

This research studies the determinants of cash conversion cycle components and cash flow of MSMEs operating in Ecuador. This study examined a robust sample of 19,680 firms from 2000 to 2020, using the two-step generalized methods of moments to control for endogeneity and multicollinearity of independent variables issues.

The sample was divided into working capital intensive and fixed capital intensive firms. It was found that in every segment (micro-, small- and medium-sized), the majority of firms are working capital intensive and their average return is higher. This implies that small business owners assign the majority of their resources to current assets, which thus far have enabled them to achieve higher profitability.

Research investigated Ecuadorian MSMEs in a dollarized developing environment. Scrutinizing working capital intensive vs fixed capital intensive.

This study aims to investigate the influence of economic policy uncertainty (EPU) and geopolitical risk (GPR) on the relationship between internal cash flow and external financing in an emerging market, Saudi Arabia. It also examines the role of asset tangibility and financial crisis in establishing this relationship.

The sample was taken from non-financial sector companies listed on the Saudi Stock Exchange between 2002 and 2019. The data were analyzed using panel data regression analysis, including ordinary least squares and fixed effects model. The author addresses potential endogeneity through the generalized method of moments.

This study found that both EPU and GPR reduce the sensitivity of external financing to internal cash flow. This implies that firms depend more on internally generated funds during periods of increased EPU and GPR. Besides, this study found that the influence of EPU and GPR on the sensitivity of external financing to internal cash flow is more (less) negative for more tangible firms (during the financial crisis period). This result implies that Saudi firms boasting a higher level of tangibility are more flexible when it comes to seeking external financing. However, the presence of uncertainty during the crisis period makes the external financing costly, and therefore, firms will be less likely to raise funds from external sources.

This study has important implications for managers, policymakers and regulators. First, the paper findings provide insights for corporate decision-makers in helping them to focus on internal funds to finance their investment during uncertain times. Second, the findings help managers to understand the role of asset tangibility in raising external funding when firms face financial constraints due to uncertainty. Third, this study also helps corporates to focus on internal funds to finance their investment during the crisis period because EPU and GPR increase the cost of external finance. Finally, the results provide guidelines for policymakers and regulators to make appropriate policy measures to increase the easy availability of external finance during periods of increased EPU and GPR.

This paper is the first to shed light on the impact of internal funds on external financing while paying close attention to the role of EPU and GPR.

Little is known about the determinants of supply chain finance (SCF) adoption among small and medium-sized enterprises (SMEs) in developing countries. This study aims to address this relevant research gap and hence, draws on the resource-based view and transaction cost economies to empirically investigate five factors that make SCF adoption practicable among SMEs in Ghana.

The approach involves a sample of 257 SME managers/owners and modelling via structural equations modelling.

All five factors (innovative capability, information sharing, inter- and intra-firm collaboration, external financing and trade process digitization) were found to impact positively and significantly on SCF adoption. The findings provide SME managers/owners with a research model which guides them on how to settle the SCF process.

This paper used a cross-sectional survey, which makes it impossible to access changes over time. In addition, the use of quantitative method limits respondents from expressing their feelings fully. Using a mixed or qualitative methodology will provide avenues for future research.

This paper offers a completive advantage for Ghanaian SMEs to strengthen their relationships while collaborating with each other. The findings suggest that by adopting SCF solutions, SMEs can optimize their liquidity and working capital. The factors underpinning SCF adoption are of incredible attractiveness for SME managers/owners to discover the relevant practice of SCF solutions. SMEs should adopt SCF strategies for improving their capability to respond promptly to transactions.

This paper is among the few papers that have examined these five factors in a developing economy context. The study also provides new understanding of the factors that influence SCF adoption in the context of a developing economy.

Despite extensive research on supply chain management (SCM), the literature lacks a perspective to empirically assess the importance of poverty alleviation in social business. Using resources dependence theory, the purpose of this study is to analyze to ascertain whether financial innovation has a powerful solution for business sustainability and, hence, poverty alleviation in developing countries. This study reviews the financial innovations offered by Dompet Dhuafa Republika in integrated supply chain management (ISCM) of smallholder livestock business through Tebar Hewan Kurban (Spreading Sacrificial Animals) program to overcome capital and marketing problems at the farmer level and distribute Qurban meat to the recipients.

This study was conducted using descriptive qualitative method. The data were obtained through a field survey, by interviewing two crowdfunding-based investment companies, 250 partner farmers, program managers and assistants, marketing partners, donors/consumers/person who sacrifice and Mustahik (recipients of Qurban meat) involved in program implementation, using purposive sampling method. Focus group discussion was conducted with selected panelists to validate the results of the field survey.

The results of this study showed that the Tebar Hewan Kurban program provides greater benefits to farmers, while increasing the distribution of Qurban meat to be more equitable. The role of moneylenders and middlemen can also be eliminated. Donors feel satisfied because their goals are fulfilled in the Qurban ritual. Program implementers and investors also got decent returns. ISCM is very feasible to be developed on a wider scale, to improve the welfare of farmers or fishermen.

This study used a set of samples of the assisted areas from only one institution, which may lead to institution-specific results. Although the sample is small, the results of this study are expected to provide new insights into the implementation of the Qurban, which will provide more profits and benefits for partner farmers. In broader practice, the program flow is worth considering compared to similar programs in other institutions, in Indonesia or abroad. Because of the COVID-19 pandemic situation, the field survey and focus group discussion were carried out online.

The results show that ISCM is able to increase the income of farmers. Practically, this program can be duplicated in similar institutions, as well as in government or non-government organizations, in Indonesia and abroad, that have the same context and activity.

This study offers several social contributions by exploring how and why ISCM can eliminate the role of moneylenders and middlemen, increasing the small farmers' income, providing reasonable profits to parties involved in marketing and satisfying donors and equitable distribution of Qurban meat.

This study contributes to the literature by confirming the higher impact of ISCM in social business on poverty alleviation. Therefore, this paper provides an alternative solution to increase the income of small farmers through the supply of animals for Qurban or other religious rituals through ISCM arrangements.

This study examines whether country-level financial integration affects firms' accounting choices and the quality of financial information.

This study employs Propensity Score Matching (PSM), and panel regressions of a large sample of data from 20 emerging markets over the period 1987–2018.

This study finds evidence that increased level of financial integration is significantly positively associated with firms' accruals earnings management (AEM) and real earnings management (REM).

Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness of financial reporting quality. The study also has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.

Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness and quality of financial reporting. The findings can be of interest to analysts, auditors and other monitoring institutions who play a crucial role in detecting earnings management and reducing information asymmetry. Finally, the study has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.

Findings in the study reveal how country-level financial integration affects accruals and real earnings management in a sample of firms from 20 emerging markets. Further, the study adds to the growing body of literature on emerging markets where capital markets mechanisms, regulatory environment and firm's corporate governance are distinct to developed markets.

University–industry (UI) collaboration is essential for knowledge and technology exchange between higher education institutions and industries, enabling enterprises to accelerate innovation. However, few studies have investigated the collaborative innovation mechanism through which UI collaboration can enhance the accumulation of firms' intellectual capital (IC) and how this, in turn, affects their innovation-driven development.

Drawing from the knowledge management and collaborative innovation theory, this research proposes a theoretical framework of the inter-organization relationship between enterprises and universities to investigate the influence mechanism of UI collaboration, including academic engagement and commercialization, on corporate performance as well as the mediating role of IC by employing survey that covers 177 UI collaborations.

Empirical results show that human capital and relational capital fully mediate the relationship between academic engagement UI collaboration and corporate economic performance, while human capital partially mediates the relationship between commercialization UI collaboration and corporate economic performance. Additionally, structural capital and relational capital partially mediate the relationship between academic engagement and corporate innovation performance, while structural capital fully mediates the relationship between commercialization and corporate innovation performance.

This study empirically investigates how academic engagement and commercialization impact corporate performance (i.e. innovation dimension or economic dimension). It uncovers this relationship's underlying mechanism by documenting the IC's mediating impact.

This paper aims to reexamine the relationship between financial openness and financial development in Ghana.

The study applied maximum likelihood estimation and autoregressive distributed lag approach and tested Granger causality using quarterly data from 1990:1 to 2020:4.

This study revealed a long-run equilibrium relationship between financial openness and development, indicating that financial openness is a critical factor in Ghana’s financial development. Therefore, the study recommends with caution that policies aimed at promoting financial openness could be an effective way to encourage sustainable financial development in Ghana, as financial openness alone may not bring the desired outcome.

The study contributes to the existing body of knowledge by providing empirical evidence of the link between financial openness and financial sector development in Ghana. Future research could delve deeper into the mechanisms through which financial openness affects financial development, exploring potential channels and transmission mechanisms.

The findings suggest that policymakers, particularly the Ministry of Finance and the Bank of Ghana, should prioritize policies aimed at promoting financial openness. This includes continued efforts toward financial liberalization and creating an environment conducive to domestic and international financial transactions. Moreover, policies aimed at increasing trade openness, boosting real GDP and maintaining moderate real interest rates are essential for fostering financial sector development.

Enhancing financial sector development can have significant implications for society, including increased access to financial services, improved economic opportunities and enhanced overall economic stability. By promoting financial openness and development, policymakers would contribute to poverty reduction, job creation and overall socio-economic development. The study bridges the gap between theory and practice by providing empirical evidence supporting the theoretical proposition that financial openness stimulates financial sector development.

This study fills a crucial gap in the literature on the effects of financial openness on Ghana’s financial sector development. It focuses on Ghana, which liberalized its financial sector in 1988 as part of the overall economic reforms in 1983, and this justifies the starting point of this paper in 1990, as there are no adequate data before 1990. The study uses principal component analysis to construct an index that measures financial development. The study considers the recent financial crises in Ghana in 2017 and underscores the importance of understanding the link between financial openness and financial development, which becomes useful for policymakers and researchers studying financial system development in sub-Saharan Africa which includes Ghana.

The study examines the diversity of ethical motivations for investments in fossil fuels amid growing calls to decarbonize. Faced with the dilemma between energy needs and net-zero commitments, managers need to reconcile seemingly irreconcilable external pressures. The purpose is to provide insights into the ethics justifying their investment decisions.

The authors draw on ethnographic research, participant observation and interviews with oil and gas executives, private equity partners, managing directors, bankers, lawyers, consultants and engineers in the US and the UK.

The findings show how managers in the oil and gas ecosystem motivate their actions in response to external pressures for decarbonization. The leitmotif is that they do the right thing even if they acknowledge that not all stakeholders agree. The findings provide insights into why net-zero pledges have failed to stem the flow of capital into fossil fuels.

The authors propose a nuanced engagement with stakeholders that goes beyond risk-return calculations on investments in hydrocarbons. Recognizing the diversity of ethical perspectives, money managers have the opportunity to engage institutional constituents as owners of the collective pools of capital rather than just as beneficiaries in making investment decisions.

Money managers should be more engaged with stakeholders whose well-being depends on the funds' investments. They could facilitate the creation of partnerships with public and private organizations such as banks, national funds, city governments, pension funds, foundations, universities and religious organizations. It would be beneficial to all stakeholders to understand the nuanced and varied ethical frameworks that inform hydrocarbon investment and divestment decisions.

The article uses timely in-depth interview data on an issue of existential importance. The authors contribute a better understanding of how and why institutional investor capital is flowing into hydrocarbons at a time when calls to divest are louder than ever.

Sub-Saharan African (SSA) region has been battling illegal outflow of capital over the years, with little success recorded so far. Without adequate attention, unemployment, infrastructure deficiencies and inefficient capital might be worse in the future. The purpose of this study is to investigate if institutional quality mitigates the effect of capital flight (CF) on economic growth.

The panel data from 26 SSA countries spanning 1998 to 2018 are used. The analysis of this study was carried out through a two-step generalized method of moments technique. The principal component index is used to group the institutional quality/governance indicators into three categories: political governance, economic governance and institutional governance.

The study found that CF is harmful to the economic growth of the SSA region. The study also found that, among the indicators of institutional quality, only the rule of law and control of corruption stimulate economic growth. Contrary to expectation, the finding indicates that institutional quality does mitigate the effect of CF on economic growth in the SSA region.

This study provides an insight into the relevance of institutional quality in mitigating CF in sub-Saharan African region.

The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.

The review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.

The review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.

The article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.