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The purpose of this paper is to explore the link between R&D internationalization and finance decisions by providing survey evidence on the funding sources of R&D in light of recent perceptions of MNEs' decentralized knowledge-related competitiveness.

The study draws upon a survey of 83 decentralized R&D units located in countries outside the EU core of mature economies. Funding sources are classified as MNE-internal and external. Using simulation-based models, six ordered probit regression models were run with each funding source forming the dependent variable.

There are three significant findings. First, decentralized R&D funding relies mainly on MNE-internal sources. Second, decentralized R&D funding patterns reflect on the interdependencies within an overall MNE R&D strategy that is articulated through varied laboratory roles. Third, while the strategy-finance interaction is confirmed, the prevalence of parent funding is challenged. Instead, evidence recorded here suggests support for the decentralized, “subsidiary-focused” perspective that has recently regained a considerable momentum in the literature.

Notwithstanding that this study reinforces the interaction between strategic decisions and funding patterns, more work is required to identify the effects of other aspects of strategy on the funding sources of decentralized R&D activity. However, it is seemingly the first study that investigates MNEs' R&D financial decisions in economies outside the EU core, incorporating also a wide array of external funding sources.

Funding choices for decentralized R&D labs should be contingent upon their unique contribution to the competitive evolution of the MNE group. Further, R&D activity seems to leverage the autonomy of subsidiary managers.

This research is one of the very few empirical studies providing evidence on the funding sources of decentralized R&D laboratories, and suggests possible predictors that have not been put forward hitherto.

Decentralized finance is a technological infrastructure built on a blockchain networking environment that supplies transparent, uncensorable, and decentralized financial services and products. This infrastructure offers the opportunity to replicate traditional financial instruments on a decentralized platform and incorporate added features provided by blockchain technology. It also allows the creation of new instruments native to blockchain technology unavailable through traditional financial institutions. This chapter presents an in-depth analysis of the inner workings of stablecoins, decentralized exchanges, automated market makers, liquidity pools, decentralized lending, synthetic instruments, and asset management. It also provides specific examples for each application and presents some current challenges the sector faces.

One aspect of the opportunities and challenges for cryptoassets concerns decentralized finance (DeFi). DeFi is a growing area of cryptoassets that couples blockchain technology, digital assets, and financial services. DeFi is a publicly available system on a decentralized blockchain network, offering financial products and applications. This chapter provides an overview of the DeFi universe that has enormous potential in various industries in the global market. It also discusses the implications of DeFi’s new wave and its applications involving initial coin offerings and stablecoins and specific challenges like the scalability trilemma in DeFi and financial markets.

Decentralized finance (DeFi), enabled by blockchain, could bring about a new financial system, where peers will interact directly, with little or no place for traditional intermediation. However, some crucial tasks cannot be left solely to an algorithm and, consequently, most DeFi applications still require human decisions. The aim of this research is to assess the role of intermediation in the light of DeFi, analysing how humans and algorithms will interact.

The authors based their work on a twofold qualitative methodology, first analysing publicly available secondary data, particularly from white papers and DeFi Pulse (a website providing data on DeFi solutions) and then running two focus group discussions.

DeFi does not eliminate financial intermediation, but enables it to be performed in new ways, where decentralization means that no single entity can hold too much power or monopoly. DeFi has, however, inherited risks from the underlying technologies that unintentionally facilitate illegal behaviour and can hamper the authorities’ supervision. The complex duality algorithm- vs human-based actions will not be solved indisputably in favour of the former, as DeFi solutions can range from requiring algorithms to play a dominant role, to enabling greater human interaction by actively involving more people.

This research contributes to the emerging debate between algorithm- and human-based intermediation, especially in relation to the standing literature on financial intermediation, where considerations made in the light of the newest theories on blockchain and DeFi are still scarce.

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.

This paper analyzes global interest in Internet information about decentralized finance (DeFi), embedded finance (EmFi), open finance (OpFi), ocean finance (OcFi) and sustainable finance (SuFi) and the relationship among them.

The paper used a comparative methodology based on regression and correlation analyses to assess global interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi.

The findings reveal that global interest in Internet information about EmFi was more popular in Asian and European countries. Global web search for Internet information about OcFi decreased during the financial crisis while global web search for Internet information about OpFi and EmFi increased during financial crisis years. Global web search for Internet information about DeFi, SuFi and EmFi increased during the pandemic years. There is a significant and positive correlation between interest in DeFi, EmFi, OcFi and SuFi. Also, there is a significant and negative correlation between interest in EmFi and interest in OpFi. The regression coefficient matrix shows that OpFi, EmFi, OcFi, DeFi and SuFi are significantly related.

To the best of the author’s knowledge, this is the first paper that analyses the association between interest in DeFi, EmFi, OpFi, OcFi and SuFi. Thus, this study addressed an important knowledge gap in the literature by exploring people’s interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi.

This paper presents an overview of embedded finance. It identifies the applications, use case examples, benefits and challenges of embedded finance. The paper also analyzes global interest in embedded finance and compares it with interest in related finance concepts such as open finance, open banking, decentralized finance, financial innovation, Fintech and digital finance.

Granger causality test and two-stage least square regression were used to assess interest over time in embedded finance.

The empirical result show that interest in embedded finance increased significantly during the COVID-19 pandemic. The United States, the United Kingdom and India witnessed the highest interest in embedded finance compared to other countries. There is bi-directional Granger causality between interest in information about embedded finance and interest in information about financial innovation. There is uni-directional Granger causality between interest in information about embedded finance and interest in information about digital finance and open finance. The findings also reveal that interest in decentralized finance and open finance are significant determinants of interest in embedded finance. On the other hand, interest in embedded finance is a significant determinant of interest in digital finance, decentralized finance, Fintech and open banking. Also, interest in embedded finance is significantly correlated with interest in digital finance, decentralized finance, open banking and Fintech.

Presently, there is little academic interest in embedded finance despite the fact that embedded finance is part of the on-going digital finance revolution. This paper fills this gap in the literature by assessing the benefits, use case, challenges of embedded finance.

Purpose: The purpose of the chapter is to highlight the game-changing potential of emerging technologies and how these will change the very face of companies cutting across industries. Our work also aims to highlight the converging point of these technologies and describes how these new-age inventions can be more effective if stakeholders adopt a collaborative approach rather than competing against each other.

Design/Methodology/Approach: Using real-world case studies, the chapter identifies the most significant emerging technologies heralding a new era of efficiency across business categories. This identification has been made based on both secondary data and expert interviews. The opinions of the domain and industry experts have also been included to select six emerging technologies for the analysis.

Findings: Based on secondary and primary data, the chapter has identified the five emerging technologies that are expected to change how businesses are run completely today. The technologies are: (1) Metaverse Platforms, (2) Blockchain Technology, (3) Non-fungible Tokens (NFTs), (4) Decentralised Finance, and (5) Cryptocurrency.

Research Limitations/Implications: By identifying emerging technologies and their application domains, the chapter contributes significantly to both the world of academia and practice. The research has important implications for scholars and practitioners as these stakeholders must prepare themselves to realise the maximum potential of these new-age inventions. Policymakers also need to contribute constructively so that the adoption and implementation of these technologies can be done smoothly and seamlessly.

Originality/Value: The research is unique in the sense that it identifies the most-significant emerging technologies and offers a constructive roadmap for stakeholders to integrate these new inventions into their functional procedures and operational mechanisms effectively and efficiently.

This study aimed to improve the financing credit evaluation for small and medium-sized real estate enterprises (SMREEs). A financing credit evaluation model was proposed, and a blockchain-driven financing credit evaluation framework was designed to improve the transparency, credibility and applicability of the financing credit evaluation process.

The design science research methodology was adopted to identify the main steps in constructing the financing credit model and blockchain-driven framework. The fuzzy analytic hierarchy process (FAHP)–entropy weighting method (EWM)–set pair analysis (SPA) method was used to design a financing credit evaluation model. Moreover, the proposed framework was validated using data acquired from actual cases.

The results indicate that: (1) the proposed blockchain-driven financing credit evaluation framework can effectively realize a transparent evaluation process compared to the traditional financing credit evaluation system. (2) The proposed model has high effectiveness and can achieve efficient credit ranking, reflect SMREEs' credit status and help improve credit rating.

This study proposes a financing credit evaluation model of SMREEs based on the FAHP–EWM–SPA method. All credit rating data and evaluation process data are immediately stored in the proposed blockchain framework, and the immutable and traceable nature of blockchain enhances trust between nodes, improving the reliability of the financing credit evaluation process and results. In addition, this study partially fulfills the lack of investigations on blockchain adoption for SMREEs' financing credit.