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The purpose of this paper is to investigate the potential link between Sweden’s high reliance on equity capital financing among small and medium-sized enterprises (SMEs) and its recognition as the most innovative economy in Europe according to the European Innovation Scoreboard (EIS). This paper examines the idea that the high levels of trust within Swedish society can explain why private equity financing is more prevalent among Swedish SMEs.

To test these ideas, the authors use data from the Survey on Access to Finance for Enterprises to measure the private equity reliance of firms. The authors also use the EIS to measure the innovation capacity of nations and various aspects of SMEs’ innovation activities. Finally, societal levels of trust are measured through the World Value Survey.

First, the authors find that European countries with a higher proportion of SMEs relying on equity financing tend to be ranked as more innovative by the EIS. Second, the authors find that the correlation between a nation’s share of SMEs relying on equity financing and their level of innovation activities is marginally stronger for product innovations than for business process innovations. Third, the authors find that countries with higher levels of trust tend to have higher equity capital reliance among SMEs.

This study builds upon previous research on equity capital and SMEs’ innovation activity while introducing new insights into the relationship between societal trust and equity financing.

This study aims to define the parameters of the reward-risk principle in Islamic finance as established in the literature and discuss propositions that are presented on how such a principle is to be applied to Islamic banking products.

A descriptive approach is used to explore the normative parameters and criticisms of the application of reward-risk in Islamic finance.

The study finds that the principle of reward-risk is embodied in the multi-component concept of ʿiwaḍ (counter value) which must be evident in market transactions that involve commercial exchanges. The components include risk, costs, effort, value-adding and capital, all of which apply uniquely to different contractual forms of financing.

The study uses academic literature and industry documents along with modest contact with prominent practitioners who provided general feedback on prevalent Islamic finance industry practices.

This study exposits the variety of approaches in applying the reward-risk principle and sheds light on the primary elements of the principle which will facilitate its greater consideration by the Islamic finance industry.

This study is a meaningful attempt at conveniently summing up and applying the parameters that are considered when discussing the scope of the reward-risk principle in Islamic finance.

Those who would establish high-growth businesses (HGBs) in rural settings face significant challenges. We report findings from more than 80 in-depth interviews regarding the obstacles that rural HGBs face and identify approaches for overcoming these obstacles. First, interviews confirm the need for improved access to a full range of financing options to support HGBs across different development stages. Second, HGBs need in-depth, sophisticated technical assistance, which is generally unavailable in rural areas. Finally, cooperation among financial and technical service providers is vital to program success. Based on these findings, a model is proposed for successful development of HGBs in rural areas.

The authors measure the cost of equity to earnings yield differential for a sample of 2,035 non-financial firms. In a series of Logit and Tobit regressions, the authors examine if the cost of equity to earnings yield differential is related to dividend policy in the manner predicted by agency theory.

Agency theory says a firm's optimal dividend policy is partially determined by the relationship between the earnings yield and the cost of equity capital. When the cost of equity is higher (lower) than the earnings yield, firms are motivated to (not) pay dividends as this reduces the cost of capital and holding other things constant, increases corporate valuations. The authors test whether managers set dividend policies to maximize the value of the firm.

The study’s findings show that when the cost of equity is higher (lower) than earnings yield, firms are more (less) likely to be dividend payers and the payouts are higher (lower). The results are robust to the inclusion of share repurchases as an alternative to cash distributions. The study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories.

The study’s findings support the cost of equity hypothesis and are consistent with alternative dividend theories. To the authors’ knowledge, this is the first paper testing the cost of equity hypothesis.

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

By providing equal weight to buyers and sellers, the purpose of this paper is to enhance our understanding of the determinants underlying successful mergers and acquisitions (M&As) involving a specific segment of firms involved in such undertakings, i.e., knowledge-intensive innovative and entrepreneurial (KIE) firms.

A multiple case study, based on eight semi-structured interviews with CEOs representing acquirers and the acquired firms, investigates the focal phenomenon this study addresses.

The results suggest that knowledge-intensive, innovative and entrepreneurial firms promote entrepreneurial intentions and allow value creation of M&As through four overarching measures. These are buyer–seller fit, aligned incentives, long-term thinking and perpetual alliance.

The outcomes of this research may have limited generalizable due to the chosen research methodology. Therefore, this study recommends future studies testing the validity of these findings.

The authors have clarified the drawbacks of integration when being involved in M&As with KIE firms. These drawbacks primarily revolved around not eliminating the entrepreneurs’ autonomy and their routines, but it is also partly related to letting them keep their identity (i.e. their brand) as well as retaining employees’ trust in the new owner.

Contrary to most papers, this study has taken an approach giving equal weight to both buyers and sellers. In doing so, this study clarified the drawbacks of integration when it involves M&As with KIE firms.

College interns often possess information-age skills that are not familiar to workers who have been on the job for several years. Interns may be future sources for new employees. There is also the added benefit of observing and evaluating an intern for future consideration, as a full-time employee, after graduation. Giving junior employees the opportunity to supervise interns is also a way of evaluating the junior employees℉ potential as a supervisor. The employment of college interns should be a mutually beneficial endeavor. As with all successful endeavors, the employment of interns requires planning and supervision.

This Scholarship of Teaching and Learning research is a part of the larger study grant to analyze written reflections through learning log among the third and final year students undertaking BPME 3073 Entrepreneurship module in University Utara Malaysia (UUM). The paper aims to discuss these issues.

The data collection techniques are researcher-directed textual data through reflective learning log, taken from 140 students from three classes. A thematic approach was utilized to present the reflections of the students and all data were recorded in a verbatim format.

The findings show that most students have never written a reflective log or essay in the formative assessment. As a consequence, they had difficulty in writing the reflection when being requested to do so. A total 75 (approximately 55 percent) of the reflective logs were identified as level 1 (from 1 to 5 percent) in which reflections were simply written in a descriptive manner, resulted in a balance of 61 learning logs being utilized for further analysis. The students’ reflections on their entrepreneurship’s experience systematically categorize into four different themes comprised of: the nature of entrepreneurship module, entrepreneurial characteristics, opportunity recognition, and creativity and innovation.

As for the limitation of the study, it is important to not to underestimate the challenges of introducing a grade assessment that most of them are not familiar with in their university academic journey. Students need guidance, assurance and confidence writing something that require personal opinion, own thinking, sensitive and personal nature of narration. For most students as found out in this study, self-confessional writing is hard to come by (they dare not attempt it in the first place), only a handful appreciating the writing start with “I,” “me” as first person. More research in this study should be conducted across the university to gauge the response from the students to see if the result of this study is only applicable to this group of students or to this discipline of studies. The researchers would also like to recommend for future studies which take the form of a longitudinal study of similar kind to examine the problems and challenges with regards to promoting learning reflection at the undergraduate level.

Based on the result of the 61 students who had demonstrated an ability in reflective writing, it is suggested that perhaps the university should consider offering coursework that contains a component of reflective writing as part of the assessment. As such, if this is implemented, students of such ability like the one in this sample group would have been benefitted from such assessment which look at reflective ability (Greene, 2014) and which they were allowed to form a broader perspective in relation to the module undertaken. This in turns will foster the growth of reflective ability which is recognized as a learned behavior (Gustafson and Bennett, 1999). In addition, for the future exercise of this reflective learning log, the researcher opined that we should encourage our students to engage with another student (e.g. close friend) in a way that encourages talking with, questioning, or confronting, helped the reflective process by placing the learner in a safe environment in which self-revelation can take place. In addition, students were able to distance themselves from their actions, ideas and beliefs, by holding them up for scrutiny in the company of a peer with whom they are willing to take such risks (Hatton and Smith, 1995).

The results of this research have strongly suggested the need to urgently develop among the students the skills in writing reflectively as they go through the process of higher education which is useful in molding their future professional and entrepreneurial behavior as when they entered the job market which requires a critical reasoning ability.

In recent years, the role of environmental, social and governance (ESG) disclosure has become crucial. The aim of this paper is to study how corporate governance affects one part of ESG disclosure: anti-corruption disclosure.

This study examined 140 corporate social responsibility (CSR) reports from companies listed on the Italian stock markets and 50 CSR reports from other companies, then this study analysed the adoption of the Global Reporting Initiative (GRI) standard no. 205.

The results show a low level of disclosure, and that corporate governance issues matter. In particular, the analysis found a positive relationship between the presence of female and outside members, the number of board members and the level of anti-corruption disclosure.

This study acknowledges some limitations. Firstly, the research is based on a one-year sample. Secondly, the research hypotheses are confirmed only when considered in relation to a single section of the GRI standards. Thirdly, this study has a bias towards relatively large enterprises.

It could be worthwhile introducing a soft regulation regarding the composition of the board of directors that requires a certain quantitative and qualitative composition.

To the best of the authors’ knowledge, this is one of the few studies, the first in Italy, that sheds light on anti-corruption disclosure and its determinants.