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To enhance the loan repayment performance of microfinance institutions (MFIs) in Pakistan, this study aims to analyze the direct impact of social capital and loan credit terms on loan repayment performance and microenterprises’ business performance while considering the mediating role of microenterprises’ business performance on the relationship between social capital, loan credit terms and loan repayment performance.

The analysis was conducted based on the data gathered via a questionnaire distributed to 316 microenterprises owners. The respondents were selected using the stratified sampling technique by dividing the target population into three influential groups of manufacturing, trading and services microenterprises. The reliability and validity of the constructs were established using (1) factor loading, (2) Cronbach’s alpha, (3) composite reliability, (4) average variance extracted, (5) the variance inflation factor, (6) the Fornell–Larcker criterion and (7) the heterotrait–monotrait ratio. The structural equation modeling technique was then applied, and the hypotheses were tested based on the structure model generated through bootstrapping by using partial least squares structural equation modeling.

The results confirm the direct impact of social capital and loan credit terms on microenterprises’ business performance and loan repayment performance. It also supports the mediating role of microenterprises’ business performance toward the relationship between social capital, loan credit terms and loan repayment performance while considering the direct impact of microenterprises’ business performance on loan repayment performance.

To date, the direct impact of social capital and loan credit terms on microenterprises’ business performance and loan repayment performance has been hardly investigated in the context of Pakistan. This study also examines the mediating role of microenterprises’ business performance toward social capital, loan credit terms and loan repayment performance. The findings will enable both MFIs and microenterprises to improve their business performance and loan repayment performance through enhanced social ties and the development of more flexible credit products that protect the borrowers’ interests and the interest of lenders.

The restructuring of shipping and shipbuilding companies in the midst of rapidly shrinking global shipping demand has become a prominent issue in Korea. In shipping finance, loan syndication featuring many creditors surges as the preferred option. However, increasing the numbers of creditors in the syndicate results in two opposite effects. First is the beneficial effect from their enhanced monitoring power. On the other hand, there is the adverse effect resulting from increased difficulty in coordination when syndicate members increase, particularly in bankruptcy. Our aim of this paper is to analyze the role of finance in the shipping and shipbuilder markets, and determine the theoretical optimal number of creditors for the shipping finance syndicate based on Bolton and Scharfstein (1996). The two issues above result from moral hazard and non-verifiability: coordination among many creditors for collection of bonds in case of default, and the enhancement of monitoring private benefit exploitation by the ship-owner during default. Considering the two conflicting forces result from an increase in creditor membership, we draw conclusions on determining the optimal number of creditors by considering trade-offs between these two factors: More creditors are preferred when the monitoring effect dominates. Otherwise, less creditors are preferred.

This paper aims to analyse the most significant disruptive events affecting tourism during the twenty-first century, particularly the 2020 COVID-19 pandemic.

Based on a thorough literature review, this study takes a complexity science approach to the field of tourism to shed light on the challenges of disruptive events in tourism systems.

Focusing on the COVID-19 pandemic, in particular, this study acknowledges that disruptive events are complex and have tremendous impacts on several areas of society: people’s psychological well-being and the health-care system, as well as social, economic, cultural, technological, environmental and political dimensions. Whether they occur alone or interact, these dimensions add varying levels of complexity to the tourism system. In response, the tourism industry can adopt a resilience model as a crisis management tool to address disruptive events affecting this field.

As this paper is mainly theoretical, future empirical research will contribute to refining the findings and testing the usefulness of the proposed model.

The paper looks at examples of successful and unsuccessful of COVID-19 outbreak management in various countries to analyse issues such as crisis management, resilience and tools for coping with the impacts of disruptive events.

This theoretical paper proposes a first taxonomy of the multidimensional impacts of twenty-first-century disruptive events on tourism and dissects the phases of crisis management, with a corresponding conceptual model.

本文分析了21世纪影响旅游业的最为重要的破坏性事件, 尤其关注2020年新型冠状病毒肺炎大流行

本文将复杂性科学方法应用于旅游领域, 通过全面的文献综述, 揭示破坏性事件给旅游系统带来的挑战。

本文承认破坏性事件, 特别是新型冠状病毒肺炎大流行, 复杂且影响巨大, 涉及心理、医疗、社会、经济、文化、技术、环境和政治等诸多方面。这些影响不管是单一的还是相互作用的, 都在不同程度上增加了旅游系统的复杂性。旅游业可以将弹性模型作为危机管理工具, 以应对其领域内的破坏性事件。

本文首次提出了21世纪破坏性事件对旅游业的多维影响的分类法, 并对危机管理的各个阶段进行了剖析。本文还提出了一个综合模型。

由于本文以理论为主, 未来的实证研究将有助于完善研究结果和验证所提出模型的实用性。

本文着眼于不同国家新冠疫情管理的成功和失败案例, 分析危机管理、复原力以及应对破坏性事件影响的方法等问题。

Identificar los eventos disruptivos mundiales más importantes que han afectado el turismo en el siglo XXI poniendo especial atención en la pandemia causada por el COVID-19 en el 2020.

Mediante un enfoque a las ciencias de la complejidad aplicado al turismo y una exhaustiva revisión bibliográfica, este artículo esclarece el reto que significa un evento disruptivo en el turismo.

Los eventos disruptivos, en particular el COVID-19, son complejos y generan un alto impacto tanto en el aspecto psicológico, sanitario, social, económico, cultural, tecnológico, medioambiental y político. En su interacción, todos ellos añaden un diferente grado de complejidad al sistema del turismo. Este artículo propone adoptar un modelo de resiliencia como herramienta de gestión de crisis para afrontar eventos disruptivos en el campo del turismo.

Proponer una primera clasificación de los impactos multidimensionales de los eventos disruptivos del siglo XXI en el turismo y un desglose de las fases de gestión de crisis, como así también proponer un modelo integrador de ambos aspectos propios de un evento disruptivo.

Debido al carácter teórico de este artículo, el modelo integrador sugerido representa un marco prometedor para futuras investigaciones en el plano empírico.

Este artículo presta atención a aquellos países que han gestionado la pandemia de forma exitosa o no, para así tener una mejor noción de gestión de crisis y herramientas para hacer frente a futuros eventos disruptivos.

The COVID-19 pandemic is certain to have an unprecedented impact on the global population, but marginalized and vulnerable groups in low-income countries (LICs) are predicted to carry the largest burden. This study focuses on the implications of COVID-19-related measures on three population groups in India, including (1) migrant laborers (of which a majority come from Scheduled Castes (SCs) and Scheduled Tribes (STs), as well as Other Backward Classes (OBCs)), (2) children from low-income families and, (3) refugees and internally displaced persons (IDPs).

This study adopts a sequential mixed-method research design. A desk-based study of a selection of government reports was undertaken on the COVID-19-related mitigation measures. The desk study was followed by in-depth interviews with purposively recruited high-ranking experts in specific sectors of policy implementation and service delivery across the country.

The outcomes of this study shed light on (1) the most urgent needs that need to be addressed per population group, (2) the variety of state-level responses as well as best practices observed to deal with mitigation issues and (3) opportunities for quick relief as well as more long-term solutions.

The COVID-19 pandemic has not only reduced people's means of maintaining a livelihood but has simultaneously revealed some of India's long-standing problems with infrastructure and resource distribution in a range of sectors, including nutrition and health, education, etc. There is an urgent need to construct effective pathways to trace and respond to those people who are desolate, and to learn from – and support – good practices at the grassroot level.

The current study contributes to the discussion on how inclusive public health might be reached.

The purpose of this study is to develop new type of reverse mortgage contract. How to provide adequate services and housing for an increasing number of people that are dependent on the help of others is a crucial question in the European Union (EU). The housing stock in Europe is not fit to support a shift from institutional care to the home-based independent living. Some 90% of houses in the UK and 70%–80% in Germany are not adequately built, as they contain accessibility barriers for people with emerging functional impairments. The available reverse mortgage contracts do not allow for relocation to their own adapted facilities. How to finance the adaptation from housing equity is discussed.

The authors have extended the existing loan reverse mortgage model. Actuarial methods based on the equivalence of the actuarial present values and the multiple decrement approach are used to evaluate premiums for flexible longevity and lifetime long-term care (LTC) insurance for financing adequate facilities.

The adequate, age-friendly housing provision that is appropriate to support the independence and autonomy of seniors with declining functional capacities can lower the cost of health care and improve the well-being of older adults. For financing the development of this kind of facilities for seniors, the authors developed the reverse mortgage scheme with embedded longevity and LTC insurance as a possible financial instrument for better LTC services and housing with care in assisted-living facilities. This kind of facilities should be available for the rapid growth of older cohorts.

The numerical example is based on rather crude numbers, because of lack of data, as the developed reverse mortgage product with LTC insurance is a novelty. Intensity of care and probabilities of care in certain category of care will change after the introduction of this product.

The model results indicate that it is possible to successfully tie an insurance product to the insured and not to the object.

The introduction of this insurance option will allow many older adult with low pension benefits and a substantial home equity to safely opt for a reverse mortgage and benefit from better social care.

While currently available reverse mortgage contracts lapse when the homeowner moves to assisted-living facilities in any EU Member State, in the paper a new method is developed where multiple adjustments of housing to the functional capacities with relocation is possible, under the same insurance and reverse mortgage contract. The case of Slovenia is presented as a numerical example. These insurance products, as a novelty, are portable, so the homeowner can move in own specialised housing unit in assisted-living facilities and keep the existing reverse mortgage contract with no additional costs, which is not possible in the current insurance products. With some small modifications, the method is useful for any EU Member State.

This study explores whether targeted microcredit can effectively alleviate households’ multidimensional relative poverty (MdRP) in rural China in the new era following the poverty elimination campaign and discusses it from a gendered perspective.

This study applies a fixed-effects model, propensity score matching (PSM) and two-stage instrumental variable method to two-period panel data collected from 611 households in rural western China in 2018 and 2021 to explore the effects, mechanisms and heterogenous performance of targeted microcredit on households’ MdRP in the new era.

(i) Targeted microcredit can alleviate MdRP among rural households in the new era, mainly by reducing income and opportunity inequality. (ii) Targeted microcredit can promote women’s empowerment, mainly by enhancing their social participation, thereby helping alleviate households’ MdRP. The effect of the targeted microcredit on MdRP is more significant in medium-educated women households and non-left-behind women households. (iii) The MdRP alleviation effect is stronger in villages with a high degree of digitalization.

Learn from the experience of targeted microcredit. Accurately identify poor groups and integrate loan design into financial health and women empowerment. Particularly, pay attention to less-educated and left-behind women households and strengthen coordination between targeted microcredit and digital village strategies.

This study clarifies the effect of targeted microcredit on women’s empowerment and households’ MdRP alleviation in the new era. It also explores its various effects on households with different female characteristics and regional digitalization levels, providing ideas for optimizing microcredit.

Many libraries and archives maintain collections of research documents, such as administrative records, with paper-based formats that limit the documents' access to in-person use. Digitization transforms paper-based collections into more accessible and analyzable formats. As collections are digitized, there is an opportunity to incorporate deep learning techniques, such as Document Image Analysis (DIA), into workflows to increase the usability of information extracted from archival documents. This paper describes the authors' approach using digital scanning, optical character recognition (OCR) and deep learning to create a digital archive of administrative records related to the mortgage guarantee program of the Servicemen's Readjustment Act of 1944, also known as the G.I. Bill.

The authors used a collection of 25,744 semi-structured paper-based records from the administration of G.I. Bill Mortgages from 1946 to 1954 to develop a digitization and processing workflow. These records include the name and city of the mortgagor, the amount of the mortgage, the location of the Reconstruction Finance Corporation agent, one or more identification numbers and the name and location of the bank handling the loan. The authors extracted structured information from these scanned historical records in order to create a tabular data file and link them to other authoritative individual-level data sources.

The authors compared the flexible character accuracy of five OCR methods. The authors then compared the character error rate (CER) of three text extraction approaches (regular expressions, DIA and named entity recognition (NER)). The authors were able to obtain the highest quality structured text output using DIA with the Layout Parser toolkit by post-processing with regular expressions. Through this project, the authors demonstrate how DIA can improve the digitization of administrative records to automatically produce a structured data resource for researchers and the public.

The authors' workflow is readily transferable to other archival digitization projects. Through the use of digital scanning, OCR and DIA processes, the authors created the first digital microdata file of administrative records related to the G.I. Bill mortgage guarantee program available to researchers and the general public. These records offer research insights into the lives of veterans who benefited from loans, the impacts on the communities built by the loans and the institutions that implemented them.

This paper aims to investigate the relationship between microfinance institutions (MFIs) governance and performance.

Using a sample of 215 MFIs from six South Asian countries over the period from 2005 to 2009, the authors examine the effect of chief executive officer (CEO) duality, board size, female CEO, urban market coverage, bank regulation and lending type on financial and social performance of MFIs.

The findings provide evidence that, on the one hand, empowered CEO, large board size and individual lending improve the MFI financial performance and, on another hand, bank regulation and serving in the urban market have a significant association with MFIs’ social performance. In an additional analysis, the authors also test this relationship before, during and after the financial crisis of 2007. During crisis period, MFIs’ individual lending reduces the operational cost and bank regulation increases the average loan size in South Asian MFIs.

Those studies that are presented in the literature review conclude their result on the bases of global, European, East African and specific to some countries sample. There is no study presented in the whole literature on South Asian sample, in which all countries really face the problem of poverty.

Despite the noticeable consequences of disruptive financial innovations, access to finance remains a major factor inhibiting the sustainable-growth potentials of young micro-entrepreneurs in informal settings. This study examines the determinants of financing options among micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history, income, asset, gender, awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.

This article uses the survey research design and administers a structured questionnaire among 300 purposively selected micro-entrepreneurs within the University of Lagos, Nigeria. Only 291 completed questionnaires are retrieved. This article also uses the multiple regression analysis to estimate the empirical model and test the research hypotheses respectively.

This article establishes that: (1) credit history and assets-based financing are significant determinants of formal financing options among young micro-entrepreneurs in informal settings, (2) gender and network capability are significant determinants of informal financing options among young micro-entrepreneurs in informal settings and (3) awareness is significant of both formal and informal financing options among young micro-entrepreneurs in informal settings.

This article examines the determinants of financing option among young micro-entrepreneurs in informal settings. Specifically, the study seeks to establish whether credit history income asset gender awareness and network capability have effects on formal and informal financing options among micro-entrepreneurs in informal settings.