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A network of partners helps and assists a crowdfunding platform (CFP) in scouting, assessing and selecting projects. This cooperation increases the number of successful projects by attracting a sizable number of investors, proponents and attracting marginal investors when a campaign falls short of the threshold for success. This study examines the role of partner networks in a platform ecosystem, specifically in terms of number of different partners and their diversity in the performance of the crowdfunding campaign.

Using logistic and linear regressions, we analyze a sample of 233 projects, both funded and not funded, launched by 10 Italian equity CFPs between 2014 and 2018.

Our findings indicate that the variety of partners in a platform's network influence the probability of campaign success and how much capital the proponent company raises. CFPs are resource-constrained new ventures, and a network with a wider variety of partners ensures the strategic resources and competencies that are required in an early stage market, thus facilitating campaign funding.

The variety of partner networks could help CFPs to offer unique and strategic value propositions and define the competitive positioning of platforms.

This study provides a deeper understanding of the determinants of equity crowdfunding campaign performance by emphasizing the role of CFP's network of partners on the entire crowdfunding ecosystem and its underlying organizational elements.

Argues that the existing supply chain literature provides no explanation for the role of intermediation and intermediaries and may even be said to predict their demise. This claim is made on the basis of two assumptions derived from the literature, namely that intermediation reduces supply chain transparency and adds cost but not value. Observes, however, that intermediation is an important component in many international clothing supply chains and outlines an explanatory framework that focuses on information costs. The principal sources of information costs in international markets for clothing are then identified and, finally, a case study is presented to provide empirical illustration of the preceding arguments, demonstrating the explanatory power of the theory advanced.

The paper aims to put forward a transactional center approach to the four‐party logistics (4PL) development. For about ten years, the European logistics industry has indeed been undergoing massive changes by which dematerialized logistics service providers, also called 4PL, have become more and more important. Special emphasis is placed on their role of intermediary between the supply chain members, on the basis of the implementation of inter‐organizational information systems (IOS).

The paper goes over the research literature on 4PL referring to the info‐mediation and intermediation processes. The accent is on the electronic brokerage application and on the main hindrances to 4PL development. Three propositions are put forward concerning a relevant research program.

The findings in this paper show that understanding 4PL's strategy dynamics requires going into the specific details of the role of transactional center. Thus, thanks to the effective management of IOS, some 4PL could become the hub firms of network organizations. To do that, they will have to acquire a thorough expertise on selecting network members and monitoring supply chain interfaces.

In this paper a preliminary framework provides elements of discussion to enable a better understanding of the transformation process of the logistics industry. The interest for managers and academics is to illustrate how 4PL are becoming the agents for strategic change, while an excessive importance is usually attached only to manufacturers and large retailers in the academic literature.

The development of the Russian banking sector was subject to numerous criticisms and pessimistic forecasts in the recent years. The observers pointed out the low ability of the Russian banking sector to provide financial intermediation in the economy and thus to perform the key functions which society expects from the banking sector – mobilization of savings and financing investments in the real sector of the economy. The study seeks to explain above-mentioned features from institutional, economic, and political perspective on the basis of the existing knowledge of the nature of transition banking.

Post-crisis policy measures in Asia have focussed on banking sector and market reform. The paper argues that in order to propel growth, banking and market reform in Asia must be undertaken with the view that they are not mutually exclusive competitive tradeoffs. Rather banks and markets must be viewed as complementary supportive pillars in a financial system. Additionally, legal and functional reform must be undertaken simultaneously. The paper proposes that a likely consequence of doing so will enable creating a four-pillared multi-dimensional growth paradigm in the region to help restore and promote growth.

The paper aims to rethink empirical models and theory used in explaining banks and financial institutions (FIs) and to enhance the process of theory construction. This is a provisional response to Colander et al. (2009) and Gendron and Smith-Lacroix’s (2013) call for a new approach to developing theory for finance and FIs.

An embryonic “behavioural theory of the financial firm” (BTFF) is outlined based on field research about banks and FI firms and relevant literature. The paper explores “conceptual connections” between BTFF and traditional finance theory ideas of financial intermediation. It does not seek to “integrate” finance theory and alternative theory in “meta theory” and has a more modest aim to improve theory content through “connections”.

The “conceptual connections” provide a means to develop ideas proposed by Scholtens and van Wensveen (2003). They are part of a “house with windows” intended to provide systematic means to “take data from the outside world” whilst continuously recognising “the complexities of the context” (Keasey and Hudson, 2007) to both challenge and build the core ideas of FT.

The BTFF is a means to create “conversations” between academics, practitioners and regulators to aid theory construction. This can overcome the limitations of such an embryonic theory.

The ideas developed create new opportunities to develop finance theory, propose changes in banks and FIs and suggest changes in the focus of regulation.

Regulators can use the expanded conceptual framework to encourage theory development and to enhance accountability of banks and FIs to citizens.

The purpose of this paper is to present a “human ecology economics (HEE)” framework for understanding economic growth and development challenges in Eastern Europe.

The HEE approach relies on evolutionary and complex systems processes; it expands the field of ecological economics by incorporating interdisciplinary material from the humanities; and it allows a long‐run perspective with a focus on sustainability of human systems. Using this framework and primary research from Hungary, Estonia, and Azerbaijan, challenges to Eastern European development are identified.

The main limit to Eastern European sustainable development is not “production capital”, i.e. the availability of natural resources, fixed human‐made capital, and intermediate consumption, but instead shortages of “transaction capital”, i.e. “social capital, informational capital, and financial capital.”

Rigorous analytical models of, and precise predictions of, change in the human ecology are at present not possible using evolutionary and complex systems approaches; however, Eastern Europe can be fruitfully studied through the HEE approach, and certain simulation methods and lessons from recent history are suggested.

Greater support for various kinds of transaction capital is recommended, including for social and communication networks, for information exchange between small and medium size businesses, for innovation and creative learning by doing, for financial intermediation, for better inter‐party cooperation at the national level, etc.

The need for greater social cooperation, including a reduction in discrimination exercised by dominant individuals or groups, arises as a more important pre‐condition for sustainable economic growth than is commonly believed.

Scholars, policymakers, and practitioners might appreciate the more comprehensive interdisciplinary framework for understanding economic growth and development challenges in Eastern Europe, especially the role played by intangible belief systems, social agreements, and levels of cooperation.

This study aims to systematically review the literature in the fields of liquidity, informational efficiency and default risk. The authors outline the key research streams and provide possible pathways for future research.

The study adopts bibliographic mapping to identify the most influential studies in the research fields of liquidity, informational efficiency and default risk from 1984 to 2021.

The study identifies four key research themes that include efficiency and transparency of markets; corporate yield spreads; market interactions: bonds, stocks and cryptocurrencies; and corporate governance. By assessing publications published from 2018 to 2021, the authors also document seven key emerging research trends: cross markets, managerial learning and corporate governance, state ownership and government subsidies, international evidence, machine learning (FinTech approaches), environmental themes and financial crisis. Drawing on these emerging trends, the authors highlight the opportunities for future research.

Keyword searches have limitations since some studies might be overlooked if they do not match the specified search criteria, even though their relevance to the topic is under investigation. Adopt the R project to expand this review by incorporating more literature from other databases, such as the Scopus database could be a possible solution.

The four key research streams contribute to a comprehensive understanding of liquidity, informational efficiency and default risk. The emerging trends integrate existing knowledge and leave the chance for innovative research to expand the research frontier.

This study fulfills the systematic literature review streams in the fields of liquidity, informational efficiency and default risk, and provides fruitful opportunities for future research.

This study aims to examine the impact of board characteristics on debt choice.

The sample comprises of unique nonfinancial firms listed in the FTSE 350 over the period 2011–2018. This study uses Tobit and OLS regressions to check the impact of board characteristics on debt choice. The results are robust to the battery of robust checks.

This study finds that board size and board independence are positively associated with public debt. However, CEO duality and board meetings frequency are inversely associated with public debt. Overall, the findings are consistent with the “financial intermediation theory” that the firms with weak governance rely on bank financing, and firms with better corporate governance go for public debt.

This study offers significant insights for investors and policymakers.

This study offers new insights regarding the role of board characteristics in firms’ debt choice by showing the significant impact of board characteristics on debt choice. The findings indicate that the board’s efficient internal monitoring may substitute external monitoring by the bank.

The purpose of this paper is to propose an approach to design a national default option to maximize retirement savings in defined contribution superannuation, using a proportionate shareholding approach (PSA) which minimizes total cost of investing for all investors.

Through analytic modelling, the author shows how transaction costs in combination with size effects and agency incentives have limited the ability of professional managers to use arbitrage and active investment to create a price‐efficient market. Statistical models show how investors would experience difficulties in understanding fund performances due to inherent noise in the data. The models suggest financial intermediation has created an information asymmetry which reduces the effectiveness of market competition to lower costs in superannuation.

The authors find that the PSA is a collective optimal strategy and it is also an individual optimal strategy, because of the presence of informational inefficiency. Passive investing does not need commercial indices. PSA is more passive and flexible than standard indexing, and is fully‐scalable and available to all investors.

Professional investment managers have not beaten the market, not because the market is efficient, but because it is inefficient due to a market failure to recognise and resolve principal‐agent conflicts of interest.

The proposed national default option has the potential to substantially increase national savings through low‐cost superannuation.

The paper provides a new rationale for passive investing based on the hypothesis of market inefficiency. It also provides the first formal proof of the “Cost matters theorem.” The proposed idea of a national default option will create a simple, understandable and cost‐effective alternative for all workers and will also provide a performance benchmark to encourage the development of a more competitive and efficient superannuation market.