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Article
Publication date: 13 January 2022

Moses Jonathan Gambo

The purpose of this paper is to evaluate the effects of housing finance institutional and financial context on beneficiaries’ context to low income earners in Bauchi Local…

Abstract

Purpose

The purpose of this paper is to evaluate the effects of housing finance institutional and financial context on beneficiaries’ context to low income earners in Bauchi Local Government Area, Bauchi, Nigeria

Design/methodology/approach

This paper adopted a quantitative research approach. Self-administered structured questionnaires were used to collect information from 357 primary school teachers in Bauchi Local Government Area, Bauchi, Nigeria. Partial least squares-structural equation modeling was used to analyze the data collected using SmartPLS 2 software

Findings

This study revealed that effectiveness of financial institutions and their performance has significant positive causal effect on low income earners housing ownership context, which shows that performance and effectiveness of the housing finance institutions is vital to housing ownership for the low income earners in the study area. Thus, performance of housing finance institutions and their effectiveness has direct effects on low income earners housing ownership through finance affordability

Practical implications

The prime consumer of these research findings are the financial institutions, this will make them bulk up in terms of their performance and effectiveness toward housing finance accessibility and affordability to the low income earners such as the primary school teachers in the study area.

Originality/value

This paper used the technology organization environment theory, which is a multi-perspective theory to evaluate the concepts of institutional, finance and beneficiaries context with respect to housing finance in Bauchi by conceptualizing institutional context as effectiveness and performance, finance context as affordability and accessibility and beneficiaries context as ownership.

Details

Journal of Financial Management of Property and Construction , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 17 June 2021

Bernard Owens Imarhiagbe, David Smallbone, George Saridakis, Robert Blackburn and Anne-Marie Mohammed

This article examines access to finance for SMEs in the Baltic States and the South Caucasus countries following the financial crisis of 2007 and is set within the context…

Abstract

Purpose

This article examines access to finance for SMEs in the Baltic States and the South Caucasus countries following the financial crisis of 2007 and is set within the context of the rule of law for businesses.

Design/methodology/approach

The article uses the cross-sectional dataset from the Business Environment and Enterprise Performance Survey (BEEPS) for 2009 to examine access to finance for SMEs and the court system in the Baltic States and the South Caucasus countries. An ordered probit estimation technique is used to model access to finance and the court system in the Baltic States and the South Caucasus countries. The analysis draws upon institutional theory to explain access to finance for SMEs.

Findings

The results show variations from one Baltic State and South Caucasus country to another in relation to fairness, speed of justice and enforcement of court decisions. The analysis suggests that if access to finance is not an obstacle to business operations and the court system is fair, impartial and uncorrupted, it determines the likelihood of strength in entrepreneurship. Additionally, the results show that, within the Baltic region, businesses experiencing constraints in accessing finance are more likely to have females as their top managers. However, for the South Caucasus region, there was no gender difference.

Research limitations/implications

This research is based on evidence from the Baltic States and the South Caucasus region. However, the findings are relevant to discussions on the importance of the context of entrepreneurship, and more specifically, the rule of law. The institutional theory provides an explanation for coercive, normative and mimetic institutional isomorphism in the context of access to finance for SMEs. Coercive institutional isomorphism exerts a dependence on access to finance for SMEs. In coercive institutional isomorphism, formal and informal pressures are exerted by external organisations such as governments, legal regulatory authorities, banks and other lending institutions. These formal and informal pressures are imposed to ensure compliance as a dependency for successful access to finance goal.

Practical implications

This research creates awareness among entrepreneurs, potential entrepreneurs, business practitioners and society that reducing obstacles to access finance and a fair court system improve entrepreneurial venture formation. This has the potential to create employment, advance business development and improve economic development.

Originality/value

This paper makes an original contribution by emphasising the significance of access to finance and a fair court system in encouraging stronger entrepreneurship. The institutional framework provides a definition for coercive institutional isomorphism to show how external forces exert a dependence pressure towards access to finance for SMEs.

Details

Journal of Small Business and Enterprise Development, vol. 28 no. 5
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 24 June 2020

Simrit Kaur and Cheshta Kapuria

Since finance is an efficacious instrument for economic development, social inclusion and women empowerment, the present paper examines the determinants of accessing…

Abstract

Purpose

Since finance is an efficacious instrument for economic development, social inclusion and women empowerment, the present paper examines the determinants of accessing institutional and non-institutional finance across male- and female-headed households in rural India.

Design/methodology/approach

Multinomial logistic regression is applied for categorizing households' accessing finance in four categories, namely Only Institutional Finance (IF), Only Non-institutional Finance (NIF), Both Sources of Finance (BF) and Neither Source of Finance (N). Both household and state-level determinants have been analysed. Household data set is sourced from the Situation Assessment Survey (NSSO, 70th round) and state-level data sets from Basic Road Statistics 2016, Agricultural Statistics at a Glance 2016, Rainfall Statistics of India 2014, database on Indian Economy RBI and Census 2011. Econometric regressions have been evaluated for female-headed households (FHHs), male-headed households (MHHs) and overall pooled households (HHs).

Findings

Four important findings emerge. First, FHHs have a lower probability of accessing IF and a higher probability of accessing NIF vis-a-vis MHHs. Second, in general, education levels, monthly household consumption expenditure, land size holding, irrigated area and penetration of scheduled commercial banks favourably influence FHHs accessing IF. Third, FHHs belonging to socially disadvantaged castes have a lower probability of accessing IF. Fourth, a substantial proportion of FHHs accesses neither IF nor NIF relative to MHHs.

Practical implications

The paper thoroughly addresses the issue of accessing finance by FHHs and MHHs, which will further assist policymakers in formulating holistic financial policies for rural India.

Social implications

The paper recommends increasing women's access to financial services as an effective tool for reducing poverty and lowering income inequality in rural India.

Originality/value

This article contributes to the scant empirical literature on finance and gender.

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Article
Publication date: 31 December 2021

Tahar Tayachi, Ahmed Imran Hunjra, Kirsten Jones, Rashid Mehmood and Mamdouh Abdulaziz Saleh Al-Faryan

Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management…

Abstract

Purpose

Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy.

Design/methodology/approach

The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019.

Findings

The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms.

Originality/value

This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 19 June 2021

Moses Jonathan Gambo, Sani Usman Kunya, Bala Ishiyaku, Musa Jacob Ashen and Wilfred Emmanuel Dzasu

The purpose of this paper is to investigate the relationship between housing finance institutional related variables and financial related variables of low-income earners…

Abstract

Purpose

The purpose of this paper is to investigate the relationship between housing finance institutional related variables and financial related variables of low-income earners in Bauchi Local Government Area, Bauchi, Nigeria.

Design/methodology/approach

In this study, quantitative research approach was adopted. Self-administered structured questionnaires were used to collect information from 500 primary school teachers in Bauchi Local Government Area, Bauchi, Nigeria. A correlation analysis was carried out to find the relationship between housing finance institutional contexts and finance contexts to low-income earners in the study area using SPSS Version 23 software.

Findings

The findings shows that the low-income earners were more concerned with the accessibility and affordability on housing ownership, and it also showed that performance and effectiveness of the housing finance institutions were of paramount importance to housing ownership for the low-income earners in the study area.

Practical implications

The finance institutions are the prime consumer of these research findings. The participants in the finance institutions are going to benefit from the low-income earners’ housing ownership development.

Originality/value

The paper also emphasized that the finance institutions should make the housing finance loan accessible and affordable to the low-income earners to meet their dream to sustainable housing ownership.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 8 July 2021

Seong Mi Bae, Md. Abdul Kaium Masud, Md. Harun Ur Rashid and Jong Dae Kim

There was no previous firm-level empirical research to examine cross-sectional differences in climate financing. The purpose of this study is to determine the key elements…

Abstract

Purpose

There was no previous firm-level empirical research to examine cross-sectional differences in climate financing. The purpose of this study is to determine the key elements of the climate investment decision by business management. The study also explores how politics and media influence corporate climate investment decisions.

Design/methodology/approach

The study incorporates a theoretical lens of institutional, stakeholder and media setting agenda to explain the relationship of climate finance with political connection and media influence along with other institutional and firm-specific variables. The sample of the study is collected from the financial sector firms that financed climate/green projects. In total, 178 firm-year observations are documented during 2014–2018. The unbalanced panel data model uses a fixed effect and a 2SLS regression model to test a set of hypotheses. The study uses several alternate methods to check and verify the reliability of the study.

Findings

The empirical findings show that climate finance is positively and significantly associated with Islamic Sharīʿah and media visibility, and negatively and significantly related to financial constraints. Moreover, the empirical results document that listing regulation has no significant influence on climate investment. The political connection plays a negative moderating role between media and climate finance. The result indicates that if a former or current politician is on the board, the media’s positive impact on climate financing diminishes.

Practical implications

The study has significant managerial implications especially to the regulatory bodies, business management and policymakers. The central bank in the developing countries needs to take into consideration the finding of the study promoting climate/environmental/green finance and investment. Islamic Sharīʿah promotes climate finance that would be a prominent indicator for Islamic financial institutions.

Social implications

Politics can deter positive decisions on climate financing such that it negatively influences the media’s role of a watchdog of the society in developing countries. Climate investment would be an important mechanism to reduce carbon emissions and environmental hazards and to solve many social problems.

Originality/value

The study provides first-ever firm-level evidence of the determinants of climate finance and investment that has a significant value in the area of climate change and green investment by the financial firms.

Details

Sustainability Accounting, Management and Policy Journal, vol. 13 no. 1
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 16 November 2012

Jan Willem van Gelder, Laura German and Rob Bailis

The global biofuels sector has expanded rapidly in the past decade, with feedstock expansion penetrating many tropical areas. While the emerging demand for biofuels…

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3591

Abstract

Purpose

The global biofuels sector has expanded rapidly in the past decade, with feedstock expansion penetrating many tropical areas. While the emerging demand for biofuels represents an opportunity for developing countries, it also poses a host of social and environmental risks. Large investments are needed to finance expansion of biofuel and feedstock production, suggesting that the financial sector may have a crucial role to play in mitigating these risks. This paper seeks to explore the role of financiers in expanding biofuel feedstock production and refining in tropical forest‐rich countries of Africa, Asia and Latin America to better understand the role and future potential of responsible finance in the biofuel sector.

Design/methodology/approach

The analysis draws on published data and reports from academia, industry, governments, civil society and the press, to quantify the magnitude and source of investments made from 2000‐2010 in 16 countries sampled from “ecoregions” subject to high rates of forest conversion, weak land tenure institutions, and vulnerable communities.

Findings

It is found that the case study countries received USD 5.3‐7.3 billion for feedstock production and USD 5.7‐6.7 billion for biofuel refining between 2000 and 2009. This was financed by a mix of entrepreneurs, private banks, investors, governments and multilateral banks. While no clear patterns emerge, foreign banks and institutional investors rank as “important” for most feedstocks and regions. Multilateral banks and domestic institutional investors seem to be the least important. Few financiers have criteria in place in order to ensure sustainable investing practices, and those who do tend to have policies of limited quality.

Originality/value

While much has been written on biofuel sustainability and governance, there is little research that delineates the nature of investment and finance in the sector.

Details

Sustainability Accounting, Management and Policy Journal, vol. 3 no. 2
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 17 September 2019

Xiaoqiong Wang and Siqi Wei

This paper aims to examine the monitoring role of institutional investors in corporate decision-making by classifying financial institutions based on geographical…

Abstract

Purpose

This paper aims to examine the monitoring role of institutional investors in corporate decision-making by classifying financial institutions based on geographical proximity and investment horizon from 1980 to 2014.

Design/methodology/approach

By using unique data sets on firm and institution location and investor horizon measure (Gaspar et al., 2005), the authors categorize institutional investors into six proximity-horizon classifications. This method captures the heterogeneity of investors. The corporate decisions assessed include firm investment, financing, payout policy, misbehavior, takeover defenses and profitability.

Findings

Both geographical proximity and investment horizon are directly related to institutional investors' monitoring cost. As a result, the effectiveness of institutional monitoring may vary based on geographical proximity and investment horizon. This paper collectively examines both dimensions of financial institutions and provides evidence that institutional investors present different preferences for corporate policies. Given stronger information advantage, both local and nonlocal investors that are long-term oriented fulfill better roles in monitoring corporate decisions but from different perspectives.

Research limitations/implications

Different from previous studies that treat institutional investors homogeneously, this paper provides empirical support that investors are indeed different in influencing firm policies.

Originality/value

To the authors’ best knowledge, this is the first study that classifies investors based on two dimensions, geographical proximity and investment horizon, and examines their joint effects on corporate policies. This proximity-horizon classification allows the authors to better disentangle the effects of institutional ownership structure on the monitoring outcomes.

Details

Studies in Economics and Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 30 September 2020

Dmitry V. Didenko

This chapter sheds light on long-term trends in the level and structural dynamics of investments in Russian human capital formation from government, corporations, and…

Abstract

This chapter sheds light on long-term trends in the level and structural dynamics of investments in Russian human capital formation from government, corporations, and households. It contributes to the literature discussing theoretical issues and empirical patterns of modernization, human development, as well as the transition from a centralized to a market economy. The empirical evidence is based on extensive utilization of the dataset introduced in Didenko, Földvári, and Van Leeuwen (2013). Our findings provide support for the view expressed in Gerschenkron (1962) that in late industrializers the government tended to substitute for the lack of capital and infrastructure by direct interventions. At least from the late nineteenth century the central government's and local authorities' budgets played the primary role. However, the role of nongovernment sources increased significantly since the mid-1950s, i.e., after the crucial breakthrough to an industrial society had been made. During the transition to a market economy in the 1990s and 2000s the level of government contributions decreased somewhat in education, and more significantly in research and development, but its share in overall financing expanded. In education corporate funds were largely replaced by those from households. In health care, Russia is characterized by an increasing share of out-of-pocket payments of households and slow development of organized forms of nonstate financing. These trends reinforce obstacles to Russia's future transition, as regards institutional change toward a more significant and sound role of the corporate sector in such branches as R&D, health care, and, to a lesser extent, education.

Details

Research in Economic History
Type: Book
ISBN: 978-1-83909-179-7

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Article
Publication date: 16 September 2013

Eric Osei-Assibey

The purpose of this study is to investigate the effects of nature and a range of institutional sources of start-up finance on micro and small enterprises' (MSEs…

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1334

Abstract

Purpose

The purpose of this study is to investigate the effects of nature and a range of institutional sources of start-up finance on micro and small enterprises' (MSEs) productivity growth in Ghana.

Design/methodology/approach

Using a unique non-farm household enterprise survey data from Ghana, this paper estimated TFP or Solow residual as a proxy for MSEs' productivity growth as well as other for robustness checks.

Findings

After controlling for firm-level characteristics such as size, age, ownership type, etc. the study finds that debt finance was positively associated with productivity growth, while financing from donation or charity did not. Second, this paper found significant positive associations between a more formal financing source such as formal and semi-formal financing sources and MSE's productivity growth. This finding was robustly confirmed by manager's growth perception. Further, compared to internal finance, external financing sources were found to be positively associated with productivity growth – indicating complementarities among all external financing sources.

Research limitations/implications

Further research will be needed to validate these results, particularly using enterprise ongoing finance or working capital rather than start-up capital.

Originality/value

The study contributes to the finance literature by studying the impact of nature and institutional financing sources on MSEs' productivity growth in the African context.

Details

African Journal of Economic and Management Studies, vol. 4 no. 3
Type: Research Article
ISSN: 2040-0705

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