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Abstract

Details

Responsible Investment Around the World: Finance after the Great Reset
Type: Book
ISBN: 978-1-80382-851-0

Book part
Publication date: 28 September 2020

JaeBin Ahn

This chapter provides a theory model of trade finance to explain the “great trade collapse.” The model shows that, first, the riskiness of international transactions rises…

Abstract

This chapter provides a theory model of trade finance to explain the “great trade collapse.” The model shows that, first, the riskiness of international transactions rises relative to domestic transactions during economic downturns; and second, the exclusive use of a letter of credit in international transactions exacerbates a collapse in trade during a financial crisis. The basic model considers banks’ optimal screening decisions in the presence of counterparty default risks. In equilibrium, banks will maintain a higher precision screening test for domestic firms and a lower precision screening test for foreign firms, which constitutes the main mechanism of the model.

Details

Emerging Market Finance: New Challenges and Opportunities
Type: Book
ISBN: 978-1-83982-058-8

Keywords

Article
Publication date: 1 March 2005

Halit Gonenc

To investigate relative differences in debt financing between international and domestic industrial firms operating in Turkey, Germany and the UK.

3568

Abstract

Purpose

To investigate relative differences in debt financing between international and domestic industrial firms operating in Turkey, Germany and the UK.

Design/methodology/approach

Analysis depends on multivariate regression analysis, while controlling the effects of firm‐specific characteristics, industry effects and controlling shareholders. The approach is to examine the effects of the features of the financial markets and institutions in the sample countries.

Findings

Turkish international firms use higher total debts than domestic firms. However, no strong evidence is found for the sample of German and UK firms to support this result. The major finding is that, apart from the effects of firm‐specific factors, industry and controlling shareholders, Turkish international firms increase their debt financing at a fixed rate.

Research limitations/implications

The basic features of Turkish financial markets and institutions, especially bank ownership of equity in firms, are the major reason for the differences between the results in the sample countries.

Originality/value

This paper provides an international comparison for the dissimilarity in debt financing between international and domestic firms.

Details

International Journal of Managerial Finance, vol. 1 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 14 June 2013

Umar Oseni

The purpose of this paper is to examine the current legal framework for payment system in international Islamic trade finance vis‐à‐vis the new regime introduced by the Uniform…

9608

Abstract

Purpose

The purpose of this paper is to examine the current legal framework for payment system in international Islamic trade finance vis‐à‐vis the new regime introduced by the Uniform Customs and Practice for Documentary Credits (UCP) 600 as well as the Sharī'ah Standard on Documentary Credits issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Sharī'ah Resolutions of selected Sharī'ah Boards of Islamic financial institutions.

Design/methodology/approach

A partial comparison of both the UCP 600 and the Sharī'ah framework for documentary credit is given through the content analysis of relevant sources.

Findings

The AAOIFI Sharī'ah Standard on Documentary Credits, as well as other applicable Sharī'ah resolutions of Islamic financial institutions, does provide a good framework for a Sharī'ah‐compliant documentary credit system, which is unique to trade in Islamic finance products, but there is scope for further improvement, taking into consideration the two possibilities proposed in the available literature on the subject – harmonization or bifurcation of rules. The UCP 600 also allows for the exclusion or modification of the rules to suit the specific needs of the Islamic finance industry.

Research limitations/implications

This study focuses only on UCP 600 and the Sharī'ah framework on Documentary Credits, though bearing mind that there are other frameworks for documentary credit systems such as the International Standby Practices (ISP98) and letters of credit issued under Article 5 of the New York Uniform Commercial Code.

Practical implications

Islamic financial institutions should implement the provisions of the AAOIFI Sharī'ah standard on documentary credits but may require a different framework for international trade financing involving both Islamic banks and conventional banks.

Originality/value

Though few studies have been conducted on Sharī'ah issues regarding the application of the documentary credits, this seems to be the first time where a more proactive step is taken to propose two different frameworks for transactions involving Sharī'ah compliant financing.

Details

Journal of International Trade Law and Policy, vol. 12 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Content available
Book part
Publication date: 29 December 2016

Abstract

Details

Risk Management in Emerging Markets
Type: Book
ISBN: 978-1-78635-451-8

Content available
Book part
Publication date: 26 August 2019

Abstract

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

Book part
Publication date: 16 October 2003

Laurence Booth

The value of any course comes from analyzing new institutional arrangements, deepening skills, and new conceptual topics. However, whereas the international finance course…

Abstract

The value of any course comes from analyzing new institutional arrangements, deepening skills, and new conceptual topics. However, whereas the international finance course contributed in all three areas ten to twenty years ago, developments in the MBA curriculum at major schools since then have reduced its value-added. By examining the four key areas of the course – the foreign exchange market, exposure management, funds management, and corporate finance – this paper argues that the topics are now better covered elsewhere, not because they are no longer important but because they have been absorbed into core finance topics, such as financial risk management.

Details

Leadership in International Business Education and Research
Type: Book
ISBN: 978-1-84950-224-5

Article
Publication date: 1 December 2004

Mika Gabrielsson, Viveca Sasi and John Darling

During the past decade, several studies have explored the characteristics of Born International and Born Global business firms, and the reasons for their increase in size and…

13228

Abstract

During the past decade, several studies have explored the characteristics of Born International and Born Global business firms, and the reasons for their increase in size and numbers. The objective of this study is to explore the influence of financing strategies and the commensurate finance management capabilities on the globalization of Finnish Born International and Born Global small and medium size enterprises (SMEs). The resulting knowledge from this study should prove valuable for academic researchers, political decision‐makers and business managers. Interestingly, the results of the study show that Born Globals had greater access to superior financial resources and stronger finance‐related managerial resources right from the start‐up phase than did Born Internationals. An interesting finding also focused on the fact that Born Globals were able to more quickly obtain global management‐related skills and industry‐specific business experience through the use of external business partners and venture capital representatives. These findings may partially explain the Born Globals' rapid expansion into world markets in comparison to Born Internationals, and also the failures of other types of enterprises in these same markets.

Details

European Business Review, vol. 16 no. 6
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 30 May 1995

Colin Gilligan

Given the ways in which the research pressures on university staff are becoming seemingly ever greater, an issue of the European Journal of Marketing that is given over to a…

3364

Abstract

Given the ways in which the research pressures on university staff are becoming seemingly ever greater, an issue of the European Journal of Marketing that is given over to a survey of the kinds of research initiatives which are currently being carried out is timely. The study which provides the basis for this was conducted between December 1994 and February 1995, with questionnaires being sent to staff in universities throughout Europe. At the time the final selection was made, a total of 150 responses had been received from 18 countries.

Details

European Journal of Marketing, vol. 29 no. 5
Type: Research Article
ISSN: 0309-0566

Article
Publication date: 10 October 2023

Chien-Chiang Lee, Jiayi Shi, Hui Zhang and Huwei Wen

This paper aims to investigate how information and communication technology (ICT) services and digital finance affect the development of international tourism.

Abstract

Purpose

This paper aims to investigate how information and communication technology (ICT) services and digital finance affect the development of international tourism.

Design/methodology/approach

The two-way fixed effect panel regression model, spatial econometric model, panel threshold regression model and panel quantile regression model are used. Data on tourism, economic and social development in 198 Chinese cities from 2011 to 2020 are analyzed.

Findings

This study finds that digital economy including ICT services and digital finance has significantly promoted the development of international tourism industry, while there is a negative spatial spillover effect. The promotion effect of international tourism increases significantly after digital innovation reaches the threshold value. International tourism is benefiting more from digital economy with the development of international tourism industry.

Research limitations/implications

The development quality of international tourism industry has not been analyzed due to data limitations, and the mechanism has not been tested.

Originality/value

This study creatively reveals the development of international tourism industry in the digital economy era from ICT services and digital finance perspectives. This study also shows the spatial, nonlinear and asymmetric relationship between digital economy and international tourism.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

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