Search results

This paper aims to examine the extent to which these reforms address the limitations of Saudi Arabia’s previous investment framework. Long viewed as a hostile environment in which to do business, the Saudi Government has enacted a broad sweep of measures aimed at restoring investor confidence in central aspects of the country’s evolving private law framework.

This paper offers a timely assessment of the raft of foreign investment reforms, both legislative and regulatory, that have been introduced in Saudi Arabia over the last decade.

The paper will proceed by outlining the perceived failings of the old investment regime before going on to reforms.

It will consider the remaining obstacles to the flow of foreign investment in Saudi Arabia in the context of the dual forces that have historically defined the Kingdom’s ambivalent investment law regime.

The purpose of this study is to investigate university–industry partnerships in Armenia from the viewpoint of universities. By doing so, it contributes to the existing literature on university–industry collaboration by identifying and addressing the specific challenges that impede the establishment of successful university–industry partnerships in Armenia and other post-Soviet countries.

A comprehensive literature review was conducted to examine the barriers, benefits and institutional, functional framework of collaboration. Additionally, this study used a survey methodology to gather data from faculty managing staff members at six Armenian higher educational institutions on various aspects of university–industry collaboration as well as the perceptions and experiences of the participants.

The results show that the effectiveness and applicability of the university–industry collaboration channels and institutional structures in six higher educational institutions are limited. Specifically, the channels that rely on academic entrepreneurship and innovation were found to be currently unviable. Moreover, the existence of spin-offs and start-ups is notably absent. Furthermore, limited access to funding and inadequate entrepreneurial support systems pose significant barriers to developing university–industry partnerships in Armenian reality.

This study represents a pioneering effort within the context of Armenian higher educational institutions, as it is the first time a survey has been organized to specifically investigate the topic of university–industry partnerships. Before this study, there was a lack of empirical research and data collection on this topic in Armenian higher education settings. Therefore, this research holds significant originality and contributes to filling the existing gap in knowledge regarding university–industry partnerships in Armenia. The research is shedding light on a previously unexplored area and providing a valuable contribution to the field of university–industry collaboration research in Armenia and other post-Soviet countries.

Social recommendation has been recognized as a kind of e-commerce with large potential, but how social recommendations influence consumer decisions is still unclear. This paper aims to investigate how recommendations from different social ties influence consumers’ purchase intentions through both behavior and brain activity.

Utilizing behavioral (N = 70) and electroencephalogram (EEG) (N = 49) experiments, this study explored participants’ behavior and brain responses after being recommended by different social ties. The data were analyzed using statistical inference and event-related potential (ERP) analysis.

Behavioral results show that social tie strength positively impacts purchase intention, which can be fitted by a logarithmic model. Moreover, recommender-to-customer similarity and product affect mediate the effect of tie strength on purchase intention serially. EEG findings show that recommendations from weak tie strength elicit larger N100, N200 and P300 amplitudes than those from strong tie strength. These results imply that weak tie strength may motivate individuals to recruit more mental resources in social recommendation, including unconscious processing of consumer attention and conscious processing of cognitive conflict and negative emotion.

This study considers the effects of continuous social ties on purchase intention and models them mathematically, exploring the intrinsic mechanisms by which strong and weak ties influence purchase intentions through recommender-to-customer similarity and product affect, contributing to the applications of the stimulus-organism-response (SOR) model in the field of social recommendation. Furthermore, our study adopting EEG techniques bridges the gap of relying solely on self-report by providing an avenue to obtain relatively objective findings about the consumers’ early-occurred (unconscious) attentional responses and late-occurred (conscious) cognitive and emotional responses in purchase decisions.

This study aims to analyse the systemic risk emitted by all publicly listed commercial banks in a key emerging economy, India.

The study makes use of the Tobias and Brunnermeier (2016) estimator to quantify the systemic risk (ΔCoVaR) that banks contribute to the system. The methodology addresses a classification problem based on the probability that a particular bank will emit high systemic risk or moderate systemic risk. The study applies machine learning models such as logistic regression, random forest (RF), neural networks and gradient boosting machine (GBM) and addresses the issue of imbalanced data sets to investigate bank’s balance sheet features and bank’s stock features which may potentially determine the factors of systemic risk emission.

The study reports that across various performance matrices, the authors find that two specifications are preferred: RF and GBM. The study identifies lag of the estimator of systemic risk, stock beta, stock volatility and return on equity as important features to explain emission of systemic risk.

The findings will help banks and regulators with the key features that can be used to formulate the policy decisions.

This study contributes to the existing literature by suggesting classification algorithms that can be used to model the probability of systemic risk emission in a classification problem setting. Further, the study identifies the features responsible for the likelihood of systemic risk.

Joint research is pointed out by the literature as a potentially virtuous cooperation scheme to generate learning in the public sphere and beneficial effects in society. The purpose of this study, based on the Argentine experience in the COVID-19 pandemic, is to analyze the network of capacities, relationships and effects generated, over time, by a series of projects financed by the State in 2010, to clarify the link between learning effects and social effects.

A qualitative methodology focused on the multiple case study method was used. Each case covers joint R&D projects financed 10 years ago by the state that subsequently led to different solutions for COVID-19.

The work identifies a public learning process that integrates both industry’s contributions and the intellectual dimension of economic benefits and their translation into specific capabilities; conceptualizes the capacities accumulation process as a multiplier of social effects (direct and indirect) that emerge as knowledge is reused; identifies the articulation between different schemes as a condition for learning effects and social effects to manifest over time.

An aspect not studied in the literature is addressed, the relationship between the learning process induced by joint research, in terms of capabilities, and the social effects specifically generated over time. This is taking place in a context, such as the COVID-19 pandemic, where calls from the scientific and academic community to promote science–industry cooperation are multiplying.

Promoted for its inclusivity, agricultural value chain (AVC) financing leverages social capital and mechanisms such as off-take agreements and forward contracts to reduce borrowing and lending costs and risks for both farmers and lending institutions. AVC financing has been defined as the flow of financial products and services to and among the various actors within the AVC to address constraints of production and distribution and fulfill the needs of those involved in the chain by reducing risk and improving efficiency. This paper investigates how farmers' involvement in AVC affects their access to credit.

The authors collected primary data from 400 crop farmers in northern Ghana through a semi-structured questionnaire and analyzed the data, using the multinomial endogenous switching regression model.

Joint participation in AVC increased the amount of formal and informal credit received by 64 and 78%, respectively, compared to nonparticipation. Similarly, participation in AVC horizontal linkage and AVC vertical linkage increased the amount of formal and informal credit received by 40 and 47% and 46 and 74%, respectively, compared to nonparticipation. Irrigation farming, extension visits, knowledge of AVC in the community, access to a storage facility and trust in contract farming significantly influenced farmers' participation in AVC.

The authors’ work offers valuable insights into how different dimensions of value chain participation can impact smallholder farmers' access to credit. This work also underscores the importance of considering both formal and informal credit sources when analyzing the outcomes of value chain participation. The findings could enable formal financial providers to identify, liaise and/or resource informal financial players such as value chain actors to supply both formal and informal credit to farmers in AVCs.

Bootstrapping is a practitioner-based term adopted in entrepreneurship to describe the techniques employed in micro, small and medium-sized enterprises (MSMEs) to minimise the need for external funding by securing resources at little or no cost and applying strategies to effectively use resources. Working capital management (WCM) is a term used in financial management to define a set of practices used to manage business resources, including cash management. This paper explores the overlap and divergence between these two disciplinary distinct concepts.

A dual methodology is employed. First, the usage of the two terms in prior literature is analysed and synthesised. Second, the study uses factor analysis to explore how bootstrapping practices described by owners of 167 established MSMEs relate to the components of WCM in financial management.

The factor analysis identifies two main bootstrapping practices employed by MSMEs: (1) delaying payments and owner-related bootstrapping and (2) customer-related bootstrapping. Delaying payments is an integral practice in trade payables management and customer-related bootstrapping includes practices that are integral to trade receivables management. Therefore, links between bootstrapping practices and WCM practices are firmly established.

The study is not without limitations. Based on cross-sectional evidence for established firms in Ireland only, future studies could explore cross-country longitudinal panel data to fully examine life cycle and sectoral effects, as well as other external shocks (for example, COVID-19) on bootstrapping and WCM practices. This study does not explain why some factors (for example, joint utilisation and inventory management) are present in some bootstrapping studies and not in others; further case study research might help explain this. Finally, changes in the business environment facing start-ups and established enterprise, including increased digitalisation, online trading, self-employment, remote hub working and sustainability, offer new avenues for bootstrapping research.

This is the first study to comprehensively explore the conceptual and empirical links between bootstrapping and WCM. This study will enable researchers and practitioners in these two distinct disciplines to learn from each other. Accounting researchers and practitioners can broaden their understanding of how WCM “works” in MSME settings. Similarly, entrepreneurship researchers and practitioners can deepen their understanding of how bootstrapping can be adopted by businesses to manage resources effectively.

The purpose of this study is to develop a new framework to measure waqif preference of waqf-based qardhul hassan financing in Malaysia.

Using a maqāṣid approach, this study’s data were drawn from 286 valid usable questionnaires to examine the effects of consumer, family, ummah and humanity factors on the preference.

The study found that the said factors sourced from Attia’s maqāṣid al-Shariah were instrumental in determining waqif preference to donate in waqf-based qardhul hassan financing.

Like others, this study’s findings are limited in terms of their generalisations and applications. The theory, context and variables used should be expanded in future works.

The results obtained are useful as a yardstick to enable the offered waqf-based qardhul hassan financing for improved mutual well-being among different classes of the wealth of societal groups in Malaysia. Furthermore, the results provide valuable insights into the direction for practitioners mainly managers involved in introducing waqf-based qardhul hassan financing as a new Islamic social financial instrument for poor and needy folks, at best.

This study is novel in terms of the proposed conceptual framework, where the waqif perspective comes into play.

This study employs firm-level data to evaluate how the knowledge economy impacts the financing constraints of businesses across 106 low- and middle-income nations, focusing on the influence of technological transformation on corporate financing choices.

The research centers on privately held, unlisted firms and examines the distinct effects of knowledge at both the within-country and between-country levels using a panel dataset. Rigorous sensitivity and endogeneity analyses are conducted to ensure the reliability of the findings.

The findings indicate that greater levels of the knowledge economy correlate with reduced financing constraints for firms. However, this effect varies depending on the location within a country and across different geographical regions. Firms situated in larger urban centers and more innovative regions reap the most significant benefits from the knowledge economy when seeking external funding. Conversely, firms in smaller cities, rural areas and regions characterized by structural and institutional inefficiencies in knowledge generation experience fewer advantages.

The impact of knowledge exhibits variability not only within and among countries but also between poor and affluent developing nations, as well as between larger and smaller countries. The knowledge effect on firms' access to external finance is influenced by factors such as financial openness and development, educational quality, technological absorption capabilities and agglomeration conditions within each country.

The purpose of this paper is to examine the adoption of Islamic finance products (murabaha, musharakah, mudarabah, salam, ijara, istisna and Qard Hassan) by small and medium-sized enterprises (SMEs) in Cameroon, a non-Islamic Sub-Saharan African country.

It used primary data collected from a cross-section of 1,358 SMEs in eight regions of Cameroon using self-administered structured questionnaires. To facilitate the analyses and interpretation, these products are grouped into four groups based on certain characteristics. A multivariate probit model is estimated to take into account the interaction between these different Islamic finance products.

This study revealed that the desire to comply with Sharia law, awareness, attitude and intention were critical determinants of the decision to adopt Islamic finance products by Cameroonian SMEs. The least influential factors were perceived behavioral control, subjective norms, enterprise characteristics (size, age and location) and socio-demographic characteristics of the entrepreneur (gender, age and marital status). The extension of the multivariate approach permitted us to compute for predicted probabilities which revealed that there exists a synergy effect between the different Islamic finance products. That is, Cameroonian SMEs combine different Islamic finance products at the same time based on their needs. This is especially the case between the partnership-based products (musharakah and mudarabah) and manufacture/rent products (istisna and ijara).

Policymakers are encouraged to develop stakeholder-oriented strategies to promote effective consumer education in Islamic finance products which will boost awareness. Also, Islamic finance institutions should endeavor to develop innovative financial products that are Sharia-compliant and economically beneficial to the individual and business needs of SMEs. Moreover, policymakers and management of Islamic finance institutions should ensure the putting in place of effective governance structures to guide Islamic finance operations. Finally, policymakers should endeavor to take into account the possible synergy between the different Islamic finance products in their quest to develop this activity.

To the best of the authors’ knowledge, this is the first study that analyses the adoption of different Islamic finance products while taking into account the possible synergy that exists between these products.