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The present study aimed to provide an understanding of the roles of community-based financial service organizations (i.e. rotating savings and credit associations [ROSCAs] as institutional pillars in facilitating low-income, unbanked consumers’ access to informal financial services).

Semi-structured interviews were conducted with 39 low-income, unbanked consumers participating in ROSCAs in Pakistan, where only 21% of adults have a bank account and almost four out of five individuals live on a low income. The obtained data were analyzed using the thematic analysis technique.

ROSCAs’ regulatory, sociocultural and cognitive aspects facilitate low-income, unbanked consumers’ utilization of informal financial services owing to their approachability by, suitability for, and fairness to such consumers. Thus, they promote such consumers’ financial inclusion.

Low-income consumers are mostly unable to access formal financial services due to the existing supply- and demand-side impediments. Understanding ROSCAs’ institutional functioning can help formal financial service providers create more transformative financial services based on the positive institutional aspects of ROSCAs to enhance poor consumers’ financial inclusion and well-being.

The inclusion of low-income, unbanked consumers in formal banking services will help them better control their finances.

Many low-income, unbanked consumers in developing countries utilize informal financial services to meet their basic financial needs, but service researchers have rarely investigated how informal financial institutions function. The present study showed that ROSCAs, as informal institutions, meet low-income, unbanked consumers’ personal, social and financial needs in a befitting manner, which encourages such consumers to use the financial services offered by ROSCAs.

Bank lending is the major source of monetary expansion. Bank-led money creation is a key issue in both conventional and Islamic financial systems. The purpose of this paper is to examine the issues related to Islamic banking money creation. In this conceptual paper, the authors investigate the involvement of profit and loss sharing (PLS) in money creation and especially how can PLS limit money creation “out of nothing.” In this regard, the authors examine the potential of the PLS principle in tackling the excessive money creation phenomenon.

This study uses a normative approach regarding Islamic bank money creation that fits Sharia directives. In fact, this study discusses “what ought to be,” that is, the values and norms of PLS money creation that impede excessive money creation.

Overall, Islamic banks create money differently compared to conventional ones. Especially, by avoiding a purely financial intermediary, money creation under the PLS principle sustains a strong relationship with the real economy and leads to a lower money multiplier. Therefore, PLS mechanisms allow financing through real assets and not credit assets “out of nothing.” This could prevent excessive money creation from causing harmful effects on indebtedness and financial instability.

PLS offers a valuable resolution for banking system money creation through the optimization of Islamic bank financing by facilitating the separation of the monetary function from the credit one. This reform thought reinforces the stability value of money allowing it to fully perform its functions with reference to the directives of Sharia. This especially allows the integrity and purchasing power of money, the reduction of the gap between the evolution of both real and financial economies and, consequently, the indebtedness and crisis. It is recommended to promote PLS financing by reforming institutional and regulatory constraints.

This study addresses the contemporary issue of money creation by Islamic banks through the PLS approach. The conceptual framework of this paper highlights the reformist role of PLS in limiting money creation through Mudarabah approach within fractional reserve banking.

Microenterprises in emerging economies are known to operate in turbulent and resource-scarce environments. We test our hypothesis that a more comprehensive “Integrated Capital-Based Model” (ICBM) is needed when explaining the performance of microenterprises in such an environment. The model combines traditionally researched financial, human and social capital with more recently emphasized psychological and cognitive capital, providing greater explanatory power than models using only the traditional types of capital.

We use a pooled linear regression to analyze an existing survey of more than 900 independent business owners who were interviewed seven times between 2008 and 2012 in the Accra and Tema marketplaces in Ghana. We measure the performance of microenterprises using three dependent variables (revenue, profits, and productivity). We contrast the explanatory power of ICBM models against the more traditional models.

The ICBM has significantly higher levels of explanatory power over the traditional models in examining the performance of these microenterprises. These results highlight the importance of psychological and cognitive capital in emerging economies.

We advocate for a more comprehensive view of capital as shown in our ICBM. However, the data were gathered only in an urban setting, which limits the generalizability to rural parts of emerging economies.

These findings suggest the utility of government and appropriate agencies finding ways to enhance the level of psychological and cognitive capital of microenterprise owners.

This paper's originality stems from hypothesizing and empirically confirming the higher predictive efficacy of ICBM against more traditionally researched capital sources.

After completion of the case study, students will be able to identify and discuss ways in which informal financing of the kind discussed in the case study can provide new or different opportunities for access to alternative financing schemes; assess the role of“social capital” in micro and small business development and to understand and apply the role of social capital for female entrepreneurs in the Global South; critically analyse and reflect on the new role of digital technologies in challenging traditional patriarchal social norms and exclusion and ultimately be able to evaluate the role of digital technologies in terms of its practical implications for female entrepreneurs; and understand the role played by socio-cultural and historical contexts in female-owned/managed businesses within informal sectors of the economy. Furthermore, the students should be able to discuss how these contexts provide opportunities or challenges for actionable/robust/relevant business plans for female entrepreneurs.

This case study aims to create a platform for classroom conversations around: context of entrepreneurship in informal economies, challenges of accessing finance, women entrepreneurship, opportunities of digital entrepreneurship and resource acquisition and social capital. Overall, this case study intends to inspire and cultivate additional voices to advance authentic understanding of informal business practices in the financial sector that go beyond traditional formal western settings. This case study is based on a true story relating to the “sou-sou” financing system – an informal financing scheme – originating from West Africa which has been transported to other parts of the world including Latin America and the Caribbean (LAC) and other parts of Africa. The characters involve Maria, the main protagonist; Eunice, from LAC; and Fidelia from West Africa. With first-hand information from Eunice and Fidelia, Maria learnt about the ideological principles and the offerings of flexibility, trust, mutual benefits and kinship of the sou-sou system and was inspired to integrate digital technologies as a sustainable game changer for accessing microfinance. This case study draws on the contextual understanding of the economy in the Global South as well as the gender-based aspects of entrepreneurship as key aspects of women entrepreneurship and digital entrepreneurship. The sou-sou system is presented as a practical solution to the challenges faced by women entrepreneurs in the Global South to access finances, and the integration of digital technologies is considered instrumental not only in reinforcing the traditional system but also in transforming the entrepreneurial prospects for these women.

This teaching activity is aimed at postgraduate students in Master of Management and Master of Business Administration programmes. It can also be used for short executive courses, specialised PhD seminars and advanced bachelor programmes. This case study could be taught in the field of entrepreneurship in areas related to technology, gender, women entrepreneurship and financing in the context of the Global South.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

This paper seeks to systematically review and synthesise existing research knowledge on African women entrepreneurship to identify gaps for future studies.

The paper conducted a systematic literature review of published studies from 1990 to 2020 on women entrepreneurship in Africa using a 5M gender aware framework of Brush et al. (2009).

The systematic literature review of published studies found the fragmentation, descriptive and prescriptive orientation of studies on Africa women entrepreneurship and devoid of theoretical focus. Further, women entrepreneurship studies tended to be underpinned from various disciplines, less from the entrepreneurship lens, mostly quantitative, and at its infancy stage of development. With a primary focus on development, enterprise performance and livelihood, studies rarely attended to issues of motherhood and the nuanced understanding of women entrepreneurship’s embeddedness in family and institutional contexts of Africa.

The paper questions the view that women entrepreneurship is a “panacea” and unravels how family context, customary practices, poverty and, rural-urban and formal/informal divide, significantly shape and interact with African women entrepreneurs’ enterprising experience and firm performance.

The findings and analyses indicate that any initiatives to support women empowerment via entrepreneurship should consider the socially constructed nature of women entrepreneurship and the subtle interplay of the African institutional contexts’ intricacies, spatial and locational differences which significantly influence women entrepreneurs’ choices, motivations and goals for enterprising.

The paper contributes to a holistic understanding of women entrepreneurship in Africa by using a 5M framework to review the research knowledge. In addition, the paper not only identifies unexplored/or less examined issues but also questions the taken-for-granted assumptions of existing knowledge and suggest adoption of context- and gender-sensitive theories and methods.

I seek to identify whether cash flow management can affect the performance and risk of the Greek listed companies.

This study examines the relationship of cash flow management with performance and risk, using a sample of 80 non-financial companies listed in the Athens Exchange. The study covers the period 2018–2022, and panel data analysis is applied. Both financial performance and stock return are taken into consideration, while risk concerns the volatility of the companies’ share prices. The various explanatory variables used include the net cash flow, free cash flow, cash conversion cycle days, cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, inventory days, customer days and supplier days.

The empirical results provide evidence of a positive relationship between financial performance and net cash flow and free cash flow. In addition, operating cash flow is positively related to financial performance. The opposite is the case for investing and financing cash flow. Finally, some evidence of a negative relationship between financial performance and inventory and customer days is provided too. On the other hand, stock return and risk are not related to the cash flow management variables at all.

To the best of my knowledge, this is one of the few studies to examine the relationship of cash flow management with performance and risk, using data from the Greek stock market. The results can form an effective selection tool for investors seeking Greek companies with the highest financial performance potential, which may reward them with higher dividends.

The impact of COVID-19 on tourism destinations has been severe, but a future crisis is never far away. How communities can better prepare for disasters to come in the near future continues to be researched. This research aims to understand the tourism community’s responses to the COVID-19 pandemic and present the Tourism Community Resilience Model as a useful instrument to help communities better respond to disasters in the future.

This research uses a qualitative research approach which seeks to understand phenomena, events, social activities, attitudes, beliefs, perceptions and individual and group opinions that are dynamic in character in accordance with the situation in the field. Research primary data is in the form of Kuta Traditional Village local community responses in enduring the COVID-19 pandemic conducted between January and May 2022. These data were obtained through in-depth observations and interviews involving informants based on purposive sampling, including traditional community leaders, village officials, tourism actors (i.e. street vendors, tourist local guides, taxi drivers and art workers) and tourism community members. We selected the informants who are not only directly impacted by the pandemic, but also some of them have to survive during the pandemic because they do not have other job options. The results of previous research and government data concerning the pandemic and community resilience were needed as secondary data, which were obtained through a study of the literature. The data which had been obtained were further analysed based on the Interpretative Phenomenological Analysis (IPA) technique, which seeks to make meaning of something from the participants’ perspective and the researchers’ perspective as a result there occurs a cognition of a central position.

Based on findings from Bali, Indonesia, this resilience model for the tourism community was created in response to the difficulties and fortitude shown by the community during the COVID-19 pandemic. It comprises four key elements, namely the Local Wisdom Foundation, Resource Management, Government Contributions and External Community Support. These elements are all rooted in the concepts of niskala (spirituality) and sekala (real response); it is these elements that give the tourism community in the Kuta Traditional Village a unique approach, which can inspire other tourism destinations in other countries around the world.

A tourism community resilience model based on local community responses has implications for the process of enriching academic research and community management practices in facing future crisis, particularly by involving local wisdom foundation.

A tourism community resilience model based on local community responses has implications for the process of enriching academic research and community management practices in facing future crisis, particularly by involving local wisdom foundation.

The existence of the resilience model strengthens local community social cohesion, which has been made stronger by the bonds of culture and shared faith in facing disaster. This social cohesion then stimulates the strength of sustainable and long-term community collaboration in the post-pandemic period. For tourism businesses, having strong connections with the local communities is an important condition to thrive.

The value of this research is the Tourism Resilience Community Model, which is a helpful tool to optimise and improve future strategies for dealing with disasters. Illustrated by this Balinese example, this paper emphasises the importance of adding social factors such as niskala and sekala to existing community resilience models. Addressing these local characteristics is the innovative aspect of this paper and will help inspire communities around the world to prepare for future disasters better and build more sustainable and resilient tourism destinations elsewhere.

Consumer choice theory (CCT) and the law of diminishing marginal utility help to explain shoppers that value less and prioritize needs. Additional units provide a marginal return on investment. Buying more does not mean equivalent gains for additional money spent. The researchers developed and validated the necessity shopper scale (NSS) to study need-focused shoppers.

The researchers followed standard psychometric practices to create and validate the NSS. The researchers performed item development, data collection, exploratory analysis, confirmatory factor analysis, and predictive validity analysis using survey data (N = 1,266).

Discriminant and convergent validity analyses demonstrated that the measure was distinct from existing measures. Predictive validity analysis found necessity shoppers (NS) are more likely to buy one over buy one get one half off (BOGOHO). NS were associated with a higher connection to community/group (CTCG). Higher hyperopia (i.e. disinclination to indulgence) with necessity shopping beliefs heightened this CTCG. A higher CTCG was associated with a greater likelihood to select BOGOHO.

NS (more connected to others) buy more to share with others, while buying just enough for themselves. Social connections are long-term investments involving more people and more needs to fulfill. Brands marketed with communal values and able to enhance social connections are discussed as implications to encourage NS to buy more.

This paper aims to examine the factors associated with a household business entrepreneur’s decisions to formalise the firm at a multidimensions level.

The data set is a panel of 2,336 SMEs and household businesses from Vietnamese SME surveys during the 2005–2015 period.

This study elucidates how firm-level resources, entrepreneur characteristics and costs of doing business influence an entrepreneur’s decision to enter, the speed and the degree of formality.

This study provides insight into the origins of an entrepreneur’s decisions to the multidimensions of business formality through the lenses of the resource-based view, entrepreneurship and institution theories.

The study examines the mediating effect of knowledge management (KM) in the relationship between the high-performance organisation (HPO) framework and high performance in financial institutions (FIs) in Uganda. The paper aims to develop a framework that promotes high performance in the FIs.

The conceptual model was tested on a sample of 28 financial instituitions using structural equation model.

The findings revealed that the high-performance framework is significantly related to high performance and KM is related high performance. KM mediates the relationship between the high-performance framework and high performance.

The findings revealed that the high-performance framework is significantly related to high performance and KM is related high performance. KM mediates the relationship between the high-performance framework and high performance.

The findings revealed that the high-performance framework is significantly related to high performance and KM is related high performance. KM mediates the relationship between the high-performance framework and high performance.

This study makes several empirical and theoretical contributions, addressing the gap in the literature about the role of the HPO framework in strategic management. This study tests the relationship between the HPO and the firm's performance by taking the mediating effects of KM. The designed model highlights a significant organisational performance approach that can influence the finance sector positively.