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Article
Publication date: 14 May 2024

Roy Cerqueti, Catherine Deffains-Crapsky, Anna Grazia Quaranta and Saverio Storani

This paper aims to explore the determinants of the level of minibonds issued by companies. In doing so, it discusses the importance of minibonds in providing a market-based…

Abstract

Purpose

This paper aims to explore the determinants of the level of minibonds issued by companies. In doing so, it discusses the importance of minibonds in providing a market-based funding source. In the empirical analysis, special attention is paid to the study of the recovery from the COVID-19 crisis.

Design/methodology/approach

The analysis is carried out through an econometric approach, on the basis of a high-quality empirical dataset related to the Italian small- and medium-sized enterprises (SMEs). The reference period covers the recent pandemic. From a theoretical point of view, a regression model is implemented, including a multicollinearity analysis and an outlier detection procedure.

Findings

The results of the study indicate that factors such as leverage, cash flow, firm collaterals and seniority can explain the amount of minibonds issued. These findings provide valuable insights into the drivers of minibond issuance and highlight the potential benefits of minibonds as a funding option for Italian SMEs.

Practical implications

Importantly, results highlight relevant managerial implications at two levels. On one side, we carry on a managerial discussion about the worthiness of accessing the minibonds market; on the other side, we give insights on the managerial implications related to the features of the companies issuing minibonds.

Originality/value

The paper investigates an innovative financial instrument that has been introduced recently and has not yet been studied in depth. To the best of our knowledge, this is the first contribution assessing the main drivers for minibonds issuance level, which is a timely and relevant managerial research topic. In addition, this study also takes into account the impact of the COVID-19 pandemic on minibond issuance, making the analysis appropriate for explaining the current economic context.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

Open Access
Article
Publication date: 21 February 2020

Roy Cerqueti, Caterina Lucarelli, Nicoletta Marinelli and Alessandra Micozzi

This paper aims to dismantle the idea that sex per se explains entrepreneurial outcomes and demonstrates the influence of a gendered motivation on forging and shaping new venture…

2463

Abstract

Purpose

This paper aims to dismantle the idea that sex per se explains entrepreneurial outcomes and demonstrates the influence of a gendered motivation on forging and shaping new venture teams, which is a disruptive choice affecting the future of start-ups.

Design/methodology/approach

A two-level research model is validated on data from the Panel Study of Entrepreneurial Dynamics II (PSED II), with a system of simultaneous equations. First, if team features affect the performance of new ventures is tested; then, the study investigates determinants of team features with a focus on sex and motivation of nascent entrepreneurs.

Findings

Human capital (HC) in terms of education and experience of team members consistently explains venture evolution only when considering the larger team of affiliates. The HC gathered by nascent entrepreneurs is not because of the simplistic sex condition, but rather to a gendered motivation related to the inferior need of achievement of women.

Research limitations/implications

Limitations of discretionary scoring assigned to items of the PSED II survey are present, but unavoidable when processing qualitative data.

Practical implications

Women need to be (culturally) educated on how to re-balance their personal motivation towards entrepreneurship by fostering their incentives for achievement. Political and educational programmes could trigger success in the creation of new businesses led by women.

Originality/value

This paper contributes to the literature on nascent entrepreneurship, focusing on the entrepreneurial teams in the initial phase of business creation, and provides the basis for further studies aimed at eradicating the stereotypes of gender roles that lead women to self-exclusion and organizational errors.

Details

International Journal of Gender and Entrepreneurship, vol. 12 no. 2
Type: Research Article
ISSN: 1756-6266

Keywords

Open Access
Article
Publication date: 27 July 2022

Yuchuan Du, Han Wang, Qian Gao, Ning Pan, Cong Zhao and Chenglong Liu

Resilience concepts in integrated urban transport refer to the performance of dealing with external shock and the ability to continue to provide transportation services of all…

2163

Abstract

Purpose

Resilience concepts in integrated urban transport refer to the performance of dealing with external shock and the ability to continue to provide transportation services of all modes. A robust transportation resilience is a goal in pursuing transportation sustainability. Under this specified context, while before the perturbations, robustness refers to the degree of the system’s capability of functioning according to its design specifications on integrated modes and routes, redundancy is the degree of duplication of traffic routes and alternative modes to maintain persistency of service in case of perturbations. While after the perturbations, resourcefulness refers to the capacity to identify operational problems in the system, prioritize interventions and mobilize necessary material/ human resources to recover all the routes and modes, rapidity is the speed of complete recovery of all modes and traffic routes in the urban area. These “4R” are the most critical components of urban integrated resilience.

Design/methodology/approach

The trends of transportation resilience's connotation, metrics and strategies are summarized from the literature. A framework is introduced on both qualitative characteristics and quantitative metrics of transportation resilience. Using both model-based and mode-free methodologies that measure resilience in attributes, topology and system performance provides a benchmark for evaluating the mechanism of resilience changes during the perturbation. Correspondingly, different pre-perturbation and post-perturbation strategies for enhancing resilience under multi-mode scenarios are reviewed and summarized.

Findings

Cyber-physic transportation system (CPS) is a more targeted solution to resilience issues in transportation. A well-designed CPS can be applied to improve transport resilience facing different perturbations. The CPS ensures the independence and integrity of every child element within each functional zone while reacting rapidly.

Originality/value

This paper provides a more comprehensive understanding of transportation resilience in terms of integrated urban transport. The fundamental characteristics and strategies for resilience are summarized and elaborated. As little research has shed light on the resilience concepts in integrated urban transport, the findings from this paper point out the development trend of a resilient transportation system for digital and data-driven management.

Details

Smart and Resilient Transportation, vol. 4 no. 2
Type: Research Article
ISSN: 2632-0487

Keywords

Article
Publication date: 31 October 2018

Chung-Han Ho, Ping-Teng Chang, Kuo-Chen Hung and Kuo-Ping Lin

The purpose of this paper is to develop a novel intuitionistic fuzzy seasonality regression (IFSR) with particle swarm optimization (PSO) algorithms to accurately forecast air…

Abstract

Purpose

The purpose of this paper is to develop a novel intuitionistic fuzzy seasonality regression (IFSR) with particle swarm optimization (PSO) algorithms to accurately forecast air pollutions, which are typical seasonal time series data. Seasonal time series prediction is a critical topic, and some time series data contain uncertain or unpredictable factors. To handle such seasonal factors and uncertain forecasting seasonal time series data, the proposed IFSR with the PSO method effectively extends the intuitionistic fuzzy linear regression (IFLR).

Design/methodology/approach

The prediction model sets up IFLR with spreads unrestricted so as to correctly approach the trend of seasonal time series data when the decomposition method is used. PSO algorithms were simultaneously employed to select the parameters of the IFSR model. In this study, IFSR with the PSO method was first compared with fuzzy seasonality regression, providing evidence that the concept of the intuitionistic fuzzy set can improve performance in forecasting the daily concentration of carbon monoxide (CO). Furthermore, the risk management system also implemented is based on the forecasting results for decision-maker.

Findings

Seasonal autoregressive integrated moving average and deep belief network were then employed as comparative models for forecasting the daily concentration of CO. The empirical results of the proposed IFSR with PSO model revealed improved performance regarding forecasting accuracy, compared with the other methods.

Originality/value

This study presents IFSR with PSO to accurately forecast air pollutions. The proposed IFSR with PSO model can efficiently provide credible values of prediction for seasonal time series data in uncertain environments.

Details

Industrial Management & Data Systems, vol. 119 no. 3
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 3 June 2024

Guangqian Ren, Junchao Li, Mengjie Zhao and Minna Zheng

This study aims to examine the ramifications of corporate environmental, social and governance (ESG) investing in zombie firms and considers how external funding support may…

Abstract

Purpose

This study aims to examine the ramifications of corporate environmental, social and governance (ESG) investing in zombie firms and considers how external funding support may moderate this relationship given the sustainable nature of ESG performance, which often incurs costs.

Design/methodology/approach

Panel regression analyses used data from China’s A-share listed companies from 2011 to 2019, resulting in a data set comprising 6,054 observations.

Findings

Despite firms’ additional financial burdens, corporate ESG investing emerges as a catalyst in resurrecting zombie firms by attracting investor attention. Further analysis underscores the significance of funding support from entities such as the government and banks in alleviating ESG cost pressures and enhancing the efficacy of corporate ESG investing. Notably, the positive impact of corporate ESG investing is most pronounced in non-heavily polluting and non-state-owned firms. The results of classification tests reveal that social (S) and governance (G) investing yield greater efficacy in revitalizing zombie firms compared to environmental (E) investing.

Practical implications

This research enriches the discourse on corporate ESG investing and offers insights for governing zombie firms and shaping government policies.

Originality/value

By extending the domain of ESG research to encompass zombie firms, this paper sheds light on the multifaceted role of corporate ESG investing. Furthermore, this study comprehensively evaluates the influence of external funding support on the positive outcomes of ESG investing, thereby contributing to the resolution of the longstanding debate on the relationship between ESG performance and corporate financial performance, particularly with regard to ESG costs and benefits.

Details

Chinese Management Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-614X

Keywords

Open Access
Article
Publication date: 30 August 2023

Helen Chiappini, Nicoletta Marinelli, Raja Nabeel-Ud-Din Jalal and Giuliana Birindelli

The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles.

3657

Abstract

Purpose

The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles.

Design/methodology/approach

The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies.

Findings

Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals.

Practical implications

The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself.

Social implications

Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments.

Originality/value

To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies.

Details

Sustainability Accounting, Management and Policy Journal, vol. 14 no. 7
Type: Research Article
ISSN: 2040-8021

Keywords

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