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Purpose – Corporate governance requirements imposed internationally as part of the New International Financial Architecture (NIFA) include compliance with International Financial Reporting Standards (IFRS). The appropriateness of applying IFRS in developing countries has long been controversial. Recently, the International Accounting Standards Board (IASB) extended its project on IFRS for Small and Medium Entities (SMEs) to include developing countries. This paper provides a history of the controversy over IFRS in developing countries and examines the SMEs project as it affects developing countries.

Design/methodology/approach – This paper uses an agenda-setting theoretical framework and document analysis to analyse IASB's published documents as part of its formal due process.

Findings – The controversies surrounding the application of IFRS in developing countries seem likely to continue. The public submission process may be ineffective and too late for those seeking to influence IFRS developments. The findings suggest that those seeking IFRS for developing countries may need to both devise an acceptable solution and obtain inside access to the standard-setting process to achieve this aim.

Research limitations – The research is limited to literature review and documentary analysis and therefore subject to the known limitations of published project documentation in accounting standard-setting.

Originality/value – Contributes to understanding of international accounting standard-setting, including why developing country issues seem likely to continue.

The main purpose of this chapter is to shed more light into the challenging small business (SME) task of securing adequate and appropriate funding for continued viability. Access to finance is of fundamental importance to SME survival, invariably it involves working capital needs or long-term capital projects. This chapter will mainly focus on the Greek environment and the individual characteristics of the domestic market, in particular. As in most countries, SMEs form the backbone of Greece’s economic activity, accounting for almost 95% of the total. They are the very backbone of the country’s daily business and labour force. Crucially, the Greek banking system upon which many small enterprises rely has collapsed during the years of global financial crisis, with the domestic banks literally ending up completely drained of all available liquidity.

In a country that has gone through enormous financial turmoil, and with a damaged banking system that has undergone three recapitalisation processes, domestic companies had little, if any, support from the traditional banking sources. In the summer of 2015, things became critical, when the country almost left the European Union’s (EU) common currency zone and entered a capital control regime. As a result, enterprises sought other channels of financing to overcome the obstacle. Focus in this chapter will be on the role of the stock market, the national investment funds and the EU funding.

This chapter, in the main, builds insight from a research-informed case study: that of Greek SMEs and their access to finance (excluding the banking sector). The time span of the analysis covers the years of the domestic financial crisis, lasting considerably more than within the other European countries. Though varying in magnitude, the crisis in Greece started sometime in 2010 and concluded in 2018, leaving deep scars on the country’s productive body. During that period, the domestic banking system underwent catalytic changes, embracing three major recapitalisation schemes and an enormous merger phase that ended up with only four remaining systemic banks. Prior to that, the 2012 Private Sector Involvement (bailout program) led the country’s rating to a default status and made financing options extremely difficult.

This chapter will also offer comparisons to other European states, to enable drawing of conclusions about the different operating parameters of doing business in the greater region; and to facilitate search for common patterns between the countries that were hit by the credit crunch and also saw their banking systems weaken. The data will be drawn exclusively from secondary sources, including national and European public and private organisations dealing with financial and investment analyses. Once gathered, data is categorised and critically evaluated to look deeper into the nature of the behaviour of SMEs and the financing channels they have found during the study sample period.

Key findings will include the reporting and the evaluation of Greek firms’ access to finance with regard to non-banking sources, such as the stock market, EU funding, investment laws and venture funds. Comparison with prior years and with other European markets will show the main challenges and obstacles firms faced, and the solutions they found during the crisis.

Limitations can be split into two categories: first, the data reported at public and private sites include by default the official sector of the economy, thus, omitting the reporting of parallel or unofficial market activity. In an economy that includes approximately 20% of unofficial GDP, such sources most probably proved catalytic in the companies’ liquidity, without being officially reported. Second, the time span of the sample is quite large, making it difficult to analyse the specific characteristics of various companies at various time points in full detail. However, the chapter’s main purpose is to offer an all-inclusive picture of how things evolved during the years of the crisis and not to focus on specific points. Describing the big picture is the priority of this chapter, with a focus on capturing the financing trends during this period of abnormality. Perhaps a further study in the future could be inspired by this current one, to break-up the period into smaller pieces and dedicate detailed analysis to each chunk. Useful conclusions will be drawn in this chapter for policy-makers, including both fiscal and monetary directors, who will get a clearer picture of how the credit crunch influenced the market, and how SMEs worked their way through these challenging times to find ways to finance their operations, development and growth. The major contribution of this chapter is it being the first to cover SMEs exclusively during all years of the financial crisis in a country like Greece that has seen its banking sector collapse. Firms were left without their traditional source of funding, the next-door bank, and managed to find alternative routes to finance to survive and keep on going.

No one denies that Islamic finance has grown during the last 40 years and numerous Islamic financial instruments have innovated and developed in order to cater to the needs of Muslims. However, the sale- and service-based contracts remain dominant in the market and contribute to creating more debt. Partnership contracts such as mudarabah or musahrakah are least popular due to several practical problems. This chapter examines and identifies the practical challenges of classical mudarabah and proposes a new Islamic financing model – reserve mudarabah with appropriate examples. The model can be a useful tool for SME financing and in Islamic microfinance.

Strategic management is traditionally seen as an exclusive managerial task rather than inclusive where accountability is reserved for top managers. However, contemporary strategy management practices increasingly pay attention to equality, diversity, and inclusion (EDI) by engaging with broader internal and external stakeholders via more open business models such as ecosystems. Hence, central to our examination is the concept of openness disposition, which in the context of strategic management refers to the tendency of individuals, collectives, and managers to make strategy transparent, participatory, and/or inclusive, or look for closure. While openness in strategy is regarded as a positive means of contemporary management, fostering diversity, creativity, innovation, and empowerment, there are some researched downsides too. The purpose of this chapter is to address the openness puzzle in strategy and gain a deeper understanding of the dilemmas of bottom-up strategy initiatives, and investigate the associated dilemmas, if any in the context of manufacturing small and medium enterprises (SMEs). We contribute to addressing the performative effects of the dynamic expansion and contraction in openness within the SME strategy process while using the concept of openness dilemmas, tensions, and disposition. Using the Management Control Theory, this chapter will combine theory with SME practitioners’ experiences of bottom-up strategy initiatives to increase EDI in their organisations. Based on findings that emerged from a four-year longitudinal multiple case study research with 10 European SMEs, we found that bottom-up strategy exercises are more interactive. They consider a greater number of views, increase legitimacy, and EDI at the workplace, and yield more process benefits, but are time-consuming and difficult to organise that require special attention to the capability, reciprocity, and credibility dimensions.

Over the past three decades, new off-grid electrification infrastructures – as micro-grids and other solar solutions – have moved from innovative initiatives, conducted by NGOs and private stakeholders, to a credible model promoted by international organizations for electrification of rural areas in developing countries. Multiple conditions support their spread: major technological advances in the field of renewable energies (panels, batteries), intensive Chinese industrial production allowing lower prices, institutional reforms in Africa including these solutions in major national electrification programmes, and, finally, an opening to the private sector as a supposed guarantee of the projects’ viability. However, while the development of this market calls for significant investments, a vast set of calculations and a strong “micro-capitalist” doctrine, all involved in their design, experts admit that a large proportion of projects hardly survive or even fail.

This chapter investigates these failures by exploring the ecology of such infrastructures, designed for “the poor.” It discusses “thinking infrastructures” in terms of longevity by focusing on economic failures risks. The authors argue that the ecology of the infrastructure integrates various economic conversions and exchanges chains expected to participate in the infrastructure’s functioning. By following energy access solutions for rural Africa in sub-regions of Senegal and Madagascar, from their political and technical design to their ordinary life, the authors examine the tensions and contradictions embedded within the scripts of balance supposed to guarantee their success.

The case of Alpha, a group of small subsidiaries, confronted with a strong crisis following the implementation of an enterprise resource planning (ERP) in a context of financial crisis (Spanish subsidiaries) allows the authors to illustrate the dynamics of collective bricolage, from individual bricolage to intra-subsidiary bricolage and then inter-subsidiary bricolage, network and more globally a strategy of bricolage within the group. Would multi-level bricolage be a new way for companies facing more and more crises, scarcity of resources and uncertain environments?

The action research (AR) conducted by the ERP project manager – researcher – during two years (2012–2014) shows a dynamic that increases tenfold the potential of discovering at low-cost tinkered solutions that work, adapted to the specificities of the group. Bricolage includes the constitution of the repertoire of resources (material and immaterial resources and intimate knowledge of resources) and the art of bringing the different elements of the repertoire into dialogue (tests, permutations and substitutions) in order to find an arrangement that works despite limited resources (Lévi-Strauss, 1966). In order to combine the advantages of an ERP designed according to an engineer approach and the advantages of small subsidiaries (flexibility, reactivity and local adaptations) accustomed to “bricolage,” to make do with the means at hand, the group is gradually developing a “strategic bricolage” approach. This approach contributes to enriching the repertoires of resources and developing the capacity for dialogue between the elements of the different repertoires (individuals, subsidiaries, countries, activities, external network and group), which encourages the discovery of bricolage solutions that are difficult to imitate. The evaluation of the tinkered solutions at both the local and global levels allows the group to improve, enhance and disseminate them to all subsidiaries.

This chapter compares and contrasts the diverse theoretical foundations of two paradigms in strategic project management. The first, older paradigm, draws on foundational ideas about nature (i.e., it is predictable) and human rationality (strategy and implementation are distinct) to conceptualize project management in terms of controlling predictable project processes and their inherent risks, so that project managers can optimize the trade-offs between timing, cost and quality. The second practice-based alternative paradigm conceptualizes people as sources of deterministic behavior in an otherwise often unpredictable world. Projects are key tools that are used to strategically create this predictable behavior, with project plans being used as scaffolding to help co-ordinate the distributed behavior of systemically connected people in space and time as the project proceeds. The chapter highlights how this second paradigm has a more robust scientific basis, shows how it informed the development of the Heathrow T5 project, and draws implications of for future theory and practice.

This chapter investigates the awareness and level of implementation of the sustainability marketing concept in small and medium-sized enterprises (SMEs) in selected Western European and Central-Eastern European countries. This study will focus primarily on comparing the Western and Central-Eastern European countries combined in respective country groups. The data underlying this evaluation were gathered as part of an international research project by surveying SME managers in six European countries. The chapter will assess whether the main hypothesis of the research project – that there is a significant positive correlation between awareness and level of implementation of the sustainability marketing concept and a country’s level of socio-economic development – is accurate. The main hypothesis will be verified based on individual sub-hypotheses. The findings from this verification process will clearly reveal that the main hypothesis is applicable. The following chapter is organized as follows. First, managers’ attitudes towards sustainability marketing are described. Second, managers’ knowledge on the concept of sustainability marketing is presented. The final part focuses on the implementation of sustainability marketing concept and the significance of sustainability marketing for corporate strategy over time.

This chapter examines the development of an Entrepreneurship Education initiative (Triple E: Employability, Enterprise and Entrepreneurship) in the Higher Education context. The initiative is further contextualised by a dynamic policy framework concerning widening access as a major priority for the Scottish Government. In addition, the initiative is based on innovation in contemporary pedagogical design and further policy drivers supporting the development of graduates with an enterprising mind-set and graduate attributes (articulated by employers) and interpreted by academics and public sector stakeholders as relevant for graduate labour market competitiveness. The chapter examines Entrepreneurship Education literature and presents a case study which examines pedagogical design and normative assumptions, participant progression, (students and staff) and the engagement of external stakeholders. The case study describes and analyses the key design principles for inclusive and accessible Entrepreneurship Education within the context of widening participation policy. A discussion on the practice of achieving inclusive and accessible Entrepreneurship Education explores intra-institution policy, drivers enablers and cultural and resource constraints. The chapter concludes with a summary of the design principles on inclusivity and accessibility in Entrepreneurship Education and discusses attempts to mitigate the challenges presented by a widening participation policy.