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Book part
Publication date: 4 December 2020

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Challenges on the Path Toward Sustainability in Europe
Type: Book
ISBN: 978-1-80043-972-6

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Book part
Publication date: 4 December 2020

Denis Marinšek

By utilizing a large sample of firms during the period 2006–2017, the author determine which types of firms are more likely to go bankrupt. The author shows that…

Abstract

By utilizing a large sample of firms during the period 2006–2017, the author determine which types of firms are more likely to go bankrupt. The author shows that over-leveraged firms have significantly higher probability of going bankrupt, which highlight the importance of the concept of optimal corporate capital structure. The author finds that private firms and export-oriented firms experience lower hazard rates. Proposed hazard statistical model highlights that more profitable firms, firms with better liquidity, firms with more tangible assets and larger firms all have statistically higher survival rates. The author finds that bankruptcy rates are the lowest among service firms and the highest in construction industry. Ownership variables indicate that state-owned firms, firms with foreign ownership and firms, owned by holdings, are less likely to fail, all else equal. Finally, the author demonstrates that proposed statistical model successfully predicts the probability of bankruptcy. The mean cumulative hazard function for a group of surviving firms is statistically significantly lower compared to a group of failing firms. In order to survive in a long run, firm’s management should especially be aware of their optimal capital structure and use rather less leverage than going over the sustainable level.

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Challenges on the Path Toward Sustainability in Europe
Type: Book
ISBN: 978-1-80043-972-6

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Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

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Book part
Publication date: 10 July 2019

Anna Visvizi, Miltiadis D. Lytras, Wadee Alhalabi and Xi Zhang

In as much as it is contested, the Belt and Road Initiative (BRI) is also unexplored, underdiscussed, and, as a result, misunderstood. Frequently viewed through the lens…

Abstract

In as much as it is contested, the Belt and Road Initiative (BRI) is also unexplored, underdiscussed, and, as a result, misunderstood. Frequently viewed through the lens of international relations and global economy, the diverse dimensions of collaboration, including business and research-industry clusters, that BRI enhances, tend to be excluded from the analysis. In a similar manner, the role of the Arab Peninsula in the grand strategy underpinning BRI and its implementation is rarely discussed. BRI is a forward-oriented initiative, an attempt to reap benefits of developments and circumstances that are only nascent. This bears two potent implications. First, as China attempts to influence the context in which it operates, it is subject to change itself; the Chinese business sector evolution attests to that. Second, some of China’s not so obvious partners of today, including those in the Arab Peninsula, are about to turn into key interlocutors of tomorrow. BRI taps into opportunities thus created. This chapter elaborates on these issues and, against this backdrop, outlines how the remaining chapters included in this volume add to this discussion.

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The New Silk Road Leads through the Arab Peninsula: Mastering Global Business and Innovation
Type: Book
ISBN: 978-1-78756-680-4

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Book part
Publication date: 9 November 2009

Alham Yusuf and Jonathan A. Batten

This case study examines the controversial practice by the Commonwealth of Australia during the period 1988–2002 of using currency swaps as part of its debt management…

Abstract

This case study examines the controversial practice by the Commonwealth of Australia during the period 1988–2002 of using currency swaps as part of its debt management strategy. Although the strategy provided a positive return overall, the impact of currency swap usage created significant year-by-year variations in returns, which posed a risk to debt interest and financing requirements. This suggests that the risk limits imposed on this strategy were both inappropriate and insufficient. Nonetheless, these findings provide insights into how such a policy could best be implemented given recent proposals (OECD, 2007) for derivatives use by public debt managers.

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Credit, Currency, or Derivatives: Instruments of Global Financial Stability Or crisis?
Type: Book
ISBN: 978-1-84950-601-4

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Article
Publication date: 22 May 2007

Gianni Betti, Neil Dourmashkin, Mariacristina Rossi and Ya Ping Yin

This paper seeks to measure and characterise the extent of consumer over‐indebtedness among the European Union (EU) member states.

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Abstract

Purpose

This paper seeks to measure and characterise the extent of consumer over‐indebtedness among the European Union (EU) member states.

Design/methodology/approach

The study evaluates alternative measures of over‐indebtedness on the basis of the permanent‐income/life‐cycle theories of consumption behaviour and adopts a subjective approach in identifying over‐indebted households on the basis of European household survey data. It then investigates the main characteristics of over‐indebted households.

Findings

The empirical results reveal that over‐indebtedness was a significant problem across EU member states in the mid‐1990s. Moreover, an inverse relationship emerged between the extent of the over‐indebtedness problem and the extent of consumer borrowing across EU countries.

Research limitations/implications

Anecdotal evidence seemed to suggest that some main factors behind over‐indebtedness could be “market failure” on the credit market, the existence of liquidity constraints and lack of access to formal credit markets. However, a comprehensive and rigorous investigation of the extent and determinants of over‐indebtedness can only be achieved through analysis of more extended household data sets, particularly panel data.

Practical implications

The EU credit markets exhibited certain symptoms of “market failure”, on the one hand, and there was also need for further financial liberalisation in the Southern European countries, on the other hand.

Originality/value

The paper provides a first systematic evaluation of existing measures of consumer over‐indebtedness as well as the first EU‐wide empirical investigation of the problem. It should provide valuable information to the credit industry as well as financial regulatory bodies.

Details

Journal of Economic Studies, vol. 34 no. 2
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 17 December 2019

Nor Maisarah Bakar, Rashidah Abdul Rahman and Zuraeda Ibrahim

Microfinance institutions (MFIs) provide credit to low-income beneficiaries, enabling them to gain access to financial assistance. To ensure that clients are protected…

Abstract

Purpose

Microfinance institutions (MFIs) provide credit to low-income beneficiaries, enabling them to gain access to financial assistance. To ensure that clients are protected, all MFIs should adhere to basic corporate governance principles to guarantee uniform standards, transparency and good corporate governance practices in their institutions. Hence, the purpose of this paper is to explore the client protection practices and sustainable performance of Amanah Ikhtiar Malaysia (AIM), a leading MFI in Malaysia.

Design/methodology/approach

Closed-ended questionnaires were distributed to managers and assistant managers at 76 AIM branches across the peninsular Malaysia. A response rate of 68 per cent was achieved from the total questionnaires distributed.

Findings

The result shows that the level of client protection in AIM is high. It shows that accountability and debt collection process have a significant influence on the level of sustainable performance of AIM, whereas transparency and transaction costs have an insignificant impact on the level of sustainability of AIM. Consistent with the agency theory and institutional theory, the result also implies that having better debt collection process policy and structure, and accountability among management will enhance the level of sustainability of AIM.

Originality/value

Previous studies focused on the single issue of sustainability in microfinance, such as on repayment performance among the poorest people whom AIM served as clients. However, studies on the accountability towards clients are still underdeveloped by researchers. Hence, the current study fills the gap by examining whether client protection affects the sustainability of AIM.

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International Journal of Productivity and Performance Management, vol. 69 no. 4
Type: Research Article
ISSN: 1741-0401

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Article
Publication date: 18 October 2019

Lambert K. Engelbrecht and Abigail Ornellas

Within a neoliberal environment, financial vulnerability of households has become an increasing challenge and there is a requirement of financial literacy education, a…

Abstract

Purpose

Within a neoliberal environment, financial vulnerability of households has become an increasing challenge and there is a requirement of financial literacy education, a necessary activity to facilitate sustainable development and well-being. However, this is seldom a mainstream discourse in social work deliberations. The paper aims to discuss these issues.

Design/methodology/approach

First, introducing the neoliberal impact on financial well-being and capability for vulnerable households, the authors’ postulation is substantiated on a seven-point argument. The contexts of financially vulnerable households are sketched. Second, a conceptualisation of financial literacy is offered, and third, perspectives on and approaches to financial literacy as a fundamental capability are presented. This is followed by a theoretical foundation of community education as a practice model in social work to develop financial capabilities. In the fifth place, prevailing practices of Financial Capabilities Development (FCD) programmes are offered. Subsequently, the implications of a neoliberal environment for social work practice are examined.

Findings

The revised global definition of social work encourages the profession to understand and address the structural causes of social problems through collective interventions. As a response, it is argued that community education towards FCD of vulnerable households within a neoliberal environment should be an essential discourse in social development.

Originality/value

The authors reflect on the significance of FCD, highlighting its contribution towards human security and sustainable development. Although this paper draws on Southern African contexts, the discourse finds resonance in other contexts across the world.

Details

International Journal of Social Economics, vol. 46 no. 10
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 5 July 2018

Marco Bisogno, Beatriz Cuadrado-Ballesteros, Serena Santis and Francesca Citro

The purpose of this paper is to investigate budgetary solvency (BS) as a part of the financial condition of local governments (LGs), considering that the growing demand…

Abstract

Purpose

The purpose of this paper is to investigate budgetary solvency (BS) as a part of the financial condition of local governments (LGs), considering that the growing demand for public services is primarily affecting this variable.

Design/methodology/approach

The study investigates a sample of 132 Italian LGs with more than 50,000 inhabitants for the period 2005–2014. The authors obtain a set of indicators as proxies of BS, which serve as the dependent variable of a regression model aimed at testing several independent variables which the authors are interested in, namely, financial autonomy, current equilibrium, level of indebtedness and investments.

Findings

BS, as well as its three indicators—sustainability, flexibility and vulnerability—are positively related to financial autonomy and current equilibrium and negatively related to the level of indebtedness and investments.

Practical implications

To cover citizens’ demands for public services guaranteeing sound financial management, policymakers are advised to control both the balance between current revenue and expenses and the level of indebtedness while preserving financial autonomy from external sources.

Originality/value

This study adds fresh insight to the literature on financial health, emphasising the relevance of public financial management.

Details

International Journal of Public Sector Management, vol. 32 no. 2
Type: Research Article
ISSN: 0951-3558

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Article
Publication date: 11 October 2021

Zsuzsanna Győri and Borbála Benedek

The purpose of this paper is to discuss the stakeholders of debt settlement programmes in general and some lessons learnt from the most significant debt settlement…

Abstract

Purpose

The purpose of this paper is to discuss the stakeholders of debt settlement programmes in general and some lessons learnt from the most significant debt settlement programmes of recent years in Hungary. The study also presents a planned debt settlement programme in Hungary. The paper explores and details behaviours and motivations of different stakeholders in debt settlement in general and also with reference to a specific case study. As for its main research question, the paper seeks to identify the preconditions of a successful debt settlement programme with specially emphasis on the poor.

Design/methodology/approach

Data from semi-structured in-depth expert interviews, documents and former research papers were collected for identifying previous Hungarian debt settlement programmes and potential lessons learnt. After a general discussion, based on primary and secondary sources, a case study is presented to obtain a more comprehensive understanding of opportunities and challenges of debt settlement.

Findings

Six preconditions of successful debt settlement targeting the poor are identified. In the case study, the existence and relevance of these preconditions are tested: the main finding is that they all are important for solving the situations, so a partial solution is not sufficient. In the scope of the case study, more precisely within the planned innovative banking solution, the motivations of the bank and the coordinator NGO are identified. On the part of the bank, motivations for solving social problems (both as far as business and moral issues are concerned) are relevant, while – as for the other party – the situation of the debtor is important to understand so that opportunities of cooperation can be identified. In addition, as other stakeholders also influence the potentials of the programme, their cooperative attitude is also needed.

Research limitations/implications

Limitations consist in generalisation: the study presents some cases from one single country and finally it focuses only on one specific case in one specific social and economic context in Hungary. Having recognized this risk, the author opted for basing research questions on theory, documented the process in detail, and also used triangulation through applying a multiple data collection (interview, content analysis, literature review) method.

Practical implications

Besides presenting an academic understanding of the phenomena, the goal of the study is to contextualize and interpret the case, to help the realization of currently frozen initiatives and to promote similar future ones.

Social implications

Indebtedness is a stressful situation affecting families, smaller communities and broader society as well. The planned cooperation of BAGázs and MagNet tries to help people excluded from the banking system. So that a deeper debt trap can be avoided, the goal of this programme is to purchase, partially discharge and reschedule pre-accumulated debts of carefully selected people who have regular income and are willing to undertake bearable repayment. The idea is very innovative with literally no good practice to follow. The research seeks to clarify the pitfalls and opportunities to help the realization of the project and similar future ones.

Originality/value

A certain form of values-based banking concerns the financial inclusion of the poor, e.g. debt settlement. Nevertheless, over-indebtedness and the settlement of existing debts as well as the relevance of such issues to the financial inclusion are not emphasized enough in the literature or in practice. Besides presenting an academic understanding of the phenomena, the goal of the study is to contextualize and interpret the case, to help the realization of currently frozen initiatives and to promote similar future ones.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1747-1117

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