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The study explores how the intention to export affects financing and non-financing variables for small and medium-sized enterprises (SMEs) in a low-income country (LIC). The objectives of this study are (1) to discern between regional and global exporting and (2) to evaluate its policymaking implications.

Primary survey data were collected from 330 Rwandan SMEs and were analysed using ordered logistic models as an application of the expectation-maximisation iterating algorithm, which was tested for robustness using a sampling model variation.

The results show that alternative sources of finance are the predominant choice to finance the intention to export within and outside Africa. As the scope of export intentions broadened from regional to global, there was a shift in preferences from less formal to more formal lending technologies, moving from methods like factoring to lines of credit. Moreover, reliance on bank officers became more significant, with increasing marginal effects. Finally, the study determined that government financing schemes were not relevant for SMEs pursuing either regional or global exporting.

Whilst alternative sources of finance predominate the export intentions of Rwandan SMEs, establishing a robust banking relationship becomes crucial for global exporting. Despite this implication, the intention to export should prompt more transparent communication regarding government financial support programmes. There is an opportunity for increased usage of relationship lending to customise support for SMEs involved in exporting, benefiting both the private and public sectors.

This study accentuates how export distance alters SME financing priorities. The results also contribute to understanding how the value of relationship lending changes when less familiar markets (i.e. global exporting) are the objective. Moreover, the study offers a new perspective on how institutional voids affect entrepreneurial financing decisions in LICs.

The purpose of this study is to examine how lenders alter their behavior when faced with real earnings management.

This study uses the incremental R-square approach as in Kim and Kross (2005) to examine how much lenders rely on income statement and balance sheet ratios as the degree of real earnings management increases.

As real earnings management affects mostly the income statement, the authors find that lenders rely less on income statement ratios in making credit decisions in the presence of real earnings management. The authors also find that lenders do not alter their reliance on balance sheet ratios when faced with real earnings management.

This paper is the first to study how lenders alter their reliance on financial statements in making credit decisions in the presence of real earnings management. The findings of this paper could help the regulators set standards to improve the usefulness of financial statements. The findings of this paper could also help practitioners (borrowers and lenders) understand how real earnings management affects credit decisions.

This chapter analyzes the efficiency levels of a circular economy (CE) with an emphasis on transaction costs. It examines the governance aspect of CE activities in comparison to the predominant linear value creation. Extant CE research in business studies tends to be descriptive and lacks a theoretical foundation, particularly in understanding CE management. Transaction cost theory explains efficiency in economic organizing, lending itself to the study of arrangements that maximize resource efficiency at continued economic virtue. The conceptualization proposes that CE transaction costs are greater than those within the linear economy (LE), primarily due to the uncertainties about reciprocal dependencies, looping material complexities, exchanging novel information, and increased contracting efforts. Geographically bounded and institutionally homogeneous CE initiatives may curb these rising costs. By bringing efficiency concerns into CE analysis, the chapter demonstrates the applicability of transaction cost theory and highlights CE relevance to international business by pointing out spatial choice implications.

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.

The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.

Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.

This research applies to markets that require some home equity contributions from buyers of housing services.

Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.

Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.

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.

The phenomenal proliferation of crowdfunding platforms raises concerns on the heightened occurrence of financial crimes since billions of funds are exchanged through these online systems frequently. Accordingly, some countries have implemented legislative responses to address these risks, although each countries’ laws have varying degrees of severity. Hence, the purpose of this study is to assess the efficiency and robustness of Mauritian laws to combat financial crimes that may arise from a crowdfunding transaction with a particular emphasis on money laundering and tax evasion.

To achieve this research objective, the black letter approach was used to analyse Mauritian rules and regulations on the researched topic and a comparative analysis was carried out against the corresponding laws on crowdfunding in some other jurisdictions, notably the UK and the USA with the view of suggesting the policy recommendations to Mauritian authorities.

It was found that there is still scope for improving the existing legal and regulatory framework on crowdfunding in Mauritius to prevent instances of money laundering and tax evasion. The paper suggests that a crowdfunding operator must be categorised as a reporting person and must carry out regular due diligence checks. There must also be more collaboration in terms of information exchanges and training sessions among the tax authority of Mauritius, crowdfunding operators, fund seekers and investors to shed light on the tax treatment of income and deductions to avoid issues of tax evasion.

At present, to the best of the authors’ knowledge, this study is amongst the first academic writings on the efficiency of Mauritian laws in dealing with the risk of financial crimes through crowdfunding, and also, because existing literature is quite scarce on assessing the adequacy of crowdfunding rules in developing countries, this research aims at filling in the gap in literature. The study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

This article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For this purpose, a survey-based approach was developed with work conducted with property-market professional in the United Kingdom (UK), France, Germany and Sweden to produce a criteria-based tool supporting adaption to changing market circumstances.

The data have been analyzed using statistical analysis. The data's statistical analysis included Cronbach's alpha's application to evaluate the respondents' replies' reliability. A entral tendency test was used to identify the means of relevance of the criteria. The Mann–Whitney U test was used to determine potential material differences between the UK and other countries with Bonferroni corrections applied to minimize type-I errors.

Thirty characteristics have been identified that impact the dynamics of the commercial property market. Their relevance to the commercial property market was determined using a survey. The literature analysis showed that the researchers paid more attention to quantitative criteria and their comparison. The survey showed that the relevance of criteria to the commercial property market dynamics is unequal. However, the survey results showed that it is most important to pay attention to emotional criteria to adapt to uncertainty changing conditions. The problem of the environment has been on the agenda for the last four decades. Therefore, the fact that the results of the study showed that the environmental criteria are the least significant is unexpected.

The study involved economically developed countries of Europe. Extending the study's geographical scope would be valuable in revealing whether the same differences exist in other geographical areas (such as Australia or the USA).

The practical implication of the analysis may be to facilitate the decision-making process of either selecting a country for commercial property investment or selecting the most sensitive and relevant criteria for the decision-making.

Criteria for commercial property market performance which promote successful property investment have been developed. Moreover, the criteria affecting the commercial property market have been weighted by their relevance to the market and their sequence of relevance has been established. And finally, the developed criteria have been placed into five groups that could serve as a foundation for a macro-level assessment of commercial property market dynamics.

This paper aims to conduct a systematic literature review on the fintech services and financial inclusion of the developing nations that particularly focuses on lower middle-income group nations (LMIGN) and upper middle-income group nations (UMIGN) to highlight the research areas that have not received attention and present opportunities for future research.

This paper adopts a systematic approach to examine 65 research articles published from 2016 to 2021, adhering to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines.

The study identifies research gaps in two key themes: backward and outward linkages. In backward linkages, the literature on UMIGN should pay attention to the behavioural patterns associated with lending, investment and market provision-related fintech services. Further research is needed to understand the relationship between fintech services on the usage and quality dimension of financial inclusion in both LMIGN and UMIGN. For outward linkages, future research work should explore the role of fintech and financial inclusion in the development of LMIGN. This study provides valuable insights and guides future research directions by comprehensively mapping the existing studies.

This study does not use quantitative tools, such as meta and bibliometric analysis, to validate the findings.

This research paper offers new perspectives that introduce a novel framework for analysing literature on fintech, financial inclusion and its impact on the overall development of UMIGN and LMIGN.

“First principles” of international business (IB) thinking should be applied systematically when assessing the functioning of internationally operating firms. The most important first principle is that entrepreneurially oriented firms seek to create, deliver and capture economic value through cross-border linkages. Such linkages invariably require complementary resources from a variety of parties with idiosyncratic vulnerabilities to be meshed. Starting from first principles allows bringing to light evidence-based insight. For instance, most companies are not global and even the world’s largest firms rarely change the location of key strategic functions. International new ventures (INVs), emerging economy multinational enterprises (MNEs) and family firms face unique vulnerabilities but also command resources that can be used to create value across borders. The quest for “optimal” international diversification appears to be a futile academic exercise, and in emerging economies with institutional voids, relational networks – and more broadly, informal institutions – are unlikely to function as scalable substitutes for formal institutions. In global value chains (GVCs), many lead firms and their partners have been able to craft governance mechanisms that reduce bounded rationality and bounded reliability challenges, and it is also critical for them to use governance as a tool to create entrepreneurial space. Finally, many of the world’s largest companies have been on successful trajectories toward reducing their climate change footprint for a few decades. But these firm-specific trajectories are fraught with challenges and cannot just be imposed via unilateral, macro-level targets decided upon by individuals and institutions lacking a clear understanding of innovation and capital expenditure processes in business.

To improve the loan repayment performance (LRP) of microfinance banks (MFBs) in Pakistan, this study aims to look at the direct impact of multiple borrowing (MB) on LRP and client-business performance (CBP), as well as the direct impact of CBP on LRP. The moderating function of pandemic factors in the relationship between MB and CBP, as well as the mediating effect of CBP in the association between MB and LRP, was also investigated in this study.

A questionnaire was used to obtain data from 531 lower-level workers of microfinance institutions (MFIs) for the study. The respondents were chosen using stratified sampling, which divided the target population into four influential groups: lending officers in agriculture, lending officers in businesses, lending officers in gold loans and lending officers in salary loans. In this study, a two-stage structural equation modeling approach was used, including a measurement model (outer model) and a structural model (inner model). The validity and reliability of the questionnaire were investigated using the measurement model (outer model), whereas PLS-SEM bootstrapping was performed to test the hypothesis and find the relationship among different underpinning constructs by using the structural model (inner model).

The outcomes of this study demonstrate that MB has a direct impact on CBP, and that CBP has a direct impact on LRP. MB, on the contrary, had no direct and significant impact on LRP in this study. The idea that CBP mediates the relationship between MB and LRP, as well as the moderating effect of pandemic factors on the relationship between MB and CBP, is supported by this research.

Until now, the influence of MB on LRP via the mediating role of CBP and the moderating role of a pandemic factor in the setting of Pakistani MFBs has received little attention. During the COVID-19 pandemic, this research also aids MFBs in better understanding MB and its impact on LRP. Furthermore, based on the findings of this study, Pakistani MFIs can enhance their LRP by implementing new lending regulations, particularly with reference to MB and the COVID-19 pandemic.