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Book part
Publication date: 20 October 2020

Jane Beckett-Camarata

Abstract

Details

Public-Private Partnerships, Capital Infrastructure Project Investments and Infrastructure Finance
Type: Book
ISBN: 978-1-83909-654-9

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Article
Publication date: 18 October 2021

Fabian Maximilian Teichmann

The purpose of this paper is to illustrate how intelligent terrorist financiers avoid detection when acquiring and subsequently transferring financial assets to finance

Abstract

Purpose

The purpose of this paper is to illustrate how intelligent terrorist financiers avoid detection when acquiring and subsequently transferring financial assets to finance terrorism. Particular emphasis is placed on cryptocurrency.

Design/methodology/approach

A qualitative content analysis of 30 semi-standardised expert interviews with both criminals and prevention experts led to the identification of means for the circumvention of current combat the financing of terrorism (CFT) measures with a focus on cryptocurrency.

Findings

The findings illustrate, for the benefit of law enforcement agencies, investigators, regulating authorities and legislators, the specific low-risk methods that terrorist financiers use to generate and transfer assets. These findings help to develop more effective prevention methods.

Research limitations/implications

Qualitative findings from the analysis of semi-standardised interviews are limited to the 30 interviewees’ perspectives.

Practical implications

Identification of gaps in existing CFT mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate.

Originality/value

The existing literature focuses on organisations that combat terrorist financing and the improvement of CFT measures. This article outlines how terrorist financiers avoid detection. Both preventative and criminal perspectives are considered.

Details

Journal of Financial Regulation and Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 13 October 2021

Khadijah M. Sayuti and Hanudin Amin

Using the theory of planned behaviour (TPB) as an analytical framework, this paper aims to investigate the direct effects of attitude, subjective norm, perceived…

Abstract

Purpose

Using the theory of planned behaviour (TPB) as an analytical framework, this paper aims to investigate the direct effects of attitude, subjective norm, perceived behavioural control, price fairness and Islamic altruism. It also explores how these path linkages can be moderated by Islamic altruism.

Design/methodology/approach

Data are gathered via survey questionnaires on 287 Muslim bank customers in major cities of East Malaysia. The data are then tested using partial least squares.

Findings

The results show that attitude, subjective norm, perceived behavioural control, price fairness and Islamic altruism are significantly influenced by Muslim bank customers’ intention to choose Islamic home financing products. Islamic altruism is also found to significantly moderate the relationship between price fairness and behavioural intention.

Research limitations/implications

Three limitations are available for future research that include the geographical restriction, respondents’ selection and a limited number of battery items used.

Practical implications

Essentially, the results of this study serve as a guide for Islamic bank managers or mortgage providers to improve their pertinent marketing strategies, which are vital to enhancing the acceptance rate of Islamic mortgage.

Originality/value

This study extends the TPB model by incorporating price fairness and Islamic altruism into the Islamic home financing context.

Details

Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

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Article
Publication date: 25 October 2021

Rashedul Hasan, Sivakumar Velayutham and Abu Faisal Khan

COVID-19 has disrupted the economic development of both advanced and emerging markets. In addition to the stimulus packages to adjust the economic shock from COVID-19…

Abstract

Purpose

COVID-19 has disrupted the economic development of both advanced and emerging markets. In addition to the stimulus packages to adjust the economic shock from COVID-19, regulators around the world are searching for innovative mechanisms to rebuild the economy. The purpose of this paper is to explore the potential of SRI Sukuk to serve as an Islamic social finance solution for development projects to mitigate the adverse economic effects of COVID-19.

Design/methodology/approach

This study uses a mixed-method research framework. The authors use a systematic literature review following the recommendations of Bowen (2009) to identify critical challenges financing PPP projects using SRI Sukuk. In the next phase, the authors interview participants involved in an SRI Sukuk financed PPP project to get more significant insights on the challenges identified through the literature review process.

Findings

The authors identify the need for greater transparency for SRI financed PPP projects. Also, organisational and legislative challenges are limiting the attractiveness of SRI Sukuk as a financing mechanisms for post-COVID development projects.

Practical implications

SRI Sukuk is an emerging financing concept, and the use of such an Islamic financial instrument in financing development projects can serve as a viable alternative for policymakers in a post-COVID economic environment.

Social implications

The successful completion of the development projects integrating the concept of Social Maslahah through SRI Sukuk in Malaysia could encourage other emerging economies to use such innovative Islamic financial instrument for economic development in post-COVID environment.

Originality/value

This paper is unique, as it provides evidence on the potential of SRI Sukuk to finance large scale public-private partnership projects.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 18 October 2021

Dulani Jayasuriya Daluwathumullagamage

The business model of monoline insurers is to guarantee payments of debt issues in case of defaults by the issuer. Although sparse attention is given to monolines in…

Abstract

Purpose

The business model of monoline insurers is to guarantee payments of debt issues in case of defaults by the issuer. Although sparse attention is given to monolines in literature, they play an important role in enabling municipalities and firms in refinancing. This study aims to conduct a systematic review of 181 articles from 1990 to 2020 from 23,130 records and a case study on the key monoline insurers. Key failure, success factors and demand for future monoline insurance are identified. Finally, the study explores monolines’ potential during COVID-19 and develops a framework for monoline governance and regulation.

Design/methodology/approach

The study follows Briner and Denyer and Moher et al. to implement the systematic review. The methodology involves ascertaining the motivation behind the review, and formulating research questions; aggregating relevant prior literature from scientific databases, conducting quality assessment and synthesising the data; and conducting extensive analysis for framework development. Case study methodology foundation phase focuses on understanding the research philosophy. The second phase involves documenting the procedures involved. The final phase involves collecting the relevant quantitative and qualitative material. In addition, collecting empirical data from numerous sources allows triangulation.

Findings

The review results of 181 articles from 1990 to 2020 show that peak article counts occur in 2010 and 2013 (nine academic studies) and in 2008 and 2010 (six industry studies). Over- and under-explored domains happen to be bond pricing (86 academic studies) and bond markets (36 industry studies) and corporate bonds (19 academic studies), respectively. The study highlights failure factors such as adverse selection, premiums mispricings, inadequate capital and regulation, untimely downgrades and governance issues; and identifies success factors such as conservative underwriting, early financing, competitor business acquisitions and obtaining put-back claims. Potential during COVID-19 is discussed and a monoline governance framework is developed.

Research limitations/implications

Search and selection criteria distortions may lead to sample selection bias in systematic reviews. Issue is addressed by using different permutations of the search key words to refine the search criteria. Reference list of collected final sample of articles are perused to identify additional articles. It is difficult to obtain verifiable empirical data on the bond/monoline insurers or their insured products, especially for the structured finance sector. Most of the information available on data stream and firm’s quarterly financial reports for publicly traded monoline/bond insurers and credit rating reports are included to overcome this issue.

Practical implications

Demand for bond/monoline insurance still persists even in the USA. Although borrowing costs are low, obtaining bank loans would be challenging for municipalities and corporates with increased risks. Especially, given worldwide government stimulus on wages, most municipalities would possess reduced budgets for public finance. Monoline insurance can play a key role in financing such projects. Thus, it is important to understand their unique traditional and transformed business model and applicability during and post-COVID-19. Given the near extinction of bond/monoline insurers during the 2008 global financial crisis (GFC), an adequate framework for bond/monoline insurers as developed in this study is key for future business continuity.

Social implications

There is significant interest, especially, from the industry on monolines as identified in our systematic review. Monoline insurance has major effects on taxpayers, government policies and bond investors. They aid in financing public finance projects that have significant societal impact. This study contributes by filling existing gaps in the literature, especially, from a behavioural, ethical and social perspective of the monolines, regulators, other stakeholders and new entrants to the industry during COVID-19. This study links prior finance theories to the impact of bond/monoline insurer’s during the 2008 GFC and their stakeholders involved that has societal implications.

Originality/value

This study can be differentiated from prior research on monoline insurers as follows: The study identifies, gaps, similarities, trends between prior academic and industry literature and develop a bond/monoline governance framework; identifies key failure and success factors during the 2008 GFC crisis to develop the governance framework and identify monolines’ potential during COVID-19; as opposed to most prior literature that only focus on one (Drake and Neal, 2011 analyse MBIA) or two key bond/monoline insurers, this study focuses on five key bond/monoline insurers in detail and all other key insurers as well in the empirical analysis section.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 13 October 2021

Quang-Thanh Ngo, Hoa Anh Tran and Hai Thi Thanh Tran

The purpose of this study is to examine the impact of green finance (i.e. green investment, green security and green credit) along with capital formation and government…

Abstract

Purpose

The purpose of this study is to examine the impact of green finance (i.e. green investment, green security and green credit) along with capital formation and government educational expenditures on the economic development of (ASEAN) countries.

Design/methodology/approach

The data were gathered from the central banks of all ASEAN countries and the World Bank Indicators between 2008 and 2019. The fixed-effect model and generalized method of moments were used to check the nexus between the constructs.

Findings

The results revealed that green finance along with capital formation and government educational expenditures have a positive association with the economic development of ASEAN countries.

Research limitations/implications

The study carries some limitations, even though it addresses the underlying variables comprehensively. These limitations provide opportunities to future researchers and authors to expand the scope and accuracy of their study. This research investigation has been supported by the data collected from a single source. Though data collection is maintained correctly, it is still recommended to the upcoming scholars to acquire data to reconfirm the same findings using multiple data sources. The data collected from using some specific data source may be limited in scope and may hinder the comprehensive elaboration of the underlying variables and their mutual relationship. Therefore, the utilization of multiple sources of data collection gives data sufficient to meet the requirement of an okay quality research study. The study is about the economies of ASEAN countries. It checks the influences of green finance development on economic activities and the country's economic growth in ASEAN countries' economies. Thus, its results are valid only in the economies of these countries, and this research investigation lacks generalizability. For generalizability, the authors must consider the underlying variables in the world's vast economies. They must adopt a standard scale to judge the impacts of green financial development on economic development. Besides, the study analyzes the economic factors, economic conditions and their effects on the country's position in the world economy in the face of a severe epidemic like COVID-19. Thus, the results may be different in the case of the normal situation. So, a general standardized study is recommended to be conducted in the upcoming days.

Originality/value

Green finance has significant capability to improve the global economy, especially amidst the COVID-19 pandemic. This study is beneficial for policymakers to develop policies related to economic development with reference to green finance and also helps future research on a similar topic.

Details

China Finance Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 16 September 2021

Nadiya Parekh and Laurence Attuel-Mendès

Social entrepreneurship is gaining increased attention from academia and practitioners worldwide. Owing to its financing challenges, academic pedagogies are seeking…

Abstract

Purpose

Social entrepreneurship is gaining increased attention from academia and practitioners worldwide. Owing to its financing challenges, academic pedagogies are seeking methods to strengthen the social financing dimension of this emerging discipline. This paper bridges the gap in social entrepreneurship education by portraying diverse perspectives on this topic from multiple actors in two cross-cultural contexts.

Design/methodology/approach

A qualitative case analysis was conducted to explore financing aspects of social entrepreneurship in France and the United States. The authors interviewed academicians and practitioners to learn about their current experiments and thoughts on integrating finance into the curriculum for social entrepreneurship.

Findings

The authors found multiple facets of the social entrepreneurship finance construct, focused not only on specific financial skills but also on a general approach to venture designs. Multidisciplinary knowledge is sought not just on the topic of finance but also in other disciplines that can broaden its scope of financing to a larger investor domain. While in France, this came out as a need for integrating the financial communication skills to personify the social value creation process; in the US, it was pointed out as the need for having a contractual knowledge to differentiate investment opportunities and comprehend their risks levels.

Originality/value

By bringing perspectives from multiple actors who have had experience in social entrepreneurship financing in regions with the fastest development, this paper is seminal in bridging the financing skill gaps that exist in social entrepreneurship discipline. The main theoretical contribution of this article concerns the skills, financial and otherwise that are useful in social finance.

Details

International Journal of Entrepreneurial Behavior & Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 22 September 2021

Raed Khamis Alharbi

For almost two years, the economic shocks and financial uncertainty created by the Covid-19 pandemic have affected all sectors. The private sector employees may be the…

Abstract

Purpose

For almost two years, the economic shocks and financial uncertainty created by the Covid-19 pandemic have affected all sectors. The private sector employees may be the worst hit. This is because of the lockdown across many countries, including the Kingdom of Saudi Arabia (KSA), leading to income irregularities. Studies exploring private-sector employees concerning housing finance for the houses purchased and how the lockdown has affected their sources of income for repayment plans are scarce. Therefore, this study aims to investigate the possible early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA.

Design/methodology/approach

A phenomenology type of qualitative research was used. Data were sourced from three cities (Riyadh, Al-Qassim and Medina) and three mortgage banks across KSA. Virtual interviews via Zoom and WhatsApp video calls were conducted with engaged participants (bankers, government agencies and private sector employees). Thematic analysis was adopted, and the analysed data was presented in themes.

Findings

Findings show that the partial and full lockdown resulted in income irregularities in many private businesses. Also, findings identified downsizing, leading to large-scale unemployment, half-monthly income for employees, loss of profit, human resources wastage, etc. Findings reveal that because of the economic shock, many homeowners have not been able to meet up with their monthly mortgage repayment obligation. Also, the absence of financial support in form of socioeconomic needs has not helped the matter.

Research limitations/implications

The paper is limited to the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA and data collected via Zoom and WhatsApp video calls across the three main cities. The recommendations that will emerge from this study may be adopted by other Gulf and Islamic countries with similar homeownership repayment challenges.

Practical implications

This study would stir key stakeholders, especially the policymakers and mortgage institutions to consider future policy principles that focus on who is at the highest risk for housing-related hardships because of the Covid-19 or future pandemic. The outcome can be used to develop an equitable housing policy framework to foster long-term economic mobility and be validated in the future by scholars.

Originality/value

Similar research in this area is limited, which makes this study one of the pioneering attempts to investigate the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA. The paper sheds light on the emerged early negative impacts and proffer feasible possible solutions to promote homeownership amongst Saudi citizens.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 27 September 2021

Chuanjiang Yu, Nan Jia, Wenqi Li and Rui Wu

This paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive…

Abstract

Purpose

This paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, in terms of heterogeneity analysis, it pays attention to the age heterogeneity of users that digital inclusive finance influencing rural residents' developmental consumption upgrade, which is related to the issue of intergenerational “digital gap”. Thirdly, the mechanism of digital inclusive finance in promoting rural consumption upgrade is to be investigated. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.

Design/methodology/approach

From the perspective of the micro-household, this study is conducted by using the instrumental variable (IV) method, with 2SLS model and IV-Tobit model, based on the matched city-level data of Digital Inclusive Financial Index (DIFI) with the Chinese Household Financial Survey (CHFS). “The relief degree of land surface” is an ideal instrumental variable of digital inclusive finance, for including regional altitude difference and terrain factors of regional area, has theoretical influence on the development of digital inclusive finance, and is not affected by other economic variables.

Findings

The conclusions show that the digital inclusive finance plays a significant role in promoting the rural households' developmental consumption, but has no significant effect on the rural households' survival-type consumption and hedonistic consumption. Furthermore, this paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, it is discovered that digital inclusive finance is age heterogeneous in promoting the upgrade of consumption structure of rural household, and its effect on the elderly is weaker than that on the young for the intergenerational “digital gap”. Thirdly, these conclusions reveal that the digital inclusive finance does affect the consumption of rural residents through three mechanisms: increasing income and wealth, easing liquidity constraints and facilitating payment methods. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.

Originality/value

The current research on the relationship between digital inclusive finance and rural consumption only stays at the level of total rural consumption and has not stressed the structural problems of rural consumption. Can digital inclusive finance promote the upgrade of rural consumption structure? To what level can digital inclusive finance promote the upgrading of rural consumption structure? Therefore, it is of great theoretical value to study the upgrading of rural consumption structure from the micro level. Can the current digital inclusive finance benefit the elderly and help break the vulnerability of the elderly to enjoy finance? In this regard, evidence of heterogeneity remains to be provided.

Details

China Agricultural Economic Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 1 October 2021

Jun Shao, Zhukun Lou, Chong Wang, Jinye Mao and Ailin Ye

This study investigates the impact of AI finance on financing constraints of non-SOE firms in an emerging market.

Abstract

Purpose

This study investigates the impact of AI finance on financing constraints of non-SOE firms in an emerging market.

Design/methodology/approach

Using a sample of non-SOE listed companies in China from 2011 to 2018, this research employs the cash–cash flow sensitivity model to examine the effect of AI finance on financing constraints of non-SOE firms.

Findings

We find that the development of AI finance can alleviate the financing constraints of non-SOE firms. Further, we document that such effect is more pronounced for smaller firms, more innovative firms and firms in developing areas.

Practical implications

This study suggests that emerging market countries can ease the financing constraints of non-SOE firms by promoting AI finance development.

Originality/value

This study, to the best of our knowledge, is the first one to explore the relationship between AI finance development and financing constraints of non-SOE firms in emerging markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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