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The purpose of this paper is to explore two financial inclusion measures adopted within the local welfare context of the city of Milan, Italy, examining their functioning and underpinning representations. The aim is also to understand how such representations take concrete shape in the practices of local actors, and their implications for the opportunities and constraints regarding individuals' effective inclusion. To this end, this paper takes a wide-ranging look at the interplay between the rise of financial inclusion and the individualisation and responsibilisation models informing welfare policies, within the broader context of financialisation processes overall.

This paper draws on the sociology of public action approach and provides a qualitative analysis of two case studies, a social microcredit service and a financial education programme, based on direct observation and semi-structured interviews conducted with key policy actors.

This paper sheds light on the rationale behind two financial inclusion services and illustrates how the instruments involved incorporate and tend to reproduce, individualising logics that reduce the problem of financial exclusion, and the social and economic vulnerability which underlies it, to a matter of personal responsibility, thus fuelling depoliticising tendencies in public action. It also discusses the contradictions underlying financial inclusion instruments, showing how local actors negotiate views and strategies on the problems to be addressed.

The paper makes an original contribution to the field of sociology and social policy by focusing on two under-researched instruments of financial inclusion and improving understanding of the finance-welfare state nexus and of the contradictions underpinning attempts at financial inclusion of the most vulnerable.

This paper aims to explore the development of investment decision tools by understanding the rationality behind the disposition effect. We suspect that not all disposition decisions are irrational. The decisions should be evaluated based on the bounded rationality of the individuals’ target and tolerance level, which is not covered in previous literature. Adding the context of individual preference (target and tolerance) in their decision could improve the classic measurement of disposition effect.

The laboratory web experiment is prepared to collect the responses in holding and selling the stocks within 14 days. Two groups of Gen Z investors are observed. The control group makes a decision based on their judgment without any system recommendation. In contrast, the second group gets help inputting their target and tolerance. Furthermore, the framing effect is also applied as a reminder of their target and tolerance to induce more holding decisions on gain but selling on loss.

The framing effect is adequate to mitigate the disposition effect but only at the early day of observation. Bounded rationality explains the rationality of liquidating the gain because the participants have reached their goal. The framing effect is not moderated by days to affect the disposition effect; over time, the disposition effect tends to be higher. A new measurement of the disposition effect in the context of bounded rationality is better than the original disposition effect coefficient.

Gen Z investors need a system aid to help their investment decisions set their target and tolerance to mitigate the disposition effect. Investment firms can make a premium feature based on real-time market data for investors to manage their assets rationally in the long run. Bounded rationality theory offers more flexibility in understanding the gap between profit maximization and irrational decisions in behavioral finance. The government can use this finding to develop a suitable policy and ecosystem to help beginner investors understand investment risk and manage their assets based on subjective risk tolerance.

The classic Proportion Gain Realized (PGR) and Proportion Loss Realized (PLR) measurements cannot accommodate several contexts of users’ targets and tolerance in their choices, which we argue need to be re-evaluated with bounded rationality. Therefore, this article proposed new measurements that account for the users’ target and tolerance level to evaluate the rationality of their decision.

This study aims to investigate the influence of economic policy uncertainty (EPU) and geopolitical risk (GPR) on the relationship between internal cash flow and external financing in an emerging market, Saudi Arabia. It also examines the role of asset tangibility and financial crisis in establishing this relationship.

The sample was taken from non-financial sector companies listed on the Saudi Stock Exchange between 2002 and 2019. The data were analyzed using panel data regression analysis, including ordinary least squares and fixed effects model. The author addresses potential endogeneity through the generalized method of moments.

This study found that both EPU and GPR reduce the sensitivity of external financing to internal cash flow. This implies that firms depend more on internally generated funds during periods of increased EPU and GPR. Besides, this study found that the influence of EPU and GPR on the sensitivity of external financing to internal cash flow is more (less) negative for more tangible firms (during the financial crisis period). This result implies that Saudi firms boasting a higher level of tangibility are more flexible when it comes to seeking external financing. However, the presence of uncertainty during the crisis period makes the external financing costly, and therefore, firms will be less likely to raise funds from external sources.

This study has important implications for managers, policymakers and regulators. First, the paper findings provide insights for corporate decision-makers in helping them to focus on internal funds to finance their investment during uncertain times. Second, the findings help managers to understand the role of asset tangibility in raising external funding when firms face financial constraints due to uncertainty. Third, this study also helps corporates to focus on internal funds to finance their investment during the crisis period because EPU and GPR increase the cost of external finance. Finally, the results provide guidelines for policymakers and regulators to make appropriate policy measures to increase the easy availability of external finance during periods of increased EPU and GPR.

This paper is the first to shed light on the impact of internal funds on external financing while paying close attention to the role of EPU and GPR.

Introduction: This chapter examines the impact of Financial Technology (Fintech) on Environmental, Social, and Governance (ESG) goals to promote a sustainable financial system. Digital payment platforms, blockchain applications, and AI-powered analytics have revolutionised the financial landscape in recent years. These advancements have made integrating ESG principles into investment decisions and business practices easier.

Purpose: The main aim of this chapter is to analyse the connections and possibilities that Fintech offers to achieve ESG goals. Understanding how Fintech can facilitate sustainable finance practices is crucial for promoting investment in Fintech.

Methodology: A series of indexes have been examined, including the Global FinTech Index (GFI) in Global and Regional Rank, the Global Sustainable Competitiveness Index, and performing the Green Growth Index, the Green Economic Opportunity Index, the Global Green Finance Index (GGFI), and the Financial Inclusion Index.

Findings: Through comparative analysis, it can be concluded that the countries with the highest rankings are Sweden, Finland, Denmark, Switzerland, and Germany. Sweden ranks highly in the GFI. These results show that these countries rank highly in achieving ESG objectives. Balkan countries, specifically Albania, Bosnia and Herzegovina, and Montenegro, have the weakest results compared to other countries. Policymakers can benefit from the study’s findings to design better regulations and frameworks that promote responsible fintech practices and foster sustainable finance.

Practical Implications: Regulators and agencies responsible for measuring fintech and ESG should strive to align the indexes associated with these two domains as closely as possible. In addition, businesses can utilise the findings of this study to increase awareness about the diverse solutions that fintech offers to achieve the objectives of ESG.

This research aimed to measure the influence of resource dependency (trading and/or shareholder's dependencies) squad age structure by building archetypes to identify strategic dominant schemes.

Based on the Ligue 1 football clubs from the 2009/2010 season to the 2018/2019 data, the authors use the k-means classification to build archetypes of resource dependency and squad structure variables. The influence of resource dependency on squad structure is then analysed through a table of contingency.

Firstly, the authors identify archetypes of resource dependency with some clubs that are dependent on the transfer market and others that do not count on sales to balance their account. Secondly, they provide different archetypes of squad structure choices. The contingency between those archetypes allows to identify three main strategic schemes (avoidance, shaping and adaptation).

The research tests an original relationship between resource dependency of clubs and their human resource strategy to respond to it. This paper can help to provide detailed profiles for big clubs looking for affiliate clubs to know which clubs have efficient academy or player development capacities.

This paper aims to propose a conceptual framework for integrating information and communication technologies (ICT) into teaching practices for educators in rural Ghana lacking computer and internet access. Bridging the rural–urban digital divide is critical for equitable quality education. This research identifies distinct infrastructure, financial, human, and socio-cultural challenges of ICT adoption in underserved Ghanaian schools through an exhaustive literature review. The framework provides tailored strategies to empower teachers to leverage ICT for innovative pedagogy despite limitations. Ultimately, the goal is to offer pragmatic, evidence-based solutions to advance ICT-enabled instruction and digital equity in marginalized settings.

This study utilizes a qualitative literature review methodology to develop a conceptual framework for ICT teaching techniques tailored to the rural Ghanaian context. Published empirical studies, theoretical papers, and reports focused on ICT education in developing countries, particularly sub-Saharan Africa, were systematically reviewed across multidisciplinary databases. Relevant theories and models, like TPACK and SAMR, were analyzed to determine appropriate modifications for the framework design. The proposed strategies emphasize affordable technologies, teacher training, localized content, and culturally relevant pedagogies selected based on evidence from literature to address the unique barriers and needs of the rural setting.

The literature review revealed profound infrastructure, financial, human, and socio-cultural barriers to ICT adoption in rural Ghanaian schools. These include lack of electricity, internet, hardware, and software alongside inadequate teacher training and support. The proposed conceptual framework offers solutions including leveraging low-cost technologies like mobile devices, prioritizing teacher professional development, developing localized digitally-enabled resources, and fostering community participation. Culturally relevant pedagogies are also emphasized. This tailored, evidence-based approach holds promise for enhancing ICT-enabled instruction and bridging digital divides to promote equitable quality education. Further findings will emerge through framework implementation and evaluation.

This conceptual framework requires implementation and evaluation to truly determine its impact and effectiveness in the intended rural Ghanaian context. As a literature review, primary data collection was not undertaken. Practical application of the framework in schools can yield direct insights through surveys, interviews, observations, and analysis of key educational outcomes pre and post-implementation. Comparisons with control groups may further illuminate its efficacy. Monitoring and adaptation over time is also essential. Ultimately, this research sets the foundation for praxis-oriented work transforming ICT integration in marginalized communities to advance digital equity and inclusion.

This research provides an evidence-based, context-aware framework with pragmatic solutions to enhance ICT-enabled teaching and learning in underserved rural Ghanaian schools. It offers guidance to teachers, administrators, and policymakers on integrating technology despite infrastructure and resource constraints. The emphasis on cost-effective innovations, educator training, localized content, and community participation can inform planning and investments in ICT education. Broader applications include adapting the framework for other developing country contexts facing comparable challenges. Overall, this work promotes digital equity and quality education access, catalyzing social development and aligning with the UN Sustainable Development Goals.

This research highlights the urgent need to address digital divides exacerbating educational inequalities between rural and urban communities in Ghana. Lack of technology access and utilization in rural schools threatens to widen gaps in skills, capabilities, and opportunities for students. Strategic integration of ICT can promote social inclusion, cultivate digital literacy, and equip youth to participate in the global digital economy, thereby enhancing prospects. More broadly, advancing digital equity and ICT-enabled education empowers marginalized groups, fosters community empowerment, and drives progressive social change. This work underscores that localized, context-appropriate solutions are pivotal for promoting development and social justice.

This research fills a crucial gap by proposing a conceptual framework tailored specifically for integrating ICT in teaching practices in rural Ghanaian schools lacking digital access, responding to context-specific barriers and needs. While extensive literature examines ICT education models globally, few studies offer localized strategies for resource-constrained environments. This framework adapts established models based on a systematic literature review, emphasizing affordability, capacity building, and cultural relevance. By synthesizing evidence-based, pragmatic solutions to advance ICT-enabled instruction in marginalized settings, this work provides a valuable foundation for praxis transforming rural education. The localization approach could inform frameworks for other developing regions.

This article aims to investigate how institutional characteristics affect the level of financial development of economies collectively and compare between developed and undeveloped economies.

A dynamic panel with 131 countries, including developed and developing ones, was utilized; the estimators of the generalized method of moments system (GMM system) model were selected because they have econometric characteristics more suitable for analysis, providing superior statistical precision compared to traditional linear estimation methods.

The results from the full panel suggest that concrete and well-defined institutions are important for financial development, confirming previous research, with a more limited scope than the present work.

Limitations of this research include the availability of data for all countries worldwide, which would make the research broader and more complete.

A panel of countries was used, divided into developed and developing countries, to analyze the impact of institutional variables on the financial development of these countries, which is one of the differentiators of this work. Another differentiator of this research is the presentation of estimates in six different configurations, with emphasis on the GMM system model in one and two steps, allowing for comparison between results.

This study investigates the integration of Industry 4.0 (I4.0) technologies with condition-based maintenance (CBM) in upstream oil and gas (O&G) operations, focussing on developing countries like Nigeria. The research identifies barriers to this integration and suggests solutions, intending to provide practical insights for improving operational efficiency in the O&G sector.

The study commenced with an exhaustive review of extant literature to identify existing barriers to I4.0 implementation and contextualise the study. Subsequent to this foundational step, primary data are gathered through the administration of carefully constructed questionnaires targeted at professionals specialised in maintenance within the upstream O&G sector. A semi-structured interview was also conducted to elicit more nuanced, contextual insights from these professionals. Analytically, the collected data were subjected to descriptive statistical methods for summarisation and interpretation with a measurement model to define the relationships between observed variables and latent construct. Moreover, the Relative Importance Index was utilised to systematically prioritise and rank the key barriers to I4.0 integration to CBM within the upstream O&G upstream sector.

The most ranked obstacles in integrating I4.0 technologies to the CBM strategy in the O&G industry are lack of budget and finance, limited engineering and technological resources, lack of support from executives and leaders of the organisations and lack of competence. Even though the journey of digitalisation has commenced in the O&G industry, there are limited studies in this area.

The study serves as both an academic cornerstone and a practical guide for the operational integration of I4.0 technologies within Nigeria's O&G upstream sector. Specifically, it provides an exhaustive analysis of the obstacles impeding effective incorporation into CBM practices. Additionally, the study contributes actionable insights for industry stakeholders to enhance overall performance and achieve key performance indices (KPIs).

The learning objectives of this case study are based on Bloom’s taxonomy. Upon completion of the case study discussion and exercises, successful students will be able to design a leadership transition and succession plan for non-profit organisations; identify and evaluate critical skills and competencies required in leadership positions; and frame expectations and responsibilities for new and departing executives.

Apar Gupta co-founded Internet Freedom Foundation (IFF), a digital rights organisation born out of SaveTheInternet – Net Neutrality movement of 2015, credited for urging the Telecom Regulatory Authority of India to uphold net neutrality in India. And ban zero-cost internet services that promoted data discrimination in the country. After working on and winning the net neutrality movement, Gupta identified many areas in technology where democratic rights had not been identified or were yet to be clearly defined (like in the case of net neutrality). There was also a service gap between the existing internet volunteer groups and digital rights organisations, which could IFF fill. This was to provide objective clarity, stakeholder identification, handle policy discussions and, most importantly, arrange resources to support movements over the long term. This prompted him to co-found IFF in 2017, which he later joined as a full-time executive director in 2018. IFF worked at the intersection of technology, democratic rights and government policies and was comparable to some global organisations, such as the Electronic Frontier Foundation in the USA and the Open Rights Group in the UK. Still, none existed in India at the time. After four years as a full-time executive director in 2022, he was convinced that it was finally time for him to act on the pre-defined strategic departure plan and work towards succession for the executive director position. While there were visible gaps in the system, Gupta’s leadership design and plans had helped IFF overcome existential challenges in the past. Also, while digital rights were still at a nascent stage in emerging economies, under Gupta’s leadership, IFF had delivered unmatched value to its beneficiaries in the world’s biggest digital consumer market. However, constant changes in regulations and continuing financial constraints made him nervous about the outcomes of the succession and the overall sustainability of IFF. Gupta wanted to ensure that this phased transition from executive director after two years and then trustee manager after the next four years are carefully communicated to reduce the likelihood of attrition and loss of trust.

Being the co-founder and the first and only executive director IFF had seen, the organisation would also require significant skill and competency mapping to identify the new executive leadership. But with no clear internal successor in sight, the non-profit trust would also need a successor who not only was competent but also would share a passion for the type of work done by IFF, its unique delivery mode, and also would openly inherit its position in society. The other alternative strategic routes present were to look for dual leadership or interim leadership, but then there could be concerns about Gupta’s influence overshadowing any such alternative.

In the case scenario, IFF is planning for succession while navigating the organisation through financial constraints and constant regulatory changes to ensure long- and short-term sustainability.

The case study has been written to gain insights into departure-defined successive planning in non-profit organisations. The case study can also be used to gain insights into innovative start-ups and innovative non-profit start-ups, as digital rights are still at nascent stages in emerging markets. The case study will be valuable for courses such as human resource management, strategic human resource management, social entrepreneurial leadership, leadership development, start-up environment, innovation and entrepreneurship, public policy, development studies, cyber security and information technology. The case study also allows students and young professionals to take the perspective of an innovative start-up founder and design a departure-defined succession plan. The case study can also be useful for senior students wanting to undertake an entrepreneurial career by starting or joining a non-profit organisation. While the case study is suitable for postgraduate- and executive-level courses, it can also be used for conducting entrepreneurial workshops and skill training.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

The authors investigate the role of financial literacy in influencing the relationship between human capital and social capital, with access to finance of micro, small and medium enterprises (MSMEs).

Data were gathered from 337 MSMEs in Brunei Darussalam, and analysis on the data was carried out using a number of statistical methods. The relationships between human capital, social capital, financial literacy and access to finance were analyzed using PLS-SEM.

The results show that human capital does influence access to finance but contrary to previous studies, the influence is negative. Financial literacy is an important element in the relationship between human capital, social capital and access to finance, although it plays a greater role in the relationship between social capital and access to finance. Further analysis shows that financial knowledge is significant in moderating the relationships between human and social capital with access to finance. Financial skills is found to only moderate the relationship between social capital and access to finance.

To the authors' knowledge, this study is the first that integrates the human capital, social capital, financial literacy and access to finance in a single model. The authors also highlight the importance of enhancing the financial literacy of MSMEs so that the problem of access to finance can be alleviated, especially in developing countries.