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One of the most important phenomena that have been confronted in the field of household finance is the stock market participation puzzle. The puzzle describes the anomaly that the majority of households do not have ownership of stock market products, though empirically stocks give higher expected returns than risk-free assets. The stock market participation rate plays an important role as it has a direct bearing on the equity premium. In this study, the authors aim to investigate how financial literacy and various proxies of social interaction are associated with stock market participation in South Africa.

The study uses probit regression and ordinary least squares using the South African National Income Dynamics survey Wave 5 of 2017 to investigate whether financial literacy and social interaction are significantly associated with stock market participation. The financial literacy index is computed using factor analysis on the responses to the financial literacy questions used in the survey. The authors use three proxies for social interaction, namely membership in a Stokvel, membership in a men's association and membership in a women's association.

The results reveal that an increase in financial literacy increases the odds of respondents participating in the stock market. Among the control variables, age, race and level of education are significantly associated with stock market participation. When it comes to social interaction, it is belonging to a men's association that is significantly associated with stock market participation. The other proxies for social interaction are insignificantly associated with stock market participation.

The study contributes to the extant literature by using a set of proxies for social interaction that have the potential to influence stock market participation which have not been used in a South African context.

This research aims to explore the significance of cooperative efforts in promoting financial participation to enhance the socio-economic empowerment of the rural Muslims.

The primary study with a structured questionnaire has been conducted taking a sample of 398 rural Muslim respondents from various rural regions of south India through proportionate stratified sampling techniques. Regression analysis, paired sample t-test and structural equation modelling (SEM) through statistical package for social sciences (SPSS) 26 & SPSS analysis of moment structures (AMOS) 23 software have been implemented to test the relationship.

The research outcome demonstrated a remarkable difference in the rural Muslim’s socio-economic conditions before and after availing the loans from cooperatives. Consequently, an extension of cooperative efforts widens the scope of financial participation which again has positively enhanced rural Muslim’s socio-economic empowerment.

This study will help various policymakers, academicians and communities to take necessary action for the upliftment of a particular community. The research further adds on to the existing research on the need and importance of cooperative efforts as an alternative finance for marginalised community in developing and emerging countries.

The result of this study is only confined to south India, posing a limitation for the study. Apart from the geographical restriction, the study solemnly covers the rural Muslim community extracting other sections of the society. Hence, for more generalisable pictures of the current results, further research is recommended from other stakeholders’ perspectives.

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 article describes financial professionals' perceptions of their clients' financial behaviors and the explanatory factors underlying these behaviors.

In this qualitative research, the authors seek to understand financial professionals' experiences in relation to how their clients manage their own finances. The authors conduct and analyze 26 semi-structured interviews with financial professionals from several industries within the financial sector in Canada.

The professionals in this study noted that despite their clients' financial knowledge, several other factors can explain these individuals' financial behaviors. They include psychological factors (such as financial bias, the need for instant gratification, and the lack of awareness regarding the long-term effects of certain types of financial behaviors), financial habits (such as lifestyle, financial planning and lack of discipline) and the financial system's flexibility with respect to debt financing and repayment. These perceptions are categorized according to whether they are related to debt financing or repayment, savings or investments.

By using a qualitative methodology that relies on the perceptions of financial professionals, this study aims to better understand the financial behaviors of individuals and households, and these behaviors' underlying factors. This study's findings could be useful to various stakeholders interested, in one way or another, in financial literacy, such as organizations aiming to strengthen and promote financial literacy, educators, researchers, regulatory bodies of financial institutions and financial advisers.

Using, for the first time, a sample of European listed firms from 30 countries with different legal regimes of board-level employee representation (BLER), the purpose of this paper is to examine the impact of BLER on firms’ value of European public companies, where employee representation is voluntary or imposed by law depending on the country of origin.

Using a difference-in-differences approach and a matching procedure, the authors analyze the impact of BLER on firms' value.

The results of this paper suggest that BLER adopted voluntarily affects positively firms’ value comparing to a group of firms where employee representation is in some way mandatory. Moreover, the findings of this paper show that firms from countries where BLER is not imposed by law tend to pay higher dividends. Nevertheless, the evidence presented in this paper only holds for low levels of employee representation on the board.

This research not only provides some evidence in favor of the codetermination on corporate governance but also offers new avenues for discussing the conditions necessary for codetermination to be effective, especially the level of employees' participation on board.

This study provides to policymakers new insights for them to gain perspective, analyze and decide if codetermination is a useful tool to improve firms’ performance or at least in what conditions it should be applied.

This study incentives the discussion of the proper way to include workers in firms’ boards with expected benefits on firms’ performance, economies and societies.

This paper provides evidence of a positive (but limited) impact on firms’ value derived from voluntary codetermination.

Despite being a viable source of funds, African sovereign bond markets are relatively underexplored. The empirical literature fails to consider the impact of exclusively macroeconomic factors and the volatile contexts in which African markets operate. The purpose of this paper is to fill the vacuum by proposing a context-sensitive theoretical framework. The study targets, specifically, macroeconomic factors and assesses the extent to which they affect bond market development.

Using panel data on sovereign bond markets from 26 African economies, the study extends previous methodologies used in similar studies by accounting for downside risk in a generalized method of moments (GMM) framework and employing tighter robustness measures.

This study finds that inflation, domestic debt, external debt, GDP at PPP, fiscal balance and exports are important macroeconomic drivers of sovereign bond market development in African emerging economies.

While GMM estimation is beneficial in the presence of endogeneity between the dependent variables that are instrumented with lagged independent variables, it guarantees consistency but, not unbiased estimations.

Market-oriented government funding with well-defined debt management strategies must be implemented to support the development of sovereign bond markets. External debt must be set at a sustainable level, and government should be dedicated to the confirmation of this. Furthermore, inflation rates must be kept low and stable.

If policymakers are to take this study seriously, bond markets may begin to be viable sources of funds for African emerging economies.

This study introduces a methodology for measuring bond market development that considers the systemic volatility in emerging markets and proposes a theoretical framework for African emerging economies. In addition, the authors identify a new macroeconomic determinant of bond market development in the region.

This paper aims to provide empirical evidence on formal stakeholder participation (or “lobbying”) in the early phase of the International Sustainability Standards Board’s (ISSB’s) standard-setting.

Drawing on a rational-choice framework, this paper conducts a content analysis of comment letters (CLs) submitted to the ISSB in response to its first two exposure drafts (published in 2022) to investigate stakeholder participation across different groups and jurisdictional origins. The analyses examine participation in terms of frequency (measured using the number of participating stakeholders) and intensity (measured using the length of CLs).

Preparers and users of sustainability reports emerge as the largest participating stakeholder groups, while the accounting/sustainability profession participates with high average intensity. Surprisingly, preparers do not outweigh users in terms of participation frequency and intensity; and large preparers outweigh smaller ones in terms of participation intensity but not participation frequency. Internationally, stakeholders from countries with a private financial accounting standard-setting system participate more frequently and intensively than others. In addition, country-level economic wealth and sustainability performance are positively associated with more participating stakeholders.

This study is of interest for organizations and stakeholders involved in or affected by standard-setting in the field of sustainability reporting. The finding of limited participation by investors and from developing countries suggests the ISSB take actions to enhance the voice of those stakeholders.

The imbalances in stakeholder participation that were found pose potential threats to an important aspect of the input legitimacy of the ISSB’s standard-setting process.

To the best of the authors’ knowledge, this paper is the first to explore stakeholder participation by means of CLs with the ISSB in terms of frequency and intensity.

The purpose of this paper is to analyse the relationship between the participation of women in companies with financial performance. However, this relationship does not arise directly. The authors argue that the participation of women in the company’s staff has a positive effect on the creation of work-life balance (WLB) practices, due to women have traditionally assumed family responsibilities, and subsequently these practices positively affect financial performance. WLB practices are a tool to balance employees’ professional and personal goals.

This study aims to determine whether WLB practices mediate in the relationship between female participation in the workforce and financial performance on large companies listed in the Spanish Stock Exchange Index during the period from 2008 to 2013.

The main finding is that female participation in the workforce positively affects to the availability of WLB practices, but WLB practices are not a mediator to increase financial performance.

The study is a new contribution for academics and practitioners, since the WLB has a role of moderating variable; and the positive joint effect of female participation and WLB practices is tested over the company’s outcomes, instead of over the individual employee behaviour like in previous literature. In addition, this effect is studied in a country with economic recession where corporate WLB practices have increased in the last decade.

The purpose of this study is to analyze the relationship between citizen participation and the level of trust in government’s decisions and policies; as well as examining the impact of disclosure of information on the level of citizens’ engagement with governments’ projects. In addition, testing the real motives behind Egyptian citizens’ participation in financing national projects. The study is applied to the “New Suez Canal,” which was finished in only one year opposing the three years implementation period suggested by some studies.

The researcher depended on secondary and primary data as well in working on this paper. She used secondary data gathered from scholars and from domestic and international institutions. Then, she conducted a field study and collected data through distributing 384 Likert Scale questionnaires containing 34 self-administered among respondents to test the following: 1. Citizens perceptions regarding the level of trust in government’s decisions and policies. 2. The impact of citizens’ trust on their willingness to participate in governments’ projects. 3. Is ‘public service motivation’ (PSM) behind citizens’ willingness of participating in national projects. 4. Is the ‘high expected profit of Suez Canal Investment Certificates’ behind citizens participation in national projects.

H1 and H2 have been accepted as trust, transparency and citizen participation proved to be important pillars of building a participatory government. Moreover, citizens’ participation in national projects encouraged national and international enterprises to invest in the canal provision. H3 and H4 are accepted and the statistical study revealed dual contradicting results regarding the motive of citizens’ financial participation in the New Suez Canal project. The justification for the contradiction is that right after the 2011 up-rise, Egyptian citizens were overwhelmed with patriot emotions and feelings pushing them to participate in national projects. At the same time this patriot drive was moderated by the “performance-based rewards and citizens” self-interests’ pushed by the Egyptian government (offering a high-interest rate for Suez Canal Certificates at that time). Citizens might be motivated to participate in national projects triggered by many factors: public service drive – patriotism or self-interest.

The study needs further deeper investigation and empirical pieces of evidence to answer the following questions: would different participatory actions result differently in other circumstances? Do individuals’ levels of PSM vary over time? Besides, the researcher needs to find ways to test PSM against various motives such as self-interest, which needs to be confirmed empirically.

The author came up with important recommendations for central government and decision-makers in Egypt and is based upon the study’s statistical results. The most important recommendations were: central government and decision-makers should frame a policy designed to promote citizens’ participation in decision-making drawing on the guidelines for civil participation in political decision-making. Decision-makers in the central government should work local and regional authorities to update and improve local and regional regulations concerning the participation of citizens in local public life and promote a culture of democratic participation shared by communities and local authorities. Performance-based rewards (high-interest rate) are moderating the citizens’ public service motivation (PSM – patriot sense) and citizens may be motivated by different factors such as public service drive – patriotism or self-interest.

The study is tackling an important issue, which is civil participation in political decision-making. It is also discussing promoting cultural awareness regarding the importance of democratic participation shared by communities and local authorities. The study came up with certain findings proving Egyptian civil society’s willingness in participating with the government in national projects; believing in its socio-economic benefits.

Finally, the study is of value, as it could be considered a pilot study representing the outcomes of citizen participation in national projects; in addition, it can be considered as a road map to policymakers. Moreover, the findings provide a set of recommendations and policies for governments and decision-makers to undertake tangible actions to accelerate citizen participation in further projects and decisions and be able to establish a democratic system in developing countries.

This paper explores how a firm's public stand on a social-political issue can be a salient signal of the firm's values, identity and reputation. In particular, it investigates how boycott participation–conceptualized as a cue of a corporation's stand on important social-political issues–may affect the stock market valuation of that corporation, as well as how corporations legitimise their stand on the issues.

The authors employ a mixed-methods design that uses both qualitative techniques (content analysis) and quantitative methods (event study methodology) to examine a sample of US firms who participated in a boycott campaign that sought to call attention to issues of hate speech, misinformation and discriminatory content on social media platform Facebook.

Findings from the qualitative content analysis of company statements show that firms legitimise their stand on, and participation in, the boycott by expressing altruistic values and suggesting to stakeholders that their stand aligns not only with organizational values/convictions but also with the greater social good. Importantly, the event study results show that firms who publicly announced their intention to participate in the boycott, on average, earn a statistically significant positive abnormal stock return of 2.68% in the four days immediately after their announcements.

Findings relate to a specific case of a boycott campaign. Also, the sample size is limited and restricted to US stocks. The signalling value of corporate social advocacy actions may vary across countries due to institutional and cultural differences. Market reaction may also be different for issues that are more charged than the ones examined in this study. Therefore, future research might investigate other markets, use larger sample sizes and consider a broader range of social-political issues.

The presence of significant stock price changes for firms that publicly announced their decision to side with activists on the issue of hate propaganda and misinformation offers potentially valuable insights on the timing of trades for investors and arbitrageurs. Insights from the study also provide a practical resource that can be used to inform organizations' decision-making about such issues.

Taking the lead to push on social-political issues, such as hate propaganda, discrimination, among others, and communicating their stands in a way that speaks to their values and identity, could be rewarding for companies.

This study provides novel evidence on the impact that corporate stances on important social-political issues can have on stock market valuation of firms and therefore extends the existing related research which until now has focused on the impact on consumer purchasing intent and brand loyalty.