Pub Date : 2022-12-29DOI: 10.1108/qrfm-12-2021-0207
Najla Alomar, Milind Sathey, P. Graham
Purpose This study aims to explore the challenges faced by foreign banks in the Kingdom of Saudi Arabia (KSA). It is important to explore the challenges as extant literature provides limited guidelines about this issue. Design/methodology/approach A mixed-method approach was used by canvassing 71 questionnaires and 36 semi-structured interviews. The sample included senior managers of foreign bank branches working in the Saudi market by the end of 2019. The quantitative data were analyzed using the distribution fitting algorithmic approach, and it is supported by the qualitative data analyzed using the thematic analysis method. Findings Results indicate that foreign banks encounter various challenges including government policies and regulations, the Saudi legal system, high “Saudization” ratio of the workforce, technological advances, high competition and overall economic change (oil price change). It seems that these challenges represent the KSA’s specific business environment. Originality/value This study will advance the extant literature on foreign bank entry with evidence from a unique context. This study could also help regulators, policymakers and bankers to better understand foreign banks’ entry into emerging and developing markets.
{"title":"The challenges foreign banks face in developing markets: an exploratory study","authors":"Najla Alomar, Milind Sathey, P. Graham","doi":"10.1108/qrfm-12-2021-0207","DOIUrl":"https://doi.org/10.1108/qrfm-12-2021-0207","url":null,"abstract":"\u0000Purpose\u0000This study aims to explore the challenges faced by foreign banks in the Kingdom of Saudi Arabia (KSA). It is important to explore the challenges as extant literature provides limited guidelines about this issue.\u0000\u0000\u0000Design/methodology/approach\u0000A mixed-method approach was used by canvassing 71 questionnaires and 36 semi-structured interviews. The sample included senior managers of foreign bank branches working in the Saudi market by the end of 2019. The quantitative data were analyzed using the distribution fitting algorithmic approach, and it is supported by the qualitative data analyzed using the thematic analysis method.\u0000\u0000\u0000Findings\u0000Results indicate that foreign banks encounter various challenges including government policies and regulations, the Saudi legal system, high “Saudization” ratio of the workforce, technological advances, high competition and overall economic change (oil price change). It seems that these challenges represent the KSA’s specific business environment.\u0000\u0000\u0000Originality/value\u0000This study will advance the extant literature on foreign bank entry with evidence from a unique context. This study could also help regulators, policymakers and bankers to better understand foreign banks’ entry into emerging and developing markets.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44500195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-22DOI: 10.1108/qrfm-10-2022-0179
N. Sapre
Purpose Financial inclusion is broadly described as the ability of individuals and businesses to access useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. It is considered a key driver of economic growth and financial well-being. Given the significance and relevance of this topic, the purpose of this note is to critically evaluate the ontological and epistemological stance of existing research on financial inclusion. Furthermore, this note examines the influence on the research design. Design/methodology/approach Beginning with a brief description of the key concepts, this note presents a conceptual framework and substantiates the recommended philosophical paradigm through a detailed appraisal of its appropriateness, relative strengths and limitations. Findings Drawing from a range of philosophical worldviews, which can at times seem indistinguishable especially in finance and economics, this note proposes that objectivism with a realist approach is foundational to academic research on financial inclusion. Furthermore, this note makes recommendations with regards to research design. Originality/value This note not only presents a comprehensive assessment of the problematics and the underlying metatheoretical assumptions proposed by Cunliffe (2011) but is also, to the best of author’s knowledge, the first to highlight its relevance to the formal financial system in general and to financial inclusion in particular.
{"title":"Financial inclusion: philosophical and methodological underpinnings","authors":"N. Sapre","doi":"10.1108/qrfm-10-2022-0179","DOIUrl":"https://doi.org/10.1108/qrfm-10-2022-0179","url":null,"abstract":"\u0000Purpose\u0000Financial inclusion is broadly described as the ability of individuals and businesses to access useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. It is considered a key driver of economic growth and financial well-being. Given the significance and relevance of this topic, the purpose of this note is to critically evaluate the ontological and epistemological stance of existing research on financial inclusion. Furthermore, this note examines the influence on the research design.\u0000\u0000\u0000Design/methodology/approach\u0000Beginning with a brief description of the key concepts, this note presents a conceptual framework and substantiates the recommended philosophical paradigm through a detailed appraisal of its appropriateness, relative strengths and limitations.\u0000\u0000\u0000Findings\u0000Drawing from a range of philosophical worldviews, which can at times seem indistinguishable especially in finance and economics, this note proposes that objectivism with a realist approach is foundational to academic research on financial inclusion. Furthermore, this note makes recommendations with regards to research design.\u0000\u0000\u0000Originality/value\u0000This note not only presents a comprehensive assessment of the problematics and the underlying metatheoretical assumptions proposed by Cunliffe (2011) but is also, to the best of author’s knowledge, the first to highlight its relevance to the formal financial system in general and to financial inclusion in particular.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47820315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-22DOI: 10.1108/qrfm-02-2022-0022
Nasir Sultan, Norazida Mohamed, D. Hussain
Purpose Tax amnesty (TA) schemes are typical in developing countries. Governments’ claims and suppositions are continually heightened; however, this may differ in actuality. This study aims to present an overview of the effectiveness of TA schemes and the problems they raise in implementing anti-money laundering regulations. Design/methodology/approach This study used a qualitative research design. Content analysis was used to analyse research articles, reports, legal documents and news articles. Findings Every amnesty offered in Pakistan from 1956 to 2018 failed to meet government expectations. Instead, the continuity resulted in an irrepressible black economy. The black economy’s uncontrollability undermines tax collection and hinders a robust anti-money laundering regime. Significantly, tax holidays with discrepant legislation strengthen evaders, plunderers and launderers. These policies severely impede the implementation of anti-money laundering policies in the financial institutions of Pakistan. Additionally, Pakistan's geopolitical location, circumstance and war against terror cannot afford any policy that provides monetary relaxation to offenders. Practical implications There is no concrete evidence to support long-term economic progress through the implementation of amnesty schemes as a revenue collection policy. This study evaluates previous studies and findings to understand the effect of tax amnesties on the financial industry of Pakistan. The findings have practical implications for tax collection authorities, policymakers and international financial bodies. Originality/value Previous studies have discussed the advantages and disadvantages of Pakistan’s regular tax amnesties. However, this study discusses the implementation of TA schemes concerning anti-money laundering regulations and customer due diligence by financial institutes and provides suggestions to minimise its negative implications.
{"title":"Tax amnesty schemes, anti-money laundering regulations and customer due diligence by financial institutes: an evaluation of the implementation issues in Pakistan","authors":"Nasir Sultan, Norazida Mohamed, D. Hussain","doi":"10.1108/qrfm-02-2022-0022","DOIUrl":"https://doi.org/10.1108/qrfm-02-2022-0022","url":null,"abstract":"\u0000Purpose\u0000Tax amnesty (TA) schemes are typical in developing countries. Governments’ claims and suppositions are continually heightened; however, this may differ in actuality. This study aims to present an overview of the effectiveness of TA schemes and the problems they raise in implementing anti-money laundering regulations.\u0000\u0000\u0000Design/methodology/approach\u0000This study used a qualitative research design. Content analysis was used to analyse research articles, reports, legal documents and news articles.\u0000\u0000\u0000Findings\u0000Every amnesty offered in Pakistan from 1956 to 2018 failed to meet government expectations. Instead, the continuity resulted in an irrepressible black economy. The black economy’s uncontrollability undermines tax collection and hinders a robust anti-money laundering regime. Significantly, tax holidays with discrepant legislation strengthen evaders, plunderers and launderers. These policies severely impede the implementation of anti-money laundering policies in the financial institutions of Pakistan. Additionally, Pakistan's geopolitical location, circumstance and war against terror cannot afford any policy that provides monetary relaxation to offenders.\u0000\u0000\u0000Practical implications\u0000There is no concrete evidence to support long-term economic progress through the implementation of amnesty schemes as a revenue collection policy. This study evaluates previous studies and findings to understand the effect of tax amnesties on the financial industry of Pakistan. The findings have practical implications for tax collection authorities, policymakers and international financial bodies.\u0000\u0000\u0000Originality/value\u0000Previous studies have discussed the advantages and disadvantages of Pakistan’s regular tax amnesties. However, this study discusses the implementation of TA schemes concerning anti-money laundering regulations and customer due diligence by financial institutes and provides suggestions to minimise its negative implications.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41920001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-20DOI: 10.1108/qrfm-02-2022-0032
E. C. Cagli, Dilvin Taşkın, Pınar Evrim Mandaci
Purpose This paper aims to investigate the relationship between sustainable investments and a series of uncertainties from January 2014 to December 2021, including many economic and political turbulences and the COVID-19 pandemic. Design/methodology/approach The authors use Rényi’s transfer entropy method, a nonparametric flexible tool that considers both the center distribution and lower quantiles, capturing extreme rare events that give additional insights to analysis. Findings The authors’ results indicate significant bidirectional information transmissions between the crude oil volatility and sustainability indices. The authors report information flows between the cryptocurrency uncertainty and sustainability indices considering tail events. The results are essential for market participants making decisions during turbulent times. Originality/value This paper is carried out for a variety of uncertainty measures and environmental, social and governance (ESG) portfolios of both developed and developing markets. It adds to literature in terms of methodology used. Rényi’s transfer entropy methodology is first used to measure the relationship between uncertainties and ESG investments.
{"title":"The role of uncertainties on sustainable stocks and green bonds","authors":"E. C. Cagli, Dilvin Taşkın, Pınar Evrim Mandaci","doi":"10.1108/qrfm-02-2022-0032","DOIUrl":"https://doi.org/10.1108/qrfm-02-2022-0032","url":null,"abstract":"\u0000Purpose\u0000This paper aims to investigate the relationship between sustainable investments and a series of uncertainties from January 2014 to December 2021, including many economic and political turbulences and the COVID-19 pandemic.\u0000\u0000\u0000Design/methodology/approach\u0000The authors use Rényi’s transfer entropy method, a nonparametric flexible tool that considers both the center distribution and lower quantiles, capturing extreme rare events that give additional insights to analysis.\u0000\u0000\u0000Findings\u0000The authors’ results indicate significant bidirectional information transmissions between the crude oil volatility and sustainability indices. The authors report information flows between the cryptocurrency uncertainty and sustainability indices considering tail events. The results are essential for market participants making decisions during turbulent times.\u0000\u0000\u0000Originality/value\u0000This paper is carried out for a variety of uncertainty measures and environmental, social and governance (ESG) portfolios of both developed and developing markets. It adds to literature in terms of methodology used. Rényi’s transfer entropy methodology is first used to measure the relationship between uncertainties and ESG investments.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46961721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-19DOI: 10.1108/qrfm-12-2021-0202
Adi Saifurrahman, Salina Kassim
Purpose This study aims to explore and analyse the credit risk assessment procedure conducted by the Indonesian Islamic banks to address the issue of asymmetric information among their micro-, small- and medium-sized enterprise (MSME) clients. This study also investigates the gaps in credit risk assessment procedures by comparing Islamic banks’ practices and presenting several recommendations to reinforce the credit risk evaluation procedures and eventually promote more inclusion of the MSME segment into the Islamic financial services. Design/methodology/approach This paper adopts a qualitative method by implementing a multi-case study research strategy. The data were gathered primarily through an interview approach by incorporating purposive uncontrolled quota sampling. Findings The result of this study implies that the Islamic banks in Indonesia have their own unique approaches and strategies in assessing the credit risk and have several similarities in performing their evaluation procedures for the MSME. Despite seemingly adequate approaches and measures taken by the Islamic banks to eliminate the asymmetric information problem, the study identifies several gaps that occur within the Islamic banks’ methods of credit risk assessment. Research limitations/implications Since this study focuses on Indonesia and emphasises the two segments of Islamic banks, which consist of Islamic commercial and rural banks, in performing the MSME credit risk assessment; therefore, the findings of this study were limited around the observed Islamic banks within the MSME segment purview. Practical implications By referring to the recommendations as proposed by this paper, four implications could be expected from adopting these respective recommendations, among others: more effective evaluation procedures for the MSME, provision of a clear path and more efficient approach to assess the MSME units, lower financing cost and increase the confidence of Islamic banking industry in disbursing more financing to the MSME sector. This mechanism will potentially improve Islamic financial inclusion for the MSME due to the greater access to financial services; hence, the sector could contribute even more to Indonesia’s growing economy. Originality/value By incorporating a multi-case study among Indonesian Islamic banks pertaining to their methods in evaluating MSME customers, this study identifies several gaps affecting the effectiveness of MSME credit risk assessment. Furthermore, this study also presents a proposed framework to address these gaps accordingly by suggesting the salient strategies to minimise the issues of information asymmetry and enhance the MSME credit risk assessment procedure.
{"title":"Mitigating asymmetric information to enhance MSME Islamic financial inclusion by Islamic banks in Indonesia","authors":"Adi Saifurrahman, Salina Kassim","doi":"10.1108/qrfm-12-2021-0202","DOIUrl":"https://doi.org/10.1108/qrfm-12-2021-0202","url":null,"abstract":"\u0000Purpose\u0000This study aims to explore and analyse the credit risk assessment procedure conducted by the Indonesian Islamic banks to address the issue of asymmetric information among their micro-, small- and medium-sized enterprise (MSME) clients. This study also investigates the gaps in credit risk assessment procedures by comparing Islamic banks’ practices and presenting several recommendations to reinforce the credit risk evaluation procedures and eventually promote more inclusion of the MSME segment into the Islamic financial services.\u0000\u0000\u0000Design/methodology/approach\u0000This paper adopts a qualitative method by implementing a multi-case study research strategy. The data were gathered primarily through an interview approach by incorporating purposive uncontrolled quota sampling.\u0000\u0000\u0000Findings\u0000The result of this study implies that the Islamic banks in Indonesia have their own unique approaches and strategies in assessing the credit risk and have several similarities in performing their evaluation procedures for the MSME. Despite seemingly adequate approaches and measures taken by the Islamic banks to eliminate the asymmetric information problem, the study identifies several gaps that occur within the Islamic banks’ methods of credit risk assessment.\u0000\u0000\u0000Research limitations/implications\u0000Since this study focuses on Indonesia and emphasises the two segments of Islamic banks, which consist of Islamic commercial and rural banks, in performing the MSME credit risk assessment; therefore, the findings of this study were limited around the observed Islamic banks within the MSME segment purview.\u0000\u0000\u0000Practical implications\u0000By referring to the recommendations as proposed by this paper, four implications could be expected from adopting these respective recommendations, among others: more effective evaluation procedures for the MSME, provision of a clear path and more efficient approach to assess the MSME units, lower financing cost and increase the confidence of Islamic banking industry in disbursing more financing to the MSME sector. This mechanism will potentially improve Islamic financial inclusion for the MSME due to the greater access to financial services; hence, the sector could contribute even more to Indonesia’s growing economy.\u0000\u0000\u0000Originality/value\u0000By incorporating a multi-case study among Indonesian Islamic banks pertaining to their methods in evaluating MSME customers, this study identifies several gaps affecting the effectiveness of MSME credit risk assessment. Furthermore, this study also presents a proposed framework to address these gaps accordingly by suggesting the salient strategies to minimise the issues of information asymmetry and enhance the MSME credit risk assessment procedure.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46575355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-30DOI: 10.1108/QRFM-09-2021-0149
Daniel Gilcher
Purpose This paper aims to provide a novel explorative perspective on fund managers’ decisions under uncertainty. The current COVID pandemic is used as a unique reference frame to study how heuristics are used in institutional financial practice. Design/methodology/approach This study follows a grounded theory approach. A total of 282 diverse publications between October 2019 and October 2020 for 20 German mutual funds are qualitatively analyzed. A theory of adaptive heuristics for fund managers is developed. Findings Fund managers adapt their heuristics during a crisis and this adaptive process flows through three stages. Increasing complexity in the environment leads to the adaption of simplest heuristics around investment decisions. Three distinct stages of adaption: precrisis, uncertainty and stabilization emerge from the data. Research limitations/implications This study’s data is based on publicly available information. There might be a discrepancy between publicly stated and internal reasoning. Practical implications Money managers can use the provided framework to assess their decision-making in crises. The developed adaptive processes of heuristics can assist capital allocators who choose and rate fund managers. Policymakers and regulators can learn about the aspects of investor decisions that their actions and communication address. Teaching can use this study to exemplify the nature of financial markets as adaptive systems rather than static structures. Originality/value To the best of the author’s/authors’ knowledge, this study is the first to systematically explore the heuristics of professional money managers because they navigate a large-scale exogenous crisis.
{"title":"Heuristics in the wild: exploring fund manager decisions through the COVID pandemic","authors":"Daniel Gilcher","doi":"10.1108/QRFM-09-2021-0149","DOIUrl":"https://doi.org/10.1108/QRFM-09-2021-0149","url":null,"abstract":"\u0000Purpose\u0000This paper aims to provide a novel explorative perspective on fund managers’ decisions under uncertainty. The current COVID pandemic is used as a unique reference frame to study how heuristics are used in institutional financial practice.\u0000\u0000\u0000Design/methodology/approach\u0000This study follows a grounded theory approach. A total of 282 diverse publications between October 2019 and October 2020 for 20 German mutual funds are qualitatively analyzed. A theory of adaptive heuristics for fund managers is developed.\u0000\u0000\u0000Findings\u0000Fund managers adapt their heuristics during a crisis and this adaptive process flows through three stages. Increasing complexity in the environment leads to the adaption of simplest heuristics around investment decisions. Three distinct stages of adaption: precrisis, uncertainty and stabilization emerge from the data.\u0000\u0000\u0000Research limitations/implications\u0000This study’s data is based on publicly available information. There might be a discrepancy between publicly stated and internal reasoning.\u0000\u0000\u0000Practical implications\u0000Money managers can use the provided framework to assess their decision-making in crises. The developed adaptive processes of heuristics can assist capital allocators who choose and rate fund managers. Policymakers and regulators can learn about the aspects of investor decisions that their actions and communication address. Teaching can use this study to exemplify the nature of financial markets as adaptive systems rather than static structures.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s/authors’ knowledge, this study is the first to systematically explore the heuristics of professional money managers because they navigate a large-scale exogenous crisis.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47753781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-28DOI: 10.1108/qrfm-01-2022-0003
Preeti Khanna, Arunima Haldar
Purpose Blockchain technology is predicted by many to be the most disruptive technology which might bring accessibility, efficiency and transparency in the financial industry. This study aims to understand the challenges likely to be faced by the Indian banking industry while adopting the technology. Design/methodology/approach The study adopted a qualitative approach to explore the challenges faced by the banking industry in India. Semi-structured in-depth interviews with senior executives and academicians in the finance and the information technology industries helped gain explorative insights about the challenges. Findings Thematic analysis suggested a framework comprising five challenges while adopting blockchain technology. These challenges relate to technology, organisation, operation, regulator and environmental context. Originality/value The paper contributes to the limited literature on the nascent blockchain technology adoption in banking industry in an emerging country context.
{"title":"Will adoption of blockchain technology be challenging: evidence from Indian banking industry","authors":"Preeti Khanna, Arunima Haldar","doi":"10.1108/qrfm-01-2022-0003","DOIUrl":"https://doi.org/10.1108/qrfm-01-2022-0003","url":null,"abstract":"\u0000Purpose\u0000Blockchain technology is predicted by many to be the most disruptive technology which might bring accessibility, efficiency and transparency in the financial industry. This study aims to understand the challenges likely to be faced by the Indian banking industry while adopting the technology.\u0000\u0000\u0000Design/methodology/approach\u0000The study adopted a qualitative approach to explore the challenges faced by the banking industry in India. Semi-structured in-depth interviews with senior executives and academicians in the finance and the information technology industries helped gain explorative insights about the challenges.\u0000\u0000\u0000Findings\u0000Thematic analysis suggested a framework comprising five challenges while adopting blockchain technology. These challenges relate to technology, organisation, operation, regulator and environmental context.\u0000\u0000\u0000Originality/value\u0000The paper contributes to the limited literature on the nascent blockchain technology adoption in banking industry in an emerging country context.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48220819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-09DOI: 10.1108/qrfm-12-2021-0206
H. Baker, Deepak Kumar, N. Rani
Purpose Foreign divestment of subsidiaries is a growing research field. The global increase in investments has led to more divestments. However, much about the processes and circumstances leading to foreign divestments (FDs) requires further investigation. This study aims to review and consolidate the existing literature on foreign divestment and identify avenues for future research. Design/methodology/approach This study performs a systematic literature review and bibliometric analysis of studies on FDs to highlight the traditional and emerging perspectives in the field. This work examines foreign divestment theories based on operations, human resources, finance and marketing business functions. Findings This study sets forth a basic foreign divestment framework and highlights potential research areas. Future studies should expand to emerging economies, explore complex relationships, distinguish foreign divestment types and identify the limits of various theories and perspectives. Originality/value This study discusses traditional theories such as economies of scale, portfolio adjustment, reverse eclectic, real options and transaction cost economies. This study also examines emerging perspectives: attention-based, behavioral, committedness, contingency, favoritism, flexibility, hysteresis, legitimation, network and resource-based views. This study uses traditional and emerging theories to explain foreign divestment decisions in different business functions.
{"title":"Foreign divestments: a review and research agenda","authors":"H. Baker, Deepak Kumar, N. Rani","doi":"10.1108/qrfm-12-2021-0206","DOIUrl":"https://doi.org/10.1108/qrfm-12-2021-0206","url":null,"abstract":"\u0000Purpose\u0000Foreign divestment of subsidiaries is a growing research field. The global increase in investments has led to more divestments. However, much about the processes and circumstances leading to foreign divestments (FDs) requires further investigation. This study aims to review and consolidate the existing literature on foreign divestment and identify avenues for future research.\u0000\u0000\u0000Design/methodology/approach\u0000This study performs a systematic literature review and bibliometric analysis of studies on FDs to highlight the traditional and emerging perspectives in the field. This work examines foreign divestment theories based on operations, human resources, finance and marketing business functions.\u0000\u0000\u0000Findings\u0000This study sets forth a basic foreign divestment framework and highlights potential research areas. Future studies should expand to emerging economies, explore complex relationships, distinguish foreign divestment types and identify the limits of various theories and perspectives.\u0000\u0000\u0000Originality/value\u0000This study discusses traditional theories such as economies of scale, portfolio adjustment, reverse eclectic, real options and transaction cost economies. This study also examines emerging perspectives: attention-based, behavioral, committedness, contingency, favoritism, flexibility, hysteresis, legitimation, network and resource-based views. This study uses traditional and emerging theories to explain foreign divestment decisions in different business functions.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46167002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-11DOI: 10.1108/qrfm-01-2022-0012
Kingstone Nyakurukwa, Yudhvir Seetharam
Purpose Literature shows that corporate governance matters more in countries with weak legal environments. The purpose of this study is to synthesise and map research that has been done so far on corporate governance in Zimbabwe, a country that has been characterised by weak legal systems and lack of respect for property rights. Design/methodology/approach A systematic review and bibliometric analysis of 20 articles indexed in the Scopus and Web of Science databases was carried out to establish the trends and evolution of corporate governance in Zimbabwe. Findings The articles reviewed looked at the association between corporate governance attributes and firm performance, disclosure of information and economic growth. The proportion of independent directors was found to significantly affect firm performance and information disclosure in most of the studies. The majority of the studies used descriptive statistics and simple regression in their methodologies. The stakeholder theory is the most used in the studies reviewed. Originality/value The study highlights the need to strengthen the state infrastructure that enhances corporate governance at the firm level. When state-owned companies adhere to good corporate governance practices, this can cascade to the private sector.
目的文献表明，在法律环境薄弱的国家，公司治理更为重要。这项研究的目的是综合和绘制迄今为止对津巴布韦公司治理的研究，津巴布韦的特点是法律体系薄弱，不尊重财产权。设计/方法/方法对Scopus和Web of Science数据库中的20篇文章进行了系统综述和文献计量分析，以确定津巴布韦公司治理的趋势和演变。大多数研究发现，独立董事的比例对公司业绩和信息披露有显著影响。大多数研究在其方法中使用了描述性统计和简单回归。利益相关者理论在所审查的研究中使用最多。原创性/价值该研究强调了加强国家基础设施的必要性，以加强公司层面的公司治理。当国有企业坚持良好的公司治理实践时，这可能会波及私营部门。
{"title":"Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe","authors":"Kingstone Nyakurukwa, Yudhvir Seetharam","doi":"10.1108/qrfm-01-2022-0012","DOIUrl":"https://doi.org/10.1108/qrfm-01-2022-0012","url":null,"abstract":"\u0000Purpose\u0000Literature shows that corporate governance matters more in countries with weak legal environments. The purpose of this study is to synthesise and map research that has been done so far on corporate governance in Zimbabwe, a country that has been characterised by weak legal systems and lack of respect for property rights.\u0000\u0000\u0000Design/methodology/approach\u0000A systematic review and bibliometric analysis of 20 articles indexed in the Scopus and Web of Science databases was carried out to establish the trends and evolution of corporate governance in Zimbabwe.\u0000\u0000\u0000Findings\u0000The articles reviewed looked at the association between corporate governance attributes and firm performance, disclosure of information and economic growth. The proportion of independent directors was found to significantly affect firm performance and information disclosure in most of the studies. The majority of the studies used descriptive statistics and simple regression in their methodologies. The stakeholder theory is the most used in the studies reviewed.\u0000\u0000\u0000Originality/value\u0000The study highlights the need to strengthen the state infrastructure that enhances corporate governance at the firm level. When state-owned companies adhere to good corporate governance practices, this can cascade to the private sector.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45288783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-10DOI: 10.1108/qrfm-10-2021-0174
M. Naeem, Sitara Karim, M. Rabbani, Abu Bashar, Satish Kumar
Purpose Growing attention of policymakers, governments and regulation authorities towards climate change and global warming has spurred the extensive need to carefully examine the current practices of green and sustainable finance. This study aims to provide a comprehensive analysis on the current state and future directions of green and sustainable finance through bibliometric analysis. Design/methodology/approach For extensive bibliometric analysis, the study comprises 1,413 documents published in peer-reviewed journals indexed in the SCOPUS database for the period ranging from 1990 to 2021. Findings The authors find that there are mainly three key areas of green and sustainable finance, which are largely addressed by the scholars following the given time. The key areas include socially responsible investments, green finance and climate finance that are in line with the previous studies and existing trends and practices prevailing in the business and corporate world. Practical implications The findings are important for policymakers, regulatory bodies, upcoming scholars, environmentalists and investors as findings of the study provide an effective framework for adopting sustainable strategies, to trade-off between profits and environmental hazards and to generate value from the green avenues of research and practice. Originality/value The study offers novel contributions to the existing literature in terms of comprehensively providing evidence of the current practices of green and sustainable finance. Meanwhile, significant implications for the prospective audience further refine the contribution of research.
{"title":"Current state and future directions of green and sustainable finance: a bibliometric analysis","authors":"M. Naeem, Sitara Karim, M. Rabbani, Abu Bashar, Satish Kumar","doi":"10.1108/qrfm-10-2021-0174","DOIUrl":"https://doi.org/10.1108/qrfm-10-2021-0174","url":null,"abstract":"\u0000Purpose\u0000Growing attention of policymakers, governments and regulation authorities towards climate change and global warming has spurred the extensive need to carefully examine the current practices of green and sustainable finance. This study aims to provide a comprehensive analysis on the current state and future directions of green and sustainable finance through bibliometric analysis.\u0000\u0000\u0000Design/methodology/approach\u0000For extensive bibliometric analysis, the study comprises 1,413 documents published in peer-reviewed journals indexed in the SCOPUS database for the period ranging from 1990 to 2021.\u0000\u0000\u0000Findings\u0000The authors find that there are mainly three key areas of green and sustainable finance, which are largely addressed by the scholars following the given time. The key areas include socially responsible investments, green finance and climate finance that are in line with the previous studies and existing trends and practices prevailing in the business and corporate world.\u0000\u0000\u0000Practical implications\u0000The findings are important for policymakers, regulatory bodies, upcoming scholars, environmentalists and investors as findings of the study provide an effective framework for adopting sustainable strategies, to trade-off between profits and environmental hazards and to generate value from the green avenues of research and practice.\u0000\u0000\u0000Originality/value\u0000The study offers novel contributions to the existing literature in terms of comprehensively providing evidence of the current practices of green and sustainable finance. Meanwhile, significant implications for the prospective audience further refine the contribution of research.\u0000","PeriodicalId":45060,"journal":{"name":"Qualitative Research in financial Markets","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47127645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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