Pub Date : 2021-08-18DOI: 10.1080/20430795.2021.1964814
Rami Mohammad Abu Wadi, Ala’ Bashayreh, Lubna Khalaf, Samer Abdelhadi
Microfinance Institutions (MFIs) have a significant role in filling the gap between the formal financial institutions and the poor people. This study aims at estimating the interaction between outr...
{"title":"Financial sustainability and outreach in microfinance institutions: evidence from MENA countries","authors":"Rami Mohammad Abu Wadi, Ala’ Bashayreh, Lubna Khalaf, Samer Abdelhadi","doi":"10.1080/20430795.2021.1964814","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964814","url":null,"abstract":"Microfinance Institutions (MFIs) have a significant role in filling the gap between the formal financial institutions and the poor people. This study aims at estimating the interaction between outr...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47477749","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 : 2021-08-18DOI: 10.1080/20430795.2021.1964815
Safaa Adnan AlSmadi, Ahmad Alkhataybeh, M. Shakhatreh
ABSTRACT Since 2004, the Jordanian Securities Commission (JSC) has been publishing annually a list of firms that violate disclosure requirements; however, despite these publications, the level of violations is continuing to rise. We hypothesize that ownership structure and board features can affect the level of violations of manufacturing and service firms listed on the Amman Stock Exchange (ASE). The logit regression estimates assume that managerial and foreign ownership limit violation practices, while institutional ownership has no effect. It is also concluded that the characteristics of the board are not significantly related to the level of violations, apart from the audit committee and political connections, which have significant negative and positive impacts respectively.
{"title":"Disclosure violations: does governance matter?","authors":"Safaa Adnan AlSmadi, Ahmad Alkhataybeh, M. Shakhatreh","doi":"10.1080/20430795.2021.1964815","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964815","url":null,"abstract":"ABSTRACT Since 2004, the Jordanian Securities Commission (JSC) has been publishing annually a list of firms that violate disclosure requirements; however, despite these publications, the level of violations is continuing to rise. We hypothesize that ownership structure and board features can affect the level of violations of manufacturing and service firms listed on the Amman Stock Exchange (ASE). The logit regression estimates assume that managerial and foreign ownership limit violation practices, while institutional ownership has no effect. It is also concluded that the characteristics of the board are not significantly related to the level of violations, apart from the audit committee and political connections, which have significant negative and positive impacts respectively.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"4 8","pages":"1354 - 1376"},"PeriodicalIF":4.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41249828","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 : 2021-08-16DOI: 10.1080/20430795.2021.1964810
Monica Singhania, N. Saini
ABSTRACT With enhanced global scrutiny in the backdrop of climate change, we attempt to identify the importance of the ESG framework during Covid-19 pandemic to produce guidelines for future sustainability practices. A comprehensive review of literature on ESG regulatory frameworks for sample developed and developing country was performed leading to undertaking of a cross-country comparative ESG analysis. It was revealed that a country's social and governance disclosure were driven by either voluntary or by mandatory codes that could not be a standalone factor for uplifting the country's overall ESG level. Other governance measures like sustainability reporting and integrated reporting practices need to be considered in order to uplift the ESG practice. Country-level environmental commitment was vital for both developed and emerging markets for solving information asymmetry issues and establishment of resilient business operations and reporting practices, leading to an emerging sustainable practice which needs to be adopted. Our findings offer valuable insights for regulators, institutional investors and policymakers in terms of considering ESG practices adopted by developed countries and bridging the gap from unsustainability to sustainability in countries with least developed emerging ESG countries. The study encourages the regulators to devise disclosure policies as per the Triple ‘C’ framework namely policies that are convenient, credible and comparable with the flexibility to encompass black swan events like Covid-19. The purpose of such disclosures should be to resolve the information asymmetry problem which primarily exists when regulations are non-mandatory.
{"title":"Institutional framework of ESG disclosures: comparative analysis of developed and developing countries","authors":"Monica Singhania, N. Saini","doi":"10.1080/20430795.2021.1964810","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964810","url":null,"abstract":"ABSTRACT\u0000 With enhanced global scrutiny in the backdrop of climate change, we attempt to identify the importance of the ESG framework during Covid-19 pandemic to produce guidelines for future sustainability practices. A comprehensive review of literature on ESG regulatory frameworks for sample developed and developing country was performed leading to undertaking of a cross-country comparative ESG analysis. It was revealed that a country's social and governance disclosure were driven by either voluntary or by mandatory codes that could not be a standalone factor for uplifting the country's overall ESG level. Other governance measures like sustainability reporting and integrated reporting practices need to be considered in order to uplift the ESG practice. Country-level environmental commitment was vital for both developed and emerging markets for solving information asymmetry issues and establishment of resilient business operations and reporting practices, leading to an emerging sustainable practice which needs to be adopted. Our findings offer valuable insights for regulators, institutional investors and policymakers in terms of considering ESG practices adopted by developed countries and bridging the gap from unsustainability to sustainability in countries with least developed emerging ESG countries. The study encourages the regulators to devise disclosure policies as per the Triple ‘C’ framework namely policies that are convenient, credible and comparable with the flexibility to encompass black swan events like Covid-19. The purpose of such disclosures should be to resolve the information asymmetry problem which primarily exists when regulations are non-mandatory.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"516 - 559"},"PeriodicalIF":4.3,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48754010","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 : 2021-08-12DOI: 10.1080/20430795.2021.1964809
Saliha Theiri, B. Alareeni
ABSTRACT Today, digital transformation as a worldwide phenomenon has taken a great deal in corporate strategies. The implementation of strict confinement has resulted in a quite cancelation of transactions and movements. Digital transformation, synonym to accessibility, rapidity and reliability has been widely triggered during the COVID-19 pandemic. In essence, this research explores the effect of digital transformation on the pandemic outcome through identifying how digitization embraces opportunity and innovative strategy. A research model was proposed and empirically tested with partial least squares path-modeling approach, based on the methodological survey completed with Tunisian banks’ CEO and operational service managing. The results have demonstrated the necessity of digitization as strategic planning to be deployed in both the short and long terms. It is considered a vector of innovation and sustainable development. It helps identify the essential aspects of business processes and how they should be employed to survive and thrive during crises.
{"title":"Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks","authors":"Saliha Theiri, B. Alareeni","doi":"10.1080/20430795.2021.1964809","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964809","url":null,"abstract":"ABSTRACT Today, digital transformation as a worldwide phenomenon has taken a great deal in corporate strategies. The implementation of strict confinement has resulted in a quite cancelation of transactions and movements. Digital transformation, synonym to accessibility, rapidity and reliability has been widely triggered during the COVID-19 pandemic. In essence, this research explores the effect of digital transformation on the pandemic outcome through identifying how digitization embraces opportunity and innovative strategy. A research model was proposed and empirically tested with partial least squares path-modeling approach, based on the methodological survey completed with Tunisian banks’ CEO and operational service managing. The results have demonstrated the necessity of digitization as strategic planning to be deployed in both the short and long terms. It is considered a vector of innovation and sustainable development. It helps identify the essential aspects of business processes and how they should be employed to survive and thrive during crises.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"477 - 498"},"PeriodicalIF":4.3,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46290612","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 : 2021-08-11DOI: 10.1080/20430795.2021.1964812
H. Ünlü, Ali Saleh Alshebami
ABSTRACT The purpose of this article is to examine the impact of financial constraints on innovation in countries experiencing the Arab Spring. It also looks at how the impact of financial constraints varies with the source of funding. The study uses 2013 BEEPS data. 2261 companies from 5 MENA countries were included in our sample. The recursive bivariate probit and extended probit models are used. Our findings show that financial constraints negatively affect the likelihood of enhancing a firm's innovative performance. Unlike the existing literature, the effect of financial barriers was not only directly examined, but also the region and fund structure of the company were examined together. Although bank loans directly negatively impact innovation performance, when this effect is considered together with financial barriers, it has been observed that the effects of financial barriers decrease. An even more significant decline is seen with the inclusion of the regional influence.
{"title":"Source of fund, financial constraints, political instability, and firm innovation: empirical evidence from Arab Spring countries","authors":"H. Ünlü, Ali Saleh Alshebami","doi":"10.1080/20430795.2021.1964812","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964812","url":null,"abstract":"ABSTRACT The purpose of this article is to examine the impact of financial constraints on innovation in countries experiencing the Arab Spring. It also looks at how the impact of financial constraints varies with the source of funding. The study uses 2013 BEEPS data. 2261 companies from 5 MENA countries were included in our sample. The recursive bivariate probit and extended probit models are used. Our findings show that financial constraints negatively affect the likelihood of enhancing a firm's innovative performance. Unlike the existing literature, the effect of financial barriers was not only directly examined, but also the region and fund structure of the company were examined together. Although bank loans directly negatively impact innovation performance, when this effect is considered together with financial barriers, it has been observed that the effects of financial barriers decrease. An even more significant decline is seen with the inclusion of the regional influence.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"195 - 213"},"PeriodicalIF":4.3,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44289297","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 : 2021-08-09DOI: 10.1080/20430795.2021.1953930
Eric Gwandega Magale
{"title":"Developing a green bond market in Kenya: perspectives from practitioners and lessons from developing markets","authors":"Eric Gwandega Magale","doi":"10.1080/20430795.2021.1953930","DOIUrl":"https://doi.org/10.1080/20430795.2021.1953930","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48713771","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 : 2021-08-09DOI: 10.1080/20430795.2021.1962663
A. Babajide, E. Osabuohien, P. Tunji-Olayeni, Hezekiah Falola, L. Amodu, F. Olokoyo, F. Adegboye, B. Ehikioya
ABSTRACT The study investigates how financial literacy and financial capabilities influence small firms’ sustainability in Lagos and Ogun States, Nigeria. It employs a survey research design to collect data from 300 small business owners across the two States. Data collected were analysed using Structural Equation Modelling (SEM) technique. The study shows that environmental sustainability, financial sustainability and social responsibility are significant determinants of small firms’ sustainability in Nigeria. Financial literacy and financial capabilities practices also have a significant positive impact on firm sustainability. However, the use of savings product shows a significant adverse effect on firms’ sustainability. The findings imply that financial literacy knowledge and practice in small business operations enhance firms’ sustainability. The study recommends that small firms should incorporate sustainability models into their business operations and improve their financial knowledge to maintain sustainability. Small business owners should also invest their savings in an appropriate investment product that suits their risk tolerance.
{"title":"Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria","authors":"A. Babajide, E. Osabuohien, P. Tunji-Olayeni, Hezekiah Falola, L. Amodu, F. Olokoyo, F. Adegboye, B. Ehikioya","doi":"10.1080/20430795.2021.1962663","DOIUrl":"https://doi.org/10.1080/20430795.2021.1962663","url":null,"abstract":"ABSTRACT The study investigates how financial literacy and financial capabilities influence small firms’ sustainability in Lagos and Ogun States, Nigeria. It employs a survey research design to collect data from 300 small business owners across the two States. Data collected were analysed using Structural Equation Modelling (SEM) technique. The study shows that environmental sustainability, financial sustainability and social responsibility are significant determinants of small firms’ sustainability in Nigeria. Financial literacy and financial capabilities practices also have a significant positive impact on firm sustainability. However, the use of savings product shows a significant adverse effect on firms’ sustainability. The findings imply that financial literacy knowledge and practice in small business operations enhance firms’ sustainability. The study recommends that small firms should incorporate sustainability models into their business operations and improve their financial knowledge to maintain sustainability. Small business owners should also invest their savings in an appropriate investment product that suits their risk tolerance.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1670 - 1692"},"PeriodicalIF":4.3,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42847810","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 : 2021-08-05DOI: 10.1080/20430795.2021.1961558
I. Yakubu, Alhassan Bunyaminu
ABSTRACT In the wake of the global financial crisis of 2007–2009, more stringent regulatory mechanisms such as increased capital adequacy ratios have gained prominence in an effort to create a stable banking sector. The relevance of capital regulation in ensuring the soundness and stability of the financial sector is overwhelmingly supported in the literature. Hitherto, little is documented on how capital requirement influences bank stability in Africa. This study, therefore, seeks to investigate the impact of regulatory capital requirement on bank stability in Sub-Saharan Africa over the period 2000-2017. Applying the generalized method of moments (GMM) technique, our results reveal a positive significant effect of capital requirement on bank stability. However, in the presence of institutional quality, capital adequacy has an inimical effect on stability. We conclude that stringent regulatory capital standards implementation is imperative for ensuring a sound and stable banking sector in Sub-Saharan Africa.
{"title":"Regulatory capital requirement and bank stability in Sub-Saharan Africa","authors":"I. Yakubu, Alhassan Bunyaminu","doi":"10.1080/20430795.2021.1961558","DOIUrl":"https://doi.org/10.1080/20430795.2021.1961558","url":null,"abstract":"ABSTRACT In the wake of the global financial crisis of 2007–2009, more stringent regulatory mechanisms such as increased capital adequacy ratios have gained prominence in an effort to create a stable banking sector. The relevance of capital regulation in ensuring the soundness and stability of the financial sector is overwhelmingly supported in the literature. Hitherto, little is documented on how capital requirement influences bank stability in Africa. This study, therefore, seeks to investigate the impact of regulatory capital requirement on bank stability in Sub-Saharan Africa over the period 2000-2017. Applying the generalized method of moments (GMM) technique, our results reveal a positive significant effect of capital requirement on bank stability. However, in the presence of institutional quality, capital adequacy has an inimical effect on stability. We conclude that stringent regulatory capital standards implementation is imperative for ensuring a sound and stable banking sector in Sub-Saharan Africa.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"450 - 462"},"PeriodicalIF":4.3,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/20430795.2021.1961558","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46981876","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 : 2021-07-27DOI: 10.1080/20430795.2021.1953929
M. Immurana, Abdul-Aziz Iddrisu, M. Boachie, M. Dalaba
{"title":"Financial inclusion and population health in Africa","authors":"M. Immurana, Abdul-Aziz Iddrisu, M. Boachie, M. Dalaba","doi":"10.1080/20430795.2021.1953929","DOIUrl":"https://doi.org/10.1080/20430795.2021.1953929","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/20430795.2021.1953929","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43804755","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 : 2021-07-26DOI: 10.1080/20430795.2021.1952822
Muhammad Azhar Khalil, Kridsda Nimmanunta
ABSTRACT Recently, the level of climate change has substantially been rising; relatively not much is known on ‘how’ companies alter the association between their environmental performance and financial performance within the context of specific elements of innovation: conventional innovation and green innovation. Drawing upon the stakeholder theory and the natural resource-based view of the firm, this research uses firm-level Environmental, Social, and Governance (ESG) data of 462 companies across 7 Asian countries for the period 2015–2019 and employs time fixed-effects panel regression with country and industry dummies. We find that measures of innovation (i.e. conventional innovation and green innovation) are beneficial to the firm value. However, the positive effect of conventional innovation on the firm valuation builds at the expense of the environment since it poses a significant threat to environmental quality by positively contributing to carbon emission. Whilst firms’ investments in green innovation are advantageous to either type of firm performance. Further analysis shows that firms that focus on environmental practices generate significant outcomes, e.g. improved financial performance, suggesting that firms should prioritize their green investments to enhance the innovation outcomes so as to achieve superior financial value and to attract potential environmentally proactive stakeholders.
{"title":"Conventional versus green investments: advancing innovation for better financial and environmental prospects","authors":"Muhammad Azhar Khalil, Kridsda Nimmanunta","doi":"10.1080/20430795.2021.1952822","DOIUrl":"https://doi.org/10.1080/20430795.2021.1952822","url":null,"abstract":"ABSTRACT Recently, the level of climate change has substantially been rising; relatively not much is known on ‘how’ companies alter the association between their environmental performance and financial performance within the context of specific elements of innovation: conventional innovation and green innovation. Drawing upon the stakeholder theory and the natural resource-based view of the firm, this research uses firm-level Environmental, Social, and Governance (ESG) data of 462 companies across 7 Asian countries for the period 2015–2019 and employs time fixed-effects panel regression with country and industry dummies. We find that measures of innovation (i.e. conventional innovation and green innovation) are beneficial to the firm value. However, the positive effect of conventional innovation on the firm valuation builds at the expense of the environment since it poses a significant threat to environmental quality by positively contributing to carbon emission. Whilst firms’ investments in green innovation are advantageous to either type of firm performance. Further analysis shows that firms that focus on environmental practices generate significant outcomes, e.g. improved financial performance, suggesting that firms should prioritize their green investments to enhance the innovation outcomes so as to achieve superior financial value and to attract potential environmentally proactive stakeholders.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1153 - 1180"},"PeriodicalIF":4.3,"publicationDate":"2021-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/20430795.2021.1952822","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45955397","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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