Mihai Andronie, Mariana Iatagan, Cristian Uță, Iulian Hurloiu, Adrian Dijmărescu, Irina Dijmărescu
Research background: Fintech companies should optimize banking sector performance in assisting enterprise financing as a result of firm digitalization. Artificial IoT-based fintech-based digital transformation can relevantly reverse credit resource misdistribution brought about by corrupt relationship chains. Purpose of the article: We aim to show that fintech can decrease transaction expenses and consolidates firm stock liquidity, enabling excess leverage decrease and cutting down information asymmetry and transaction expenses across capital markets. AI- and IoT-based fintechs enable immersive and collaborative financial transactions, purchases, and investments in relation to payment tokens and metaverse wallets, managing financial data, infrastructure, and value exchange across shared interactive virtual 3D and simulated digital environments. Methods: AMSTAR is a comprehensive critical measurement tool harnessed in systematic review methodological quality evaluation, DistillerSR is harnessed in producing accurate and transparent evidence-based research through literature review stage automation, MMAT appraises and describes study checklist across systematic mixed studies reviews in terms of content validity and methodological quality predictors, Rayyan is a responsive and intuitive knowledge synthesis tool and cloud-based architecture for article inclusion and exclusion suggestions, and ROBIS appraises systematic review bias risk in relation to relevance and concerns. As a reporting quality assessment tool, the PRISMA checklist and flow diagram, generated by a Shiny App, was used. As bibliometric visualization and construction tools for large datasets and networks, Dimensions and VOSviewer were leveraged. Search terms were “fintech” + “artificial intelligence”, “big data management algorithms”, and “Internet of Things”, search period was June 2023, published research inspected was 2023, and selected sources were 35 out of 188. Findings & value added: The growing volume of financial products and optimized operational performance of financial industries generated by fintech can provide firms with multifarious financing options quickly. Big data-driven fintech innovations are pivotal in banking and capital markets in relation to financial institution operational efficiency. Through data-driven technological and process innovation capabilities, AI system-based businesses can further automated services.
{"title":"Big data management algorithms in artificial Internet of Things-based fintech","authors":"Mihai Andronie, Mariana Iatagan, Cristian Uță, Iulian Hurloiu, Adrian Dijmărescu, Irina Dijmărescu","doi":"10.24136/oc.2023.023","DOIUrl":"https://doi.org/10.24136/oc.2023.023","url":null,"abstract":"Research background: Fintech companies should optimize banking sector performance in assisting enterprise financing as a result of firm digitalization. Artificial IoT-based fintech-based digital transformation can relevantly reverse credit resource misdistribution brought about by corrupt relationship chains. Purpose of the article: We aim to show that fintech can decrease transaction expenses and consolidates firm stock liquidity, enabling excess leverage decrease and cutting down information asymmetry and transaction expenses across capital markets. AI- and IoT-based fintechs enable immersive and collaborative financial transactions, purchases, and investments in relation to payment tokens and metaverse wallets, managing financial data, infrastructure, and value exchange across shared interactive virtual 3D and simulated digital environments. Methods: AMSTAR is a comprehensive critical measurement tool harnessed in systematic review methodological quality evaluation, DistillerSR is harnessed in producing accurate and transparent evidence-based research through literature review stage automation, MMAT appraises and describes study checklist across systematic mixed studies reviews in terms of content validity and methodological quality predictors, Rayyan is a responsive and intuitive knowledge synthesis tool and cloud-based architecture for article inclusion and exclusion suggestions, and ROBIS appraises systematic review bias risk in relation to relevance and concerns. As a reporting quality assessment tool, the PRISMA checklist and flow diagram, generated by a Shiny App, was used. As bibliometric visualization and construction tools for large datasets and networks, Dimensions and VOSviewer were leveraged. Search terms were “fintech” + “artificial intelligence”, “big data management algorithms”, and “Internet of Things”, search period was June 2023, published research inspected was 2023, and selected sources were 35 out of 188. Findings & value added: The growing volume of financial products and optimized operational performance of financial industries generated by fintech can provide firms with multifarious financing options quickly. Big data-driven fintech innovations are pivotal in banking and capital markets in relation to financial institution operational efficiency. Through data-driven technological and process innovation capabilities, AI system-based businesses can further automated services.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135082622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The business cycle (BC) approaches have found extensive use in economic analysis and forecasting. Especially in the last 40 years, various modern BC models have been proposed and have experienced rapid development. However, there are no recent studies that provide a systematic review of the publications on this topic. Purpose of the article: This paper aims to comprehensively review publications of BC approaches based on the cause, nature and methods of measurement BC, with the goal of identifying the current research states, research gaps and future trends of BC approaches. Methods: A systematic literature review of BC approaches is conducted by qualitatively introducing the cause and the nature of BCs and quantitatively analyzing the methods of measurement BCs. We selected 206 articles related to BC approaches from the WoS Core Collection and Google Scholar database, spanning the years 1946 to 2022, for comprehensive statistical and content analysis. The statistical analysis presents the distribution of publication years, the most popular journals and the highly cited publications. The content analysis classifies the selected publications into 6 categories based on methods of measurement BCs, and the theory, technique and applications of each category are analyzed in detail. Findings & value added: The analysis results indicate that BC approaches have progressively evolved in sophistication and have found widespread application in decomposing trends within economic time series, quantifying the nature of business cycles, and elucidating the causes and transmission mechanisms underlying them. This review paper provides current states, research challenges and future directions in effectively employing BC approaches for empirical study.
{"title":"A systematic literature review on business cycle approaches: Measurement, nature, duration","authors":"Zhongmin Pu, Xuecheng Fan, Zeshui Xu, Marinko Skare","doi":"10.24136/oc.2023.028","DOIUrl":"https://doi.org/10.24136/oc.2023.028","url":null,"abstract":"Research background: The business cycle (BC) approaches have found extensive use in economic analysis and forecasting. Especially in the last 40 years, various modern BC models have been proposed and have experienced rapid development. However, there are no recent studies that provide a systematic review of the publications on this topic. Purpose of the article: This paper aims to comprehensively review publications of BC approaches based on the cause, nature and methods of measurement BC, with the goal of identifying the current research states, research gaps and future trends of BC approaches. Methods: A systematic literature review of BC approaches is conducted by qualitatively introducing the cause and the nature of BCs and quantitatively analyzing the methods of measurement BCs. We selected 206 articles related to BC approaches from the WoS Core Collection and Google Scholar database, spanning the years 1946 to 2022, for comprehensive statistical and content analysis. The statistical analysis presents the distribution of publication years, the most popular journals and the highly cited publications. The content analysis classifies the selected publications into 6 categories based on methods of measurement BCs, and the theory, technique and applications of each category are analyzed in detail. Findings & value added: The analysis results indicate that BC approaches have progressively evolved in sophistication and have found widespread application in decomposing trends within economic time series, quantifying the nature of business cycles, and elucidating the causes and transmission mechanisms underlying them. This review paper provides current states, research challenges and future directions in effectively employing BC approaches for empirical study.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135082900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation. Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999–2019. Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach. Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings.
{"title":"Does ESG performance bring to enterprises’ green innovation? Yes, evidence from 118 countries","authors":"Qiang Fu, Xinxin Zhao, Chun-Ping Chang","doi":"10.24136/oc.2023.024","DOIUrl":"https://doi.org/10.24136/oc.2023.024","url":null,"abstract":"Research background: The sustainable development and innovation economics theory and related literature place a lot of emphasis on the relationship between environment, society, and governance (ESG) and green innovation. Purpose of the article: The purpose of this paper is to understand what the factors are that influence green innovation and why there is a big disparity in green innovation capabilities between nations. In addition, this paper aims to investigate the impact of ESG performance of green innovation by using unbalanced panel data covering 118 sample countries during the period of 1999–2019. Methods: Panel fixed effect model; Instrumental variable (IV) method; First-differencing (FD) method; Kinky least-squares (KLS) approach. Findings & value added: ESG performance provides evidence for its positive and significant impact on such innovation. Among the ESG factors, governance seems to have the most important influence on green innovation. Moreover, the positive influence of ESG performance is more evident in higher income and wealthy nations. Furthermore, we also conclude that ESG performance can affect green innovation through FDI, human capital, financial development and trade openness. These conclusions hold up after a number of robustness tests and taking into account any potential endogenous issues. Overall, policymakers should pay close attention to the findings.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135082624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.
{"title":"Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management","authors":"George Lăzăroiu, Mădălina Bogdan, Marinela Geamănu, Lăcrămioara Hurloiu, Luminița Luminița, Roxana Ștefănescu","doi":"10.24136/oc.2023.021","DOIUrl":"https://doi.org/10.24136/oc.2023.021","url":null,"abstract":"Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135082626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: SMEs' concern for the digital literacy of their workforce, their interest in increasing digital literacy among employees, and securing their digital platforms, have been major issues in their digital transformation process. To reduce those obstacles, the dynamic capabilities of SMEs included in the Resource-based View (RBV) might be an effective solution since they help companies be more competitive and proactive against the threats they face in the digitalization process. Purpose of the article: This research aims to investigate whether SMEs' dynamic capabilities positively contribute to their digital transformation process. Methods: In line with the proposed relationships, this paper analyzes SMEs from Czechia by running Ordinal Logistic Regression analyses. The research sample is created by stratified random sampling and purposive sampling methods. The research data is collected via telephone surveys. Findings & value added: This research does not find a positive relationship between the dynamic capabilities of SMEs and the digital transformation process. While the results related to digital literacy are negatively associated with digital transformation, no significant relationship exists between security actions and the digital transformation of SMEs. This paper extends the scope of RBV on the digital transformation of SMEs by analyzing various dynamic capabilities of SMEs that have not been included in a sole study. Moreover, the perceptions of SME executives are considered by this research to provide effective solutions for the problems they face in digital transformation. Having a joint venture agreement with well-experienced IT companies, having a network with partner firms, looking for funding opportunities in the EU, participating in some practical training, and providing internships for bachelor students might enable SMEs to hit their targets in digital transformation.
{"title":"The impacts of dynamic capabilities on SMEs' digital transformation process: The resource-based view perspective","authors":"M. Civelek, V. Krajčík, A. Ključnikov","doi":"10.24136/oc.2023.019","DOIUrl":"https://doi.org/10.24136/oc.2023.019","url":null,"abstract":"Research background: SMEs' concern for the digital literacy of their workforce, their interest in increasing digital literacy among employees, and securing their digital platforms, have been major issues in their digital transformation process. To reduce those obstacles, the dynamic capabilities of SMEs included in the Resource-based View (RBV) might be an effective solution since they help companies be more competitive and proactive against the threats they face in the digitalization process.\u0000Purpose of the article: This research aims to investigate whether SMEs' dynamic capabilities positively contribute to their digital transformation process.\u0000Methods: In line with the proposed relationships, this paper analyzes SMEs from Czechia by running Ordinal Logistic Regression analyses. The research sample is created by stratified random sampling and purposive sampling methods. The research data is collected via telephone surveys.\u0000Findings & value added: This research does not find a positive relationship between the dynamic capabilities of SMEs and the digital transformation process. While the results related to digital literacy are negatively associated with digital transformation, no significant relationship exists between security actions and the digital transformation of SMEs. This paper extends the scope of RBV on the digital transformation of SMEs by analyzing various dynamic capabilities of SMEs that have not been included in a sole study. Moreover, the perceptions of SME executives are considered by this research to provide effective solutions for the problems they face in digital transformation. Having a joint venture agreement with well-experienced IT companies, having a network with partner firms, looking for funding opportunities in the EU, participating in some practical training, and providing internships for bachelor students might enable SMEs to hit their targets in digital transformation.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45079471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: This research focused on identifying attributes of tourism services which are guided by a responsible vision and which seek to achieve consumer satisfaction with products that respect sustainability principles. Responsible consumer choices were defined as those formed by an orientation toward sustainable local food and drink, health-related services, and entertainment. Purpose of the article: This research had two aims. The first was to create and validate a measurement scale assessing tourists' motivations with regard to three responsible tourism service dimensions. The second was to evaluate how tourists' responsible choices affect their satisfaction. Methods: The methodology included exploratory factor analysis, confirmatory factor analysis, and structural equation modeling to test the hypothesis developed based on a literature review. The convenience sample was made up of tourism service users. Findings & value added: The results include a broad measurement tool that can be applied in other fields of research to detect which variables influence consumer satisfaction. The proposed model incorporates significant determining factors, namely, key aspects affecting tourism service selection by clients focused on sustainability and responsible consumption. Based on a market orientation (MO) perspective, the findings contribute to the existing literature on stakeholder theory (ST) and dynamic capability theory (DCT). The value added comprises a better understanding of responsible tourism consumers' choices based on a three-part theoretical framework (i.e., MO, ST, and DCT).
{"title":"Attributes influencing responsible tourism consumer choices: Sustainable local food and drink, health-related services, and entertainment","authors":"Dolores Gallardo Vázquez","doi":"10.24136/oc.2023.018","DOIUrl":"https://doi.org/10.24136/oc.2023.018","url":null,"abstract":"Research background: This research focused on identifying attributes of tourism services which are guided by a responsible vision and which seek to achieve consumer satisfaction with products that respect sustainability principles. Responsible consumer choices were defined as those formed by an orientation toward sustainable local food and drink, health-related services, and entertainment.\u0000Purpose of the article: This research had two aims. The first was to create and validate a measurement scale assessing tourists' motivations with regard to three responsible tourism service dimensions. The second was to evaluate how tourists' responsible choices affect their satisfaction.\u0000Methods: The methodology included exploratory factor analysis, confirmatory factor analysis, and structural equation modeling to test the hypothesis developed based on a literature review. The convenience sample was made up of tourism service users.\u0000Findings & value added: The results include a broad measurement tool that can be applied in other fields of research to detect which variables influence consumer satisfaction. The proposed model incorporates significant determining factors, namely, key aspects affecting tourism service selection by clients focused on sustainability and responsible consumption. Based on a market orientation (MO) perspective, the findings contribute to the existing literature on stakeholder theory (ST) and dynamic capability theory (DCT). The value added comprises a better understanding of responsible tourism consumers' choices based on a three-part theoretical framework (i.e., MO, ST, and DCT).","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41615392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Krzysztof Waliszewski, E. Cichowicz, Łukasz Gębski, Filip Kliber, J. Kubiczek, Paweł Niedziółka, Małgorzata Solarz, Anna Warchlewska
Research background: According to the World Bank (2020), about 60% of adults in developing countries do not use formal financial services. Furthermore, according to the Polish Association of Loan Institutions (2022), about 3 million Poles use loans, most of them obtained online. Among the reasons for more than a decade of growth of interest in the non-bank consumer lending market there are the development of modern technology applications in finance and the establishment of the Lendtech sector. Purpose of the article: The main goal of the paper is to verify the role played by the Lendtech (LT) sector in the consumer credit market in the context of household financial exclusion. The following research questions were asked: Do credit-excluded households take advantage of LT services and, if so, to what extent? What are the behaviours and preferences of those who use consumer credit offered by LT? Do socio-demographic characteristics determine consumer use of loans offered by LT and, if so, what are they? Is the use of loans offered by LT due to credit exclusion or other factors? What action should be taken by participants in the digital consumer loan market interested in its inclusive direction? Methods: The paper uses the following methods: critical analysis of the literature, Kruskal-Wallis test, Mann-Whitney test, and nonparametric regression algorithm: k-nearest neighbors, as well as inductive inference methods. The data used is primary in nature and comes from a nationwide survey, September 2022 (CAWI method) of 1,200 Poles, of whom 200 respondents are Lendtech customers. The quota selection applied made it possible to reflect characteristics corresponding to the population of customers of lending institutions registered in BIK databases. Findings & value added: The article is a pioneering study based on an independent scientific survey, devoted to the Polish LT services market considered in terms of its relationship with one of the types of financial exclusion: credit exclusion. The most important conclusion is that people at risk of credit exclusion find a financing substitute in the LT sector, and thus it plays an important role in reducing financial exclusion, while maintaining the principle of creditworthiness verification.
{"title":"The role of the Lendtech sector in the consumer credit market in the context of household financial exclusion","authors":"Krzysztof Waliszewski, E. Cichowicz, Łukasz Gębski, Filip Kliber, J. Kubiczek, Paweł Niedziółka, Małgorzata Solarz, Anna Warchlewska","doi":"10.24136/oc.2023.017","DOIUrl":"https://doi.org/10.24136/oc.2023.017","url":null,"abstract":"Research background: According to the World Bank (2020), about 60% of adults in developing countries do not use formal financial services. Furthermore, according to the Polish Association of Loan Institutions (2022), about 3 million Poles use loans, most of them obtained online. Among the reasons for more than a decade of growth of interest in the non-bank consumer lending market there are the development of modern technology applications in finance and the establishment of the Lendtech sector. Purpose of the article: The main goal of the paper is to verify the role played by the Lendtech (LT) sector in the consumer credit market in the context of household financial exclusion. The following research questions were asked: Do credit-excluded households take advantage of LT services and, if so, to what extent? What are the behaviours and preferences of those who use consumer credit offered by LT? Do socio-demographic characteristics determine consumer use of loans offered by LT and, if so, what are they? Is the use of loans offered by LT due to credit exclusion or other factors? What action should be taken by participants in the digital consumer loan market interested in its inclusive direction? Methods: The paper uses the following methods: critical analysis of the literature, Kruskal-Wallis test, Mann-Whitney test, and nonparametric regression algorithm: k-nearest neighbors, as well as inductive inference methods. The data used is primary in nature and comes from a nationwide survey, September 2022 (CAWI method) of 1,200 Poles, of whom 200 respondents are Lendtech customers. The quota selection applied made it possible to reflect characteristics corresponding to the population of customers of lending institutions registered in BIK databases. Findings & value added: The article is a pioneering study based on an independent scientific survey, devoted to the Polish LT services market considered in terms of its relationship with one of the types of financial exclusion: credit exclusion. The most important conclusion is that people at risk of credit exclusion find a financing substitute in the LT sector, and thus it plays an important role in reducing financial exclusion, while maintaining the principle of creditworthiness verification.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48223340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Julián Andrés Diaz Tautiva, Erica Salvaj Carrera, Felipe Vásquez-Lavín, Roberto D. Ponce Oliva
Research background: The observable discrepancies in entrepreneurship activity across countries have motivated both researchers and policymakers to comprehend the sources of these variations. Certain scholars have suggested that the answer to this empirical puzzle lies in the macrolevel processes that influence entrepreneurial endeavours. Purpose of the article: As the understanding of macrolevel processes that shape entrepreneurial behaviour is limited, this research aims to answer how institutions and the economic context influence entrepreneurial value creation choices (i.e., for-profit, non-profit, and mixed). Methods: Using a cross-country sample of 7,891 entrepreneurs in 58 countries, we employ a multilevel ordered probit to evaluate a novel conceptual framework. Our analysis models the direct impact of the regulative framework, the normative pillar, and the cultural pillar, alongside the moderating influence of income inequality and economic uncertainty on value creation choices. Findings & value added: Our findings show that the regulative framework has a positive marginal effect on for-profit and mixed-value creation, but a negative effect on non-profit value creation. Meanwhile, the normative pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. The cultural pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. Furthermore, income inequality moderates positive the relationship between normative pillar and for-profit and mixed-value creation, while economic uncertainty moderates negative the relationship between normative pillar and for-profit and mixed-value creation. Our research contributes to the literature by providing a nuanced understanding of how institutional pillars can act as drivers or barriers for different entrepreneurial forms, evidence of how uncertainty interacts with institutional forces to shape value creation decisions, and insights into the distinctive attributes of different entrepreneurial forms. Our findings have implications for public policy development.
{"title":"Understanding the role of institutions and economic context on entrepreneurial value creation choice","authors":"Julián Andrés Diaz Tautiva, Erica Salvaj Carrera, Felipe Vásquez-Lavín, Roberto D. Ponce Oliva","doi":"10.24136/oc.2023.011","DOIUrl":"https://doi.org/10.24136/oc.2023.011","url":null,"abstract":"Research background: The observable discrepancies in entrepreneurship activity across countries have motivated both researchers and policymakers to comprehend the sources of these variations. Certain scholars have suggested that the answer to this empirical puzzle lies in the macrolevel processes that influence entrepreneurial endeavours.\u0000Purpose of the article: As the understanding of macrolevel processes that shape entrepreneurial behaviour is limited, this research aims to answer how institutions and the economic context influence entrepreneurial value creation choices (i.e., for-profit, non-profit, and mixed).\u0000Methods: Using a cross-country sample of 7,891 entrepreneurs in 58 countries, we employ a multilevel ordered probit to evaluate a novel conceptual framework. Our analysis models the direct impact of the regulative framework, the normative pillar, and the cultural pillar, alongside the moderating influence of income inequality and economic uncertainty on value creation choices.\u0000Findings & value added: Our findings show that the regulative framework has a positive marginal effect on for-profit and mixed-value creation, but a negative effect on non-profit value creation. Meanwhile, the normative pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. The cultural pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. Furthermore, income inequality moderates positive the relationship between normative pillar and for-profit and mixed-value creation, while economic uncertainty moderates negative the relationship between normative pillar and for-profit and mixed-value creation. Our research contributes to the literature by providing a nuanced understanding of how institutional pillars can act as drivers or barriers for different entrepreneurial forms, evidence of how uncertainty interacts with institutional forces to shape value creation decisions, and insights into the distinctive attributes of different entrepreneurial forms. Our findings have implications for public policy development.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41344485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: As an outcome of a global consensus on combating climate change, green finance is expected to play an important role in promoting green growth and innovation progress. Some studies note that green credit policy yields a negative influence on green innovation, while how green finance affects renewable energy innovation has received scant attention in academia. This study focuses on the impact of green finance on renewable energy innovation. Purpose of the article: This research investigates the influence of green finance on an economy's renewable energy innovation by using green bond data from the Climate Bonds Initiative. This research further tests whether it varies for different kinds of energy types and economic development levels. Given that policies are key to renewable energy technology development, this research checks whether government stability changes the relationship between green finance and renewable energy innovation. Methods: Using the panel fixed effects model and big-scale data from 64 economies worldwide during the period 2014-2019, we investigate green finance's impact on renewable energy innovation. In the robustness test, the dynamic panel model and the panel Tobit model are employed. Findings & value added: This research finds that green finance has a positive effect on renewable energy innovation. This effect is prominent in non-OECD economies as well as middle-income and low-income economies. Government stability enhances the influence of green finance on renewable energy innovation. Moreover, the results indicate that green finance mainly promotes innovation progress for wind energy and produces little effect for other renewable energies. The subsample analysis also sheds light on the heterogeneity of the role of green finance in promoting renewable energy innovation.
{"title":"Is green finance capable of promoting renewable energy technology? Empirical investigation for 64 economies worldwide","authors":"Mingbo Zheng, Genfu Feng, Chun-ping Chang","doi":"10.24136/oc.2023.013","DOIUrl":"https://doi.org/10.24136/oc.2023.013","url":null,"abstract":"Research background: As an outcome of a global consensus on combating climate change, green finance is expected to play an important role in promoting green growth and innovation progress. Some studies note that green credit policy yields a negative influence on green innovation, while how green finance affects renewable energy innovation has received scant attention in academia. This study focuses on the impact of green finance on renewable energy innovation.\u0000Purpose of the article: This research investigates the influence of green finance on an economy's renewable energy innovation by using green bond data from the Climate Bonds Initiative. This research further tests whether it varies for different kinds of energy types and economic development levels. Given that policies are key to renewable energy technology development, this research checks whether government stability changes the relationship between green finance and renewable energy innovation.\u0000Methods: Using the panel fixed effects model and big-scale data from 64 economies worldwide during the period 2014-2019, we investigate green finance's impact on renewable energy innovation. In the robustness test, the dynamic panel model and the panel Tobit model are employed.\u0000Findings & value added: This research finds that green finance has a positive effect on renewable energy innovation. This effect is prominent in non-OECD economies as well as middle-income and low-income economies. Government stability enhances the influence of green finance on renewable energy innovation. Moreover, the results indicate that green finance mainly promotes innovation progress for wind energy and produces little effect for other renewable energies. The subsample analysis also sheds light on the heterogeneity of the role of green finance in promoting renewable energy innovation.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43405565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Research background: Corporate risk-taking (CRT) is crucial to a business's survival and performance and is a driving force for sustainable development. Environmental, social and governance (ESG) practices are critical to firm profits when considering sustainable economic growth; however, they can also be the cause of financial burdens. It is, therefore, crucial to assess the relationship between a company's ESG performance and its risk-taking. Purpose of the article: Considering the controversial results of empirical studies on the relationship between ESG and CRT, this study aims to theoretically and empirically investigate the curvilinear nexus between ESG practices and CRT within Taiwan's high-tech industry. Methods: Ordinary least square regression and quantile regression analysis was applied to investigate the curvilinear ESG-CRT relationship. The empirical studies were conducted in 38 high-tech companies on the Taiwan Stock Exchange that disclosed ESG information between 2005 and 2020, with a total of 437 firm-year observations. Findings & value added: Quantile regression estimation results reveal the ESG-CRT nexus is U-shaped (convex). Both the environmental and social pillar's relationship with CRT is nonlinear and U-shaped, whereas the governance pillar has no significant relationship with CRT. Overall, a comprehensive view is provided that shows ESG practices can have a double-edged sword effect on CRT. It is suggested that high-tech companies in Taiwan should avoid ESG practices becoming a tool for managements' self-interest. More information of ESG practices should be disclosed to stakeholders to ensure they are given full credit for the positive impact they have on capital allocation. Regulators guide firms to surpass the threshold of the U-shaped effect and take into consideration the whole benefits of stakeholders when they allocate existing resources toward environmental and social endeavors.
{"title":"Investigating the double-edged sword effect of environmental, social and governance practices on corporate risk-taking in the high-tech industry","authors":"Xiaodong Teng, Kun-Shan Wu, Lopin Kuo, Bao-Guang Chang","doi":"10.24136/oc.2023.014","DOIUrl":"https://doi.org/10.24136/oc.2023.014","url":null,"abstract":"Research background: Corporate risk-taking (CRT) is crucial to a business's survival and performance and is a driving force for sustainable development. Environmental, social and governance (ESG) practices are critical to firm profits when considering sustainable economic growth; however, they can also be the cause of financial burdens. It is, therefore, crucial to assess the relationship between a company's ESG performance and its risk-taking.\u0000Purpose of the article: Considering the controversial results of empirical studies on the relationship between ESG and CRT, this study aims to theoretically and empirically investigate the curvilinear nexus between ESG practices and CRT within Taiwan's high-tech industry.\u0000Methods: Ordinary least square regression and quantile regression analysis was applied to investigate the curvilinear ESG-CRT relationship. The empirical studies were conducted in 38 high-tech companies on the Taiwan Stock Exchange that disclosed ESG information between 2005 and 2020, with a total of 437 firm-year observations.\u0000Findings & value added: Quantile regression estimation results reveal the ESG-CRT nexus is U-shaped (convex). Both the environmental and social pillar's relationship with CRT is nonlinear and U-shaped, whereas the governance pillar has no significant relationship with CRT. Overall, a comprehensive view is provided that shows ESG practices can have a double-edged sword effect on CRT. It is suggested that high-tech companies in Taiwan should avoid ESG practices becoming a tool for managements' self-interest. More information of ESG practices should be disclosed to stakeholders to ensure they are given full credit for the positive impact they have on capital allocation. Regulators guide firms to surpass the threshold of the U-shaped effect and take into consideration the whole benefits of stakeholders when they allocate existing resources toward environmental and social endeavors.","PeriodicalId":46112,"journal":{"name":"Oeconomia Copernicana","volume":null,"pages":null},"PeriodicalIF":8.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46641639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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