Alternative Sources Of Funding Research Articles

SME ACCEPTANCE ON ISLAMIC SME FINANCING, AN OVERVIEW FROM ISLAMIC BANKING ATTRIBUTES

This paper aims to integrate the theory of planned behavior—focusing on the variables of attitude, subjective norm, and perceived behavioral control—with the concept of Islamic banking attributes, including access to Islamic finance and product range. By doing so, it proposes a conceptual framework to determine the preferences for Islamic SME financing. The framework formulation is based on a comprehensive review of literature related to SME financing behavior and Islamic banking acceptance. This paper addresses the critical issue of inadequate financing faced by SMEs, which significantly hampers their growth potential. By identifying the existing gap in Islamic SME financing and proposing a framework to understand these preferences, this study contributes to the literature. The findings of this research will not only assist entrepreneurs in identifying alternative and reliable sources of financing to achieve their growth objectives but will also aid policymakers and other stakeholders in enhancing the lending infrastructure and related technologies for SME financing.

Between Tuition Fees and Trainee Allowances: Financing of Schools in the German Health Care System

Schools in the health sector play a significant role in the structure of the German education system. In addition to public schools, there are numerous schools, either substitute or supplementary, in the private sector. Many schools are directly attached to a hospital, in contrast to others operating financially independently having cooperation agreements with corresponding facilities for practical training. This article explains the differences between public, substitute and supplementary schools in the health care sector, with particular emphasis on their financing. It also shows the impact of the integration of a school at a hospital. The information regarding the types of schools was generated through expert interviews and by reviewing current laws. A schematic illustration is intended to promote further understanding of school financing in the health care sector, thus contributing to more transparency. The legal framework conditions for the professions of physiotherapy, occupational therapy and speech therapy are elaborated, as well as basic German Law forming the legal basis for the Hospital Financing Act (KHG). The financing of public schools is regulated by law and is carried by the respective state or municipality. This also applies to public schools in the health care sector. Uniform regulations are also applicable to replacement and supplementary schools falling under the KHG. Trainees receive a salary if their schools cooperate with hospitals with which corresponding funding agreements are in place. However, private schools not affiliated with the KHG training fund must rely on alternative sources of funding, ultimately leading to the necessity to charge tuition fees. Different federal/state-specific regulations contributing to the financing of health care education is often unclear and incomprehensible. Due to current laws, tuition-free education cannot be guaranteed in every federal state or at every school. It remains to be seen if or to what extent changes will take place leading to uniform, transparent and comprehensible financing of the training landscape in the health professions in the German education system.

Development of financial literacy and fintech adoption on women SMEs business performance in Indonesia

Women-owned small businesses are crucial to the Indonesian economy. Despite this contribution, women entrepreneurs face many challenges when building their businesses, especially getting business loans. Women entrepreneurs adopt less technology and have less financial expertise than men. This study aims to determine financial literacy factors affecting women SMEs' business success and the extent of financial technology (FinTech) use as an alternative funding source to formal financial institutions. The study examines FinTech adoption using the Unified Theory of Acceptance and Use of Technology (UTAUT Theory). This study also examines how FinTech adoption mediates the indirect effect of financial literacy on SME business performance. The study uses a quantitative research approach using a judgmental sample of 270 women entrepreneurs who have previously used FinTech. The data is analyzed with SEM-PLS. According to the study, effort expectancy, performance expectancy, and social influence all have a beneficial impact on FinTech adoption among women-owned small businesses. The survey found that FinTech adoption was a key factor influencing women SMEs' business performance. The findings also indicate that financial literacy has a beneficial effect on business success. The study reveals FinTech adoption as a mediating factor in the association between financial literacy and SMEs business success. As a result, our findings contribute to a better understanding of how digital technology adoption affects SMEs' performance and long-term sustainability. The findings offer insights for entrepreneurs, policymakers, and company owners looking to enhance the survival rate of SMEs by improving operations and harnessing digital technology to promote capital accessibility, FinTech adoption, and financial literacy.

Russia–Ukraine war and the cost of borrowing in the West African Economic and Monetary Union sovereign debt market

AbstractThis paper contributes to the emerging literature on the economic impacts of the Russia–Ukraine war by estimating the effects of that war on FCFA‐denominated sovereign bond yields and spreads for the West African Economic and Monetary Union (WAEMU) countries. Using ordinary least squares regressions on monthly panel data from January 2020 to December 2022, we found three key results. First, the Russia–Ukraine war significantly increased long‐term government bonds but had no impact on short‐term sovereign bond yields. Second, the Russia–Ukraine war raised sovereign bond spreads in WAEMU countries. These results suggest that WAEMU countries may consider reducing sovereign long‐term bond issuances and exploiting alternative financing sources, such as concessional financing, until the war and its corollary of global economic and financial imbalances are resolved. Finally, we found that the Central Bank of West African States's policy rate hikes increase governments' borrowing costs. Given this impact, we recommend complementing monetary policy with nonmonetary and fiscal policy measures to ease inflationary pressure from the Russia–Ukraine war. This approach may help mitigate the upward pressure driven by monetary policy tightening on sovereign borrowing costs in the WAEMU government securities markets.

Does litigation risk matter for the choice between bank debt and public debt?

We examine the impact of liberal judge ideology, as an exogenous proxy for litigation risk, on firms' choice of debt structure. In line with the substitution of governance mechanisms hypothesis, we find that U.S. firms headquartered in circuits dominated by liberal judges rely less on bank debt financing. We also show that the substitution away from bank borrowing arising from liberal judge ideology leads to a greater reliance on other financing alternatives, such as public debt and equity financing. Additional analyses indicate that the effect of liberal judge ideology is amplified for firms operating in competitive markets, firms facing tighter financial constraints, and firms with more growth opportunities. The governance substitution effect is, however, less pronounced for firms with higher institutional ownership. Overall, our findings suggest that, by exacerbating litigation risk, liberal judge ideology induces firms to trade-off creditor governance stemming from bank debt with governance by litigation, thus decreasing their reliance on bank debt in favor of alternative financing sources with less strict constraints and lower monitoring of managerial behavior.

Barriers and Strategies: Analysis of the Implementation of Independent Learning Independent Campus (MBKM) at PTKI in Aceh

The objective of this study is to analyze the challenges encountered in the implementation of the Merdeka Belajar Kampus Merdeka (MBKM) policy in Islamic Religious Colleges (PTKI) in Aceh and to propose strategies to address these challenges and enhance the effectiveness of policy implementation. The study focuses specifically on implementing the MBKM policy in PTKI in Aceh, which is noteworthy due to the unique obstacles relating to infrastructure and human resources in this region. The study offers strategic solutions that can be employed to improve the effectiveness of MBKM policy implementation. Furthermore, it provides valuable insights for other universities in Indonesia that may confront similar challenges in implementing the MBKM policy. This study employs a descriptive qualitative approach to investigate PTKI subjects, using interviews, observations, and policy document analysis. The findings reveal that significant obstacles, including a lack of understanding and awareness, limited technological infrastructure, insufficient internet access, and financial constraints impede the implementation of PTKI in Aceh. To overcome these challenges, strategic efforts are needed to raise awareness and educate stakeholders about MBKM, upgrade technology and internet infrastructure, enhance human resource readiness and training, revise internal policies to support the flexibility of MBKM better, streamline bureaucratic processes, and explore additional or alternative sources of funding to support program implementation.

Willingness analysis of middle-aged and older people’s participation in reverse mortgage schemes

Enabling older adults to age at home is an urgent issue. This study focuses on the attitudes of middle-aged and older people (MAOP) in the capital cities of Taiwan, which are characterised by expensive housing prices and living costs, to examine their preferences for reverse mortgage (RM) schemes. The stated preference method and conditional multinomial logit model are utilised for analysis. The study simulates the total payment duration (TPD) and monthly payment amounts (MPA) to determine the market share of MAOPs’ choices regarding terms. The results indicate that MAOPs tend to opt for RM schemes when they have children, partly enhancing the preference toward the long-term alternative (AL). Increasing the MPA has a positive effect on the market share of the AL scheme, but the amount must be increased to 90% to replace the market share of non-participation schemes significantly. The experimental design of this study could serve as a reference for future RM scheme designs. The findings suggest that there should be more alternative funding sources in an ageing society, particularly through revitalising housing assets, to promote ageing in place.

Beyond banks: Navigating the shift to peer-to-peer lending for small enterprises

This study sheds light on how non-traditional lending avenues, specifically peer-to-peer (P2P) lending platforms, influence the financing decisions of small businesses. It introduces a theoretical framework where borrowers weigh the option between opting for a cost-effective traditional bank loan versus an expensive option through crowdlending platforms. The findings suggest that crowdlending platforms become a more appealing choice in the event of credit supply disruptions in traditional banking sectors. Leveraging the phased introduction of mobility restrictions during the COVID-19 pandemic as a case study, our research demonstrates a noticeable pivot of small businesses towards alternative funding sources, such as P2P lending. These findings emphasize the value of offering a variety of financial tools to small businesses so they can weather economic storms.

Exploring Alternative Behavioural Trajectories in Entrepreneurship Education in Universities

This Paper explored alternative behavioural trajectories navigable to address entrepreneurship education issues in Nigeria's public universities. Entrepreneurship education's current viability and capacity utilization have not gained the impetus to drive students’ practical application development and add significant value to economic development. This work relied on ethnography using the participant observer method to get relevant contextual specifics to give insights on traversable alternatives that culminate in the much-desired economic development and growth of individuals and the nation at large. It was concluded that behavioural alterations that gravitate towards trajectories that deviate significantly from the dismal state of affairs obtainable in the current pedagogy are the panacea to the apparent quagmire. It was suggested amongst others that driving emotional attachment, improvisation, and the use of alternative sources of funding are avenues of attaining optimal level benefits of entrepreneurship education. This paper contributes to the body of knowledge of entrepreneurship development and knowledge efficiency.

Analyzing the impact of tax-based vs. rent-based funding on the effectiveness of environmental protection policies

The necessity of government intervention, particularly through public spending, to address market failure in providing public goods like environmental quality is widely recognized. However, the effectiveness of fiscal environmental policies in improving the environment remains unclear. This paper aims to explore the impact of funding sources for government expenditures on environmental quality. Using a Ramsey growth model, we investigate the consequences of two alternative funding sources for environmental protection: Taxes and natural resources rents. The model highlights that along the balanced growth path, financing environmental spending through taxes enhances environmental quality, while funding from natural resources rents leads to its deterioration. Furthermore, the model emphasizes the crucial role of socio-political institutions governing the economy in understanding the link between environmental protection expenditures and environmental outcomes. To test the model's propositions, we utilize a panel dataset of 76 countries spanning from 1995 to 2018. Our empirical findings corroborate the notion that the funding sources of environmental protection expenditures significantly impact environmental outcomes. Additionally, the results indicate that higher institutional quality, such as greater state capacity, enhances the effectiveness of the government's environmental spending in improving environmental quality. Our findings offer valuable insights for policymakers and researchers seeking to design effective strategies for environmental preservation and sustainable growth.

Delays Factors for Construction Projects in South of Iraq

This study seeks to identify and categorize the factors responsible for delays in construction projects in southern Iraq. Using a sequential research approach that includes a literature review, interviews, and surveys, data were collected from 115 industry professionals, including clients, consultants, project managers, contractors, and engineers. The analysis utilized both descriptive and conclusive statistical methods, with a specific emphasis on the Spearman rank correlation coefficient to verify the reliability of the delay factor rankings. The research identified 45 major delay factors, with the most critical being global and local economic crises, bureaucracy and corruption, public holidays, delays in securing municipal permits, and frequent change orders initiated by clients. These factors were further classified into eight categories: inaccuracies in the tendering process, technical performance management, government interference, rework in construction practices, among others. The results indicate strong consensus among the different respondent groups regarding the main causes of project delays, as demonstrated by high correlation coefficients and a Chi-squared test confirming the agreement's significance. The findings provide valuable insights for practical applications and academic research, supporting the selection of project leaders, anticipating potential delays, and improving project management practices in Iraq. The study suggests future research should focus on strategic economic planning, exploring alternative funding sources, combating corruption, and implementing regulatory reforms to address the identified delay factors.

Strategi Perencanaan Standarisasi Delapan Standar Nasional Pendidikan (SNP) di SDN Pamulang Indah

It can be stated that when designing a plan for a primary school, it is important to ensure that the plan is in line with the 8 National Education Standards (NES). These standards provide a solid performance framework for improving the quality of education, ensuring every aspect of education functions properly. The research method uses a descriptive qualitative approach, with interview techniques, observation and supported by documentation for data collection. The analysis through the data visualisation approach produced by Atlas.ti 9 describes Pamulang Indah Primary School as a pioneer of excellence in education. The school's unwavering commitment to implementing the 8 National Education Standards (SNP) is evident in its comprehensive and structured approach. By prioritising quality education for all. SDN Pamulang Indah has made significant progress in fulfilling most of the 8 National Education Standards (SNP), although there are still shortcomings that need attention, especially in the Financing Standard. The high dependence on APBN and BOS funds has caused some student activities to be hampered when these funds are insufficient or disbursed late. This points to the need for strategic measures to find alternative sources of funding to ensure the smooth running of all educational activities. To overcome the dependence on APBN and BOS funds, SDN Pamulang Indah can seek to diversify funding sources by collaborating with the private sector, raising funds through community activities or applying for assistance from donor agencies. With these measures, the school can be more financially independent and ensure the smooth running of all educational activities, including extra-curricular activities and facility development, without having to rely too heavily on the government budget.

Анализ возможностей финансирования крупных it-компаний в современной российской экономике за счёт коллективных инвестиций

The study of financing IT companies through collective investments is aimed at analyzing and evaluating this model in the context of modern economic conditions. The relevance of the topic is due to the rapid development of the technology sector and the need to find alternative sources of financing for startups and developing companies in an environment where traditional lending and investment mechanisms are often unavailable or ineffective. The purpose of this study is to assess the potential of collective investments as a tool for supporting and developing IT companies, identify the main factors influencing the success of this type of investment, and develop recommendations to improve the effectiveness of fundraising.

Why do Moroccan banks securitize?

PurposeThis paper analyzes the ex-ante determinants of asset securitization in Moroccan banks, providing a detailed exploration of factors influencing securitization in the Moroccan banking sector.Design/methodology/approachThe study focuses on funding, performance, risk transfer and regulatory capital arbitrage hypotheses. By employing a probit model, we examined all Moroccan banks that securitized their assets from 2002 to 2022. Additional analyses were conducted with alternative variables and by splitting the sample into two periods, 2002–2013 and 2014–2022, to assess the impact of the regulation law 119-12 implemented in 2013 on the Moroccan securitization market.FindingsThe results indicate that the search for alternative funding sources and bank size emerge as significant factors driving securitization in Morocco. Additionally, there is limited evidence that loan portfolio quality is a decisive factor to securitize. Meanwhile, there is no evidence that securitization is driven by performance and regulatory capital arbitrage. Robustness tests further support these findings, while also suggesting that banks may engage in securitization to enhance their performance and, to a lesser extent, reduce regulatory capital.Originality/valueThis paper contributes to the empirical literature by identifying the determinants that drive Moroccan banks to securitize, addressing a research gap in the relatively understudied Moroccan securitization market. The findings provide valuable insights for bankers, investors and policymakers, highlighting the potential benefits of securitization and suggesting policy changes to foster a robust securitization market while ensuring financial stability.

Regional analysis of agricultural bank liquidity

PurposeThe purpose of this article is to determine the regional economic factors and bank characteristics that significantly contribute to changes in bank liquidity. We also seek to identify regions that may be most susceptible to liquidity tightening.Design/methodology/approachFor this article we use data on deposits from commercial banks, Federal Reserve survey data and indicators of regional and agricultural economic conditions. We specify a panel regression with fixed effects to model how liquidity at agricultural banks has changed and to identify the most significant drivers.FindingsOur results suggest that small banks and banks with branch networks located in areas more concentrated in agricultural production bear the greatest risk of reduced liquidity.Practical implicationsPrior to the pandemic and more recently, lower deposit growth, combined with strong demand for agricultural loans, has led to reductions in liquidity at agricultural banks. Lower liquidity could reduce credit availability for farm borrowers and increase risks for banks that must rely on alternative sources of funding to meet loan demand.Originality/valuePrevious research has shown that exogenous shocks from other economic sectors, such as energy, can significantly affect bank liquidity, but research is limited on how agricultural bank liquidity is affected by downturns in the agricultural economy and other regional economic factors. Another contribution is this paper’s analysis of regional disparities in bank liquidity.

The Influence of ZIS Literacy and Trust on The Decision to Channel ZIS Through Digital Payment at LAZISMU in Makassar City

Zakat, Infaq, and Sadaqah (ZIS) not only constitute an obligation for Muslims but also play a crucial role as an alternative source of state financing, capable of stimulating economic activities and enhancing individual purchasing power. The distribution of ZIS acts as a balancing instrument in the financial economic sector of society, referred to as al-maliyah al-ijtima'iyah, which supports communal welfare. This study aims to examine the influence of ZIS literacy and trust levels on the use of digital payment methods for the distribution of ZIS. A quantitative approach is employed, with respondents comprising mustahik from Lazismu Makassar, as well as muzakki and munfiq who utilize digital payments. Data is gathered through questionnaires and analyzed using tests for convergent validity, discriminant validity, composite reliability, and structural model evaluation. The findings indicate that ZIS literacy has a positive and significant effect on the decision of muzakki and munfiq to channel ZIS through digital payments, with an original sample value of 0.325 and a P-value of 0.000. Trust is also found to have a positive and significant impact on the use of digital payment for ZIS distribution, with an original sample value of 0.647 and a P-value of 0.000. Both trust and ZIS literacy play essential roles in enhancing the use of digital payments, facilitating the distribution process, and strengthening the effectiveness of ZIS collection. The study concludes that improving ZIS literacy and trust in zakat management institutions can encourage more muzakki and munfiq to adopt digital payment methods, thereby supporting efficient ZIS management and maximizing the positive impact on community welfare.

Implementation and evaluation of a proactive consultation-liaison model on an inpatient obstetric unit

ObjectivePerinatal mental and anxiety disorders (PMADs) contribute to adverse health outcomes, though they are underrecognized and undertreated. Inpatient obstetric settings represent a unique opportunity for behavioral health engagement, including screening, brief treatment, and referrals for outpatient care. The proactive consultation-liaison (CL) model has proven effective in general hospital settings but is not well-studied in obstetric settings. This article describes the implementation and evaluation of a proactive CL model in an inpatient obstetric unit within a tertiary medical center. MethodsWe implemented a multidisciplinary, proactive CL model in an inpatient obstetric unit with the purpose of identifying patients at risk for or experiencing PMADs and providing intervention and/or referral to treatment. Systematic screening of 7322 admitted patients was performed over a 17-month period to identify eligible patients for behavioral health consultation. Consultation data was retrospectively extracted from the electronic medical record. Key implementation outcomes were assessed using a RE-AIM measures (Reach, Effectiveness, Adoption, Implementation, and Maintenance) framework. Results1589 initial consults were conducted by the multidisciplinary team, yielding a consult rate of 21.7 %. The majority of consults (94 %) were completed by a social worker or psychologist, with most patients identified for consultation at multidisciplinary rounds (60.7 %). The most common indications for consultation with a psychiatrist included medication management, history of bipolar disorder, and history of anxiety. All invited staff and providers participated in the model. Alternative funding sources agreed to cover the salaries of the multidisciplinary team following conclusion of pilot grant funding. ConclusionsA proactive CL model implemented in an inpatient obstetric unit led to a higher consult rate (21.7 %) than is observed with traditional CL services. A multidisciplinary proactive CL model shows promise in identifying people at-risk for PMADs and providing targeted interventions to prevent PMADs and treat those with active symptoms.

The Simultaneity of Strategic Financial Decisions: Evidence from PSX listed Firms

This study investigates the interrelationships among financing, dividends, and the investment choices of non-financial firms listed on PSX. Unlike previous research, which primarily focused on developed nations with well-developed financial markets and investor protection laws, this study examines businesses in a developing economy characterized by fragile corporate governance, precarious investor protection laws, and political instability. The aim of this study is to shed light on the unique decision-making processes of managers operating in such contexts. This study employs a framework of simultaneous equations considering the flow of funds identity and utilizes the 3SLS estimation technique, which addresses the limitations of single-equation estimation methods. The findings reveal significant interdependencies among corporate financing, dividends, and investment decisions. Financing decisions positively influence dividend decisions and vice versa. Similarly, financing decisions positively impact investment decisions and vice versa. Moreover, dividends and corporate investments have been shown to be competing uses of funds. The results highlight the sensitivity of all three financial decisions to internal cash flows. Additionally, leverage and internally generated cash flows are identified as alternative sources of funds, while investment and dividend decisions are constrained by both internal funds and external debt. These findings align with the flow of funds approach and provide valuable insights for corporate managers and investors to understand the dynamics of financial choices in non-financial firms. This study contributes to the literature by filling a gap in knowledge regarding the interactions among financing, dividends, and investment decisions in emerging markets.

An Alternative Source of Funding to Mitigate Flood Losses through Bonds: A Model for Pricing Flood Bonds in Indonesian Territory

An Alternative Source of Funding to Mitigate Flood Losses through Bonds: A Model for Pricing Flood Bonds in Indonesian Territory

How feasible is it to mobilize $31 billion a year for pandemic preparedness and response? An economic growth modelling analysis

BackgroundCovid-19 has reinforced health and economic cases for investing in pandemic preparedness and response (PPR). The World Bank and World Health Organization (WHO) propose that low- and middle-income governments and donor countries should invest $31.1 billion each year for PPR. We analyse, based on the projected economic growth of countries between 2022 and 2027, how likely it is that low- and middle-income country governments and donors can mobilize the estimated funding.MethodsWe modelled trends in economic growth to project domestic health spending by low- and middle-income governments and official development assistance (ODA) by donors for years 2022 to 2027. We modelled two scenarios for countries and donors – a constant and an optimistic scenario. Under the constant scenario we assume that countries and donors continue to dedicate the same proportion of their health spending and ODA as a share of gross domestic product (GDP) and gross national income (GNI), respectively, as they did during baseline (the latest year for which data are available). In the optimistic scenario, we assume a yearly increase of 2.5% in health spending as a share of GDP for countries and ODA as a share of GNI for donors.FindingsOur analysis shows that low-income countries would need to invest on average 37%, lower-middle income countries 9%, and upper-middle income countries 1%, of their total health spending on PPR each year under the constant scenario to meet the World Bank WHO targets. Donors would need to allocate on average 8% of their total ODA across all sectors to PPR each year to meet their target.ConclusionsThe World Bank WHO targets for PPR will not be met unless low- and middle-income governments and donors spend a much higher share of their funding on PPR. Even under optimistic growth scenarios, low-income and lower-middle income countries will require increased support from global health donors. The donor target cannot be met using the yearly increase in ODA under any scenario. If the country and donor targets are not met, the highest-impact health security measures need to be prioritized for funding. Alternative sources of PPR financing could include global taxation (e.g., on financial transactions, carbon, or airline flights), cancelling debt, and addressing illicit financial flows. There is also a need for continued work on estimating current PPR costs and funding requirements in order to arrive at more enduring and reliable estimates.