Capital Funds Research Articles

Analisis Pembiayaan Bermasalah Pada BMT Assayfi’iyah Kota Gajah

The main factors that are taken into consideration before being given financing are externalfactors or factors caused by customers consisting of character, capacity, capital, collateraland conditions and non-performing financing. This study aims to determine the factors thatcause problematic financing at BMT Assayfi'iyah. The research design is a quantitativedescriptive study using a survey method. The object of research is the character, capacity,capital, guarantee and economic condition of customers with non-performing financing. Thepopulation and research sample are customers with financing problems with the number ofsamples taken as many as 55 customers. Data collection techniques using questionnaires.The analytical tool used is data quality analysis and multiple linear regression analysis withSPSS program. The results showed that character, capacity, capital, collateral and conditionpartially or simultaneously had a positive and significant effect on reducing non-performingfinancing. Based on the coefficient values of all research variables, it can be seen that themost influential factor on non-performing financing is the character factor of the customer

Developers' decision to navigate resource adversity in crowdfunded digital development projects

In a world where funding institutions and venture capitalists dominate the digital product development landscape, crowdfunding engages a global crowd to finance visionary ideas and address underrepresented needs. However, despite recognizing the challenges of managing crowd expectations, there is limited understanding of how developers navigate these challenges following the successful funding of their proposals. Drawing on a comparative, longitudinal, and in-depth grounded investigation, this study illuminates the prevalence of "resource adversity" within crowdfunded digital development projects. Resource adversity, characterized by scarcities of critical resources such as funding and human capital, affects crowdfunded development despite substantial support from a large crowd, potentially leading to complex outcomes. While adversity compels developers to seek additional funding and advocate for changes in various project aspects, this perspective departs from resource-centric viewpoints and emphasizes resourceful decisions to proactively establish resilience, resist precarious changes, and facilitate the release of high-quality products and post-adversity benefits. The perspective contributes to the dominant research focus on post-adversity decision-making and restoration by discussing connections across pre-adversity, adversity, and post-adversity stages. By focusing on preparedness and resourcefulness, the decision-making insights expand research on managing resource-limited development while meeting diverse stakeholder expectations. Moreover, the perspective enriches extant understanding of community-based innovation by elucidating how product improvisation, community resource engagement, and bricolage are interrelated and contribute to shaping evolving digital products. The article concludes by discussing practical implications for entrepreneurs and platform owners and by exploring avenues for future research.

The Impact of Working Capital and Macroeconomic Variables on the Profitability of Listed Industrial Firms in South Africa

This study examines the impact of working capital management policies (WCMP) and macroeconomic variables on the profitability of 83 industrial firms listed on the JSE over the period 2010-2020. The system Generalized Method of Moments (GMM) approach was employed in regression analysis to deal with the existence of endogeneity. Results establish that working capital investment policy (WCIP) is significantly and negatively related to firm profitability. A significant and positive relationship was found between working capital financing policy (WCFP) and firm profitability. Contrary to our expectations, interest rates demonstrated significant and positive relations with return on assets(ROA). Exchange rates and inflation rates proved to impact firm profitability significantly and negatively, which resulted in the study recommending JSE-listed industrial firms to pay special attention to the external environment. Economic growth influenced firm profitability positively and significantly, which aligned with the idea that GDP growth increases the average consumers' income per capita, increasing the goods and services consumed, enhancing profitability.

Venture Capital Investment Success: A Study of the Factors that Matter

Venture capital funding is essential for emerging businesses because it allows them to gain access to capital and other resources necessary for growth. VC firms play an important role in economic growth because they inspire innovative thinking and provide funding for startups to develop marketable products and cutting-edge technologies. Consequently, it is essential for venture capitalists to take into consideration relevant aspects before investing in order to increase the proportion of investments that are successful. Through literature analysis which has revealed that there are six key components to a successful venture capital firm: the team, the syndication, the valuation, the value-add, the interaction with investors, and the exits. Importantly, venture capitalists place more weight on the selection of transactions than on the selection of investments. Rather than considering a company's track record or product offerings, investors will place greater emphasis on the management team behind the venture. Many venture investors subscribe to the old adage that investing in a mediocre idea with excellent management is better than a fantastic business strategy with inexperienced management because a team with competent and experienced employees will play a significant part in the firm's growth. Even while it's crucial to choose your transactions carefully, value can also be created by the addition of new elements after an investment has been made.

Religion and the financing of corporate investment around the world

Religion stands as a significant social institution, impacting corporate decisions both directly through the values and traits of individuals and indirectly by shaping the broader business environment. This study employs two complementary measures of religious impact, religiosity and religious diversity, to investigate how religion affects the financing of both short-term working capital and long-term fixed capital investments across 139 developing countries from 2006 to 2019. The findings reveal that both measures of religious impact wield a positive influence on corporate investment financing. Additional analysis uncovers a non-linear correlation that varies based on factors such as the dominant religion within a country, the size of the firm, and the industry it operates in. Furthermore, this relationship is contingent upon the nature of the financing, whether for fixed or working capital. Notably, the effect of religion on working capital financing is more pronounced in low-income countries, while its impact on fixed capital financing is influenced by factors like the sample size, estimation model, and controlling variables. Macroeconomic, institutional, and social conditions play a role in tempering the influence of religion. Grasping the nuances of religious impact and catering to religious preferences holds substantial significance for shaping eco-friendly financial policies that could play a pivotal role in boosting the supply of much-needed sustainable finance on a global scale.

Financial Health Indicators that Affect Return on Assets of Indonesian Guarantee Institutions

The amount of outstanding claims increased, and the Financial Service Authority, known as Otoritas Jasa Keuangan (OJK) had regulations to make them keep their performance financial health. The institution also needs to improve its financial performance, which may be affected by financial health. This research aims to find out and analyze the influence of financial health indicators on financial performance. The type of this research is classified as quantitative associative research. The study used secondary data of guarantee institution statistics that includes financial highlight, financial position, comprehensive income, investment portfolio, and operational performance of guarantee institutions for 78 months, from January 2016 to June 2022. This study used multiple linear regression analysis with analytical tools Eviews version 12. The indicator of financial health was using Early Warning System (EWS) and gearing ratio. EWS is proxied through the solvency margin ratio, adequacy of capital funds, incurred loss ratio, and liquidity ratio, while financial performance is proxied through return on asset. The result of this study shows that solvency margin ratio, adequacy of capital funds, and liquidity ratio affect financial performance, while incurred loss ratio and gearing ratio do not affect financial performance.

Analysis of The Cash Waqf Linked Sukuk (CWLS) Model As An Instrument of Post Covid-19 National Economic Recovery

The purpose of this research was conducted in order to find out whether the National Economic Recovery Program (PEN) carried out by the Government during the Covid-19 pandemic could be supported by one of the sharia financial social innovations, namely Cash Waqf Linked Sukuk. This study uses a descriptive qualitative approach with the literature review method to review and analyze facts in the field, expert opinions, theories and previous research related to CWLS and its development potential. From the research results it is known that the role of Cash Waqf Linked Sukuk is in revitalizing the country's economy, where income from the sale of Cash Waqf Linked Sukuk can be used as a new source of financing for the country's development. Cash Waqf Linked Sukuk is expected to be able to reach the poor who are especially dealing with the Covid-19 pandemic by providing working capital funds from waqf funds, so that waqf funds can be utilized to be more productive

Unveiling the hidden power: How ESG enhanced Indonesian companies' financial flexibility

Purpose – The company’s investors and lenders increasingly see that ESG is an important aspect to implement and disclose that can determine their investment or lending decision. This decision can impact the firm's capital inflow and financing capability, which can affect the company's financial flexibility. This study aims to show the effect of ESG on financial flexibility and the mediating role of financial constraints. Design/methodology/approach – This study used companies listed on the Indonesia Stock Exchange from 2015 to 2021 as a sample. The final sample included 233 unbalanced panel data points from 48 listed firms. Path analysis and Sobel test are used to test the mediating role of financial constraint. Findings – The results revealed a notable positive influence of ESG performance on financial flexibility. However, both the path analysis and Sobel test findings indicated that financing constraints were unsuccessful in mediating the relationship between a company's ESG performance and financial flexibility, as the direct effect remained stronger. Research limitations/implications – This study only use enterprises from Indonesia as samples. Secondly, this study applied conventional methodologies commonly used in the existing literature to quantify variables. Third, this study relied on Refinitive ESG rating data and did not compare the ESG ratings from multiple institutions. Practical implications – This research's findings prove to company management that adopting ESG practices in Indonesia can positively influence cash flow and financial flexibility. As a result, it incentivizes companies to be more open to voluntarily disclosing ESG-related information. Originality/value – Little research has discussed whether ESG affects financial constraints and financial flexibility in Indonesia. This study also studies the differences in the effect of ESG performance on financial flexibility directly and indirectly through financial constraint as a mediator, which has not been covered in previous studies.

Life insurance with insurance capital funds as a form retirement savings: Determinants for the self-employed

Reduction of the public pension system generosity should encourage all future retirees to accumulate private retirement savings. They have many options in this area, both dedicated pension programs (pension pillars), and a whole range of financial market investment instruments (non-pillar solutions). The main objective of the paper was the empirical identification of factors that determine the level and propensity to save in the form of life insurance with insurance capital funds for retirement purposes by self-employed persons in Poland. The microeconomic perspective of considerations was adopted in the research process. On the basis of a review of economic literature, a set of individual characteristics that affect savings decisions of natural persons was distinguished, then an attempt was made to find out whether the same groups of factors also determined the individual decisions of self-employed persons regarding saving for retirement in the form of insurance capital funds. The following research hypothesis was verified: Ownership of retirement savings in the form of life insurance with insurance capital funds by self-employed natural persons in Poland is determined both by social and economic factors, and the impact of these factors varies. The empirical study showed that the accumulation of retirement savings by self-employed persons in the form of life insurance with insurance capital funds was the least important way to supplement the future pension from the public pillar. Self-employed persons are characterized by a relatively high propensity to save for retirement (higher than the average propensity to save in Poland), prefer non-pillar forms of collecting voluntary savings for retirement, primarily in the form of real estate. The strength of the social and economic factors varies.

지역 창업기업 투자 활성화를 위한 엔젤투자자 투자결정요인에 관한 연구

This study analyzed the investment decision factors of angel investors from the investor's perspective to promote investment in local startups using the AHP technique. To achieve the purpose of the study, a total of 110 respondents, including angel investors and those in charge of direct and related work related to investment such as venture capital and mother funds, were surveyed, and 47 of them were used for analysis. We differentiated from previous studies by setting the perspectives on investment decisions into resource-based perspective, industrial organization theory perspective, managerial characteristics perspective, business management function perspective, and other perspectives, and derived the factors that affect investment based on these perspectives through AHP analysis.
 The results of analyzing the relative importance of angel investors' investment decision factors for startups are as follows. From the managerial characteristics perspective, technical expertise, experience and performance in the area of managerial characteristics, marketing management function perspective, whether there is an independent distribution network and marketing organization, legal and other factors such as venture company certification, ISO certification, and the possibility of principal recovery, and resource-based perspective, differentiation in the area of products and services, original technology, and R&D capabilities in the area of technology were found to be the priorities of angel investors' investment decisions. As a result, it can be interpreted that a company's resources have a positive effect on its performance. It can be seen that angel investors put more emphasis on managerial characteristics when making investment decisions in startups, and on the contrary, they value the financial part of the company less. This may be due to the fact that start-ups are not able to secure a secure financial position unlike general companies.
 By identifying and analyzing the priorities of angel investors' investment decision factors across groups, this study provides practical implications for understanding investors and helping entrepreneurs to revalidate and strengthen their businesses from an investor's perspective.

A Study on Business Tycoon Perspective and Awareness on Venture Capital Financing

As off that Venture Capital is an enormous concept, Venture capital financing is a kind of endowment by venture capital. While this study will explore you the Business magnate perspective and awareness in choosing venture capital as a main stream for their investment and financing among various alternatives. Venture capital in all-inclusive wisdom is not entirely an insertion of finances into a new firm, it is in addition of a contribution of proficiency looked-for to set up the firm and intend its promotion tactic, systematize and administer it. The fundamental motive of this research seeks to scrutinize the venture capital financing by the Business Man. This exploration assists us to realize ideology and views of Business magnate with respect to venture capital financing.

Corporate accelerators: design and startup performance

Corporate accelerators (CAs) have emerged as a key component of entrepreneurship ecosystems, offering startups corporate guidance, industry connections, and resources for accelerated venture creation. Although their proliferation is evident, we still know little about the value they produce for startups across different contexts. This study investigates the organizational setup and program design of 15 CAs in Germany using a unique and hand-collected dataset of 223 alumni startups. Our findings reveal a tradeoff: Specialized and integrated programs positively impact startups’ speed to market and growth, while specialization and rising corporate control may hinder follow-up venture capital financing. This research contributes to our understanding of CAs and the startup acceleration process and provides insights for corporate and accelerator managers and startups alike. Startups can use these findings to identify the most suitable CA for their needs. Program managers and designers gain insights into the strategic orientation and organizational setup that positively impact startup acceleration.

Exploration of Marketing Strategies of Rural Financial Institutions in the Context of Internet Finance--Bank A as an Example

As an essential component of China's financial institution system, the development and operation of rural financial institutions are of great significance to the economic development of capital financing, the improvement of the "Issues concerning agriculture, rural areas, and farmers," and the promotion of financial inclusion in rural areas and urban-rural areas of China. On this premise, based on the impact of Internet finance on rural commercial banks and the comparison between rural commercial banks and other commercial banks, this paper briefly discusses the improvement direction of marketing strategies of rural commercial banks using the traditional 4P theory as an example. In terms of products, we can learn relevant technologies from large commercial banks and actively develop products that meet customers' needs; the pricing strategies of commercial banks or financial institutions in different rural areas should be focused, and product prices can be dynamically adjusted according to the background of the general environment rather than fixed; at the same time, we should deepen offline sales channels and actively open online channels, combining online and offline media; finally, agricultural commercial banks should adhere to the principles of innovation. Finally, agribusiness banks should comply with the principles of invention, stability, and compliance and pay attention to adopting technology for risk control.

INVESTING IN INTELLIGENT SMART CITY TECHNOLOGIES

Modern information and communication technologies are becoming the basis for a new quality of cities, the organisation of a comfortable living space in cities, improving the quality of life of the population, ensuring sustainable development and improving technology as a tool for implementing these tasks. The implementation of all these measures requires significant investments, which makes it necessary to find various ways of diversifying financial sources and mechanisms. The purpose of the article is to identify modern investment processes in the development of smart technologies of the world's smart cities in the conditions of large-scale digitalisation. Methodology. Graphic visualization methods are used to characterize trends in the penetration of the latest ICT technologies into the life of cities, the growth of the ICT market in smart cities, including 5G technologies. The methods of system analysis and generalisation allowed to determine the main directions of investment in smart city technologies and to identify the processes of formation of the newest forms of investment. Practical implications. The generalisation of the smart city practice made it possible to identify the following basic technologies necessary for the formation of a smart city ecosystem: Internet of Things (IoT), artificial intelligence (AI), Big Data, cloud computing, etc. These technologies are used to improve the quality of life, increase the efficiency of the economy and infrastructure, ensure community safety and promote the sustainable development of the smart city. These key areas require significant investment: communications infrastructure (5G network); traffic management systems; energy efficiency; security and surveillance systems; electronic service management. Global investment in smart city technology is predicted to increase many times over in the coming years. Value/originality. The need to attract significant investment in the development of the city's digital infrastructure has led to the emergence of the latest financial technologies that have widened the range of opportunities: direct investment, venture capital, corporate investment, corporate partnerships, state and local funds, crowdfunding, bonds, fintech, blockchain, etc.

The role of financial markets in the energy transition: an analysis of investment trends and opportunities in renewable energy and clean technology.

The crucial role that financial markets have played in accelerating the shift to clean energy and renewable sources of energy is examined in this article. Thus, we built global essential mineral trade networks from 1999 to 2020 using a complex network technique to analyze their topological properties quantitatively. The impact of crucial mineral trade patterns on the growth of renewable energy is then examined using the dynamic econometric model, along with the mediating function of technological advancement in renewable energy. It analyzes investment patterns and possibilities in various industries while underlining the critical role that financial systems play in determining the speed and scope of the change. The research uses data from reliable sources and thoroughly analyzes the body of current literature. The data shows that investments in clean technologies and renewable energy have significantly increased recently. This increase may be ascribed to several causes, including favorable governmental regulations, falling renewable energy technology prices, and rising environmental consciousness among the general people. Venture capital, private equity, public markets, and specialist funds are just a few examples of financial markets that have been instrumental in directing funding to these industries. The report also reveals a change in how money is invested in the energy industry, with conventional investments in fossil fuels declining and investments in renewable energy growing significantly. The profitability and appeal of renewable energy projects, which are now competitive with traditional energy sources, are driving this transformation. The report also identifies new investment possibilities in clean technology, including smart infrastructure, grid modernization, and energy storage. Due to their potential to improve the effectiveness, dependability, and sustainability of energy systems, these areas are expanding. The results highlight the need to establish long-term stability and incentives for investment in the clean technology and renewable energy industries. Government assistance has considerably aided investor confidence, including carbon pricing systems, tax incentives, and subsidies for renewable energy sources. This analysis emphasizes how critical financial markets are to accelerating the energy transition. Financial markets may hasten the transition to a sustainable energy system by directing investments into clean technologies and renewable energy industries. To take advantage of the investment possibilities given by the energy transition, policymakers, investors, and industry stakeholders must work together.

How venture capital funding changes an entrepreneur’s digital identity: more self-confidence and professionalism but less authenticity!

An entrepreneur’s digital identity matters for resource acquisition and venture development. However, we know little about the factors that influence or change entrepreneurs’ digital identities. This study explores how entrepreneurs’ digital identities change after a venture capital (VC) funding round. Applying a language-based text analysis to a large sample of tweets from 2,094 US entrepreneurs, we analyze entrepreneurs’ digital identities before and after VC funding. The results of our analysis show that VC funding can impact the entrepreneur’s digital identity in both a positive and a negative way. On the positive side, entrepreneurs increasingly use language indicative of higher self-confidence, positive emotions, and increased professionalism. On the negative side, we find that the entrepreneur’s digital identity loses its authenticity, particularly with high funding amounts raised. The latter can be problematic as authenticity is shown to be a critical resource that entrepreneurs possess to build legitimacy and engage stakeholders in their venture. Our study contributes to research on the consequences of VC funding for entrepreneurs as well as to research on entrepreneurial digital identities. Practical implications exist for entrepreneurs managing their entrepreneurial identities over the course of venture development.

Comparative Study Of Murabaha Financing At Kalbar Syariah Bank And Mandiri Syariah Bank Branch Sambas

One of the most popular Fiqh schemes used by Islamic banking is the Murabaha Buy-Sell Scheme. This Murabahah transaction was commonly carried out by the Prophet Muhammad, and his companions. The activities of Islamic banks are to collect funds from customers, distribute funds and other banking services. Islamic banks in its operations started from the collection of public funds in the form of demand deposits, savings and deposits. The funds raised were distributed in the form of financing, namely Murabaha, Musharakah, qardh, ijarah and services financing. The funds were distributed to customers in the form of working capital financing, consumption financing, working capital financing and investment. The focus of this study are: 1) How is the practice of Murabaha financing in Kalbar Syariah Bank Sambas branch? 2) What is the practice of Murabaha financing at Syariah Mandiri Bank Sambas branch? 3) What is the comparison of Murabaha financing at Kalbar Syariah Bank and Syariah Mandiri Bank Sambas branch? The purpose of this study was to describe, identify, uncover and analyze the financing practices in Kalbar Syariah Bank and Syariah Mandiri Bank branch sambas. This research is a field research (Field research) or qualitative research, qualitative research is more emphasis on the process than the product or outcome. Qualitative research focuses more on research that is a process, such as interaction between humans in a community, the process of implementing work, the development of a symptom or civilization. The researcher concluded that in distributing Murabaha Financing Kalbar Syariah Bank and Syariah Mandiri Bank both provide the conditions set by Bank Indonesia, and in the Murabaha financing process there is a difference between the total amount of financing installments of the two banks. Syariah Mandiri Bank Murabaha financing cheaper than Kalbar Syariah Bank, but judging from the interest of customers who do the financing, between Syariah Mandiri Bank with Kalbar Syariah Bank is more interested in financing at Kalbar Syariah Bank. The reason why the interest in Kalbar Syariah Bank is more than in Syariah Mandiri Bank, because the financing process, especially on the terms and the decision process does not take a long time and quickly.

Современные тренды российского финтеха

Commitment of leading Russian and foreign companies to digital business models confirms that fintech is a driver for the digital economy and socio-economic development. Under growing exogenous uncertainties and sanctions to the financial sector, assessing the current trends and prospects in fintech is of particular interest. The article uses statistical and analytical methods to evaluate the empirical data, gathered by the Federal State Statistics Service, the Bank of Russia, and different experts. Until 2022, the fintech market in Russia was the leader in attracting venture capital funding. The authors identified three waves of market shocks in the current development of the Russian fintech market. Fintech companies overcome each subsequent shock much faster than the previous one, which indicates a high inherent adaptability. The article highlights trends in business, fintech, information and communication technologies, typical for the modern Russian economy. Despite the high volatility of the current period, in terms of the fintech solutions development Russia remains competitive. The development of independent technologies and services by the IT and financial markets, preferentially regulated by the Bank of Russia, seems feasible and viable.

Founder Personality and Start-up Subsidies

ABSTRACT Start-up subsidies play an important role in supporting start-up innovation and performance. However, what characteristics help and hinder start-ups to seek public subsidies remains unclear. We study whether and how founder personality links to entrepreneurs’ seeking of start-up subsidies. We argue that greater founders’ openness, extraversion, and entrepreneurial orientation enhance seeking of start-up subsidies, while greater founders’ agreeableness, conscientiousness, and neuroticism inhibit it. Additionally, we argue that entrepreneurial orientation plays a mediating role in the relationship between big five personality traits and start-up subsidies. We find evidence for a positive role of founder entrepreneurial orientation. While we find little evidence for a direct association between founders’ big five personality and subsidies, we document an indirect link through entrepreneurial orientation. We also show that personality is not associated with bank financing and borrowing from family and friends while the patterns for venture capital financing are similar to those for subsidies.

Do Cost Behaviors Affect Cost of Equity: Evidence from Seasoned Equity Offering?

AbstractThis study investigates the impact of firms' cost behavior on their seasoned equity offering (SEO) performance. The empirical findings show that cost‐stickier SEO firms experience more negative SEO cumulative abnormal returns (CARs). The economic mechanism of this association is that cost‐stickier SEO firms deal with higher information asymmetry and issue fewer debts, which reduce their SEO CARs. SEO firm cost behavior also affects corporate SEO decisions and announcement returns in different life cycles. Among the three economic mechanisms, the information asymmetry channel has been found as the dominant one. This study also indicates that cost‐stickier firms are less likely to conduct SEOs than their counterparts. In contrast, the motivation for Chinese SEO issuance for cost‐stickier firms is market timing rather than adjusting the capital structure or financing for investment and growth. Additionally, the negative impact of cost stickiness on corporate SEO returns is less pronounced for firms associated with industry‐specialized auditors and greater corporate governance capacity but more substantial for SEO firms with higher free cash flow. All main findings are consistent in a number of endogenous tests, including the two‐stage least squares test, the generalized method of moments estimation, and the control of alternative fixed effects. These conclusions also passed several robustness tests such as an alternative factor model and event windows and an alternative proxy of cost stickiness.