Equity Funds Research Articles

Gender differences in entrepreneurial equity financing—a systematic literature review

Abstract A growing body of literature explores whether and why female and male entrepreneurs differ in their access to equity financing. This trend has led to an increasing fragmentation of the research field, as many studies analyze various mechanisms and focus on a certain form of equity financing. To advance research on gender differences in equity financing, it is necessary to identify patterns and inconsistent findings in the literature related to these mechanisms. Therefore, we perform a systematic literature review to provide an overview of the current state of knowledge on gender differences in the key forms of entrepreneurial equity financing (venture capital, angel investment, and equity crowdfunding). Based on 75 studies from 2001 to mid-2024, our review indicates that male entrepreneurs have an advantage in raising capital from venture capitalists and business angels, whereas female entrepreneurs are more successful in equity crowdfunding. These gender differences stem from a complex combination of mechanisms, which we categorize into four thematic dimensions that capture entrepreneurs’ characteristics, investors’ characteristics, the ventures’ characteristics and strategies, and contextual factors. We propose specific future research directions for each dimension, and discuss theoretical and methodological research opportunities that are applicable across dimensions to improve our understanding of gender differences in equity financing.

Enhanced Forecasting of Equity Fund Returns Using Machine Learning

This paper aims to explore the integration of machine learning with risk and return performance measures, to provide a data-driven approach to identifying opportunities in equity funds. We built a dataset with 72 performance measures in the columns calculated for multiple periods ranging from 1 to 120 months. By shifting the values in the 1- and 3-month return columns, we created two new columns, aligning the data for the month t with the return for the month t+1. We categorized each row into one of three classes based on the mean and standard deviation of the shifted 1- and 3-month returns during the period. Based on cross-validated accuracy, we focused on the top three classifiers. As a result, the developed models achieved accuracy, recall, and precision values exceeding 0.92 on the test data. In addition, models trained on 1 year of data maintained predictive reliability for up to 2 months into the future, achieving precision above 90% in forecasting funds with 3-month returns above the average. Thus, this study highlights the effectiveness of machine learning in financial forecasting, particularly within the environment of the Brazilian equity market.

Gender, Money, and Power: The Importance of Equitable Distribution of Political Financing for the Achievement of Parity Democracy in Argentina

Abstract This study aimed to understand the existence and consequences of a gender gap in political parties’ distribution of campaign budgets. We chose Cordoba, Argentina, because it pioneered electoral reforms favoring women. Four subthemes were identified from twenty-four interviews with legislators: gender differences in budget allocation, practices and consequences of differential treatment for female candidates, limitations of the political party financing law, and access to private funding. The study reveals a systemic gender-based inequality in campaign funding, limiting women’s ability to compete equally with men in politics. It highlights the intersection of gender and financial power, showing that current political finance regulations are insufficient. These findings challenge the effectiveness of gender-focused reforms and suggest the need for comprehensive approaches to political party financing. The study also has implications for future research, as it raises important questions about the long-term effects of financial inequality on women’s political participation and representation globally.

Determinants of healthcare utilization under the Indonesian national health insurance system – a cross-sectional study

BackgroundIndonesia has implemented a series of healthcare reforms including its national health insurance scheme (Jaminan Kesehatan Nasional, JKN) to achieve universal health coverage. However, there is evidence of inequitable healthcare utilization in Indonesia, raising concerns that the poor might not be benefiting fully from government subsidies. This study aims to identify factors affecting healthcare utilization in Indonesia.MethodsThis study analysed cross-sectional survey data collected by the “Equity and Health Care Financing in Indonesia” (ENHANCE) Study. Andersen’s behavioural model of health services use was adopted as a framework for understanding healthcare utilization in Indonesia. Sociodemographic variables were categorized into predisposing, enabling and need factors. Outcome measures included the utilization of primary and secondary health services. Multi-level logistic regression models were run to examine factors associated with each type of health service utilization.ResultsOf the 31,864 individuals included in the ENHANCE survey, around 14% had used outpatient services in the past month. Fewer than 5% of the study population had visited hospitals for inpatient care and about 23% used maternal and child health services in the past 12 months. Age, gender and self-rated health were key determinants of health services utilization. No significant differences in primary care utilization were found among people with different insurance status, but people who received subsidised premiums under the JKN were more likely to receive primary care from public health facilities and less likely from private health facilities. Compared to people who pay JKN insurance premiums themselves, the uninsured and those whose premiums were subsidised by the government were less likely to visit public and private hospitals when other factors were controlled.ConclusionThis study demonstrates that the distribution of healthcare utilization in Indonesia is largely equitable as predisposing factors (age and gender) and health need were found to greatly influence the utilization of different types of health services. However, enabling factors such as health insurance status were also found to be associated with inequity in utilization of hospital services. Further policy actions regarding resource allocation and health service planning are warranted to achieve a more equitable pattern of health service use in Indonesia.

Research on the Improvement Path of Financing Constraints for Small and Medium-Sized Enterprises Empowered by Digital Transformation

This paper, based on literature related to big data and corporate financing, analyzes and explores the mechanisms and effects of big data technology in alleviating corporate financing constraints. As is known to all, Financing constraints have always been an important factor restricting the development of small and medium-sized enterprises, and digital transformation provides new ideas to alleviate this problem. The current situation of financing constraints is apparently complex and diverse, which is involving multiple aspects such as information asymmetry, limited financing channels, high financing costs, policy and market environment, as well as enterprise ownership and industrial structure.It argues that big data technology, with its powerful data processing and analytical capabilities, effectively reduces information asymmetry, broadens financing channels for enterprises, and significantly lowers the costs of debt and equity financing, thereby alleviating corporate financing constraints. Digital transformation not only enhances the profitability and sustainability of small and medium-sized enterprises but also strengthens investor confidence by improving market transparency and risk management capabilities, providing strong support for corporate financing.

Private equity renewable energy investments in India.

India is anticipated to grow its total energy consumption and CO2 emissions by more than any other country over the next two decades. India will have to attract around $400 billion in financing to realize its 500GW target of renewable energy by 2030. Given complex renewable energy sector risks, rapidly scaling-up risk-friendly private equity financing will be critical to achieve India's target. This research seeks to answer questions regarding the motivation, perceptions, strategies, and investment behavior of private equity investors in the Indian renewable energy sector. The answers to these questions presented herein have been distilled from primary research interviews with 40 executive-level sector practitioners and literature analysis. This research finds that global-macro forces and sector-specific appeal are attracting varied investors to the sector. These investors primarily deploy capital in existing developer platforms, creating control developer platforms, and Infrastructure Investment Trusts. Critical investment criteria and value creation strategies of these investors are comprehensively discussed. Emerging investment opportunities to create new renewable energy sector value by partnering with companies across the power sector value chain are also presented. This research concludes that despite significant sector risks, investors remain confident they can achieve outsized risk-adjusted returns relative to most other global infrastructure assets. This optimism stems from the confidence of investors in their own ability to manage risk-return dynamics through judicious investment selection and management strategies, the sector's uniquely large demand growth and market size, and the Indian central government's perceived strong commitment to finding creative solutions to chronic sector issues. Lessons from the investment insights, themes and factor analyses discussed herein can be drawn upon in evaluating renewable energy investments and policymaking worldwide.

Analysing FinTech equity funding flows and FinTech deals globally

Analysing FinTech equity funding flows and FinTech deals globally

Price prediction of dual-listed stocks with RF and LSTM algorithms: NYSE and BIST comparison

Companies are looking for ways to access capital from developed markets instead of local markets to find financing. While some companies use debt instruments for this purpose, others use equity financing methods. One of the techniques used in equity financing is the simultaneous registration of shares on national and foreign stock exchanges, also known as the dual-registration method. Investors entering international markets by investing in dual-registered shares is important for companies to gain capital. However, another important issue for those investing in stocks is the ability to gain capital through accurate prediction of price movements. The aim of this study is to predict the prices of Turkcell stocks traded on Borsa Istanbul and the New York Stock Exchange (NYSE) using machine learning and deep learning methodologies. The results of the analyses conducted with the Random Forest Regressor and Long Short-Term Memory algorithms, which are machine learning and deep learning algorithms, respectively, showed that both algorithms exhibited a lower error rate in predicting the closing prices of Turkcell stocks on the NYSE.

Intelligent Designed Assistance Model to Evaluate the Role of Social Media Marketing in Promoting Investment in Mutual Funds in India

This research article explores the impact of social media marketing on promoting investment in mutual funds in India. With the increasing penetration of the internet and the rise of social media platforms, financial institutions are leveraging these channels to engage potential investors. The study investigates the effectiveness of social media marketing strategies in influencing investor behavior, awareness, and decision-making regarding mutual funds. A mixed-method approach was employed, including surveys and interviews with industry experts and investors. This paper explores the application of the Intelligent Designer Assistance System (IDAS) in mutual fund analysis, offering a comprehensive framework for evaluating mutual funds based on key financial metrics. IDAS integrates multiple parameters such as risk levels, return on investment (ROI), cost efficiency, volatility, Sharpe ratio, beta, fund size, and manager tenure, among others, to provide insights that assist investors in making informed decisions. Through the analysis of various fund types, including equity, bond, balanced, and sector funds, this study demonstrates how IDAS can tailor investment recommendations according to individual risk preferences and financial goals. The findings emphasize the importance of aligning investment strategies with factors like fund performance consistency, adaptability to market conditions, and overall cost-effectiveness. This approach enables investors to optimize their portfolios by selecting funds that best match their risk tolerance, return expectations, and sector interests, leading to more strategic and efficient investment choices. This paper investigates the role of social media marketing in promoting investments in New Fund Offers (NFOs) within the Indian mutual fund landscape. As financial institutions increasingly leverage social media platforms for marketing, understanding their effectiveness in influencing investor behavior becomes crucial. This study employs a mixed-method approach, including quantitative surveys and qualitative interviews, to analyze how social media impacts awareness, engagement, and investment decisions related to NFOs.

ESG practices and investment decisions in private equity funds: recovering debates on business sustainability

PurposeThis study aims to show how configurations of the institutional environment, client expectations and fiduciary duty influence private equity (PE) managers in integrating environmental, social and governance (ESG) aspects into the investment decision-making process.Design/methodology/approachThe research design combined bibliographic and documentary analysis (including the regulatory framework and secondary sector data) with a phenomenological approach, supported by interviews with managers of PE firms and content analysis.FindingsThe findings revealed the impact of the sociocultural environment on the adoption of ESG practices in investment decisions, the perception of international pressures to embrace ESG principles that differ from national needs, and the diversification of strategies implemented due to excessive regulation.Originality/valueThe study’s uniqueness lies in both the phenomenological approach used to comprehend how concerns about ESG practices influence PE fund investment decisions and the identification of factors not typically emphasized in the literature as moderators of this decision-making process.

The Effect of Debt Financing and Equity Financing Decisions on Green Accounting: Profitability as a Moderating Variable

Environmental management has become increasingly urgent and a global concern, leading governments to mandate all companies implement environmentally friendly practices known as green accounting. The study aims to analyze the impact of debt financing and equity financing decisions on green accounting and to test the moderating effect of profitability. Secondary data was collected from manufacturing firms in the basic industry and chemical sectors listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. Panel data moderated regression analysis was employed, preceded by a test to determine the most suitable model among the Fixed Effect Model (FEM), Common Effect Model (CEM), or Random Effect Model (REM). The results indicate that debt financing inversly on green accounting while equity financing have a positive significant effect on green accounting. Profitability was not proven to be a moderator of the effect of debt financing and equity financing on green accounting.

The Impact of Asymmetric Price Limits on Stock Portfolio Returns: Evidence from Indonesian Markets

This study examines the effect of asymmetric price limits policy on stock portfolio returns represented by equity mutual funds. An event study methodology was used to calculate abnormal returns (ARs) across four estimation models: constant mean, market-adjusted return, market model, and capital asset pricing model. The sample consists of 237 equity funds in Indonesia, with 7,968 observations in the estimation window and 4,977 in the event window. Statistically significant Average Abnormal Returns (AARs) and Cumulative Average Abnormal Returns (CAARs) were found through parametric and non-parametric tests. The findings are consistent with panel data analysis results. An increase in average returns and a decrease in standard deviation were found for sampled equity funds following the policy implementation. These findings highlight the importance of policy interventions in stabilizing financial markets during crises and offer valuable insights into stock portfolio performance before and after the policy.

The Impact of Asymmetric Price Limits on Stock Portfolio Returns: Evidence from Indonesian Markets

This study examines the effect of asymmetric price limits policy on stock portfolio returns represented by equity mutual funds. An event study methodology was used to calculate abnormal returns (ARs) across four estimation models: constant mean, market-adjusted return, market model, and capital asset pricing model. The sample consists of 237 equity funds in Indonesia, with 7,968 observations in the estimation window and 4,977 in the event window. Statistically significant Average Abnormal Returns (AARs) and Cumulative Average Abnormal Returns (CAARs) were found through parametric and non-parametric tests. The findings are consistent with panel data analysis results. An increase in average returns and a decrease in standard deviation were found for sampled equity funds following the policy implementation. These findings highlight the importance of policy interventions in stabilizing financial markets during crises and offer valuable insights into stock portfolio performance before and after the policy.

Humanities Decline in Darkness: How Humanities Research Funding Works

Abstract Humanities research is underfunded, and the institutional sources and intellectual effects of this underfunding are insufficiently appreciated. The paper gives an example of the negative effects of a humanities discipline’s lack of research infrastructure on scholarly work. Section 2 describes the main categories through which research funds arrive on U.S. campuses. Section 3 describes the disproportions between Science & Engineering (S&E or “STEM”) funding and funding for social and cultural disciplines. Section 4 discussions the “institutional funds” that universities use to cover research costs from their own pockets. Section 5 shows that universities do not use their institutional funds to compensate for inequities in humanities funding but to perpetuate them. Section 6 claims that the current state of humanities funding abridges academic freedom and calls on humanities administrative personnel to lead a national campaign to rectify the current situation. Misconceptions about humanities research and its funding must be openly acknowledged and addressed so that it can come to have public effects that reflect its actual intellectual achievements.

Economic Growth in Indonesia: A Comparative Study of Conventional and Islamic Economic Theories

This article discusses the theory and dynamics of economic growth in Indonesia with a focus on comparative analysis between conventional and Islamic economic approaches. The period studied covers the years 2018 to 2023, during which both economic systems show significant developments in their contribution to national economic growth. Conventional economics, with key indicators such as Gross Domestic Product (GDP) and per capita income, focuses on the accumulation of capital, labour, and technology. In contrast, Islamic economics prioritises the principles of justice, social welfare and the prohibition of usury, which are realised through instruments such as ZISWAF (Zakat, Infaq, Sadaqah and Waqf) and sharia-based finance. Through a descriptive-analytical approach, this article identifies the advantages and challenges of both approaches. Conventional economics offers rapid growth but often faces problems of inequality and social exclusion. On the other hand, Islamic economics contributes to financial inclusion, economic equity and poverty alleviation, although it faces constraints in legal and regulatory infrastructure. The analysis shows that integration between the two approaches can provide a holistic solution for inclusive and sustainable economic growth in Indonesia, and support the achievement of the Sustainable Development Goals (SDGs).

Mixed financing strategies for a supply chain with a financially distressed seller: combination of equity financing and debt financing

AbstractThis work discusses a supply chain composed of one third‐party logistics (3PL) firm and one capital‐constrained seller. To cover the seller's ordering and logistics costs, two distinct mixed financing schemes are considered to address the funding needs: (i) equity financing and bank credit financing (EBF) and (ii) equity financing and 3PL firm financing (ELF). We examine how the equity financing ratio influences equilibrium outcomes and derive the financing preference for each member. The results reveal that a large equity financing ratio prompts the seller to buy more. Interestingly, the seller's profit under EBF either monotonically decreases or exhibits a concave relationship with respect to the equity financing ratio. By contrast, the seller's profit under ELF is consistently concave with respect to the equity financing ratio. Additionally, a Pareto zone of the 3PL firm's interest rate exists in which a win–win situation can be achieved. The seller tends to opt for ELF when the sum of the unit transportation fee and ordering cost is high but the equity financing ratio is moderate. Comparatively, the 3PL firm is reluctant to offer financing when both the sum of the unit transportation fee and ordering cost, and the sum of the unit transportation cost and ordering cost are high, while the equity financing ratio is low. Finally, we investigate an endogenous equity financing ratio and further discuss the effect of the seller's initial working capital.

The performance of equity funds-of-funds in Brazil

This study aims to evaluate the performance of equity funds of funds (FOFs) in Brazil. First, panel regressions were used to identify the determinants of returns and value creation associated with FOFs. We then estimate the probability of FOFs outperforming mirror and master funds and their corresponding determinants. Finally, FOF indices are constructed and their performance is analyzed against the backdrop of the BOVA11 exchange-traded fund (ETF). The results of this research indicate that the determinants of returns are aligned with the Fama-French ‒Carhart factors, all of which have positive coefficients. However, equity FOFs exhibit lower returns than other equity funds and destroy value relative to mirror and master funds. FOFs are associated with lower risks owing to diversification effects. In terms of probability, equity FOFs are not more likely to achieve superior returns than other funds. During the 2015 economic crisis in Brazil, FOFs were associated with higher probability. Finally, the FOF indices suggest profitable strategies that focus on factors such as size, growth, and liquidity.

Post Covid-19 Growth of Midcap Mutual Funds in India: A Study on Top Ten Midcap Mutual Funds

Since the COVID-19 outbreak, asset management companies (AMCs) have taken the lead in increasing wealth through mutual funds. There are two types of mutual funds: open-ended and closed-ended. With 43 AMCs operating in India and an average asset under management (AUM) of ₹27.12 trillion as of July 31, 2020, equity funds are riskier. According to research, small and midcap funds have more risk and higher returns than large-cap funds, which have lower risk and lower returns. For regular investments in mutual funds, especially midcap funds, Systematic Investment Plans (SIPs) have gained popularity. Based on their assets under management (AUM) and monthly SIP inflows from 2020–21 to 2024–25, the top ten midcap funds were examined in this study. The purpose of this study is to show how the performance of the midcap funds and volatility associated with the funds. This study also analyses the volatility of the midcap funds by using Sharpe index, Treynor index, and Jensen's Alpha index. The result shows that few of the midcap funds are more volatile than the other funds but higher volatility generates higher returns for the investors over this last four years.

Social Stock Exchange: A Breakthrough Towards Mainstreaming Sustainable Finance in India?

Objectives: The study aims to explore the establishment of a Social Stock Exchange (SSE) in India, a unique initiative under the Securities and Exchange Board of India (SEBI). The objective is to analyze its potential to provide a funding platform for social and voluntary organizations focused on social welfare and its alignment with India’s goals, such as decarbonization and addressing inflation-induced public spending constraints. Methods: A review of key developments surrounding SSE, including its announcement in the 2019-20 budget, SEBI's in-principle and final approvals, and its integration into the Bombay Stock Exchange as a standalone section, forms the core methodology. The analysis draws on opinions from social entrepreneurs and evaluates SSE’s ability to offer equity, debt, and mutual fund instruments as capital-raising avenues. Results: The findings indicate strong support for SSE among social entrepreneurs, who see it as a solution to challenges like constrained public spending and reduced foreign funding for NGOs. SSE is positioned as a transformative tool to enable voluntary and social organizations to achieve their goals, particularly in areas like decarbonization and social welfare. Conclusion: The Social Stock Exchange represents a novel approach to bridging social welfare objectives and financial markets in India. Its successful implementation could empower social organizations, enhance funding access, and support national priorities. However, strategic planning and policy frameworks will be crucial to ensure the platform's long-term viability and effectiveness.

WEATHYWISE – Financial Investment Planner

Our project evaluates mutual fund performance in India by analyzing risk, return, and market conditions using historical data. It includes a comparative study of equity, debt, and hybrid funds, and assesses macroeconomic impacts. The recommendation system, based on descriptive analysis, features an interactive dashboard for visualizing historical data and future projections, aiding investors in making informed decisions