External Funding Sources Research Articles

Blockholders, Environmental Information Disclosure, and the Cost of Debt

ABSTRACT Debt financing is an essential source of external funds for Chinese-listed companies, but enterprises in heavily polluting industries face more severe financing difficulties due to the “financing penalty effect.” Solving the financing difficulties of heavy pollution enterprises has become a hot topic in academic and practical circles. This article applies heavily polluting listed companies from 2013 to 2022 in China as a sample to examine the impact of multiple blockholders (MB) on debt financing costs (DFC), considering the intermediary role of environmental information disclosure (EID). This article reveals that improved environmental information disclosure, driven by multiple blockholders, especially state-owned ones, can effectively reduce debt financing costs for heavily polluting enterprises compared to those dominated by a single major shareholder. These findings remain robust even after considering a series of checks, including the instrument variable method, propensity score matching (PSM), and alternative variables. In cases where the separation of ultimate control rights and cash flow rights is slight or the entity is state-owned, state-owned blockholders tend to exert a more effective governance role. Our research helps understand the role of multiple blockholders in corporate “green governance” and can provide a reference for alleviating the financing constraints of heavy-polluting enterprises.

FINANCING THE IMPLEMENTATION OF HR ENGINEERING IN MANUFACTURING ENTERPRISES IN THE CONTEXT OF THE COUNTRY'S DIGITAL ECONOMY FORMATION

The article is devoted to the study of possible prospects for financing the implementation of HR engineering at manufacturing enterprises in the conditions of the formation of a digital economy. In the process of research, the authors considered the possibilities of implementing HR engineering at production enterprises and focused attention on the main directions of implementation. The principles of financing enterprises that implement changes and transform are revealed. Approaches and strategies aimed at optimizing human capital management in the company are proposed. The authors noted the following main tools of HR engineering for the development and improvement of HR processes, which are key to building effective human capital management strategies in the organization and require funding: organizational management structure, strategic maps, creation of a portrait of personnel competencies, modelling of the human resources management process resources, development of a goal tree, increased flexibility of HR management processes, implementation of a balanced system of indicators. The authors' comprehensive analysis of the implementation of digital HR solutions by manufacturing enterprises in previous years made it possible to identify the most important obstacles to the successful implementation and financing of innovations and digital solutions, the main of which are: insufficient financial resources for the implementation of innovative projects; lack of sufficient financial assistance and stimulation from the state; large financial costs associated with changes in the infrastructure and introduction of new technologies; low interest of investors, which may limit access to external sources of financing; some innovations may require a long payback period, which becomes a challenge for companies; high interest rates on loans can make it difficult to finance innovative projects. Considering these financial factors, it is important to develop comprehensive strategies and tools to overcome obstacles and stimulate the innovative and digital development of manufacturing enterprises.

Grain quality attributes of an on-farm Thailand's highland rice germplasm directly beneficial to the farming households

Rice (Oryza sativa) from the highlands of Northern Thailand where the crop is predominantly planted with local varieties was examined for grain quality features having direct benefits for the local population. Un-husked rice seed provided by farmers of 10 minority groups had large grains, in contrast to the slender grain type found in the lowlands. The highland-grown rice directly benefits the local population by providing a higher dietary intake of Fe but not of Zn. The highlands have been identified as a rich source of pigmented rice with a high anthocyanin content and an environment favouring the production of premium quality rice. On-farm experiments confirmed the effects of genotype (G) and environment (E) and the G × E interaction on grain quality. The local rice with high grain Zn exhibited higher concentrations under the upland conditions, while the high anthocyanin variety produced greater levels under wetland conditions. The pigmented rice had a higher anthocyanin content at high altitudes than at lower altitudes. The information concerning the value of local rice germplasm benefits the local population and should facilitate more sustainable on-farm conservation efforts than rewards offered to the farmers from external funding sources.

External Factors Influencing the Implementation of Policy, System, and Environmental Change Strategies Within Cooperative Extension.

Introduction. Multilevel approaches are important to promote the adoption of healthier practices at the individual and community levels. Cooperative Extension pairs policy, systems, and environmental (PSE) change approaches with direct education programs focused on individual and community health. This study sought to understand Family and Consumer Sciences (FCS) Extension agents' perceptions of PSE change supports, benefits for their communities, and resources and partnerships important for implementation. Method. The Consolidated Framework for Implementation Research was used to develop a survey to assess outer setting domains related to PSE work. In addition to close-ended questions, the survey included several open-ended, qualitative questions exploring the benefits, resources, and relationships required to implement PSE changes. The surveys were collected online from FCS agents in two states. Descriptive statistics were calculated, open responses were coded, and key themes were established. Results. FCS agents (n=116) indicated high levels of agreement about having necessary support from state-level specialists (71%) and the overall Extension organization (64%). The largest gaps in support were reported as grant or external funding sources, time, and county programming funds. Half of the sample agreed that PSE training was adequate, but only 38.5% reported previously participating in PSE-specific training. Open-ended question responses revealed diverse relationships and numerous benefits of PSE work, including more sustainable health behavior changes and greater local Extension visibility. Discussion. Our findings corroborate previous work and identify potential gaps that future interventions can address to better support Extension and public health professionals when implementing PSE work at the community level.

Corporate Tax Enforcement and Business Activity

ABSTRACT We examine the consequences of corporate tax enforcement for business activity. Using two different empirical approaches—a regional design and a firm-level design—we document that corporate tax enforcement is negatively associated with business activity, as measured by establishments and employment. This association is economically significant and is robust to tests that mitigate concerns regarding endogeneity and measurement. Furthermore, we find that the negative association between tax enforcement and business activity varies substantially in the cross-section. Specifically, we find that it is weaker for regions and firms with greater access to external financing sources and is stronger for regions and firms where compliance costs are likely higher and for which the ex ante costs of tax enforcement are greater. Our findings suggest that the effects of tax enforcement on business activity are economically important and heterogeneous, which should be of interest to academics and policymakers. JEL Classifications: H25; H26; R11; R12.

Cash flow and capital investment: Empirical evidence of firms in services and consumer goods sector

This paper explores the relationship between cash flow and capital investment of a firm. Using a panel of Nigerian publicly quoted firms in the services and consumer goods sectors, we found that cash flow is insignificantly related to capital investment. This observed insignificant relationship is stronger in episodes where we have a sub-sample of younger firms. The younger firms recording insignificant relationships revealed that these firms cannot easily access external funds when there is a cash flow shortfall because of their low level of experience in their socio-economic networks. On the evidence of older firms, the study shows that when there is a cash flow shortfall for older firms, these firms may face difficulties in financing their investment with internal sources of funds; though, these firms can easily access external funds because of their level of experience in socio-economic networks. The results provide support that internal and external sources of funds can be substituted perfectly for experienced firms.

The Efficient Applicability Limits of Social Entrepreneurship

The efficiency of social entrepreneurship depends on the ability of social enterprises to be sustainable. So, this paper implies deriving the efficient applicability limits of social entrepreneurship in terms of their sustainability. The more sustainable a social enterprise is, the wider its efficient applicability limits are. So, it's a novel approach towards studying the efficiency of social enterprises and the limits of their efficient applicability. The case study approach is used to estimate these limits, and three social enterprises are taken for this analysis, namely, APOPO, Benetech and Conserve. The insights of this paper suggest that the burden on social enterprises should be dosed, because their viability depends, in most part, on implementing the respective social policy. Under the excessive burden on social enterprises they could be destroyed, whereas under the insufficient burden some of their capacities could be idle, and that would suggest that they are inefficient. Eight factors of increasing the efficient applicability limits of social entrepreneurship (namely the state support of social enterprises, the aid provided for social enterprises by the private sponsors, the support for social enterprises provided by the international organizations, the support for social enterprises provided by the external sources of loan and emission financing, creation of special economic zones in different innovation centres, in which social enterprises are formed, using social enterprises as sub-contractors of the private business in the process of social outsourcing, the position of public opinion towards social entrepreneurship, the strategy of designing and marketing the products of social enterprises) were derived. The measures of the state support, enlarging the efficient applicability limits of social enterprises are provided. Also, the creation of special economic zones in the innovation centres, in which social enterprises are formed, is proposed, as well as the mechanism of subsidizing social enterprises by the state and creating some special conditions for the microfinance and social stock markets as the main external sources of financing social enterprises are suggested.

Sustainable small business lending

Banks are the main source of external funding for small businesses. Thus, integrating sustainability considerations in small business lending can support global sustainability efforts. In surveying German banks, I show that banks are in the process of implementing sustainable small business lending. They put more emphasis on sustainability risks than on the transformation of the business model among small businesses. Sustainable relationship lending has some relevance in creating sustainability-related soft information, although respective hard information is preferred by banks. Banks and policymakers can use the findings to better apply sustainable small business lending to sustainability and resilience efforts.

The Factors Affecting Foreign Direct Investment Intentions of Investors: A Case of Malaysia

Foreign direct investments (FDI) are regarded as one of the most important sources of external financing for all countries in this globalisation era. In recent years, Malaysia has only been successful in attracting a small number of foreign investors. As a result, the primary goal of this paper is to examine the factors that have attracted FDI into Malaysia from 1990 to 2020. The study investigates the relationships between FDI and the proposed explanatory variables, namely market size (GDP), trade openness (OPN), inflation rate (INF), and infrastructure (INFRA). Multiple Linear Regression (OLS) is used to examine the relationships between the variables. The Variance Inflation Factor and the Breusch Pagan Godfrey test are also analysed to discover the data collected from the World Bank Data. Findings indicate GDP and INF have a significant impact on FDI. This study has not brought any evidence of INFRA and OPN influencing FDI inflows in Malaysia. Understanding these factors is crucial for policymakers and investors to promote sustainable economic growth and attract foreign investments

Default Risk, Risk Premium, and Corporate Resilience: The Role of Regulatory and Stabilization Policies

This study investigates the interaction between monetary and macroprudential policy measures and evaluates whether policymakers should address financial disruptions. To achieve this goal, we developed a dynamic stochastic general equilibrium model that incorporates frictions in financial markets and financial shocks alongside traditional macroeconomic shocks. One of the main focuses of macroprudential policies is to stabilize credit cycles. We used Moroccan data to estimate the model and assess various policy actions to counter imbalances in financial markets, including adjustments to the interest rate tool. Our findings highlight the benefits of addressing financial disruptions, the extent depending on the shock characteristics. While acting on interest rates in response to financial variables may stabilize some economic factors, it has the potential to increase the volatility of others substantially. The results confirm that the use of optimal regimes can reduce default processes and ensure companies stabilize risk premiums. Implementing such regulations leads to greater opening of the companies’ capital to external financing sources. JEL Classification C11, D53, D58, E52, E58

Urban Greening Management Arrangements between Municipalities and Citizens for Effective Climate Adaptation Pathways: Four Case Studies from The Netherlands

The transition towards nature-based cities has increasingly become a central focus in political–environmental agendas and urban design practices, aiming to enhance climate adaptation, urban biodiversity, spatial equilibrium, and social well-being as part of the ongoing socio-ecological urban transition process. Climate adaptation in cities is a complex problem and one of the main collective challenges for society, but the relationships between city managers and citizens as to urban green care still face many challenges. Parks design guided by technical-expert and globalised criteria; inflexibility from bureaucratic inertia; and citizens’ demands to participate in the urban green transition, sometimes without the necessary knowledge or time, are some of the challenges that require further research. In this study, we examine four long-lasting approaches to green-space management in four cities in the Netherlands, ranging from municipality-driven to community-driven management forms, and encompassing diverse spatial configurations of greenery within the urban fabric. Utilising the theoretical lens of the Social–Ecological Systems Framework, we employ a multiple-case-study approach and ethnographic fieldwork analysis to gain a comprehensive understanding of the norms, collective-choice rules, and social conventions embodied in each urban green management arrangement. The purpose of this research is applied, that is, to provide urban managers and decision-makers with a deeper understanding of drivers to promote effective collaborative management approaches, focusing on specific organisational rules that may contribute to more sustained planning and maintenance pathways for urban green spaces, regardless of changes in political leadership or significant external funding sources. The results of the investigated cases show that long-lasting collaborative management of forests and parks has established a set of collective-choice rules for resource transfer between municipalities and citizens, including non-monetary resources (such as pruning-training courses or guided tours that attract tourists and researchers). Additionally, these arrangements have been favoured by the existence of legal norms that enable co-ownership of the land, and monitoring and sanctioning mechanisms that offer a slightly different interpretation from the evidence identified so far in the scientific literature on collective resource management and organisational studies.

Teachers implementing Zimbabwean sign language regulatory frameworks for deaf learners in special schools

Effective implementation of sign language-based instruction is crucial for providing quality education to Deaf learners at special schools. Teachers experienced challenges to effectively implement sign language policies for the Deaf learners in Zimbabwean special schools. However, this study explores how teachers implement sign language regulatory frameworks for Deaf Learners in special schools. Drawing on qualitative data from teachers, headmasters, school inspectors, and psychologists. The findings revealed critical gaps in the in-service training and professional development opportunities available to teachers serving Deaf students. Despite teachers reporting difficulties with sign language fluency and inadequate understanding of Deaf culture and pedagogy, the study found a disconnect between teachers' expressed needs and the perspectives of district-level officials, who often did not perceive additional training as necessary. This study further highlights the heavy reliance on support from external donor organizations and NGOs to provide teachers with limited sign language workshops and resources. This overreliance on precarious external funding sources compromises the sustainability and scalability of professional development initiatives. The study's implications call for a comprehensive, government-led strategy to ensure all teachers in Deaf schools receive robust, long-term training in sign language, Deaf education methodologies, and Deaf cultural competence. Strengthening the capacity of the teaching workforce is essential for upholding the rights of Deaf learners to receive instruction in their primary language and achieving meaningful implementation of sign language policies. This study contributes vital empirical evidence to inform policy reforms and teacher training programmes to support using Zimbabwean Sign Language as a medium of instruction for the Deaf.

Funding sources, colonial legacy, and new firms’ creation in Africa

This study examines the determinants of new firm creation in Africa, focusing on external and internal funding sources and their interactions. It also explores the influence of colonial history by separately analyzing former British and French colonies. The primary goal is to help fill crucial gaps in African literature on the determinants of entrepreneurship. Given Africa's widespread poverty and underdevelopment, understanding what drives entrepreneurship is essential for job creation and economic growth. The study reveals three key findings. First, at the full sample level, remittances are the only external financing source positively associated with new firm creation, while foreign aid and foreign direct investment obstacle it. Internal sources, like savings and credit, do not show significant effects. Second, the subsample analysis reveals heterogeneous results: former British colonies' funding sources align with the overall findings, while in former French colonies, only savings support entrepreneurship. Third, considering control variables, the subsample analysis indicates two distinct entrepreneurship models: opportunity-based in former British colonies and necessity-based in former French colonies. These findings are noteworthy and provide significant policy implications at both national and international levels. Crucially, the positive role of remittances in financing new business initiatives, confirms that migration serves as a mutually beneficial arrangement for both sending African countries and the host countries.

ORGANIZATIONAL PRINCIPLES OF EXTENSION OF GRANT AID FOR THE DEVELOPMENT OF RURAL AREAS

The article is devoted to developing and substantiating the critical elements of the mechanism for developing and submitting an application for grant funding for developing a rural community or an agrarian business entity. It is substantiated that there is a need to significantly expand the involvement of external funding sources for the formation and development of human capital in rural areas. It was determined that the reserve of such funding is to increase rural communities' access to grant programs of international organizations and partner countries. It was determined that in expanding grant aid for developing rural areas in Ukraine, especially in wartime conditions, it is essential to consider the main reasons for the grantors' refusal to provide financial support. The most relevant reasons include violation of requirements for the form and content of documents, lack of convincing justification of the social utility of the project and reasoned calculation, inconsistency between the purpose of the grant program and the goals of the project, incompatibility of the nature of the program and the application, violation of requirements regarding the target audience, bad reputation of the applicant, lack of of the detailed project budget, as well as the inconsistency of the formulation of project tasks with the basic methodological principles of construction (SMART analysis). An organizational mechanism for developing and applying for grant funding for developing a rural community or an agrarian business entity is proposed. This mechanism has methodological value because it focuses on the most critical stages of the process of development and submission of an application for grant financing of the project, determines the approximate circle of stakeholders of the grant process, emphasizes the conditions and factors that help to count on success in the grant competition. In contrast to the existing approaches, it highlights the phasing, as well as the list and content of measures during the development and submission of an application for the project's grant funding.

Running a business during wartime: Voice of Ukrainian displaced business

Wars not only disrupt economic stability but also displace numerous enterprises, altering the socioeconomic landscape of affected regions. This study aims to analyze the case of relocated businesses in Ukraine, particularly their needs and adaptation in the host regions. An expert survey method was applied for 58 relocated micro-, small, and medium enterprises. The survey and review of secondary sources allowed distinguishing that security is the main driver of relocation (65% of respondents). Although for more than half of the respondents, relocation led to an increase in business activity in the host region, their ability to cover their own needs at the expense of their own funds fell, which led to the demand for external sources of financing. The biggest challenges are the cultural and doing business differences, loss of suppliers, and energy costs. In addition to financing, the TOP-3 needs include access to new markets (60%), the need for new equipment (57%), and special local permits (47%). Host regional authorities, as well as foreign donors, played a crucial role in adaptation to their region. In turn, businesses also note their contribution to the development of the host regions through tax contributions and providing jobs for the population and higher-quality products. Businesses demonstrate their openness to cooperation with foreign donors more than with local sponsors. These results are helpful for policymaking regarding regional development and the post-war rebuilding of Ukraine.

Who funds zombie firms: Banks or non-banks?

Analyses of zombie firms have emphasized the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper provides the first analysis of that sort using Finnish data. Banks are not found to fund zombie firms by more than other types of funders when shares of the credit market are taken into account. Among different types of funding sources, only the relationship between equity funding and zombie status is found to be statistically significant. While bank funding is found to be associated with a longer zombie lifetime, equity funders are found to prolong zombie lifetime by greater extent than other sources. The choice of zombie definition - of which there are many in the literature - is not uncontentious and plays a role in determining the economic significance of coefficient estimates.

Evolution of the regional innovation system in terms of the Covid-19 pandemic, financial and economic crisis: The long term perspective from Central European region

Research background: The evolution of the innovation system is not easy to explore due to the small number or selective nature of the international research about it. The natural trajectory is well known in a long time period but differs between regions and countries — more or less developed. If the impact of the external shocks on regional innovation system (RIS) is added here, the situation is even more complicated. The answer for the crises depends on the development level of a country and region, the maturity of the relationships between actors of the Triple Helix (entrepreneurship, science, government) — their strength and stability over time, some endogenous conditions specific to it. The knowledge about the evolution of the innovation system is crucial to understand how the system works, where it was, is and will be at the evolution trajectory. Purpose of the article: Therefore, the purpose of this paper is to identify the evolution of the RIS in the one of Central Europe’s regions (Lower Silesian in Poland) including the impact of the global financial crisis and the Covid-19 pandemic on the innovation technology there. Methods: Using microdata collected by the authors and the stepwise logit modelling, industrial enterprises were analysed in three time periods: 2004–2006, 2010–2012 and 2019–2021. Total 1649 questionnaires forms were collected. The research was made in the one of Poland's well advanced regional innovation systems — the Lower Silesian. The matrix of success and fail was used as long as the AUC curve and some statistical indicators to prove the usefulness of models. The dependent variables were the new technology pushed by R&D and the investment in new machinery and equipment. Findings & value added: The nature of RIS evolution in the one of the regions in Central Europe in a catching-up country in the context of financial crises and Covid-19 was examined. The analyses identified two alternative groups of conditions — high or low resilience to various market shocks. To the first group belongs: R&D and equipment interactions (the growing competence effect) and a cooperation along the supply chain in the industry. The low resilience is observed in the other categories, as follows: the cooperation with science institutes and business support organizations (the isolation effect), the lack of external sources of funding (the sinking effect), the short time reaction of entrepreneurs (the adaptation effect). As was pointed above in the catching-up country, some elements of the Triple Helix are more sensitive to external shocks, while others are not. The crisis situation can radically slow down an evolutionary development or change its direction. Knowing them will allow the local authority to react on time or with a low delay to reduce negative consequences of it to the regional economy. Authors have shown a new approach to the evolution process of regional innovation system. It could be useful to learn how, where and when the system is going to.

Tinjauan Yuridis dalam Pasar Modal: Analisis Tahapan Initial Public Offering (Ipo)

In today's competitive business era, entrepreneurs are faced with the challenge of growing their businesses in an increasingly competitive environment. One of the main strategies for growth is business expansion, which often requires additional funding. Internal funding is often insufficient, so many companies turn to external sources of funds, such as through an Initial Public Offering (IPO). IPOs are defined in Law No. 8/1995 on Capital Markets and offer various benefits, including increased share ownership by individual investors, expansion of product distribution, and long-term investor support. However, some listed companies choose not to list their shares on the Indonesia Stock Exchange, a decision that complies with the Capital Market Law. A company can be classified as a public company if it meets certain criteria, including the number of shareholders and minimum paid-up capital. While not listing on the stock exchange may have its own benefits and drawbacks, this decision has significant implications for the company's operations. This study explains the dynamics and implications of various funding strategies in the current business context, providing insights into the IPO decision and the choice not to list on the stock exchange.

Quantitative Changes in the Publishing of Lithuanian Scientific Journals in 2015–2022: Public and Private Sectors’ Adaptation to the Changing Conditions

The article analyses the quantitative changes in the Lithuanian scientific journal publishing in 2015-2022. The study reveals the problems of public bibliographic accounting and terminology in order to comprehensively analyse the public and private sector published print and electronic scientific journals. The gaps and uncertainties identified allow for the improvement of official publication records in the future, avoiding ambiguities in the assessment of the publication volumes of scientific journals. Science policy makers and implementers should take the initiative to standardise the definition of scientific journals, as this is the only way to achieve a clearer approach to this form of science communication. Although the annual volume of scientific journal publications has shrunk by 18.1% (from 265 (2015) to 217 (2022) publications), the decline itself has not been sharp. The decline has been stabilised by business involvement, changes in the evaluation of colleges, and the transformation of professional journals, book series and conference proceedings into scientific journals. Flexibility has been provided by electronic publishing instruments, which have reduced the dependence on external financial sources. The public publishing sector has tended to reduce the number of scientific journals in all scientific fields. This was mainly due to the reorganisation of the higher education network, the qualitative requirements for scientific articles and the reorganisation of scientific collectives. The publishing business has seen the greatest potential in the fields of technology and the medical and health sciences, and as a result, the number of journals published in these fields has not declined and continues to grow. Despite the private sector's growth trends, 50% of journals have 30 or more years of publication. This forms the core of Lithuanian scientific journals, which public sector publishers are striving to preserve and integrate into the international scientific environment.

North American Cancer Center Clinical Research Capacity and Benchmarking in the Postpandemic Era.

Cancer center clinical trial offices (CCTOs) support trial development, activation, conduct, regulatory adherence, data integrity, and compliance. In 2018, the Association of American Cancer Institutes (AACI) Clinical Research Innovation (CRI) Steering Committee conducted and published survey results to benchmark North American CCTOs, including trial volume, accrual, full time equivalents (FTEs), and budget. The survey was readministered in 2023 to assess contemporary CCTO performance and capacity with results presented here. The 28 question 2023 survey was sent to directors of AACI's clinical member cancer centers. Survey participation was voluntary, no compensation was provided, and data requested covered operations during 2022. Definitions were consistent with National Cancer Institute (NCI) CCTO reporting requirements and AACI staff anonymously compiled results for descriptive statistical reporting. The survey response rate was 61% (60/99). The median annual CCTO budget was $11.5 million (M) US dollars (USD) versus $8.2M USD in 2018. These budgets support a median of 150 FTEs versus 104 previously, and a median total of 384 versus 280 interventional treatment trials and a median of 479 versus 531 interventional treatment accruals. Sources of support for CCTO annual budgets were primarily from industry revenue (45.3%) or institutional support (31.7%). Nearly 60% of centers reported activating NCI-sponsored studies within 90 days but only 9% reported meeting a 90-day activation timeline for industry sponsored studies. Contemporary benchmarks for CCTO operations through this survey demonstrate larger staff sizes, larger budgets, more trials supported, but fewer patients enrolled to interventional treatment trials in comparison with 2018. These data shine a critical light on the increasing complexity of cancer clinical trials, the importance of external funding sources, and necessary operational efficiency upgrades to provide cutting-edge cancer research and care.