External Funding Sources Research Articles

Analysis of the Ecological and Economic Benefits of Electric Buses in Sustainable Urban Transportation

This study focuses on the importance of sustainable urban transportation, particularly the key role of electric buses in addressing global challenges such as air pollution and climate change. By selecting a metropolitan area with a population of at least 500,000 as a case study, we constructed a mathematical model to assist cities in understanding the ecological impact of transitioning to a fully electric bus fleet. The model takes into account various factors, including reduced exhaust emissions, improved air quality, reduced carbon emissions, and the operating costs and charging infrastructure development costs associated with electric buses. On the financial side, the model also analyzes the economic impact of transitioning from traditional fuel-powered buses to electric buses, considering potential external funding sources such as government subsidies and infrastructure investments to alleviate the citys financial burden. Ultimately, we developed a 10-year road-map to assist city transportation authorities in planning the renewal and expansion of their electric bus fleets. Through this letter, we emphasize the environmental and economic advantages of electric buses and encourage city transportation officials to actively consider electric buses as part of sustainable urban transportation, providing our research findings as a basis for decision-making.

External Financing, Governance, and Infrastructure Development: Evidence From Sub-Saharan Africa

Infrastructure development in Sub-Saharan Africa (SSA) requires diversified financing strategies to address a significant funding shortfall that cannot be met by domestic resources alone. This research evaluates the contributions of external financing—namely Official Development Assistance (ODA), Foreign Direct Investment (FDI), and Private Participation in Infrastructure (PPI)—in complementing domestic efforts to advance infrastructure in SSA. It examines their influence, alongside governance, on the development of physical and social infrastructure components. Employing methodologies such as Panel-Corrected Standard Errors (PCSE) and System Generalized Method of Moments (SGMM) across 43 SSA economies from 2000 to 2022, the analysis reveals that FDI substantially enhances physical infrastructure development but does not significantly impact social infrastructure. In contrast, ODA is shown to have a negative direct effect on overall infrastructure development, whereas PPI shows no significant direct influence. However, when considering indirect effects mediated by governance, all external financing sources positively affect both types of infrastructure, except for PPI’s influence on social infrastructure. Theoretically, this study reinforces the critical roles of economic growth, institutional quality, and external financing in supporting infrastructure development, as suggested by related theories. The study recommends that SSA authorities should focus on attracting more foreign investment, particularly in physical infrastructure projects, and encourage a broader diversification of external financing sources beyond FDI alone. Moreover, enhancing governance practices is essential for effective resource allocation and utilization. The study also advocates for improved public spending efficiency through enhanced project prioritization and governance reforms to foster sustainable infrastructure development in the region.

FARMERS’ HOUSEHOLD SAVINGS COMPARED TO SELECTED HOUSEHOLDS GROUPS

The aim of the article is to diagnose the dynamics of household savings among farmers in Poland in comparison to other social groups of households. The study attempts to relate empirical findings to selected income theories. Data from the household budgets of the Central Statistical Office (GUS) were used in this analysis. It was found that the existing theories do not correspond to the savings behaviors of farming households. It can be stated that only the integration of the permanent income theory, Modigliani and Brumberg’s life-cycle hypothesis, and the relative income theory would provide an interesting alternative. Savings in farming households increased and were generally higher in the analysed years compared to households overall and wage-earning households, despite lower income levels. However, the income levels were generally lower, which means that the propensity to save is relatively high among farming households. Farming households differ from households overall and wage-earning households in that part of the accumulated savings is allocated to financing investments or current expenses in the farm. As a result, this motivates the heads of these households to save, given the widespread aversion to increasing risk associated with using external sources of financing (credits).

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.

The Impact of Exchange Rate Volatility on The Inflation Rate: Evidence from Turkey

Exchange rate volatility can directly impact the general price level by causing changes in the costs of imported goods and services. In developing economies such as Turkey, sensitivity to exchange rate movements can be more pronounced due to a high dependence on imports and external financing sources. In this study, the relationship between variables was analyzed within the framework of the VAR model using the logarithmic values of monthly data spanning from January 2003 to May 2024. The cointegration test revealed that the variables are cointegrated in the long run and do not move independently of each other. The Granger causality test found a one-way causality at the 1% significance level, where M1 money supply affects both the exchange rate and inflation, and inflation affects the exchange rate. Based on the results obtained from the VAR models, variance decomposition analysis indicates that in Turkey, the primary driver of inflation is changes in the M1 money supply. Impulse response functions reveal that the effect of inflation on the exchange rate lasts for eight periods and ceases after the eighth period. In contrast, the response of inflation to M1 money supply persists for ten periods, exhibiting a slight increasing and decreasing trend after the seventh period. Therefore, in the formulation of economic policies, the effects of exchange rate and M1 money supply on inflation should be carefully analyzed and appropriate strategies should be determined.

Analisis Kinerja Keuangan PT Kalbe Farma Tbk Tahun 2021-2023 Berdasarkan Rasio-Rasio Keuangan

This study aims to evaluate the financial performance of PT Kalbe Farma Tbk between 2021 and 2023 through the analysis of financial ratios, including liquidity, solvency, activity, and profitability ratios. The method used is a descriptive quantitative approach, utilizing secondary data from the company’s financial statements to conduct time series analysis. The study calculates and analyzes financial ratios to assess the company’s performance over the specified period. The results show significant changes in PT Kalbe Farma’s financial condition, with a notable increase in total assets and equity, although net profit experienced a significant decline in 2023. The liquidity ratios indicate that the company maintains strong financial stability and can meet its short-term obligations, while the solvency ratios reflect a prudent approach in debt management and a reduction in reliance on external financing sources. These findings highlight the importance of effective financial management in maintaining corporate stability amidst the challenges faced in the pharmaceutical sector

Challenges to effective road user education in reducing road traffic accidents in Nigeria

The increasing trend in road traffic accidents (RTAs) has remained a concern that seems to defy solutions over the years. A major strategy for reducing RTAs is road user education, which uses campaigns and enlightenment programmes. However, the effectiveness of road user education in curtailing the trend of RTAs is faced with several challenges. This study examines the challenges to the effectiveness of road user education in reducing the trend of RTAs in Nigeria. The data for the study were collected with a well-designed questionnaire administered randomly to respondents. The questionnaire presented twelve (12) statements in a 5-point Likert scale for the respondents to rank in order of significance to identify the most significant challenges to road user education. The data collected were subjected to exploratory factor analysis to reduce the items to the most significant challenges facing effective road user education. The study identified institutional, participatory and funding as the most significant challenges confronting effective road user education in Nigeria. The study provides insight into the approach that can enhance the effectiveness of road user education by improving institutional policies, road user behaviour and external sources of funding.

Accrual accounting and access to external funds: Evidence from small businesses

This study explores how the use of accrual accounting, as opposed to cash accounting, is related to small businesses' access to external funds and the type of borrowing relationships they have. The findings show that the use of accrual accounting is associated with better access to lines of credit and trade credit, which are important sources of external financing for small businesses. The use of accrual accounting is also positively associated with larger borrowing amounts, more favorable borrowing terms, the establishment of more credit relationships, and with more distant financial institutions. Likewise, accrual accounting is associated with shorter borrowing relationships and less reliance on personal contact with financial institutions. Overall, this study demonstrates a significant association between the use of accrual accounting and improved access to external finance for small businesses, suggesting that the informational limitations of cash accounting may be related to greater constraints in accessing external funding.

The Impact of SME Financing Policies on Financial Reporting: A Case Study

Considering financing crucial for the daily survival of entities, it is fundamental to understand the impact of the measures taken by companies regarding the financing obtained. Therefore, the study aims to analyse the impact of financing policies on the financial reporting of entities through an analysis of the financial statements for the year 2021 of three entities. After analysing the results, it is demonstrated that bank loans are the main source of financing used by entities to fund their investments. However, it is noted that the entities under analysis seek external sources of financing, which has significantly increased their financial dependence. Therefore, when compared to their industry sector, these entities have a much lower level of financing via Equity. Regarding the financing costs incurred by their financing policies, it is observed that these are significantly high, mainly in relation to the weight of financing costs in total EBITDA, which impacts the net result of the period. Finally, the high impact of the rise in the Euribor rate on financing costs in 2023 was demonstrated. Thus, it is evident that in relation to other sources of financing, their respective expenses will increase dramatically, potentially greatly affecting the results of the companies.

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.

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.