Financial Constraints Research Articles

Enhancing Accessibility in Archives of Developing Countries: Strategies for Inclusive Information Access in Pakistani Context

ABSTRACTThis study explores these challenges, focusing on language diversity, literacy levels, and technological infrastructure. Sindh's linguistic diversity, with Sindhi, Urdu, and English as primary languages, creates barriers for users not proficient in multiple languages. The need for translation services, limited by financial constraints, further complicates access. Additionally, literacy disparities between urban and rural areas hinder engagement with textual materials, necessitating educational outreach programs that require substantial investment. Technological barriers, including limited internet access and digital devices in rural areas, exacerbate these challenges. This research proposes strategies to enhance accessibility in Sindh Archives, such as multilingual cataloging, audiovisual resources, community outreach programs, mobile libraries, user‐friendly digital interfaces, collaborative partnerships, and capacity‐building initiatives. These strategies aim to promote equitable access to archival resources, enabling broader participation in research and education. By implementing these approaches, the rich cultural heritage of Sindh can be preserved and made accessible for future generations. The Sindh Archives in Karachi, with its extensive collection of historical documents, serves as a case study to illustrate the potential impact of these strategies.

Ambiguity, information processing, and financial intermediation

This paper incorporates ambiguity and information processing constraints into the He and Krishnamurthy (2012) model of intermediary asset pricing. Financial intermediaries possess greater information processing capacity than households. In response, households optimally choose to delegate their investment decisions. The contractual relationship between households and intermediaries is subject to a moral hazard friction, which results in a financial constraint. We show that ambiguity aversion not only amplifies households' incentives to delegate but also tightens the financial constraint. The calibrated model can quantitatively explain both the unconditional and time-varying moments of observed asset prices while endogenously generating an empirically consistent crisis frequency.

Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility

Carbon emissions trading (CET) policy presents a crucial market-oriented environmental strategy to shape corporate environmentally responsible behaviour. However, how market-oriented environmental strategy may affect corporate environmental responsibility remains to be further investigated. Based on the practice of China's CET, this paper investigates the impact of market-oriented environmental strategy on the environmental responsibility level of high‑carbon enterprises in China. The relevant results are threefold. 1) Contrary to conventional wisdom and CET policy expectation, China's CET policy discourages high‑carbon enterprises from fulfilling environmental responsibility, leading to an overall decrease of 32.6 % in the environmental responsibility level. 2) China's CET policy strengthens the financing constraints of high‑carbon enterprises, which makes them face a financial dilemma wherein it is challenging to balance environmental management and production operations in the absence of financial support. 3) Compared with non-state-owned enterprises and small- and micro-sized enterprises, the inhibitory effect of China's CET policy on the environmental responsibility level of state-owned enterprises (SOEs) and medium- and large-sized enterprises (MLEs) is stronger, whereas the inhibitory effect of financing constraints induced by China's CET policy on the environmental responsibility level of SOEs and MLEs is weaker.

Business environment, financing constraints and enterprise innovation investment

This study utilizes a sample of A-share listed companies in China spanning from 2012 to 2022 to delve into the correlation between the business environment and corporate innovation investment. The findings reveal that a favorable business environment significantly bolsters corporate investment in innovation. Additionally, financing constraints emerge as a crucial intermediary factor, facilitating the enhancement of corporate innovation through improved business conditions. Notably, the business environment in both the eastern and central regions exerts a marked positive influence on innovation investment, with the eastern region demonstrating a more profound effect.

Research on Green Innovation Spillover Effects of Peers Issuing Green Bonds: Evidence from China’s Green Bond Market

Green innovation plays a crucial role in fostering economic growth alongside environmental preservation. This study investigates the relationship between the issuance of green bonds and green innovation among peer companies, utilizing green patent data. The findings reveal that the issuance of green bonds significantly bolsters the level of green innovation among peer companies. Strategic innovation appears to be more pronounced than substantive innovation. The mechanism analysis indicates that the issuance of green bonds influences peer companies to engage in green innovation activities by alleviating their financing constraints and increasing their level of R&D investment. The heterogeneity analysis reveals that the impact of green bond issuance on green innovation among peer companies is particularly pronounced in capital-intensive companies and industries with high concentration. This study not only contributes evidence to the theory of “peer learning” but also provides a theoretical basis for expanding the economic benefits associated with green finance.

Can green finance supports improve environmental firm performance? Evidence from listed environmental firms in China

This study analyzes how green finance supports affect environmental protection firms’ economic and social performance. Furthermore, we explore how financing constraints and technological advancements mediate such relationship among the Chinese A-share market from 2014 to 2021. Findings reveal that supports in sustainable financial practices positively affect the social performance of firms, whereas an inverse U-shaped relationship exists between green finance supports and economic performance. Moreover, green finance support initiatives improve firms’ social and economic performance by lowering financing barriers and fostering innovation.

Financial subsidies, digital finance, and corporate industrial investment level

This study examined the impact of digital finance and financial subsidies on enterprises’ industrial investment based on data from China A-share listed companies in Shanghai and Shenzhen from 2011 to 2020. Results show that the development of financial subsidies and digital finance positively impact industrial investment, further easing the financial constraints of enterprises. Based on results, suggestions such as rational resource usage and a clear investment direction are made.

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

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

Perspectives of stakeholders on onboard training: A thematic analysis of qualitative interviews

ABSTRACT The training and education of seafarers have evolved significantly with the establishment of the International Maritime Organization (IMO) and the adoption of International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW). This paper explores maritime industry key stakeholders’ perspectives on onboard training (OBT) focusing on its benefits, curriculum, and challenges. The thematic analysis of the opinions of representatives of key stakeholders highlighted the critical role of OBT in providing real-world experience, applying theoretical knowledge in practice, and gaining cultural insights essential for maritime cadets’ professional growth. Some obstacles related to financial constraints of shipping companies, common ship activities, living conditions on board, unexpected weather conditions, regulatory inconsistencies, and characteristics of curriculum, such as trainers’ competencies, number of trainers on board, different implementation of OBT by different companies were revealed. The respondents agreed that the traditional 12-month OBT period is necessary, however proper integration of technological advancements in achieving competences with harmonized international regulations, updated curriculum, and enhanced stakeholder collaboration can be helpful to reduce the duration of OBT. Further research should identify competences to be developed through integration of technologies including simulator training.

Tax incentives and corporate digital transformation: Evidence from China’s accelerated depreciation policy

Corporate digital transformation is a significant path for industrial upgrading and sustainable development. This study employs China’s accelerated depreciation (AD) policy as a quasi-natural experiment to explore the impacts of tax incentives on the digital transformation of enterprises. Using panel data of China’s listed companies from 2010 to 2019, we find that AD policy significantly promotes firms to engage in digitization practices through the channels of firm investment and firm innovation. We also find that the policy effects are more pronounced for firms with a higher level of digitization, firms with stronger financial constraints, non-state-owned enterprises, and firms located in East China. Moreover, we also present a positive relationship between digital transformation and firm performance. Our study supplements the literature on the determinants of digital transformation and provides insights into how tax policy shapes firms’ incentives to be more digitized.

Capital Controls or Macroprudential Policies: Which is Better for Land Booms and Busts?

AbstractEmerging markets have experienced land booms and busts along with international capital inflows and outflows repeatedly. This study quantitatively examines the effectiveness of (i) macroprudential policies targeting land markets and (ii) capital controls targeting capital inflows and outflows. We analyze which policy better manages the coincidence between land booms (busts) and capital inflows (outflows). We build a small open economy NK-DSGE model in which banks choose their asset portfolio between physical capital and land subject to financial constraints. The quantitative results show that the superiority of the two policies depends on the type of shock impacting a small open economy. In the case of domestic land market shocks, macroprudential policies enhance welfare, whereas capital controls reduce welfare. Conversely, in the case of foreign interest rate shocks, the superiority of the two policies is reversed: capital controls enhance welfare, while macroprudential policies deteriorate welfare.

Clinical perspective on innovative insulin delivery technologies in diabetes management.

The primary objective of this study is to report the results of an online questionnaire and the in-person discussion sessions of physicians specializing in diabetes care in which their opinions about current diabetes management was obtained. The Diabetes Innovation Summit 2023 drew attendance from a diverse group of specialized physicians from multiple countries. A comprehensive literature review was conducted to examine the technologies and medical needs associated with diabetes management. Using the results of the review, a questionnaire was developed by three experts from the steering committee to solicit feedback from specialized physicians. The online survey was made accessible between 10th December 2022 and 10th January 2023. Following the online survey, six structured in-person discussion sessions were conducted with specialized physicians from the Middle East, Central-Eastern Europe, and North Africa regions. The study revealed that about 59% of survey requests were answered, with many participants being pediatric endocrinologists from North Africa. Around 60% of diabetes patients followed Multiple Daily Injections (MDI) according to specialized physicians. Among MDI users, 62% employed Blood Glucose Monitors (BGM), 31% used intermittent-scanning Continuous Glucose Monitors (isCGM), and 23% used CGM. In North Africa, nearly 90% of patients used MDI due to financial constraints. While physicians focused on both Time in Range (TIR) and HbA1c for MDI-treated patients, satisfaction with TIR achieved was expressed by 31%, while 74·1% believed Real-Time CGM (rtCGM) was effective. Concerns arose about potentially misleading HbA1c results and the relatively low patient achievement of target TIR despite CGM usage. The Smart MDI System was seen favorably compared to other applications. The system's affordability was a significant barrier, particularly in the Middle East and Africa. The present study highlights that physicians are generally supportive of utilizing new technology. The questionnaires and the open discussion revealed the expectation that the Smart MDI technology provides better control, primarily by identifying missed boluses, while expressing concerns on the use of the technology by teenagers and children, who might forget the device and be reluctant to use in public, and by the older population, who might be challenged by the technology.

Tax incentives for human capital accumulation and enterprise innovation quality: Evidence of a quasi-natural experiment in China

This study analyzes the impact of human capital tax incentives on enterprise innovation quality. For this purpose, it designs as a quasi-natural experiment, using China's pre-tax deduction policy for employee education and training expenses. The results confirm that tax incentives for human capital accumulation significantly enhance corporate innovation quality. The primary mechanisms driving this effect are the alleviation of financial constraints and the promotion of human capital accumulation. Moreover, this effect is stronger in regions with higher levels of financial development and greater human capital density.

Share Pledging and Corporate Misconduct

We investigate and find a significant and positive relation between share pledging by controlling shareholders and the likelihood of corporate misconduct. The results remain robust after classifying misconduct into accounting and non-accounting misconduct, and misconduct receiving severe and light penalties. Alleviation of financial constraints, inflation of stock prices, mitigation of margin calls, and expropriation under poor corporate governance are the main motives for corporate misconduct by firms with pledging controlling shareholders. The positive relation between share pledging and corporate misconduct propensity remains after accounting for endogeneity issues, political connections, intensified bank monitoring, and share repurchasers.

Corporate risk disclosure in response to heightened entry threat: Evidence from a quasi-natural experiment in China

Using the deregulation of market entry barriers in China as a quasi-natural experiment, this study examines how increased entry threats affect incumbent firms' risk disclosure. We find that firms respond by increasing their market-related risk disclosures. This effect is stronger among firms facing higher economic uncertainty, lower financial constraints, greater product market competition, and higher information transparency. Mechanism analysis shows that increased risk disclosure weakens the link between deregulation of market entry barriers and new firm entry, suggesting that such disclosures can effectively deter potential competitors. Moreover, while market reactions to market risk disclosures are neutral, they are negative for operational and financial risk disclosures. Our findings suggest that firms strategically disclose market risks to mitigate entry threats, thus enhancing their resilience and adaptability in dynamic markets.

Heterogeneity and nonlinearity in the relationship between rediscount credits and firm exports

Export credits are used extensively throughout the world to temper the negative effects of financial constraints on exports. In this paper, we focus on a particular form of subsidized export credits, namely, an export rediscount credit program implemented by the Central Bank of the Republic of Türkiye. For this purpose, we create a detailed firm-level data set that matches monthly firm-level export data with credit and financial statement data. Our results show that exports by firms that use rediscount credit increase significantly over a six-month horizon and that the amount of credit and export growth have a positive relation. Moreover, the relation between the credit amount and export volume is not linear; the correlation starts to decline after a certain point. Our results also reveal heterogeneity with respect to size: exports increase more after using rediscount credit for small firms than large firms.

Responding to green finance with emission reduction and value-added: The role of enterprise environmental investment

Responding to China’s green finance policy with enterprise environmental investment (EEI) constitutes a crucial link in achieving environmental governance objectives, exerting crucial influence on the nation’s green transformation and high-quality development. Taking the pilot policy of China’s Green Finance Reform and Innovation Experimental Zone (GFRP) in 2017 as a quasi-natural experiment, this study systematically evaluates the effect of GFRP policy on the decisions of EEI and further explore whether the investments are used for passive end-of-pipe treatment (EOP) or positive source prevention (SP) by using firm-level data. The results indicate that GFRP policy can significantly promote EEI, and mainly reflected in SP, rather than EOP. Through potential mechanism analysis, it can be concluded that GFRP policy facilitates EEI by alleviating financial constraint, reducing agency cost, and enhancing environmental information disclosure. Heterogeneity analysis suggests that there exists asymmetry in policy effects, with greater impacts in high green finance development areas, low concentration industries and large-scale enterprises. Furthermore, micro-level performance consequences examination reveals that the enterprises’ decision to increase EEI under GFRP policy not only effectively realizes energy conservation and emission reduction but also contribute to facilitating enterprise value, to achieve green transformation. This study holds significant policy implications, providing empirical evidence to policymakers for the refinement and dissemination of green finance policy, and offering valuable insights for enterprise investment and management decisions.

Challenges of ICT Integration in Social Work Practicums in African Higher Education: A Systematic Review

This systematic review explores the role of Information and Communication Technology (ICT) in enhancing social work practicums within higher learning institutions across developing African nations. Key challenges identified include the absence of clear institutional policies for ICT integration, insufficient funding for welfare organizations, particularly from the South African Department of Social Development, and unreliable internet access in rural regions. Additionally, the lack of clarity within the Department of Education’s policy framework regarding appropriate technologies for educational curricula hinders students’ practical experiences. Using the PRISMA methodology, this review analyzed 65 peer-reviewed articles selected from an initial retrieval of 320 sources from databases such as Google Scholar, Taylor & Francis, Scopus, ScienceDirect, and ResearchGate. The inclusion and exclusion criteria ensured relevance to the topic of ICT challenges in social work education. The findings highlight a pressing need for revised policies and the introduction of new legislation to address the technological barriers that limit social work students’ access to essential resources like Wi-Fi, digital infrastructure, and institutional support. These challenges are particularly acute in South Africa, Zimbabwe, and Mozambique, where limited technological infrastructure and financial constraints impede progress. Nonetheless, the development of Continuing Professional Development (CPD) guidelines, the introduction of affordable technologies, and the establishment of a robust national policy framework for ICT integration can significantly improve the quality of social work practicums, facilitating better alignment between theory and practice.

Knowledge And Perception About Dental Implant And Its Complications Among GeneralPractitioners And Post Graduates In Coimbatore – A Cross Sectional Survey

Background: It is necessary for dental students and freshly graduated dentists to apply their education and practice to different clinical and preclinical procedures. The implant success rate and durability are high. Therefore, this study was designed to assess the level of knowledge, awareness and perception of dental practitioners and post graduate students regarding dental implant complications in Coimbatore. Materials and Methods: A prevalence study design using a web-based method was conducted among dental practitioners and postgraduate students in Coimbatore. Data were collected from all (n = 212) general dental practitioners and postgraduate students using a pretested standardized self-administered web-based questionnaire that was prepared and circulated using a template provided by Google Forms (Google, Inc., USA). Results: In a survey of 212 general dental practitioners and postgraduate students in Coimbatore, 69.2% considered dental implants a viable option for tooth replacement, though 38% noted financial constraints affecting patient acceptance. While 38.5% were highly aware of the risks associated with implants, 61.5% emphasized the importance of case selection. Common issues included postoperative infections (53.8%) and screw loosening (46.2%). Aesthetically, 30.8% cited loss of the interdental papilla as a concern. Most participants favored flap surgical methods (61.5%) and recommended considering patient conditions when choosing implant prostheses. Notably, 61.5% were aware of regenerative possibilities related to dental implants. Conclusion: A comprehensive evaluation concluded that undergraduate instruction in basic implantology is essential due to the increasing prevalence of implants. Additionally, postdoctoral training programs should be established to enhance practitioners' skills and knowledge, providing them with the confidence needed to treat patients effectively

Research on the effect of fintech on inefficient investment: From the perspective of information effect and resource effect

This paper investigates the impact of fintech on investment efficiency. Based on the data of A-share listed enterprises from 2013 to 2021, the empirical results indicate that: (i) Fintech can significantly reduce underinvestment in enterprises. (ii) Easing financing constraints and enhancing the quality of disclosure serve as potential mechanisms for this effect. (iii) Heterogeneous analysis reveals that the impact of fintech on underinvestment is more pronounced for private enterprises, those disclosing ESG information, and enterprises located in 5 G and big data pilot cities, as well as in regions with higher levels of economic and educational integration. These findings have important implications for corporate managers, investors, and policymakers.