Funding Gap Research Articles

Strengthening nutrition policy and service delivery: Lessons learned from a six-country assessment of Alive and Thrive's technical assistance.

Alive & Thrive (A&T) provides strategic technical assistance (TA) to develop effective policies; improve maternal, infant, and young child nutrition (MIYCN) programme design and implementationand enhance system capacity to sustain quality MIYCN service delivery at scale. A qualitative assessment was conducted using document review and stakeholder interviews (n = 79) to describe a selection of A&T's TA in six countries and systematically assess the contextual and TA process-related factors that influenced the results achieved and document the lessons learned about MIYCN TA design and implementation. To facilitate the selection of different types of TA, we classified TA into two levels of stakeholder engagement and intensity. Under the Technical Advisor TA category, we assessed A&T's support to strengthen national policy formulation, monitoring, and implementation of the International Code of Marketing of Breast-milk Substitutes. For Capacity Development TA, we assessed A&T support to scale-up maternal nutrition services and to increase strategic use of data. Factors important for TA provision included identifying and engaging with the right people, using evidence to support advocacy and decision-making, using multiple ways to strengthen capacity, developing packages of tools to support programme scale-up, and reinforcing feedback mechanisms to improve service provision and data quality. Challenges included shifts in the political context, poorly functioning health systems, and limited resources to replicate or sustain the progress made. Continued investment in evidence-based and practical TA that strengthens the institutionalization of nutrition across all stakeholders-including government, medical associations, civil societyand development partners-is essential. Future TA must support governments to strengthen system capacity for nutrition, including financial and human resource gaps that hamper full scale-up.

SUSTAINABLE ISLAMIC FINANCE: BIBLIOMETRIC AND VISUALIZED ANALYSIS OF CURRENT EMPIRICAL RESEARCH

This study aims to develop the research gap in sustainable Islamic Finance using a bibliometric analysis of recent empirical research outputs in the area, which comprises publications in scholarly journal articles and book chapters. Data were collected from Scopus for the period 1997 – 2022. This study analyses 285 Scopus scientific documents using Vosviewer, RStudio and Biblioshiny for bibliometric tools to process scientific documents extracted from various sources. Our study shows that the most prominent word in the Scopus scientific papers on Sustainable Islamic Finance is Islamic finance, followed by sustainable development, finance, banking, and investments. The keywords that Scopus scientific documents use little on the topic are ethical investing, climate change, Islamic social finance, waqf, zakat, takaful, green sukuk, and microfinance. There is a clear gap in knowledge around Islamic financial instruments in research that follow our findings and would benefit from further research.

A comparative model for financial advisory standardization in Nigeria and sub-Saharan Africa

The development of a theoretical model for harmonizing local and international product standards for Nigerian exports Financial inclusion remains a significant challenge in Nigeria and across Sub-Saharan Africa, with millions of individuals, particularly in rural areas, lacking access to formal financial systems. Financial advisory services play a critical role in addressing this challenge by helping individuals understand and effectively use financial products such as savings, credit, and investments. However, the lack of standardization in the delivery of these advisory services has hindered their effectiveness, resulting in inconsistent practices and limited reach, especially among the unbanked population. This review proposes a comparative model for the standardization of financial advisory services in Nigeria and other Sub-Saharan African countries. It seeks to examine the current landscape of financial advisory services, comparing Nigeria’s approach with successful models in countries such as Kenya, Ghana, and South Africa. The model emphasizes key components of standardization, including financial literacy programs, digital advisory platforms, and microfinance initiatives, which are critical to reaching underserved communities. By analyzing case studies, such as Kenya’s M-Pesa platform, which has significantly advanced financial inclusion through mobile money and advisory services, the review identifies best practices that can be adapted to Nigeria’s context. The comparative analysis highlights the importance of leveraging technology, particularly mobile platforms, to provide accessible and scalable financial advisory services. It also underscores the need for public-private partnerships, regulatory support, and tailored programs that address the unique socioeconomic and cultural characteristics of Nigeria and other Sub-Saharan countries. While digital infrastructure remains a challenge in rural areas, the success of mobile banking and advisory platforms in countries like Ghana demonstrates that technology can play a transformative role in financial inclusion. Challenges such as cultural resistance, economic disparities, and infrastructure gaps are discussed, emphasizing the need for a flexible yet standardized approach to advisory services. Additionally, the review outlines the critical role of regulatory frameworks in ensuring that financial advisory services are consistent, transparent, and accessible to all segments of the population. The review advocates for a standardized advisory model tailored to Nigeria’s specific needs, drawing lessons from successful models across Sub-Saharan Africa. Such standardization, supported by regulatory reforms and technology integration, has the potential to bridge the financial inclusion gap, empowering individuals and fostering economic growth. The review also calls for regional collaboration in Sub-Saharan Africa to promote knowledge-sharing and create unified strategies for advancing financial inclusion across the continent.

Integrating policy incentives and risk management for effective green finance in emerging markets

Integrating policy incentives and risk management is pivotal for driving the growth of green finance in emerging markets. The transition to sustainable finance necessitates an alignment between government policies and financial institutions to mitigate the risks associated with green investments. This abstract explores how policy incentives, such as tax breaks, subsidies, and regulatory frameworks, can encourage financial institutions to channel investments into green projects while addressing market-specific challenges like underdeveloped financial infrastructure and regulatory gaps. In emerging markets, the perceived risks of green investments, such as uncertain returns and regulatory volatility, often deter private sector engagement. However, integrating robust risk management strategies—including diversification, public-private partnerships, and risk-sharing mechanisms—can significantly reduce these risks, thereby enhancing the attractiveness of green finance. Additionally, government-backed incentives can lower capital costs for green projects, enabling financial institutions to provide more favorable lending terms. Regulatory frameworks that standardize green finance criteria and reporting are also critical for fostering transparency and accountability, which in turn build investor confidence. The interplay between policy incentives and risk management is further highlighted through case studies from emerging markets that demonstrate successful implementation of green finance initiatives. These examples illustrate how policy-driven support mechanisms and comprehensive risk management frameworks can unlock significant investment potential in green infrastructure, renewable energy, and sustainable agriculture. By fostering a supportive policy environment and addressing risk factors through innovative financial instruments, emerging markets can enhance green finance flows, promote sustainable development, and contribute to global climate goals. This integrated approach is essential for bridging the financing gap in green projects, ensuring that environmental sustainability is aligned with economic growth and risk mitigation.

Inventory Accounting Practices and Their Role in Financial Performance Evaluation

Inventory is a crucial asset for businesses, directly affecting their financial performance. However, despite its significance, many businesses struggle to implement inventory accounting practices in line with established standards. This study addresses the knowledge gap concerning the application of inventory accounting according to PSAK 14, focusing on Central Development Stores. The research employs a descriptive qualitative approach, gathering both primary and secondary data through interviews, documentation, and literature study. The findings reveal that the store employs a periodic physical inventory system and utilizes the FIFO (First In First Out) method for inventory valuation. The analysis indicates a partial compliance with PSAK 14, with a checklist percentage of 60%, highlighting areas for improvement. A notable discovery is that the store has not yet prepared financial statements, which could significantly impact its financial management practices. The novelty of this research lies in its practical evaluation of the implementation of PSAK 14 within a real business context, offering insights into common challenges. Implications suggest the necessity for the store to enhance its accounting practices to fully comply with PSAK 14, thus improving financial transparency and performance evaluation. Highlights: Partial Compliance: The store's accounting meets 60% of PSAK 14 requirements. Inventory Method: Uses Periodic system and FIFO for inventory valuation. Financial Reporting Gap: The store has not prepared financial statements yet. Keywords: Inventory, PSAK 14, Financial Performance, Inventory Valuation, Accounting Practices

Do Investors’ Site Visits Improve Bond Market Pricing Efficiency? —An Empirical Study from the Secondary Bond Market

ABSTRACT Taking bonds issued by A-share companies listed on the Shenzhen Stock Exchange from 2014 to 2020 as a sample, this paper explores the effect of corporate site visits on bond trading spreads. The study finds that the more investors visit a given firm, the lower the trading spreads of bonds issued by that firm, and this phenomenon is more pronounced in companies with greater information asymmetry or agency conflicts. Further research shows that investors evaluate the financial status of the company more accurately through site visits and reduce irrational decisions caused by information uncertainty. Consequently, site visits reduce the financing gap caused by macroeconomic factors. The results show that personal communication between investors and listed companies could provide effective information for bond investors and reduce their information risk. This paper expands the existing research on issues related to secondary bond market pricing and investors’ site visits and provides important empirical evidence for regulators to use to further optimize the bond market disclosure system to reduce information asymmetry.

Unleashing the potential of MSMEs in India: A strategic analysis

ABSTRACT Micro-, small, and medium-sized enterprises (MSMEs) are crucial to the Indian economy, significantly contributing to employment, industrial output, and regional development. As of March 2024, India hosts approximately 40 million MSMEs, predominantly micro-enterprises, which together account for around 30 percent of Gross Domestic Product and employ over 110 million people. This article explores the multifaceted role of MSMEs, examining their distribution across manufacturing, trade, and services sectors. The manufacturing segment, including textiles and food processing, employs about 31 percent of the MSME workforce, while trade and services sectors contribute 33 percent and 36 percent, respectively. The study reviews financing mechanisms, government policies, and human capital development, assessing the MSME sector’s resilience and adaptability in the face of economic disruptions and policy changes. Linear regression analysis reveals stability in manufacturing, fluctuations in trade, and consistent growth in the services and electricity sectors. Despite the MSME sector’s significant contributions, MSMEs face challenges, such as limited access to finance, regulatory complexity, and technological gaps. Opportunities for growth include digital transformation, export expansion, and enhanced government support. Addressing these challenges through improved credit facilities, technological support, regulatory reforms, and infrastructure development is essential for sustaining MSME growth and competitiveness. The World Congress on MSMEs underscores the need for comprehensive policy frameworks to support the MSME sector’s ongoing development and their role in driving economic progress and regional development.

Mind the gap: causes and consequences of the racial gap in music funding organizations

ABSTRACT This article explores the challenges of applying for and receiving music funding for Canadian music workers identifying as Indigenous, Black, or as a person of colour (IBPOC). Using survey data from the Canadian Live Music Association we find evidence of a racialized gap in music funding. Interviews with IBPOC music workers reveal the causes and consequences of the racial funding gap: there are limitations to worker agency wrought by gaps in knowledge of funding opportunities; perceived bias in favour of majority White-racialized music genres; and bureaucratic contradictions in funding applications that disadvantage IBPOC applicants. We argue that the conceptual tenets of racialized organizations and theories of racial inequality in cultural policy and creative organizations explain why gaps in funding persist, despite stated efforts to the contrary. We conclude by outlining a model of how music funding organizations exemplify racializing processes and offer policy implications for scholars and practitioners of arts funding.

Climate change vulnerability and adaptive capacity of smallholder farmers: A financing gap perspective

With climate change continuously threatening global food production, smallholder farmers are increasingly struggling to adapt to changing climatic conditions, decreasing productivity, and limited access to finance. To examine these challenges, this study used cross-sectional data collected through a multi-stage approach across three plantain-producing states in southwest Nigeria, with 100 farmers randomly selected in 5 local government areas per state to give a total of 300 farmers. A two-step Stochastic Frontier model is used to examine the relationship between climate adaptation strategies and plantain productivity while the Harold-Dorma growth equation and Multivariate Probit regression are used to assess the financing gap and its effect on adaptive capacity. Finally, the Foster Geer-Thorbecke (FGT) equation is used to measure the vulnerability of farmers to climate change. Findings show that as the financing gap of the farmers decreases, their ability to adopt climate adaptation strategies to enhance their productivity increases. However, 80% of the farmers are financially vulnerable to climate change, with 37% facing severe financial constraints. The vulnerability depth for the farmers is 56%, indicating that with $106.55 (56% of the vulnerability line of $190.26), many farmers' adaptive capacity could be enhanced to reduce their vulnerability below the vulnerability line. This study's approach provides a comprehensive approach for assessing smallholder farmers' ability to adopt adaptation strategies that increase productivity and enhance resilience. While other policy measures to enhance smallholder farmers' ability to address the challenges of climate change are important, it is crucial to prioritise actions that improve the financial status of smallholders.

Study on the implementation and future scope of Green Financing in Indian Banking System

The goal of our research is to identify significant characteristics of green finance and research gaps based on a thorough review of the literature. The content analysis approach is used in this study, which evaluates and summarises key past studies in the topic of green finance. This study evaluates existing research on green finance in the banking industry, with an emphasis on green financing and sustainable development. The period of study the is from August 2022 - January 2023. The sample for study includes 125 respondents. The outcomes of this study shed light on critical aspects of green finance. Green securities, green investments, climate financing, green insurance, green credit, green bonds, and green infrastructure are the key green finance products.

Impacts of Funding Gaps on Disaster Management: A Case Study of Bangladesh

This study provides a comprehensive analysis of the funding gap in disaster management in Bangladesh from 2000 to June 2024. By examining the relationship between estimated economic damage caused by natural disasters, the corresponding investment in disaster management, and the resulting funding shortfalls, the research underscores the significant challenges faced by Bangladesh in effectively preparing for and responding to such events. The study critically evaluates the trends of funding inadequacies over the years, revealing a persistent gap that has serious implications for disaster preparedness, response, recovery, and mitigation efforts. Additionally, the research explores the socioeconomic impacts of these funding gaps on affected populations, particularly in terms of exacerbating vulnerability, prolonging recovery, and increasing the risk of future disasters. By providing these insights, the study aims to contribute to the ongoing discourse on disaster risk reduction and management, offering recommendations for more effective allocation of resources to enhance resilience in one of the most disaster-prone countries in the world.

Judiciary-driven finance: Quasi-experimental evidence from specialized financial adjudication institutions in China

The "law and finance" paradigm posits that legal institutions play a crucial role in financial development; however, China has long been considered an exception. This study challenges that assumption by examining how improvements in the judiciary affect financial development in China. Using a quasi-natural experiment (i.e., staggered difference-in-difference estimation) over a twenty-year period, we find that the establishment of specialized financial adjudication institutions (i.e., financial courts and tribunals) in certain prefecture-level cities significantly reduces financing constraints for local listed companies. Further heterogeneity tests show that these effects are more pronounced among private enterprises, small and medium-sized enterprises, and companies in the central and western regions. Through the analysis of representative practices and interviews with relevant judges and enterprises, we find that China's financial judiciary demonstrates efficiency and proactiveness. Additionally, political considerations enable courts to regulate finance and maintain stability, improving the local financial legal environments and reducing transaction costs for market participants. By investigating the causal relationship between judicial reforms and financial development, our findings provide new insights into the "law and finance" theory and offer policy implications for addressing financial development gaps and promoting financial inclusion in emerging markets.

Enhancing Chinese Pension Funds Development through ESG Investment Perspectives

In current China, where the pension funds system is facing enormous pressure, this article will explore the positive impact of incorporating ESG investments into the Chinese pension funds system on its future development. Through research on the current situation of China's pension system, it is found that there are problems such as uneven regional distribution, unbalanced development of the three pillars, high population pressure and funding gap, high investment return requirements, and limited investment channels. By studying the feasible experiences of top ESG investment companies and leading countries in development, it is concluded that ESG investment contributes to improving the return on investment and stability of pension funds, and can alleviate the existing problems in China's pension funds. Finally, it is summarized that the feasible experience of combining ESG investment with China's pension funds is to take the lead in policies first, combined with strict supervision, and pay attention to talent cultivation.

Three Injustices of Adaptation Finance - A Relational Egalitarian Analysis

This primarily diagnostic paper offers, from the perspective of relational egalitarianism, a normative analysis of three major injustices in the context of adaptation finance. Adaptation finance includes payments provided by the affluent countries of the Global North to low-income countries in the Global South, countries particularly exposed to the harms of climate change. Relational egalitarianism is the normative view that interactions between people and between institutions have to respect the equal moral status of every human being. The first injustice, from this perspective, consists in the sheer fact that adaptation measures are required at all to deflect harm from people who did not significantly contribute to the causes of climate change. The second injustice consists in the persisting, even increasing adaptation finance gap, as countries of the Global North do neither provide adequate financial means to reduce climate risks, nor even fulfil their commitments to adaptation finance pledged in the Copenhagen Accord in 2009. The third injustice emerges from current procedures to determine criteria for distributing scarce financial resources that consolidate structural injustice. The paper concludes by providing the contours of a practical response to these injustices that respects the demands of relational egalitarianism.

Does banking competition increase corporate labor income share? Evidence from China

This paper investigates the impact of banking competition on corporate labor income share in China. Utilizing hand-collected unique data on bank branches within a certain distance of firms and a large sample of Chinese A-share list firms spanning the period 2000–2022, we find that banking competition significantly boosts corporate labor income share. A 10 percent increase in banking competition, the corporate labor income share increases by 0.06 percent on average. The results remain robust after replacing proxies, changing estimation methods, controlling for other shocks, and addressing endogenous concerns. Easing financing constraints, improving investment efficiency, and enhancing human capital are three essential channels through which banking competition promotes corporate labor income share. We also find that the impact of banking competition on corporate labor income share is more pronounced for firms with higher external financing dependence, higher financing gaps, more investment opportunities, higher governance efficiency, and higher information asymmetry. Our findings highlight the significance of enhancing banking competition to promote income distribution, foster common prosperity, and drive high-quality economic development.

EXPLORING TWO DECADES OF PERSONAL FINANCIAL PLANNING: A SYSTEMATIC LITERATURE REVIEW

This research aims to understand current patterns, trends, and gaps in personal finance by conducting a systematic literature review of 20 years. The study collected and analyzed the articles published between 2004 to 2024. The research articles were collected from the Scopus database using the PRISMA framework. The review shows changes in the research area, including behavioural finance, digital financial planning tools, and its impact on individuals' financial literacy and planning.The major limitation of this study is that the literature search for personal financial planning might not have incorporated all publications in this area. Furthermore, there is a possibility of bias in this review concerning the papers selected for review and how the researchers interpreted the results.The findings of this systematic literature review can assist policymakers, financial planners, and practitioners in making more informed financial planning decisions and regulations. Thus, by identifying the trends and gaps in personal financial planning, strategies can be defined to provide individuals and society with the necessary level of support.The research is helpful to existing knowledge in that it presents a critical discussion of the personal financial planning literature evident in the last twenty years. The research is original and provides valuable information for upcoming research and practical application in personal financial planning.

The role of business analysts in driving financial inclusion through product innovation

Business analysts play a pivotal role in advancing financial inclusion by driving product innovation tailored to underserved and marginalized populations. Their involvement is crucial in identifying and addressing gaps in financial services, ensuring that products and solutions are designed to meet diverse needs effectively. This review explores the contributions of business analysts in promoting financial inclusion through innovative product development, emphasizing their impact on creating accessible, affordable, and user-centric financial solutions. In the context of financial inclusion, business analysts utilize data-driven insights and market research to identify barriers faced by underserved communities. By analyzing customer needs, behaviors, and preferences, they provide valuable input on designing products that cater to the specific requirements of these populations. Their expertise enables the development of financial products that are not only accessible but also affordable and inclusive, such as microloans, mobile banking solutions, and digital payment platforms. Business analysts also facilitate collaboration between various stakeholders, including financial institutions, technology providers, and regulatory bodies, to ensure that innovative solutions align with industry standards and regulations. They play a critical role in bridging the gap between technical teams and end-users, translating complex requirements into actionable product features and functionalities. Their work ensures that new financial products are user-friendly and capable of addressing the unique challenges faced by marginalized groups. Furthermore, business analysts contribute to ongoing product improvements by continuously gathering and analyzing user feedback. This iterative approach allows for the refinement of financial products, ensuring that they remain relevant and effective in promoting financial inclusion. By leveraging advanced analytics and emerging technologies, business analysts help in identifying new opportunities and optimizing existing solutions to enhance financial access and participation. In conclusion, business analysts are essential in driving financial inclusion through product innovation. Their role in understanding market needs, facilitating stakeholder collaboration, and ensuring continuous improvement is critical to developing financial products that are accessible, affordable, and inclusive. Their contributions help bridge financial gaps and promote equitable access to financial services. Keywords: Business Analysts, Financial Inclusion, Product Innovation, Market Research, Financial Products, Accessibility, User-Centric Solutions.

Breaking barriers: unveiling motivations, challenges and policy recommendations for women’s entrepreneurship in Vietnam

PurposeThis study aims to explore the impact of social, financial and institutional factors on women’s entrepreneurship in Vietnam, emphasizing motivation’s role in addressing challenges. Women’s entrepreneurship holds economic significance, driving local economies and creating opportunities. Government efforts to support women entrepreneurs have increased, but research on this in developing economies, especially in Vietnam, is limited.Design/methodology/approachThe paper investigates women’s entrepreneurship in Vietnam, examining social, financial and institutional influences and emphasizing motivation in overcoming challenges. Using a qualitative approach, it conducts in-depth interviews with 28 female entrepreneurs, analyzing data thematically. Methodologically, the study uses purposive sampling, triangulation and member checking to enhance credibility.FindingsFindings reveal key motivations like financial incentives, self-achievement and social impact. These motivations empower women to overcome financial constraints, skill gaps, limited support and societal perceptions. This research guides women entrepreneurs to enhance success through learning, persistence, skill development and self-awareness.Originality/valueThis paper presents a novel exploration into women’s entrepreneurship in Vietnam, offering original insights into the interplay of social, financial and institutional factors, with a spotlight on motivational drivers. It provides unique perspectives on their motivations, challenges and support mechanisms. The study’s contribution lies in its comprehensive understanding of women’s entrepreneurship dynamics in a developing economy like Vietnam, offering valuable insights for policymakers, practitioners and academics alike. Its originality lies in its holistic approach and nuanced examination, enriching the discourse on women’s entrepreneurship in emerging

Corporate credit mismatch, financial leverage and corporate investment efficiency

We empirically test the relationship between credit mismatch and corporate investment efficiency. The study analyzes the heterogeneity of mismatch direction, corporate nature, and corporate life cycle. Results reveal that corporate credit mismatch has a significant negative impact on corporate investment efficiency; corporate financial leverage fully mediates this impact, indicating that corporations may increase their financial leverage to bridge financing gaps in cases of credit mismatch. This practice, however, may bring about greater financial risk and affect corporate investment efficiency. This study provides an important reference for enterprises and financial institutions for optimizing the financing environment, ensuring the effective allocation of financing resources, promoting the sustainable development of enterprises, thereby enhancing overall economic efficiency. This study also provides new ideas and future directions for studying corporate financing and investment behavior.

Why do politicians perceive the same financial conditions differently?

AbstractBehavioral public administration research has provided empirical evidence of several perception biases when individuals process information. Building on these findings, we seek to advance the literature by analyzing politicians' financial perceptions of their own government. Drawing on the theory of motivated reasoning, we examine the context of Swedish municipalities and find financial perception gaps associated with politicians' party affiliation (establishment or anti‐establishment), parliamentary position (opposition or governing party), and formal hierarchical rank. Specifically, politicians representing anti‐establishment and opposition parties, as well as those occupying lower positions in the political hierarchy—and thus having less influence over and less responsibility for municipal affairs—tend to perceive the financial situation more negatively. These findings suggest the presence of a motivationally driven bias in politicians' perceptions of financial conditions; moreover, they illustrate that these perceptions are influenced by factors beyond the traditional financial, socioeconomic, and demographic ones examined in previous research.