Financial Innovation Research Articles

The Effect of Green Intellectual Capital and Financial Literacy on Sustainable Financial Performance of Tofu Factory SMEs in Karawang Regency

Sustainable financial performance is one of the main objectives of SMEs, but achieving optimal sustainable financial performance needs to be supported by the ability of resources owned by SMEs, both from the level of green intellectual capital and financial literacy. Hence, this research aims to determine the effect of green intellectual capital and financial literacy on sustainable financial performance. This research uses a quantitative descriptive method. Data is collected in the form of primary data through the distribution of questionnaires. The study population consisted of all Tofu Factory SMEs in Karawang Regency, as many as 105 SMEs, using a Purposive Sampling Strategy Criteria; thus, the final sample used was 90 respondents. Data processing techniques were carried out using PLS with SmartPLS 3.0 software through three data testing stages: the outer model, the inner model, and the hypothesis. The results found a positive and significant influence of green intellectual capital on the sustainable financial performance of Tofu Factory SMEs. Sustainable financial performance is also positively and significantly influenced by the financial literacy of Tofu Factory SMEs. Suggestions for further researchers are expected to add variables of green product innovation, creativity capital, and green financing, because those who examine these variables are still very limited; thus, they can create a more accurate model based on the actual conditions in SMEs.

Impact of pre-operative abdominal MRI on survival for patients with resected pancreatic carcinoma: a population-based study

This study determined the impact of pre-operative abdominal MRI on all-cause mortality for patients with resected PDAC. All adult (≥18 years) PDAC patients who underwent pancreatectomy between January 2011 and December 2022 in Ontario, Canada, were identified for this population-based cohort study (ICD-O-3 codes: C250, C251, C252, C253, C257, C258). Patient demographics, comorbidities, PDAC stage, medical and surgical management, and survival data were sourced from multiple linked provincial administrative databases at ICES. All-cause mortality was compared between patients with and without a pre-operative abdominal MRI after controlling for multiple covariates. A cohort of 4579 patients consisted of 2432 men (53.1%) and 2147 women (46.9%) with a mean age of 65.2 years (standard deviation: 11.2 years); 2998 (65.5%) died while 1581 (34.5%) survived. Median follow-up duration post-resection was 22.4 months (interquartile range: 10.8-48.8 months), and median survival post-pancreatectomy was 25.9 months (95% confidence interval [95% CI]: 24.8, 27.5). Patients who underwent a pre-operative abdominal MRI had a median survival of 33.1 months (95% CI: 30.7, 37.2) compared to 21.1 months (95% CI: 19.8, 22.6) for all others. A total of 2354/4579 (51.4%) patients underwent a pre-operative abdominal MRI, which was associated with a 17.2% (95% CI: 11.0, 23.1) decrease in the rate of all-cause mortality, with an adjusted hazard ratio (aHR) of 0.828 (95% CI: 0.769, 0.890). Pre-operative abdominal MRI was associated with improved overall survival for PDAC patients who underwent pancreatectomy, possibly due to better detection of liver metastases than CT. Northern Ontario Academic Medicine Association (NOAMA) Clinical Innovation Fund.

RETRACTION: Optimization of renewable energy supply for a carbon neutral society: Role of environmental regulations, sustainable finance, and financial innovation through the lens of game theory

RETRACTION: H. Najam, “Optimization of renewable energy supply for a carbon neutral society: Role of environmental regulations, sustainable finance, and financial innovation through the lens of game theory,” Geological Journal 58, no. 9 (2023): 3466–3475, https://doi.org/10.1002/gj.4746.The above article, published online on 13 April 2023 in Wiley Online Library (wileyonlinelibrary.com), has been retracted by agreement between the journal's Editors in Chief, Ian D. Somerville and Yunpeng Dong; and John Wiley & Sons Ltd. The retraction has been agreed following concerns raised by a third party. Further investigation by the publisher has found manipulation of the peer review process. The retraction is warranted due to the compromised integrity of the article's peer review.

Effectiveness of Subsidy Policies on Livestock Feed and Production

Purpose: The general purpose of this study was to evaluate the effectiveness of subsidy policies on livestock feed and production. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to the effectiveness of subsidy policies on livestock feed and production. Preliminary empirical review revealed that well-targeted subsidy policies significantly enhanced the efficiency and sustainability of livestock production by stabilizing feed costs, which helped farmers maintain consistent production levels and invest in advanced technologies. These investments led to improved productivity and animal welfare, contributing to long-term agricultural sustainability. The study also highlighted the environmental benefits of subsidies promoting sustainable practices and emphasized the importance of equitable distribution to ensure smallholder and marginalized farmers benefited from these policies. This inclusive approach ensured broader economic and social development within the agricultural sector. Unique Contribution to Theory, Practice and Policy: The Theory of Planned Behaviour, Resource- Based View and Institutional Theory may be used to anchor future studies on subsidy policies on livestock feed and production. The study concluded with several key recommendations. It emphasized the need for a nuanced understanding of subsidy impacts, suggesting future research should develop models incorporating economic, environmental, and social variables. Practically, it recommended enhancing subsidy programs to be more targeted and equitable, ensuring smallholder and marginalized farmers benefit fairly. The study also highlighted aligning subsidies with sustainability goals and increasing funding for agricultural innovation. International cooperation and policy harmonization were suggested to prevent market distortions and promote fair trade. Additionally, it stressed incorporating stakeholder feedback and continuous monitoring and evaluation to ensure policies remain effective and relevant. Keywords: Subsidy Policies, Livestock Feed, Livestock Production, Food Security, Economic Stability, Advanced Technologies, Precision Feeding Systems

Frenemies: Exploring interfirm credit between an incumbent and a capital‐constrained startup

AbstractInterfirm credit, a financial relationship between two firms, has garnered recent attention due to its potential to aid innovative startups' funding challenges and shape competitive dynamics. We examine a supply chain consisting of an incumbent and a capital‐constrained startup firm. The startup's entry may cannibalize the incumbent's market share. Therefore, we model their interaction as a Stackelberg game, with the incumbent leading. The startup faces funding challenges and can opt for bank financing, interfirm credit, or mixed financing. Under interfirm credit, the incumbent and startup firms engage in financial collaboration, which requires the incumbent to decide on the trade‐off between profit sharing and market erosion. We consider two cases of financial sufficiency: (i) sufficient funds for production that satisfy the loan amount required for the startup firm's production and (ii) limited funds for production that are insufficient for the startup firm's needs and limit the startup firm's production. We find that bank financing is not always beneficial to firms. Specifically, under limited funds for production, when a startup has moderate initial available funds, he will opt for profit sharing with the incumbent and prefer interfirm credit, allowing both firms to achieve a win‐win outcome. However, suppose the incumbent strategically determines the interest rate. In that case, mixed financing becomes advantageous for both firms when the startup firm's initial available funds are high and the loan amount is ample. Finally, when the startup predetermines the loan amount, he will pursue economic funding if his product is competitive.

Risk spillover mechanism among commercial banks and FinTech institutions throughout public health emergencies

While FinTech has contributed to the improvement of efficiency and cost reduction for commercial banks, it has also brought about risks for them. Especially during the outbreak of major public emergencies, the degree of risk spillover among financial institutions increased significantly. In this paper, we constructed a high-dimensional risk spillover network using the elastic net shrinkage technique to investigate the impact of public health emergencies on the risk spillovers between FinTech institutions and commercial banks. The total spillover index was utilized to access the overall coupling between FinTech institutions and commercial banks. Furthermore, we employed the sectoral spillover index and institutional centrality index to examine the spillover intensity across different sectors and institutions. Additionally, we analyzed the changes in the risk spillover network structure and institutional risk role during emergencies, aiming to uncover the impact mechanism of public health emergencies on risk spillovers. The results reveal that (1) public health emergencies, such as the COVID-19 pandemic, have intensified the industry correlation between the FinTech and banking sectors, and the primary risks of the system have shifted from intraindustry risks to interindustry risks. (2) Public health emergencies have changed the risk transmission roles of FinTechs and banks. FinTechs transitioned from being risk recipients to risk contributors, while banks shifted from being risk contributors to risk recipients. (3) FinTechs play a crucial role in facilitating indirect risk transmission within the system, acting as influential adjacent institutions that bridge the gap between critical institutions. (4) Compared with large commercial banks, small and medium-sized banks are more sensitive to FinTech risks. This study provides supporting evidence for regulatory agencies to enhance risk management in financial innovation during public health emergencies and in the post-pandemic era.

Top-quark rare decays with flavor violation* *This work is supported by the National Natural Science Foundation of China (12075074), the Natural Science Foundation of Hebei Province, China (A2020201002, A2022201022, A2022201017, A2023201040), the Natural Science Foundation of Hebei Education Department, China (QN2022173), the Post-graduate's Innovation Fund Project of Hebei University (HBU2024SS042), and the Youth Top-notch Talent Support Program of the Hebei

In the present study, we investigated the decays of the top quark: , , , and . They are extremely rare processes in the standard model (SM). As the extension of the minimal supersymmetric standard model (MSSM), the SSM features new superfields such as the right-handed neutrinos and three Higgs singlets. We analyzed the effects of different sensitive parameters on the results and made reasonable theoretical predictions, thereby providing a useful reference for future experimental development. Considering the constraint set by the updated experimental data, the numerical results show that the branching ratios of the four processes, i.e., , can reach the same order of magnitude as their experimental upper limits. Among them, has the most evident effect on these processes and is the main parameter; , , , , , , and are also important parameters for the processes, and have effects on the numerical results.

Public Wireless Supply Chain Innovation Fund Grant Program—Open radio (DOC)

Public Wireless Supply Chain Innovation Fund Grant Program—Open radio (DOC)

Role of Arts and Cultural Events in Community Development and Social Cohesion

Purpose: This study sought to investigate the role of arts and cultural events in community development and social cohesion. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to the role of arts and cultural events in community development and social cohesion. Preliminary empirical review revealed that such events acted as catalysts for economic and social revitalization, enhancing local business and infrastructure through increased foot traffic and investment. They significantly boosted social cohesion by providing a platform for diverse groups to engage and share cultural experiences, thus strengthening community ties and civic engagement. Additionally, participation in these events was linked to improved mental health and personal well-being, as they offered emotional and psychological benefits that extended from communal to individual levels. The findings highlighted the necessity for ongoing support and investment in the arts, underscoring their integral role in fostering cohesive, vibrant, and resilient communities. Unique Contribution to Theory, Practice and Policy: Social Capital Theory, Cultural Development Theory and Urban Regeneration Theory may be used to anchor future studies on the role of arts and cultural events in community development and social cohesion. The study provided comprehensive recommendations across theoretical, practical, and policy realms. It advocated for the integration of cultural activities into theories of social capital and community dynamics, emphasizing their dual role in fostering both inclusivity and deeper social bonds. Practically, it offered guidance on making cultural events more accessible and engaging for diverse communities, while on the policy level, it pushed for increased governmental investment and the incorporation of arts into broader development strategies. The study also suggested innovative funding models, continuous program evaluation, and the use of cultural indicators to track and enhance the impact of arts on communities. Additionally, it underscored the importance of promoting and advocating for the benefits of cultural events to secure sustained support and recognition.

Improving access to primary health care through financial innovation in rural China: a quasi-experimental synthetic difference-in-differences approach

BackgroundInadequate financing constrains primary healthcare (PHC) capacity in many low- and middle-income countries, particularly in rural areas. This study evaluates an innovative PHC financing reform in rural China that aimed to improve access to healthcare services through supply-side integration and the establishment of a designated PHC fund.MethodsWe employed a quasi-experimental synthetic difference-in-differences (SDID) approach to analyze county-level panel data from Chongqing Province, China, spanning from 2009 to 2018. The study compared the impact of the reform on PHC access and per capita health expenditures in Pengshui County with 37 other control counties (districts). We assessed the reform’s impact on two key outcomes: the share of outpatient visits at PHC facilities and per capita total PHC expenditure.ResultsThe reform led to a significant increase in the share of outpatient visits at PHC facilities (14.92% points; 95% CI: 6.59–23.24) and an increase in per capita total PHC expenditure (87.30 CNY; 95% CI: 3.71-170.88) in Pengshui County compared to the synthetic control. These effects were robust across alternative model specifications and increased in magnitude over time, highlighting the effectiveness of the integrated financing model in enhancing PHC capacity and access in rural China.ConclusionsThis research presents compelling evidence demonstrating that horizontal integration in PHC financing significantly improved utilization and resource allocation in rural primary care settings in China. This reform serves as a pivotal model for resource-limited environments, demonstrating how supply-side financing integration can bolster PHC and facilitate progress toward universal health coverage. The findings underscore the importance of sustainable financing mechanisms and the need for policy commitment to achieve equitable healthcare access.

Role of Financial Innovation in Enhancing the Meezan Bank’s Market Share: Evaluating the Perception of Regional versus Branch Level Employees

In Pakistan very few researchers have focused on targeting the element of financial innovation within the sector of Islamic banking, despite of its ongoing growth. This study therefore aims to provide the perception based analysis about the effect of Financial innovative/Fintech tools on the market share of Meezan Bank in Pakistan. The present study report the results from the questionnaire survey distributed to the 52 branch as well as regional employees of Meezan Bank in Pakistan. The analysis of survey findingsthrough multivariate regression suggest that financial innovation is positively related to the market share of Meezan bank. On the basis of Step wise regression it is suggested that among the six elements of Fintech services (Mobile banking, internet banking, telephone banking, Automated teller machines (ATMs), Point of Sale terminals (POS), and Artificial Intelligence (AI) only ATM and POS are the most significant variables. Moreover, regional employees are significantly optimistic about the influence of Fintech on the market share of the selected bank.

Deep learning for colorectal cancer detection in contrast-enhanced CT without bowel preparation: a retrospective, multicentre study

Contrast-enhanced CT scans provide a means to detect unsuspected colorectal cancer. However, colorectal cancers in contrast-enhanced CT without bowel preparation may elude detection by radiologists. We aimed to develop a deep learning (DL) model for accurate detection of colorectal cancer, and evaluate whether it could improve the detection performance of radiologists. We developed a DL model using a manually annotated dataset (1196 cancer vs 1034 normal). The DL model was tested using an internal test set (98 vs 115), two external test sets (202 vs 265 in 1, and 252 vs 481 in 2), and a real-world test set (53 vs 1524). We compared the detection performance of the DL model with radiologists, and evaluated its capacity to enhance radiologists' detection performance. In the four test sets, the DL model had the area under the receiver operating characteristic curves (AUCs) ranging between 0.957 and 0.994. In both the internal test set and external test set 1, the DL model yielded higher accuracy than that of radiologists (97.2% vs 86.0%, p<0.0001; 94.9% vs 85.3%, p<0.0001), and significantly improved the accuracy of radiologists (93.4% vs 86.0%, p<0.0001; 93.6% vs 85.3%, p<0.0001). In the real-world test set, the DL model delivered sensitivity comparable to that of radiologists who had been informed about clinical indications for most cancer cases (94.3% vs 96.2%, p>0.99), and it detected 2 cases that had been missed by radiologists. The developed DL model can accurately detect colorectal cancer and improve radiologists' detection performance, showing its potential as an effective computer-aided detection tool. This study was supported by National Science Fund for Distinguished Young Scholars of China (No. 81925023); Regional Innovation and Development Joint Fund ofNational Natural Science Foundation of China(No.U22A20345);National Natural Science Foundation of China (No. 82072090 and No. 82371954); Guangdong Provincial Key Laboratory of Artificial Intelligence in Medical Image Analysis and Application (No. 2022B1212010011); High-level Hospital Construction Project (No. DFJHBF202105).

Analyzing Innovation through Bibliometrics: A Comparative Study of Sustainable Practices in Leading Economies

Abstract This research is initiated by analyzing the post-pandemic period through digitalization and economic growth. In this research, we reopened the topics such as digitalization, sustainable development, and innovation. This research has also brought new sustainable development horizons, particularly in Europe. We are investigating the significance of innovation and research in pursuing sustainable development and digitalization in the social impact of economic innovations. It also examines specific innovative solutions that have positively impacted sustainable development. It marks a new phase with a gradual shift towards a retrospective analysis of COVID-19. For example, Switzerland has implemented a comprehensive recycling program. Federal measures to promote the circular economy are based on the principles of precaution and “polluter pays”, technological progress and innovation, and cooperation with industry under the Law on environmental protection. Sweden has pioneered renewable energy solutions; the country boasts seven municipalities that are 98% fossil-free. The UK has introduced innovative financial instruments to support green investments. This phase assessed how economic recovery and sustainability initiatives were influenced in these nations, considering their advanced level of innovation and ability to implement innovative solutions to post-pandemic challenges. This interest is demonstrated through increased resource allocation and support for initiatives that foster technological progress and sustainability, indicating a clear trend toward integrating innovative solutions into economic strategies. It delves into how these countries have balanced and incorporated these elements in the aftermath of the pandemic, highlighting specific strategies and outcomes in each case of countries. This research, bolstered by bibliometric analysis, underscores the importance of innovation in navigating the complexity of post-pandemic economic recovery and sustainability and compares leading nations. This research thoroughly delves into how countries have balanced and incorporated various elements in the aftermath of the pandemic. It meticulously highlights specific strategies and outcomes in each case, using bibliometric analysis to emphasize the importance of innovation in navigating post-pandemic economic recovery and sustainability. It compares the approaches and achievements of leading nations, providing insights into how innovation has driven their progress during this challenging period. This research looks at the effects of regional crises, such as the European debt post-pandemic destabilization, on economic environments through digitalization and the sustainable economy. For instance, the pandemic led to a significant decline in tourism revenue in Switzerland, a disruption in global supply chains for Sweden, and a decrease in foreign direct investment in the United Kingdom. Thus, following these goals, many beneficial reforms emerged. Our exploration into how innovation and research drive sustainable development and impact society through economic advancements is an ongoing journey. By analyzing the innovation indicator (GII 2023), this study highlights the critical importance of blending innovative research with economic policies to boost resilience and adaptability as the world shifts to a post-pandemic reality. This study spotlights the social dimensions of financial innovation and explores how sustainable practices can help alleviate unemployment, inequality, and other socioeconomic gaps while fostering a circular economic culture. It delves into how these practices foster a circular economy mindset and provide practical frameworks for sustainable economic development growth in a post-pandemic world.

Fusing foresight and futures thinking for a new transformative evaluation paradigm

AbstractThis paper explores the role and potential of foresight in evaluation practice in an increasingly uncertain and complex world. Evaluation designs, which have primarily focused on assessing past and present performance, are becoming less adequate for guiding organizations and strategies toward desired futures. Consequently, there is a pressing need for evaluations to adopt a more future‐focused approach. This article argues for the integration of foresight and futures thinking into evaluation methodologies to support transformative change and tackle the systemic challenges of our time. By drawing on an evaluation case study from the Finnish Innovation Fund Sitra, we demonstrate how applied foresight methods, including Horizon Scanning and a modified Delphi method, enhanced the evaluation process. These methods enabled a forward‐looking perspective essential for informing strategic decision‐making and programming. Specifically, the application of foresight methods in Sitra's evaluation supported assessing the relevance and timeliness of strategic choices, provided options for future programming, and deepened the understanding of complexities around ecological reconstruction and the operational environment. The paper contributes to the evolving discourse and practices on transformative evaluation by offering practical insights into the use of foresight methods, ultimately advocating for a paradigm shift toward more dynamic and future‐oriented evaluation practice.

Valuing urban green spaces for enhanced public health and sustainability: A study on public willingness-to-pay in an emerging economy

Statement of problemRapid urbanization threatens urban green spaces (UGS), impacting ecological sustainability and public health. Research gapThere is a notable research gap in understanding public willingness to pay (WTP) for UGS in developing countries, including Brazil, which this study addresses. PurposeThis study aims to explore the association between public WTP for UGS and the recognition of their health benefits in Brazil, contributing to urban sustainability and public health. MethodEmploying a mixed-methods approach, the study integrates statistical quantitative analysis of WTP through surveys with qualitative insights into public perceptions of UGS benefits. Results and conclusionsThe findings reveal a significant willingness among the public to pay for UGS, driven by the recognition of their health benefits. The study underscores the importance of UGS for urban well-being and sustainability, highlighting a strong correlation between health benefits recognition and WTP. Practical implicationsThe results inform urban planners and policymakers of the critical value placed on UGS by the public, suggesting the need for inclusive urban development policies that prioritize green space accessibility and maintenance. Future directionsFurther research is recommended to explore innovative funding mechanisms for UGS to ensure equitable access and sustainability, alongside the impact of educational programs on public support for UGS.

Research on Agricultural Supply Chain Finance Innovation Strategies Based on Blockchain

Comprehensively promoting rural revitalization and accelerating the construction of an agricultural power are important measures for the comprehensive construction of a modern national strategy. Under this strategic guidance, agricultural supply chain finance is particularly crucial as it is vital for the development of small and medium-sized enterprises and farmers. However, ordinary farmers, small and medium-sized agricultural enterprises, and core enterprises all face financing and credit risks throughout the supply chain. These challenges constrain their development and growth. This thesis first analyzes the current development status of agricultural supply chain finance, then identifies the risk issues affecting the development of agricultural supply chain finance through analysis of the relevant entities involved in the practice of agricultural supply chain. Finally, it proposes a solution approach through the innovative strategy of "dual-chain" combining blockchain with agricultural supply chain finance to address these problems. This thesis provides theoretical support for the development of agricultural supply chain finance and offers practical significance for the innovation research of agricultural supply chain finance under blockchain technology.

Revolutionizing Banking: The Impact of Financial Innovation

Revolutionizing Banking: The Impact of Financial Innovation

Risk culture of banks and corporate innovation: Evidence from Chinese listed companies

The importance of risk culture in the banking sector was highlighted after the 2008 financial crisis. Chinese companies often turn to commercial bank loans, which serve as an important source of financing, to acquire the necessary funds for corporate innovation. Quantitative text analysis of the annual reports of Chinese banks was used to measure their risk culture. By analyzing a firm's loan statement, we were able to identify the bank that provided the loan. This study examines the impact of banks' risk culture on corporate innovation using a fixed-effects model, with Shanghai and Shenzhen A-share listed companies from 2016 to 2020 as the research sample. In addressing the endogenous problem of banks' risk culture, this paper adopts an instrumental variable approach using population migration and dock culture, and tests the robustness through the IV-2SLS method. The study finds that emphasizing the development of risk culture within the bank promotes corporate innovation. Entrepreneurial innovation is influenced by risk culture through debt management, a critical mechanism.

The Effect of Using Waqf for Infrastructure and Education on Achieving Sustainable Development Goals in West Java

This qualitative study investigates the utilization of Waqf for infrastructure and education in achieving Sustainable Development Goals (SDGs) in West Java, Indonesia. Through in-depth interviews with ten stakeholders, including government officials, Waqf administrators, community leaders, educators, and representatives from non-profit organizations, the study explores perceptions, challenges, opportunities, and impacts associated with Waqf-based initiatives. The findings reveal positive perceptions of Waqf as a resource for development, alongside challenges such as regulatory barriers, governance issues, and coordination gaps. Opportunities for leveraging Waqf include public-private partnerships, technology-enabled solutions, innovative financing mechanisms, community engagement, and policy reforms. Despite challenges, Waqf initiatives have contributed to infrastructure development, education provision, poverty alleviation, community empowerment, and environmental sustainability in West Java. The study underscores the need for regulatory reforms, enhanced governance structures, collaboration among stakeholders, technological innovations, and alignment with local development priorities to maximize the impact of Waqf on sustainable development goals.

How Can Financial Innovation Curb Carbon Emissions in China? Exploring the Mediating Role of Industrial Structure Upgrading from a Spatial Perspective

How Can Financial Innovation Curb Carbon Emissions in China? Exploring the Mediating Role of Industrial Structure Upgrading from a Spatial Perspective