Purpose Information gaps between entrepreneurs and investors often impede the flow of capital into young firms. This study aims to examine how perceived innovation shapes the relationship between information asymmetry and perceived risk and whether this process differs between local and foreign investors. Design/methodology/approach A survey experiment was conducted with 151 investors who evaluated the same startup scenario. Participants rated the venture’s innovativeness and riskiness on seven-point Likert scales and indicated whether they were Israeli (local) or American (foreign). Regression models tested the relationship between perceived innovation and perceived risk and the moderating role of investor origin, while controlling for demographic and experiential variables. Findings Empirical evidence reveals a conditional relationship between perceived innovation, information asymmetry and perceived risk that depends on investor origin. While local investors reported lower overall levels of perceived risk than foreign investors, the moderating role of innovation differed systematically across the two groups, highlighting receiver heterogeneity in signal interpretation. Practical implications Entrepreneurs should emphasize innovation when pitching to local investors and provide stronger evidence and transparency when approaching foreign investors. Policymakers and intermediaries can help reduce cross-border information gaps by promoting transparency, improving information accessibility and fostering networks that enable knowledge exchange. Originality/value This study empirically demonstrates that the relationship between innovation and perceived risk is conditional on the informational environment of the receiver. By positioning perceived risk as the outcome variable, this research integrates insights from signaling theory and home bias perspectives while highlighting the importance of investor heterogeneity in entrepreneurial finance.

Tourism development has become a major driving force behind land use change in Canggu Village, Bali, particularly through the rapid conversion of agricultural land into tourism-oriented spaces. This study examines how these changes have reshaped land use patterns and land ownership structures, while also exploring their environmental, economic, and socio-cultural implications for the local community. Special attention is given to the role of traditional village institutions (desa adat) in regulating land use amid increasing pressure from private and foreign investors. This research adopts a mixed-methods approach, combining qualitative and quantitative techniques. Primary data were collected through in-depth interviews with key stakeholders, questionnaire surveys involving 108 respondents in Canggu Village, and direct field observations. Secondary data were obtained from land use maps, satellite imagery, and regional spatial planning documents. The findings reveal a significant decline in agricultural land, accompanied by traffic congestion and the reduction of green open spaces. Although tourism development has generated new employment and business opportunities, the economic benefits received by local residents remain disproportionately lower than those gained by foreign investors. Beyond economic impacts, tourism-driven land conversion has also influenced the socio-cultural landscape of Canggu Village. The study identifies a gradual decline in community participation in traditional and ritual activities, alongside the potential erosion of local cultural values. These findings suggest that the current tourism development model has yet to deliver equitable and sustainable outcomes for the indigenous community. The study therefore emphasizes the need for concrete policy measures, including strengthening the authority of desa adat in spatial and land use planning, implementing fair and transparent land ownership regulations, and enhancing community empowerment within tourism management practices.

Abstract Research aim: Past studies have shown that managers tend to exhibit opportunistic tendencies which do not align with the shareholders’ interest. According to the agency theory, conflicts arise when a company’s manager (the agent) and stockholders (the principal) have different objectives. The firm’s management and the revenue authority had different objectives when it came to using a company’s financial report, which resulted in information asymmetry. Design/ Methodology/ Approach: The research adopted a longitudinal design and purposefully sampled 63 companies out of a total population of 112. Secondary data was obtained from the selected companies’ annual reports spanning from 2015 to 2024, and analysed using regression techniques. Research finding: The findings revealed that institutional ownership, foreign ownership, ownership concentration, audit firm size, and leverage significantly influence tax aggressiveness, whereas board financial expertise exerts no significant impact on the tax aggressiveness of Nigerian publicly listed non-financial companies. Theoretical contribution/Originality: This study contributes to the literature by filling a gap in sector-specific analyses of external determinants of tax aggressiveness within the Nigerian context. Grounded in agency theory, it extends prior research by disaggregating findings across industry sectors and demonstrating how external controls shape corporate tax behaviour. Practitioner/Policy implication: The findings suggest that policymakers should enhance regulatory oversight on institutional and foreign investors’ influence in corporate governance, promote the engagement of high-quality audit firms, and encourage debt monitoring mechanisms to reduce aggressive tax behaviour. Companies should also consider increasing the presence of financially literate board members to balance strategic tax planning with compliance. Research limitation: The research focuses on publicly listed non-financial companies in Nigeria and spans the years 2015 to 2024. The exclusion of financial institutions and the reliance solely on secondary data may affect the generalizability of the results. Future studies could incorporate qualitative methods or expand to include cross-country comparisons and unlisted firms.

This study examines the state-level factors influencing the absorption of foreign direct investment (FDI) and the decision-making of multinational enterprises (MNEs) to invest in foreign markets, with a particular focus on regulatory determinants along the firm life cycle. Building on recent evidence that institutional and regulatory quality significantly shape FDI inflows in developing economies (Krasniqi & Fetai, 2024; Topçu, 2023), the study uses data from the World Bank for six Western Balkan countries over the period 1998–2022. Using a panel data regression model, it identifies key institutional and economic factors affecting FDI inflows. The empirical results show that countries with lower tax rates on income and profits, stronger control of corruption, and simpler business entry procedures tend to attract higher levels of foreign investment. Furthermore, higher gross domestic product (GDP) per capita and a favorable business environment positively influence FDI decisions. These findings highlight the importance of transparent, efficient, and predictable regulatory frameworks in fostering investment attractiveness. The study offers important policy implications for governments in the region, suggesting that reforms aimed at improving institutional quality and reducing administrative barriers can significantly enhance FDI inflows. Future research could extend this analysis by incorporating qualitative dimensions such as political stability, infrastructure development, and legal enforcement to provide a more comprehensive understanding of the factors driving FDI in emerging economies.

The real estate sector in the United Arab Emirates has experienced rapid growth over the past decade, especially in cities like Dubai. With increasing population, foreign investment, and large scale development projects, the industry has become more complex and competitive. To manage this growth efficiently, real estate companies are increasingly adopting digital technologies. Tools such as online property platforms, data analytics, and smart systems are changing how properties are developed, marketed, and managed. This research focuses on understanding how digital transformation is shaping the UAE real estate industry and why it has become important for future growth and sustainability.

This study aims to analyze the effect of Foreign DirectInvestment (FDI) and exchange rates on Gross Domestic Product (GDP) in theASEAN region from an Islamic economic perspective for the period 2014-2024. ASEANis a dynamic region with rapid economic growth, but itfaces significant challenges influenced by foreign investment flows andexchange rate fluctuations. This study uses a quantitative approach with time series and cross-section secondary data in the form of dynamic panel data, as well as usingthe dynamic panel regression analysis method using the FD-GMM model. The data was obtainedfrom the World Bank and ASEAN Statistics. The results show that FDIhas a positive and significant effect on GDP, reinforcing that foreign investmentcan drive economic growth through increased capital, technology transfer, and job creation. Conversely, exchange rates do nothave a significant effect on GDP in the tested data. From an Islamic economic perspective, investment and exchange rates must be carried out in accordance with sharia principlessharia principles in order to provide blessings and benefits. Therefore, in conclusion,an increase in FDI can be a major driver of GDP growth in ASEAN, whileexchange rates need to be managed in a stable manner so as not to cause negative impacts.This study makes an important contribution to economic policy-makingin ASEAN within the framework of sharia for sustainable economic development.

In investor-state arbitration—the principal mechanism enabling foreign investors to bring claims against host-states—the principle of good faith functions as an omnipresent force, intricately woven into the fabric of its proceedings. Its influence permeates every aspect of the field: where the sovereignty of host-states and the conduct of foreign investors are examined, tribunals frequently invoke the principle to construe parties’ obligations, with findings of good or bad faith often determining the outcomes of disputes. Despite its integral role, the principle remains susceptible to inconsistent interpretation and uncertain application, reinforcing stakeholders’ concerns regarding the urgent need for reform. This article examines the necessity of regulating the application of the principle of good faith in investor-state arbitration and explores potential reforms toward that end. Employing a doctrinal methodology, it draws upon arbitral decisions, UNCITRAL discussions, and relevant literature. The findings reveal that the urgency of regulation is most apparent in contexts involving corruption, treaty shopping, the fair and equitable treatment standard, and the allocation of costs. To address these issues, the article proposes both principle-based reforms—such as adopting a coherent definition of good faith and incorporating it explicitly into bilateral investment treaties (BITs)—and structural reforms, including the adoption of a doctrine of precedent, the establishment of an appellate mechanism, a ban on double-hatting, and the introduction of clear rules on cost allocation. Ultimately, regulating the principle of good faith is vital to ensuring greater predictability, coherence, and legitimacy within the investor-state arbitration system.

Today, even in a global context where production, transport, and logistics chains have been disrupted, and raw material and financial resource prices have risen, Uzbekistan's economy continues to grow confidently and steadily, and by 2025, significant progress will have been made in all areas. Investment in fixed assets, including foreign direct investment (FDI), has increased significantly. However, the potential for foreign investment does not yet meet the needs of the national economy. One solution to this problem is to maximize the potential of Uzbekistan's regions. The author examined the potential of the country's regions in using foreign capital, specifically the distribution of foreign invested enterprises and their contribution to the export and import activities of the regions. Regional disparities were identified and measures to improve the management of foreign capital attraction were proposed.

Purpose This study examines the causal relationships among the export volume index, the liner shipping connectivity index (LSCI) and foreign direct investment (FDI, net inflows as % of GDP) for the five founding members of ASEAN–Indonesia, Malaysia, the Philippines, Singapore and Thailand–during the 2006–2021 period. Design/methodology/approach The analysis applies the panel bootstrap causality test developed by Kónya (2006), which allows for country-specific inferences without requiring cross-sectional independence or parameter homogeneity. Three models are estimated to identify the direction and nature of causal linkages among the variables. Findings The results show evidence of Granger causality from LSCI and FDI to exports in the Philippines, Singapore and Thailand, with positive estimated coefficients indicating that stronger maritime connectivity and investment inflows are associated with higher export performance. Causality also runs from exports to LSCI in Indonesia and the Philippines, suggesting that trade expansion stimulates infrastructure improvements. While FDI negatively affects LSCI in Indonesia, a positive coefficient is observed for the Philippines. In addition, LSCI Granger-causes FDI in the Philippines and Singapore, reflecting the role of maritime connectivity in attracting investment. These results highlight substantial cross-country heterogeneity in trade, logistics and investment dynamics. Research limitations/implications The analysis is limited to five ASEAN founding members and to the 2006–2021 period due to the availability of the LSCI data. Future research may extend the analysis to other ASEAN economies or incorporate additional macroeconomic factors. Practical implications The findings provide valuable insights for policymakers seeking to enhance maritime infrastructure, attract FDI and strengthen regional trade integration through improved logistic connectivity. Originality/value This study contributes to the literature by simultaneously examining the bidirectional and country-specific causal linkages among maritime connectivity, trade and investment using a robust panel bootstrap approach, offering new empirical evidence on the structural heterogeneity of ASEAN economies.

This study analyzes the organizational performance of Indonesia's Financial Services Authority (OJK) in 2019 from the perspective of the Management Control System. Drawing on a document analysis of the OJK 2019 Performance Report, the research evaluates the effectiveness of the integration of strategy, budget, and performance through the Management, Strategy, Budget, and Performance System (MSAK), which is rooted in the Balanced Scorecard (BSC) framework. The findings indicate that OJK's Management Control System successfully maintained financial sector stability amidst global economic slowdown. External performance indicators remain robust, with banking credit growth reaching 7.05% (YoY) and the net Non-Performing Loan (NPL ratio) contained at a healthy 1.20%. Furthermore, foreign investors recorded a net buy of IDR 49.2 trillion in the capital market. Internally, OJK significantly strengthened its control mechanisms by implementing Integrated Governance, Risk, and Compliance (GRC) and using Supervisory Technology (SupTech) such as OJK-BOX and Continuous Audit Continuous Monitoring (CACM). This control environment resulted in the organization achieving an Unqualified Opinion on its financial statements. The study concludes that OJK's successful performance relied on an adaptive, risk-based Management Control System that strategically leveraged digital transformation.

Abstract Why do communist countries sign bilateral investment treaties (BITs)? This article explores this question through the case of Yugoslavia, the first communist state to do so. In 1974, Yugoslavia signed a BIT with France, paving the way for further investment treaties – both in Yugoslavia and, soon after, in other communist countries. These developments sparked intense debate within the Yugoslav Communist Party, with some factions viewing them as a betrayal of Marxist–Leninist principles. While Western powers welcomed the move, it was strongly criticized by Eastern Bloc countries, particularly the Soviet Union, as ideological heresy. This paper analyses the complex motivations behind Yugoslavia’s foreign investment policy in the 1960s and 1970s, arguing that it was driven by domestic political, geopolitical, and ideological factors – not just economic considerations. Domestically, BITs were linked to the Communist Party’s efforts to maintain political power and stability. Geopolitically, they served as tools to secure international allies. Ideologically, the policy sought to promote a distinct Yugoslav model of socialism – one that blended socialist principles, workers’ self-management, market economics, and coexistence with both capitalist and socialist states. This ideological dimension, overlooked in the literature, highlights how BITs were not merely economic instruments but also tools for advancing a hybrid economic and foreign policy that challenged both capitalist and Soviet orthodoxies.

This study aims to analyze the influence of governance represented by the variables political stability and absence of violence (PSA), rule of law (RL), and control of corruption (CC) on foreign direct investment (FDI) in ASEAN countries in the period 2002–2023. The method used in this study is panel data regression with the Random Effect Model (REM) approach, with data sources from the Worldwide Governance Indicators (WGI) and UNCTAD. The results of the study show that simultaneously, the three governance variables have a significant effect on FDI. However, partially, only the RL and CC variables have a significant effect, while the PSA variable does not show a significant effect on FDI. This finding indicates that legal certainty and control of corruption are the main determinants in attracting foreign direct investment flows in the ASEAN region. On the other hand, political stability is not a significant determinant, which implies that foreign investors consider institutional factors more than short-term political conditions. This study makes an important contribution to the literature on the role of institutional quality in encouraging foreign investment in developing countries.

Background: Shareholders' covenants in articles of association or agreements are essential for governing private companies with specific investments. Regulating protective arrangements for smoother share disposal at the investment lifecycle's final stage. Share restrictions in Saudi Arabia are recognised in both regulatory and judicial frameworks, aligning with international corporate law practices and boosting local and foreign direct investment under Vision 2030. This article examines exceptional shareholders' covenants such as drag-along rights and the right of first refusal, which facilitate shareholder exits and enhance a company's appeal to potential purchasers. Method: This study utilises a qualitative, doctrinal, and comparative legal analysis. It critically examines the provisions of the Saudi New Companies Law (2022) alongside a prominent Saudi case and recent legal precedents from the U.K and France. Specifically, the research examines the landmark cases of Kulkarni v. Gwent Holdings Ltd, Cunningham v. Resourceful Land Ltd, the ruling from the French Supreme Court (Cour de cassation) in case number 23-10.385 (2024), and the Saudi case number 439245241 (2022) to assess the enforceability of exit rights. Results and Conclusions: The research argues that while the Saudi Companies Law offers a solid foundation for exit rights, uncertainties persist. Key among them is the need for regulatory changes to provide immediate remedies, beyond litigation, in cases of non-compliance by uncooperative shareholders. Additionally, in the event of any contest, Saudi courts strictly enforce exit rights, respecting their specific meanings in the context of contract law. Comparative analysis shows that UK and French courts uphold such restrictions when the terms are clear, precise, and negotiated at arm's length. However, the French precedent underscores that a ‘promise of sale’ (drag-along) must contain a determinable price to be valid. The study concludes that the Saudi legal framework is successfully evolving toward international best practices. To ensure enforceability and enhance access to justice, the article recommends that Saudi companies explicitly incorporate detailed exit clauses, including price valuation methods and the power of majority shareholders to sign transfer forms on behalf of dissenting minorities, directly into their Articles of Association. Such measures are essential for maintaining legal certainty and protecting the interests of both domestic and foreign investors in the Saudi market.

Does Social Disclosure Mitigate the Information Disadvantage of Foreign Investors? An Empirical Study Using the Thomson Reuters Asset4 Database

ABSTRACT Global attempts to alleviate climate change increasingly emphasize the financial sector’s potential role in advancing low-carbon growth, yet empirical evidence regarding whether financial inclusion (FI) supports this transition remains rare for emerging economies. This study examines whether financial inclusion helps facilitate a transition to low-carbon development in emerging economies, emphasizing the diverse effects across different countries and emission levels. It uses panel data from 2000 to 2022 and employs a new multi-method framework that includes Bayesian Stochastic Quantile Regression (BSQR), Dynamic Common Correlated Effects (DCCE), Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL), panel threshold regression, and machine learning techniques. The results show that while financial inclusion can lead to CO2 reductions in some cases, mainly at lower emission quantiles, it may increase emissions in highly industrialized settings due to boosted economic and energy activities. Tests for thresholds and nonlinearities confirm the presence of structural breaks and complexities in the finance emissions relationship. The machine learning-based SHAP analysis highlights GDP per capita, financial inclusion, and their interaction as key factors influencing emissions. The study underscores the importance of nonlinear interactions, country-specific factors, and emission thresholds in designing efficient low-carbon finance strategies. It recommends that emerging economies develop frameworks for financial inclusion that align with green principles, strengthen institutional procedures, and incorporate fiscal policies, foreign investments, and population management into comprehensive low-carbon development plans.

Purpose: This study aims to investigate the impact of firms’ ownership structure on growth. Particularly it examines the effect of institutional, managerial and foreign ownership on growth of listed firms in an emerging country. Design/Methodology: Generalized Method of Moments (GMM) approach was employed to conduct regression analysis. A 10 years’ sample of 100 non-financial companies listed on PSX was taken for the period 2011-2020 Findings: The results indicate that institutional ownership is positively associated with both the proxies of firm growth in Pakistan. Contrary to the initial prediction, managerial ownership also positively influences firm growth. This is due to the fact that in Pakistan, most of the managers are family members or owners which may work towards enhancing firm value. Furthermore, a positive relationship was observed between foreign ownership and firm growth, indicating that foreign investors enhance firm growth. Implications: The findings of this study will be useful for policy makers, managers and practitioners in determining the role of various categories of equity ownership on firm growth and help firms in developing relevant policies to enhance growth within corporate sector. Originality: Despite a number of studies examining the relationship between ownership structure and firm performance, research specifically focused on firm growth in context of Pakistan remains limited. This lack of evidence is further addressed in the present study through use of system’s GMM technique with both asset growth and sales growth as proxies to offer more comprehensive results regarding the influence of ownership structure on firm growth in a recent time frame.

This study explored the effect of foreign finance on the productivity of SMEs in Lagos State Nigeria. Adopting Pecking Order Theory and the Resource-Based Theory, the study hypothesised links between foreign finance and SMEs performance variable. The study employed a survey design using random sampling technique with 361 sample size out of a population of 5,344. Primary data were collected with the aid of a questionnaire on a five-point Likert scale distributed through hard and electronic means to SMEs in Lagos State. Both descriptive and inferential statistics with regression analysis were employed to examine the five hypotheses with the aid of Statistical Package for Social Sciences. The overall findings revealed that foreign finance elements of foreign direct investment (FDI), foreign venture capital (FVC), foreign loan (FL) and foreign grant (FG) had significant positive effect on the performance of SMEs in Lagos Statewith foreign grant leading the park. Size of the firm has no significant effect on SMEs performance. The study concluded that change foreign finance elements have significant effects on SMEs productivity in Lagos State. SMEs can draw insight from this study to engage in structuring their business to attract foreign investors. It is recommended that SMEs should make themselves attractive to foreign investors and grantors by structuring their companies and improve on their reporting process.

A conducive investment climate is essential for attracting both domestic and foreign investors. In Indonesia, legal certainty remains one of the most critical yet problematic elements, primarily due to normative inconsistencies across multiple layers of legislation. This article examines the impact of such inconsistencies on investment licensing procedures and legal certainty. The study employs a normative juridical method with statutory, conceptual, and comparative approaches. Findings reveal that overlapping regulations — particularly between the Investment Law, the Job Creation Law, and sectoral regulations — generate procedural uncertainty, excessive bureaucratic discretion, and high transaction costs for investors. Comparative analysis with Vietnam, Malaysia, Singapore, Thailand, the Philippines, South Korea, India, Brazil, and South Africa demonstrates that regulatory harmonization and centralized licensing authority are key to reducing legal risks and improving investor confidence. This article argues that Indonesia must urgently pursue regulatory harmonization, strengthen the Online Single Submission — Risk-Based Approach (OSS-RBA) system, and ensure consistency in the application of conflict-of-law principles to foster a reliable and competitive investment climate.

ABSTRACT This study investigates the discursive representation of Chinese enterprises in African newspapers by analyzing 330 articles published in English, French, and Arabic from 2011 to 2023. Using a mixed-methods approach combining quantitative frame analysis and qualitative examination, the research reveals the dualistic nature of media portrayals, with frames highlighting both positive economic contributions and negative aspects such as labor rights violations and legal disputes. The findings indicate significant variations in representation based on linguistic context and media ownership. State-owned and Arabic-language media predominantly emphasize economic benefits, aligning with governmental priorities to attract foreign investments. In contrast, private and French-/English-language outlets adopt a more critical stance, frequently using frames that stress legal and social challenges. Non-government organization-affiliated media, although limited in overall coverage, focus heavily on corporate malpractices. These patterns reflect the complex interplay between regional political dynamics, media ownership, and cultural perspectives, ultimately shaping diverse narratives around Chinese enterprises in Africa. This study provides valuable insights into Sino-African media relations, highlighting how media dynamics reflect and shape the complex terrain upon which Chinese enterprises must manage their corporate image and stakeholder engagement across the continent.

This paper examines the jurisdictional issues surrounding cases involving violations of foreign investment laws in strategic sectors of the economy. Based on an analysis of legal regulations and judicial practice, it concludes that various approaches to determining jurisdiction and territorial competence in such cases are currently being applied. Unpredictability and lack of uniformity in the application of procedural rules lead to legal uncertainty and instability in legal protection mechanisms. The formulation of uniform and clear rules for the distribution of jurisdiction and competence for this category of disputes by the Supreme Court of the Russian Federation will help resolve these existing problems.