Inclusive Economic Development Research Articles

The Effect of Innovation, Entrepreneurship and Business Development on the Economic Independence of Muslims

This research investigates the impact of innovation, entrepreneurship, and business development on the economic independence of Muslims in Indonesia through a quantitative analysis. A sample of 120 respondents representing diverse demographic backgrounds was surveyed, and Structural Equation Modeling (SEM) with Partial Least Squares (PLS) was employed to analyze the data. The measurement model assessment confirmed the reliability and validity of the constructs, while the structural model estimation revealed significant positive relationships between innovation, entrepreneurship, business development, and economic independence. Hypothesis testing further validated these relationships, indicating that all three factors—innovation, entrepreneurship, and business development—have a significant positive effect on economic independence among Muslims in Indonesia. The findings underscore the importance of fostering innovation ecosystems, nurturing entrepreneurial talent, and creating conducive business environments to promote economic autonomy within the Muslim community. These insights have implications for policymakers, practitioners, and stakeholders seeking to design targeted interventions for inclusive economic development and sustainable growth in Indonesia.

EFFECT OF FINANCIAL INCLUSION ON ECONOMIC DEVELOPMENT IN NIGERIA

Objective: The objective of this study is to investigate the effect of financial inclusion on economic development in Nigeria, with the aim of analysing the interplay between the two variables through a review of relevant literature and empirical evidence.   Theoretical Framework: The finance-growth theory posits that development of financial systems cultivates an environment conducive to growth, operating through demand-following mechanism. This theory provides a solid basis for understanding the context of the investigation.   Method: Financial inclusion was proxied through money supply, which represents the size of the banking sector, while credit to the private sector measures the size and financial depth of the banking sector.  Data were sourced from the Central Bank of Nigeria Statistical Bulletins and the World Development Indicators.   Results and Discussion: The findings indicate both short-term and long-term relationships between financial inclusion and economic growth, aligning with the theoretical framework. The implications and relationships identified are discussed within this context, including potential discrepancies and study limitations.   Research Implications: The practical and theoretical implications of this research are discussed, providing how the results can be applied or influence practices in the field of financial management. These implications could encompass inclusive economic growth and sustainable development.   Originality/Value: This study contributes to the literature by highlighting the need to design and implement interventions that promote financial inclusion while addressing the specific needs of diverse demographics. The relevance and value of this research are evidenced by its emphasis on advancing financial inclusion as a catalyst for driving economic development in Nigeria.

Risks of Unemployment in the Future for Workers as India's Labour Sectors Embrace Automation, Robots, and Artificial Intelligence

This article examines the immediate concerns of unemployment that workers in India face due to implementation of automation, robotics, and artificial intelligence (AI) become more prevalent in the labour sectors. The swift progress of technology poses a danger to conventional manual labour positions, resulting in a large scale loss of jobs and unstable economic conditions. The impacts of automation are most likely to affect marginalized communities, aggravating already existing disparities. To lessen(minimalize/reduce) the negative impacts of mass unemployment, industry stakeholders, governments, and civil society must adopt proactive steps. These are necessary because of the social and political implications of this issue. India's workforce may move towards a more sustainable and fair future by supporting inclusive economic development, encouraging entrepreneurship, and investing in vocational training.

THE MODERATING ROLE OF IFRS ADOPTION SPEED IN THE RELATIONSHIP BETWEEN CAPITAL INFLOWS AND INCLUSIVE GROWTH IN SUB-SAHARAN AFRICA

Purpose: This study investigates how the speed of International Financial Reporting Standards (IFRS) adoption condition the capital inflows and inclusive growth nexus in Sub-Saharan Africa. While existing literature primarily examined IFRS impacts at the firm level, this study filles a significant gap by focusing on the macroeconomic effects of IFRS adoption speed, particularly its role in enhancing the benefits of capital inflows such as Foreign Direct Investment (FDI), Foreign Portfolio Investment (FPI), and Foreign Aid.   Methods: This study employs a dynamic panel data analysis using the Generalized Method of Moments (GMM) to examine how the speed of IFRS adoption impacts capital inflows and fosters inclusive growth across Sub-Saharan African countries. The study leveraged a dataset spanning from 2005 to 2019, covering 48 countries in the region. By analysing the relationship between IFRS adoption speed, capital inflows, and inclusive growth, the study offers new insights into the macroeconomic benefits of adopting IFRS.   Findings: Findings suggest that speedy IFRS adoption significantly enhances the positive impact of capital inflows on inclusive growth, underlining the importance of swift and effective implementation of IFRS for equitable economic development.   Implications: This study contributes to the existing literature by providing a macroeconomic perspective on IFRS adoption and highlighting the importance of financial reporting standards in achieving inclusive growth in Sub-Saharan Africa.   Originality: This study introduces a novel approach by examining how the speed of International Financial Reporting Standards (IFRS) adoption moderates the impact of capital inflows on inclusive growth in Sub-Saharan Africa. Bridging the gap in existing literature, it shifts the focus from firm-level effects of IFRS and direct impacts of capital inflows on economic growth to a nuanced exploration of how financial reporting standards' adoption speed can enhance a country's ability to utilize foreign investments for inclusive economic development. Unique in its regional focus, this research provides critical insights into the macroeconomic benefits of IFRS in Sub-Saharan Africa, offering valuable implications for policymakers and contributing significantly to the discourse on financial innovation, regulatory frameworks, and sustainable economic growth in emerging markets.

Exploring the Nexus between Regional Fiscal Capacity and the Convergence of Inclusive Economic Development

Exploring the Nexus between Regional Fiscal Capacity and the Convergence of Inclusive Economic Development

Why should we be concerned about balancing the supply and demand of skilled workers?

This study explores the dynamics between technological advancements, educational reforms, and their consequent impact on the labor market in Chile over 1980–2018 reported by Campos-González and Balcombe (2024). The authors analyze the evolution of the skill premium in response to significant policy changes and global technological trends revealing a pivotal shift in the Chilean labor market: the transition from a technology-driven phase, where rapid technological advancements heightened the demand for skilled labor in the pre-2000 period, to an education-driven phase post-2000, marked by comprehensive educational reforms. These reforms effectively increased the supply of educated workers, leading to the stabilization, and posterior decrease of the skill premium. The authors contribute to the broader understanding of how nations can navigate the challenges posed by the digital age, providing valuable insights for policymakers and educators in fostering equitable and sustainable economic growth. The study’s findings are particularly relevant to emerging economies undergoing similar transitions, offering a framework for policy formulation that synchronizes educational advancements with technological progress to ensure inclusive economic development.

Keberhasilan Ekonomi Desa dan Sumber Daya Manusia terhadap Perekonomian Masyarakat

This study aims to examine the relationship between village economic success and human resources on the community economy. The village economy is at the center of attention in the context of inclusive economic development, with quality human resources playing a key role in the process. Quantitative analysis methods were used in this research, with data collected through surveys and interviews in several selected villages. Research findings show a positive relationship between the level of village economic success, which is reflected in economic growth, access to basic services, and job creation, and the quality of human resources at the local level. These results provide important policy implications for sustainable and inclusive village economic development.

The Role of the French Language in facilitating Trade: A Case Study of Maje Border Town Markets

This study explores the role that the French language plays in promoting trade in Maje's marketplaces, a well-known border town. Maje, which is located where cultural and economic exchanges converge, provides an intriguing backdrop for examining the complex relationships that exist between language, trade, and cross-border connections. The research explores the particular ways in which the French language influences business operations, communication patterns, and market dynamics in Maje through the use of a case study technique enhanced by anthropological inquiry. The study looks at how common French is among dealers, clients, and other stakeholders as a lingua franca through observations, interviews, and linguistic studies. The study looks into the various ways that the French language is used in the marketplace to facilitate cross-cultural interactions, negotiate agreements, and mediate transactions. It examines the linguistic tactics used by market players, such as code-switching, language accommodation, and cultural adaptation, to take capitalize on French proficiency for business benefit. The study also assesses the effects of fluency in French on competitive advantage, market segmentation, and market integration. It takes into account how linguistic asymmetries and impediments may affect a variety of stakeholders' access to markets, ability to establish trust, and economic prospects. Our understanding of the socio-economic dynamics driving cross-border commerce is enhanced by this study's illumination of the complex interactions between language and trade in border town markets. In border regions where the French language is significant, the findings offer insightful information to policymakers, market participants, and language planners who aim to encourage inclusive economic development and cross-cultural understanding. Keywords: French language, Trade promotion, Linguistic tactics, Market dynamics, Cross-cultural interactions, Competitive advantage

Difficulties and opportunities for the development of an inclusive economy in modern economic conditions

 The article examines the concept and essence of an inclusive economy, highlights the main scientific and practical approaches and existing methods for assessing the level of inclusiveness of the country’s development. Having highlighted the ubiquity of this concept and its involvement in all aspects of the development of society, it is proved that there is no objective assessment that would fully reflect the level of inclusive economic development. However, unresolved contradictions of current market relations are a sure prerequisite for solving social issues of society through the proclamation of inclusive principles, which include such aspects as: economic growth, social integration, social justice, etc. In conclusion, it is concluded that the principles of an inclusive economy are rather guidelines for the development of society than an objective model of its development.

Insights for growth: Understanding the drivers of ASNAF entrepreneurial success in Malaysia

The aim of this study is to bridge a critical gap in the literature by exploring the factors that underpin the entrepreneurial success of ASNAF (ASNAF) individuals within the Malaysian context. ASNAF individuals, being eligible for zakat, represent a unique segment of entrepreneurs whose ventures intertwine Islamic finance principles, socio-economic challenges, and the pursuit of sustainable growth. Through a comprehensive empirical investigation, the purpose of this study is to provide nuanced insights into the specific drivers that contribute to the success of ASNAF-led enterprises and offer actionable recommendations for fostering inclusive entrepreneurship. This study used a quantitative survey involving 250 ASNAF entrepreneurs in Malaysia to capture their diverse experiences. By using factor analysis, five factors were subsequently identified as key drivers for entrepreneurs’ success. These factors are record-keeping, capital, employees, marketing strategy, and online business. The anticipated findings of this research include a nuanced understanding of the factors driving ASNAF entrepreneurial success, contributing to both academic knowledge and practical implications for policymakers, financial institutions, and the ASNAF community. This study aims to create an environment that supports long-term growth, social responsibility, and inclusive economic development among ASNAF people in Malaysia by shedding light on the untapped potential at the intersection of Islamic finance and entrepreneurship.

Creative economy improvement: Optimizing tourism potential through institution linking and branding

Tourism villages play a crucial role in national economic growth. However, despite their potential, they often face institutional challenges and lack integration in information technology use, hindering economic progress. Hargorejo tourism village exemplifies these issues, with untapped potential and limited managerial competence hindering economic growth. This community service initiative aims to address these challenges by enhancing understanding of institutional design and emphasizing the importance of branding for each business unit. Through managerial and administrative training and group discussions, the service seeks to strengthen institutions. Additionally, assistance in creating the tourism village website, Kawitarjo.id, aims to support expanded tourism branding for sustainable economic improvement. The outcome includes the establishment of a digital forum, integrating tourism potential, and enhancing managers' understanding of implementing tourism branding through digital media. This comprehensive approach contributes to stronger institutions and increased managerial comprehension of tourism village duties, fostering economic growth in the creative industry sector, and benefiting society as a whole. Ultimately, it aims to empower local communities and promote inclusive economic development.

Production and Operation Management of Women Entrepreneurs through MSME in India

The empowerment of women entrepreneurs is integral to fostering inclusive economic growth and development. Women’s leadership development in entrepreneurial business through MSME is critical to improving women’s participation in production and operation management in India. This study provides an overview of the challenges faced by women entrepreneurs in India and explores the role of Micro, Small, and Medium Enterprises as catalysts for unlocking their untapped potential. Drawing on a comprehensive review of literature, government policies, and initiatives, this study delves into the key factors influencing the entrepreneurial landscape for women in India.

Exploring the Discrepancy between Marketing Focused on Racial and Ethnic Diversity and the Availability of Support for Immigrant Entrepreneurs in Economic Development

This study investigates the complex relationship between the emphasis on racial and ethnic diversity in economic development marketing and the availability of grant or loan programmes for immigrant entrepreneurs. Utilizing a comprehensive survey conducted in collaboration with the International City/County Management Association and Cornell University, the research analyses responses from chief administrative officers across U.S municipalities. The study employs quantitative analysis to examine the correlation between diversity-focused marketing strategies and the existence of financial support mechanisms for immigrant entrepreneurs. Key findings reveal a statistically significant association between the emphasis on diversity in marketing and the presence of support programmes. However, the study highlights the discrepancy between marketing claims and actual support available to immigrant entrepreneurs. The policy implications suggest a need for authentic integration of diversity in both marketing and program implementation, emphasising the role of tangible support mechanisms. The findings underline the necessity of holistic and inclusive economic development strategies that align promotional efforts with practical support for immigrant entrepreneurs.

Financial literacy and Performance of Women-Owned SMEs in Garissa County, Kenya

The SME sector is crucial for Kenya's government, driving inclusive economic growth, regional development, employment, and poverty reduction. Women-owned SMEs face challenges, including limited risk tolerance, hindering expansion. Financial skills, operating costs, and other issues contribute to their struggles. This paper explored the impact of financial literacy on the financial performance of women-owned SMEs in Garissa County, Kenya. The study focused on budgetary proficiency and debt navigation skills. Using a descriptive survey design and anchored on the Dual Process Theory, the research involved 399 sampled women owned SMEs out of a population of 763. The findings revealed significant relationships between budgetary proficiency and financial performance (Pearson’s r= 0.690, p<0.000) and debt navigation skills and financial performance (Pearson’s r=0.515, p<0.000). These predictors explain approximately 26.5% of the variance in women-owned SME performance (R Square = 0.265). The regression coefficients indicate that budgetary proficiency has a minimal effect (β = 0.010, p=0.027<0.05), influencing performance by 1.0%, while debt navigation skills have a moderate effect (β = 0.351, p=0.000<0.05), influencing performance by 35.1%. The study recommends strengthening financial management training, customizing financial literacy programs to address diverse gaps, and promoting inclusive budgeting practices among women-owned SMEs. Enhancing debt navigation skills is particularly emphasized for a more positive impact on the financial performance of women-owned SMEs in Garissa County.

The Existence of Village Credit Institutions (LPD) in an Effort to Maintain Local Wisdom and Financial Globalization

Objectives: The objective of this study is to explore the integration of Village Credit Institutions (LPD) within the Indonesian financial system, considering their significance as embodiments of local wisdom and community identity in Bali.
  
 Methods: This research employs a qualitative approach, drawing upon legal analysis and comparative examination of national and local regulations pertinent to Village Credit Institutions. Data collection involves reviewing relevant legislation such as Law Number 4 of 2023 and Law Number 1 of 2013, alongside Bali Provincial Regulation Number 3 of 2017. Additionally, this study incorporates insights from community members and legal experts familiar with the operation of LPDs.
  
 Results: The analysis reveals a complex interplay between national financial regulations and local customary practices, particularly concerning the governance and operation of Village Credit Institutions. LPDs serve as vital components of Bali's economic fabric, embodying local wisdom and community cohesion. However, discrepancies may exist between national laws and customary practices, necessitating careful consideration for the harmonization of legal frameworks to sustain the integrity of LPDs within the broader financial system.
  
 Conclusion: In conclusion, the study underscores the importance of aligning national legislation with local customs to preserve the role of Village Credit Institutions as guardians of local identity and economic stability. To achieve this, policymakers must prioritize the incorporation of diverse local wisdoms into the regulatory framework, fostering synergy between customary practices and formal legal structures. By upholding the integrity of LPDs within the national financial system, Indonesia can honor its cultural heritage while promoting inclusive economic development at the grassroots level.

The Influence of Risk and The Crowdfunding Ecosystem on Investment Decision Behavior: The Role of Financial Literacy

One way to support the government's smooth running of inclusive economic development is to help MSMEs (Micro, Small, and Medium Enterprises) gain access to funding. Along with technological developments, there is a new way for people to obtain external funding, namely through Crowdfunding Services. Crowdfunding has enormous potential in terms of helping people (especially MSMEs) to get external funds to develop their businesses. This research aims to analyze the influence of risk and the crowdfunding ecosystem on investment decision behavior in several crowdfunding companies in Indonesia with financial literacy as a moderating variable. The objectives of the research will be achieved using a problem-solving approach empirical and quantitative analysis. The research results show that risk and the crowdfunding ecosystem have a significant influence on investment decision behavior. The results of this research will be distributed to member companies of the Indonesian Sharia Fintech Association (AFSI) and it is hoped that it will provide information that helps them make decisions.

The Concept of Inclusive Economy as a Component of Sustainable Development

This research is based on the current issue of the lack of inclusivity in the economy as a hindrance to sustainable development. Governments, organizations, and individuals are considering the issues of inclusive economy on a practical level in the form of programs, strategies, or regulatory documents. The study and consideration of socio-economic processes were conducted through the analysis of scientific activity and its results, providing insights into current interests, problems, and needs of society in conditions of sustainable development. The methodological basis of the research includes general philosophical and general scientific methods. The purpose of this study is cognitive modeling of the concept of inclusive economy as a component of sustainable development. The authors argue and justify that inclusive economy is a crucial component of sustainable development. To achieve the goal of the study, the authors identified four key blocks on which the concept of inclusive economy is built in the context of sustainable development: terminological (defining key terms), fundamental (establishing underlying principles), substantive (identifying specific elements), and applied (practical applications). The concept of an inclusive economy is based on the principle of providing all members of society with free and equal access to resources and results of economic activity, which is essential for achieving sustainable development goals. The paper presents data from the index of inclusive development, which assesses the performance of developing countries in achieving inclusive growth and development. The index takes into account environmental and social issues, which underscores the need for developing an inclusive economy as a crucial component of sustainable development. The proposed concept of an inclusive economy as a component of sustainable development will ensure the appropriate level of inclusive economic growth and development by promoting equity, social inclusion, and environmental sustainability.

The Plausibility Check of Governmental and Legal Intervention to the Free Market System

The notion that the market plays a significant role in empowering national economies has been consistently supported by several academic studies and corroborated by historical evidence. However, the process of achieving sustainable and inclusive economic development necessitates more than just relying on the free market system as the sole driving force. This study employs a literature review as the research methodology to initially examine the advantages of the market in terms of economic development. Additionally, it delves deeper into investigating the potential adverse consequences resulting from unrestricted market freedom. In the absence of government intervention, the free market may succumb to the influence of the affluent, ultimately diminishing its capacity to stimulate economic growth. This paper draws upon the principles of microeconomic theories, institutional economic theories, and economic law theories to argue that the activities of economic agents in the free market should be subject to institutional regulations in the form of rules and laws. Such regulations are necessary to ensure that the free market can have a positive impact on both the economy and the welfare of the nation's citizens.

Artificial Intelligence and Its Impact on Economic Growth

Artificial intelligence (AI) has risen as a paramount force, fundamentally altering the contours of the contemporary economy. Its transformative potential transcends industries, promising to reshape them and serve as a catalytic agent for economic expansion. This research paper embarks on an exploration of the multifaceted dimensions of AI’s influence on economic growth. We delve into its profound contributions, dissecting the impact it has on productivity, innovation, labor markets, and the disruptive waves it sends through industries. With a keen eye on the path ahead, we navigate the challenges and opportunities that AI bestows upon policymakers, businesses, and society at large. A central theme that threads through this examination is the paramount importance of nurturing sustainable and inclusive economic development in the AI era. Through a meticulous analysis of the current landscape of AI adoption and its potential ramifications, our goal is to shed light on the trajectory that AI-driven economic growth is poised to take, offering valuable insights for shaping a future where AI’s transformative power benefits all.

Socioeconomic and regional patterns of child nutritional inequality between tribal and non-tribal communities in India: An analysis based on National Family Health Survey 5 (2019–21)

Background: Despite India’s impressive economic growth and the implementation of a large-scale antimalnutrition program, the country continues to face the highest levels of child malnutrition globally. Among the affected children, half of those under the age of 3 years, in both tribal and nontribal populations, are underweight, while a third of the wealthiest children experience overnutrition. Economic inequality plays a significant role in contributing to malnutrition in both tribal and nontribal communities. Therefore, utilizing data from the fifth round of the National Family Health Survey (2019–21), the present study aims to examine the socioeconomic disparities in childhood malnutrition across all 640 districts of India, with a specific focus on tribal and nontribal populations. Methods: The analysis includes a sample of children aged 0 to 59 months from tribal and nontribal communities. Sociodemographic, personal, clinical, and environmental factors are considered as independent variables. The outcomes of interest include stunting, wasting, and underweight, which are assessed using binary variables. Linear modeling are used to determine the associations between the independent variables and child undernutrition. Results: The study reported a negative Z value (−4.763), indicating greater overall inequality in the tribal population compared to the nontribal population. In terms of odds ratios, females had lower odds of being underweight in both tribal and nontribal populations. Children aged 1 to 2 years had higher odds of being underweight compared to those aged 1 year. The duration of breastfeeding showed varying associations, with breastfeeding for 7 to 12 months increased the risk of underweight in nontribal areas, while longer durations (13–24 and >24 months) were associated with higher chances of wasting in nontribal areas. Higher maternal age at first birth, higher education levels, and sufficient antenatal care visits were protective factors against underweight in both populations. A higher wealth index consistently correlated with reduced odds of underweight in both tribal and nontribal populations. Institutional delivery was associated with higher odds of underweight in tribal areas but lower odds in nontribal areas. Conclusion: The study concludes that in order to address the socioeconomic disparities contributing to stunting, wasting, and undernutrition among tribal populations, targeted interventions are required. These interventions should focus on improving access to education, healthcare, and economic opportunities, particularly among tribal communities. Additionally, policies should aim to reduce income inequality and promote inclusive economic development, ensuring that the benefits of progress are equitably distributed across all population groups. By addressing these socioeconomic factors, it is possible to improve the nutritional status and overall well-being of tribal populations.