Long-term Funding Research Articles

Determination of Profitability And Liquidity Analysis of Banking Industry In India

The banking industry has a key function in the public sector, and the majority of people profit from it. It also plays a significant role in global commerce. This study focuses on the financial performance of selected commercial banks, including Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, and State Bank of India. Secondary data is acquired from the bank's balance sheets and websites. The following financial ratios were employed in this study: net profit margin, return on assets, return on net worth, and return on long-term funds, current ratio, and quick ratio. To investigate the financial performance of selected banks and organisations that demonstrate strong profitability and liquidity maintenance.

Dynamics in digital finance and its impact on SME financing

Employing the Complex Adaptive System (CAS) framework, we analyzed the evolution of digitally transformed financial networks, underscoring the pivotal role of adaptation and learning among network participants. Government funds supporting banks and platforms in digital transformation prove more effective than direct subsidies to SMEs. Achieving sustainable development requires an optimal balance between investment and efficiency due to the impact of digitalization costs on constructing digital financial networks. The study advocates for a long-term microcredit financing mode tailored to SMEs, aiding them in maintaining financial stability. Additionally, intermediary nodes within the network, such as credit rating companies, can facilitate information sharing, thereby fostering the growth of digital financial networks. This heightened information sharing enhances the payoff for each subject and reduces financing constraints. Furthermore, the study establishes that digital financial networks can alleviate the repercussions of unforeseen events, such as the COVID-19 pandemic. Finally, empirical analysis of the Beijing University Inclusive Finance Index data and financial records of Chinese SMEs listed on the New Third Board from 2016 to 2018 confirms that digital finance can alleviate the financing constraints of SMEs. In summary, the progression of digital financial networks is intricate, necessitating a thorough comprehension of diverse factors. The government is encouraged to guide the enhancement of relevant systems and regulations, bolstering supervision, and facilitating the high-quality development of digital finance networks.

Do Intra-industry Peer Effects Influence the Debt Financing Policy of Companies Listed in Thailand?

Rational imitation of financial policies, namely peer effects, was documented to prevail among firms within an industry in both developed and top emerging economies. Lacking evidence from medium-sized emerging Asian countries, this study examined intra-industry peer effects, i.e., imitation, on debt financing at Thai listed companies. The sample consisting of the firms listed on the Stock Exchange of Thailand (SET) during the years 2001–2018 was incorporated to discover those effects. Numerous databases associated with the SET (e.g., SETSMART) and the firms’ websites were used to collect financial numbers. With 6,058 firm-year observations, unbalanced panel data was then analyzed by using the random-effects and fixed-effects ordinary least squares models as well as the two-stage least squares regression. The main findings show that a focal firm imitates the long-term debt financing of its industry peers. Using the instrument approach to address endogeneity, the key results are confirmed. Peers’ equity shock as the instrumental variable decreases their financing with debt, subsequently lowering debt levels at a focal firm. This mimicking was operated through peer action, not peer character, i.e., performance. In additional tests, severe market competition was found to strengthen the uniformity of decision-making on debt finance among industry peers. Meanwhile, the high cost of information embedded in innovation-driven businesses has not been found to both promote and reduce peer effects on debt finance. Including the extra control variables at firm-specific levels, the key results remain robust. This study highlights a vein of social learning theory and competition-based theory in discussing herding behaviors toward all member firms in a certain industry. The conclusions enrich the literature on peer effects on debt finance policy.

The Lack of Long-Term Funding for the National Health Service Corps Limits the Ability to Address Health Care Workforce Shortages

The Lack of Long-Term Funding for the National Health Service Corps Limits the Ability to Address Health Care Workforce Shortages

From legacy to integration in the Global Polio Eradication Initiative: looking back to look forward

IntroductionThe Global Polio Eradication Initiative (GPEI) is a global single-disease programme with an extensive infrastructure in some of the world’s most underserved areas. It provides a key example of the...

Evaluation of the barriers to and drivers of the incorporation of unmanned aerial vehicles into dam asset management

ABSTRACT Dam asset management entails the consistent evaluation of the state and usefulness of dams as tangible assets in terms of their expected lifespan, criticality, operational history, maintenance history, and long-term financing plan. This research aims to identify and evaluate the critical drivers and barriers associated with the use of unmanned aerial vehicles in dam asset management. This study uses rough decision-making trial and evaluation laboratory and interpretive structure modelling to analyze the interactions that take place between the barriers to and the drivers of unmanned aerial vehicles incorporation. To overcome the problem of vagueness, it develops rough set theory to determine the driving and dependence power of the drivers and the barriers, respectively. According to the findings, the most significant barrier to the incorporation of unmanned aerial vehicles into dam asset management is a lack of skilled operators, while the most significant driver of their incorporation is their cost-effectiveness. The findings of this study will be highly valuable to practitioners and government agencies working on the implementation of unmanned aerial vehicles in dam asset management, as they will enable them to correctly assess the different aspects of unmanned aerial vehicles incorporation.

A Mixed-Methods Evaluation to Inform the Hawai'i Suicide Prevention Strategic Plan.

The Prevent Suicide Hawai'i Taskforce is a state, public, and private partnership of individuals, organizations, and community groups that leads statewide suicide prevention efforts in Hawai'i. The purpose of this evaluation was to identify the progress and barriers of the Taskforce to inform the upcoming 2025 Hawai'i Suicide Prevention Strategic Plan in the following areas: Hope, Help, Heal, Research and Evaluation, and Policy and Advocacy. Utilizing a sequential exploratory mixed-methods approach, 18 key informants were interviewed, followed by a 13-question survey sent to the Taskforce member listserv. Results were analyzed using qualitative coding techniques and descriptive statistics. Interview findings contained six themes: importance of community relationships, interconnection of suicide prevention efforts, progress in diversifying training, organizational challenges, adaptations to the COVID-19 pandemic, and funding challenges. Of the 34 survey respondents, most were involved in the area of Hope (91%). The respondents reported the area with most progress was Hope (87%), and the most important area to address was Help (41%). The majority (82%) of the respondents characterized the level of Taskforce communication as Excellent or Good. Interview and survey data corroborated each other and revealed new insights about the successes and barriers of the Taskforce and their progress in implementing the Strategic Plan. Recommendations included advocating for long-term funding for suicide prevention and building community relationships.

Assessing the Impact of COVID-19 on Capital Structure Dynamics: Evidence from GCC Economies

This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering 208 non-financial listed firms across five GCC countries, with data spanning the years 2010 to 2022. Capital structure is a dependent variable and is measured by total debt to equity, equity multiplier, and short-term debt ratios, while the COVID-19 pandemic, firm size growth, return on assets, tangibility, and growth were applied as independent variables. Using the generalized least squares (GLS) method, findings demonstrated that COVID-19 has a significant and positive influence on debt-to-equity and equity multiplier ratios but a negative one on short-term debt ratio. Thus, non-financial firms increased their debt financing and transferred debt from short-term to long-term funding. In addition, firm-specific factors, such as firm size, tangibility, and macroeconomic factors, such as GDP growth, positively and significantly impact capital financing. Conversely, profitability has a negative relationship with financial leverage. There is a lack of empirical research on how COVID-19 affects the financial structure of non-financial listed companies in GCC nations. Consequently, by filling the previously specified gaps, this study provides proof to support the idea of using debt financing to raise capital for economic recovery. GCC policymakers need to give priority to ensuring that firms have convenient access to inexpensive finance in light of the financial consequences caused by COVID-19. This will guarantee that companies have the resources necessary to bounce back and support economic growth.

Sustaining mental health and wellbeing programmes in schools: recommendations from an online roundtable

Despite recent investments in school-based mental health and wellbeing promotion in England, the sustainability of mental health interventions remains a substantial challenge. This article brings together potential solutions to sustaining interventions in schools, drawing on insights from an online roundtable discussion held in July 2022. Facilitated by researchers and informed by recent research on barriers and facilitators to sustaining school-based mental health interventions, 16 participants came together to discuss challenges and solutions. Participants included school staff, policy makers, educational psychologists, researchers and mental health intervention developers. The discussion explored the need for accountability at all levels (e.g., from school leaders to policy makers and Ofsted) and the potential value of engaging schools more consistently with academic evidence. Participants also discussed the importance of creating a healthy and sustainable ecosystem for interventions (underscoring the significance of staff wellbeing, adequate resourcing, and longer-term funding commitments), and moving beyond separate, isolated interventions. The findings offer a range of recommendations for school decision makers, mental health researchers, intervention developers, and those working in the wider system around schools.

Life expectancy, long-term care demand and dynamic financing mechanism simulation: an empirical study of Zhejiang Pilot, China

BackgroundChina has piloted Long-Term Care Insurance (LTCI) to address increasing care demand. However, many cities neglected adjusting LTCI premiums since the pilot, risking the long-term sustainability of LTCI. Therefore, using Zhejiang Province as a case, this study simulated mortality-adjusted long-term care demand and the balance of LTCI funds through dynamic financing mechanism under diverse life expectancy and disability scenarios.MethodsThree-parameter log-quadratic model was used to estimate the mortality from 1990 to 2020. Mortality with predicted interval from 2020 to 2080 was projected by Lee-Carter method extended with rotation. Cohort-component projection model was used to simulate the number of older population with different degrees of disability. Disability data of the older people is sourced from China Health and Retirement Longitudinal Study 2018. The balance of LTCI fund was simulated by dynamic financing actuarial model.ResultsLife expectancy of Zhejiang for male (female) is from 80.46 (84.66) years in 2020 to 89.39 [86.61, 91.74] (91.24 [88.90, 93.25]) years in 2080. The number of long-term care demand with severe disability in Zhejiang demonstrates an increasing trend from 285 [276, 295] thousand in 2023 to 1027 [634, 1657] thousand in 2080 under predicted mean of life expectancy. LTCI fund in Zhejiang will become accumulated surplus from 2024 to 2080 when annual premium growth rate is 5.25% [4.20%, 6.25%] under various disability scenarios, which is much higher than the annual growth of unit cost of long-term care services (2.25%). The accumulated balance of LTCI fund is sensitive with life expectancy.ConclusionsDynamic growth of LTCI premium is essential in dealing with current deficit around 2050 and realizing Zhejiang’s LTCI sustainability in the long-run. The importance of dynamic monitoring disability and mortality information is emphasized to respond immediately to the increase of premiums. LTCI should strike a balance between expanding coverage and controlling financing scale. This study provides implications for developing countries to establish or pilot LTCI schemes.

Visitors’ Willingness to Pay for Protected Areas: A New Conservation Donation in Aso Kuju National Park

Protected areas (PAs) such as national parks face funding issues that undermine effective management. Therefore, many PAs are exploring new financial instruments, such as visitor donations, to supplement their conservation budgets. This paper investigates visitor perceptions of one such system, a new conservation donation under consideration in Aso Kuju National Park, southwest Japan, is due to be introduced. Our on-site survey at two trailheads in autumn 2022 gauged visitors’ willingness to pay (WTP) the expected JPY 500 donation. The analysis used Bayesian linear regression to look for significant predictors of WTP. Findings show that female, older, and higher-income visitors were more likely to pay the donation collectively rather than voluntarily. Prior knowledge of the donation system was also a significant predictor of WTP, but more frequent climbers were significantly less likely to pay the donation collectively, regardless of prior Kuju climbing experience, possibly due to the perceived increase in use costs. Moreover, visitors willing to pay the cooperation donation collectively are also willing to pay higher prices than those willing to pay voluntarily. The elicited WTP values confirm that the implementation of a new conservation donation could help to improve the long-term sustainable financing of PAs such as Aso Kuju while raising issues over price fairness.

Priorities in school eye health in low and middle-income countries a scoping review.

School eye health (SEH) has been on the global agenda for many years, and there is mounting evidence available to support that school-based visual screenings are one of the most effective and cost-efficient interventions to reach children over five years old. A scoping review was conducted in MEDLINE, Web of Science, PubMed, and CINHAL between February and June 2023 to identify current priorities in recent literature on school eye health in low- and middle-income countries (LMICs). Selection of relevant publications was performed with Covidence, and the main findings were classified according to the WHO Health Promoting Schools framework (HPS). A total of 95 articles were included: cross-sectional studies (n = 55), randomised controlled trials (n = 7), qualitative research (n = 7) and others. Results demonstrate that multi-level action is required to implement sustainable and integrated school eye health programmes in low and middle-income countries. The main priorities identified in this review are: standardised and rigorous protocols; cost-effective workforce; provision of suitable spectacles; compliance to spectacle wear; efficient health promotion interventions; parents and community engagement; integration of programmes in school health; inter-sectoral, government-owned programmes with long-term financing schemes. Even though many challenges remain, the continuous production of quality data such as the ones presented in this review will help governments and other stakeholders to build evidence-based, comprehensive, integrated, and context-adapted programmes and deliver quality eye care services to children all over the world.

Bangladesh's pathways to climate-resilient development: A methodical review

Climate resilient development pathways (CRDP) are procedures that reinforce sustainable development and reduce poverty and inequalities while meeting adaptation and mitigation targets. The study systematically assessed Bangladesh's efforts to combat climate change and evaluated its progress toward CRDP with a degree of confidence approach. It also assessed climate change vulnerability, national climate change plans and policies, climate finance conditions, and environmental sustainability. The study revealed that the recent climate change plans and strategies have transformative, social inclusiveness, gender responsiveness, climate resilience, institutional flexibility and coordination, and target setting and monitoring attributes from a moderate to large extent. However, to implement its recently developed climate plans like the Mujib Climate Prosperity Plan, Delta Plan, NAP, and NDC, where funding is essential—the nation needs USD 533.7 billion. The study suggests that though the country has implemented several plans and strategies in recent decades, uneven progress has appeared in some important socio-economic and environmental indicators as well as SDGs which signifies low return against investment. It can be concluded that ensuring maximum socio-economic and environmental return on investment, long-term climate finance, strengthening local govt. organizations, adopting region specific and holistic approaches with private sector engagement would advance CRDP attainment as well as a nature positive economy and system transition in Bangladesh.

Towards a sustainable business model for rubber agroforestry in Indonesia

Agroforestry systems, particularly rubber agroforests, are crucial for Dayak communities in Indonesia, providing economic benefits and vital assets for their livelihoods. Two common types in Simpang Dua sub-district are tembawang (traditional fruit gardens) and rubber agroforests. Both have flourished for generations but they now face threats of conversion due to declining rubber prices and the oil palm boom. Tembawang is considered more resilient due to better protection of tenure rights under local customary law and its greater provision of socioeconomic benefits. In some instances, rubber agroforests are only maintained because of their deep rooted social and cultural importance, but they have potential to still be economically valuable. Rubber agroforests can provide a diversified income, offering resilience against volatile rubber markets, and although oil palm provides higher income in the short term, rubber agroforests can provide higher income over the entire system cycle. Long-term financing is essential to improve yields and product quality, to support smallholder rubber agroforests, but obtaining this type of financing is difficult. Obstacles include low rubber prices, poor-quality latex, a lack of productivity of agroforestry crops and low attention from investors, financiers, and markets. Non-commercial financial support, including technical support, could help strengthen farming practices and market-based instruments, including carbon payments, could help stabilise farmers' income. The expansion, however, of large-scale oil palm plantations has shifted the rural labour force from rubber smallholders to plantation workers. Efforts to address these challenges include the establishment of a rubber processing and collective marketing unit, UPPB, to improve market access and prices for smallholder farmers. Founded in 2022, the unit aims to arrange collective marketing and provide technical capacity for farmers to meet the specifications of Standard Indonesia Rubber. By aggregating rubber slabs, farmers can earn up to 25% higher prices than individual farmers, but irregular supplies from farmers and low prices are affecting their success. Despite facing challenges, local farmers' groups remain resilient in organising themselves to improve their systems with the support of NGOs. Commitment from government and private sector stakeholders is additionally needed to further promote sustainable and inclusive rubber agroforestry businesses.

Asset pricing and the carbon beta of externalities

Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain investments according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillovers and time-inconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and the risk premium for abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). We show that the distortions can be overcome by modified carbon pricing by a regulator, or by financial incentives, implemented in our model by a long-term investment fund. The fund pays a subsidy to reduce technology costs or offers financial contracts to boost investment returns to complement the carbon price. The investment fund can thus pave the way for carbon pricing in later periods by preventing a capital misallocation that would be too expensive to correct, thus improving the feasibility of ambitious carbon pricing.

Practitioner insights on challenges and options for advancing blue Nature-based Solutions

The dual environmental crises of climate change and biodiversity loss pose severe threats to human health and well-being. Nature-based Solutions (NbS) are promoted as an important component of the response to simultaneously address both crises. However, their uptake in policy and planning has been impeded by evidence gaps and barriers to implementation, particularly in marine and coastal systems. Here, we describe practitioner perspectives on perceived challenges to implementing NbS in marine and coastal ecosystems (blue NbS) and make recommendations to overcome the most significant. These consensus perspectives were obtained through an exploratory, qualitative workshop, attended by environmental policy and practice stakeholders representing government and non-profit organisations from across Northern Europe, that identified and prioritised perceived challenges for in-depth discussion. Key priority challenges were: (1) policy driver and appropriate legislation to support NbS; (2) funding mechanisms; and (3) stakeholder awareness, values, and engagement. Discussions highlighted that successful implementation will require addressing these through better collaboration, communication, longer-term funding of projects, and better integration of top-down and bottom-up approaches to management. The strength, and at the same time difficulty, of NbS is that they draw together diverse actors and approaches, but improved standards are needed for application if they are to realise their potential. Ultimately, reducing uncertainty in the definition and concept of NbS amongst stakeholders is needed to accelerate their deployment in complex marine social-ecological systems.

Rethinking Civic Science Funding to Better Support Community Engagement

Civic science funders and grantmakers play a key role in supporting community engagement efforts. However, current funding policies are often misaligned with the realities of community engagement. Collaboration with community partners moves at the speed of trust, and trust requires time, relationship-building, and persistence. Yet, many civic science grants have short timelines, burdensome reporting requirements, and are focused on quantitative outcomes. To realize the goals of civic science, grantmakers need to shift their practices to provide more flexible and long-term funding. This means extending funding periods from one year to multiple years, creating open communication channels to streamline and reduce reporting requirements and frequency, and valuing relationship-building as an important outcome.

Navigating the Path of Least Resistance to Sustainable, Widespread Adoption of Nuclear Power

With climate change rapidly accelerating, we must seriously reconsider our inconsistent and, at times, disjointed approach to energy grid decarbonisation by applying extant low-carbon technologies rapidly and at scale rather than continuing to rely on fossil fuel generation. In contrast to more transient renewables such as wind and solar energy, nuclear power is capable of reliably generating large quantities of baseload low-carbon energy. Despite this advantage, however, deployment has stagnated due to a combination of high costs, safety concerns, and an unwillingness of political authorities to commit to a large-scale, publicly funded program. The focus on private sector leadership in R&D has resulted in a smorgasbord of under-developed and conceptual reactor and fuel cycle technologies, many of which are a decade or more from commercial viability. Meanwhile, the aforementioned political issues have prevented the necessary long-term funding, incentivisation, or provision of the necessary market structures for the significant construction of actual generating plants. With this in mind, we present a potential path to a long-term sustainable approach to the nuclear fuel cycle, highlighting key reactor and fuel cycle technologies and providing an overview of how these should be implemented. Additionally, we discuss the industrial, political, and societal changes needed to achieve this through the comprehensive management of both waste and resources.

Does Capital Structure Affect Profitability of Listed Ghanaian Firms?

ABSTRACT: Capital structure is one of the crucial decisions managers must make that can affect a firm's short-term and long-term value maximization prospects. Though extant studies have shown capital structure significantly affects profits, researchers have struggled to find an optimal mix of capital structure ideal for value maximization due to the influence of macro and micro factors. There is therefore the need for this to be properly studied contextually. Building on the Pecking Order Theory, this study examines the capital structure effects on profitability from a short-term, long-term, and total debt financing perspective on listed Ghanaian firms between 2003 and 2013. An unbalanced panel data of 23 listed manufacturing and service firms that are listed on the Ghanaian Stock Exchange are subjected to robust maximum likelihood heteroskedastic linear estimation models. Three main regressions that are run explain the short-term debt, long-term debt and total debt effect on firm profitability. The results show that short-term debt exhibits a positive effect on return on equity (ROE), whilst the relationship reverses for long-term debt, indicating that short-term financing was beneficial to firms rather than long-term financing. Also, total debt exhibited a negative and non-significant effect on return on equity. The author also found that firm liquidity exhibited a more pronounced positive effect on profitability for firms with short-term debt than long-term debt. Financial risk negatively affected the returns of only firms with short-term debt. Market share had a pronounced positive effect on ROE across firms whilst firm age exhibited a less pronounced positive effect on firm profits. Firm size and growth had increasing profit effects but was not significant in the dataset. Financial risk also negatively affected profits, but this was only significant in firms with short-term debt structures. This study finds that managers need to adopt more short-term debt financing rather than long-term financing as the former leads to more profits. There is a need for policymakers to develop long-term debt financing structures to compete in the Ghanaian debt market. It is also recommended that managers exercise due care when supplementing equity capital with debt.

Dampak Undang-Undang Nomor 4 Tahun 2023 Tentang Pengembangan dan Penguatan Sektor Keuangan (P2SK) Terhadap Kelangsungan Dana Pensiun

The purpose of this study was to determine the impact of Law No. 4 of 2023 concerning the development and strengthening of the financial sector (P2SK) on the continuity of pension funds. This research was conducted with a qualitative approach and is descriptive in nature with data collection tools, namely in-depth and staged interviews. The results obtained are Law No. 4 of 2023 is expected to increase the level of financial inclusion in the pension fund sector, increase old age protection for the community, especially workers, encourage public confidence in the implementation of pension programs and accelerate the accumulation of long-term funding sources as the main source of development financing.