Long-term Funding Research Articles

SIMPLIFICANDO O MEI – MICROEMPREENDEDOR INDIVIDUAL GARANTIAS, BENEFÍCIOS E OBRIGAÇÕES

The objective of this work is to facilitate the Individual Micro entrepreneur – MEI, in understanding the guarantees, benefits and obligations of the worker who chooses this size of company. Instituted by complementary law 128 of December 19, 2008, with the aim of including millions of self-employed workers, it soon became the most common in Brazil, currently reaching around 15.7 million micro entrepreneurs, data from the most recent survey by the Ministry of Farm (2024). Therefore, the present work sought to identify the advantages and advantages of being a MEI based exclusively on bibliographical analyses. Through this study, it was possible to verify that the main advantages of the MEI are linked to social security benefits, issuance of invoices, ease of formalization, possibility of hiring an employee, access to banking services, SEBRAE consultancy, reduction of the tax burden, treatment differentiated bidding processes, facilitated downloading, free service, among other benefits. However, it is possible to specifically identify difficulties in obtaining long-term financing, limitations in expanding the business, among others.

ANALISIS YURIDIS BESARAN SIMPANAN PESERTA TAPERA BERDASARKAN PERATURAN PEMERINTAH TENTANG PENYELENGGARAAN TABUNGAN PERUMAHAN RAKYAT

This research analyzes the Indonesian government's policy regarding the amount of savings for Public Housing Savings (Tapera) participants based on Government Regulation Number 21 of 2024 concerning Amendments to Government Regulation Number 25 of 2020. This research uses a regulatory and conceptual approach, as well as a normative type of research. The Tapera policy aims to provide low-cost, long-term funds to meet the community's adequate housing needs. However, the contribution amount of 3% of salary, which is 2.5% borne by workers and 0.5% by employers, is considered burdensome for workers. In addition, Tapera benefits are limited to owning, building or repairing a first home, which creates benefits for participants. The research results show that this policy, although well-intentioned, does not fully take into account the additional burden on low-fatality workers and is not commensurate with the expected benefits. The government needs to review the amount of contributions and improve the Tapera management mechanism to ensure fairer and more equitable benefits for all participants.

Green finance and the mitigation of corporate debt financing in China: evidence and implications for sustainable finance

To address the pressing challenges posed by environmental issues, numerous countries have been actively exploring green finance practices. Using a sample of listed companies in China from 2008 to 2020, this study aims to enrich the understanding of the economic consequences of green finance. Specifically, it is the first to investigate the causal relationship between green finance and corporate debt financing levels. Our findings reveal that green finance effectively mitigates corporate debt financing levels, and this conclusion remains robust after undergoing a series of rigorous tests. Further analysis reveals that green finance achieves this by alleviating financing constraints and enhancing executive compensation. Heterogeneity analysis demonstrates that the impact of green finance is particularly pronounced in state-owned enterprises, regions with lower marketization levels, superior industrial structures, and lower carbon emissions. Additionally, our research shows that with the strengthening of external environmental regulations, green finance significantly promotes the reduction of long-term debt financing levels but has no significant impact on short-term debt financing levels. The conclusions of this study provide valuable insights for policymakers and enterprises seeking to reduce corporate debt financing levels. Moreover, it offers a new perspective on the economic consequences of green finance, particularly in the context of debt financing.

The added value of the long-term ecological research network to upscale restoration in Europe

Achieving global restoration targets poses challenges including the need for long-term research and effective monitoring of success, fostering collaborations across diverse fields and actors, ensuring the availability of suitable reference ecosystems, and securing sustained funding. Yet, these conditions are often lacking, limiting the effectiveness of restoration. We provide an overview of ecological restoration practices in the pan-European region of the Long-term Ecological Research Network (eLTER) and demonstrate the importance of eLTER and its potential contributions to support the implementation of the EU Nature Restoration Law. We developed an online questionnaire to collect information on eLTER restoration experts and restoration projects details including the use of eLTER contributions (e.g. infrastructure, data and knowledge), between November 2021 and March 2022. We identified 62 restoration experts and 42 restoration projects from 18 countries. Our results show that eLTER restoration expertise covers most of the European habitats, diverse degradation states and restoration techniques. Most restoration projects (78%) involved long-term monitoring exceeding the average project lifespan, which has proven necessary to achieve restoration success. No common protocol was used for monitoring and evaluation or cost-benefit estimates, but respondents reported effective projects, mostly financed from national funds, and benefits in five ecosystem services on average covered per project. Key eLTER contributions included providing reference ecosystems, biotic and abiotic background data, and interdisciplinary discussion or stakeholder management. Ecological restoration is time intensive and requires long-term research and monitoring standardization to fully understand the restoration process and to ensure comparability across ecosystems. The eLTER network can help address these challenges providing added-value contributions through its infrastructure, long-term datasets, diversity of expertise and strategies that can help identify best restoration practices and support the EU Nature Restoration Law. Finally, additional and long-term funding from the EU and the private sector is needed to achieve global larger-scale restoration targets.

Funding Black-led micro-organisations in England

This article presents an approach aimed at dealing with the difficulties faced by Black-led micro-organisations in England when accessing longer-term funding. The experiences of Black-led micro-organisations working in partnership with a mainstream organisation and a mid-level minority ethnic organisation are reported in the article. The participants of the research attributed the Black-led micro-organisations’ difficulties in accessing funds to institutional racism. To overcome this, the micro-organisations received targeted funding through a partnership that not only makes funding more accessible, but also builds the capacity of the Black-led micro-organisations. This was because a micro-organisation on its own or as a group of micro-organisations would not have been successful in a funding application. The formation of the three-tier partnership came with many challenges, but ultimately with the building of trust by skilled leadership and the right individuals, the Black-led micro-organisations were able to access sustainable long-term funding.

Implementasi Kepatuhan Syariah terhadap Produk-produk Baitul Mal Wat Tamwil An-Nahdliyyin Gunung Lerang

The objectives of this research are (1) To find out the types of products offered by BMT Nahdliyin Gunung Lerang, (2) To find out the implementation of sharia compliance in BMT Nahdliyin Gunung Lerang products. This research uses a qualitative approach, the data collection techniques used are observation and interviews. The subjects of this research are the administrators and members of BMT Nahdliyin Gunung Lerang, the research objects are the products at BMT Nahdliyin Gunung Lerang. The data analysis techniques in this research are data collection, data reduction, data presentation and drawing conclusions. The results of this research show that: (1) The types of products offered by BMT Nahdliyin Gunung Lerang are, Baitul Ma'al Products: Santri Savings, Short Term Financing and Long Term Financing. Then Baitul Tamwil Products: Livestock and Agriculture, (2) Implementation of sharia compliance for BMT Nahdliyin Gunung Lerang products that meet sharia compliance. Based on the first product, namely student savings using a wadiah or deposit agreement which is in accordance with sharia principles. Then short-term and long-term financing products use a qardh contract which refers to providing loans without any additional rewards or benefits. Furthermore, livestock products use a musyarakah agreement, namely cooperation and joint participation between BMT Nahdliyin and investors. Then agricultural products consisting of chilies, eggplant, bananas and sweet potatoes use a mudharabah contract, which is a form of cooperation between capital owners (shahibul maal) and capital managers (mudharib) in certain projects.

Digital government and corporate leverage: Evidence from China

Corporate leverage is an indicator of economic health, and this topic has attracted a great deal of attention since the international financial crisis of 2008. This paper constructs a model of enterprise decision-making under a digital government and theoretically analyzes how the government digital reform impacts corporate leverage and the mechanism of this impact. Theoretical analysis has previously shown that digital reforms by governments help to ease the information asymmetry between banks and enterprises, which in turn affects the actual economic activities of enterprises. Based on these findings, the “one-stop government service” natural experiment used in this paper and the empirical analysis using a multiphase difference-in-differences (DID) method show that digital government can inhibit the short-term debt financing of enterprises while improving their long-term debt financing. This study further finds that the digital government can improve the level of long-term debt for long-term use, thereby reducing corporate leverage. By enriching the theoretical and empirical research on government digital reform, this paper contributes significant theoretical and practical insights to the literature on corporate leverage in the context of government factors.

Experience of Health professionals in the implementation of Clinical trials of Traditional Herbal Medicines: A cross-sectional study in Mali

Objective: The objective of this study was to determine the experience of health professionals in clinical trials of traditional herbal medicines in Mali. Material and methods: This was a cross-sectional study conducted from June to December 2022 among healthcare professionals in three randomly selected localities: the district of Bamako and the regions of Koulikoro and Sikasso. Data were collected by direct interview using an anonymous questionnaire. The Chi-square (χ2) test was used to assess factors associated with participation in clinical trials of traditional medicines. Results: The involvement of healthcare professionals in clinical trials of traditional medicines was low (3.5%) and was associated with age (p=0.021). The obstacles to conducting these trials reported by healthcare professionals were lack of funding and failure to take account of the specificities of traditional medicines in clinical trial regulations. Some healthcare professionals suggest ethnomedical evaluation of recipes proposed by traditional practitioners and the use of reverse pharmacology as alternatives. Conclusion: Research into traditional medicines could be given greater impetus by the long-term funding of clinical trials and by less costly alternatives such as the ethnomedical evaluation of recipes proposed by traditional healers and reverse pharmacology.

CORPORATE BOND MARKET IN INDIA: A REVIEW OF FACTORS LIMITING THE DEVELOPMENT

The corporate bond market helps the companies raise long-term finance, which is essential external source of capital. The Indian corporate bond market is still in its early stages of development, and as a result, it lacks the depth found in more mature markets. This paper aims to understand the factors that have limited the development of the corporate bond market in India. In addition, the paper examines the requirements for corporate bond market development, where the government bond market is doing quite well. This paper is designed as a literature review previously attempted to elaborate on the current state of corporate bond markets. The research is limited to previous studies and secondary data. Based on the literature review from previous studies and recently available market statistics, the main factors that constrain the development of Indian corporate bond markets are performance metrics, corporate governance, opacity to information and credit rating mechanism, financial infrastructure, and cost associated with issuance influence the corporate bond markets. The Indian government and Reserve bank have simultaneously tried to develop the corporate bond market.

Pengaruh Earning Per Share dan Price Earning Ratio Terhadap Return Saham Pada Perusahaan Industri Wood and Lumber yang Go Public di Bursa Efek Indonesia

The capital market is a vehicle that can mobilise long-term funds from the public to be channelled into productive sectors. The purpose of the capital market in Indonesia is not only to mobilise funds from the public so that they can be channelled into productive sectors, but also to realise income distribution through ownership of company shares. This goal can be achieved gradually with the increasing number and types of securities traded in line with the increasing number of institutions that support the implementation of the capital market. This study aims to determine the effect of earning per share and price earning ratio (PER) on stock returns in Wood and Lumber industry companies that go public on the Indonesia Stock Exchange for the period 2005-2007. The analysis method used in this research is multiple linear regression with SPSS version 12.0. The results of this study can be concluded that: (1) Earning per share has a positive effect on stock returns, because the significance value is smaller than 0.05 and one of the considerations of investors besides risk is the return they will get in the form of a share of net income distributed to shareholders, (2) Price earning ratio has no effect on stock returns, because the significance value is greater than 0.05.

Mystery of special government subsidies: How does digital transformation promote enterprise innovation and development?

The digital transformation of enterprises has become an important driving force in promoting the high-quality development of China's economy and in-depth implementation of an innovation-driven development strategy. To this end, this study uses the panel data of China's A-share listed enterprises from 2010 to 2019 to explore the relationship among enterprise digital transformation, government subsidies, and innovation. Results indicated that digital transformation can significantly stimulate enterprise innovation. The impact mechanism test shows that the digital transformation of enterprises can increase their R&D expenditure and alleviate their financing constraints, thereby jointly promoting enterprise innovation in terms of innovation resources and financing resources. Furthermore, heterogeneity analysis indicates that digital transformation has a greater incentive effect on private enterprises, non-technology enterprises, service industries, and growth stage enterprises. By introducing special financial subsidies for digital transformation, special financial subsidies for digital transformation are shown to have a positive impact on the sensitivity of digital transformation and enterprise innovation. This effect is also played out through innovation spending and corporate finance, and the role of long-term financing is greater than that of short-term financing. Therefore, the role of digital transformation in promoting enterprise innovation must be actively played to achieve a high-quality development of the regional economy.

Public procurement and bank lending

This article unveils that government is intertwined with banking through a hitherto underexplored channel—through public procurement. On a comprehensive firm-level dataset that combines public procurement and accounting data, we apply the difference-in-differences method to show that treated firms that secure a public procurement contract can strengthen their bank borrowing terms. Treated firms obtain a greater amount of bank funding and a higher share of long-term funding at lower interest rates compared to the control firms. The impact on bank lending exceeds the positive impact due to higher revenues and suggests a positive non-revenue channel of public procurement.

SHEA position statement on pandemic preparedness for policymakers: pandemic data collection, maintenance, and release.

The Society for Healthcare Epidemiology in America (SHEA) strongly supports modernization of data collection processes and the creation of publicly available data repositories that include a wide variety of data elements and mechanisms for securely storing both cleaned and uncleaned data sets that can be curated as clinical and research needs arise. These elements can be used for clinical research and quality monitoring and to evaluate the impacts of different policies on different outcomes. Achieving these goals will require dedicated, sustained and long-term funding to support data science teams and the creation of central data repositories that include data sets that can be "linked" via a variety of different mechanisms and also data sets that include institutional and state and local policies and procedures. A team-based approach to data science is strongly encouraged and supported to achieve the goal of a sustainable, adaptable national shared data resource.

How ESG performance affects maturity mismatches between investment and financing: Evidence from Chinese A-share listed companies

This study investigates the relationship between environment, society, and governance (ESG) performance and maturity mismatches between investment and financing based on unbalanced panel data from Chinese listed companies. The results suggest that ESG performance significantly reduces the potential for maturity mismatch between corporate investment and financing and that the ESG activities of Chinese enterprises are consistent with the principles of responsible investment. Specifically, society and governance performance significantly reduces maturity mismatch, while environmental performance exerts an insignificant effect. Enterprises with high ESG performance prefer long-term debt financing structures, and they also have increased trade credit and endogenous financing. In addition, investment efficiency and innovative investment are beneficial for ESG performance to promote the long-term transformation of debt maturity structures. Finally, ESG performance is more effective in reducing maturity mismatch caused by environmental policy and COVID-19.

Sustaining Prosperity: Exploring Fiscal and Financial Sustainability in the Context of Dynamic Fiscal Policy

Purpose: This study explores how fiscal policy and financial sustainability support sustainable economic prosperity amid global instability. It examines the impact of government taxation and spending decisions on economic outcomes, aggregate demand, employment, inflation, social welfare, infrastructure development, and income inequality. Financial sustainability is analyzed through prudent fiscal management and debt sustainability, focusing on long-term government finance viability and mitigating fiscal risks. Research Design and Methodology: The study employs a qualitative methodology, incorporating a comprehensive literature review of theoretical works, empirical studies, and policy analyses. Data is collected through systematic reviews of scholarly articles, books, policy reports, and official publications. Thematic analysis techniques, including coding and categorization, synthesize findings, with reflexivity to consider assumptions and biases. Findings and Discussion: The research underscores the importance of flexibility and adaptability in fiscal policy, highlighting automatic stabilizers and countercyclical policies for economic stabilization and sustainable growth. Prudent debt management, including debt restructuring and fiscal consolidation, is vital for mitigating fiscal risks and ensuring debt sustainability. The findings emphasize integrating fiscal sustainability with broader economic and social goals and the need for institutional reforms and international cooperation to enhance fiscal governance. Implications: The study provides insights for policymakers on the importance of fiscal prudence and sustainability. It advocates for a balanced approach that addresses short-term stabilization and long-term goals and calls for institutional reforms to improve fiscal discipline, transparency, and accountability. By integrating interdisciplinary perspectives, policymakers can develop resilient and sustainable fiscal policies that promote long-term prosperity and social equity.

Transformation of the Saudi Housing Sector through an Enabling Approach to Affordable Housing

Access to affordable housing has a significant impact on the quality of lives of households and the overall well-being of communities. The enabling approach is recognized internationally as a mechanism for housing delivery, shifting the government’s role from that of a direct provider to that of an enabler within housing markets. In line with its Vision 2030, Saudi Arabia aims to transition its role from a direct housing provider to an enabler. This study aimed to assess the extent to which enabling strategies have been implemented within the Saudi Arabian context. This research was conducted based on a desktop study of the key literature, analysis of secondary data, and content analysis of the collected documents to address the research aim. The study found that housing costs, traditional land tenure, and insufficient financing are major housing challenges, intensified by high lending interest, lack of investor diversity in housing types, and lack of long-term funding from financiers. Also, slum developments are limited to providing street access, without addressing the overall conditions and the level of services. In addition, the costs of obtaining permits and implementing building regulations have contributed to housing shortages in the country. On the other hand, real estate developers of different scales undergo a classification and qualification system to increase their capacity for housing supply. To address these challenges, the Saudi government has implemented an enabling approach, serving as a provider for low-income and vulnerable groups through the Developmental Housing Program. The government also encourages local manufacturing of building materials to boost the construction industry. The present study recommends that the government enhance existing instruments to enable access to affordable housing.

Increasing sorghum yields for smallholder farmers in Mali: the evolution towards a context-driven, on-farm, gender-responsive sorghum breeding program

This case study explores a decades long evolution towards a gender-responsive sorghum breeding program in Mali. With known disparities in men and women’s access to the resources that improve agricultural productivity and evidence that gender roles and responsibilities shape knowledge and preferences about varieties, there is need for methods that support gender-responsive processes in plant breeding programs. Gender-sensitive and gender-responsive approaches in plant breeding may increase varietal options available to diverse end-users, increase adoption, and limit negative impacts on vulnerable populations. We assess a participatory plant breeding program in Mali to identify determinants of gender-responsive breeding programs. The analysis uses a case study methodology that draws upon project reports, theses, articles, and experiential knowledge to understand how the sorghum breeding program transitioned over time. This case study details (a) more than a decade of sorghum breeding activities and research that led to (b) the inclusion of women in participatory plant breeding, culinary tests, and large-scale participatory selection in on-farm trials, reaching hundreds of women each year and (c) iterative co-learning processes to develop preferred sorghum varieties and increase sorghum yields on men and women’s fields. Analyses indicated that collaborations among many institutions on-farm with community actors, research across various disciplines such as agronomy and social sciences, context-specific breeding, and long-term funding were essential to increasing gender sensitivity and responsive in the breeding efforts.

Research on the income and expenditure forecast of long-term care insurance fund in Shihezi City based on community care.

This study forecasts the income and expenditures of the long-term care insurance fund, provides a basis for formulating the raising standard of the long-term care insurance fund, and explores the measures to improve the pilot work of long-term care insurance. By using the exponential smoothing and ARIMA models to forecast the income and expenditure of the old-age care insurance fund in 2022, the problems existing in the operation of the long-term care insurance fund are discussed. In 2022, the income of the old-age insurance fund was 28.8934 million yuan, and the fund compensation expenditure was 28.4070 million yuan, with a slight balance of the fund. The highest relative errors of income and expenditure forecast models are -2.03% and - 2.76%, respectively. According to the results of fund expenditure, the annual financing standard should be 132.93 yuan/person, and the individual financing standard should be 66.47 yuan/person. Through the integration of personal payment, welfare, sports lottery public welfare income, social donations, and other ways, we can gradually establish a multi-channel risk-sharing financing. We will appropriately raise the standard for individual financing and the annual contribution standard for individuals from 50 yuan to 66.47 yuan. This will promote sustainable development of long-term insurance system.

Female CEOs and SME’s financing decision: evidence from firm-level data

PurposeThis study investigates the relationship between female CEOs and SMEs’ financing decisions. The study also examined the moderating role of ownership structure (female, foreign, and state ownership) in female CEO-SMEs’ financing decisions.Design/methodology/approachThe study has applied Generalized Least Square (GLS) and Binomial Logistic Regression. The study has used firm-level data from 2,700 Small and Medium Enterprises (SMEs) in the Chinese economy.FindingsThe results suggest that female CEOs use debt financing. However, the financing decision of female CEOs varies if we account for female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. This study also provides robust evidence that female CEOs utilize debt financing under certain conditions and that female CEOs prefer long-term debt financing to short-term debt financing when considering debt maturity choices.Originality/valueRecent studies report a negative relationship between female CEOs and financing decisions based on the rationale that females are risk-averse and choose less risky financing compared to their male counterparts. This study posits new evidence that female CEO financing decisions are not always risk averse if we consider female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. Thus, we contribute to the corporate governance literature, and this study implies a corporate financing policy.

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.