Business Regulation Research Articles

Balancing power and growth in start-ups: an investigation of founder control, board size, and fundraising efficiency

Purpose The purpose of this study is to scrutinize the relationship between the founder’s control level over the startup and the startup’s board size on fundraising efficiency, in addition to examining how these factors are influenced by different resource combinations that the startup attracts. Design/methodology/approach A sample of 1356 firm-year observations is collected from both the startup database of Business Next Media Corp. in Taiwan and the Company Registration and Business Registration Database of Taiwan’s Ministry of Economic Affairs’ Department of Commerce. The panel data analytic approach with fixed effect is used for hypothesis testing. Findings The founder’s shareholding negatively correlates with fundraising efficiency; such a negative relationship can be alleviated by incorporating foreign investors. The board size positively correlates with fundraising efficiency; such a positive relationship can be mitigated by the inclusion of external corporate directors. Originality/value While a conventional understanding posits that startups with diverse, multiplex and symmetrical boards can rapidly construct a diverse alliance portfolio, henceforth always being beneficial to growth, this research challenges this notion by probing the possible adverse effects of having an excessive number of outside corporate directors on a startup’s fundraising efficiency.

An Ethical Sustainability Model for the Ready-Made Garments Enterprises in Bangladesh

The primary purpose of this study is to assess the policies that affect the ethics of business and draw recommendations for an ethical and sustainable policy for the improvement of Business Sustainability in Bangladesh’s RMG sector. The RMG sector is crucial to Bangladesh’s economy, being the backbone and providing the highest export earnings. A PST (Purposive Sampling Technique) was used to collect the data by conducting self-administered surveys completed by 279 participants from 20 RMG companies situated in five different areas. The potentials and perspectives given in the feedback are practical in terms of ethics and the present tendencies in the field. The research shows a strong positive link between an ECC (Ethical Code of Conduct) and BS (Business Sustainability) (r = 0. 256) and an even more substantial correlation for CSR (Corporate Social Responsibility) (r = 0. 355). Ethical leadership also demonstrates a positive relationship with business sustainability (r = 0.282). Additionally, there is a weaker but still positive connection exists between BS and NG (New Governance) (r = 0. 168). Such findings highlight the importance of ethical business regulation since it can be instrumental in enhancing Bangladesh RMG firms’ sustainability. Managers, who play a critical role in this process, are particularly important in retaining experienced employees and promoting ethical practices. This study underscores the need for robust ethical frameworks to ensure the long-term sustainability and competitiveness of the RMG industry in Bangladesh. Bangladeshi enterprises participating in such RMG industry must imitate sustainable studies in their operations to gain a competitive benefit in the market and develop sustainable value propositions.

PENGARUH UANG ELEKTRONIK, SUKU BUNGA, DAN INFLASI TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA TAHUN 2015.I – 2023.IV

This study aims to test and analyze the effect of electronic money, interest rates, and inflation on economic growth in Indonesia in 2015.I-2023.IV. The type of research used is explanatory research. The research data source is secondary time series data in quarterly form, namely the first quarter of 2015 to the fourth quarter of 2023. The analysis model used is multiple linear regression analysis. Based on the results of partial hypothesis testing, it is concluded that the electronic money variable, and interest rates have no significant effect, while the inflation variable has a significant effect on economic growth. Simultaneously, the variables of electronic money, interest rates, and inflation simultaneously have a significant effect on economic growth. The acceleration of digital transactions should be accompanied by the availability of adequate infrastructure and simplify business regulations and increase market confidence so as to encourage economic growth.

Digital financial inclusion and SME market dynamics: an empirical analysis based on big data of business registrations in China

ABSTRACT With the deepening of internet development, digital financial inclusion has gradually become a crucial force in promoting the market entry of small and micro enterprises (SMEs). This study analyzes the impact of digital financial inclusion on SME market dynamics, using big data of business registrations and digital financial inclusion data of 268 cities in China from 2011 to 2017. Employing two-way fixed effects and instrumental variable regression methods, we find that digital financial inclusion significantly facilitates SME market entrance and reduces exiting risk. Moreover, the level of internet development moderates the impact of digital financial inclusion, with regions having high internet coverage showing a stronger effect in promoting entry; while regions with low internet coverage exhibit a more pronounced effect in reducing exiting. Further heterogeneity analysis suggests that the impact of digital financial inclusion primarily reveals with the breadth of coverage and depth of use. The effects are more significant in regions with high levels of innovation and foreign investment. This paper provides new empirical evidence on the role of digital financial inclusion in SME development and proposes relevant policy recommendations to promote sustainable development for SMEs.

Becoming a first-time entrepreneur in your 40s and older: lessons from survival analysis

Purpose: This article aims to have a better understanding of a specific group of first-time entrepreneurs starting a business at the age of 40 years and older (associated in the literature with the terms “third age” or “silver age”), often experiencing career shocks or feeling a need to change their working lives and habits. Design/Methodology/Approach: The research explores the situation in a small, open Central European economy, the Czech Republic. It is based on extensive business register data covering the years 2010-2023, allowing first-time entrepreneurs within this age group to be captured. These individual-level data, combined with information from other sources, created a dataset of 178,388 first-time entrepreneurs aged 40+ by the time of starting their business. These were used to study their characteristics and analyse factors shaping their business survival. Findings: We found that, on average, 12,857 individuals aged 40+ become entrepreneurs for the first time annually; their characteristics differ in terms of age, gender, sectoral orientation, region of doing business, and education. The results from the Cox-Hazard survival analysis support the importance of these factors, highlighting, for example, that females had higher chances of closing their business activity, and that the likelihood of closing the business increases with age. Originality/Value: This article uniquely addresses the population of third-age entrepreneurs in a specific country context. Becoming an entrepreneur at the third age might be an opportunity to change working habits, leave employment, and enhance work-life balance through an entrepreneurial career pathway. This is important, especially in the context of population ageing and increased life length expectancy, allowing individuals to stay economically active longer. Keywords: Entrepreneurship; First-time Entrepreneur; Third Age; Silver Age, 40+ population; Czech Republic; SDG 8: Decent Work and Economic Growth.

Customer Satisfaction and Service Quality: A Study on BRELA in Tanzania

This study focused on assessing customer satisfaction with the quality of services provided by Tanzania's Business Registrations and Licensing Agency (BRELA), particularly its Communication Unit in Dar es Salaam. The research had three main objectives: identifying frequently inquired services at the Communication Unit, evaluating customer satisfaction levels, and gathering customer perspectives. The study aimed to assess the level of customer satisfaction and service quality as the result of BRELA's efforts to enhance services and introduce online options in 2018. Using the SERVQUAL scale, the study examined seven service quality dimensions: Tangibles, Reliability, Responsiveness, Competence, Access, Communication, and Understanding. A quantitative approach was adopted, involving a survey with convenience sampling to gather data from diverse respondents, including entrepreneurs, company owners, and prospective business starters in Tanzania. To ensure a balanced representation, the study received 20 calls daily at the call center for 19 days. Data collection involved a coded Excel questionnaire installed on call center computers. Analysis was conducted using Statistical Package for the Social Sciences (SPSS) and Microsoft Excel. Among the findings, Company Registrations emerged as the most requested service, with 242 out of 384 respondents seeking it. Respondents generally reported satisfaction with BRELA's services across the seven quality dimensions, and 79.2% held a positive perception of BRELA. The study recommended transforming the Communication Unit into the Directorate of Corporate Communications and Customer Service, enhancing the call center system, conducting awareness campaigns, and emphasizing adherence to the Client Service Charter. These recommendations aimed to improve BRELA's service quality, customer satisfaction, and the public.

‘He made it his rule never to grant licenses to married women’: Gender, licensing and the law in nineteenth‐century New South Wales, Victoria and New Zealand

AbstractThis article considers hotel licensing and gender across New Zealand, New South Wales and Victoria in the long nineteenth century, creating timelines of legislative changes and exploring the impact of business regulation and its implementation on women. It exposes a disconnect between law and licensing court practices, indicative of the ways entrenched understandings of gendered behaviours and local conditions affected women in business. It demonstrates that women's rights as publicans went backwards in New Zealand and New South Wales, just as other rights were expanding. It explores Victorian exceptionalism, Victoria legalising female licensees when others did not.

Kualitas Pelayanan Dalam Pengurusan Perizinan Tanda Daftar Usaha Pariwisata (TDUP) Pada Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu Kota Pematang Siantar

The process of obtaining a Tourism Business Registration Certificate (TDUP) at the Integrated Investment and Licensing One-Stop Office in Pematang Siantar City, issues related to service quality have been identified. The problems is the low quality of service, permit issuance is often not fulfilled or takes a significant amount of time. This research aims to evaluate the quality of services provided in the process of obtaining (TDUP) at the Integrated Investment and Licensing One-Stop Office in Pematang Siantar City. The research method used is qualitative descriptive. Data is collected through observation, interviews, and documentation. The theoretical framework used in this research is the service quality theory by Zeithhaml, with indicators including tangible evidence, reliability, responsiveness, assurance, and empathy. The research results indicate that the quality of service in the process of obtaining a Tourism Business Registration Certificate has not reached an optimal level. This is evident from various indicators, such as the incompleteness of facilities, including toilet facilities in the service area and fully functional computers to support online systems. Employees involved in serving the public have not fully mastered their core tasks. Responsiveness in service is also lacking, as many individuals feel that the employees handling the Tourism Business Registration Certificate process provide slow and complicated responses. The assurances given by employees regarding service completion times are not in line with the promised deadlines.

INTERNATIONAL EXPERIENCE OF STATE REGULATION OF THE FOOD INDUSTRY IN THE CONTEXT OF DIGITAL TRANSFORMATION

The article is devoted to researching the international experience of state regulation of the food industry in the conditions of digital transformation and determining ways of its adaptation to Ukrainian realities. The experience of the EU, the USA, China, Canada, Australia and India in the application of digital transformation technologies and innovations in the state regulation of food business was studied. The key factors for the successful implementation of digital technologies in the regulatory mechanisms of the food industry have been identified, including: the creation of a legal framework, investment in the development of digital infrastructure, increasing the digital literacy of employees and consumers, as well as cooperation between state bodies. The results of the conducted research emphasize the need for an integrated approach combining technological innovation, cooperation between governments, industry and scientific institutions, as well as strict quality standards. The integration of advanced technologies and partnerships between the government and the private sector are key elements for the sustainable development of the food industry.

Characteristics and Analysis of Factors Affecting the Performance of Service Providers (Contractors) in Denpasar City in 2023

Contractors are individuals or business entities that have expertise in carrying out construction work in accordance with planning, where the appointment of contractors is mostly carried out through a tender/auction system (Sholeh, 2020). Nowadays, contractors are a business that is in great demand by the public, but the development of the quantity of construction service companies has not been followed by an increase in qualifications and performance. One of the reasons is that the business and expertise requirements (SKK) are still not met, which will later affect business reliability and competitiveness. (Priana, 2018). Seeing this situation, it is very important to research the characteristics and factors that affect the performance of service providers (contractors) in the city of Denpasar in 2023. The method used in this study is descriptive statistics as well as factor analysis is used to explain the factors that affect contractor performance. From the research that has been carried out, 1). Contractors in the city of Denpasar have good human resources, experience, finance, and equipment and are in accordance with Law No. 11 of 2020 concerning Job Creation and LPJK No. 3 of 2017 concerning Certification and Registration of Construction Implementation Services Business. 2). The most influential factor on contractor performance is in group I with a total diversity value of 32.756%.

Family entrepreneurship: in search of a balance between the interests of the family and the state

The article presents the parameters of family entrepreneurship, characterizing it as a socio-economic phenomenon. The question of the expediency of further differentiation of the legal regime of small and medium-sized enterprises through the legalization of family enterprises and the formation of separate norms regulating their activities is raised. The results of the analysis of the current state of scientific research in the field of public relations are shown. The regularity of the appearance of scientific and educational publications on the legal regulation of family business has been revealed, which allows us to test options for future legal structures and propose approaches to the legal regulation of family entrepreneurship. The role of family entrepreneurship in achieving the national goals of the Russian Federation is defined.

How Can Revitalizing Traditional Handicraft And Cottage Industries In Rural India Contribute To Sustainable Economic Growth And Employment Generation In The 21st Century?

There exists tremendous potential for the growth of sustainable economic growth and employment generation in the traditional handicraft and cottage industry of rural India. Although these industrial activities are of cultural importance and have collectively contributed to local economies, they are disappearing as a result of rapid industrialization, globalization, and competition from mass production. This research investigates how these sectors can be revitalized to help India achieve sustainable development in the 21st century, by creating employment, reducing poverty, and preserving cultural heritage. This study draws on statistical data, case studies, and successful global examples to identify key barriers including lack of infrastructure, marketing challenges, lack of access to finance, and competition from mass-produced goods. It also provides strategies to cope with these challenges such as skill development, opening up of microcredit access, market diversification, export promotion, and regulatory reforms. The research shows that government policies play a critical role in subsidizing and incentivizing, promoting geographical indications for handicrafts, and simplifying business regulations. It encourages inclusive entrepreneurship in rural areas, empowering artisans and entrepreneurs (women and youth), along with creatively co-creating livelihood and business opportunities. Revitalizing traditional industries can help achieve multiple Sustainable Development Goals (SDGs) such as decent work, economic growth, and responsible consumption and production, according to the findings. This study offers a roadmap for policymakers, entrepreneurs, and other stakeholders to enable the sustainable growth of traditional industries across the villages of rural India while maintaining economic growth and cultural preservation for long-term resilience and prosperity

ANALYSIS OF ISSUES AND BARRIERS TO DOING BUSINESS IN THE REGIONS OF KAZAKHSTAN

The article aims to assess the regulatory burden small and medium-sized businesses face in the republic’s regions from the company’s opening to its closure. The primary method is an analysis of the results of the sociological survey conducted within the framework of a research project sponsored by the Ministry of Science and Higher Education of the Republic of Kazakhstan. The authors conducted the sociological survey through questionnaires combined with in-depth interviews, ensuring a comprehensive understanding of the issues. As a result, the authors found that an overwhelming number (85 %) of business leaders consider Kazakhstan attractive for business and investment. The authors assessed four key indicators to understand the high barriers to doing business. Companies’ surveys showed that business registration is quite accessible. However, expert interviews confirmed that they experienced the most significant difficulties with staff recruitment. The authors analyzed the access to infrastructure (electricity, water, land, and logistics) separately, which entrepreneurs assessed at an average level. Also, the authors identified the problem of accessing bank capital for business and the need to reduce the tax burden for new companies and startups. In addition, the authors tried to evaluate the financial aspects of doing business in Kazakhstan and the impact of digitalization on business development. Thus, research attempted to identify the main problems and barriers to evaluating the ease of doing business in Kazakhstan’s regions. We concluded that the business environment in the country is «far from perfect», and the authorities have a lot of work to do to improve it. Keywords: Kazakhstan’s regions, EDB, Investment, Business environment, Business leaders, Survey, Barriers to business.

The German Business Panel: Firm-Level Data for Accounting and Taxation Research

ABSTRACT The German Business Panel (GBP) periodically surveys key decision-makers via a large sample of companies in Germany. The survey questions investigate managers’ accounting and taxation choices as well as the expected and perceived outcomes of those decisions. To obtain causal evidence, the survey supports the use of randomized survey experiments. The evidence from the GBP can meaningfully advance our understanding of issues that require data on internal processes as well as expectations, perceptions, and objectives behind ex-post reported accounting figures. The target population comprises the universe of legal entities included in the official German Statistical Business Register. We show that the dominance of small and medium-sized entities is a feature that Germany shares with many European countries, implying that GBP findings will be reasonably generalizable to European settings. We illustrate the usefulness of GBP data by presenting evidence from the initial waves of the GBP during the COVID-19 pandemic. The findings show how government aid programs contributed unevenly to the solvency of the most negatively affected companies, and how companies, rather than consumers, benefited from a temporary reduction of VAT rates. The paper also demonstrates how the scientific community can use the GBP data.

Reconnecting genealogies of criminal justice and excise tax enforcement

Although various state and non-state agencies are central to criminal justice, our understandings of criminal justice's past remain dominated by histories of public police and modern prisons. Inspired by Braithwaite's call to reconnect genealogies of criminal justice and business regulation, this article presents an original historical study of the Excise as a criminal justice agency. It illustrates that criminal justice has historically involved a shifting ensemble of regulatory actors whose remits and functions have converged, diverged or been transferred over time. Importantly, this perspective illuminates the usually hidden offending of more privileged or powerful social actors, adding a significant historical dimension to wider efforts to rebalance criminology away from ‘crimes of the streets’ and towards ‘crimes of the suites’.

Meningkatkan Kesadaran Pentingnya Tanda Daftar Usaha bagi Pelaku Usaha Rumahan melalui Penyuluhan Door to Door di Wilayah Margaluyu

Business Registration Certificate (TDU) is an essential element in strengthening the legality and sustainability of small businesses, particularly in providing legal protection as well as access to funding and training opportunities. Increasing awareness of the importance of TDU among home-based entrepreneurs is a crucial step in reinforcing the legality and sustainability of small enterprises, especially in the Margaluyu region. The primary focus of this activity is to enhance understanding of the benefits of TDU, including legal protection and access to various opportunities such as funding and training. Direct engagement with entrepreneurs allows for the identification of their specific needs and challenges. Through a door-to-door outreach approach, this program aims to provide a deep understanding of the benefits of TDU, ranging from legal protection aspects to access to funding and training opportunities. By involving entrepreneurs directly, this method effectively addresses the specific needs and challenges faced by home-based businesses in Margaluyu. The results of this outreach indicate an increase in understanding and participation among entrepreneurs in legally registering their businesses, which is expected to promote more sustainable local economic growth.

Key Factors for Student Startup Success: Insights from Higher Education Professors

The study aims to identify and analyse the key factors of student start-ups from the perspective of higher academic institution professors. Entrepreneurial students in higher education face challenges such as limited funding, scarce resources, lack of business experience and struggling to balance academic commitments with their start-up ventures. Additionally, they struggle with navigating complex business regulations and often lack access to proper networks or mentorship. This research contributes to a better understanding of how the entrepreneurial ecosystem in higher education institutions can support student start-up initiatives to succeed. For the research, a survey was conducted targeting ten experts from higher education institutions engaged with business or entrepreneurial study programmes. The research used the content validation method and descriptive statistical analysis to evaluate the responses, focusing on measures of central tendency and variability to determine the degree of consensus among respondents regarding the 36 statements provided. The study results revealed that while respondents agreed on the importance of student attitudes towards failure and self-confidence, there was strong disagreement among them regarding the belief that non-business students have a lesser chance of creating a successful startup. Also, experts suggested that entrepreneurship education should place more emphasis on the development of students' entrepreneurial mindset, which is considered to be an essential quality for the uncertain journey of entrepreneurship. Finally, the survey results indicated that networking and experiential learning are crucial for startup development. This underscores the importance of scientific debate not only on innovative funding models but also on non-financial support systems that surpass traditional educational methods in higher education environments.

A Comparative Analysis of the Design and Implementation of the Twin Peaks Model of Financial Regulation in South Africa and Australia

Abstract In response to the 2007-2009 global financial crisis, South Africa, like most other countries, embarked on a journey of financial regulatory reform. This transformation has seen the country shift away from a silo approach, where various sectoral regulators supervise different financial institutions, towards the Twin Peaks model of financial regulation. The term “Twin Peaks” refers to the separation of regulatory functions between two independent regulators. For instance, one regulatory agency is responsible for the supervision of the safety and soundness of financial institutions, and the other is focussed on the regulation of business conduct. The Twin Peaks model is designed to provide the benefits and efficiencies of an integrated approach while simultaneously addressing inherent conflicts between the objectives of the safety and soundness of the financial system and consumer protection. The Financial Sector Regulation Act provides for the Twin Peaks model in South Africa. This Act positions South Africa as one of the first developing countries to adopt the model. On the other hand, Australia is the pioneer of the model since it implemented it in 1998. Its implementation in Australia, much as in South Africa, involved the separation of regulators for prudential soundness on the one hand and market conduct and consumer protection on the other. In this article, the authors provide a comparative analysis of the design and implementation of the Twin Peaks model in Australia and South Africa. They argue that while there are minor differences between the design and implementation of this model in Australia and South Africa, the model was customised and implemented to align with the specific needs of each country

Increasing Tourism Potential through Natural Resource Management and Development of Tourism Packages in Building Independence and Productivity of the Ngulungwetan Village Community

PPK ORMAWA is one of the MBKM activities held by the government to support student education so that it can be directly conveyed to the Indonesian people through students. The ORMAWA PPK activity is an activity that has 3 program aspects, one of which is Promotional Media, Services, and Tourism Village Product Requirements. Ngulungwetan Village is a tourist village where this village is also one of the villages where the average community has a low level of awareness of the potential of tourist villages. So with the tourist attraction of beach camping as a tourism village product in Ngulungwetan Village, now the community and pokdarwis (tourism awareness groups) can manage tourism well. Camping tourism uses Minister of Tourism and Creative Economy Regulation Number 7 of 2021, the KBLI group is included in the low-scale business category which must have a business permit in the form of a business registration number (NIB) (KEMENPAREKRAF, 2021). This service aims to increase the attractiveness of local and foreign tourists because there are tourist destinations in Ngulungwetan Village. The results obtained are that the ORMAWA PPK Team has created this program. With this program, it is hoped that it can increase the attractiveness of the community in Ngulungwetan Village in the world of tourism. So, with this program, it can improve the management of the tourist attraction of Kebo Beach, Ngulungwetan tourist village, especially beach camping as a superior product of the tourist village.

Legitimacy considerations in regulation for local mobile communication network business in Finland and the UK

The article explores the legitimacy of local 5G and upcoming 6G mobile communication networks in Europe. The paper paves the way for a new perspective for understanding the legitimacy of local 5G/6G mobile communication networks by applying the business model-based ecosystem perspective and legitimacy as a theoretical foundation. As regulations are expanding to consider the novel deployment model of local 5G and 6G mobile communication networks, the legitimacy of such networks is under-explored. Analyzing the regulatory approaches taken by two national regulatory authorities (NRA) in Europe, Finland and the UK, we identify seven legitimacy-related themes including innovation orientation, awareness and knowledge of how to build and design local networks, European harmonized spectrum management, competition, cybersecurity and risk assessment and equipment availability. Our study lays the groundwork for exploring how the application of the business model-based ecosystem perspective can be utilized to advance regulatory initiatives for local mobile communication network businesses. It also identifies which legitimacy-related aspects are involved in setting regulatory priorities.