Business Segments Research Articles

The concept of “Robot as a service” in warehousing logistics and prospects for its development in Russia

Aim. To present an overview of the “Robot as a Service” concept in the context of robotization, to conduct an analytical study in the process of comparing the traditional robotization model and RaaS model, as well as to assess the potential of a technology corporation in the development of RaaS solutions for various sectors and subjects of the economy.Objectives. To assess the dynamics of e-commerce, warehouse logistics and their interdependence through the prism of digital transformation; to investigate the evolutionary emergence of the business model “As a Service”, including in relation to robotization; to compare the traditional model of robotization and RaaS model in terms of advantages, limitations and potential business scenarios; to analyze the practical relevance of implementing RaaS solutions for small and medium-sized enterprises (SMEs) and non-technology corporations.Methods. The methodological basis of the study was the analysis of professional and academic literature. Empirical analysis, expressed in the assessment of practical relevance of RaaS-concept, was carried out on the basis of reported data on the projects implemented in the industry.Results. In the era of e-commerce, robotization of warehouse logistics shows significant potential to improve efficiency. The implementation of robotic solutions is a challenge due to the high initial investment, which becomes particularly sensitive for SMEs. The RaaS concept is evolutionary in nature and provides an opportunity to grow their business more proactively by robotizing warehouse processes, and offers prospects for a new business segment to technology corporations as a RaaS service provider.Conclusions. The RaaS model is more competitive than the traditional robotization model, especially in the context of SMEs and non-technological representatives of medium and large businesses. Technology corporations with their own robotization division can not only use their robots independently, but also develop as a RaaS service provider. Both SMEs and large businesses can be users of this service. The spread of robotization will have a significant impact on the level of innovative development and, as a consequence, on the efficiency of activities in general. The study confirms the relevance and prospects of the RaaS concept in the field of warehouse logistics, as well as suggests a potential provider of RaaS services in Russia.

ESG performance and firms’ business and geographical diversification: An empirical approach

Diversification is primarily associated with improved performance, although the increasing complexity of conglomerates may offset these benefits. ESG scores and their dimensions serve as performance indicators and may also be risk components influencing cash flows. This study aims to investigate the relationship between ESG performance and firms’ diversification. We hand-collected data on business segments and geographical diversification from the constituents of the Euro Stoxx 50 over a large period, from 2002 to 2020. Our findings indicate that geographical diversification does not influence ESG variability. However, better ESG scores are observed in firms with more business segments, that do not have a dominant business segment with a significant role in the firm nor are concentrated in the most representative business segments. However, better ESG scores are also associated with greater asymmetry in the contribution of each business segment to the entire group. Collectively, we shed light on the importance of business diversification in improving sustainability performance across ESG dimensions.

Determinants of dividend policy in small and medium-sized enterprises of an emerging market

This paper aims to analyze the determining factors of dividend policy in SMEs of an emerging economy such as Colombia. SMEs are very important for emerging economies, as they are great job creators and contribute to improving the quality of life of many families. This study is based on liquidity, profitability and indebtedness variables, to demonstrate their links with the dividend policy in this type of entities on which there is not enough empirical research in the Latin American context. A panel data with a total of 11,888 observations was estimated for the horizon 2017-2019. The results evidence that liquidity and profitability increase SMEs’ dividend policy. Indebtedness level indicators present a negative relationship. Overall, the results provide empirical evidence on this important financial decision in a scarcely studied business context and segment. Additionally, the factors influencing dividend policy for these firms have practical implications for regulators, investors, and financial analysts to strengthen their decision criteria in emerging economies.

A Comprehensive Methodology for Assessing the Business Reputation of Industrial and Production Personnel

The currently existing Russian and other legislation, as well as special literature, do not contain a methodology for the formation of the business reputation of the organization’s personnel and as a result, there is no unambiguous perception of the business, professional qualities of personnel as an object of evaluation of the organization in the market system. Therefore, it is impossible to single out the share of the results of intellectual advantage in the goods and services produced. This confirms the requirements formulated in paragraph 4 of Accounting Regulation 14/2007 «Accounting for intangible assets», which states that the intellectual and business qualities of the organization’s personnel, their qualifications, and their ability to work are not included in the intangible assets (since they are inseparable from their carriers and cannot be used without them). Meanwhile, the interests of the leading economically developed countries of the world lie in the field of accelerated growth of knowledge acquisition and application of professional skills. This trend of development of economically developed countries forms the basis of competitiveness and efficiency of their work. It should be noted that in the world economy, there is insufficient theoretical elaboration and a special practical significance and relevance of the issue of assessing the business reputation of the personnel of an economic entity. The article presents a comprehensive methodology for evaluating the performance of industrial and production personnel (the standard-production methodology), which contributes to the formation of accounting and information support for the analysis of the activities of both structural divisions, responsibility centers, business segments and commercial organizations as a whole. The author’s standard-production methodology makes it possible to determine the business reputation of industrial and production personnel, which contradicts the official economic paradigm.

Characteristics of business, pleasure, and VFR segments who travel during risky times

PurposeThis study aims to explore what may have contributed to risk-taking travel behavior during the COVID-19 pandemic and what may be the drivers of satisfaction and intention to travel again. The study compares travelers based on their travel purposes (business, pleasure and visiting friends and relatives [VFR]) and explore the influence of subjective well-being received from their travel activities.Design/methodology/approachData from a structured survey of 323 US residents who traveled during the COVID-19 pandemic were collected on MTurk. Respondents were asked travel behavior questions related to their favorite trips and to rate several multi-item scales measuring the benefits expected and received from their trip, the trip’s contribution to their positive mental and subjective psychological well-being, as well as their satisfaction with the trip and intention to travel in the future. In addition, personality measures focused on risk-taking, thrill-seeking and self-confidence, as well as additional risk-related concepts of optimism bias, probability neglect and proximity to self.FindingsData analysis revealed some differences among respondents who traveled for business, pleasure and VFR purposes. Business travelers were more risk takers and thrill seekers; pleasure travelers achieved more well-being benefits from their favorite trips during the pandemic; however, VFR travelers’ satisfaction and intention to go on similar trips were explained more by the benefits they received from their favorite trips.Originality/valueAlthough several studies addressed consumers’ travel motivation during the COVID-19 pandemic, there is a lack of empirical research comparing the characteristics of travelers based on their travel purposes, as well as their sociodemographics, personality traits and the expected and perceived well-being benefits from traveling.

Strategic status quo and trend of enterprise economic management innovation based on media group

The article is devoted to an overview of Midea Group's activities in the home appliance industry. The Midea Group comprises three listed companies and four industrial groups, making it one of China's most prominent white goods manufacturing and exporting centers. Over the years, the company has expanded its portfolio into five business segments: smart home, building technology, industrial technology, robotics and automation, and digital innovation. The company operates in more than 200 countries and regions. The article discusses the importance of effectively managing the enterprise economy in the modern business landscape. Skillful economic management has been vital for optimizing resource allocation, increasing profitability, and ensuring sustainable development. The importance of innovations in economic management is determined, and an analysis of various indicators of economic management for different periods is provided. Midea Group's economic analysis uses the POWERSWOT analysis method, which characterizes several factors contributing to its success. Midea Group's management decisions are found to be practical, and the company uses incentive plans to motivate employees, which has led to a dramatic increase in operating income. The Midea Group's commitment to compliance with regulations and seizing policy opportunities that have helped it maintain steady growth in ROI and R&D while supporting sustainable operations is clarified. The company's use of non-operating investment gains has contributed to diversified growth despite prudently managing its debt. Midea Group focuses on sophisticated incentive plans and a people-centric approach, extending stock incentive plans to employees of various positions. The company prioritizes sustainable development, using the principles of economic management to improve its long-term prospects and sustainability in the global market. Keywords: globalization, enterprise development, strategic practices, Midea Group, global market, competitive advantage, cultural adaptation, global value chain, innovation.

ТЕНДЕНЦИИ РАЗВИТИЯ ЛИЗИНГОВОГО РЫНКА В СОВРЕМЕННЫХ УСЛОВИЯХ

Importance Issues of leasing business development, in a difficult economic and political situation caused by the imposed economic sanctions against the Russian Federation.
 Objectives To monitor and assess the current state of the leasing market in Russia in connection with new economic challenges and political events. Analyze the volume of leasing transactions in the context of various business segments, reflect possible measures of state support and promising areas of development of the leasing market.
 Methodology Within the framework of this work, statistical and empirical data published by expert and rating agencies and individual leasing companies were summarized and analyzed. A critical analysis of their own scientific research, as well as authors dealing with this topic, has been carried out. Thus, the theoretical foundations of leasing were considered in their scientific works by domestic scientists Arustamov E.A. [2], Gazman V.D. [4]. Modern problems of leasing are reflected in the works of Nurtdinov I.I. [5], Baranov N.S.[6], Mochalov A.A. [7], Samvelyan, R.V. [8] and other economists.
 Results The results of the study are to determine the current state of the leasing business and identify prospects for its further development based on monitoring the economic situation in Russia. As well as the development of proposals and recommendations to stabilize the situation and further improve the efficiency of the leasing market.
 Scope of application The results of the study can be used by participants of the leasing market, as well as financial entities, state and municipal authorities, in order to identify and solve problems in the field of leasing activities.
 Conclusions In the proposed article, the issues of the state of the 
 Results The results of the study are to determine the current state of the leasing business and identify prospects for its further development based on monitoring the economic situation in Russia. As well as the development of proposals and recommendations to stabilize the situation and further improve the efficiency of the leasing market.
 Scope of application The results of the study can be used by participants of the leasing market, as well as financial entities, state and municipal authorities, in order to identify and solve problems in the field of leasing activities.
 Conclusions In the proposed article, the issues of the state of the leasing market were investigated through the prism of the imposed economic sanctions. The conclusion is made about the existing downward trend in the leasing market due to economic and foreign policy factors. The authors considered separate leasing segments that can be used as future drivers for the growth of this field of activity, proposed to use a system of state orders and national structural projects in order to increase demand for leasing services.

Effects of Change Management on Competitive Advantage in the ICT Sector in the Republic of Croatia

The sector of information and communication technologies (ICT) is characterized by dynamic and rapid technical progress, convergence, and system integration, which leads to rapid changes in all business segments and requires immediate and adequate adaptation of the organization to changes. The activities of the ICT sector are of key importance for influencing the growth and development of the country's entire economy, while information and communication technologies are a crucial part of modern business and an indispensable tool in achieving business efficiency and success. In order to produce the conclusions arising from the hypothesis of this scientific research that change management has a positive effect on the creation of competitive advantage in the ICT sector in the Republic of Croatia, this empirical research included the theoretical framework of change management composed of the determinants of change management in the ICT sector, known as ITIL structural model, then the determinant of one of the latest change management models, the ADKAR model, and determinants of the competitiveness of the Croatian ICT sector. The results of the research confirmed that change management by applying the ADKAR model in the Croatian ICT sector has a positive effect on the competitive advantage of the organization, and as such on the economic growth and development of the economy.

A Behavioral Account of Opportunistic Diversification: Evidence from Non-Real-Estate Firms’ Investment in Real Estate

AbstractThis study provides a behavioral account of opportunistic diversification. We argue that top executives’ social comparison with peer firms based on business segment performance can lead them to increase their investments in high-profitability new businesses (i.e., opportunistic diversification). Specifically, when the performance of a firm's main business relative to its peer firms’ high-profitability business segment falls short of their aspirations, the firm's top executives will engage in problemistic search and subsequently increase opportunistic diversification. This effect is stronger when the firm is similar to peer firms along key firm characteristics and when top executives of the firm are underpaid. Although opportunistic diversification helps improve a firm's short-term accounting performance, it may weaken its long-term performance. Using Chinese non-real-estate firms’ diversification investment in real estate as our empirical context, we find support for our arguments.

The Influence of New IPO Firms on Incumbent Performance: An Empirical Investigation

Market entry of new IPO firms adds to the competition of any industry, however, the impact on competitors may differ depending on several factors. Our study contributes to the literature on IPOs and incumbent performance by providing empirical evidence of the importance of firm specific characteristics in determining performance. Using a sample of 232 firms, we found that the strategic content of an IPO firm's prospectus affects the short-term pricing of incumbents during an IPO. Specifically, our findings suggest that IPO firms that signal high levels of exploitative tendencies in their prospectus have a negative impact on incumbents’ performance. Incumbent firms’ high degree of involvement in the focal business segment of the IPO firm tends to negatively impact their performance. Finally, technologically diversity of incumbents attenuates the negative impact of new IPOs.

Rural tourism management from an entrepreneurial approach and its impact on local development

Tourism has the capacity to diversify the economy due to its transformative nature, mainly through the practice of various tourism modalities. In the case of rural communities, strategies can be implemented to expand productive capacities and competencies, if they are managed as a complement to traditional economic activities, and keeping in mind that a fundamental element in the matrix of territorial economic development is the business segment. Therefore, the objective of this article was to determine the management capacity of rural tourism through the business fabric of a rural setting. Scientific observation and documentary analysis were used as methods, which allowed determining the different factors that lead to the integration of tourist activity as a factor of local development in the Cuban municipality. In addition, the main elements that favor or limit the management of Cuban rural areas for tourism purposes were analyzed, based on work experiences in Avilanian municipalities. The conclusion was reached that tourism activity is a feasible opportunity, its management leads to the implementation of actions that articulate and stimulate the activation of rural heritage, in correspondence with the demands of the tourism market, where the actors involved carry out the business framework that conditions the gradual development of tourism based on the characteristics of each territory.

Strategi Penciptaan Nilai Pada Produk Mikro Bank Syariah Indonesia (Studi Kasus Bank Syariah Indonesia Kantor Wilayah Jakarta Tahun 2021-2022)

BSI has a strong commitment to MSME to improve, grow and continue to develop. One form of BSI support for MSME is by distributing financing to the micro business segment. The aims of the research are (1) to formulate internal strengths and weaknesses, as well as external opportunities and threats, (2) to determine business strategies that can be implemented, and (3) to explain strategies that will be used to influence customer decisions in selecting micro products at BSI. Jakarta area. Determination of respondents by purposive sampling, with consideration of those who master the problem, totaling five people from BSI management, practitioners and academics. Data analysis with Internal Factor Evaluation (IFE), External Factor Evaluation (EFE), Internal-External (IE) and Strengths, Weaknesses, Opportunities and Threats (SWOT) matrices. and Quantitative Strategic Planning Matrix (QSPM) to determine strategic priorities. The results of the identification of internal strategy factors found that the main strength of BSI Jakarta regional office in distributing microfinance was an easy and fast financing process with a total score was 0.49. The main weakness that affects the microfinance distribution process at the BSI Jakarta regional office is the lack of Islamic banking literacy with a total score is 0.28. The large number of people who do not have an Islamic bank account is the main opportunity with a total score is 0.47. The main threat to BSI's Jakarta regional office in distributing microfinance is the strong existence of conventional banks with a total score is 0.33. The positioning of the IE matrix strategy is based on the results of the total IFE values weighted on the x-axis and the total values of the EFE matrix on the y-axis. The total value of the IFE matrix is 3.01 and EFE matrix is 2.63. This value shows the position of BSI Jakarta regional office in the distribution of micro-financing located in cell IV, namely growth and development.

The impact of the Covid-19 pandemic on the management of private railway companies in Japan: Profitability and business model analyses

The prolonged Covid-19 pandemic and resultant sporadic lockdowns have led to a decline in demand for travel, causing the number of railway passengers to decline. In Japan, the railways are run by private operators, whose businesses and earnings have been severely affected. In this study, based on Japanese listed railway companies’ investor relations information, we analyze how the Covid-19 pandemic influenced a decline in their revenues and changes in their profit structures. In addition, we conducted a text analysis of the differences in management strategies between loss-making and profitable companies and explored the management strategies that characterize profitable companies. The results suggest that to achieve a profit structure that remains sustainable post-pandemic, private railway companies need to strengthen the non-transportation business segment because it generates enough revenues to compensate for the loss-making segments. Further, they should review their management strategy from the perspective of the corporate brand, organization, finance, and business segments beyond existing ideas. The theoretical contribution of this study proposes that managers of railway operators or public sector policymakers can assess the impact of a severe impact on the demand for railway services, such as the Covid-19 pandemic. And it enables quantitative analysis, such as examining business portfolios to avoid risk and estimating future railway passenger forecasts. The results of this study provide suggestions for management strategies for corporate groups centered on railways to sustain and develop stable railway operations in the event of a significant decline in demand for railways such as a pandemic, disaster, dispute, and so on. And it can be used for subsidies and other support from the public sector to railway operators as well as private railway companies, and for policy making.

Digital transformation of work: Swiss MSEs working from home behaviour during COVID-19 – pioneers leading the pack

PurposeThe purpose of this study is to better understand technology adoption and working from home (WFH) behaviour of micro and small enterprises (MSE) with 4 to 49 employees during the first (2020) and second (2021) COVID-19 lockdowns in Switzerland.Design/methodology/approachThis study uses two data sets gathered using computer-assisted telephone interviewing surveys conducted with 503 managing directors of Swiss MSEs after the first and 506 MDs after the second COVID-19 lockdown period.FindingsThe study revealed that during the COVID-19 pandemic, WFH arrangements are related to the adoption of technology by Swiss industry groups. Furthermore, industry characteristics and technology adoption strategies are also associated with the long-term prospect of WFH. The overall result confirms the predominant role of technology pioneers.Research limitations/implicationsThe study focuses on MSEs in Switzerland during a specific period. The data set includes mainly quantitative data. Future studies could investigate larger enterprises in international contexts, integrating employees’ viewpoints founded on long-term gathered qualitative data. The implications of this study include predictions about future WFH behaviour in Swiss MSEs.Originality/valueTo the best of the authors’ knowledge, this is the first study collecting data in Swiss MSEs after the two COVID-19 lockdowns in 2020 and 2021. As a result, this study offers a unique perspective on a specific business segment, which accounts for around 70% of global employment.

EFFECT OF CSR IMPLEMENTATION AND CRISIS EVENTS IN BUSINESS ON THE FINANCIAL MANAGEMENT OF SMES

The financial management of a business is an integral part of strategic management. Small and medium-sized enterprises (SMEs) are vulnerable to the presence of crisis events in the business environment. In this context, senior managers and owners need to react promptly to emerging changes in a given business segment. The aim of the article is to quantify the effect of crisis events in business and firm’s CSR implementation in business on the financial performance in the SMEs. The empirical research incorporated 1,090 SMEs in the business environment of four Central European countries. The research hypotheses were evaluated using structural equation modelling. The empirical findings confirmed the positive impact of CSR implementation in the enterprise on its financial management. The research results did not confirm the negative effects of crisis events in business on the financial management. Crisis phenomena have direct effects on the sustainability of the enterprise; the organizational activities of the enterprise; the functioning of the enterprise in the market and the management of the enterprise. The findings are used as a basis for the preparation of strategic projects of national and international policies helping to cope with crisis phenomena in the business environment of the SME segment.

SHINING A LIGHT ON FINANCIAL TRANSPARENCY: BIBLIOMETRIC INSIGHTS INTO SEGMENT REPORTING

Segment reporting is a crucial component of financial reporting, allowing stakeholders to gain insights into the performance and risks associated with various business segments. Our purpose in this comprehensive bibliometric analysis is to trace the evolution of segment reporting research from 1981 to 2023, identify influential contributors, and uncover emerging trends. Our findings reveal a substantial growth in publications and citations, particularly after 2015, indicating the increasing significance of segment reporting in the academic community. Key authors, such as those published in the Journal of International Accounting, Auditing and Taxation and the International Journal of Accounting, have significantly shaped the discourse in this field. Highly cited articles emphasize the practical implications of accounting standards and market forces on segment reporting practices. KEYWORDS: Segment Reporting, IFRS 8, Disclosure practices, IAS 14, Chief operating Decision maker, Bibliometric analysis

An Analysis of Disneys Revenue during the COVID-19 Pandemic

The COVID-19 pandemic, ever since its outbreak in 2019, has been greatly affecting all aspects of life, and businesses across the world have been hurt as a result of the pandemic and measures taken to prevent it. While Walt Disney Co. has also experienced a decline in profit in years 2020 and 2021, its revenue fluctuates only within 7%, indicating a sign of the success and sustainability of Disneys business model. This paper will focus primarily on Disneys two business segments: the Disney Parks, Experiences and Product (DPEP) segment, and the Disney Media and Entertainment Distribution (DMED) segment. The analysis of revenue generated by these two segments will show how the combination of the two segments manages to keep Disney sustainable, as the decrease in revenue in one will be offset by an increase in another. Moreover, the combination of the two and Disneys reserve of countless well-known intellectual properties will prove the strength in its business model, as it successfully overcame emergencies such as the COVID-19 pandemic.

Text grouping: a comprehensive guide

Text keywords have huge variance and to bridge the gap between the country business segment which provides negligible information and the keywords that have a huge longtail it is imperative for us to categorize the queries that provide a middle ground and also serve a few other purposes. The paper will present those in-depth. Query categorization falls into the segment of 'Multi-Class Classification' in the domain of natural language processing (NLP). However, business requirements require the implementation of any technique that could provide as accurate results as possible. So, to solve this problem the paper discusses an amalgamation of approaches like TF-IDF (term frequency-inverse document frequency), neural networks, cosine similarity, transformers-all of which fix specific issues.

Mudra Loan Disbursement Among Different Social Groups

Indian banking and financial system work as a catalyst to this growth trajectory. To strengthen the micro business segment, a feather has been added under the aegis of GOI in the year 2015 to the formal lending system in the form of MUDRA. It has been a milepost accomplishment in the financial inclusion panorama. Through this system, the endeavour is to bring all the sectors into mainstream and to make financial services available to all the sectors. MUDRA provides different categories and sub-categories of formal loans at a low rate of interest according to the needs and requirements of startups and other micro enterprise units. MUDRA loans have been instrumental in providing financial support to individuals from various social groups, promoting inclusivity and empowerment. It addresses the lack of access to formal credit for individuals from different social groups, who often face difficulties in obtaining loans from traditional banking institutions due to various reasons such as lack of collateral, low income, or limited credit history. It offers customized loan products designed to cater to the specific needs and requirements of small and micro enterprises. MUDRA Credit is accompanied by various support mechanisms such as capacity building, skill development, and business mentoring. These initiatives help borrowers enhance their entrepreneurial skills, manage their businesses effectively, and improve their chances of success.
 It is important to note that MUDRA loans are not limited to any specific social group. They are available to individuals from all social groups who meet the eligibility criteria. The loans have been designed to cater to the diverse needs and aspirations of entrepreneurs across different social backgrounds, facilitating their access to formal credit and promoting entrepreneurship at the grassroots level. The present study utilizes the secondary data including government reports, surveys, and scholarly articles, and case studies, to provide an in-depth understanding of the sub-categories within the Mudra Yojana framework to assess the effectiveness and inclusivity of the Mudra Yojana in reaching marginalized communities. The study period is six years from 2016-17 to 2021-22. The Shishu category recorded the highest number of accounts i.e., 26,70,67,119 along with highest loan disbursement of Rs. 7,31,706.97 among all the categories. The study shows continuous growth among all the sub-categories (except in OBC in Shishu Loans) in all the Mudra Loans Schemes.

Qard Al-Hasan Revitalization as a Financing Alternative for Micro, Small, and Medium Enterprises: An Analytic Network Process Approach

Purpose: The purpose of this research is to explore aspects of the application of qard al hasan that support the successful implementation of qard al hasan as an Islamic crowdfunding instrument to finance Micro, Small, and Medium Enterprises (MSMEs). Theoretical framework: The proper financing model is required to minimize the risk of Non Performing Loan of qard alhasan financing, so it can serve as an alternative access to financing for MSMEs that are classified as feasible but unbankable businesses. Design/Methodology/Approach: This research utilized the Analytic Network Process (ANP) which is the result of a literature study, and the opinions of practitioners and experts. Findings: To successfully implement qard al hasan as a financing instrument, it must be supported by internal and external aspects of the institution providing qard al hasan financing. Internal aspects consist of system and institutional management sub-aspects. The system sub-aspect consists of the qard al hasan distribution system, fund collection system, revenue system, and internal control system. Institutional management sub-aspect consists of human resources, organizational structure, governance, and business segment of the institution. External aspects consist of customer and authority sub-aspects. The customer sub-aspect consists of customer business management, customer segments, and collateral provision. While the authority sub-aspect includes regulations imposed by the authority to regulate the implementation of qard al-hasan. Research, practical & social implications: The results will provide input to all qard alhasan stakeholders, so the quality of financing is sound and sustainable. As a result, there will be more MSMEs that can be financed. Originality/Values: The originality of the research is in the scope of the discussion of qard al-hasan which is focused on revitalizing the financing aspects of qard alhasan by using the principles of sound financing practices produced by the ANP method as an analytical tool with the aim of producing sound and sustainable financing quality. The results of this research are expected to contribute to the concept of a qard alhasan implementation model that can be used by all stake holders to improve qard al-hasan performance.