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Special Issue "Internet Finance, Green Finance and Sustainability"

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (31 May 2019).

Special Issue Editors

Guest Editor
Prof. Dr. Sang-Bing Tsai

University of Electronic Science and Technology of China Zhongshan Institute, China & Civil Aviation University of China, China & Foshan University, China
Website | E-Mail
Interests: Green Operation, Sustainability, Environmental Health, Sustainable Energy, Management Science
Guest Editor
Prof. Hua Song

School of Business, Renmin University of China
E-Mail
Interests: Internet finance; supply chain finance; FinTech; sustainability
Guest Editor
Prof. Chung-Hua Shen

Nanjin Audit University; Department of Finance and Banking, ShihChien University, Taiwan
E-Mail
Interests: finance; economics; Internet finance; FinTech
Guest Editor
Prof. Zhen Huang

Finance and Economics, Central University
E-Mail
Interests: Internet finance; supply chain finance; green finance; FinTech; financial law
Guest Editor
Prof. Jen-Sin Lee

College of Management, I-Shou University
E-Mail
Interests: finance; Internet finance; FinTech; sustainability

Special Issue Information

Dear Colleagues,

Internet finance refers to an emerging financial model implementing fund accommodation, as well as payment and infomediary services, by means of Internet and mobile communication technologies. It is different from indirect financing by commercial banks and the direct financing model in capital markets. Internet finance has three basic business organization forms: Online micro-credit company, third-party payment company, and financial intermediary company. Electronic banking, on-line banking, and mobile banking, generalized universally by commercial banks, make up this category.

Green finance means the financial sector regards environmental protection as a basic policy, any potential environmental impact shall be considered in investment and financing decisions, and the potential return, risk, and cost correlated with environmental conditions shall be merged into day-to-day financial business. Financial business operations under green finance pay attention to the protection of the ecological environment and the abatement of environmental pollution. The sustainable development of society is also promoted under the guidance of socioeconomic resources.

This Special Issue provides a practical and comprehensive forum for exchanging novel research ideas or empirical practices that bridge Internet finance, green finance and sustainability. Internet finance and green finance are a developing trend, and have been global topics. We must grasp this trend.

This Special Issue’s distinctive emphasis is on: Internet finance, green finance, sustainable finance, big data finance, FinTech, blockchain, digital finance, Internet banks, supply chain finance, etc. The aim of this issue is to bring together the expertise of people who have worked with Internet finance, green finance and sustainability. The use of new theories, technologies, methods, and techniques are emphasized.

This Special Issue encompasses theoretical, analytical, empirical research, comprehensive reviews of relevant research, conceptual frameworks, and case studies of effective applications in this area.

Prof. Sang-Bing Tsai
Prof. Hua Song
Prof. Chung-Hua Shen
Prof. Zhen Huang
Prof. Jen-Sin Lee
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1700 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Internet Finance
  • Green finance
  • Sustainable Finance
  • Big Data Finance
  • FinTech
  • Internet Bank
  • Supply Chain Finance
  • Blockchain
  • Digital finance
  • Financial law
  • Other Finance

Published Papers (23 papers)

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Editorial

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Open AccessEditorial
Internet Finance, Green Finance, and Sustainability
Sustainability 2019, 11(14), 3856; https://doi.org/10.3390/su11143856
Received: 9 July 2019 / Accepted: 12 July 2019 / Published: 16 July 2019
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Abstract
This special issue, “Internet Finance, Green Finance, and Sustainability”, is focused on the prosperous financial industry and the relationship between finance and sustainability. It especially gathers papers pertaining to the hot topic of internet finance and green finance in this field, as well [...] Read more.
This special issue, “Internet Finance, Green Finance, and Sustainability”, is focused on the prosperous financial industry and the relationship between finance and sustainability. It especially gathers papers pertaining to the hot topic of internet finance and green finance in this field, as well as the manuscripts exploring the operating mechanism between finance and sustainability, both of which are closely linked to the hot spots and pressing demands of society. Therefore, this special issue is of particular valuable for both academic research and the development of society. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)

Research

Jump to: Editorial

Open AccessArticle
Influence of Ownership Structure on the Determinants of Effective Tax Rates of Spanish Companies
Sustainability 2019, 11(5), 1441; https://doi.org/10.3390/su11051441
Received: 29 January 2019 / Revised: 27 February 2019 / Accepted: 4 March 2019 / Published: 8 March 2019
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Abstract
This paper examines the effect of state ownership on the effective tax rates of Spanish companies. Using information regarding 3169 companies during the period of 2008–2014, we show that there are significant differences between the tax burdens of non-state-owned enterprises (NSOEs) and state-owned [...] Read more.
This paper examines the effect of state ownership on the effective tax rates of Spanish companies. Using information regarding 3169 companies during the period of 2008–2014, we show that there are significant differences between the tax burdens of non-state-owned enterprises (NSOEs) and state-owned enterprises (SOEs), with the effective tax rates of private ownership companies being higher than those of state-owned firms. Company features, such as size, leverage, research and development investment, profitability, firm age, foreign operations, and auditing determine the tax burden of private ownership firms. That of state-owned companies, however, is affected only by leverage and capital intensity. For both SOEs and NSOEs, the tax burden is lower when they are taxed under the Spanish special taxation regime for small- and medium-sized enterprises. In short, company characteristics are more important in private ownership firms, in which almost all the variables considered have certain repercussions. This result may be because private ownership companies devote more resources to tax avoidance, and their fiscal strategy may determine their economic and financial structure. However, SOEs present significantly lower effective tax rates than NSOEs, probably because of the tax incentives that the law provides for them to support their sustainability. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Distribution-Free Stochastic Closed-Loop Supply Chain Design Problem with Financial Management
Sustainability 2019, 11(5), 1236; https://doi.org/10.3390/su11051236
Received: 30 January 2019 / Revised: 15 February 2019 / Accepted: 15 February 2019 / Published: 26 February 2019
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Abstract
Financial flow is an important part of supply chain management (SCM) and increasingly playing a crucial role as the amount of global trade increases. Reasonable and scientific financial operation is necessary in closed-loop supply chain management, especially when customer demand is uncertain. However, [...] Read more.
Financial flow is an important part of supply chain management (SCM) and increasingly playing a crucial role as the amount of global trade increases. Reasonable and scientific financial operation is necessary in closed-loop supply chain management, especially when customer demand is uncertain. However, financial flow, which may lead to an increase in effectiveness, has rarely been considered in the literature. In this paper, we present a closed-loop supply chain design with financial management problem, which is tackled as a stochastic programming model with ambiguity demand set. The main contributions of this work include: (i) A joint chance constrained programming model is proposed to maximize the total profit, and (ii) financial flow and uncertain demand are both taken into consideration. According to the characteristic of the problem, we chose four approaches, namely sample average approximation (SAA), enhanced sample average approximation (ESAA), Markov approximation (MA), and mixed integer second-order conic program (MI-SOCP). Computational experiments were conducted to compare the adopted methods, and 10,000 scenarios were generated to examine the reliability of the methods. Numerical results revealed that the Markov approximation approach can achieve more reliable solutions. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
An Empirical Comparison of Machine-Learning Methods on Bank Client Credit Assessments
Sustainability 2019, 11(3), 699; https://doi.org/10.3390/su11030699
Received: 17 December 2018 / Revised: 17 January 2019 / Accepted: 21 January 2019 / Published: 29 January 2019
Cited by 2 | PDF Full-text (2558 KB) | HTML Full-text | XML Full-text | Supplementary Files
Abstract
Machine learning and artificial intelligence have achieved a human-level performance in many application domains, including image classification, speech recognition and machine translation. However, in the financial domain expert-based credit risk models have still been dominating. Establishing meaningful benchmark and comparisons on machine-learning approaches [...] Read more.
Machine learning and artificial intelligence have achieved a human-level performance in many application domains, including image classification, speech recognition and machine translation. However, in the financial domain expert-based credit risk models have still been dominating. Establishing meaningful benchmark and comparisons on machine-learning approaches and human expert-based models is a prerequisite in further introducing novel methods. Therefore, our main goal in this study is to establish a new benchmark using real consumer data and to provide machine-learning approaches that can serve as a baseline on this benchmark. We performed an extensive comparison between the machine-learning approaches and a human expert-based model—FICO credit scoring system—by using a Survey of Consumer Finances (SCF) data. As the SCF data is non-synthetic and consists of a large number of real variables, we applied two variable-selection methods: the first method used hypothesis tests, correlation and random forest-based feature importance measures and the second method was only a random forest-based new approach (NAP), to select the best representative features for effective modelling and to compare them. We then built regression models based on various machine-learning algorithms ranging from logistic regression and support vector machines to an ensemble of gradient boosted trees and deep neural networks. Our results demonstrated that if lending institutions in the 2001s had used their own credit scoring model constructed by machine-learning methods explored in this study, their expected credit losses would have been lower, and they would be more sustainable. In addition, the deep neural networks and XGBoost algorithms trained on the subset selected by NAP achieve the highest area under the curve (AUC) and accuracy, respectively. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Does the Role of Media and Founder’s Past Success Mitigate the Problem of Information Asymmetry? Evidence from a UK Crowdfunding Platform
Sustainability 2019, 11(3), 692; https://doi.org/10.3390/su11030692
Received: 8 December 2018 / Revised: 23 January 2019 / Accepted: 24 January 2019 / Published: 28 January 2019
Cited by 1 | PDF Full-text (894 KB) | HTML Full-text | XML Full-text
Abstract
Crowdfunding is an innovative concept for a new start-ups seeking financial support for their distinctive and novel projects. Despite their popularity, crowdfunding platforms face several key challenges amongst which is information asymmetry between entrepreneurs and influential backers, where credible information must be disclosed [...] Read more.
Crowdfunding is an innovative concept for a new start-ups seeking financial support for their distinctive and novel projects. Despite their popularity, crowdfunding platforms face several key challenges amongst which is information asymmetry between entrepreneurs and influential backers, where credible information must be disclosed by the founders (entrepreneurs) to the potential “backers” in order to assess the potentiality of the project. In order to fill this gap, we developed and tested a model that examines the signaling interaction between the founder and a potential backer through media and the founders’ past success. This model also examines how these two signals (i.e., media and past success) interact so as to mitigate the problem of information asymmetry and to make the project successful. A total of 14,887 projects were extracted from a reward-based platform named Crowdfunder. The data was analyzed by performing Tobit and logistic regression and the model was validated by using the robustness technique. The results strongly mitigate the problem of information asymmetry which improves the rate of success in projects floated on the Crowdfunder platform. We believe that our study will significantly contribute to this nascent yet developing research area by probing for information mechanisms to succeed in crowdfunding. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Credit Risk Diffusion in Supply Chain Finance: A Complex Networks Perspective
Sustainability 2018, 10(12), 4608; https://doi.org/10.3390/su10124608
Received: 30 October 2018 / Revised: 26 November 2018 / Accepted: 3 December 2018 / Published: 5 December 2018
Cited by 2 | PDF Full-text (3936 KB) | HTML Full-text | XML Full-text
Abstract
The diffusion of credit risk in a supply chain finance network can cause serious consequences. Using the “1 + M + N” complex network model with BA scale-free characteristics, this paper studies the credit risk diffusion in a supply chain finance network, where [...] Read more.
The diffusion of credit risk in a supply chain finance network can cause serious consequences. Using the “1 + M + N” complex network model with BA scale-free characteristics, this paper studies the credit risk diffusion in a supply chain finance network, where the credit risk diffusion process is simulated by the SIS epidemic model. We examine the impacts of various key factors, including the general financing ratio, cure time, network structure, and network scale on the credit risk diffusion process. It is found that credit risk diffusion rarely occurs in a network with a low average degree. When the average degree of the network increases, the occurrence of the credit risk diffusion becomes more frequent. Besides, the degree of the initially infected nodes with credit risk does not affect the density of the infected nodes in the steady state, while a higher degree of the cure nodes helps restrain the diffusion of credit risk in the supply chain finance network. Finally, the simulation result based on the supply chain finance network with a core node indicates that the diffusion of the credit risk diffusion in sparse supply chain finance networks with low average degrees is unstable. The results provide better understandings on the credit risk diffusion in supply chain finance networks. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Small and Medium-Sized Enterprises Sustainable Supply Chain Financing Decision Based on Triple Bottom Line Theory
Sustainability 2018, 10(11), 4242; https://doi.org/10.3390/su10114242
Received: 1 October 2018 / Revised: 11 November 2018 / Accepted: 12 November 2018 / Published: 16 November 2018
Cited by 2 | PDF Full-text (1234 KB) | HTML Full-text | XML Full-text
Abstract
In recent years, sustainable supply chains that balance economic development and the environment have become an inevitable focus for many businesses and industries. Supply chain finance as the core driving force for supply chain development, plays a vital role in resolving any financing [...] Read more.
In recent years, sustainable supply chains that balance economic development and the environment have become an inevitable focus for many businesses and industries. Supply chain finance as the core driving force for supply chain development, plays a vital role in resolving any financing difficulties that exist in many small and medium-sized enterprises (SMEs) in the upstream and downstream of the supply chain. However, most SME supply chain financing assessments currently use economic indicators as the sole measure of the evaluation system and rarely consider sustainability. While existing supply chain financing decision-making systems can resolve SME financing problems to some extent, the one-sided pursuit of maximum economic benefits is contrary to sustainable development and does not assist financial institutions in avoiding finance risks. Therefore, this paper, based on the theory of the triple bottom line (economy, environment, and society) from a sustainable development perspective, innovatively proposes an SME financing evaluation model for supply chain finance that applies a fuzzy multi-criteria evaluation method combined with Topsis. Additionally, at the end, an example is given to demonstrate model validity and evaluate the best possible SME financing model for financial institutions. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Optimal Replenishment for Perishable Products with Inventory-Dependent Demand and Backlogging under Continuous and Discrete Progressive Payments
Sustainability 2018, 10(10), 3723; https://doi.org/10.3390/su10103723
Received: 26 August 2018 / Revised: 25 September 2018 / Accepted: 26 September 2018 / Published: 16 October 2018
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Abstract
Managing material and cash flows attracts concerns of physical and financial departments in most companies. We, therefore, focus on optimizing the replenishment policy for a channel with stock-dependent demand considering item deterioration and order backlogging under two financial schemes of progressive trade credit [...] Read more.
Managing material and cash flows attracts concerns of physical and financial departments in most companies. We, therefore, focus on optimizing the replenishment policy for a channel with stock-dependent demand considering item deterioration and order backlogging under two financial schemes of progressive trade credit periods. We take both the continuous payment regime (CPR) and discrete payment regime (DPR) into account in the progressive trading process, which generates ten distinct scenarios. We show that the profit functions may not necessarily be concave and accordingly give a corresponding computing algorithm, which relaxes the convexity assumptions of objective functions in the existing literature and consequently enrich the research. We address the formulation characterization and the logic of pursuing global optimization from models arising in all settings. Computational studies and simulations are conducted to illustrate the effect of various parameters on the optimal replenishing policy and profit. Numerical experiments show that the CPR scheme is dominantly prior to DPR for long replenishment time intervals, whereas it is exactly the opposite for short time intervals. We also examine the impact of the shortage cost and deteriorating rate on optimum ordering policy and channel performance. Finally, future research directions are addressed in the end. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Performance Analysis of Peer-to-Peer Online Lending Platforms in China
Sustainability 2018, 10(9), 2987; https://doi.org/10.3390/su10092987
Received: 23 July 2018 / Revised: 13 August 2018 / Accepted: 14 August 2018 / Published: 22 August 2018
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Abstract
In this paper we intend to check the performance of Peer-to-Peer online lending platforms in China. Different from commercial banks, Peer-to-Peer (P2P) platforms’ business process is divided into the market-expanding stage and the risk-managing stage. In the market-expanding stage, platforms are intended to [...] Read more.
In this paper we intend to check the performance of Peer-to-Peer online lending platforms in China. Different from commercial banks, Peer-to-Peer (P2P) platforms’ business process is divided into the market-expanding stage and the risk-managing stage. In the market-expanding stage, platforms are intended to help borrowers attain more money, and in the risk-managing stage, platforms try their best to ensure that the lenders’ money is repaid on time. Thus, with a sample of 66 leading big P2P platforms, and a novel two-stage slacks-based measure data envelopment analysis with non-cooperative game, the performance efficiency of each stage as well as the comprehensive efficiency are evaluated. The results show that the leading big platforms are good at managing the risk, although risk management is not the major concern of most P2P platforms in China. We also find that average performance efficiency of the platforms that are located in non-first tier cities is higher than that in first tier cities. This unexpected result indicates that development of the P2P industry may relieve the severe distortion of resource allocation and efficiency loss arising from unbalanced regional development. Then dividing the platforms into different groups according to different types of ownership, we verify that performance efficiency of the P2P platforms from the state-owned enterprise group is in a dominant position, and the robustness check indicates that the major advantage of the state-owned enterprise (SOE) group mainly lies in the risk management. We also make a further study to figure out the sources of inefficiency, finding that it mainly arises from the shortage of lenders, the lack of average borrowing balance, and the insufficient transparency of information disclosure. In the last section we conclude our research and propose some advice. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
An Empirical Study on Internet Startup Financing From a Green Financial Perspective
Sustainability 2018, 10(8), 2912; https://doi.org/10.3390/su10082912
Received: 2 July 2018 / Revised: 6 August 2018 / Accepted: 8 August 2018 / Published: 16 August 2018
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Abstract
In the context of worldwide internationalization, a new entrepreneurial financing mode has emerged and gained popularity, which has been improved and modified significantly in terms of both form and content. This study selects crowdfunding as its breakthrough point to explore and study the [...] Read more.
In the context of worldwide internationalization, a new entrepreneurial financing mode has emerged and gained popularity, which has been improved and modified significantly in terms of both form and content. This study selects crowdfunding as its breakthrough point to explore and study the relationships between the backgrounds of initiators, experiences, and financing effects. Through data mining technology, this article introduces a database including 423 entrepreneurial financing projects and entrepreneurs’ information, and entrepreneurs’ locations covering 10 countries and regions. By using the multivariate least square model, we conclude that the entrepreneurs’ technical educational backgrounds, offline entrepreneurial experiences, and online entrepreneurial experiences all have positive effects on internet financing. The weaker the value that the uncertainty avoidance in the entrepreneurs’ host countries has, the stronger the facilitation and promotion from offline and online entrepreneurial experiences on internet financing. Furthermore, the level of uncertainty avoidance in the entrepreneurs’ countries has a moderating effect as well. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Banking Expansion and Income Growth in India
Sustainability 2018, 10(8), 2756; https://doi.org/10.3390/su10082756
Received: 16 July 2018 / Revised: 29 July 2018 / Accepted: 2 August 2018 / Published: 4 August 2018
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Abstract
In this article, we examine the impact of banking expansion on income growth in India. The banking expansion indices have been calculated across the region and states/Union Territories, providing the insight that all the regions, excluding the western region, are exhibiting banking expansion [...] Read more.
In this article, we examine the impact of banking expansion on income growth in India. The banking expansion indices have been calculated across the region and states/Union Territories, providing the insight that all the regions, excluding the western region, are exhibiting banking expansion indices in the low range. The state-wise analysis indicates that all states exhibit a low-range index, excluding the state of Maharashtra and the UTs of Delhi and Chandigarh. Further, for the examination of the linkage between banking expansion and income growth, a panel data set was prepared for the 23 states/UTs over the period from 1990 to 2015. The panel data regression analysis approach was applied for the estimation of the regression model. It is apparent from the results that the banking expansion has significant and positive effects on credit disbursement. The results indicate that a one crore increase in deposit mobility causes 0.81 crores of increase in credit disbursement. Moreover, credit disbursement and deposit mobilization have a substantial and positive effect on the Net State Domestic Product. Moreover, a 1 percent increase in credit causes a 0.46 percent increase in NSDP, and a 1 percent increase in deposits causes a 0.57 percent increase in NSDP. Further, Net State Domestic Product has a significant and positive effect on the income of individuals. It is evident that a 1 percent increase in NSDP causes a 0.54 percent increase in per capita NSDP, while a 1 percent increase in capital expenditure causes a 0.13 percent increase in per capita NSDP. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Agricultural Internet Entrepreneurs’ Social Network Behaviors and Entrepreneurship Financing Performance
Sustainability 2018, 10(8), 2677; https://doi.org/10.3390/su10082677
Received: 20 June 2018 / Revised: 20 July 2018 / Accepted: 21 July 2018 / Published: 31 July 2018
Cited by 1 | PDF Full-text (265 KB) | HTML Full-text | XML Full-text
Abstract
From the perspective of social network behavior, our paper discusses the relationship between agricultural entrepreneurial social network behavior and entrepreneurial financing performance in an Internet crowdfunding setting, and investigates the moderating role of entrepreneurial team size. In this paper, the data-mining method is [...] Read more.
From the perspective of social network behavior, our paper discusses the relationship between agricultural entrepreneurial social network behavior and entrepreneurial financing performance in an Internet crowdfunding setting, and investigates the moderating role of entrepreneurial team size. In this paper, the data-mining method is used to capture and collate data regarding 7585 venture projects on an Internet crowdfunding platform between 2014 and 2017. Ordinary least squares (OLS) and Probit models are applied to the empirical test. The results show that first, compared with other industries, the effect of agricultural entrepreneurs’ quality information disclosure on entrepreneurship financing performance is lower, whereas the effect of their social network interaction is higher. Second, the entrepreneurial team size has a positive moderating role on the former and a negative moderating role on the latter. Our research is of significance for agricultural enterprises to raise their financial performance in Internet crowdfunding, especially for Chinese agricultural micro-enterprises. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
Open AccessArticle
Mobile Payment Service and the Firm Value: Focusing on both Up- and Down-Stream Alliance
Sustainability 2018, 10(7), 2583; https://doi.org/10.3390/su10072583
Received: 20 June 2018 / Revised: 10 July 2018 / Accepted: 13 July 2018 / Published: 23 July 2018
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Abstract
The Fintech business, which was initially focused on the payment sector, is becoming a global issue due to the entry of nonfinancial firms into the banking business. With the advent of the “mobile age in your hand”, global ICT companies are actively entering [...] Read more.
The Fintech business, which was initially focused on the payment sector, is becoming a global issue due to the entry of nonfinancial firms into the banking business. With the advent of the “mobile age in your hand”, global ICT companies are actively entering the banking business through alliances and competitions with existing financial companies. Classifying the alliance companies of Apple Pay and Samsung Pay into the downstream alliance and the upstream alliance, this study analyzed the signaling effect of service opening and its impact on the firm value. To analyze the effect of a specific event on firm value, this study adopted the event study. Additionally, ordinary least squares regression analysis was carried out to examine the influence of up- and downstream alliance on the firm value. The result shows that Apple Pay’s service launch in the USA. has a positive impact on stock prices of up- and downstream alliance companies, providing new experience and satisfaction to users through active alliance with credit card companies. On the other hand, downstream alliance companies that showed a negative response to the launch of Korean services turned to a positive response to USA service launch because to the difference in the specificity of credit card penetration rate and the portion of premium smartphones. Analyzing the impact of the expansion of the service area toward the payment platform on the firm value, research results provide important implications for establishing technology management strategies to ensure the sustainability in rapidly changing technical advances by comparing the different market response of Apple Pay and Samsung Pay. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Access to the Internet and Access to Finance: Theory and Evidence
Sustainability 2018, 10(7), 2534; https://doi.org/10.3390/su10072534
Received: 18 May 2018 / Revised: 21 June 2018 / Accepted: 13 July 2018 / Published: 19 July 2018
Cited by 1 | PDF Full-text (766 KB) | HTML Full-text | XML Full-text
Abstract
This paper aims at investigating the relationship between the use of the Internet and access to external finance of small and micro businesses, both theoretically and empirically. We first develop a theoretical model to explore how access to the Internet affects the credit [...] Read more.
This paper aims at investigating the relationship between the use of the Internet and access to external finance of small and micro businesses, both theoretically and empirically. We first develop a theoretical model to explore how access to the Internet affects the credit availability of firms. The model suggests that access to the Internet can effectively mitigate financing difficulty of firms by alleviating information asymmetry and reducing agency cost, and thus can promote the sustainable development of those firms. The model also shows that access to the Internet can improve social welfare based on aforementioned mechanism. Using China household finance data from China Household Finance Survey, we tested the impact of access to the Internet on access to finance of small and micro businesses. Our empirical results confirm the positive role played by access to the Internet in alleviating financing difficulty of those firms. Moreover, we also found evidence that access to the Internet can reduce borrowers’ dependence on physical branches of banks when making bank choice decision for loan applications. Our evidence also implies that access to the Internet is conducive to the sustainable development of small and micro businesses via mitigating their financing difficulty. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
An Evaluation of Coupling Coordination between Tourism and Finance
Sustainability 2018, 10(7), 2320; https://doi.org/10.3390/su10072320
Received: 31 May 2018 / Revised: 25 June 2018 / Accepted: 30 June 2018 / Published: 4 July 2018
Cited by 1 | PDF Full-text (2839 KB) | HTML Full-text | XML Full-text
Abstract
The tourism industry has become a new growth engine that closely coordinates with the financial industry and contributes to the sustainable development of local economies. This study establishes a comprehensive index system and evaluates the coupling coordination based on an integrated approach, and [...] Read more.
The tourism industry has become a new growth engine that closely coordinates with the financial industry and contributes to the sustainable development of local economies. This study establishes a comprehensive index system and evaluates the coupling coordination based on an integrated approach, and the dynamic relationship between tourism and finance through applying coupling coordination degree modeling, the Granger causality test, and an impulse response function based on the regional coordination theory and system theory. Using data from 2000 to 2016 of three tourism-based cities in China, the findings reveal heterogeneous results among the cities. Specifically, the following: (1) The coupling coordination degree between finance and tourism in Zhangjiajie increased with strong fluctuations. A one-way causality relationship existed between two subsystems, and finance continuously contributed to the growth of tourism with serious lags; (2) The coupling coordination degree between finance and tourism in Huang Shan presented a ladder-type and continuous rise. A two-way causality relationship existed between the two subsystems mentioned above, and finance influenced the growth of tourism with continuously positive or negative effects, while tourism continuously contributed to the development of finance. (3) The coupling coordination degree between finance and tourism in Sanya grew with a frequent, tiny, and fluctuating trend. A two-way causality relationship existed between the two subsystems mentioned above, and finance influenced the growth of tourism with continuously positive or negative effects, while tourism influenced the development of finance with temporary positive or negative effects. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
An Empirical Study on Effective Tax Rate and CEO Promotion: Evidence from Local SOEs in China
Sustainability 2018, 10(6), 2007; https://doi.org/10.3390/su10062007
Received: 25 April 2018 / Revised: 4 June 2018 / Accepted: 4 June 2018 / Published: 14 June 2018
Cited by 1 | PDF Full-text (1752 KB) | HTML Full-text | XML Full-text
Abstract
This paper investigates the influence of effective tax payment on the CEO promotion in local State Owned Enterprise (SOE) in China. Based on the analysis of listed local SOEs in China from 2004 to 2010, this paper tests the relationship between CEO promotion [...] Read more.
This paper investigates the influence of effective tax payment on the CEO promotion in local State Owned Enterprise (SOE) in China. Based on the analysis of listed local SOEs in China from 2004 to 2010, this paper tests the relationship between CEO promotion and tax payment. In addition, the moderating effect of pyramid layer is tested. This paper finds that there is a significant positive relationship between Effective Tax Rate (ETR) and CEO promotion, which suggests that CEOs may be aggressive in tax payment to please the local governments, who ultimately own the local SOEs. The current paper also finds that the relationship between ETR and CEO promotion is weakened as pyramid layers increase. Our conclusions enrich the literature on CEO turnover and the role of pyramid structure. The conclusions are also helpful for the SOEs’ reform in China and other developing countries. First, this paper is among the first to investigate the relationship between ETR and CEO turnover. Second, this paper highlights the function of pyramid structure in mitigating government intervention. Third, this paper also adds to the research on effective tax. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Financial Structure and Financing Constraints: Evidence on Small- and Medium-Sized Enterprises in China
Sustainability 2018, 10(6), 1774; https://doi.org/10.3390/su10061774
Received: 26 April 2018 / Revised: 19 May 2018 / Accepted: 24 May 2018 / Published: 29 May 2018
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Abstract
The difficulty of financing for small- and medium-sized enterprises is an important problem that has plagued China’s economic development for a long time, so it is of great practical significance to explore how to solve the problem of financing difficulties for small- and [...] Read more.
The difficulty of financing for small- and medium-sized enterprises is an important problem that has plagued China’s economic development for a long time, so it is of great practical significance to explore how to solve the problem of financing difficulties for small- and medium-sized enterprises. From the perspective of financial structure, this paper introduces it to the analytical framework of the investment-cash flow sensitivity model, and establishes a two-way fixed effect model on the basis of the financial structure and other external financing conditions, so as to study the impact of the financial structure in China, especially the banking structure, on the financing constraints of small- and medium-sized enterprises. At the same time, the data of 161 listed companies on the Small and Medium Enterprise Board from 2009 to 2013 is used to carry out an empirical test on the correlation between the financial structure factors and the financing constraints of small- and medium-sized enterprises. The study shows that the promotion of the scale ratio of small- and medium-sized enterprises in the banking industry is able to significantly alleviate the financing constraints of small- and medium-sized enterprises. Meanwhile, the structure of the banking industry should adapt to the industrial structure, in order to achieve the sustained and stable development of the real economy. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
Open AccessArticle
How Does a Staggered Board Provision Affect Corporate Strategic Change?—Evidence from China’s Listed Companies
Sustainability 2018, 10(5), 1412; https://doi.org/10.3390/su10051412
Received: 20 April 2018 / Revised: 30 April 2018 / Accepted: 1 May 2018 / Published: 3 May 2018
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Abstract
As China’s capital market has become more and more developed, listed companies have begun to establish some anti-takeover provisions to protect their controlling right. Existing studies have examined the consequences of the establishment of such provisions. However, few studies have explored how these [...] Read more.
As China’s capital market has become more and more developed, listed companies have begun to establish some anti-takeover provisions to protect their controlling right. Existing studies have examined the consequences of the establishment of such provisions. However, few studies have explored how these provisions affect corporate strategic change. Based on agency theory and prospect theory, this paper proposes two channels through which one of the anti-takeover provisions, staggered board provision, impacts strategic change. Using the data of China’s listed companies which issue A-shares in Shenzhen and Shanghai stock exchanges from 2007 to 2014, these two channels are tested. We find that the existence of a staggered board provision negatively affects the extent of strategic change. In addition, if governance mechanisms restrict directors’ power, the relationship between staggered board provision and strategic change will be weakened, which supports the agency theory. If the listed company is faced with a more dynamic external environment, the relationship between staggered board provision and strategic change will be stronger, which supports the prospect theory. These results are robust after we use a different method to measure strategic change. Our conclusions not only enrich literature about strategic change and anti-takeover provisions, but also are helpful for improving corporate governance in China and other developing countries. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
An Empirical Research on Bank Client Credit Assessments
Sustainability 2018, 10(5), 1406; https://doi.org/10.3390/su10051406
Received: 25 January 2018 / Revised: 19 April 2018 / Accepted: 20 April 2018 / Published: 3 May 2018
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Abstract
Individual microcredit loans involve large quantities and small amounts and necessitate rapid approval, therefore making simple and fast application approvals rather critical. Creditors must evaluate clients’ credit status and default risk within the shortest time when determining whether to approve or decline their [...] Read more.
Individual microcredit loans involve large quantities and small amounts and necessitate rapid approval, therefore making simple and fast application approvals rather critical. Creditors must evaluate clients’ credit status and default risk within the shortest time when determining whether to approve or decline their applications, preventing overdue responses that negatively impact bank profits and management practices, and could trigger domestic financial crises. This study investigates client credit quality criteria, focusing on the expert opinions of bank managers. The decision-making trial and evaluation laboratory method is adopted to enable a comparison and analysis of the similarities and differences in how banks evaluate their clients’ character, ability, financial capability, and collateral. Based on causality and correlations among the criteria, we also identify the core problems and key improvement criteria in the evaluation system. Through survey results of professional managers from Taiwanese banks, this study uses the DEMATEL method to compare the differences in bank evaluation methods based on the four dimensions of clients’ character, ability, pockets, and collateral, as well as the corresponding 14 criteria. In order to improve the reliability and usefulness in bank client credit risk assessment, the assessment dimensions and indicators of bank client credit risk assessment are first discussed; second, the causal relationship and degree of mutual influence between different dimensions and criteria are researched and assessed; in the end, the paper discusses how to improve the function and the benefits of bank client credit risk assessment. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Nonlinear Effect of Financial Efficiency and Financial Competition on Heterogeneous Firm R&D: A Study on the Combined Perspective of Financial Quantity Expansion and Quality Development
Sustainability 2018, 10(5), 1383; https://doi.org/10.3390/su10051383
Received: 19 March 2018 / Revised: 23 April 2018 / Accepted: 23 April 2018 / Published: 1 May 2018
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Abstract
Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show [...] Read more.
Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show that: (1) extensive financial quantity expansion cannot support high innovation efficiency R&D (Research and Development) activities in private enterprises, low- and medium-technology enterprises, and underdeveloped area enterprises, as it causes financial inefficiency problems and a shortage of R&D inputs; and (2) financial efficiency and financial competition have nonlinear effects on firm R&D. Financial inefficiency and either low or excessive financial competition result in a lack of highly efficient firm R&D. Only improvements in financial efficiency and moderate competition can significantly promote firm R&D. The results of this study reveal an important way to improve the influence of financial inefficiency on firm R&D by moving away from simply expanding financial quantity to promoting quality instead. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
Open AccessArticle
Financing Target and Resale Pricing in Reward-Based Crowdfunding
Sustainability 2018, 10(4), 1297; https://doi.org/10.3390/su10041297
Received: 4 March 2018 / Revised: 8 April 2018 / Accepted: 10 April 2018 / Published: 23 April 2018
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Abstract
Resale is an effective tool for reward-based crowdfunding creators to make more profit after crowdfunding successfully. On the one hand, funds raised during the crowdfunding affect the resale pricing as a capital constraint; on the other hand, backers’ strategic purchasing behavior in the [...] Read more.
Resale is an effective tool for reward-based crowdfunding creators to make more profit after crowdfunding successfully. On the one hand, funds raised during the crowdfunding affect the resale pricing as a capital constraint; on the other hand, backers’ strategic purchasing behavior in the resale stage can also disturb the creator’s financing target decision-making through affecting resale pricing. In view of this, this paper builds a two-stage crowdfunding model to examine the interaction between the financing target and resale pricing in the presence of strategic backers. The results show that a lower financing amount leads to higher prices in the resale stage due to the rationing effect, and suppresses price volatility due to strategic purchasing behavior. In contrast, a higher financing amount enables the creator to build a large capacity, which does not restrict the resale prices and profit. Besides, in the context of high unit production cost or high backer patience level, there is no need for the creator to set a high financing target at the risk of crowdfunding failure. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Optimal Quality Strategy and Matching Service on Crowdfunding Platforms
Sustainability 2018, 10(4), 1053; https://doi.org/10.3390/su10041053
Received: 22 February 2018 / Revised: 26 March 2018 / Accepted: 29 March 2018 / Published: 2 April 2018
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Abstract
This paper develops a crowdfunding platform model incorporating quality and a matching service from the perspective of a two-sided market. It aims to explore the impact of different factors on the optimal quality threshold and matching service in a context of crowdfunding from [...] Read more.
This paper develops a crowdfunding platform model incorporating quality and a matching service from the perspective of a two-sided market. It aims to explore the impact of different factors on the optimal quality threshold and matching service in a context of crowdfunding from the perspective of a two-sided market. We discuss the impact of different factors on the optimal quality threshold and matching service. Two important influential factors are under consideration, simultaneously. One is the quality threshold of admission and the other is the matching efficiency on crowdfunding platforms. This paper develops a two-sided market model incorporating quality, a matching service, and the characters of crowdfunding campaigns. After attempting to solve the model by derivative method, this paper identifies the mechanism of how the parameters influence the optimal quality threshold and matching service. Additionally, it compares the platform profits in scenarios with and without an exclusion policy. The results demonstrate that excluding low-quality projects is profitable when funder preference for project quality is substantial enough. Crowdfunding platform managers would be unwise to admit the quality threshold of the crowdfunding project and charge entrance fees when the parameter of funder preference for project quality is small. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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Open AccessArticle
Cooperation Modes of Operations and Financing in a Low-Carbon Supply Chain
Sustainability 2018, 10(3), 821; https://doi.org/10.3390/su10030821
Received: 1 February 2018 / Revised: 8 March 2018 / Accepted: 13 March 2018 / Published: 15 March 2018
Cited by 3 | PDF Full-text (2092 KB) | HTML Full-text | XML Full-text
Abstract
With the significant increase of fossil energy consumption and the ever-worsening pollution of environment, low-carbon development becomes an inevitable choice. Carbon finance can help firms alleviate the finance pressure from carbon emission reduction. This research explores two financing methods, delay-in-payment and bank loan; [...] Read more.
With the significant increase of fossil energy consumption and the ever-worsening pollution of environment, low-carbon development becomes an inevitable choice. Carbon finance can help firms alleviate the finance pressure from carbon emission reduction. This research explores two financing methods, delay-in-payment and bank loan; and two cooperation decisions, carbon emission reduction cooperation and price cooperation. Four scenarios are considered: non-cooperation, partial-cooperation delay-in-payment, supply chain carbon finance (SCCF), and full-cooperation. We discuss how firms make their pricing and carbon emission reduction decisions under different cooperative levels and financing methods. For a manufacturer-dominated supply chain, the results show that SCCF will help the small and medium enterprise seek cooperation with the monopoly manufacturer, and improve supply chain’s profit compared to green loan. What’s more, SCCF pattern can effectively control the total carbon emission. In addition, we extend the model to consider the retailer-dominated case. The results show that SCCF pattern can help increase the emission reduction rate of the whole supply chain. From the perspective of emission reduction efficiency, it is better for the government to promote the SCCF mode in the retailer-dominated supply chain. Full article
(This article belongs to the Special Issue Internet Finance, Green Finance and Sustainability)
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