Search Results (513)

In sub-Saharan Africa, the sustainability of smallholder farming systems is threatened by climate change. Women farmers are often disproportionately affected. These disproportionate impacts are linked to gender-based inequities like limited decision-making power and resource constraints, which limit women’s adaptive capacity. Previous research has examined inequities in agriculture generally, as well as women farmers’ adaptation to climate change. However, relatively few studies have explicitly focused on the experiences of women who are the primary farmers. Intersectional research is also limited. This paper presents the results of a scoping review to identify how climate change affects women smallholder farmers and how they adapt. The review identified 41 studies between 2014 and 2024. The most frequently identified vulnerability factors were access to credit, social and cultural norms, and land issues (e.g., tenure issues). Few studies took an explicitly intersectional approach. The findings suggest the need for support that targets the challenges faced by women smallholders. More intersectional research is needed to examine how gendered impacts are shaped by other forms of inequality and inhibit sustainable livelihood options. The review revealed a pervasive patriarchal assumption in which dual-headed households are often described as “male-headed”. Revising such discourses can support women’s adaptive agency in the face of future climate challenges. These findings have direct implications for the sustainability of smallholder farming systems and rural livelihoods in the region, emphasizing the need for gender-responsive approaches to sustainable development in sub-Saharan Africa. Full article

Against the backdrop of China’s innovation-driven development strategy, innovation diffusion is a key stage through which firm-level innovation outcomes generate broader economic value. However, this process is often constrained by financing pressure, information asymmetry, and uncertainty in external evaluation. This study examines whether and how bank–firm common ownership, as an ownership-based financial linkage between banks and firms, affects corporate innovation diffusion. Using data on Chinese A-share non-financial listed companies from 2010 to 2023, this paper finds that bank–firm common ownership significantly promotes corporate innovation diffusion. The results remain robust after alternative variable measurements, a higher identification threshold for bank–firm common ownership, lagged explanatory variables, instrumental-variable estimation and propensity score matching. Further mechanism tests show that bank–firm common ownership promotes innovation diffusion mainly through two risk-related channels: liquidity-risk buffering and information-risk reduction. First, it improves firms’ access to commercial credit financing, thereby strengthening their liquidity-risk buffering capacity and helping them withstand financing pressure during the innovation diffusion process. Second, it improves firms’ information disclosure, thereby reducing information asymmetry and external evaluation uncertainty surrounding innovation activities. Further analysis shows that the positive effect of bank–firm common ownership on innovation diffusion is more pronounced among state-owned enterprises and firms with stronger market positions. This study enriches the literature on financial linkages and corporate innovation diffusion, and provides evidence on how bank–firm ownership ties can support innovation diffusion through liquidity-risk buffering and information-risk reduction. Full article

Active labor market policies (ALMPs) targeting self-employment have become a well-established and relevant instrument within employment promotion strategies across many European countries. However, despite their strategic and economic importance, there is limited evidence on their potential performance prior to implementation. This paper aims to address this gap by conducting an ex-ante cost–benefit simulation of different types of ALMPs designed to promote self-employment in Spain. The methodology is based on estimating public costs per beneficiary and quantifiable potential benefits, including avoided welfare payments, additional tax revenues, and the generation of economic activity. These benefits are adjusted using two key parameters: additionality (the proportion of the effect genuinely attributable to the policy) and persistence (the duration of the impact over time). In addition, three sensitivity scenarios (conservative, baseline, and favorable) are developed. The results suggest that financing and access to credit policies exhibit the most robust returns, while direct subsidies, general tax incentives, and emergency policies are more sensitive to intervention design features. Consequently, the effectiveness of ALMPs targeting self-employment depends fundamentally on their ability to align with the specific frictions faced by potential entrepreneurs and on the persistence of their effects. Full article

This study assesses improved maize variety (IMV) adoption, as well as yield effects among smallholder farmers in Benue State, Nigeria, having implications for sustainable crop management and resource-use efficiency. Benue state is commonly known as the “Food Basket of the Nation,” but the average maize yield remains less than 2 t/ha, compared to 7–10 t/ha when achieved under improved technologies, and it shows a key sustainability challenge for food security and land-use efficiency. With primary cross-sectional survey data from 205 smallholder farmers with 107 adopters and 98 non-adopters, selected across Local Government Area (LGAs) in Benue State, this study adopts Propensity Score Matching (PSM) for controlling selection bias and estimating the Average Treatment Effect on the Treated (ATET). Nearest Neighbour Matching acts as a primary estimator through robustness checks while using Radius and Kernel Matching. However, the logit model shows that IMV is greatly determined by gender, use of fertilizer, formal education, cooperative membership, access to irrigation, and extension contact, highlighting the crucial parts of human capital, complementary inputs, and institutional support in promoting sustainable adoption of technology. Following the control for observable differences across matching, a 0.399 log-unit yield gain was achieved by adopters, which is equivalent to approximately 49% higher output per hectare compared to non-adopters, an effect that is robust throughout alternative matching algorithms, and it surpasses the 38.7% national-level yield increase, indicating a regional sustainability premium in Benue State. The gains in productivity can promote land-use efficiency, decrease pressure for agricultural intensification on vulnerable lands, and enhance the case for integrated crop management. But adoption remains limited by access to quality seeds, complementary inputs, credit, and sustained gender barriers. Improving input supply chains, extension services, and institutional support is therefore crucial for developing productivity, resource-use efficiency, and food security across smallholder farming systems. Full article

Farmer Producer Organizations (FPOs) have gained increasing attention as institutional mechanisms for improving the resilience of smallholder farming systems under changing climatic conditions. This study examines the role of FPOs in promoting the adoption of Climate-Smart Agriculture (CSA) practices, improved irrigation strategies, and sustainable land management in the arid region of Pali district, Rajasthan, India. A comparative assessment was conducted between FPO-associated member and non-member farmers to evaluate differences in climate change perception, adoption behaviour, and adaptive capacity. The study employed a mixed-methods research design using primary data collected from 408 farm households through structured interviews, focus group discussions, and key informant consultations. Descriptive statistics, mean comparison tests and regression analysis were used to examine adoption patterns and identify the major factors influencing farmers’ responses to climate risks. The findings indicate that delayed rainfall, rising temperatures, and increasing drought frequency are widely perceived by farmers as major threats to agricultural production. FPO membership was associated with higher levels of climate-risk awareness and greater reported adoption of CSA practices; however, these findings should be interpreted as associations rather than causal effects. Farmers linked with FPOs reported stronger uptake of improved and stress-tolerant crop varieties, crop diversification, mixed farming systems, agroforestry, soil moisture conservation, rainwater harvesting, improved irrigation methods, and integrated pest management practices. Education, farm size, access to extension services, market linkages, and climate information were also found to significantly influence adoption decisions. The study highlights the important contribution of FPOs in reducing transaction costs, improving access to inputs, technical knowledge, credit and markets, and encouraging collective responses to climate stress. Strengthening FPO governance, expanding extension support, and targeting vulnerable farmer groups can substantially enhance climate resilience and support sustainable agricultural transitions in arid regions. The findings demonstrate that farmer organizations can serve as effective intermediary institutions linking household-level adaptation strategies with broader goals of irrigation efficiency, land management, and rural sustainability. Full article

Sovereign credit ratings are central to a country’s access to international capital markets, yet the relative informational content of debt service obligations versus aggregate debt stock for rating outcomes remains empirically unsettled. This systematic review synthesises econometric evidence on both measures across 23 primary studies published between 1996 and 2024. The central message of this paper is that debt service indicators—capturing near-term liquidity and refinancing pressure—are at least as informative as, and on average more informative than, debt stock ratios for sovereign credit assessments, particularly in emerging-market contexts and ordered-response specifications. This finding holds across heterogeneous study designs and is confirmed by meta-regression analysis, which shows that debt service effects are significantly more negative than debt stock effects (β = −0.09, p = 0.004) after controlling for sample composition, model family, and rating agency. Emerging-market samples and ordered-response estimators yield stronger associations than advanced-economy samples and linear (OLS) specifications. No consistent differences across the major rating agencies are found once study-design moderators are included. Because primary studies differ in model families, samples, and variable construction, we emphasise transparent reporting, avoid over-interpreting pooled magnitudes, and focus on robust qualitative patterns and moderator-based explanations of heterogeneity. The findings contribute to the literature on sovereign rating determinants and have practical implications for fiscal monitoring, suggesting that debt management aimed at improving near-term servicing capacity matters for credit assessments in ways that are not fully captured by stock-based fiscal anchors. Full article

Climate change is a global pressing concern that has affected all sectors, including the operations of Small and Medium Entreprises (SMEs) in developing countries, including Malawi. This has negatively affected their economies of scale and exacerbated the SMEs’ growth constraints. Nonetheless, renewable efficient energy (REE) systems, including solar and biogas, could help in building resilience to sustain their performance. In line with this, the study examined the factors that enhance the adoption of renewable efficient energies and constructed their resilience indices. Our study was grounded in the Diffusion of Innovation Theory and the Sustainable Livelihoods Framework. These theories contextualised the study and guided the selection of variables to estimate an Endogenous Switching Regression (ESR) econometric model, alongside estimating the absorptive, adaptive and transformative individual indices for 699 SMEs, using the 2019 Malawi Household Integrated Survey data. The results initially suggests that factors such as access to credit, being male, access to education, access to capital sources, a large profit share, bridging social capital and location among others, have a positive effect in influencing the adoption of renewable efficient systems. We simulated the adoption results and found that SMEs that adopts REE increase their resilience with an Average Treatment Effect of 0.117 and through the subsidy policy effect vulnerable SMEs that later adopt REE would shift their resilience by 0.169. Furthermore, the study found that transformative capacity plays the most important role in building long-term resilience for the SMEs. The study calls for policies, including establishing urban centres where SMEs can access information regarding REE and improving access to formal safety nets and capital sources beyond loan provisions. Full article

Agricultural cooperatives in developing economies struggle with capital access and typically depend on subsidized credit with rigid repayment schedules that create vulnerability during low-production cycles. In this paper, we present a mathematical framework implemented through a smart contract to tokenize cooperative capital. Our mathematical framework uses magnified accumulators (scaled accumulator variables) to maintain temporal fairness, allocating dividends proportionally based on token holding periods through correction factors. The dividend distribution model operates with $O\left(1\right)$ computational complexity, regardless of cooperative size. The CooperativeToken smart contract combines ERC20 standards with automated dividend distribution, democratic governance mechanisms, and a hybrid payment architecture supporting both cryptocurrency and fiat transactions. Deployment verification and a gas analysis demonstrate operational viability with consistent performance and minimal transaction costs, enabling scalability from small to large cooperatives. The proposed system offers agricultural cooperatives a debt-free alternative to conventional financing, democratizing access to tokenized capital structures that were previously restricted to large agribusinesses. While the model is validated via Ethereum Sepolia testnet simulation, real-world deployment and field testing in active cooperatives remain necessary to confirm practical feasibility. This study provides the algorithmic and economic foundation for such pilots. Full article

The 2008 financial crisis pushed policymakers around the world to rethink how banks could manage risk, leading to the implementation of stricter regulations, including capital buffers and bail-in mechanisms, aimed at making the financial system more resilient. This study examines how three key regulations under Basel III, namely, the Countercyclical Capital Buffer (CCyB), the Capital Conservation Buffer (CCB), and the Capital Surcharge (CS), shape lending patterns in Indonesian banks. The effectiveness of the bail-in policy in helping banks strengthen their capital base is also examined. This study uses difference-in-differences analysis on panel data from 97 banks between 2010 and 2024 to examine the impact of stricter capital regulations on banks’ ability to channel credit to the public and business sectors. Basel III aims to strengthen the resilience of banks; however, this policy could impact credit access and banking stability in Indonesia. This study found a positive impact on LDR of large banks after the treatment, which indicates the banks’ efforts to use the funds collected through credit distribution. This study empirically examines the impact of capital buffer regulation and the bail-in instrument in Indonesia as an emerging-market country with a segmented banking sector and banks’ classification by ownership and core capital value. Full article

Financial literacy among university students is increasingly important in contexts marked by digital payments, accessible credit and growing financial-product complexity. This study analyzes the explanatory relationships between technical-financial knowledge (TFK), perception/attitude toward financial education (PS), practical application of financial knowledge (PAK), and financial self-management (PFS) among Peruvian university students. A total of 422 surveys were collected, and the final PLS-SEM analysis was conducted with 358 complete cases. The model was estimated in ADANCO using consistent PLS for reflective constructs and Mode B for PFS as a formative construct, with 5000 bootstrap replicates. The results show that TFK positively predicts PS (β = 0.711; p < 0.001) and PAK (β = 0.709; p < 0.001). PFS is explained by both PS (β = 0.282; p < 0.001) and, more strongly, PAK (β = 0.558; p < 0.001), with moderate-to-high explanatory power (R² = 0.568). The total indirect effect of TFK on PFS was significant (β = 0.596; p < 0.001), and the TFK → PAK → PFS pathway was the dominant mechanism. These findings suggest that university financial education should move beyond conceptual content and prioritize practice-oriented learning strategies, including budgeting, savings planning, product comparison and digitally mediated decision-making. Full article

The purpose of this paper is to investigate the firm-level determinants of the cost of debt in a bank-based emerging economy, where debt serves as the primary external financing mechanism, enabling firms to maintain operations, pursue growth opportunities, and ensure long-term financial sustainability. Using panel data from non-financial firms listed on the Casablanca Stock Exchange over the period 2018–2024, we document a robust nonlinear relationship between financial leverage and the cost of debt, whereby low and moderate debt levels reduce borrowing costs by signaling creditworthiness and financing capacity, while excessive indebtedness reverses this effect, with an optimal threshold estimated at approximately 34.8% of total assets. Firms with stronger growth prospects further benefit from more favorable financing conditions, as creditors interpret sustained asset expansion as a signal of financial strength and long-term viability. Financial performance is also found to reduce the cost of debt, although this effect is not fully robust to endogeneity controls. In contrast, asset tangibility, firm size, firm age, and liquidity do not emerge as significant determinants, suggesting that creditors in the Moroccan market adopt a financial health-oriented approach when assessing credit risk, placing greater emphasis on leverage and growth prospects than on collateral-based or reputational signals. Overall, the study highlights the coexistence of linear and nonlinear dynamics in debt pricing, thereby enriching the corporate finance literature and providing insights for managers and policymakers seeking to reduce borrowing costs, enhance access to debt financing, and support sustainable value creation. Full article

New agricultural entities are essential to advancing high-quality agricultural development, ensuring food security, and reducing regional wealth disparities. However, due to insufficient creditworthiness, lack of collateral, natural disasters, and information asymmetry, capital shortages have become a significant barrier to their development. The development of supply chain finance offers a novel solution to mitigate financing constraints faced by new agricultural entities. This study incorporates agricultural guarantee institutions into the conventional supply chain accounts receivable financing framework and develops a three-party evolutionary game model comprising ‘new agricultural entities–banks–agricultural guarantee institutions.’ This research study examines the strategic choices of different participants, performs stability analysis and numerical simulation, and offers policy recommendations to enhance the financing accessibility of new agricultural entities. This study proves that integrating agricultural guarantee institutions into the accounts receivable financing framework can help mitigate banks’ credit risks, improve the reliability of accounts receivable, and help the three parties to achieve three-win results. Meanwhile, the findings indicate that penalty mechanisms, subsidy and reward incentives, and risk-sharing frameworks, along with the amounts of accounts receivable and the pledge rate, significantly impact the strategic evolution of financing participants toward a stable equilibrium. Full article

Introduction: Disability in South Africa remains a key driver of socioeconomic inequality, affecting labour market participation, income security, and access to social protection. Conventional fiscal instruments, including medical tax credits and deductions, favour formally employed, higher-income taxpayers, leaving many persons with disabilities fiscally excluded. This study used a mixed-methods secondary analysis of peer-reviewed literature, policy documents, labour force data, disability grant records, and household cost estimates to develop a conceptual framework for disability-responsive fiscal inclusion. Results: Labour force data indicate that 10.2% of individuals outside the labour force are due to illness or disability, while discouraged jobseekers rose from 15.2% (2016) to 20.6% (2025). Households with severe disabilities face opportunity costs estimated at R2441 per month from lost earnings, caregiving, transport, and medical expenses. Disability grant patterns show male dominance in permanent disability grants for ages 18–45, with females surpassing males at 50–60. Temporary disability grants follow similar trends, with male predominance in the 18–35 age range and female predominance in the 40–60 age range. These findings reveal systematic gender- and age-related inequities in access to fiscal relief. Conclusions: Existing tax measures insufficiently address the financial burden of disability, disproportionately favouring urban, formally employed households. Implementing refundable tax credits, simplifying administrative processes, and adopting gender- and age-sensitive policies can enhance fiscal inclusion, reduce inequities, and strengthen economic participation for persons with disabilities in South Africa. This study proposes a framework to guide policymakers in implementing refundable disability tax credits, simplifying administrative processes, and targeting vulnerable groups, including older women, rural households, and low-income earners, to enhance fiscal inclusion, equity, and access to essential services. Full article

In the context of revitalizing rural development, farmer entrepreneurship has emerged as a significant driver of rural economic growth. However, existing research has not sufficiently examined the specific mechanisms or heterogeneous effects through which digital skills influence farm household entrepreneurial behavior. This gap is the focus of the present study. Utilizing micro-level survey data collected from 936 farm households across Shandong, Shaanxi, and Henan provinces in 2021, we construct a digital skills index using factor analysis. We then employ a Probit model and an Interaction term model to examine the impact of digital skills on entrepreneurial behavior among Chinese rural households and its underlying mechanisms. Additionally, we explore heterogeneity across different household types. The results show that digital skills are positively associated with entrepreneurial decision-making. Further analysis provides suggestive evidence that this relationship may operate through three channels: shaping risk preferences, expanding relational networks, and improving access to credit. Heterogeneity tests reveal that the promoting effect of digital skills is stronger among disadvantaged households, households with a head younger than 45, and those engaged in opportunity-driven or online entrepreneurship. Theoretically, this study contributes by empirically validating a multi-pathway mechanism framework and identifying relevant boundary conditions. Practically, it offers targeted insights for policymakers to design skill-based interventions and foster inclusive entrepreneurial ecosystems in rural areas. Full article

Climate change continues to threaten global food security. Climate-smart agriculture (CSA) offers a solution to addressing this challenge in urban agriculture (UA). This paper addresses a gap in the empirical literature on decision-making about the adoption of CSA practices by examining the determinants of CSA adoption among small-scale urban crop (SSUC) farmers in eThekwini (ETH) Municipality, South Africa. Grounded in a utility theory framework, the paper draws on 412 respondents (Cochran-estimated) from a multi-stage sample design across four wards, providing reasonable coverage of SSUC farmers in ETH Municipality. While the sample size is statistically representative of SSUC farmers in ETH Municipality, it is a single metropolitan case rather than universal. The results show strong complementarities among these CSA practices, for example, between OM and CD (r ≈ 0.70, p < 0.001) and M and CD (r ≈ 0.61, p < 0.001). The multivariate probit (MVP) model predicts that the socio-economic and institutional factors age, gender, marital and employment status, education, credit access, extension contact, land tenure, and location (distance from home to farm plots) (p < 0.05) were significant determinants of adopting CSA practices by SSUC farmers. The findings contribute to the global literature on the UA–CSA nexus, demonstrating that socio-economic and institutional factors shape the adoption of bundled CSA practices. While the findings underscore the need for integrated, custom, and UA context-specific policy and extension interventions to strengthen urban food system resilience, UA farmers, practitioners, researchers, and policymakers should apply these insights elsewhere with caution. Full article